On this page of StockholderLetter.com we present the 4/5/2023 shareholder letter from Huron Consulting Group Inc. — ticker symbol HURN. Reading current and past HURN letters to shareholders can bring important insights into the investment thesis.

 •  4/5/2023 Letter Continued (Full PDF)
 •  3/22/2024 HURN Stockholder Letter
 •  More "Business Services & Equipment" Category Stockholder Letters
 •  HURN Benford's Law Stock Score = 97

HURN 4/5/2023 Shareholder/Stockholder Letter Transcript:

2022
Annual
Report


2022 ANNUAL REPORT
HURON
A L E T T E R F R O M C H I E F E X E CU T I V E O F F I C E R J I M R OT H
A Transformative Year
2022 was an exceptional year for Huron. We crossed the
$1 billion annual revenue threshold and grew our revenues
25% over 2021. This strong revenue growth was driven by
solid performance across all three operating segments and
continued growth in our Digital capability. Our full year adjusted
EBITDA margins improved 80 basis points over the prior year.
The revenue growth and margin expansion resulted from our
ongoing commitment to our investor objectives to drive more
consistent topline growth and improved profitability.
At the beginning of 2022, we announced a
offerings as well as our digital offerings.
new enterprise operating model, which we
Our deep industry expertise, portfolio of
believed would strengthen our go-to-market
consulting, digital and managed services
strategy, better position Huron to integrate
offerings and proven track record of
our deep industry expertise with our strong
delivering results for our clients positions
digital, strategy and financial advisory
us well to address the increasingly
capabilities, and drive scalable efficiencies
complex and challenging needs of our
across our business. The financial results we
healthcare client base.
achieved in 2022 clearly reflect the benefits
of our business realignment, enhancing the
    Education segment revenues grew 48%
collaborative behaviors of our team as we
over 2021, driven by strong demand for
work in a more unified platform.
our strategy and operations, research and
digital offerings. A rapidly changing and
There were many highlights during 2022
increasingly competitive environment for
for our company, and we achieved some
higher education institutions has increased
noteworthy accomplishments:
demand for our services reflecting the
myriad challenges facing this large
    Healthcare segment revenues grew 20%
industry. We expect this trend to continue
over 2021, led by strong growth in our
into the future, driving demand for our
revenue cycle managed services and
comprehensive portfolio of research, digital
performance improvement consulting
and strategy and operations offerings.
I

II
HURON
2022 ANNUAL REPORT
    Commercial segment revenues grew
The successes we had in 2022 reflect the
9% over 2021 and 16% organically, when
strength and durability of the market
adjusting for the divestiture of our Life
demand for our deep industry expertise and
Sciences business, which closed in the
broad portfolio of services and products, our
fourth quarter of 2021 in the fourth quarter
integrated operating model, and the value
of 2021. Growth in the segment was
that our talented team continues to provide
driven by solid demand for our digital and
to our clients and our business. Our collective
financial advisory offerings. Led by our
performance drove enhanced shareholder
digital offerings, we continue to expand
value with our stock delivering total
our presence in commercial industries,
shareholder returns of 45% in 2022.
particularly in the financial services
and energy and utilities sectors, as we
establish new avenues of growth for our
business.
    We significantly grew our Digital capability
in 2022, growing annual revenues 41%
over 2021. We continue to believe that
our Digital business will be a key pillar
of growth for our business in the years
to come as businesses across industries
   Collaboration has always been a
hallmark of Huron   s culture, and
in our new operating model that
attribute has grown even stronger,
helping us achieve our growth
deploy technology and analytics to better
goals and further strengthening
serve their customers, strengthen their
our competitive position in each
competitive advantage, and optimize their
operations.
    During 2022, we deployed $121 million to
repurchase approximately two million
of our markets. We routinely go
to market in a unified manner
across all our businesses, bringing
shares of Huron stock, representing
the best teams and expertise
9.3% of our outstanding shares as of the
together with the full extent of the
beginning of the year. We also amended
and extended our $600 million senior
credit facility through 2027 on favorable
pricing terms to support the anticipated
growth of our business and provide
capabilities needed to innovate and
serve the comprehensive needs of
our clients.   
flexibility in our strategic deployment
of capital.
Mark Hussey, President

2022 ANNUAL REPORT
HURON
Focused Execution on Our Growth Strategy
At our investor day in March 2022, we reiterated our commitment to consistent revenue
growth and margin expansion, which we believe will drive meaningful value creation for
our shareholders.
To execute our growth strategy, we have
focused on three primary pillars:
1
3
Grow Our People: In 2022, we hired
talented, diverse global teammates
across the company to support our growing
Grow Our Revenues: In 2022, we
business. We continued to foster diversity
primarily focused on growing our
and strengthen our inclusive culture while
business organically, building on the strength
driving engagement above the global norm
of demand in our end markets. We continued
and investing in our people by expanding our
to invest in innovation and broadening our
benefit programs, including mental health,
portfolio of offerings. We also acquired new
well-being, and parental leave. As of the end
digital capabilities across data strategy, data
of 2022, women made up approximately
management and Salesforce advisory.
53% of our U.S. population, while racial and
2
ethnic minorities made up approximately
Grow Our Investment Capacity By
Expanding Margins: We focused
28% of our U.S. population, an increase from
our 2019 benchmark of 22%. We also offered
the entire enterprise on improving our
focused learning and personal productivity
profitability during 2022 by realigning
days to help our employees manage work
incentives and establishing new programs
and life and advance their professional and
to enhance productivity and improve
leadership development.
operational efficiency, including a
focus on further expanding our global
As we focus on the execution of our growth
delivery capabilities.
strategy, strong leadership and consistency
is paramount. In March 2022, we announced
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 4/5/2023 Letter Continued (Full PDF)