Tobey Sommer: So that’s a good threshold. Over 10% of revenue is a good threshold for what constitutes a large shop?
Steve Gunby: So just short, I mean, that would be a large job. I mean, obviously, if it’s at 8% of revenues, we actually think of it as a large job too. What I’m saying? I mean, I think, what we’re saying is there can be more double digit revenue in a quarter for some of these segments if you do the math on that. And that’s a pretty big thing. And so you drop — you have something that strong double-digit revenue in a quarter and it goes to zero, that is material when we have a fixed cost structure. If you do the math, I think that’s would be implied in Mollie’s comment. Does that make sense, Tobey?
Tobey Sommer: Yes, it does. Thanks. Where is FTI and the maturation of the international business which clearly doesn’t — not every city you have abroad has every segment and capability of a firm and you’re increasing that over time as you build scale. And is the margin internationally over the next few years, likely to be sort of an increasing drag, neutral or sort of expanding from a level perhaps below the firm average but accretive to corporate margin as that occurs.
Steve Gunby: So let me treat that as maybe a two-part question, even if you mention a one-part question. Okay. I think in terms of our international expansion, we are still at the early innings of this. I mean it’s — I hope somebody notices the revenue growth. I think we published revenue growth for EMEA 26%, 27%, something like that year-on-year. There’s not some of that’s FX, but it was north of 20% even without FX. It’s — and we’re nowhere near the presence that I aspire to [indiscernible] aspires to the segment leaders aspired to country by country. But we’re no longer — say, we’re a European firm when we only have — we have 900 out of 1,000 people in London, right? We have more people in London than we did when I got here, but we have people on the continent and they’re building businesses that are tracking and they’re showing our ability to win in those markets.
So I think we’re in — and I’m just talking about EMEA right now, but Latin America, we’ve had the best team ever. We’ve talked about the turnaround in Asia and Australia that we’ve had in any recent years. And so — we are in the early innings of a multi maybe, multi-game business out there, and I feel really good about that. In terms of the earnings, it’s — it had — this quarter has been a significant drag, but it’s not always been a significant drag. I think we are succeeding in many places. The problem is that you can succeed some places and have an ability to get a whole bunch of talent in other places. And so you can mask that in the numbers a little bit because you’re succeeding in the last bet you made and you make another bet. And so I think that’s some of the issue.
And I think that phenomenon is going to — we are committed to, I mean, that phenomenon go on for some time to come. It’s not about sitting with bad bets. It’s about seeing good bets come to fruition, but then having the confidence if great talent becomes available to jump on that again, and we did that this year. And that’s how we’re getting, not just double-digit growth. I mean that’s phenomenal levels of growth in EMEA. And I think we have the confidence to continue to bet behind it. If we stop growing, the EBITDA margin would go up for sure, but that’s not our intent. And if we have got no opportunities to get people, the EBITDA margin would go up. But with the ability to continue to grow, that — I think that’s the countervailing for us.
But I wouldn’t underestimate how many of the bets overseas we are excited about and how well they’re doing. Does that at least talk to your point, Tobey?
