$HURN

Huron Consulting Group Inc.

CIK:0001289848|SEC Filings

Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenues before reimbursable expenses	$ 465,636	$ 402,505	$ 909,348	$ 798,195
Reimbursable expenses	9,406	9,250	17,461	17,701
Total revenues	475,042	411,755	926,809	815,896
Operating expenses:
Direct costs (exclusive of depreciation and amortization included below)	311,187	269,028	619,381	547,071
Reimbursable expenses	9,406	9,250	17,461	17,695
Selling, general and administrative expenses	89,793	80,217	174,504	156,851
Other losses (gains)	(3,850)	71	(7,690)	71
Restructuring charges	410	560	1,073	1,898
Depreciation and amortization	10,148	7,117	19,869	14,066
Total operating expenses	424,794	366,101	839,978	737,510
Operating income	50,248	45,654	86,831	78,386
Other income (expense), net:
Interest expense, net of interest income	(11,939)	(9,281)	(20,830)	(14,928)
Other income (expense), net	4,599	(8,665)	3,973	(14,298)
Total other expense, net	(7,340)	(17,946)	(16,857)	(29,226)
Income before taxes	42,908	27,708	69,974	49,160
Income tax expense	11,674	8,278	15,493	5,194
Net income	$ 31,234	$ 19,430	$ 54,481	$ 43,966
Earnings per share:
Net income per basic share	$ 1.93	$ 1.12	$ 3.28	$ 2.50
Net income per diluted share	$ 1.91	$ 1.09	$ 3.22	$ 2.42
Weighted average shares used in calculating earnings per share:
Basic	16,208	17,320	16,594	17,569
Diluted	16,387	17,772	16,902	18,137
Comprehensive income (loss):
Net income (loss)	$ 31,234	$ 19,430	$ 54,481	$ 43,966
Foreign currency translation adjustments, net of tax	(1,807)	2,749	(3,738)	3,284
Unrealized loss on investment, net of tax	(1,330)	(5,249)	(1,330)	(15,766)
Unrealized gain (loss) on cash flow hedging instruments, net of tax	1,897	(2,114)	2,927	(4,347)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	(1,240)	(4,614)	(2,141)	(16,829)
Comprehensive income	$ 29,994	$ 14,816	$ 52,340	$ 27,137

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 54,481	$ 43,966
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	19,869	14,066
Non-cash lease expense	3,281	2,855
Lease-related impairment charges	0	738
-1240000	(4,063)
Share-based compensation	28,663	25,757
Amortization of debt discount and issuance costs	577	571
Gain on sale of property and equipment	486	0
Allowances for doubtful accounts	100	396
-1240000	(303)	0
Change in fair value of contingent consideration liabilities	7,690	(71)
Deferred income taxes	1,592	399
Debt Securities, Available-for-Sale, Allowance for Credit Loss	(1,067)	11,125
Change in fair value of equity investment	2,239	5,014
Changes in operating assets and liabilities, net of acquisitions:
(Increase) decrease in receivables from clients, net	(11,139)	5,494
(Increase) decrease in unbilled services, net	(38,853)	(26,945)
(Increase) decrease in current income tax receivable / payable, net	(6,849)	(17,161)
(Increase) decrease in other assets	(9,934)	(6,051)
Increase (decrease) in accounts payable and other liabilities	2,138	4,063
Increase (decrease) in accrued payroll and related benefits	(88,680)	(91,280)
Increase (decrease) in deferred revenues	(958)	284
Net cash used in operating activities	(41,702)	(26,780)
Cash flows from investing activities:
Purchases of property and equipment	(10,925)	(3,892)
Investments in life insurance policies	0	(2,312)
Purchases of businesses, net of cash acquired	(27,790)	(53,111)
Capitalization of internally developed software costs	(10,065)	(10,919)
Payments to Acquire Notes Receivable	2,000	0
Proceeds from note receivable	2,250	154
Proceeds from sale of property and equipment	500	0
Proceeds from Divestiture of Businesses, Net of Cash Divested	300	0
Net cash used in investing activities	(47,730)	(70,080)
Cash flows from financing activities:
Proceeds from exercises of stock options	761	2,591
Shares redeemed for employee tax withholdings	(20,812)	(32,507)
Share repurchases	(206,652)	(134,369)
Proceeds from bank borrowings	579,000	552,000
Repayments of bank borrowings	(256,000)	(251,875)
Deferred payments for business acquisitions	0	(36)
Net cash provided by financing activities	96,297	135,804
Effect of exchange rate changes on cash	(145)	156
Net increase in cash and cash equivalents	6,720	39,100
Cash and cash equivalents at beginning of the period	24,508	21,911
Cash and cash equivalents at end of the period	31,228	61,011
Non-cash investing and financing activities:
Property and equipment expenditures and capitalized software included in current liabilities	3,204	3,054
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	4,868	1,435
Common stock issued related to purchases of businesses	0	20,897
Noncash or Part Noncash Acquisition, Other Liabilities Assumed	8,728	0
Contingent consideration accrued related to purchases of businesses	3,423	15,400
Share repurchases included in current liabilities	927	0
Excise tax on net share repurchases included in non-current liabilities	$ 1,639	$ 664

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 31,228	$ 24,508
Receivables from clients, net of allowances of $10,457 and $10,519, respectively	203,815	186,506
Unbilled services, net of allowances of $3,090 and $3,384, respectively	238,057	195,464
Income tax receivable	15,560	8,430
Prepaid expenses and other current assets	41,118	33,676
Total current assets	529,778	448,584
Property and equipment, net	27,691	23,472
Deferred income taxes, net	3,564	3,563
Long-term investments, net of allowances of $9,315 and $10,382, respectively	33,931	36,433
Operating lease right-of-use assets	20,878	20,027
Other non-current assets	142,797	134,781
Intangible assets, net	81,182	72,927
Goodwill	804,939	786,896
Total assets	1,644,760	1,526,683
Current liabilities:
Accounts payable	16,802	12,354
Accrued expenses and other current liabilities	59,416	38,117
Accrued payroll and related benefits	173,027	266,950
Current maturities of long-term debt	20,000	20,000
Current maturities of operating lease liabilities	9,797	14,304
Deferred revenues	30,885	31,708
Total current liabilities	309,927	383,433
Non-current liabilities:
Deferred compensation and other liabilities	73,238	63,316
Long-term debt, net of current portion	812,812	489,665
Operating lease liabilities, net of current portion	21,928	24,371
Deferred income taxes, net	42,095	37,269
Total non-current liabilities	950,073	614,621
Commitments and contingencies
Stockholders’ equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 19,373,897 and 20,465,234 shares issued, respectively	194	205
Treasury stock, at cost, 3,407,005 and 3,269,301 shares, respectively	(210,434)	(189,989)
Additional paid-in capital	3,928	87,885
Retained earnings	599,378	636,693
Accumulated other comprehensive loss	(8,306)	(6,165)
Total stockholders’ equity	384,760	528,629
Total liabilities and stockholders’ equity	$ 1,644,760	$ 1,526,683