FTI Consulting, Inc.

Second Quarter 2024 Earnings Conference Call

July 25, 2024

Cautionary Note About Forward-Looking Statements
This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of theSecurities Exchange Act of 1934, as amended, that involve uncertainties and risks. Forward-looking statements include statements concerning our plans,initiatives, projections, prospects, policies, processes and practices, objectives, goals, commitments, strategies, future events, future revenues, future results andperformance, future capital allocations and expenditures, expectations, plans or intentions relating to acquisitions, share repurchases and other matters,
business trends, new, or changes to, laws and regulations, including U.S. and foreign tax laws, environmental, social and governance ("ESG")-related issues,climate change-related matters, scientific or technological developments, including relating to new and emerging technologies, such as artificial intelligenceand machine learning and other information that is not historical. Forward-looking statements often contain words such as "estimates," "expects,""anticipates," "projects," "plans," "intends," "believes," "commits," "aspires," "forecasts," "future," "goal," "seeks" and variations of such words or similar
expressions. All forward-looking statements, including, without limitation, management’s financial guidance and examination of operating trends, are based
upon our historical performance and our current plans, estimates, intentions and expectations at the time we make them, and various assumptions. Our actual
financial results, performance or achievements and outcomes could differ materially from those expressed in, or implied by, any forward-looking statements.
Further, unaudited quarterly results are subject to normal year-end adjustments. The Company has experienced fluctuating revenues, operating income andcash flows in prior periods and expects that this will occur from time to time in the future. Other factors that could cause such differences include declines indemand for, or changes in, the mix of services and products that we offer; the mix of the geographic locations where our clients are located or where services
are performed; fluctuations in the price per share of our common stock; adverse financial, real estate or other market and general economic conditions; theimpact of public health crises and related events that are beyond our control, which could affect our segments, practices and the geographic regions in which
we conduct business differently and adversely; and other future events, which could impact each of our segments, practices and the geographic regions inwhich we conduct business differently and could be outside of our control; the pace and timing of the consummation and integration of future acquisitions; theCompany’s ability to realize cost savings and efficiencies; competitive and general economic conditions; retention of staff and clients; new laws and regulations
or changes thereto; and other risks described under the heading "Item 1A, Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2023 filed with the SEC on February 22, 2024 and in the Company’s other filings with the SEC. We are under no duty to update any of theforward-looking statements to conform such statements to actual results or events and do not intend to do so.

2Second Quarter 2024: Financial Review
All numbers in $000s, except for per share data and percentages

Consolidated Results
Revenues
Net income
Earnings per Diluted Share
Adjusted EBITDA (1)Adjusted EBITDA Margin (1)Q2 2024% Variance

Q2 2023% Variance$$$$949,156 $
83,947 $2.34 $
115,921 $12.2%

928,553
79,965
2.23
111,073
12.0%

2.2% $
5.0 % $
4.9 % $
4.4 % $—

864,591
62,3951.75
100,230
11.6%

9.8%
34.5 %
33.7 %
15.7 %—

9.9%$$

347,971 $
66,467 $19.1%

366,01075,225
20.6%-4.9 % $-11.6 % $—317,91245,510
14.3%

9.5 %
46.0 %
—

9.6%

$
$

169,496 $14,994 $8.8%

176,074
33,70919.1%-3.7 % $-55.5 % $—164,760
25,59815.5%

2.9 %-41.4 %
—

2.9%

$
$

230,873 $
44,296 $19.2%

204,548
14,1506.9%

12.9 % $213.0 % $—201,822
35,52317.6%

14.4 %
24.7 %
—

14.5%

$
$

115,875 $
20,930 $18.1%

100,713
14,581
14.5%

15.1 % $43.5 % $—97,44420,087
20.6%

18.9 %
4.2 %—19.3%$$

84,941 $
11,611 $13.7%

81,20812,42615.3%

4.6 % $
-6.6 % $—82,653
12,26314.8%

2.8 %-5.3 %—

2.8%

Segment Results

Corporate Finance & Restructuring (2)Revenues
Adjusted Segment EBITDA
Adjusted Segment EBITDA Margin
Forensic and Litigation Consulting (2)Revenues
Adjusted Segment EBITDA
Adjusted Segment EBITDA Margin
Economic Consulting
Revenues
Adjusted Segment EBITDA
Adjusted Segment EBITDA Margin
Technology
Revenues
Adjusted Segment EBITDA
Adjusted Segment EBITDA Margin
Strategic Communications
Revenues
Adjusted Segment EBITDAAdjusted Segment EBITDA Margin

Q1 2024

Percentage Change in Revenues
Excluding the Estimated Impact ofForeign Currency Translation forQ2 2024 vs. Q2 2023

(1)

See “Financial Tables” and “End Notes: FTI Consulting Non-GAAP Financial Measures” for the reconciliations and definition of Adjusted EBITDA, which is a non-GAAP financial measures, to the mostdirectly comparable GAAP financial measure, and for the definition of Adjusted EBITDA Margin, which is a non-GAAP financial measure.

(2)

Effective July 1, 2023, prior period segment information for the Corporate Finance & Restructuring and Forensic and Litigation Consulting segments has been recast in this presentation to include thereclassification of a portion of the Company’s health solutions practice in the Forensic and Litigation Consulting segment to the Company's realigned business transformation & strategy practice within
the Corporate Finance & Restructuring segment.

3

Cash Position and Capital Allocation Snapshot
As of June 30, 2024, March 31, 2024 and June 30, 2023

All numbers in $000s, except for DSO

Cash and cash equivalents
Accounts receivable, net
Days Sales Outstanding ("DSO") (1)Net cash provided by (used in) operating activities
Purchases of property and equipment
Total Debt
Free Cash Flow (2)

$$$$$
$

As of June 30, 2024
226,428 $1,190,521 $
105
135,226 $(10,060) $60,000 $125,166 $As of March 31, 2024
243,960 $
1,157,465 $
105(274,818) $(4,641) $205,000 $(279,459) $As of June 30, 2023
203,539
1,138,061
111(10,994)(11,052)
340,757(22,046)(1)

DSO is a performance measure used to assess how quickly revenues are collected by the Company. We calculate DSO at the end of each reporting period bydividing net accounts receivable reduced by billings in excess of services provided, by revenues for the quarter, adjusted for changes in foreign exchange rates.
We multiply the result by the number of days in the quarter.

(2)

See “Financial Tables” and “End Notes: FTI Consulting Non-GAAP Financial Measures” for the reconciliation and definition of Free Cash Flow, which is a non-GAAP
financial measure, to the most directly comparable GAAP financial measure.

4

Reconciliations of Net Income and Operating Income toAdjusted EBITDA
Three Months Ended June 30, 2024 and March 31, 2024
All numbers in $000s

Three Months Ended June 30, 2024

Corporate Finance
Forensic and& Restructuring Litigation Consulting

EconomicConsulting

StrategicCommunications

Technology

UnallocatedCorporate

Net income

Total
$

83,947

Interest income and other(1,909)Interest expense

3,319

Income tax provision

18,735

Operating income

63,193 $13,100 $42,952 $17,137 $10,594 $(42,884) $104,092

Depreciation and amortization

2,560

1,627

1,344

3,793

918

507

10,749Amortization of intangible assets

714

267

——99—

1,080

66,467 $14,994 $44,296 $20,930 $11,611 $(42,377) $115,921

Adjusted EBITDA (1)$$Three Months Ended March 31, 2024

Corporate Finance
Forensic and& Restructuring Litigation Consulting

EconomicConsulting

StrategicCommunications

Technology

UnallocatedCorporate

Net income

Total
$

79,965Interest income and other(1,581)

Interest expense

1,719

Income tax provision

19,530Operating income

71,919 $31,967 $

12,865 $10,939 $

11,474 $(39,531) $99,633

Depreciation and amortization

2,473

1,629

1,285

3,642882

513

10,424

Amortization of intangible assets

833

113——70—

1,01675,225 $

33,709 $14,150 $14,581 $

12,426 $(39,018) $111,073

Adjusted EBITDA (1)$$6(1)

See “End Notes: FTI Consulting Non-GAAP Financial Measures” for the definition of Adjusted EBITDA, which is a non-GAAP financial measure.

Reconciliations of Net Income and Operating Income to
Adjusted EBITDA
Three Months Ended June 30, 2023
All numbers in $000s

Three Months Ended June 30, 2023

Corporate Finance Forensic and Litigation& Restructuring (2)Consulting (2)EconomicConsulting

StrategicCommunications

Technology

UnallocatedCorporateNet income

Total$62,395Interest income and other584

Interest expense

3,022

Income tax provision

22,708Operating income

42,116 $23,885 $34,024 $16,432 $11,278 $(39,026) $88,709Depreciation and amortization

2,284

1,490

1,499

3,655

901

275

10,104

Amortization of intangible assets

1,110

223

—

—84

—

1,417

45,510 $25,598 $35,523 $20,087 $12,263 $(38,751) $100,230

Adjusted EBITDA (1)

$$

(1)

See “End Notes: FTI Consulting Non-GAAP Financial Measures” for the definition of Adjusted EBITDA, which is a non-GAAP financial measure.

(2)

Effective July 1, 2023, prior period segment information for the Corporate Finance & Restructuring and Forensic and Litigation Consulting segments has been recast in this presentation to include thereclassification of a portion of the Company’s health solutions practice in the Forensic and Litigation Consulting segment to the Company's realigned business transformation & strategy practice within
the Corporate Finance & Restructuring segment.

7

Reconciliations of Net Cash Provided by (Used in) Operating
Activities to Free Cash Flow
Three Months Ended June 30, 2024, March 31, 2024 and June 30, 2023

All numbers in $000s

Net cash provided by (used in) operating activities $Purchases of property and equipment
Free Cash Flow (1)(1)$Three Months Ended
June 30, 2024
135,226 $(10,060)
125,166 $Three Months Ended
March 31, 2024
(274,818) $(4,641)(279,459) $Three Months Ended
June 30, 2023
(10,994)(11,052)(22,046)

See “End Notes: FTI Consulting Non-GAAP Financial Measures” for the definition of Free Cash Flow, which is a non-GAAP financial measure.

8

End Notes: FTI Consulting Non-GAAP Financial Measures
In this presentation, we sometimes use information derived from consolidated and segment financial information that may not be presented in our financial statements orprepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Certain of these measures are considered “non-GAAP financial measures”
under the Securities and Exchange Commission ("SEC") rules. Specifically, we have referred to the following non-GAAP financial measures in this presentation:
Adjusted EBITDA
Adjusted EBITDA Margin
Adjusted Net Income
Adjusted Earnings per Diluted ShareFree Cash Flow
We have included the definitions of Segment Operating Income and Adjusted Segment EBITDA, which are GAAP financial measures, below in order to more fully define thecomponents of certain non-GAAP financial measures in this presentation. We define Segment Operating Income as a segment’s share of consolidated operating income. We useSegment Operating Income for the purpose of calculating Adjusted Segment EBITDA. 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 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.
We define Adjusted EBITDA, which is a non-GAAP financial measure, as consolidated net income before income tax provision, other non-operating income (expense),depreciation, amortization of intangible assets, remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges, gain or loss onsale of a business and losses on early extinguishment of debt. We believe that this non-GAAP financial measure, when considered together with our GAAP financial results andGAAP financial measures, provide management and investors with a more complete understanding of our operating results, including underlying trends. In addition, EBITDA is acommon alternative measure of operating performance used by many of our competitors. It is used by investors, financial analysts, rating agencies and others to value andcompare the financial performance of companies in our industry. Therefore, we also believe that this non-GAAP financial measure, considered along with corresponding GAAP
financial measures, provide management and investors with additional information for comparison of our operating results with the operating results of other companies. We
define Adjusted EBITDA Margin, which is a non-GAAP financial measure, as Adjusted EBITDA as a percentage of total revenues.
We define Adjusted Net Income and Adjusted Earnings per Diluted Share (“Adjusted EPS”), which are non-GAAP financial measures, as net income and earnings per diluted
share ("EPS"), respectively, excluding the impact of remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges, losses on
early extinguishment of debt, non-cash interest expense on convertible notes and the gain or loss on sale of a business. We use Adjusted Net Income for the purpose ofcalculating Adjusted EPS. Management uses Adjusted EPS to assess total Company operating performance on a consistent basis. We believe that these non-GAAP financial
measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with an additional understanding of ourbusiness operating results, including underlying trends.
We define Free Cash Flow, which is a non-GAAP financial measure, as net cash provided by (used in) operating activities less cash payments for purchases of property andequipment. We believe this non-GAAP financial measure, when considered together with our GAAP financial results, provides management and investors with an additional
understanding of the Company’s ability to generate cash for ongoing business operations and other capital deployment.
Non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable with other similarly titled measures of other companies. NonGAAP financial measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Condensed Consolidated Statements ofComprehensive Income and Condensed Consolidated Statements of Cash Flows.

9Second Quarter 2024: Select Geographic Review
All numbers in $000s, except for percentages

Consolidated Revenues by Region

RegionQ2 2024

Q1 2024% Variance

Q2 2023% VariancePercentage Change in Revenues Excluding
the Estimated Impact of Foreign Currency
Translation for Q2 2024 vs. Q2 2023

North America$

620,939 $

616,034

0.8% $

562,306

10.4%

10.5%

EMEA

$

265,713 $252,179

5.4% $

236,511

12.3%

12.3%

Asia Pacific$52,003 $50,509

3.0% $

53,067

-2.0%

-0.6%

Latin America$

10,501 $9,831

6.8% $

12,707-17.4%-16.5%

Percentage of Consolidated Revenues by Region
RegionQ2 2024

Q1 2024

Q2 2023

North America

65.4%

66.3%

65.0%

EMEA

28.0%

27.2%

27.4%

Asia Pacific

5.5%

5.4%

6.1%

Latin America

1.1%

1.1%

1.5%

11

Second Quarter 202412

Experts with Impact

TM13