FTI Consulting (FCN) 24 Oct 242024 Q3 Earnings call transcript

[indiscernible] and welcome to the FTI Consulting Third Quarter 2024 Earnings Conference Call. [Operator Instructions]. Please note, today's event is being recorded. I would now like to turn the conference over to Mollie Hawkes, Head of Investor Relations. Please go ahead.

morning. Good FTI earnings to morning. results the third the conference XXXX quarter as Consulting to discuss call company's Welcome reported this will remarks, your formal begin they Management take will after questions. which with

XXXX like uncertainties. XX Before we call include Exchange of Act XXA the statements forward-looking of remind Section of that the of the this Securities may meaning to that within of begin, and conference everyone XXXX involve would risks I Securities and Act Section

projections, initiatives, laws information including revenues, prospects, processes statements performance, include and to plans, Forward-looking statements business financial technical and repurchases other developments, other strategies, expectations, and or regarding or future concerning future objectives, acquisitions, practices, events, future results trends, not expenditures, matters. and commitments, relating matters, matters future changes policies, other goals, or regulations, and statements estimates and change-related ESG-related and scientific intentions historical, other plans share climate that matters, capital matters are future new allocations our including of to results or

a statement Forward-Looking and with quarter Factors release December a other XX-K of should may as the or which quarterly harbor Form Form the the SEC. year available actual other results website well statements, earnings the in ended under as report for from factors Information to our filings XX, September morning, ended by XX, in our and review XXXX, of and differ disclosures the of For Risk heading cause on XX-Q our for events on XXXX, Investors those our on the other report annual at safe that issued contemplated risks this press in discussion forward-looking is copy www.fticonsulting.com,

of to place earnings forward-looking reliance updated. this of are call date the statements, which cautioned any will and speak be only as not Investors on not undue

diluted discuss adjusted financial share, as EBITDA, adjusted certain call, measures EBITDA, per total total earnings free During income, margin cash adjusted segment income, EBITDA operating non-GAAP adjusted will and such adjusted the net we segment flow.

non-GAAP other comparable measures which measures our measures, the that to of For the reconciliations a most release directly morning, investors non-GAAP reconciliations. should well issued press as we financial financial tables as this GAAP accompanying and include of discussion financial review the and fees the

management are Investor earnings historically. have Lastly, results. similar for the to data, the will Relations which expectations updated earnings third posted quarterly of of provide to been there our to XXXX To our posted a that include website our consistent, include items and financial section presentation ensure quarterly our excel Investor quarter in these Of X reference. been slides disclosures have not during to prepared and our remarks, These details as are your the historical of speak today's earnings [indiscernible] directly the note, Relations have section website. operating they

of Gunby, President me Chief the joined Ajay Chief this and our With and Steve time, At [indiscernible] Financial over Chief Gunby. to Executive way, call the Executive will President turn our I'm I today Officer. Officer, Sabherwal, by and Steven our Officer;

thank usual, you us this sure, once you I'm morning. and many all everyone, Welcome, for as earnings Mollie. the you, Thank morning. this saw joining announcement of again

performance then to briefly take comment with how I'd view is maybe to results more those permission, in So detail. the through on like you I what do Ajay and let your

expected. in saw to years reporting for which revenue the delivered we we nothing quarter time and the aspire time this Year-on-year were actually If growth is, been of look less than over you is we've the only And recently. . They what course, they third most to. weaker while, in at in nothing X.X% than what quarter averaging that results, were this we've we first quarter, you than several revenue the also weaker like a prior did, like quarter. last in fact, was have been quarters

or As market for when multiple causes. causes. many there quarters, of you I'm terrific consulting the places of sure you they're In that are to they world, robust. there this monitor pressure quarters even the firms. are when in were markets know due many right particularly revenue [indiscernible] around And the was usual, now, quarter, some not

Asia to we challenges have example, course, a It's in not happening number some in region. that, of of For our alone. in businesses. are we players But the

challenges forces. these of market some are So to due

American all some question in a I have where of North Anticipating this cost either time. this same the in talking pressure the but in all it perhaps some in that are usual, our at you for been about engagements that as our large not some shortfall had underscore concluded business, very did causes, investments assignments, the that delays our quarter performance was in the some also where of happened want slowness we've the roughly cause, But internal we this year. business FLC of capable which, to example, the client of quarter result investments, mind, strategy

story. not issue was bottom revenue. this quarter The The line is a shortfall really real

talk and of to We we've effect only making the just might starting the But line. are have And about on investments you will are hit only bottom to they expect, those talking those on about. as stream some begun P&L. many come investments that been probably that we have

this primarily be should shortfall a of as revenue story. thought So quarter's

think for Let continued our to SMD of create And investments. more months their the going that announced I prior the to roughly X the me, to a to in of forward, notwithstanding hires roughly compared We that a X they accepted for half me however, last potential bit our and our in as an about XX far by have and pivot headwinds Because months. the that bridge of P&L SMDs are from some whole. who offers. business from considerable little in excitement talk is the company number area

talking to able SMDs we've with potentially joining. announce with been about SMDs the us and energy Just excitement and are that aspire MDs the number of who from number of and

levels. of that it's are important just And to senior not the add course, we talent to looking most note at

group. not for SMD is in to this We talent clients and were I'm class welcomed once in MD all levels an which company campuses, to again professionals that announce across And that our growth. just we connection, quarter, largest Our our more is our and pleased deliver from for pyramid XXX need than ever.

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X matter those if for time, for winning I and into provisional those that activities, talent. market you to the period in markets, but great show an services. activities also the believe commit data X The clients the markets end markets do of great up extended that over

significant more clients biggest deepest, capable, sitting notice, ultimately which the I'll me in address also our ultimately become ultimately because help Mollie to able marketing challenges, opportunities means you their your the clients little from notice, more say and then more their with which and [indiscernible] the relevant, SMDs, across ultimately table help clients a has jobs. most she turn win and from You marketing

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zags it, been great today, when but talent have years. these leading will that to we our aspire levels. But because XX be also in been growing has now past join zigs in do and It not experience not positions years, I have markets powerful a themselves that becoming with sloping senior at professionals, capable at And though That levels, built us only if business zigs theory, a line. has now to, many zags. platform just will developing, relevant the the talent because you of and you're well upward best but us you're and with the States, you the more many our which as you The wants fundamentally around still creating at for the also powerful, but entry United versions overseas. as look the

All be, leaves can it ever believe where of the go. more believe can this about confident company that we me where has I right to

With that, the you, call over turn let Ajay. me to

the Steve. our Good guidance remarks, prepared take segment for In discuss year. morning, results my and you and you, company-wide I Thank everybody. will through full

in administrative XX.X% quarter direct losses offset and rate SG&A our the primarily a year to general versus FX expectations. in decline in higher our not resulted adjusted below . Revenue and revenue remeasurement earnings. X.X% of X.X%, expenses, was and said, increase tax EBITDA. in prior growth a Steve this results the further dampened which growth quarter a XX.X% increase in selling, or sufficient gains were costs As

But share Year-over-year, year-over-year declined our and Consulting segments, our report Corporate we in Technology XX.X%. Communications Strategic earnings our Finance year-over-year. growth. or continue In declined revenues quarterly per segments and to Economic and Restructuring $X.XX revenue

or Forensic FLC, were up and Litigation revenues Consulting, slightly year-over-year.

to of our quarter. to $XXX the compared increased year million results Revenues million revenues $XX.X $XXX.X in million detail. of prior in Turning more

SG&A of and XX the XXXX. to to $XX.X million quarter compares prior of headcount increase third revenues. the in million AI million related quarter. per and $X.XX expenses including This year and primarily to of quarter. or million, $XXX compared of and share Earnings SG&A of of in of in the prior compensation nonbillable was increase Net income XX.X% in XX.X% compared $X.XX were quarter $XXX.X year to in SG&A due in travel revenues in capabilities, investments, higher third The expenses entertainment $XX.X

[Audio Gap]

prior million XX.X% Third adjusted quarter. year of revenues quarter to $XXX.X or XX.X% revenues of in $XXX.X compared million the XXXX EBITDA or of

the Our tax year to 'XX. third was in primarily XX.X% tax compared to third income compares quarter effective adjustments tax rate rate higher as to provision. unfavorable return of related of XX.X% The tax quarter prior

full year, be million or million XX%. shares the between shares tax for quarter of XX.X to quarter. average continue to September for XX, the effective For rate prior outstanding expect the year compared and shares our ended we XXXX, XX.X to WASO third XX% Weighted

Billable non-billable and the increased compared professionals headcount headcount or headcount Restructuring by professionals new increased X.X% quarter, largest our Economic joiners X.X%. or increased campuses, increased Sequentially, prior university by largest XXX which the XX professionals XXX X% and ever. increases Finance professionals and class Corporate or with technology, to Consulting. by in Non-billable billable and or year XXX by from included X.X% headcount XXX

of services. compared the year to revenues $XX.X to $XXX.X quarter. year The primarily an quarter. Restructuring due in in at segment to for million offset In was of The or insights for Now decrease Finance in higher our million and in year-over-year. our Restructuring, prior segment the lower due EBITDA were to SG&A $XX.X demand decreased to Adjusted services, the primarily segment transformation level. I of business share adjusted and segment decrease or & revenues revenues transaction expenses, which revenues strategy increase EBITDA compared in increase was lower of due prior XX% than million more Corporate primarily segment an bad X.X% will debt. some demand revenues XX.X% revenues flat

or and represented transactions restructuring Business decreased in segment XX% Finance XX% revenues. represented of quarter, and of segment and segment revenues to XX% In and compares for business XQ revenues. transformation of strategy transactions the 'XX. million This of XX% represented & restructuring, Restructuring XX% strategy third for revenues $X.X for Pecentially, XX% transformation X.X%. Corporate

in XX% transactions strategy revenues. X% more decline a than restructuring a growth transformation was business in and As offset and revenues by in decline X%

year. strategy and As million primarily large expenses. XX.X% lower our conclude significantly mentioned, last jobs billings business SG&A of segment decreased Steve EBITDA Adjusted and were the revenues $X.X or certain to others where and transformation higher due business by than had sequentially level lower

to or Revenues of contributed & compared the year million, Turning Litigation Acquisition-related FLC. to Forensic million Consulting $XXX.X $X.X revenues increased prior in the quarter. quarter. X.X%

analytics dispute revenues. in decrease due revenues, was to acquisition-related higher was solutions Excluding by and revenues revenues, partially investigations the construction increase offset in primarily which a and data and

year XX.X% Adjusted EBITDA and segment segment was expenses. of compared or Sequentially, adjusted compensation, was EBITDA due expenses. of The revenues segment segment $XX.X decrease increased largely revenues EBITDA due quarter million million, million by or by true-up in was $X of to plans, higher same change from a to $XX compensation in a to XX.X% quarter. in primarily the primarily were Adjusted higher in prior which flat. segment compensation offset driven lower which partially revenues the SG&A SG&A

quarter. antitrust was primarily The partially for was million to or the for demand non-M&A Economic segment year compared M&A-related year prior higher Our services XX.X% related XX.X% segment's in EBITDA offset of which increase of due Adjusted in million, to increased revenues to $XXX XX.X% revenues compared of Consulting revenues of million or by quarter. antitrust prior segment demand the segment lower $XX.X services. $XX.X revenues

were the Part in was $X.X that increase The in quarter impact to recognized this in of million segment included billable compensation, X.X% by which revenues deferred. in which due offset an was higher adjusted revenues increase EBITDA increase previously that partially primarily increase revenues in a was we headcount. of the

by acceptance client quarter. adjusted met, in which the approximately conditions million third for were EBITDA $X recognition boosted As revenue segment

which million lower or Adjusted decreased Sequentially, $X.X In lower The offset increased services. offset was was primarily increase revenues XX.X% $XXX.X investigation million demand litigation by revenues. of second to M&A-related revenues higher higher due for revenues EBITDA to by services, financial compared million partially segment the information antitrust quarter. due economics partially $X.X M&A-related demand revenues, to primarily for which year prior due was lower primarily X.X% decreased Technology, request and revenues. in to governance

to or million EBITDA of compensation. higher increase of primarily adjusted in which which increase segment million EBITDA the of the to in impact an quarter. segment segment a The was compared segment XX% billable Adjusted revenues, year XX.X% XX.X% prior revenues partially offset in in was increase $XX.X or $XX.X by includes revenues due headcount. of

services. higher of to segment in Revenues Sequentially, X.X% quarter. year services, segment prior demand revenues decreased primarily governance million lower due decreased demand and to $X.X information request or revenues. X.X% million due lower and M&A-related offset partially decreased to compared litigation second the by million $X.X Strategic primarily investigation for Communications $XX.X the was EBITDA which Adjusted and for sequentially,

estimated corporate decrease pass-through was in positive public impact the lower or revenues due revenues $X.X primarily which to from decreased offset million and was higher in Excluding revenues, FX, reputation partially revenues. X.X%. revenues decline a The by affairs

million lower of EBITDA due revenues in lower revenues pass-through million The or prior primarily adjusted in communications XX.X% the primarily in prior Sequentially, $XX.X and compared to of a segment higher segment quarter. revenues. Communications revenues $XX.X to revenues to decreased year million financial $X.X the SG&A EBITDA decrease in quarter. Strategic revenues or and due segment expenses year decrease to XX.X% Adjusted compared segment or of was X.X%,

expenses, As which million adjusted EBITDA more primarily the decrease to revenues. $X.X increased direct lower and segment than due compensation SG&A in offset

end outstanding, key Let quarter. for compared days operating the Net or an flow of quarter. by me $XXX.X cash in cash XXXX. Total cash short-term was and $XXX.X of negative of at increase XX, to cash DSO, provided by due compared year and of prior activities, to operating days million sales September items. of XX, XXXX, for and XX, XXX $XX.X primarily increase the balance June flow cash now at $XXX.X compared cash XXX provided debt, million quarter collections. in XXXX. September net million million activities negative with year-over-year XXXX, $XXX.X million of sheet the September discuss million XXXX Days $XXX.X to net Free the positive The at in at the end September investments was at

of The repurchases cash quarter. in There primarily no sequential was the due provided increase decrease operating in by to total net short-term and share were cash during activities. debt net an investments

As million $XXX.X stock available remained under common of for program. XXXX, September company's XX, stock repurchases the approximately repurchase

Turning to guidance. our

estimate and previous revenues of guidance our to we We EPS $X.XX for guidance of revenues $X.XX $X.XX $X.XX, and range and $X.XX $X.X EPS range billion. to compares guidance our updating revenue estimate which are previous between billion EPS compares billion billion, as follows: We between $X.XX. $X.X range will to will range our to which

is considerations. by shaped guidance Our several key

new and the disproportionate because First, revenue that in provided times, is our actual results share. outside in within a revenue impact per matters stopping ours at And cost earnings a EPS short or where the swings on have are range. then significant guidance short-term cause can even such term, range is ending find we fixed business a

Second, slower the momentum into quarter revenue persist. going the fourth may we expect

Third, remains robust, strategy in and results business our weakening had have practices. though restructuring transformation activity we

us quarter. practitioners as seasonal Additionally, many time during to during economic was off busier down. were consulting, many which Fourth, the may that last for than is in quarter is professionals a year, I fourth strong matter weaker areas an entire a this as recognize has quarter has slowdown regard holidays. in slowing our because exception been that the take of of the typically fourth a large want year business very typical for the a

investments. appetite we continue Fifth, has said, have as making the Steve to

course, though build to of cannot not have lot impact to and senior And have year will significant, this such welcomed may a be Although, we has and much our calendar this say how additional headcount behind yet certainty growth we continue We with investments professionals, when teams them. year. made conversations. they to therefore, of in not expect we have been

left to midpoint this year, have updated essentially X the in at we as for narrower may quarter as range have takes you set were guidance us only Lastly, as year. with where close noticed, our when first the we a guidance we

that though reiterate quarter aspired I we this Before I company. I want to, strength key the our continue not of to I close, that the underscore was obviously themes acknowledge to to quarter X did want believe

is firm, navigate allows us this First, expert-driven we location. us are and that complex of more what sets expertise deep the to are our professionals and increasing and clients an ever apart help we confident our

have Second, cycles. which allow that diverse, set can businesses business of a grow us uniquely of we regardless to is

both on we Third, top attracting have focused talent. a retaining growth mindset, and

As and announced senior evidenced, strong. such and hires and cybersecurity, accounting transactions, by construction as solutions. exceptionally balance strategy, forensic this Fourth, in sheet year our areas business advisory key transformation remains

your and value We share the have ones. acquisitions the questions. organic buybacks, ability through call we that, see the let's when right growth up to boost shareholder With open for

first comes Our from Blair. Instructions] William with Andrew [Operator question Nicholas

step in that start are guess, I just was a quarter, back looks outlook restructuring, a bit more about you to talk little bit. a you and getting bankruptcy could business/ little a talking form the hoping last credit about Can How that after maybe of that on bit part little I you down bounced overall sequential by restructuring decent it of the business, or environment? much of pressures like

have to restructuring airline quarter, get and talked because do last competitive situation. no changed, -- So, not liability they restaurant have customers then that The those about inflationary patterns that I Or after with chain file COVID, if going cost have may choice. is Even people's strong. to pressures Andrew, there have businesses that has remains facing the to pressures management.

where liability now a have couple of have those We filed. instances companies management

remains strong. restructuring So

does credit if by that basis points have free, becomes for obviously, now, and robust. interest effect. a dampening Now fall rates But it's XXX

like have at year-over-year, sounds improved. Okay. front, And least the on M&A then it things

in that M&A-related antitrust. see You

sequentially size, distinctions environment be Maybe appetite as in that helpful. if little firm in speak would Can bit You of although it weaker. just terms any transactions, there's well? you by a that see all to M&A color

corporate XX% roughly was I get got our speaking, used it to spurring now, of much. sequentially, M&A-driven, availability credit from economic XX%, and quarter, right. quarter you finance. listen, slippage of this mean, it's we technology, about X% This a is M&A you if revenues, the and just consulting been not there, sequential And Again, the there's XX% add were and transactions. year, versus

in our a And clients. distinctly well. quite robust strong it's we segments a environment of So variety and have our assist doing to positions

then squeeze if X could All in. I just right. more And

You mentioned increase the planning . that. part to can noted of investments was of increase out various those how you or SG&A on in in businesses within you investments within Can you're capabilities AI your forward. an what say some flush you and leverage that technology going

take or you want want to to take You that? that,

start Go and you ahead it.

always of corollary But on is dramatic ensuing world are mean Okay. then who famously effect fundamental people the pundits things. AI. that wrong new the and in is other XX. Bill first and years, speed and overestimate all new I Look, we underestimate like everybody about has they think the X technologies the businesses get on the for technologies, confidently at fundamental always point X I it it said predict the Gates

lot doing the with stuff we're make of we've not unaware. that forefront things done caught a do to so to has And that for are And at a and while. sure we

to that. been trying and invested tools can stage there times, against areas. and tech because of internal time been guard the some bunch and of internal some we lot with we they're been address done over of we associated how capability But start a without conversations are in the deep machine there an that and it. dollars Our build lot clearly, MDs, lot a some internal and on at of out bias well your them been our help what's so lot there's do How out risks. tools them and business that, help it that but clients to as the to with consider risk but with because And on navigate, organization. what gotten because our clients Andrew? and building with sensitive forth, also time to We've is their of broader revenue around learning also a what on can we've risks SMDs things our analytics a so from hallucinations on can we've going help early data but the we've XXX and of Does to you question, train what a to engage work of forefront as figure have working extending mind, company investment doing, that I need a yes, really has P&L cohort

It does.

And question today Tobey our next from Truist. comes at Sommer

It's Barish Tyler Toby. for on

Just excluding talk outcome face election. to Could of tailwinds is and you headwinds of XXXX? business the in the the the that going some about

ever election have effects ], I predict [ our steadfastly Sean an refused an business. to the or of on election

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third out pundits I they most don't the think election, think there predict even the and second are this consequences. can outcome of let alone

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refused prediction that you do So asked to I and that's the I have, for. the steadfastly rhetoric

somewhat. that So helps I least apologize but at hopefully for that, Sean,

just buy the then think And you historical it. forward? higher even Got cash we than going going at about forward? to a Can maybe stock how back just willingness about uses talk looking forward, should of stock multiple with

me we something say historical think, never the do next cash. X Ajay, to about Well, on -- on or I specifically let the quarter comment we're in intending what

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-- of at is we Other that And you occasionally, shareholders stock. company of the has you, our big guidance then times, perturbation I happened and was can we're with like sense market price back, of think, reaffirming a end that you the that when And happens, there's same at stayed and little of down, we middle the for tremendous It a buy a shares. drop. thing wasn't return. the And the 'XX. it who've back And reacted crazy something the though a when stock XX% my of bought our negatively. XXXX on us to look can drove even stock gone lot

are Board of any accretive do we We can in do on for feel the cash the level we with the our So make management given we talking not about but very that. what's shareholders. to in focused compelled hard use and to that think it next about way quarter,

add? to anything Ajay, So

No.

about maybe Can forward? margin areas And see you then going you to talk just just . expansion final drive one.

have [indiscernible] variable mean the with be? think comp has such for services professional short there's getting can Well, it I not how so business any just period do that some of revenue a in part. us to lot most cost I in structures. there. extremely That's fixed we're the a that of Look,

parts comp have have X cost SMDs big legacy structure of We a cost where a in our even business many relatively of the fixed structure. a

the And all so the believe you you if don't business people, the obviously, in of don't you -- believe rid people. if get believe can anymore, you in in

to and if bottom dramatically the hit, But take the you you believe you business the revenue the believe falls in in the people line.

solution the so revenue. And only the is

if of if though you in historically investments investments. company, making off a what and to you past AI, you initially vibrant get you're that's or investments then those revenue, be. then you stop meant new I not in doing even that, lose can can doing. mean we've your growth tend Now you're stop But to investment milking you initial stop the the not geographies, on money growth also

So does into next to higher that XX the any mean in see massively we where don't we growth months. businesses XX don't

to for we We've see hiring talent. where tightened there. or businesses in we great But opportunities continue get the can we growth invest the

story So businesses, back is for those getting from revenue. the

sustainable a you're if business growth growth. revenue a X.X% not You're

So that's Does we that to. what help? not aspire

Yes.

Goldman our question James Sachs. comes next from with And Yaro

more or think in as I'd business weaker your Steve, brought drivers strategy obviously, industry your corollary, have of you perspective at What will idea it to causes which you But does consulting, on. as industry the execute impacted backdrop credit weaker think I love you doubt a than you your global these get do you is And up, trends? no on less do appear the least that to this growth. by growth continue have to economic improve? backdrop just then

second is easier. The one

we general, X are reasons. in trends a little industry less think impacted I those by for

First last ediscovery many for businesses, gain not our think with businesses our of correlated all, are And is in of our business years, example, like businesses that necessarily like we restructuring some important not we secondly, correlated. share. over the can have few some is ones, other of I the

right? our to and firms the such other so big less share X share, are aspiration. the of affected And the some slowdowns. competitors So having and than losing that's if going you're by are your -- who Why

don't their in totally with an for of I read some a there can over forth. was exuberance know it earnings it couple of to You do found has suspect years terms haven't and satisfactory. I deals I report. of so

And the guess, that actually a wasn't or growth this that catch is down, growth be I a so was seen the before sustainable rate. catch-up case. real And or rate would

is of robust global not real of Some do in terms with that exactly mean presumably Europe the has I economic growth. to with conditions.

Some the are And with we But of our number Asia, effect back not has a conditions. on geopolitical some to are in geopolitical those feeling people of in has I we're it think of things. for clients -- that do cutting realm. Remember us. who

a we confluence going on. things have And of

least employer, I that I'm I discretionary. there's like news remember don't a plausible. be wait James, and sometimes let or -- triggers, uncertainty. of anything But only Sometimes to bad there bunch on might not like spending often collating I'm I when prior to answers triggers and at me news know sometimes this a from feel really good I the questions pause feeling is answer that but in my help now need FTI, uncertainty pause

thoughts more have I have well. to in here. other that with And Do I appreciate situation share as yours you tell me, though, you

in either. here, I've investors think helpful No. just it's had super Steve, just answer color. invents mean in spot which another as I But the number around year first that's results. from this to half growth I I of started for a number in one had year sure I'm earnings I is quarter's you've you and -- period. interesting, lower think you really of too, of have for last the a not the potential revenue the Maybe of exhibit a that move because the the soft stronger hiring past this and back hiring half the

you? are case? would And aside think from be importantly, that return macro, over more then I to the growth that you line do that rates just So top is you able to time putting the used to healthier the period we what think

go? to you want Do

Sure. Yes.

to So James, next we're you not yet. going year for just guidance give

never X.X% wait to for have for revenue have until growth. we that. aspired You'll February But

to when So let one return will when it. want you in of me you leave to terms say that

on leave me it [indiscernible]. that Let

the to that on is of of offers X are university the hires bulk has gave hiring we this there In The this aspects hiring terms back. for headcount been that billable X hiring. quarter from quarter year

where time, So principles business set or year of have in cycle top-notch. whatnot. other of match the been don't sub-practice the has talent regardless we back. top Steve made hiring a top the hire long like read we becomes exceptional anything And will a were of that that is that there for available. The we commitments are in professionals terms at or accelerated talent in These

Excellent. That's Ajay. clear, very

in last on little The on a around few company bit a hiring. strategy. your recent as one executed quarters. than bounced is substantially the Obviously, one Just you've larger hirings years

what step do growth you So or of longer-term growth a should think help hiring might maybe company. us a rate just just about taking that normalized longer-term back, think the be? I think the

and can to asking that in I've combine any never the Investor cash a turf, finally return. to -- math think a really I've growth said the that What that, then company mid- that I if Look, that, back to actually true in what turn been given think over go single-digit turn of use good combine Day prior my said extended but we I turn if back into high to -- you XXXX. XXX number will Yes. a I question, on S&P you you're of -- time, thought period into pinpoint engine, that's . And a quartile organic top a always you since. when this growth

the you attracts over the training do that, I period, to close the that averaged to growth -- that the my But make probably actually over opportunity is we've Now level. make lows which people. and certainly investments you the think or aspiration growth to investments internally vibrant on want on engine to X% if you systems X% that have and make organic double-digit IT

that have vibrancy for any of to time. extended when hard period growth it's think you're I X.X%

it's not our So certainly aspiration.

don't not to have And has be, XX% basis. a I growth, Whether much every bad you But closer where quarter, that back years a we XX% on been or aspire closer going we I to to few can know. don't to we be year. quarters. every get probably back last Not know, can sustained forever, X

a experience XX never professional doing great the have reflect. is services my thing, this quarter can wasn't the you do that months. right a right if years You did firm X thing that I've But bad better seen over than

And Does that that's help, a perspective historical James? maybe so gives least but at some light. little

Absolutely.

questions have you. Thank time. this further And we at no

Mollie's just said team -- as recently one of me let not again our But sent times, some you I multiple Look, for X.X%, me Mollie we've say did look attention. thank Well, data. your just aspiration. is

has I CFO think XX I think I've been and had while, in down quarters. the since CEO, last Ajay been we

down that which During time, our that have year, X quadrupled. in almost results And is a almost actual a quarters. X time, year

line our go is So . quarter business straight every not about up. keeping

over vital shareholder, build the it business and And to a to but mechanism Our about business is wanting people growth that to that you, be great the a building has here to has engine making and And that return And committed. on and do is something. is build for sizable do. but we're on in your time. to durable. it that's time. are We commitment focus Thanks for trying focusing value, do we're our to we the business substantial shareholder what of the

conference presentation. you. you thank call. today's concludes Thank This We attending today's all for

day. may your and wonderful You now have a disconnect lines,