Business
Huron Announces Record Second Quarter 2023 Financial Results and Increases 2023 Guidance
SECOND QUARTER 2023 HIGHLIGHTS Total revenues increased $73.4 million, or 26.9%, to $346.8 million in Q2 2023 from $273.3 million in Q2 2022. Net income
About this update from Huron Consulting Group Inc.
[{"type":"text","content":"\nSECOND QUARTER 2023 HIGHLIGHTS\n\n\n\nTotal revenues increased $73.4 million, or 26.9%, to $346.8 million in Q2 2023 from $273.3 million in Q2 2022.\n\n\n\nNet income increased $10.8 million, or 78.1%, to $24.7 million in Q2 2023 from $13.9 million in Q2 2022.\n\n\n\nAdjusted EBITDA(6), a non-GAAP measure, increased $15.3 million, or 46.0%, to $48.5 million in Q2 2023 from $33.2 million in Q2 2022.\n\n\n\nDiluted earnings per share increased $0.61, or 92.4%, to $1.27 in Q2 2023 from $0.66 in Q2 2022.\n\n\n\nAdjusted diluted earnings per share(6), a non-GAAP measure, increased $0.55, or 66.3%, to $1.38 in Q2 2023 from $0.83 in Q2 2022.\n\n\n\nNet cash provided by operating activities was $78.2 million in Q2 2023, compared to $28.9 million in Q2 2022.\n\n\n\nYEAR-TO-DATE 2023 HIGHLIGHTS\n\n\n\nTotal revenues increased $131.3 million, or 24.6%, to $664.7 million for the first six months of 2023 from $533.4 million for the same prior year period.\n\n\n\nRevenues within the Digital capability increased 23.5% to $290.2 million for the first six months of 2023, compared to $234.9 million for the same prior year period.\n\n\n\nNet income was $38.1 million for the first six months of 2023, compared to $40.7 million for the same prior year period. Results for the first six months of 2022 included a non-recurring, unrealized gain of $19.8 million, net of tax, related to the company's investment in a hospital-at-home company.\n\n\n\nAdjusted EBITDA(6), a non-GAAP measure, increased $22.7 million, or 40.9%, to $78.0 million for the first six months of 2023 from $55.3 million for the same prior year period.\n\n\n\nAdjusted EBITDA as a percentage of revenues(6), a non-GAAP measure, increased 130 basis points to 11.7% for the first six months of 2023 from 10.4% for the same prior year period.\n\n\n\nDiluted earnings per share increased to $1.95 for the first six months of 2023, compared to $1.94 for the same prior year period which included the non-recurring, unrealized gain related to the company's investment in a hospital-at-home company.\n\n\n\nAdjusted diluted earnings per share(6), a non-GAAP measure, increased $0.93, or 70.5%, to $2.25 for the first six months of 2023 from $1.32 for the same prior year period.\n\n\n\nHuron returned $59.6 million to shareholders in the first six months of 2023 by repurchasing 0.8 million shares of the co...