Financial Data and Key Metrics Changes - The company reported record results with earnings per share (EPS) and adjusted EPS of $2.60, an increase of over 40% year-over-year [5][36] - Revenue for Q3 2025 was $956.2 million, a 3.3% increase compared to the prior year quarter [36] - Net income rose to $82.8 million, reflecting a 25% increase year-over-year [36] - Adjusted EBITDA for Q3 was $130.6 million, or 13.7% of revenue, compared to $102.9 million, or 11.1% of revenue in the prior year quarter [36][37] Business Line Data and Key Metrics Changes - **Corporate Finance & Restructuring**: Revenue increased by 18.6% to $404.9 million, driven by higher demand for restructuring and transaction services [38] - **Forensic & Litigation Consulting**: Revenue rose 15.4% to $194.7 million, attributed to higher realized bill rates and increased demand for risk and investigation services [41] - **Economic Consulting**: Revenue decreased by 22% to $173.1 million, primarily due to lower demand for antitrust services [42] - **Technology**: Revenue fell 14.8% to $94.1 million, mainly due to reduced demand for M&A-related services [46] - **Strategic Communications**: Revenue increased by 7.4% to $89.4 million, driven by higher demand for corporate reputation services [48] Market Data and Key Metrics Changes - The company experienced double-digit organic revenue growth across Corporate Finance & Restructuring, Forensic & Litigation Consulting, and Strategic Communications, which offset declines in Economic Consulting and Technology [35][36] - The restructuring revenue is up 11% year-to-date, with significant mandates won in key geographies [40] - The transactions revenue increased by 16% year-to-date, despite a slight decline in global transaction volumes [40] Company Strategy and Development Direction - The company emphasizes organic growth and investment in high-value areas, focusing on enhancing team capabilities and attracting top talent [9][11] - There is a commitment to maintaining leadership in key markets and expanding service offerings, particularly in restructuring and forensic consulting [40][41] - The management highlighted the importance of resilience and adaptability in navigating market challenges and pursuing long-term growth [33][54] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds in Economic Consulting and Technology but expressed confidence in the overall resilience and potential for growth across other segments [33][54] - The company expects to continue delivering adjusted EPS growth for the 11th consecutive year, despite anticipated seasonal slowdowns in Q4 [33][51] - There is cautious optimism regarding the stabilization of the Economic Consulting business and gradual revenue growth in the coming quarters [52] Other Important Information - The company repurchased 1.426 million shares at an average price of $164.18, with an additional $500 million authorized for share repurchases [49][50] - Cash and cash equivalents decreased to $146 million from $386.3 million a year ago, while total debt net of cash increased to $364 million [50] Q&A Session Summary Question: Economic Consulting performance and market impact - Management estimated that about two-thirds of the revenue decline in Economic Consulting was due to talent transition, with the remainder attributed to market conditions [57][59] - There is uncertainty regarding whether EBITDA has bottomed out, with a cautious outlook on the timing of revenue recovery [60] Question: Strength in transactions practice - The strength in the transactions practice is largely attributed to the team's leadership and credibility built over the years, rather than solely market-driven factors [62][63] Question: Price realization in Forensic & Litigation Consulting - Management indicated that the price realization improvements could continue into the next year, but specifics on the sustainability of rate increases were not confirmed [66]