Revenues. for FTI_Consulting (FCN)

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FTI Consulting (FCN)

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FCN » Topics » Revenues.

These excerpts taken from the FCN 10-K filed Mar 2, 2009.

Revenues

In December 2005, we received a $22.5 million success fee in connection with the resolution of a legal case involving a bankrupt estate for which we served as fiduciary for several years. We used approximately $9.5 million of the proceeds to compensate professionals primarily in the Corporate Finance/Restructuring segment who participated in the assignment and to provide incentive compensation for other employees. This amount was recorded as accrued compensation in our consolidated balance sheet as of December 31, 2005.

Revenues

In December 2005, we
received a $22.5 million success fee in connection with the resolution of a legal case involving a bankrupt estate for which we served as fiduciary for several years. We used approximately $9.5 million of the proceeds to compensate
professionals primarily in the Corporate Finance/Restructuring segment who participated in the assignment and to provide incentive compensation for other employees. This amount was recorded as accrued compensation in our consolidated balance sheet
as of December 31, 2005.

Revenues

In December 2005, we
received a $22.5 million success fee in connection with the resolution of a legal case involving a bankrupt estate for which we served as fiduciary for several years. We used approximately $9.5 million of the proceeds to compensate
professionals primarily in the Corporate Finance/Restructuring segment who participated in the assignment and to provide incentive compensation for other employees. This amount was recorded as accrued compensation in our consolidated balance sheet
as of December 31, 2005.

This excerpt taken from the FCN 10-Q filed Nov 6, 2008.

Revenues

Revenues for the nine months ended September 30, 2008 increased $249.5 million or 34.6%, to $970.3 million from $720.8 million for the nine months ended September 30, 2007. Organic revenue growth was approximately $161.2 million or 22.4%, while revenue growth from acquisitions was approximately $88.3 million or 12.2%. While revenue increased in all operating segments, the primary drivers of organic revenue growth were the increased revenues generated by our Corporate Finance/Restructuring segment, Technology and Economic Consulting segments. The growth in Corporate Finance/Restructuring revenue was attributable to increased consulting revenue from restructuring services in 2008. Technology revenue growth was attributable to growth in unit based revenue from several large ongoing product liability engagements. Economic Consulting revenue growth was primarily attributable to growth in consulting income reflecting additional headcount and higher rates in 2008. See “Segment Results” for an expanded discussion of segment revenues.

This excerpt taken from the FCN 10-Q filed Aug 7, 2008.

Revenues

Revenues for the six months ended June 30, 2008 increased $177.4 million or 38%, to $644.8 million from $467.4 million for the six months ended June 30, 2007. Organic growth was approximately $127 million or 27%, while acquisition growth was approximately $50.0 million or 11%. While revenue increased in all operating segments, the primary drivers of organic revenue growth were the increased revenue of the Corporate Finance/Restructuring, Technology and Economic Consulting segments. The growth in Corporate Finance/Restructuring revenue was attributable to increased consulting revenue from restructuring services and an increase in success fees in 2008. Technology revenue growth was attributable to growth in unit based revenue attributable to a large product liability engagement. Economic Consulting revenue growth was primarily attributable to growth in consulting income. See “Segment Results” for an expanded discussion of segment revenue.

This excerpt taken from the FCN 10-Q filed May 7, 2008.

Revenues

Revenues for the three months ended March 31, 2008 increased $79.4 million, or 34.9%, as compared to the three months ended March 31, 2007. Revenues increased in each of our operating segments during the first quarter of 2008. The primary drivers of revenue growth were an increase in unit based and licensing sales in our Technology segment and an increase in consulting revenue in our Corporate Finance/Restructuring and Economic consulting segments. In addition, incremental revenue from acquisitions accounted for approximately $13.0 million of the revenue growth. See “Segment Results” for an expanded discussion of segment revenue.

This excerpt taken from the FCN 10-K filed Feb 29, 2008.

Revenues

In December 2005, we received a $22.5 million success fee in connection with the resolution of a legal case involving a bankrupt estate for which we served as fiduciary for several years. We used approximately $9.5 million of the proceeds to compensate professionals primarily in the corporate finance/restructuring segment who participated in the assignment and to provide incentive compensation for other employees. This amount was recorded as accrued compensation in our consolidated balance sheet as of December 31, 2005.

This excerpt taken from the FCN 10-Q filed May 9, 2007.

Revenues.


	Three Months Ended March 31,
	2006				2007				Percent Change
	Revenues		% of Total		Revenues		% of Total		Percent Change
	(dollars in thousands)
Forensic/Litigation	$	50,113	29.6	%	$	54,363	23.9	%	8.4	%
Corporate Finance/Restructuring		54,090	32.0	%		62,102	27.3	%	14.8	%
Economic		38,076	22.5	%		39,997	17.6	%	5.1	%
Technology		26,985	15.9	%		33,050	14.5	%	22.5	%
Strategic and Financial Communications		—	N/A			38,213	16.8	%	N/A

Total Company	$	169,264	100.0	%	$	227,725	100.0	%	34.5	%

N/A – Not available or Not applicable

The growth in revenues for the quarter ended March 31, 2007 as compared to the quarter ended March 31, 2006 is primarily attributable to acquisition activity. The increase in revenues of $58.5 million or 34.5% is due to the following.

•

Forensic/Litigation Consulting Practice. Revenues increased by $4.3 million of which $5.6 million is attributable to acquisition activity completed subsequent to the second quarter of 2006 offset by reduced revenues due to the completion of a large client engagement that was substantially completed during the first quarter of 2006. This large engagement temporarily drove up utilization rates to a higher than normal level during the first quarter of 2006.

•

Corporate Finance/Restructuring Consulting Practice. Revenues increased by $8.0 million primarily due to increased utilization due primarily to a large client engagement which started at the end of the fourth quarter of 2006. Increased billing rates and an increased demand for our transaction advisory services also contributed to the increase.

•

Economic Consulting Practice. Revenues increased by $1.9 million due primarily to continued strength of our merger and acquisition services and increases in average billing rates.

•

Technology Practice. Revenues increased by $6.1 million primarily due to the addition of a technical sales team during 2006 and the offerings of end-to-end electronically stored information, or ESI, services to our customers.

•

Strategic and Financial Communications Consulting Practice. Revenues of $38.2 million are exclusively attributable to the acquisition of FD.

This excerpt taken from the FCN 10-K filed Mar 13, 2007.

Revenues.


	2005				2004				Percent Change
	Revenues		% of Total		Revenues		% of Total		Percent Change
	(dollars in thousands)
Forensic/Litigation/Technology	$	220,120	40.8	%	$	178,650	41.8	%	23.2	%
Corporate Finance/Restructuring		211,027	39.1	%		162,495	38.1	%	29.9	%
Economic		108,398	20.1	%		85,860	20.1	%	26.2	%

Total Company	$	539,545	100.0	%	$	427,005	100.0	%	26.4	%

Revenues for the year ended December 31, 2005 increased $112.5 million, or 26.4%, as compared to the year ended December 31, 2004. The increase in revenues is attributable to the following.

Combined Forensic/Litigation/Technology Consulting Practice. Revenues increased by $41.5 million during 2005 as compared to 2004. The acquisition of the Ringtail business on February 28, 2005 contributed to the increased revenues by $11.5 million for the year ended December 31, 2005 as compared to 2004. The

remaining increase is attributable to an increase in the number of billable professionals and higher utilization rates.

Corporate Finance/Restructuring Consulting Practice. Revenues increased by $48.5 million during the year ended December 31, 2005 as compared to 2004 due to the following:

•

a $22.5 million success fee received during the fourth quarter of 2005;

•

a $16.8 million increase attributable to the acquisition of Cambio that occurred on May 31, 2005;

•

a $15.0 million increase attributable to increases in the number of billable professionals as well as increases in hourly billing rates; and

•

a $0.7 million increase attributable to our merger and acquisitions business; offset by

•

a $6.5 million decrease related to the unanticipated departure of a number of billable professionals during the year ended December 31, 2004.

Economic Consulting Practice. Revenues increased by $22.5 million primarily due to increases in the number of billable professionals as well as increased utilization of our professionals relating to increased demand for economic consulting services resulting from more robust market conditions in 2005 as compared to 2004.

This excerpt taken from the FCN 8-K filed Sep 18, 2006.

Revenues


	Year Ended December 31,
	2003				2004				Percent Change
	Revenues		% of Total		Revenues		% of Total		Percent Change
	(dollars in thousands)
Forensic/Litigation/Technology	$	103,101	27.4	%	$	178,650	41.8	%	73.3	%
Corporate Finance/Restructuring		255,336	68.0	%		162,495	38.1	%	(36.4	)%
Economic Consulting		17,258	4.6	%		85,860	20.1	%	397.5	%

Total	$	375,695	100.0	%	$	427,005	100.0	%	13.7	%

Revenues from continuing operations increased during the year ended December 31, 2004 as compared to 2003. This increase is primarily attributable to the acquisitions we completed during the fourth quarter of 2003 offset by the decrease in demand for our corporate finance/ restructuring services, which began during the third quarter of 2003, as well as the

unanticipated departure of professionals from this practice during the first quarter of 2004. The acquisitions of Ten Eyck and the dispute advisory services business from KPMG accounted for about $67.8 million of the $75.5 million increase in revenues from our forensic/litigation/technology practice. The remainder of the increase in revenues from our forensic practice is primarily attributable to growth in our trial consulting business.

The acquisition of Lexecon accounted for substantially all of the increase in revenues related to our economic consulting practice.

Our corporate finance/restructuring practice accounted for 68.0% of our revenues during the year ended December 31, 2003 as compared to 38.1% during the year ended December 31, 2004. Late in the third quarter of 2003, we began to experience a decrease in demand for our corporate finance/restructuring related services, which negatively impacted our revenues from that practice. The departure of a number of our billable professionals in the corporate finance/restructuring practice during the first quarter of 2004 also contributed to the decrease in revenues from that practice. Because this practice generates the highest billable rate per hour, the decrease in revenues attributable to this practice has largely impacted our overall revenue growth. Revenues attributable to this practice stabilized beginning in the second quarter of 2004 after decreasing significantly from the fourth quarter of 2003 to the first quarter of 2004.

This excerpt taken from the FCN 10-Q filed May 3, 2006.

Revenues.


	Three Months Ended March 31,
	2005				2006				Percent Change
	Revenues		% of Total		Revenues		% of Total		Percent Change
	(dollars in thousands)
Forensic/Litigation	$	38,042	32.6	%	$	50,113	29.6	%	31.7	%
Corporate Finance/Restructuring		41,494	35.6	%		54,090	32.0	%	30.4	%
Economic Consulting		25,424	21.8	%		38,076	22.5	%	49.8	%
Technology		11,654	10.0	%		26,985	15.9	%	131.6	%

Total Company	$	116,614	100.0	%	$	169,264	100.0	%	45.1	%

Revenues for the quarter ended March 31, 2006 increased $52.7 million or 45.1% as compared to the quarter ended March 31, 2005. The increase in revenues is attributable to the following.

•

Forensic/Litigation Practice. Revenues increased by $12.1 million primarily due to a large client assignment during the first quarter of 2006 which has temporarily driven up utilization rates.

•

Corporate Finance/Restructuring Practice. Revenues increased by $12.6 million due to:

•

a $7.2 million increase attributable to the acquisition of Cambio that occurred on May 31, 2005;

•

a $6.4 million increase attributable to increases in hourly billing rates as well as increases in the number of billable professionals partially offset by decreased utilization rates and increased realization adjustments; and

•

a $1.0 million decrease primarily attributable to decreased success fee revenues in our merger and acquisitions group.

•

Economic Consulting Practice. Revenues increased by $12.7 million primarily due to improving market conditions throughout 2005 and into 2006. The acquisition of Compass in January 2006 contributed $5.5 million to the increase.

•

Technology Practice. Revenues increased by $15.3 million primarily due to increased demand for our services. The acquisition of Ringtail in February 2005 contributed $4.1 million to the increase.

This excerpt taken from the FCN 10-K filed Mar 7, 2006.

Revenues.


	2004				2003				Percent Change
	Revenues		% of Total		Revenues		% of Total		Percent Change
	(dollars in thousands)
Forensic/Litigation/Technology	$	178,650	41.8	%	$	103,101	27.4	%	73.3	%
Corporate Finance/Restructuring		162,495	38.1	%		255,336	68.0	%	(36.4	)%
Economic Consulting		85,860	20.1	%		17,258	4.6	%	397.5	%

Total	$	427,005	100.0	%	$	375,695	100.0	%	13.7	%

Revenues increased during the year ended December 31, 2004 as compared to the comparable period of 2003. This increase is primarily attributable to the acquisitions we completed during the fourth quarter of 2003 offset by the decrease in demand for our corporate finance/restructuring services, which began during the third quarter of 2003, as well as the unanticipated departure of professionals from this practice during the first quarter of 2004. The acquisitions of Ten Eyck and the dispute advisory services business from KPMG accounted for about $67.8 million of the $75.5 million increase in revenues from our forensic/litigation/technology group. The remainder of the increase in revenues from our forensic/litigation/technology group is primarily attributable to growth in our trial consulting business.

The acquisition of Lexecon accounted for substantially all of the increase in revenues related to our economic consulting practice.

Our corporate finance/restructuring practice accounted for 68.0% of our revenues during the year ended December 31, 2003 as compared to 38.1% during the year ended December 31, 2004. Late in the third quarter of 2003, we began to experience a decrease in demand for our corporate finance/restructuring related services, which negatively impacted our revenues from that segment. The departure of a number of our billable professionals in the corporate finance/restructuring practice during the first quarter of 2004 also contributed to the decrease in revenues from that segment. Because this practice generates the highest billable rate per hour, the decrease in revenues attributable to this segment has largely impacted our overall revenue growth. Revenues attributable to this practice stabilized beginning in the second quarter of 2004 after decreasing significantly from the fourth quarter of 2003 to the first quarter of 2004.

This excerpt taken from the FCN 10-Q filed May 4, 2005.

Revenues.


	Three Months Ended March 31, 2004				Three Months Ended March 31, 2005				Percent Change
	Revenues		% of Total		Revenues		% of Total		Percent Change
	(dollars in thousands)
Forensic and Litigation Consulting and Technology	$	44,113	40.0	%	$	49,696	42.6	%	12.7	%
Corporate Finance/Restructuring		43,287	39.3	%		41,494	35.6	%	(4.1	%)
Economic Consulting		22,840	20.7	%		25,424	21.8	%	11.3	%

Total Company	$	110,240	100.0	%	$	116,614	100.0	%	5.8	%

Revenues for the quarter ended March 31, 2005 increased $6.4 million or 5.8% as compared to the quarter ended March 31, 2004. Revenues increased by $5.6 million in our forensic and litigation consulting and technology practice and by $2.6 million in our economic consulting practice. This growth was attributable to an increase in the number of billable professionals we employ coupled with an overall increase in utilization rates in each of these operating segments. The acquisition of the Ringtail group on February 28, 2005 contributed to the increased revenues in the forensic and litigation consulting and technology practice by $0.5 million. Our existing technology practice also contributed to the increased revenues in this practice.

The $1.8 million decrease in revenues for the corporate finance/restructuring practice during the first quarter of 2005 as compared to the first quarter of 2004 is attributable to the following:

•

$6.2 million decrease related to the unanticipated departure of a number of billable professionals during the first quarter of 2004;

•

offset by a $3.0 million increase attributable to increases in hourly billing rates as well as an increase in the number of billable professionals; and

•

$1.4 million increase attributable to an increase in business related to our merger and acquisitions group.

Revenues increased by $2.6 million in our economic practice primarily due to larger client assignments in the first quarter of 2005 as compared to 2004 and to more robust market conditions.

This excerpt taken from the FCN 10-K filed Mar 15, 2005.

Revenues.


	2004				2003				Percent Change
	Revenues		% of Total		Revenues		% of Total		Percent Change
	(dollars in thousands)
Forensic and Litigation Consulting and Technology	$	178,650	41.8	%	$	103,101	27.4	%	73.3	%
Corporate Finance/Restructuring		162,495	38.1	%		255,336	68.0	%	(36.4	)%
Economic Consulting		85,860	20.1	%		17,258	4.6	%	397.5	%

Total	$	427,005	100.0	%	$	375,695	100.0	%	13.7	%

Revenues from continuing operations increased during the year ended December 31, 2004 as compared to the comparable period of 2003. This increase is primarily attributable to the acquisitions we completed during the fourth quarter of 2003 offset by the decrease in demand for our corporate finance/restructuring services, which began during the third quarter of 2003, as well as the unanticipated departure of professionals from this practice during the first quarter of 2004. The acquisitions of Ten Eyck and the dispute advisory services business from KPMG accounted for about $67.8 million of the $75.5 million increase in revenues from our forensic and litigation consulting and technology group. The remainder of the increase in revenues from our forensic and litigation consulting and technology group is primarily attributable to growth in our trial consulting business.

The acquisition of Lexecon accounted for substantially all of the increase in revenues related to our economic consulting practice.

Our corporate finance/restructuring practice accounted for 68.0% of our revenues during year ended December 31, 2003 as compared to 38.1% during the year ended December 31, 2004. Late in the third quarter of 2003, we began to experience a decrease in demand for our corporate finance/restructuring related services, which has negatively impacted our revenues from that segment. The departure of a number of our billable professionals in the corporate finance/restructuring practice during the first quarter of 2004 also contributed to the decrease in revenues from that segment. Because this practice generates the highest billable rate per hour, the decrease in revenues attributable to this segment has largely impacted our overall revenue growth. Revenues attributable to this practice stabilized beginning in the second quarter of 2004 after decreasing significantly from the fourth quarter of 2003 to the first quarter of 2004.

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FTI Consulting (FCN)

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