Huron Consulting(HURN) - 2024 Q1 - Quarterly Results

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]