FTI Consulting (FCN) Q1 FY2024 earnings: revenue $929 million, up 15.1% on the year

FTI Consulting, Inc. (FCN) reported revenue of $929 million for Q1 FY2024, the quarter ended 31 March 2024, up 15.1% on the same quarter a year earlier. Net income was $80 million, up 68.2% on the year, and diluted earnings per share $2.23. The figures are the company's own, from the 10-Q it filed with the SEC on 25 April 2024.

Revenue$929 millionup 15.1%

Net income$80 millionup 68.2%

Diluted EPS$2.23

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	929	925	n/a	n/a
Cost of revenue	626	614	n/a	n/a
Gross profit	303	311	n/a	n/a
Gross margin	32.6%	33.6%	n/a
Selling, general and administrative	202	195	n/a	n/a
Operating income	99.6	115	n/a	n/a
Operating margin	10.7%	12.4%	n/a
Interest expense	1.7	3.9	n/a	n/a
Pre-tax income	99.5	103	n/a	n/a
Income tax	19.5	21.4	n/a	n/a
Effective tax rate	19.6%	20.8%	n/a
Net income	80.0	81.6	n/a	n/a
Net margin	8.6%	8.8%	n/a
Diluted EPS	$2.23	$2.28	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-275	383	n/a	n/a
Capital expenditure	4.6	6.3	n/a	n/a
Free cash flow	-279	377	n/a	n/a
Free cash flow margin	-30.1%	40.7%	n/a
Cash from investing	20.6	-6.3	n/a	n/a
Cash from financing	199	-288	n/a	n/a
Depreciation and amortisation	10.4	11.2	n/a	n/a
Share-based compensation	8.8	8.1	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Diluted shares, weighted	36m	36m	n/a	n/a
Shares outstanding at period end	36m	36m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,054	1,981	n/a	n/a
Debt	205	0.0	n/a	n/a
Operating lease liabilities	214	224	n/a	n/a
Other liabilities	852	1,121	n/a	n/a
Total liabilities and equity	3,325	3,326	n/a	n/a
Fixed assets	153	160	n/a	n/a
Goodwill	1,231	1,235	n/a	n/a
Intangible assets	19.5	18.3	n/a	n/a
Investments	n/a	25.5	n/a	n/a
Cash and equivalents	244	303	n/a	n/a
Receivables	1,157	1,102	n/a	n/a
Other assets	520	483	n/a	n/a
Total assets	3,325	3,326	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	893	925	929	949	926	895	898	944	956	991	983	993
Cost of revenue	599	614	626	638	628	625	609	641	638	683	677	677
Gross profit	294	311	303	311	298	270	289	303	318	308	307	316
Gross margin	33%	34%	33%	33%	32%	30%	32%	32%	33%	31%	31%	32%
SG&A	186	195	202	206	206	208	184	202	199	214	222	231
Operating income	107	115	99.6	104	90.9	52.7	78.7	99.3	118	93.4	83.9	85.0
Operating margin	12%	12%	11%	11%	10%	6%	9%	11%	12%	9%	9%	9%
Interest expense	4.5	3.9	1.7	3.3	1.2	0.7	1.0	5.3	7.6	7.5	6.4	11.6
Pre-tax income	108	103	99.5	103	88.8	59.8	80.6	91.9	112	86.8	78.5	73.0
Tax rate	23%	21%	20%	18%	25%	17%	23%	22%	26%	37%	27%	21%
Net income	83.3	81.6	80.0	83.9	66.5	49.7	61.8	71.7	82.8	54.5	57.6	57.8
Net margin	9%	9%	9%	9%	7%	6%	7%	8%	9%	6%	6%	6%
Diluted EPS	$2.34	$2.28	$2.23	$2.34	$1.85	$1.38	$1.74	$2.13	$2.60	$1.78	$1.90	$1.99
Operating cash flow	107	383	-275	135	219	315	-465	55.7	202	360	-310	152
Capital expenditure	14.2	6.3	4.6	10.1	7.0	13.7	17.8	17.4	14.9	8.4	10.6	11.3
Free cash flow	92.5	377	-279	125	212	302	-483	38.3	187	351	-321	141
Buybacks	0.0	0.0	0.0	0.0	0.0	10.2	183	354	234	87.8	127	393
Shares outstanding	36m	36m	36m	36m	36m	36m	35m	33m	31m	31m	30m	28m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 25 April 2024, accession 0000887936-24-000065: the filing on EDGAR. All of FTI Consulting, Inc.'s filings: EDGAR company page.

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