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Huron Consulting Group Inc.$34.30$.30.88%

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 Huron Announces Second Quarter 2017 Financial Results and Updates 2017 Guidance
   Thursday, July 27, 2017 4:05:08 PM ET

--Revenues were $181.4 million in Q2 2017 compared to $184.3 million in Q2 2016.

--Net loss from continuing operations, which includes a non-cash pretax goodwill impairment charge of $209.6 million related to the company’s Healthcare segment, was $150.5 million in Q2 2017 compared to net income from continuing operations of $16.1 million in Q2 2016.

--Adjusted EBITDA(6), a non-GAAP measure, was $24.5 million in Q2 2017 compared to $41.6 million in Q2 2016.

--Diluted loss per share from continuing operations was $7.00 in Q2 2017 compared to diluted earnings per share from continuing operations of $0.76 in Q2 2016.

--Adjusted diluted earnings per share from continuing operations(6), a non-GAAP measure, was $0.49 in Q2 2017 compared to $1.09 in Q2 2016.

--Huron reorganized its internal financial reporting structure by moving its Life Sciences practice from the Education and Life Sciences segment to the Business Advisory segment. Historical segment data has been recast for consistent presentation.

--Year to Date 2017 Highlights and 2017 Guidance

--Revenues increased to $370.3 million for the first six months of 2017 compared to $364.7 million for the same period in 2016.

--Net loss from continuing operations was $145.3 million for the first six months of 2017, compared to net income from continuing operations of $23.0 million for the same period in 2016.

--Adjusted EBITDA(6) was $51.6 million for the first six months of 2017 compared to $68.3 million for the same period in 2016.

--Diluted loss per share from continuing operations was $6.80 for the first six months of 2017 compared to diluted earnings per share from continuing operations of $1.07 for the first six months of 2016.

--Adjusted diluted earnings per share from continuing operations(6) was $1.04 for the first six months of 2017 compared to $1.71 for the first six months of 2016.

--Huron updates full year 2017 guidance, including revenue expectations in a range of $730.0 million to $750.0 million.

Global professional services firm Huron (HURN ) today announced financial results from continuing operations for the second quarter ended June 30, 2017.

"Our Business Advisory and Education segments continued to meet our expectations during the second quarter," said James H. Roth, chief executive officer and president of Huron. "While our Healthcare segment remained challenged, we have recently seen positive indications related to demand for our services and have made substantial changes to reposition this business for growth. At the same time, hospitals and health systems continue to face regulatory and funding uncertainty, which keeps us cautious about near-term growth."

"Our clients are facing immense and rapid change, and Huron has a strong track record of helping clients transform their organizations as they strive to strengthen their businesses today while creating growth opportunities for tomorrow," added Roth.

SECOND QUARTER 2017 RESULTS FROM CONTINUING OPERATIONS

Revenues were $181.4 million for the second quarter of 2017 compared to $184.3 million for the second quarter of 2016. Second quarter 2017 revenues included $19.8 million from Huron’s acquisitions of Innosight Holdings, LLC (Innosight), Healthcare Services Management, Inc. (HSM Consulting), and Pope Woodhead and Associates Limited (Pope Woodhead), all of which were completed subsequent to the second quarter of 2016. Second quarter 2017 revenues also included a full quarter impact of Huron’s acquisition of the U.S. assets of ADI Strategies, Inc. (ADI Strategies) and revenues from the acquisition of the international assets of ADI Strategies. These acquisitions were completed in May 2016 and April 2017, respectively, and have been fully integrated into the Business Advisory segment.

Net loss from continuing operations was $150.5 million for the second quarter of 2017 compared to net income from continuing operations of $16.1 million for the same period last year. Second quarter 2017 results reflect a non-cash pretax charge of $209.6 million to reduce the carrying value of goodwill in the company’s Healthcare segment. The impairment charge is non-cash in nature and does not affect the company’s liquidity or debt covenants. Diluted loss per share from continuing operations was $7.00 for the second quarter of 2017, compared to diluted earnings per share from continuing operations of $0.76 for the second quarter of 2016.

Second quarter 2017 loss before interest, taxes, depreciation and amortization(6) was $186.6 million, compared to earnings before interest, taxes, depreciation and amortization ("EBITDA")(6) of $39.9 million in the comparable quarter last year.

In addition to using EBITDA to evaluate the company’s financial performance, management uses other non-GAAP financial measures, which exclude the effect of the following items (in thousands):

                                                            Three Months Ended
                                                                                    June 30,
                                                            --------------------------------------------------------
                                                                 2017               2016
                                                            --------------                     ---------------------
Amortization of intangible assets                            $   8,945                          $          8,153
Restructuring charges                                        $   3,669                          $          1,747
Other gains, net                                             $  (1,102 )                        $ --
Goodwill impairment charge                                   $ 209,600                          $ --
Non-cash interest on convertible notes                       $   1,951                          $          1,861
Gain on sale of business                                     $    (931 )                        $ --
Foreign currency transaction gains                           $     (81 )                        $             (7 )
Tax effect                                                   $ (61,070 )                        $         (4,622 )

Adjusted EBITDA(6) was $24.5 million, or 13.5% of revenues, in the second quarter of 2017, compared to $41.6 million, or 22.6% of revenues, in the comparable quarter last year. Adjusted net income from continuing operations(6) was $10.6 million, or $0.49 per diluted share, for the second quarter of 2017, compared to $23.3 million, or $1.09 per diluted share, for the comparable period in 2016.

The average number of full-time billable consultants(2) increased 6.7% to 2,026 in the second quarter of 2017 compared to 1,898 in the same quarter last year. Full-time billable consultant utilization rate(3) was 75.1% during the second quarter of 2017 compared to 75.6% during the same period last year. Average billing rate per hour for full-time billable consultants(4) was $194 for the second quarter of 2017 compared to $216 for the second quarter of 2016. The average number of full-time equivalent professionals(5) was 266 in the second quarter of 2017 compared to 255 for the comparable period in 2016.

YEAR-TO-DATE 2017 RESULTS FROM CONTINUING OPERATIONS

Revenues increased to $370.3 million for the first half of 2017 compared to $364.7 million for the first half of 2016. Revenues for the six months ended June 30, 2017 included $32.7 million from Huron’s acquisitions of Innosight, HSM Consulting and Pope Woodhead, all of which were completed subsequent to the second quarter of 2016, and $0.3 million of incremental revenues due to the full quarter impact of the acquisition of MyRounding Solutions, LLC, which was completed in February 2016. Revenues for the first six months of 2017 also included a full period impact of Huron’s acquisition of the U.S. assets of ADI Strategies and revenues from acquisition of the international assets of ADI Strategies. These acquisitions were completed in May 2016 and April 2017, respectively, and have been fully integrated into the Business Advisory segment.

Net loss from continuing operations was $145.3 million for the first half of 2017 compared to net income from continuing operations of $23.0 million for the same period last year. Results for the six months ended June 30, 2017 reflect a non-cash pretax charge of $209.6 million to reduce the carrying value of goodwill in the company’s Healthcare segment. The impairment charge is non-cash in nature and does not affect the company’s liquidity or debt covenants. Diluted loss per share from continuing operations was $6.80 for the first half of 2017, compared to diluted earnings per share from continuing operations of $1.07 for the same prior year period.

Loss before interest, taxes, depreciation, and amortization(6) for the first half of 2017 was $159.8 million, compared to EBITDA of $65.5 million in the comparable period last year.

In addition to using EBITDA to evaluate the company’s financial performance, management uses other non-GAAP financial measures, which exclude the effect of the following items (in thousands):

                                                             Six Months Ended
                                                                                    June 30,
                                                            --------------------------------------------------------
                                                                 2017               2016
                                                            --------------                     ---------------------
Amortization of intangible assets                            $  17,597                          $         15,598
Restructuring charges                                        $   3,948                          $          3,080
Other gains, net                                             $  (1,102 )                        $ --
Goodwill impairment charge                                   $ 209,600                          $ --
Non-cash interest on convertible notes                       $   3,879                          $          3,699
Gain on sale of business                                     $    (931 )                        $ --
Foreign currency transaction gains                           $     (64 )                        $           (354 )
Tax effect                                                   $ (65,262 )                        $         (8,794 )

Adjusted EBITDA(6) was $51.6 million, or 13.9% of revenues, in the first half of 2017, compared to $68.3 million, or 18.7% of revenues, in the comparable period last year. Adjusted net income from continuing operations(6) was $22.4 million, or $1.04 per diluted share, for the first six months of 2017, compared to $36.6 million, or $1.71 per diluted share, for the comparable period in 2016.

The average number of full-time billable consultants(2) increased 7.1% to 1,995 in the first half of 2017 compared to 1,863 in the same period last year. Full-time billable consultant utilization rate(3) was 76.1% for both the six months ended June 30, 2017 and 2016. Average billing rate per hour for full-time billable consultants(4) was $204 for the first half of 2017 compared to $215 for the same period last year. The average number of full-time equivalent professionals(5) was 270 in the first half of 2017 compared to 250 for the comparable period in 2016.

OPERATING SEGMENTS

Huron’s results reflect a portfolio of service offerings focused on helping clients address complex business challenges.

During the second quarter of 2017, the company reorganized its internal financial reporting structure by moving its Life Sciences practice from the Education and Life Sciences segment to the Business Advisory segment. The remaining Education and Life Sciences segment is now referred to as the Education segment. While Huron’s consolidated results have not been impacted, the company has recast its historical segment information for consistent presentation.

The company’s year-to-date 2017 revenues by operating segment as a percentage of total company revenues are as follows: Healthcare (49%); Education (23%); and Business Advisory (28%). Financial results by segment are included in the attached schedules and in Huron’s forthcoming Quarterly Report on Form 10-Q filing for the quarter ended June 30, 2017.

ACQUISITIONS

On April 1, 2017, the company completed its acquisition of the international assets of ADI Strategies in Dubai and India. Huron acquired the U.S. assets of ADI Strategies in the second quarter of 2016. ADI Strategies is a leading enterprise performance management, risk management and business intelligence firm. The acquisition strengthens Huron’s technology and analytics competencies and expands its global reach. The international results of operations of ADI Strategies have been included in the consolidated financial statements and results of operations of the Business Advisory segment from the date of acquisition.

OUTLOOK FOR 2017(8)

Based on currently available information, the company updated its outlook for full year 2017. The company now anticipates full year 2017 revenues before reimbursable expenses in a range of $730.0 million to $750.0 million. The company also anticipates a net loss in the range of $134.0 million to $131.0 million, loss before interest, taxes, depreciation and amortization in a range of $111.0 million to $105.0 million, and GAAP diluted loss per share in a range of $6.25 to $6.15, all of which reflect a pretax non-cash goodwill impairment charge of $209.6 million. Excluding this charge, the company anticipates adjusted EBITDA in a range of $102.0 million to $108.0 million and non-GAAP adjusted diluted earnings per share in a range of $2.20 to $2.30.

Management will provide a more detailed discussion of its outlook during the company’s earnings conference call webcast.

SECOND QUARTER 2017 WEBCAST

The company will host a webcast to discuss its financial results today, July 27, 2017, at 5:00 p.m. Eastern Time (4:00 p.m. Central Time). The conference call is being webcast by NASDAQ and can be accessed at Huron’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 (loss) from continuing operations, and adjusted diluted earnings (loss) per share from continuing operations, which are non-GAAP measures. Management uses these non-GAAP financial measures to gain an understanding of the company’s 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 the company’s ongoing business in a manner that allows for meaningful period-to-period comparisons. Management also uses these non-GAAP financial measures when publicly providing their business outlook, for internal management purposes, and as a basis for evaluating potential acquisitions and dispositions. Management believes 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.

ABOUT HURON

Huron is a global professional services firm committed to achieving sustainable results in partnership with its clients. The company brings depth of expertise in strategy, technology, operations, advisory services and analytics to drive lasting and measurable results in the healthcare, higher education, life sciences and commercial sectors. Through focus, passion and collaboration, Huron provides guidance to support organizations as they contend with the change transforming their industries and businesses. 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, 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," "continues," or "outlook" or similar expressions. These forward-looking statements reflect the company’s current expectations about future requirements and needs, results, levels of activity, performance, or achievements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: failure to achieve expected utilization rates, billing rates and the number of revenue-generating professionals; inability to expand or adjust our service offerings in response to market demands; our dependence on renewal of client-based services; dependence on new business and retention of current clients and qualified personnel; failure to maintain third-party provider relationships and strategic alliances; inability to license technology to and from third parties; the impairment of goodwill; various factors related to income and other taxes; difficulties in successfully integrating the businesses we acquire and achieving expected benefits from such acquisitions; risks relating to privacy, information security, and related laws and standards; and a general downturn in market conditions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, including, among others, those described under "Item 1A. Risk Factors" in Huron’s Annual Report on Form 10-K for the year ended December 31, 2016 and under Part II, Item 1A. "Risk Factors" in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, 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. The company disclaims 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 OPERATIONS AND OTHER COMPREHENSIVE
                                                                                                                                                INCOME
                                                                                                                               (In thousands, except per share amounts)
                                                                                                                                              (Unaudited)
                                                                                                                                                                   
                                                                                                                             Three Months Ended                                                                                                 Six Months Ended
                                                                                                                                  June 30,                                                                                                          June 30,
                                                                                        ---------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------
                                                                                                       2017                                  2016                                                     2017                                  2016
                                                                                        -----------------------------------                     -------------------------------------                     -----------------------------------                     -------------------------------------
Revenues and reimbursable expenses:
Revenues                                                                                   $  181,418                                                 $ 184,259                                              $  370,267                                                 $ 364,748
Reimbursable expenses                                                                          20,930                                 18,982                               37,880                                 35,543  
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
    Total revenues and reimbursable expenses                                                  202,348                                                   203,241                                                 408,147                                                   400,291
Direct costs and reimbursable expenses (exclusive of
depreciation and amortization shown in operating expenses):
Direct costs                                                                                  113,669                                                   103,099                                                 229,410                                                   214,956
Amortization of intangible assets and software development costs                                2,745                                                     3,840                                                   5,731                                                     7,226
Reimbursable expenses                                                                          20,953                                 19,164                               37,822                                 35,791  
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
    Total direct costs and reimbursable expenses                                              137,367                                126,103                              272,963                                257,973  
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
Operating expenses and other gains, net:
Selling, general and administrative expenses                                                   43,705                                                    39,624                                                  90,561                                                    81,681
Restructuring charges                                                                           3,669                                                     1,747                                                   3,948                                                     3,080
Other gains, net                                                                               (1,102 )                                          --                                                  (1,102 )                                          --
Depreciation and amortization                                                                   9,684                                                     7,558                                                  18,603                                                    14,972
Goodwill impairment charge                                                                    209,600                         --                              209,600                         --  
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
    Total operating expenses and other gains, net                                             265,556                                 48,929                              321,610                                 99,733  
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
Operating income (loss)                                                                      (200,575 )                                                  28,209                                                (186,426 )                                                  42,585
Other income (expense), net:
Interest expense, net of interest income                                                       (4,927 )                                                  (4,123 )                                                (8,931 )                                                  (8,094 )
Other income, net                                                                               1,516                                    276                                2,274                                    747  
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
    Total other expense, net                                                                   (3,411 )                                                  (3,847 )                                                (6,657 )                                                  (7,347 )
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
Income (loss) from continuing operations before income tax expense                           (203,986 )                                                  24,362                                                (193,083 )                                                  35,238
Income tax expense (benefit)                                                                  (53,504 )                                                   8,223                              (47,756 )                                                  12,233  
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
Net income (loss) from continuing operations                                                 (150,482 )                                                  16,139                                                (145,327 )                                                  23,005
Income (loss) from discontinued operations, net of tax                                            309                                   (970 )                                                   452                                 (1,834 )
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
Net income (loss)                                                                          $ (150,173 )                                               $  15,169                           $ (144,875 )                                               $  21,171  
                                                                                        ==== ======== ====================                      ======= ======= ====================                      ==== ======== ====================                      ======= ======= ====================
Net earnings (loss) per basic share:
    Net income (loss) from continuing operations                                           $    (7.00 )                                               $    0.77                                              $    (6.80 )                                               $    1.09
    Income (loss) from discontinued operations, net of tax                                       0.01                                  (0.05 )                                                  0.02                                  (0.09 )
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
    Net income (loss)                                                                      $    (6.99 )                                               $    0.72                           $    (6.78 )                                               $    1.00  
                                                                                        ==== ======== ====================                      ======= ======= ====================                      ==== ======== ====================                      ======= ======= ====================
Net earnings (loss) per diluted share:
    Net income (loss) from continuing operations                                           $    (7.00 )                                               $    0.76                                              $    (6.80 )                                               $    1.07
    Income (loss) from discontinued operations, net of tax                                       0.01                                  (0.05 )                                                  0.02                                  (0.08 )
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
    Net income (loss)                                                                      $    (6.99 )                                               $    0.71                           $    (6.78 )                                               $    0.99  
                                                                                        ==== ======== ====================                      ======= ======= ====================                      ==== ======== ====================                      ======= ======= ====================
Weighted average shares used in calculating earnings per share:
    Basic                                                                                      21,492                                                    21,061                                                  21,366                                                    21,088
    Diluted                                                                                    21,492                                                    21,376                                                  21,366                                                    21,418
Comprehensive income (loss):
Net income (loss)                                                                          $ (150,173 )                                               $  15,169                                              $ (144,875 )                                               $  21,171
Foreign currency translation adjustments, net of tax                                              802                                                       (19 )                                                 1,226                                                         2
Unrealized gain (loss) on investment, net of tax                                               (1,246 )                                                    (597 )                                                   531                                                       875
Unrealized loss on cash flow hedging instruments, net of tax                                      (72 )                                                     (34 )                                                   (27 )                                                    (148 )
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
Other comprehensive income (loss)                                                                (516 )                                                    (650 )                                                 1,730                                    729  
                                                                                        ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
Comprehensive income (loss)                                                                $ (150,689 )                                               $  14,519                           $ (143,145 )                                               $  21,900  
                                                                                        ==== ======== ====================                      ======= ======= ====================                      ==== ======== ====================                      ======= ======= ====================
                                                                                  HURON CONSULTING GROUP INC.
                                                                                  CONSOLIDATED BALANCE SHEETS
                                                                      (In thousands, except share and per share amounts)
                                                                                          (Unaudited)
                                                                                                                 
                                                                                                           June 30,                                                  December 31,
                                                                                                             2017                                                        2016
                                                                                            ---------------------------------------                     ---------------------------------------
Assets
Current assets:
    Cash and cash equivalents                                                                     $    13,592                                                 $    17,027
    Receivables from clients, net                                                                      93,083                                                      94,246
    Unbilled services, net                                                                             62,117                                                      51,290
    Income tax receivable                                                                               2,988                                                       4,211
    Prepaid expenses and other current assets                                                          16,871                                   13,308  
                                                                                            --------------------------------------                      --------------------------------------
      Total current assets                                                                            188,651                                                     180,082
Property and equipment, net                                                                            46,977                                                      32,434
Deferred income taxes, net                                                                             15,421                                              --
Long-term investment                                                                                   35,546                                                      34,675
Other non-current assets                                                                               28,565                                                      24,814
Intangible assets, net                                                                                 89,489                                                      81,348
Goodwill                                                                                              688,836                                  799,862  
                                                                                            --------------------------------------                      --------------------------------------
Total assets                                                                                      $ 1,093,485                              $ 1,153,215  
                                                                                            ======= ========= ====================                      ======= ========= ====================
Liabilities and stockholders’ equity
Current liabilities:
    Accounts payable                                                                              $     8,107                                                 $     7,273
    Accrued expenses and other current liabilities                                                     28,268                                                      19,788
    Accrued payroll and related benefits                                                               51,549                                                      82,669
    Accrued contingent consideration for business acquisitions                                          6,107                                                       1,985
    Deferred revenues                                                                                  24,689                                   24,053  
                                                                                            --------------------------------------                      --------------------------------------
      Total current liabilities                                                                       118,720                                                     135,768
Non-current liabilities:
    Deferred compensation and other liabilities                                                        25,939                                                      24,171
    Accrued contingent consideration for business acquisitions, net of                                 15,362                                                       6,842
    current portion
    Long-term debt, net of current portion                                                            400,173                                                     292,065
    Deferred lease incentives                                                                          15,284                                                      10,703
    Deferred income taxes, net                                                                 --                                   35,633  
                                                                                            --------------------------------------                      --------------------------------------
      Total non-current liabilities                                                                   456,758                                                     369,414
Commitments and contingencies
Stockholders’ equity
Common stock; $0.01 par value; 500,000,000 shares authorized;                                             241                                                         235
24,512,482 and 24,126,118 shares issued at June 30, 2017 and
December 31, 2016, respectively
Treasury stock, at cost, 2,417,257 and 2,408,343 shares at June 30,                                  (120,735 )                                                  (113,195 )
2017 and December 31, 2016, respectively
Additional paid-in capital                                                                            426,983                                                     405,895
Retained earnings                                                                                     206,173                                                     351,483
Accumulated other comprehensive income                                                                  5,345                                    3,615  
                                                                                            --------------------------------------                      --------------------------------------
      Total stockholders’ equity                                           518,007                                  648,033  
                                                                                            --------------------------------------                      --------------------------------------
Total liabilities and stockholders’ equity                             $ 1,093,485                              $ 1,153,215  
                                                                                            ======= ========= ====================                      ======= ========= ====================
                                                                                 HURON CONSULTING GROUP INC.
                                                                            CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                       (In thousands)
                                                                                         (Unaudited)
                                                                         
                                                                                                                                     Six Months Ended
                                                                                                                                         June 30,
                                                                                             ------------------------------------------------------------------------------------------------
                                                                                                              2017                                   2016
                                                                                             --------------------------------------                     -------------------------------------
Cash flows from operating activities:
Net income (loss)                                                                                  $ (144,875 )                                               $  21,171
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation and amortization                                                                          24,705                                                    22,201
Share-based compensation                                                                                7,601                                                     9,787
Amortization of debt discount and issuance costs                                                        5,031                                                     4,757
Goodwill impairment charge                                                                            209,600                                            --
Allowances for doubtful accounts and unbilled services                                                  1,292                                                     5,877
Deferred income taxes                                                                                 (52,685 )                                                   4,879
Gain on sale of business                                                                                 (931 )                                          --
Change in fair value of contingent consideration liabilities                                           (1,102 )                                          --
Changes in operating assets and liabilities, net of acquisitions:
    (Increase) decrease in receivables from clients                                                    10,948                                                    19,818
    (Increase) decrease in unbilled services                                                           (7,751 )                                                 (26,552 )
    (Increase) decrease in current income tax receivable / payable, net                                   959                                                      (570 )
    (Increase) decrease in other assets                                                                (2,951 )                                                  10,424
    Increase (decrease) in accounts payable and accrued liabilities                                     6,976                                                    (4,594 )
    Increase (decrease) in accrued payroll and related benefits                                       (32,426 )                                                 (26,978 )
    Increase (decrease) in deferred revenues                                                           (1,105 )                                                   1,187  
                                                                                             -------------------------------------                      ------------------------------------
      Net cash provided by operating activities                                                        23,286                                 41,407  
                                                                                             -------------------------------------                      ------------------------------------
Cash flows from investing activities:
Purchases of property and equipment, net                                                              (15,287 )                                                  (5,376 )
Investment in life insurance policies                                                                  (1,826 )                                                  (1,699 )
Purchases of businesses, net of cash acquired                                                        (103,456 )                                                 (49,071 )
Capitalization of internally developed software costs                                                    (528 )                                                    (536 )
Proceeds from note receivable                                                                             177                                            --
Proceeds from sale of business                                                                          1,499                         --  
                                                                                             -------------------------------------                      ------------------------------------
      Net cash used in investing activities                                                          (119,421 )                                                 (56,682 )
                                                                                             -------------------------------------                      ------------------------------------
Cash flows from financing activities:
Proceeds from exercise of stock options                                                        --                                                       123
Shares redeemed for employee tax withholdings                                                          (4,259 )                                                  (4,445 )
Share repurchases                                                                              --                                                   (55,265 )
Proceeds from borrowings under credit facility                                                        205,500                                                   116,000
Repayments on credit facility                                                                        (106,500 )                                                 (93,000 )
Payments for debt issuance costs                                                                         (395 )                                          --
Payment of contingent consideration liabilities                                                        (1,811 )                                          --  
                                                                                             -------------------------------------                      ------------------------------------
      Net cash provided by (used in) financing activities                                              92,535                                (36,587 )
                                                                                             -------------------------------------                      ------------------------------------
Effect of exchange rate changes on cash                                                                   165                                                       125
Net decrease in cash and cash equivalents                                                              (3,435 )                                                 (51,737 )
Cash and cash equivalents at beginning of the period                                                   17,027                                 58,437  
                                                                                             -------------------------------------                      ------------------------------------
Cash and cash equivalents at end of the period                                                     $   13,592                              $   6,700  
                                                                                             ======= ======== ====================                      ======= ======= ====================
                                                                                              HURON CONSULTING GROUP INC.
                                                                                  SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA
                                                                                                      (Unaudited)
                                                                                                                                                                   
                                                                                                                             Three Months Ended                                                              Percent
                                                                                                                                  June 30,                                                                  Increase
                                                                                                                                                                                                           (Decrease)
                                                                                        --------------------------------------------------------------------------------------
Segment and Consolidated Operating Results (in thousands):                                             2017                                  2016
------------------------------------------------------------------                      -----------------------------------                     -------------------------------------                     ----------
Healthcare:
Revenues                                                                                   $   83,227                                                 $ 106,088                                           (21.5 )%
Operating income                                                                           $   23,652                                                 $  41,399                                           (42.9 )%
Segment operating income as a percentage of segment revenues                                     28.4                    %                                 39.0                    %
Education:
Revenues                                                                                   $   43,926                                                 $  37,322                                            17.7 %
Operating income                                                                           $   12,495                                                 $  11,482                                             8.8 %
Segment operating income as a percentage of segment revenues                                     28.4                    %                                 30.8                    %
Business Advisory:
Revenues                                                                                   $   54,265                                                 $  40,849                                            32.8 %
Operating income                                                                           $   12,192                                                 $  10,856                                            12.3 %
Segment operating income as a percentage of segment revenues                                     22.5                    %                                 26.6                    %
Total Company:
Revenues                                                                                   $  181,418                                                 $ 184,259                                            (1.5 )%
Reimbursable expenses                                                                          20,930                                 18,982                         10.3 %
                                                                                        ----------------------------------                      ------------------------------------
Total revenues and reimbursable expenses                                                   $  202,348                              $ 203,241                         (0.4 )%
                                                                                        ==== ======== ====================                      ======= ======= ====================
Statements of Operations reconciliation:
Segment operating income                                                                   $   48,339                                                 $  63,737                                           (24.2 )%
Items not allocated at the segment level:
    Other operating expenses                                                                   30,732                                                    27,970                                             9.9 %
    Other gains, net                                                                           (1,102 )                                          --                                                N/M
    Depreciation and amortization                                                               9,684                                                     7,558                                            28.1 %
    Goodwill impairment charge (1)                                                            209,600                         --                             N/M
                                                                                        ----------------------------------                      ------------------------------------
Total operating income (loss)                                                                (200,575 )                                                  28,209                                                N/M
    Other expense, net                                                                          3,411                                  3,847                        (11.3 )%
                                                                                        ----------------------------------                      ------------------------------------
Income (loss) from continuing operations before income tax expense                         $ (203,986 )                                               $  24,362                             N/M
                                                                                        ==== ======== ====================                      ======= ======= ====================
Other Operating Data:
------------------------------------------------------------------
Number of full-time billable consultants (at period end) (2):
Healthcare                                                                                        750                                                       952                                           (21.2 )%
Education                                                                                         519                                                       428                                            21.3 %
Business Advisory                                                                                 737                                    516                         42.8 %
                                                                                        ----------------------------------                      ------------------------------------
    Total                                                                                       2,006                                                     1,896                                             5.8 %
Average number of full-time billable consultants (for the period)
(2):
Healthcare                                                                                        807                                                     1,005
Education                                                                                         494                                                       421
Business Advisory                                                                                 725                                    472  
                                                                                        ----------------------------------                      ------------------------------------
    Total                                                                                       2,026                                                     1,898
                                                                           HURON CONSULTING GROUP INC.
                                                         SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)
                                                                                   (Unaudited)
                                                                  
                                                                                                                          Three Months Ended
                                                                                                                               June 30,
                                                                                      -------------------------------------------------------------------------------------------
Other Operating Data (continued):                                                                    2017                                 2016
----------------------------------------------------------------                      -----------------------------------                     -----------------------------------
Full-time billable consultant utilization rate (3):
Healthcare                                                                                     77.7 %                                                  78.1 %
Education                                                                                      75.1 %                                                  72.4 %
Business Advisory                                                                              72.4 %                                                  73.3 %
    Total                                                                                      75.1 %                                                  75.6 %
Full-time billable consultant average billing rate per hour (4):
Healthcare                                                                                 $    182                                                $    211
Education                                                                                  $    219                                                $    217
Business Advisory                                                                          $    190                                                $    228
    Total                                                                                  $    194                                                $    216
Revenue per full-time billable consultant (in thousands):
Healthcare                                                                                 $     65                                                $     76
Education                                                                                  $     80                                                $     76
Business Advisory                                                                          $     72                                                $     82
    Total                                                                                  $     71                                                $     78
Average number of full-time equivalents (for the period) (5):
Healthcare                                                                                      215                                                     198
Education                                                                                        34                                                      36
Business Advisory                                                                                17                                   21  
                                                                                      ----------------------------------                      ----------------------------------
    Total                                                                                       266                                                     255
Revenue per full-time equivalent (in thousands):
Healthcare                                                                                 $    143                                                $    148
Education                                                                                  $    134                                                $    149
Business Advisory                                                                          $    133                                                $     98
    Total                                                                                  $    141                                                $    144
                                                                                              HURON CONSULTING GROUP INC.
                                                                            SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)
                                                                                                      (Unaudited)
                                                                                                                                                                    
                                                                                                                               Six Months Ended                                                               Percent
                                                                                                                                   June 30,                                                                  Increase
                                                                                                                                                                                                            (Decrease)
                                                                                        ---------------------------------------------------------------------------------------
Segment and Consolidated Operating Results (in thousands):                                              2017                                  2016
------------------------------------------------------------------                      ------------------------------------                     -------------------------------------                     ----------
Healthcare:
Revenues                                                                                    $  181,679                                                 $ 220,106                                           (17.5 )%
Operating income                                                                            $   57,802                                                 $  80,405                                           (28.1 )%
Segment operating income as a percentage of segment revenues                                      31.8 %                                                    36.5                    %
Education:
Revenues                                                                                    $   86,207                                                 $  73,195                                            17.8 %
Operating income                                                                            $   24,010                                                 $  20,577                                            16.7 %
Segment operating income as a percentage of segment revenues                                      27.9 %                                                    28.1                    %
Business Advisory:
Revenues                                                                                    $  102,381                                                 $  71,447                                            43.3 %
Operating income                                                                            $   22,058                                                 $  14,668                                            50.4 %
Segment operating income as a percentage of segment revenues                                      21.5 %                                                    20.5                    %
Total Company:
Revenues                                                                                    $  370,267                                                 $ 364,748                                             1.5 %
Reimbursable expenses                                                                           37,880                                 35,543                          6.6 %
                                                                                        -----------------------------------                      ------------------------------------
Total revenues and reimbursable expenses                                                    $  408,147                              $ 400,291                          2.0 %
                                                                                        ===== ======== ====================                      ======= ======= ====================
Statements of Operations reconciliation:
Segment operating income                                                                    $  103,870                                                 $ 115,650                                           (10.2 )%
Items not allocated at the segment level:
   Other operating expenses                                                                     63,195                                                    58,093                                             8.8 %
   Other gains, net                                                                             (1,102 )                                          --                                                N/M
   Depreciation and amortization expense                                                        18,603                                                    14,972                                            24.3 %
   Goodwill impairment charge (1)                                                              209,600                         --                             N/M
                                                                                        -----------------------------------                      ------------------------------------
Total operating income (loss)                                                                 (186,426 )                                                  42,585                                                N/M
   Other expense, net                                                                            6,657                                  7,347                         (9.4 )%
                                                                                        -----------------------------------                      ------------------------------------
Income (loss) from continuing operations before income tax expense                          $ (193,083 )                                               $  35,238                             N/M
                                                                                        ===== ======== ====================                      ======= ======= ====================
Other Operating Data:
------------------------------------------------------------------
Number of full-time billable consultants (at period end) (2):
Healthcare                                                                                         750                                                       952                                           (21.2 )%
Education                                                                                          519                                                       428                                            21.3 %
Business Advisory                                                                                  737                                    516                         42.8 %
                                                                                        -----------------------------------                      ------------------------------------
    Total                                                                                        2,006                                                     1,896                                             5.8 %
Average number of full-time billable consultants (for the period)
(2):
Healthcare                                                                                         837                                                     1,015
Education                                                                                          483                                                       415
Business Advisory                                                                                  675                                    433  
                                                                                        -----------------------------------                      ------------------------------------
    Total                                                                                        1,995                                                     1,863
                                                                           HURON CONSULTING GROUP INC.
                                                         SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)
                                                                                   (Unaudited)
                                                                  
                                                                                                                           Six Months Ended
                                                                                                                               June 30,
                                                                                      -------------------------------------------------------------------------------------------
Other Operating Data (continued):                                                                    2017                                 2016
----------------------------------------------------------------                      -----------------------------------                     -----------------------------------
Full-time billable consultant utilization rate (3):
Healthcare                                                                                     74.9 %                                                  79.3 %
Education                                                                                      75.0 %                                                  72.9 %
Business Advisory                                                                              78.2 %                                                  71.7 %
    Total                                                                                      76.1 %                                                  76.1 %
Full-time billable consultant average billing rate per hour (4):
Healthcare                                                                                 $    205                                                $    212
Education                                                                                  $    218                                                $    216
Business Advisory                                                                          $    194                                                $    224
    Total                                                                                  $    204                                                $    215
Revenue per full-time billable consultant (in thousands):
Healthcare                                                                                 $    142                                                $    158
Education                                                                                  $    157                                                $    152
Business Advisory                                                                          $    145                                                $    158
    Total                                                                                  $    147                                                $    157
Average number of full-time equivalents (for the period) (5):
Healthcare                                                                                      215                                                     199
Education                                                                                        37                                                      36
Business Advisory                                                                                18                                   15  
                                                                                      ----------------------------------                      ----------------------------------
    Total                                                                                       270                                                     250
Revenue per full-time equivalent (in thousands):
Healthcare                                                                                 $    293                                                $    299
Education                                                                                  $    281                                                $    277
Business Advisory                                                                          $    236                                                $    200
    Total                                                                                  $    288                                                $    290
   
-------------------- --------------------
                 (1)   The non-cash goodwill impairment charge is not allocated at the
                                          segment level because the underlying goodwill asset is reflective of
                                          Huron’s corporate investment in the segments. Huron does not include
                                          the impact of goodwill impairment charges in its evaluation of
                                          segment performance.
                                           
                 (2)                      Consists of full-time professionals who provide consulting services
                                          and generate revenues based on the number of hours worked.
                                           
                 (3)                      Utilization rate for full-time billable consultants is calculated by
                                          dividing the number of hours all 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.
                                           
                 (4)                      Average billing rate per hour for 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.
                                           
                 (5)                      Consists of cultural transformation consultants within the Studer
                                          Group solution, which include coaches and their support staff,
                                          consultants who work variable schedules as needed by clients, and
                                          full-time employees who provide software support and maintenance
                                          services to clients.
                                           
N/M - Not Meaningful
                                                                                                                                 HURON CONSULTING GROUP INC.
                                                                                                               RECONCILIATION OF NET INCOME (LOSS) FROM CONTINUING OPERATIONS
                                                                                                                TO ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND
                                                                                                                                      AMORTIZATION (6)
                                                                                                                                       (In thousands)
                                                                                                                                         (Unaudited)
                                                                                                                                                         
                                                                                                                   Three Months Ended                                                                                                 Six Months Ended
                                                                                                                        June 30,                                                                                                          June 30,
                                                                              ---------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------
                                                                                             2017                                  2016                                                     2017                                  2016
                                                                              -----------------------------------                     -------------------------------------                     -----------------------------------                     -------------------------------------
Revenues                                                                         $  181,418                              $ 184,259                           $  370,267                              $ 364,748  
                                                                              ==== ======== ====================                      ======= ======= ====================                      ==== ======== ====================                      ======= ======= ====================
Net income (loss) from continuing operations                                     $ (150,482 )                                               $  16,139                                              $ (145,327 )                                               $  23,005
Add back:
    Income tax expense (benefit)                                                    (53,504 )                                                   8,223                                                 (47,756 )                                                  12,233
    Interest expense, net of interest income                                          4,927                                                     4,123                                                   8,931                                                     8,094
    Depreciation and amortization                                                    12,429                                 11,398                               24,334                                 22,198  
                                                                              ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
Earnings (loss) before interest, taxes, depreciation and                           (186,630 )                                                  39,883                                                (159,818 )                                                  65,530
amortization (EBITDA) (6)
Add back:
    Restructuring charges                                                             3,669                                                     1,747                                                   3,948                                                     3,080
    Other gains, net                                                                 (1,102 )                                          --                                                  (1,102 )                                          --
    Goodwill impairment charge                                                      209,600                                            --                                                 209,600                                            --
    Gain on sale of business                                                           (931 )                                          --                                                    (931 )                                          --
    Foreign currency transaction gains                                                  (81 )                                                      (7 )                                                   (64 )                                                    (354 )
                                                                              ----------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
Adjusted EBITDA (6)                                                              $   24,525                              $  41,623                           $   51,633                              $  68,256  
                                                                              ==== ======== ====================                      ======= ======= ====================                      ==== ======== ====================                      ======= ======= ====================
Adjusted EBITDA as a percentage of revenues (6)                                        13.5 %                                                    22.6 %                                                  13.9 %                                                    18.7 %
                                                                              ==================================                      ====================================                      ==================================                      ====================================
                                                                                                                   RECONCILIATION OF NET INCOME (LOSS) FROM CONTINUING OPERATIONS
                                                                                                                    TO ADJUSTED NET INCOME (LOSS) FROM CONTINUING OPERATIONS (6)
                                                                                                                              (In thousands, except per share amounts)
                                                                                                                                             (Unaudited)
                                                                                                                                                                  
                                                                                                                             Three Months Ended                                                                                                Six Months Ended
                                                                                                                                  June 30,                                                                                                         June 30,
                                                                                        --------------------------------------------------------------------------------------------                     --------------------------------------------------------------------------------------------
                                                                                                       2017                                 2016                                                     2017                                 2016
                                                                                        ----------------------------------                     -------------------------------------                     ----------------------------------                     -------------------------------------
Net income (loss) from continuing operations                                              $ (150,482 )                                               $  16,139                          $ (145,327 )                                               $  23,005  
                                                                                        === ======== ====================                      ======= ======= ====================                      === ======== ====================                      ======= ======= ====================
Weighted average shares - diluted                                                21,492                                                    21,376                                                 21,366                                                    21,418
Diluted earnings (loss) per share from continuing operations                              $    (7.00 )                                               $    0.76                          $    (6.80 )                                               $    1.07  
                                                                                        === ======== ====================                      ======= ======= ====================                      === ======== ====================                      ======= ======= ====================
Add back:
    Amortization of intangible assets                                                          8,945                                                     8,153                                                 17,597                                                    15,598
    Restructuring charges                                                                      3,669                                                     1,747                                                  3,948                                                     3,080
    Other gains, net                                                                          (1,102 )                                          --                                                 (1,102 )                                          --
    Goodwill impairment charge                                                               209,600                                            --                                                209,600                                            --
    Non-cash interest on convertible notes                                                     1,951                                                     1,861                                                  3,879                                                     3,699
    Gain on sale of business                                                                    (931 )                                          --                                                   (931 )                                          --
    Tax effect                                                                               (61,070 )                                                  (4,622 )                                              (65,262 )                                                  (8,794 )
                                                                                        ---------------------------------                      ------------------------------------                      ---------------------------------                      ------------------------------------
      Total adjustments, net of tax                                                          161,062                                  7,139                             167,729                                 13,583  
                                                                                        ---------------------------------                      ------------------------------------                      ---------------------------------                      ------------------------------------
Adjusted net income from continuing operations (6)                                        $   10,580                              $  23,278                          $   22,402                              $  36,588  
                                                                                        === ======== ====================                      ======= ======= ====================                      === ======== ====================                      ======= ======= ====================
Adjusted weighted average shares - diluted (7)                                                                     21,657                                                    21,376                                                 21,566                                                    21,418
Adjusted diluted earnings per share from continuing operations (6)                        $     0.49                              $    1.09                          $     1.04                              $    1.71  
                                                                                        === ======== ====================                      ======= ======= ====================                      === ======== ====================                      ======= ======= ====================
   
-------------------- --------------------
                 (6)   In evaluating the company’s financial performance and outlook,
                                          management uses earnings (loss) before interest, taxes, depreciation
                                          and amortization ("EBITDA"), adjusted EBITDA, adjusted EBITDA as a
                                          percentage of revenues, adjusted net income (loss) from continuing
                                          operations, and adjusted diluted earnings (loss) per share from
                                          continuing operations, which are non-GAAP measures. Management uses
                                          these non-GAAP financial measures to gain an understanding of the
                                          company’s 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
                                          the company’s ongoing business in a manner that allows for
                                          meaningful period-to-period comparisons. Management also uses these
                                          non-GAAP financial measures when publicly providing the company’s
                                          business outlook, for internal management purposes, and as a basis
                                          for evaluating potential acquisitions and dispositions. Management
                                          believes 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.
                                           
                 (7)                      As the company reported a net loss for the three and six months
                                          ended June 30, 2017, GAAP diluted weighted average shares
                                          outstanding equals the basic weighted average shares outstanding for
                                          those periods. The non-GAAP adjustments described above resulted in
                                          adjusted net income from continuing operations for those periods.
                                          Therefore, dilutive common stock equivalents have been included in
                                          the calculation of adjusted diluted weighted average shares
                                          outstanding.
                                                                           HURON CONSULTING GROUP INC.
                                                         RECONCILIATION OF NON-GAAP MEASURES FOR FULL YEAR 2017 OUTLOOK
 
                                                                           RECONCILIATION OF NET LOSS
                                                          TO ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND
                                                                                AMORTIZATION (8)
                                                                                  (In millions)
                                                                                   (Unaudited)
                                                                 
                                                                                                                             Year Ending
                                                                                                                          December 31, 2017
                                                                                     -------------------------------------------------------------------------------------------
                                                                                                                           Guidance Range
                                                                                                     Low                                 High
                                                                                     -----------------------------------                     -----------------------------------
Projected revenues - GAAP                                                                 $  730.0                             $  750.0  
                                                                                     ====== ====== ====================                      ====== ====== ====================
Projected net loss - GAAP                                                                 $ (134.0 )                                              $ (131.0 )
Add back:
  Income tax benefit                                                                         (44.0 )                                                 (41.0 )
  Interest expense, net of interest income                                                    18.0                                                    18.0
  Depreciation and amortization                                                               49.0                                 49.0  
                                                                                     ----------------------------------                      ----------------------------------
Projected loss before interest, taxes, depreciation and                                     (111.0 )                                                (105.0 )
amortization (EBITDA) (8)
Add back:
  Restructuring charges                                                                        5.0                                                     5.0
  Other gains, net                                                                            (1.0 )                                                  (1.0 )
  Goodwill impairment charge                                                                 210.0                                                   210.0
  Other non-operating income, net                                                             (1.0 )                                                  (1.0 )
                                                                                     ----------------------------------                      ----------------------------------
Projected adjusted EBITDA (8)                                                             $  102.0                             $  108.0  
                                                                                     ====== ====== ====================                      ====== ====== ====================
Projected adjusted EBITDA as a percentage of projected revenues                               14.0 %                                                  14.4 %
(8)
                                                                                     ============  ====================                      ============  ====================
                                                                  RECONCILIATION OF NET LOSS
                                                                  TO ADJUSTED NET INCOME (8)
                                                            (In millions, except per share amounts)
                                                                          (Unaudited)
                                                   
                                                                                                             Year Ending
                                                                                                          December 31, 2017
                                                                       ---------------------------------------------------------------------------------------
                                                                                                           Guidance Range
                                                                                      Low                               High
                                                                       ---------------------------------                     ---------------------------------
Projected net loss - GAAP                                                 $ (134.0 )                                            $ (131.0 )
                                                                       ==== ====== ====================                      ==== ====== ====================
Projected diluted loss per share - GAAP                                   $  (6.25 )                                            $  (6.15 )
                                                                       ==== ====== ====================                      ==== ====== ====================
Add back:
  Amortization of intangible assets                                           35.0                                                  35.0
  Restructuring charges                                                        5.0                                                   5.0
  Other gains, net                                                            (1.0 )                                                (1.0 )
  Goodwill impairment charge                                                 210.0                                                 210.0
  Non-cash interest on convertible notes                                       8.0                                                   8.0
  Gain on sale of business                                                    (1.0 )                                                (1.0 )
  Tax effect                                                                 (75.0 )                                               (75.0 )
                                                                       --------------------------------                      --------------------------------
    Total adjustments, net of tax                                            181.0                              181.0  
                                                                       --------------------------------                      --------------------------------
Projected adjusted net income (8)                                         $   47.0                           $   50.0  
                                                                       ==== ====== ====================                      ==== ====== ====================
Projected adjusted diluted earnings per share (8)                         $   2.20                           $   2.30  
                                                                       ==== ====== ====================                      ==== ====== ====================
   
-------------------- --------------------
                 (8)   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, and projected
                                          adjusted diluted earnings per share, which are non-GAAP measures.
                                          Management believes that the use of such measures, as supplements to
                                          projected net loss and projected diluted loss per share, 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.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170727006434r1&sid=cmtx6&distro=nx&

View source version on businesswire.com: http://www.businesswire.com/news/home/20170727006434/en/

SOURCE: Huron"> <Property FormalName="PrimaryTwitterHandle" Value="@huron

Huron 
MEDIA CONTACT 
Sarah McHugh 
312-880-2624 
smchugh@huronconsultinggroup.com 
or 
INVESTOR CONTACT 
John D. Kelly 
312-583-8722 
investor@huronconsultinggroup.com


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