0001289848-24-000209 | 10-Q | XBRL Viewer | Huron Consulting Group INC

Derivative Instruments and Hedging Activity

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activity

In 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 Indian Rupee-denominated expenses of our operations in India. From time to time, we may enter into additional forward interest rate swaps or non-deliverable foreign exchange forward contracts to further hedge against our interest rate risk and foreign currency exchange rate risk. We do not use derivative instruments for trading or other speculative purposes.

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 to the extent effective and reclassified to earnings upon settlement.

Interest Rate Swaps

We are party to forward interest rate swap agreements with aggregate notional amounts of $300.0 million and $250.0 million as of September 30, 2024 and December 31, 2023, respectively. Under the terms of the interest rate swap agreements, we receive from the counterparty interest on the notional amount based on one month Term SOFR and we pay to the counterparty a stated, fixed rate. The forward interest rate swap agreements have staggered maturities through January 31, 2029.

As of September 30, 2024, it was anticipated that $1.8 million of the gains, net of tax, related to interest rate swaps 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

We are party to non-deliverable foreign exchange forward contracts that are scheduled to mature monthly through August 31, 2025. As of September 30, 2024 and December 31, 2023, the aggregate notional amounts of these contracts were INR 1,390.2 million, or $16.6 million, and INR 1,375.7 million, or $16.6 million, respectively, based on the exchange rates in effect as of each period end.

As of September 30, 2024, it was anticipated that the less than $0.1 million of losses, net of tax, related to foreign exchange forward contracts currently recorded in accumulated other comprehensive income will be reclassified into earnings 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, 2024 and December 31, 2023.


Derivative Instrument	Balance Sheet Location	September 30, 2024		December 31, 2023
Interest rate swaps	Prepaid expenses and other current assets	$	2,450	$	6,655
Interest rate swaps	Other non-current assets	204		891
Foreign exchange forward contracts	Prepaid expenses and other current assets	5		—
Total Assets		$	2,659	$	7,546


Interest rate swaps	Deferred compensation and other liabilities	$	1,878	$	307
Foreign exchange forward contracts	Accrued expenses and other current liabilities	67		70
Total Liabilities		$	1,945	$	377

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.

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The table below sets forth the changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2024.


	Healthcare		Education		Commercial		Total
Balance as of December 31, 2023:
Goodwill	$	644,983	$	123,652	$	312,968	$	1,081,603
Accumulated impairment losses	(190,024)		(1,417)		(264,451)		(455,892)
Goodwill, net as of December 31, 2023	$	454,959	$	122,235	$	48,517	$	625,711
Goodwill recorded in connection with business acquisitions	—		21,677		76		21,753
Foreign currency translation	—		77		—		77
Goodwill, net as of September 30, 2024	$	454,959	$	143,989	$	48,593	$	647,541

Intangible Assets

Intangible assets as of September 30, 2024 and December 31, 2023 consisted of the following:


		As of September 30, 2024				As of December 31, 2023
	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	5 to 10	$	26,661	$	9,022	$	60,636	$	48,928
Technology and software	2 to 5	16,230		12,127		16,230		10,195
Trade names	6	6,000		6,000		6,000		6,000
Non-competition agreements	3 to 5	950		545		720		389
Customer contracts	1 to 4	702		302		—		—
Total		$	50,543	$	27,996	$	83,586	$	65,512

Schedule of Future Amortization Expense

The table below sets forth the estimated annual amortization expense for the intangible assets recorded as of September 30, 2024.


Year Ending December 31,	Estimated Amortization Expense
2024	$	6,518
2025	$	6,719
2026	$	4,974
2027	$	3,582
2028	$	2,626

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	27.80%	31.20%	22.90%	27.40%
Income tax expense	$ 10,432	$ 9,779	$ 24,599	$ 22,480
Income from continuing operations before income tax expense	$ 37,581	$ 31,295	$ 107,236	$ 82,127
Statutory income tax rate, inclusive of state income tax (as a percent)			26.10%	26.60%

- 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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- Definition

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

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 82,637	$ 59,647
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	18,326	18,653
Non-cash lease expense	4,486	4,840
Lease-related impairment charges	3,513	5,584
Share-based compensation	33,963	35,398
Amortization of debt discount and issuance costs	793	577
Allowances for doubtful accounts	3,062	53
Deferred income taxes	5,037	890
Gain on sale of property and equipment	101	61
Change in fair value of contingent consideration liabilities	(589)	(251)
Changes in operating assets and liabilities, net of acquisitions and divestiture:
(Increase) decrease in receivables from clients, net	(44,739)	(18,508)
(Increase) decrease in unbilled services, net	13,770	(51,092)
(Increase) decrease in current income tax receivable / payable, net	(3,114)	(4,365)
(Increase) decrease in other assets	(8,412)	(6,243)
Increase (decrease) in accounts payable and other liabilities	(6,994)	(5,361)
Increase (decrease) in accrued payroll and related benefits	(41,385)	10,805
Increase (decrease) in deferred revenues	1,451	4,328
Net cash provided by operating activities	61,704	54,894
Cash flows from investing activities:
Purchases of property and equipment	(6,028)	(5,147)
Payment to Acquire Life Insurance Policy, Investing Activities	(2,166)	(2,601)
Proceeds from Life Insurance Policy	0	2,956
Purchases of businesses	(20,769)	(1,613)
Capitalization of internally developed software costs	(19,341)	(19,610)
Proceeds from Sale and Collection of Notes Receivable	154	154
Proceeds from sale of property and equipment	102	62
Net cash used in investing activities	(48,048)	(25,799)
Cash flows from financing activities:
Proceeds from exercises of stock options	1,634	987
Shares redeemed for employee tax withholdings	(21,458)	(10,050)
Share repurchases	(104,553)	(88,897)
Proceeds from bank borrowings	682,500	292,000
Repayments of bank borrowings	(563,375)	(224,000)
Payments for debt issuance costs	(1,446)	(58)
Deferred payments on business acquisition	(617)	(1,500)
Net cash used in financing activities	(7,315)	(31,518)
Effect of exchange rate changes on cash	7	(13)
Net increase (decrease) in cash and cash equivalents	6,348	(2,436)
Cash and cash equivalents at beginning of the period	12,149	11,834
Cash and cash equivalents at end of the period	18,497	9,398
Non-cash investing and financing activities:
Property and equipment expenditures and capitalized software included in current liabilities	4,194	5,308
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	4,171	2,320
Common stock issued related to purchase of business	8,640	1,646
Contingent consideration accrued related to purchases of businesses	36	374
Excise tax on net share repurchases included in current liabilities	$ 502	$ 643

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 27,149	$ 21,516	$ 82,637	$ 59,647

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Section 50
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-Subparagraph (f)
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-Topic 205
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Commitments, Contingencies and Guarantees (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Commitments And Contingencies [Line Items]
Guarantees in the form of letters of credit		$ 600	$ 500
Gain (Loss) Related to Litigation Settlement and Other Operating Gain	$ 15,000
Proceeds from Legal Settlements		15,000
Fair value, measurements, recurring
Commitments And Contingencies [Line Items]
Contingent consideration liability		2,110	2,451
Fair value, measurements, recurring \| Contingent consideration for business acquisitions
Commitments And Contingencies [Line Items]
Contingent consideration liability		165	2,074
Level 3 \| Fair value, measurements, recurring
Commitments And Contingencies [Line Items]
Contingent consideration liability		165	2,074
Level 3 \| Fair value, measurements, recurring \| Contingent consideration for business acquisitions
Commitments And Contingencies [Line Items]
Contingent consideration liability		$ 165	$ 2,074

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Amortization expense	$ 1.6	$ 2.0	$ 4.9	$ 6.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	ncome Taxes For the three months ended September 30, 2024, our effective tax rate was 27.8% as we recognized income tax expense of $10.4 million on income of $37.6 million. The effective tax rate of 27.8% was less favorable than the statutory rate, inclusive of state income taxes, of 26.1%, primarily due to certain nondeductible expense items. These unfavorable items were partially offset by a tax benefit related to non-taxable gains on our investments used to fund our deferred compensation liability. For the three months ended September 30, 2023, our effective tax rate was 31.2% as we recognized income tax expense of $9.8 million on income of $31.3 million. The effective tax rate of 31.2% was less favorable than the statutory rate, inclusive of state income taxes, of 26.6%, 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, 2024, our effective tax rate was 22.9% as we recognized income tax expense of $24.6 million on income of $107.2 million. The effective tax rate of 22.9% was more favorable than the statutory rate, inclusive of state income taxes, of 26.1%, primarily due to a discrete tax benefit for share-based compensation awards that vested during the first quarter of 2024 and a tax benefit related to non-taxable gains on our investments used to fund our deferred compensation liability. These favorable items were partially offset by certain nondeductible expense items. For the nine months ended September 30, 2023, our effective tax rate was 27.4% as we recognized income tax expense of $22.5 million on income of $82.1 million. The effective tax rate of 27.4% was less favorable than the statutory rate, inclusive of state income taxes, of 26.6%, primarily due to certain nondeductible expense items.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financing Arrangements - Narrative (Details)	1 Months Ended
Financing Arrangements - Narrative (Details)	Feb. 29, 2024 USD ($)	Sep. 30, 2024 USD ($)	Feb. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Outstanding letters of credit		$ 600,000		$ 500,000
Long-Term Debt, Gross		$ 443,100,000
Term Debt Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal	$ 3,400,000
Credit Facility
Debt Instrument [Line Items]
Option to increase revolving credit facility	$ 250,000,000
Commitment Fee Rate Increase/Decrease from KPIs	0.01%
Term SOFR Borrowings Increase/Decrease from KPIs	0.05%
Percentage of other equity interests in domestic subsidiaries	100.00%
Percentage of other equity interests in foreign subsidiaries	65.00%
Percentage of Pledged Voting Stock in Foreign Subsidiary not Entitled to Vote	100.00%
Maximum consolidated leverage ratio	3.75
Additional increase of consolidated leverage ratio	4.25
Minimum consolidated interest coverage ratio			3.00
Actual consolidated leverage ratio		1.91
Actual interest coverage ratio		9.90
Percentage of weighted average interest rate of borrowings		4.90%		4.20%
Maturity date	Nov. 15, 2027
Maximum Borrowing Capacity			$ 1,130,000,000
Revolver Credit Facility
Debt Instrument [Line Items]
Revolving credit facility			$ 600,000,000
Unused borrowing capacity under Credit Agreement		$ 424,400,000
Minimum \| Base rate \| Revolver Credit Facility
Debt Instrument [Line Items]
Interest rate on borrowings (as a percent)	0.125%
Minimum \| Secured Overnight Financing Rate (SOFR) \| Term Debt Credit Facility
Debt Instrument [Line Items]
Interest rate on borrowings (as a percent)	1.625%
Minimum \| Secured Overnight Financing Rate (SOFR) \| Revolver Credit Facility
Debt Instrument [Line Items]
Interest rate on borrowings (as a percent)	1.125%
Maximum \| Base rate \| Revolver Credit Facility
Debt Instrument [Line Items]
Interest rate on borrowings (as a percent)	0.875%
Maximum \| Secured Overnight Financing Rate (SOFR) \| Term Debt Credit Facility
Debt Instrument [Line Items]
Interest rate on borrowings (as a percent)	2.375%
Maximum \| Secured Overnight Financing Rate (SOFR) \| Revolver Credit Facility
Debt Instrument [Line Items]
Interest rate on borrowings (as a percent)	1.875%

Restructuring Charges

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring charges for the three and nine months ended September 30, 2024 were $3.1 million and $7.5 million, respectively. The $3.1 million restructuring charges recognized in the third quarter of 2024 included $1.3 million of severance-related expenses; a $1.2 million non-cash impairment charge on the right-of-use operating lease asset and fixed assets for a portion of our New York, New York office space that we exited during the third quarter of 2024; and $0.6 million of rent and related expenses, net of sublease income, for previously vacated office spaces. The $7.5 million restructuring charges recognized in the first nine months of 2024 included $2.3 million of severance-related expenses; $1.7 million of rent and related expenses, net of sublease income, for previously vacated office spaces; a $1.4 million non-cash lease impairment charge on the right-of-use operating lease asset and fixed assets of office space previously occupied by GG+A; a

$1.2 million non-cash impairment charge on the right-of-use operating lease asset and fixed assets for a portion of our office space in New York, New York that we exited during the third quarter of 2024; and $0.8 million related to non-cash lease impairment charges driven by updated sublease assumptions for our previously vacated office spaces.

Restructuring charges for the three and nine months ended September 30, 2023 were $5.4 million and $9.4 million. The $5.4 million of restructuring charges recognized in the third quarter of 2023 included a $3.5 million non-cash impairment charge on the right-of-use operating lease asset and fixed assets for our office space in Lexington, Massachusetts that we exited during the third quarter of 2023; $1.2 million of severance-related expenses; and $0.7 million of rent and related expenses, net of sublease income, for previously vacated office spaces. The $9.4 million of restructuring charges incurred in the first nine months of 2023 included $3.5 million and $1.9 million of non-cash impairment charges on the right-of-use operating lease assets and fixed assets for our office spaces in Lexington, Massachusetts and Hillsboro, Oregon, respectively, which we exited in the first nine months of 2023; $2.2 million of severance-related expenses; $1.3 million of rent and related expenses, net of sublease income, for previously vacated office spaces; $0.3 million related to the abandonment of a capitalized software development project; and $0.2 million related to non-cash lease impairment charges driven by updated sublease assumptions for our previously vacated office spaces.

The table below sets forth the changes in the carrying value of our restructuring charge liability by restructuring type for the nine months ended September 30, 2024.


	Employee Costs		Other		Total
Balance as of December 31, 2023	$	1,366	$	535	$	1,901
Additions	2,288		—		2,288
Payments	(3,445)		—		(3,445)
Adjustments	—		13		13
Balance as of September 30, 2024	$	209	$	548	$	757

All of the $0.2 million restructuring charge liability related to employee costs at September 30, 2024 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. All of the $0.5 million other restructuring charge liability at September 30, 2024, which primarily relates to the early termination of a contract in a prior period, is expected to be paid in the next 12 months and is included as a component of accrued expenses and other current liabilities in our consolidated balance sheet.

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 500,578	$ 551,618	$ 532,892	$ 552,040
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(4,259)	(2,380)	(13,081)	2,559
Ending balance	522,772	553,354	522,772	553,354
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			5,361
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			(4,775)
Ending balance	586		586
Foreign exchange forward contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(52)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			5
Ending balance	(47)		(47)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	14,005	23,058	22,827	18,119
Ending balance	9,746	$ 20,678	9,746	$ 20,678
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(2,521)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			(103)
Ending balance	(2,624)		(2,624)
Available-for-Sale Investment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			20,039
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			(8,208)
Ending balance	$ 11,831		$ 11,831

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Section 55
-Paragraph 10
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+ Details

Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023.


	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	Before Taxes		Tax (Expense) Benefit		Net of Taxes		Before Taxes		Tax (Expense) Benefit		Net of Taxes
Foreign currency translation adjustments	$	900	$	—	$	900	$	(662)	$	—	$	(662)
Unrealized gain (loss) on investment	$	(599)	$	156	$	(443)	$	(1,840)	$	490	$	(1,350)
Interest rate swaps:
Change in fair value	$	(3,891)	$	1,016	$	(2,875)	$	1,849	$	(492)	$	1,357
Reclassification adjustments into earnings	(2,412)		630		(1,782)		(2,107)		560		(1,547)
Net unrealized gain (loss) on interest rate swaps	$	(6,303)	$	1,646	$	(4,657)	$	(258)	$	68	$	(190)
Foreign exchange forward contracts:
Change in fair value	$	(93)	$	24	$	(69)	$	(223)	$	59	$	(164)
Reclassification adjustments into earnings	13		(3)		10		(19)		5		(14)
Net unrealized gain (loss) on foreign exchange forward contracts	$	(80)	$	21	$	(59)	$	(242)	$	64	$	(178)
Other comprehensive income (loss)	$	(6,082)	$	1,823	$	(4,259)	$	(3,002)	$	622	$	(2,380)



	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	Before Taxes		Tax (Expense) Benefit		Net of Taxes		Before Taxes		Tax (Expense) Benefit		Net of Taxes
Foreign currency translation adjustments	$	(103)	$	—	$	(103)	$	(283)	$	—	$	(283)
Unrealized gain (loss) on investment	$	(11,095)	$	2,887	$	(8,208)	$	4,193	$	(1,117)	$	3,076
Interest rate swaps:
Change in fair value	$	578	$	(150)	$	428	$	5,307	$	(1,411)	$	3,896
Reclassification adjustments into earnings	(7,041)		1,838		(5,203)		(5,580)		1,483		(4,097)
Net unrealized gain (loss) on interest rate swaps	$	(6,463)	$	1,688	$	(4,775)	$	(273)	$	72	$	(201)
Foreign exchange forward contracts:
Change in fair value	$	(25)	$	6	$	(19)	$	(23)	$	6	$	(17)
Reclassification adjustments into earnings	33		(9)		24		(21)		5		(16)
Net unrealized gain (loss) on foreign exchange forward contracts	$	8	$	(3)	$	5	$	(44)	$	11	$	(33)
Other comprehensive income (loss)	$	(17,653)	$	4,572	$	(13,081)	$	3,593	$	(1,034)	$	2,559

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, on our consolidated statement of operations. The related tax amounts reclassified from accumulated other comprehensive income are recorded to income tax expense (benefit) on our consolidated statement of operations. 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 as of December 31, 2023	$	(2,521)	$	20,039	$	5,361	$	(52)	$	22,827
Current period change	(103)		(8,208)		(4,775)		5		(13,081)
Balance as of September 30, 2024	$	(2,624)	$	11,831	$	586	$	(47)	$	9,746

Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The table below sets forth the changes in the carrying value of our restructuring charge liability by restructuring type for the nine months ended September 30, 2024.


	Employee Costs		Other		Total
Balance as of December 31, 2023	$	1,366	$	535	$	1,901
Additions	2,288		—		2,288
Payments	(3,445)		—		(3,445)
Adjustments	—		13		13
Balance as of September 30, 2024	$	209	$	548	$	757

New Accounting Policies	9 Months Ended
New Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Not Yet Adopted On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates the segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. ASU 2023-07 will be effective for our annual reporting periods beginning with the current fiscal year ending December 31, 2024 and for interim reporting periods beginning in fiscal year 2025, with early adoption permitted, and is required to be applied retrospectively. We expect to adopt ASU 2023-07 for our annual reporting period ending December 31, 2024 on a retrospective basis. We expect the adoption will have no impact on our financial position or our results of operations, but will result in additional disclosures. On December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which updates annual income tax disclosures by requiring disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 will be effective for our annual reporting periods beginning with the fiscal year ending December 31, 2025, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. We expect the adoption will have no impact on our financial position or our results of operations, but will result in additional disclosures. On March 6, 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements will be effective for our annual reporting periods beginning with the fiscal year ending December 31, 2025, subject to any delay which may result from the current administrative stay issued by the SEC. We expect the adoption will have no impact on our financial position or our results of operations, but we are currently evaluating the impact this guidance will have on our disclosures within 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.

+ References

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+ Details

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Restructuring Charges [Abstract]
Total operating expenses	$ 3,137	$ 5,402	$ 7,530	$ 9,385
Restructuring Reserve, Employee Costs, Period of Payment			12 months
Payment period			12 months
Restructuring reserve	757		$ 757		$ 1,901
Employee Severance [Member]
Restructuring Charges [Abstract]
Total operating expenses	1,300	1,200	2,300	2,200
Restructuring reserve	209		209		$ 1,366
Previously Vacated Office Space \| Office Space Reductions that were initiated in prior periods
Restructuring Charges [Abstract]
Total operating expenses	600	700	1,700	1,300
Abandoned Capitalized Software Development Project
Restructuring Charges [Abstract]
Total operating expenses				300
Office Space Reductions \| Q3 2023 Lexington Office Exit
Restructuring Charges [Abstract]
Total operating expenses		$ 3,500		3,500
Office Space Reductions \| Q1 2023 Hillsboro Office Exit
Restructuring Charges [Abstract]
Total operating expenses				1,900
Office Space Reductions \| Additional Impairment on Previously Vacated Office Spaces
Restructuring Charges [Abstract]
Total operating expenses			800	$ 200
Office Space Reductions \| 200 S. Michigan Ave Office Exit
Restructuring Charges [Abstract]
Total operating expenses			1,400
Office Space Reductions \| New York, NY Office Exit
Restructuring Charges [Abstract]
Total operating expenses	$ 1,200		$ 1,200

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible assets
Gross Carrying Amount	$ 50,543	$ 83,586
Accumulated Amortization	27,996	65,512
Customer relationships
Intangible assets
Gross Carrying Amount	26,661	60,636
Accumulated Amortization	$ 9,022	48,928
Customer relationships \| Minimum
Intangible assets
Useful Life (in years)	5 years
Customer relationships \| Maximum
Intangible assets
Useful Life (in years)	10 years
Technology and software
Intangible assets
Gross Carrying Amount	$ 16,230	16,230
Accumulated Amortization	$ 12,127	10,195
Technology and software \| Minimum
Intangible assets
Useful Life (in years)	2 years
Technology and software \| Maximum
Intangible assets
Useful Life (in years)	5 years
Trade names
Intangible assets
Useful Life (in years)	6 years
Gross Carrying Amount	$ 6,000	6,000
Accumulated Amortization	6,000	6,000
Non-competition agreements
Intangible assets
Gross Carrying Amount	950	720
Accumulated Amortization	$ 545	389
Non-competition agreements \| Minimum
Intangible assets
Useful Life (in years)	3 years
Non-competition agreements \| Maximum
Intangible assets
Useful Life (in years)	5 years
Customer contracts
Intangible assets
Gross Carrying Amount	$ 702	0
Accumulated Amortization	$ 302	$ 0
Customer contracts \| Minimum
Intangible assets
Useful Life (in years)	1 year
Customer contracts \| Maximum
Intangible assets
Useful Life (in years)	4 years

Financing Arrangements - Long-Term Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 3,438
2026	13,750
2027	13,750
2024	$ 412,187

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Instruments and Hedging Activity (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023.


Derivative Instrument	Balance Sheet Location	September 30, 2024		December 31, 2023
Interest rate swaps	Prepaid expenses and other current assets	$	2,450	$	6,655
Interest rate swaps	Other non-current assets	204		891
Foreign exchange forward contracts	Prepaid expenses and other current assets	5		—
Total Assets		$	2,659	$	7,546


Interest rate swaps	Deferred compensation and other liabilities	$	1,878	$	307
Foreign exchange forward contracts	Accrued expenses and other current liabilities	67		70
Total Liabilities		$	1,945	$	377

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	27,149	$	21,516	$	82,637	$	59,647

Weighted average common shares outstanding – basic	17,754		18,770		17,945		18,941
Weighted average common stock equivalents	717		705		727		637
Weighted average common shares outstanding – diluted	18,471		19,475		18,672		19,578

Net income per basic share	$	1.53	$	1.15	$	4.61	$	3.15
Net income per diluted share	$	1.47	$	1.10	$	4.43	$	3.05

The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above for the nine months ended September 30, 2024 and both the three and nine months ended September 30, 2023 was less than 0.1 million shares. There were no anti-dilutive securities for the three months ended September 30, 2024.

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.The share repurchase program has been subsequently extended and increased, most recently in the second quarter of 2024. The current authorization extends the share repurchase program through December 31, 2025 with a repurchase amount of $500 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.

In the three and nine months ended September 30, 2024, we repurchased and retired 66,354 and 1,067,545 shares for $7.3 million and $104.0 million, respectively, which includes a $0.1 million and $0.5 million accrual for excise taxes on the net share repurchases, respectively. Additionally, in the first quarter of 2024, we settled the repurchase of 10,000 shares for $1.0 million which were accrued as of December 31, 2023.

In the three and nine months ended September 30, 2023, we repurchased and retired 290,288 and 1,116,830 shares for $28.8 million and $88.4 million, respectively, which includes a $0.3 million and $0.6 million accrual for excise taxes on the net share repurchases, respectively. Additionally, in the first quarter of 2023, we settled the repurchase of 15,200 shares for $1.1 million which were accrued as of December 31, 2022.

As of September 30, 2024, $82.7 million remained available for share repurchases under our share repurchase program.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Components of Segment Information

The table below sets forth information about our operating segments for the three and nine months ended September 30, 2024 and 2023, 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,
	2024			2023			2024			2023
Healthcare:
Revenues before reimbursable expenses	$	183,136		$	179,177		$	553,976		$	501,994
Operating income	$	49,651		$	46,888		$	147,591		$	128,294
Segment operating income as a percentage of segment revenues before reimbursable expenses	27.1		%	26.2		%	26.6		%	25.6		%
Education:
Revenues before reimbursable expenses	$	121,048		$	111,043		$	355,384		$	325,884
Operating income	$	29,158		$	26,550		$	81,906		$	77,112
Segment operating income as a percentage of segment revenues before reimbursable expenses	24.1		%	23.9		%	23.0		%	23.7		%
Commercial:
Revenues before reimbursable expenses	$	65,865		$	67,958		$	188,304		$	194,954
Operating income	$	16,144		$	15,432		$	39,198		$	39,971
Segment operating income as a percentage of segment revenues before reimbursable expenses	24.5		%	22.7		%	20.8		%	20.5		%
Total Huron:
Revenues before reimbursable expenses	$	370,049		$	358,178		$	1,097,664		$	1,022,832
Reimbursable expenses	8,040			9,288			24,827			25,918
Total revenues	$	378,089		$	367,466		$	1,122,491		$	1,048,750

Segment operating income	$	94,953		$	88,870		$	268,695		$	245,377
Items not allocated at the segment level:
Unallocated corporate expenses	46,821			43,100			143,386			129,765
Other gains, net	(173)			(14)			(14,522)			(202)
Restructuring charges	1,921			4,095			6,201			6,881
Depreciation and amortization	3,939			4,347			11,861			13,441

Operating income	42,445			37,342			121,769			95,492
Other expense, net	(4,864)			(6,047)			(14,533)			(13,365)
Income before taxes	$	37,581		$	31,295		$	107,236		$	82,127

Disaggregation of Revenue

The following tables illustrate the disaggregation of segment total revenues and segment revenues before reimbursable expenses by our two principal capabilities: i) Consulting and Managed Services and ii) Digital, and includes a reconciliation to consolidated revenues before reimbursable expenses and consolidated total revenues.


	Three Months Ended September 30,				Nine Months Ended September 30,
Total Revenues by Capability	2024		2023		2024		2023
Healthcare:
Consulting and Managed Services	$	132,537	$	135,309	$	398,352	$	368,896
Digital	55,155		49,665		169,989		148,228
Total revenues	$	187,692	$	184,974	$	568,341	$	517,124
Education:
Consulting and Managed Services	$	62,146	$	57,028	$	183,219	$	165,632
Digital	61,107		56,404		178,766		167,233
Total revenues	$	123,253	$	113,432	$	361,985	$	332,865
Commercial:
Consulting and Managed Services	$	24,598	$	28,774	$	68,186	$	70,958
Digital	42,546		40,286		123,979		127,803
Total revenues	$	67,144	$	69,060	$	192,165	$	198,761
Total Huron:
Consulting and Managed Services	$	219,281	$	221,111	$	649,757	$	605,486
Digital	158,808		146,355		472,734		443,264
Total revenues	$	378,089	$	367,466	$	1,122,491	$	1,048,750


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenues before Reimbursable Expenses by Capability	2024		2023		2024		2023
Healthcare:
Consulting and Managed Services	$	128,966	$	130,548	$	387,164	$	357,228
Digital	54,170		48,629		166,812		144,766
Total revenues before reimbursable expenses	$	183,136	$	179,177	$	553,976	$	501,994
Education:
Consulting and Managed Services	$	61,222	$	55,837	$	180,162	$	162,490
Digital	59,826		55,206		175,222		163,394
Total revenues before reimbursable expenses	$	121,048	$	111,043	$	355,384	$	325,884
Commercial:
Consulting and Managed Services	$	24,329	$	28,303	$	67,089	$	69,419
Digital	41,536		39,655		121,215		125,535
Total revenues before reimbursable expenses	$	65,865	$	67,958	$	188,304	$	194,954
Total Huron:
Consulting and Managed Services	$	214,517	$	214,688	$	634,415	$	589,137
Digital	155,532		143,490		463,249		433,695
Total revenues before reimbursable expenses	$	370,049	$	358,178	$	1,097,664	$	1,022,832

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, 2024	Dec. 31, 2023
Fair Value, Asset/Liability
Assets	$ 101,593	$ 110,418
Liabilities	2,110	2,451
Contingent consideration for business acquisitions
Fair Value, Asset/Liability
Liabilities	165	2,074
Interest rate swaps
Fair Value, Asset/Liability
Assets	2,654	7,546
Liabilities	1,878	307
Foreign exchange forward contracts
Fair Value, Asset/Liability
Assets	5
Liabilities	67	70
Convertible debt investment
Fair Value, Asset/Liability
Assets	56,951	68,046
Level 2
Fair Value, Asset/Liability
Assets	44,642	42,372
Liabilities	1,945	377
Level 2 \| Interest rate swaps
Fair Value, Asset/Liability
Assets	2,654	7,546
Liabilities	1,878	307
Level 2 \| Foreign exchange forward contracts
Fair Value, Asset/Liability
Assets	5
Liabilities	67	70
Level 3
Fair Value, Asset/Liability
Assets	56,951	68,046
Liabilities	165	2,074
Level 3 \| Contingent consideration for business acquisitions
Fair Value, Asset/Liability
Liabilities	165	2,074
Level 3 \| Convertible debt investment
Fair Value, Asset/Liability
Assets	56,951	68,046
Deferred compensation assets
Fair Value, Asset/Liability
Assets	41,983	34,826
Deferred compensation assets \| Level 2
Fair Value, Asset/Liability
Assets	$ 41,983	$ 34,826

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Securities Trading Plans of Directors and Executive Officers

The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by our executive officers and/or directors during the third quarter of 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans.

Name and Title

Action

Date of Rule 10b5-1 Trading Plan Action

Scheduled Expiration Date of Rule 10b5-1 Trading Plan

Aggregate Number of Shares to be Sold

John McCartney - Non-Executive Chairman of the Board

Adoption

8/15/2024

5/29/2026

9,000

During the third quarter of 2024, none of our executive officers or directors terminated contracts, instructions or written plans for the sale or purchase of our securities intended to satisfy the affirmative defense condition of Rule 10b5-1(c) or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 15,707	$ 17,284
Unbilled services, allowance for credit losses	$ 3,064	$ 5,984
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)	20,793,202	21,316,441
Treasury Stock, Common, Shares	3,062,689	2,852,296

Fair Value of Financial Instruments - Contingent Consideration for Business Acquisitions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward]
Beginning balance	$ 2,451
Ending balance	2,110
Contingent consideration for business acquisitions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward]
Asset Acquisition, Contingent Consideration, Liability	36
Contingent consideration for business acquisitions \| Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward]
Beginning balance	2,074
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	1,356
Change in fair value	(589)
Ending balance	$ 165

Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Revenues before reimbursable expenses	$ 370,049	$ 358,178	$ 1,097,664	$ 1,022,832
Reimbursable expenses	8,040	9,288	24,827	25,918
Total revenues	378,089	367,466	1,122,491	1,048,750
Operating expenses:
Direct costs (exclusive of depreciation and amortization included below)	247,849	244,774	749,757	708,355
Reimbursable expenses	8,135	9,497	25,146	26,242
Selling, general and administrative expenses	70,375	64,361	214,485	190,857
Other Nonrecurring Gain	173	14	14,522	202
Restructuring charges	3,137	5,402	7,530	9,385
Depreciation and amortization	6,321	6,104	18,326	18,621
Total operating expenses	335,644	330,124	1,000,722	953,258
Operating income	42,445	37,342	121,769	95,492
Other income (expense), net:
Interest expense, net of interest income	(6,800)	(5,047)	(19,894)	(15,146)
Other income (expense), net	1,936	(1,000)	5,361	1,781
Total other expense, net	(4,864)	(6,047)	(14,533)	(13,365)
Income before taxes	37,581	31,295	107,236	82,127
Income tax expense	10,432	9,779	24,599	22,480
Net income	$ 27,149	$ 21,516	$ 82,637	$ 59,647
Earnings per share:
Net income per basic share (in dollars per share)	$ 1.53	$ 1.15	$ 4.61	$ 3.15
Net income per diluted share	$ 1.47	$ 1.10	$ 4.43	$ 3.05
Weighted average shares used in calculating earnings per share:
Basic (shares)	17,754	18,770	17,945	18,941
Diluted (shares)	18,471	19,475	18,672	19,578
Comprehensive income (loss):
Net income (loss)	$ 27,149	$ 21,516	$ 82,637	$ 59,647
Foreign currency translation adjustments, net of tax	900	(662)	(103)	(283)
Unrealized gain (loss) on investment, net of tax	(443)	(1,350)	(8,208)	3,076
Unrealized loss on cash flow hedging instruments, net of tax	(4,716)	(368)	(4,770)	(234)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	(4,259)	(2,380)	(13,081)	2,559
Comprehensive income	$ 22,890	$ 19,136	$ 69,556	$ 62,206

Derivative Instruments and Hedging Activity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	$ 2,659	$ 7,546
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	1,945	377
Interest rate swaps
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Asset at Fair Value	2,450	6,655
Foreign Currency Cash Flow Hedge Asset at Fair Value	5	0
Interest rate swaps
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Asset at Fair Value	204	891
Total Assets
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	1,878	307
Foreign exchange forward contracts
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Derivative at Fair Value, Net	$ 67	$ 70

Description of Business (Details)	9 Months Ended
Description of Business (Details)	Sep. 30, 2024 Segment
Accounting Policies [Abstract]
Number of reportable segments	3

Revenues Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfied in previous period	$ 10,900	$ 9,600	$ 22,400	$ 10,400
Contract asset after allowance for credit loss	55,400		55,400		$ 70,100
Increase (decrease) in contract asset			14,700
Deferred revenues	27,703		27,703		$ 22,461
Increase (decrease) in performance obligation			5,200
Revenue recognized	1,700		21,300
Remaining performance obligation	186,100		186,100
Revenues before reimbursable expenses	378,089	367,466	1,122,491	1,048,750
Release of allowance
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfied in previous period	1,800	2,500	3,300	1,300
Change in estimated variable consideration
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfied in previous period	$ 9,100	$ 7,100	$ 19,100	$ 9,100

Fair Value of Financial Instruments - Convertible Debt Investment Reconciliation (Details) - Fair value, measurements, recurring $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward]
Beginning balance	$ 110,418
Ending balance	101,593
Convertible Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward]
Beginning balance	68,046
Change in fair value	(11,095)
Ending balance	$ 56,951

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		17,740,913
Entity Central Index Key	0001289848
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Segment Information

9 Months Ended

Sep. 30, 2024

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.

•Healthcare

Our Healthcare segment serves acute care providers, including national and regional health systems; academic health systems; community health systems; the federal health system; 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-focused services and products include financial and operational performance improvement consulting, which spans revenue cycle, cost and care delivery transformation; digital offerings, spanning technology and analytic-related services, including enterprise health record (“EHR”), enterprise resource planning (“ERP”) and enterprise performance management (“EPM”), customer relationship management (“CRM”), data management and technology managed services, and a portfolio of software products; organizational transformation; revenue cycle managed services and outsourcing; financial and capital advisory consulting; and strategy and innovation consulting.

•Education

Our Education segment serves public and private colleges and universities, research institutes and other education-related organizations. Our education and research-focused services and products include our digital offerings, spanning technology and analytic-related services, including student information systems, ERP and EPM, CRM, data management and technology managed services and our Huron Research Suite product suite (the leading software suite designed to facilitate and improve research administration service delivery and compliance); our research-focused consulting and managed services; and our strategy and operations consulting services, which span finance, accounting, operations and philanthropy functions, organization and talent strategy, and student and academic strategy.

•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 commercial industries more broadly, including professional and business services, life sciences, consumer products, and nonprofit. Our Commercial professionals use their deep industry, functional and technical expertise to deliver our digital services and software products, financial advisory (special situation advisory and corporate finance advisory) services, and strategy and innovation consulting services.

Segment operating income consists of the revenues generated by a segment, less operating expenses that are incurred directly by the segment. We manage our segments on the basis of revenues before reimbursable expenses, which we believe is the most accurate reflection of our services because it eliminates the effect of reimbursable expenses that we bill to our clients at cost. Unallocated corporate expenses include 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.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Healthcare:
Revenues before reimbursable expenses	$	183,136		$	179,177		$	553,976		$	501,994
Operating income	$	49,651		$	46,888		$	147,591		$	128,294
Segment operating income as a percentage of segment revenues before reimbursable expenses	27.1		%	26.2		%	26.6		%	25.6		%
Education:
Revenues before reimbursable expenses	$	121,048		$	111,043		$	355,384		$	325,884
Operating income	$	29,158		$	26,550		$	81,906		$	77,112
Segment operating income as a percentage of segment revenues before reimbursable expenses	24.1		%	23.9		%	23.0		%	23.7		%
Commercial:
Revenues before reimbursable expenses	$	65,865		$	67,958		$	188,304		$	194,954
Operating income	$	16,144		$	15,432		$	39,198		$	39,971
Segment operating income as a percentage of segment revenues before reimbursable expenses	24.5		%	22.7		%	20.8		%	20.5		%
Total Huron:
Revenues before reimbursable expenses	$	370,049		$	358,178		$	1,097,664		$	1,022,832
Reimbursable expenses	8,040			9,288			24,827			25,918
Total revenues	$	378,089		$	367,466		$	1,122,491		$	1,048,750

Segment operating income	$	94,953		$	88,870		$	268,695		$	245,377
Items not allocated at the segment level:
Unallocated corporate expenses	46,821			43,100			143,386			129,765
Other gains, net	(173)			(14)			(14,522)			(202)
Restructuring charges	1,921			4,095			6,201			6,881
Depreciation and amortization	3,939			4,347			11,861			13,441

Operating income	42,445			37,342			121,769			95,492
Other expense, net	(4,864)			(6,047)			(14,533)			(13,365)
Income before taxes	$	37,581		$	31,295		$	107,236		$	82,127


	Three Months Ended September 30,				Nine Months Ended September 30,
Total Revenues by Capability	2024		2023		2024		2023
Healthcare:
Consulting and Managed Services	$	132,537	$	135,309	$	398,352	$	368,896
Digital	55,155		49,665		169,989		148,228
Total revenues	$	187,692	$	184,974	$	568,341	$	517,124
Education:
Consulting and Managed Services	$	62,146	$	57,028	$	183,219	$	165,632
Digital	61,107		56,404		178,766		167,233
Total revenues	$	123,253	$	113,432	$	361,985	$	332,865
Commercial:
Consulting and Managed Services	$	24,598	$	28,774	$	68,186	$	70,958
Digital	42,546		40,286		123,979		127,803
Total revenues	$	67,144	$	69,060	$	192,165	$	198,761
Total Huron:
Consulting and Managed Services	$	219,281	$	221,111	$	649,757	$	605,486
Digital	158,808		146,355		472,734		443,264
Total revenues	$	378,089	$	367,466	$	1,122,491	$	1,048,750


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenues before Reimbursable Expenses by Capability	2024		2023		2024		2023
Healthcare:
Consulting and Managed Services	$	128,966	$	130,548	$	387,164	$	357,228
Digital	54,170		48,629		166,812		144,766
Total revenues before reimbursable expenses	$	183,136	$	179,177	$	553,976	$	501,994
Education:
Consulting and Managed Services	$	61,222	$	55,837	$	180,162	$	162,490
Digital	59,826		55,206		175,222		163,394
Total revenues before reimbursable expenses	$	121,048	$	111,043	$	355,384	$	325,884
Commercial:
Consulting and Managed Services	$	24,329	$	28,303	$	67,089	$	69,419
Digital	41,536		39,655		121,215		125,535
Total revenues before reimbursable expenses	$	65,865	$	67,958	$	188,304	$	194,954
Total Huron:
Consulting and Managed Services	$	214,517	$	214,688	$	634,415	$	589,137
Digital	155,532		143,490		463,249		433,695
Total revenues before reimbursable expenses	$	370,049	$	358,178	$	1,097,664	$	1,022,832

For the three and nine months ended September 30, 2024 and 2023, substantially all of our revenues were recognized over time. During the three and nine months ended September 30, 2024 and 2023, no single client generated greater than 10% of our consolidated total revenues. At September 30, 2024 and December 31, 2023, no single client accounted for greater than 10% of our combined balance of receivables from clients, net and unbilled services, net.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023.


	Level 1		Level 2		Level 3		Total
September 30, 2024
Assets:
Interest rate swaps	$	—	$	2,654	$	—	$	2,654
Convertible debt investment	—		—		56,951		56,951
Foreign exchange forward contracts	—		5		—		5
Deferred compensation assets	—		41,983		—		41,983
Total assets	$	—	$	44,642	$	56,951	$	101,593
Liabilities:
Interest rate swaps	$	—	$	1,878	$	—	$	1,878
Foreign exchange forward contracts	—		67		—		67
Contingent consideration for business acquisitions	—		—		165		165
Total liabilities	$	—	$	1,945	$	165	$	2,110
December 31, 2023
Assets:
Interest rate swaps	$	—	$	7,546	$	—	$	7,546
Convertible debt investment	—		—		68,046		68,046
Deferred compensation assets	—		34,826		—		34,826
Total assets	$	—	$	42,372	$	68,046	$	110,418
Liabilities:
Interest rate swaps	$	—	$	307	$	—	$	307
Foreign exchange forward contracts	—		70		—		70
Contingent consideration for business acquisitions	—		—		2,074		2,074
Total liabilities	$	—	$	377	$	2,074	$	2,451

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, 2027, 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. We continue to monitor the key factors of our VIE analysis and the terms of the convertible notes to ensure our accounting treatment is appropriate. We have not identified any changes to Shorelight or our investment that would change our classification of the investment as 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. The carrying value is recorded in long-term investments in our consolidated balance sheets. 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, 2027; 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 23.0% and 24.5% as of September 30, 2024 and December 31, 2023, respectively; and the concluded equity volatility of 40.0% and 35.0% as of September 30, 2024 and December 31, 2023, 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 table below sets forth the changes in the balance of the convertible debt investment for the nine months ended September 30, 2024.


	Convertible Debt Investment
Balance as of December 31, 2023	$	68,046

Change in fair value	(11,095)
Balance as of September 30, 2024	$	56,951

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 5.9% and 6.3% as of September 30, 2024 and December 31, 2023, respectively. 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 to other gains, net 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, 2024.


	Contingent Consideration for Business Acquisitions
Balance as of December 31, 2023	$	2,074
Acquisition	36
Payment	(1,356)
Change in fair value	(589)
Balance as of September 30, 2024	$	165

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

Preferred Stock Investment

In the fourth quarter of 2019, we invested $5.0 million in 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 the company 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 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, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same company. 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 or if factors indicate that a significant decrease in value has occurred. We remeasure to the fair value of the preferred stock using such identified information with changes in the fair value recorded to other income (expense), net in our consolidated statement of operations. The carrying value of the preferred stock investment is recorded in long-term investments in our consolidated balance sheets.

During the first nine months of 2024 and 2023, there were no observable price changes or impairments of our preferred stock investment. Since our initial investment, we have recognized cumulative unrealized gains of $28.6 million and cumulative unrealized losses of $26.3 million. As of September 30, 2024 and December 31, 2023, the carrying value of our preferred stock investment was $7.4 million.

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.

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

Basis of Presentation and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

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.

Earnings Per Share

Derivative Instruments and Hedging Activity

Fair Value of Financial Instruments


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, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same company. 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 or if factors indicate that a significant decrease in value has occurred. We remeasure to the fair value of the preferred stock using such identified information with changes in the fair value recorded to other income (expense), net in our consolidated statement of operations. The carrying value of the preferred stock investment is recorded in long-term investments in our consolidated balance sheets.

Segment Information

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Segment Information - Narrative (Details) - Segment	3 Months Ended		9 Months Ended
Segment Information - Narrative (Details) - Segment	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting [Abstract]
Number of operating segments			3
Revenue generated by major client percentage	1000.00%	1000.00%	1000.00%	1000.00%
Receivables from major customers (as a percent)	1000.00%		1000.00%		1000.00%

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2024
Accounting Policies [Abstract]
Description of Business	Description of Business Huron is a global professional services firm that collaborates with clients to put possible into practice by creating sound strategies, optimizing operations, accelerating digital transformation, and empowering businesses and their people to own their future. By 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 products and manage our business under three operating segments: Healthcare, Education, and Commercial, which align our business by industry. The Commercial segment includes all industries outside of healthcare and education, including, but not limited to, financial services and energy and utilities. We also provide revenue reporting across two principal capabilities: i) Consulting and Managed Services and ii) Digital, which are methods by which we deliver our services and products. See Note 14 “Segment Information” for more information on each of our segments and their solutions.

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments	$ 64,319	$ 75,414
Shorelight Holdings LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maturity date	Jan. 17, 2027	Jan. 17, 2027
Contingent consideration for business acquisitions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.059	0.063
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			$ 5,000
Cumulative unrealized gains	$ 28,600
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount	26,300
Equity securities without readily determinable fair value	$ 7,400	$ 7,400
Discount rate \| Convertible debt investment \| Shorelight Holdings LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.230	0.245
Price volatility \| Convertible debt investment \| Shorelight Holdings LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.400	0.350

Segment Information - Components of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Components of Segment Information
Revenues before reimbursable expenses	$ 370,049	$ 358,178	$ 1,097,664	$ 1,022,832
Operating income	42,445	37,342	121,769	95,492
Reimbursable expenses	8,040	9,288	24,827	25,918
Total revenues	378,089	367,466	1,122,491	1,048,750
Other gains, net	(173)	(14)	(14,522)	(202)
Restructuring charges	3,137	5,402	7,530	9,385
Depreciation and amortization	6,321	6,104	18,326	18,621
Other expense, net	(4,864)	(6,047)	(14,533)	(13,365)
Income before taxes	37,581	31,295	107,236	82,127
Healthcare
Components of Segment Information
Revenues before reimbursable expenses	183,136	179,177	553,976	501,994
Total revenues	187,692	184,974	568,341	517,124
Education
Components of Segment Information
Revenues before reimbursable expenses	121,048	111,043	355,384	325,884
Total revenues	123,253	113,432	361,985	332,865
Commercial:
Components of Segment Information
Revenues before reimbursable expenses	65,865	67,958	188,304	194,954
Total revenues	67,144	69,060	192,165	198,761
Operating segments
Components of Segment Information
Revenues before reimbursable expenses	370,049	358,178	1,097,664	1,022,832
Operating income	94,953	88,870	268,695	245,377
Reimbursable expenses	8,040	9,288	24,827	25,918
Total revenues	378,089	367,466	1,122,491	1,048,750
Operating segments \| Healthcare
Components of Segment Information
Revenues before reimbursable expenses	183,136	179,177	553,976	501,994
Operating income	$ 49,651	$ 46,888	$ 147,591	$ 128,294
Segment operating income as a percentage of segment revenues before reimbursable expenses	27.10%	26.20%	26.60%	25.60%
Operating segments \| Education
Components of Segment Information
Revenues before reimbursable expenses	$ 121,048	$ 111,043	$ 355,384	$ 325,884
Operating income	$ 29,158	$ 26,550	$ 81,906	$ 77,112
Segment operating income as a percentage of segment revenues before reimbursable expenses	24.10%	23.90%	23.00%	23.70%
Operating segments \| Commercial:
Components of Segment Information
Revenues before reimbursable expenses	$ 65,865	$ 67,958	$ 188,304	$ 194,954
Operating income	$ 16,144	$ 15,432	$ 39,198	$ 39,971
Segment operating income as a percentage of segment revenues before reimbursable expenses	24.50%	22.70%	20.80%	20.50%
Segment reconciling items
Components of Segment Information
Operating income	$ 42,445	$ 37,342	$ 121,769	$ 95,492
Unallocated corporate expenses	46,821	43,100	143,386	129,765
Other gains, net	(173)	(14)	(14,522)	(202)
Restructuring charges	1,921	4,095	6,201	6,881
Depreciation and amortization	3,939	4,347	11,861	13,441
Other expense, net	$ (4,864)	$ (6,047)	$ (14,533)	$ (13,365)

Restructuring Charges - Restructuring Liability Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1,901
Increase (Decrease) in Restructuring Reserve	2,288
Payments for Restructuring	(3,445)
Restructuring Reserve, Accrual Adjustment	13
Ending balance	757
Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	1,366
Increase (Decrease) in Restructuring Reserve	2,288
Payments for Restructuring	(3,445)
Restructuring Reserve, Accrual Adjustment	0
Ending balance	209
Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	535
Increase (Decrease) in Restructuring Reserve	0
Payments for Restructuring	0
Restructuring Reserve, Accrual Adjustment	13
Ending balance	$ 548

Goodwill and Intangible Assets - Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
2024	$ 6,518
2025	6,719
2026	4,974
2027	3,582
2028	$ 2,626

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill		$ 1,081,603
Accumulated impairment losses		(455,892)
Goodwill	$ 647,541	625,711
Goodwill recorded in connection with a business acquisition	21,753
Foreign currency translation	77
Healthcare
Goodwill [Line Items]
Goodwill		644,983
Accumulated impairment losses		(190,024)
Goodwill	454,959	454,959
Goodwill recorded in connection with a business acquisition	0
Foreign currency translation	0
Education
Goodwill [Line Items]
Goodwill		123,652
Accumulated impairment losses		(1,417)
Goodwill	143,989	122,235
Goodwill recorded in connection with a business acquisition	21,677
Foreign currency translation	77
Commercial:
Goodwill [Line Items]
Goodwill		312,968
Accumulated impairment losses		(264,451)
Goodwill	48,593	$ 48,517
Goodwill recorded in connection with a business acquisition	76
Foreign currency translation	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 18,497	$ 12,149
Receivables from clients, net of allowances of $15,707 and $17,284, respectively	204,894	162,566
Unbilled services, net of allowances of $3,064 and $5,984, respectively	177,437	190,869
Income tax receivable	9,192	6,385
Prepaid expenses and other current assets	27,789	28,491
Total current assets	437,809	400,460
Property and equipment, net	21,682	23,728
Deferred income taxes, net	2,408	2,288
Long-term investments	64,319	75,414
Operating lease right-of-use assets	21,026	24,131
Other non-current assets	111,448	92,336
Intangible assets, net	22,547	18,074
Goodwill	647,541	625,711
Total assets	1,328,780	1,262,142
Current liabilities:
Accounts payable	8,151	10,074
Accrued expenses and other current liabilities	26,490	33,087
Accrued payroll and related benefits	183,182	225,921
Current maturities of long-term debt	13,750	0
Current maturities of operating lease liabilities	11,990	11,032
Deferred revenues	27,703	22,461
Total current liabilities	271,266	302,575
Non-current liabilities:
Deferred compensation and other liabilities	44,322	35,665
Long-term debt, net of current portion	428,204	324,000
Operating lease liabilities, net of current portion	33,442	38,850
Deferred income taxes, net	28,774	28,160
Total non-current liabilities	534,742	426,675
Commitments and contingencies
Stockholders’ equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 20,793,202 and 21,316,441 shares issued, respectively	207	212
Treasury stock, at cost, 3,062,689 and 2,852,296 shares, respectively	(159,717)	(142,136)
Additional paid-in capital	174,872	236,962
Retained earnings	497,664	415,027
Accumulated other comprehensive income	9,746	22,827
Total stockholders’ equity	522,772	532,892
Total liabilities and stockholders’ equity	$ 1,328,780	$ 1,262,142

Financing Arrangements - Carrying Amounts (Details) - USD ($)	Sep. 30, 2024	Feb. 01, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current maturities of long-term debt	$ (13,750,000)		$ 0
Long-term debt, net of current portion	428,204,000		324,000,000
Debt Issuance Costs, Gross		$ 1,400,000
Credit Facility
Debt Instrument [Line Items]
Net carrying amount	441,954,000		324,000,000
Revolver Credit Facility
Debt Instrument [Line Items]
Net carrying amount	175,000,000		324,000,000
Term Debt Credit Facility
Debt Instrument [Line Items]
Net carrying amount	268,125,000	$ 275,000,000	0
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ (1,171,000)		$ 0
Effective interest rate of debt		7.34%

Revenues Performance Obligations Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 186.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 26.0
Expected timing of satisfaction	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 75.2
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 84.9
Expected timing of satisfaction

Derivative Instruments and Hedging Activity - Narrative (Details) ₨ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 INR (₨)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 INR (₨)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Duration of SOFR	1 month
Interest rate cash flow hedge gain (loss) to be reclassified	$ 1.8
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	$ 0.1
Gain (loss) reclassification from accumulated OCI to income, estimate of time to transfer	12 months
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swap agreement for a notional amount	$ 300.0		$ 250.0
Interest rate swap agreement, end date	Jan. 31, 2029
Foreign exchange forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swap agreement for a notional amount	$ 16.6	₨ 1,390.2	$ 16.6	₨ 1,375.7
Interest rate swap agreement, end date	Aug. 31, 2025

- Definition

Date derivative contract ends, in YYYY-MM-DD format.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 5
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-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
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-Subparagraph (SX 210.12-13B(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

+ Details

Financing Arrangements

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Financing Arrangements

The Company has a $600 million senior secured revolving credit facility (the “Revolver”) and a $275 million senior secured term loan facility (the “Term Loan”), subject to the terms of the Third Amended and Restated Credit Agreement dated as of November 15, 2022 (as amended, the “Amended Credit Agreement”), both of which fully mature on November 15, 2027. The Term Loan was established in February 2024 with the execution of Amendment No. 2 to the Third Amended and Restated Credit Agreement. The Term Loan is subject to scheduled quarterly amortization payments of $3.4 million which began June 30, 2024 and continue through the maturity date of November 15, 2027, at which time the outstanding principal balance and all accrued interest will be due.

As of September 30, 2024, we had total borrowings outstanding under our Amended Credit Agreement of $443.1 million, consisting of $175.0 million outstanding under the Revolver and $268.1 million outstanding under the Term Loan. A summary of the scheduled maturities of those borrowings follows:


	Scheduled Maturities of Long-Term Debt
2024	$	3,438
2025	$	13,750
2026	$	13,750
2027	$	412,187

The initial borrowings under the Revolver were used to refinance borrowings outstanding under a prior credit agreement, and future borrowings under the Revolver may be used for working capital, capital expenditures, share repurchases, permitted acquisitions, and other general corporate purposes. The proceeds of the Term Loan were used to reduce borrowings under the Revolver.

The Amended Credit Agreement provides the option to increase the revolving credit facility or establish additional term loan facilities in an aggregate amount up to $250 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 $1.13 billion.

Fees and interest on borrowings under the Amended Credit Agreement vary based on our Consolidated Leverage Ratio (as defined in the Amended Credit Agreement). At our option, these borrowings will bear interest at one, three or six month Term SOFR or, in the case of the Revolver, an alternate base rate, in each case plus the applicable margin. The applicable margin for borrowings under the Revolver will fluctuate between 1.125% per annum and 1.875% per annum, in the case of Term SOFR 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. The applicable margin for the outstanding principal under the Term Loan will range between 1.625% per annum and 2.375% per annum based upon our Consolidated Leverage Ratio at such time. The fees and interest are subject to further adjustment based upon the Company's performance against specified key performance indicators related to certain environmental, social and/or governance goals of the Company. Based upon the performance of the Company against those key performance indicators in each Reference Year (as defined in the Amended Credit Agreement), certain adjustments to the otherwise applicable rates for interest, commitment fees and letter of credit fees will be made. These annual adjustments will not exceed an increase or decrease of 0.01% in the aggregate for all key performance indicators in the case of the commitment fee rate or an increase or decrease of 0.05% in the aggregate for all key performance indicators in the case of the Term SOFR borrowings, base rate borrowings or letter of credit fee rate.

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 Third Amended and Restated Security Agreement and a Third 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) entitled to vote and 100% of the stock or other equity interests in each material first-tier foreign subsidiary not entitled to vote.

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 4.25 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in the Amended Credit Agreement), and (ii) a minimum Consolidated Interest Coverage Ratio (defined as the ratio of consolidated EBITDA to interest) of 3.00 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, 2024, we were in compliance with these financial covenants with a Consolidated Leverage Ratio of 1.91 to 1.00 and a Consolidated Interest Coverage Ratio of 9.90 to 1.00.

A summary of the carrying amounts of our debt follows:


	September 30, 2024		December 31, 2023
Revolver	$	175,000	$	324,000
Term Loan	268,125		—
Unamortized debt issuance costs - Term Loan1	(1,171)		—
Total long-term debt	441,954		324,000
Current maturities of long-term debt	(13,750)		—
Long-term debt, net of current portion	$	428,204	$	324,000

(1)In connection with establishing the Term Loan, we incurred $1.4 million of debt issuance costs which were recognized as a discount to the Term Loan. These debt issuance costs are amortized to interest expense using an effective interest rate of 7.34% over the term of the Term Loan. Unamortized debt issuance costs related to the Revolver are included as a component of other non-current assets and amortized to interest expense using the straight-line method over the term of the Revolver.

Borrowings outstanding under the Amended Credit Agreement as of September 30, 2024 and December 31, 2023 carried a weighted average interest rate of 4.9% and 4.2%, respectively, including the effect of the interest rate swaps described in Note 9 “Derivative Instruments and Hedging Activity.”

The borrowing capacity under the Revolver is reduced by any outstanding borrowings under the Revolver and outstanding letters of credit. At September 30, 2024, we had outstanding letters of credit totaling $0.6 million, which are used as security deposits for our office facilities. As of September 30, 2024, the unused borrowing capacity under the Revolver was $424.4 million.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Other Comprehensive Income (Loss ) - Components of Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustments	$ 900	$ (662)	$ (103)	$ (283)
Foreign currency translation adjustments	0	0	0	0
Foreign currency translation adjustments	900	(662)	(103)	(283)
Unrealized gain (loss) on investment	(599)	(1,840)	(11,095)	4,193
Unrealized gain (loss) on investment	156	490	2,887	(1,117)
Unrealized gain (loss) on investment	(443)	(1,350)	(8,208)	3,076
Net unrealized gain (loss) on interest rate swaps	(4,716)	(368)	(4,770)	(234)
Other comprehensive income (loss)	(6,082)	(3,002)	(17,653)	3,593
Other comprehensive income (loss)	1,823	622	4,572	(1,034)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(4,259)	(2,380)	(13,081)	2,559
Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Change in fair value	(3,891)	1,849	578	5,307
Change in fair value	1,016	(492)	(150)	(1,411)
Change in fair value	(2,875)	1,357	428	3,896
Reclassification adjustments into earnings	(2,412)	(2,107)	(7,041)	(5,580)
Reclassification adjustments into earnings	630	560	1,838	1,483
Reclassification adjustments into earnings	(1,782)	(1,547)	(5,203)	(4,097)
Net unrealized gain (loss) on interest rate swaps	(6,303)	(258)	(6,463)	(273)
Net unrealized gain (loss) on interest rate swaps	1,646	68	1,688	72
Net unrealized gain (loss) on interest rate swaps	(4,657)	(190)	(4,775)	(201)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			(4,775)
Foreign exchange forward contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Change in fair value	(93)	(223)	(25)	(23)
Change in fair value	24	59	6	6
Change in fair value	(69)	(164)	(19)	(17)
Reclassification adjustments into earnings	13	(19)	33	(21)
Reclassification adjustments into earnings	(3)	5	(9)	5
Reclassification adjustments into earnings	10	(14)	24	(16)
Net unrealized gain (loss) on interest rate swaps	(80)	(242)	8	(44)
Net unrealized gain (loss) on interest rate swaps	21	64	(3)	11
Net unrealized gain (loss) on interest rate swaps	$ (59)	$ (178)	5	$ (33)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			$ 5

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	$ 378,089	$ 367,466	$ 1,122,491	$ 1,048,750
Revenues before reimbursable expenses	370,049	358,178	1,097,664	1,022,832
Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	219,281	221,111	649,757	605,486
Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	158,808	146,355	472,734	443,264
Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	214,517	214,688	634,415	589,137
Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	155,532	143,490	463,249	433,695
Healthcare
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	187,692	184,974	568,341	517,124
Revenues before reimbursable expenses	183,136	179,177	553,976	501,994
Healthcare \| Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	132,537	135,309	398,352	368,896
Healthcare \| Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	55,155	49,665	169,989	148,228
Healthcare \| Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	128,966	130,548	387,164	357,228
Healthcare \| Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	54,170	48,629	166,812	144,766
Education
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	123,253	113,432	361,985	332,865
Revenues before reimbursable expenses	121,048	111,043	355,384	325,884
Education \| Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	62,146	57,028	183,219	165,632
Education \| Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	61,107	56,404	178,766	167,233
Education \| Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	61,222	55,837	180,162	162,490
Education \| Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	59,826	55,206	175,222	163,394
Commercial:
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	67,144	69,060	192,165	198,761
Revenues before reimbursable expenses	65,865	67,958	188,304	194,954
Commercial: \| Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	24,598	28,774	68,186	70,958
Commercial: \| Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	42,546	40,286	123,979	127,803
Commercial: \| Consulting And Managed Services Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	24,329	28,303	67,089	69,419
Commercial: \| Digital Capability [Member]
Disaggregation of Revenue [Line Items]
Revenues before reimbursable expenses	$ 41,536	$ 39,655	$ 121,215	$ 125,535

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

A summary of the scheduled maturities of those borrowings follows:


	Scheduled Maturities of Long-Term Debt
2024	$	3,438
2025	$	13,750
2026	$	13,750
2027	$	412,187

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

A summary of the carrying amounts of our debt follows:


	September 30, 2024		December 31, 2023
Revolver	$	175,000	$	324,000
Term Loan	268,125		—
Unamortized debt issuance costs - Term Loan1	(1,171)		—
Total long-term debt	441,954		324,000
Current maturities of long-term debt	(13,750)		—
Long-term debt, net of current portion	$	428,204	$	324,000

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 27,149	$ 21,516	$ 82,637	$ 59,647
Weighted average common shares outstanding – basic	17,754	18,770	17,945	18,941
Weighted average common stock equivalents	717	705	727	637
Weighted average common shares outstanding – diluted	18,471	19,475	18,672	19,578
Net income per basic share	$ 1.53	$ 1.15	$ 4.61	$ 3.15
Net income per diluted share	$ 1.47	$ 1.10	$ 4.43	$ 3.05

- Definition

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

+ References

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Earnings Per Share - Narrative (Details) - USD ($)	3 Months Ended				9 Months Ended
Earnings Per Share - Narrative (Details) - USD ($)	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2020
Accelerated Share Repurchases [Line Items]
Stock repurchased and retired	$ 7,342,000		$ 28,787,000		$ 104,027,000	$ 88,433,000
Antidilutive securities (shares)			100,000		100,000	100,000
Excise tax on net share repurchases included in current liabilities	100,000		$ 300,000		$ 502,000	$ 643,000
Stock Repurchase Program Expiration Date					Dec. 31, 2025
2020 Share repurchase program
Accelerated Share Repurchases [Line Items]
Share repurchase authorized amount	$ 500,000,000				$ 500,000,000				$ 50,000,000
Stock repurchased and retired (shares)	66,354		290,288		1,067,545	1,116,830
Stock repurchased and retired	$ 7,300,000		$ 28,800,000		$ 104,000,000	$ 88,400,000
Settlement of repurchase of shares (in shares)		10,000		15,200
Share repurchases included in current liabilities							$ 1,000,000	$ 1,100,000
Remaining authorized repurchase amount	$ 82,700,000				$ 82,700,000

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023. 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, 2023 and our Quarterly Reports on Form 10-Q for the periods ended March 31, 2024 and June 30, 2024. Our results for any interim period are not necessarily indicative of results for a full year or any other interim period. In the second quarter of 2024, we revised the presentation of our consolidated statement of operations and other comprehensive income (loss) to separately present other gains, net previously presented within selling, general and administrative expenses. The change in presentation had no effect on our consolidated results, and our historical consolidated statements of operations and other comprehensive income (loss) were revised for consistent presentation. In the third quarter of 2024, we revised the line item descriptions of revenues to rename revenues as revenues before reimbursable expenses and to rename total revenues and reimbursable expenses as total revenues. The change in line item description has no impact on the line item totals for any periods presented.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

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,
	2024		2023		2024		2023
Net income	$	27,149	$	21,516	$	82,637	$	59,647

Weighted average common shares outstanding – basic	17,754		18,770		17,945		18,941
Weighted average common stock equivalents	717		705		727		637
Weighted average common shares outstanding – diluted	18,471		19,475		18,672		19,578

Net income per basic share	$	1.53	$	1.15	$	4.61	$	3.15
Net income per diluted share	$	1.47	$	1.10	$	4.43	$	3.05

Commitments, Contingencies and Guarantees	9 Months Ended
Commitments, Contingencies and Guarantees	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Litigation In the second quarter of 2024, we recognized a pre-tax $15.0 million litigation settlement gain related to a completed legal matter in which Huron was the plaintiff, which is included in other gains, net on our consolidated statement of operations. As of September 30, 2024, all of the $15.0 million settlement was received. 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. 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 $0.6 million and $0.5 million were outstanding at September 30, 2024 and December 31, 2023, respectively, which are used as security deposits for our office facilities. 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, 2024 and December 31, 2023, the total estimated fair value of our outstanding contingent consideration liability was $0.2 million and $2.1 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.

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023.


	Level 1		Level 2		Level 3		Total
September 30, 2024
Assets:
Interest rate swaps	$	—	$	2,654	$	—	$	2,654
Convertible debt investment	—		—		56,951		56,951
Foreign exchange forward contracts	—		5		—		5
Deferred compensation assets	—		41,983		—		41,983
Total assets	$	—	$	44,642	$	56,951	$	101,593
Liabilities:
Interest rate swaps	$	—	$	1,878	$	—	$	1,878
Foreign exchange forward contracts	—		67		—		67
Contingent consideration for business acquisitions	—		—		165		165
Total liabilities	$	—	$	1,945	$	165	$	2,110
December 31, 2023
Assets:
Interest rate swaps	$	—	$	7,546	$	—	$	7,546
Convertible debt investment	—		—		68,046		68,046
Deferred compensation assets	—		34,826		—		34,826
Total assets	$	—	$	42,372	$	68,046	$	110,418
Liabilities:
Interest rate swaps	$	—	$	307	$	—	$	307
Foreign exchange forward contracts	—		70		—		70
Contingent consideration for business acquisitions	—		—		2,074		2,074
Total liabilities	$	—	$	377	$	2,074	$	2,451

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, 2024.


	Convertible Debt Investment
Balance as of December 31, 2023	$	68,046

Change in fair value	(11,095)
Balance as of September 30, 2024	$	56,951

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, 2024.


	Contingent Consideration for Business Acquisitions
Balance as of December 31, 2023	$	2,074
Acquisition	36
Payment	(1,356)
Change in fair value	(589)
Balance as of September 30, 2024	$	165

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock, Common	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Issued		22,231,593	2,953,147
Stockholders' Equity Attributable to Parent	$ 552,040	$ 223	$ (137,556)	$ 318,706	$ 352,548	$ 18,119
Beginning balance (shares) at Dec. 31, 2022		22,231,593	2,953,147
Beginning balance at Dec. 31, 2022	552,040	$ 223	$ (137,556)	318,706	352,548	18,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	59,647
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	2,559
Comprehensive income (loss)	62,206
Restricted stock awards, net of cancellations (shares)		322,775	(122,220)
Restricted stock awards, net of cancellations	0	$ 3	$ 5,877	(5,880)
Exercise of stock options (shares)		21,609
Exercise of stock options	987	$ 0		987
Stock Issued During Period, Shares, Acquisitions		16,337
Stock Issued During Period, Value, Acquisitions	1,646	$ 0		1,646
Share-based compensation	34,958			34,958
Shares redeemed for employee tax withholdings (shares)			(141,704)
Shares redeemed for employee tax withholdings	(10,050)		$ (10,050)
Stock repurchased and retired (shares)		(1,116,830)
Share repurchases	(88,433)	$ (11)		(88,422)
Shares, Issued		21,732,924	2,969,196
Stockholders' Equity Attributable to Parent	551,618	$ 218	$ (141,407)	279,070	390,679	23,058
Beginning balance (shares) at Jun. 30, 2023		21,732,924	2,969,196
Beginning balance at Jun. 30, 2023	551,618	$ 218	$ (141,407)	279,070	390,679	23,058
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	21,516
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(2,380)
Comprehensive income (loss)	19,136
Restricted stock awards, net of cancellations (shares)		16,511	(385)
Restricted stock awards, net of cancellations	0	$ 0	$ 0	0
Exercise of stock options (shares)		16,337
Exercise of stock options	1,646	$ 0		1,646
Share-based compensation	10,063			10,063
Shares redeemed for employee tax withholdings (shares)			(3,820)
Shares redeemed for employee tax withholdings	(322)		$ (322)
Stock repurchased and retired (shares)		(290,288)
Share repurchases	(28,787)	$ (3)		(28,784)
Shares, Issued		21,475,484	2,972,631
Stockholders' Equity Attributable to Parent	553,354	$ 215	$ (141,729)	261,995	412,195	20,678
Shares, Issued		21,175,554	2,975,321
Stockholders' Equity Attributable to Parent	532,892	$ 212	$ (142,136)	236,962	415,027	22,827
Beginning balance (shares) at Dec. 31, 2023		21,175,554	2,975,321
Beginning balance at Dec. 31, 2023	532,892	$ 212	$ (142,136)	236,962	415,027	22,827
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	82,637
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(13,081)
Comprehensive income (loss)	69,556
Restricted stock awards, net of cancellations (shares)		564,130	(77,657)
Restricted stock awards, net of cancellations	0	$ 5	$ 3,877	(3,882)
Exercise of stock options (shares)		29,406
Exercise of stock options	1,634	$ 0		1,634
Stock Issued During Period, Shares, Acquisitions		86,913
Stock Issued During Period, Value, Acquisitions	8,640	$ 1		8,639
Share-based compensation	35,422			35,422
Shares redeemed for employee tax withholdings (shares)			(218,186)
Shares redeemed for employee tax withholdings	(21,458)		$ (21,458)
Stock repurchased and retired (shares)		(1,067,545)
Share repurchases	(104,027)	$ (11)		(104,016)
Adjustments to Additional Paid in Capital, Other	113			113
Shares, Issued		20,834,133	3,114,873
Stockholders' Equity Attributable to Parent	500,578	$ 208	$ (159,537)	175,387	470,515	14,005
Beginning balance (shares) at Jun. 30, 2024		20,834,133	3,114,873
Beginning balance at Jun. 30, 2024	500,578	$ 208	$ (159,537)	175,387	470,515	14,005
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	27,149
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(4,259)
Comprehensive income (loss)	22,890
Restricted stock awards, net of cancellations (shares)		13,692	(2,837)
Restricted stock awards, net of cancellations	0	$ 0	$ 198	(198)
Exercise of stock options (shares)		6,987
Exercise of stock options	419	$ 0		419
Share-based compensation	6,605			6,605
Shares redeemed for employee tax withholdings (shares)			(3,814)
Shares redeemed for employee tax withholdings	(378)		$ (378)
Stock repurchased and retired (shares)		(66,354)
Share repurchases	(7,342)	$ (1)		(7,341)
Shares, Issued		20,788,458	3,115,850
Stockholders' Equity Attributable to Parent	$ 522,772	$ 207	$ (159,717)	$ 174,872	$ 497,664	$ 9,746

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The table below sets forth the changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2024.


	Healthcare		Education		Commercial		Total
Balance as of December 31, 2023:
Goodwill	$	644,983	$	123,652	$	312,968	$	1,081,603
Accumulated impairment losses	(190,024)		(1,417)		(264,451)		(455,892)
Goodwill, net as of December 31, 2023	$	454,959	$	122,235	$	48,517	$	625,711
Goodwill recorded in connection with business acquisitions	—		21,677		76		21,753
Foreign currency translation	—		77		—		77
Goodwill, net as of September 30, 2024	$	454,959	$	143,989	$	48,593	$	647,541

2024 Acquisitions

On January 1, 2024, we completed the acquisition of the data analytics services team of Vlamis Software Solutions, Inc. (“Vlamis”). The results of operations of Vlamis are included within our consolidated financial statements as of the acquisition date and allocated among our Education and Commercial segments based on the engagements delivered by the business.

On March 1, 2024, we completed the acquisition of Grenzebach Glier and Associates, Inc. (“GG+A”), a philanthropic management consulting firm that helps education institutions and other nonprofit organizations build and accelerate the philanthropic programs that support their mission. The results of operations of GG+A are included within our consolidated financial statements and results of operations of our Education segment as of the acquisition date.

The acquisitions of Vlamis and GG+A are not significant to our consolidated financial statements individually or in the aggregate as of and for the three and nine months ended September 30, 2024. These acquisitions were accounted for using the acquisition method of accounting. Contract assets and contract liabilities are recorded at their carrying value under Topic 606: Revenue from Contracts with Customers. We finalized the measurement of assets acquired, including goodwill, and liabilities assumed in the acquisitions of Vlamis and GG+A in the first and second quarters of 2024, respectively.

Intangible Assets

Intangible assets as of September 30, 2024 and December 31, 2023 consisted of the following:


		As of September 30, 2024				As of December 31, 2023
	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	5 to 10	$	26,661	$	9,022	$	60,636	$	48,928
Technology and software	2 to 5	16,230		12,127		16,230		10,195
Trade names	6	6,000		6,000		6,000		6,000
Non-competition agreements	3 to 5	950		545		720		389
Customer contracts	1 to 4	702		302		—		—
Total		$	50,543	$	27,996	$	83,586	$	65,512

Identifiable intangible assets with finite lives are amortized over their estimated useful lives using either an accelerated or straight-line basis to correspond to the cash flows expected to be derived from the assets.

Intangible asset amortization expense was $1.6 million and $2.0 million for the three months ended September 30, 2024 and 2023, respectively; and $4.9 million and $6.2 million for the nine months ended September 30, 2024 and 2023, respectively. The table below sets forth the estimated annual amortization expense for the intangible assets recorded as of September 30, 2024.


Year Ending December 31,	Estimated Amortization Expense
2024	$	6,518
2025	$	6,719
2026	$	4,974
2027	$	3,582
2028	$	2,626

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

Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023.


	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	Before Taxes		Tax (Expense) Benefit		Net of Taxes		Before Taxes		Tax (Expense) Benefit		Net of Taxes
Foreign currency translation adjustments	$	900	$	—	$	900	$	(662)	$	—	$	(662)
Unrealized gain (loss) on investment	$	(599)	$	156	$	(443)	$	(1,840)	$	490	$	(1,350)
Interest rate swaps:
Change in fair value	$	(3,891)	$	1,016	$	(2,875)	$	1,849	$	(492)	$	1,357
Reclassification adjustments into earnings	(2,412)		630		(1,782)		(2,107)		560		(1,547)
Net unrealized gain (loss) on interest rate swaps	$	(6,303)	$	1,646	$	(4,657)	$	(258)	$	68	$	(190)
Foreign exchange forward contracts:
Change in fair value	$	(93)	$	24	$	(69)	$	(223)	$	59	$	(164)
Reclassification adjustments into earnings	13		(3)		10		(19)		5		(14)
Net unrealized gain (loss) on foreign exchange forward contracts	$	(80)	$	21	$	(59)	$	(242)	$	64	$	(178)
Other comprehensive income (loss)	$	(6,082)	$	1,823	$	(4,259)	$	(3,002)	$	622	$	(2,380)



	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	Before Taxes		Tax (Expense) Benefit		Net of Taxes		Before Taxes		Tax (Expense) Benefit		Net of Taxes
Foreign currency translation adjustments	$	(103)	$	—	$	(103)	$	(283)	$	—	$	(283)
Unrealized gain (loss) on investment	$	(11,095)	$	2,887	$	(8,208)	$	4,193	$	(1,117)	$	3,076
Interest rate swaps:
Change in fair value	$	578	$	(150)	$	428	$	5,307	$	(1,411)	$	3,896
Reclassification adjustments into earnings	(7,041)		1,838		(5,203)		(5,580)		1,483		(4,097)
Net unrealized gain (loss) on interest rate swaps	$	(6,463)	$	1,688	$	(4,775)	$	(273)	$	72	$	(201)
Foreign exchange forward contracts:
Change in fair value	$	(25)	$	6	$	(19)	$	(23)	$	6	$	(17)
Reclassification adjustments into earnings	33		(9)		24		(21)		5		(16)
Net unrealized gain (loss) on foreign exchange forward contracts	$	8	$	(3)	$	5	$	(44)	$	11	$	(33)
Other comprehensive income (loss)	$	(17,653)	$	4,572	$	(13,081)	$	3,593	$	(1,034)	$	2,559

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 as of December 31, 2023	$	(2,521)	$	20,039	$	5,361	$	(52)	$	22,827
Current period change	(103)		(8,208)		(4,775)		5		(13,081)
Balance as of September 30, 2024	$	(2,624)	$	11,831	$	586	$	(47)	$	9,746

Revenues	9 Months Ended
Revenues	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues For the three months ended September 30, 2024 and 2023, we recognized total revenues of $378.1 million and $367.5 million, respectively. Of the $378.1 million total revenues recognized in the third quarter of 2024, we recognized $10.9 million from obligations satisfied, or partially satisfied, in prior periods, of which $9.1 million was due to changes in the estimates of our variable consideration under performance-based billing arrangements and $1.8 million was due to the release of allowances on receivables from clients and unbilled services. Of the $367.5 million total revenues recognized in the third quarter of 2023, we recognized $9.6 million from obligations satisfied, or partially satisfied, in prior periods, of which $7.1 million was due to changes in the estimates of our variable consideration under performance-based billing arrangements and $2.5 million was due to the release of allowances on receivables from clients and unbilled services. For the nine months ended September 30, 2024 and 2023, we recognized total revenues of $1.12 billion and $1.05 billion, respectively. Of the $1.12 billion total revenues recognized in the first nine months of 2024, we recognized $22.4 million from obligations satisfied, or partially satisfied, in prior periods, of which $19.1 million was due to changes in the estimates of our variable consideration under performance-based billing arrangements and $3.3 million was due to the release of allowances on receivables from clients and unbilled services. Of the $1.05 billion total revenues recognized in the first nine months of 2023, we recognized $10.4 million from obligations satisfied, or partially satisfied, in prior periods, of which $9.1 million was due to changes in the estimates of our variable consideration under performance-based billing arrangements and $1.3 million was due to the release of allowances on receivables from clients and unbilled services. As of September 30, 2024, we had $186.1 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 $186.1 million of performance obligations, we expect to recognize $26.0 million as revenue in 2024, $75.2 million in 2025, and the remaining $84.9 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, net balance as of September 30, 2024 and December 31, 2023 was $55.4 million and $70.1 million, respectively. The $14.7 million decrease 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 accounting policy. Our deferred revenues balance as of September 30, 2024 and December 31, 2023 was $27.7 million and $22.5 million, respectively. The $5.2 million increase 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, 2024, $1.7 million and $21.3 million of revenues recognized were included in the deferred revenue balance as of December 31, 2023, respectively.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details