FTI Consulting, Inc.

Welcome to the FDI Consulting Third Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad, and to withdraw your question, please press star then two. Please note, today's event is being recorded. I would now like to turn the conference over to Molly Hawks, Head of Investor Relations. Please go ahead.

Good morning. Welcome to the FTI Consulting Conference Call to discuss the company's third quarter 2025 earnings results as reported this morning. Management will begin with formal remarks, after which they will take your questions. Before we begin, I would like to remind everyone that this conference call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. including the company's outlook and expectations for the full year 2025 based on management's current beliefs and expectations. These forward-looking statements involve many risks and uncertainties, assumptions and estimates, and other factors that could cause actual results to differ materially from such statements. For a discussion of risks and other factors that may cause actual results or events to differ from those contemplated by forward-looking statements, Investors should review the safe harbor statement in the earnings press release issued this morning, a copy of which is available on our website at www.fticonsulting.com, as well as other disclosures under the headings of risk factors and forward-looking information in our annual report on Form 10-K for the year ended December 31, 2024, our quarterly reports on Form 10-Q, and in our other SEC filings. Investors are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this earnings call and will not be updated. FTI Consulting assumes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. During the call, we will discuss certain non-GAAP financial measures. A discussion of any non-GAAP financial measures addressed on this call and reconciliations to the most directly comparable GAAP measures are included in the press release and accompanying financial tables that we issued this morning. Lastly, there are two items that have been posted to the investor relations section of our website for your reference. These include a quarterly earnings presentation and an Excel and PDF of our historical, financial, and operating data, which have been updated to include our third quarter 2025 results. To put these formalities out of the way, I am joined today by Keith Gumby, our CEO and Chairman, and Paul Winton, our Interim Financial Officer and Chief Strategy and Transformation Officer. At this time, I'll turn the call over to our CEO and Chairman, Keith Gumby.

Thank you, Molly. Welcome, everyone, and thank you all for joining us today. As I hope you've seen this morning, this morning we reported, once again, record results. with EPS and adjusted EPS of $2.60 per share, which is up over 40% over a year ago. As always, there are one-time factors that influence these numbers, and this quarter, they overall did happen to cut positively. So as we always say during good quarters and in not-so-good quarters, we should never take one of our quarters and multiply it by four. But even normalizing for the one-time factors, this was a record quarter. A quarter I would call spectacular and a set of results that to me was particularly gratifying given that we delivered these results in the face of major headwinds in two of our businesses and while continuing to invest in all of our businesses. So there are different ways that one can tell the story of this quarter. One is to go business by business. to talk about the terrific performances we had in CorpFin and FLC and STRATCOM, and how those performances more than overcame these areas of shortfall. And Paul will review the business in that way. With your permission, I'd like to see if I can put a higher level lens on the quarter, a bit of a more holistic, integrated lens, and try to tie the results of this quarter Some of the topics that we have talked about over the years, some of the underlying philosophies, the set of strategies that our teams have been driving, not only business by business, but as a whole, and not only quarter by quarter, but now for close to a decade.