FTI sulting(FCN) - 2024 Q4 - Annual Results

Revenue Performance - Full year 2024 revenues reached $3.699 billion, an increase of $209.4 million or 6.0% compared to $3.489 billion in the prior year[3] - Fourth quarter 2024 revenues were $894.9 million, down 3% from $924.7 million in the prior year quarter[6] - Total revenues for the year ended December 31, 2024, increased to $3,698,652, up from $3,489,242 in 2023, representing a growth of approximately 6%[37] - Total revenues for the year ended December 31, 2024, were $3,698,652, an increase of 6.0% from $3,489,242 in 2023[45] Net Income and Earnings - Full year 2024 net income was $280.1 million, up from $274.9 million in the prior year, driven by higher revenues and lower income taxes[3] - Net income for the three months ended December 31, 2024, was $49,710, compared to $81,633 in the same period of 2023, reflecting a decrease of about 39%[35] - Adjusted net income for the year ended December 31, 2024, was $286,461, compared to $274,892 in 2023, indicating an increase of approximately 4%[38] - Earnings per common share — diluted for the year ended December 31, 2024, was $7.81, compared to $7.71 in 2023, showing a growth of about 1%[37] Adjusted EBITDA - Adjusted EBITDA for full year 2024 was $403.7 million, or 10.9% of revenues, compared to $424.8 million, or 12.2% of revenues, in the prior year[3] - Adjusted EBITDA for the year ended December 31, 2024, was $403,685, representing a decrease of 5.0% from $424,799 in 2023[45] Special Charges - Fourth quarter 2024 EPS was $1.38, a decrease from $2.28 in the prior year quarter, impacted by an $8.2 million special charge[11] - Estimated combined special charges for the first quarter of 2025 and fourth quarter of 2024 are approximately $25 million, reflecting the termination of about 4% of the workforce[18] - Special charges for the year ended December 31, 2024, amounted to $8,230, compared to none in 2023[37] Cash and Cash Equivalents - Cash and cash equivalents at December 31, 2024, were $660.5 million, up from $328.7 million at December 31, 2023[8] - The company’s cash and cash equivalents increased to $660,493 in 2024 from $303,222 in 2023, representing a significant increase of about 118%[33] - Cash and cash equivalents at the end of the period increased to $660,493 for the year ended December 31, 2024, compared to $303,222 at the end of 2023[47] Assets and Liabilities - The company reported total assets of $3,596,830 as of December 31, 2024, an increase from $3,325,878 in 2023, marking a growth of approximately 8%[33] - Current liabilities increased to $931,759 in 2024 from $892,769 in 2023, reflecting an increase of about 4%[33] Segment Performance - The Corporate Finance & Restructuring segment saw a revenue decrease of $29.8 million, or 8.2%, to $335.7 million in the fourth quarter[12] - Forensic and Litigation Consulting segment revenues increased by $10.4 million, or 6.3%, to $175.9 million in the fourth quarter[14] - The Corporate Finance & Restructuring segment generated revenues of $1,391,206 for the year ended December 31, 2024, with an adjusted EBITDA of $244,356, yielding a margin of 17.6%[45] - The Economic Consulting segment reported revenues of $863,557 for the year ended December 31, 2024, with an adjusted EBITDA of $109,498, achieving a margin of 12.7%[45] - The Forensic and Litigation Consulting segment's adjusted EBITDA margin was 12.6% for the year ended December 31, 2024, with revenues of $690,211[45] Guidance - The company expects full year 2025 revenues to range between $3.660 billion and $3.810 billion[19] - The company provided guidance for estimated earnings per common share — diluted (GAAP) for the year ended December 31, 2025, ranging from $7.44 to $8.24[40] Operating Activities - Net cash provided by operating activities for the year ended December 31, 2024, was $395,097, significantly higher than $224,461 in 2023[47] Depreciation - The company reported a total depreciation of property and equipment of $43,910 for the year ended December 31, 2024, compared to $41,079 in 2023[47] Billable Rates - The average billable rate for the Corporate Finance & Restructuring segment was $527, with a billable headcount of 2,286 as of December 31, 2024[45]