0001289848-22-000048 | 10-Q | XBRL Viewer | Huron Consulting Group INC

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Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended September 30, 2022, our effective tax rate was 30.2% as we recognized income tax expense of $7.7 million on income of $25.4 million. The effective tax rate of 30.2% was less favorable than the statutory rate, inclusive of state income taxes, of 26.4%, primarily due to tax expense related to nondeductible losses on our investments used to fund our deferred compensation liability and certain nondeductible expense items. For the three months ended September 30, 2021, our effective tax rate was 12.5% as we recognized income tax expense of $2.0 million on income of $15.7 million. The effective tax rate of 12.5% was more favorable than the statutory rate, inclusive of state income taxes, of 26.6%, primarily due to a discrete tax benefit for U.S. federal return to provision adjustments related to the 2020 corporate income tax return. For the nine months ended September 30, 2022, our effective tax rate was 31.4% as we recognized income tax expense of $26.7 million on income of $85.2 million. The effective tax rate of 31.4% was less favorable than the statutory rate, inclusive of state income taxes, of 26.4% primarily due to tax expense related to nondeductible losses on our investments used to fund our deferred compensation liability and certain nondeductible expense items. For the nine months ended September 30, 2021, our effective tax rate was 17.9% as we recognized income tax expense of $7.0 million on income of $38.9 million. The effective tax rate of 17.9% was more favorable than the statutory rate, inclusive of state income taxes, of 26.6% primarily due to the discrete tax benefit recognized during the third quarter of 2021 for U.S. federal return to provision adjustments related to the 2020 corporate income tax return. The effective tax rate also reflected the positive impact of certain federal tax credits and a discrete tax benefit recognized during the second quarter of 2021 related to electing the Global Intangible Low-Taxed Income ("GILTI") high-tax exclusion retroactively for the 2018 tax year. On July 20, 2020, the U.S. Treasury issued and enacted final regulations related to GILTI that allow certain U.S. taxpayers to elect to exclude foreign income that is subject to a high effective tax rate from their GILTI inclusions. The GILTI high-tax exclusion is an annual election and is retroactively available. These favorable items were partially offset by certain nondeductible business expenses. As of September 30, 2022, we had $0.7 million of unrecognized tax benefits which would affect the effective tax rate of continuing operations if recognized. It is reasonably possible that approximately $0.1 million of the liability for unrecognized tax benefits could decrease in the next twelve months due to the expiration of statutes of limitations. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA contains significant tax law changes, including a corporate alternative minimum tax of 15% on adjusted financial statement income for applicable corporations and a 1% excise tax on stock repurchases after December 31, 2022. We are currently evaluating the IRA and its requirements, as well as the effect of the new law on our future cash flows.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The table below sets forth the changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2022.


	Healthcare		Education		Commercial(1)		Total
Balance as of December 31, 2021:
Goodwill	$	642,951	$	121,570	$	312,250	$	1,076,771
Accumulated impairment losses	(208,081)		—		(247,811)		(455,892)
Goodwill, net as of December 31, 2021	434,870		121,570		64,439		620,879
Goodwill reallocation(1)	18,057		(1,417)		(16,640)		—
Goodwill recorded in connection with business acquisitions(2)(3)	162		2,082		718		2,962

Goodwill, net as of September 30, 2022	$	453,089	$	122,235	$	48,517	$	623,841

(1)The goodwill balance as of December 31, 2021 shown within the Commercial segment related to our Business Advisory segment prior to the modification of our operating model. Effective January 1, 2022, we reallocated a portion of the goodwill within our Business Advisory segment to our Healthcare and Education segments. The remaining goodwill was allocated to our new Commercial segment.

(2)On January 18, 2022, we completed the acquisition of AIMDATA, LLC ("AIMDATA"), an advisory and implementation consulting services firm focused on strategy, technology and business transformation. The results of operations of AIMDATA are included within our consolidated financial statements as of the acquisition date and allocated among our three operating industries, which are our reportable segments, based on the engagements delivered by the business. The acquisition of AIMDATA is not significant to our consolidated financial statements.

(3)In the first quarter of 2022, we finalized the measurement of assets acquired, including goodwill, and liabilities assumed in the acquisition of Whiteboard Communications Ltd. ("Whiteboard"), a student enrollment advisory firm that helps colleges and universities with recruitment initiatives and financial aid strategies that we acquired in December 2021. The results of operations of Whiteboard are included in our consolidated financial statements and results of operations of our Education segment from the date of acquisition.

First Quarter 2022 Goodwill Reallocation

Effective January 1, 2022, we modified our operating model to expand and more deeply integrate our industry expertise with our digital, strategic and financial advisory capabilities. To align with the new operating model, effective with reporting for periods beginning January 1, 2022, we began reporting under the following three industries, which are our reportable segments: Healthcare, Education and Commercial. The Commercial segment includes all industries outside of healthcare and education, including, but not limited to, financial services and energy and utilities. In the new reporting structure, each segment includes all revenue and costs associated with engagements delivered in the respective segments' industries. The new Healthcare and Education segments include some revenue and costs historically reported in the Business Advisory segment and the Healthcare segment includes some revenue and costs historically reported in the Education segment.

The three reportable segments of Healthcare, Education and Commercial are also our reporting units for goodwill impairment testing purposes. As a result of the reorganization, we reallocated the goodwill balances of our historical reporting units to our new reporting units based on the relative estimated fair values of each component of the historical reporting units to be allocated to the new reporting units. Additionally, we performed a goodwill impairment test on the goodwill balances of each of our reporting units as of January 1, 2022 by comparing the fair value of the reporting unit to its carrying value, including the reallocated goodwill. Based on the results of the goodwill impairment test, we determined the fair values of the Healthcare, Education, and Commercial reporting units exceeded their carrying values by 37%, 199%, and 105%, respectively. As such, we concluded that there was no indication of goodwill impairment for all three reporting units as of January 1, 2022.

We relied on the income approach to estimate the fair value of the reporting units for both the goodwill reallocation and the goodwill impairment test. The income approach utilized a discounted cash flow analysis, which involved estimating the expected after-tax cash flows that will be generated by each business 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 ten-year forecasts. Our forecasts are based on historical experience, current backlog, expected market demand, and other industry information.

Intangible Assets

Intangible assets as of September 30, 2022 and December 31, 2021 consisted of the following:


		As of September 30, 2022				As of December 31, 2021
	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	6 to 13	$	73,942	$	55,361	$	75,908	$	53,421
Technology and software	2 to 5	13,330		7,383		13,330		5,607
Trade names	6	6,000		5,717		6,000		5,148
Non-competition agreements	2 to 5	920		278		2,020		1,347
Customer contracts	1	—		—		260		101
Total		$	94,192	$	68,739	$	97,518	$	65,624

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 $2.8 million and $2.2 million for the three months ended September 30, 2022 and 2021, respectively; and $8.5 million and $6.9 million for the nine months ended September 30, 2022 and 2021. The table below sets forth the estimated annual amortization expense for the intangible assets recorded as of September 30, 2022.


Year Ending December 31,	Estimated Amortization Expense
2022	$	11,198
2023	$	7,904
2024	$	4,514
2025	$	3,386
2026	$	2,435

Actual future amortization expense could differ from these estimated amounts as a result of future acquisitions, dispositions, and other factors.

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

Segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which separate financial information is available and is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker, who is our chief executive officer, manages the business under three operating segments, which are our reportable segments: Healthcare, Education and Commercial.

Effective January 1, 2022, we modified our operating model to expand and more deeply integrate our industry expertise with our digital, strategic and financial advisory capabilities. The new operating model will strengthen Huron’s go-to-market strategy, drive efficiencies that support margin expansion, and position the company to accelerate growth.

To align with the new operating model, effective with reporting for periods beginning January 1, 2022, we began reporting under the following three industries, which are our reportable segments: Healthcare, Education and Commercial. The Commercial segment includes all industries outside of healthcare and education, including, but not limited to, financial services and energy and utilities. In the new reporting structure, each segment includes all revenue and costs associated with engagements delivered in the respective segments' industries. The new Healthcare and Education segments include some revenue and costs historically reported in the Business Advisory segment and the Healthcare segment includes some revenue and costs historically reported in the Education segment. We also provide revenue reporting across two principal capabilities: i) Consulting and Managed Services and ii) Digital. These changes create greater transparency for investors by improving visibility into the core drivers of our business. While our consolidated results have not been impacted, our historical segment information has been recast for consistent presentation.

•Healthcare

Our Healthcare segment serves acute care providers, including national and regional health systems, academic health systems, community health systems, and public, children’s and critical access hospitals, and non-acute care providers, including physician practices and medical groups, payors, and long-term care or post-acute providers. Our Healthcare professionals have a depth of expertise in business operations, including financial and operational improvement, care transformation, and revenue cycle managed services; digital solutions, spanning technology and analytic-related services and a portfolio of software products; organizational transformation; financial advisory and strategy and innovation. Most healthcare organizations are focused on establishing a sustainable long-term strategy and business model centered around optimal cost structures, reimbursement models, financial strategies, and consumer-focused digital transformation; changing the way care is delivered, particularly in light of personnel shortages, and improving access to care; and evolving their digital capabilities to more effectively manage their business. Our solutions help clients adapt to this rapidly changing healthcare environment to become a more agile, efficient and consumer-centric organization. We use our deep industry, functional and technical expertise to help clients solve a diverse set of business issues, including, but not limited to, optimizing financial and operational performance, improving care delivery and clinical outcomes, increasing physician, patient and employee satisfaction, and maximizing return on technology investments.

•Education

Our Education segment serves public and private colleges and universities, research institutes and other education-related organizations. Our Education professionals have a depth of expertise in strategy and innovation; business operations, including the research enterprise and student and alumni lifecycle; digital solutions, spanning technology and analytic-related services and a portfolio of software products; and organizational transformation. Our Education segment clients are increasingly faced with strategic, financial and/or enrollment challenges, increased competition, and a need to modernize their businesses using technology to advance their missions. We combine our deep industry, functional and technical expertise to help clients solve their most pressing challenges, including, but not limited to, transforming business operations with technology and analytics; strengthening research strategies and support services; evolving their organizational strategy; optimizing financial and operational performance; applying innovative enrollment strategies; and enhancing the student lifecycle.

•Commercial

Our Commercial segment is focused on serving industries and organizations facing significant disruption and regulatory change by helping them adapt to rapidly changing environments and accelerate business transformation. Our Commercial professionals work primarily with six primary buyers: the chief executive officer, the chief financial officer, the chief strategy officer, the chief human resources officer, the chief operating officer, and organizational advisors, including lenders and law firms. We have a deep focus on serving organizations in the financial services, energy and utilities, industrials and manufacturing industries and the public sector while opportunistically serving the commercial industries more broadly, including professional and business services, life sciences, consumer products, and nonprofit. Our Commercial professionals have deep industry, functional and technical expertise that they put forward when delivering our digital services and software products, and strategy and innovation and financial advisory (special situation advisory and corporate finance advisory) services. In today’s disruptive environment, organizations must reimagine their historical strategies and financial and operating models to sustain and advance their competitive advantage. Our experts help organizations across industries with a variety of business challenges, including, but not limited to, embedding technology and analytics throughout their internal and customer-facing operations, developing analytics and insights into the needs of tomorrow’s customers in order to evolve their enterprise and business unit strategies, bringing new products to market, managing through stressed and distressed situations to create a viable path forward for stakeholders and executing mergers and acquisitions, finance offerings and risk mitigation strategies.

Segment operating income consists of the revenues generated by a segment, less operating expenses that are incurred directly by the segment. Unallocated costs include corporate costs related to administrative functions that are performed in a centralized manner that are not attributable to a particular segment. These administrative function costs include corporate office support costs, office facility costs, costs related to accounting and finance, human resources, legal, marketing, information technology, and company-wide business development functions, as well as costs related to overall corporate management. Our chief operating decision maker does not evaluate segments using asset information.

The table below sets forth information about our operating segments for the three and nine months ended September 30, 2022 and 2021, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Healthcare:
Revenues	$	131,319		$	104,620		$	381,669		$	315,345
Operating income	$	33,045		$	32,157		$	91,441		$	86,511
Segment operating income as a percentage of segment revenues	25.2		%	30.7		%	24.0		%	27.4		%
Education:
Revenues	$	94,347		$	63,244		$	263,234		$	175,061
Operating income	$	22,851		$	14,516		$	58,848		$	37,195
Segment operating income as a percentage of segment revenues	24.2		%	23.0		%	22.4		%	21.2		%
Commercial:
Revenues	$	59,704		$	56,143		$	173,841		$	166,940
Operating income	$	14,153		$	8,262		$	38,282		$	29,152
Segment operating income as a percentage of segment revenues	23.7		%	14.7		%	22.0		%	17.5		%
Total Huron:
Revenues	$	285,370		$	224,007		$	818,744		$	657,346
Reimbursable expenses	6,816			3,690			19,034			8,876
Total revenues and reimbursable expenses	$	292,186		$	227,697		$	837,778		$	666,222

Segment operating income	$	70,049		$	54,935		$	188,571		$	152,858
Items not allocated at the segment level:
Other operating expenses	35,679			31,430			99,139			94,634
Depreciation and amortization	5,071			5,199			15,171			15,549

Operating income	29,299			18,306			74,261			42,675
Other income (expense), net	(3,896)			(2,611)			10,946			(3,788)
Income before taxes	$	25,403		$	15,695		$	85,207		$	38,887

The following table illustrates the disaggregation of revenues by capability, including a reconciliation of the disaggregated revenues to revenues from our three operating segments for the three and nine months ended September 30, 2022 and 2021.


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenues by Capability	2022		2021		2022		2021
Healthcare:
Consulting and Managed Services	$	88,626	$	75,992	$	256,340	$	228,576
Digital	42,693		28,628		125,329		86,769
Total revenues	$	131,319	$	104,620	$	381,669	$	315,345
Education:
Consulting and Managed Services	$	49,363	$	33,822	$	142,823	$	95,331
Digital	44,984		29,422		120,411		79,730
Total revenues	$	94,347	$	63,244	$	263,234	$	175,061
Commercial:
Consulting and Managed Services	$	17,912	$	25,207	$	55,193	$	78,669
Digital	41,792		30,936		118,648		88,271
Total revenues	$	59,704	$	56,143	$	173,841	$	166,940
Total Huron:
Consulting and Managed Services	$	155,901	$	135,021	$	454,356	$	402,576
Digital	129,469		88,986		364,388		254,770
Total revenues	$	285,370	$	224,007	$	818,744	$	657,346

For the three and nine months ended September 30, 2022 and 2021, substantially all of our revenues were recognized over time. At September 30, 2022 and December 31, 2021, no single client accounted for greater than 10% of our combined balance of receivables from clients, net and unbilled services, net. During the three and nine months ended September 30, 2022 and 2021, no single client generated greater than 10% of our consolidated revenues.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Segment Information - Components of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Components of Segment Information
Revenues	$ 285,370	$ 224,007	$ 818,744	$ 657,346
Operating income	29,299	18,306	74,261	42,675
Reimbursable expenses	6,816	3,690	19,034	8,876
Total revenues and reimbursable expenses	292,186	227,697	837,778	666,222
Depreciation and amortization	6,812	6,322	20,578	19,031
Other income (expense), net	(3,896)	(2,611)	10,946	(3,788)
Income (loss) from continuing operations before income taxes	25,403	15,695	85,207	38,887
Healthcare
Components of Segment Information
Revenues	131,319	104,620	381,669	315,345
Education
Components of Segment Information
Revenues	94,347	63,244	263,234	175,061
Commercial:
Components of Segment Information
Revenues	59,704	56,143	173,841	166,940
Operating segments
Components of Segment Information
Revenues	285,370	224,007	818,744	657,346
Operating income	70,049	54,935	188,571	152,858
Reimbursable expenses	6,816	3,690	19,034	8,876
Total revenues and reimbursable expenses	292,186	227,697	837,778	666,222
Operating segments \| Healthcare
Components of Segment Information
Revenues	131,319	104,620	381,669	315,345
Operating income	$ 33,045	$ 32,157	$ 91,441	$ 86,511
Segment operating income as a percentage of segment revenues	25.20%	30.70%	24.00%	27.40%
Operating segments \| Education
Components of Segment Information
Revenues	$ 94,347	$ 63,244	$ 263,234	$ 175,061
Operating income	$ 22,851	$ 14,516	$ 58,848	$ 37,195
Segment operating income as a percentage of segment revenues	24.20%	23.00%	22.40%	21.20%
Operating segments \| Commercial:
Components of Segment Information
Revenues	$ 59,704	$ 56,143	$ 173,841	$ 166,940
Operating income	$ 14,153	$ 8,262	$ 38,282	$ 29,152
Segment operating income as a percentage of segment revenues	23.70%	14.70%	22.00%	17.50%
Segment reconciling items
Components of Segment Information
Operating income	$ 29,299	$ 18,306	$ 74,261	$ 42,675
Other operating expenses	35,679	31,430	99,139	94,634
Depreciation and amortization	5,071	5,199	15,171	15,549
Other income (expense), net	$ (3,896)	$ (2,611)	$ 10,946	$ (3,788)

Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Components of Other Comprehensive Income (Loss), Net of Tax

The table below sets forth the components of other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2022 and 2021.


	Three Months Ended September 30, 2022						Three Months Ended September 30, 2021
	Before Taxes		Tax (Expense) Benefit		Net of Taxes		Before Taxes		Tax (Expense) Benefit		Net of Taxes
Foreign currency translation adjustments	$	(1,034)	$	—	$	(1,034)	$	(246)	$	—	$	(246)
Unrealized gain (loss) on investment	$	(1,128)	$	298	$	(830)	$	1,577	$	(419)	$	1,158
Interest rate swaps:
Change in fair value	$	5,302	$	(1,402)	$	3,900	$	(192)	$	47	$	(145)
Reclassification adjustments into earnings	(89)		24		(65)		613		(159)		454
Net unrealized gain (loss) on interest rate swaps	$	5,213	$	(1,378)	$	3,835	$	421	$	(112)	$	309
Foreign exchange forward contracts:
Change in fair value	$	(98)	$	26	$	(72)	$	—	$	—	$	—
Reclassification adjustments into earnings	(1)		—		(1)		—		—		—
Net unrealized gain (loss) on foreign exchange forward contracts	$	(99)	$	26	$	(73)	$	—	$	—	$	—
Other comprehensive income (loss)	$	2,952	$	(1,054)	$	1,898	$	1,752	$	(531)	$	1,221


	Nine Months Ended September 30, 2022						Nine Months Ended September 30, 2021
	Before Taxes		Tax (Expense) Benefit		Net of Taxes		Before Taxes		Tax (Expense) Benefit		Net of Taxes
Foreign currency translation adjustments	$	(1,733)	$	—	$	(1,733)	$	236	$	—	$	236
Unrealized gain (loss) on investment	$	(3,694)	$	976	$	(2,718)	$	(2,815)	$	747	$	(2,068)
Interest rate swaps:
Change in fair value	$	11,994	$	(3,172)	$	8,822	$	692	$	(212)	$	480
Reclassification adjustments into earnings	420		(111)		309		1,994		(518)		1,476
Net unrealized gain (loss) on interest rate swaps	$	12,414	$	(3,283)	$	9,131	$	2,686	$	(730)	$	1,956
Foreign exchange forward contracts:
Change in fair value	$	(98)	$	26	$	(72)	$	—	$	—	$	—
Reclassification adjustments into earnings	(1)		—		(1)		—		—		—
Net unrealized gain (loss) on foreign exchange forward contracts	$	(99)	$	26	$	(73)	$	—	$	—	$	—
Other comprehensive income (loss)	$	6,888	$	(2,281)	$	4,607	$	107	$	17	$	124

The before tax amounts reclassified from accumulated other comprehensive income related to our interest rate swaps and foreign exchange forward contracts are recorded to interest expense, net of interest income, and direct costs, respectively. Refer to Note 9 “Derivative Instruments and Hedging Activity” for additional information on our derivative instruments.

Components of Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated other comprehensive income, net of tax, includes the following components:


					Cash Flow Hedges
	Foreign Currency Translation		Available-for-Sale Investment		Interest Rate Swaps		Foreign Exchange Forward Contracts		Total
Balance, December 31, 2021	$	(1,143)	$	18,374	$	(391)	$	—	$	16,840
Current period change	(1,733)		(2,718)		9,131		(73)		4,607
Balance, September 30, 2022	$	(2,876)	$	15,656	$	8,740	$	(73)	$	21,447

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Intangible assets
Gross Carrying Amount	$ 94,192	$ 97,518
Accumulated Amortization	68,739	65,624
Customer relationships
Intangible assets
Gross Carrying Amount	73,942	75,908
Accumulated Amortization	$ 55,361	53,421
Customer relationships \| Minimum
Intangible assets
Useful Life (in years)	6 years
Customer relationships \| Maximum
Intangible assets
Useful Life (in years)	13 years
Trade names
Intangible assets
Useful Life (in years)	6 years
Gross Carrying Amount	$ 6,000	6,000
Accumulated Amortization	5,717	5,148
Technology and software
Intangible assets
Gross Carrying Amount	13,330	13,330
Accumulated Amortization	$ 7,383	5,607
Technology and software \| Minimum
Intangible assets
Useful Life (in years)	2 years
Technology and software \| Maximum
Intangible assets
Useful Life (in years)	5 years
Non-competition agreements
Intangible assets
Gross Carrying Amount	$ 920	2,020
Accumulated Amortization	$ 278	1,347
Non-competition agreements \| Minimum
Intangible assets
Useful Life (in years)	2 years
Non-competition agreements \| Maximum
Intangible assets
Useful Life (in years)	5 years
Customer contracts
Intangible assets
Useful Life (in years)	1 year
Gross Carrying Amount	$ 0	260
Accumulated Amortization	$ 0	$ 101

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	000-50976
Entity Registrant Name	HURON CONSULTING GROUP INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0666114
Entity Address, Address Line One	550 West Van Buren Street
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60607
City Area Code	(312)
Local Phone Number	583-8700
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	HURN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,933,479
Entity Central Index Key	0001289848
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Revenues - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ 285,370	$ 224,007	$ 818,744	$ 657,346
Performance obligation satisfied in previous period	3,500	4,300	4,700	22,100
Contract asset after allowance for credit loss	28,200		28,200		$ 23,700
Increase (decrease) in contract asset			4,500
Deferred revenues	20,378		20,378		$ 19,212
Increase (decrease) in performance obligation			1,200
Revenue recognized	$ 1,500		18,000
Release of allowance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Performance obligation satisfied in previous period		2,200	2,200	7,500
Change in estimated variable consideration
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Performance obligation satisfied in previous period		$ 2,100	$ 2,500	$ 14,600

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2022
Accounting Policies [Abstract]
Description of Business	Description of Business Huron is a global professional services firm that creates innovative strategies, optimizes operations and accelerates digital transformation using an enterprise portfolio of technology, data and analytics solutions to empower clients to own their future. By collaborating with clients, embracing diverse perspectives, encouraging new ideas and challenging the status quo, we create sustainable results for the organizations we serve. We provide our services and manage our business under three operating segments: Healthcare, Education and Commercial. See Note 14 “Segment Information” for a discussion of our three segments. Effective January 1, 2022, we modified our operating model to expand and more deeply integrate our industry expertise with our digital, strategic and financial advisory capabilities. The new operating model will strengthen Huron’s go-to-market strategy, drive efficiencies that support margin expansion, and position the company to accelerate growth. To align with the new operating model, effective with reporting for periods beginning January 1, 2022, we began reporting under the following three industries, which are our reportable segments: Healthcare, Education and Commercial. The Commercial segment includes all industries outside of healthcare and education, including, but not limited to, financial services and energy and utilities. In the new reporting structure, each segment includes all revenue and costs associated with engagements delivered in the respective segments' industries. The new Healthcare and Education segments include some revenue and costs historically reported in the Business Advisory segment and the Healthcare segment includes some revenue and costs historically reported in the Education segment. We also provide revenue reporting across two principal capabilities: i) Consulting and Managed Services and ii) Digital. These changes create greater transparency for investors by improving visibility into the core drivers of our business.

Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Other Comprehensive Income (Loss)

The table below sets forth the components of other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2022 and 2021.


	Three Months Ended September 30, 2022						Three Months Ended September 30, 2021
	Before Taxes		Tax (Expense) Benefit		Net of Taxes		Before Taxes		Tax (Expense) Benefit		Net of Taxes
Foreign currency translation adjustments	$	(1,034)	$	—	$	(1,034)	$	(246)	$	—	$	(246)
Unrealized gain (loss) on investment	$	(1,128)	$	298	$	(830)	$	1,577	$	(419)	$	1,158
Interest rate swaps:
Change in fair value	$	5,302	$	(1,402)	$	3,900	$	(192)	$	47	$	(145)
Reclassification adjustments into earnings	(89)		24		(65)		613		(159)		454
Net unrealized gain (loss) on interest rate swaps	$	5,213	$	(1,378)	$	3,835	$	421	$	(112)	$	309
Foreign exchange forward contracts:
Change in fair value	$	(98)	$	26	$	(72)	$	—	$	—	$	—
Reclassification adjustments into earnings	(1)		—		(1)		—		—		—
Net unrealized gain (loss) on foreign exchange forward contracts	$	(99)	$	26	$	(73)	$	—	$	—	$	—
Other comprehensive income (loss)	$	2,952	$	(1,054)	$	1,898	$	1,752	$	(531)	$	1,221


	Nine Months Ended September 30, 2022						Nine Months Ended September 30, 2021
	Before Taxes		Tax (Expense) Benefit		Net of Taxes		Before Taxes		Tax (Expense) Benefit		Net of Taxes
Foreign currency translation adjustments	$	(1,733)	$	—	$	(1,733)	$	236	$	—	$	236
Unrealized gain (loss) on investment	$	(3,694)	$	976	$	(2,718)	$	(2,815)	$	747	$	(2,068)
Interest rate swaps:
Change in fair value	$	11,994	$	(3,172)	$	8,822	$	692	$	(212)	$	480
Reclassification adjustments into earnings	420		(111)		309		1,994		(518)		1,476
Net unrealized gain (loss) on interest rate swaps	$	12,414	$	(3,283)	$	9,131	$	2,686	$	(730)	$	1,956
Foreign exchange forward contracts:
Change in fair value	$	(98)	$	26	$	(72)	$	—	$	—	$	—
Reclassification adjustments into earnings	(1)		—		(1)		—		—		—
Net unrealized gain (loss) on foreign exchange forward contracts	$	(99)	$	26	$	(73)	$	—	$	—	$	—
Other comprehensive income (loss)	$	6,888	$	(2,281)	$	4,607	$	107	$	17	$	124

Accumulated other comprehensive income, net of tax, includes the following components:


					Cash Flow Hedges
	Foreign Currency Translation		Available-for-Sale Investment		Interest Rate Swaps		Foreign Exchange Forward Contracts		Total
Balance, December 31, 2021	$	(1,143)	$	18,374	$	(391)	$	—	$	16,840
Current period change	(1,733)		(2,718)		9,131		(73)		4,607
Balance, September 30, 2022	$	(2,876)	$	15,656	$	8,740	$	(73)	$	21,447

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	30.20%	12.50%	31.40%	17.90%
Income tax expense	$ 7,662	$ 1,968	$ 26,739	$ 6,958
Income from continuing operations before income tax expense	$ 25,403	$ 15,695	$ 85,207	$ 38,887
Statutory income tax rate, inclusive of state income tax (as a percent)	26.40%	26.60%	26.40%	26.60%
Unrecognized tax benefits	$ 700		$ 700
Decrease in unrecognized tax benefits is reasonably possible	$ 100		$ 100

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Information - Narrative (Details) - Segment	3 Months Ended		9 Months Ended
Segment Information - Narrative (Details) - Segment	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting [Abstract]
Number of operating segments			3
Receivables from major customers (as a percent)	1000.00%		1000.00%		1000.00%
Revenue generated by major client percentage	1000.00%	1000.00%	1000.00%	1000.00%

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The table below sets forth our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021.


	Level 1		Level 2		Level 3		Total
September 30, 2022
Assets:
Interest rate swaps	$	—	$	11,871	$	—	$	11,871
Convertible debt investment	—		—		62,224		62,224
Deferred compensation assets	—		27,690		—		27,690
Total assets	$	—	$	39,561	$	62,224	$	101,785
Liabilities:

Foreign exchange forward contracts	$	—	$	99	$	—	$	99
Contingent consideration for business acquisitions	—		—		3,199		3,199
Total liabilities	$	—	$	99	$	3,199	$	3,298
December 31, 2021
Assets:
Interest rate swap	$	—	$	627	$	—	$	627
Convertible debt investment	—		—		65,918		65,918
Deferred compensation assets	—		39,430		—		39,430
Total assets	$	—	$	40,057	$	65,918	$	105,975
Liabilities:
Interest rate swaps	$	—	$	1,170	$	—	$	1,170
Contingent consideration for business acquisitions	—		—		3,743		3,743
Total liabilities	$	—	$	1,170	$	3,743	$	4,913

Fair Value of Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below sets forth the changes in the balance of the convertible debt investment for the nine months ended September 30, 2022.


	Convertible Debt Investment
Balance as of December 31, 2021	$	65,918

Change in fair value	(3,694)
Balance as of September 30, 2022	$	62,224

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The table below sets forth the changes in the balance of the contingent consideration for business acquisitions for the nine months ended September 30, 2022.


	Contingent Consideration for Business Acquisitions
Balance as of December 31, 2021	$	3,743
Acquisition	869
Payment	(1,379)
Change in fair value	(34)
Balance as of September 30, 2022	$	3,199

Revenues	9 Months Ended
Revenues	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues For the three months ended September 30, 2022 and 2021, we recognized revenues of $285.4 million and $224.0 million, respectively. Of the $285.4 million recognized in the third quarter of 2022, we recognized revenues of $3.5 million from obligations satisfied, or partially satisfied, in prior periods, which was primarily due to the release of allowances on receivables from clients and unbilled services. Of the $224.0 million recognized in the third quarter of 2021, we recognized revenues of $4.3 million from obligations satisfied, or partially satisfied, in prior periods, of which $2.2 million was due to the release of allowances on receivables from clients and unbilled services and $2.1 million was primarily due to changes in the estimates of our variable consideration under performance-based billing arrangements. For the nine months ended September 30, 2022 and 2021, we recognized revenues of $818.7 million and $657.3 million, respectively. Of the $818.7 million recognized in the first nine months of 2022, we recognized revenues of $4.7 million from obligations satisfied, or partially satisfied, in prior periods, of which $2.5 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 receivables from clients and unbilled services. Of the $657.3 million recognized in the first nine months of 2021, we recognized revenues of $22.1 million from obligations satisfied, or partially satisfied, in prior periods, of which $14.6 million was due to changes in the estimates of our variable consideration under performance-based billing arrangements, and $7.5 million was primarily due to the release of allowances on receivables from clients and unbilled services. As of September 30, 2022, we had $156.3 million of remaining performance obligations under engagements with original expected durations greater than one year. These remaining performance obligations exclude 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 $156.3 million of performance obligations, we expect to recognize approximately $23.8 million as revenue in 2022, $63.8 million in 2023, and the remaining $68.7 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 September 30, 2022 and December 31, 2021 was $28.2 million and $23.7 million, respectively. The $4.5 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 September 30, 2022 and December 31, 2021, was $20.4 million and $19.2 million, respectively. The $1.2 million increase primarily reflects timing differences between client payments in accordance with their contract terms and the completion of our performance obligations. For the three and nine months ended September 30, 2022, $1.5 million and $18.0 million of revenues recognized were included in the deferred revenues balance as of December 31, 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Restructuring Charges [Abstract]
Total operating expenses	$ 1,332	$ 1,677	$ 4,956	$ 3,166
Restructuring reserve	1,606		$ 1,606		$ 1,140
Payment period			12 months
Restructuring Reserve, Employee Costs, Period of Payment			12 months
Previously Vacated Office Space
Restructuring Charges [Abstract]
Total operating expenses	700	500	$ 1,700	1,800
Restructuring reserve	100		100
Employee Costs
Restructuring Charges [Abstract]
Total operating expenses	100	500	1,700	500
Restructuring reserve	852		852		573
Accelerated Amortization
Restructuring Charges [Abstract]
Total operating expenses			300
Transaction Expenses
Restructuring Charges [Abstract]
Total operating expenses		$ 700	600	$ 900
Other
Restructuring Charges [Abstract]
Restructuring reserve	667		667		567
hurn_Life Sciences Divestitue \| Life Sciences \| Business Advisory [Member]
Restructuring Charges [Abstract]
Total operating expenses			100
Office Space Reductions [Member]
Restructuring Charges [Abstract]
Restructuring reserve	87		87		$ 0
Contract Termination
Restructuring Charges [Abstract]
Total operating expenses	$ 500		$ 500

Financing Arrangements - Summary of Carrying Amounts of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2017
Debt Instrument [Line Items]
Net carrying amount	$ 341,000	$ 232,780
Current maturities of long-term debt	0	(559)
Long-term debt, net of current portion	341,000	232,221
Senior secured credit facility
Debt Instrument [Line Items]
Net carrying amount	341,000	230,000
Promissory note due 2024
Debt Instrument [Line Items]
Net carrying amount	$ 0	$ 2,780	$ 5,100

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Other Comprehensive Income (Loss ) - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 575,359	$ 538,138	$ 571,900	$ 551,942
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1,898	1,221	4,607	124
Ending balance	556,261	533,368	556,261	533,368
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(391)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			9,131
Ending balance	8,740		8,740
Foreign Exchange Contract
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			(73)
Ending balance	(73)		(73)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	19,549	11,964	16,840	13,061
Ending balance	21,447	$ 13,185	21,447	$ 13,185
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(1,143)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			(1,733)
Ending balance	(2,876)		(2,876)
Available-for-Sale Investment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			18,374
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			(2,718)
Ending balance	$ 15,656		$ 15,656

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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-Subparagraph (SX 210.5-02(31))
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-02(29))
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	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 nine months ended September 30, 2022 and 2021. 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 included in our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Reports on Form 10-Q for the periods ended March 31, 2022 and June 30, 2022. Our results for any interim period are not necessarily indicative of results for a full year or any other interim period. In order to better align with industry standards, in the first quarter of 2022, we revised the presentation of our consolidated statement of operations and other comprehensive income (loss) to present depreciation and amortization expense inclusive of amortization of intangible assets and software development costs previously presented within total direct costs and reimbursable expenses. We also aggregated immaterial line items within selling, general and administrative expenses. The change in presentation has no effect on our consolidated results, and our historical consolidated statements of operations and other comprehensive income (loss) were revised for consistent presentation. 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.

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Issued		24,560,855	2,812,896
Stockholders' Equity Attributable to Parent	$ 551,942	$ 246	$ (129,886)	$ 454,512	$ 214,009	$ 13,061
Beginning balance (shares) at Dec. 31, 2020		24,560,855	2,812,896
Beginning balance at Dec. 31, 2020	551,942	$ 246	$ (129,886)	454,512	214,009	13,061
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	32,053				31,929	124
Restricted stock awards, net of cancellations (shares)		443,741	(82,380)
Restricted stock awards, net of cancellations	0	$ 4	$ 3,250	(3,254)
Exercise of stock options (shares)		18,403
Exercise of stock options	613			613
Share-based compensation	18,256			18,256
Shares redeemed for employee tax withholdings (shares)			(180,535)
Shares redeemed for employee tax withholdings	(9,267)		$ 9,267
Stock repurchased and retired (shares)		(1,169,126)
Share repurchases	(60,229)	$ (12)		(60,217)
Shares, Issued		24,321,728	2,899,933
Stockholders' Equity Attributable to Parent	538,138	$ 243	$ (135,364)	429,084	232,211	11,964
Beginning balance (shares) at Jun. 30, 2021		24,321,728	2,899,933
Beginning balance at Jun. 30, 2021	538,138	$ 243	$ (135,364)	429,084	232,211	11,964
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	14,948				13,727	1,221
Restricted stock awards, net of cancellations (shares)		45,190	(1,371)
Restricted stock awards, net of cancellations	0	$ 0	$ 77	(77)
Exercise of stock options (shares)		5,000
Exercise of stock options	191			191
Share-based compensation	5,693			5,693
Shares redeemed for employee tax withholdings (shares)			(12,489)
Shares redeemed for employee tax withholdings	(616)		$ (616)
Stock repurchased and retired (shares)		(518,045)
Share repurchases	(24,986)	$ (5)		(24,981)
Shares, Issued		23,853,873	2,911,051
Stockholders' Equity Attributable to Parent	533,368	$ 238	$ (135,903)	409,910	245,938	13,185
Shares, Issued		23,868,918	2,908,849
Stockholders' Equity Attributable to Parent	571,900	$ 239	$ (135,969)	413,794	276,996	16,840
Beginning balance (shares) at Dec. 31, 2021		23,868,918	2,908,849
Beginning balance at Dec. 31, 2021	571,900	$ 239	$ (135,969)	413,794	276,996	16,840
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	63,075				58,468	4,607
Restricted stock awards, net of cancellations (shares)		341,189	(114,290)
Restricted stock awards, net of cancellations	0	$ 3	$ 6,509	(6,512)
Exercise of stock options (shares)		36,536
Exercise of stock options	1,421			1,421
Share-based compensation	25,260			25,260
Shares redeemed for employee tax withholdings (shares)			(150,095)
Shares redeemed for employee tax withholdings	(7,540)		$ 7,540
Stock repurchased and retired (shares)		(1,706,587)
Share repurchases	(97,855)	$ (17)		(97,838)
Shares, Issued		23,183,446	2,935,799
Stockholders' Equity Attributable to Parent	575,359	$ 232	$ (136,425)	374,280	317,723	19,549
Beginning balance (shares) at Jun. 30, 2022		23,183,446	2,935,799
Beginning balance at Jun. 30, 2022	575,359	$ 232	$ (136,425)	374,280	317,723	19,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	19,639				17,741	1,898
Restricted stock awards, net of cancellations (shares)		36,251	835
Restricted stock awards, net of cancellations	0	$ 0	$ (46)	46
Exercise of stock options (shares)		6,000
Exercise of stock options	236			236
Share-based compensation	7,160			7,160
Shares redeemed for employee tax withholdings (shares)			(8,020)
Shares redeemed for employee tax withholdings	(529)		$ (529)
Stock repurchased and retired (shares)		(685,641)
Share repurchases	(45,604)	$ (7)		(45,597)
Shares, Issued		22,540,056	2,944,654
Stockholders' Equity Attributable to Parent	$ 556,261	$ 225	$ (137,000)	$ 336,125	$ 335,464	$ 21,447

Goodwill and Intangible Assets - Amortization Expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
2022	$ 11,198
2023	7,904
2024	4,514
2025	3,386
2026	$ 2,435

Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The table below sets forth the changes in the carrying amount of our restructuring charge liability by restructuring type for the nine months ended September 30, 2022.


	Employee Costs		Office Space Reduction		Other		Total
Balance as of December 31, 2021	$	573	$	—	$	567	$	1,140
Additions	1,711		—		1,085		2,796
Payments	(1,432)		—		(1,025)		(2,457)
Adjustments	—		87		40		127
Balance as of September 30, 2022	$	852	$	87	$	667	$	1,606

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 58,468	$ 31,929
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	20,578	19,245
Non-cash lease expense	4,768	4,912
Share-based compensation	23,083	17,979
Amortization of debt discount and issuance costs	595	595
Allowances for doubtful accounts	47	7
Deferred income taxes	7,133	2,434
Gain on sale of property and equipment, excluding transaction costs	(1,117)	(254)
Change in fair value of contingent consideration liabilities	(34)	98
Change in fair value of preferred stock investment	(26,964)	0
Other Noncash Income (Expense)	(6)	78
Changes in operating assets and liabilities, net of acquisitions and divestiture:
(Increase) decrease in receivables from clients, net	(44,759)	(23,294)
(Increase) decrease in unbilled services, net	(31,937)	(40,883)
(Increase) decrease in current income tax receivable / payable, net	14,704	3,159
(Increase) decrease in other assets	3,468	98
Increase (decrease) in accounts payable and other liabilities	(14,538)	2,229
Increase (decrease) in accrued payroll and related benefits	(18,883)	(35,958)
Increase (decrease) in deferred revenues	(397)	(10,424)
Net cash used in operating activities	(5,779)	(28,206)
Cash flows from investing activities:
Purchases of property and equipment	(9,768)	(8,918)
Payment to Acquire Life Insurance Policy, Investing Activities	283	574
Proceeds from Life Insurance Policy	2,958	0
Purchases of business, net of cash acquired	(1,948)	(5,886)
Capitalization of internally developed software costs	(6,855)	(3,603)
Proceeds from Sale and Collection of Notes Receivable	157	0
Proceeds from sale of property and equipment	4,753	255
Divestiture of business	207	0
Net cash used in investing activities	(10,779)	(18,726)
Cash flows from financing activities:
Proceeds from exercises of stock options	1,421	613
Shares redeemed for employee tax withholdings	(7,540)	(9,267)
Share repurchases	(95,474)	(60,229)
Proceeds from bank borrowings	287,000	189,000
Repayments of bank borrowings	(178,780)	(129,362)
Deferred payments on business acquisitions	(1,875)	0
Net cash provided by (used in) financing activities	4,752	(9,245)
Effect of exchange rate changes on cash	(144)	189
Net decrease in cash and cash equivalents	(11,950)	(55,988)
Cash and cash equivalents at beginning of the period	20,781	67,177
Cash and cash equivalents at end of the period	8,831	11,189
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	3,474	2,140
Operating lease right-of-use asset obtained in exchange for operating lease liability	1,908	2,960
Contingent consideration related to purchase of business	869	0
Share repurchases included in accounts payable	$ 2,572	$ 0

Financing Arrangements - Narrative (Details)			3 Months Ended	9 Months Ended
Financing Arrangements - Narrative (Details)	Jun. 30, 2017 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Net carrying amount				$ 341,000,000	$ 232,780,000
Duration of LIBOR				1 month
Property and equipment, net				$ 26,187,000	31,004,000
Aircraft Security Agreement
Debt Instrument [Line Items]
Property and equipment, net					3,700,000
Senior secured credit facility
Debt Instrument [Line Items]
Revolving credit facility		$ 600,000,000
Option to increase revolving credit facility		150,000,000
Maximum principle amount		$ 750,000,000
Percentage of other equity interests in domestic subsidiaries		100.00%
Percentage of other equity interests in foreign subsidiaries		65.00%
Maximum consolidated leverage ratio		3.75
Additional increase of consolidated leverage ratio		4.00
Minimum consolidated interest coverage ratio		3.50
Actual consolidated leverage ratio				2.06
Actual interest coverage ratio				18.36
Net carrying amount				$ 341,000,000	$ 230,000,000
Percentage of weighted average interest rate of borrowings				3.60%	2.70%
Outstanding letters of credit				$ 700,000	$ 700,000
Unused borrowing capacity under Credit Agreement				258,300,000
Senior secured credit facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Interest rate on borrowings (as a percent)		1.125%
Senior secured credit facility \| Minimum \| Base rate
Debt Instrument [Line Items]
Interest rate on borrowings (as a percent)		0.125%
Senior secured credit facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
Interest rate on borrowings (as a percent)		1.875%
Senior secured credit facility \| Maximum \| Base rate
Debt Instrument [Line Items]
Interest rate on borrowings (as a percent)		0.875%
Promissory note due 2024
Debt Instrument [Line Items]
Interest rate on borrowings (as a percent)	1.97%
Net carrying amount	$ 5,100,000			$ 0	2,780,000
Duration of LIBOR	1 month
Gain on sale of property, plant and equipment			$ 1,000,000
Promissory note due 2024 \| Aircraft Security Agreement
Debt Instrument [Line Items]
Net carrying amount					$ 2,800,000

Derivative Instruments and Hedging Activity - Narrative (Details) ₨ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 INR (₨)	Dec. 31, 2021 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Duration of LIBOR	1 month
Interest rate cash flow hedge gain (loss) to be reclassified	$ 4.1
Gain (loss) reclassification from accumulated OCI to income, estimate of time to transfer	12 months
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	$ 0.1
Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swap agreement, end date	Jul. 30, 2023
Interest rate swap agreement for a notional amount	$ 5.0	₨ 405.1
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swap agreement, end date	Aug. 31, 2027
Interest rate swap agreement for a notional amount	$ 200.0		$ 200.0

Fair Value of Financial Instruments - Convertible Debt Investment Reconciliation (Details) - Fair value, measurements, recurring $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward]
Beginning balance	$ 105,975
Ending balance	101,785
Convertible Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward]
Beginning balance	65,918
Change in fair value	(3,694)
Ending balance	$ 62,224

Commitments, Contingencies and Guarantees (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments And Contingencies [Line Items]
Insurance Settlements Receivable	$ 1,500
Estimated Litigation Liability	1,500
Fair value, measurements, recurring
Commitments And Contingencies [Line Items]
Contingent consideration liability	3,298	$ 4,913
Contingent consideration for business acquisitions \| Fair value, measurements, recurring
Commitments And Contingencies [Line Items]
Contingent consideration liability	3,199	3,743
Level 3 \| Fair value, measurements, recurring
Commitments And Contingencies [Line Items]
Contingent consideration liability	3,199	3,743
Level 3 \| Contingent consideration for business acquisitions \| Fair value, measurements, recurring
Commitments And Contingencies [Line Items]
Contingent consideration liability	3,199	3,743
Senior secured credit facility
Commitments And Contingencies [Line Items]
Guarantees in the form of letters of credit	$ 700	$ 700

Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Carrying Amounts of Debt

A summary of the carrying amounts of our debt follows:


	September 30, 2022		December 31, 2021
Senior secured credit facility	$	341,000	$	230,000
Promissory note due 2024	—		2,780
Total long-term debt	341,000		232,780
Current maturities of long-term debt	—		(559)
Long-term debt, net of current portion	$	341,000	$	232,221

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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+ Details

Revenues - Performance Obligations Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 156.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 23.8
Expected timing of satisfaction	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 63.8
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 68.7
Expected timing of satisfaction

Restructuring Charges

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring charges for the three and nine months ended September 30, 2022 were $1.3 million and $5.0 million. The $1.3 million of restructuring charges recognized in the third quarter of 2022 included $0.7 million of rent and related expenses, net of sublease income, for previously vacated office spaces, $0.5 million for the early termination of a contract, and $0.1 million of employee-related expenses. The $5.0 million of restructuring charges incurred in the first nine months of 2022 included $1.7 million of employee-related expenses, $1.7 million of rent and related expenses, net of sublease income, for previously vacated office spaces, $0.6 million for third-party transaction expenses related to the modification of our operating model, $0.5 million for the early termination of a contract, $0.3 million of accelerated amortization of capitalized software implementation costs for a cloud-computing arrangement that is no longer in use, and $0.1 million related to the divestiture of our Life Sciences business in the fourth quarter of 2021.

Restructuring charges for the three and nine months ended September 30, 2021 were $1.7 million and $3.2 million, respectively. The $1.7 million of restructuring charges recognized in the third quarter of 2021 consisted of $0.7 million of third-party transaction expenses related to the evaluation of the divestiture of our Life Sciences business, $0.5 million of rent and related expenses, net of sublease income, for previously vacated office spaces, and $0.5 million of employee-related expenses. Of the $3.2 million restructuring charge incurred in the first nine months of 2021, $1.8 million related to rent and related expenses, net of sublease income, and accelerated depreciation on furniture and fixtures for vacated office spaces; $0.9 million for third-party transaction expenses related to the evaluation of the divestiture of our Life Sciences business; and $0.5 million of employee-related expenses recognized in the third quarter of 2021.

The table below sets forth the changes in the carrying amount of our restructuring charge liability by restructuring type for the nine months ended September 30, 2022.


	Employee Costs		Office Space Reduction		Other		Total
Balance as of December 31, 2021	$	573	$	—	$	567	$	1,140
Additions	1,711		—		1,085		2,796
Payments	(1,432)		—		(1,025)		(2,457)
Adjustments	—		87		40		127
Balance as of September 30, 2022	$	852	$	87	$	667	$	1,606

All of the $0.9 million restructuring charge liability related to employee costs at September 30, 2022 is expected to be paid in the next 12 months and is included as a component of accrued payroll and related benefits in our consolidated balance sheet. The $0.1 million restructuring charge liability related to office space reductions at September 30, 2022 is included as a component of accrued expenses and other current liabilities. All of the $0.7 million other restructuring charge liability at September 30, 2022 is expected to be paid over the next 12 months and is included as a component of accrued expenses and other current liabilities in our consolidated balance sheet.

Financing Arrangements

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Financing Arrangements

A summary of the carrying amounts of our debt follows:


	September 30, 2022		December 31, 2021
Senior secured credit facility	$	341,000	$	230,000
Promissory note due 2024	—		2,780
Total long-term debt	341,000		232,780
Current maturities of long-term debt	—		(559)
Long-term debt, net of current portion	$	341,000	$	232,221

Senior Secured Credit Facility

The Company has a $600 million senior secured revolving credit facility, subject to the terms of a Second Amended and Restated Credit Agreement dated as of March 31, 2015, as amended to date (as amended and modified the "Amended Credit Agreement"), that becomes due and payable in full upon maturity on September 27, 2024. The Amended Credit Agreement provides the option to increase the revolving credit facility or establish term loan facilities in an aggregate amount of up to $150 million, subject to customary conditions and the approval of any lender whose commitment would be increased, resulting in a maximum available principal amount under the Amended Credit Agreement of $750 million. The initial borrowings under the Amended Credit Agreement were used to refinance borrowings outstanding under a prior credit agreement, and future borrowings under the Amended Credit Agreement may be used for working capital, capital expenditures, acquisitions of businesses, share repurchases, and general corporate purposes.

Fees and interest on borrowings vary based on our Consolidated Leverage Ratio (as defined in the Amended Credit Agreement). At our option, borrowings under the Amended Credit Agreement will bear interest at one, two, three or six-month LIBOR or an alternate base rate, in each case plus the applicable margin. The applicable margin will fluctuate between 1.125% per annum and 1.875% per annum, in the case of LIBOR borrowings, or between 0.125% per annum and 0.875% per annum, in the case of base rate loans, based upon our Consolidated Leverage Ratio at such time.

Amounts borrowed under the Amended Credit Agreement may be prepaid at any time without premium or penalty. We are required to prepay the amounts outstanding under the Amended Credit Agreement in certain circumstances, including upon an Event of Default (as defined in the Amended Credit Agreement). In addition, we have the right to permanently reduce or terminate the unused portion of the commitments provided under the Amended Credit Agreement at any time.

The loans and obligations under the Amended Credit Agreement are secured pursuant to a Second Amended and Restated Security Agreement and a Second Amended and Restated Pledge Agreement (the “Pledge Agreement”) with Bank of America, N.A. as collateral agent, pursuant to which the Company and the subsidiary guarantors grant Bank of America, N.A., for the ratable benefit of the lenders under the Amended Credit Agreement, a first-priority lien, subject to permitted liens, on substantially all of the personal property assets of the Company and the subsidiary guarantors, and a pledge of 100% of the stock or other equity interests in all domestic subsidiaries and 65% of the stock or other equity interests in each “material first-tier foreign subsidiary” (as defined in the Pledge Agreement).

The Amended Credit Agreement contains usual and customary representations and warranties; affirmative and negative covenants, which include limitations on liens, investments, additional indebtedness, and restricted payments; and two quarterly financial covenants as follows: (i) a maximum Consolidated Leverage Ratio (defined as the ratio of debt to consolidated EBITDA) of 3.75 to 1.00; however the maximum permitted Consolidated Leverage Ratio will increase to 4.00 to 1.00 upon the occurrence of certain transactions, and (ii) a minimum Consolidated Interest Coverage Ratio (defined as the ratio of consolidated EBITDA to interest) of 3.50 to 1.00. Consolidated EBITDA for purposes of the financial covenants is calculated on a continuing operations basis and includes adjustments to add back non-cash goodwill impairment charges, share-based compensation costs, certain non-cash restructuring charges, pro forma historical EBITDA for businesses acquired, and other specified items in accordance with the Amended Credit Agreement. For purposes of the Consolidated Leverage Ratio, total debt is on a gross basis and is not netted against our cash balances. At September 30, 2022, we were in compliance with these financial covenants with a Consolidated Leverage Ratio of 2.06 to 1.00 and a Consolidated Interest Coverage Ratio of 18.36 to 1.00.

Borrowings outstanding under the Amended Credit Agreement at September 30, 2022 totaled $341.0 million. These borrowings carried a weighted average interest rate of 3.6%, including the effect of the interest rate swaps described in Note 9 “Derivative Instruments and Hedging Activity.” Borrowings outstanding under the Amended Credit Agreement at December 31, 2021 were $230.0 million and carried a weighted average interest rate of 2.7%, including the effect of the interest rate swaps. The borrowing capacity under the revolving credit facility is reduced by any outstanding borrowings under the revolving credit facility and outstanding letters of credit. At September 30, 2022,

we had outstanding letters of credit totaling $0.7 million, which are used as security deposits for our office facilities. As of September 30, 2022, the unused borrowing capacity under the revolving credit facility was $258.3 million.

Promissory Note due 2024

On June 30, 2017, in conjunction with our purchase of an aircraft related to the acquisition of Innosight, we assumed from the sellers of the aircraft a promissory note with an outstanding principal balance of $5.1 million. In the first quarter of 2022, we completed the sale of the aircraft to a third-party and used a portion of the sale proceeds to pay the remaining principal and unpaid interest on the promissory note. Prior to the repayment of the promissory note, the principal balance of the promissory note was subject to scheduled monthly principal payments until the maturity date of March 1, 2024. Under the terms of the promissory note, we paid interest on the outstanding principal amount at a rate of one month LIBOR plus 1.97% per annum. At December 31, 2021, the outstanding principal amount of the promissory note was $2.8 million, and the aircraft had a carrying amount of $3.7 million. As a result of the sale, we recognized a gain of $1.0 million in the first quarter of 2022 and we no longer own any aircraft.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
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+ Details

Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Asset/Liability
Assets	$ 101,785	$ 105,975
Liabilities	3,298	4,913
Contingent consideration for business acquisitions
Fair Value, Asset/Liability
Liabilities	3,199	3,743
Interest rate swaps
Fair Value, Asset/Liability
Assets	11,871	627
Liabilities		1,170
Foreign Exchange Contract
Fair Value, Asset/Liability
Liabilities	99
Convertible debt investment
Fair Value, Asset/Liability
Assets	62,224	65,918
Level 1
Fair Value, Asset/Liability
Assets	0	0
Liabilities	0	0
Level 1 \| Contingent consideration for business acquisitions
Fair Value, Asset/Liability
Liabilities	0	0
Level 1 \| Interest rate swaps
Fair Value, Asset/Liability
Assets	0	0
Liabilities		0
Level 1 \| Foreign Exchange Contract
Fair Value, Asset/Liability
Liabilities	0
Level 1 \| Convertible debt investment
Fair Value, Asset/Liability
Assets	0	0
Level 2
Fair Value, Asset/Liability
Assets	39,561	40,057
Liabilities	99	1,170
Level 2 \| Contingent consideration for business acquisitions
Fair Value, Asset/Liability
Liabilities	0	0
Level 2 \| Interest rate swaps
Fair Value, Asset/Liability
Assets	11,871	627
Liabilities		1,170
Level 2 \| Foreign Exchange Contract
Fair Value, Asset/Liability
Liabilities	99
Level 2 \| Convertible debt investment
Fair Value, Asset/Liability
Assets	0	0
Level 3
Fair Value, Asset/Liability
Assets	62,224	65,918
Liabilities	3,199	3,743
Level 3 \| Contingent consideration for business acquisitions
Fair Value, Asset/Liability
Liabilities	3,199	3,743
Level 3 \| Interest rate swaps
Fair Value, Asset/Liability
Assets	0	0
Liabilities		0
Level 3 \| Foreign Exchange Contract
Fair Value, Asset/Liability
Liabilities	0
Level 3 \| Convertible debt investment
Fair Value, Asset/Liability
Assets	62,224	65,918
Deferred compensation assets
Fair Value, Asset/Liability
Assets	27,690	39,430
Deferred compensation assets \| Level 1
Fair Value, Asset/Liability
Assets	0	0
Deferred compensation assets \| Level 2
Fair Value, Asset/Liability
Assets	27,690	39,430
Deferred compensation assets \| Level 3
Fair Value, Asset/Liability
Assets	$ 0	$ 0

Other Comprehensive Income (Loss ) - Components of Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Tax (Expense) Benefit
Foreign currency translation adjustments	$ 0	$ 0	$ 0	$ 0
Unrealized gain (loss) on investment	298	(419)	976	747
Interest rate swaps:
Other comprehensive income (loss)	(1,054)	(531)	(2,281)	17
Other comprehensive income (loss):
Foreign currency translation adjustments	(1,034)	(246)	(1,733)	236
Unrealized gain (loss) on investment	(1,128)	1,577	(3,694)	(2,815)
Interest rate swaps:
Other comprehensive income (loss)	2,952	1,752	6,888	107
Net of Taxes
Foreign currency translation adjustments	(1,034)	(246)	(1,733)	236
Unrealized gain (loss) on investment	(830)	1,158	(2,718)	(2,068)
Interest rate swaps:
Net unrealized gain (loss) on interest rate swaps	3,762	309	9,058	1,956
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1,898	1,221	4,607	124
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gain on cash flow hedging instruments, net of tax	3,762	309	9,058	1,956
Foreign Exchange Contract
Interest rate swaps:
Change in fair value	26	0	26	0
Reclassification adjustments into earnings	0	0	0	0
Net unrealized gain (loss) on interest rate swaps	26	0	26	0
Interest rate swaps:
Change in fair value	(98)	0	(98)	0
Reclassification adjustments into earnings	(1)	0	(1)	0
Net unrealized gain (loss) on interest rate swaps	(99)	0	(99)	0
Interest rate swaps:
Change in fair value	(72)	0	(72)	0
Reclassification adjustments into earnings	(1)	0	(1)	0
Net unrealized gain (loss) on interest rate swaps	(73)	0	(73)	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			(73)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Change in fair value	(98)	0	(98)	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	(26)	0	(26)	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(72)	0	(72)	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	1	0	1	0
Reclassification adjustments into earnings	0	0	0	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	1	0	1	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	(99)	0	(99)	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	(26)	0	(26)	0
Unrealized gain on cash flow hedging instruments, net of tax	(73)	0	(73)	0
Interest rate swaps
Interest rate swaps:
Change in fair value	(1,402)	47	(3,172)	(212)
Reclassification adjustments into earnings	24	(159)	(111)	(518)
Net unrealized gain (loss) on interest rate swaps	(1,378)	(112)	(3,283)	(730)
Interest rate swaps:
Change in fair value	5,302	(192)	11,994	692
Reclassification adjustments into earnings	(89)	613	420	1,994
Net unrealized gain (loss) on interest rate swaps	5,213	421	12,414	2,686
Interest rate swaps:
Change in fair value	3,900	(145)	8,822	480
Reclassification adjustments into earnings	(65)	454	309	1,476
Net unrealized gain (loss) on interest rate swaps	3,835	309	9,131	1,956
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			9,131
Accumulated Other Comprehensive Income (Loss) [Line Items]
Change in fair value	5,302	(192)	11,994	692
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	1,402	(47)	3,172	212
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	3,900	(145)	8,822	480
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	89	(613)	(420)	(1,994)
Reclassification adjustments into earnings	24	(159)	(111)	(518)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	65	(454)	(309)	(1,476)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	5,213	421	12,414	2,686
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	1,378	112	3,283	730
Unrealized gain on cash flow hedging instruments, net of tax	$ 3,835	$ 309	$ 9,131	$ 1,956

Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 17,741	$ 13,727	$ 58,468	$ 31,929
Weighted average common shares outstanding - basic (shares)	20,109	21,242	20,511	21,574
Weighted average common stock equivalents (shares)	506	289	388	330
Weighted average common shares outstanding - diluted (shares)	20,615	21,531	20,899	21,904
Net income (USD per share)	$ 0.88	$ 0.65	$ 2.85	$ 1.48
Net income (USD per share)	$ 0.86	$ 0.64	$ 2.80	$ 1.46

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 10,494	$ 8,827
Unbilled services, allowance for credit losses	$ 3,992	$ 2,637
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	500,000,000	500,000,000
Common stock, shares issued (shares)	22,853,524	24,364,814
Treasury stock, shares (shares)	2,696,264	2,495,172

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Reconciliation of Basic and Diluted Earnings Per Share

Earnings per share under the basic and diluted computations are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	17,741	$	13,727	$	58,468	$	31,929

Weighted average common shares outstanding – basic	20,109		21,242		20,511		21,574
Weighted average common stock equivalents	506		289		388		330
Weighted average common shares outstanding – diluted	20,615		21,531		20,899		21,904

Net income per basic share	$	0.88	$	0.65	$	2.85	$	1.48
Net income per diluted share	$	0.86	$	0.64	$	2.80	$	1.46

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands		3 Months Ended	9 Months Ended
	Jan. 17, 2024	Mar. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments			$ 95,854		$ 72,584
Equity securities without readily determinable fair value						$ 5,000
Unrealized gain on investment			$ 26,964	$ 0
Shorelight Holdings LLC \| Forecast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maturity date	Jan. 17, 2024
Contingent consideration for business acquisitions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input			0.046
Contingent consideration for business acquisitions \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input					0.024
Contingent consideration for business acquisitions \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input					0.051
Contingent consideration for business acquisitions \| Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input					0.037
Convertible debt investment \| Shorelight Holdings LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments			$ 40,900
Interest rate (as a percent)			1.69%
Preferred Stock \| Medically Home Group Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments		$ 33,600			$ 6,700
Unrealized gain on investment		$ 27,000
Cumulative unrealized gains			$ 28,600
Discount rate \| Convertible debt investment \| Shorelight Holdings LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input			0.240		0.225
Price volatility \| Convertible debt investment \| Shorelight Holdings LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input			0.350		0.450

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2022
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, Reference Rate Reform (Topic 848): Scope. Together, these ASUs provide optional expedients and exceptions for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting under GAAP. These ASUs are optional and may be applied by entities after March 12, 2020, but no later than December 31, 2022. Our senior secured credit facility and related interest rate swaps are indexed to LIBOR, and we expect to adopt this standard when LIBOR is discontinued and a successor rate is established under these contracts. We do not expect the adoption of these ASUs to have a material impact on our consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Restructuring Charges - Restructuring Liability Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1,140
Additions	2,796
Payments	(2,457)
Adjustments	127
Ending balance	1,606
Employee Costs
Restructuring Reserve [Roll Forward]
Beginning balance	573
Additions	1,711
Payments	(1,432)
Adjustments	0
Ending balance	852
Other
Restructuring Reserve [Roll Forward]
Beginning balance	567
Additions	1,085
Payments	(1,025)
Adjustments	40
Ending balance	667
Office Space Reductions [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	0
Additions	0
Payments	0
Adjustments	87
Ending balance	$ 87

Derivative Instruments and Hedging Activity (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Interest Rate Swaps Designated as Cash Flow Hedging Instruments

The table below sets forth additional information relating to our derivative instruments as of September 30, 2022 and December 31, 2021.


		Fair Value
Derivative Instrument	Balance Sheet Location	September 30, 2022		December 31, 2021
Interest rate swaps	Prepaid expenses and other current assets	$	5,335	$	—
Interest rate swaps	Other non-current assets	6,536		1,210

Total Assets		$	11,871	$	1,210

Interest rate swaps	Accrued expenses and other current liabilities	$	—	$	1,604
Interest rate swaps	Deferred compensation and other liabilities	—		149
Foreign exchange forward contracts	Accrued expenses and other current liabilities	99		—
Total Liabilities		$	99	$	1,753

Basis of Presentation and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

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.

New Accounting Pronouncements

Not Yet Adopted

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, Reference Rate Reform (Topic 848): Scope. Together, these ASUs provide optional expedients and exceptions for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of,

reference rate reform on financial reporting under GAAP. These ASUs are optional and may be applied by entities after March 12, 2020, but no later than December 31, 2022. Our senior secured credit facility and related interest rate swaps are indexed to LIBOR, and we expect to adopt this standard when LIBOR is discontinued and a successor rate is established under these contracts. We do not expect the adoption of these ASUs to have a material impact on our consolidated financial statements.

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, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss per share would be anti-dilutive.

Derivative Instruments and Hedging Activity

We have designated all of our derivative instruments as cash flow hedges. Therefore, changes in the fair value of the interest rate swaps and foreign exchange forward contracts are recorded to other comprehensive income (“OCI”) to the extent effective and reclassified to earnings upon settlement.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy for inputs used in measuring fair value and requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy consists of three levels based on the objectivity of the inputs as follows:


Level 1 Inputs						Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs						Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 Inputs						Unobservable inputs for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability.

Investments

The investment is carried at fair value with unrealized holding gains and losses excluded from earnings and reported in other comprehensive income.

Equity Securities without Readily Determinable Fair Value

We elected to apply the measurement alternative at the time of the purchase and will continue to do so until the investment does not qualify to be so measured. Under the measurement alternative, the investment is carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment in Medically Home. On a quarterly basis, we review the information available to determine whether an orderly and observable transaction for the same or similar equity instrument occurred, and remeasure to the fair value of the preferred stock using such identified transactions, with changes in the fair value recorded in our consolidated statement of operations.

Segment Information

Effective January 1, 2022, we modified our operating model to expand and more deeply integrate our industry expertise with our digital, strategic and financial advisory capabilities. The new operating model will strengthen Huron’s go-to-market strategy, drive efficiencies that support margin expansion, and position the company to accelerate growth.

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 8,831	$ 20,781
Receivables from clients, net of allowances of $10,494 and $8,827, respectively	166,734	122,316
Unbilled services, net of allowances of $3,992 and $2,637, respectively	122,317	91,285
Income tax receivable	213	8,071
Prepaid expenses and other current assets	25,524	15,229
Total current assets	323,619	257,682
Property and equipment, net	26,187	31,004
Deferred income taxes, net	1,625	1,804
Long-term investments	95,854	72,584
Operating lease right-of-use assets	32,112	35,311
Other non-current assets	65,993	68,191
Intangible assets, net	25,453	31,894
Goodwill	623,841	620,879
Total assets	1,194,684	1,119,349
Current liabilities:
Accounts payable	15,115	13,621
Accrued expenses and other current liabilities	32,016	22,519
Accrued payroll and related benefits	118,195	139,131
Current maturities of long-term debt	0	559
Current maturities of operating lease liabilities	10,414	10,142
Deferred revenues	20,378	19,212
Total current liabilities	196,118	205,184
Non-current liabilities:
Deferred compensation and other liabilities	31,487	43,458
Long-term debt, net of current portion	341,000	232,221
Operating lease liabilities, net of current portion	48,221	54,313
Deferred income taxes, net	21,597	12,273
Total non-current liabilities	442,305	342,265
Commitments and contingencies
Stockholders’ equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 22,853,524 and 24,364,814 shares issued, respectively	225	239
Treasury stock, at cost, 2,696,264 and 2,495,172 shares, respectively	(137,000)	(135,969)
Additional paid-in capital	336,125	413,794
Retained earnings	335,464	276,996
Accumulated other comprehensive income	21,447	16,840
Total stockholders’ equity	556,261	571,900
Total liabilities and stockholders’ equity	$ 1,194,684	$ 1,119,349

Goodwill and Intangible Assets - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Segment operating_industry Reporting_Unit	Sep. 30, 2021 USD ($)	Jan. 01, 2022
Goodwill [Line Items]
Number of operating industries \| operating_industry			3
Number of reportable segments \| Segment			3
Number of reporting units \| Reporting_Unit			3
Amortization expense \| $	$ 2.8	$ 2.2	$ 8.5	$ 6.9
Healthcare
Goodwill [Line Items]
Percentage of fair value in excess of carrying value (as a percent)					37.00%
Education
Goodwill [Line Items]
Percentage of fair value in excess of carrying value (as a percent)					199.00%
Commercial:
Goodwill [Line Items]
Percentage of fair value in excess of carrying value (as a percent)					105.00%

Derivative Instruments and Hedging Activity

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activity

Derivative Instruments and Hedging ActivityIn the normal course of business, we use forward interest rate swaps to manage the interest rate risk associated with our variable-rate borrowings under our senior secured credit facility and we use non-deliverable foreign exchange forward contracts to manage the foreign currency exchange rate risk related to our operations in India. We do not use derivative instruments for trading or other speculative purposes.

Interest Rate Swaps

We are party to forward interest rate swap agreements with an aggregate notional amount of $200.0 million as of September 30, 2022 and December 31, 2021. Under the terms of the interest rate swap agreements, we receive from the counterparty interest on the notional amount based on one month LIBOR and we pay to the counterparty a stated, fixed rate. The forward interest rate swap agreements have staggered maturities through August 31, 2027.

As of September 30, 2022, it was anticipated that $4.1 million of the gains, net of tax, related to interest rate swaps and currently recorded in accumulated other comprehensive income will be reclassified into interest expense, net of interest income in our consolidated statement of operations within the next 12 months.

Foreign Exchange Forward Contracts

As of September 30, 2022, we are party to non-deliverable foreign exchange forward contracts with an aggregate notional amount of INR 405.1 million, or $5.0 million based on the exchange rate in effect as of September 30, 2022. These foreign exchange forward contracts will mature monthly through July 2023 to hedge a portion of our forecasted monthly Indian Rupee-denominated expenses against foreign currency fluctuation with the United States dollar.

As of September 30, 2022, it was anticipated that $0.1 million of the losses, net of tax, related to foreign exchange forward contracts and currently recorded in accumulated other comprehensive income will be reclassified into direct costs in our consolidated statement of operations within the next 12 months.

The table below sets forth additional information relating to our derivative instruments as of September 30, 2022 and December 31, 2021.


		Fair Value
Derivative Instrument	Balance Sheet Location	September 30, 2022		December 31, 2021
Interest rate swaps	Prepaid expenses and other current assets	$	5,335	$	—
Interest rate swaps	Other non-current assets	6,536		1,210

Total Assets		$	11,871	$	1,210

Interest rate swaps	Accrued expenses and other current liabilities	$	—	$	1,604
Interest rate swaps	Deferred compensation and other liabilities	—		149
Foreign exchange forward contracts	Accrued expenses and other current liabilities	99		—
Total Liabilities		$	99	$	1,753

All of our derivative instruments are transacted under the International Swaps and Derivatives Association (ISDA) master agreements. These agreements permit the net settlement of amounts owed in the event of default and certain other termination events. Although netting is permitted, it is our policy to record all derivative assets and liabilities on a gross basis in our consolidated balance sheet. Refer to Note 11 “Other Comprehensive Income (Loss)” for additional information on our derivative instruments.

Description of Business (Details)	9 Months Ended
Description of Business (Details)	Sep. 30, 2022 Segment operating_industry
Accounting Policies [Abstract]
Number of reportable segments \| Segment	3
Number of operating industries \| operating_industry	3

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Certain of our assets and liabilities are measured at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy for inputs used in measuring fair value and requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy consists of three levels based on the objectivity of the inputs as follows:


Level 1 Inputs						Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs						Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 Inputs						Unobservable inputs for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability.

The table below sets forth our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021.


	Level 1		Level 2		Level 3		Total
September 30, 2022
Assets:
Interest rate swaps	$	—	$	11,871	$	—	$	11,871
Convertible debt investment	—		—		62,224		62,224
Deferred compensation assets	—		27,690		—		27,690
Total assets	$	—	$	39,561	$	62,224	$	101,785
Liabilities:

Foreign exchange forward contracts	$	—	$	99	$	—	$	99
Contingent consideration for business acquisitions	—		—		3,199		3,199
Total liabilities	$	—	$	99	$	3,199	$	3,298
December 31, 2021
Assets:
Interest rate swap	$	—	$	627	$	—	$	627
Convertible debt investment	—		—		65,918		65,918
Deferred compensation assets	—		39,430		—		39,430
Total assets	$	—	$	40,057	$	65,918	$	105,975
Liabilities:
Interest rate swaps	$	—	$	1,170	$	—	$	1,170
Contingent consideration for business acquisitions	—		—		3,743		3,743
Total liabilities	$	—	$	1,170	$	3,743	$	4,913

Interest rate swaps: The fair values of our interest rate swaps were derived using estimates to settle the interest rate swap agreements, which are based on the net present value of expected future cash flows on each leg of the swaps utilizing market-based inputs and a discount rate reflecting the risks involved. Refer to Note 9 “Derivative Instruments and Hedging Activity” for additional information on our interest rate swaps.

Foreign exchange forward contracts: The fair values of our foreign exchange forward contracts were derived using estimates to settle the foreign exchange forward contracts agreements, which are based on the net present value of expected future cash flows on each contract utilizing market-based inputs, including both forward and spot prices, and a discount rate reflecting the risks involved. Refer to Note 9 “Derivative Instruments and Hedging Activity” for additional information on our foreign exchange forward contracts.

Deferred compensation assets: We have a non-qualified deferred compensation plan (the “Plan”) for the members of our board of directors and a select group of our employees. The deferred compensation liability is funded by the Plan assets, which consist of life insurance policies maintained within a trust. The cash surrender value of the life insurance policies approximates fair value and is based on third-party broker statements which provide the fair value of the life insurance policies' underlying investments, which are Level 2 inputs. The cash surrender value of the life insurance policies is invested primarily in mutual funds. The Plan assets are included in other non-current assets in our consolidated balance sheets. Realized and unrealized gains (losses) from the deferred compensation assets are recorded to other income (expense), net in our consolidated statements of operations.

Convertible debt investment: Since 2014, we have invested $40.9 million in the form of 1.69% convertible debt in Shorelight Holdings, LLC (“Shorelight”), the parent company of Shorelight, a U.S.-based company that partners with leading nonprofit universities to increase access to and retention of international students, boost institutional growth, and enhance an institution’s global footprint. The convertible notes will mature on January 17, 2024, unless converted earlier.

To determine the appropriate accounting treatment for our investment, we performed a variable interest entity (“VIE”) analysis and concluded that Shorelight does not meet the definition of a VIE. We also reviewed the characteristics of our investment to confirm that the convertible notes are not in-substance common stock that would warrant equity method accounting. After we reviewed all of the terms of the investment, we concluded the appropriate accounting treatment to be that of an available-for-sale debt security.

The investment is carried at fair value with unrealized holding gains and losses excluded from earnings and reported in other comprehensive income. We estimate the fair value of our investment using a scenario-based approach in the form of a hybrid analysis that consists of a Monte Carlo simulation model and an expected return analysis. The conclusion of value for our investment is based on the probability-weighted assessment of both scenarios. The hybrid analysis utilizes certain assumptions including the assumed holding period through the maturity date of January 17, 2024; the applicable waterfall distribution at the end of the expected holding period based on the rights and privileges of the various instruments; cash flow projections discounted at the risk-adjusted rate of 24.0% and 22.5% as of September 30, 2022 and December 31, 2021, respectively; and the concluded equity volatility of 35.0% and 45.0% as of September 30, 2022 and December 31, 2021, respectively, all of which are Level 3 inputs. The use of alternative estimates and assumptions could increase or decrease the estimated fair value of the investment, which would result in different impacts to our consolidated balance sheet and comprehensive income. Actual results may differ from our estimates. The fair value of the convertible debt investment is recorded in long-term investments in our consolidated balance sheets.

The table below sets forth the changes in the balance of the convertible debt investment for the nine months ended September 30, 2022.


	Convertible Debt Investment
Balance as of December 31, 2021	$	65,918

Change in fair value	(3,694)
Balance as of September 30, 2022	$	62,224

Contingent consideration for business acquisitions: We estimate the fair value of acquisition-related contingent consideration using either a probability-weighted assessment of the specific financial performance targets being measured or a Monte Carlo simulation model, as appropriate. These fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 inputs. The significant unobservable inputs used in the fair value measurements of our contingent consideration are our measures of the estimated payouts based on internally generated financial projections on a probability-weighted basis and a discount rate which was 4.6% as of September 30, 2022. As of December 31, 2021, the discount rate used in the fair value measurements of our contingent consideration was in a range of 2.4% to 5.1% with a weighted average of 3.7%. The weighted average discount rate was calculated using the relative fair values of the contingent consideration liabilities as of December 31, 2021. The fair value of the contingent consideration is reassessed quarterly based on assumptions used in our latest projections and input provided by practice leaders and management. Any change in the fair value estimate is recorded in our consolidated statement of operations for that period. The use of alternative estimates and assumptions could increase or decrease the estimated fair value of our contingent consideration liability, which would result in different impacts to our consolidated balance sheets and consolidated statements of operations. Actual results may differ from our estimates.

The table below sets forth the changes in the balance of the contingent consideration for business acquisitions for the nine months ended September 30, 2022.


	Contingent Consideration for Business Acquisitions
Balance as of December 31, 2021	$	3,743
Acquisition	869
Payment	(1,379)
Change in fair value	(34)
Balance as of September 30, 2022	$	3,199

Financial assets and liabilities not recorded at fair value on a recurring basis are as follows:

Medically Home Preferred Stock Investment

In the fourth quarter of 2019, we invested $5.0 million in Medically Home Group, Inc. (“Medically Home”), a hospital-at-home company. The investment was made in the form of preferred stock. To determine the appropriate accounting treatment for our preferred stock investment, we performed a VIE analysis and concluded that Medically Home does not meet the definition of a VIE. We also reviewed the characteristics of our investment to confirm that the preferred stock is not in-substance common stock that would warrant equity method accounting. After we reviewed all of the terms of the investment, we concluded the appropriate accounting treatment for our investment in Medically Home to be that of an equity security with no readily determinable fair value. We elected to apply the measurement alternative at the time of the purchase and will continue to do so until the investment does not qualify to be so measured. Under the measurement alternative, the investment is carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment in Medically Home. On a quarterly basis, we review the information available to determine whether an orderly and observable transaction for the same or similar equity instrument occurred, and remeasure to the fair value of the preferred stock using such identified transactions, with changes in the fair value recorded in our consolidated statement of operations.

As of December 31, 2021, the carrying amount of our preferred stock investment was $6.7 million. During the first quarter of 2022, we recognized an unrealized gain of $27.0 million to increase the carrying amount of our preferred stock investment to $33.6 million, based on an observable price change of preferred stock issued by Medically Home with similar rights and preferences to our preferred stock investment. This observable price change is a Level 2 input. The $27.0 million unrealized gain was recorded to other income (expense), net in our consolidated statement of operations. There were no observable price changes in the second or third quarters of 2022. Since our initial investment, we have recognized cumulative unrealized gains of $28.6 million, and we have not identified any impairments of our investment.

Senior Secured Credit Facility

The carrying value of our borrowings outstanding under our senior secured credit facility is stated at cost. Our carrying value approximates fair value, using Level 2 inputs, as the senior secured credit facility bears interest at variable rates based on current market rates as set forth in the Amended Credit Agreement. Refer to Note 7 “Financing Arrangements” for additional information on our senior secured credit facility.

Promissory Note due 2024

In the first quarter of 2022, we completed the sale of our aircraft to a third-party and used a portion of the sale proceeds to pay the remaining principal and unpaid interest on our promissory note due 2024. The carrying value of our promissory note due 2024 was stated at cost. The carrying value approximated fair value, using Level 2 inputs, as the promissory note bore interest at rates based on then-current market rates as set forth in the terms of the promissory note. Refer to Note 7 “Financing Arrangements” for additional information on our promissory note due 2024.

Cash and Cash Equivalents and Other Financial Instruments

Cash and cash equivalents are stated at cost, which approximates fair market value. The carrying values of all other financial instruments not described above reasonably approximate fair market value due to the nature of the financial instruments and the short-term maturity of these items.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Label	Element	Value
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	100,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	100,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	100,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	100,000

Commitments, Contingencies and Guarantees	9 Months Ended
Commitments, Contingencies and Guarantees	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Litigation Oaktree On November 9, 2018, Huron Consulting Services LLC, a wholly owned subsidiary of Huron, was engaged by Oaktree Medical Centre LLC, a management services organization (“Oaktree”), to perform interim management and financial advisory services. As part of the services, a Huron employee was appointed by Oaktree’s board of directors to serve as Chief Restructuring Officer of Oaktree (the “CRO”). The engagement letter through which Oaktree retained Huron’s services (the “Engagement Letter”) states that all disputes or claims arising thereunder are subject to binding arbitration, disclaims special, consequential, incidental and exemplary damages and losses and caps liability to the fees paid for the portion of the engagement giving rise to any liability. On September 19, 2019, Oaktree and certain of its affiliates filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for the Western District of North Carolina, with the cases subsequently transferred to the District of South Carolina. As a result of the bankruptcy filing, a Chapter 7 trustee was appointed to oversee the bankruptcy estates, at which time Huron’s services for Oaktree concluded. In April 2021, Trustee’s counsel communicated in writing to Huron its intent to pursue various claims against Huron and the CRO, among others, on behalf of the bankruptcy estates related to the services carried out by Huron and the CRO during the engagement. On September 17, 2021, the Trustee filed a complaint in the Bankruptcy Court for the District of South Carolina against Huron and the CRO, among others (the “Complaint”), alleging breach of fiduciary duty, aiding and abetting a breach of fiduciary duty, negligence, violations of the South Carolina Unfair Trade Practices Act, fraud, civil conspiracy, unjust enrichment, and recovery of avoided transfers under sections 547, 548 and 550 of the Bankruptcy Code. On December 7, 2021, the Trustee filed an amended version of the Complaint (the “Amended Complaint”), generally alleging the same claims asserted in the initial Complaint but (i) removing the claim for a violation of the South Carolina Unfair Trade Practices Act and (ii) adding a claim for breach of contract. In the Amended Complaint, the Trustee asserted that Huron and the CRO, among others, did not develop and implement a Chapter 11 restructuring plan on a timely basis and that their failure to do so led to significant damages. The Trustee sought an unspecified amount of monetary damages in the Amended Complaint. We believe the Trustee’s allegations with respect to Huron and the CRO are without merit. On December 21, 2021, we filed a motion to dismiss all of the claims in the Amended Complaint. On April 19, 2022, the bankruptcy court entered an order staying all of the Trustee’s claims against Huron and the CRO after (i) finding that the state law claims were subject to arbitration and (ii) exercising its discretion to stay the non-state-law claims pending the arbitration proceeding. The Trustee did not appeal the court’s order prior to the deadline of May 3, 2022. In October 2022, Huron, the CRO and the Trustee reached agreement on a settlement which provides for the Trustee’s dismissal of the Amended Complaint with prejudice as it relates to Huron and the CRO and a mutual release of claims in exchange for a settlement payment to the Trustee of $1.5 million. As a result, we increased our accrued liability and insurance receivable to $1.5 million as of September 30, 2022, which had a net zero impact in our consolidated statement of operations. The final settlement agreement, which is subject to bankruptcy court approval, was filed with the court on October 24, 2022. From time to time, we are involved in legal proceedings and litigation arising in the ordinary course of business. As of the date of this Quarterly Report on Form 10-Q, we are not a party to any litigation or legal proceeding or subject to any claim that, in the current opinion of management, could reasonably be expected to have a material adverse effect on our financial position or results of operations, including the matter discussed above. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. Guarantees Guarantees in the form of letters of credit totaling $0.7 million were outstanding at both September 30, 2022 and December 31, 2021 to support certain office lease obligations. In connection with certain business acquisitions, we may be required to pay post-closing consideration to the sellers if specific financial performance targets are met over a number of years as specified in the related purchase agreements. As of September 30, 2022 and December 31, 2021, the total estimated fair value of our outstanding contingent consideration liability was $3.2 million and $3.7 million, respectively. To the extent permitted by law, our bylaws and articles of incorporation require that we indemnify our officers and directors against judgments, fines and amounts paid in settlement, including attorneys’ fees, incurred in connection with civil or criminal action or proceedings, as it relates to their services to us if such person acted in good faith. Although there is no limit on the amount of indemnification, we may have recourse against our insurance carrier for certain payments made.

Derivative Instruments and Hedging Activity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	$ 11,871	$ 1,210
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	99	1,753
Interest rate swaps
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Asset at Fair Value	5,335	0
Interest rate swaps
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Asset at Fair Value	6,536	1,210
Foreign exchange forward contracts
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Liability at Fair Value	0	1,604
Foreign Currency Cash Flow Hedge Derivative at Fair Value, Net	99	0
Total Assets
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 0	$ 149

Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues and reimbursable expenses:
Revenues	$ 285,370	$ 224,007	$ 818,744	$ 657,346
Reimbursable expenses	6,816	3,690	19,034	8,876
Total revenues and reimbursable expenses	292,186	227,697	837,778	666,222
Operating expenses:
Direct costs (exclusive of depreciation and amortization included below)	193,368	153,902	569,848	463,543
Reimbursable expenses	6,917	3,914	19,249	9,233
Selling, general and administrative expenses	54,458	43,576	148,886	128,574
Restructuring charges	1,332	1,677	4,956	3,166
Depreciation and amortization	6,812	6,322	20,578	19,031
Total operating expenses	262,887	209,391	763,517	623,547
Operating income	29,299	18,306	74,261	42,675
Other income (expense), net:
Interest expense, net of interest income	(3,111)	(2,217)	(7,753)	(5,965)
Other income (expense), net	(785)	(394)	18,699	2,177
Total other income (expense), net	(3,896)	(2,611)	10,946	(3,788)
Income before taxes	25,403	15,695	85,207	38,887
Income tax expense	7,662	1,968	26,739	6,958
Net income	$ 17,741	$ 13,727	$ 58,468	$ 31,929
Earnings per share:
Net income per basic share (in dollars per share)	$ 0.88	$ 0.65	$ 2.85	$ 1.48
Net income (USD per share)	$ 0.86	$ 0.64	$ 2.80	$ 1.46
Weighted average shares used in calculating earnings per share:
Basic (shares)	20,109	21,242	20,511	21,574
Diluted (shares)	20,615	21,531	20,899	21,904
Comprehensive income (loss):
Net income (loss)	$ 17,741	$ 13,727	$ 58,468	$ 31,929
Foreign currency translation adjustments, net of tax	(1,034)	(246)	(1,733)	236
Unrealized gain (loss) on investment, net of tax	(830)	1,158	(2,718)	(2,068)
Unrealized gain on cash flow hedging instruments, net of tax	3,762	309	9,058	1,956
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	1,898	1,221	4,607	124
Comprehensive income	$ 19,639	$ 14,948	$ 63,075	$ 32,053

Fair Value of Financial Instruments - Contingent Consideration for Business Acquisitions (Details) - Fair value, measurements, recurring $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward]
Beginning balance	$ 4,913
Ending balance	3,298
Contingent consideration for business acquisitions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward]
Beginning balance	3,743
Acquisition	869
Payment	(1,379)
Change in fair value	(34)
Ending balance	$ 3,199

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 285,370	$ 224,007	$ 818,744	$ 657,346
Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues	155,901	135,021	454,356	402,576
Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues	129,469	88,986	364,388	254,770
Healthcare
Disaggregation of Revenue [Line Items]
Revenues	131,319	104,620	381,669	315,345
Healthcare \| Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues	88,626	75,992	256,340	228,576
Healthcare \| Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues	42,693	28,628	125,329	86,769
Education
Disaggregation of Revenue [Line Items]
Revenues	94,347	63,244	263,234	175,061
Education \| Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues	49,363	33,822	142,823	95,331
Education \| Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues	44,984	29,422	120,411	79,730
Commercial:
Disaggregation of Revenue [Line Items]
Revenues	59,704	56,143	173,841	166,940
Commercial: \| Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues	17,912	25,207	55,193	78,669
Commercial: \| Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 41,792	$ 30,936	$ 118,648	$ 88,271

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 30
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 22
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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-Topic 606
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Earnings Per Share - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
Earnings Per Share - Narrative (Details) - USD ($)	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Oct. 31, 2022	Dec. 31, 2021	Nov. 30, 2020
Accelerated Share Repurchases [Line Items]
Stock repurchased and retired	$ 45,604,000		$ 24,986,000	$ 97,855,000	$ 60,229,000
Share repurchases included in accounts payable	2,572,000		$ 0	2,572,000	$ 0
2020 Share repurchase program
Accelerated Share Repurchases [Line Items]
Share repurchase authorized amount	$ 200,000,000			$ 200,000,000				$ 50,000,000
Stock repurchased and retired (shares)	685,641		518,045	1,706,587	1,169,126
Stock repurchased and retired	$ 45,600,000		$ 25,000,000	$ 97,900,000	$ 60,200,000
Settlement of repurchase of shares (in shares)	38,568	3,820
Share repurchases included in accounts payable	$ 2,600,000			2,600,000			$ 200,000
Remaining authorized repurchase amount	$ 32,300,000			$ 32,300,000
2020 Share repurchase program \| Subsequent event
Accelerated Share Repurchases [Line Items]
Share repurchase authorized amount						$ 300,000,000

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill		$ 1,076,771
Accumulated impairment losses		(455,892)
Goodwill [Roll Forward]
Goodwill, net beginning balance	$ 620,879
Goodwill reallocation	0
Goodwill recorded in connection with a business acquisition	2,962
Goodwill, net ending balance	623,841
Healthcare
Goodwill [Line Items]
Goodwill		642,951
Accumulated impairment losses		(208,081)
Goodwill [Roll Forward]
Goodwill, net beginning balance	434,870
Goodwill reallocation	18,057
Goodwill recorded in connection with a business acquisition	162
Goodwill, net ending balance	453,089
Education
Goodwill [Line Items]
Goodwill		121,570
Accumulated impairment losses		0
Goodwill [Roll Forward]
Goodwill, net beginning balance	121,570
Goodwill reallocation	(1,417)
Goodwill recorded in connection with a business acquisition	2,082
Goodwill, net ending balance	122,235
Commercial:
Goodwill [Line Items]
Goodwill		312,250
Accumulated impairment losses		$ (247,811)
Goodwill [Roll Forward]
Goodwill, net beginning balance	64,439
Goodwill reallocation	(16,640)
Goodwill recorded in connection with a business acquisition	718
Goodwill, net ending balance	$ 48,517

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The table below sets forth the changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2022.


	Healthcare		Education		Commercial(1)		Total
Balance as of December 31, 2021:
Goodwill	$	642,951	$	121,570	$	312,250	$	1,076,771
Accumulated impairment losses	(208,081)		—		(247,811)		(455,892)
Goodwill, net as of December 31, 2021	434,870		121,570		64,439		620,879
Goodwill reallocation(1)	18,057		(1,417)		(16,640)		—
Goodwill recorded in connection with business acquisitions(2)(3)	162		2,082		718		2,962

Goodwill, net as of September 30, 2022	$	453,089	$	122,235	$	48,517	$	623,841

Intangible Assets

Intangible assets as of September 30, 2022 and December 31, 2021 consisted of the following:


		As of September 30, 2022				As of December 31, 2021
	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	6 to 13	$	73,942	$	55,361	$	75,908	$	53,421
Technology and software	2 to 5	13,330		7,383		13,330		5,607
Trade names	6	6,000		5,717		6,000		5,148
Non-competition agreements	2 to 5	920		278		2,020		1,347
Customer contracts	1	—		—		260		101
Total		$	94,192	$	68,739	$	97,518	$	65,624

Schedule of Future Amortization Expense

The table below sets forth the estimated annual amortization expense for the intangible assets recorded as of September 30, 2022.


Year Ending December 31,	Estimated Amortization Expense
2022	$	11,198
2023	$	7,904
2024	$	4,514
2025	$	3,386
2026	$	2,435

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per share under the basic and diluted computations are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	17,741	$	13,727	$	58,468	$	31,929

Weighted average common shares outstanding – basic	20,109		21,242		20,511		21,574
Weighted average common stock equivalents	506		289		388		330
Weighted average common shares outstanding – diluted	20,615		21,531		20,899		21,904

Net income per basic share	$	0.88	$	0.65	$	2.85	$	1.48
Net income per diluted share	$	0.86	$	0.64	$	2.80	$	1.46

The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above for the three and nine months ended September 30, 2022 and 2021 were less than 0.1 million shares, and related to unvested restricted stock and outstanding common stock options.

In November 2020, our board of directors authorized a share repurchase program permitting us to repurchase up to $50 million of our common stock through December 31, 2021. Through the third quarter of 2022, our board of directors authorized extensions of the share repurchase program through December 31, 2023 and increased the authorized amount to $200 million. In the fourth quarter of 2022, our board of directors increased the authorized amount under the share repurchase program from $200 million to $300 million. The amount and timing of repurchases under the share repurchase program 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.

In the three and nine months ended September 30, 2022, we repurchased and retired 685,641 and 1,706,587 shares for $45.6 million and $97.9 million, respectively, including 38,568 shares for $2.6 million which were settled in the fourth quarter of 2022. Additionally, in the first quarter of 2022, we settled the repurchase of 3,820 shares for $0.2 million that were accrued as of December 31, 2021. In the three and nine months ended September 30, 2021, we repurchased and retired 518,045 and 1,169,126 shares for $25.0 million and $60.2 million, respectively. As of September 30, 2022, $32.3 million remained available for share repurchases under our share repurchase program.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Components of Segment Information


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Healthcare:
Revenues	$	131,319		$	104,620		$	381,669		$	315,345
Operating income	$	33,045		$	32,157		$	91,441		$	86,511
Segment operating income as a percentage of segment revenues	25.2		%	30.7		%	24.0		%	27.4		%
Education:
Revenues	$	94,347		$	63,244		$	263,234		$	175,061
Operating income	$	22,851		$	14,516		$	58,848		$	37,195
Segment operating income as a percentage of segment revenues	24.2		%	23.0		%	22.4		%	21.2		%
Commercial:
Revenues	$	59,704		$	56,143		$	173,841		$	166,940
Operating income	$	14,153		$	8,262		$	38,282		$	29,152
Segment operating income as a percentage of segment revenues	23.7		%	14.7		%	22.0		%	17.5		%
Total Huron:
Revenues	$	285,370		$	224,007		$	818,744		$	657,346
Reimbursable expenses	6,816			3,690			19,034			8,876
Total revenues and reimbursable expenses	$	292,186		$	227,697		$	837,778		$	666,222

Segment operating income	$	70,049		$	54,935		$	188,571		$	152,858
Items not allocated at the segment level:
Other operating expenses	35,679			31,430			99,139			94,634
Depreciation and amortization	5,071			5,199			15,171			15,549

Operating income	29,299			18,306			74,261			42,675
Other income (expense), net	(3,896)			(2,611)			10,946			(3,788)
Income before taxes	$	25,403		$	15,695		$	85,207		$	38,887

Disaggregation of Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenues by Capability	2022		2021		2022		2021
Healthcare:
Consulting and Managed Services	$	88,626	$	75,992	$	256,340	$	228,576
Digital	42,693		28,628		125,329		86,769
Total revenues	$	131,319	$	104,620	$	381,669	$	315,345
Education:
Consulting and Managed Services	$	49,363	$	33,822	$	142,823	$	95,331
Digital	44,984		29,422		120,411		79,730
Total revenues	$	94,347	$	63,244	$	263,234	$	175,061
Commercial:
Consulting and Managed Services	$	17,912	$	25,207	$	55,193	$	78,669
Digital	41,792		30,936		118,648		88,271
Total revenues	$	59,704	$	56,143	$	173,841	$	166,940
Total Huron:
Consulting and Managed Services	$	155,901	$	135,021	$	454,356	$	402,576
Digital	129,469		88,986		364,388		254,770
Total revenues	$	285,370	$	224,007	$	818,744	$	657,346