Attached files
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| 8-K - 8-K - Huron Consulting Group Inc. | d721557d8k.htm |
Exhibit 99.1
HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA
(Unaudited)
Huron Consulting Group Inc. (the “Company”) is posting this supplementary financial information on its website to reflect the quarterly and annual 2013 segment and consolidated operating results and other operating data including the effect of the first quarter 2014 reorganization of our Enterprise Performance Management (“EPM”) practice (formerly referred to as Blue Stone International, a business which we acquired during the fourth quarter of 2013) from the Huron Education and Life Sciences segment to the Huron Business Advisory segment.
The revised presentation does not have any effect on the Company’s previously reported consolidated statements of earnings and other comprehensive income, balance sheets, stockholders’ equity, or cash flows.
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, 2013 |
June 30, 2013 |
September 30, 2013 |
December 31, 2013 |
December 31, 2013 |
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| Huron Healthcare: |
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| Revenues |
$ | 78,745 | $ | 78,946 | $ | 86,957 | $ | 114,118 | $ | 358,766 | ||||||||||
| Operating income |
$ | 31,161 | $ | 29,507 | $ | 30,772 | $ | 50,430 | $ | 141,870 | ||||||||||
| Segment operating income as a percentage of segment revenues |
39.6 | % | 37.4 | % | 35.4 | % | 44.2 | % | 39.5 | % | ||||||||||
| Huron Legal: |
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| Revenues |
$ | 40,944 | $ | 45,089 | $ | 45,263 | $ | 51,098 | $ | 182,394 | ||||||||||
| Operating income |
$ | 2,938 | $ | 10,793 | $ | 15,138 | $ | 13,095 | $ | 41,964 | ||||||||||
| Segment operating income as a percentage of segment revenues |
7.2 | % | 23.9 | % | 33.4 | % | 25.6 | % | 23.0 | % | ||||||||||
| Huron Education and Life Sciences: |
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| Revenues |
$ | 35,726 | $ | 37,134 | $ | 34,806 | $ | 35,944 | $ | 143,610 | ||||||||||
| Operating income |
$ | 9,352 | $ | 11,547 | $ | 7,773 | $ | 7,293 | $ | 35,965 | ||||||||||
| Segment operating income as a percentage of segment revenues |
26.2 | % | 31.1 | % | 22.3 | % | 20.3 | % | 25.0 | % | ||||||||||
| Huron Business Advisory: |
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| Revenues |
$ | 8,582 | $ | 9,263 | $ | 7,223 | $ | 9,600 | $ | 34,668 | ||||||||||
| Operating income (loss) |
$ | 3,379 | $ | 3,952 | $ | 664 | $ | (783 | ) | $ | 7,212 | |||||||||
| Segment operating income (loss) as a percentage of segment revenues |
39.4 | % | 42.7 | % | 9.2 | % | (8.2 | )% | 20.8 | % | ||||||||||
| All Other: |
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| Revenues |
$ | 39 | $ | (25 | ) | $ | 486 | $ | 584 | $ | 1,084 | |||||||||
| Operating loss |
$ | (172 | ) | $ | (244 | ) | $ | (285 | ) | $ | (555 | ) | $ | (1,256 | ) | |||||
| Segment operating loss as a percentage of segment revenues |
N/M | N/M | N/M | N/M | N/M | |||||||||||||||
| Total Company: |
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| Revenues |
$ | 164,036 | $ | 170,407 | $ | 174,735 | $ | 211,344 | $ | 720,522 | ||||||||||
| Reimbursable expenses |
15,336 | 18,123 | 17,542 | 16,266 | 67,267 | |||||||||||||||
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| Total revenues and reimbursable expenses |
$ | 179,372 | $ | 188,530 | $ | 192,277 | $ | 227,610 | $ | 787,789 | ||||||||||
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| Statement of earnings reconciliation: |
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| Segment operating income |
$ | 46,658 | $ | 55,555 | $ | 54,062 | $ | 69,480 | $ | 225,755 | ||||||||||
| Items not allocated at the segment level: |
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| Other operating expenses and gains |
20,536 | 20,129 | 17,975 | 26,700 | 85,340 | |||||||||||||||
| Depreciation and amortization expense |
4,779 | 4,877 | 4,968 | 5,886 | 20,510 | |||||||||||||||
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| Total operating income |
21,343 | 30,549 | 31,119 | 36,894 | 119,905 | |||||||||||||||
| Other expense, net |
1,850 | 1,858 | 1,427 | 1,131 | 6,266 | |||||||||||||||
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| Income from continuing operations before income tax expense |
$ | 19,493 | $ | 28,691 | $ | 29,692 | $ | 35,763 | $ | 113,639 | ||||||||||
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| Other Operating Data (excluding All Other): |
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| Number of full-time billable consultants (at period end) (1): |
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| Huron Healthcare |
870 | 916 | 942 | 966 | 966 | |||||||||||||||
| Huron Legal |
151 | 145 | 143 | 141 | 141 | |||||||||||||||
| Huron Education and Life Sciences |
436 | 434 | 425 | 413 | 413 | |||||||||||||||
| Huron Business Advisory |
62 | 63 | 62 | 155 | 155 | |||||||||||||||
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| Total |
1,519 | 1,558 | 1,572 | 1,675 | 1,675 | |||||||||||||||
| Average number of full-time billable consultants (for the period) (1): |
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| Huron Healthcare |
863 | 883 | 926 | 954 | 907 | |||||||||||||||
| Huron Legal |
146 | 149 | 146 | 142 | 146 | |||||||||||||||
| Huron Education and Life Sciences |
430 | 438 | 425 | 417 | 427 | |||||||||||||||
| Huron Business Advisory |
62 | 62 | 62 | 155 | 85 | |||||||||||||||
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| Total |
1,501 | 1,532 | 1,559 | 1,668 | 1,565 | |||||||||||||||
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, 2013 |
June 30, 2013 |
September 30, 2013 |
December 31, 2013 |
December 31, 2013 |
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| Full-time billable consultant utilization rate (2): |
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| Huron Healthcare |
85.6 | % | 84.7 | % | 80.2 | % | 81.5 | % | 83.0 | % | ||||||||||
| Huron Legal (5) |
52.0 | % | 60.0 | % | 62.3 | % | 69.6 | % | 60.8 | % | ||||||||||
| Huron Education and Life Sciences |
70.0 | % | 65.8 | % | 64.4 | % | 66.0 | % | 66.6 | % | ||||||||||
| Huron Business Advisory (6) |
84.7 | % | 82.9 | % | 73.6 | % | 63.3 | % | 72.7 | % | ||||||||||
| Total |
77.9 | % | 76.9 | % | 73.9 | % | 75.0 | % | 75.9 | % | ||||||||||
| Full-time billable consultant average billing rate per hour (3): |
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| Huron Healthcare (5) |
$ | 205 | $ | 199 | $ | 230 | $ | 297 | $ | 233 | ||||||||||
| Huron Legal |
$ | 222 | $ | 221 | $ | 271 | $ | 271 | $ | 248 | ||||||||||
| Huron Education and Life Sciences |
$ | 206 | $ | 223 | $ | 215 | $ | 222 | $ | 216 | ||||||||||
| Huron Business Advisory (6) |
$ | 331 | $ | 348 | $ | 331 | $ | 204 | $ | 285 | ||||||||||
| Total |
$ | 212 | $ | 213 | $ | 234 | $ | 272 | $ | 233 | ||||||||||
| Revenue per full-time billable consultant (in thousands): |
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| Huron Healthcare (5) |
$ | 85 | $ | 82 | $ | 87 | $ | 114 | $ | 369 | ||||||||||
| Huron Legal |
$ | 53 | $ | 60 | $ | 77 | $ | 82 | $ | 272 | ||||||||||
| Huron Education and Life Sciences |
$ | 70 | $ | 70 | $ | 64 | $ | 68 | $ | 272 | ||||||||||
| Huron Business Advisory (6) |
$ | 135 | $ | 140 | $ | 112 | $ | 60 | $ | 392 | ||||||||||
| Total(5) |
$ | 79 | $ | 79 | $ | 81 | $ | 95 | $ | 335 | ||||||||||
| Average number of full-time equivalents (for the period) (4): |
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| Huron Healthcare |
56 | 54 | 53 | 51 | 53 | |||||||||||||||
| Huron Legal |
1,089 | 982 | 963 | 1,216 | 1,062 | |||||||||||||||
| Huron Education and Life Sciences |
39 | 48 | 47 | 43 | 44 | |||||||||||||||
| Huron Business Advisory |
2 | 3 | 3 | 2 | 2 | |||||||||||||||
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| Total (5) |
1,186 | 1,087 | 1,066 | 1,312 | 1,161 | |||||||||||||||
| Revenue per full-time equivalent (in thousands): |
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| Huron Healthcare (5) |
$ | 104 | $ | 116 | $ | 123 | $ | 107 | $ | 449 | ||||||||||
| Huron Legal |
$ | 31 | $ | 37 | $ | 35 | $ | 32 | $ | 135 | ||||||||||
| Huron Education and Life Sciences |
$ | 151 | $ | 132 | $ | 159 | $ | 178 | $ | 620 | ||||||||||
| Huron Business Advisory |
$ | 149 | $ | 173 | $ | 106 | $ | 102 | $ | 530 | ||||||||||
| Total |
$ | 38 | $ | 45 | $ | 45 | $ | 40 | $ | 168 | ||||||||||
| (1) | Consists of our full-time professionals who provide consulting services and generate revenues based on the number of hours worked. |
| (2) | 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. |
| (3) | 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. |
| (4) | Consists of consultants who work variable schedules as needed by our clients, as well as contract reviewers and other professionals who 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. |
| (5) | Individual quarters do not sum or average, as appropriate, to the respective full year amount due to rounding. |
| (6) | Full year operating metrics are calculated using the appropriate full year data. As the results of the EPM practice, which we acquired on October 1, 2013, are only included in our fourth quarter results, full year operating metrics cannot be calculated using a simple average or summation of the four individual quarters presented. |
N/M – Not Meaningful