| [July 29, 2014] |
 |
Huron Consulting Group Announces Second Quarter 2014 Financial Results
CHICAGO --(Business Wire)--
Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of
business consulting services, today announced financial results for the
second quarter ended June 30, 2014.
"Strong second quarter results capped off a solid first half of the year
for the Company. Both the Huron Healthcare and Huron Legal segments,
which comprise approximately 75% of the Company's revenue, generated
strong growth," said James
H. Roth, chief executive officer and president, Huron
Consulting Group. "Our business continues to be driven by the
complex and rapidly-changing business environment facing clients across
our primary markets. We expect that these pressures on our clients will
remain or increase during the coming years, and we are encouraged by our
ability in all of our operating segments to continue to provide value to
our clients as they address a difficult array of challenges."
Second Quarter 2014 Results
Revenues for the second quarter of 2014 were $209.4 million, an increase
of 22.9% compared to $170.4 million for the second quarter of 2013. The
Company's second quarter 2014 operating income was $34.0 million,
compared to $30.5 million in the second quarter of 2013. Net income from
continuing operations was $19.9 million, or $0.86 per diluted share, for
the second quarter of 2014, compared to $15.8 million, or $0.69 per
diluted share, for the same period last year.
Second quarter 2014 earnings before interest, taxes, depreciation and
amortization ("EBITDA")(6) was $41.6 million, or
19.9% of revenues, compared to $36.1 million, or 21.2% of revenues, in
the comparable quarter last year.
In addition to using EBITDA to evaluate the Company's financial
performance, management uses certain other non-GAAP financial measures,
which exclude the effect of the following items (in thousands):
|
|
|
Three Months Ended
June 30,
|
|
|
|
2014
|
|
2013
|
|
Amortization of intangible assets
|
|
$
|
2,912
|
|
|
$
|
1,451
|
|
|
Restructuring charges
|
|
$
|
1,034
|
|
|
$
|
596
|
|
|
Other gain
|
|
$
|
(440
|
)
|
|
$
|
-
|
|
|
Tax effect
|
|
$
|
(1,402
|
)
|
|
$
|
(819
|
)
|
Adjusted EBITDA(6) was $42.2 million, or 20.1% of revenues,
in the second quarter of 2014, compared to $36.7 million, or 21.5% of
revenues, in the comparable quarter last year. Adjusted net income from
continuing operations(6) was $22.0 million, or $0.95 per
diluted share, for the second quarter of 2014 compared to $17.0 million,
or $0.75 per diluted share, for the comparable period in 2013.
The average number of full-time billable consultants(1) was
1,784 in the second quarter of 2014 compared to 1,532 in the same
quarter last year. Full-time billable consultant utilization rate(2)
was 77.8% during the second quarter of 2014 compared with 76.9% during
the same period last year. Average billing rate per hour for full-time
billable consultants(3) was $232 for the second quarter of
2014 compared to $213 for the second quarter of 2013. The average number
of full-time equivalent professionals(4) totaled 1,157 in the
second quarter of 2014 compared to 1,087 for the comparable period in
2013.
Year-to-Date Results
Revenues for the first six months of 2014 were $420.1 million, an
increase of 25.6% compared to $334.4 million for the first half of 2013.
The Company's operating income for the first six months of 2014 was
$75.8 million compared to $51.9 million in the first six months of 2013.
Net income from continuing operations was $54.0 million, or $2.34 per
diluted share, for the first six months of 2014 compared to
$27.2 million, or $1.20 per diluted share, for the same period last year.
EBITDA(6) was $90.6 million, or 21.6% of revenues, for the
first half of 2014 compared to $62.9 million, or 18.8% of revenues, for
the same period in 2013.
In addition to using EBITDA to evaluate the Company's financial
performance, management uses certain other non-GAAP financial measures,
which exclude the effect of the following items (in thousands):
|
|
|
Six Months Ended
June 30,
|
|
|
|
2014
|
|
2013
|
|
Amortization of intangible assets
|
|
$
|
5,430
|
|
|
$
|
2,907
|
|
|
Restructuring charges
|
|
$
|
1,163
|
|
|
$
|
596
|
|
|
Litigation and other gains
|
|
$
|
(440
|
)
|
|
$
|
(1,150
|
)
|
|
Tax effect
|
|
$
|
(2,461
|
)
|
|
$
|
(941
|
)
|
|
Net tax benefit related to "check-the-box" election
|
|
$
|
(10,244
|
)
|
|
$
|
-
|
|
Adjusted EBITDA(6) was $91.3 million, or 21.7% of revenues,
in the first half of 2014, compared to $62.3 million, or 18.6% of
revenues, in the comparable quarter last year. Adjusted net income from
continuing operations(6) was $47.5 million, or $2.06 per
diluted share, for the first six months of 2014 compared to $28.6
million, or $1.26 per diluted share, for the comparable period in 2013.
The average number of full-time billable consultants(1)
increased 15.4% to 1,751 in the first half of 2014 compared to 1,517 in
the same quarter last year. Full-time billable consultant utilization
rate(2) was 76.0% during the first half of 2014 compared with
77.4% during the same period last year. Average billing rate per hour
for full-time billable consultants(3) was $240 for the first
six months of 2014 compared to $213 for the first six months of 2013.
The average number of full-time equivalent professionals(4)
increased 17.4% to 1,333 in the first half of 2014 compared to 1,135 for
the comparable period in 2013.
Operating Segments
Huron's results reflect a portfolio of service offerings focused on
helping clients address complex business challenges.
The Company's year-to-date revenues by operating segment as a percentage
of total Company revenues are as follows: Huron Healthcare
(50%); Huron Legal
(26%); Huron Education
and Life
Sciences (17%); and Huron Business
Advisory (7%). Financial results by segment are included in the
attached schedules and in Huron's forthcoming Form 10-Q filing for the
quarter ended June 30, 2014.
Acquisition
On May 5, 2014, Huron completed its acquisition of Vonlay, LLC, a
healthcare technology consulting firm specializing in clinical,
administrative and financial system implementation and optimization.
Share Repurchase Program
The Company's Board of Directors authorized a share repurchase program
pursuant to which the Company may, from time to time, repurchase up to
$50 million of its common stock through February 28, 2015. In the second
quarter of 2014 the Company repurchased 157,850 shares at an average
price of $60.40, totaling $9.5 million. The amount and timing of the
repurchases are determined by management and depend on a variety of
factors, including the trading price of the Company's common stock,
general market and business conditions, and applicable legal
requirements.
Outlook for 2014(7)
Based on currently available information, the Company raises guidance,
which was previously provided on April 29, 2014, for full year 2014
revenues before reimbursable expenses in a range of $805.0 million to
$825.0 million. The Company also raises EBITDA in a range of $151.7
million to $157.7 million, Adjusted EBITDA in a range of $152.5 million
to $158.5 million, GAAP diluted earnings per share in a range of $3.40
to $3.55, and non-GAAP adjusted diluted earnings per share in a range of
$3.25 to $3.40.
Management will provide a more detailed discussion of its outlook during
the Company's earnings conference call webcast.
Second Quarter 2014 Webcast
The Company will host a webcast to discuss its financial results today,
July 29, 2014, at 5:00 p.m. Eastern Time (4:00 p.m. Central Time). The
conference call is being webcast by NASDAQ OMX and can be accessed at
Huron Consulting Group's website at http://ir.huronconsultinggroup.com.
A replay will be available approximately two hours after the conclusion
of the webcast and for 90 days thereafter.
Use of Non-GAAP Financial Measures(6)
In evaluating the Company's financial performance and outlook,
management uses EBITDA, Adjusted EBITDA, Adjusted EBITDA as a percentage
of revenues, Adjusted net income from continuing operations and Adjusted
diluted earnings per share from continuing operations, which are
non-GAAP measures. Management believes that such measures, as
supplements to operating income, net income from continuing operations
and diluted earnings per share from continuing operations and other GAAP
measures, are useful indicators for investors. These useful indicators
can help readers gain a meaningful understanding of our core operating
results and future prospects. Investors should recognize that these
non-GAAP measures might not be comparable to similarly titled measures
of other companies. These measures should be considered in addition to,
and not as a substitute for or superior to, any measure of performance,
cash flows or liquidity prepared in accordance with accounting
principles generally accepted in the United States.
About Huron Consulting Group
Huron Consulting Group helps clients in diverse industries improve
performance, transform the enterprise, reduce costs, leverage
technology, process and review large amounts of complex data, address
regulatory changes, recover from distress and stimulate growth. Our
professionals employ their expertise in finance, operations, strategy
and technology to provide our clients with specialized analyses and
customized advice and solutions that are tailored to address each
client's particular challenges and opportunities to deliver sustainable
and measurable results. The Company provides consulting services to a
wide variety of both financially sound and distressed organizations,
including healthcare organizations, leading academic institutions,
Fortune 500 companies, governmental entities and law firms. Huron has
worked with more than 425 health systems, hospitals, and academic
medical centers; more than 400 corporate general counsel; and more than
350 universities and research institutions. Learn more at www.huronconsultinggroup.com.
Statements in this press release that are not historical in nature,
including those concerning the Company's current expectations about its
future requirements and needs, are "forward-looking" statements as
defined in Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act") and the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are identified by words
such as "may," "should," "expects," "provides," "anticipates,"
"assumes," "can," "will," "meets," "could," "likely," "intends,"
"might," "predicts," "seeks," "would," "believes," "estimates," "plans"
or "continues." These forward-looking statements reflect our current
expectations about our future requirements and needs, results, levels of
activity, performance, or achievements, including, without limitation,
current expectations with respect to, among other factors, utilization
rates, billing rates, and the number of revenue-generating
professionals; that we are able to expand our service offerings; that we
successfully integrate the businesses we acquire; and that existing
market conditions continue to trend upward. These statements involve
known and unknown risks, uncertainties and other factors, including,
among others, those described under "Item 1A. Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2013, that
may cause actual results, levels of activity, performance or
achievements to be materially different from any anticipated results,
levels of activity, performance or achievements expressed or implied by
these forward-looking statements. We disclaim any obligation to update
or revise any forward-looking statements as a result of new information
or future events, or for any other reason.
|
HURON CONSULTING GROUP INC.
|
|
CONSOLIDATED STATEMENTS OF EARNINGS
|
|
(In thousands, except per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Revenues and reimbursable expenses:
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
209,405
|
|
|
$
|
170,407
|
|
|
$
|
420,136
|
|
|
$
|
334,443
|
|
|
Reimbursable expenses
|
|
|
21,141
|
|
|
|
18,123
|
|
|
|
40,244
|
|
|
|
33,459
|
|
|
Total revenues and reimbursable expenses
|
|
|
230,546
|
|
|
|
188,530
|
|
|
|
460,380
|
|
|
|
367,902
|
|
|
Direct costs and reimbursable expenses (exclusive of
depreciation
|
|
|
|
|
|
|
|
|
|
and amortization shown in operating expenses):
|
|
|
|
|
|
|
|
|
|
Direct costs
|
|
|
124,289
|
|
|
|
102,869
|
|
|
|
247,899
|
|
|
|
208,997
|
|
|
Amortization of intangible assets and software development costs
|
|
|
1,290
|
|
|
|
674
|
|
|
|
2,391
|
|
|
|
1,332
|
|
|
Reimbursable expenses
|
|
|
20,899
|
|
|
|
18,118
|
|
|
|
40,330
|
|
|
|
33,469
|
|
|
Total direct costs and reimbursable expenses
|
|
|
146,478
|
|
|
|
121,661
|
|
|
|
290,620
|
|
|
|
243,798
|
|
|
Operating expenses and other operating gains:
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
43,184
|
|
|
|
30,847
|
|
|
|
80,872
|
|
|
|
63,110
|
|
|
Restructuring charges
|
|
|
1,034
|
|
|
|
596
|
|
|
|
1,163
|
|
|
|
596
|
|
|
Litigation and other gains
|
|
|
(440
|
)
|
|
|
-
|
|
|
|
(440
|
)
|
|
|
(1,150
|
)
|
|
Depreciation and amortization
|
|
|
6,267
|
|
|
|
4,877
|
|
|
|
12,323
|
|
|
|
9,656
|
|
|
Total operating expenses and other operating gains
|
|
|
50,045
|
|
|
|
36,320
|
|
|
|
93,918
|
|
|
|
72,212
|
|
|
Operating income
|
|
|
34,023
|
|
|
|
30,549
|
|
|
|
75,842
|
|
|
|
51,892
|
|
|
Other income (expense), net:
|
|
|
|
|
|
|
|
|
|
Interest expense, net of interest income
|
|
|
(1,594
|
)
|
|
|
(1,706
|
)
|
|
|
(2,965
|
)
|
|
|
(3,569
|
)
|
|
Other income (expense), net
|
|
|
169
|
|
|
|
(152
|
)
|
|
|
345
|
|
|
|
(139
|
)
|
|
Total other expense, net
|
|
|
(1,425
|
)
|
|
|
(1,858
|
)
|
|
|
(2,620
|
)
|
|
|
(3,708
|
)
|
|
Income from continuing operations before income tax expense
|
|
|
32,598
|
|
|
|
28,691
|
|
|
|
73,222
|
|
|
|
48,184
|
|
|
Income tax expense
|
|
|
12,685
|
|
|
|
12,877
|
|
|
|
19,183
|
|
|
|
21,001
|
|
|
Net income from continuing operations
|
|
|
19,913
|
|
|
|
15,814
|
|
|
|
54,039
|
|
|
|
27,183
|
|
|
Loss from discontinued operations, net of tax
|
|
|
-
|
|
|
|
(9
|
)
|
|
|
-
|
|
|
|
(41
|
)
|
|
Net income
|
|
$
|
19,913
|
|
|
$
|
15,805
|
|
|
$
|
54,039
|
|
|
$
|
27,142
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per basic share:
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
$
|
0.88
|
|
|
$
|
0.71
|
|
|
$
|
2.39
|
|
|
$
|
1.22
|
|
|
Loss from discontinued operations, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Net income
|
|
$
|
0.88
|
|
|
$
|
0.71
|
|
|
$
|
2.39
|
|
|
$
|
1.22
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per diluted share:
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
$
|
0.86
|
|
|
$
|
0.69
|
|
|
$
|
2.34
|
|
|
$
|
1.20
|
|
|
Loss from discontinued operations, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Net income
|
|
$
|
0.86
|
|
|
$
|
0.69
|
|
|
$
|
2.34
|
|
|
$
|
1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in calculating earnings per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
22,645
|
|
|
|
22,351
|
|
|
|
22,617
|
|
|
|
22,246
|
|
|
Diluted
|
|
|
23,098
|
|
|
|
22,760
|
|
|
|
23,092
|
|
|
|
22,624
|
|
|
HURON CONSULTING GROUP INC.
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(In thousands, except share and per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
June 30,
2014
|
|
December 31,
2013
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
9,218
|
|
|
$
|
58,131
|
|
|
Receivables from clients, net
|
|
|
136,149
|
|
|
|
123,750
|
|
|
Unbilled services, net
|
|
|
94,024
|
|
|
|
55,125
|
|
|
Income tax receivable
|
|
|
11,322
|
|
|
|
270
|
|
|
Deferred income taxes, net
|
|
|
11,931
|
|
|
|
15,498
|
|
|
Prepaid expenses and other current assets
|
|
|
15,261
|
|
|
|
19,740
|
|
|
Total current assets
|
|
|
277,905
|
|
|
|
272,514
|
|
|
Property and equipment, net
|
|
|
38,707
|
|
|
|
38,742
|
|
|
Other non-current assets
|
|
|
16,158
|
|
|
|
16,485
|
|
|
Intangible assets, net
|
|
|
29,773
|
|
|
|
21,222
|
|
|
Goodwill
|
|
|
566,998
|
|
|
|
536,637
|
|
|
Total assets
|
|
$
|
929,541
|
|
|
$
|
885,600
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
13,422
|
|
|
$
|
8,185
|
|
|
Accrued expenses
|
|
|
15,845
|
|
|
|
19,180
|
|
|
Accrued payroll and related benefits
|
|
|
62,955
|
|
|
|
97,677
|
|
|
Bank borrowings, current portion
|
|
|
26,250
|
|
|
|
25,000
|
|
|
Accrued consideration for business acquisitions
|
|
|
5,480
|
|
|
|
5,177
|
|
|
Income tax payable
|
|
|
-
|
|
|
|
2,917
|
|
|
Deferred revenues
|
|
|
16,588
|
|
|
|
15,248
|
|
|
Total current liabilities
|
|
|
140,540
|
|
|
|
173,384
|
|
|
Non-current liabilities:
|
|
|
|
|
|
Deferred compensation and other liabilities
|
|
|
10,003
|
|
|
|
5,360
|
|
|
Bank borrowings, net of current portion
|
|
|
152,500
|
|
|
|
143,750
|
|
|
Deferred lease incentives
|
|
|
14,150
|
|
|
|
12,355
|
|
|
Deferred income taxes, net
|
|
|
22,867
|
|
|
|
20,487
|
|
|
Total non-current liabilities
|
|
|
199,520
|
|
|
|
181,952
|
|
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
Common stock; $0.01 par value; 500,000,000 shares authorized;
|
|
|
|
|
|
25,558,342 and 25,246,565 shares issued at June 30, 2014
|
|
|
|
|
|
and December 31, 2013, respectively
|
|
|
247
|
|
|
|
245
|
|
|
Treasury stock, at cost, 2,066,921 and 1,993,769 shares at
|
|
|
|
|
|
June 30, 2014 and December 31, 2013, respectively
|
|
|
(92,412
|
)
|
|
|
(88,091
|
)
|
|
Additional paid-in capital
|
|
|
452,429
|
|
|
|
443,144
|
|
|
Retained earnings
|
|
|
229,802
|
|
|
|
175,763
|
|
|
Accumulated other comprehensive loss
|
|
|
(585
|
)
|
|
|
(797
|
)
|
|
Total stockholders' equity
|
|
|
589,481
|
|
|
|
530,264
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
929,541
|
|
|
$
|
885,600
|
|
|
HURON CONSULTING GROUP INC.
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
2014
|
|
2013
|
|
Cash flows from operating activities:
|
|
|
|
|
|
Net income
|
|
$
|
54,039
|
|
|
$
|
27,142
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
15,071
|
|
|
|
10,988
|
|
|
Share-based compensation
|
|
|
10,273
|
|
|
|
8,832
|
|
|
Allowances for doubtful accounts and unbilled services
|
|
|
(281
|
)
|
|
|
5,375
|
|
|
Deferred income taxes
|
|
|
5,816
|
|
|
|
5,213
|
|
|
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
(Increase) decrease in receivables from clients
|
|
|
(4,679
|
)
|
|
|
4,576
|
|
|
(Increase) decrease in unbilled services
|
|
|
(37,220
|
)
|
|
|
(33,936
|
)
|
|
(Increase) decrease in current income tax receivable / payable, net
|
|
|
(13,966
|
)
|
|
|
(9,795
|
)
|
|
(Increase) decrease in other assets
|
|
|
4,489
|
|
|
|
712
|
|
|
Increase (decrease) in accounts payable and accrued liabilities
|
|
|
10,517
|
|
|
|
2,583
|
|
|
Increase (decrease) in accrued payroll and related benefits
|
|
|
(32,764
|
)
|
|
|
(15,849
|
)
|
|
Increase (decrease) in deferred revenues
|
|
|
904
|
|
|
|
(3,120
|
)
|
|
Net cash provided by operating activities
|
|
|
12,199
|
|
|
|
2,721
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Purchases of property and equipment, net
|
|
|
(11,433
|
)
|
|
|
(10,201
|
)
|
|
Net investment in life insurance policies
|
|
|
(797
|
)
|
|
|
(654
|
)
|
|
Purchases of businesses
|
|
|
(51,391
|
)
|
|
|
-
|
|
|
Capitalization of internally developed software
|
|
|
-
|
|
|
|
(1,058
|
)
|
|
Proceeds from note receivable
|
|
|
328
|
|
|
|
219
|
|
|
Net cash used in investing activities
|
|
|
(63,293
|
)
|
|
|
(11,694
|
)
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
779
|
|
|
|
30
|
|
|
Shares redeemed for employee tax withholdings
|
|
|
(3,140
|
)
|
|
|
(581
|
)
|
|
Tax benefit from share-based compensation
|
|
|
4,602
|
|
|
|
1,242
|
|
|
Share repurchases
|
|
|
(9,539
|
)
|
|
|
-
|
|
|
Proceeds from borrowings under credit facility
|
|
|
74,000
|
|
|
|
66,000
|
|
|
Repayments on credit facility
|
|
|
(64,000
|
)
|
|
|
(77,250
|
)
|
|
Payments for debt issue costs
|
|
|
(41
|
)
|
|
|
-
|
|
|
Payments for capital lease obligations
|
|
|
(42
|
)
|
|
|
-
|
|
|
Deferred payment for purchase of property and equipment
|
|
|
(471
|
)
|
|
|
(471
|
)
|
|
Deferred acquisition payment
|
|
|
-
|
|
|
|
(481
|
)
|
|
Net cash provided by (used in) financing activities
|
|
|
2,148
|
|
|
|
(11,511
|
)
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
33
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
(48,913
|
)
|
|
|
(20,554
|
)
|
|
Cash and cash equivalents at beginning of the period
|
|
|
58,131
|
|
|
|
25,162
|
|
|
Cash and cash equivalents at end of the period
|
|
$
|
9,218
|
|
|
$
|
4,608
|
|
|
HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Percent
Increase
(Decrease)
|
|
Segment and Consolidated Operating Results (in thousands):
|
|
2014
|
|
2013
|
|
|
Huron Healthcare:
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
100,967
|
|
$
|
78,946
|
|
27.9%
|
|
Operating income
|
|
$
|
38,475
|
|
$
|
29,507
|
|
30.4%
|
|
Segment operating income as a percentage of segment revenues
|
|
|
38.1%
|
|
|
37.4%
|
|
|
|
Huron Legal:
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
53,296
|
|
$
|
45,089
|
|
18.2%
|
|
Operating income
|
|
$
|
15,790
|
|
$
|
10,793
|
|
46.3%
|
|
Segment operating income as a percentage of segment revenues
|
|
|
29.6%
|
|
|
23.9%
|
|
|
|
Huron Education and Life Sciences:
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
37,747
|
|
$
|
37,134
|
|
1.7%
|
|
Operating income
|
|
$
|
11,633
|
|
$
|
11,547
|
|
0.7%
|
|
Segment operating income as a percentage of segment revenues
|
|
|
30.8%
|
|
|
31.1%
|
|
|
|
Huron Business Advisory:
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
16,574
|
|
$
|
9,263
|
|
78.9%
|
|
Operating income
|
|
$
|
5,129
|
|
$
|
3,952
|
|
29.8%
|
|
Segment operating income as a percentage of segment revenues
|
|
|
30.9%
|
|
|
42.7%
|
|
|
|
All Other:
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
821
|
|
$
|
(25)
|
|
N/M
|
|
Operating loss
|
|
$
|
(520)
|
|
$
|
(244)
|
|
113.1%
|
|
Segment operating loss as a percentage of segment revenues
|
|
|
N/M
|
|
|
N/M
|
|
|
|
Total Company:
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
209,405
|
|
$
|
170,407
|
|
22.9%
|
|
Reimbursable expenses
|
|
|
21,141
|
|
|
18,123
|
|
16.7%
|
|
Total revenues and reimbursable expenses
|
|
$
|
230,546
|
|
$
|
188,530
|
|
22.3%
|
|
|
|
|
|
|
|
|
|
Statement of Earnings reconciliation:
|
|
|
|
|
|
|
|
Segment operating income
|
|
$
|
70,507
|
|
$
|
55,555
|
|
26.9%
|
|
Items not allocated at the segment level:
|
|
|
|
|
|
|
|
Other operating expenses and gains
|
|
|
30,217
|
|
|
20,129
|
|
50.1%
|
|
Depreciation and amortization expense
|
|
|
6,267
|
|
|
4,877
|
|
28.5%
|
|
Total operating income
|
|
|
34,023
|
|
|
30,549
|
|
11.4%
|
|
Other expense, net
|
|
|
1,425
|
|
|
1,858
|
|
(23.3)%
|
|
Income from continuing operations before income tax expense
|
|
$
|
32,598
|
|
$
|
28,691
|
|
13.6%
|
|
|
|
|
|
|
|
|
|
Other Operating Data (excluding All Other):
|
|
|
|
|
|
|
|
Number of full-time billable consultants (at period end)
(1):
|
|
|
|
|
|
|
|
Huron Healthcare
|
|
|
1,114
|
|
|
916
|
|
21.6%
|
|
Huron Legal
|
|
|
124
|
|
|
145
|
|
(14.5)%
|
|
Huron Education and Life Sciences
|
|
|
407
|
|
|
434
|
|
(6.2)%
|
|
Huron Business Advisory
|
|
|
172
|
|
|
63
|
|
173.0%
|
|
Total
|
|
|
1,817
|
|
|
1,558
|
|
16.6%
|
|
Average number of full-time billable consultants (for the period) (1):
|
|
|
|
|
|
|
|
Huron Healthcare
|
|
|
1,071
|
|
|
883
|
|
|
|
Huron Legal
|
|
|
129
|
|
|
149
|
|
|
|
Huron Education and Life Sciences
|
|
|
415
|
|
|
438
|
|
|
|
Huron Business Advisory
|
|
|
169
|
|
|
62
|
|
|
|
Total
|
|
|
1,784
|
|
|
1,532
|
|
|
|
HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)
(Unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
Other Operating Data (excluding All Other):
|
|
2014
|
|
2013
|
|
Full-time billable consultant utilization rate (2):
|
|
|
|
|
|
Huron Healthcare
|
|
|
81.7%
|
|
|
84.7%
|
|
Huron Legal
|
|
|
68.0%
|
|
|
60.0%
|
|
Huron Education and Life Sciences
|
|
|
71.8%
|
|
|
65.8%
|
|
Huron Business Advisory
|
|
|
75.3%
|
|
|
82.9%
|
|
Total
|
|
|
77.8%
|
|
|
76.9%
|
|
Full-time billable consultant average billing rate per hour (3):
|
|
|
|
|
|
Huron Healthcare
|
|
$
|
229
|
|
$
|
199
|
|
Huron Legal (5)
|
|
$
|
251
|
|
$
|
221
|
|
Huron Education and Life Sciences
|
|
$
|
225
|
|
$
|
223
|
|
Huron Business Advisory
|
|
$
|
257
|
|
$
|
348
|
|
Total (5)
|
|
$
|
232
|
|
$
|
213
|
|
Revenue per full-time billable consultant (in thousands):
|
|
|
|
|
|
Huron Healthcare
|
|
$
|
88
|
|
$
|
82
|
|
Huron Legal (5)
|
|
$
|
80
|
|
$
|
60
|
|
Huron Education and Life Sciences
|
|
$
|
75
|
|
$
|
70
|
|
Huron Business Advisory
|
|
$
|
94
|
|
$
|
140
|
|
Total (5)
|
|
$
|
85
|
|
$
|
79
|
|
Average number of full-time equivalents (for the period) (4):
|
|
|
|
|
|
Huron Healthcare
|
|
|
58
|
|
|
54
|
|
Huron Legal
|
|
|
1,048
|
|
|
982
|
|
Huron Education and Life Sciences
|
|
|
44
|
|
|
48
|
|
Huron Business Advisory
|
|
|
7
|
|
|
3
|
|
Total
|
|
|
1,157
|
|
|
1,087
|
|
Revenue per full-time equivalent (in thousands):
|
|
|
|
|
|
Huron Healthcare
|
|
$
|
115
|
|
$
|
116
|
|
Huron Legal (5)
|
|
$
|
41
|
|
$
|
37
|
|
Huron Education and Life Sciences
|
|
$
|
146
|
|
$
|
132
|
|
Huron Business Advisory
|
|
$
|
104
|
|
$
|
173
|
|
Total (5)
|
|
$
|
49
|
|
$
|
45
|
|
HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA
(Unaudited)
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Percent
Increase
(Decrease)
|
|
Segment and Consolidated Operating Results (in thousands):
|
|
2014
|
|
2013
|
|
|
Huron Healthcare:
|
|
|
|
|
|
|
|
Revenues
|
|
$ 208,515
|
|
$ 157,691
|
|
32.2%
|
|
Operating income
|
|
$ 89,695
|
|
$ 60,668
|
|
47.8%
|
|
Segment operating income as a percentage of segment revenues
|
|
43.0%
|
|
38.5%
|
|
|
|
Huron Legal:
|
|
|
|
|
|
|
|
Revenues
|
|
$ 108,271
|
|
$ 86,033
|
|
25.8%
|
|
Operating income
|
|
$ 28,278
|
|
$ 13,731
|
|
105.9%
|
|
Segment operating income as a percentage of segment revenues
|
|
26.1%
|
|
16.0%
|
|
|
|
Huron Education and Life Sciences:
|
|
|
|
|
|
|
|
Revenues
|
|
$ 71,323
|
|
$ 72,860
|
|
(2.1)%
|
|
Operating income
|
|
$ 18,080
|
|
$ 20,899
|
|
(13.5)%
|
|
Segment operating income as a percentage of segment revenues
|
|
25.3%
|
|
28.7%
|
|
|
|
Huron Business Advisory:
|
|
|
|
|
|
|
|
Revenues
|
|
$ 29,956
|
|
$ 17,845
|
|
67.9%
|
|
Operating income
|
|
$ 7,684
|
|
$ 7,331
|
|
4.8%
|
|
Segment operating income as a percentage of segment revenues
|
|
25.7%
|
|
41.1%
|
|
|
|
All Other:
|
|
|
|
|
|
|
|
Revenues
|
|
$ 2,071
|
|
$ 14
|
|
N/M
|
|
Operating loss
|
|
$ (978)
|
|
$ (416)
|
|
135.1%
|
|
Segment operating loss as a percentage of segment revenues
|
|
N/M
|
|
N/M
|
|
|
|
Total Company:
|
|
|
|
|
|
|
|
Revenues
|
|
$ 420,136
|
|
$ 334,443
|
|
25.6%
|
|
Reimbursable expenses
|
|
40,244
|
|
33,459
|
|
20.3%
|
|
Total revenues and reimbursable expenses
|
|
$ 460,380
|
|
$ 367,902
|
|
25.1%
|
|
|
|
|
|
|
|
|
|
Statement of Earnings reconciliation:
|
|
|
|
|
|
|
|
Segment operating income
|
|
$ 142,759
|
|
$ 102,213
|
|
39.7%
|
|
Items not allocated at the segment level:
|
|
|
|
|
|
|
|
Other operating expenses and gains
|
|
54,594
|
|
40,665
|
|
34.3%
|
|
Depreciation and amortization expense
|
|
12,323
|
|
9,656
|
|
27.6%
|
|
Total operating income
|
|
75,842
|
|
51,892
|
|
46.2%
|
|
Other expense, net
|
|
2,620
|
|
3,708
|
|
(29.3)%
|
|
Income from continuing operations before income tax expense
|
|
$ 73,222
|
|
$ 48,184
|
|
52.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating Data (excluding All Other):
|
|
|
|
|
|
|
|
Number of full-time billable consultants (at period end)
(1):
|
|
|
|
|
|
|
|
Huron Healthcare
|
|
1,114
|
|
916
|
|
21.6%
|
|
Huron Legal
|
|
124
|
|
145
|
|
(14.5)%
|
|
Huron Education and Life Sciences
|
|
407
|
|
434
|
|
(6.2)%
|
|
Huron Business Advisory
|
|
172
|
|
63
|
|
173.0%
|
|
Total
|
|
1,817
|
|
1,558
|
|
16.6%
|
|
Average number of full-time billable consultants (for the period) (1):
|
|
|
|
|
|
|
|
Huron Healthcare
|
|
1,028
|
|
873
|
|
|
|
Huron Legal
|
|
134
|
|
148
|
|
|
|
Huron Education and Life Sciences
|
|
424
|
|
434
|
|
|
|
Huron Business Advisory
|
|
165
|
|
62
|
|
|
|
Total
|
|
1,751
|
|
1,517
|
|
|
|
HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)
(Unaudited)
|
|
|
|
Six Months Ended
June 30,
|
|
Other Operating Data (excluding All Other):
|
|
2014
|
|
2013
|
|
Full-time billable consultant utilization rate (2):
|
|
|
|
|
|
Huron Healthcare
|
|
|
80.4%
|
|
|
85.1%
|
|
Huron Legal
|
|
|
66.2%
|
|
|
56.0%
|
|
Huron Education and Life Sciences
|
|
|
70.0%
|
|
|
67.9%
|
|
Huron Business Advisory
|
|
|
72.0%
|
|
|
83.8%
|
|
Total
|
|
|
76.0%
|
|
|
77.4%
|
|
Full-time billable consultant average billing rate per hour (3):
|
|
|
|
|
|
Huron Healthcare
|
|
$
|
249
|
|
$
|
202
|
|
Huron Legal (5)
|
|
$
|
241
|
|
$
|
221
|
|
Huron Education and Life Sciences
|
|
$
|
213
|
|
$
|
215
|
|
Huron Business Advisory
|
|
$
|
248
|
|
$
|
339
|
|
Total (5)
|
|
$
|
240
|
|
$
|
213
|
|
Revenue per full-time billable consultant (in thousands):
|
|
|
|
|
|
Huron Healthcare
|
|
$
|
190
|
|
$
|
167
|
|
Huron Legal (5)
|
|
$
|
146
|
|
$
|
113
|
|
Huron Education and Life Sciences
|
|
$
|
140
|
|
$
|
140
|
|
Huron Business Advisory
|
|
$
|
173
|
|
$
|
276
|
|
Total (5)
|
|
$
|
173
|
|
$
|
158
|
|
Average number of full-time equivalents (for the period) (4):
|
|
|
|
|
|
Huron Healthcare
|
|
|
55
|
|
|
55
|
|
Huron Legal
|
|
|
1,229
|
|
|
1,035
|
|
Huron Education and Life Sciences
|
|
|
42
|
|
|
43
|
|
Huron Business Advisory
|
|
|
7
|
|
|
2
|
|
Total
|
|
|
1,333
|
|
|
1,135
|
|
Revenue per full-time equivalent (in thousands):
|
|
|
|
|
|
Huron Healthcare
|
|
$
|
243
|
|
$
|
219
|
|
Huron Legal (5)
|
|
$
|
72
|
|
$
|
67
|
|
Huron Education and Life Sciences
|
|
$
|
285
|
|
$
|
282
|
|
Huron Business Advisory
|
|
$
|
187
|
|
$
|
324
|
|
Total (5)
|
|
$
|
86
|
|
$
|
83
|
(1) Consists of our full-time professionals who provide consulting
services and generate revenues based on the number of hours worked.
(2) Utilization rate for our full-time billable consultants is
calculated by dividing the number of hours all of our full-time billable
consultants worked on client assignments during a period by the total
available working hours for all of these consultants during the same
period, assuming a forty-hour work week, less paid holidays and vacation
days.
(3) Average billing rate per hour for our full-time billable consultants
is calculated by dividing revenues for a period by the number of hours
worked on client assignments during the same period.
(4) Consists of consultants who work variable schedules as needed by our
clients, as well as contract reviewers and other professionals who
generate revenues primarily based on number of hours worked and units
produced, such as pages reviewed and data processed. Also includes
full-time employees who provide software support and maintenance
services to our clients.
(5) During the second quarter of 2014, we revised the methodology we use
to allocate revenue between our billable consultants and our full-time
equivalents in our Huron Legal segment to better reflect the nature of
the work being provided. Operating data for the three and six months
ended June 30, 2014, as presented above, reflects this change. Operating
data for the Huron Legal segment for the three months ended March 31,
2014 has been revised as follows: full-time billable consultant average
billing rate per hour decreased from $259 to $231, revenue per full-time
billable consultant decreased from $75 thousand to $67 thousand, and
revenue per full-time equivalent was unchanged. The impact on our total
Company results was immaterial.
N/M - Not meaningful
|
HURON CONSULTING GROUP INC.
RECONCILIATION OF NET INCOME FROM CONTINUING OPERATIONS TO
ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND
AMORTIZATION (6)
(In thousands)
(Unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Revenues
|
|
$
|
209,405
|
|
$
|
170,407
|
|
$
|
420,136
|
|
$
|
334,443
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
$
|
19,913
|
|
$
|
15,814
|
|
$
|
54,039
|
|
$
|
27,183
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
12,685
|
|
|
12,877
|
|
|
19,183
|
|
|
21,001
|
|
Interest and other expenses
|
|
|
1,425
|
|
|
1,858
|
|
|
2,620
|
|
|
3,708
|
|
Depreciation and amortization
|
|
|
7,557
|
|
|
5,551
|
|
|
14,714
|
|
|
10,988
|
|
Earnings before interest, taxes, depreciation and amortization
(EBITDA) (6)
|
|
|
41,580
|
|
|
36,100
|
|
|
90,556
|
|
|
62,880
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
|
1,034
|
|
|
596
|
|
|
1,163
|
|
|
596
|
|
Litigation and other gains
|
|
|
(440)
|
|
|
-
|
|
|
(440)
|
|
|
(1,150)
|
|
Adjusted EBITDA (6)
|
|
$
|
42,174
|
|
$
|
36,696
|
|
$
|
91,279
|
|
$
|
62,326
|
|
Adjusted EBITDA as a percentage of revenues (6)
|
|
|
20.1%
|
|
|
21.5%
|
|
|
21.7%
|
|
|
18.6%
|
|
HURON CONSULTING GROUP INC.
RECONCILIATION OF NET INCOME FROM CONTINUING OPERATIONS
TO ADJUSTED NET INCOME FROM CONTINUING OPERATIONS (6)
(In thousands)
(Unaudited)
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Net income from continuing operations
|
$
|
19,913
|
|
|
$
|
15,814
|
|
|
$
|
54,039
|
|
|
$
|
27,183
|
|
|
Weighted average shares - diluted
|
|
23,098
|
|
|
|
22,760
|
|
|
|
23,092
|
|
|
|
22,624
|
|
|
Diluted earnings per share from continuing operations
|
$
|
0.86
|
|
|
$
|
0.69
|
|
|
$
|
2.34
|
|
|
$
|
1.20
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
2,912
|
|
|
|
1,451
|
|
|
|
5,430
|
|
|
|
2,907
|
|
|
Restructuring charges
|
|
1,034
|
|
|
|
596
|
|
|
|
1,163
|
|
|
|
596
|
|
|
Litigation and other gains
|
|
(440
|
)
|
|
|
-
|
|
|
|
(440
|
)
|
|
|
(1,150
|
)
|
|
Tax effect
|
|
(1,402
|
)
|
|
|
(819
|
)
|
|
|
(2,461
|
)
|
|
|
(941
|
)
|
|
Net tax benefit related to "check-the-box" election
|
|
-
|
|
|
|
-
|
|
|
|
(10,244
|
)
|
|
|
-
|
|
|
Total adjustments, net of tax
|
|
2,104
|
|
|
|
1,228
|
|
|
|
(6,552
|
)
|
|
|
1,412
|
|
|
Adjusted net income from continuing operations (6)
|
$
|
22,017
|
|
|
$
|
17,042
|
|
|
$
|
47,487
|
|
|
$
|
28,595
|
|
|
Adjusted diluted earnings per share from continuing operations (6)
|
$
|
0.95
|
|
|
$
|
0.75
|
|
|
$
|
2.06
|
|
|
$
|
1.26
|
|
(6) In evaluating the Company's financial performance, management uses
earnings before interest, taxes, depreciation and amortization
("EBITDA"), Adjusted EBITDA, Adjusted EBITDA as a percentage of
revenues, Adjusted net income from continuing operations, and Adjusted
diluted earnings per share from continuing operations, which are
non-GAAP measures. Our management uses these non-GAAP financial measures
to gain an understanding of our comparative operating performance (when
comparing such results with previous periods or forecasts). These
non-GAAP financial measures are used by management in their financial
and operating decision making because management believes they reflect
our ongoing business in a manner that allows for meaningful
period-to-period comparisons. Management also uses these non-GAAP
financial measures when publicly providing our business outlook, for
internal management purposes, and as a basis for evaluating potential
acquisitions and dispositions. We believe that these non-GAAP financial
measures provide useful information to investors and others in
understanding and evaluating Huron's current operating performance and
future prospects in the same manner as management does, if they so
choose, and in comparing in a consistent manner Huron's current
financial results with Huron's past financial results. Investors should
recognize that these non-GAAP measures might not be comparable to
similarly titled measures of other companies. These measures should be
considered in addition to, and not as a substitute for or superior to,
any measure of performance, cash flows or liquidity prepared in
accordance with accounting principles generally accepted in the United
States.
|
HURON CONSULTING GROUP INC.
|
|
RECONCILIATION OF NON-GAAP MEASURES FOR FULL YEAR 2014 OUTLOOK
|
|
|
|
RECONCILIATION OF NET INCOME FROM CONTINUING OPERATIONS TO
|
|
ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND
AMORTIZATION (7)
|
|
(In millions)
|
|
(Unaudited)
|
|
|
|
Year Ending
December 31, 2014
|
|
|
|
Guidance Range
|
|
|
|
Low
|
|
High
|
|
Projected revenues - GAAP
|
|
$
|
805.0
|
|
|
$
|
825.0
|
|
|
Projected net income from continuing operations - GAAP
|
|
$
|
79.0
|
|
|
$
|
82.5
|
|
|
Add back:
|
|
|
|
|
|
Income tax expense
|
|
|
37.0
|
|
|
|
39.5
|
|
|
Interest and other expenses
|
|
|
5.7
|
|
|
|
5.7
|
|
|
Depreciation and amortization
|
|
|
30.0
|
|
|
|
30.0
|
|
Projected earnings before interest, taxes, depreciation and
amortization
(EBITDA) (7)
|
|
|
151.7
|
|
|
|
157.7
|
|
|
Add back:
|
|
|
|
|
|
Restructuring charges
|
|
|
1.2
|
|
|
|
1.2
|
|
|
Other gain
|
|
|
(0.4
|
)
|
|
|
(0.4
|
)
|
|
Projected adjusted EBITDA (7)
|
|
$
|
152.5
|
|
|
$
|
158.5
|
|
|
Projected adjusted EBITDA as a percentage of projected revenues
(7)
|
|
|
18.9%
|
|
|
|
19.2%
|
|
|
RECONCILIATION OF NET INCOME FROM CONTINUING OPERATIONS
TO ADJUSTED NET INCOME FROM CONTINUING OPERATIONS
(7)
(In millions)
(Unaudited)
|
|
|
|
|
|
|
|
Year Ending
December 31, 2014
|
|
|
|
Guidance Range
|
|
|
|
Low
|
|
High
|
|
Projected net income from continuing operations - GAAP
|
|
$
|
79.0
|
|
|
$
|
82.5
|
|
|
Projected diluted earnings per share from continuing operations -
GAAP
|
|
$
|
3.40
|
|
|
$
|
3.55
|
|
|
Add back:
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
10.5
|
|
|
|
10.5
|
|
|
Restructuring charges
|
|
|
1.2
|
|
|
|
1.2
|
|
|
Other gain
|
|
|
(0.4
|
)
|
|
|
(0.4
|
)
|
|
Tax effect
|
|
|
(4.6
|
)
|
|
|
(4.6
|
)
|
|
Net tax benefit related to "check-the-box" election
|
|
|
(10.2
|
)
|
|
|
(10.2
|
)
|
|
Total adjustments, net of tax
|
|
|
(3.5
|
)
|
|
|
(3.5
|
)
|
|
Projected adjusted net income from continuing operations (7)
|
|
$
|
75.5
|
|
|
$
|
79.0
|
|
Projected adjusted diluted earnings per share from
continuing
operations (7)
|
|
$
|
3.25
|
|
|
$
|
3.40
|
|
(7) In evaluating the Company's outlook, management uses Projected
EBITDA, Projected adjusted EBITDA, Projected adjusted EBITDA as a
percentage of revenues, Projected adjusted net income from continuing
operations, and Projected adjusted diluted earnings per share from
continuing operations, which are non-GAAP measures. Management believes
that the use of such measures, as supplements to Projected net income
from continuing operations and Projected diluted earnings per share from
continuing operations and other GAAP measures, are useful indicators for
investors. These useful indicators can help readers gain a meaningful
understanding of the Company's core operating results and future
prospects without the effect of non-cash or other one-time items.
Investors should recognize that these non-GAAP measures might not be
comparable to similarly titled measures of other companies. These
measures should be considered in addition to, and not as a substitute
for or superior to, any measure of performance, cash flows or liquidity
prepared in accordance with accounting principles generally accepted in
the United States.
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