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Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information We provide our services and products and manage our business under three reportable segments: Healthcare, Education, and Commercial, which align our business by industry. •Healthcare Our Healthcare segment serves acute care providers, including national and regional health systems; academic health systems; community health systems; the federal health system; and public, children’s and critical access hospitals, and non-acute care providers, including physician practices and medical groups; payors; and long-term care or post-acute providers. Our healthcare-focused services and products include financial and operational performance improvement consulting, which spans revenue cycle, business operations and care delivery transformation; digital offerings, spanning technology and analytic-related services, including enterprise health record (“EHR”), enterprise resource planning (“ERP”) and enterprise performance management (“EPM”), customer relationship management (“CRM”), data management, artificial intelligence (“AI”) and automation, and technology managed services, and a portfolio of software products; human capital management; revenue cycle managed services and outsourcing; financial advisory consulting; and strategy and innovation consulting. In June 2025, we enhanced our consulting offerings through the acquisition of Eclipse Insights, a leading provider of revenue cycle solutions. •Education Our Education segment serves public and private colleges and universities, research institutes, not-for-profit organizations and other education-related organizations. Our education and research-focused services and products include our digital offerings, spanning technology and analytic-related services, including student information systems, ERP and EPM, CRM, data management, AI and automation, and technology managed services and our Huron Research Suite product suite (the leading software suite designed to facilitate and improve research administration service delivery and compliance); our research-focused consulting and managed services; our strategy and operations consulting services, which span finance, accounting, operations and athletics to organization and talent strategy and student and academic strategy; and our global philanthropy consulting services, which were bolstered by the acquisitions of Grenzebach Glier and Associates (“GG+A”) in March 2024 and Advancement Resources and Halpin in March 2025. •Commercial Our Commercial segment is focused on serving industries and organizations facing significant disruption and regulatory change by helping them adapt to rapidly changing environments and accelerate business transformation. Our Commercial professionals work primarily with six primary buyers: the chief executive officer, the chief financial officer, the chief strategy officer, the chief human resources officer, the chief operating officer, and organizational advisors, including lenders and law firms. We have a deep focus on serving organizations in the financial services, energy and utilities, industrials and manufacturing industries and the public sector while opportunistically serving commercial industries more broadly, including professional and business services, life sciences, consumer products, and retail. Our Commercial professionals use their deep industry, functional and technical expertise to deliver our digital services and software products, financial advisory (special situation advisory and corporate finance advisory) consulting services, and strategy and innovation consulting services. In December 2024, we expanded our Commercial consulting and digital services offerings through the acquisition of AXIA Consulting, Inc. (“AXIA Consulting”), a leading provider of supply chain-focused consulting and technology solutions who has deep expertise in the industrials and manufacturing and retail sectors. Our chief operating decision maker (“CODM”), who is our chief executive officer, manages the business under these three reportable segments. Our CODM uses segment operating income in the annual budgeting and quarterly forecasting process as well as on a monthly basis for evaluating the performance of each segment and making decisions about allocating capital and other resources to each segment. Our CODM does not evaluate segments using asset information. Segment operating income consists of the revenues generated by a segment, less operating expenses that are incurred directly by the segment. Unallocated costs include corporate costs related to administrative functions that are performed in a centralized manner, as well as restructuring charges, depreciation and amortization, and interest expense that are not attributable to a particular segment. The administrative function costs include corporate office support costs, office facility costs, costs related to accounting and finance, human resources, legal, marketing, information technology, and company-wide business development functions, as well as costs related to overall corporate management. The table below sets forth information about our operating segments for the three and six months ended June 30, 2025 and 2024, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. We do not present financial information by geographic area because the financial results of our international operations are not significant to our consolidated financial statements.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Healthcare: |  |  |  |  |  |  |
Revenues before reimbursable expenses | $ | 197,822 |  |  | $ | 190,098 |  |  | $ | 396,312 |  |  | $ | 370,840 |
Reimbursable expenses | 5,449 |  |  | 5,583 |  |  | 10,280 |  |  | 9,810 |
Total revenues | 203,271 |  |  | 195,681 |  |  | 406,592 |  |  | 380,650 |
Operating expenses: |  |  |  |  |  |  |
Direct costs | 125,759 |  |  | 119,156 |  |  | 256,071 |  |  | 242,815 |
Reimbursable expenses | 5,449 |  |  | 5,516 |  |  | 10,280 |  |  | 9,842 |
Selling, general and administrative expenses | 10,847 |  |  | 13,924 |  |  | 21,178 |  |  | 26,359 |
Depreciation and amortization | 1,568 |  |  | 1,821 |  |  | 3,135 |  |  | 3,558 |
Other segment items(1) | (3) |  |  | 18 |  |  | (39) |  |  | 136 |
Total segment operating expenses | 143,620 |  |  | 140,435 |  |  | 290,625 |  |  | 282,710 |
Segment operating income | $ | 59,651 |  |  | $ | 55,246 |  |  | $ | 115,967 |  |  | $ | 97,940 |
Education: |  |  |  |  |  |  |
Revenues before reimbursable expenses | $ | 129,301 |  |  | $ | 122,753 |  |  | $ | 252,049 |  |  | $ | 234,336 |
Reimbursable expenses | 2,385 |  |  | 2,433 |  |  | 4,653 |  |  | 4,395 |
Total revenues | 131,686 |  |  | 125,186 |  |  | 256,702 |  |  | 238,731 |
Operating expenses: |  |  |  |  |  |  |
Direct costs | 86,984 |  |  | 85,040 |  |  | 177,349 |  |  | 169,597 |
Reimbursable expenses | 2,385 |  |  | 2,546 |  |  | 4,653 |  |  | 4,540 |
Selling, general and administrative expenses | 8,842 |  |  | 6,551 |  |  | 17,204 |  |  | 11,445 |
Depreciation and amortization | 1,146 |  |  | 258 |  |  | 2,115 |  |  | 405 |
Other segment items(1) | — |  |  | (1) |  |  | (8) |  |  | (4) |
Total segment operating expenses | 99,357 |  |  | 94,394 |  |  | 201,313 |  |  | 185,983 |
Segment operating income | $ | 32,329 |  |  | $ | 30,792 |  |  | $ | 55,389 |  |  | $ | 52,748 |
Commercial: |  |  |  |  |  |  |
Revenues before reimbursable expenses | $ | 75,382 |  |  | $ | 58,803 |  |  | $ | 149,834 |  |  | $ | 122,439 |
Reimbursable expenses | 1,416 |  |  | 1,347 |  |  | 2,768 |  |  | 2,582 |
Total revenues | 76,798 |  |  | 60,150 |  |  | 152,602 |  |  | 125,021 |
Operating expenses: |  |  |  |  |  |  |
Direct costs | 56,214 |  |  | 44,347 |  |  | 113,393 |  |  | 89,417 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Reimbursable expenses | 1,416 |  |  | 1,364 |  |  | 2,768 |  |  | 2,628 |
Selling, general and administrative expenses | 6,316 |  |  | 5,371 |  |  | 12,068 |  |  | 9,820 |
Depreciation and amortization | 236 |  |  | 60 |  |  | 472 |  |  | 120 |
Other segment items(1) | 109 |  |  | (7) |  |  | 98 |  |  | (18) |
Total segment operating expenses | 64,291 |  |  | 51,135 |  |  | 128,799 |  |  | 101,967 |
Segment operating income | $ | 12,507 |  |  | $ | 9,015 |  |  | $ | 23,803 |  |  | $ | 23,054 |
Total Huron: |  |  |  |  |  |  |
Revenues before reimbursable expenses | $ | 402,505 |  |  | $ | 371,654 |  |  | $ | 798,195 |  |  | $ | 727,615 |
Reimbursable expenses | 9,250 |  |  | 9,363 |  |  | 17,701 |  |  | 16,787 |
Total revenues | $ | 411,755 |  |  | $ | 381,017 |  |  | $ | 815,896 |  |  | $ | 744,402 |
Segment operating income | $ | 104,487 |  |  | $ | 95,053 |  |  | $ | 195,159 |  |  | $ | 173,742 |
Items not allocated at the segment level: |  |  |  |  |  |  |
Unallocated corporate expenses | 54,281 |  |  | 45,626 |  |  | 106,652 |  |  | 96,565 |
Other gains, net | (71) |  |  | (15,917) |  |  | (71) |  |  | (14,349) |
Restructuring charges | 455 |  |  | 2,047 |  |  | 1,847 |  |  | 4,280 |
Depreciation and amortization | 4,168 |  |  | 3,894 |  |  | 8,345 |  |  | 7,922 |
Operating income | 45,654 |  |  | 59,403 |  |  | 78,386 |  |  | 79,324 |
Other expense, net | (17,946) |  |  | (7,308) |  |  | (29,226) |  |  | (9,669) |
Income before taxes | $ | 27,708 |  |  | $ | 52,095 |  |  | $ | 49,160 |  |  | $ | 69,655 |
(1)Other segment items in each segment consists of restructuring charges for all periods presented. The following tables illustrate the disaggregation of segment total revenues and segment revenues before reimbursable expenses by our two principal capabilities: i) Consulting and Managed Services and ii) Digital, and includes a reconciliation to consolidated total revenues and consolidated revenues before reimbursable expenses. We manage our business on the basis of revenues before reimbursable expenses, which we believe is the most accurate reflection of our services because it eliminates the effect of reimbursable expenses that we bill to our clients at cost.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Total Revenues by Capability |  | 2025 |  | 2024 |  | 2025 |  | 2024
Healthcare: |  |  |  |  |  |  |  |
Consulting and Managed Services |  | $ | 150,148 |  |  | $ | 138,464 |  |  | $ | 297,181 |  |  | $ | 265,816 |
Digital |  | 53,123 |  |  | 57,217 |  |  | 109,411 |  |  | 114,834 |
Total revenues |  | $ | 203,271 |  |  | $ | 195,681 |  |  | $ | 406,592 |  |  | $ | 380,650 |
Education: |  |  |  |  |  |  |  |
Consulting and Managed Services |  | $ | 68,351 |  |  | $ | 65,178 |  |  | $ | 133,009 |  |  | $ | 121,072 |
Digital |  | 63,335 |  |  | 60,008 |  |  | 123,693 |  |  | 117,659 |
Total revenues |  | $ | 131,686 |  |  | $ | 125,186 |  |  | $ | 256,702 |  |  | $ | 238,731 |
Commercial: |  |  |  |  |  |  |  |
Consulting and Managed Services |  | $ | 16,225 |  |  | $ | 20,919 |  |  | $ | 33,317 |  |  | $ | 43,589 |
Digital |  | 60,573 |  |  | 39,231 |  |  | 119,285 |  |  | 81,432 |
Total revenues |  | $ | 76,798 |  |  | $ | 60,150 |  |  | $ | 152,602 |  |  | $ | 125,021 |
Total Huron: |  |  |  |  |  |  |  |
Consulting and Managed Services |  | $ | 234,724 |  |  | $ | 224,561 |  |  | $ | 463,507 |  |  | $ | 430,477 |
Digital |  | 177,031 |  |  | 156,456 |  |  | 352,389 |  |  | 313,925 |
Total revenues |  | $ | 411,755 |  |  | $ | 381,017 |  |  | $ | 815,896 |  |  | $ | 744,402 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Revenues before Reimbursable Expenses by Capability |  | 2025 |  | 2024 |  | 2025 |  | 2024
Healthcare: |  |  |  |  |  |  |  |
Consulting and Managed Services |  | $ | 145,755 |  |  | $ | 133,987 |  |  | $ | 289,129 |  |  | $ | 258,198 |
Digital |  | 52,067 |  |  | 56,111 |  |  | 107,183 |  |  | 112,642 |
Total revenues before reimbursable expenses |  | $ | 197,822 |  |  | $ | 190,098 |  |  | $ | 396,312 |  |  | $ | 370,840 |
Education: |  |  |  |  |  |  |  |
Consulting and Managed Services |  | $ | 67,329 |  |  | $ | 63,831 |  |  | $ | 130,873 |  |  | $ | 118,940 |
Digital |  | 61,972 |  |  | 58,922 |  |  | 121,176 |  |  | 115,396 |
Total revenues before reimbursable expenses |  | $ | 129,301 |  |  | $ | 122,753 |  |  | $ | 252,049 |  |  | $ | 234,336 |
Commercial: |  |  |  |  |  |  |  |
Consulting and Managed Services |  | $ | 16,038 |  |  | $ | 20,521 |  |  | $ | 33,041 |  |  | $ | 42,760 |
Digital |  | 59,344 |  |  | 38,282 |  |  | 116,793 |  |  | 79,679 |
Total revenues before reimbursable expenses |  | $ | 75,382 |  |  | $ | 58,803 |  |  | $ | 149,834 |  |  | $ | 122,439 |
Total Huron: |  |  |  |  |  |  |  |
Consulting and Managed Services |  | $ | 229,122 |  |  | $ | 218,339 |  |  | $ | 453,043 |  |  | $ | 419,898 |
Digital |  | 173,383 |  |  | 153,315 |  |  | 345,152 |  |  | 307,717 |
Total revenues before reimbursable expenses |  | $ | 402,505 |  |  | $ | 371,654 |  |  | $ | 798,195 |  |  | $ | 727,615 |
For the three and six months ended June 30, 2025 and 2024, substantially all of our revenues were recognized over time. During the three and six months ended June 30, 2025 and 2024, no single client generated greater than 10% of our consolidated total revenues. At June 30, 2025 and December 31, 2024, no single client accounted for greater than 10% of our combined balance of receivables from clients, net and unbilled services, net.

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