PART I - FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The unaudited consolidated financial statements for the period ended June 30, 2024, show increased assets and revenues, with higher net income despite increased cash usage from operations [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets increased to $1.33 billion from $1.26 billion at year-end 2023, primarily due to higher long-term debt Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$1,325,913** | **$1,262,142** | | Total Current Assets | $435,536 | $400,460 | | Goodwill | $647,451 | $625,711 | | **Total Liabilities** | **$825,335** | **$729,250** | | Total Current Liabilities | $225,751 | $302,575 | | Long-term debt, net of current portion | $496,550 | $324,000 | | **Total Stockholders' Equity** | **$500,578** | **$532,892** | [Consolidated Statements of Operations and Other Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Other%20Comprehensive%20Income%20%28Loss%29) For Q2 2024, revenues increased to $371.7 million and net income rose to $37.5 million, while for H1 2024, revenues reached $727.6 million with net income of $55.5 million Statement of Operations Highlights (in thousands, except per share data) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | **$371,654** | **$346,759** | **$727,615** | **$664,654** | | Operating Income | $59,403 | $39,719 | $79,324 | $58,150 | | **Net Income** | **$37,482** | **$24,712** | **$55,488** | **$38,131** | | Diluted EPS | $2.03 | $1.27 | $2.96 | $1.95 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2024, net cash used in operating activities increased to $23.5 million, while financing activities provided $68.7 million, reflecting higher net borrowings Cash Flow Summary - Six Months Ended June 30 (in thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(23,503) | $(13,880) | | Net cash used in investing activities | $(39,677) | $(15,763) | | Net cash provided by financing activities | $68,726 | $34,333 | | **Net increase in cash and cash equivalents** | **$5,497** | **$4,749** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's three business segments, accounting policies, recent acquisitions including GG+A, and financing arrangements such as a new $275 million term loan - The company operates and manages its business under three segments: Healthcare, Education, and Commercial[176](index=176&type=chunk) - In March 2024, the company acquired Grenzebach Glier and Associates, Inc. ("GG+A"), a philanthropic management consulting firm, which is included in the Education segment[182](index=182&type=chunk) - In February 2024, the company established a **$275 million** senior secured term loan facility, maturing in November 2027, with proceeds used to reduce borrowings under the Revolver[97](index=97&type=chunk)[68](index=68&type=chunk) - The company uses forward interest rate swaps to hedge against interest rate risks on variable-rate borrowings and non-deliverable foreign exchange forward contracts to manage currency risk related to its operations in India[83](index=83&type=chunk)[42](index=42&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights Q2 2024 revenue growth of 7.2%, driven by Healthcare and Education, with significant increases in operating and net income due to a litigation settlement gain [Results of Operations - Three Months Ended June 30, 2024](index=48&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20June%2030%2C%202024) In Q2 2024, total revenues increased by 7.2% to $371.7 million, with operating income surging 49.6% to $59.4 million, significantly boosted by a $15.0 million litigation settlement gain Q2 2024 vs. Q2 2023 Revenue by Segment (in thousands) | Segment | Q2 2024 | Q2 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Healthcare | $190,098 | $173,768 | $16,330 | 9.4% | | Education | $122,753 | $110,694 | $12,059 | 10.9% | | Commercial | $58,803 | $62,297 | $(3,494) | (5.6)% | | **Total Revenues** | **$371,654** | **$346,759** | **$24,895** | **7.2%** | Q2 2024 vs. Q2 2023 Operating Income by Segment (in thousands) | Segment | Q2 2024 | Q2 2023 | Change ($) | | :--- | :--- | :--- | :--- | | Healthcare | $55,246 | $49,151 | $6,095 | | Education | $30,792 | $27,397 | $3,395 | | Commercial | $9,015 | $10,472 | $(1,457) | | **Total Segment Operating Income** | **$95,053** | **$87,020** | **$8,033** | - Operating expenses increased by **$6.4 million (2.0%)**, with direct costs rising **5.7%** due to higher compensation and technology costs, partially offset by lower contractor expenses[358](index=358&type=chunk)[5](index=5&type=chunk) - Recognized a pre-tax **$15.0 million** litigation settlement gain, which significantly boosted 'Other gains, net' to **$15.9 million** from $0.6 million in Q2 2023[360](index=360&type=chunk) [Results of Operations - Six Months Ended June 30, 2024](index=54&type=section&id=Results%20of%20Operations%20-%20Six%20Months%20Ended%20June%2030%2C%202024) For the first half of 2024, revenues grew 9.5% to $727.6 million, driven by Healthcare and Education, with operating income rising 36.3% to $79.3 million, including a $15.0 million litigation settlement gain H1 2024 vs. H1 2023 Revenue by Segment (in thousands) | Segment | H1 2024 | H1 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Healthcare | $370,840 | $322,817 | $48,023 | 14.9% | | Education | $234,336 | $214,841 | $19,495 | 9.1% | | Commercial | $122,439 | $126,996 | $(4,557) | (3.6)% | | **Total Revenues** | **$727,615** | **$664,654** | **$62,961** | **9.5%** | - Healthcare operating income increased **20.3%** to **$97.9 million**, with operating margin expanding to **26.4%** from 25.2%[58](index=58&type=chunk)[254](index=254&type=chunk) - Education operating income increased **4.3%** to **$52.7 million**, but operating margin decreased to **22.5%** from 23.5% due to higher compensation costs[411](index=411&type=chunk) - Commercial operating income decreased **6.1%** to **$23.1 million**, with operating margin contracting to **18.8%** from 19.3%[25](index=25&type=chunk) - Direct costs for the first six months increased by **$38.3 million (8.3%)**, primarily due to a **$43.5 million** increase in compensation costs for revenue-generating professionals[19](index=19&type=chunk) [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures, with Adjusted EBITDA increasing to $55.7 million in Q2 2024 and $89.5 million in H1 2024, and Adjusted Net Income growing to $30.9 million and $54.2 million respectively Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $37,482 | $24,712 | $55,488 | $38,131 | | EBITDA | $66,293 | $47,111 | $95,174 | $73,814 | | **Adjusted EBITDA** | **$55,684** | **$48,475** | **$89,502** | **$77,977** | | Adjusted EBITDA as a % of Revenues | 15.0% | 14.0% | 12.3% | 11.7% | Reconciliation of Net Income to Adjusted Net Income (in thousands) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $37,482 | $24,712 | $55,488 | $38,131 | | **Adjusted Net Income** | **$30,946** | **$26,954** | **$54,200** | **$44,011** | | **Adjusted Diluted EPS** | **$1.68** | **$1.38** | **$2.89** | **$2.25** | [Liquidity and Capital Resources](index=60&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of June 30, 2024, the company had $17.6 million in cash, with net cash used in operating activities increasing to $23.5 million, while financing activities provided $68.7 million from net borrowings and share repurchases - Net cash used in operating activities for H1 2024 was **$23.5 million**, an increase from $13.9 million in H1 2023, mainly due to higher annual performance bonus payments[448](index=448&type=chunk)[63](index=63&type=chunk) - Net cash used in investing activities for H1 2024 was **$39.7 million**, primarily for business acquisitions (**$20.8 million**) and internally developed software (**$14.1 million**)[417](index=417&type=chunk) - Net cash provided by financing activities for H1 2024 was **$68.7 million**, reflecting net borrowings of **$187.6 million** used to fund operations and share repurchases (**$97.3 million**)[201](index=201&type=chunk) Financing Arrangements as of June 30, 2024 | Facility | Size | Outstanding | Maturity | | :--- | :--- | :--- | :--- | | Revolver | $600M | $240.0M | Nov 15, 2027 | | Term Loan | $275M | $271.6M | Nov 15, 2027 | | **Total Debt** | | **$511.6M** | | - The company was in compliance with its financial covenants, with a Consolidated Leverage Ratio of **2.24 to 1.00** and a Consolidated Interest Coverage Ratio of **10.55 to 1.00**[73](index=73&type=chunk)[454](index=454&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=66&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from interest rate and foreign currency fluctuations using derivative instruments, with $511.6 million in variable-rate debt and $300.0 million in interest rate swaps as of June 30, 2024 - A hypothetical **100 basis point** change in interest rates would have a **$2.1 million** effect on annualized pretax income, considering the **$511.6 million** in borrowings and existing interest rate swaps[203](index=203&type=chunk) - The company hedges a portion of its interest rate risk on variable-rate borrowings with forward interest rate swap agreements, with an aggregate notional amount of **$300.0 million** as of June 30, 2024[43](index=43&type=chunk) - Exposure to foreign currency risk between the USD and Indian Rupee (INR) is managed with non-deliverable foreign exchange forward contracts, with an aggregate notional amount of **INR 629.2 million ($7.5 million)** as of June 30, 2024[44](index=44&type=chunk) [Item 4. Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting during Q2 2024 - The CEO and CFO concluded that as of June 30, 2024, the company's disclosure controls and procedures were effective[48](index=48&type=chunk) - No material changes to the internal control over financial reporting occurred during the three months ended June 30, 2024[49](index=49&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=68&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any litigation expected to have a material adverse effect on its financial position, but recognized a pre-tax $15.0 million litigation settlement gain in Q2 2024 - The company is not currently a party to any litigation or legal proceeding that management believes could have a material adverse effect on its financial position or results of operations[50](index=50&type=chunk)[271](index=271&type=chunk) - In Q2 2024, the company recognized a pre-tax **$15.0 million** litigation settlement gain related to a completed legal matter for which Huron was the plaintiff[246](index=246&type=chunk) [Item 1A. Risk Factors](index=68&type=section&id=Item%201A.%20Risk%20Factors) There are no new risk factors disclosed in this report, with the company referring to its Annual Report on Form 10-K for a complete description of material risks - For a complete description of material risks, the report refers to Part 1, Item 1A, "Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2023[51](index=51&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=68&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company's board authorized a share repurchase program, extended through December 31, 2025, with $89.9 million remaining available, and repurchased 376,493 shares for approximately $34.0 million in Q2 2024 - The share repurchase program is authorized up to **$500 million** through December 31, 2025, with **$89.9 million** remaining available as of June 30, 2024[52](index=52&type=chunk)[67](index=67&type=chunk) Share Repurchases in Q2 2024 | Period | Total Shares Purchased | Average Price per Share | Shares Purchased as Part of Program | Dollar Value Remaining under Program | | :--- | :--- | :--- | :--- | :--- | | April 2024 | 154,762 | $94.73 | 153,135 | $9,474,528 | | May 2024 | 223,358 | $87.39 | 223,358 | $89,948,343 | | June 2024 | — | — | — | $89,948,343 | | **Total** | **378,120** | **$90.40** | **376,493** | | [Item 5. Other Information](index=70&type=section&id=Item%205.%20Other%20Information) During the second quarter of 2024, three directors adopted Rule 10b5-1 trading plans for the sale of company securities, with no executive officers or directors terminating any such plans - Three directors, H. Eugene Lockhart, James Roth, and Debra Zumwalt, adopted Rule 10b5-1 trading plans in May 2024[90](index=90&type=chunk)[264](index=264&type=chunk) [Item 6. Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Quarterly Report on Form 10-Q, including certifications by the CEO and CFO, and Inline XBRL documents - The report includes various exhibits, such as amendments to corporate documents and certifications from the CEO and CFO as required by the Sarbanes-Oxley Act[106](index=106&type=chunk)[91](index=91&type=chunk)

Exhibit 99.1 NEWS FOR IMMEDIATE RELEASE abovis@hcg.com MEDIA CONTACT Allie Bovis YEAR-TO-DATE 2024 HIGHLIGHTS AND 2024 GUIDANCE • Total revenues increased $24.9 million, or 7.2%, to a record $371.7 million in Q2 2024 from $346.8 million in Q2 2023. • Net income increased $12.8 million, or 51.7%, to $37.5 million in Q2 2024, compared to $24.7 million in Q2 2023. Results for Q2 2024 include an $11.1 million litigation settlement gain, net of tax, related to a completed legal matter for which Huron was the pla ...

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. However, it isn't easy to find a great growth stock.That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.However, the task of finding cutting-edge growth stocks is made easy with the help ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 000-50976 HURON CONSULTING GROUP INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

Financial Performance - Total revenues increased by $38.1 million, or 12.0%, to $356.0 million in Q1 2024 from $317.9 million in Q1 2023[5] - Net income rose by $4.6 million, or 34.2%, to $18.0 million in Q1 2024, compared to $13.4 million in Q1 2023[7] - Adjusted EBITDA increased by $4.3 million, or 14.6%, to $33.8 million in Q1 2024, representing 9.5% of revenues[7] - Diluted earnings per share increased by $0.27, or 39.7%, to $0.95 in Q1 2024, compared to $0.68 in Q1 2023[5] - Adjusted net income for Q1 2024 was $23.254 million, up from $17.057 million in Q1 2023, reflecting a 36.5% increase[26] - Adjusted diluted earnings per share increased to $1.23 in Q1 2024 from $0.87 in Q1 2023, a rise of 41.4%[26] Revenue Segments - Healthcare segment revenues grew by 21.3% to $180,742,000, with operating income increasing by 32.4% to $42,694,000[21] - Education segment revenues increased by 7.1% to $111,583,000, but operating income decreased by 5.2% to $21,956,000[21] - Commercial segment revenues slightly declined by 1.6% to $63,636,000, with operating income remaining stable at $14,039,000[21] Shareholder Returns - Huron returned $62.3 million to shareholders by repurchasing 0.6 million shares, representing 3.4% of the company's common stock outstanding[5] Guidance and Expectations - Huron affirms full year 2024 revenue guidance in the range of $1.46 billion to $1.54 billion[9] - Adjusted diluted earnings per share expectation for full year 2024 increased to a range of $5.60 to $6.10[5] Operational Metrics - The number of revenue-generating professionals increased by 15.8% to 5,803 as of March 31, 2024[7] - The utilization rate for the company's Digital capability increased to 74.3% in Q1 2024, compared to 71.0% in the same period last year[7] - The number of revenue-generating professionals increased by 15.8% to 5,803, with significant growth in the Healthcare segment, which saw a 28.0% increase[21] Cash Flow and Debt - Total cash and cash equivalents at the end of the period were $18,642,000, up from $12,149,000 at the beginning of the period[19] - Cash flows from operating activities showed a net cash used of $130,724,000, compared to $92,101,000 in the same period last year[19] - Long-term debt increased to $558,897,000, up from $324,000,000, indicating a significant rise in leverage[21] Strategic Initiatives - Huron closed its acquisition of GG+A on March 1, 2024, enhancing its advisory capabilities in philanthropic programs[5] - The company continues to focus on strategic adjustments and reclassifications to optimize revenue generation across its segments[24] - Management emphasizes the use of non-GAAP measures like adjusted EBITDA and adjusted net income for evaluating financial performance and future prospects[26]

Investors might want to bet on Huron Consulting (HURN) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a changing ...

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.However, the task of finding cutting-edge growth stocks is made easy w ...

The price trend for Huron Consulting (HURN) has been bearish lately and the stock has lost 5.8% over the past two weeks. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor ...

CHICAGO--(BUSINESS WIRE)--Global professional services firm Huron (NASDAQ: HURN) today announced it has completed its acquisition of GG+A, a leading philanthropic management consulting firm. This acquisition brings together two organizations with a shared passion for empowering education institutions and healthcare, arts, and other nonprofit organizations to build and accelerate philanthropic programs to support their mission and deepen their impact on society. “ We are thrilled to welcome GG+A to team Hur ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-an ...