Business
Huron Announces Third Quarter 2020 Financial Results and Updates 2020 Guidance
THIRD QUARTER 2020 HIGHLIGHTS Revenues were $205.3 million in Q3 2020 compared to $219.3 million in Q3 2019. Net income from continuing operations was $11.1
About this update from Huron Consulting Group Inc.
[{"type":"text","content":"\nTHIRD QUARTER 2020 HIGHLIGHTS\n\n\nRevenues were $205.3 million in Q3 2020 compared to $219.3 million in Q3 2019.\n\n\nNet income from continuing operations was $11.1 million in Q3 2020 compared to $13.7 million in Q3 2019.\n\n\nAdjusted EBITDA(7), a non-GAAP measure, was $23.6 million in Q3 2020 compared to $28.8 million in Q3 2019.\n\n\nDiluted earnings per share from continuing operations was $0.50 in Q3 2020 compared to $0.61 in Q3 2019.\n\n\nAdjusted diluted earnings per share from continuing operations(7), a non-GAAP measure, was $0.59 in Q3 2020 compared to $0.79 in Q3 2019.\n\n\nHuron repaid $80.0 million of outstanding borrowings on the company's revolving credit facility during Q3 2020, reflecting strong cash flows during the quarter.\n\n\nYEAR-TO-DATE 2020 HIGHLIGHTS AND 2020 GUIDANCE\n\n\nRevenues increased $1.3 million, or 0.2%, to $645.8 million for the first nine months of 2020 from $644.5 million for the same prior year period.\n\n\nNet loss from continuing operations, which includes non-cash pretax goodwill impairment charges of $59.8 million related to the company's Strategy and Innovation and Life Sciences reporting units within the Business Advisory segment incurred in Q1 2020, was $17.6 million for the first nine months of 2020 compared to net income from continuing operations of $27.6 million for the same prior year period.\n\n\nAdjusted EBITDA(7), a non-GAAP measure, was $70.1 million for the first nine months of 2020 compared to $76.0 million for the same prior year period.\n\n\nDiluted loss per share from continuing operations was $0.81 for the first nine months of 2020 compared to diluted earnings per share from continuing operations of $1.23 for the first nine months of 2019.\n\n\nAdjusted diluted earnings per share from continuing operations(7), a non-GAAP measure, was $1.70 for the first nine months of 2020 compared to $1.95 for the first nine months of 2019.\n\n\nCash flows from operating activities were $78.0 million for the first nine months of 2020.\n\n\nThe company announced a restructuring plan that includes a reduction in workforce and leased office space, which is expected to result in annualized savings in a range of $23.0 million to $27.0 million. Additional cost avoidance measures, including limited annual salary increases, are expected to result in additional annualized savings. The com...