Huron Consulting(HURN) - 2024 Q4 - Annual Results

Revenue Growth - Revenues before reimbursable expenses increased by $49.2 million, or 14.5%, to a record $388.4 million in Q4 2024 from $339.2 million in Q4 2023[3] - Full year revenues before reimbursable expenses increased by $124.0 million, or 9.1%, to a record $1.49 billion for 2024 from $1.36 billion for 2023[12] - The total revenues for the twelve months ended December 31, 2024, were $1.52 billion, compared to $1.40 billion for the same period in 2023, indicating a year-over-year increase of about 8.7%[26] - Total revenues for Q4 2024 reached $399.3 million, a 14.1% increase from $350.0 million in Q4 2023[36] - Total revenues for the year ended December 31, 2024, were $1.52 billion, compared to $1.40 billion in 2023, reflecting an 8.8% increase[36] Net Income and Profitability - Net income increased by $31.2 million to $34.0 million in Q4 2024, compared to $2.8 million in Q4 2023, with Q4 2023 results impacted by a non-cash unrealized loss of $19.4 million[3] - Net income for 2024 increased by $54.1 million, or 86.7%, to $116.6 million, compared to $62.5 million for 2023[13] - Net income for the fourth quarter of 2024 was $34.0 million, significantly up from $2.8 million in the fourth quarter of 2023, reflecting a substantial increase in profitability[26] - Net income as a percentage of total revenues for Q4 2024 was 8.5%, significantly higher than 0.8% in Q4 2023[36] - Adjusted net income for the year ended December 31, 2024, was $120.4 million, compared to $96.2 million in 2023, a 25.1% increase[38] Earnings Per Share - Diluted earnings per share increased by $3.08, or 96.6%, to a record $6.27 for 2024, compared to $3.19 for 2023[13] - Adjusted diluted earnings per share increased by $1.56, or 31.8%, to a record $6.47 for 2024 from $4.91 for 2023[13] - Adjusted diluted earnings per share for Q4 2024 was $1.90, compared to $1.29 in Q4 2023, marking a 47.3% increase[38] - Adjusted diluted earnings per share for 2025 is projected to be in the range of $6.80 to $7.60[17] Cash Flow and Operating Activities - Net cash provided by operating activities increased by $66.1 million, or 48.8%, to a record $201.3 million for 2024, compared to $135.3 million for 2023[9] - Cash flows from operating activities for the twelve months ended December 31, 2024, were $201,319,000, up from $135,262,000 in 2023[30] - The company reported a net cash increase of $9,762,000 for the twelve months ended December 31, 2024, compared to a net increase of $315,000 in 2023[30] - Cash and cash equivalents increased to $21.9 million in 2024 from $12.1 million in 2023, showing a growth of about 80.5%[28] Operational Metrics - The number of revenue-generating professionals increased by 5.0% to 4,694 as of December 31, 2024, from 4,469 as of December 31, 2023[11] - The total number of revenue-generating professionals increased by 12.8% to 6,224 as of December 31, 2024, compared to 5,519 in 2023[32] - The number of revenue-generating professionals in the Healthcare segment rose by 8.2% to 1,218 as of December 31, 2024, from 1,126 in 2023[32] - The number of Managed Services professionals in the Healthcare segment increased to 1,420 in Q4 2024 from 924 in Q4 2023, indicating a 53.8% growth[36] Guidance and Future Outlook - Huron provides full year 2025 guidance, including revenues before reimbursable expenses in a range of $1.58 billion to $1.66 billion[9] - The company provided guidance for full year 2025 revenues in the range of $1.58 billion to $1.66 billion, with adjusted EBITDA as a percentage of revenues expected to be between 14.0% and 14.5%[17] - The company will host an Investor Day on March 25, 2025, to discuss its strategy and financial goals[18] - The company anticipates a continued focus on optimizing operations and expanding service offerings to meet market demands[24] Expenses and Assets - Total operating expenses for the twelve months ended December 31, 2024, were $1.35 billion, up from $1.27 billion in 2023, reflecting an increase of approximately 6.2%[26] - The company reported total assets of $1.34 billion as of December 31, 2024, compared to $1.26 billion as of December 31, 2023, marking an increase of approximately 6.4%[28] - Operating income for the total company increased by 57.6% to $47,050,000 for the three months ended December 31, 2024, compared to $29,856,000 in 2023[32] - Operating income for the Healthcare segment increased by 37.5% to $61,337,000 for the three months ended December 31, 2024, compared to $44,606,000 in 2023[32] Managed Services - Managed Services capability revenues in the Education segment were $7.4 million for the three months ended December 31, 2024, down from $7.6 million in 2023[33] - Managed Services capability revenues before reimbursable expenses in the Healthcare segment were $24.0 million for Q4 2024, up from $16.3 million in Q4 2023, a 47.5% increase[36]