Q3 2024 Huron Consulting Group Inc Earnings Call Transcript
Key Points
- Huron Consulting Group Inc (HURN) achieved a record sales quarter, with high quarterly bookings company-wide.
- The company's adjusted EBITDA margins increased by 140 basis points, and adjusted EPS rose by 21% over the prior year quarter.
- The healthcare and education segments continued their long track record of consistent growth, with healthcare revenues growing by 2% and education segment RBR increasing by 9%.
- Huron's commercial segment rebounded with a 12% sequential growth in the third quarter over the second quarter of 2024.
- The company has successfully deployed AI and automation capabilities to enhance efficiency in delivering services.
- Revenue growth in the third quarter was modest at 3%, reflecting a difficult comparison against the strong growth of 26% in Q3 2023.
- There was a shifting of some project work from the third quarter to the fourth quarter of 2024, impacting immediate revenue recognition.
- The commercial segment RBR declined by 3% over the prior year quarter, driven by financial advisory and strategy and innovation offerings.
- The education segment experienced delays in project starts, attributed to client-specific factors, which slowed organic growth.
- The company's effective income tax rate was less favorable than the statutory rate due to certain nondeductible expenses.
Good afternoon, and welcome to Huron Consulting Group's webcast to discuss financial results for the third-quarter 2024. (Operator Instructions) As a reminder, this conference call is being recorded.
Before we begin, I would like to point all of you to the disclosure at the end of the company's news release for information about any forward-looking statements that may be made or discussed on this call. The news release is posted on Huron's website. Please review that information, along with the filings with the SEC for a disclosure of factors that may impact subjects discussed in this afternoon's webcast.
The company will be discussing one or more non-GAAP financial measures. Please look at the earnings release and on Huron's website for all of the disclosures required by the SEC, including reconciliations to the most comparable GAAP numbers.
And now I would like to turn the call over to Mark Hussey, Chief Executive Officer and President of Huron Consulting Group. Mr. Hussey, please go ahead.
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