UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
April 28,
2005
Date of
Report (Date of earliest event reported)
Huron
Consulting Group Inc.
(Exact name of registrant as specified in its charter)
(Exact name of registrant as specified in its charter)
|
Delaware |
000-50976 |
01-0666114 |
|
(State
or other jurisdiction |
(Commission
|
(IRS
Employer |
|
of
incorporation) |
File
Number) |
Identification
Number) |
550
West Van Buren Street
Chicago,
Illinois
60607
(Address
of principal executive offices)
(Zip
Code)
(312)
583-8700
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
o |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
|
o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
|
o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
|
o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Item
2.02. Results
of Operations and Financial Condition.
On April
28, 2005, Huron Consulting Group Inc. held a webcast relating to its financial
results for the quarter ended March 31, 2005. The full text of the
transcript of the webcast is furnished as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated in this report as if fully set forth
herein.
Item
7.01. Regulation
FD Disclosure.
The
information set forth under Item 2.02 of this report is incorporated herein by
reference.
- 1
- -
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
Huron
Consulting Group Inc. | |||
|
(Registrant) | |||
|
Date: |
April 28,
2005 |
/s/
Gary L. Burge | |
|
Gary
L. Burge | |||
|
Vice
President, | |||
|
Chief
Financial Officer and Treasurer |
- 2
- -
EXHIBIT
INDEX
|
Exhibit
Number |
Description | |
|
99.1 |
Transcript
of April 28, 2005 webcast of Huron Consulting Group
Inc. |
EXHIBIT
99.1
HURN
- - Q1 2005 HURON CONSULTING GROUP INC
EARNINGS
CONFERENCE CALL TRANSCRIPT
EVENT
DATE/TIME: APR. 28. 2005 / 11:00 AM ET
CORPORATE
PARTICIPANTS
Gary
Holdren
Huron
Consulting Group - Chairman and CEO
George
Massaro
Huron
Consulting Group - Vice Chairman
Gary
Burge
Huron
Consulting Group - CFO
Mary
Sawall
Huron
Consulting Group - VP, Human Resources
CONFERENCE
CALL PARTICIPANTS
Matt
Litfin
William
Blair and Company - Analyst
Brandt
Sakakeeny
Deutsche
Bank - Analyst
Andrew
Fones
UBS -
Analyst
Patrick
Elgrably
Next
Generation Equity Research - Analyst
Colin
Gillis
Adams
Harkness - Analyst
PRESENTATION
Operator
Good
morning, ladies and gentlemen, and welcome to the Huron Consulting Group webcast
to discuss results for the first quarter ended March 31st, 2005.
[Operator
Instructions]
And now
I'd like to turn the call over to your host for today's call, Mr. Gary Holdren,
Chairman and CEO of Huron Consulting Group. Sir, you may proceed.
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
Thank
you, and thank you all for joining us for today's webcast to discuss Huron
Consulting's first quarter results.
Before we
begin, I would like to point all of you to the disclosure at the end of the news
release about any forward looking statements that may be made or discussed on
this call. Please review that information along with our filings with the SEC
for disclosure factors that may impact subjects discussed in this mornings
webcast.
Joining
me on the call today are George Massaro, Huron's Vice Chairman, Gary Burge our
CFO and Mary Sawall, our VP of Human Resources.
We are
very pleased with our 1st quarter results. What we are most proud of, is the
effectiveness of our business model, which we discussed with most of you, during
our road show. We continue to believe that our business model, that gives us
close to 50/50 balance between financial consulting and operational consulting
protects us from the ups and downs of any of our key service offerings or the
customer channels we concentrate on. It also allows us to move resources between
our practices very effectively.
Our first
quarter revenues were up 16.6% over last year, which is consistent with our
stated goal of 15% organic revenue growth. This growth was accomplished despite
one of our largest and most profitable offerings, Corporate Advisory Services,
experiencing a cyclical slowdown, one we anticipated occurring due to the
decrease in large bankruptcy filings.
Our
policy isn't to get into details about each individual practice, but I would
tell you, that Corporate Advisory revenues were down 5 million from last years
first quarter. We were able to overcome that shortfall because of our business
model.
Overall,
our financial consulting practice revenues were up 4.2% for the quarter because
of the very strong performance of our Disputes and Investigation practice, which
continues to attract, and win some of the largest investigations in the United
States. The strong results in our Disputes and Investigation practice, more than
offset the decline in our Corporate Advisory services.
Again,
this demonstrates the balance we can achieve, with a broad menu of service
offerings.
Our
Operational Consulting practice revenues growth was 34.2% for the quarter. And
the split of our Financial Consulting versus our Operational Consulting revenues
in Q1 was 53% versus 47%.
Why are
we so excited about the future of Huron Consulting? Because, first and foremost,
we continue to enhance our relationship with our key clients and our target
clients. As I mentioned last quarter, growing Huron and winning large
assignments is based on having key relationships with our clients, and a proven
reputation for handling high stake matters.
Relationship
building will continue in 2005, as we will again hold significant client events
like our General Counsel Summit and our Corporate Advisory Summit. We will also
continue to play a major role in industry conferences and seminars.
Second,
we are very focused at Huron, on the clients, and the services we want to offer.
We know what customers we want to target, and the industry verticals we want to
serve, as well as the service offerings those customers need.
The
following are the customers segments we will continue to focus on in 2005 and
beyond. We will focus on lawyers, and the law firms in which they work. General
Counsel of Fortune 1000 companies. Higher education and research institutions.
The healthcare sector, which includes providers, payors and pharmaceutical
companies. Distress companies and industries. And the CFOs and COOs of companies
with revenues of 1 to 20 billion. We have the right people, and right services
for these customers.
Third,
and very important to us, we have outstanding, dedicated people at all levels of
our organization, that are delivering superior client service everyday and
adding value to our clients, and to Huron.
In June,
we are having an all employee meeting to recognize their many accomplishments
and share with them our goals and vision, as Huron marks its third year
anniversary. Continuing to retain its people is Huron's number one
priority.
During
2003, we built and grew Huron very rapidly. In 2004, our focus was on making
sure that we had the right people, serving the right customers and targets, and
that we were building a performance based organization for the
future.
Entering
2005, the organization is staffed with people who understand and thrive in a
performance-based culture. Our goal in both the near term and long term is to
expand our staff at all levels, with people who are equally adept at serving
client needs and building Huron's portfolio of businesses.
On that
note, we're continuing to attract expert talent who wants to join Huron. We have
just added 4 Managing Directors, whose depth of skills and business experience
complement Huron's service offerings.
The
pipeline is very good at both the senior and junior levels for people who want
to join Huron. Discussions are ongoing with many more MDs who have an interest
in joining Huron. We also continue to explore group hires. We remain very
confident that we will be able to have approximately 600 billable people by the
end of calendar 2005.
In
addition to the good news on the managing director recruiting front, the market
demand for our service offerings remain very strong. Let me cover some of the
things we are very excited about, here at Huron.
In our
Disputes and Investigation practice, the impact of regulatory oversight do not
appear to be going away. Driven by governmental agencies and Attorney General
actions, we continue to have strong demand to do a very -- to do a large amount
of significant investigations. There is also a strong demand to serve and help
clients resolve commercial disputes. The litigation market in United States
continues to grow. The recent additions of Maureen Loftus and Barry Sussman will
add to our ability to serve clients with large disputes. Both of them are very
experienced, we are delighted that they have chosen to join Huron.
In a new
initiative, recently announced, we have formed an academic council under Ted
Snyder, Dean of the University of Chicago School -- Graduate School of Business.
We've had great experience working with Ted over the past year. We feel this
larger academic council will open doors to clients who have complex economic and
regulatory challenges.
Higher
education market. Our higher education practice continues to sell in the market
place. Leading colleges and Universities in the United States call upon Huron to
help them solve their business problems. There are many challenges for
universities today. They must lower costs, at the same time maintain state of
the art technology to continue to attract and account for research Dollars. The
recent addition of Lisa Murtha and Mike Smith will help us broaden our service
offerings to universities. We are very excited to have them on our higher
education team.
The
healthcare market. Healthcare is 15% of the GNP in the United States. And I
think most of us will agree the healthcare system in the United States has major
challenges. The consulting Dollars spent in this industry are in the billions.
The changes over the next several years in the healthcare sector will create
great opportunities for Huron.
We
approach healthcare sectors targeting providers, the payors and pharmaceutical
companies. We have people with great skills and assist these sectors in meeting
their business challenges. We are aggressively recruiting resources at all
levels, as we feel this industry vertical has tremendous growth
potential.
Strategic
sourcing. What organization in the United States doesn't want to reduce their
cost? Our strategic sourcing practice is seeing great growth and acceptance in
the marketplace, by helping companies reduce all components of non-salary costs.
This practice continues to penetrate the market through their own sales
channels. We have also been very successful in cross-selling strategic sourcing
across all of our practice. This service offering has great long-term growth
opportunities for us.
Legal
Business Consulting. The demands on the General Counsel in the United States are
continuing to increase. They need to manage matters, and control costs. And that
is why we are working with more than 20 General Counsel, a Fortune 1000
organization this time. The demand for document retention, e-discovery, and
forensic account service continue to grow everyday in the
marketplace.
You can
see why I think -- why I am so excited about the market opportunities in the
drivers for Huron services.
So where
do we go from here? First and foremost, we must retain all of Huron's employees.
And we will continue everyday to deliver excellent client service. We will also
continue to develop the Huron brand, and we will be aggressively recruiting
talents of all -- at all levels so we can increase Huron's relevance in the
marketplace.
And now
I'd like to turn it over to Gary Burge to talk about our financial
results.
Gary
Burge -
Huron Consulting Group - CFO
Thanks
Gary. As Gary said, we are pleased with our very solid first quarter. Some of
the highlights for the financial quarter included revenues before reimbursable
expenses a 46.8 million for Q1 2005 were up 16.6% over last year and rose nearly
15% sequentially from last quarter.
The next
key statistics are all before stock based compensation expense, and other
non-recurring charges recorded in the first quarter of 2004.
Let me
point out that the reason we're focusing on results before stock based comp is
that to my knowledge, no one in the industry has implemented FAS 123R up to this
point. And while this implementation of FAS 123R will have an immaterial impact
on our reported results, it will have a significant impact on reported results
for many other companies. Obviously our objective is to ensure that our
investors and the analysts that follow us can make apples to apples
comparisons.
Now for
the statistics -- gross margins were nearly 47% this quarter, up significantly
from 38% in the same quarter a year ago. And also better than the 45% reported
last quarter.
Adjusted
EBITDA of 10.5 million, compared to 7.2 million in the first quarter a year ago,
and rose 4.3 million sequentially.
Operating
income rose to 9.6 million from 6.6 million a year ago, an increase from the 5.5
million we reported last quarter. Operating margins were 20.6% versus 16.5% a
year ago and 13.5% last quarter.
Other
highlights include the following -- utilization was very strong at 76.3% up from
73.4% a year ago, and down slightly from 77.8% last quarter. Average billing
rate came in at $250, up 9% from a year ago and nearly 3% higher than Q4
2004.
Our
managing directors continue their focus on billing and collecting as DSOs for
the quarter came in at 63 days. Our trailing 12 month net income including stock
based comp and special charges that were recorded in 2004 and using that
post-IPO balance sheet in our calculation, we are pleased to report that we had
a 15% return on assets and a 24% return on equity over the past year. These
returns without stock based comp and special charges were 19% and 31%
respectively.
We think
these returns are very strong for a company who has not yet reached its third
anniversary. And we also think it speaks to the quality of our operating
results.
Next, in
regards to guidance. For the second quarter, we expect the revenues to be in the
$45 million to $46 million range, with a net income margin of 10% to 10.5%
before stock basedcomp charges. EPS guidance for the coming quarter is $0.21 to
$0.23 on GAAP basis and $0.27 to $0.29 on adjusted non-GAAP basis without the
stock based comp.
Our
revenue forecast for the quarter reflects some moderation on utilization rates,
given the fact that we ran very hot in the first quarter, and also reflects,
that we expect to have one less effective business day in the quarter due to the
all employee meeting that Gary told you about.
Let me
remind you that when you do the math on our second quarter revenue growth from
Q2 last year, that Q2 last year included a previously disclosed a one-time
contingency pick up of $1.6 million.
In terms
of annual guidance, we are raising annual revenue to a 187 million to a 190
million, with a full year net income of 10% to 10.5%. EPS guidance for the year
will be from $0.87 to $0.95 on a GAAP basis and $1.11 to $1.19 on an adjusted
non-GAAP basis.
For
analysts, your modeling purposes you should assume approximately 16.8 million
diluted shares for the rest of the year for GAAP EPS purposes. In terms of stock
based comp, you should assume approximately 7 million, 4.2 million after tax in
expense for the full year. This stock based comp cost will run at the rate of
1.8 million to 1.9 million a quarter on a pretax basis.
Lastly,
we would suggest that you use a 40.2% marginal tax rates to tax effect the stock
based comp, as opposed to the 42.5% tax rate, you see in our first quarter
financials.
That's
enough financial details; let's go to the questions.
QUESTION
AND ANSWER
Operator
[Operator
Instructions]
Our first
question comes from Matt Litfin of William Blair and Company. Please
proceed.
Matt
Litfin -
William Blair and Company - Analyst
Hi, good
morning. And congratulations on the quarter.
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
Thank
you, Matt.
Matt
Litfin -
William Blair and Company - Analyst
You said,
Gary I believe, Gary Holdren, 600 employees by the end of '05. Is that including
any acquisitions? And I guess, the other part of that question is, maybe you can
walk us through where those 100 or so people will come from -- campuses, outside
hires etc?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
Yes, it
doesn't include any acquisitions, Matt. And it will be -- we're going to have
about 50 people from campus and it will be from -- we'll have people from all
levels. As I said we're continuing to recruit MDs. And we have people at all
levels of our pipeline. So we have a very aggressive recruiting practice in
place Matt. And we've got several recruiting firms both working on contracted
recruitment, as well as people working on contingency.
Matt
Litfin -
William Blair and Company - Analyst
OK, and
then the other question I had, it has to do with utilization and related to the
guidance you just gave. Give us a sense of what you saw in April in your
utilization rate? How did that play into the guidance? And then stepping back,
what do you see as a more long term sustainable rate that balances busy-ness and
keeps turnover from getting out of control?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
I think
the thing you should do is be consistent with what we told everyone. And George,
if you want to add to this, is that we told people that we really liked to run
within the between 70% to 75% range. And when we get to the high end, we want to
start moving down. I don't know, George, you want to add anything to
that?
George
Massaro -
Huron Consulting Group - Vice Chairman
I think
we've always said we will manage within that quarter of 70% to 75%. With respect
to April, we don't really comment on mid-month utilization but -- other than to
say there's been no dramatic change.
Matt
Litfin -
William Blair and Company - Analyst
OK, thank
you, George, that's very helpful.
Operator
Our next
question comes from Brandt Sakakeeny of Deutsche Bank.
Brandt
Sakakeeny -
Deutsche Bank - Analyst
Hi, it's
Brandt Sorry about this - I just jumped on.. First, congratulations on a great
quarter. And I apologize if this has been asked. But just curious on the head
count issue Gary, in the finance business. I know that there was a re-class
between divisions. Can you give us just the normalized figures and was the
decline in headcount just due to the re-class or was it due to the attrition
levels?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
It's
both. It's both, Brad.
Brandt
Sakakeeny -
Deutsche Bank - Analyst
OK. Is
there any way to quantify that or ...?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
Why don't
you -- Gary Burge can get you that information. He'll follow up with you
today.
Brandt
Sakakeeny -
Deutsche Bank - Analyst
OK.
Perfect. Thanks so much, that's all I have. Congratulations again.
Operator
Our next
question comes from Kelly Flynn of UBS. Please proceed.
Andrew
Fones -
UBS - Analyst
Hi, this
is Andrew for Kelly. I was wondering could you give us the number of MDs at the
end of the quarter, please?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
Mary
Sawall, would you know the number we have?
Mary
Sawall -
Huron Consulting Group - VP, Human Resources
The
number of MDs at the end of the quarter, the average is 66 billable
MDs.
Andrew
Fones -
UBS - Analyst
OK.
Mary
Sawall -
Huron Consulting Group - VP, Human Resources
I'm
sorry, it's 66 overall and billable is 57. I apologize.
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
Did you
hear that, Andrew? 57 billable MDs
Andrew
Fones -
UBS - Analyst
OK. I was
wondering, as you look to kind of hire, you mentioned you'd been looking to add
about 100 people this year and 50 to come from campus. When we look at the mix,
are you looking to ramp up the number of MDs significantly, or would you expect
at this point to continue kind of building out more kind of lower end and so
ramping this MD to include ratio that you're building?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
If I
understand your question, we just hired 4, and we are continuing to try to reach
that goal of -- our ultimate goal is 10 to 1 leverage. And we'll add more --
continuing to add at all levels, but we're continuing to try to expand our
pyramid Andrew, at the bottom.
Andrew
Fones -
UBS - Analyst
OK. Very
good. Can I ask also, about where your headcount is currently? I don't know if
you guided that in the call.
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
We have
510 people as of today.
Mary
Sawall -
Huron Consulting Group - VP, Human Resources
Billable
people.
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
Billable
people.
Andrew
Fones -
UBS - Analyst
OK. Thank
you. And then you mentioned that the corporate advisory practice was soft in the
first quarter. Is there any (inaudible) you could give us there for April or is
that kind of stabilized at this kind of, lower level?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
Pretty
much stabilized at the level that we're at.
Andrew
Fones -
UBS - Analyst
OK. And
then, I thought that you kind of -- and you mentioned on the call that the MD
that you're added primarily in the education and disputes practices. You
mentioned that you're also looking to add MDs in healthcare aggressively. Are
there any other areas that you have shifted focus on or ...?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
In all
our growth practices we're looking at MD's.
Andrew
Fones -
UBS - Analyst
OK. And
then perhaps a question for Gary. You mentioned I think on the last call that
the price increase in Q1 was going to occurpart way through the quarter. So
should we expect continued improvement in the second quarter in your bill
rate?
Gary
Burge -
Huron Consulting Group - CFO
Yes,
Andrew, good question. As we said, rates increased on average about 3% compared
to the fourth quarter of last year. Some of that is a factor of the rate
increase as we put it as of January 1st. This can also be influenced by a mix in
terms of levels of work and so expectations are that the rate increase we put
in, in January 1st will continue to bake in. But it's sometimes difficult to
predict exactly where average revenue will come out based on the mix
issue.
Andrew
Fones -
UBS - Analyst
So if I
understand that correctly the rate increase went in on January 1st pretax roll
into what you're billing on a contract-by-contract basis?
Gary
Burge -
Huron Consulting Group - CFO
That's
correct. Don't think that we can raise the rates immediately cause at times you
have to wait until the next phase in the project.
Andrew
Fones -
UBS - Analyst
OK.
Thanks guys.
Operator
[Operator
Instructions]
Our next
question comes from Patrick Elgrably of Next Generation Equity Research. Please
proceed.
Patrick
Elgrably Hi, good morning.
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
Good
morning.
Patrick
Elgrably -
Next Generation Equity Research - Analyst
Can you
give us an update on the 2 large assignments from the last quarter, I believe
Fannie Mae and ATA. Do they continue to generate revenue in Q1 at similar levels
to the prior quarter? And is there anyway to quantify the impact, those had on
utilization?
George
Massaro -
Huron Consulting Group - Vice Chairman
Gary,
would you like me to handle that one?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
Go ahead,
George.
George
Massaro -
Huron Consulting Group - Vice Chairman
Basically,
we do not discuss individual client assignments. Couple of things they did
continue in the first quarter. And the guidance that Gary Burge has provided has
our best estimate of the duration of those projects. So I think that's about all
we can say on individual client assignments.
Patrick
Elgrably -
Next Generation Equity Research - Analyst
OK and
then a follow up question to -- regarding that corporate advisory work. Should
we expect to see any growth in this, practice going forward? I mean how
successful have you been or do you think you can be in terms of expanding that
market to include, you know, mid sized corporations?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
We
clearly are very -- we are committed to this practice and any practice that we
are committed to, we'll continue to grow.
Patrick
Elgrably -
Next Generation Equity Research - Analyst
OK, and
then, lastly, cash flow during the quarter?
Gary
Burge -
Huron Consulting Group - CFO
Right.
Patrick, this is Gary Burge. Cash flow for the quarter from operations was a use
of about $6.5 million and that is driven by the fact we paid out our bonuses in
the first quarter of this year for the calendar year 2004.
Patrick
Elgrably OK, thank you.
Operator
Our next
question comes from Matt Litfin of William Blair and Company. Please
proceed.
Matt
Litfin -
William Blair and Company - Analyst
Yes, I
just had a couple of quick follow-ups for Gary Burge. I'm sorry, could you
clarify the GAAP tax rate that you are expecting this year that you guide us to
there?
Gary
Burge -
Huron Consulting Group - CFO
Yeah,
from a GAAP -- from an effective tax rate point of view we had a first quarter
rate of about 42.5% that was down slightly from what we had in 2004. We're going
to continue to try to work on ways to improve that effective tax rate. But I
think from a guidance point of view I would suggest that you use 42.5 right now.
And we'll update you in the subsequent quarters if we find ways to bring that
rate down.
In my
comments on tax effecting the stock based comp charges, I told you to use 40.2%
and that’s a pure marginal rate that excludes non-deductible items for things
like meals and entertainment.
Matt
Litfin -
William Blair and Company - Analyst
OK thanks
and the other question I had was the follow up to Patrick's question on cash
flow, which is, we're obviously used to seeing consulting companies pay up
bonuses in the first quarter, but is there any sense you could give us as to
what you're expecting this year in -- maybe not quantitatively for cash flow but
in relation to your net income. Is there any reason that you see why cash flow
might not be as robust as your net income?
Gary
Burge -
Huron Consulting Group - CFO
No, I
think, typically for us first quarter of the cash usage quarter and subsequent
quarters we ought to be able to generate cash. No surprises out there in terms
of what our balance sheet's going to look like. And our CapEx guidance we gave
before was about 8 million for the year and that's still on target.
Matt
Litfin -
William Blair and Company - Analyst
Great,
thanks, keep it up
Gary
Burge -
Huron Consulting Group - CFO
OK, thank
you.
Operator
Our next
question comes from Colin Gillis of Adams Harkness. Please proceed.
Colin
Gillis -
Adams Harkness - Analyst
Hi,
congratulations everybody.
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
Thank
you.
Colin
Gillis -
Adams Harkness - Analyst
A quick
question -- in terms of adding headcount, is there any particular areas that you
see staff coming in from the senior level, that you can comment on? Like,
especially in the accounting firms?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
It's very
broad based. Not really any specific place or industry or anything. If we think
about our higher education practice and our operational consulting practices, we
would not -- we would hire from industry in different places. So there's no
really concentrated place.
Colin
Gillis -
Adams Harkness - Analyst
OK great,
and just, turning to, on the acquisitions front, is there anything out there,
any comments you want to make in terms of what you're seeing, or evaluations or
your thoughts in terms of making selective acquisitions?
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
No.
Colin
Gillis -
Adams Harkness - Analyst
OK. Brief
and to the point. Thanks.
Operator
Mr.
Holdren, we have concluded the allotted time for this call. I would like to turn
the conference back over to yourself.
Gary
Holdren -
Huron Consulting Group - Chairman and CEO
OK,
thanks all of you for participating today, we appreciate it and we'll talk to
you after we report our Q2 results.
Operator
That
concludes today's conference call. Thank you everyone for your
participation.