The average number of full-time billable consultants (3) increased 13.6% to 1,303 in the first nine months of 2012 compared to 1,147 in the same period last year. Full-time billable consultant utilization rate was 75.4% during the first nine months of 2012 compared with 75.5% during the same period last year. Average billing rate per hour for full-time billable consultants (5) was $221 for the first nine months of 2012 compared to $249 for the same period last year. The average number of full-time equivalent professionals (6) increased slightly to 1,125 in the first nine months of 2012 from 1,101 in the comparable period of 2011.
Huron’s results reflect a portfolio of service offerings focused on helping clients address complex business challenges. The Company has three operating segments: Health and Education Consulting; Legal Consulting; and Financial Consulting, representing 66.2%, 30.0%, and 3.8% of year-to-date total revenues, respectively.
Financial results by segment are included in the attached schedules and in Huron’s forthcoming Form 10-Q for the quarter ended September 30, 2012.Acquisition On July 2, 2012, Huron closed the acquisition of AdamsGrayson, a managed review and legal staffing firm based in Washington, D.C., within the Company’s Legal Consulting segment. Outlook for 2012 Based on currently available information, the Company updated its outlook for full year 2012 revenues before reimbursable expenses in a range of $615.0 million to $625.0 million. The Company also anticipates EBITDA in a range of $92.5 million to $95.5 million, Adjusted EBITDA in a range of $112.5 million to $115.5 million, GAAP diluted earnings per share in a range of $1.55 to $1.65, and non-GAAP adjusted diluted earnings per share in a range of $2.25 to $2.35. Reconciliations of the non-GAAP measures included in the Company’s 2012 outlook are included in the attached schedules. Management will provide a more detailed discussion of its outlook during the Company’s earnings conference call webcast.