Please standby, we're about to begin. Good day, everyone, and welcome to the FTI Consulting Fourth Quarter and Full-Year 2015 Earnings Conference Call. As a reminder, today's call is being recorded. And now, for opening remarks and introductions, I'll turn the call over to Mollie Hawkes, Senior Director of Investor Relations at FTI Consulting. Please go ahead, ma'am. Mollie Hawkes - Director, Investor Relations & Communications: Good morning. Welcome to the FTI Consulting conference call to discuss the company's fourth quarter and full-year 2015 results as reported this morning. Management will begin with formal remarks, after which we'll take your questions. Before we begin, I'd like to remind everyone that this conference call may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 of the Securities Exchange Act of 1934 that involve risks and uncertainties. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, future revenues, future results and performance, expectations, plans or intentions relating to financial performance, acquisitions, business trends and other information or other matters that are not historical, including statements regarding estimates of our future financial results and other matters. For a discussion of risks and other factors that may cause the actual results or events to differ from those contemplated by forward-looking statements, investors should review the Safe Harbor statement in the earnings press release issued this morning, a copy of which is available on our website at www.fticonsulting.com, as well as other disclosures under the heading of Risk Factors and Forward-Looking Information in our most-recent Form 10-K and in other filings filed with the SEC. Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as the date of this earnings call and will not be updated. During the…

Thanks, Steve. Thank you for the kind words and the opportunity to serve here. Before I begin, I want to thank the shareholders, analysts and others on this call for the honor and privilege of serving you for the last 18 months. I have tremendous respect for each of you, your sophistication, integrity and candor enriched every conversation. And since I know that our audience on these calls include many of my FTI colleagues, I again convey my thanks to all of you. FTI's professionals are some of the most talented, resourceful, dedicated and resilient people I've ever had the good fortune to work with. Thank you for everything you've done for me. I wish you well. Turning now to slide four, revenues for Q4 were $442 million, up 4% from the prior year and down 3% from Q3. Excluding an estimated negative impact of foreign currency translation or FX, revenues increased 6.3% compared to the prior-year quarter. Full-year – quarter fully diluted GAAP EPS were $0.25 compared to $0.02 in the prior-year quarter and $0.25 in Q3. As a reminder, fourth quarter a year ago included a number of unusual items. Adjusted EPS for Q4 were $0.24, which compared to $0.53 in Q3 and $0.04 in the prior-year quarter. Adjusted EBITDA in 4Q was $35.2 million or 8% of revenues compared to $56 million or 12.3% of revenues in Q3 and $36.1 million or 8.5% revenues in the prior-year quarter. For the year, revenues were $1.78 billion, up 1.3% compared to the prior year. Excluding a 2.8% negative impact from FX, organic revenue growth was 4.1% for the year. 2015 fully diluted EPS were $1.58, which included $19.6 million in debt extinguishment charges compared to $1.44 million in the prior year, which included special charges – actually $1.44 EPS,…

We'll go first with Randy Reece with Avondale Partners. Steven Henry Gunby - President, Chief Executive Officer & Director: Good morning, Randy.

I'll make this quick. It's probably noisy where I am. I wanted to know what you can tell me about the difference in revenue performance in 2015 between software and services in the Technology segment. Steven Henry Gunby - President, Chief Executive Officer & Director: Yeah. I think I'll take that, if I can, although David or Cathy, correct me if I get the numbers wrong. But Randy, truthfully, we don't really sell the software. We have some people who have licensed it for a long time, and that's a pretty constant revenue stream. But historically we haven't. And so, what we're selling is a bundled offering of our consultants typically working on Ringtail. And so, that bundled offering is what has dropped. It's not that we had any of the prior stream of licenses who dropped, but nor did we pursue this strategy last year. We have not been out there actively trying to license it. So that's a forward-looking thing. So that question will become relevant as we pursue – if we end up pursuing this strategy: are you making progress, are people licensing and all that sort of stuff. But over the past 12 months, it was the bundled offering, essentially, that was the drop. Does that answer your question, Randy?

Yes. And I was also wondering if you could quantify the magnitude of the severance expenses in FLC. I don't know if you touched on the exact numbers there before. I was just wondering how unusual the level of severance expense was compared with normal? Steven Henry Gunby - President, Chief Executive Officer & Director: Back to you, David.

Yeah. Just a moment. Yeah, it's a minor amount. I mean less than $1 million for Q4.

All right. Thank you very much.

It has a variance (43:19), but not a big number.

All right. Thank you. Steven Henry Gunby - President, Chief Executive Officer & Director: Thank you, Randy.

And we'll go next to Tim McHugh with William Blair. Steven Henry Gunby - President, Chief Executive Officer & Director: Good morning, Tim. Tim J. McHugh - William Blair & Co. LLC: Yeah. Good morning. On Technology, can you still own that business if you're trying to both compete with and license the software to competitors? Steven Henry Gunby - President, Chief Executive Officer & Director: That's obviously an important question. We intend to own the business. One of the questions is: will we be credible with competitors if we own 100% of it? And that's a real question. And I'd love to continue to own 100%, but if this strategy looks as promising as we think it does and to be credible with channel partners we need to sell a share, we will consider that. I'd prefer it to be a minority share, because I really think this is a pretty good asset. But if the strategy requires creating that distance and separation, then we will do that, and we just need to figure that out over the next couple of months. Does that answer your question? Tim J. McHugh - William Blair & Co. LLC: Sure. And then, I guess, on the distressed comments about 2016, can you just, I think, reconcile? I understand you're trying not to compound on top of compounding, but in the market, I mean, I have seen several kind of higher-profile cases in the last couple of months, you guys still seem to be adding – obviously the stress in the energy market continues to build. So, why wouldn't that continue to lead to a healthy amount of distressed work for you guys? Steven Henry Gunby - President, Chief Executive Officer & Director: Well – yeah, I'll take that again. It will lead…

We'll go next to Dave Gold for Sidoti. David J. Gold - Sidoti & Co. LLC: Hi. Good morning. Steven Henry Gunby - President, Chief Executive Officer & Director: Good morning, David. David J. Gold - Sidoti & Co. LLC: So, just couple of questions. One, just point to follow-up, going back to the restructuring piece in Tim's question, I guess, from the outside looking in, as you might imagine, the area where most folks look to the success you're having in the environment in the markets and even given the positive market share, I guess, the question here is, do you have a view related to that business, are you thinking that the economy improves and we see less or you think there is more and we just can't maintain the market share that we saw last year? Steven Henry Gunby - President, Chief Executive Officer & Director: I don't think any of us are forecasting that the economy is dramatically improving. I mean the bankruptcy as a whole is not surging. It's individual sectors that is surging. Actually, on a multi-year level, it's still relatively low. But it's a couple of sectors that are surging. Obviously, there is a chance that we – people are terrible at forecasting oil prices, right? So, there is always a chance that oil prices are back to $100, in which case, the bottom falls out of that business, but we're not forecasting that as well. I mean I think our view is, basically, the view that you all seem to be indicating that in certain sectors, this will be hot – certain sectors, this will be a hot restructuring market, particularly in the second half of the year and other sectors will be as dead as they have been. And so, our issue here purely is a share issue of having outperformed last year, David. Does that answer? David J. Gold - Sidoti & Co. LLC: Yeah, it does. And then the second half of that question is you spoke about making some investments on the Corporate Finance side of that business. Can you give us a sense on what areas or what types of practices you might look to build out there on the Corporate Finance side? Steven Henry Gunby - President, Chief Executive Officer & Director: Rather than dominate, let David take that one.

I think it's just across the board, adding billable staff in areas again trying to stay in line with the – stay up with the demand as opposed to getting significantly ahead of demand, we're trying to be measured. But particularly, I think, actually interestingly, in non-distressed, we have some hopes to add capacity there. We'll be carefully monitoring that versus demand. But we're doing pretty well there and it's been masked, in some ways, by how significant the success in distressed has been. But that's been a steady opportunity. We've been investing in growing revenue and we expect that to continue in 2016, that and then also some marginal increases overseas in EMEA. Just generally, across the board, in the areas where we are expecting continued steady growth in the Corporate Finance practice. David J. Gold - Sidoti & Co. LLC: Got you. Got you. Okay. And then, Steve, one broader one. When I think back to the Analyst Day in mid-2014, remember thinking of that moment as we went through some of the initiatives that you were funding that if even half of the initiatives you were looking at worked, I think we had a good shot of achieving that $250 million plus in 2016. And now, as we get here and we look and say, maybe it's more of an aspirational 2017 target, maybe we're a little earlier on that. Obviously, there were some market forces, but can you speak a little bit to what the biggest variances were that basically didn't quite get us to where we hoped to be for this year? I mean, is it – obviously, some market, but not entirely market. So, can you just give some color there? Steven Henry Gunby - President, Chief Executive Officer & Director: David, thanks for…

And we'll go next to Paul Ginocchio with Deutsche Bank.

Hi. Good morning. This is Ato Garrett on for Paul. Steven Henry Gunby - President, Chief Executive Officer & Director: Hey. Good morning. Welcome.

Thank you. One question on your healthcare practice, the some of the headwinds that you said that you saw there in the fourth quarter, was that broad based or was that more specific to like some client-specific delays or projects winding down?

I think it was – that business is a relatively small one. And so, they have certain lumpiness in their revenue cycle having to do with the staging of kind of initial evaluations versus follow-on work that they often are awarded after the initial evaluation. And we had less kind of business in that two-staged pipeline that produced in the fourth quarter. But I think that they've got a lot of things underway and the pipeline is just filling out nicely and it gives us confidence that they should be able to deliver more smoothly in 2016.

Great. And looking out...

And also, obviously, had a little bit of cost actions, but that didn't hit the revenue.

Got it. And for Corporate Finance & Restructuring, the strong results you had in the fourth quarter and some of the predictions you have around, I guess, not necessarily repeating the same outsized market share gains. Were your results – do they have a larger normal contribution from success fees or completion fees, or is a lot of that like just time and billing – time and expense billing arrangements, as I start to think about kind of step down we might see in 2016?

Yeah. No, there wasn't a significant contribution or unusual contribution from the success fees in the fourth quarter. I think the real difference is that when you have very large marquee major projects in bankruptcies in particular, the utilization just spikes up. And as you know, in this business, your margins have a outsized benefit relative to the revenue when you go very high utilization on a large massive matter, and particularly in the first three quarters of 2015, we benefited from that. It took our margins up about 20%. That's really driven by both the pricing and the high utilization of the biggest marquee-type matters. So, it's not just the amount, but it's the mix and the margin impact that we're not culling as much benefit from in 2016. We're definitely expecting to grow and we're expecting to see both good distressed and non-distressed business, but we're not envisioning the same sort of margin surges that you get when you really win the big ones disproportionately.

Got it. And lastly, looking at the incremental $15 million of investments that you're doing on the corporate line in 2016, you gave a great disaggregation of that. I want to make sure that I have them there. That looks like $5 million is tied to a Tech and IT, another $5 million related to your practice expansion initiatives, and that has like a potential another $5 million behind it as well. Is that the right way to break that up? Steven Henry Gunby - President, Chief Executive Officer & Director: I think David gave you an overview. Maybe I can take that question, because I think, to be clear, that's a – David gave you a cut at one way it could sort out. This reports all written (1:02:19) have gone through the stuff in front of him, he's got $35 million of potential requests in front of him. And they range from $5 million of the type that David was talking about we have behind the activist investor. There's a bunch of corporate stuff around systems, few other smaller corporate things. There's a lot that we could potentially end up spending behind Tech. And then there's some strategic looks we want to do for market expansions, where we may use a little bit of outside help and which is another bucket. The whole of it is substantially higher than what we have got in the budget. But usually, what happens is you sort it down, both because the priorities aren't there and it's not ready, or you look at people in the eyes and you don't think they're going to deliver. And so, I think David gave you a cut at one way it would break out. I think that's stuff has changed each of the last two years. It's changed during the course of the year a bit. David, does that sound fair to you?

Well, I think it's an extremely good point, Steve, that this will be dynamic and that just because we've allowed in our guidance $20 million-plus of room for these types of investments, just as in 2015, if the opportunity is not there, then we won't spend the money. But yes, the – and I would say, in particular, with a range of practice expansion, probably a minimum of $5 million, but with opportunity and lack of competing investments, we could go to $10 million. And similarly, the investment in support of the Technology strategic activity could easily be anywhere from $5 million to $10 million. So, those will definitely potentially shift in terms of one going down or one going up depending on the exact opportunity. The $5 million of kind of corporate infrastructure investment is probably – but we haven't taken those decisions. That, if we move forward on that, that will be much more in the line of a kind of a fixed budget spend that we would then expect to move forward with.

Great. Thank you. Steven Henry Gunby - President, Chief Executive Officer & Director: Thank you.

And we'll go next to Tobey Sommer with SunTrust. Steven Henry Gunby - President, Chief Executive Officer & Director: Good morning, Tobey.

Good morning. Thank you for taking my questions. With respect to the Technology and Ringtail, would there be positive cash flow implications from taking on a partner? Steven Henry Gunby - President, Chief Executive Officer & Director: You mean if we start licensing it to partners, would there be positive cash flow implications? Absolutely. Absolutely, I mean...

Yeah. Or taking an investment in the business. Steven Henry Gunby - President, Chief Executive Officer & Director: Well, sure. The question is how does that net against the investment we need to be making in this business is an interesting question. But of course, if to a prior question, we're forced by the channel partner strategy to take on another investor, obviously, they would pay, we presume, a reasonable amount to have a chance to participate in that and that would be – I don't think that's an operating cash flow. I will let David and Cathy talk about that. I don't think we'd classify those as operating cash, but as an inflow of cash. Am I hearing your question right, Tobey?

I'm also curious about the ongoing CapEx. It's been a pretty significant CapEx item historically, and I'm wondering whether that burden would be lessened on a go-forward basis? Steven Henry Gunby - President, Chief Executive Officer & Director: Yeah. So, I think the answer is the burden wouldn't be lessened, but the point is the revenue base over which it would be amortized would be higher. I mean, that is clearly what's going on in this industry. And to stay leading edge, you have to spend a lot of money. And if you look at it, it used to be there were a lot of software providers, and some of you know some of these players in-depth even if some of them are private. My sense from the outside, a lot of places people sort of have this software, but they basically said I can't compete and they're not willing to invest the R&D necessary to compete, and we are. But what I believe is, in order to do that and to stay leading edge, you need to not just be licensing it to ourselves. So, the goal of this would be to continue to invest in the R&D and probably do some – as we said, some significant add-ons this year. But on an ongoing basis, to continue to invest, but the goal here is to amortize that over a lot more bigger ecosystem. And you get a big revenue stream from licensing and that's pretty margin. That's a high margin business. So, that's the goal. Does that answer your question, Tobey?

I guess it does. So, there's external as well as internally-funded distribution channels on the table? Steven Henry Gunby - President, Chief Executive Officer & Director: I think that's right. I think...

Okay. How much... Steven Henry Gunby - President, Chief Executive Officer & Director: Selling to others on the outside is the thought we're thinking about, yes.

Okay. What is the expectation for CapEx this year and how much of it is Tech segment related? Steven Henry Gunby - President, Chief Executive Officer & Director: David or Cathy? Catherine M. Freeman - Chief Accounting Officer, Senior VP & Controller: Yes.

Cathy will take that. Catherine M. Freeman - Chief Accounting Officer, Senior VP & Controller: I think we've disclosed in the K a range of about $35 million to $45 million. We don't disclose specifically what's Tech related, but some of that number will shift towards Tech as part of the R&D expense that they experienced this year turns into capital. But it's included in that range that we talked about.

Could you give us a historic range, if not for 2016, about how much was Tech related?

I don't think we've ever disclosed that.

Okay.

But I would say, look, this is a pretty – outside of Technology, this is a pretty simple business. It's furniture and fixtures and it's laptops for the practitioners. But it's not 90% Tech either. Catherine M. Freeman - Chief Accounting Officer, Senior VP & Controller: No.

But I mean the point – I guess the global point is this company generates a lot of cash and has fairly simple CapEx need for a practice with approaching $2 billion of revenue. So, we're not constrained in our ability to make capital investments should we need to. And even with the kind of the run rate we're on, in terms of plans for Technology coming out of 2015, it's a very manageable amount of capital expenditures. If we needed to increase that, it's well within our resources.

Okay. Steve, to what extent can you share junior staff among segments so that positive cyclical swings kind of like the one that Corp Fin & Restructuring is experiencing now don't have to always result in a one-for-one addition of new headcounts in order to meet that demand. Steven Henry Gunby - President, Chief Executive Officer & Director: Look, the obvious answer is we can do more than we have in the past. Now, we don't have all the same segments, and obviously it's not just segments but geography. If you have extra heads in Australia, it's not quite so easy to have them staffed on cases in New York, right. So, it's all those sorts of issues. And what you need to be a leader in Strat Comm is different than what you need to be a strong junior person in our Econ business. But obviously, you picked on two areas where the question sort of leaps out at you, which is junior staff in FLC and junior staff in Corp Fin with many of whom places where we recruit from the same background and it's an issue we're looking at.

Okay. And how would you characterize big project risks in the P&L today and maybe contrast it with a year or two ago? Thanks. Steven Henry Gunby - President, Chief Executive Officer & Director: Look, I think there is always big project risk. And that's one reason why we have a range on our guidance, right. I would say that I think we're doing a better job of understanding the distribution of those risks than we have in the past. There is risk on the upside that you get a lot of jobs and there is also risk on a downside that some major assignments settles, which is great for the client, but that means you have an abrupt end to your revenue stream. And I think, we've historically thought those were kind of symmetrical. And when you really look at it, actually the ending thing happens faster than the ramp-up stuff and so forth. And, so we've done -one of the things we've done over the last months is try to get a little bit more analytical about where we've missed in the past on our budgets and correct for some of those. So, I would say, on average, I believe, we have more disciplined budgets right now and are doing a better job of trying to calibrate those risks than we have in the past five years, including during the first couple of years when I was here. So, does that mean we are perfect? No. And will I probably – if I'm here for the next five years, will I come up in front of you and say, wow, we got blindsided by that almost certainly, because it's just there is a randomness to this business, but it's not quite as random as we've been whipsawed by and we're trying to tighten that. Does that answer?

Yes, it does. And my last question just has to go with the collection of businesses, again. You learn something about technology and have a thought process to kind of unlock some value in there that maybe you weren't capturing historically. I get a lot of questions about the fact that there are five reporting segments that don't share all the same drivers. And for a company of this size and the stock of this size, may be that seems like a long conversation to walk through it all for some investors. Is this new thought about how to leverage Tech, is this a first step or are you still persuaded, two years plus on the job, that this collection of businesses is still sort of the appropriate framework to move forward? Steven Henry Gunby - President, Chief Executive Officer & Director: Yeah. I'll take that unless David, you were waving, did you – that was in the last question, okay. As we are at the separate locations, we have a video screen up, so we're trying to figure out who's taking the question. So, I didn't know whether David was taking that. Look, as I say internally, any – I love my house and I'm not going to sell my house, because my kids grew up there. On the other hand, if somebody comes along and offers me stupid money for my house, I will listen. And so, that's always the case. And as a CEO of any major company, that's the responsibility you have to the shareholders. But the other reason why people sell businesses is because they don't have confidence in those businesses. And I think that's the more often reason why people sell businesses. And I was worried about that, when I first came in and…

It does. Thank you very much. Steven Henry Gunby - President, Chief Executive Officer & Director: Thank you. I think we're over with questions. I just want to say thank you all for joining the call and we're looking forward to this year and we look forward to engaging with you during the course of this year. Thank you very much.