Huron Consulting Group Inc
For the period ended Mar 31, 2024. Filed Apr 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 30, 2024
HURN$166.47+3.0%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows
(In thousands)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $18,006 | $13,419 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Depreciation and amortization | 5,972 | 6,407 |
| Non-cash lease expense | 1,544 | 1,644 |
| Lease-related impairment charges | 849 | 1,870 |
| Share-based compensation | 13,949 | 11,562 |
| Amortization of debt discount and issuance costs | 223 | 191 |
| Allowances for doubtful accounts | 16 | 3 |
| Deferred income taxes | 602 | — |
| (Gain) loss on sale of property and equipment, excluding transaction costs | — | 1 |
| Change in fair value of contingent consideration liabilities | 516 | 435 |
| Changes in operating assets and liabilities, net of acquisitions and divestiture: | ||
| (Increase) decrease in receivables from clients, net | (51,116) | 827 |
| (Increase) decrease in unbilled services, net | 18,097 | (31,669) |
| (Increase) decrease in current income tax receivable / payable, net | (3,363) | 1,487 |
| (Increase) decrease in other assets | (5,008) | (5,205) |
| Increase (decrease) in accounts payable and other liabilities | 4,437 | (1,881) |
| Increase (decrease) in accrued payroll and related benefits | (132,290) | (89,843) |
| Increase (decrease) in deferred revenues | (3,158) | (1,349) |
| Net cash used in operating activities | (130,724) | (92,101) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (1,192) | (1,956) |
| Investment in life insurance policies | (806) | (1,833) |
| Purchases of businesses | (21,150) | 38 |
| Capitalization of internally developed software costs | (7,605) | (6,575) |
| Proceeds from note receivable | 154 | 154 |
| Net cash used in investing activities | (30,599) | (10,172) |
| Cash flows from financing activities: | ||
| Proceeds from exercises of stock options | 1,167 | 627 |
| Shares redeemed for employee tax withholdings | (20,927) | (9,529) |
| Share repurchases | (60,998) | (45,133) |
| Proceeds from bank borrowings | 566,000 | 201,000 |
| Repayments of bank borrowings | (316,000) | (44,000) |
| Payments for debt issuance costs | (1,383) | (16) |
| Deferred payments on business acquisition | — | (500) |
| Net cash provided by financing activities | 167,859 | 102,449 |
| Effect of exchange rate changes on cash | (43) | 16 |
| Net increase in cash and cash equivalents | 6,493 | 192 |
| Cash and cash equivalents at beginning of the period | 12,149 | 11,834 |
| Cash and cash equivalents at end of the period | $18,642 | $12,026 |
| Supplemental disclosure of cash flow information: | ||
| Non-cash investing and financing activities: | ||
| Property and equipment expenditures and capitalized software included in current liabilities | $6,147 | $4,062 |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $1,073 | $748 |
| Common stock issued related to purchase of business | $8,640 | $— |
| Contingent consideration accrued related to purchases of businesses | $36 | $— |
| Share repurchases included in current liabilities | $2,228 | $— |
| Excise tax on net share repurchases included in current and non-current liabilities | $1,064 | $247 |
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