0000887936-22-000052 | 10-Q | XBRL Viewer

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Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Common Share [Line Items]
Conversion price (in dollars per share)	$ 101.38	$ 101.38
Numerator — basic and diluted
Net income	$ 59,321	$ 64,496
Denominator
Weighted average number of common shares outstanding — basic (in shares)	33,619	33,483
Effect of dilutive share-based awards (in shares)	691	760
Effect of dilutive stock options (in shares)	338	370
Effect of dilutive convertible notes (in shares)	998	450
Weighted average number of common shares outstanding — diluted (in shares)	35,646	35,063
Earnings per common share — basic (in dollars per share)	$ 1.76	$ 1.93
Earnings per common share — diluted (in dollars per share)	$ 1.66	$ 1.84
Stock Options And Share-Based Awards
Denominator
Antidilutive stock options and share-based awards (in shares)	6	8

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	New Accounting Standards Recently Adopted Accounting Standards In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06 ("ASU 2020-06"), Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain events. On January 1, 2022, we adopted ASU 2020-06 using the modified retrospective method and recorded a cumulative-effect adjustment of approximately $22.1 million to the beginning balance of retained earnings at the date of adoption and a $16.4 million net increase to "Long-term debt, net" on the Condensed Consolidated Balance Sheets. As permitted by the guidance, prior comparative periods will not be adjusted under this method. Pursuant to ASU 2020-06, we are no longer permitted to separately account for the liability and equity components of convertible debt instruments. As such, the carrying amount of our 2.0% convertible senior notes due 2023 ("2023 Convertible Notes") is recognized as a liability as of March 31, 2022 on the Condensed Consolidated Balance Sheets. The ASU 2020-06 adoption also resulted in the derecognition of the embedded conversion option, net of tax effects, of approximately $34.1 million, which is included in “Additional paid-in capital,” as well as the derecognition of the related deferred tax liabilities of approximately $4.3 million on the Condensed Consolidated Balance Sheets. The net effect of the adoption in the current and future periods as compared to prior periods is to reduce non-cash interest expense, or increase net income, as there is no longer a discount from the separation of the conversion feature within equity. The discount from recognition of debt issuance costs will be amortized over the effective life of the 2023 Convertible Notes using the effective interest method. ASU 2020-06 also no longer allows the use of the treasury stock method for convertible instruments for purposes of calculating diluted earnings per share and instead requires application of the if-converted method. Under that method, diluted earnings per share will generally be calculated assuming that all of the convertible debt instruments were converted solely into shares of common stock at the beginning of the reporting period unless the result would be anti-dilutive. Effective January 1, 2022, pursuant to the terms of the indenture, dated as of August 20, 2018, as amended by the first supplemental indenture, dated as of January 1, 2022 (the "First Supplemental Indenture"), between us and U.S. Bank National Association, as trustee (as so amended, the "Indenture"), the principal amount of the 2023 Convertible Notes being converted is required to be paid in cash and only the premium due upon conversion, if any, is permitted to be settled in shares, cash or a combination of shares and cash. Consequently, the if-converted method produces a similar result as the treasury stock method, which was used prior to the adoption of ASU 2020-06 for the 2023 Convertible Notes. Accounting Standards Not Yet Adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance, which requires entities to provide disclosures on significant government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard is effective for annual periods beginning after December 15, 2021 and impacts only annual financial statement footnote disclosures. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 31, 2020			34,481
Beginning Balance at Dec. 31, 2020	$ 1,400,181		$ 345	$ 0		$ 1,506,271		$ (106,435)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	64,496					64,496
Other comprehensive income (loss)
Cumulative translation adjustment	(5,242)							(5,242)
Issuance of common stock in connection with:
Exercise of options (in shares)			12
Exercise of options	434			434
Restricted share grants (in shares)			157
Restricted share grants	(7,231)		$ 1	(7,232)
Stock units issued under incentive compensation plan	2,603			2,603
Purchase and retirement of common stock (in shares)			(422)
Purchase and retirement of common stock	(46,133)		$ (4)	(3,047)		(43,082)
Share-based compensation	7,242			7,242
Ending Balance (in shares) at Mar. 31, 2021			34,228
Ending Balance at Mar. 31, 2021	$ 1,416,350		$ 342	0		1,527,685		(111,677)
Beginning Balance (in shares) at Dec. 31, 2021	34,333		34,333
Beginning Balance at Dec. 31, 2021	$ 1,583,321	$ (12,053)	$ 343	13,662	$ (34,131)	1,698,156	$ 22,078	(128,840)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59,321					59,321
Other comprehensive income (loss)
Cumulative translation adjustment	(6,191)							(6,191)
Issuance of common stock in connection with:
Exercise of options (in shares)			26
Exercise of options	923			923
Restricted share grants (in shares)			134
Restricted share grants	(7,834)		$ 2	(7,836)
Stock units issued under incentive compensation plan	1,664			1,664
Purchase and retirement of common stock (in shares)			(22)
Purchase and retirement of common stock	(3,098)			(3,098)
Conversion of convertible senior notes due 2023	(2)			(2)
Share-based compensation	5,967			5,967
Reclassification of negative additional paid-in capital	$ 0			22,851		(22,851)
Ending Balance (in shares) at Mar. 31, 2022	34,471		34,471
Ending Balance at Mar. 31, 2022	$ 1,622,018		$ 345	$ 0		$ 1,756,704		$ (135,031)

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Carrying and Estimated Fair Value of Other Financial Instruments

The table below presents the carrying amounts and estimated fair values of our financial instruments by hierarchy level as of March 31, 2022 and December 31, 2021:


	March 31, 2022
			Hierarchy Level (Fair Value)
	Carrying Amount		Level 1		Level 2		Level 3
Liabilities
Acquisition-related contingent consideration (1)(2)	$	14,956	$	—	$	—	$	14,956
2023 Convertible Notes (3)	313,936		—		505,503		—
Total	$	328,892	$	—	$	505,503	$	14,956


	December 31, 2021
			Hierarchy Level (Fair Value)
	Carrying Amount		Level 1		Level 2		Level 3
Liabilities
Acquisition-related contingent consideration (1)	$	15,110	$	—	$	—	$	15,110
2023 Convertible Notes (3)	297,158		—		466,619		—
Total	$	312,268	$	—	$	466,619	$	15,110

(1)The short-term portion is included in “Accounts payable, accrued expenses and other” and the long-term portion is included in “Other liabilities” on the Condensed Consolidated Balance Sheets.

(2)During the three months ended March 31, 2022, we acquired a business that was assigned to our Corporate Finance segment and recorded an acquisition-related contingent consideration liability.

(3)The carrying value as of March 31, 2022 includes unamortized deferred debt issuance costs. The carrying value as of December 31, 2021 includes unamortized deferred debt issuance costs and debt discount.

Schedule of Acquisition-Related Contingent Consideration

The change in our liability for acquisition-related contingent consideration for our Level 3 financial instruments is as follows:


	Contingent Consideration
Balance at December 31, 2021	$	15,110
Additions (1)	5,370
Accretion expense (2)	(979)
Payments	(4,430)

Foreign currency translation adjustment (3)	(115)
Balance at March 31, 2022	$	14,956


	Contingent Consideration
Balance at December 31, 2020	$	20,118

Accretion expense (2)	1,289

Payments	(1,000)
Foreign currency translation adjustment (3)	(612)
Balance at March 31, 2021	$	19,795

(1)During the three months ended March 31, 2022, we acquired a business that was assigned to the Corporate Finance segment.

(2)Accretion expense is included in SG&A expenses on the Condensed Consolidated Statements of Comprehensive Income.

(3)Foreign currency translation adjustments are included in "Other comprehensive loss, net of tax" on the Condensed Consolidated Statements of Comprehensive Income.

Accounts Receivable and Allowance for Expected Credit Losses - Writeoff (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Allowance for Doubtful Accounts and Unbilled Services [Abstract]
Provision for expected credit losses	$ 4,859	$ 4,832
Write-offs	$ 2,791	$ 6,916

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income	$ 59,321	$ 64,496
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	8,907	8,161
Amortization and impairment of intangible assets	2,268	2,801
Acquisition-related contingent consideration	(979)	1,289
Provision for expected credit losses	4,859	4,832
Share-based compensation	5,967	7,242
Amortization of debt discount and issuance costs and other	527	2,815
Deferred income taxes	2,379	3,612
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, billed and unbilled	(66,471)	(93,396)
Notes receivable	1,345	1,899
Prepaid expenses and other assets	(3,829)	1,900
Accounts payable, accrued expenses and other	3,096	(7,803)
Income taxes	1,116	9,355
Accrued compensation	(216,560)	(172,042)
Billings in excess of services provided	(5,724)	(1,745)
Net cash used in operating activities	(203,778)	(166,584)
Investing activities
Payments for acquisition of businesses, net of cash received	(6,698)	0
Purchases of property and equipment and other	(12,607)	(7,976)
Net cash used in investing activities	(19,305)	(7,976)
Financing activities
Borrowings under revolving line of credit	155,000	197,500
Repayments under revolving line of credit	(140,000)	(27,500)
Purchase and retirement of common stock	(3,098)	(46,133)
Share-based compensation tax withholdings and other	(6,916)	(6,798)
Payments for business acquisition liabilities	(2,680)	(3,374)
Deposits and other	1,855	2,721
Net cash provided by financing activities	4,161	116,416
Effect of exchange rate changes on cash and cash equivalents	(4,420)	(3,388)
Net decrease in cash and cash equivalents	(223,342)	(61,532)
Cash and cash equivalents, beginning of period	494,485	294,953
Cash and cash equivalents, end of period	271,143	233,421
Supplemental cash flow disclosures
Cash paid for interest	3,728	3,854
Cash paid for income taxes, net of refunds	13,471	7,283
Non-cash investing and financing activities:
Issuance of stock units under incentive compensation plans	1,664	2,603
Business acquisition liabilities not yet paid	5,370	0
Non-cash additions to property and equipment	$ 4,497	$ 0

Leases - Cash Paid For Operating Leases and Noncash Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 11,693	$ 15,345
Operating lease assets obtained in exchange for lease liabilities	$ 411	$ 680
Weighted average remaining lease term (years)	8 years 8 months 12 days	6 years 1 month 6 days
Weighted average discount rate (in percent)	5.40%	5.40%

Accounts Receivable and Allowance for Expected Credit Losses - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts receivable:
Billed receivables	$ 565,136	$ 542,056
Unbilled receivables	298,505	248,681
Allowance for expected credit losses	(39,709)	(36,617)
Accounts receivable, net	$ 823,932	$ 754,120

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease assets	$ 206,673	$ 215,995
Current operating lease liabilities	32,699	30,828
Noncurrent operating lease liabilities	225,386	236,026
Total lease liabilities	$ 258,085	$ 266,854
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable, accrued expenses and other	Accounts payable, accrued expenses and other

Stockholders' Equity - Schedule of Stock Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stockholders Equity [Line Items]
Total cost	$ 3,098	$ 46,133
2016 Stock Repurchase Program
Stockholders Equity [Line Items]
Shares of common stock repurchased and retired (in shares)	22	422
Average price paid per share (in dollars per share)	$ 143.36	$ 109.37
Total cost	$ 3,098	$ 46,124

Financial Instruments

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Financial Instruments

The table below presents the carrying amounts and estimated fair values of our financial instruments by hierarchy level as of March 31, 2022 and December 31, 2021:


	March 31, 2022
			Hierarchy Level (Fair Value)
	Carrying Amount		Level 1		Level 2		Level 3
Liabilities
Acquisition-related contingent consideration (1)(2)	$	14,956	$	—	$	—	$	14,956
2023 Convertible Notes (3)	313,936		—		505,503		—
Total	$	328,892	$	—	$	505,503	$	14,956


	December 31, 2021
			Hierarchy Level (Fair Value)
	Carrying Amount		Level 1		Level 2		Level 3
Liabilities
Acquisition-related contingent consideration (1)	$	15,110	$	—	$	—	$	15,110
2023 Convertible Notes (3)	297,158		—		466,619		—
Total	$	312,268	$	—	$	466,619	$	15,110

(2)During the three months ended March 31, 2022, we acquired a business that was assigned to our Corporate Finance segment and recorded an acquisition-related contingent consideration liability.

The fair values of financial instruments not included in the tables above are estimated to be equal to their carrying values as of March 31, 2022 and December 31, 2021.

We estimate the fair value of our 2023 Convertible Notes based on their last actively traded prices. The fair value of our 2023 Convertible Notes is classified within Level 2 of the fair value hierarchy because it is traded in less active markets.

We estimate the fair value of acquisition-related contingent consideration using either a probability-weighted discounted cash flow model or a Monte Carlo pricing model. These fair value estimates represent Level 3 measurements as they are based on significant inputs not observed in the market and reflect our own assumptions. Significant increases (or decreases) in these unobservable inputs in isolation would result in significantly lower (or higher) fair values. We reassess the fair value of our acquisition-related contingent consideration at each reporting period based on additional information as it becomes available.

The change in our liability for acquisition-related contingent consideration for our Level 3 financial instruments is as follows:


	Contingent Consideration
Balance at December 31, 2021	$	15,110
Additions (1)	5,370
Accretion expense (2)	(979)
Payments	(4,430)

Foreign currency translation adjustment (3)	(115)
Balance at March 31, 2022	$	14,956


	Contingent Consideration
Balance at December 31, 2020	$	20,118

Accretion expense (2)	1,289

Payments	(1,000)
Foreign currency translation adjustment (3)	(612)
Balance at March 31, 2021	$	19,795

(1)During the three months ended March 31, 2022, we acquired a business that was assigned to the Corporate Finance segment.

(2)Accretion expense is included in SG&A expenses on the Condensed Consolidated Statements of Comprehensive Income.

(3)Foreign currency translation adjustments are included in "Other comprehensive loss, net of tax" on the Condensed Consolidated Statements of Comprehensive Income.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 271,143	$ 494,485
Accounts receivable, net	823,932	754,120
Current portion of notes receivable	29,301	30,256
Prepaid expenses and other current assets	97,015	91,166
Total current assets	1,221,391	1,370,027
Property and equipment, net	141,236	142,163
Operating lease assets	206,673	215,995
Goodwill	1,243,972	1,232,791
Intangible assets, net	29,647	31,990
Notes receivable, net	53,072	53,539
Other assets	53,300	54,404
Total assets	2,949,291	3,100,909
Current liabilities
Accounts payable, accrued expenses and other	173,356	165,025
Accrued compensation	296,461	507,556
Billings in excess of services provided	40,113	45,535
Total current liabilities	509,930	718,116
Long-term debt, net	328,936	297,158
Noncurrent operating lease liabilities	225,386	236,026
Deferred income taxes	165,913	170,612
Other liabilities	97,108	95,676
Total liabilities	1,327,273	1,517,588
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value; shares authorized — 5,000; none outstanding	0	0
Common stock, $0.01 par value; shares authorized — 75,000; shares issued and outstanding 34,471 (2022) and 34,333 (2021)	345	343
Additional paid-in capital	0	13,662
Retained earnings	1,756,704	1,698,156
Accumulated other comprehensive loss	(135,031)	(128,840)
Total stockholders' equity	1,622,018	1,583,321
Total liabilities and stockholders' equity	$ 2,949,291	$ 3,100,909
Common stock, shares outstanding (in shares)	34,471	34,333
Common stock, shares issued (in shares)	34,471	34,333

Accounts Receivable and Allowance for Expected Credit Losses (Tables)

3 Months Ended

Mar. 31, 2022

Allowance for Doubtful Accounts and Unbilled Services [Abstract]

Schedule of Accounts Receivable

The following table summarizes the components of "Accounts receivable, net" as presented on the Condensed Consolidated Balance Sheets:


	March 31, 2022		December 31, 2021
Accounts receivable:
Billed receivables	$	565,136	$	542,056
Unbilled receivables	298,505		248,681
Allowance for expected credit losses	(39,709)		(36,617)
Accounts receivable, net	$	823,932	$	754,120

Schedule of Accounts Receivable, Writeoff

The following table summarizes the total provision for expected credit losses and write-offs:


	Three Months Ended March 31,
	2022		2021
Provision for expected credit losses (1)	$	4,859	$	4,832
Write-offs	$	2,791	$	6,916

(1) Adjustments to the allowance for expected credit losses are recorded to selling, general & administrative ("SG&A") expenses on the Condensed Consolidated Statements of Comprehensive Income.

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

Total share-based compensation expense, net of forfeitures is detailed in the following table:


	Three Months Ended March 31,
Income Statement Classification		2022		2021
Direct cost of revenues		$	3,969	$	5,065
Selling, general and administrative expenses		3,077		4,523

Total share-based compensation expense		$	7,046	$	9,588

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	34,471,000	34,333,000
Common stock, shares outstanding (in shares)	34,471,000	34,333,000

Share-Based Compensation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022 shares
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards granted (in shares)	80,002
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards granted (in shares)	18,403
Performance-based Restricted Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards granted (in shares)	102,543
Award vesting rights, percentage	150.00%
Forfeited in period (in shares)	12,198

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 723,620	$ 686,277
Operating expenses
Direct cost of revenues	493,104	468,424
Selling, general and administrative expenses	148,971	126,546
Amortization of intangible assets	2,268	2,801
Costs and Expenses	644,343	597,771
Operating income	79,277	88,506
Other income (expense)
Interest income and other	(347)	1,034
Interest expense	(2,642)	(4,797)
Other income (expense)	(2,989)	(3,763)
Income before income tax provision	76,288	84,743
Income tax provision	16,967	20,247
Net income	$ 59,321	$ 64,496
Earnings per common share — basic (in dollars per share)	$ 1.76	$ 1.93
Earnings per common share — diluted (in dollars per share)	$ 1.66	$ 1.84
Other comprehensive loss, net of tax
Foreign currency translation adjustments, net of tax expense of $0	$ (6,191)	$ (5,242)
Total other comprehensive loss, net of tax	(6,191)	(5,242)
Comprehensive income	$ 53,130	$ 59,254

Segment Reporting

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

We manage our business in five reportable segments: Corporate Finance, FLC, Economic Consulting, Technology and Strategic Communications.

Our Corporate Finance segment focuses on the strategic, operational, financial, transactional and capital needs of our clients around the world. Our clients include companies, boards of directors, investors, private equity sponsors, lenders, and other financing sources and creditor groups, as well as other parties-in-interest. We deliver a wide range of services centered around three core offerings: business transformation, transactions and turnaround & restructuring.

Our FLC segment provides law firms, companies, government entities, private equity firms and other interested parties with a multidisciplinary and independent range of services in risk and investigations and disputes, including a focus on highly regulated industries such as our construction & environmental solutions and health solutions services. These services are supported by our data & analytics solutions, which help our clients analyze large, disparate sets of data related to their business

operations and support our clients during regulatory inquiries and commercial disputes. We deliver a wide range of services centered around five core offerings: construction & environmental solutions, data & analytics, disputes, health solutions and risk and investigations.

Our Economic Consulting segment, including subsidiary Compass Lexecon LLC, provides law firms, companies, government entities and other interested parties with analyses of complex economic issues for use in international arbitration, legal and regulatory proceedings, and strategic decision making and public policy debates around the world. We deliver a wide range of services centered around three core offerings: antitrust & competition economics, financial economics and international arbitration.

Our Technology segment provides companies, law firms, private equity firms and government entities with a comprehensive global portfolio of consulting and services to address legal and regulatory risk, including e-discovery, information governance, privacy and security and corporate legal operations solutions. We deliver a full spectrum of services centered around three core offerings: corporate legal operations, e-discovery services and expertise, and information governance, privacy & security services.

Our Strategic Communications segment develops and executes communications strategies to help management teams, boards of directors, law firms, governments and regulators manage change and mitigate risk surrounding transformational and disruptive events, including transactions, investigations, disputes, crises, regulation and legislation. We deliver a wide range of services centered around three core offerings: corporate reputation, financial communications and public affairs.

We evaluate the performance of our operating segments based on Adjusted Segment EBITDA, a GAAP financial measure. We define Adjusted Segment EBITDA as a segment’s share of consolidated operating income before depreciation, amortization of intangible assets, remeasurement of acquisition-related contingent consideration, special charges and goodwill impairment charges. We define Total Adjusted Segment EBITDA, which is a non-GAAP financial measure, as the total of Adjusted Segment EBITDA for all segments, which excludes unallocated corporate expenses. We use Adjusted Segment EBITDA as a basis to internally evaluate the financial performance of our segments because we believe it reflects current core operating performance and provides an indicator of the segment’s ability to generate cash.

The table below presents revenues and Adjusted Segment EBITDA for our reportable segments:


	Three Months Ended March 31,
	2022		2021
Revenues
Corporate Finance	$	253,329	$	226,203
FLC	153,896		150,821
Economic Consulting	165,977		169,273
Technology	80,484		79,459
Strategic Communications	69,934		60,521
Total revenues	$	723,620	$	686,277
Adjusted Segment EBITDA
Corporate Finance	$	53,539	$	37,439
FLC	17,257		29,432
Economic Consulting	21,195		26,579
Technology	13,363		21,598
Strategic Communications	15,713		10,398
Total Adjusted Segment EBITDA	$	121,067	$	125,446

The table below reconciles net income to Total Adjusted Segment EBITDA:


	Three Months Ended March 31,
	2022		2021
Net income	$	59,321	$	64,496
Add back:
Income tax provision	16,967		20,247
Interest income and other	347		(1,034)
Interest expense	2,642		4,797

Unallocated corporate expenses	31,338		26,710
Segment depreciation expense	8,184		7,430
Amortization of intangible assets	2,268		2,800


Total Adjusted Segment EBITDA	$	121,067	$	125,446

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Maturity Analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remaining)	$ 36,769
2023	48,236
2024	42,924
2025	35,795
2026	31,254
Thereafter	135,619
Total future lease payments	330,597
Less: imputed interest	(72,512)
Total lease liabilities	$ 258,085	$ 266,854

Financial Instruments - Fair Value Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 15,110	$ 20,118
Additions	5,370
Accretion expense	(979)	1,289
Payments	(4,430)	(1,000)
Foreign currency translation adjustment	(115)	(612)
Ending balance	$ 14,956	$ 19,795

Earnings per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings per Common Share

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of potentially dilutive common shares. Potentially dilutive common shares include the dilutive effects of shares issuable under our equity compensation plans, including stock options and share-based awards (restricted share awards, restricted stock units and performance stock units), each using the treasury stock method.

For the three months ended March 31, 2022, we used the if-converted method for calculating the potential dilutive effect of the conversion feature of the principal amount of the 2023 Convertible Notes on earnings per common share, as required by the adoption of ASU 2020-06. Prior to the adoption of ASU 2020-06, we used the treasury stock method for calculating the potential dilutive effect of the conversion feature of the principal amount of the 2023 Convertible Notes on earnings per common share because we had the ability and intent to settle the principal amount of the outstanding 2023 Convertible Notes in cash. The conversion feature had a dilutive impact on earnings per common share for the three months ended March 31, 2022 and 2021, as the average market price per share of our common stock for the periods exceeded the conversion price of $101.38 per share. See Note 8, "Debt" for additional information about the 2023 Convertible Notes.


	Three Months Ended March 31,
		2022		2021
Numerator — basic and diluted
Net income		$	59,321	$	64,496
Denominator
Weighted average number of common shares outstanding — basic		33,619		33,483
Effect of dilutive share-based awards		691		760
Effect of dilutive stock options		338		370
Effect of dilutive convertible notes		998		450
Weighted average number of common shares outstanding — diluted		35,646		35,063
Earnings per common share — basic		$	1.76	$	1.93
Earnings per common share — diluted		$	1.66	$	1.84
Antidilutive stock options and share-based awards		6		8

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2022 segment offering
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	5
Corporate Finance
Segment Reporting Information [Line Items]
Number of core offerings	3
FLC
Segment Reporting Information [Line Items]
Number of core offerings	5
Economic Consulting
Segment Reporting Information [Line Items]
Number of core offerings	3
Technology
Segment Reporting Information [Line Items]
Number of core offerings	3
Strategic Communications
Segment Reporting Information [Line Items]
Number of core offerings	3

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

We lease office space and equipment under non-cancelable operating leases. We recognize operating lease expense on a straight-line basis over the lease term, which may include renewal or termination options that are reasonably certain of exercise. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets and are expensed on a straight-line basis. Most leases include one or more options to renew, with renewal terms that can extend the lease term up to seven years. The exercise of lease renewal options is at our sole discretion. Certain of our lease agreements include rental payments that are adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The table below summarizes the carrying amount of our operating lease assets and liabilities:


Leases	Classification	March 31, 2022		December 31, 2021
Assets
Operating lease assets	Operating lease assets	$	206,673	$	215,995
Total lease assets		$	206,673	$	215,995
Liabilities
Current
Operating lease liabilities	Accounts payable, accrued expenses and other	$	32,699	$	30,828
Noncurrent
Operating lease liabilities	Noncurrent operating lease liabilities	225,386		236,026
Total lease liabilities		$	258,085	$	266,854

The table below summarizes total lease costs:


	Three Months Ended March 31,
Lease Cost		2022		2021
Operating lease costs		$	12,362	$	12,082
Short-term lease costs		405		489
Variable lease costs		3,228		3,463
Sublease income		(266)		(1,048)
Total lease cost, net		$	15,729	$	14,986

We sublease certain of our leased office spaces to third parties. Our sublease portfolio consists of leases of office space that we have vacated before the lease term expiration. Operating lease expense on vacated office space is reduced by sublease rental income, which is recorded to SG&A expenses on the Condensed Consolidated Statements of Comprehensive Income. Our sublease arrangements do not contain renewal options or restrictive covenants. We estimate future sublease rental income to be $0.6 million in the remainder of 2022, $0.7 million in 2023, $0.7 million in 2024, and $0.3 million in 2025. There is no future sublease rental income estimated for the years beyond 2025.

The maturity analysis below summarizes the remaining future undiscounted cash flows for our operating leases and includes a reconciliation to operating lease liabilities reported on the Condensed Consolidated Balance Sheets:


	As of March 31, 2022
2022 (remaining)	$	36,769
2023	48,236
2024	42,924
2025	35,795
2026	31,254
Thereafter	135,619
Total future lease payments	330,597
Less: imputed interest	(72,512)
Total	$	258,085

The table below includes cash paid for our operating lease liabilities, other non-cash information, our weighted average remaining lease term and weighted average discount rate:


	Three Months Ended March 31,
		2022			2021
Cash paid for amounts included in the measurement of operating lease liabilities		$	11,693		$	15,345

Operating lease assets obtained in exchange for lease liabilities		$	411		$	680

Weighted average remaining lease term (years)
Operating leases		8.7			6.1

Weighted average discount rate
Operating leases		5.4		%	5.4		%

Leases - Additional Information (Details) $ in Millions	3 Months Ended
Leases - Additional Information (Details) $ in Millions	Mar. 31, 2022 USD ($) lease_option
Lessee, Lease, Description [Line Items]
Number of renewal options \| lease_option	1
Sublease rental income Remainder of 2022	$ 0.6
Sublease rental income 2023	0.7
Sublease rental income 2024	0.7
Sublease rental income 2025	0.3
Future sublease rental income	$ 0.0
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	7 years

New Accounting Standards (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 1,756,704		$ 1,698,156
Long-term debt, net	328,936		297,158
Derecognition of additional paid in capital	0		$ (13,662)
Senior Notes \| 2023 Convertible Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest rate (as a percent)		2.00%
Accounting Standards Update 2020-06 \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		$ 22,100
Long-term debt, net	$ 16,400
Derecognition of additional paid in capital		(34,100)
Derecognition of deferred tax liabilities		$ 4,300

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amounts of Goodwill by Operating Segment

The table below summarizes the changes in the carrying amount of goodwill by reportable segment:


	Corporate Finance & Restructuring (1)		Forensic and Litigation Consulting (1)		Economic Consulting (1)		Technology (1)		Strategic Communications (2)		Total
Balance at December 31, 2021	$	501,046	$	237,929	$	268,858	$	96,811	$	128,147	$	1,232,791
Acquisitions (3)	12,885		—		—		—		—		12,885
Foreign currency translation adjustment and other	349		(592)		(187)		(40)		(1,234)		(1,704)
Balance at March 31, 2022	$	514,280	$	237,337	$	268,671	$	96,771	$	126,913	$	1,243,972

(1) There were no accumulated impairment losses for the Corporate Finance & Restructuring ("Corporate Finance"), Forensic and Litigation Consulting ("FLC"), Economic Consulting or Technology segments as of March 31, 2022 and December 31, 2021.

(2) Amounts for our Strategic Communications segment include gross carrying values of $321.1 million and $322.3 million as of March 31, 2022 and December 31, 2021, respectively, and accumulated impairment losses of $194.1 million as of March 31, 2022 and December 31, 2021.

(3) During the three months ended March 31, 2022, we acquired a business that was assigned to the Corporate Finance segment. We recorded $12.9 million in goodwill based on a preliminary purchase price allocation as a result of the acquisition. We have included the results of the acquired business’s operations in the Corporate Finance segment since its acquisition date.

Schedule of Other Intangible Assets Amortized Intangibles

Intangible assets were as follows:


	March 31, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	$	82,835	$	64,508	$	18,327	$	83,101	$	63,124	$	19,977
Trademarks	10,800		5,200		5,600		10,965		4,732		6,233
Acquired software and other	3,100		2,480		620		3,114		2,434		680
	96,735		72,188		24,547		97,180		70,290		26,890
Non-amortizing intangible assets
Trademarks	5,100		—		5,100		5,100		—		5,100
Total	$	101,835	$	72,188	$	29,647	$	102,280	$	70,290	$	31,990

Schedule of Other Intangible Assets Unamortized Intangibles

Intangible assets were as follows:


	March 31, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	$	82,835	$	64,508	$	18,327	$	83,101	$	63,124	$	19,977
Trademarks	10,800		5,200		5,600		10,965		4,732		6,233
Acquired software and other	3,100		2,480		620		3,114		2,434		680
	96,735		72,188		24,547		97,180		70,290		26,890
Non-amortizing intangible assets
Trademarks	5,100		—		5,100		5,100		—		5,100
Total	$	101,835	$	72,188	$	29,647	$	102,280	$	70,290	$	31,990

Schedule of Future Amortization Expense Intangible Assets

We estimate our future amortization expense for our intangible assets with finite lives to be as follows:


Year	As of March 31, 2022 (1)
2022 (remaining)	$	6,439
2023	5,049
2024	3,653
2025	2,996
2026	1,762
Thereafter	4,648
	$	24,547

(1)Actual amortization expense to be reported in future periods could differ from these estimates as a result of new intangible asset acquisitions, impairments, changes in useful lives, or other relevant factors or changes.

Debt - Additional Information (Details)		1 Months Ended	3 Months Ended		12 Months Ended
Debt - Additional Information (Details)	Aug. 20, 2018 USD ($) trading_day business_day $ / shares	Nov. 30, 2018 USD ($)	Mar. 31, 2022 USD ($) $ / shares	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Jan. 01, 2022	Dec. 31, 2021 USD ($)	Jun. 26, 2015 USD ($)
Debt Instrument [Line Items]
Conversion price (in dollars per share) \| $ / shares			$ 101.38	$ 101.38
Amortization of debt discount			$ 527,000	$ 2,815,000
Retained earnings			1,756,704,000				$ 1,698,156,000
Unamortized debt issuance costs			2,304,000				2,363,000
Aggregate principal amount			331,240,000				316,245,000
Forecast
Debt Instrument [Line Items]
Repayments of long-term debt					$ 316,200,000
Federal Funds
Debt Instrument [Line Items]
Credit facility basis point (as a percent)		0.50%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Credit facility basis point (as a percent)		1.00%
Line of Credit
Debt Instrument [Line Items]
Borrowing limit used			400,000
2023 Convertible Notes
Debt Instrument [Line Items]
Exceeded principal amount			174,200,000
Fundamental change repurchase price percent (as a percent)	100.00%
Aggregate principal amount			316,240,000				316,245,000
2023 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Principal amount	$ 316,300,000
Interest rate (as a percent)	2.00%
Conversion price (in dollars per share) \| $ / shares	$ 101.38
Interest expense			1,600,000
Amortization of debt discount				$ 2,300,000
2023 Convertible Notes \| Convertible Debt \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold trading days \| trading_day	20
Consecutive trading days \| trading_day	30
Redemption price percentage	130.00%
2023 Convertible Notes \| Convertible Debt \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Consecutive trading days \| trading_day	5
Redemption price percentage	98.00%
Debt instrument business days \| business_day	5
2023 Convertible Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)						2.00%
Debt conversion ratio (in shares)	0.0098643
Convertible Note Due 202, Par Value
Debt Instrument [Line Items]
Principal amount	$ 1,000
Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount			15,000,000				0
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 550,000,000
Debt issuance costs		$ 1,700,000
Unamortized debt issuance costs			$ 700,000				$ 900,000
Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee (as a percent)			0.20%
Fronting fees (as a percent)			1.25%
Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Commitment fee (as a percent)			0.35%
Fronting fees (as a percent)			2.00%
Credit Facility \| Line of Credit \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Basis spread (as a percent)		1.25%
Credit Facility \| Line of Credit \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Basis spread (as a percent)		2.00%
Credit Facility \| Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread (as a percent)		0.25%
Credit Facility \| Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread (as a percent)		1.00%

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Lease Cost
Operating lease costs	$ 12,362	$ 12,082
Short-term lease costs	405	489
Variable lease costs	3,228	3,463
Sublease income	(266)	(1,048)
Total lease cost, net	$ 15,729	$ 14,986

Share-Based Compensation - Schedule Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 7,046	$ 9,588
Direct cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	3,969	5,065
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 3,077	$ 4,523

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Stock Repurchases

The following table details our stock repurchases under the Repurchase Program:


	Three Months Ended March 31,
		2022		2021
Shares of common stock repurchased and retired		22		422
Average price paid per share		$	143.36	$	109.37
Total cost		$	3,098	$	46,124

Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 6,439
2023	5,049
2024	3,653
2025	2,996
2026	1,762
Thereafter	4,648
Net Carrying Amount	$ 24,547	$ 26,890

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ 0

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

The table below presents the components of the Company’s debt:


	March 31, 2022		December 31, 2021
2023 Convertible Notes	$	316,240	$	316,245
Credit Facility	15,000		—
Total debt	331,240		316,245
Less: deferred debt discount (1)	—		(16,724)
Less: deferred debt issuance costs	(2,304)		(2,363)
Long-term debt, net (1)(2)	$	328,936	$	297,158
Additional paid-in capital	$	—	$	35,304
Discount attribution to equity	—		(1,175)
Equity component, net (1)	$	—	$	34,129

(1)Pursuant to the adoption of ASU 2020-06, we derecognized the conversion option of $34.1 million, net of tax, previously attributable to the equity component of the 2023 Convertible Notes. Similarly, the related debt discount is no longer amortized into income as interest expense over the life of the instrument; therefore, we recorded a $16.4 million increase to "Long-term debt, net" on the Condensed Consolidated Balance Sheet as of March 31, 2022.

(2)There were no current portions of long-term debt as of March 31, 2022 and December 31, 2021.

2023 Convertible Notes

On August 20, 2018, we issued the 2023 Convertible Notes in an aggregate principal amount of $316.3 million. The 2023 Convertible Notes bear interest at a fixed rate of 2.0% per year, payable semiannually in arrears on February 15 and August 15 of each year. The 2023 Convertible Notes will mature on August 15, 2023, unless earlier converted or repurchased.

As of December 31, 2021, upon conversion, the 2023 Convertible Notes could be settled, at our election, in cash, shares of our common stock or a combination of cash and shares of our common stock. Effective January 1, 2022, pursuant to the terms of the Indenture, the principal amount of the 2023 Convertible Notes being converted is required to be paid in cash and only the premium due upon conversion, if any, is permitted to be settled at our election in shares, cash or a combination of shares and cash. The 2023 Convertible Notes are senior unsecured obligations of the Company.

The 2023 Convertible Notes are convertible at maturity at a conversion rate of 9.8643 shares of our common stock per $1,000 principal amount of the 2023 Convertible Notes (equivalent to a conversion price of approximately $101.38 per share of common stock). Holders may convert their 2023 Convertible Notes at any time prior to the close of business on the business day immediately preceding May 15, 2023 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2018 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “Measurement Period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the 2023 Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate in effect on each such trading day; or (3) upon the occurrence of specified corporate events. On or after May 15, 2023, until the close of business on the business day immediately preceding the maturity date of August 15, 2023, holders may convert their 2023 Convertible Notes at any time, regardless of the foregoing circumstances.

The 2023 Convertible Notes were convertible during the quarters ended September 30, 2021, December 31, 2021, and March 31, 2022 and the number of notes converted was immaterial for each period. The circumstances required to allow the holders to convert their 2023 Convertible Notes prior to maturity were met as of March 31, 2022; therefore, holders may convert their notes at any time beginning on April 1, 2022 and ending on June 30, 2022. Based on the Company's stock price on March 31, 2022, the if-converted value of the 2023 Convertible Notes exceeded the principal amount by $174.2 million.

We may not redeem the 2023 Convertible Notes prior to the maturity date.

If we undergo a fundamental change (as defined in the Indenture), subject to certain conditions, holders may require us to repurchase for cash all or part of their 2023 Convertible Notes in principal amounts of $1,000 or a multiple thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the 2023 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, in certain circumstances, we may be required to increase the conversion rate for any 2023 Convertible Notes converted in connection with a make-whole fundamental change (as defined in the Indenture).

Prior to the adoption of ASU 2020-06, the Company separated the 2023 Convertible Notes into liability and equity components. The debt discount and debt issuance costs attributable to the liability component were amortized to interest expense over the term of the 2023 Convertible Notes using the effective interest rate method. The Company adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method, which resulted in accounting for the 2023 Convertible Notes as a single liability and the debt discount is no longer amortized into income as interest expense. See Note 2, “New Accounting Standards” for additional information about the adoption of ASU 2020-06.

Contractual interest expense for the 2023 Convertible Notes was $1.6 million for the three months ended March 31, 2022 and 2021. Amortization of the debt discount on the 2023 Convertible Notes prior to the adoption of ASU 2020-06 was $2.3 million for the three months ended March 31, 2021.

Credit Facility

On June 26, 2015, we entered into a credit agreement, which provides for a $550.0 million senior secured bank revolving credit facility (“Original Credit Facility”) maturing on June 26, 2020. In November 2018, we amended and restated the credit agreement to the Original Credit Facility (the "Amended and Restated Credit Facility"), to, among other things, extend the maturity to November 30, 2023 and incurred an additional $1.7 million of debt issuance costs. On February 4, 2022, we entered into the first amendment to the Amended and Restated Credit Facility (the "First Amendment to the Amended and Restated Credit Facility," and together with the Amended and Restated Credit Facility, the “Credit Facility”). At the Company’s option, borrowings under the Credit Facility in United States dollars ("USD"), euro ("EUR") and British pound ("GBP") will bear interest at either one- or three-month London Interbank Offered Rate ("LIBOR") or, in the case of USD borrowings, an alternative base rate, in each case plus the applicable margin. Due to the cessation by the ICE Benchmark Administration Limited of the publication on a representative basis of EUR LIBOR and GBP LIBOR as of December 31, 2021, EUR LIBOR is no longer available under our Credit Agreement and one-, three- and six-month GBP LIBOR is available under a "synthetic" methodology until December 31, 2022. The Credit Agreement permits the Company and Bank of America, N.A., as

administrative agent thereunder, to agree to a new benchmark rate to replace EUR LIBOR and GBP LIBOR, subject to the negative consent of the Required Lenders (as defined therein). Prior to the incurrence of any borrowings under the Credit Facility in EUR or, after December 31, 2022, GBP, we will need to agree to a replacement benchmark rate for each applicable currency in accordance with the terms of the Credit Agreement. The alternative base rate means a fluctuating rate per annum equal to the highest of (1) the rate of interest in effect for such day as the prime rate announced by Bank of America, (2) the federal funds rate plus the sum of 50 basis points, and (3) the one-month USD LIBOR plus 100 basis points. Borrowings under the Credit Facility in Canadian dollars bear interest at an annual rate equal to the Canadian Dealer Offered Rate plus an applicable margin. Borrowings under the Credit Facility in Australian dollars bear interest at an annual rate equal to the Bank Bill Swap Reference Bid Rate plus an applicable margin. The applicable margin will fluctuate between 1.25% per annum and 2.00% per annum, in the case of LIBOR borrowings, or between 0.25% per annum and 1.00% per annum, in the case of base rate borrowings, in each case, based upon the Company’s Consolidated Total Net Leverage Ratio (as defined in the Credit Facility) at such time. The lenders under the Credit Facility have a security interest in substantially all of the assets of the Company and substantially all of its domestic subsidiaries.

Under the Credit Facility, we are required to pay a commitment fee rate that fluctuates between 0.20% and 0.35% per annum and a letter of credit fee rate that fluctuates between 1.25% and 2.00% per annum, in each case, based upon the Company’s Consolidated Total Net Leverage Ratio.

The Company classified the borrowings under the Company’s Credit Facility as long-term debt in the accompanying Condensed Consolidated Balance Sheets, as amounts due under the Credit Facility are not contractually required or expected to be liquidated for more than one year from the applicable balance sheet date. As of March 31, 2022, $0.4 million of the borrowing limit under the Credit Facility was utilized (and, therefore, unavailable) for letters of credit.

There were $0.7 million and $0.9 million of unamortized debt issuance costs related to the Credit Facility as of March 31, 2022 and December 31, 2021, respectively. These amounts are included in “Other assets” on our Condensed Consolidated Balance Sheets.

Long-Term Debt Maturities

Our maturity analysis for our remaining future undiscounted cash flows for the principal portion of our long-term debt assumes that payments will be made based on the current payment schedule and excludes any additional revolving line of credit borrowings or repayments subsequent to March 31, 2022 and prior to the November 30, 2023 maturity date of our Credit Facility. We estimate future undiscounted cash flows for the principal portion of our long-term debt to be $316.2 million in 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Summary of Components of Debt Obligations

The table below presents the components of the Company’s debt:


	March 31, 2022		December 31, 2021
2023 Convertible Notes	$	316,240	$	316,245
Credit Facility	15,000		—
Total debt	331,240		316,245
Less: deferred debt discount (1)	—		(16,724)
Less: deferred debt issuance costs	(2,304)		(2,363)
Long-term debt, net (1)(2)	$	328,936	$	297,158
Additional paid-in capital	$	—	$	35,304
Discount attribution to equity	—		(1,175)
Equity component, net (1)	$	—	$	34,129

(2)There were no current portions of long-term debt as of March 31, 2022 and December 31, 2021.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Debt - Summary of Components of Debt Obligations (Details) - USD ($)	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 331,240,000		$ 316,245,000
Less: deferred debt discount	0		(16,724,000)
Less: deferred debt issuance costs	(2,304,000)		(2,363,000)
Long-term debt, net	328,936,000		297,158,000
Additional paid-in capital	0		35,304,000
Discount attribution to equity	0		(1,175,000)
Equity component, net	0		34,129,000
Current portion of long-term debt	0		0
Additional paid-in capital	0		13,662,000
Long-term debt, net	328,936,000		297,158,000
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Additional paid-in capital		$ 34,100,000
Long-term debt, net	16,400,000
2023 Convertible Notes
Debt Instrument [Line Items]
Total debt	316,240,000		316,245,000
Credit Facility
Debt Instrument [Line Items]
Total debt	$ 15,000,000		$ 0

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

On June 2, 2016, our Board of Directors authorized a stock repurchase program of up to $100.0 million (the “Repurchase Program”). On each of May 18, 2017, December 1, 2017, February 21, 2019 and February 20, 2020, our Board of Directors authorized an additional $100.0 million, respectively. On each of July 28, 2020 and December 3, 2020, our Board of Directors authorized an additional $200.0 million, respectively, increasing the Repurchase Program to an aggregate authorization of $900.0 million. No time limit has been established for the completion of the Repurchase Program, and the Repurchase Program may be suspended, discontinued or replaced by the Board of Directors at any time without prior notice. As of March 31, 2022, we had $164.0 million available under the Repurchase Program to repurchase additional shares.

The following table details our stock repurchases under the Repurchase Program:


	Three Months Ended March 31,
		2022		2021
Shares of common stock repurchased and retired		22		422
Average price paid per share		$	143.36	$	109.37
Total cost		$	3,098	$	46,124

As we repurchase our common shares, we reduce stated capital on our Condensed Consolidated Balance Sheets for the $0.01 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction to additional paid-in capital. If additional paid-in capital is reduced to zero, we record the remainder of the excess purchase price over par value as a reduction of retained earnings.

Common stock outstanding was 34.5 million shares and 34.3 million shares as of March 31, 2022 and December 31, 2021, respectively. Common stock outstanding includes unvested restricted stock awards, which are considered issued and outstanding under the terms of the restricted stock award agreements.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill beginning of period	$ 1,232,791,000
Acquisitions	12,885,000
Foreign currency translation adjustment and other	(1,704,000)
Goodwill end of period	1,243,972,000
Corporate Finance & Restructuring
Goodwill [Roll Forward]
Goodwill beginning of period	501,046,000
Acquisitions	12,885,000
Foreign currency translation adjustment and other	349,000
Goodwill end of period	514,280,000
Accumulated impairment loss	0	$ 0
Forensic and Litigation Consulting
Goodwill [Roll Forward]
Goodwill beginning of period	237,929,000
Acquisitions	0
Foreign currency translation adjustment and other	(592,000)
Goodwill end of period	237,337,000
Accumulated impairment loss	0	0
Economic Consulting
Goodwill [Roll Forward]
Goodwill beginning of period	268,858,000
Acquisitions	0
Foreign currency translation adjustment and other	(187,000)
Goodwill end of period	268,671,000
Accumulated impairment loss	0	0
Technology
Goodwill [Roll Forward]
Goodwill beginning of period	96,811,000
Acquisitions	0
Foreign currency translation adjustment and other	(40,000)
Goodwill end of period	96,771,000
Accumulated impairment loss	0	0
Strategic Communications
Goodwill [Roll Forward]
Goodwill beginning of period	128,147,000
Acquisitions	0
Foreign currency translation adjustment and other	(1,234,000)
Goodwill end of period	126,913,000
Accumulated impairment loss	(194,100,000)	(194,100,000)
Goodwill	$ 321,100,000	$ 322,300,000

Revenues	3 Months Ended
Revenues	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues We generate the majority of our revenues by providing consulting services to our clients. Most of our consulting service contracts are based on one of the following types of contract arrangements: •Time and expense arrangements require the client to pay us based on the number of hours worked at contractually agreed-upon rates. We recognize revenues for these contract arrangements based on hours incurred and contracted rates utilizing a right-to-invoice practical expedient because we have a right to consideration for services completed to date. When a time and expense arrangement has a not-to-exceed or "cap" amount and we expect to perform work in excess of the cap, we recognize revenues up to the cap amount specified by the client, based on the efforts or hours incurred as a percentage of total efforts or hours expected to be incurred (i.e., proportional performance method). •Fixed-fee arrangements require the client to pay a fixed fee in exchange for a predetermined set of professional services. We recognize revenues earned to date by applying the proportional performance method. Generally, these arrangements have one performance obligation. •Performance-based or contingent arrangements represent forms of variable consideration. In these arrangements, our fees are based on the attainment of contractually defined objectives with our client, such as completing a business transaction or assisting the client in achieving a specific business objective. We recognize revenues earned to date in an amount that is probable not to reverse and by applying the proportional performance method when the criteria for over time revenue recognition are met. Certain fees in our time and materials arrangements may be subject to approval by a third party, such as a bankruptcy court or other regulatory agency. In such cases, we record revenues based on the amount we estimate we will be entitled to in exchange for our services and only to the extent a significant reversal of revenues is not likely to occur when the uncertainty associated with the estimate is subsequently resolved. Potential fee reductions imposed by bankruptcy courts and other regulatory agencies or negotiated with specific clients are estimated on a specific identification basis. Our estimates may vary depending on the nature of the engagement, client economics, historical experience and other appropriate factors. When there are changes in our estimates of potential fee reductions, we record such changes to revenues with a corresponding offset to our billed and unbilled accounts receivable. Revenues recognized during the current period may include revenues from performance obligations satisfied or partially satisfied in previous periods. This primarily occurs when the estimated transaction price has changed based on our current probability assessment over whether the agreed-upon outcome for our performance-based and contingent arrangements will be achieved. The aggregate amount of revenues recognized related to a change in the transaction price in the current period, which related to performance obligations satisfied or partially satisfied in a prior period, was $6.4 million and $3.9 million for the three months ended March 31, 2022 and 2021, respectively. Unfulfilled performance obligations primarily consist of fees not yet recognized on certain fixed-fee arrangements and performance-based and contingent arrangements. As of March 31, 2022 and December 31, 2021, the aggregate amount of the remaining contract transaction price allocated to unfulfilled performance obligations was $3.3 million and $3.7 million, respectively. We expect to recognize the majority of the related revenues over the next 24 months. We elected to utilize the optional exemption to exclude from this disclosure fixed-fee and performance-based and contingent arrangements with an original expected duration of one year or less and to exclude our time and expense arrangements for which revenues are recognized using the right-to-invoice practical expedient. Contract assets are defined as assets for which we have recorded revenues but are not yet entitled to receive our fees because certain events, such as completion of the measurement period or client approval, must occur. The contract asset balance was $1.3 million as of March 31, 2022 and $3.8 million as of December 31, 2021. Contract liabilities are defined as liabilities incurred when we have received consideration but have not yet performed the agreed-upon services. This may occur when clients pay fees before work begins. The contract liability balance was immaterial as of March 31, 2022 and December 31, 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting - Revenues and Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 723,620	$ 686,277
Adjusted Segment EBITDA	121,067	125,446
Corporate Finance
Segment Reporting Information [Line Items]
Revenues	253,329	226,203
Adjusted Segment EBITDA	53,539	37,439
FLC
Segment Reporting Information [Line Items]
Revenues	153,896	150,821
Adjusted Segment EBITDA	17,257	29,432
Economic Consulting
Segment Reporting Information [Line Items]
Revenues	165,977	169,273
Adjusted Segment EBITDA	21,195	26,579
Technology
Segment Reporting Information [Line Items]
Revenues	80,484	79,459
Adjusted Segment EBITDA	13,363	21,598
Strategic Communications
Segment Reporting Information [Line Items]
Revenues	69,934	60,521
Adjusted Segment EBITDA	$ 15,713	$ 10,398

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of other intangible assets	$ 2,268	$ 2,801

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted


	Three Months Ended March 31,
		2022		2021
Numerator — basic and diluted
Net income		$	59,321	$	64,496
Denominator
Weighted average number of common shares outstanding — basic		33,619		33,483
Effect of dilutive share-based awards		691		760
Effect of dilutive stock options		338		370
Effect of dilutive convertible notes		998		450
Weighted average number of common shares outstanding — diluted		35,646		35,063
Earnings per common share — basic		$	1.76	$	1.93
Earnings per common share — diluted		$	1.66	$	1.84
Antidilutive stock options and share-based awards		6		8

Share-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

During the three months ended March 31, 2022, we granted 80,002 restricted share awards, 18,403 restricted stock units and 102,543 performance stock units under the FTI Consulting, Inc. 2017 Omnibus Incentive Compensation Plan, our employee equity compensation plan. Our performance stock units are presented at the maximum potential payout percentage of 150% of target shares granted. These awards are recorded as equity on the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2022, no shares of restricted stock and no stock options were forfeited prior to the completion of the applicable vesting requirements. Additionally, 12,198 performance stock units were forfeited during the three months ended March 31, 2022 as the award targets were not achieved.

Total share-based compensation expense, net of forfeitures is detailed in the following table:


	Three Months Ended March 31,
Income Statement Classification		2022		2021
Direct cost of revenues		$	3,969	$	5,065
Selling, general and administrative expenses		3,077		4,523

Total share-based compensation expense		$	7,046	$	9,588

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The table below summarizes the changes in the carrying amount of goodwill by reportable segment:


	Corporate Finance & Restructuring (1)		Forensic and Litigation Consulting (1)		Economic Consulting (1)		Technology (1)		Strategic Communications (2)		Total
Balance at December 31, 2021	$	501,046	$	237,929	$	268,858	$	96,811	$	128,147	$	1,232,791
Acquisitions (3)	12,885		—		—		—		—		12,885
Foreign currency translation adjustment and other	349		(592)		(187)		(40)		(1,234)		(1,704)
Balance at March 31, 2022	$	514,280	$	237,337	$	268,671	$	96,771	$	126,913	$	1,243,972

Intangible Assets

Intangible assets were as follows:


	March 31, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	$	82,835	$	64,508	$	18,327	$	83,101	$	63,124	$	19,977
Trademarks	10,800		5,200		5,600		10,965		4,732		6,233
Acquired software and other	3,100		2,480		620		3,114		2,434		680
	96,735		72,188		24,547		97,180		70,290		26,890
Non-amortizing intangible assets
Trademarks	5,100		—		5,100		5,100		—		5,100
Total	$	101,835	$	72,188	$	29,647	$	102,280	$	70,290	$	31,990

Intangible assets with finite lives are amortized over their estimated useful lives. We recorded amortization expense of $2.3 million and $2.8 million for the three months ended March 31, 2022 and 2021, respectively.

We estimate our future amortization expense for our intangible assets with finite lives to be as follows:


Year	As of March 31, 2022 (1)
2022 (remaining)	$	6,439
2023	5,049
2024	3,653
2025	2,996
2026	1,762
Thereafter	4,648
	$	24,547

Accounts Receivable and Allowance for Expected Credit Losses

3 Months Ended

Mar. 31, 2022

Allowance for Doubtful Accounts and Unbilled Services [Abstract]

Accounts Receivable and Allowance for Expected Credit Losses

The following table summarizes the components of "Accounts receivable, net" as presented on the Condensed Consolidated Balance Sheets:


	March 31, 2022		December 31, 2021
Accounts receivable:
Billed receivables	$	565,136	$	542,056
Unbilled receivables	298,505		248,681
Allowance for expected credit losses	(39,709)		(36,617)
Accounts receivable, net	$	823,932	$	754,120

We maintain an allowance for expected credit losses, which represents the estimated aggregate amount of credit risk arising from the inability or unwillingness of specific clients to pay our fees or disputes that may affect our ability to fully collect our billed accounts receivable. We record our estimate of lifetime expected credit losses concurrently with the initial recognition of the underlying receivable. Accounts receivable, net of the allowance for expected credit losses, represents the amount we expect to collect. At each reporting date, we adjust the allowance for expected credit losses to reflect our current estimate.

The following table summarizes the total provision for expected credit losses and write-offs:


	Three Months Ended March 31,
	2022		2021
Provision for expected credit losses (1)	$	4,859	$	4,832
Write-offs	$	2,791	$	6,916

(1) Adjustments to the allowance for expected credit losses are recorded to selling, general & administrative ("SG&A") expenses on the Condensed Consolidated Statements of Comprehensive Income.

We estimate the current-period provision for expected credit losses on a specific identification basis. Our judgments regarding a specific client’s credit risk considers factors such as the counterparty’s creditworthiness, knowledge of the specific client’s circumstances and historical collection experience for similar clients. Other factors include, but are not limited to, current economic conditions and forward-looking estimates. Our actual experience may vary from our estimates. If the financial condition of our clients were to deteriorate, resulting in their inability or unwillingness to pay our fees, we may need to record additional provisions for expected credit losses in future periods. The risk of credit losses may be mitigated to the extent that we received a retainer from some of our clients prior to performing services. Our provision for expected credit losses includes recoveries, direct write-offs and charges to other accounts. Billed accounts receivables are written off when the potential for recovery is considered remote.

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Restricted share grants, net settled shares (in shares)	63	54

New Accounting Standards (Policies)	3 Months Ended
New Accounting Standards (Policies)	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Basis of Presentation	The unaudited condensed consolidated financial statements of FTI Consulting, Inc., including its consolidated subsidiaries (collectively, the “Company,” “we,” “our” or “FTI Consulting”), presented herein, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and under the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Some of the information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and regulations. Certain prior period amounts have been reclassified to conform to the current period presentation. In management’s opinion, the interim financial statements reflect all adjustments that are necessary for a fair presentation of the results for the interim periods presented. All adjustments made were normal recurring accruals. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC.
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted	In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06 ("ASU 2020-06"), Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain events. On January 1, 2022, we adopted ASU 2020-06 using the modified retrospective method and recorded a cumulative-effect adjustment of approximately $22.1 million to the beginning balance of retained earnings at the date of adoption and a $16.4 million net increase to "Long-term debt, net" on the Condensed Consolidated Balance Sheets. As permitted by the guidance, prior comparative periods will not be adjusted under this method. Pursuant to ASU 2020-06, we are no longer permitted to separately account for the liability and equity components of convertible debt instruments. As such, the carrying amount of our 2.0% convertible senior notes due 2023 ("2023 Convertible Notes") is recognized as a liability as of March 31, 2022 on the Condensed Consolidated Balance Sheets. The ASU 2020-06 adoption also resulted in the derecognition of the embedded conversion option, net of tax effects, of approximately $34.1 million, which is included in “Additional paid-in capital,” as well as the derecognition of the related deferred tax liabilities of approximately $4.3 million on the Condensed Consolidated Balance Sheets. The net effect of the adoption in the current and future periods as compared to prior periods is to reduce non-cash interest expense, or increase net income, as there is no longer a discount from the separation of the conversion feature within equity. The discount from recognition of debt issuance costs will be amortized over the effective life of the 2023 Convertible Notes using the effective interest method. ASU 2020-06 also no longer allows the use of the treasury stock method for convertible instruments for purposes of calculating diluted earnings per share and instead requires application of the if-converted method. Under that method, diluted earnings per share will generally be calculated assuming that all of the convertible debt instruments were converted solely into shares of common stock at the beginning of the reporting period unless the result would be anti-dilutive. Effective January 1, 2022, pursuant to the terms of the indenture, dated as of August 20, 2018, as amended by the first supplemental indenture, dated as of January 1, 2022 (the "First Supplemental Indenture"), between us and U.S. Bank National Association, as trustee (as so amended, the "Indenture"), the principal amount of the 2023 Convertible Notes being converted is required to be paid in cash and only the premium due upon conversion, if any, is permitted to be settled in shares, cash or a combination of shares and cash. Consequently, the if-converted method produces a similar result as the treasury stock method, which was used prior to the adoption of ASU 2020-06 for the 2023 Convertible Notes. Accounting Standards Not Yet Adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance, which requires entities to provide disclosures on significant government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard is effective for annual periods beginning after December 15, 2021 and impacts only annual financial statement footnote disclosures. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 03, 2020	Jul. 28, 2020	Feb. 20, 2020	Feb. 21, 2019	Dec. 01, 2017	May 18, 2017	Jun. 02, 2016
Equity, Class of Treasury Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Reduction to additional paid in capital	$ 3,098,000	$ 46,133,000
Reduction in retained earnings	$ (1,756,704,000)		$ (1,698,156,000)
Common stock, shares outstanding (in shares)	34,471		34,333
Additional Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Reduction to additional paid in capital	$ 3,098,000	3,047,000
2016 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount	900,000,000									$ 100,000,000
Stock repurchase program additional amount authorized				$ 200,000,000	$ 200,000,000	$ 100,000,000	$ 100,000,000	$ 100,000,000	$ 100,000,000
Available amount under repurchase program	164,000,000
Reduction to additional paid in capital	$ 3,098,000	$ 46,124,000

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe are subject to legal actions arising in the ordinary course of business. In management’s opinion, we believe we have adequate legal defenses and/or insurance coverage with respect to the eventuality of such actions. We do not believe any settlement or judgment relating to any pending legal action would materially affect our financial position or results of operations.

Segment Reporting - Reconciliation of Net Income To Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net income	$ 59,321	$ 64,496
Income tax provision	16,967	20,247
Interest income and other	347	(1,034)
Interest expense	2,642	4,797
Adjusted Segment EBITDA	121,067	125,446
Segment Reconciling Items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net income	59,321	64,496
Income tax provision	16,967	20,247
Interest income and other	347	(1,034)
Interest expense	2,642	4,797
Unallocated corporate expenses	31,338	26,710
Segment depreciation expense	8,184	7,430
Amortization of intangible assets	2,268	2,800
Adjusted Segment EBITDA	$ 121,067	$ 125,446

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Performance obligations satisfied or partially satisfied in previous periods	$ 6,400	$ 3,900
Contract asset	1,300		$ 3,800
Contract liability	0		0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Disaggregation of Revenue [Line Items]
Unfulfilled performance obligations			$ 3,700
Performance obligation expected duration			24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Disaggregation of Revenue [Line Items]
Unfulfilled performance obligations	$ 3,300
Performance obligation expected duration	24 months

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Schedule of Carrying Amount of Operating Lease Assets and Liabilities

The table below summarizes the carrying amount of our operating lease assets and liabilities:


Leases	Classification	March 31, 2022		December 31, 2021
Assets
Operating lease assets	Operating lease assets	$	206,673	$	215,995
Total lease assets		$	206,673	$	215,995
Liabilities
Current
Operating lease liabilities	Accounts payable, accrued expenses and other	$	32,699	$	30,828
Noncurrent
Operating lease liabilities	Noncurrent operating lease liabilities	225,386		236,026
Total lease liabilities		$	258,085	$	266,854

Schedule of Lease Cost

The table below summarizes total lease costs:


	Three Months Ended March 31,
Lease Cost		2022		2021
Operating lease costs		$	12,362	$	12,082
Short-term lease costs		405		489
Variable lease costs		3,228		3,463
Sublease income		(266)		(1,048)
Total lease cost, net		$	15,729	$	14,986

The table below includes cash paid for our operating lease liabilities, other non-cash information, our weighted average remaining lease term and weighted average discount rate:


	Three Months Ended March 31,
		2022			2021
Cash paid for amounts included in the measurement of operating lease liabilities		$	11,693		$	15,345

Operating lease assets obtained in exchange for lease liabilities		$	411		$	680

Weighted average remaining lease term (years)
Operating leases		8.7			6.1

Weighted average discount rate
Operating leases		5.4		%	5.4		%

Schedule of Future Minimum Lease Payments


	As of March 31, 2022
2022 (remaining)	$	36,769
2023	48,236
2024	42,924
2025	35,795
2026	31,254
Thereafter	135,619
Total future lease payments	330,597
Less: imputed interest	(72,512)
Total	$	258,085

Financial Instruments - Carrying And Estimated Fair Value Of Other Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Acquisition-related contingent consideration, including current portion	$ 14,956	$ 15,110
2023 Convertible Notes	313,936	297,158
Total	328,892	312,268
Level 1 \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Acquisition-related contingent consideration, including current portion	0	0
2023 Convertible Notes	0	0
Total	0	0
Level 2 \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Acquisition-related contingent consideration, including current portion	0	0
2023 Convertible Notes	505,503	466,619
Total	505,503	466,619
Level 3 \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Acquisition-related contingent consideration, including current portion	14,956	15,110
2023 Convertible Notes	0	0
Total	$ 14,956	$ 15,110

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Revenues and Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization for Reportable Segments

The table below presents revenues and Adjusted Segment EBITDA for our reportable segments:


	Three Months Ended March 31,
	2022		2021
Revenues
Corporate Finance	$	253,329	$	226,203
FLC	153,896		150,821
Economic Consulting	165,977		169,273
Technology	80,484		79,459
Strategic Communications	69,934		60,521
Total revenues	$	723,620	$	686,277
Adjusted Segment EBITDA
Corporate Finance	$	53,539	$	37,439
FLC	17,257		29,432
Economic Consulting	21,195		26,579
Technology	13,363		21,598
Strategic Communications	15,713		10,398
Total Adjusted Segment EBITDA	$	121,067	$	125,446

Reconciliation of Net Income to Adjusted Segment Earnings Before Interest, Taxes, Depreciation and Amortization

The table below reconciles net income to Total Adjusted Segment EBITDA:


	Three Months Ended March 31,
	2022		2021
Net income	$	59,321	$	64,496
Add back:
Income tax provision	16,967		20,247
Interest income and other	347		(1,034)
Interest expense	2,642		4,797

Unallocated corporate expenses	31,338		26,710
Segment depreciation expense	8,184		7,430
Amortization of intangible assets	2,268		2,800


Total Adjusted Segment EBITDA	$	121,067	$	125,446

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 96,735	$ 97,180
Accumulated Amortization	72,188	70,290
Net Carrying Amount	24,547	26,890
Intangible assets, gross carrying amount	101,835	102,280
Intangible assets, Net Carrying Amount	29,647	31,990
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount, non-amortizing intangible assets	5,100	5,100
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	82,835	83,101
Accumulated Amortization	64,508	63,124
Net Carrying Amount	18,327	19,977
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,800	10,965
Accumulated Amortization	5,200	4,732
Net Carrying Amount	5,600	6,233
Acquired software and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,100	3,114
Accumulated Amortization	2,480	2,434
Net Carrying Amount	$ 620	$ 680

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting PoliciesThe unaudited condensed consolidated financial statements of FTI Consulting, Inc., including its consolidated subsidiaries (collectively, the “Company,” “we,” “our” or “FTI Consulting”), presented herein, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and under the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Some of the information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and regulations. Certain prior period amounts have been reclassified to conform to the current period presentation. In management’s opinion, the interim financial statements reflect all adjustments that are necessary for a fair presentation of the results for the interim periods presented. All adjustments made were normal recurring accruals. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC.