Financial Data and Key Metrics Changes - Year-on-year revenue growth was only 3.7%, significantly lower than historical averages and expectations [7][19] - Revenue for the quarter was 996million,anincreaseof32.8 million compared to 893.3millionintheprioryearquarter[19]−Earningspershare(EPS)declinedto1.85 from 2.34intheprioryearquarter,adecreaseof20.9102.9 million, representing 11.1% of revenues compared to 13.3% in the prior year quarter [20] Business Line Data and Key Metrics Changes - Corporate Finance & Restructuring revenues decreased by 1.7% to 341.5 million, primarily due to lower demand for business transformation and strategy services [22] - Forensic & Litigation Consulting (FLC) revenues increased by 1.6% to 168.8 million, driven by higher construction solutions and dispute revenues [24] - Economic Consulting segment revenues increased by 14.5% to 222 million, mainly due to higher demand for M&A-related antitrust services [26] - Technology segment revenues increased by 11.7% to 110.4 million, primarily due to higher demand for M&A-related litigation services [27] - Strategic Communications segment revenues decreased by 4.1% to 83.3million,attributedtoadeclineinpass−throughrevenues[29]MarketDataandKeyMetricsChanges−ThecompanyfacedchallengesinitsAsiabusinesses,reflectingbroadermarketpressuresaffectingconsultingfirmsglobally[7][8]−Therestructuringsegmentremainsstrong,withongoingdemanddrivenbybusinessesfacingcreditpressures[38]CompanyStrategyandDevelopmentDirection−Thecompanyisfocusedonmakinginvestmentsintalentacquisition,including25seniormanagingdirector(SMD)hiresinthelastsixmonthsandover320campushires,markingthelargestclassever[10][20]−Managementemphasizedtheimportanceofbuildingcapabilitiesandremainingrelevanttoclients,despiteshort−termrevenuefluctuations[16][18]−Thecompanyaimstomaintainagrowthmindsetandattracttoptalent,withadiversesetofbusinessestogrowregardlessofeconomiccycles[36]Management′sCommentsonOperatingEnvironmentandFutureOutlook−Managementacknowledgedthatthecurrentquarter′sperformancewasweakerthanexpectedbutmaintainedconfidenceinthelong−termtrajectoryofthecompany[11][12]−Thecompanyexpectsslowerrevenuemomentumtopersistintothefourthquarter,influencedbyseasonalbusinessslowdownsandeconomicconditions[34]−Managementreiteratedthecommitmenttocontinueinvestingingrowthopportunities,despitethecurrentchallenges[35]OtherImportantInformation−Theeffectivetaxrateforthequarterwas25.1212.3 million, with net cash provided by operating activities increasing to $219.4 million [31][32] Q&A Session Summary Question: Discussion on restructuring business and outlook - Restructuring remains strong, driven by businesses facing credit pressures and the need for liability management [38] Question: Insights on M&A environment - Availability of credit is spurring transactions, with M&A-related revenues constituting 15% to 20% of total revenues [40] Question: Investments in AI capabilities - The company is actively investing in AI technologies to enhance internal capabilities and client services, focusing on building expertise [42] Question: Headwinds and tailwinds for 2025 - Management refrained from predicting election impacts but emphasized the importance of being positioned to meet client needs regardless of external factors [44] Question: Uses of cash and stock buyback strategy - The company is focused on creating shareholder value through strategic cash use, including potential stock buybacks when market conditions are favorable [46][48] Question: Areas for margin expansion - Revenue growth is essential for margin expansion, with management emphasizing the need to maintain investments in growth areas [49]