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Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 000-50976 
HURON CONSULTING GROUP INC.
(Exact name of registrant as specified in its charter)
 
Delaware 01-0666114
(State or other jurisdiction of
incorporation or organization)
 (IRS Employer
Identification Number)
550 West Van Buren Street
Chicago, Illinois
60607
(Address of principal executive offices)
(Zip Code)
(312) 583-8700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHURNNASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting 
Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of July 22, 2021, 22,445,893 shares of the registrant’s common stock, par value $0.01 per share, were outstanding.


Table of Contents



Huron Consulting Group Inc.
HURON CONSULTING GROUP INC.
INDEX
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Table of Contents



PART I - FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

HURON CONSULTING GROUP INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited) 
June 30,
2021
December 31,
2020
Assets
Current assets:
Cash and cash equivalents$12,982 $67,177 
Receivables from clients, net of allowances of $8,809 and $7,680, respectively
116,091 87,687 
Unbilled services, net of allowances of $3,214 and $2,603, respectively
90,119 53,959 
Income tax receivable1,811 5,121 
Prepaid expenses and other current assets14,642 16,569 
Total current assets235,645 230,513 
Property and equipment, net31,271 29,093 
Deferred income taxes, net4,745 4,191 
Long-term investments66,639 71,030 
Operating lease right-of-use assets36,575 39,360 
Other non-current assets64,488 62,068 
Intangible assets, net18,957 20,483 
Goodwill597,552 594,237 
Total assets$1,055,872 $1,050,975 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$6,318 $648 
Accrued expenses and other current liabilities19,822 14,874 
Accrued payroll and related benefits90,158 133,830 
Current maturities of long-term debt551 499 
Current maturities of operating lease liabilities9,598 8,771 
Deferred revenues19,182 28,247 
Total current liabilities145,629 186,869 
Non-current liabilities:
Deferred compensation and other liabilities46,843 47,131 
Long-term debt, net of current portion267,502 202,780 
Operating lease liabilities, net of current portion57,324 61,825 
Deferred income taxes, net436 428 
Total non-current liabilities372,105 312,164 
Commitments and contingencies
Stockholders’ equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 24,877,563 and 25,346,916 shares issued at June 30, 2021 and December 31, 2020, respectively
243 246 
Treasury stock, at cost, 2,445,818 and 2,584,119 shares at June 30, 2021 and December 31, 2020, respectively
(135,364)(129,886)
Additional paid-in capital429,084 454,512 
Retained earnings232,211 214,009 
Accumulated other comprehensive income11,964 13,061 
Total stockholders’ equity538,138 551,942 
Total liabilities and stockholders’ equity$1,055,872 $1,050,975 
The accompanying notes are an integral part of the consolidated financial statements.
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HURON CONSULTING GROUP INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)
(In thousands, except per share amounts)
(Unaudited) 
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Revenues and reimbursable expenses:
Revenues$230,126 $217,857 $433,339 $440,476 
Reimbursable expenses3,252 2,970 5,186 22,273 
Total revenues and reimbursable expenses233,378 220,827 438,525 462,749 
Direct costs and reimbursable expenses (exclusive of depreciation and amortization shown in operating expenses):
Direct costs161,526 149,514 309,641 305,762 
Amortization of intangible assets and software development costs910 1,334 1,835 2,635 
Reimbursable expenses3,316 2,866 5,319 22,255 
Total direct costs and reimbursable expenses165,752 153,714 316,795 330,652 
Operating expenses and other losses (gains), net
Selling, general and administrative expenses45,190 44,857 84,956 88,303 
Restructuring charges861 109 1,489 1,718 
Litigation and other losses (gains)  42 (150)
Depreciation and amortization5,446 6,193 10,874 12,307 
Goodwill impairment charges   59,816 
Total operating expenses and other losses (gains), net51,497 51,159 97,361 161,994 
Operating income (loss)16,129 15,954 24,369 (29,897)
Other income (expense), net:
Interest expense, net of interest income(2,029)(2,916)(3,748)(5,257)
Other income (expense), net2,151 3,948 2,571 (1,348)
Total other income (expense), net122 1,032 (1,177)(6,605)
Income (loss) from continuing operations before taxes16,251 16,986 23,192 (36,502)
Income tax expense (benefit)3,454 3,414 4,990 (7,801)
Net income (loss) from continuing operations12,797 13,572 18,202 (28,701)
Loss from discontinued operations, net of tax (25) (60)
Net income (loss)$12,797 $13,547 $18,202 $(28,761)
Net earnings (loss) per basic share:
Net income (loss) from continuing operations$0.59 $0.62 $0.84 $(1.31)
Loss from discontinued operations, net of tax   (0.01)
Net income (loss)$0.59 $0.62 $0.84 $(1.32)
Net earnings (loss) per diluted share:
Net income (loss) from continuing operations$0.59 $0.61 $0.82 $(1.31)
Loss from discontinued operations, net of tax   (0.01)
Net income (loss)$0.59 $0.61 $0.82 $(1.32)
Weighted average shares used in calculating earnings (loss) per share:
Basic21,555 21,869 21,743 21,848 
Diluted21,871 22,116 22,105 21,848 
Comprehensive income (loss):
Net income (loss)$12,797 $13,547 $18,202 $(28,761)
Foreign currency translation adjustments, net of tax82 104 482 (675)
Unrealized gain (loss) on investment, net of tax1,422 (5,678)(3,226)(5,936)
Unrealized gain (loss) on cash flow hedging instruments, net of tax218 (1,705)1,647 (3,390)
Other comprehensive income (loss)1,722 (7,279)(1,097)(10,001)
Comprehensive income (loss)$14,519 $6,268 $17,105 $(38,762)
The accompanying notes are an integral part of the consolidated financial statements.
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HURON CONSULTING GROUP INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share amounts)
(Unaudited)
Three Months Ended June 30,
Common StockTreasury StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Income
Stockholders’
Equity
SharesAmountSharesAmount
Balance at March 31, 202124,698,499 $247 (2,887,999)$(134,611)$445,711 $219,414 $10,242 $541,003 
Comprehensive income12,797 1,722 14,519 
Issuance of common stock in connection with:
Restricted stock awards, net of cancellations21,820  (9,091)(605)605  
Exercise of stock options6,772 — 248 248 
Share-based compensation4,575 4,575 
Shares redeemed for employee tax withholdings(2,843)(148)(148)
Share repurchases(405,363)(4)(22,055)(22,059)
Balance at June 30, 202124,321,728 $243 (2,899,933)$(135,364)$429,084 $232,211 $11,964 $538,138 
Balance at March 31, 202024,559,854 $246 (2,780,835)$(128,366)$444,974 $195,541 $12,214 524,609 
Comprehensive income13,547 (7,279)6,268 
Issuance of common stock in connection with:
Restricted stock awards, net of cancellations19,582  (4,157)(196)196  
Exercise of stock options6,800 — 178 178 
Share-based compensation5,043 5,043 
Shares redeemed for employee tax withholdings(1,806)(84)(84)
Balance at June 30, 202024,586,236 $246 (2,786,798)$(128,646)$450,391 $209,088 $4,935 $536,014 
Six Months Ended June 30,
Common StockTreasury StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Income
Stockholders’
Equity
SharesAmountSharesAmount
Balance at December 31, 202024,560,855 $246 (2,812,896)$(129,886)$454,512 $214,009 $13,061 $551,942 
Comprehensive income18,202 (1,097)17,105 
Issuance of common stock in connection with:
Restricted stock awards, net of cancellations398,551 4 81,009 3,173 (3,177) 
Exercise of stock options13,403 — 422 422 
Share-based compensation12,563 12,563 
Shares redeemed for employee tax withholdings(168,046)(8,651)(8,651)
Share repurchases(651,081)(7)(35,236)(35,243)
Balance at June 30, 202124,321,728 $243 (2,899,933)$(135,364)$429,084 $232,211 $11,964 $538,138 
Balance at December 31, 201924,603,308 $247 (2,763,302)$(128,348)$460,781 $237,849 $14,936 $585,465 
Comprehensive income(28,761)(10,001)(38,762)
Issuance of common stock in connection with:
Restricted stock awards, net of cancellations270,126 2 98,310 6,919 (6,921) 
Exercise of stock options26,800 — 646 646 
Share-based compensation16,763 16,763 
Shares redeemed for employee tax withholdings(121,806)(7,217)(7,217)
Share repurchases(313,998)(3)(20,878)(20,881)
Balance at June 30, 202024,586,236 $246 (2,786,798)$(128,646)$450,391 $209,088 $4,935 $536,014 
The accompanying notes are an integral part of the consolidated financial statements.
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HURON CONSULTING GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
June 30,
20212020
Cash flows from operating activities:
Net income (loss)$18,202 $(28,761)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation and amortization12,923 14,942 
Non-cash lease expense3,301 3,880 
Share-based compensation11,566 14,527 
Amortization of debt discount and issuance costs397 397 
Goodwill impairment charges 59,816 
Allowances for doubtful accounts 512 
Deferred income taxes(48)(15,515)
Loss on sale of business 102 
Change in fair value of contingent consideration liabilities42  
Other, net(236) 
Changes in operating assets and liabilities, net of acquisition and divestiture:
(Increase) decrease in receivables from clients, net(27,749)(339)
(Increase) decrease in unbilled services, net(36,088)(3,059)
(Increase) decrease in current income tax receivable / payable, net3,366 6,546 
(Increase) decrease in other assets(1,117)(1,674)
Increase (decrease) in accounts payable and other liabilities5,038 (2,787)
Increase (decrease) in accrued payroll and related benefits(42,487)(53,420)
Increase (decrease) in deferred revenues(9,080)6,638 
Net cash provided by (used in) operating activities(61,970)1,805 
Cash flows from investing activities:
Purchases of property and equipment, net(5,439)(4,417)
Purchase of investment securities (13,000)
Investment in life insurance policies(77)(1,540)
Purchase of business(5,886) 
Capitalization of internally developed software costs(2,508)(5,184)
Proceeds from sale of property and equipment158  
Net cash used in investing activities(13,752)(24,141)
Cash flows from financing activities:
Proceeds from exercises of stock options422 646 
Shares redeemed for employee tax withholdings(8,651)(7,217)
Share repurchases(35,243)(22,115)
Proceeds from bank borrowings139,000 283,000 
Repayments of bank borrowings(74,270)(160,263)
Net cash provided by financing activities21,258 94,051 
Effect of exchange rate changes on cash269 (107)
Net increase (decrease) in cash and cash equivalents(54,195)71,608 
Cash and cash equivalents at beginning of the period67,177 11,604 
Cash and cash equivalents at end of the period$12,982 $83,212 
Supplemental disclosure of cash flow information:
Non-cash investing and financing activities:
Property and equipment expenditures and capitalized software included in accounts payable, accrued expenses and accrued payroll and related benefits$3,315 $2,070 
Operating lease right-of-use asset obtained in exchange for operating lease liability$ $1,397 
The accompanying notes are an integral part of the consolidated financial statements.
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HURON CONSULTING GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular amounts in thousands, except per share amounts)
(Unaudited)

1. Description of Business
Huron is a global consultancy that collaborates with clients to drive strategic growth, ignite innovation and navigate constant change. Through a combination of strategy, expertise and creativity, we help clients accelerate operational, digital and cultural transformation, enabling the change they need to own their future. By embracing diverse perspectives, encouraging new ideas and challenging the status quo, Huron creates sustainable results for the organizations it serves.
2. Basis of Presentation and Significant Accounting Policies
The accompanying unaudited consolidated financial statements reflect the financial position, results of operations, and cash flows as of and for the three and six months ended June 30, 2021 and 2020. These financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for Quarterly Reports on Form 10-Q. Accordingly, these financial statements do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for annual financial statements. In the opinion of management, these financial statements reflect all adjustments of a normal, recurring nature necessary for the fair statement of our financial position, results of operations, and cash flows for the interim periods presented in conformity with GAAP. These financial statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2020 included in our Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the period ended March 31, 2021. Our results for any interim period are not necessarily indicative of results for a full year or any other interim period.
During the first quarter of 2021, we identified an error on our previously reported consolidated balance sheet as of December 31, 2020
related to the classification between receivables from clients, unbilled services, and deferred revenues. Our consolidated balance sheet as
of December 31, 2020 presented herein has been revised to reflect the correction of this error. The results of this correction on our
consolidated balance sheet were a decrease in unbilled services of $7.2 million, an increase in receivables from clients of $0.7 million, and a
decrease in deferred revenues of $6.5 million. This error had no impact on our consolidated statement of operations and other
comprehensive income and consolidated statements of cash flows for any current or prior period. We evaluated the materiality of this error from both quantitative and qualitative perspectives and concluded that the impact of the error was not material to the financial statements for the year ended December 31, 2020.
Preparation of our consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and related disclosures. The business and economic uncertainty resulting from the coronavirus (COVID-19) pandemic has made such estimates and assumptions more difficult to predict. Accordingly, actual results and outcomes could differ from those estimates.
3. New Accounting Pronouncements
Recently Adopted
In October 2020, the FASB issued ASU 2020-10, Codification Improvements. ASU 2020-10 situates all disclosure guidance within the appropriate disclosure section of the Codification and makes other improvements and technical corrections to the Codification. We adopted ASU 2020-10 effective January 1, 2021, which did not have any impact on our consolidated financial statements.


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HURON CONSULTING GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular amounts in thousands, except per share amounts)
(Unaudited)
4. Goodwill and Intangible Assets
The table below sets forth the changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2021.

Healthcare

Business
Advisory
EducationTotal
Balance as of December 31, 2020:
Goodwill$636,810 $308,935 $104,384 $1,050,129 
Accumulated impairment losses(208,081)(247,811) (455,892)
Goodwill, net as of December 31, 2020428,729 61,124 104,384 594,237 
Goodwill recorded in connection with a business acquisition (1)
 3,315  3,315 
Goodwill, net as of June 30, 2021$428,729 $64,439 $104,384 $597,552 
(1)On February 1, 2021, we completed the acquisition of Unico Solution, a data strategy and technology consulting firm focused on helping clients use their data to speed business transformation and accelerate cloud adoption. The results of operations of Unico Solution are included in our consolidated financial statements and results of operations of our Business Advisory segment from the date of acquisition. This acquisition is not significant to our consolidated financial statements.
First Quarter 2020 Goodwill Impairment Charges
The worldwide spread of the COVID-19 pandemic in the first quarter of 2020 created significant volatility, uncertainty and disruption to
the global economy. From the onset of the COVID-19 pandemic, we closely monitored the impact it could have on all aspects of our
business, including how we expect it to negatively impact our clients, employees and business partners. While the COVID-19 pandemic did
not have a significant impact on our consolidated revenues in the first quarter of 2020, we expected it to have an unfavorable impact on
sales, increase uncertainty in the backlog and negatively impact full year 2020 results. The services provided by our Strategy and Innovation
and Life Sciences reporting units within our Business Advisory segment focus on strategic solutions for healthy, well-capitalized companies to
identify new growth opportunities, which may be considered by our clients to be more discretionary in nature, and the duration of the projects
within these practices are typically short-term. Therefore, at the onset of the COVID-19 pandemic in the U.S. and due to the uncertainty
caused by the pandemic, we were cautious about near-term results for these two reporting units. Based on our internal projections and the
preparation of our financial statements for the quarter ended March 31, 2020, and considering the expected decrease in demand due to the
COVID-19 pandemic, during the first quarter of 2020 we believed it was more likely than not that the fair value of these two reporting units no
longer exceeded their carrying values and performed an interim impairment test on both reporting units as of March 31, 2020.
Based on the estimated fair values of the Strategy and Innovation and Life Sciences reporting units, we recorded non-cash pretax goodwill impairment charges of $49.9 million and $9.9 million, respectively, in the first quarter of 2020. The $49.9 million non-cash pretax charge related to the Strategy and Innovation reporting unit reduced the goodwill balance of the reporting unit to $37.5 million. The $9.9 million non-cash pretax charge related to the Life Sciences reporting unit reduced the goodwill balance of the reporting unit to zero.
Our goodwill impairment test was performed by comparing the fair value of each of the Strategy and Innovation and Life Sciences reporting
units with its respective carrying value and recognizing an impairment charge for the amount by which the carrying value exceeded the fair value. To estimate the fair value of each reporting unit, we relied on a combination of the income approach and the market approach with a
fifty-fifty weighting.
In the income approach, we utilized a discounted cash flow analysis, which involved estimating the expected after-tax cash flows that will be
generated by each reporting unit and then discounting those cash flows to present value, reflecting the relevant risks associated with each
reporting unit and the time value of money. This approach requires the use of significant estimates and assumptions, including forecasted
revenue growth rates, forecasted EBITDA margins, and discount rates that reflect the risk inherent in the future cash flows. In estimating
future cash flows, we relied on internally generated seven-year forecasts. Our forecasts are based on historical experience, current backlog,
expected market demand, and other industry information.
In the market approach, we utilized the guideline company method, which involved calculating revenue multiples based on operating data
from guideline publicly traded companies. Multiples derived from guideline companies provide an indication of how much a knowledgeable
investor in the marketplace would be willing to pay for a company. These multiples were evaluated and adjusted based on specific
characteristics of the Strategy and Innovation and Life Sciences reporting units relative to the selected guideline companies and applied to
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HURON CONSULTING GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular amounts in thousands, except per share amounts)
(Unaudited)
the reporting units' operating data to arrive at an indication of value.
Intangible Assets
Intangible assets as of June 30, 2021 and December 31, 2020 consisted of the following:
As of June 30, 2021As of December 31, 2020
Useful Life 
(in years)
Gross
Carrying
Amount
Accumulated
Amortization
Gross
Carrying
Amount
Accumulated
Amortization
Customer relationships
3 to 13
$71,465 $54,833 $73,629 $56,232 
Trade names66,000 4,653 6,130 4,287 
Technology and software55,800 5,509 5,800 5,380 
Non-competition agreements51,880 1,330 2,090 1,541 
Customer contracts2800 663 800 526 
Total$85,945 $66,988 $88,449 $67,966 
Identifiable intangible assets with finite lives are amortized over their estimated useful lives. Customer relationships and customer contracts, as well as certain trade names and technology and software, are amortized on an accelerated basis to correspond to the cash flows expected to be derived from the assets. All other intangible assets with finite lives are amortized on a straight-line basis.
Intangible asset amortization expense was $2.3 million and $3.2 million for the three months ended June 30, 2021 and 2020, respectively; and $4.7 million and $6.4 million for the six months ended June 30, 2021 and 2020. The table below sets forth the estimated annual amortization expense for the intangible assets recorded as of June 30, 2021.
Year Ending December 31,Estimated Amortization Expense
2021$9,059 
2022$6,878 
2023$4,231 
2024$1,384 
2025$566 
Actual future amortization expense could differ from these estimated amounts as a result of future acquisitions, dispositions, and other factors.
5. Revenues
For the three months ended June 30, 2021 and 2020, we recognized revenues of $230.1 million and $217.9 million, respectively. Of the $230.1 million recognized in the second quarter of 2021, we recognized revenues of $15.7 million from obligations satisfied, or partially satisfied, in prior periods, of which $13.5 million was due to changes in the estimates of our variable consideration under performance-based billing arrangements and $2.2 million was primarily due to the release of allowances on unbilled services as a result of securing contract amendments. Of the $217.9 million recognized in the second quarter of 2020, we recognized revenues of $5.6 million from obligations satisfied, or partially satisfied, in prior periods, of which $4.0 million was primarily due to the release of allowances on unbilled services as a result of securing contract amendments and $1.6 million was due to changes in the estimates of our variable consideration under performance-based billing arrangements.
For the six months ended June 30, 2021 and 2020, we recognized revenues of $433.3 million and $440.5 million, respectively. Of the $433.3 million recognized in the first six months of 2021, we recognized revenues of $20.8 million from obligations satisfied, or partially satisfied, in prior periods, of which $13.9 million was due to changes in the estimates of our variable consideration under performance-based billing arrangements and $6.9 million was primarily due to the release of allowances on unbilled services as a result of securing contract amendments. Of the $440.5 million recognized in the first six months of 2020, we recognized revenues of $10.0 million from obligations satisfied, or partially satisfied, in prior periods, of which $6.2 million was due to changes in the estimates of our variable consideration under performance-based billing arrangements and $3.8 million was primarily due to the release of allowances on unbilled services as a result of securing contract amendments.
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HURON CONSULTING GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular amounts in thousands, except per share amounts)
(Unaudited)
As of June 30, 2021, we had $66.7 million of remaining performance obligations under engagements with original expected durations greater than one year. These remaining performance obligations exclude obligations under contracts with an original expected duration of one year or less, variable consideration which has been excluded from the total transaction price due to the constraint, and performance obligations under time-and-expense engagements which are recognized in the amount invoiced. Of the $66.7 million of performance obligations, we expect to recognize approximately $29.2 million as revenue in 2021, $23.1 million in 2022, and the remaining $14.4 million thereafter. Actual revenue recognition could differ from these amounts as a result of changes in the estimated timing of work to be performed, adjustments to estimated variable consideration in performance-based arrangements, or other factors.
Contract Assets and Liabilities
The payment terms and conditions in our customer contracts vary. Differences between the timing of billings and the recognition of revenue are recognized as either unbilled services or deferred revenues in the consolidated balance sheets.
Unbilled services include revenues recognized for services performed but not yet billed to clients. Services performed that we are not yet entitled to bill because certain events, such as the completion of the measurement period or client approval in performance-based engagements, must occur are recorded as contract assets and included within unbilled services, net. The contract asset balance as of June 30, 2021 and December 31, 2020 was $25.8 million and $17.3 million, respectively. The $8.5 million increase primarily reflects timing differences between the completion of our performance obligations and the amounts billed or billable to clients in accordance with their contractual billing terms.
Client prepayments and retainers are classified as deferred revenues and recognized over future periods in accordance with the applicable engagement agreement and our revenue recognition policy. Our deferred revenues balance as of June 30, 2021 and December 31, 2020, was $19.2 million and $28.2 million, respectively. The $9.0 million decrease primarily reflects timing differences between client payments in accordance with their contract terms and the completion of our performance obligations. For the three and six months ended June 30, 2021, $5.2 million and $26.0 million of revenues recognized were included in the deferred revenue balance as of December 31, 2020.
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HURON CONSULTING GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular amounts in thousands, except per share amounts)
(Unaudited)
6. Earnings Per Share
Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, unvested restricted stock units, and outstanding common stock options, to the extent dilutive. In periods for which we report a net loss from continuing operations, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss from continuing operations per share would be anti-dilutive.
Earnings (loss) per share under the basic and diluted computations are as follows: 
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2021202020212020
Net income (loss) from continuing operations$12,797 $13,572 $18,202 $(28,701)
Loss from discontinued operations, net of tax (25) (60)
Net income (loss)$12,797 $13,547 $18,202 $(28,761)
Weighted average common shares outstanding – basic21,555 21,869 21,743 21,848 
Weighted average common stock equivalents316 247 362  
Weighted average common shares outstanding – diluted21,871 22,116 22,105 21,848 
Net earnings (loss) per basic share:
Net income (loss) from continuing operations$0.59 $0.62 $0.84 $(1.31)
Loss from discontinued operations, net of tax   (0.01)
Net income (loss)$0.59 $0.62 $0.84 $(1.32)
Net earnings (loss) per diluted share:
Net income (loss) from continuing operations$0.59 $0.61 $0.82 $(1.31)
Loss from discontinued operations, net of tax   (0.01)
Net income (loss)$0.59 $0.61 $0.82 $(1.32)
The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above were as follows:
 As of June 30,
 20212020
Unvested restricted stock awards27 58 
Total anti-dilutive securities27 58 
In November 2020, our board of directors authorized a share repurchase program (the “2020 Share Repurchase Program”) permitting us to
repurchase up to $50 million of our common stock through December 31, 2021. The 2020 Share Repurchase Program was authorized
subsequent to the expiration of our prior share repurchase program (the “2015 Share Repurchase Program”) on October 31, 2020. The 2015
Share Repurchase Program permitted us to repurchase up to $125 million of our common stock through October 31, 2020. During the third quarter of 2021, our board of directors authorized an extension of the 2020 Share Repurchase Program through December 31, 2022 and increased the authorized amount from $50 million to $100 million.The amount and timing of repurchases under both share repurchase programs were and will continue to be determined by management and depend on a variety of factors, including the trading price of our common stock, capacity under our credit facility, general market and business conditions, and applicable legal requirements. All shares repurchased and retired are reflected as a reduction to our basic weighted average shares outstanding based on the trade date of the share repurchase.
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HURON CONSULTING GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular amounts in thousands, except per share amounts)
(Unaudited)
In the three and six months ended June 30, 2021, we repurchased and retired 405,363 and 651,081 shares for $22.1 million and $35.2 million, respectively, under the 2020 Share Repurchase Program. In the first quarter of 2020, we repurchased 313,998 shares for $20.9 million under the 2015 Share Repurchase Program. Additionally, in the first quarter of 2020, we settled the repurchase of 18,000 shares for $1.2 million that were accrued as of December 31, 2019. No shares were repurchased in the second quarter of 2020. As of June 30, 2021, $9.7 million remained available for share repurchases under our 2020 Share Repurchase Program.
7. Financing Arrangements
A summary of the carrying amounts of our debt follows:
June 30,
2021
December 31,
2020
Senior secured credit facility$265,000 $200,000 
Promissory note due 20243,053 3,279 
Total long-term debt$268,053 $203,279 
Current maturities of long-term debt(551)(499)
Long-term debt, net of current portion$267,502 $202,780 
Below is a summary of the scheduled remaining principal payments of our debt as of June 30, 2021.
Principal Payments of Long-Term Debt
2021$