2023
ANNUAL
REPORT
2023 ANNUAL REPORT | HURON | I
A L E T T E R F R O M C H I E F E XE C U T I V E O F F I C E R A N D P R E S I D E N T M A R K H U S S E Y
2023 culminated in record performance for our business.
Driven by strong growth in all three operating segments and
across our digital capability, we achieved record revenues and
expanded our adjusted EBITDA margins for the third consecutive
year. Two years ago, we committed to achieving sustainable
revenue growth and margin expansion, while returning capital
to shareholders. Our financial performance demonstrates the
incredible work of our talented team and the foundation we
have established to continue delivering on those medium-term
investor objectives.
2023 Performance Highlights
■ We achieved record revenues of $1.36
■ Digital capability revenues grew 17% over
billion in 2023, growing 20% over 2022.
the prior year as our clients continued
■ Healthcare segment revenues grew 26%
over 2022, led by strong growth across our
portfolio of performance improvement,
financial advisory, strategy and innovation,
and digital offerings.
■ Education segment revenues grew 19%
over the prior year, led by strong growth
their focus on aligning their strategy and
digital initiatives to better serve their
customers, advance their competitive
positioning, and optimize their businesses.
■ Our consolidated adjusted EBITDA
margin increased 70 basis points in 2023,
compared to 2022.
across our portfolio of digital, strategy and
■ During 2023, we deployed $124 million to
operations, and research offerings.
repurchase 1.5 million shares, representing
7.4% of our outstanding shares as of the
beginning of the year.
■ Commercial segment revenues grew 9%
over 2022, led by strong growth in our
financial advisory offerings and continued
growth in our digital capability.
II | HURON | 2023 ANNUAL REPORT
Executing Our Growth Strategy
Our growth strategy has delivered strong
Growing Presence in Commercial Industries
results in recent years, and we believe it will
continue to be the bedrock from which we
will achieve top- and bottom-line growth
into the future. Each pillar of our growth
strategy reinforces and builds upon one
another, and when executed together
will help us enhance our ability to deliver
on our clients’ most complex challenges,
strengthen our competitive advantage, and
create value for our shareholders.
Accelerating Growth in Healthcare
and Education
Despite macroeconomic headwinds and
uncertainties, our Commercial segment grew
9% in 2023 over 2022. Our financial advisory
business had a record year driven by the
demand for our restructuring and turnaround
offerings as clients managed through
distressed environments. We also achieved
growth in our digital offerings despite slower
buying patterns for larger, transformational
opportunities in some industries due to
economic uncertainty. Within Commercial,
we remain focused on diversifying our
portfolio and end markets by expanding on
To maintain and advance our leading market
the range of capabilities we deliver to clients
positions in the healthcare and education
in commercial industries, primarily financial
industries, we continue to innovate and
services, energy and utilities, and the public
expand our offerings. In 2023, we achieved
sector. We believe that new avenues for
combined growth in our healthcare and
growth in the Commercial segment will help
education segments of 23% compared to
position us to achieve accelerated growth in
2022. We believe the combination of our
the years ahead.
deep industry expertise, the breadth of our
consulting, digital and managed services
offerings, and our proven track record of
delivering results for our clients positions
us well to create more sustainable growth
in our two largest businesses and increase
value for our shareholders.
Rapidly Growing Our Digital Capability
Driven primarily by strong demand in the
healthcare and education industries, our
digital capability grew 17% in 2023 over 2022.
Our ability to provide a broad portfolio of
digital offerings that supports the strategic
and operational needs of our clients is at the
foundation of our strategy. Technology, data
2023 ANNUAL REPORT | HURON | III
and analytics continue to rapidly evolve,
Strong Balance Sheet and Cash Flows
and we are well positioned to help our
clients integrate digital solutions into their
businesses to increase their competitive
positions in their markets.
Solid Foundation for Margin Expansion
2023 culminated in our third consecutive
year of 50+ basis point adjusted EBITDA
margin improvement. While we still have
work to do to achieve our mid-teen level
margin goal, we believe we have the right
operating model, incentives and leadership
commitment to drive sustainable margin
improvement – while still funding the
organic investments necessary in our
people and our business to achieve our
growth goals.
One of the critical elements of our strategy
is to maintain a strong balance sheet
and execute a balanced capital allocation
strategy. In 2023, we generated free cash
flow of $100 million, and used our cash to
return $124 million to shareholders via share
repurchases, while investing $35 million
in our business via capital expenditures.
While we closed one acquisition in 2023,
we continued to execute against a strong
M&A pipeline, evaluating and engaging in
due diligence on multiple opportunities. We
will continue to be in the market to invest
in businesses that enhance our competitive
position and drive strong growth and returns
for our shareholders.
KEY PILLARS WITHIN OUR GROWTH STRATEGY
Accelerating Growth in Healthcare and
Solid Foundation for Margin Expansion:
Education: Huron has leading market
The Company is well positioned to achieve
positions in healthcare and education,
consistent margin expansion as well as
providing comprehensive offerings to the
strong annual adjusted diluted earnings
largest health systems, academic medical
per share growth. We are committed
centers, colleges and universities, and
to adjusted EBITDA margin expansion
research institutes in the United States.
by growing the areas of the business
Growing Presence in Commercial
Industries: Huron’s commercial industry
focus has increased the diversification of the
Company’s portfolio and end markets while
expanding the range of capabilities it can
that provide the most attractive returns,
improving the operational efficiency of
our client delivery, and scaling our selling,
general, and administrative
expense as we grow.
deliver to clients, providing new avenues
Strong Balance Sheet and Cash Flows:
for growth and an important balance to its
Strong free cash flow has and will continue
healthcare and education focus.
to be a hallmark of Huron’s financial
Rapidly Growing Global Digital Capability:
Huron’s ability to provide a broad portfolio
of digital offerings that supports the
strategic and operational needs of its clients
is at the foundation of the Company’s
strategy. Huron will continue to advance its
integrated digital platform to support its
strong growth trajectory.
strength and business model.
The Company is committed to deploying
capital in a strategic and balanced
manner, including returning capital to
shareholders and executing strategic,
tuck-in acquisitions.
IV | HURON | 2023 ANNUAL REPORT
Commitment To Our People
United by our common purpose to empower
our clients, our people, and the communities
we serve to own the future, we have
attracted and retained talent by creating
a diverse, inclusive, and innovative culture
where our employees excel both personally
and professionally. We are dedicated to
ensuring that our employees’ journeys are
fulfilling, rewarding, and full of opportunities
for growth and connection.
In 2023, our employees took advantage
of learning and talent development
Employees at the Chicago office during the Women in Leadership Summit
opportunities, including personalized
We will continue to invest in our highly
learning and productivity days, mentorship
talented team, who make the work we do
programs, peer networks, and hands-
each day possible. They have an unwavering
on practice. And, we have expanded our
commitment to our clients, our business and
total rewards package to further support
one another, and I am incredibly grateful for
the physical and mental well-being of
their dedication to shaping an even brighter
employees and their families.
future for Huron and those we serve every day.
We performed incredibly well in 2023, and I
am pleased with all we have accomplished.
As we turn to 2024, I am excited about the
possibilities that lie ahead for our business as
we continue executing on our growth strategy.
With our strong market positioning, incredible
team, and highly collaborative culture, we are
well positioned to achieve our growth goals.
Mark Hussey
Chief Executive Officer and President
2023 ANNUAL REPORT | HURON | V
Financial and Operating Highlights
Year ended December 31, 2023
(In thousands, except for earnings per share)
2019
2020
2021
2022
2023
Revenues (before reimbursable expenses)
$ 876,757
$ 844,127
$ 905,640
$ 1,132,455
$ 1,362,060
Operating Income
Operating Margin(1)
$ 63,706
$
(28,852)
$ 52,839
$ 99,760
$ 125,348
7.3%
-3.4%
5.8%
8.8%
9.2%
Net Income (Loss) from Continuing Operations
$ 41,979
$
(23,718)
$ 62,987
$ 75,552
$ 62,479
Income (Loss) from Discontinued Operations, net of tax
$
(236)
$
(122)
$
–
$
–
$
–
Net Income (Loss)
$ 41,743
$
(23,840)
$ 62,987
$ 75,552
$ 62,479
Diluted Earnings (Loss) Per Share from Continuing Operations
Diluted Earnings (Loss) Per Share
Return on Assets(2)
Return on Equity(3)
$
$
$
$
1.87
1.85
3.8%
7.4%
(1.08)
(1.09)
-2.1%
-4.3%
$
$
$
$
2.89
2.89
5.9%
$
$
3.64
3.64
6.5%
3.19
3.19
5.0%
11.5%
13.3%
11.5%
(1) Operating margin is defined as operating income (loss) expressed as a percentage of revenues.
(2) Return on assets is calculated by dividing net income by average total assets. The average total assets for the years ended December 31,
2019, 2020, 2021, 2022, and 2023 were $1,104.4 million, $1,126.1 million, $1,074.0 million, $1,169.6 million, and $1,247.9 million, respectively.
(3) Return on equity is calculated by dividing net income by average total stockholders’ equity. The average total stockholders’ equity for the
years ended December 31, 2019, 2020, 2021, 2022, and 2023 were $566.3 million, $550.6 million, $547.3 million, $567.6 million, and $543.8
million, respectively.
Revenues
In millions
Operating Segments
As a Percentage of Total Revenues
$1,132.5
$1,362.1
Commercial
19%
Healthcare
49%
$876.8 $844.1
$905.6
Education
& Research
32%
2019
2020
2021
2022
2023
Note: The financial and operating information presented above is on a continuing operations basis, unless otherwise noted.
VI | HURON | 2023 ANNUAL REPORT
Board of Directors &
Board of Directors &
Executive Team
Executive Team
Board of Directors
John F. McCartney(1)(3)
Non-Executive Chairman of the Board
Board of Directors
Granite Ridge Resources, Inc.
EQT Corporation
C. Mark Hussey
Chief Executive Officer and President
Joy T. Brown(2)(4)(5)
Board of Directors
Tractor Supply Company
Ekta Singh-Bushell(3)(4)(5)
Board of Directors
Lesaka Technologies Inc.
TTEC Holdings, Inc.
ChargePoint Holdings, Inc.
Strategic Advisor
DecisionGPS, LLC
H. Eugene Lockhart(1)(2)(5)
Chairman
MissionOG LLC
Community Choice Financial
Peter K. Markell(1)(3)(4)
Board of Trustees
Boston College
Board of Directors
Eastern Bank
James H. Roth
Vice Chairman, Client Services
Board of Directors
Shorelight Holdings LLC
Lurie Children’s Pediatric Anesthesia
Associates
Hugh E. Sawyer(1)(2)(3)
Debra L. Zumwalt(2)(3)(4)
Vice President and General Counsel
Stanford University
Board of Directors
Exponent, Inc.
Board of Trustees
American University of Afghanistan
Executive Team
C. Mark Hussey
Chief Executive Officer and President
Hope Katz
Corporate Vice President, Legal Affairs and
Corporate Secretary
John D. Kelly
Executive Vice President, Chief Financial
Officer and Treasurer
J. Ronald Dail
Executive Vice President and
Chief Operating Officer
Committees: (1) Audit, (2) Compensation, (3) Nominating and Corporate Governance, (4) Technology and Information Security
(5) Finance and Capital Allocation Committee
Board of Directors and Executive Team as of March 22, 2024
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Company Information
Stock Performance
Corporate Headquarters
Huron Consulting Group Inc.
550 W. Van Buren Street
Chicago, IL 60607
312-583-8700
www.huronconsultinggroup.com
Media Contact
Allie Bovis
Senior Manager, Communications
312-583-8700 x671422
abovis@hcg.com
Investor Relations
John D. Kelly
Executive Vice President,
Chief Financial Officer
and Treasurer
312-583-8722
investor@hcg.com
Corporate Secretary
Hope Katz
Corporate Vice President, Legal
Affairs and Corporate Secretary
312-583-8700 x852022
corporatesecretary@hcg.com
Transfer Agent
Computershare
P.O. Box 505000
Louisville, KY 40233-5000
312-588-4990
www.computershare.com/investor
Stock Market Information
Common Stock is traded on the
NASDAQ Global Select Market
under the symbol HURN
Independent Accountants
PricewaterhouseCoopers LLP
One North Wacker Drive
Chicago, IL 60606
Annual Meeting of Stockholders
11:00 a.m. CDT, Friday, May 3, 2024
$250
$200
$150
$100
$50
$0
2018
2019
2020
2021
2022
2023
Huron Consulting Group Inc.
The NASDAQ Composite Index
Peer Group Index
Value of Investment
2018
2019
2020
2021
2022
2023 % Return
Huron Consulting Group Inc.
$ 100.00 $ 133.93 $ 114.89 $ 97.25 $ 141.49 $ 200.35
100%
The NASDAQ Composite Index
$ 100.00 $ 135.23 $ 194.24 $ 235.78 $ 157.74 $ 226.24
126%
Peer Group Index
$ 100.00 $ 135.21 $ 127.19 $ 168.29 $ 165.08 $ 169.67
70%
The above graph and table compare the
cumulative total shareholder return on our
common stock from December 31, 2018
through December 31, 2023, against the
cumulative total shareholder return of The
NASDAQ Composite Index and the stocks
making up an industry peer group. The peer
group is comprised of the following compa-
nies: CRA International, Inc., FTI Consulting,
Inc., ICF International, Inc., Premier, Inc. and
Resources Connection, Inc. The graph and
table assume a $100 investment in Huron
Consulting Group Inc. common stock, The
NASDAQ Composite Index, and an index of
our peer group on December 31, 2018, and
any dividends are assumed to be reinvested.
Form 10-K
Huron Consulting Group Inc. will provide
to any investor, without charge, a copy
of its annual report (which includes the
Company’s Annual Report on Form 10-K
as filed with the United States Securi-
ties and Exchange Commission). Cop-
ies of all the exhibits as filed with the
Securities and Exchange Commission
will also be provided without charge
upon specific request. Requests can
be made via the Company’s website at
www.huronconsultinggroup.com.
Forward-Looking Statements
Statements in this annual report that are
not historical in nature, including those con-
cerning the company’s current expectations
about its future results, are “forward-look-
ing” statements as defined in Section 21E
of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litiga-
tion Reform Act of 1995. Forward-looking
statements are identified by words such as
“may,” “should,” “expects,” “provides,” “an-
ticipates,” “assumes,” “can,” “will,” “meets,”
“could,” “likely,” “intends,” “might,” “predicts,”
“seeks,” “would,” “believes,” “estimates,”
“plans,” “continues,” “goals,” “guidance,”
or “outlook” or similar expressions. These
forward-looking statements reflect the
company’s current expectations about fu-
ture requirements and needs, results, levels
of activity, performance, or achievements.
Some of the factors that could cause actual
results to differ materially from the for-
ward-looking statements contained herein
include, without limitation: failure to achieve
expected utilization rates, billing rates, and
the necessary number of revenue-gener-
ating professionals; inability to expand or
adjust our service offerings in response to
market demands; our dependence on re-
newal of client-based services; dependence
on new business and retention of current
clients and qualified personnel; failure to
maintain third-party provider relationships
and strategic alliances; inability to license
technology to and from third parties; the
impairment of goodwill; various factors re-
lated to income and other taxes; difficulties
in successfully integrating the businesses
we acquire and achieving expected benefits
from such acquisitions; risks relating to pri-
vacy, information security, and related laws
and standards; and a general downturn in
market conditions. These forward looking
statements involve known and unknown
risks, uncertainties, and other factors,
including, among others, those described
under “Item 1A. Risk Factors” in Huron’s
Annual Report on Form 10-K for the year
ended December 31, 2023 that may cause
actual results, levels of activity, performance
or achievements to be materially different
from any anticipated results, levels of activi-
ty, performance, or achievements expressed
or implied by these forward-looking state-
ments. The company disclaims any obliga-
tion to update or revise any forward-looking
statements as a result of new information or
future events, or for any other reason.
huronconsultinggroup.com
LinkedIn.com/company/HuronConsulting
X.com/Huron
Facebook.com/HuronConsulting
© 2024 Huron Consulting Group Inc. and
affiliates. Huron is a global consultancy
and not a CPA firm, and does not
provide attest services, audits, or other
engagements in accordance with
standards established by the AICPA or
auditing standards promulgated by the
Public Company Accounting Oversight
Board (“PCAOB”).