Huron Consulting Group Inc

NASDAQ:HURNUnited States

Apr 30, 2024

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• -- Earnings Flash (HURN) HURON Posts Q1 Revenue $356M, vs. Street Est of $348.8M, from 4:17PM ET on Tuesday Apr 30, 2024 by MT Newswires

  4:17PM ET on Tuesday Apr 30, 2024 by MT Newswires
  Companies Mentioned: HURN
  04:17 PM EDT, 04/30/2024 (MT Newswires) -- ...

• -- Earnings Flash (HURN) HURON Reports Q1 EPS $1.23, vs. Street Est of $0.89, from 4:16PM ET on Tuesday Apr 30, 2024 by MT Newswires

  4:16PM ET on Tuesday Apr 30, 2024 by MT Newswires
  Companies Mentioned: HURN
  04:16 PM EDT, 04/30/2024 (MT Newswires) -- ...

• Huron Announces First Quarter 2024 Financial Results and Updates 2024 Guidance, from 4:05PM ET on Tuesday Apr 30, 2024 by Business Wire

  4:05PM ET on Tuesday Apr 30, 2024 by Business Wire
  Companies Mentioned: HURN

  --OTHER HIGHLIGHTS

  Global professional services firm Huron (NASDAQ: HURN) today announced financial results for the quarter ended March 31, 2024.

  "Our first quarter results reflect our ongoing focus on achieving accelerated revenue growth and consistent margin expansion. Revenues grew 12% over the first quarter of 2023 driven by strong growth in our Healthcare segment as well as continued growth in our Education segment, which furthers the segment's multi-year growth trajectory," said Mark Hussey, chief executive officer and president of Huron.

• Huron Announces First Quarter 2024 Financial Results and Updates 2024 Guidance, from 4:05PM ET on Tuesday Apr 30, 2024 by Dow Jones

  4:05PM ET on Tuesday Apr 30, 2024 by Dow Jones
  Companies Mentioned: HURN
  Managed Services capability revenues within our Education segment was $7.4 million for both the three months ended March 31, 2024 and 2023, respectively. (6) The number of Managed Services revenue-generating professionals within our Healthcare segment was 1,087 and 726 as of March 31, 2024 and 2023, respectively. The number of Managed Services revenue-generating professionals within our Education segment was 132 and 125 as of March 31, 2024 and 2023, respectively. (7) Utilization rate is calculated by dividing the number of hours our billable consultants worked on client assignments during a period by the total available working hours for these billable consultants during the same period. Available working hours are determined by the standard hours worked by each billable consultant, adjusted for part-time hours, and U.S. standard work weeks. Available working hours exclude local country holidays and vacation days. Utilization rates are presented for our revenue-generating professionals who primarily bill on an hourly basis. We have not presented utilization rates for our Managed Services professionals as most of the revenues generated by these employees are not billed on an hourly basis. HURON CONSULTING GROUP INC. RECONCILIATION OF NET INCOME TO ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (8) (In thousands) (Unaudited) Three Months Ended March 31, -------------------------- 2024 2023 ------- ------- Revenues $355,961 $317,895 ======= ======= Net income $ 18,006 $ 13,419 Add back: Income tax expense (benefit) (446) 2,428 Interest expense, net of interest income 5,140 4,303 Depreciation and amortization 6,181 6,553 ------- ------- Earnings before interest, taxes, depreciation and amortization (EBITDA) (8) 28,881 26,703 Add back: Restructuring charges 2,337 2,284 Other losses 1,568 435 Transaction-related expenses 1,497 -- Foreign currency transaction losses (gains), net (465) 80 ------- ------- Adjusted EBITDA (8) $ 33,818 $ 29,502 ======= ======= Adjusted EBITDA as a percentage of revenues (8) 9.5% 9.3% ======= ======= HURON CONSULTING GROUP INC. RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME (8) (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, ------------------------ 2024 2023 ------- ------ Net income $ 18,006 $13,419 ======= ====== Weighted average shares - diluted 18,943 19,699 Diluted earnings per share $ 0.95 $ 0.68 ======= ====== Add back: Amortization of intangible assets 1,690 2,231 Restructuring charges 2,337 2,284 Other losses 1,568 435 Transaction-related expenses 1,497 -- Tax effect of adjustments (1,844) (1,312) ------- ------ Total adjustments, net of tax 5,248 3,638 ------- ------ Adjusted net income (8) $ 23,254 $17,057 ======= ====== Adjusted weighted average shares - diluted 18,943 19,699 Adjusted diluted earnings per share (8) $ 1.23 $ 0.87 ======= ======== (8) In evaluating the company's financial performance and outlook, management uses earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted EBITDA as a percentage of revenues, adjusted net income, and adjusted diluted earnings per share, which are non-GAAP measures. Management uses these non-GAAP financial measures to gain an understanding of the company's comparative operating performance (when comparing such results with previous periods or forecasts). These non-GAAP financial measures are used by management in their financial and operating decision making because management believes they reflect the company's ongoing business in a manner that allows for meaningful period-to-period comparisons. Management also uses these non-GAAP financial measures when publicly providing the company's business outlook, for internal management purposes, and as a basis for evaluating potential acquisitions and dispositions. Management believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Huron's current operating performance and future prospects in the same manner as management does, if they so choose, and in comparing in a consistent manner Huron's current financial results with Huron's past financial results. Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flows or liquidity prepared in accordance with accounting principles generally accepted in the United States.