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10-Q Filing

HURON CONSULTING GROUP INC. CIK: 1289848 Q1 2014
Filing Information
Form Type 10-Q
Accession Number 0001193125-14-172462
Period End Date 20140331
Filing Date 20140430
Fiscal Year 2014
Fiscal Period Q1
XBRL Instance hurn-20140331.xml
Filing Contents
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 500.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 500.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $5.75M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 25.25M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $21.64M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $25.16M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 25.69M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $58.13M USD Point-in-time
Receivables from clients, net AccountsReceivableNetCurrent $123.75M USD Point-in-time
Treasury stock, shares TreasuryStockShares 2.04M shares Point-in-time
Receivables from clients, net AccountsReceivableNetCurrent $100.22M USD Point-in-time
Treasury stock, shares TreasuryStockShares 1.99M shares Point-in-time
Unbilled services, net UnbilledServicesNetCurrent $55.12M USD Point-in-time
Unbilled services, net UnbilledServicesNetCurrent $89.66M USD Point-in-time
Income tax receivable IncomeTaxesReceivable $270.00K USD Point-in-time
Income tax receivable IncomeTaxesReceivable $11.06M USD Point-in-time
Deferred income taxes, net DeferredTaxAssetsNetCurrent $15.50M USD Point-in-time
Deferred income taxes, net DeferredTaxAssetsNetCurrent $7.99M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpensesAndOtherCurrentAssets $19.74M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpensesAndOtherCurrentAssets $12.91M USD Point-in-time
Total current assets AssetsCurrent $272.51M USD Point-in-time
Total current assets AssetsCurrent $243.47M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $38.74M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $38.95M USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $16.48M USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $16.14M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $21.22M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $24.40M USD Point-in-time
Goodwill Goodwill $536.64M USD Point-in-time
Goodwill Goodwill $544.87M USD Point-in-time
Total assets Assets $867.84M USD Point-in-time
Total assets Assets $885.60M USD Point-in-time
Accounts payable AccountsPayableCurrent $9.07M USD Point-in-time
Accounts payable AccountsPayableCurrent $8.19M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $20.47M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $19.18M USD Point-in-time
Accrued payroll and related benefits EmployeeRelatedLiabilitiesCurrent $97.68M USD Point-in-time
Accrued payroll and related benefits EmployeeRelatedLiabilitiesCurrent $37.68M USD Point-in-time
Bank borrowings, current portion LongTermDebtCurrent $25.00M USD Point-in-time
Bank borrowings, current portion LongTermDebtCurrent $25.00M USD Point-in-time
Accrued consideration for business acquisitions AccruedConsiderationForBusinessAcquisitionsCurrent $5.84M USD Point-in-time
Accrued consideration for business acquisitions AccruedConsiderationForBusinessAcquisitionsCurrent $5.18M USD Point-in-time
Income tax payable AccruedIncomeTaxesCurrent $2.92M USD Point-in-time
Income tax payable AccruedIncomeTaxesCurrent $2.00K USD Point-in-time
Deferred revenues DeferredRevenueCurrent $15.25M USD Point-in-time
Deferred revenues DeferredRevenueCurrent $13.70M USD Point-in-time
Total current liabilities LiabilitiesCurrent $173.38M USD Point-in-time
Total current liabilities LiabilitiesCurrent $111.77M USD Point-in-time
Deferred compensation and other liabilities DeferredCompensationAndOtherLiabilities $8.90M USD Point-in-time
Deferred compensation and other liabilities DeferredCompensationAndOtherLiabilities $5.36M USD Point-in-time
Bank borrowings, net of current portion LongTermDebtNoncurrent $137.50M USD Point-in-time
Bank borrowings, net of current portion LongTermDebtNoncurrent $143.75M USD Point-in-time
Deferred lease incentives DeferredRentCreditNoncurrent $12.36M USD Point-in-time
Deferred lease incentives DeferredRentCreditNoncurrent $13.50M USD Point-in-time
Deferred income taxes, net DeferredTaxLiabilitiesNoncurrent $20.49M USD Point-in-time
Deferred income taxes, net DeferredTaxLiabilitiesNoncurrent $22.79M USD Point-in-time
Total non-current liabilities LiabilitiesNoncurrent $182.69M USD Point-in-time
Total non-current liabilities LiabilitiesNoncurrent $181.95M USD Point-in-time
Commitments and Contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies CommitmentsAndContingencies - USD Point-in-time
Common stock; $0.01 par value; 500,000,000 shares authorized; 25,694,215 and 25,246,565 shares issued at March 31, 2014 and December 31, 2013, respectively CommonStockValue $248.00K USD Point-in-time
Common stock; $0.01 par value; 500,000,000 shares authorized; 25,694,215 and 25,246,565 shares issued at March 31, 2014 and December 31, 2013, respectively CommonStockValue $245.00K USD Point-in-time
Treasury stock, at cost, 2,040,395 and 1,993,769 shares at March 31, 2014 and December 31, 2013, respectively TreasuryStockValue $88.09M USD Point-in-time
Treasury stock, at cost, 2,040,395 and 1,993,769 shares at March 31, 2014 and December 31, 2013, respectively TreasuryStockValue $91.15M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $455.32M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $443.14M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $209.89M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $175.76M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-927.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-797.00K USD Point-in-time
Total stockholders' equity StockholdersEquity $530.26M USD Point-in-time
Total stockholders' equity StockholdersEquity $573.38M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $867.84M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $885.60M USD Point-in-time
Income Statement 67 line items
Line Item Tag Value Unit Period
Revenues SalesRevenueServicesNet $210.73M USD 1 Quarter
Revenues SalesRevenueServicesNet $164.04M USD 1 Quarter
Reimbursable expenses ReimbursementRevenue $15.34M USD 1 Quarter
Reimbursable expenses ReimbursementRevenue $19.10M USD 1 Quarter
Total revenues and reimbursable expenses Revenues $179.37M USD 1 Quarter
Total revenues and reimbursable expenses Revenues $229.83M USD 1 Quarter
Direct costs CostOfServices $106.13M USD 1 Quarter
Direct costs CostOfServices $123.61M USD 1 Quarter
Amortization of intangible assets and software development costs CostOfServicesDepreciationAndAmortization $658.00K USD 1 Quarter
Amortization of intangible assets and software development costs CostOfServicesDepreciationAndAmortization $1.10M USD 1 Quarter
Reimbursable expenses CostOfReimbursableExpense $19.43M USD 1 Quarter
Reimbursable expenses CostOfReimbursableExpense $15.35M USD 1 Quarter
Total direct costs and reimbursable expenses CostOfRevenue $122.14M USD 1 Quarter
Total direct costs and reimbursable expenses CostOfRevenue $144.14M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $32.26M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $37.69M USD 1 Quarter
Restructuring charges RestructuringCharges $129.00K USD 1 Quarter
Litigation settlement gain GainLossRelatedToLitigationSettlement $1.15M USD 1 Quarter
Litigation settlement gain GainLossRelatedToLitigationSettlement $-1.20M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $4.78M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $6.06M USD 1 Quarter
Total operating expenses and other operating gains OperatingExpensesNetOfGains $43.87M USD 1 Quarter
Total operating expenses and other operating gains OperatingExpensesNetOfGains $35.89M USD 1 Quarter
Operating income OperatingIncomeLoss $21.34M USD 1 Quarter
Operating income OperatingIncomeLoss $41.82M USD 1 Quarter
Interest expense, net of interest income InterestExpenseNetOfInterestIncome $1.37M USD 1 Quarter
Interest expense, net of interest income InterestExpenseNetOfInterestIncome $1.86M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $13.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $176.00K USD 1 Quarter
Total other expense, net NonoperatingIncomeExpense $-1.20M USD 1 Quarter
Total other expense, net NonoperatingIncomeExpense $-1.85M USD 1 Quarter
Income from continuing operations before income tax expense IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $40.62M USD 1 Quarter
Income from continuing operations before income tax expense IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $19.49M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $8.12M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $6.50M USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperations $11.37M USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperations $34.13M USD 1 Quarter
Loss from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity $-32.00K USD 1 Quarter
Loss from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity - USD 1 Quarter
Net income NetIncomeLoss $34.13M USD 1 Quarter
Net income NetIncomeLoss $11.34M USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperationsPerBasicShare $1.51 USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperationsPerBasicShare $0.51 USD 1 Quarter
Loss from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare - USD 1 Quarter
Loss from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare - USD 1 Quarter
Net income EarningsPerShareBasic $1.51 USD 1 Quarter
Net income EarningsPerShareBasic $0.51 USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperationsPerDilutedShare $1.48 USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperationsPerDilutedShare $0.51 USD 1 Quarter
Loss from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $-0.01 USD 1 Quarter
Loss from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare - USD 1 Quarter
Net income EarningsPerShareDiluted $1.48 USD 1 Quarter
Net income EarningsPerShareDiluted $0.50 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 22.59M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 22.14M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 23.09M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 22.49M shares 1 Quarter
Net income NetIncomeLoss $34.13M USD 1 Quarter
Net income NetIncomeLoss $11.34M USD 1 Quarter
Foreign currency translation loss, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-106.00K USD 1 Quarter
Foreign currency translation loss, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-997.00K USD 1 Quarter
Unrealized gain (loss) on cash flow hedging instruments, net of tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax $-24.00K USD 1 Quarter
Unrealized gain (loss) on cash flow hedging instruments, net of tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax $68.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-929.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-130.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $10.41M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $34.00M USD 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $34.13M USD 1 Quarter
Net income NetIncomeLoss $11.34M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $5.44M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $7.16M USD 1 Quarter
Share-based compensation ShareBasedCompensation $5.14M USD 1 Quarter
Share-based compensation ShareBasedCompensation $4.63M USD 1 Quarter
Allowances for doubtful accounts and unbilled services AllowancesForDoubtfulAccountsAndUnbilledServices $6.95M USD 1 Quarter
Allowances for doubtful accounts and unbilled services AllowancesForDoubtfulAccountsAndUnbilledServices $-72.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $6.08M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $9.83M USD 1 Quarter
(Increase) decrease in receivables from clients IncreaseDecreaseInAccountsReceivable $4.74M USD 1 Quarter
(Increase) decrease in receivables from clients IncreaseDecreaseInAccountsReceivable $-27.76M USD 1 Quarter
(Increase) decrease in unbilled services IncreaseDecreaseInUnbilledReceivables $34.33M USD 1 Quarter
(Increase) decrease in unbilled services IncreaseDecreaseInUnbilledReceivables $18.42M USD 1 Quarter
(Increase) decrease in current income tax receivable / payable, net IncreaseDecreaseInCurrentIncomeTaxReceivablePayableNet $13.70M USD 1 Quarter
(Increase) decrease in current income tax receivable / payable, net IncreaseDecreaseInCurrentIncomeTaxReceivablePayableNet $8.51M USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-2.46M USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-5.78M USD 1 Quarter
Increase (decrease) in accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $8.29M USD 1 Quarter
Increase (decrease) in accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-1.16M USD 1 Quarter
Increase (decrease) in accrued payroll and related benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-57.17M USD 1 Quarter
Increase (decrease) in accrued payroll and related benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-27.02M USD 1 Quarter
Increase (decrease) in deferred revenues IncreaseDecreaseInDeferredRevenue $-1.96M USD 1 Quarter
Increase (decrease) in deferred revenues IncreaseDecreaseInDeferredRevenue $-34.00K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $-22.99M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $-9.16M USD 1 Quarter
Purchases of property and equipment, net PaymentsToAcquirePropertyPlantAndEquipment $4.84M USD 1 Quarter
Purchases of property and equipment, net PaymentsToAcquirePropertyPlantAndEquipment $5.41M USD 1 Quarter
Net investment in life insurance policies PaymentsForProceedsFromLifeInsurancePolicies $507.00K USD 1 Quarter
Net investment in life insurance policies PaymentsForProceedsFromLifeInsurancePolicies $167.00K USD 1 Quarter
Purchases of businesses PaymentsToAcquireBusinessesNetOfCashAcquired $17.43M USD 1 Quarter
Capitalization of internally developed software PaymentsToDevelopSoftware $692.00K USD 1 Quarter
Proceeds from note receivable ProceedsFromSaleAndCollectionOfNotesReceivable $219.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-22.22M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-6.61M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $27.00K USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $740.00K USD 1 Quarter
Shares redeemed for employee tax withholdings PaymentsRelatedToTaxWithholdingForShareBasedCompensation $3.07M USD 1 Quarter
Shares redeemed for employee tax withholdings PaymentsRelatedToTaxWithholdingForShareBasedCompensation $565.00K USD 1 Quarter
Tax benefit from share-based compensation ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $3.48M USD 1 Quarter
Tax benefit from share-based compensation ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $803.00K USD 1 Quarter
Proceeds from borrowings under credit facility ProceedsFromLongTermLinesOfCredit $22.00M USD 1 Quarter
Repayments on credit facility RepaymentsOfLongTermDebt $12.00M USD 1 Quarter
Repayments on credit facility RepaymentsOfLongTermDebt $6.25M USD 1 Quarter
Payments for capital lease obligations RepaymentsOfLongTermCapitalLeaseObligations $21.00K USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-5.12M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $10.27M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $14.00K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $-77.00K USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-36.49M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-19.41M USD 1 Quarter
Cash and cash equivalents at beginning of the period CashAndCashEquivalentsAtCarryingValue $5.75M USD Point-in-time
Cash and cash equivalents at beginning of the period CashAndCashEquivalentsAtCarryingValue $21.64M USD Point-in-time
Cash and cash equivalents at beginning of the period CashAndCashEquivalentsAtCarryingValue $25.16M USD Point-in-time
Cash and cash equivalents at beginning of the period CashAndCashEquivalentsAtCarryingValue $58.13M USD Point-in-time
Cash and cash equivalents at end of the period CashAndCashEquivalentsAtCarryingValue $5.75M USD Point-in-time
Cash and cash equivalents at end of the period CashAndCashEquivalentsAtCarryingValue $21.64M USD Point-in-time
Cash and cash equivalents at end of the period CashAndCashEquivalentsAtCarryingValue $25.16M USD Point-in-time
Cash and cash equivalents at end of the period CashAndCashEquivalentsAtCarryingValue $58.13M USD Point-in-time
Property and equipment expenditures included in accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $4.17M USD 1 Quarter
Property and equipment expenditures included in accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $1.60M USD 1 Quarter
Contingent consideration related to business acquisitions OtherSignificantNoncashTransactionValueOfConsiderationGiven1 $590.00K USD 1 Quarter
Stockholders Equity 11 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquity $530.26M USD Point-in-time
Beginning Balance StockholdersEquity $573.38M USD Point-in-time
Comprehensive income ComprehensiveIncomeNetOfTax $10.41M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $34.00M USD 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $740.00K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $7.97M USD 1 Quarter
Shares redeemed for employee tax withholdings PaymentsRelatedToTaxWithholdingForShareBasedCompensation $3.07M USD 1 Quarter
Shares redeemed for employee tax withholdings PaymentsRelatedToTaxWithholdingForShareBasedCompensation $565.00K USD 1 Quarter
Income tax benefit on share-based compensation AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation $3.48M USD 1 Quarter
Ending Balance StockholdersEquity $530.26M USD Point-in-time
Ending Balance StockholdersEquity $573.38M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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