Huron Consulting Group Inc. · NASDAQ:HURN
Huron Consulting — Investor Day (March 2025)
77 slides from Huron Consulting's investor day presentation, Mar 25, 2025
Slide 1: Huron Consulting Group Inc. Investor Day
M A R C H 2 5 , 2 0 2 5 Huron Consulting Group Inc. Investor Day Exhibit 99.2
Slide 2: Forward-looking statements
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 2 Statements in this presentation that are not historical in nature, including those concerning the company's current expectations about its future results, are "forward-looking" statements as defined in Section 21E of the Securities Exchang
Slide 3: Agenda
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 3 Agenda General Counsel and Corporate SecretaryHope KatzWelcome Chief Executive Officer and PresidentMark HusseyHuron’s Growth Strategy Chief Financial Officer and TreasurerJohn KellyOur Financial Aspirations Healthcare Industry Leader Inno
Slide 4: Huron's Growth Strategy
Mark Hussey Chief Executive Officer and President Huron’s Growth Strategy
Slide 5: Focus for today
Demonstrate why we are confident in our aspiration to continue to deliver sustainable revenue growth and margin expansion through 2029 Focus for today
Slide 6: Confidence rooted in four factors
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 6 Confidence rooted in four factors 1 2 3 4 Market-tested strategy and disciplined execution have driven results and significant shareholder value Leading market positions and growing capabilities with differentiated competitive advantages i
Slide 7: Our strategy for driving shareholder value
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 7 Our strategy for driving shareholder value Medium Term Financial Targets: ----------------------------- • Low double-digit annual revenues before reimbursable expenses (RBR) growth • Mid-teen (14-16%) adjusted EBITDA margin(1) by 2025 • Hi
Slide 8: Market-tested strategy and disciplined execution has driven results
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 8 Market-tested strategy and disciplined execution has driven results and significant shareholder value Progress since 2021(1) Significantly Increased Revenue + + =Expanded Margins Meaningfully Increased Earnings Per Share (EPS) Drove Signif
Slide 9: Our refreshed strategy for driving shareholder value
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 9 Our refreshed strategy for driving shareholder value Medium-term financial targets: ----------------------------- • Low double-digit annual revenues before reimbursable expenses (RBR) growth • Expand adj. EBITDA margin(1) to 15-17% by 2029
Slide 10: Large, growing industry with core end markets facing disruption
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 10 Operate in a large, growing industry with core end markets facing significant disruption and/or regulatory change Healthcare(1) $63B Education(2) $35B Financial Services(3) $23B Total addressable market (TAM): $220B+ 1. Internal analysis
Slide 11: Demonstrated revenue acceleration in integrated operating model
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 11 Demonstrated revenue acceleration in our client-focused, integrated operating model 19% +250bps 16% 31% 42% 23% 25% +170bps Healthcare Segment RBR CAGR (2021 to 2024) Education Segment RBR CAGR (2021 to 2024) Healthcare-specific offerings
Slide 12: Executing a differentiated growth strategy
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 12 23% 18% 10% 10% 9% 9% 9% 9% 9% 7% 4% 3% 2% 18% 0% 5% 10% 15% 20% 25% Globant CBIZ Deloitte FTI CRA ICF Accenture Hackett EY PwC KPMG Premier Cognizant HURN Executing a differentiated growth strategy Huron has achieved stronger RBR growth
Slide 13: Competitively differentiated in durable end markets
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 13 Competitively differentiated in durable end markets of a growing industry 1. Source: Dmitry, D. (2024). Global Management Consultants. In IBISWorld (No. L6712-GL). IBISWorld. 2. Source: Gartner forecasts worldwide IT spending to grow 9.3%
Slide 14: A healthy and engaged customer base
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 14 A healthy and engaged customer base Strong client retention 89% Average RBR generated from repeat clients from 2022 to 2024 Continued new client acquisition 13% of 2024 RBR generated from new clients Highly satisfied client base 72 Averag
Slide 15: Competitive advantage enabled by collaborative culture and talent
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 15 Competitive advantage enabled by our distinct collaborative culture and highly talented and engaged team Vault 2025 Named top 50 most prestigious consulting firms in North America Forbes 2024 Named best employer for women, along with reco
Slide 16: Key takeaways
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 16 Key takeaways A clear and compelling investment thesis Proven Track Record We have a market- tested strategy with a track record of disciplined execution that has resulted in multiple years of strong performance Meaningful Growth Opportun
Slide 17: Our Financial Aspirations
John Kelly Chief Financial Officer and Treasurer Our Financial Aspirations
Slide 18: 2024 financial results and 2025 guidance
H U R O N I 1 8 © 2023 Huron Consulting Group Inc. and affiliates. 2024 vs. 202320232024Financial Results 9% growth$1.36B$1.49BRevenues before Reimbursable Expenses (RBR) 87% increase $62M$117MNet Income(1) 320 bps increase4.5%7.7%Net Income Margin(1) 20% increase$167M$201MAdjusted EBITDA(2) 120 bps
Slide 19: Outperformance against 2022 investor day goals
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 19 1. See Appendix for the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures. 2. Management has not reconciled these non-GAAP financial measures to the corresponding GAAP financial mea
Slide 20: Outperformance against 2022 investor day goals
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 20 1. See Appendix for the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures. 2. Management has not reconciled these non-GAAP financial measures to the corresponding GAAP financial mea
Slide 21: Significant value creation for shareholders
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 21 Strong execution generated significant value creation for our shareholders (50.0%) - 50.0% 100.0% 150.0% 200.0% 250.0% HURN ^GSPC Specialty Consulting Source: Yahoo Finance. 1. Weekly Share Price from 12/27/2021 – 3/21/2025 2. ^GSPC is co
Slide 22: Driving continued revenue growth
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 22 Driving continued revenue growth Grow Revenues Grow Margins & Cash Flows Grow EPS Low Double Digit % RBR Growth Goals Achieved by: • Mid-upper single digit organic RBR growth • 2% to 4% inorganic RBR growth • Reaffirmed commitment to low
Slide 23: Balanced portfolio across end markets and business cycles
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 23 A balanced portfolio of offerings across end markets and business cycles Procyclical 33% Neutral 19% Contracyclical 48% Healthcare Offering Mix (As a % of 2024 Healthcare RBR(1)) Procyclical 36% Neutral 53% Contracyclical 11% Education Of
Slide 24: Employer of choice brand and talent acquisition engine
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 24 Employer of choice brand and robust talent acquisition engine provide foundational support for future growth 9% Total global population voluntary attrition in 2024 875+ Internal management promotions at the end of 2024 23% Total hiring as
Slide 25: Continued margin expansion
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 25 Continued margin expansion Grow Revenues Grow Margins & Cash Flows Adj. EBITDA Margin(1) Expansion Goals • Reaching the 15 to 17% range by 2029 • Expansion of 50 to 75 bps per year Free Cash Flow(1) Conversion Goal • Annual conversion of
Slide 26: Runway for continued margin expansion
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 26 2023 to 2024 Adj. EBITDA % Expansion Delivery Excellence Utilization Pricing Realization Scaling SG&A Investments & Mix Shift Runway for continued margin expansion Multiple pathways to achieving our medium-term margin expansion goals Medi
Slide 27: Flexible balance sheet and strong free cash flows
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 27 Flexible balance sheet and strong underlying free cash flows Balance Sheet Optimization Free Cash Flow(1) 1.4x 2024 Leverage Ratio $122M $21 $61 $100 $169 $160 - $190 1.9% 4.1% 4.9% 7.3% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% $- $50 $100
Slide 28: Strategic capital deployment framework
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 28 Strategic capital deployment framework balances growth, flexibility and return of capital to shareholders Guiding principles Target Leverage Ratio of 2.0x to 2.5x Target Free Cash Flow(1) conversion of 75% of adj. EBITDA (on average) Capi
Slide 29: Continued earnings growth
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 29 Continued earnings growth Grow Revenues Grow Margins & Cash Flows Adj. Diluted EPS(1) Growth Goal • Double adj. diluted EPS by 2029 Grow EPS Low double-digit RBR Growth Expand adj. EBITDA margin(1) to 15-17% by 2029 Strong free cash flow
Slide 30: Incentives align leadership targets with shareholder value
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 30 Incentives align leadership targets with shareholder value creation 25% 25% 50% Bonus Funding Team Organic RBR Growth Team Operating Income Margin Enterprise Adj. EBITDA Margin Bonus Allocation Individual Managing Director & Principal Sco
Slide 31: Equity is a key component of compensation
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 31 Equity, which vests over three or four years, is a key component of our management team and revenue-generating managing director and principal compensation programs On average, 85% of stock granted annually is provided to managing directo
Slide 32: Strong growth algorithm poised to drive value creation
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 32 Key takeaway: Strong growth algorithm poised to drive shareholder value creation 1 2 3 Grow Revenues Grow Margins & Cash Flows Grow EPS RBR Growth Goal: Low double-digit percentage RBR growth, primarily driven by mid-upper single digit or
Slide 33: Sustaining Accelerated Growth in Healthcare
Jim Gallas Healthcare Industry Leader Andy Waldeck Innosight Capability Leader Sustaining Accelerated Growth in Healthcare
Slide 34: Healthcare: who we serve
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 34 Hospitals, Health Systems, & Physician Groups 94% Payor 2% Other Healthcare 4% Healthcare Client Portfolio (As a % of 2024 Healthcare RBR) Who we serve Our strong client relationships and proven, consistent track record of delivering resu
Slide 35: Healthcare: our expertise
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 35 Managed ServicesConsulting Digital Our expertise Our breadth of offerings creates a full-service partner, spanning strategy and innovation, operations, digital and human capital management Performance Improvement & Human Capital Managemen
Slide 36: A more diversified healthcare portfolio
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 36A more diversified portfolio to serve all spectrums of the market 2014 - 2015 2016 2017 2019 2020 2021 - 2023 2024 - 2025 2025 Acquired Epic EHR (Vonlay), Salesforce CRM (Cloud62), and Human Capital Management (Studer Group) offerings Cons
Slide 37: Driving more sustainable growth in healthcare
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 37 Driving more sustainable growth in healthcare Our strategy of enhancing our core business while further diversifying our portfolio has demonstrated sustainable revenue growth and margin expansion and strengthened our competitive advantage
Slide 38: Client impact story
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 38 CHALLENGE TOP RESULTS Client impact story DUAL TRANSFORMATION APPROACH • Significant financial challenges and environmental pressures • Incurred major operating losses at a rate of $1M per day putting key investments at risk as days-cash-
Slide 39: A dynamic market environment
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 39 A dynamic market environment The healthcare industry remains an attractive market where we are well positioned to build upon our leading market position as our clients’ trusted advisor REGULATORY WATCH Potential near or medium-term impact
Slide 40: Sustaining accelerated growth in healthcare
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 40 Sustaining accelerated growth in healthcare We will continue to be nimble and innovative while leveraging our unique ability to bring the full breadth of our offerings to bear for our clients in order to enhance our competitive advantage
Slide 41: Key takeaways
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 41 Key takeaways Our Healthcare business is a market leader with strong growth potential Strong Client Relationships Our strong client relationships and deep industry expertise drive our competitive differentiation, which is difficult to rep
Slide 42: Sustaining Accelerated Growth in Education
Mark Finlan Education Industry Leader Sustaining Accelerated Growth in Education
Slide 43: Education: who we serve
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 43 Who we serve Our deep understanding of the industry and strong client relationships differentiates us in the market with both our clients and our talent. Served all 100 of the top 100 comprehensive research universities in the United Stat
Slide 44: Education: our expertise
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 44 Our expertise Our breadth of offerings creates a full-service partner, spanning strategy and operations, digital and organizational transformation Expansive Offerings Offerings to serve all members of the President or Chancellor’s Cabinet
Slide 45: Proven growth strategy
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 45 Proven growth strategy Continued market demand, our deep industry expertise and the breadth of our growing portfolio have been the driving forces behind our strong performance Strong Financial Performance From 2021 to 2024, achieved a 25%
Slide 46: Driving consistent growth in education
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 46 Driving consistent growth in education Our strategy of enhancing our core business while further diversifying our portfolio has demonstrated consistent revenue growth and margin expansion and strengthened our competitive advantage $242 $3
Slide 47: A dynamic market environment
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 47 REGULATORY WATCH Potential near or medium-term impacts facing our clients Increased scrutiny and significant changes at the federal and state levels, including at the Department of Education Reduced federal research funding Deregulation a
Slide 48: Sustaining our accelerated growth trajectory
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 48 Sustaining our accelerated growth trajectory We aim to increase our competitive advantage by building upon the strong foundation of our core business while further broadening our portfolio • Continue expansion into new end markets (e.g.,
Slide 49: Key takeaways
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 49 Key takeaways Our Education business is a market leader with strong growth potential Clear Differentiation Our strong client relationships and deep understanding of the industry drive our competitive differentiation, which is difficult to
Slide 50: a O Oo sa an)
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Slide 51: Advancing Our Integrated Digital Platform
Mario Desiderio Digital Capability Leader Advancing Our Integrated Digital Platform
Slide 52: Digital: who we serve
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 52 Who we serve A rapidly growing digital provider with strong client qualifications and credentials spanning industries, technology partners, and applications 2024 and 2025 Best in KLAS® • ERP Business Transformation & Implementation Leader
Slide 53: Digital: our expertise
Electronic Health Records (EHR), Student Information Systems (SIS), Huron Research Suite (HRS), Financial Crime & Compliance, Huron Energy Application Toolkit Our expertise The combination of our industry expertise and depth and breadth of offerings creates a distinct competitive advantage Industry-
Slide 54: Focused growth strategy delivers results
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 54 Focused growth strategy delivers results By combining our unique right to win in distinct industries and within specific offerings, we have been able to gain market share while also expanding our addressable market, which has fueled our s
Slide 55: A rapidly evolving environment
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 55 A rapidly evolving environment The digital landscape continues to grow as organizations invest in operational efficiency and optimization and emerging technologies to navigate an evolving macroenvironment while enhancing their competitive
Slide 56: Advancing our integrated digital platform
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 56 Advancing our integrated digital platform We aim to increase our competitive advantage by building upon the strong foundation of our core business while further diversifying our portfolio • Invest in offerings in front and middle office s
Slide 57: Key takeaways
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 57 Key takeaways Our Digital capability has enhanced its unique market position, creating a strong platform for future growth Differentiated Partner in A Large, Growing Market The combination of our industry expertise and depth and breadth o
Slide 58: Growing Our Business in Commercial Industries
Mark Hussey Chief Executive Officer and President Growing Our Business in Commercial Industries
Slide 59: Key investments have shaped our Commercial segment
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 59 Industry Focus High Moderate Minimal N/A Key investments have shaped our Commercial segment while also enabling our Healthcare and Education segments CommercialEducationHealthcareOfferingAcquisition / Organic InvestmentYear Consulting: Re
Slide 60: Commercial segment projected to exceed $300M of RBR in 2025
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 60 The Commercial segment is projected to exceed $300M of RBR in 2025 Industrials and Manufacturing 16% Financial Services 15% Energy and Utilities 12% Professional and Business Services 11% Tech, Media & Telecommunications 8% Life Sciences
Slide 61: Executing Commercial strategy in a challenging market
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 61 Building upon our distinct competitive advantage within each offering, we have successfully executed our Commercial strategy in a challenging market environment $- $50 $100 $150 $200 $250 $300 2021 2024 Commercial RBR ($ in millions) $218
Slide 62: Key takeaways
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 62 Key takeaways Our Commercial segment has points of unique competitive differentiation across offerings that we believe we can build upon to further grow the segment Distinct Competitive Advantages Within Commercial, each business has a di
Slide 63: Programmatic M&A as a Strategic Enabler
Elizabeth Entinghe Corporate Vice President, Corporate Development Programmatic M&A as a Strategic Enabler
Slide 64: Demonstrated M&A track record
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 64 Demonstrated M&A track record 2014 2015 2016 2017 2019 2021 2022 2023 2024 2025 Acquisition: Bluestone International Acquisitions & Divestitures 2013 2020 Acquisition: Frankel Group Vonlay Threshold Consulting Acquisition: Sky Analytics S
Slide 65: M&A will continue to shape our growth trajectory
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 65 M&A will continue to shape our growth trajectory through a programmatic strategy Our M&A Focus • Well-defined enterprise and/or business unit strategy alignment • Largely proprietary deal sourcing with some inbound pursuits • Rigorous sel
Slide 66: Evaluative criteria for acquisition opportunities
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 66 Focused on identifying high quality, low risk opportunities that drive returns well in excess of WACC Revenue Potential at Scale Investment Evaluative Criteria Market Leadership Durable Organic Growth / Recurring Revenue Competitive Lands
Slide 67: Successful programmatic acquisition track record
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 67 Successful programmatic acquisition track record drives meaningful revenue contribution Perception Health Acquired: December 2021 Rationale: Bolster Huron’s care transformation, growth, and physician group services with new data-driven an
Slide 68: Key takeaways
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 68 Key takeaways M&A has and will continue to play a meaningful role in Huron’s growth strategy Demonstrated Track Record Committed inorganic strategy since 2013 has allowed us to build ‘M&A muscle’ across the organization and refine our app
Slide 69: Closing Remarks
Mark Hussey Chief Executive Officer and President Closing Remarks
Slide 70: Building on our recent momentum
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 70 Building on our recent momentum Medium Term Financial Targets: ----------------------------- • Low double-digit annual revenues before reimbursable expenses (RBR) growth • Expand adj. EBITDA margin(1) to 15-17% by 2029 • Convert 75% of an
Slide 71: A clear and compelling investment thesis
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 71 A clear and compelling investment thesis Disciplined and balanced capital allocation framework underscores our commitment to growth and returning capital to shareholders Operating in a large, growing professional services industry with co
Slide 72: HURON |
© 2025 Huron Consulting Group Inc. and affiliates. HURON | 72
Slide 73: Questions
Questions from: • In-person Participants: Please raise your hand and wait for the mic before asking your question • Virtual Participants: Please type your questions into the Investor Day platform Q&A
Slide 74: Appendix
H U R O N I 7 4 © 2023 Huron Consulting Group Inc. and affiliates. Appendix
Slide 75: Reconciliation of net income to adjusted EBITDA
H U R O N I 7 5 © 2023 Huron Consulting Group Inc. and affiliates. Reconciliations of Non-GAAP Measures(1) Reconciliation of net income (loss) from continuing operations to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) (in millions) 20242023202220212020 $ 1,486$ 1,
Slide 76: Reconciliation of net income to adjusted net income
H U R O N I 7 6 © 2023 Huron Consulting Group Inc. and affiliates. Reconciliations of Non-GAAP Measures(1) Reconciliation of net income (loss) from continuing operations to adjusted net income from continuing operations (in millions, except earnings per share) 20242023202220212020 $ 117$ 62$ 76$ 63$
Slide 77: Reconciliation of cash from operations to free cash flow
H U R O N I 7 7 © 2023 Huron Consulting Group Inc. and affiliates. Reconciliations of Non-GAAP Measures(1) Reconciliation of cash from operating activities to free cash flow (in millions) 20242023202220212020 $ 201$ 135$ 85$ 18$ 137Cash from operating activities (33)(35)(24)(16)(17)Less: Capital exp