Huron Consulting Group Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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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.
Sep 30, 2026 · Filed Nov 3, 2026
HURN$166.47+3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $82,884 | $74,386 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Depreciation and amortization | 30,595 | 23,464 |
| Non-cash lease expense | 4,970 | 4,483 |
| Lease-related impairment charges | — | 1,162 |
| Gain on lease modification | (4,063) | — |
| Share-based compensation | 40,027 | 36,319 |
| Amortization of debt discount and issuance costs | 865 | 858 |
| Allowances for doubtful accounts | 122 | 390 |
| Deferred income taxes | 4,104 | 9,104 |
| Gain on sale of property and equipment | (484) | — |
| Gain on sale of business | (303) | — |
| Change in fair value of contingent consideration liabilities | 12,590 | (71) |
| Change in fair value of equity investment | 2,239 | 5,014 |
| Change in credit allowance on convertible debt investment | 4,861 | 11,125 |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| (Increase) decrease in receivables from clients, net | (26,251) | 1,369 |
| (Increase) decrease in unbilled services, net | (64,004) | (32,107) |
| (Increase) decrease in current income tax receivable / payable, net | (7,175) | (17,462) |
| (Increase) decrease in other assets | (16,797) | (17,689) |
| Increase (decrease) in accounts payable and other liabilities | (13,194) | 1,524 |
| Increase (decrease) in accrued payroll and related benefits | (42,128) | (36,769) |
| Increase (decrease) in deferred revenues | 6,471 | 1,887 |
| Net cash provided by operating activities | 15,329 | 66,987 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (14,673) | (7,859) |
| Investments in life insurance policies | — | (2,897) |
| Purchases of businesses, net of cash acquired | (27,817) | (107,174) |
| Capitalization of internally developed software costs | (14,246) | (15,406) |
| Origination of note receivable | (2,000) | — |
| Proceeds from note receivable | 2,250 | 154 |
| Proceeds from sale of property and equipment | 502 | — |
| Proceeds from divestiture of business | 300 | — |
| Net cash used in investing activities | (55,684) | (133,182) |
| Cash flows from financing activities: | ||
| Proceeds from exercises of stock options | 1,119 | 4,142 |
| Shares redeemed for employee tax withholdings | (21,083) | (32,974) |
| Share repurchases | (233,651) | (153,097) |
| Proceeds from bank borrowings | 722,000 | 1,041,000 |
| Repayments of bank borrowings | (418,000) | (787,688) |
| Payments for debt issuance costs | — | (3,100) |
| Deferred payments for business acquisitions | (8,700) | (36) |
| Net cash provided by financing activities | 41,685 | 68,247 |
| Effect of exchange rate changes on cash | (220) | (74) |
| Net increase in cash and cash equivalents | 1,110 | 1,978 |
| Cash and cash equivalents at beginning of the period | 24,508 | 21,911 |
| Cash and cash equivalents at end of the period | $25,618 | $23,889 |
| Supplemental disclosure of cash flow information: | ||
| Non-cash investing and financing activities: | ||
| Property and equipment expenditures and capitalized software included in current liabilities | $3,841 | $3,896 |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $9,202 | $7,920 |
| Common stock issued related to purchases of businesses | $— | $27,095 |
| Deferred payment accrued related to purchase of business | $8,728 | $— |
| Contingent consideration accrued related to purchases of businesses | $3,423 | $18,703 |
| Excise tax on net share repurchases included in non-current liabilities | $1,886 | $559 |
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