Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Huron Consulting Group Inc. | d490495d8k.htm |
Exhibit 99.1
HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA
(Unaudited)
| Quarter Ended | Year Ended | |||||||||||||||||||
| Segment and Consolidated Operating Results (in thousands): |
March 31, 2012 |
June 30, 2012 |
September 30, 2012 |
December 31, 2012 |
December 31, 2012 |
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| Huron Healthcare: |
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| Revenues |
$ | 63,465 | $ | 62,707 | $ | 74,999 | $ | 87,591 | $ | 288,762 | ||||||||||
| Operating income |
$ | 15,838 | $ | 20,072 | $ | 33,868 | $ | 41,086 | $ | 110,864 | ||||||||||
| Segment operating income as a percent of segment revenues |
25.0 | % | 32.0 | % | 45.2 | % | 46.9 | % | 38.4 | % | ||||||||||
| Huron Education and Life Sciences: |
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| Revenues |
$ | 27,676 | $ | 31,834 | $ | 33,863 | $ | 36,054 | $ | 129,427 | ||||||||||
| Operating income |
$ | 6,458 | $ | 9,187 | $ | 12,406 | $ | 10,232 | $ | 38,283 | ||||||||||
| Segment operating income as a percent of segment revenues |
23.3 | % | 28.9 | % | 36.6 | % | 28.4 | % | 29.6 | % | ||||||||||
| Huron Legal: |
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| Revenues |
$ | 41,383 | $ | 45,907 | $ | 46,153 | $ | 51,475 | $ | 184,918 | ||||||||||
| Operating income |
$ | 9,511 | $ | 12,499 | $ | 11,479 | $ | 10,828 | $ | 44,317 | ||||||||||
| Segment operating income as a percent of segment revenues |
23.0 | % | 27.2 | % | 24.9 | % | 21.0 | % | 24.0 | % | ||||||||||
| Huron Financial: |
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| Revenues |
$ | 5,849 | $ | 4,283 | $ | 6,689 | $ | 5,198 | $ | 22,019 | ||||||||||
| Operating income (loss) |
$ | 233 | $ | (337 | ) | $ | 1,763 | $ | 229 | $ | 1,888 | |||||||||
| Segment operating income (loss) as a percent of segment revenues |
4.0 | % | (7.9 | %) | 26.4 | % | 4.4 | % | 8.6 | % | ||||||||||
| All Other: |
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| Revenues |
$ | 264 | $ | (60 | ) | $ | 184 | $ | 447 | $ | 835 | |||||||||
| Operating loss |
$ | (799 | ) | $ | (744 | ) | $ | (428 | ) | $ | (314 | ) | $ | (2,285 | ) | |||||
| Segment operating loss as a percent of segment revenues |
N/M | N/M | N/M | N/M | N/M | |||||||||||||||
| Total Company: |
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| Revenues |
$ | 138,637 | $ | 144,671 | $ | 161,888 | $ | 180,765 | $ | 625,961 | ||||||||||
| Reimbursable expenses |
13,796 | 14,554 | 13,470 | 13,944 | 55,764 | |||||||||||||||
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| Total revenues and reimbursable expenses |
$ | 152,433 | $ | 159,225 | $ | 175,358 | $ | 194,709 | $ | 681,725 | ||||||||||
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| Statement of earnings reconciliation: |
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| Segment operating income |
$ | 31,241 | $ | 40,677 | $ | 59,088 | $ | 62,061 | $ | 193,067 | ||||||||||
| Charges not allocated at the segment level: |
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| Other selling, general and administrative expenses |
22,951 | 21,923 | 20,562 | 22,576 | 88,012 | |||||||||||||||
| Depreciation and amortization expense |
4,653 | 4,053 | 4,879 | 4,944 | 18,529 | |||||||||||||||
| Goodwill impairment charge (1) |
— | — | 13,083 | — | 13,083 | |||||||||||||||
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| Total operating income |
3,637 | 14,701 | 20,564 | 34,541 | 73,443 | |||||||||||||||
| Other expense, net |
1,533 | 2,178 | 2,176 | 1,908 | 7,795 | |||||||||||||||
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| Income from continuing operations before income tax expense |
$ | 2,104 | $ | 12,523 | $ | 18,388 | $ | 32,633 | $ | 65,648 | ||||||||||
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| Other Operating Data (excluding All Other): |
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| Number of full-time billable consultants (at period end) (2): |
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| Huron Healthcare |
755 | 757 | 778 | 801 | 801 | |||||||||||||||
| Huron Education and Life Sciences |
328 | 373 | 406 | 413 | 413 | |||||||||||||||
| Huron Legal |
118 | 129 | 134 | 139 | 139 | |||||||||||||||
| Huron Financial |
67 | 69 | 65 | 62 | 62 | |||||||||||||||
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| Total |
1,268 | 1,328 | 1,383 | 1,415 | 1,415 | |||||||||||||||
| Average number of full-time billable consultants (for the period) (2): |
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| Huron Healthcare |
738 | 753 | 768 | 801 | 764 | |||||||||||||||
| Huron Education and Life Sciences |
322 | 348 | 387 | 413 | 368 | |||||||||||||||
| Huron Legal |
116 | 123 | 128 | 136 | 126 | |||||||||||||||
| Huron Financial |
68 | 69 | 67 | 64 | 67 | |||||||||||||||
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| Total |
1,244 | 1,293 | 1,350 | 1,414 | 1,325 | |||||||||||||||
HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)
(Unaudited)
| Quarter Ended | Year Ended | |||||||||||||||||||
| Other Operating Data (excluding All Other): |
March 31, 2012 |
June 30, 2012 |
September 30, 2012 |
December 31, 2012 |
December 31, 2012 |
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| Full-time billable consultant utilization rate (3): |
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| Huron Healthcare |
83.7 | % | 78.8 | % | 77.4 | % | 81.2 | % | 80.3 | % | ||||||||||
| Huron Education and Life Sciences |
70.8 | % | 73.2 | % | 73.9 | % | 74.3 | % | 73.1 | % | ||||||||||
| Huron Legal |
70.7 | % | 68.7 | % | 66.9 | % | 63.7 | % | 67.4 | % | ||||||||||
| Huron Financial |
59.6 | % | 49.3 | % | 56.9 | % | 59.9 | % | 56.3 | % | ||||||||||
| Total |
77.8 | % | 74.8 | % | 74.4 | % | 76.6 | % | 75.9 | % | ||||||||||
| Full-time billable consultant average billing rate per hour (4): |
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| Huron Healthcare |
$ | 195 | $ | 203 | $ | 251 | $ | 271 | $ | 230 | ||||||||||
| Huron Education and Life Sciences |
$ | 212 | $ | 212 | $ | 214 | $ | 210 | $ | 212 | ||||||||||
| Huron Legal |
$ | 234 | $ | 239 | $ | 265 | $ | 220 | $ | 240 | ||||||||||
| Huron Financial |
$ | 275 | $ | 275 | $ | 368 | $ | 291 | $ | 302 | ||||||||||
| Total |
$ | 206 | $ | 211 | $ | 246 | $ | 251 | $ | 229 | ||||||||||
| Revenue per full-time billable consultant (in thousands): |
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| Huron Healthcare |
$ | 76 | $ | 73 | $ | 90 | $ | 100 | $ | 339 | ||||||||||
| Huron Education and Life Sciences |
$ | 73 | $ | 77 | $ | 74 | $ | 71 | $ | 295 | ||||||||||
| Huron Legal |
$ | 80 | $ | 78 | $ | 81 | $ | 60 | $ | 299 | ||||||||||
| Huron Financial |
$ | 81 | $ | 61 | $ | 96 | $ | 80 | $ | 318 | ||||||||||
| Total |
$ | 76 | $ | 74 | $ | 85 | $ | 87 | $ | 322 | ||||||||||
| Average number of full-time equivalents (for the period) (5): |
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| Huron Healthcare |
112 | 112 | 111 | 110 | 111 | |||||||||||||||
| Huron Education and Life Sciences |
28 | 30 | 33 | 43 | 33 | |||||||||||||||
| Huron Legal |
897 | 954 | 1,082 | 1,298 | 1,054 | |||||||||||||||
| Huron Financial |
2 | 1 | 3 | 1 | 2 | |||||||||||||||
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| Total |
1,039 | 1,097 | 1,229 | 1,452 | 1,200 | |||||||||||||||
| Revenue per full-time equivalents (in thousands): |
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| Huron Healthcare |
$ | 67 | $ | 69 | $ | 56 | $ | 67 | $ | 259 | ||||||||||
| Huron Education and Life Sciences |
$ | 147 | $ | 171 | $ | 165 | $ | 160 | $ | 643 | ||||||||||
| Huron Legal |
$ | 36 | $ | 38 | $ | 33 | $ | 33 | $ | 140 | ||||||||||
| Huron Financial (6) |
$ | 187 | $ | 41 | $ | 77 | $ | 52 | $ | 350 | ||||||||||
| Total |
$ | 42 | $ | 45 | $ | 39 | $ | 39 | $ | 165 | ||||||||||
HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA
(Unaudited)
| Quarter Ended | Year Ended | |||||||||||||||||||
| Segment and Consolidated Operating Results (in thousands): |
March 31, 2011 |
June 30, 2011 |
September 30, 2011 |
December 31, 2011 |
December 31, 2011 |
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| Huron Healthcare: |
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| Revenues |
$ | 59,213 | $ | 73,589 | $ | 72,518 | $ | 75,064 | $ | 280,384 | ||||||||||
| Operating income |
$ | 18,790 | $ | 29,967 | $ | 27,845 | $ | 29,393 | $ | 105,995 | ||||||||||
| Segment operating income as a percent of segment revenues |
31.7 | % | 40.7 | % | 38.4 | % | 39.2 | % | 37.8 | % | ||||||||||
| Huron Education and Life Sciences: |
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| Revenues |
$ | 29,254 | $ | 30,106 | $ | 28,241 | $ | 27,727 | $ | 115,328 | ||||||||||
| Operating income |
$ | 8,825 | $ | 9,142 | $ | 8,074 | $ | 7,010 | $ | 33,051 | ||||||||||
| Segment operating income as a percent of segment revenues |
30.2 | % | 30.4 | % | 28.6 | % | 25.3 | % | 28.7 | % | ||||||||||
| Huron Legal: |
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| Revenues |
$ | 37,317 | $ | 39,972 | $ | 43,501 | $ | 51,565 | $ | 172,355 | ||||||||||
| Operating income |
$ | 9,595 | $ | 9,629 | $ | 12,779 | $ | 11,210 | $ | 43,213 | ||||||||||
| Segment operating income as a percent of segment revenues |
25.7 | % | 24.1 | % | 29.4 | % | 21.7 | % | 25.1 | % | ||||||||||
| Huron Financial: |
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| Revenues |
$ | 9,646 | $ | 8,998 | $ | 8,588 | $ | 7,679 | $ | 34,911 | ||||||||||
| Operating income |
$ | 2,970 | $ | 2,768 | $ | 2,824 | $ | 1,366 | $ | 9,928 | ||||||||||
| Segment operating income as a percent of segment revenues |
30.8 | % | 30.8 | % | 32.9 | % | 17.8 | % | 28.4 | % | ||||||||||
| All Other : |
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| Revenues |
$ | 1,191 | $ | 405 | $ | 731 | $ | 1,009 | $ | 3,336 | ||||||||||
| Operating loss |
$ | (1,724 | ) | $ | (2,246 | ) | $ | (687 | ) | $ | (1,565 | ) | $ | (6,222 | ) | |||||
| Segment operating loss as a percent of segment revenues |
N/M | N/M | N/M | N/M | N/M | |||||||||||||||
| Total Company: |
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| Revenues |
$ | 136,621 | $ | 153,070 | $ | 153,579 | $ | 163,044 | $ | 606,314 | ||||||||||
| Reimbursable expenses |
11,924 | 13,216 | 13,140 | 13,300 | 51,580 | |||||||||||||||
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| Total revenues and reimbursable expenses |
$ | 148,545 | $ | 166,286 | $ | 166,719 | $ | 176,344 | $ | 657,894 | ||||||||||
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| Statement of earnings reconciliation: |
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| Segment operating income |
$ | 38,456 | $ | 49,260 | $ | 50,835 | $ | 47,414 | $ | 185,965 | ||||||||||
| Charges not allocated at the segment level: |
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| Other selling, general and administrative expenses |
23,395 | 22,625 | 20,151 | 23,850 | 90,021 | |||||||||||||||
| Depreciation and amortization expense |
4,246 | 4,336 | 5,007 | 4,935 | 18,524 | |||||||||||||||
| Goodwill impairment charge (1) |
— | — | 21,973 | — | 21,973 | |||||||||||||||
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| Total operating income |
10,815 | 22,299 | 3,704 | 18,629 | 55,447 | |||||||||||||||
| Other expense, net |
3,468 | 3,600 | 3,333 | 1,936 | 12,337 | |||||||||||||||
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| Income from continuing operations before income tax expense |
$ | 7,347 | $ | 18,699 | $ | 371 | $ | 16,693 | $ | 43,110 | ||||||||||
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| Other Operating Data (excluding All Other): |
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| Number of full-time billable consultants (at period end) (2): |
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| Huron Healthcare |
631 | 651 | 707 | 714 | 714 | |||||||||||||||
| Huron Education and Life Sciences |
282 | 282 | 304 | 313 | 313 | |||||||||||||||
| Huron Legal |
131 | 115 | 107 | 113 | 113 | |||||||||||||||
| Huron Financial |
75 | 75 | 73 | 73 | 73 | |||||||||||||||
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| Total |
1,119 | 1,123 | 1,191 | 1,213 | 1,213 | |||||||||||||||
| Average number of full-time billable consultants (for the period) (2): |
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| Huron Healthcare |
607 | 637 | 679 | 716 | 657 | |||||||||||||||
| Huron Education and Life Sciences |
281 | 283 | 295 | 309 | 292 | |||||||||||||||
| Huron Legal |
121 | 123 | 112 | 111 | 117 | |||||||||||||||
| Huron Financial |
77 | 75 | 74 | 74 | 75 | |||||||||||||||
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| Total |
1,086 | 1,118 | 1,160 | 1,210 | 1,141 | |||||||||||||||
HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)
(Unaudited)
| Quarter Ended | Year Ended | |||||||||||||||||||
| Other Operating Data (excluding All Other): |
March 31, 2011 |
June 30, 2011 |
September 30, 2011 |
December 31, 2011 |
December 31, 2011 |
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| Full-time billable consultant utilization rate (3): |
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| Huron Healthcare |
87.1 | % | 74.9 | % | 81.1 | % | 79.8 | % | 80.6 | % | ||||||||||
| Huron Education and Life Sciences |
73.9 | % | 74.9 | % | 73.3 | % | 68.9 | % | 72.7 | % | ||||||||||
| Huron Legal |
55.9 | % | 54.9 | % | 64.1 | % | 68.1 | % | 60.5 | % | ||||||||||
| Huron Financial |
74.9 | % | 76.3 | % | 71.5 | % | 66.7 | % | 72.5 | % | ||||||||||
| Total |
79.5 | % | 73.0 | % | 76.9 | % | 75.1 | % | 76.1 | % | ||||||||||
| Full-time billable consultant average billing rate per hour (4): |
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| Huron Healthcare |
$ | 214 | $ | 292 | $ | 265 | $ | 272 | $ | 260 | ||||||||||
| Huron Education and Life Sciences |
$ | 219 | $ | 224 | $ | 218 | $ | 220 | $ | 220 | ||||||||||
| Huron Legal |
$ | 236 | $ | 231 | $ | 236 | $ | 248 | $ | 238 | ||||||||||
| Huron Financial |
$ | 341 | $ | 315 | $ | 327 | $ | 334 | $ | 329 | ||||||||||
| Total |
$ | 225 | $ | 271 | $ | 254 | $ | 260 | $ | 253 | ||||||||||
| Revenue per full-time billable consultant (in thousands): |
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| Huron Healthcare |
$ | 88 | $ | 107 | $ | 99 | $ | 95 | $ | 389 | ||||||||||
| Huron Education and Life Sciences |
$ | 79 | $ | 83 | $ | 78 | $ | 72 | $ | 312 | ||||||||||
| Huron Legal |
$ | 53 | $ | 55 | $ | 66 | $ | 73 | $ | 247 | ||||||||||
| Huron Financial |
$ | 124 | $ | 115 | $ | 111 | $ | 98 | $ | 448 | ||||||||||
| Total |
$ | 84 | $ | 96 | $ | 91 | $ | 88 | $ | 359 | ||||||||||
| Average number of full-time equivalents (for the period) (5): |
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| Huron Healthcare |
92 | 94 | 102 | 120 | 103 | |||||||||||||||
| Huron Education and Life Sciences |
55 | 50 | 43 | 39 | 45 | |||||||||||||||
| Huron Legal |
863 | 973 | 1,032 | 1,192 | 1,015 | |||||||||||||||
| Huron Financial |
1 | 3 | 2 | 2 | 2 | |||||||||||||||
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| Total |
1,011 | 1,120 | 1,179 | 1,353 | 1,165 | |||||||||||||||
| Revenue per full-time equivalents (in thousands): |
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| Huron Healthcare |
$ | 63 | $ | 55 | $ | 53 | $ | 58 | $ | 229 | ||||||||||
| Huron Education and Life Sciences |
$ | 128 | $ | 133 | $ | 122 | $ | 142 | $ | 525 | ||||||||||
| Huron Legal |
$ | 36 | $ | 34 | $ | 35 | $ | 36 | $ | 141 | ||||||||||
| Huron Financial |
$ | 111 | $ | 134 | $ | 205 | $ | 181 | $ | 631 | ||||||||||
| Total |
$ | 43 | $ | 41 | $ | 40 | $ | 41 | $ | 165 | ||||||||||
| (1) | The goodwill impairment charge is not allocated at the segment level because the underlying goodwill asset is reflective of our corporate investments in the segments. We do not include the impact of goodwill impairment charges in our evaluation of segment performance. |
| (2) | Consists of our full-time professionals who provide consulting services and generate revenues based on the number of hours worked. |
| (3) | Utilization rate for our full-time billable consultants is calculated by dividing the number of hours all our full-time billable consultants worked on client assignments during a period by the total available working hours for all of these consultants during the same period, assuming a forty-hour work week, less paid holidays and vacation days. |
| (4) | Average billing rate per hour for our full-time billable consultants is calculated by dividing revenues for a period by the number of hours worked on client assignments during the same period. |
| (5) | Consists of project consultants and contractors who work variable schedules as needed by our clients and generate revenues primarily based on number of hours worked and units produced, such as pages reviewed and data processed. Also includes full-time employees who provide software support and maintenance services to our clients. |
| (6) | Individual quarters do not sum to the respective full year amount due to rounding. |
N/M – Not Meaningful