Earnings Call Excerpt
FTI Consulting, Inc. (FCN)
Q3 2008 Earnings Call
November 5, 2008 5:00 pm ET
Executives
Eric Boyriven – Investor Relations
Jack Dunn, IV – President, Chief Executive Officer
Dennis Shaughnessy – Chairman of the Board
Dominic DiNapoli – Executive Vice President, Chief Operating Officer
David Bannister – Executive Vice President, Chief Development Officer
Declan Kelly – Executive Vice President, Chief Integration Officer
Jorge Celaya – Executive Vice President, Chief Financial Officer
[Unidentified Executive]
Analysts
Arnold Ursaner – CJS Securities
Frank Brown – SunTrust Robinson Humphrey
Tim McHugh – William Blair & Company
Michel Morin – Merrill Lynch
James Janesky – Stifel Nicolaus
Paul Ginocchio – Deutsche Bank
Andrew Fones – UBS
David Gold – Sidoti & Company
Scott Schneeberger – Oppenheimer & Company
Kevane Wong – JMP Securities
Presentation
Operator
Good day and welcome to the FTI Consulting Third Quarter Conference Call. As a reminder, today’s call is being recorded. For opening remarks and introductions, I'd like to turn the call over to Eric Boyriven. Please go ahead.
Eric Boyriven
Good afternoon and welcome to the FTI Consulting 2008 Third Quarter Conference Call. Management will begin with formal remarks, after which we will take your questions. Before we begin, I would like to remind everyone that this conference call may include forward-looking statements that involve uncertainties and risks. There can be no assurance that actual results will not differ from the company’s expectations. The company has experienced fluctuating revenue, operating income and cash flow in prior periods and expects that this may occur from time to time in the future. As a result of these possible fluctuations, the company’s actual results may differ from our projections. Further, preliminary results are subjected to normal year-end adjustments. Other factors that could cause such differences include the pace and timing of additional acquisitions, the company’s ability to realize cost savings and efficiencies, competitive and general economic conditions, retention of staff and clients and other risks described in the company’s filings with the Securities and Exchange Commission.
We define EBITDA as operating income before depreciation and amortization of intangible assets plus litigation settlements. We use EBITDA in evaluating financial performance although EBITDA is not a measure of financial condition or performance determined in accordance with GAAP. We believe that it can be useful operating performance measure for evaluating our results of operation as compared from period to period and as compared to our competitors. EBITDA is a common alternative measure of operating performance used by investors, financial analysts and rating agencies to value and compare the financial performance of companies in our industry. We use EBITDA to evaluate and compare the operating performance of our segments and it is one of the primary measures used to determine employee bonuses.
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