I don't know whether you're at a point to see the stock market open, but stock is down sharply. The issue is it's just -- you can't tell exactly what the waves are just because you don't know exactly how the government policies intersect that. We generated net cash from operating activities of $111.6 million and free cash flow of $99.8 million in the quarter. What has happened in reality is both of these, but unfortunately to a somewhat lesser extent than we had expected. With these formalities out of the way, I'm joined today by Steven Gunby, our president and chief executive officer; and Ajay Sabherwal, our chief financial officer. Let me talk to both of those with a caveat that perhaps counter-intuitively, it is easier to predict the medium and long term than it is the short term. We have continued to also support our clients and what are turning out to be high-profile, brand-building assignments. And the 6% is quite elevated, in fact. Importantly, in the face of COVID, we have promoted more people this year than ever before. Never so, sir. That's helpful. Corporate Finance & Restructuring Overview, Executive Compensation & Corporate Governance, Center for Healthcare Economics and Policy, Forensic & Litigation Consulting Overview, Anti-Corruption Investigations & Compliance, M&A Crisis Communications & Special Situations, Information Governance, Privacy & Security, ALM Intelligence Names FTI Consulting a Pacesetter in Financial Crisis Management, FTI Consulting Expands Corporate Finance & Restructuring Segment in the Middle East, FTI Consulting Survey Finds Shifting Consumer Preferences This Holiday Season, Business Transformation Expert Omar Aguilar Joins FTI Consulting. Nous chargeons votre espace membre. But I would say it is not that we just pushed out a hockey stick, it is more, at least currently, for a gradual recovery. FTI Consulting had the most professionals named to the, FTI Consulting named a 2020 Top Place to Work in PR by, FTI Consulting maintained its top position on the, FTI Consulting ranked #1 Restructuring Advisor by, FTI Consulting and Compass Lexecon had the most professionals recognized in the, FTI Consulting named Insurance Expert Witnesses Firm of the Year and Restructuring & Insolvency Advisors Firm of the Year by, FTI Consulting named Arbitration Expert Firm of the Year and Compass Lexecon named Competition Economics Firm of the Year by. As a consequence, in the face of this COVID, and we have committed to and achieved record headcount growth, leaving us with a strength of team around the world that I believe is unprecedented in this company's history. But that's the basis for our long-term optimism, Tobey. About FTI. FTI Consulting is an independent global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. The largest bankruptcies globally, mega deals with antitrust implications, largest investigations happening in different parts around the world, Asia, Germany, the U.S. Companies facing an antitrust cases related to data privacy, and companies at the center of the COVID pandemic working toward a vaccine, among many other high-profile engagements. So we could be below our long-term expectations for some subsets of our business for a while. Whereas my view of our history is that over the long term in this business, over the long term whether we perform or not, is much more of a function to us, of what we do, which is ultimately in our control. Courts are starting to innovate, but I think the -- that team's expectations of a quick rebound that they had back in July, I think, are more muted. I -- we have the capacity to -- we always -- the No. If you see a pickup in that or if you see speculative-grade default is projected to be around 6%, it's supposed to remain around 6%. Third quarter 2020 net income of $50.2 million, compared to net income of $60.4 million in the prior-year quarter. This compares to the previous adjusted EPS range of $5.50 to $6. I'm sure that's also pretty counterintuitive, but that's my experience in this business. Returns as of 11/02/2020. We're not in perfect shape. So you're seeing that in our technology practice, for example, with -- we do particularly well on large M&A, so the mega $5 billion plus deal. Bénéficiez gratuitement de fonctionnalités et de services additionnels. réseaux sociaux. Our revolver remains available. Une erreur est survenue pendant le chargement de la liste. Welcome to the FTI Consulting third-quarter 2020 earnings conference call. Like last quarter, revenue growth was driven by higher demand and realized bill rates for large M&A-related antitrust engagements. SG&A expenses in the third quarter of $122.1 million were the 19.6% of revenues. It's just not the hockey stick we expected to see begin in the third quarter and continue into the fourth quarter. This compares to SG&A of $128 million or 21.6% of revenues in the third quarter of 2019. I would now like to turn the conference over to Mollie Hawkes, vice president of investor relations. FTI Consulting And then if I could just ask one more. Second, in the quarter, we took performance-related actions in our FLC segment that resulted in severance and other employee-related costs of $2.4 million. But at the end of the last quarter, we had hopes that the evolution of COVID will allow for a stronger fourth quarter than we do today. More, From our beginnings in a small warehouse, we have grown to one of the pre-eminent consulting firms in the world. And we also get hired in advance to assess the antitrust issues, for example, that may or may not be there on the economic consulting side. Today, we're still that strong there, but we have company side in the U.S., we have terrific practice in Latin America, we have a terrific practice in London, terrific practice in Germany, strengthened practice in Australia. Individually, each practice is a leader in its specific field, staffed with experts recognised for the depth of their knowledge and a track record of making an impact. Is that something that's now moved more toward 2021 in a similar shape or is it just an expectation now that that rebound is more gradual, not that hockey stick kind of being pushed out to next year? And our revised guidance assumes a similar level of bankruptcies in the fourth quarter as we had this quarter. The difference between our GAAP and adjusted EPS in the quarter reflects a $7.1 million special charge, which reduced GAAP EPS by $0.14 and $2.3 million of some noncash interest expense related to our convertible notes, which decreased GAAP EPS by $0.05. So in terms of our confidence about Corp Fin, I think, you can look at -- look, there's both internal things and then there's external things. Notably, we saw a gradual opening of courts over the course of the quarter, and trial dates are getting scheduled. On July 1 this year, we acquired Delta Partners. By using this site you agree that we can place cookies on your device. FTI Consulting is an independent global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional.