Huron Consulting Group Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with revenues before reimbursable expenses rising by 9.1% to $1.49 billion, compared to $1.36 billion in 2023. The company's net income also saw a substantial increase, climbing 86.7% to $116.6 million, or 7.7% of total revenues, up from $62.5 million, or 4.5% of total revenues, in the previous year. This growth was bolstered by a litigation settlement gain of $11.1 million recognized in 2024, which positively impacted diluted earnings per share, increasing it by 96.6% to $6.27.
The company experienced notable changes in its operational segments, with the Healthcare segment generating $756.3 million in revenues, a 12.2% increase from the previous year, driven by strong demand for performance improvement and revenue cycle managed services. The Education segment also performed well, with revenues increasing by 10.4% to $474.2 million, aided by the acquisition of Grenzebach Glier and Associates, which contributed $18.6 million. Conversely, the Commercial segment saw a slight decline in revenues, decreasing by 1.1% to $255.6 million, reflecting reduced demand for certain consulting services.
Huron's strategic developments included the acquisition of AXIA Consulting in December 2024, which is expected to enhance its capabilities in supply chain consulting and technology solutions. Additionally, the company completed the divestiture of its Studer Education practice, which generated $13.7 million in revenues in 2024. The total number of revenue-generating professionals increased by 5.0% to 4,694, while Managed Services professionals surged by 45.7% to 1,530, indicating a proactive approach to meet rising demand.
The company reported an adjusted EBITDA of $201.2 million, representing a 20.2% increase from the previous year, with an adjusted EBITDA margin of 13.5%. Huron's strong cash flow position was highlighted by a 48.8% increase in net cash provided by operating activities, totaling $201.3 million. Looking ahead, Huron remains focused on expanding its service offerings and enhancing its digital capabilities, with a commitment to strategic acquisitions and investments to support its growth trajectory. The company anticipates continued demand in its core sectors, particularly healthcare and education, while navigating challenges in the commercial space.
About Huron Consulting Group Inc.
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