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Huron Consulting Group Announces Fourth Quarter And Full Year 2012 Financial Results

EBITDA (7) was $95.8 million for the full year 2012 compared to $79.3 million for the same period in 2011.

In evaluating the Company’s financial performance, management uses non-GAAP financial measures, which exclude the effect of the following items (in thousands):
     

Twelve Months Ended December 31,
2012   2011
Amortization of intangible assets $ 6,987 $ 8,165
Restatement related expenses $ 1,785 $ 4,579
Restructuring charges $ 4,004 $ 3,829
Litigation settlements, net $ 1,150 $ 1,096
Goodwill impairment charge $ 13,083 $ 21,973
Tax effect $ (10,737 ) $ (15,457 )
 

Adjusted EBITDA (7) was $115.8 million, or 18.5% of revenues, for the full year 2012 compared to $110.8 million, or 18.3% of revenues, in the comparable period last year. Adjusted net income from continuing operations (7) was $52.2 million, or $2.34 per diluted share, for the full year 2012 compared to $45.7 million, or $2.11 per diluted share, for the comparable period in 2011.

The average number of full-time billable consultants (2) was 1,332 for the full year 2012 compared to 1,167 in the same period last year. Full-time billable consultant utilization rate (3) was 75.6% for the full year 2012 compared with 75.3% during the same period last year. Average billing rate per hour for full-time billable consultants (4) was $229 for the full year 2012 compared to $252 for the full year 2011. The average number of full-time equivalent professionals (5) was 1,200 for the full year 2012 compared to 1,166 in the comparable period of 2011.

Operating Segments

Huron’s results reflect a portfolio of service offerings focused on helping clients address complex business challenges. The Company has three operating segments as follows: Health and Education Consulting, Legal Consulting, and Financial Consulting, representing 67.0%, 29.5% and 3.5% of full year 2012 total revenues, respectively.

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