Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 21, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Quarterly Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-50976 | ||
Entity Registrant Name | HURON CONSULTING GROUP INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 01-0666114 | ||
Entity Address, Address Line One | 550 West Van Buren Street | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60607 | ||
City Area Code | (312) | ||
Local Phone Number | 583-8700 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | HURN | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,323,000,000 | ||
Entity Common Stock, Shares Outstanding | 19,331,520 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Central Index Key | 0001289848 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Recovery Analysis of Incentive-based compensation | false | ||
Section 12(b) Correct of Error to Previously Issued Financial Statement | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Chicago, Illinois |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 11,834 | $ 20,781 |
Receivables from clients, net of allowances of $10,600 and $8,827, respectively | 147,852 | 122,316 |
Costs in Excess of Billings, Current | 141,781 | 91,285 |
Income tax receivable | 960 | 8,071 |
Prepaid Expense and Other Assets, Current | 26,057 | 15,229 |
Total current assets | 328,484 | 257,682 |
Property and equipment, net | 26,107 | 31,004 |
Deferred Income Tax Assets, Net | 1,554 | 1,804 |
Long-term investments | 91,194 | 72,584 |
Operating Lease, Right-of-Use Asset | 30,304 | 35,311 |
Other non-current assets | 73,039 | 68,191 |
Intangible assets, net | 23,392 | 31,894 |
Goodwill | 624,966 | 620,879 |
Total assets | 1,199,040 | 1,119,349 |
Current liabilities: | ||
Accounts payable | 14,254 | 13,621 |
Accrued expenses and other current liabilities | 27,268 | 22,519 |
Accrued payroll and related benefits | 171,723 | 139,131 |
Long-term Debt, Current Maturities | 0 | 559 |
Operating Lease, Liability, Current | 10,530 | 10,142 |
Deferred revenues | 21,909 | 19,212 |
Total current liabilities | 245,684 | 205,184 |
Non-current liabilities: | ||
Deferred compensation and other liabilities | 33,614 | 43,458 |
Long-term debt, net of current portion | 290,000 | 232,221 |
Operating Lease, Liability, Noncurrent | 45,556 | 54,313 |
Deferred income taxes, net | 32,146 | 12,273 |
Total non-current liabilities | 401,316 | 342,265 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common Stock, Value, Issued | 223 | 239 |
Treasury Stock, Value | 137,556 | 135,969 |
Additional paid-in capital | 318,706 | 413,794 |
Retained earnings | 352,548 | 276,996 |
Accumulated other comprehensive income | 18,119 | 16,840 |
Total stockholders’ equity | 552,040 | 571,900 |
Total liabilities and stockholders’ equity | $ 1,199,040 | $ 1,119,349 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 10,600 | $ 8,827 |
Unbilled Services, Allowance for Credit Losses | $ 3,850 | $ 2,637 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 22,507,159 | 24,364,814 |
Treasury stock, shares | 2,711,712 | 2,495,172 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Other Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues and reimbursable expenses: | |||
Revenues | $ 1,132,455 | $ 905,640 | $ 844,127 |
Reimbursable expenses | 26,506 | 21,318 | 26,887 |
Total revenues and reimbursable expenses | 1,158,961 | 926,958 | 871,014 |
Direct Operating Costs [Abstract] | |||
Direct costs (exclusive of depreciation and amortization included below) | 785,881 | 636,776 | 592,428 |
Reimbursable expenses | 26,671 | 21,369 | 26,918 |
Selling, general and administrative expenses | 209,381 | 178,084 | 170,536 |
Restructuring charges | 9,909 | 12,401 | 20,525 |
Depreciation and amortization | 27,359 | 25,489 | 29,643 |
Goodwill impairment charges | 0 | 0 | 59,816 |
Total operating expenses | 1,059,201 | 874,119 | 899,866 |
Operating income (loss) | 99,760 | 52,839 | (28,852) |
Other income (expense), net | |||
Interest expense, net of interest income | (11,883) | (8,150) | (9,292) |
Other Nonoperating Income (Expense) | 20,700 | 35,347 | 4,271 |
Nonoperating Income (Expense) | 8,817 | 27,197 | (5,021) |
Income (Loss) from continuing pperations before taxes | 108,577 | 80,036 | (33,873) |
Income tax expense (benefit) | 33,025 | 17,049 | (10,155) |
Net income (loss) from continuing operations | 75,552 | 62,987 | (23,718) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | (122) |
Net income (loss) | $ 75,552 | $ 62,987 | $ (23,840) |
Net earnings per basic share: | |||
Net income from continuing operations, per basic share (in USD per share) | $ 3.73 | $ 2.94 | $ (1.08) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0 | (0.01) |
Net income, per basic share (in USD per share) | 3.73 | 2.94 | (1.09) |
Net earnings per diluted share: | |||
Net income from continuing operations, per diluted share (in USD per share) | 3.64 | 2.89 | (1.08) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0 | (0.01) |
Net income, per diluted share (in USD per share) | $ 3.64 | $ 2.89 | $ (1.09) |
Weighted average shares used in calculating earnings per share: | |||
Basic (shares) | 20,249 | 21,439 | 21,882 |
Diluted (shares) | 20,746 | 21,809 | 21,882 |
Comprehensive income (loss) | |||
Net income (loss) | $ 75,552 | $ 62,987 | $ (23,840) |
Foreign currency translation adjustments, net of tax | (1,890) | (925) | 348 |
Unrealized gain (loss) on investment, net of tax | (6,146) | 1,169 | 1,323 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 9,315 | 3,535 | (3,546) |
Other comprehensive income (loss) | 1,279 | 3,779 | (1,875) |
Comprehensive income (loss) | $ 76,831 | $ 66,766 | $ (25,715) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2019 | $ 585,465 | $ 247 | $ (128,348) | $ 460,781 | $ 237,849 | $ 14,936 |
Beginning balance, shares at Dec. 31, 2019 | (24,603,308) | (2,763,302) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | (25,715) | (23,840) | (1,875) | |||
Share-based compensation | 24,998 | 24,998 | ||||
Issuance of common stock in connection with: | ||||||
Restricted stock awards, net of cancellations | 0 | $ 3 | $ 6,365 | (6,368) | ||
Restricted stock awards, net of cancellations, shares | (342,311) | 87,155 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 1,003 | $ 0 | 1,003 | |||
Exercise of stock options, shares | 40,400 | |||||
Shares redeemed for employee tax withholdings | (7,903) | $ (7,903) | ||||
Shares redeemed for employee tax withholdings, shares | (136,749) | |||||
Share repurchases | (25,906) | $ (4) | (25,902) | |||
Share repurchases, shares | (425,164) | |||||
Ending balance at Dec. 31, 2020 | 551,942 | $ 246 | $ (129,886) | 454,512 | 214,009 | 13,061 |
Ending balance, shares at Dec. 31, 2020 | (24,560,855) | (2,812,896) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 66,766 | 62,987 | 3,779 | |||
Share-based compensation | 23,971 | 23,971 | ||||
Issuance of common stock in connection with: | ||||||
Restricted stock awards, net of cancellations | 0 | $ 5 | $ 4,020 | (4,025) | ||
Restricted stock awards, net of cancellations, shares | (475,250) | 101,236 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 804 | $ 0 | 804 | |||
Exercise of stock options, shares | 23,403 | |||||
Stock Issued During Period, Value, Acquisitions | 3,323 | $ 1 | 3,322 | |||
Stock Issued During Period, Shares, Acquisitions | 74,671 | |||||
Shares redeemed for employee tax withholdings | (10,103) | $ (10,103) | ||||
Shares redeemed for employee tax withholdings, shares | (197,189) | |||||
Share repurchases | (64,803) | $ (13) | (64,790) | |||
Share repurchases, shares | (1,265,261) | |||||
Ending balance at Dec. 31, 2021 | 571,900 | $ 239 | $ (135,969) | 413,794 | 276,996 | 16,840 |
Ending balance, shares at Dec. 31, 2021 | (23,868,918) | (2,908,849) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 76,831 | 75,552 | 1,279 | |||
Share-based compensation | 30,991 | 30,991 | ||||
Issuance of common stock in connection with: | ||||||
Restricted stock awards, net of cancellations | 0 | $ 4 | $ 6,208 | (6,212) | ||
Restricted stock awards, net of cancellations, shares | (363,891) | 109,548 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 1,421 | $ 0 | 1,421 | |||
Exercise of stock options, shares | 36,536 | |||||
Shares redeemed for employee tax withholdings | (7,795) | $ (7,795) | ||||
Shares redeemed for employee tax withholdings, shares | (153,846) | |||||
Share repurchases | (121,308) | $ (20) | (121,288) | |||
Share repurchases, shares | (2,037,752) | |||||
Ending balance at Dec. 31, 2022 | $ 552,040 | $ 223 | $ (137,556) | $ 318,706 | $ 352,548 | $ 18,119 |
Ending balance, shares at Dec. 31, 2022 | (22,231,593) | (2,953,147) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net Income (Loss) Attributable to Parent | $ 75,552 | $ 62,987 | $ (23,840) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 27,359 | 25,978 | 30,222 |
Noncash Operating Lease Expense | 6,369 | 6,967 | 7,763 |
Impairment of Long-Lived Assets Held-for-use | 211 | 0 | 13,217 |
Share-based compensation | 30,971 | 25,857 | 24,081 |
Amortization of debt discount and issuance costs | 1,169 | 794 | 793 |
Goodwill impairment charges | 0 | 0 | 59,816 |
Accounts Receivable, Credit Loss Expense (Reversal) | 141 | 13 | 1,050 |
Deferred income taxes | 18,784 | 12,480 | (9,859) |
Gain (Loss) on Disposition of Property Plant Equipment | (1,111) | (343) | (25) |
(Gain) loss on sales of businesses, excluding transaction costs | 0 | (32,824) | 1,603 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 359 | (173) | 0 |
Debt and Equity Securities, Unrealized Gain (Loss) | (26,964) | 0 | (1,667) |
Other Noncash Income (Expense) | 6 | (78) | 0 |
Changes in operating assets and liabilities, net of acquisitions and divestitures: | |||
(Increase) decrease in receivables from clients, net | (25,847) | (39,845) | 33,051 |
(Increase) decrease in unbilled services, net | (51,359) | (38,820) | 18,876 |
(Increase) decrease in current income tax receivable / payable, net | 7,673 | (2,723) | (3,662) |
(Increase) decrease in other assets | 2,532 | (2,670) | (11,972) |
Increase (decrease) in accounts payable and accrued liabilities | (13,466) | 10,394 | (7,786) |
Increase (decrease) in accrued payroll and related benefits | 32,770 | (2,636) | (1,169) |
Increase (decrease) in deferred revenues | 969 | (7,717) | 6,246 |
Net cash provided by operating activities | 85,400 | 17,987 | 136,738 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (12,547) | (10,871) | (8,125) |
Investments in life insurance policies | (872) | (1,245) | (2,462) |
Proceeds from Life Insurance Policy | 3,377 | 0 | 0 |
Purchases of businesses, net of cash acquired | (3,448) | (44,819) | (8,701) |
Payments to Acquire Investments | 0 | 0 | (13,000) |
Capitalization of internally developed software costs | (11,752) | (4,889) | (8,272) |
Proceeds from note receivable | 154 | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 4,753 | 408 | 25 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 207 | 41,273 | (1,499) |
Net cash used in investing activities | (20,128) | (20,143) | (42,034) |
Cash flows from financing activities: | |||
Proceeds from exercises of stock options | 1,421 | 804 | 1,003 |
Shares redeemed for employee tax withholdings | (7,795) | (10,103) | (7,903) |
Share repurchases | (120,393) | (64,612) | (27,141) |
Proceeds from bank borrowings | 314,000 | 235,000 | 283,000 |
Repayments of bank borrowings | (256,780) | (205,499) | (288,574) |
Payments for debt issuance costs | (2,686) | 0 | 0 |
Payment for Contingent Consideration Liability, Financing Activities | 1,875 | 0 | 0 |
Net cash used in financing activities | (74,108) | (44,410) | (39,615) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (111) | 170 | 484 |
Net increase (decrease) in cash and cash equivalents | (8,947) | (46,396) | 55,573 |
Cash and cash equivalents at beginning of the period | 20,781 | 67,177 | 11,604 |
Cash and cash equivalents at end of the period | 11,834 | 20,781 | 67,177 |
Non-cash investing and financing activities: | |||
Property and equipment expenditures and capitalized software included in accounts payable, accrued expenses and accrued payroll and related benefits | 3,784 | 4,733 | 1,178 |
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 1,185 | 1,800 | 1,770 |
Common stock issued related to purchase of business | 0 | 3,323 | 0 |
Share Repurchases Initiated but not yet Settled | 1,107 | 191 | 0 |
Cash paid during the year for: | |||
Interest | 12,246 | 7,976 | 8,309 |
Income taxes | $ 13,485 | $ 8,449 | $ 4,721 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements reflect the financial position at December 31, 2022 and 2021, and the results of operations and cash flows for the years ended December 31, 2022, 2021, and 2020. The consolidated financial statements include the accounts of Huron Consulting Group Inc. and its subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation. In order to better align with industry standards, in the first quarter of 2022, we revised the presentation of our consolidated statement of operations and other comprehensive income (loss) to present depreciation and amortization expense in the aggregate with amortization of intangible assets and software development costs that were previously presented separately within total direct costs and reimbursable expenses. We also aggregated immaterial line items within selling, general and administrative expenses. The change in presentation has no effect on our consolidated results, and our historical consolidated statements of operations and other comprehensive income (loss) were revised for consistent presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Actual results may differ from these estimates and assumptions. Revenue Recognition We generate substantially all of our revenues from providing professional services to our clients. We also generate revenues from software licenses; software support and maintenance and subscriptions to our cloud-based analytic tools and solutions; speaking engagements; conferences; and publications. A single contract could include one or multiple performance obligations. For those contracts that have multiple performance obligations, we allocate the total transaction price to each performance obligation based on its relative standalone selling price, which is determined based on our overall pricing objectives, taking into consideration market conditions and other factors. Revenue is recognized when control of the goods and services provided are transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services using the following steps: 1) identify the contract, 2) identify the performance obligations, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue as or when we satisfy the performance obligations. We generate our revenues under four types of billing arrangements: fixed-fee (including software license revenue); time-and-expense; performance-based; and software support, maintenance and subscriptions. • Fixed-fee (including software license revenue): In fixed-fee billing arrangements, we agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements. We generally recognize revenues under fixed-fee billing arrangements using a proportionate performance approach, which is based on work completed to-date versus our estimates of the total services to be provided under the engagement. Contracts within our Culture and Organizational Excellence solution include fixed-fee partner contracts with multiple performance obligations, which primarily consist of coaching services, as well as speaking engagements, conferences, publications and software products (“Partner Contracts”). Revenues for coaching services and software products are generally recognized on a straight-line basis over the length of the contract. All other revenues under Partner Contracts, including speaking engagements, conferences and publications, are recognized at the time the goods or services are provided. Estimates of total engagement revenues and cost of services are monitored regularly during the term of the engagement. We also generate revenues from software licenses for our revenue cycle management software and research administration and compliance software. Licenses for our revenue cycle management software are sold only as a component of our consulting projects, and the services we provide are essential to the functionality of the software. Therefore, revenues from these software licenses are recognized over the term of the related consulting services contract. License revenue from our research administration and compliance software is generally recognized in the month in which the software is delivered. • Time-and-expense: Under time-and-expense billing arrangements, we require the client to pay based on the number of hours worked by our revenue-generating professionals at agreed upon rates. Time-and-expense arrangements also include certain speaking engagements, conferences, and publications purchased by our clients outside of Partner Contracts within our Culture and Organizational Excellence solution and the portion of our Healthcare Managed Services contracts that are billed under time-and-expense arrangements. We recognize revenues under time-and-expense arrangements as the related services or publications are provided, using the right to invoice practical expedient which allows us to recognize revenue in the amount that we have a right to invoice based on the number of hours worked and the agreed upon hourly rates or the value of the speaking engagements, conferences or publications purchased by our clients. • Performance-based: In performance-based billing arrangements, fees are tied to the attainment of contractually defined objectives. We enter into performance-based engagements in essentially two forms. First, we generally earn fees that are directly related to the savings formally acknowledged by the client as a result of adopting our recommendations for improving operational and cost effectiveness in the areas we review. Second, we earn a success fee when and if certain predefined outcomes occur. We recognize revenue under performance-based billing arrangements using the following steps: 1) estimate variable consideration using a probability-weighted assessment of the fees to be earned, 2) apply a constraint to the estimated variable consideration to limit the amount that could be reversed when the uncertainty is resolved (the “constraint”), and 3) recognize revenue of estimated variable consideration, net of the constraint, based on work completed to-date versus our estimates of the total services to be provided under the engagement. • Software support, maintenance and subscriptions: Clients that have purchased one of our software licenses can pay an annual fee for software support and maintenance. We also generate subscription revenue from our cloud-based analytic tools and solutions. Software support, maintenance and subscription revenues are recognized ratably over the support or subscription period. These fees are generally billed in advance and included in deferred revenues until recognized. Provisions are recorded for the estimated realization adjustments on all engagements, including engagements for which fees are subject to review by the bankruptcy courts. Reimbursable expenses that are billed to clients, primarily relating to travel and out-of-pocket expenses incurred in connection with client engagements, are included in total revenues and reimbursable expenses. Reimbursable expenses are recognized as expenses in the period in which the expense is incurred. The payment terms and conditions in our customer contracts vary. Differences between the timing of billings and the recognition of revenue are recognized as either unbilled services or deferred revenues in the consolidated balance sheets. Revenues recognized for services performed but not yet billed to clients are recorded as unbilled services. Revenues recognized, but for which we are not yet entitled to bill because certain events, such as the completion of the measurement period or client approval, must occur, are recorded as contract assets and included within unbilled services. Client prepayments and retainers are classified as deferred revenues and recognized over future periods as earned in accordance with the applicable engagement agreement. Capitalized Sales Commissions Sales commissions earned by our sales professionals are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions with an expected amortization period greater than one year are deferred and amortized on a straight-line basis over the period of the associated contract. We elected to apply the practical expedient to expense sales commissions as incurred when the expected amortization period is one year or less. Amortization expense is recorded to direct costs. During the years ended December 31, 2022, 2021, and 2020, we amortized $0.3 million, $0.4 million, and $0.4 million, respectively, of capitalized sales commissions. Unamortized sales commissions were $0.4 million and $0.6 million as of December 31, 2022 and 2021, respectively. Allowances for Doubtful Accounts and Unbilled Services We maintain allowances for doubtful accounts and for services performed but not yet billed based on several factors, including the estimated cash realization from amounts due from clients, an assessment of a client’s ability to make required payments, and the historical percentages of fee adjustments and write-offs by age of receivables and unbilled services. The allowances are assessed by management on a regular basis. These estimates may differ from actual results. If the financial condition of a client deteriorates in the future, impacting the client’s ability to make payments, an increase to our allowance might be required or our allowance may not be sufficient to cover actual write-offs. We record the provision for doubtful accounts and unbilled services as a reduction in revenue. To the extent we write-off accounts receivable due to a client's inability to pay, the charge is recognized as a component of selling, general and administrative expenses. Direct Costs Direct costs primarily consist of payroll costs for our revenue-generating professionals which includes salaries, performance bonuses, share-based compensation, signing and retention bonuses, payroll taxes and benefits. Direct costs also include fees paid to independent contractors that we retain to supplement our revenue-generating professionals, typically on an as-needed basis for specific client engagements, as well as technology costs, product and event costs, and commissions. Direct costs exclude amortization of intangible assets and software development costs and reimbursable expenses, both of which are separately presented in our consolidated statements of operations. Direct costs are expensed in the period incurred. Cash and Cash Equivalents We consider all highly liquid investments, including overnight investments and commercial paper, with original maturities of three months or less to be cash equivalents. Concentrations of Credit Risk To the extent receivables from clients become delinquent, collection activities commence. No single client balance is considered large enough to pose a material credit risk. The allowances for doubtful accounts and unbilled services are based upon the expected ability to collect accounts receivable and bill and collect unbilled services. Management does not anticipate incurring losses on accounts receivable in excess of established allowances. See Note 19 “Segment Information” for concentration of accounts receivable and unbilled services. We hold our cash in accounts at multiple third-party financial institutions. These deposits, at times, may exceed federally insured limits. We review the credit ratings of these financial institutions, regularly monitor the cash balances in these accounts, and adjust the balances as appropriate. However, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. Long-term Investments Our long-term investments consist of our convertible debt investment in Shorelight Holdings, LLC (“Shorelight”) and preferred stock investment in Medically Home Group, Inc. (“Medically Home”). We classified the convertible debt investment in Shorelight as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. The investment is carried at fair value with unrealized holding gains and losses reported in other comprehensive income. If the investment is in an unrealized loss position due to significant credit deterioration of the investee, we recognize an allowance to decrease the carrying value of the investment to the fair value, which may be reversed in the event that the credit of an issuer improves. In the event there are realized gains and losses or credit allowances recognized, we will record the amount in earnings. We have not recognized any credit allowance on our convertible debt investment or realized gains or losses as of December 31, 2022. See Note 13 “Fair Value of Financial Instruments” for additional information on our convertible debt investment. We classified the preferred stock investment in Medically Home as an equity security without a readily determinable value at the time of purchase and reevaluate such classification as of each balance sheet date. We elected to apply the measurement alternative at the time of purchase and will continue to do so until the investment does not qualify to be so measured. Under the measurement alternative, the investment is carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in Medically Home. Any unrealized holding gains and losses resulting from observable price changes are recorded in our consolidated statement of operations. Following our purchase, we have not identified any impairment of our investment. See Note 13 “Fair Value of Financial Instruments” for additional information on our preferred stock investment and the unrealized gains recognized since our initial investment. Fair Value of Financial Instruments See Note 13 “Fair Value of Financial Instruments” for the accounting policies used to measure the fair value of our financial assets and liabilities that are measured at fair value on a recurring basis. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is computed on a straight-line basis over the estimated useful lives of the assets. Software, computers, and related equipment are depreciated over an estimated useful life of two to four years. Furniture and fixtures are depreciated over five years. Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the initial term of the lease. Leases We determine if an arrangement contains a lease and the classification of such lease at inception. As of December 31, 2022 and 2021, all of our material leases are classified as operating leases; we have not entered into any material finance leases. For all operating leases with an initial term greater than 12 months, we recognize an operating lease right-of-use (“ROU”) asset and operating lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Operating lease ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date and provided by the administrative agent for our senior secured credit facility in determining the present value of lease payments. Operating lease ROU assets exclude lease incentives. We elected the practical expedient to combine lease and nonlease components. Certain lease agreements contain variable lease payments that do not depend on an index or rate. These variable lease payments are not included in the calculation of the operating lease ROU asset and operating lease liability; instead, they are expensed as incurred. Our leases may contain options to extend or terminate the lease, and we include these terms in our calculation of the operating lease ROU asset and operating lease liability when it is reasonably certain that we will exercise the option. Operating lease expense is recognized on a straight-line basis over the lease term and recorded within selling, general and administrative expenses on our consolidated statement of operations. In accordance with our accounting policy for impairment of long-lived assets, operating lease ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease ROU asset is assigned may not be recoverable. We evaluate the recoverability of the asset group based on forecasted undiscounted cash flows. See Note 5 “Leases” for additional information on our leases, including the lease impairment charges recorded in 2022 and 2020. Software Development Costs We incur internal and external software development costs related to our cloud computing applications and software for internal use. We capitalize these software development costs incurred during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Once the project is substantially complete and ready for its intended use, these costs are amortized on a straight-line basis over the technology's estimated useful life. Acquired technology assets are initially recorded at fair value and amortized on a straight-line basis over the estimated useful life. Development costs related to software products that will be sold, leased, or otherwise marketed are expensed until technological feasibility has been established. Thereafter, and until the software is available for general release to customers, these software development costs are capitalized and subsequently reported at the lower of unamortized cost or net realizable value. These capitalized development costs are amortized in proportion to current and future revenue for each product with an annual minimum equal to the straight-line amortization over the remaining estimated economic life of the product. We did not capitalize any development costs for this type of software during 2022 or 2021. We classify capitalized software development costs, which primarily relate to cloud computing applications and software for internal use, as other non-current assets on our consolidated balance sheet. As of December 31, 2022, gross capitalized software development costs and related accumulated amortization was $47.7 million and $21.5 million, respectively. As of December 31, 2021, gross capitalized software development costs and related accumulated amortization was $33.6 million and $15.6 million, respectively. During the years ended December 31, 2022, 2021, and 2020, we amortized $5.9 million, $5.2 million, and $4.7 million, respectively, of capitalized software development costs. Implementation Costs Incurred in a Cloud Computing Arrangement We incur costs to implement cloud computing arrangements that are service contracts. We capitalize certain costs associated with the implementation of the cloud computing arrangements, including employee payroll and related benefits and third party consulting costs, incurred during the application development stage of a project. These costs are amortized on a straight-line basis over the term of the hosting service contracts, including renewal periods we are reasonably certain to exercise, and recognized as a component of selling, general and administrative expenses on our consolidated statement of operations. As of December 31, 2022, gross capitalized implementation costs incurred in a cloud computing arrangement and related accumulated amortization was $6.5 million and $1.5 million, respectively. As of December 31, 2021, gross capitalized implementation costs incurred in a cloud computing arrangement and related accumulated amortization was $6.5 million and $0.9 million, respectively. During the years ended December 31, 2022 and 2021, we recognized amortization of our capitalized implementation costs of $1.2 million and $0.9 million, respectively. We did not recognize any amortization of capitalized implementation costs in 2020. Of the $1.2 million amortization for capitalized implementation costs in 2022, $0.3 million was recognized as a restructuring charge as it related to accelerated amortization of capitalized software implementation costs for a cloud-computing arrangement that is no longer in use. Our capitalized implementation costs primarily relate to the implementation of a new enterprise resource planning (“ERP”) system. In January 2021, we successfully went live with the new ERP system, and we continue to progress with additional functionality and integrations as scheduled. These capitalized costs are included as a component of prepaid expenses and other current assets and other non-current assets on our consolidated balance sheet. Intangible Assets Other Than Goodwill Identifiable intangible assets are amortized over their expected useful lives using a method that reflects the economic benefit expected to be derived from the assets or on a straight-line basis. We evaluate the recoverability of intangible assets periodically by considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. Impairment of Long-Lived Assets Long-lived assets, including property and equipment, right-of-use assets, and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a significant decline in forecasted operating results over an extended period of time. We evaluate the recoverability of long-lived assets based on forecasted undiscounted cash flows. See Note 5 “Leases” and Note 11 “Restructuring Charges” for information on our operating lease right-of-use asset impairment charges recorded in 2022 and 2020 and fixed asset impairment charges recorded in 2020. No material impairment charges for other long-lived assets were recorded in 2022, 2021, or 2020. Goodwill For acquisitions accounted for as a business combination, goodwill represents the excess of the cost over the fair value of the net assets acquired. We are required to test goodwill for impairment, at the reporting unit level, annually and when events or circumstances indicate the fair value of a reporting unit may be below its carrying value. We perform our annual goodwill impairment test as of November 30 and monitor for interim triggering events on an ongoing basis. A reporting unit is an operating segment or one level below an operating segment (referred to as a component) to which goodwill is assigned when initially recorded. We assign goodwill to reporting units based on our integration plans and the expected synergies resulting from the acquisition. As of December 31, 2022, we have three reporting units: Healthcare, Education, and Commercial. In 2022, we performed two goodwill impairment tests: an interim impairment test for each of our reporting units as of January 1, 2022 in connection with the operating model modification and the annual impairment test for each of our reporting units as of November 30. We did not identify any impairments during our interim or annual impairment tests performed during 2022. Further, we evaluated whether any events have occurred, or any circumstances have changed since November 30, 2022 that would indicate goodwill may have become impaired since our annual impairment test. Based on our evaluation as of December 31, 2022, we determined that no indications of impairment have arisen since our annual goodwill impairment test. In 2021, we performed the annual goodwill impairment test as of November 30, 2021, pursuant to our policy, and determined that no impairment of goodwill existed as of that date. In 2020, we performed two goodwill impairment tests: an interim impairment test on our Strategy and Innovation and Life Sciences reporting units in the first quarter of 2020 and the annual impairment test on all reporting units with a goodwill balance in the fourth quarter of 2020. As a result of the interim impairment test performed in the first quarter of 2020, we recorded total non-cash pretax goodwill impairment charges of $59.8 million. We did not identify any additional impairments during our annual impairment test performed in the fourth quarter of 2020. See Note 4 “Goodwill and Intangible Assets” for additional information on our interim and annual goodwill impairment tests, and the non-cash goodwill impairment charges recorded in 2020. Business Combinations We use the acquisition method of accounting for business combinations . Each acquired company’s operating results are included in our consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. In 2021, we adopted Accounting Standards Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers retrospectively to all acquisitions in 2021. Under ASU 2021-08, contract assets and contract liabilities acquired are recorded at their carrying value under Topic 606: Revenue from Contracts with Customers . Prior to adoption of ASU 2021-08, contract assets and contract liabilities were recognized at their estimated fair values as of the acquisition date. All other tangible assets and identifiable intangible assets acquired and liabilities assumed are recorded at fair value as of the acquisition date. Goodwill is recognized for the excess of purchase price over the net value of tangible and intangible assets acquired and liabilities assumed. Contingent consideration, which is primarily based on the business achieving certain performance targets, is recognized at its fair value on the acquisition date, and changes in fair value are recognized in earnings until settled. Refer to Note 3 “Acquisitions and Divestitures” for additional information on our business acquisitions and refer to Note 13 “Fair Value of Financial Instruments” for additional information regarding our contingent acquisition liability balances. Income Taxes Current tax liabilities and assets are recognized for the estimated taxes payable or refundable, respectively, on the tax returns for the current year. We have elected to recognize the tax expense related to Global Intangible Low-Taxed Income ("GILTI") as a current period expense when incurred. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. To the extent that deferred tax assets will not likely be recovered from future taxable income, a valuation allowance is established against such deferred tax assets. Refer to Note 17 "Income Taxes" for further information regarding incomes taxes. Share-Based Compensation Share-based compensation cost is measured based on the grant date fair value of the respective awards. We generally recognize share-based compensation ratably using the straight-line attribution method; however, for those awards with performance criteria and graded vesting features, we use the graded vesting attribution method. It is our policy to account for forfeitures as they occur. Refer to Note 16 "Equity Incentive Plan" for further information regarding share-based compensation. Sponsorship and Advertising Costs Sponsorship and advertising costs are expensed as incurred. Such expenses for the years ended December 31, 2022, 2021, and 2020 totaled $6.3 million, $4.3 million, and $4.1 million, respectively, and are a component of selling, general and administrative expenses on our consolidated statement of operations. Debt Issuance Costs We amortize the costs we incur to obtain debt financing over the contractual life of the related debt using the straight-line method for our senior secured revolving credit facility. The amortization expense is included in interest expense, net of interest income in our statement of operations. Unamortized debt issuance costs attributable to our revolving credit facility are included as a component of other non-current assets. Foreign Currency Assets and liabilities of foreign subsidiaries whose functional currency is not the United States Dollar (USD) are translated into USD using the exchange rates in effect at period end. Revenue and expense items are translated using the average exchange rates for the period. Foreign currency translation adjustments are included in accumulated other comprehensive income, which is a component of stockholders’ equity. Foreign currency transaction gains and losses are included in other income, net on the consolidated statement of operations. We recognized $0.7 million of foreign currency transaction gains in 2022, $0.4 million of foreign currency transaction losses in 2021, and less than $0.1 million of foreign currency transaction gains in 2020. Segment Reporting Segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which separate financial information is available and is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. As of December 31, 2022, our chief operating decision maker manages the business under three operating segments, which are our reportable segments: Healthcare, Education, and Commercial. New Accounting Pronouncements Recently Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, Reference Rate Reform (Topic 848): Scope . Together, these ASUs provide optional expedients and exceptions for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting under GAAP. On November 15, 2022, we entered into a Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”). The Amended Credit Agreement amends and restates, in its entirety, the Second Amended and Restated Credit Agreement, including amending the base interest rate from LIBOR to Term SOFR. Consequently, we updated the reference rate within our existing interest rate swap agreements from one month LIBOR to one month Term SOFR. As a result, in the fourth quarter of 2022, we adopted Accounting Standard Codification ("ASC") 848 , Reference Rate Reform, |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | The consolidated financial statements include the accounts of Huron Consulting Group Inc. and its subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Actual results may differ from these estimates and assumptions. |
Revenue Recognition | Revenue Recognition We generate substantially all of our revenues from providing professional services to our clients. We also generate revenues from software licenses; software support and maintenance and subscriptions to our cloud-based analytic tools and solutions; speaking engagements; conferences; and publications. A single contract could include one or multiple performance obligations. For those contracts that have multiple performance obligations, we allocate the total transaction price to each performance obligation based on its relative standalone selling price, which is determined based on our overall pricing objectives, taking into consideration market conditions and other factors. Revenue is recognized when control of the goods and services provided are transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services using the following steps: 1) identify the contract, 2) identify the performance obligations, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue as or when we satisfy the performance obligations. We generate our revenues under four types of billing arrangements: fixed-fee (including software license revenue); time-and-expense; performance-based; and software support, maintenance and subscriptions. • Fixed-fee (including software license revenue): In fixed-fee billing arrangements, we agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements. We generally recognize revenues under fixed-fee billing arrangements using a proportionate performance approach, which is based on work completed to-date versus our estimates of the total services to be provided under the engagement. Contracts within our Culture and Organizational Excellence solution include fixed-fee partner contracts with multiple performance obligations, which primarily consist of coaching services, as well as speaking engagements, conferences, publications and software products (“Partner Contracts”). Revenues for coaching services and software products are generally recognized on a straight-line basis over the length of the contract. All other revenues under Partner Contracts, including speaking engagements, conferences and publications, are recognized at the time the goods or services are provided. Estimates of total engagement revenues and cost of services are monitored regularly during the term of the engagement. We also generate revenues from software licenses for our revenue cycle management software and research administration and compliance software. Licenses for our revenue cycle management software are sold only as a component of our consulting projects, and the services we provide are essential to the functionality of the software. Therefore, revenues from these software licenses are recognized over the term of the related consulting services contract. License revenue from our research administration and compliance software is generally recognized in the month in which the software is delivered. • Time-and-expense: Under time-and-expense billing arrangements, we require the client to pay based on the number of hours worked by our revenue-generating professionals at agreed upon rates. Time-and-expense arrangements also include certain speaking engagements, conferences, and publications purchased by our clients outside of Partner Contracts within our Culture and Organizational Excellence solution and the portion of our Healthcare Managed Services contracts that are billed under time-and-expense arrangements. We recognize revenues under time-and-expense arrangements as the related services or publications are provided, using the right to invoice practical expedient which allows us to recognize revenue in the amount that we have a right to invoice based on the number of hours worked and the agreed upon hourly rates or the value of the speaking engagements, conferences or publications purchased by our clients. • Performance-based: In performance-based billing arrangements, fees are tied to the attainment of contractually defined objectives. We enter into performance-based engagements in essentially two forms. First, we generally earn fees that are directly related to the savings formally acknowledged by the client as a result of adopting our recommendations for improving operational and cost effectiveness in the areas we review. Second, we earn a success fee when and if certain predefined outcomes occur. We recognize revenue under performance-based billing arrangements using the following steps: 1) estimate variable consideration using a probability-weighted assessment of the fees to be earned, 2) apply a constraint to the estimated variable consideration to limit the amount that could be reversed when the uncertainty is resolved (the “constraint”), and 3) recognize revenue of estimated variable consideration, net of the constraint, based on work completed to-date versus our estimates of the total services to be provided under the engagement. • Software support, maintenance and subscriptions: Clients that have purchased one of our software licenses can pay an annual fee for software support and maintenance. We also generate subscription revenue from our cloud-based analytic tools and solutions. Software support, maintenance and subscription revenues are recognized ratably over the support or subscription period. These fees are generally billed in advance and included in deferred revenues until recognized. Provisions are recorded for the estimated realization adjustments on all engagements, including engagements for which fees are subject to review by the bankruptcy courts. Reimbursable expenses that are billed to clients, primarily relating to travel and out-of-pocket expenses incurred in connection with client engagements, are included in total revenues and reimbursable expenses. Reimbursable expenses are recognized as expenses in the period in which the expense is incurred. |
Commissions Expense, Policy [Policy Text Block] | Capitalized Sales CommissionsSales commissions earned by our sales professionals are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions with an expected amortization period greater than one year are deferred and amortized on a straight-line basis over the period of the associated contract. We elected to apply the practical expedient to expense sales commissions as incurred when the expected amortization period is one year or less. Amortization expense is recorded to direct costs. |
Allowances for Doubtful Accounts and Unbilled Services | Allowances for Doubtful Accounts and Unbilled Services We maintain allowances for doubtful accounts and for services performed but not yet billed based on several factors, including the estimated cash realization from amounts due from clients, an assessment of a client’s ability to make required payments, and the historical percentages of fee adjustments and write-offs by age of receivables and unbilled services. The allowances are assessed by management on a regular basis. These estimates may differ from actual results. If the financial condition of a client deteriorates in the future, impacting the client’s ability to make payments, an increase to our allowance might be required or our allowance may not be sufficient to cover actual write-offs. We record the provision for doubtful accounts and unbilled services as a reduction in revenue. To the extent we write-off accounts receivable due to a client's inability to pay, the charge is recognized as a component of selling, general and administrative expenses. |
Direct Costs and Reimbursable Expenses | Direct Costs Direct costs primarily consist of payroll costs for our revenue-generating professionals which includes salaries, performance bonuses, share-based compensation, signing and retention bonuses, payroll taxes and benefits. Direct costs also include fees paid to independent contractors that we retain to supplement our revenue-generating professionals, typically on an as-needed basis for specific client engagements, as well as technology costs, product and event costs, and commissions. Direct costs exclude amortization of intangible assets and software development costs and reimbursable expenses, both of which are separately presented in our consolidated statements of operations. Direct costs are expensed in the period incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments, including overnight investments and commercial paper, with original maturities of three months or less to be cash equivalents. |
Concentrations of Credit Risk | Concentrations of Credit Risk To the extent receivables from clients become delinquent, collection activities commence. No single client balance is considered large enough to pose a material credit risk. The allowances for doubtful accounts and unbilled services are based upon the expected ability to collect accounts receivable and bill and collect unbilled services. Management does not anticipate incurring losses on accounts receivable in excess of established allowances. See Note 19 “Segment Information” for concentration of accounts receivable and unbilled services. We hold our cash in accounts at multiple third-party financial institutions. These deposits, at times, may exceed federally insured limits. We review the credit ratings of these financial institutions, regularly monitor the cash balances in these accounts, and adjust the balances as appropriate. However, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. |
Investments | Long-term Investments Our long-term investments consist of our convertible debt investment in Shorelight Holdings, LLC (“Shorelight”) and preferred stock investment in Medically Home Group, Inc. (“Medically Home”). We classified the convertible debt investment in Shorelight as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. The investment is carried at fair value with unrealized holding gains and losses reported in other comprehensive income. If the investment is in an unrealized loss position due to significant credit deterioration of the investee, we recognize an allowance to decrease the carrying value of the investment to the fair value, which may be reversed in the event that the credit of an issuer improves. In the event there are realized gains and losses or credit allowances recognized, we will record the amount in earnings. We have not recognized any credit allowance on our convertible debt investment or realized gains or losses as of December 31, 2022. See Note 13 “Fair Value of Financial Instruments” for additional information on our convertible debt investment. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is computed on a straight-line basis over the estimated useful lives of the assets. Software, computers, and related equipment are depreciated over an estimated useful life of two to four years. Furniture and fixtures are depreciated over five years. Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the initial term of the lease. |
Deferred Lease Incentives | Leases We determine if an arrangement contains a lease and the classification of such lease at inception. As of December 31, 2022 and 2021, all of our material leases are classified as operating leases; we have not entered into any material finance leases. For all operating leases with an initial term greater than 12 months, we recognize an operating lease right-of-use (“ROU”) asset and operating lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Operating lease ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date and provided by the administrative agent for our senior secured credit facility in determining the present value of lease payments. Operating lease ROU assets exclude lease incentives. We elected the practical expedient to combine lease and nonlease components. Certain lease agreements contain variable lease payments that do not depend on an index or rate. These variable lease payments are not included in the calculation of the operating lease ROU asset and operating lease liability; instead, they are expensed as incurred. Our leases may contain options to extend or terminate the lease, and we include these terms in our calculation of the operating lease ROU asset and operating lease liability when it is reasonably certain that we will exercise the option. |
Software Development Costs | Software Development Costs We incur internal and external software development costs related to our cloud computing applications and software for internal use. We capitalize these software development costs incurred during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Once the project is substantially complete and ready for its intended use, these costs are amortized on a straight-line basis over the technology's estimated useful life. Acquired technology assets are initially recorded at fair value and amortized on a straight-line basis over the estimated useful life. Development costs related to software products that will be sold, leased, or otherwise marketed are expensed until technological feasibility has been established. Thereafter, and until the software is available for general release to customers, these software development costs are capitalized and subsequently reported at the lower of unamortized cost or net realizable value. These capitalized development costs are amortized in proportion to current and future revenue for each product with an annual minimum equal to the straight-line amortization over the remaining estimated economic life of the product. We did not capitalize any development costs for this type of software during 2022 or 2021. We classify capitalized software development costs, which primarily relate to cloud computing applications and software for internal use, as other non-current assets on our consolidated balance sheet. As of December 31, 2022, gross capitalized software development costs and related accumulated amortization was $47.7 million and $21.5 million, respectively. As of December 31, 2021, gross capitalized software development costs and related accumulated amortization was $33.6 million and $15.6 million, respectively. During the years ended December 31, 2022, 2021, and 2020, we amortized $5.9 million, $5.2 million, and $4.7 million, respectively, of capitalized software development costs. Implementation Costs Incurred in a Cloud Computing Arrangement |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Other Than Goodwill Identifiable intangible assets are amortized over their expected useful lives using a method that reflects the economic benefit expected to be derived from the assets or on a straight-line basis. We evaluate the recoverability of intangible assets periodically by considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. |
Impairment of Long-Lived Assets | Impairment of Long-Lived AssetsLong-lived assets, including property and equipment, right-of-use assets, and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a significant decline in forecasted operating results over an extended period of time. We evaluate the recoverability of long-lived assets based on forecasted undiscounted cash flows. |
Goodwill | GoodwillFor acquisitions accounted for as a business combination, goodwill represents the excess of the cost over the fair value of the net assets acquired. We are required to test goodwill for impairment, at the reporting unit level, annually and when events or circumstances indicate the fair value of a reporting unit may be below its carrying value. We perform our annual goodwill impairment test as of November 30 and monitor for interim triggering events on an ongoing basis. A reporting unit is an operating segment or one level below an operating segment (referred to as a component) to which goodwill is assigned when initially recorded. We assign goodwill to reporting units based on our integration plans and the expected synergies resulting from the acquisition. As of December 31, 2022, we have three reporting units: Healthcare, Education, and Commercial. |
Business Combinations | Business Combinations We use the acquisition method of accounting for business combinations . Each acquired company’s operating results are included in our consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. In 2021, we adopted Accounting Standards Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers retrospectively to all acquisitions in 2021. Under ASU 2021-08, contract assets and contract liabilities acquired are recorded at their carrying value under Topic 606: Revenue from Contracts with Customers |
Income Taxes | Income TaxesCurrent tax liabilities and assets are recognized for the estimated taxes payable or refundable, respectively, on the tax returns for the current year. We have elected to recognize the tax expense related to Global Intangible Low-Taxed Income ("GILTI") as a current period expense when incurred. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. To the extent that deferred tax assets will not likely be recovered from future taxable income, a valuation allowance is established against such deferred tax assets. |
Share-Based Compensation | Share-Based Compensation Share-based compensation cost is measured based on the grant date fair value of the respective awards. We generally recognize share-based compensation ratably using the straight-line attribution method; however, for those awards with performance criteria and graded vesting features, we use the graded vesting attribution method. It is our policy to account for forfeitures as they occur. Refer to Note 16 "Equity Incentive Plan" for further information regarding share-based compensation. |
Sponsorship and Advertising Costs | Sponsorship and Advertising CostsSponsorship and advertising costs are expensed as incurred. |
Debt Issuance Costs | Debt Issuance CostsWe amortize the costs we incur to obtain debt financing over the contractual life of the related debt using the straight-line method for our senior secured revolving credit facility. The amortization expense is included in interest expense, net of interest income in our statement of operations. Unamortized debt issuance costs attributable to our revolving credit facility are included as a component of other non-current assets. |
Foreign Currency | Foreign Currency Assets and liabilities of foreign subsidiaries whose functional currency is not the United States Dollar (USD) are translated into USD using the exchange rates in effect at period end. Revenue and expense items are translated using the average exchange rates for the period. Foreign currency translation adjustments are included in accumulated other comprehensive income, which is a component of stockholders’ equity. |
Segment Reporting | Segment ReportingSegments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which separate financial information is available and is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. As of December 31, 2022, our chief operating decision maker manages the business under three operating segments, which are our reportable segments: Healthcare, Education, and Commercial. |
New Accounting Pronouncements | In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, Reference Rate Reform (Topic 848): Scope . Together, these ASUs provide optional expedients and exceptions for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting under GAAP. On November 15, 2022, we entered into a Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”). The Amended Credit Agreement amends and restates, in its entirety, the Second Amended and Restated Credit Agreement, including amending the base interest rate from LIBOR to Term SOFR. Consequently, we updated the reference rate within our existing interest rate swap agreements from one month LIBOR to one month Term SOFR. As a result, in the fourth quarter of 2022, we adopted Accounting Standard Codification ("ASC") 848 , Reference Rate Reform, |
Derivatives, Policy [Policy Text Block] | The table below sets forth additional information relating to our derivative instruments as of December 31, 2022 and 2021. Fair Value Derivative Instrument Balance Sheet Location December 31, 2022 December 31, 2021 Interest rate swaps Prepaid expenses and other current assets $ 7,108 $ — Interest rate swaps Other non-current assets 5,131 1,210 Total Assets $ 12,239 $ 1,210 Interest rate swaps Accrued expenses and other current liabilities $ — $ 1,604 Interest rate swaps Deferred compensation and other liabilities — 149 Foreign exchange forward contracts Accrued expenses and other current liabilities 120 — Total Liabilities $ 120 $ 1,753 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) - Additional Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Tax | $ 0 | $ 0 | $ 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period Tax | 0 | ||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | 2,209 | (385) | (499) |
Interest Rate Swap [Member] | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (3,555) | (641) | 1,693 |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | (176) | 678 | 388 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 176 | (678) | (388) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (3,555) | $ (641) | $ 1,693 |
Foreign Exchange Contract | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 43 | ||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 11 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (11) | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ 43 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Huron is a global professional services firm that partners with clients to develop growth strategies, optimize operations and accelerate digital transformation using an enterprise portfolio of technology, data and analytics solutions to empower clients to own their future. By collaborating with clients, embracing diverse perspectives, encouraging new ideas and challenging the status quo, we create sustainable results for the organizations we serve. Effective January 1, 2022, we modified our operating model to expand and more deeply integrate our industry expertise with our digital, strategic and financial advisory capabilities. The new operating model strengthens Huron’s go-to-market strategy, drives efficiencies that support margin expansion, and positions the company to accelerate growth. To align with the new operating model, effective with reporting for periods beginning January 1, 2022, we began reporting under the three industries, which are our reportable segments: Healthcare, Education and Commercial. The Commercial segment includes all industries outside of healthcare and education, including, but not limited to, financial services and energy and utilities. In the new reporting structure, each segment includes all revenue and costs associated with engagements delivered in the respective segments' industries. The new Healthcare and Education segments include some revenue and costs historically reported in the Business Advisory segment and the Healthcare segment includes some revenue and costs historically reported in the Education segment.We also provide revenue reporting across two principal capabilities: i) Consulting and Managed Services and ii) Digital. These changes improve visibility into the core drivers of our business. While our consolidated results have not been impacted, our historical segment information has been recast for consistent presentation. |
Acquisitions & Divestitures
Acquisitions & Divestitures | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions and Divestitures Acquisitions 2022 AIMDATA, LLC On January 18, 2022, we completed the acquisition of AIMDATA, LLC ("AIMDATA"), an advisory and implementation consulting services firm focused on strategy, technology and business transformation. The results of operations of AIMDATA are included within our consolidated financial statements as of the acquisition date and allocated among our three operating industries, which are our reportable segments, based on the engagements delivered by the business. Customer Evolution, LLC Effective December 31, 2022, we completed the acquisition of Customer Evolution, LLC ("Customer Evolution"), a healthcare advisory and technology implementation consulting services firm. The results of operations of Customer Evolution will be included in our consolidated financial statements and results of operations of our Healthcare segment beginning January 1, 2023. The acquisitions of AIMDATA and Customer Evolution are not significant to our consolidated financial statements individually or in the aggregate as of and for the year ended December 31, 2022. 2021 Unico Solution, Inc. On February 1, 2021, we completed the acquisition of Unico Solution, Inc. (“Unico Solutions”), a data strategy and technology consulting firm focused on helping clients enhance the use of their data to speed business transformation and accelerate cloud adoption. The acquisition expands our cloud-based technology offerings within our Digital capability. The results of operations of Unico Solutions are included in our consolidated financial statements from the date of acquisition. The results of operations were initially recognized within our legacy Business Advisory segment and subsequently allocated among our three operating industries, which are our reportable segments, based on the engagements delivered by the business. Bad Rabbit, Inc. On October 1, 2021, we completed the acquisition of the research administration software services team of Bad Rabbit, Inc. (“Bad Rabbit”). The results of operations of Bad Rabbit are included in our consolidated financial statements and results of operations of our Education segment from the date of acquisition. Whiteboard Communications Ltd. On December 1, 2021, we completed the acquisition of Whiteboard Communications Ltd. (“Whiteboard”), a student enrollment advisory firm that helps colleges and universities with recruitment initiatives and financial aid strategies. The results of operations of Whiteboard are included in our consolidated financial statements and results of operations of our Education segment from the date of acquisition. Perception Health, Inc. On December 31, 2021, we completed the acquisition of Perception Health, Inc. (“Perception Health”), a healthcare predictive analytics company focused on bringing data sources together for improved clinical and business decision-making. The results of operations of Perception Health are included in our consolidated financial statements and results of operations of our Healthcare segment beginning January, 1, 2022. The acquisitions of Unico Solutions, Bad Rabbit, Whiteboard and Perception Health are not significant to our consolidated financial statements individually or in the aggregate as of and for the year ended December 31, 2021. The finalized measurement of assets acquired and liabilities assumed in the Whiteboard and Perception Health acquisitions were completed in the first quarter of 2022. 2020 B3i Analytics, LLC On August 1, 2020, we completed the acquisition of B3i Analytics, LLC (“B3i Analytics”), a software firm that provides a software as a solution (“SaaS”) application to leverage internal and external data to help higher education institutions forecast research revenue. The results of operations of B3i Analytics are included in our consolidated financial statements and results of operations of our Education segment from the date of acquisition. ForceIQ, Inc. On November 1, 2020, we completed the acquisition of ForceIQ, Inc. (“ForceIQ”), a Salesforce Industries partner focused on helping clients drive digital transformation and innovation at scale powered by the cloud. The acquisition expands our cloud-based technology offerings within our Digital capability. The results of operations of ForceIQ are included in our consolidated financial statements from the date of acquisition. The results of operations were initially recognized within our legacy Business Advisory segment and subsequently allocated among our three operating industries, which are our reportable segments, based on the engagements delivered by the business. The acquisitions of B3i Analytics and ForceIQ are not significant to our consolidated financial statements individually or in the aggregate as of and for the year ended December 31, 2020. Divestitures 2021 Life Sciences On November 1, 2021, we completed the divestiture of our Life Sciences business, a reporting unit within our legacy Business Advisory segment to a third-party. In connection with the sale, we recorded a $31.5 million pre-tax gain which is included in other income, net on our consolidated statement of operations. The Life Sciences business was not significant to our consolidated financial statements and did not qualify as a discontinued operation for reporting under GAAP. For the ten months ended October 31, 2021, this business generated $16.7 million of revenues. 2020 U.K. Life Sciences Drug Safety Practice |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The table below sets forth the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2022 and 2021. Healthcare Education Commercial (1) Total Balance as of December 31, 2020: Goodwill $ 636,810 $ 104,384 $ 308,935 $ 1,050,129 Accumulated impairment losses (208,081) — (247,811) (455,892) Goodwill, net as of December 31, 2020 $ 428,729 $ 104,384 $ 61,124 $ 594,237 Goodwill recorded in connection with a business combination (2) 6,141 17,186 3,315 26,642 Balance as of December 31, 2021: Goodwill 642,951 121,570 312,250 1,076,771 Accumulated impairment losses (208,081) — (247,811) (455,892) Goodwill, net as of December 31, 2021 $ 434,870 $ 121,570 $ 64,439 $ 620,879 Goodwill reallocation, net (1) 18,057 (1,417) (16,640) — Goodwill recorded in connection with business combinations (2) 1,287 2,082 718 4,087 Balance as of December 31, 2022: Goodwill 644,238 123,652 312,968 1,080,858 Accumulated impairment losses (190,024) (1,417) (264,451) (455,892) Goodwill, net as of December 31, 2022: $ 454,214 $ 122,235 $ 48,517 $ 624,966 (1) The balances shown prior to January 1, 2022 within the Commercial segment related to our Business Advisory segment prior to the modification of our operating model. Effective January 1, 2022, we reallocated a portion of the goodwill, net of accumulated impairment losses within our Business Advisory segment to our Healthcare and Education segments. The remaining goodwill, net of accumulated impairment losses was allocated to our new Commercial segment. (2) See Note 3 “Acquisitions and Divestitures” for additional information on business combinations completed in 2022, 2021 and 2020. First Quarter 2022 Goodwill Reallocation and Goodwill Impairment Test Effective January 1, 2022, we modified our operating model to expand and more deeply integrate our industry expertise with our digital, strategic and financial advisory capabilities. To align with the new operating model, effective with reporting for periods beginning January 1, 2022, we began reporting under the following three industries, which are our reportable segments: Healthcare, Education and Commercial. The Commercial segment includes all industries outside of healthcare and education, including, but not limited to, financial services and energy and utilities. In the new reporting structure, each segment includes all revenue and costs associated with engagements delivered in the respective segments' industries. The new Healthcare and Education segments include some revenue and costs historically reported in the Business Advisory segment and the Healthcare segment includes some revenue and costs historically reported in the Education segment. The three reportable segments of Healthcare, Education and Commercial are also our reporting units for goodwill impairment testing purposes. As a result of the reorganization, we reallocated the goodwill balances of our historical reporting units to our new reporting units based on the relative estimated fair values of each component of the historical reporting units to be allocated to the new reporting units. Additionally, we performed a goodwill impairment test on the goodwill balances of each of our reporting units as of January 1, 2022 by comparing the fair value of the reporting unit to its carrying value, including the reallocated goodwill. Based on the results of the goodwill impairment test, we determined the fair values of the Healthcare, Education, and Commercial reporting units exceeded their carrying values by 37%, 199%, and 105%, respectively. As such, we concluded that there was no indication of goodwill impairment for all three reporting units as of January 1, 2022. We relied on the income approach to estimate the fair value of the reporting units for both the goodwill reallocation and the goodwill impairment test. The income approach utilized a discounted cash flow analysis, which involved estimating the expected after-tax cash flows that will be generated by each business and then discounting those cash flows to present value, reflecting the relevant risks associated with each reporting unit and the time value of money. This approach requires the use of significant estimates and assumptions, including forecasted revenue growth rates, forecasted EBITDA margins, and discount rates that reflect the risk inherent in the future cash flows. In estimating future cash flows, we relied on internally generated ten-year forecasts. Our forecasts are based on historical experience, current backlog, expected market demand, and other industry information. 2022 Annual Goodwill Impairment Test Pursuant to our policy, we performed our annual goodwill impairment test as of November 30, 2022 for our three reporting units: Healthcare, Education, and Commercial. We performed a qualitative assessment over all reporting units to determine if it was more likely than not the respective fair values of these reporting units were less than their carrying amounts, including goodwill. For our qualitative assessment, we considered the most recent quantitative analysis performed for each reporting unit, which was as of January 1, 2022, including the key assumptions used within that analysis, the indicated fair values, and the amount by which those fair values exceeded their carrying amounts. One of the key assumptions used within the prior quantitative analysis was our internal financial projections; therefore, we considered the actual performance of each reporting unit during 2022 compared to the internal financial projections used, as well as specific outlooks for each reporting unit based on our most recent internal financial projections. We also reviewed the current carrying value of each reporting unit in comparison to the carrying values as of the prior quantitative analysis. In addition, we considered various factors, including macroeconomic conditions, relevant industry and market trends for each reporting unit, and other entity-specific events, that could indicate a potential change in the fair value of our reporting units or the composition of their carrying values. Based on our assessments, we determined that it was more likely than not that the fair values for each of our reporting units exceeded their respective carrying amounts. As such, the goodwill for our reporting units was not considered impaired as of November 30, 2022, and a quantitative goodwill impairment analysis was not necessary. Further, we evaluated whether any events have occurred or any circumstances have changed since November 30, 2022 that would indicate goodwill may have become impaired since our annual impairment test. Based on our evaluation as of December 31, 2022, we determined that no indications of impairment have arisen since our annual goodwill impairment test. The results of an impairment analysis are as of a point in time. There is no assurance that the actual future earnings or cash flows of our reporting units will be consistent with our projections. We will monitor any changes to our assumptions and will evaluate goodwill as deemed warranted during future periods. Any significant decline in our operations could result in non-cash goodwill impairment charges. First Quarter 2020 Goodwill Impairment Charges The worldwide spread of the COVID-19 pandemic in the first quarter of 2020 created significant volatility, uncertainty and disruption to the global economy. From the onset of the COVID-19 pandemic, we closely monitored the impact it could have on all aspects of our business, including how we expect it to negatively impact our clients, employees and business partners. While the COVID-19 pandemic did not have a significant impact on our consolidated revenues in the first quarter of 2020, we expected it to have an unfavorable impact on sales, increase uncertainty in the backlog and negatively impact full year 2020 results. The services provided by our Strategy and Innovation and Life Sciences reporting units within our legacy Business Advisory segment focus on strategic solutions for healthy, well-capitalized companies to identify new growth opportunities, which may be considered by our clients to be more discretionary in nature, and the duration of the projects within these practices are typically short-term. Therefore, at the onset of the COVID-19 pandemic in the U.S. and due to the uncertainty caused by the pandemic, we were cautious about near-term results for these two reporting units. Based on our internal projections and the preparation of our financial statements for the quarter ended March 31, 2020, and considering the expected decrease in demand due to the COVID-19 pandemic, during the first quarter of 2020 we believed it was more likely than not that the fair value of these two reporting units no longer exceeded their carrying values and performed an interim impairment test on both reporting units as of March 31, 2020. Our goodwill impairment test was performed by comparing the fair value of each of the Strategy and Innovation and Life Sciences reporting units with its respective carrying value and recognizing an impairment charge for the amount by which the carrying value exceeded the fair value. To estimate the fair value of each reporting unit, we relied on a combination of the income approach and the market approach with a fifty-fifty weighting. Based on the estimated fair values of the Strategy and Innovation and Life Sciences reporting units, we recorded non-cash pretax goodwill impairment charges of $49.9 million and $9.9 million, respectively, in the first quarter of 2020. The $49.9 million non-cash pretax charge related to the Strategy and Innovation reporting unit reduced the goodwill balance of the reporting unit to $37.5 million. The $9.9 million non-cash pretax charge related to the Life Sciences reporting unit reduced the goodwill balance of the reporting unit to zero. Intangible Assets Intangible assets as of December 31, 2022 and 2021 consisted of the following: As of December 31, 2022 2021 Useful Life Gross Accumulated Gross Accumulated Customer relationships 5 to 13 $ 74,583 $ 57,219 $ 75,908 $ 53,421 Technology and software 2 to 5 13,330 7,975 13,330 5,607 Trade names 6 6,000 5,907 6,000 5,148 Non-competition agreements 2 to 5 920 340 2,020 1,347 Customer contracts 1 — — 260 101 Total $ 94,833 $ 71,441 $ 97,518 $ 65,624 Identifiable intangible assets with finite lives are amortized over their estimated useful lives. Customer relationships and customer contracts, as well as certain trade names and technology and software, are amortized on an accelerated basis to correspond to the cash flows expected to be derived from the assets. All other intangible assets with finite lives are amortized on a straight-line basis. Intangible assets amortization expense was $11.2 million, $9.3 million, and $12.7 million for the years ended December 31, 2022, 2021, and 2020, respectively. The table below sets forth the estimated annual amortization expense for each of the five succeeding years for the intangible assets recorded as of December 31, 2022. Year Ending December 31, Estimated 2023 $ 8,122 2024 $ 4,674 2025 $ 3,503 2026 $ 2,519 2027 $ 1,773 |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases | LeasesWe lease office space, data centers and certain equipment under operating leases expiring on various dates through 2029, with various renewal options that can extend the lease terms by one material restrictive covenants. As of December 31, 2022, we have not entered into any material finance leases. We sublease certain office spaces to third parties resulting from restructuring activities in certain locations. Lease Impairment Charges Operating lease right-of-use (“ROU”) assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease ROU asset is assigned may not be recoverable. First, we test the asset group for recoverability by comparing the undiscounted cash flows of the asset group, which include expected future lease and nonlease payments under the lease agreement offset by expected sublease income, to the carrying amount of the asset group. If the first step of the long-lived asset impairment test concludes that the carrying amount of the asset group is not recoverable, we perform the second step of the long-lived asset impairment test by comparing the fair value of the asset group to its carrying amount and recognizing a lease impairment charge for the amount by which the carrying amount exceeds the fair value. To estimate the fair value of the asset group, we rely on a discounted cash flow approach using market participant assumptions of the expected cash flows and discount rate. During the years ended December 31, 2022 and 2020, we recognized non-cash lease-related impairment charges of $0.2 million and $9.1 million, respectively. No lease-related impairment charges were recognized during 2021. The $0.2 million lease-related impairment charge recognized in 2022 resulted from updated sublease assumptions for our previously vacated office space in New York City, New York and was allocated to the operating lease ROU asset. See below for additional information on our 2020 lease impairment charges. Fourth Quarter 2020 Lease Impairment Charges In the fourth quarter of 2020, we announced a restructuring plan to reduce operating costs to address the impact of the COVID-19 pandemic on our business. The restructuring plan provided for a reduction in certain leased office spaces which included a portion of our principal executive office in Chicago, Illinois; the remaining portion of our Lake Oswego, Oregon office; our Boston, Massachusetts and Detroit, Michigan offices; and portions of our Denver, Colorado, New York City, New York, and Pensacola, Florida offices. As a result, we recognized $13.2 million of non-cash lease-related impairment charges, of which $9.1 million was allocated to the operating lease ROU assets and $4.1 million was allocated to the related fixed assets based on their relative carrying amounts. The $13.2 million of non-cash lease-related impairment charges was recognized in restructuring charges on our consolidated statement of operations. See Note 11 “Restructuring Charges” for additional information on our restructuring activities. Additional information on our operating leases as of December 31, 2022 and 2021 follows. As of December 31, Balance Sheet 2022 2021 Operating lease right-of-use assets $ 30,304 $ 35,311 Current maturities of operating lease liabilities $ 10,530 $ 10,142 Operating lease liabilities, net of current portion 45,556 54,313 Total lease liabilities $ 56,086 $ 64,455 Year Ended December 31, Lease Cost 2022 2021 2020 Operating lease cost $ 8,877 $ 9,755 $ 11,045 Short-term leases (1) 263 225 229 Variable lease costs 4,587 3,765 1,693 Sublease income (1,921) (1,660) (1,973) Net lease cost (2)(3) $ 11,806 $ 12,085 $ 10,994 (1) Includes variable lease costs related to short-term leases. (2) Net lease cost includes $2.0 million, $2.6 million and $0.3 million for the years ended December 31, 2022, 2021 and 2020, respectively, recorded as restructuring charges as they relate to vacated office spaces. See Note 11 “Restructuring Charges” for additional information on our vacated office spaces. (3) Net lease cost includes $0.2 million for the year ended December 31, 2020 related to vacated office spaces directly related to discontinued operations. The table below summarizes the remaining expected lease payments under our operating leases as of December 31, 2022. Future Lease Payments December 31, 2023 $ 12,618 2024 12,039 2025 11,728 2026 10,941 2027 7,825 Thereafter 7,211 Total operating lease payments $ 62,362 Less: imputed interest (6,276) Present value of operating lease liabilities $ 56,086 Year Ended December 31, Other Information 2022 2021 2020 Cash paid for operating lease liabilities $ 12,634 $ 12,573 $ 11,307 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 1,908 $ 2,960 $ 1,456 Weighted average remaining lease term - operating leases 5.3 years 6.1 years 7.0 years Weighted average discount rate - operating leases 4.2 % 4.1 % 4.3 % |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Depreciation expense for property and equipment was $10.3 million, $11.0 million, and $12.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. During the years ended December 2021 and 2020, we recognized an additional $0.4 million and $0.6 million, respectively, of accelerated depreciation expense for fixed assets related to vacated office spaces. There was no accelerated depreciation expense for fixed assets related to vacated office spaces during 2022. This accelerated depreciation expense is included as a component of restructuring charges. See Note 11 “Restructuring Charges” for additional information on our restructuring charges incurred in 2022, 2021 and 2020. Property and equipment, net at December 31, 2022 and 2021 consisted of the following: As of December 31, 2022 2021 Computers, related equipment, and software $ 35,296 $ 33,682 Leasehold improvements 37,202 40,336 Furniture and fixtures 11,386 12,023 Aircraft — 6,800 Assets under construction 289 1,113 Property and equipment 84,173 93,954 Accumulated depreciation and amortization (58,066) (62,950) Property and equipment, net $ 26,107 $ 31,004 In the first quarter of 2022, we completed the sale of the aircraft to a third-party. As a result of the sale, we no longer own any aircraft. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements A summary of the carrying amounts of our debt follows: As of December 31, 2022 2021 Senior secured credit facility $ 290,000 $ 230,000 Promissory note due 2024 — 2,780 Total long-term debt $ 290,000 $ 232,780 Current maturities of long-term debt — (559) Long-term debt, net of current portion $ 290,000 $ 232,221 Senior Secured Credit Facility On November 15, 2022, the Company and certain of the Company's subsidiaries entered into a Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”). The Amended Credit Agreement amended and restated, in its entirety, the Second Amended and Restated Credit Agreement entered into as of March 31, 2015 (as amended and modified, the "Existing Credit Agreement"). The Amended Credit Agreement consists of a $600 million five-year senior secured revolving credit facility that becomes due and payable in full upon maturity on November 15, 2027. The Amended Credit Agreement provides the option to increase the revolving credit facility or establish term loan facilities in an aggregate amount up to $250 million, subject to customary conditions and the approval of any lender whose commitment would be increased, resulting in a maximum available principal amount under the Amended Credit Agreement of $850 million. The initial borrowings under the Amended Credit Agreement were used to refinance borrowings outstanding under the Existing Credit Agreement, and future borrowings under the Amended Credit Agreement may be used for working capital, capital expenditures, share repurchases, permitted acquisitions, and other general corporate purposes. Fees and interest on borrowings vary based on our Consolidated Leverage Ratio (as defined in the Amended Credit Agreement). At our option, borrowings under the Amended Credit Agreement will bear interest at one, three or six month Term SOFR or an alternate base rate, in each case plus the applicable margin. The applicable margin will fluctuate between 1.125% per annum and 1.875% per annum, in the case of Term SOFR borrowings, or between 0.125% per annum and 0.875% per annum, in the case of base rate loans, based upon our Consolidated Leverage Ratio at such time. Amounts borrowed under the Amended Credit Agreement may be prepaid at any time without premium or penalty. We are required to prepay the amounts outstanding under the Amended Credit Agreement in certain circumstances, including upon an Event of Default (as defined in the Amended Credit Agreement). In addition, we have the right to permanently reduce or terminate the unused portion of the commitments provided under the Amended Credit Agreement at any time. The loans and obligations under the Amended Credit Agreement are secured pursuant to a Third Amended and Restated Security Agreement and a Third Amended and Restated Pledge Agreement (the “Pledge Agreement”) with Bank of America, N.A. as collateral agent, pursuant to which the Company and the subsidiary guarantors grant Bank of America, N.A., for the ratable benefit of the lenders under the Amended Credit Agreement, a first-priority lien, subject to permitted liens, on substantially all of the personal property assets of the Company and the subsidiary guarantors, and a pledge of 100% of the stock or other equity interests in all domestic subsidiaries and 65% of the stock or other equity interests in each “material first-tier foreign subsidiary” (as defined in the Pledge Agreement) entitled to vote and 100% of the stock or other equity interests in each material first-tier foreign subsidiary not entitled to vote. The Amended Credit Agreement contains usual and customary representations and warranties; affirmative and negative covenants, which include limitations on liens, investments, additional indebtedness, and restricted payments; and two quarterly financial covenants as follows: (i) a maximum Consolidated Leverage Ratio (defined as the ratio of debt to consolidated EBITDA) of 3.75 to 1.00; however the maximum permitted Consolidated Leverage Ratio will increase to 4.25 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in the Amended Credit Agreement), and (ii) a minimum Consolidated Interest Coverage Ratio (defined as the ratio of consolidated EBITDA to interest) of 3.00 to 1.00. Consolidated EBITDA for purposes of the financial covenants is calculated on a continuing operations basis and includes adjustments to add back non-cash goodwill impairment charges, share-based compensation costs, certain non-cash restructuring charges, pro forma historical EBITDA for businesses acquired, and other specified items in accordance with the Amended Credit Agreement. For purposes of the Consolidated Leverage Ratio total debt is on a gross basis and is not netted against our cash balances. At December 31, 2022, we were in compliance with these financial covenants with a Consolidated Leverage Ratio of 1.92 to 1.00 and a Consolidated Interest Coverage Ratio of 14.04 to 1.00. Borrowings outstanding under the Amended Credit Agreement at December 31, 2022 totaled $290.0 million and carried a weighted average interest rate of 3.8%, including the effect of the interest rate swaps described in Note 12 “Derivative Instruments and Hedging Activity.” Borrowings outstanding under the Existing Credit Agreement at December 31, 2021 were $230.0 million and carried a weighted average interest rate of 2.7%, including the effect of the interest rate swaps in effect at that time. The borrowing capacity under the revolving credit facility is reduced by any outstanding borrowings under the revolving credit facility and outstanding letters of credit. At December 31, 2022, we had outstanding letters of credit totaling $0.7 million, which are used as security deposits for our office facilities. As of December 31, 2022, the unused borrowing capacity under the revolving credit facility was $309.3 million. Promissory Note due 2024 On June 30, 2017, in conjunction with our purchase of an aircraft related to the acquisition of Innosight, we assumed from the sellers of the aircraft, a promissory note with an outstanding principal balance of $5.1 million. In the first quarter of 2022, we completed the sale of the aircraft to a third-party and used a portion of the sale proceeds to pay the remaining principal and unpaid interest on the promissory note. Prior to the repayment of the promissory note, the principal balance of the promissory note was subject to scheduled monthly principal payments until the maturity date of March 1, 2024. Under the terms of the promissory note, we paid interest on the outstanding principal amount at a rate of one month LIBOR plus 1.97% per annum. At December 31, 2021, the outstanding principal amount of the promissory note was $2.8 million, and the aircraft had a carrying amount of $3.7 million. As a result of the sale, we recognized a gain of $1.0 million in the first quarter of 2022 and we no longer own any aircraft. |
Capital Structure
Capital Structure | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Capital Structure | Capital Structure Preferred Stock We are authorized to issue up to 50,000,000 shares of preferred stock. Our certificate of incorporation authorizes our board of directors, without any further stockholder action or approval, to issue these shares in one or more classes or series, to establish from time to time the number of shares to be included in each class or series, and to fix the rights, preferences and privileges of the shares of each wholly unissued class or series and any of its qualifications, limitations or restrictions. As of December 31, 2022 and 2021, no such preferred stock has been approved or issued. Common Stock We are authorized to issue up to 500,000,000 shares of common stock, par value $.01 per share. The holders of common stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders. Subject to the rights and preferences of the holders of any series of preferred stock that may at the time be outstanding, holders of common stock are entitled to such dividends as our board of directors may declare. In the event of any liquidation, dissolution or winding-up of our affairs, after payment of all of our debts and liabilities and subject to the rights and preferences of the holders of any series of preferred stock that may at the time be outstanding, holders of common stock will be entitled to receive the distribution of any of our remaining assets. |
Revenues Revenue
Revenues Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | . Revenues For the years ended December 31, 2022, 2021 and 2020 we recognized revenues of $1.13 billion, $905.6 million, and $844.1 million, respectively. Of the $1.13 billion recognized in 2022, we recognized revenues of $7.6 million from obligations satisfied, or partially satisfied, in prior periods, of which $5.3 million was primarily due to changes in the estimates of our variable consideration under performance-based billing arrangements and $2.3 million was primarily due to the release of allowances on receivables from clients and unbilled services. Of the $905.6 million recognized in 2021, we recognized revenues of $22.9 million from obligations satisfied, or partially satisfied, in prior periods, of which $14.6 million was primarily due to changes in the estimates of our variable consideration under performance-based billing arrangements and $8.3 million was primarily due to the release of allowances on receivables from clients and unbilled services. Of the $844.1 million recognized in 2020, we recognized revenues of $12.2 million from obligations satisfied, or partially satisfied, in prior periods, of which $7.5 million was primarily due to changes in the estimates of our variable consideration under performance-based billing arrangements and $4.7 million was primarily due to the release of allowances on receivables from clients and unbilled services. As of December 31, 2022, we had $151.2 million of remaining performance obligations under engagements with original expected durations greater than one year. These remaining performance obligations exclude variable consideration which has been excluded from the total transaction price due to the constraint and performance obligations under time-and-expense engagements which are recognized in the amount invoiced. Of the $151.2 million of performance obligations, we expect to recognize approximately $78.7 million as revenue in 2023, $30.1 million in 2024, and the remaining $42.4 million thereafter. Actual revenue recognition could differ from these amounts as a result of changes in the estimated timing of work to be performed, adjustments to estimated variable consideration in performance-based arrangements, or other factors. Contract Assets and Liabilities The payment terms and conditions in our customer contracts vary. Differences between the timing of billings and the recognition of revenue are recognized as either unbilled services or deferred revenues in the consolidated balance sheets. Unbilled services include revenues recognized for services performed but not yet billed to clients. Services performed that we are not yet entitled to bill because certain events, such as the completion of the measurement period or client approval in performance-based engagements, must occur are recorded as contract assets and included within unbilled services, net. The contract asset balance as of December 31, 2022 and 2021 was $50.2 million and $23.7 million, respectively. The $26.5 million increase primarily reflects timing differences between the completion of our performance obligations and the amounts billed or billable to clients in accordance with their contractual billing terms. Client prepayments and retainers are classified as deferred revenues and recognized over future periods in accordance with the applicable engagement agreement and our revenue recognition accounting policy. Our deferred revenues balance as of December 31, 2022 and December 31, 2021 was $21.9 million and $19.2 million respectively. The $2.7 million increase primarily reflects timing differences between client payments in accordance with their contract terms and the completion of our performance obligations. For the year ended December 31, 2022, $18.5 million of revenues recognized were included in the deferred revenue balance as of December 31, 2021. For the year ended December 31, 2021, $27.6 million of revenues recognized were included in the deferred revenue balance as of December 31, 2020. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, unvested restricted stock units, and outstanding common stock options, to the extent dilutive. In periods for which we report a net loss from continuing operations, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss from continuing operations per share would be anti-dilutive. Earnings (loss) per share under the basic and diluted computations are as follows: Year Ended December 31, 2022 2021 2020 Net income (loss) from continuing operations $ 75,552 $ 62,987 $ (23,718) Loss from discontinued operations, net of tax — — (122) Net income (loss) $ 75,552 $ 62,987 $ (23,840) Weighted average common shares outstanding—basic 20,249 21,439 21,882 Weighted average common stock equivalents 497 370 — Weighted average common shares outstanding—diluted 20,746 21,809 21,882 Net earnings (loss) per basic share: Net income (loss) from continuing operations $ 3.73 $ 2.94 $ (1.08) Loss from discontinued operations, net of tax — — (0.01) Net income (loss) $ 3.73 $ 2.94 $ (1.09) Net earnings (loss) per diluted share: Net income (loss) from continuing operations $ 3.64 $ 2.89 $ (1.08) Loss from discontinued operations, net of tax — — (0.01) Net income (loss) $ 3.64 $ 2.89 $ (1.09) The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above at December 31, 2022, 2021 and 2020 was 0.2 million, 0.1 million and 1.1 million, respectively, and related to unvested restricted stock and outstanding common stock options. Share Repurchase Programs In November 2020, our board of directors authorized a share repurchase program (the "2020 Share Repurchase Program") permitting us to repurchase up to $50 million of our common stock through December 31, 2021. The 2020 Share Repurchase Program was authorized subsequent to the expiration of our prior share repurchase program (the “2015 Share Repurchase Program”) on October 31, 2020. The 2015 Share Repurchase Program permitted us to repurchase up to $125 million of our common stock through October 31, 2020. The 2020 Share Repurchase Program has been subsequently extended and increased, most recently in the fourth quarter of 2022. The current authorization extends the share repurchase program through December 31, 2023 with a repurchase amount of $300 million. The amount and timing of repurchases under the share repurchase programs were and will continue to be determined by management and depend on a variety of factors, including the trading price of our common stock, capacity under our credit facility, general market and business conditions, and applicable legal requirements. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges 2022 In 2022, we incurred $9.9 million of total pretax restructuring expense, which consisted of the following charges: Employee Costs - We incurred $5.7 million of severance-related restructuring expense as a result of workforce reductions to better align resources with market demand. Office space reductions - We incurred $2.5 million of restructuring expense related to office space reductions, of which $2.3 million related to rent and related expenses, net of sublease income, for previously vacated office spaces and $0.2 million related to a non-cash lease impairment charge driven by updated sublease assumptions for a previously vacated office space. Other - We incurred $1.7 million of other restructuring charges, of which $0.7 million related to third-party professional advisory fees related to the modification of our operating model, $0.6 million related to the early termination of a contract, $0.3 million related to the accelerated amortization of capitalized software implementation costs for a cloud-computing arrangement that is no longer in use, and $0.1 million related to the divestiture of our Life Sciences business in the fourth quarter of 2021. Of the total $9.9 million pretax restructuring charge, $3.9 million was recognized in our Education segment, $3.7 million was recognized in our corporate operations, $1.6 million was recognized in our Commercial segment, and $0.7 million was recognized in our Healthcare segment. 2021 In 2021, we incurred $12.4 million of total pretax restructuring expense. Of the $12.4 million pretax restructuring expense, $8.5 million related to the divestiture of our Life Sciences business. On November 1, 2021, we completed the sale of the Life Sciences business to a third-party, and recognized a $31.5 million pre-tax gain which is included within other income (expense), net on our consolidated statement of operations. The total pretax restructuring expense of $12.4 million recognized in 2021 consisted of the following charges: Employee Costs - We incurred $8.1 million of employee-related restructuring expense, of which $6.8 million related to transaction-related employee payments made in connection with the divestiture of our Life Sciences businesses and $1.3 million related to other employee-related expenses. Office space reductions - We incurred $3.1 million of restructuring expense related to office space reductions, of which $2.3 million related to rent and related expenses, net of sublease income, and accelerated depreciation on furniture and fixtures for previously vacated office spaces and $0.8 million related to accelerated amortization and depreciation on the operating lease ROU asset and fixed assets related to our London, U.K. office which we vacated in connection with the divestiture of our Life Sciences business. Other - We incurred $1.2 million of other restructuring charges, of which $0.9 million related to third-party legal and professional advisory fees incurred in connection with the divestiture of our Life Sciences business and $0.2 million related to third-party professional advisory fees related to the modification of our operating model. Of the total $12.4 million pretax restructuring charge, $7.7 million was recognized in the Commercial segment, $4.5 million was recognized in our corporate operations, $0.1 million was recognized in our Healthcare segment, and $0.1 million was recognized in our Education segment. 2020 In 2020, we incurred $20.5 million of total pretax restructuring expense. Of the $20.5 million pretax restructuring expense, $18.7 million related to the restructuring plan executed in the fourth quarter of 2020 to reduce operating costs to address the impact of the COVID-19 pandemic on our business. The total pretax restructuring expense of $20.5 million recognized in 2020 consisted of the following charges: Employee Costs - We incurred $5.3 million of severance-related restructuring expense, of which, $4.8 million related to the fourth quarter 2020 restructuring plan and $0.4 million related to workforce reductions completed prior to the fourth quarter of 2020 to better align resources with market demand. Office space reductions - We incurred $14.0 million of restructuring expense related to office space reductions, which primarily related to the fourth quarter 2020 restructuring plan. The fourth quarter 2020 restructuring plan provided for a reduction in certain leased office spaces which included a portion of our principal executive office in Chicago, Illinois; the remaining portion of our Lake Oswego, Oregon office; our Boston, Massachusetts and Detroit, Michigan offices; and portions of our Denver, Colorado, New York City, New York, and Pensacola, Florida offices. As a result, we recognized $13.2 million of non-cash lease impairment charges on the related operating lease ROU assets and fixed assets for those we intend to sublease, as well as $0.7 million of accelerated amortization and depreciation on the related operating lease ROU assets and fixed assets we abandoned. See Note 5 “Leases” for additional information on the long-lived asset impairment test performed in 2020. We also incurred $0.1 million related to rent and related expenses, net of sublease income, for previously vacated office spaces. Other - We incurred $1.2 million of other restructuring charges primarily related to an accrual for the termination of a third-party advisor agreement. Of the total $20.5 million pretax restructuring charge, $14.8 million related to our corporate operations, $2.1 million was recognized in our Commercial segment, $1.8 million was recognized in our Education segment, and $1.8 million was recognized in our Healthcare segment. The table below sets forth the changes in the carrying amount of our restructuring charge liability by restructuring type for the years ended December 31, 2022 and 2021. Employee Costs Office Space Reductions Other Total Balance as of December 31, 2020 $ 2,447 $ 84 $ 893 $ 3,424 Additions (1) 8,132 — 1,156 9,288 Payments (9,993) (84) (1,482) (11,559) Adjustments (1) (13) — — (13) Balance as of December 31, 2021 573 — 567 1,140 Additions (1) 5,705 — 1,279 6,984 Payments (2,538) (201) (1,318) (4,057) Adjustments (1) 11 201 40 252 Balance as of December 31, 2022 $ 3,751 $ — $ 568 $ 4,319 (1) Additions and adjustments exclude non-cash items related to vacated office spaces, such as lease impairment charges and accelerated depreciation on abandoned operating lease ROU assets and fixed assets, which are recorded as restructuring charges on our consolidated statements of operations. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activity | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activity | Derivative Instruments and Hedging Activity In the normal course of business, we use forward interest rate swaps to manage the interest rate risk associated with our variable-rate borrowings under our senior secured credit facility and we use non-deliverable foreign exchange forward contracts to manage the foreign currency exchange rate risk related to our operations in India. We do not use derivative instruments for trading or other speculative purposes. We have designated all of our derivative instruments as cash flow hedges. Therefore, changes in the fair value of the interest rate swaps and foreign exchange forward contracts are recorded to other comprehensive income (“OCI”) to the extent effective and reclassified to earnings upon settlement. Interest Rate Swaps As of December 31, 2022 and 2021, we were party to forward interest rate swap agreements with an aggregate notional amount of $200.0 million. In the fourth quarter of 2022, in conjunction with the amendment to our senior secured credit facility which, among other items, amended the base rate of our variable-rate borrowings from LIBOR to Term SOFR, we updated the reference rate within our interest rate swap agreements from LIBOR to Term SOFR. Under the terms of the updated interest rate swap agreements, we receive from the counterparty interest on the notional amount based on one month Term SOFR and we pay to the counterparty a stated, fixed rate. Prior to updating our interest rate swap agreements, we received from the counterparty interest on the notional amount based on one month LIBOR and we paid to the counterparty a stated, fixed rate. The forward interest rate swap agreements in effect as of December 31, 2022 have staggered maturities through August 31, 2027. As of December 31, 2022, it was anticipated that $4.8 million of the gains, net of tax, related to interest rate swaps currently recorded in accumulated other comprehensive income will be reclassified into interest expense, net of interest income in our consolidated statement of operations within the next 12 months. Foreign Exchange Forward Contracts As of December 31, 2022, we were party to non-deliverable foreign exchange forward contracts with an aggregate notional amount of INR 657.9 million, or $8.0 million based on the exchange rate in effect as of December 31, 2022. These foreign exchange forward contracts will mature monthly through September 2023 to hedge a portion of our forecasted monthly Indian Rupee-denominated expenses against foreign currency fluctuation with the United States dollar. As of December 31, 2022, it was anticipated that $0.1 million of the losses, net of tax, related to foreign exchange forward contracts currently recorded in accumulated other comprehensive income will be reclassified into direct costs in our consolidated statement of operations within the next 12 months. The table below sets forth additional information relating to our derivative instruments as of December 31, 2022 and 2021. Fair Value Derivative Instrument Balance Sheet Location December 31, 2022 December 31, 2021 Interest rate swaps Prepaid expenses and other current assets $ 7,108 $ — Interest rate swaps Other non-current assets 5,131 1,210 Total Assets $ 12,239 $ 1,210 Interest rate swaps Accrued expenses and other current liabilities $ — $ 1,604 Interest rate swaps Deferred compensation and other liabilities — 149 Foreign exchange forward contracts Accrued expenses and other current liabilities 120 — Total Liabilities $ 120 $ 1,753 All of our derivative instruments are transacted under the International Swaps and Derivatives Association (ISDA) master agreements. These agreements permit the net settlement of amounts owed in the event of default and certain other termination events. Although netting is permitted, it is our policy to record all derivative assets and liabilities on a gross basis on our consolidated balance sheet. Refer to Note 14 “Other Comprehensive Income (Loss)” for additional information on our derivative instruments. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Certain of our assets and liabilities are measured at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy for inputs used in measuring fair value and requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy consists of three levels based on the objectivity of the inputs as follows: Level 1 Inputs Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs Unobservable inputs for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. The tables below sets forth our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021. Level 1 Level 2 Level 3 Total December 31, 2022 Assets: Interest rate swap $ — $ 12,239 $ — $ 12,239 Convertible debt investment — — 57,563 57,563 Deferred compensation assets — 29,875 — 29,875 Total assets $ — $ 42,114 $ 57,563 $ 99,677 Liabilities: Foreign exchange forward contracts $ — $ 120 $ — $ 120 Contingent consideration for business acquisition — — 3,190 3,190 Total liabilities $ — $ 120 $ 3,190 $ 3,310 December 31, 2021 Assets: Interest rate swap $ — $ 627 $ — $ 627 Convertible debt investment — — 65,918 65,918 Deferred compensation assets — 39,430 — 39,430 Total assets $ — $ 40,057 $ 65,918 $ 105,975 Liabilities: Interest rate swaps $ — $ 1,170 $ — $ 1,170 Contingent consideration for business acquisition — — 3,743 3,743 Total liabilities $ — $ 1,170 $ 3,743 $ 4,913 Interest rate swaps: The fair values of our interest rate swaps were derived using estimates to settle the interest rate swap agreements, which are based on the net present value of expected future cash flows on each leg of the swap utilizing market-based inputs and discount rates reflecting the risks involved. See Note 12 "Derivative Instruments and Hedging Activity" for additional information on our interest rate swaps. Foreign exchange forward contracts: The fair values of our foreign exchange forward contracts were derived using estimates to settle the foreign exchange forward contracts agreements, which are based on the net present value of expected future cash flows on each contract utilizing market-based inputs, including both forward and spot prices, and a discount rate reflecting the risks involved. Refer to Note 12 “Derivative Instruments and Hedging Activity” for additional information on our foreign exchange forward contracts. Convertible debt investment: Since 2014, we have invested $40.9 million, in the form of 1.69% convertible debt in Shorelight Holdings, LLC (“Shorelight”), the parent company of Shorelight, a U.S.-based company that partners with leading nonprofit universities to increase access to and retention of international students, boost institutional growth, and enhance an institution’s global footprint. Effective December 31, 2022, we amended the investment to, among other items, extend the maturity date from January 17, 2024 to January 17, 2027, unless converted earlier. To determine the appropriate accounting treatment for our initial investment, we performed a variable interest entity (“VIE”) analysis and concluded that Shorelight does not meet the definition of a VIE. We also reviewed the characteristics of our investment to confirm that the convertible notes are not in-substance common stock that would warrant equity method accounting. After we reviewed all of the terms of the investment, we concluded the appropriate accounting treatment to be that of an available-for-sale debt security. We continue to monitor the key factors of our VIE analysis and the terms of the convertible notes to ensure our accounting treatment is appropriate. We have not identified any changes to Shorelight or our investment, including the amendment effective in the fourth quarter of 2022, that would change our classification of the investment as an available-for-sale debt security. The investment is carried at fair value with unrealized holding gains and losses excluded from earnings and reported in other comprehensive income. We estimate the fair value of our investment using a scenario-based approach in the form of a hybrid analysis that consists of a Monte Carlo simulation model and an expected return analysis. The conclusion of value for our investment is based on the probability-weighted assessment of both scenarios. The hybrid analysis utilizes certain assumptions including the assumed holding period through the maturity date, which was January 17, 2027 and January 17, 2024 for the valuations performed as of December 31, 2022 and 2021, respectively; the applicable waterfall distribution at the end of the expected holding period based on the rights and privileges of the various instruments; cash flow projections discounted at the risk-adjusted rate of 24.0% and 22.5% as of December 31, 2022 and 2021, respectively; and the concluded equity volatility of 40.0% and 45.0% as of December 31, 2022 and 2021, all of which are Level 3 inputs. The use of alternative estimates and assumptions could increase or decrease the estimated fair value of the investment, which would result in different impacts to our consolidated balance sheet and comprehensive income. Actual results may differ from our estimates. The fair value of the convertible debt investment is recorded in long-term investments on our consolidated balance sheets. The table below sets forth the changes in the balance of the convertible debt investment for the years ended December 31, 2022 and 2021. Convertible Debt Investment Balance as of December 31, 2020 $ 64,364 Change in fair value of convertible debt investment 1,554 Balance as of December 31, 2021 65,918 Change in fair value of convertible debt investment (8,355) Balance as of December 31, 2022 $ 57,563 Deferred compensation assets: We have a non-qualified deferred compensation plan (the “Plan”) for the members of our board of directors and a select group of our employees. The deferred compensation liability is fully funded by the Plan assets, which consist of life insurance policies maintained within a trust. The cash surrender value of the life insurance policies approximates fair value and is based on third-party broker statements which provide the fair value of the life insurance policies' underlying investments, which are Level 2 inputs. The cash surrender value of the life insurance policies is invested primarily in mutual funds. The Plan assets are included in other non-current assets on our consolidated balance sheets. Realized and unrealized gains (losses) from the deferred compensation assets are recorded to other income (expense), net in our consolidated statements of operations. Contingent consideration for business acquisitions: We estimate the fair value of acquisition-related contingent consideration using either a probability-weighted assessment of the specific financial performance targets being measured or a Monte Carlo simulation model, as appropriate. These fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 inputs. The significant unobservable inputs used in the fair value measurements of our contingent consideration are our measures of the estimated payouts based on internally generated financial projections on a probability-weighted basis and a discount rate which was 5.5% as of December 31, 2022. As of December 31, 2021, the discount rate used in the fair value measurements of our contingent consideration was in a range of 2.4% to 5.1% with a weighted average of 3.7%. The weighted average discount rate was calculated using the relative fair values of the contingent consideration as of December 31, 2021. The fair value of the contingent consideration is reassessed quarterly based on assumptions used in our latest projections and input provided by practice leaders and management. Any change in the fair value estimate is recorded in our consolidated statement of operations for that period. The use of alternative estimates and assumptions could increase or decrease the estimated fair value of our contingent consideration liability, which would result in different impacts to our consolidated balance sheets and consolidated statements of operations. Actual results may differ from our estimates. The table below sets forth the changes in the balance of the contingent consideration for business acquisitions for the years ended December 31, 2022 and 2021. Contingent Consideration for Business Acquisitions Balance as of December 31, 2020 $ 1,770 Acquisition 1,800 Change in fair value 173 Balance as of December 31, 2021 3,743 Acquisition 1,185 Payment (1,379) Change in fair value (359) Balance as of December 31, 2022 $ 3,190 Financial assets and liabilities not recorded at fair value on a recurring basis are as follows: Preferred Stock Investment In the fourth quarter of 2019, we invested $5.0 million in Medically Home Group, Inc. (“Medically Home”), a hospital-at-home company. The investment was made in the form of preferred stock. To determine the appropriate accounting treatment for our preferred stock investment, we performed a VIE analysis and concluded that Medically Home does not meet the definition of a VIE. We also reviewed the characteristics of our investment to confirm that the preferred stock is not in-substance common stock that would warrant equity method accounting. After we reviewed all of the terms of the investment, we concluded the appropriate accounting treatment for our investment in Medically Home to be that of an equity security with no readily determinable fair value. We elected to apply the measurement alternative at the time of the purchase and will continue to do so until the investment does not qualify to be so measured. Under the measurement alternative, the investment is carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment in Medically Home. On a quarterly basis, we review the information available to determine whether an orderly and observable transaction for the same or similar equity instrument occurred, and remeasure to the fair value of the preferred stock using such identified transactions, with changes in the fair value recorded in our consolidated statement of operations. During the years ended December 31, 2022 and 2020, we recognized unrealized gains of $27.0 million and $1.7 million, for cumulative unrealized gains of $28.6 million, based on observable price changes of preferred stock issued by Medically Home with similar rights and preferences to our preferred stock investment, a Level 2 input. These unrealized gains were recorded to other income (expense), net in our consolidated statement of operations. There were no observable price changes in 2021, nor have we identified any impairments of our investment since inception. As of December 31, 2022 and 2021, the carrying of our preferred stock investment was $33.6 million and $6.7 million, respectively. Senior Secured Credit Facility The carrying value of our borrowings outstanding under our senior secured credit facility is stated at cost. Our carrying value approximates fair value, using Level 2 inputs, as the senior secured credit facility bears interest at variable rates based on current market rates as set forth in the Amended Credit Agreement. Refer to Note 7 “Financing Arrangements” for additional information on our senior secured credit facility. Promissory Note due 2024 In the first quarter of 2022, we completed the sale of our aircraft to a third-party and used a portion of the sale proceeds to pay the remaining principal and unpaid interest on our promissory note due 2024. The carrying value of our promissory note due 2024 was stated at cost. The carrying value approximated fair value, using Level 2 inputs, as the promissory note bore interest at rates based on then-current market rates as set forth in the terms of the promissory note. Refer to Note 7 “Financing Arrangements” for additional information on our promissory note due 2024. Cash and Cash Equivalents and Other Financial Instruments |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The table below sets forth the components of accumulated other comprehensive income (loss), net of tax for the years ended December 31, 2022, 2021, and 2020. Cash Flow Hedges (1) Foreign Available-for- Interest Rate Swaps Foreign Exchange Forward Contracts Total Balance as of December 31, 2019 $ (566) $ 15,882 $ (380) $ — $ 14,936 Foreign currency translation adjustment, net of tax of $0 348 — — — 348 Unrealized gain (loss) on investments: Change in fair value, net of tax of $(499) — 1,323 — — 1,323 Unrealized gain (loss) on cash flow hedges: Interest rate swaps: Change in fair value, net of tax of $1,693 — — (4,652) — (4,652) Reclassification adjustment into earnings, net of tax of $(388) — — 1,106 — 1,106 Balance as of December 31, 2020 (218) 17,205 (3,926) — 13,061 Foreign currency translation adjustment, net of tax of $0 157 — — — 157 Reclassification adjustments into earnings, net of tax of $0 (2) (1,082) (1,082) Unrealized gain (loss) on investments: Change in fair value, net of tax of $(385) — 1,169 — — 1,169 Unrealized gain (loss) on cash flow hedges: Interest rate swaps: Change in fair value, net of tax of $(641) — — 1,606 — 1,606 Reclassification adjustment into earnings, net of tax of $(678) — — 1,929 — 1,929 Balance as of December 31, 2021 (1,143) 18,374 (391) — 16,840 Foreign currency translation adjustment, net of tax of $0 (1,890) — — — (1,890) Unrealized gain (loss) on investments: Change in fair value, net of tax of $2,209 — (6,146) — — (6,146) Unrealized gain (loss) on cash flow hedges: Interest rate swaps: Change in fair value, net of tax of $(3,555) — — 9,892 — 9,892 Reclassification adjustment into earnings, net of tax of $176 — — (489) — (489) Foreign exchange forward contracts: Change in fair value, net of tax of $43 — — (120) (120) Reclassification adjustment into earnings, net of tax of $(11) — — 32 32 Balance as of December 31, 2022 $ (3,033) $ 12,228 $ 9,012 $ (88) $ 18,119 (1) The before tax amounts reclassified from accumulated other comprehensive income related to our interest rate swaps and foreign exchange forward contracts are recorded to interest expense, net of interest income and direct costs, respectively. Refer to Note 12 "Derivative Instruments and Hedging Activity" for additional information on our derivative instruments. (2) In connection with the divestiture of the Life Sciences business, which included a substantially complete liquidation of an investment within a foreign entity, we included $1.1 million of accumulated translation gains in the calculation of our gain on sale recorded within other income, net on our consolidated statement of operations. See Note 3 "Acquisitions and Divestitures" for additional information on the divestiture of the Life Sciences business in 2021. |
Employee Benefit and Deferred C
Employee Benefit and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Postemployment Benefits [Abstract] | |
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation PlansWe sponsor a qualified defined contribution 401(k) plan covering substantially all of our employees. Under the plan, employees are entitled to make pretax, post-tax, and/or Roth post-tax contributions up to the annual maximums established by the Internal Revenue Service. We match an amount equal to the employees’ contributions up to 6% of the employees’ eligible earnings. Our matching contributions for the years ended December 31, 2022, 2021, and 2020 were $31.2 million, $29.9 million, and $25.1 million, respectively.We have a non-qualified deferred compensation plan (the “Plan”) that is administered by our board of directors or a committee designated by the board of directors. Under the Plan, members of the board of directors and a select group of our employees may elect to defer the receipt of their director retainers and meeting fees or base salary and bonus, as applicable. Additionally, we may credit amounts to a participant’s deferred compensation account in accordance with employment or other agreements entered into between us and the participant. At our sole discretion, we may, but are not required to, credit any additional amount we desire to any participant’s deferred compensation account. Amounts credited are subject to vesting schedules set forth in the Plan, employment agreement, or any other agreement entered into between us and the participant. The deferred compensation liability at December 31, 2022 and 2021 was $29.9 million and $39.1 million, respectively. This deferred compensation liability is fully funded by the Plan assets. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans In 2012, Huron adopted the 2012 Omnibus Incentive Plan (the “2012 Plan”) which replaced, on a prospective basis, our 2004 Omnibus Stock Plan (the "2004 Plan") such that future grants will be granted under the 2012 Plan and any outstanding awards granted under the 2004 Plan that are cancelled, expired, forfeited, settled in cash, or otherwise terminated without a delivery of shares to the participant will not become available for grant under the 2012 Plan. The 2012 Plan permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and other share-based or cash-based awards valued in whole or in part by reference to, or otherwise based on, our common stock. Subsequent to the initial approval of the 2012 Plan and through December 31, 2022, our shareholders approved amendments to the 2012 Plan to increase the number of shares authorized for issuance to 4.6 million, in the aggregate. As of December 31, 2022, 0.6 million shares remain available for issuance under the 2012 Plan. On May 1, 2015, we adopted the Stock Ownership Participation Program (the “SOPP”), which is available to Huron employees below the managing director level who do not receive equity-based awards as part of their normal compensation plan. Under the SOPP, eligible employees may elect to use after-tax payroll deductions to purchase shares of the Company’s common stock on certain designated purchase dates. Employees who purchase stock under the SOPP are granted restricted stock equal to 25% of their purchased shares. Vesting of the restricted stock is subject to both a time-based vesting schedule and a requirement that the purchased shares be held for a specified period. Subsequent to the initial approval of the SOPP and through December 31, 2022, our shareholders approved amendments to the SOPP to increase the total number of shares authorized for issuance to 0.7 million, in the aggregate. Prior to the adoption of the SOPP, the matching share grants and the employee purchased shares under the stock ownership participation program were governed by the 2012 Plan. As of December 31, 2022, 0.2 million shares remain available for issuance under the SOPP. It has been our practice to issue shares of common stock upon exercise of stock options and granting of restricted stock from authorized but unissued shares, with the exception of the SOPP under which shares are issued from treasury stock. Certain grants of restricted stock under the 2012 Plan may be issued from treasury stock at the direction of the Compensation Committee. Share-based awards outstanding under our 2012 Plan and our 2004 Plan provide for a retirement eligibility provision, under which eligible employees who have reached 62 years of age and have completed seven years of employment with Huron will continue vesting in their share-based awards after retirement, subject to certain conditions. The Compensation Committee of the board of directors has the responsibility of interpreting the 2012 Plan and SOPP and determining all of the terms and conditions of awards made under the plans, including when the awards will become exercisable or otherwise vest. Total share-based compensation cost recognized for the years ended December 31, 2022, 2021, and 2020 was $31.0 million, $25.9 million, and $23.9 million, respectively, with related income tax benefits of $6.8 million, $6.3 million, and $5.4 million, respectively. As of December 31, 2022, there was $37.0 million of total unrecognized compensation cost related to nonvested share-based awards. This cost is expected to be recognized over a weighted average period of 2.3 years. Restricted Stock The grant date fair values of our restricted stock are measured based on the fair value of our common stock at grant date and amortized into expense over the service period. Subject to acceleration under certain conditions, the majority of our restricted stock vests annually over four years. The table below summarizes the restricted stock activity for the year ended December 31, 2022. Number of Shares Weighted 2012 Omnibus Incentive Plan Stock Ownership Participation Program Total Nonvested restricted stock at December 31, 2021 868 14 882 $ 53.51 Granted 565 19 584 $ 49.69 Vested (343) (12) (355) $ 50.96 Forfeited (119) (3) (122) $ 50.97 Nonvested restricted stock at December 31, 2022 971 18 989 $ 52.40 The aggregate fair value of restricted stock that vested during the years ended December 31, 2022, 2021, and 2020 was $18.4 million, $19.8 million, and $18.6 million, respectively. The weighted average grant date fair value per share of restricted stock granted during 2021 and 2020 was $53.84 and $58.13, respectively. Performance-based Share Awards The total number of shares earned by recipients of performance-based share awards is contingent upon meeting practice specific and company-wide performance goals. Following the performance period, certain awards are subject to the completion of a service period, which is generally an additional two years. These earned awards vest on a graded vesting schedule over the service period. For certain performance awards, the recipients may earn additional shares of stock for performance achieved above the stated target. The grant date fair values of our performance-based share awards are measured based on the fair value of our common stock at grant date. Compensation cost is amortized into expense over the service period, including the performance period. The table below summarizes the performance-based stock activity for the year ended December 31, 2022. All nonvested performance-based stock outstanding at December 31, 2022 and 2021 was granted under the 2012 Omnibus Incentive Plan. Number of Weighted Nonvested performance-based stock at December 31, 2021 438 $ 53.08 Granted (1) 340 $ 48.22 Vested (118) $ 49.89 Forfeited (2) (182) $ 51.97 Nonvested performance-based stock at December 31, 2022 (3) 478 $ 50.36 (1) Shares granted in 2022 are presented at the stated target, which represents the base number of shares that could be earned. Actual shares earned may be below or, for certain grants, above the target based on the achievement of specific financial goals. (2) Forfeited shares include shares forfeited as a result of not meeting the performance criteria of the award as well as shares forfeited upon termination. (3) Of the 478,000 nonvested performance-based shares outstanding as of December 31, 2022, 426,847 shares were unearned and subject to achievement of specific financial goals. Once earned, the awards will be subject to time-based vesting according to the terms of the award. Based on 2022 financial results, approximately 96,142 of the 426,847 unearned shares will be forfeited in the first quarter of 2023. The aggregate fair value of performance-based stock that vested during the years ended December 31, 2022, 2021, and 2020 was $5.8 million , $9.8 million, and $5.9 million, respectively. The weighted average grant date fair value per share of performance-based stock granted during 2021 and 2020 was $53.75 and $58.84, respectively. Performance-based Stock Options During 2022, the Company granted performance-based stock options which are earned by the recipients contingent upon meeting practice specific goals. Following the performance period, these awards are subject to the completion of a service period of an additional two years. These earned awards vest on a graded vesting schedule over the service period. For certain performance-based stock options, the recipients may earn additional options for performance achieved above the stated target. The performance-based stock options were granted at exercise prices equal to the fair value of the Company’s common stock on the date of grant. Compensation cost is amortized into expense over the service period, including the performance period. Our performance-based stock options have a contractual term of 7 years. The fair values of the performance-based stock options granted during 2022 were calculated using the Black-Scholes option pricing model using the following assumptions: 2022 Black-Scholes performance-based option pricing model: Expected dividend yield —% Expected volatility 40.0% Risk-free rate 1.6% / 2.6% Expected option life (in years) 4.5 years Expected volatility was based on our historical stock prices as we believe that our historical volatility provides the most reliable indication of future volatility and sufficient historical daily stock price observations are available. The risk-free interest rate was based on the rate of U.S. Treasury bills with an equivalent expected term of the stock options at the time of the option grant. The expected option life was estimated using the simplified method, which is a weighted average of the vesting term and the contractual term, to determine the expected term.The simplified method was used due to the lack of sufficient data available to provide a reasonable basis upon which to estimate the expected term. Performance-based stock option activity for the year ended December 31, 2022 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2021 — Granted (2) 183 $ 48.19 Exercised — Forfeited or expired (12) $ 48.22 Outstanding at December 31, 2022 (1)(3) 171 $ 48.19 6.2 $ 4.2 Exercisable at December 31, 2022 — (1) All of the outstanding performance-based stock options were granted under the 2012 Omnibus Incentive Plan. (2) Performance-based stock options granted in 2022 are presented at the stated target, which represents the base number of options that could be earned. Actual options earned may be below or, for certain grants, above the target based on the achievement of specific financial goals. (3) All of the outstanding performance-based stock options as of December 31, 2022 were unearned and subject to achievement of specific financial goals. Once earned, the options will be subject to time-based vesting according to the terms of the award. Based on 2022 financial results, approximately 47,835 of the 171,000 unearned options will be forfeited in the first quarter of 2023. The weighted average grant date fair value of stock options granted during 2022 was $17.00. No performance-based stock options were granted or exercised in 2021 and 2020. Time-vested Stock Options In prior years, we have granted stock options to certain employees that are solely earned based on the completion of the stated service period. These time-vested stock options were granted at exercise prices equal to the fair value of the Company’s common stock on the date of grant. No time-vested stock option awards were granted in 2022 or 2020. Subject to acceleration under certain conditions, these time-vested stock options vest annually over four years. Our time-vested stock options have a contractual term between 7 and 10 years. The fair value of the time-vested stock options granted during 2021 were calculated using the Black-Scholes option pricing model using the following assumptions: 2021 Black-Scholes time-vested option pricing model: Expected dividend yield —% Expected volatility 40.0% Risk-free rate 0.9% Expected option life (in years) 4.75 years Expected volatility was based on our historical stock prices as we believe that our historical volatility provides the most reliable indication of future volatility and sufficient historical daily stock price observations are available. The risk-free interest rate was based on the rate of U.S. Treasury bills with an equivalent expected term of the stock options at the time of the option grant. The expected option life was estimated using the simplified method, which is a weighted average of the vesting term and the contractual term, to determine the expected term. The simplified method was used due to the lack of sufficient data available to provide a reasonable basis upon which to estimate the expected term. Time-vested stock option activity for the year ended December 31, 2022 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2021 93 $ 46.25 4.1 $ 0.3 Granted — Exercised (37) $ 38.89 $ 0.5 Forfeited or expired — Outstanding at December 31, 2022 (1) 56 $ 51.05 5.2 $ 1.2 Exercisable at December 31, 2022 19 $ 48.15 3.9 $ 0.5 (1) All of the outstanding time-vested stock options were granted under the 2012 Omnibus Incentive Plan. The weighted average grant date fair value of the time-vested stock options granted during 2021 was $18.42. No time-vested stock options were granted in 2022 and 2020. The aggregate intrinsic value of time-vested stock options exercised during 2021 and 2020 was $0.4 million and $1.1 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesIn March 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was signed into law, which is an approximately $2 trillion emergency economic stimulus package in response to the COVID-19 outbreak, which among other items, includes income tax provisions relating to net operating loss carryback period, options to defer payroll tax payments for a limited period and technical corrections to tax depreciation methods for qualified improvement property. As a result of the CARES Act, we recognized a $1.5 million tax benefit related to the remeasurement of a portion of our income tax receivable for the federal net operating losses incurred in 2018 and 2020 that were carried back to prior year income, both for a refund at the higher, prior year tax rate. As a result of electing the retroactive Global Intangible Low-Taxed Income (“GILTI”) high-tax exclusion in the second quarter of 2021, we recognized a $1.0 million tax benefit of which $0.4 million related to carrying back our increased 2018 federal net operating loss to prior year income for a refund at the higher, prior year tax rate. During the third quarter of 2021, we recognized an additional tax benefit of $2.0 million, primarily related to the U.S. federal return to provision adjustments for carrying back our increased 2020 federal net operating loss to prior year income for a refund at the higher, prior year tax rate. During 2020, we deferred $12.2 million of payroll tax payments, which was all repaid in the third quarter of 2021. The income tax expense for continuing operations for the years ended December 31, 2022, 2021, and 2020 consisted of the following: Year Ended December 31, 2022 2021 2020 Current: Federal $ 7,130 $ (934) $ (2,480) State 2,987 1,974 168 Foreign 4,123 3,529 2,016 Total current 14,240 4,569 (296) Deferred: Federal 14,645 10,951 (7,414) State 4,039 2,372 (2,025) Foreign 101 (843) (420) Total deferred 18,785 12,480 (9,859) Income tax expense for continuing operations $ 33,025 $ 17,049 $ (10,155) The components of income from continuing operations before taxes were as follows: Year Ended December 31, 2022 2021 2020 U.S. $ 90,907 $ 70,963 $ (35,054) Foreign 17,670 9,073 1,181 Total $ 108,577 $ 80,036 $ (33,873) A reconciliation of the U.S. statutory income tax rate to our effective tax rate for continuing operations is as follows: Year Ended December 31, 2022 2021 2020 Percent of pretax income from continuing operations: At U.S. statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 6.1 5.2 4.4 Valuation allowance 2.6 1.1 (3.1) Disallowed executive compensation 1.9 1.2 (2.8) Realized investment gains/losses 1.4 (1.1) 2.6 Foreign source income 1.2 (0.2) 0.5 Meals and entertainment 0.1 0.1 (0.6) Stock-based compensation 0.1 (0.7) 4.3 Deferred tax adjustments (2.7) (0.2) 1.7 Tax credits (1.0) (1.3) 3.0 CARES Act net operating loss carryback — (3.8) 4.4 Goodwill impairment charges — — (2.6) Unrecognized tax benefits — — (2.0) Other (0.3) — (0.8) Effective income tax rate for continuing operations 30.4 % 21.3 % 30.0 % The net deferred tax asset (liability) balance at December 31, 2022 and 2021 consisted of the following: As of December 31, 2022 2021 Deferred tax assets: Operating lease liabilities $ 15,249 $ 17,542 Share-based compensation 9,314 8,062 Deferred compensation liability 7,963 10,331 Accrued payroll and payroll related liabilities 6,432 5,645 Net operating loss carryforwards 3,304 1,243 Tax credits 1,813 1,828 Other 2,012 2,009 Total deferred tax assets 46,087 46,660 Valuation allowance (5,667) (2,876) Net deferred tax assets 40,420 43,784 Deferred tax liabilities: Intangibles and goodwill (35,588) (24,375) Operating lease right-of-use assets (8,354) (9,837) Preferred stock investment (7,613) (441) Convertible debt investment (4,421) (6,604) Software development costs (4,195) (6,071) Property and equipment (3,021) (2,730) Prepaid expenses (2,220) (2,137) Other (5,600) (2,058) Total deferred tax liabilities (71,012) (54,253) Net deferred tax liabilities $ (30,592) $ (10,469) As of December 31, 2022 and 2021, we had valuation allowances of $5.7 million and $2.9 million, respectively, primarily due to uncertainties relating to the ability to realize deferred tax assets recorded for foreign losses and tax credits. The increase in valuation allowances in 2022 primarily related to an increase in foreign losses. We have foreign net operating losses of $3.2 million which begin to expire in 2027 and state net operating loss carryforwards of $0.1 million which will begin to expire in 2040, if not utilized. We have federal tax credit carryforwards of $1.8 million which will begin to expire in 2030, if not utilized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. A reconciliation of our beginning and ending amount of unrecognized tax benefits is as follows: Unrecognized Tax Benefits Balance at January 1, 2020 $ 50 Additions based on tax positions related to prior years 694 Balance at December 31, 2020 744 Balance at December 31, 2021 744 Decrease due to laps of statue of limitations (101) Decrease based on tax positions related to prior years (50) Balance at December 31, 2022 $ 593 As December 31, 2022 and 2021, we had $0.6 million and $0.7 million of unrecognized tax benefits, respectively, which would affect the effective tax rate of continuing operations if recognized. It is reasonably possible that approximately $0.6 million of the liability for unrecognized tax benefits at December 31, 2022 could decrease in the next twelve months primarily due to the expiration of statutes of limitations. As of both December 31, 2022 and 2021, we had $0.1 million accrued for the potential payment of interest and penalties. Accrued interest and penalties are recorded as a component of provision for income taxes on our consolidated statement of operations. We file income tax returns with federal, state, local and foreign jurisdictions. Tax years 2019 through 2021 are subject to future examinations by federal tax authorities. Tax years 2016 through 2021 are subject to future examinations by state and local tax authorities. Our foreign income tax filings are subject to future examinations by the local foreign tax authorities for tax years 2017 through 2021. Currently, we are not under audit by any tax authority. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Lease Commitments We lease office space, data centers and certain equipment under non-cancelable operating lease arrangements expiring on various dates through 2029, with various renewal options. Office facilities under operating leases include fixed payments plus, in some cases, scheduled base rent increases over the term of the lease. Certain leases require variable payments of real estate taxes, insurance and operating expenses. See Note 5 “Leases” for additional information on our leases, including the remaining expected lease payments under our operating leases as of December 31, 2022. Litigation Oaktree On November 9, 2018, Huron Consulting Services LLC, a wholly owned subsidiary of Huron, was engaged by Oaktree Medical Centre LLC, a management services organization (“Oaktree”), to perform interim management and financial advisory services. As part of the services, a Huron employee was appointed by Oaktree’s board of directors to serve as Chief Restructuring Officer of Oaktree (the “CRO”). The engagement letter through which Oaktree retained Huron’s services (the “Engagement Letter”) states that all disputes or claims arising thereunder are subject to binding arbitration, disclaims special, consequential, incidental and exemplary damages and losses and caps liability to the fees paid for the portion of the engagement giving rise to any liability. On September 19, 2019, Oaktree and certain of its affiliates filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for the Western District of North Carolina, with the cases subsequently transferred to the District of South Carolina. As a result of the bankruptcy filing, a Chapter 7 trustee was appointed to oversee the bankruptcy estates, at which time Huron’s services for Oaktree concluded. In April 2021, Trustee’s counsel communicated in writing to Huron its intent to pursue various claims against Huron and the CRO, among others, on behalf of the bankruptcy estates related to the services carried out by Huron and the CRO during the engagement. On September 17, 2021, the Trustee filed a complaint in the Bankruptcy Court for the District of South Carolina against Huron and the CRO, among others (the “Complaint”), alleging breach of fiduciary duty, aiding and abetting a breach of fiduciary duty, negligence, violations of the South Carolina Unfair Trade Practices Act, fraud, civil conspiracy, unjust enrichment, and recovery of avoided transfers under sections 547, 548 and 550 of the Bankruptcy Code. On December 7, 2021, the Trustee filed an amended version of the Complaint (the “Amended Complaint”), generally alleging the same claims asserted in the initial Complaint but (i) removing the claim for a violation of the South Carolina Unfair Trade Practices Act and (ii) adding a claim for breach of contract. In the Amended Complaint, the Trustee asserted that Huron and the CRO, among others, did not develop and implement a Chapter 11 restructuring plan on a timely basis and that their failure to do so led to significant damages. The Trustee sought an unspecified amount of monetary damages in the Amended Complaint. We believe the Trustee’s allegations with respect to Huron and the CRO are without merit. On December 21, 2021, we filed a motion to dismiss all of the claims in the Amended Complaint. On April 19, 2022, the bankruptcy court entered an order staying all of the Trustee’s claims against Huron and the CRO after (i) finding that the state law claims were subject to arbitration and (ii) exercising its discretion to stay the non-state-law claims pending the arbitration proceeding. The Trustee did not appeal the court’s order prior to the deadline of May 3, 2022. In October 2022, Huron, the CRO and the Trustee reached agreement on a settlement which provides for the Trustee’s dismissal of the Amended Complaint with prejudice as it relates to Huron and the CRO and a mutual release of claims in exchange for a settlement payment to the Trustee of $1.5 million. As a result, we increased our accrued liability and insurance receivable to $1.5 million as of September 30, 2022, which had a net zero impact in our consolidated statement of operations. In the fourth quarter of 2022, the settlement agreement was approved by the Bankruptcy Court and the settlement payment was made to the Trustee. Thereafter, the case was dismissed with prejudice as it relates to Huron and the CRO. From time to time, we are involved in legal proceedings and litigation arising in the ordinary course of business. As of the date of this Annual Report on Form 10-K, we are not a party to any litigation or legal proceeding or subject to any claim that, in the current opinion of management, could reasonably be expected to have a material adverse effect on our financial position or results of operations. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. Guarantees Guarantees in the form of letters of credit totaling $0.7 million were outstanding at both December 31, 2022 and 2021 to support certain office lease obligations. In connection with certain business acquisitions, we may be required to pay post-closing consideration to the sellers if specific financial performance targets are met over a number of years as specified in the related purchase agreements. As of December 31, 2022 and 2021, the total estimated fair value of our outstanding contingent consideration liability was $3.2 million and $3.7 million, respectively. To the extent permitted by law, our bylaws and articles of incorporation require that we indemnify our officers and directors against judgments, fines and amounts paid in settlement, including attorneys’ fees, incurred in connection with civil or criminal action or proceedings, as it relates to their services to us if such person acted in good faith. Although there is no limit on the amount of indemnification, we may have recourse against our insurance carrier for certain payments made. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which separate financial information is available and is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker, who is our chief executive officer, manages the business under three operating segments, which are our reportable segments: Healthcare, Education, and Commercial. Effective January 1, 2022, we modified our operating model to expand and more deeply integrate our industry expertise with our digital, strategic and financial advisory capabilities. The new operating model strengthens Huron’s go-to-market strategy, drives efficiencies that support margin expansion, and positions the company to accelerate growth. To align with the new operating model, effective with reporting for periods beginning January 1, 2022, we began reporting under the following three industries, which are our reportable segments: Healthcare, Education and Commercial. The Commercial segment includes all industries outside of healthcare and education, including, but not limited to, financial services and energy and utilities. In the new reporting structure, each segment includes all revenue and costs associated with engagements delivered in the respective segments' industries. The new Healthcare and Education segments include some revenue and costs historically reported in the Business Advisory segment and the Healthcare segment includes some revenue and costs historically reported in the Education segment. We also provide revenue reporting across two principal capabilities: i) Consulting and Managed Services and ii) Digital. These changes improve visibility into the core drivers of our business. While our consolidated results have not been impacted, our historical segment information has been recast for consistent presentation. • Healthcare Our Healthcare segment serves acute care providers, including national and regional health systems; academic health systems; community health systems; and public, children’s and critical access hospitals, and non-acute care providers, including physician practices and medical groups; payors; and long-term care or post-acute providers. Our Healthcare professionals have a depth of expertise in business operations, including financial and operational improvement, care transformation, and revenue cycle managed services; digital solutions, spanning technology and analytic-related services and a portfolio of software products; organizational transformation; financial advisory and strategy and innovation. Healthcare organizations are focused on establishing a sustainable long-term strategy and business model centered around growth, optimal cost structures, reimbursement models, financial strategies, and consumer-focused digital transformation; changing the way care is delivered, particularly in light of personnel shortages, and improving access to care; and evolving their digital capabilities to more effectively manage their business. Our solutions help clients adapt to this rapidly changing healthcare environment to become a more agile, efficient and consumer-centric organization. We use our deep industry, functional and technical expertise to help clients solve a diverse set of business issues, including, but not limited to, identifying new opportunities for growth, optimizing financial and operational performance, improving care delivery and clinical outcomes, increasing physician, patient and employee satisfaction, and maximizing return on technology investments. • Education Our Education segment serves public and private colleges and universities, research institutes and other education-related organizations. Our Education professionals have a depth of expertise in strategy and innovation; business operations, including the research enterprise and student and alumni lifecycle; digital solutions, spanning technology and analytic-related services and Huron Research Suite, the leading software suite designed to facilitate and improve research administration service delivery and compliance; and organizational transformation. Our Education segment clients are increasingly faced with strategic, financial and/or enrollment challenges, increased competition, and a need to modernize their businesses using technology to advance their missions. We combine our deep industry, functional and technical expertise to help clients solve their most pressing challenges, including, but not limited to, transforming business operations with technology and analytics; strengthening research strategies and support services; evolving their organizational strategy; optimizing financial and operational performance; applying innovative enrollment strategies; and enhancing the student lifecycle. • Commercial Our Commercial segment is focused on serving industries and organizations facing significant disruption and regulatory change by helping them adapt to rapidly changing environments and accelerate business transformation. Our Commercial professionals work primarily with six primary buyers: the chief executive officer, the chief financial officer, the chief strategy officer, the chief human resources officer, the chief operating officer, and organizational advisors, including lenders and law firms. We have a deep focus on serving organizations in the financial services, energy and utilities, industrials and manufacturing industries and the public sector while opportunistically serving commercial industries more broadly, including professional and business services, life sciences, consumer products, and nonprofit. Our Commercial professionals use their deep industry, functional and technical expertise to deliver our digital services and software products, strategy and innovation, and financial advisory (special situation advisory and corporate finance advisory) services. In today’s disruptive environment, organizations must reimagine their historical strategies and financial and operating models to sustain and advance their competitive advantage. Our experts help organizations across industries with a variety of business challenges, including, but not limited to, embedding technology and analytics throughout their internal and customer-facing operations; developing analytics and insights to identify the needs of tomorrow’s customers, evolve their strategies, and bring new products to market; managing through stressed and distressed situations to create a viable path forward for stakeholders; and providing financial, risk and regulatory advisory offerings. Segment operating income consists of the revenues generated by a segment, less operating expenses that are incurred directly by the segment. Unallocated costs include corporate costs related to administrative functions that are performed in a centralized manner that are not attributable to a particular segment. These administrative function costs include corporate office support costs, office facility costs, costs related to accounting and finance, human resources, legal, marketing, information technology, and company-wide business development functions, as well as costs related to overall corporate management. Our chief operating decision maker does not evaluate segments using asset information. The tables below set forth information about our operating segments for the years ended December 31, 2022, 2021, and 2020, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. We do not present financial information by geographic area because the financial results of our international operations are not significant to our consolidated financial statements. Year Ended December 31, 2022 2021 2020 Healthcare: Revenues $ 534,999 $ 444,767 $ 406,536 Operating income $ 131,227 $ 118,324 $ 105,650 Segment operating income as a percentage of segment revenues 24.5 % 26.6 % 26.0 % Education: Revenues $ 359,835 $ 242,374 $ 223,325 Operating income $ 78,924 $ 52,398 $ 45,780 Segment operating income as a percentage of segment revenues 21.9 % 21.6 % 20.5 % Commercial: Revenues $ 237,621 $ 218,499 $ 214,266 Operating income $ 50,025 $ 34,296 $ 39,044 Segment operating income as a percentage of segment revenues 21.1 % 15.7 % 18.2 % Total Huron: Revenues $ 1,132,455 $ 905,640 $ 844,127 Reimbursable expenses 26,506 21,318 26,887 Total revenues and reimbursable expenses $ 1,158,961 $ 926,958 $ 871,014 Segment operating income $ 260,176 $ 205,018 $ 190,474 Items not allocated at the segment level: Other operating expenses 140,145 131,545 135,105 Depreciation and amortization 20,271 20,634 24,405 Goodwill impairment charges (1) — — 59,816 Operating income (loss) 99,760 52,839 (28,852) Other income (expense), net 8,817 27,197 (5,021) Income (loss) from continuing operations before taxes $ 108,577 $ 80,036 $ (33,873) (1) The goodwill impairment charges are not allocated at the segment level because the underlying goodwill asset is reflective of our corporate investment in the segments. We do not include the impact of goodwill impairment charges in our evaluation of segment performance. The following table illustrates the disaggregation of revenues by capability, including a reconciliation of the disaggregated revenues to revenues from our three operating segments for the years ended December 31, 2022, 2021 and 2020. For the years ended December 31, 2022, 2021, and 2020, substantially all of our revenues were recognized over time. Year Ended December 31, Revenues by Capability 2022 2021 2020 Healthcare: Consulting and Managed Services $ 365,645 $ 327,165 $ 294,456 Digital 169,354 117,602 112,080 Total revenues $ 534,999 $ 444,767 $ 406,536 Education: Consulting and Managed Services $ 192,336 $ 131,369 $ 108,784 Digital 167,499 111,005 114,541 Total revenues $ 359,835 $ 242,374 $ 223,325 Commercial: Consulting and Managed Services $ 80,013 $ 97,381 $ 110,846 Digital 157,608 121,118 103,420 Total revenues $ 237,621 $ 218,499 $ 214,266 Total Huron: Consulting and Managed Services $ 637,994 $ 555,915 $ 514,086 Digital 494,461 349,725 330,041 Total revenues $ 1,132,455 $ 905,640 $ 844,127 For the years ended December 31, 2022, 2021, and 2020, substantially all of our revenues and long-lived assets were attributed to or located in the United States. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Valuation and Qualifying Accounts The table below sets forth the changes in the carrying amount of our allowances for doubtful accounts and unbilled services and valuation allowance for deferred tax assets for the years ended December 31, 2022, 2021, and 2020. Allowances for doubtful accounts and unbilled services includes allowances for fee adjustments and other discretionary pricing adjustments as well as allowances related to clients' inability to make required payments on accounts receivable. Beginning Additions (1) Deductions Ending Year ended December 31, 2020: Allowances for doubtful accounts and unbilled services $ 18,668 63,268 60,630 $ 21,306 Valuation allowance for deferred tax assets $ 1,016 1,160 64 $ 2,112 Year ended December 31, 2021: Allowances for doubtful accounts and unbilled services $ 21,306 9,852 15,363 $ 15,795 Valuation allowance for deferred tax assets $ 2,112 1,090 326 $ 2,876 Year ended December 31, 2022: Allowances for doubtful accounts and unbilled services $ 15,795 17,820 11,480 $ 22,135 Valuation allowance for deferred tax assets $ 2,876 3,421 630 $ 5,667 |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy | Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, unvested restricted stock units, and outstanding common stock options, to the extent dilutive. In periods for which we report a net loss from continuing operations, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss from continuing operations per share would be anti-dilutive. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | The table below sets forth additional information relating to our derivative instruments as of December 31, 2022 and 2021. Fair Value Derivative Instrument Balance Sheet Location December 31, 2022 December 31, 2021 Interest rate swaps Prepaid expenses and other current assets $ 7,108 $ — Interest rate swaps Other non-current assets 5,131 1,210 Total Assets $ 12,239 $ 1,210 Interest rate swaps Accrued expenses and other current liabilities $ — $ 1,604 Interest rate swaps Deferred compensation and other liabilities — 149 Foreign exchange forward contracts Accrued expenses and other current liabilities 120 — Total Liabilities $ 120 $ 1,753 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement policy | Certain of our assets and liabilities are measured at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy for inputs used in measuring fair value and requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy consists of three levels based on the objectivity of the inputs as follows: Level 1 Inputs Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs Unobservable inputs for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. |
Income Taxes - (Policies)
Income Taxes - (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The table below sets forth the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2022 and 2021. Healthcare Education Commercial (1) Total Balance as of December 31, 2020: Goodwill $ 636,810 $ 104,384 $ 308,935 $ 1,050,129 Accumulated impairment losses (208,081) — (247,811) (455,892) Goodwill, net as of December 31, 2020 $ 428,729 $ 104,384 $ 61,124 $ 594,237 Goodwill recorded in connection with a business combination (2) 6,141 17,186 3,315 26,642 Balance as of December 31, 2021: Goodwill 642,951 121,570 312,250 1,076,771 Accumulated impairment losses (208,081) — (247,811) (455,892) Goodwill, net as of December 31, 2021 $ 434,870 $ 121,570 $ 64,439 $ 620,879 Goodwill reallocation, net (1) 18,057 (1,417) (16,640) — Goodwill recorded in connection with business combinations (2) 1,287 2,082 718 4,087 Balance as of December 31, 2022: Goodwill 644,238 123,652 312,968 1,080,858 Accumulated impairment losses (190,024) (1,417) (264,451) (455,892) Goodwill, net as of December 31, 2022: $ 454,214 $ 122,235 $ 48,517 $ 624,966 (1) The balances shown prior to January 1, 2022 within the Commercial segment related to our Business Advisory segment prior to the modification of our operating model. Effective January 1, 2022, we reallocated a portion of the goodwill, net of accumulated impairment losses within our Business Advisory segment to our Healthcare and Education segments. The remaining goodwill, net of accumulated impairment losses was allocated to our new Commercial segment. (2) See Note 3 “Acquisitions and Divestitures” for additional information on business combinations completed in 2022, 2021 and 2020. |
Intangible Assets | Intangible assets as of December 31, 2022 and 2021 consisted of the following: As of December 31, 2022 2021 Useful Life Gross Accumulated Gross Accumulated Customer relationships 5 to 13 $ 74,583 $ 57,219 $ 75,908 $ 53,421 Technology and software 2 to 5 13,330 7,975 13,330 5,607 Trade names 6 6,000 5,907 6,000 5,148 Non-competition agreements 2 to 5 920 340 2,020 1,347 Customer contracts 1 — — 260 101 Total $ 94,833 $ 71,441 $ 97,518 $ 65,624 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The table below sets forth the estimated annual amortization expense for each of the five succeeding years for the intangible assets recorded as of December 31, 2022. Year Ending December 31, Estimated 2023 $ 8,122 2024 $ 4,674 2025 $ 3,503 2026 $ 2,519 2027 $ 1,773 |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information for Operating Leases [Table Text Block] | As of December 31, Balance Sheet 2022 2021 Operating lease right-of-use assets $ 30,304 $ 35,311 Current maturities of operating lease liabilities $ 10,530 $ 10,142 Operating lease liabilities, net of current portion 45,556 54,313 Total lease liabilities $ 56,086 $ 64,455 |
Lease, Cost [Table Text Block] | Year Ended December 31, Lease Cost 2022 2021 2020 Operating lease cost $ 8,877 $ 9,755 $ 11,045 Short-term leases (1) 263 225 229 Variable lease costs 4,587 3,765 1,693 Sublease income (1,921) (1,660) (1,973) Net lease cost (2)(3) $ 11,806 $ 12,085 $ 10,994 (1) Includes variable lease costs related to short-term leases. (2) Net lease cost includes $2.0 million, $2.6 million and $0.3 million for the years ended December 31, 2022, 2021 and 2020, respectively, recorded as restructuring charges as they relate to vacated office spaces. See Note 11 “Restructuring Charges” for additional information on our vacated office spaces. (3) Net lease cost includes $0.2 million for the year ended December 31, 2020 related to vacated office spaces directly related to discontinued operations. |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The table below summarizes the remaining expected lease payments under our operating leases as of December 31, 2022. Future Lease Payments December 31, 2023 $ 12,618 2024 12,039 2025 11,728 2026 10,941 2027 7,825 Thereafter 7,211 Total operating lease payments $ 62,362 Less: imputed interest (6,276) Present value of operating lease liabilities $ 56,086 |
Schedule of Supplemental Operating Lease Information [Table Text Block] | Year Ended December 31, Other Information 2022 2021 2020 Cash paid for operating lease liabilities $ 12,634 $ 12,573 $ 11,307 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 1,908 $ 2,960 $ 1,456 Weighted average remaining lease term - operating leases 5.3 years 6.1 years 7.0 years Weighted average discount rate - operating leases 4.2 % 4.1 % 4.3 % |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net at December 31, 2022 and 2021 consisted of the following: As of December 31, 2022 2021 Computers, related equipment, and software $ 35,296 $ 33,682 Leasehold improvements 37,202 40,336 Furniture and fixtures 11,386 12,023 Aircraft — 6,800 Assets under construction 289 1,113 Property and equipment 84,173 93,954 Accumulated depreciation and amortization (58,066) (62,950) Property and equipment, net $ 26,107 $ 31,004 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Carrying Amounts of Debt | A summary of the carrying amounts of our debt follows: As of December 31, 2022 2021 Senior secured credit facility $ 290,000 $ 230,000 Promissory note due 2024 — 2,780 Total long-term debt $ 290,000 $ 232,780 Current maturities of long-term debt — (559) Long-term debt, net of current portion $ 290,000 $ 232,221 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Share | Earnings (loss) per share under the basic and diluted computations are as follows: Year Ended December 31, 2022 2021 2020 Net income (loss) from continuing operations $ 75,552 $ 62,987 $ (23,718) Loss from discontinued operations, net of tax — — (122) Net income (loss) $ 75,552 $ 62,987 $ (23,840) Weighted average common shares outstanding—basic 20,249 21,439 21,882 Weighted average common stock equivalents 497 370 — Weighted average common shares outstanding—diluted 20,746 21,809 21,882 Net earnings (loss) per basic share: Net income (loss) from continuing operations $ 3.73 $ 2.94 $ (1.08) Loss from discontinued operations, net of tax — — (0.01) Net income (loss) $ 3.73 $ 2.94 $ (1.09) Net earnings (loss) per diluted share: Net income (loss) from continuing operations $ 3.64 $ 2.89 $ (1.08) Loss from discontinued operations, net of tax — — (0.01) Net income (loss) $ 3.64 $ 2.89 $ (1.09) |
Summary of Anti-dilutive Securities Excluded from Computation of Weighted Average Common Stock Equivalents | The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above at December 31, 2022, 2021 and 2020 was 0.2 million, 0.1 million and 1.1 million, respectively, and related to unvested restricted stock and outstanding common stock options. |
Restructuring Charges - (Tables
Restructuring Charges - (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The table below sets forth the changes in the carrying amount of our restructuring charge liability by restructuring type for the years ended December 31, 2022 and 2021. Employee Costs Office Space Reductions Other Total Balance as of December 31, 2020 $ 2,447 $ 84 $ 893 $ 3,424 Additions (1) 8,132 — 1,156 9,288 Payments (9,993) (84) (1,482) (11,559) Adjustments (1) (13) — — (13) Balance as of December 31, 2021 573 — 567 1,140 Additions (1) 5,705 — 1,279 6,984 Payments (2,538) (201) (1,318) (4,057) Adjustments (1) 11 201 40 252 Balance as of December 31, 2022 $ 3,751 $ — $ 568 $ 4,319 (1) Additions and adjustments exclude non-cash items related to vacated office spaces, such as lease impairment charges and accelerated depreciation on abandoned operating lease ROU assets and fixed assets, which are recorded as restructuring charges on our consolidated statements of operations. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Interest Rate Swaps Designated as Cash Flow Hedging Instruments | The table below sets forth additional information relating to our derivative instruments as of December 31, 2022 and 2021. Fair Value Derivative Instrument Balance Sheet Location December 31, 2022 December 31, 2021 Interest rate swaps Prepaid expenses and other current assets $ 7,108 $ — Interest rate swaps Other non-current assets 5,131 1,210 Total Assets $ 12,239 $ 1,210 Interest rate swaps Accrued expenses and other current liabilities $ — $ 1,604 Interest rate swaps Deferred compensation and other liabilities — 149 Foreign exchange forward contracts Accrued expenses and other current liabilities 120 — Total Liabilities $ 120 $ 1,753 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The tables below sets forth our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021. Level 1 Level 2 Level 3 Total December 31, 2022 Assets: Interest rate swap $ — $ 12,239 $ — $ 12,239 Convertible debt investment — — 57,563 57,563 Deferred compensation assets — 29,875 — 29,875 Total assets $ — $ 42,114 $ 57,563 $ 99,677 Liabilities: Foreign exchange forward contracts $ — $ 120 $ — $ 120 Contingent consideration for business acquisition — — 3,190 3,190 Total liabilities $ — $ 120 $ 3,190 $ 3,310 December 31, 2021 Assets: Interest rate swap $ — $ 627 $ — $ 627 Convertible debt investment — — 65,918 65,918 Deferred compensation assets — 39,430 — 39,430 Total assets $ — $ 40,057 $ 65,918 $ 105,975 Liabilities: Interest rate swaps $ — $ 1,170 $ — $ 1,170 Contingent consideration for business acquisition — — 3,743 3,743 Total liabilities $ — $ 1,170 $ 3,743 $ 4,913 |
Convertible Debt Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table below sets forth the changes in the balance of the convertible debt investment for the years ended December 31, 2022 and 2021. Convertible Debt Investment Balance as of December 31, 2020 $ 64,364 Change in fair value of convertible debt investment 1,554 Balance as of December 31, 2021 65,918 Change in fair value of convertible debt investment (8,355) Balance as of December 31, 2022 $ 57,563 |
Contingent Consideration Liability [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table below sets forth the changes in the balance of the contingent consideration for business acquisitions for the years ended December 31, 2022 and 2021. Contingent Consideration for Business Acquisitions Balance as of December 31, 2020 $ 1,770 Acquisition 1,800 Change in fair value 173 Balance as of December 31, 2021 3,743 Acquisition 1,185 Payment (1,379) Change in fair value (359) Balance as of December 31, 2022 $ 3,190 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The table below sets forth the components of accumulated other comprehensive income (loss), net of tax for the years ended December 31, 2022, 2021, and 2020. Cash Flow Hedges (1) Foreign Available-for- Interest Rate Swaps Foreign Exchange Forward Contracts Total Balance as of December 31, 2019 $ (566) $ 15,882 $ (380) $ — $ 14,936 Foreign currency translation adjustment, net of tax of $0 348 — — — 348 Unrealized gain (loss) on investments: Change in fair value, net of tax of $(499) — 1,323 — — 1,323 Unrealized gain (loss) on cash flow hedges: Interest rate swaps: Change in fair value, net of tax of $1,693 — — (4,652) — (4,652) Reclassification adjustment into earnings, net of tax of $(388) — — 1,106 — 1,106 Balance as of December 31, 2020 (218) 17,205 (3,926) — 13,061 Foreign currency translation adjustment, net of tax of $0 157 — — — 157 Reclassification adjustments into earnings, net of tax of $0 (2) (1,082) (1,082) Unrealized gain (loss) on investments: Change in fair value, net of tax of $(385) — 1,169 — — 1,169 Unrealized gain (loss) on cash flow hedges: Interest rate swaps: Change in fair value, net of tax of $(641) — — 1,606 — 1,606 Reclassification adjustment into earnings, net of tax of $(678) — — 1,929 — 1,929 Balance as of December 31, 2021 (1,143) 18,374 (391) — 16,840 Foreign currency translation adjustment, net of tax of $0 (1,890) — — — (1,890) Unrealized gain (loss) on investments: Change in fair value, net of tax of $2,209 — (6,146) — — (6,146) Unrealized gain (loss) on cash flow hedges: Interest rate swaps: Change in fair value, net of tax of $(3,555) — — 9,892 — 9,892 Reclassification adjustment into earnings, net of tax of $176 — — (489) — (489) Foreign exchange forward contracts: Change in fair value, net of tax of $43 — — (120) (120) Reclassification adjustment into earnings, net of tax of $(11) — — 32 32 Balance as of December 31, 2022 $ (3,033) $ 12,228 $ 9,012 $ (88) $ 18,119 (1) The before tax amounts reclassified from accumulated other comprehensive income related to our interest rate swaps and foreign exchange forward contracts are recorded to interest expense, net of interest income and direct costs, respectively. Refer to Note 12 "Derivative Instruments and Hedging Activity" for additional information on our derivative instruments. (2) In connection with the divestiture of the Life Sciences business, which included a substantially complete liquidation of an investment within a foreign entity, we included $1.1 million of accumulated translation gains in the calculation of our gain on sale recorded within other income, net on our consolidated statement of operations. See Note 3 "Acquisitions and Divestitures" for additional information on the divestiture of the Life Sciences business in 2021. |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Schedule of Restricted Stock Activity | The table below summarizes the restricted stock activity for the year ended December 31, 2022. Number of Shares Weighted 2012 Omnibus Incentive Plan Stock Ownership Participation Program Total Nonvested restricted stock at December 31, 2021 868 14 882 $ 53.51 Granted 565 19 584 $ 49.69 Vested (343) (12) (355) $ 50.96 Forfeited (119) (3) (122) $ 50.97 Nonvested restricted stock at December 31, 2022 971 18 989 $ 52.40 | |
Schedule of Performance-Based Stock Activity | The table below summarizes the performance-based stock activity for the year ended December 31, 2022. All nonvested performance-based stock outstanding at December 31, 2022 and 2021 was granted under the 2012 Omnibus Incentive Plan. Number of Weighted Nonvested performance-based stock at December 31, 2021 438 $ 53.08 Granted (1) 340 $ 48.22 Vested (118) $ 49.89 Forfeited (2) (182) $ 51.97 Nonvested performance-based stock at December 31, 2022 (3) 478 $ 50.36 (1) Shares granted in 2022 are presented at the stated target, which represents the base number of shares that could be earned. Actual shares earned may be below or, for certain grants, above the target based on the achievement of specific financial goals. (2) Forfeited shares include shares forfeited as a result of not meeting the performance criteria of the award as well as shares forfeited upon termination. (3) Of the 478,000 nonvested performance-based shares outstanding as of December 31, 2022, 426,847 shares were unearned and subject to achievement of specific financial goals. Once earned, the awards will be subject to time-based vesting according to the terms of the award. Based on 2022 financial results, approximately 96,142 of the 426,847 unearned shares will be forfeited in the first quarter of 2023. | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the performance-based stock options granted during 2022 were calculated using the Black-Scholes option pricing model using the following assumptions: 2022 Black-Scholes performance-based option pricing model: Expected dividend yield —% Expected volatility 40.0% Risk-free rate 1.6% / 2.6% Expected option life (in years) 4.5 years | The fair value of the time-vested stock options granted during 2021 were calculated using the Black-Scholes option pricing model using the following assumptions: 2021 Black-Scholes time-vested option pricing model: Expected dividend yield —% Expected volatility 40.0% Risk-free rate 0.9% Expected option life (in years) 4.75 years |
Schedule of Stock Option Activity | Time-vested stock option activity for the year ended December 31, 2022 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2021 93 $ 46.25 4.1 $ 0.3 Granted — Exercised (37) $ 38.89 $ 0.5 Forfeited or expired — Outstanding at December 31, 2022 (1) 56 $ 51.05 5.2 $ 1.2 Exercisable at December 31, 2022 19 $ 48.15 3.9 $ 0.5 | |
Share-based Payment Arrangement, Performance-Based Option, Activity | Performance-based stock option activity for the year ended December 31, 2022 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2021 — Granted (2) 183 $ 48.19 Exercised — Forfeited or expired (12) $ 48.22 Outstanding at December 31, 2022 (1)(3) 171 $ 48.19 6.2 $ 4.2 Exercisable at December 31, 2022 — (1) All of the outstanding performance-based stock options were granted under the 2012 Omnibus Incentive Plan. (2) Performance-based stock options granted in 2022 are presented at the stated target, which represents the base number of options that could be earned. Actual options earned may be below or, for certain grants, above the target based on the achievement of specific financial goals. (3) All of the outstanding performance-based stock options as of December 31, 2022 were unearned and subject to achievement of specific financial goals. Once earned, the options will be subject to time-based vesting according to the terms of the award. Based on 2022 financial results, approximately 47,835 of the 171,000 unearned options will be forfeited in the first quarter of 2023. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense for Continuing Operations | The income tax expense for continuing operations for the years ended December 31, 2022, 2021, and 2020 consisted of the following: Year Ended December 31, 2022 2021 2020 Current: Federal $ 7,130 $ (934) $ (2,480) State 2,987 1,974 168 Foreign 4,123 3,529 2,016 Total current 14,240 4,569 (296) Deferred: Federal 14,645 10,951 (7,414) State 4,039 2,372 (2,025) Foreign 101 (843) (420) Total deferred 18,785 12,480 (9,859) Income tax expense for continuing operations $ 33,025 $ 17,049 $ (10,155) |
Components of Income from Continuing Operations Before Income Tax Expense | The components of income from continuing operations before taxes were as follows: Year Ended December 31, 2022 2021 2020 U.S. $ 90,907 $ 70,963 $ (35,054) Foreign 17,670 9,073 1,181 Total $ 108,577 $ 80,036 $ (33,873) |
Reconciliation of Statutory Income Tax Rate to Our Effective Tax Rate for Continuing Operations | A reconciliation of the U.S. statutory income tax rate to our effective tax rate for continuing operations is as follows: Year Ended December 31, 2022 2021 2020 Percent of pretax income from continuing operations: At U.S. statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 6.1 5.2 4.4 Valuation allowance 2.6 1.1 (3.1) Disallowed executive compensation 1.9 1.2 (2.8) Realized investment gains/losses 1.4 (1.1) 2.6 Foreign source income 1.2 (0.2) 0.5 Meals and entertainment 0.1 0.1 (0.6) Stock-based compensation 0.1 (0.7) 4.3 Deferred tax adjustments (2.7) (0.2) 1.7 Tax credits (1.0) (1.3) 3.0 CARES Act net operating loss carryback — (3.8) 4.4 Goodwill impairment charges — — (2.6) Unrecognized tax benefits — — (2.0) Other (0.3) — (0.8) Effective income tax rate for continuing operations 30.4 % 21.3 % 30.0 % |
Net Deferred Tax Liabilities for Continuing Operations | The net deferred tax asset (liability) balance at December 31, 2022 and 2021 consisted of the following: As of December 31, 2022 2021 Deferred tax assets: Operating lease liabilities $ 15,249 $ 17,542 Share-based compensation 9,314 8,062 Deferred compensation liability 7,963 10,331 Accrued payroll and payroll related liabilities 6,432 5,645 Net operating loss carryforwards 3,304 1,243 Tax credits 1,813 1,828 Other 2,012 2,009 Total deferred tax assets 46,087 46,660 Valuation allowance (5,667) (2,876) Net deferred tax assets 40,420 43,784 Deferred tax liabilities: Intangibles and goodwill (35,588) (24,375) Operating lease right-of-use assets (8,354) (9,837) Preferred stock investment (7,613) (441) Convertible debt investment (4,421) (6,604) Software development costs (4,195) (6,071) Property and equipment (3,021) (2,730) Prepaid expenses (2,220) (2,137) Other (5,600) (2,058) Total deferred tax liabilities (71,012) (54,253) Net deferred tax liabilities $ (30,592) $ (10,469) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of our beginning and ending amount of unrecognized tax benefits is as follows: Unrecognized Tax Benefits Balance at January 1, 2020 $ 50 Additions based on tax positions related to prior years 694 Balance at December 31, 2020 744 Balance at December 31, 2021 744 Decrease due to laps of statue of limitations (101) Decrease based on tax positions related to prior years (50) Balance at December 31, 2022 $ 593 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table illustrates the disaggregation of revenues by capability, including a reconciliation of the disaggregated revenues to revenues from our three operating segments for the years ended December 31, 2022, 2021 and 2020. For the years ended December 31, 2022, 2021, and 2020, substantially all of our revenues were recognized over time. Year Ended December 31, Revenues by Capability 2022 2021 2020 Healthcare: Consulting and Managed Services $ 365,645 $ 327,165 $ 294,456 Digital 169,354 117,602 112,080 Total revenues $ 534,999 $ 444,767 $ 406,536 Education: Consulting and Managed Services $ 192,336 $ 131,369 $ 108,784 Digital 167,499 111,005 114,541 Total revenues $ 359,835 $ 242,374 $ 223,325 Commercial: Consulting and Managed Services $ 80,013 $ 97,381 $ 110,846 Digital 157,608 121,118 103,420 Total revenues $ 237,621 $ 218,499 $ 214,266 Total Huron: Consulting and Managed Services $ 637,994 $ 555,915 $ 514,086 Digital 494,461 349,725 330,041 Total revenues $ 1,132,455 $ 905,640 $ 844,127 |
Components of Segment Information | The tables below set forth information about our operating segments for the years ended December 31, 2022, 2021, and 2020, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. We do not present financial information by geographic area because the financial results of our international operations are not significant to our consolidated financial statements. Year Ended December 31, 2022 2021 2020 Healthcare: Revenues $ 534,999 $ 444,767 $ 406,536 Operating income $ 131,227 $ 118,324 $ 105,650 Segment operating income as a percentage of segment revenues 24.5 % 26.6 % 26.0 % Education: Revenues $ 359,835 $ 242,374 $ 223,325 Operating income $ 78,924 $ 52,398 $ 45,780 Segment operating income as a percentage of segment revenues 21.9 % 21.6 % 20.5 % Commercial: Revenues $ 237,621 $ 218,499 $ 214,266 Operating income $ 50,025 $ 34,296 $ 39,044 Segment operating income as a percentage of segment revenues 21.1 % 15.7 % 18.2 % Total Huron: Revenues $ 1,132,455 $ 905,640 $ 844,127 Reimbursable expenses 26,506 21,318 26,887 Total revenues and reimbursable expenses $ 1,158,961 $ 926,958 $ 871,014 Segment operating income $ 260,176 $ 205,018 $ 190,474 Items not allocated at the segment level: Other operating expenses 140,145 131,545 135,105 Depreciation and amortization 20,271 20,634 24,405 Goodwill impairment charges (1) — — 59,816 Operating income (loss) 99,760 52,839 (28,852) Other income (expense), net 8,817 27,197 (5,021) Income (loss) from continuing operations before taxes $ 108,577 $ 80,036 $ (33,873) (1) The goodwill impairment charges are not allocated at the segment level because the underlying goodwill asset is reflective of our corporate investment in the segments. We do not include the impact of goodwill impairment charges in our evaluation of segment performance. |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Summary of Allowances for Doubtful Accounts and Unbilled Services and Valuation Allowance for Deferred Tax Assets | The table below sets forth the changes in the carrying amount of our allowances for doubtful accounts and unbilled services and valuation allowance for deferred tax assets for the years ended December 31, 2022, 2021, and 2020. Allowances for doubtful accounts and unbilled services includes allowances for fee adjustments and other discretionary pricing adjustments as well as allowances related to clients' inability to make required payments on accounts receivable. Beginning Additions (1) Deductions Ending Year ended December 31, 2020: Allowances for doubtful accounts and unbilled services $ 18,668 63,268 60,630 $ 21,306 Valuation allowance for deferred tax assets $ 1,016 1,160 64 $ 2,112 Year ended December 31, 2021: Allowances for doubtful accounts and unbilled services $ 21,306 9,852 15,363 $ 15,795 Valuation allowance for deferred tax assets $ 2,112 1,090 326 $ 2,876 Year ended December 31, 2022: Allowances for doubtful accounts and unbilled services $ 15,795 17,820 11,480 $ 22,135 Valuation allowance for deferred tax assets $ 2,876 3,421 630 $ 5,667 |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2022 operating_industry Segment | |
Accounting Policies [Abstract] | |
Number of Operating Industries | operating_industry | 3 |
Number of Reportable Segments | Segment | 3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Segment Billing Reporting_Unit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Cash and Cash Equivalents [Line Items] | ||||
Number of billing arrangements for revenue recognition | Billing | 4 | |||
Capitalized Contract Cost, Amortization | $ 300 | $ 400 | $ 400 | |
Capitalized Contract Cost, Net | $ 400 | 400 | 600 | |
Capitalized Computer Software, Gross | 47,700 | 47,700 | 33,600 | |
Capitalized Computer Software, Accumulated Amortization | 21,500 | 21,500 | 15,600 | |
Amortized capitalized software development costs | 5,900 | 5,200 | 4,700 | |
Hosting Arrangement, Service Contract, Implementation Cost, Capitalized, before Accumulated Amortization | 6,500 | 6,500 | 6,500 | |
Hosting Arrangement, Service Contract, Implementation Cost, Capitalized, Accumulated Amortization | $ 1,500 | 1,500 | 900 | |
Hosting Arrangement, Service Contract, Implementation Cost, Expense, Amortization | $ 1,200 | 900 | ||
Number of Reporting Units | Reporting_Unit | 3 | |||
Goodwill impairment charges | $ 0 | 0 | 59,816 | |
Sponsorship and advertising costs | 6,300 | 4,300 | 4,100 | |
Foreign Currency Transaction Gain (Loss), Realized | $ (700) | $ (400) | $ (100) | |
Number of Operating Segments | Segment | 3 | |||
Duration of SOFR | 1 month | |||
Maximum [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalent maturity period | 3 months | |||
Computers, related equipment and software [Member] | Minimum [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Depreciated over and estimated useful life | two | |||
Computers, related equipment and software [Member] | Maximum [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Depreciated over and estimated useful life | four years | |||
Furniture and fixtures [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Depreciated over and estimated useful life | five years |
Acquisitions & Divestitures (De
Acquisitions & Divestitures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combination Segment Allocation [Line Items] | |||
Revenues | $ 1,132,455 | $ 905,640 | $ 844,127 |
Loss on disposal | $ 0 | 32,824 | $ (1,603) |
Life Sciences | |||
Business Combination Segment Allocation [Line Items] | |||
Revenues | 2,300 | ||
UK Life Sciences Drug Safety Practice | |||
Business Combination Segment Allocation [Line Items] | |||
Loss on disposal | 1,500 | ||
Business Advisory [Member] | Life Sciences | |||
Business Combination Segment Allocation [Line Items] | |||
Revenues | 16,700 | ||
Loss on disposal | $ 31,500 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Goodwill | $ 1,080,858 | $ 1,076,771 | $ 1,050,129 |
Accumulated impairment losses | (455,892) | (455,892) | (455,892) |
Goodwill, Transfers | 0 | ||
Goodwill recorded in connection with business combinations | 4,087 | 26,642 | |
Goodwill, net beginning balance | 620,879 | 594,237 | |
Goodwill | 624,966 | 620,879 | 594,237 |
Healthcare | |||
Goodwill [Line Items] | |||
Goodwill | 644,238 | 642,951 | 636,810 |
Accumulated impairment losses | (190,024) | (208,081) | (208,081) |
Goodwill, Transfers | 18,057 | ||
Goodwill recorded in connection with business combinations | 1,287 | 6,141 | |
Goodwill, net beginning balance | 434,870 | 428,729 | |
Goodwill | 454,214 | 434,870 | 428,729 |
Education [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 123,652 | 121,570 | 104,384 |
Accumulated impairment losses | (1,417) | 0 | 0 |
Goodwill, Transfers | (1,417) | ||
Goodwill recorded in connection with business combinations | 2,082 | 17,186 | |
Goodwill, net beginning balance | 121,570 | 104,384 | |
Goodwill | 122,235 | 121,570 | 104,384 |
Commercial | |||
Goodwill [Line Items] | |||
Goodwill | 312,968 | 312,250 | 308,935 |
Accumulated impairment losses | (264,451) | (247,811) | (247,811) |
Goodwill, Transfers | (16,640) | ||
Goodwill recorded in connection with business combinations | 718 | 3,315 | |
Goodwill, net beginning balance | 64,439 | 61,124 | |
Goodwill | $ 48,517 | $ 64,439 | $ 61,124 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible assets | ||
Gross carrying amount | $ 94,833 | $ 97,518 |
Accumulated Amortization | 71,441 | 65,624 |
Customer relationships [Member] | ||
Intangible assets | ||
Gross carrying amount | 74,583 | 75,908 |
Accumulated Amortization | $ 57,219 | 53,421 |
Customer relationships [Member] | Minimum [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Customer relationships [Member] | Maximum [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 13 years | |
Technology-Based Intangible Assets [Member] | ||
Intangible assets | ||
Gross carrying amount | $ 13,330 | 13,330 |
Accumulated Amortization | $ 7,975 | 5,607 |
Technology-Based Intangible Assets [Member] | Minimum [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Technology-Based Intangible Assets [Member] | Maximum [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Trade names [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 6 years | |
Gross carrying amount | $ 6,000 | 6,000 |
Accumulated Amortization | 5,907 | 5,148 |
Non-competition Agreements [Member] | ||
Intangible assets | ||
Gross carrying amount | 920 | 2,020 |
Accumulated Amortization | $ 340 | 1,347 |
Non-competition Agreements [Member] | Minimum [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Non-competition Agreements [Member] | Maximum [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Customer contracts [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | |
Gross carrying amount | $ 0 | 260 |
Accumulated Amortization | $ 0 | $ 101 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Amortization (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 8,122 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4,674 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,503 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 2,519 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 1,773 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) operating_industry Reporting_Unit Segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 01, 2022 | |
Goodwill [Line Items] | |||||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ (59,816) | ||
Goodwill | $ 624,966 | 620,879 | 594,237 | ||
Number of Operating Industries | operating_industry | 3 | ||||
Amortization of Intangible Assets | $ 11,200 | $ 9,300 | $ 12,700 | ||
Number of Reportable Segments | Segment | 3 | ||||
Number of Reporting Units | Reporting_Unit | 3 | ||||
Strategy and Innovation [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, Impairment Loss | $ (49,900) | ||||
Goodwill | 37,500 | ||||
Education [Member] | |||||
Goodwill [Line Items] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 199% | ||||
Life Sciences | |||||
Goodwill [Line Items] | |||||
Goodwill, Impairment Loss | $ (9,900) | ||||
Healthcare | |||||
Goodwill [Line Items] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 37% | ||||
Commercial | |||||
Goodwill [Line Items] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 105% |
Leases Schedule of Operating Le
Leases Schedule of Operating Lease Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 30,304 | $ 35,311 |
Operating Lease, Liability, Current | 10,530 | 10,142 |
Operating Lease, Liability, Noncurrent | 45,556 | 54,313 |
Operating Lease, Liability | $ 56,086 | $ 64,455 |
Leases Schedule of Lease Costs
Leases Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating Lease, Cost | $ 8,877 | $ 9,755 | $ 11,045 |
Short-term Lease, Cost | 263 | 225 | 229 |
Variable Lease, Cost | 4,587 | 3,765 | 1,693 |
Sublease Income | (1,921) | (1,660) | (1,973) |
Lease, Cost | $ 11,806 | $ 12,085 | $ 10,994 |
Leases Schedule of Maturities o
Leases Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 12,618 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 12,039 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 11,728 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 10,941 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 7,825 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 7,211 | |
Lessee, Operating Lease, Liability, Payments, Due | 62,362 | |
Lessee Operating Lease Liability Undiscounted Excess | (6,276) | |
Operating Lease, Liability | $ 56,086 | $ 64,455 |
Leases Schedule of Operating _2
Leases Schedule of Operating Lease Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating Lease, Payments | $ 12,634 | $ 12,573 | $ 11,307 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 1,908 | $ 2,960 | $ 1,456 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 3 months 18 days | 6 years 1 month 6 days | 7 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.20% | 4.10% | 4.30% |
Leases Leases Additional Inform
Leases Leases Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Lease, Cost | $ 11,806 | $ 12,085 | $ 10,994 | |
Impairment of Long-Lived Assets Held-for-use | $ 13,200 | $ 211 | 0 | 13,217 |
Property, Plant and Equipment, Other Types [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 4,100 | |||
Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 1 year | |||
Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 10 years | |||
Operating lease right-of-use asset [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 200 | 9,100 | ||
Restructuring Charges [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease, Cost | $ 2,000 | $ 2,600 | 300 | |
Discontinued operations [Member] | Huron Legal [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease, Cost | $ 200 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense for property and equipment | $ 10.3 | $ 11 | $ 12.2 |
Restructuring and Related Cost, Accelerated Depreciation | $ 0.4 | $ 0.6 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 84,173 | $ 93,954 |
Accumulated depreciation and amortization | (58,066) | (62,950) |
Property and equipment, net | 26,107 | 31,004 |
Computers, related equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 35,296 | 33,682 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 37,202 | 40,336 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 11,386 | 12,023 |
Aircraft [Domain] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 0 | 6,800 |
Property and equipment, net | 3,700 | |
Assets under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 289 | $ 1,113 |
Financing Arrangements - Summar
Financing Arrangements - Summary of Carrying Amounts of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2017 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 290,000 | $ 232,780 | |
Long-term Debt, Current Maturities | 0 | 559 | |
Long-term debt, net of current portion | 290,000 | 232,221 | |
Senior Secured Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 290,000 | 230,000 | |
Promissory Note due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | $ 2,780 | $ 5,100 |
Financing Arrangements - Additi
Financing Arrangements - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 USD ($) | Sep. 30, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 290,000,000 | $ 232,780,000 | ||
Duration of LIBOR | 1 month | |||
Property and equipment, net | 26,107,000 | 31,004,000 | ||
Senior Secured Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit current borrowing capacity | $ 600,000,000 | |||
Maturity date | Nov. 15, 2027 | |||
Optional increase In revolver | $ 250,000,000 | |||
Aggregate principal amount - Senior secured credit facility | $ 850,000,000 | |||
Percentage of pledged voting stock in domestic subsidiaries | 100% | |||
Percentage of pledged voting stock in foreign subsidiaries | 65% | |||
Maximum consolidated leverage ratio | 3.75 | |||
Debt Instrument, Covenant, Consolidated Leverage Ratio, Additional Increase | 4.25 | |||
Minimum interest coverage ratio | 3 | |||
Actual consolidated leverage ratio | 1.92 | |||
Actual interest coverage ratio | 14.04 | |||
Long-term debt | $ 290,000,000 | $ 230,000,000 | ||
Percentage of weighted average interest rate of borrowings | 3.80% | 2.70% | ||
Outstanding letters of credit | $ 700,000 | $ 700,000 | ||
Unused borrowing capacity under Credit Agreement | $ 309,300,000 | |||
Senior Secured Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.125% | |||
Senior Secured Credit Facility [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | |||
Senior Secured Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |||
Senior Secured Credit Facility [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | |||
Promissory Note due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 5,100,000 | $ 0 | 2,780,000 | |
Debt Instrument, Maturity Date | Mar. 01, 2024 | |||
Duration of LIBOR | 1 month | |||
Promissory Note due 2024 [Member] | Aircraft Security Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 2,800,000 | |||
Aircraft [Domain] | ||||
Debt Instrument [Line Items] | ||||
Property and equipment, net | $ 3,700,000 |
Capital Structure - Additional
Capital Structure - Additional Information (Detail) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 50,000,000 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Revenues Revenue - Additional I
Revenues Revenue - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenues | $ 1,132,455 | $ 905,640 | $ 844,127 |
Contract with Customer, Performance Obligation Satisfied in Previous Period | 7,600 | 22,900 | 12,200 |
Revenue, Remaining Performance Obligation, Amount | 151,200 | ||
Contract with Customer, Asset, after Allowance for Credit Loss | 50,200 | 23,700 | |
Contract Asset, Period Increase (Decrease) | 26,500 | ||
Deferred revenues | 21,909 | 19,212 | |
Deferred Revenue, Period Increase (Decrease) | 2,700 | ||
Deferred Revenue, Revenue Recognized | 18,500 | 27,600 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | 78,700 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | 30,100 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | 42,400 | ||
Change in Estimated Variable Consideration [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Contract with Customer, Performance Obligation Satisfied in Previous Period | 5,300 | 14,600 | 7,500 |
Release of Allowance [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 2,300 | $ 8,300 | $ 4,700 |
Revenues Performance Obligation
Revenues Performance Obligations Information (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 151.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 78.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 30.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years |
Revenue, Remaining Performance Obligation, Amount | $ 42.4 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share Reconciliation [Abstract] | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 75,552 | $ 62,987 | $ (23,718) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | (122) |
Net Income (Loss) Attributable to Parent | $ 75,552 | $ 62,987 | $ (23,840) |
Weighted average common shares outstanding-basic | 20,249 | 21,439 | 21,882 |
Weighted average common stock equivalents | 497 | 370 | 0 |
Weighted average common shares outstanding- diluted | 20,746 | 21,809 | 21,882 |
Net earnings per basic share: | |||
Net income from continuing operations, per basic share (in USD per share) | $ 3.73 | $ 2.94 | $ (1.08) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0 | (0.01) |
Net income, per basic share (in USD per share) | 3.73 | 2.94 | (1.09) |
Net earnings per diluted share: | |||
Net income from continuing operations, per diluted share (in USD per share) | 3.64 | 2.89 | (1.08) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0 | (0.01) |
Net income, per diluted share (in USD per share) | $ 3.64 | $ 2.89 | $ (1.09) |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Anti-dilutive Securities Excluded from Computation of Weighted Average Common Stock Equivalents (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities | 0.2 | 0.1 | 1.1 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Oct. 31, 2020 | |
Accelerated Share Repurchases [Line Items] | |||||
Stock Repurchased and Retired During Period, Value | $ 121,308,000 | $ 64,803,000 | $ 25,906,000 | ||
Share Repurchases Initiated but not yet Settled | 1,107,000 | $ 191,000 | $ 0 | ||
Share Repurchase Program [Member] | |||||
Accelerated Share Repurchases [Line Items] | |||||
Share repurchase authorized amount | $ 300,000,000 | $ 50,000,000 | |||
Shares repurchased | 2,037,752 | 1,265,261 | 111,166 | ||
Stock Repurchased and Retired During Period, Value | $ 121,300,000 | $ 64,800,000 | $ 5,000,000 | ||
Share Repurchases Initiated but not yet Settled | $ 1,100,000 | $ 200,000 | |||
Share Repurchases Initiated but not yet Settled, Shares | 15,200 | 3,820 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 108,900,000 | ||||
2015 Share Repurchase Program | |||||
Accelerated Share Repurchases [Line Items] | |||||
Share repurchase authorized amount | $ 125,000,000 | ||||
Shares repurchased | 313,998 | ||||
Stock Repurchased and Retired During Period, Value | $ 20,900,000 | ||||
Share Repurchases Initiated but not yet Settled | $ 1,200,000 | ||||
Share Repurchases Initiated but not yet Settled, Shares | 18,000 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Charges [Line Items] | |||||
Restructuring additions | $ 9,909 | $ 12,401 | $ 20,525 | ||
Loss on disposal | 0 | 32,824 | (1,603) | ||
Restructuring charge liability | $ 3,424 | 4,319 | 1,140 | 3,424 | |
Restructuring and Related Cost, Accelerated Depreciation | 400 | 600 | |||
Impairment of Long-Lived Assets Held-for-use | 13,200 | 211 | 0 | 13,217 | |
Contract Termination | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 600 | ||||
Transaction Expenses | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 700 | ||||
Accelerated Amortization | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 300 | ||||
Q4 2020 Restructuring Plan | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 18,700 | ||||
Impairment of Long-Lived Assets Held-for-use | 200 | 13,200 | |||
Employee Severance [Member] | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | $ 400 | 5,700 | 8,100 | 5,300 | |
Restructuring charge liability | 2,447 | 3,751 | 573 | 2,447 | |
Employee Severance [Member] | Q4 2020 Restructuring Plan | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 4,800 | ||||
Office Space Reductions [Member] | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 2,500 | 3,100 | 14,000 | ||
Restructuring charge liability | 84 | 0 | 0 | 84 | |
Office Space Reductions [Member] | Q4 2020 Restructuring Plan | |||||
Restructuring Charges [Line Items] | |||||
Restructuring and Related Cost, Accelerated Depreciation | 700 | ||||
Office Space Reductions [Member] | Office Space Reductions that were Initiated in Prior Periods | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 2,300 | 2,300 | 100 | ||
Other Restructuring [Member] | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 1,700 | 1,200 | 1,200 | ||
Restructuring charge liability | $ 893 | 568 | 567 | 893 | |
Other Restructuring [Member] | San Francisco Office [Member] | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 200 | ||||
Education [Member] | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 3,900 | 100 | 1,800 | ||
Corporate Segment | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 3,700 | 4,500 | 14,800 | ||
Healthcare | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 700 | 100 | 1,800 | ||
Commercial | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 1,600 | 7,700 | $ 2,100 | ||
Commercial | Life Sciences | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 8,500 | ||||
Loss on disposal | 31,500 | ||||
Commercial | hurn_Life Sciences Divestiture Gain/Loss | Life Sciences | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | $ 100 | ||||
Commercial | Employee Severance [Member] | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 1,300 | ||||
Commercial | Employee Severance [Member] | Life Sciences | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | 6,800 | ||||
Commercial | Office Space Reductions [Member] | San Francisco Office [Member] | Life Sciences | |||||
Restructuring Charges [Line Items] | |||||
Restructuring and Related Cost, Accelerated Depreciation | 800 | ||||
Commercial | Other Restructuring [Member] | Life Sciences | |||||
Restructuring Charges [Line Items] | |||||
Restructuring additions | $ 900 |
Restructuring Charges Restructu
Restructuring Charges Restructuring Charges - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, period start | $ 1,140 | $ 3,424 |
Restructuring additions | 6,984 | 9,288 |
Payments for restructuring | (4,057) | (11,559) |
Restructuring reserve adjustments | 252 | (13) |
Restructuring reserve, period end | 4,319 | 1,140 |
Office Space Reductions [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, period start | 0 | 84 |
Restructuring additions | 0 | 0 |
Payments for restructuring | (201) | (84) |
Restructuring reserve adjustments | 201 | 0 |
Restructuring reserve, period end | 0 | 0 |
Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, period start | 567 | 893 |
Restructuring additions | 1,279 | 1,156 |
Payments for restructuring | (1,318) | (1,482) |
Restructuring reserve adjustments | 40 | 0 |
Restructuring reserve, period end | 568 | 567 |
Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, period start | 573 | 2,447 |
Restructuring additions | 5,705 | 8,132 |
Payments for restructuring | (2,538) | (9,993) |
Restructuring reserve adjustments | 11 | (13) |
Restructuring reserve, period end | $ 3,751 | $ 573 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activity - Additional Information (Detail) ₨ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Sep. 30, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 INR (₨) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Duration of SOFR | 1 month | |||
Duration of LIBOR | 1 month | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 4.8 | $ 4.8 | ||
Loss reclassification from accumulated OCI to income, estimate of time to transfer | 12 months | |||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 0.1 | $ 0.1 | ||
Interest Rate Swap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest rate swap agreement for a notional amount | 200 | 200 | ||
Foreign Exchange Contract | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest rate swap agreement for a notional amount | $ 8 | $ 8 | ₨ 657.9 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | $ 12,239 | $ 1,210 |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 120 | 1,753 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value (derivative asset and liability) | 7,108 | 0 |
Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value (derivative asset and liability) | 5,131 | 1,210 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value (derivative asset and liability) | 0 | 1,604 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 120 | 0 |
Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value (derivative asset and liability) | $ 0 | $ 149 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | $ 99,677 | $ 105,975 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,310 | 4,913 | |
Deferred Compensation Plan Assets [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 29,875 | 39,430 | |
Contingent Consideration Liability [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,190 | 3,743 | $ 1,770 |
Interest Rate Swap [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 12,239 | 627 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,170 | ||
Foreign Exchange Contract | |||
Assets, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 120 | ||
Convertible Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 57,563 | 65,918 | $ 64,364 |
Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 42,114 | 40,057 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 120 | 1,170 | |
Fair Value, Inputs, Level 2 [Member] | Deferred Compensation Plan Assets [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 29,875 | 39,430 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 12,239 | 627 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,170 | ||
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract | |||
Assets, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 120 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 57,563 | 65,918 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,190 | 3,743 | |
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,190 | 3,743 | |
Fair Value, Inputs, Level 3 [Member] | Convertible Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | $ 57,563 | $ 65,918 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term Investments | $ 91,194 | $ 72,584 | |||
Debt and Equity Securities, Unrealized Gain (Loss) | $ 26,964 | $ 0 | $ 1,667 | ||
Contingent Consideration Liability [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Instrument, Measurement Input | 0.055 | ||||
Contingent Consideration Liability [Member] | Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Instrument, Measurement Input | 0.024 | ||||
Contingent Consideration Liability [Member] | Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Instrument, Measurement Input | 0.051 | ||||
Contingent Consideration Liability [Member] | Weighted Average | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Instrument, Measurement Input | 0.037 | ||||
Convertible Debt Securities [Member] | Shorelight Holdings Llc [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term Investments | $ 40,900 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.69% | ||||
Convertible Debt Securities [Member] | Shorelight Holdings Llc [Member] | Measurement Input, Price Volatility | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Instrument, Measurement Input | 0.400 | 0.450 | |||
Convertible Debt Securities [Member] | Shorelight Holdings Llc [Member] | Measurement Input, Discount Rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Instrument, Measurement Input | 0.240 | 0.225 | |||
Preferred Stock [Member] | Medically Home Group Inc. [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term Investments | $ 33,600 | $ 6,700 | $ 5,000 | ||
Debt and Equity Securities, Unrealized Gain (Loss) | $ 1,700 | 27,000 | |||
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount | $ 28,600 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments Fair Value of Financial Instruments - Convertible Debt Investment Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 99,677 | $ 105,975 | |
Convertible Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 57,563 | 65,918 | $ 64,364 |
Shorelight Holdings Llc [Member] | Convertible Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ (8,355) | $ 1,554 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments Fair Value of Financial Instruments - Contingent Consideration Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Acquisition, Contingent Consideration, Liability | $ 1,185 | $ 1,800 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,310 | 4,913 | |
Contingent Consideration Liability [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,190 | 3,743 | $ 1,770 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1,379) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | $ (359) | $ 173 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation adjustments, beginning balance | $ (1,143) | $ (218) | $ (566) | |
Foreign currency translation adjustments, ending balance | (3,033) | (1,143) | (218) | |
Foreign currency translation adjustment, net of tax | (1,890) | (925) | 348 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,082) | |||
Unrealized loss on investment, beginning balance | 18,374 | 17,205 | 15,882 | |
Unrealized loss on investment, ending balance | 12,228 | 18,374 | 17,205 | |
Unrealized gain (loss) on investment, net of tax | (6,146) | 1,169 | 1,323 | |
Accumulated other comprehensive income | 18,119 | 16,840 | 13,061 | $ 14,936 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | 2,209 | (385) | (499) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period Tax | 0 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 157 | |||
Foreign Exchange Contract | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | (88) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (120) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (32) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (120) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (32) | |||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | (88) | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 43 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (11) | |||
Interest Rate Swap [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 9,012 | (391) | (3,926) | (380) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 9,892 | 1,606 | (4,652) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 489 | (1,929) | (1,106) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 9,892 | 1,606 | (4,652) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 489 | (1,929) | (1,106) | |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 9,012 | (391) | (3,926) | $ (380) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (3,555) | (641) | 1,693 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | $ 176 | $ (678) | $ (388) |
Employee Benefit and Deferred_2
Employee Benefit and Deferred Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |||
Employer contributions up to percent of employee's salaries | 6% | ||
Employer matching contributions | $ 31.2 | $ 29.9 | $ 25.1 |
Deferred compensation liability | $ 29.9 | $ 39.1 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Apr. 01, 2022 | Mar. 01, 2022 | Mar. 31, 2023 shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Retirement eligible provision, minimum age | 62 years | |||||
Retirement eligible provision, minimum years of service | 7 years | |||||
Share-based compensation expense | $ | $ 31 | $ 25.9 | $ 23.9 | |||
Income tax benefits | $ | 6.8 | $ 6.3 | 5.4 | |||
Unrecognized compensation cost | $ | $ 37 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | ||||
Restricted Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 4 years | |||||
Aggregate fair value of stock vested | $ | $ 18.4 | $ 19.8 | $ 18.6 | |||
Weighted average grant date fair value (in USD per share) | $ / shares | $ 49.69 | $ 53.84 | $ 58.13 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 989,000 | 882,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 122,000 | |||||
Performance-based stock activity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 2 years | |||||
Aggregate fair value of stock vested | $ | $ 5.8 | $ 9.8 | $ 5.9 | |||
Weighted average grant date fair value (in USD per share) | $ / shares | $ 48.22 | $ 53.75 | $ 58.84 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 478,000 | 438,000 | ||||
Nonvested And Unearned Performance Shares | 426,847 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 182,000 | |||||
Performance-based stock activity [Member] | Forecast [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 96,142 | |||||
Time Vested Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option awards granted | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 56,000 | 93,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 0.5 | |||||
Exercise of stock options, shares | 37,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 40% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.90% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 9 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 18.42 | |||||
Performance-based stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 2 years | |||||
Stock option awards granted | 183,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 171,000 | 0 | ||||
Exercise of stock options, shares | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 40% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.60% | 1.60% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 17 | |||||
Nonvested and Unearned Performance Stock Options | 171,000 | |||||
Performance-based stock options | Forecast [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Nonvested And Unearned Performance Shares | 47,835 | |||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options contractual term | 7 years | |||||
Share-based Payment Arrangement, Option [Member] | Time Vested Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 0.4 | $ 1.1 | ||||
Two Thousand And Twelve Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 4,600,000 | |||||
Shares available for issuance | 600,000 | |||||
Two Thousand And Twelve Plan [Member] | Restricted Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 971,000 | 868,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 119,000 | |||||
Stock Ownership Participation Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 700,000 | |||||
Shares available for issuance | 200,000 | |||||
Restricted stock granted as a percentage of purchased shares | 0.25 | |||||
Stock Ownership Participation Program [Member] | Restricted Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 18,000 | 14,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 3,000 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Restricted Stock Activity (Detail) - Restricted Stock Awards [Member] - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total | ||||
Nonvested stock, number of shares, beginning balance | 989 | 882 | ||
Granted, number of shares | 584 | |||
Vested, number of shares | (355) | |||
Forfeited, number of shares | (122) | |||
Nonvested stock, number of shares, ending balance | 989 | 882 | ||
Nonvested stock, weighted average grant date fair value, beginning balance (in USD per share) | $ 52.40 | $ 53.51 | ||
Weighted average grant date fair value (in USD per share) | 49.69 | $ 53.84 | $ 58.13 | |
Vested, weighted average grant date fair value (in USD per share) | 50.96 | |||
Forfeited, weighted average grant date fair value (in USD per share) | $ 50.97 | |||
Two Thousand And Twelve Plan [Member] | ||||
Total | ||||
Nonvested stock, number of shares, beginning balance | 971 | 868 | ||
Granted, number of shares | 565 | |||
Vested, number of shares | (343) | |||
Forfeited, number of shares | (119) | |||
Nonvested stock, number of shares, ending balance | 971 | 868 | ||
Stock Ownership Participation Program [Member] | ||||
Total | ||||
Nonvested stock, number of shares, beginning balance | 18 | 14 | ||
Granted, number of shares | 19 | |||
Vested, number of shares | (12) | |||
Forfeited, number of shares | (3) | |||
Nonvested stock, number of shares, ending balance | 18 | 14 |
Equity Incentive Plans - Sche_2
Equity Incentive Plans - Schedule of Performance-Based Stock Activity (Detail) - Performance-based stock activity [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | |||
Nonvested stock, number of shares, beginning balance | 438 | ||
Granted, number of shares | 340 | ||
Vested, number of shares | (118) | ||
Forfeited, number of shares | (182) | ||
Nonvested stock, number of shares, ending balance | 478 | 438 | |
Weighted Average Grant Date Fair Value (in dollars) | |||
Nonvested stock, weighted average grant date fair value, beginning balance (in USD per share) | $ 53.08 | ||
Weighted average grant date fair value (in USD per share) | 48.22 | $ 53.75 | $ 58.84 |
Vested, weighted average grant date fair value (in USD per share) | 49.89 | ||
Forfeited, weighted average grant date fair value (in USD per share) | 51.97 | ||
Nonvested stock, weighted average grant date fair value, ending balance (in USD per share) | $ 50.36 | $ 53.08 | |
Award vesting period | 2 years |
Equity Incentive Plans - Sche_3
Equity Incentive Plans - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Apr. 01, 2022 | Mar. 01, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | ||||
Equity Incentive Plans | Equity Incentive Plans In 2012, Huron adopted the 2012 Omnibus Incentive Plan (the “2012 Plan”) which replaced, on a prospective basis, our 2004 Omnibus Stock Plan (the "2004 Plan") such that future grants will be granted under the 2012 Plan and any outstanding awards granted under the 2004 Plan that are cancelled, expired, forfeited, settled in cash, or otherwise terminated without a delivery of shares to the participant will not become available for grant under the 2012 Plan. The 2012 Plan permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and other share-based or cash-based awards valued in whole or in part by reference to, or otherwise based on, our common stock. Subsequent to the initial approval of the 2012 Plan and through December 31, 2022, our shareholders approved amendments to the 2012 Plan to increase the number of shares authorized for issuance to 4.6 million, in the aggregate. As of December 31, 2022, 0.6 million shares remain available for issuance under the 2012 Plan. On May 1, 2015, we adopted the Stock Ownership Participation Program (the “SOPP”), which is available to Huron employees below the managing director level who do not receive equity-based awards as part of their normal compensation plan. Under the SOPP, eligible employees may elect to use after-tax payroll deductions to purchase shares of the Company’s common stock on certain designated purchase dates. Employees who purchase stock under the SOPP are granted restricted stock equal to 25% of their purchased shares. Vesting of the restricted stock is subject to both a time-based vesting schedule and a requirement that the purchased shares be held for a specified period. Subsequent to the initial approval of the SOPP and through December 31, 2022, our shareholders approved amendments to the SOPP to increase the total number of shares authorized for issuance to 0.7 million, in the aggregate. Prior to the adoption of the SOPP, the matching share grants and the employee purchased shares under the stock ownership participation program were governed by the 2012 Plan. As of December 31, 2022, 0.2 million shares remain available for issuance under the SOPP. It has been our practice to issue shares of common stock upon exercise of stock options and granting of restricted stock from authorized but unissued shares, with the exception of the SOPP under which shares are issued from treasury stock. Certain grants of restricted stock under the 2012 Plan may be issued from treasury stock at the direction of the Compensation Committee. Share-based awards outstanding under our 2012 Plan and our 2004 Plan provide for a retirement eligibility provision, under which eligible employees who have reached 62 years of age and have completed seven years of employment with Huron will continue vesting in their share-based awards after retirement, subject to certain conditions. The Compensation Committee of the board of directors has the responsibility of interpreting the 2012 Plan and SOPP and determining all of the terms and conditions of awards made under the plans, including when the awards will become exercisable or otherwise vest. Total share-based compensation cost recognized for the years ended December 31, 2022, 2021, and 2020 was $31.0 million, $25.9 million, and $23.9 million, respectively, with related income tax benefits of $6.8 million, $6.3 million, and $5.4 million, respectively. As of December 31, 2022, there was $37.0 million of total unrecognized compensation cost related to nonvested share-based awards. This cost is expected to be recognized over a weighted average period of 2.3 years. Restricted Stock The grant date fair values of our restricted stock are measured based on the fair value of our common stock at grant date and amortized into expense over the service period. Subject to acceleration under certain conditions, the majority of our restricted stock vests annually over four years. The table below summarizes the restricted stock activity for the year ended December 31, 2022. Number of Shares Weighted 2012 Omnibus Incentive Plan Stock Ownership Participation Program Total Nonvested restricted stock at December 31, 2021 868 14 882 $ 53.51 Granted 565 19 584 $ 49.69 Vested (343) (12) (355) $ 50.96 Forfeited (119) (3) (122) $ 50.97 Nonvested restricted stock at December 31, 2022 971 18 989 $ 52.40 The aggregate fair value of restricted stock that vested during the years ended December 31, 2022, 2021, and 2020 was $18.4 million, $19.8 million, and $18.6 million, respectively. The weighted average grant date fair value per share of restricted stock granted during 2021 and 2020 was $53.84 and $58.13, respectively. Performance-based Share Awards The total number of shares earned by recipients of performance-based share awards is contingent upon meeting practice specific and company-wide performance goals. Following the performance period, certain awards are subject to the completion of a service period, which is generally an additional two years. These earned awards vest on a graded vesting schedule over the service period. For certain performance awards, the recipients may earn additional shares of stock for performance achieved above the stated target. The grant date fair values of our performance-based share awards are measured based on the fair value of our common stock at grant date. Compensation cost is amortized into expense over the service period, including the performance period. The table below summarizes the performance-based stock activity for the year ended December 31, 2022. All nonvested performance-based stock outstanding at December 31, 2022 and 2021 was granted under the 2012 Omnibus Incentive Plan. Number of Weighted Nonvested performance-based stock at December 31, 2021 438 $ 53.08 Granted (1) 340 $ 48.22 Vested (118) $ 49.89 Forfeited (2) (182) $ 51.97 Nonvested performance-based stock at December 31, 2022 (3) 478 $ 50.36 (1) Shares granted in 2022 are presented at the stated target, which represents the base number of shares that could be earned. Actual shares earned may be below or, for certain grants, above the target based on the achievement of specific financial goals. (2) Forfeited shares include shares forfeited as a result of not meeting the performance criteria of the award as well as shares forfeited upon termination. (3) Of the 478,000 nonvested performance-based shares outstanding as of December 31, 2022, 426,847 shares were unearned and subject to achievement of specific financial goals. Once earned, the awards will be subject to time-based vesting according to the terms of the award. Based on 2022 financial results, approximately 96,142 of the 426,847 unearned shares will be forfeited in the first quarter of 2023. The aggregate fair value of performance-based stock that vested during the years ended December 31, 2022, 2021, and 2020 was $5.8 million , $9.8 million, and $5.9 million, respectively. The weighted average grant date fair value per share of performance-based stock granted during 2021 and 2020 was $53.75 and $58.84, respectively. Performance-based Stock Options During 2022, the Company granted performance-based stock options which are earned by the recipients contingent upon meeting practice specific goals. Following the performance period, these awards are subject to the completion of a service period of an additional two years. These earned awards vest on a graded vesting schedule over the service period. For certain performance-based stock options, the recipients may earn additional options for performance achieved above the stated target. The performance-based stock options were granted at exercise prices equal to the fair value of the Company’s common stock on the date of grant. Compensation cost is amortized into expense over the service period, including the performance period. Our performance-based stock options have a contractual term of 7 years. The fair values of the performance-based stock options granted during 2022 were calculated using the Black-Scholes option pricing model using the following assumptions: 2022 Black-Scholes performance-based option pricing model: Expected dividend yield —% Expected volatility 40.0% Risk-free rate 1.6% / 2.6% Expected option life (in years) 4.5 years Expected volatility was based on our historical stock prices as we believe that our historical volatility provides the most reliable indication of future volatility and sufficient historical daily stock price observations are available. The risk-free interest rate was based on the rate of U.S. Treasury bills with an equivalent expected term of the stock options at the time of the option grant. The expected option life was estimated using the simplified method, which is a weighted average of the vesting term and the contractual term, to determine the expected term.The simplified method was used due to the lack of sufficient data available to provide a reasonable basis upon which to estimate the expected term. Performance-based stock option activity for the year ended December 31, 2022 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2021 — Granted (2) 183 $ 48.19 Exercised — Forfeited or expired (12) $ 48.22 Outstanding at December 31, 2022 (1)(3) 171 $ 48.19 6.2 $ 4.2 Exercisable at December 31, 2022 — (1) All of the outstanding performance-based stock options were granted under the 2012 Omnibus Incentive Plan. (2) Performance-based stock options granted in 2022 are presented at the stated target, which represents the base number of options that could be earned. Actual options earned may be below or, for certain grants, above the target based on the achievement of specific financial goals. (3) All of the outstanding performance-based stock options as of December 31, 2022 were unearned and subject to achievement of specific financial goals. Once earned, the options will be subject to time-based vesting according to the terms of the award. Based on 2022 financial results, approximately 47,835 of the 171,000 unearned options will be forfeited in the first quarter of 2023. The weighted average grant date fair value of stock options granted during 2022 was $17.00. No performance-based stock options were granted or exercised in 2021 and 2020. Time-vested Stock Options In prior years, we have granted stock options to certain employees that are solely earned based on the completion of the stated service period. These time-vested stock options were granted at exercise prices equal to the fair value of the Company’s common stock on the date of grant. No time-vested stock option awards were granted in 2022 or 2020. Subject to acceleration under certain conditions, these time-vested stock options vest annually over four years. Our time-vested stock options have a contractual term between 7 and 10 years. The fair value of the time-vested stock options granted during 2021 were calculated using the Black-Scholes option pricing model using the following assumptions: 2021 Black-Scholes time-vested option pricing model: Expected dividend yield —% Expected volatility 40.0% Risk-free rate 0.9% Expected option life (in years) 4.75 years Expected volatility was based on our historical stock prices as we believe that our historical volatility provides the most reliable indication of future volatility and sufficient historical daily stock price observations are available. The risk-free interest rate was based on the rate of U.S. Treasury bills with an equivalent expected term of the stock options at the time of the option grant. The expected option life was estimated using the simplified method, which is a weighted average of the vesting term and the contractual term, to determine the expected term. The simplified method was used due to the lack of sufficient data available to provide a reasonable basis upon which to estimate the expected term. Time-vested stock option activity for the year ended December 31, 2022 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2021 93 $ 46.25 4.1 $ 0.3 Granted — Exercised (37) $ 38.89 $ 0.5 Forfeited or expired — Outstanding at December 31, 2022 (1) 56 $ 51.05 5.2 $ 1.2 Exercisable at December 31, 2022 19 $ 48.15 3.9 $ 0.5 (1) All of the outstanding time-vested stock options were granted under the 2012 Omnibus Incentive Plan. The weighted average grant date fair value of the time-vested stock options granted during 2021 was $18.42. No time-vested stock options were granted in 2022 and 2020. The aggregate intrinsic value of time-vested stock options exercised during 2021 and 2020 was $0.4 million and $1.1 million, respectively. | |||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the performance-based stock options granted during 2022 were calculated using the Black-Scholes option pricing model using the following assumptions: 2022 Black-Scholes performance-based option pricing model: Expected dividend yield —% Expected volatility 40.0% Risk-free rate 1.6% / 2.6% Expected option life (in years) 4.5 years | The fair value of the time-vested stock options granted during 2021 were calculated using the Black-Scholes option pricing model using the following assumptions: 2021 Black-Scholes time-vested option pricing model: Expected dividend yield —% Expected volatility 40.0% Risk-free rate 0.9% Expected option life (in years) 4.75 years | ||||
Schedule of Stock Option Activity | Time-vested stock option activity for the year ended December 31, 2022 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2021 93 $ 46.25 4.1 $ 0.3 Granted — Exercised (37) $ 38.89 $ 0.5 Forfeited or expired — Outstanding at December 31, 2022 (1) 56 $ 51.05 5.2 $ 1.2 Exercisable at December 31, 2022 19 $ 48.15 3.9 $ 0.5 | |||||
Share-based Payment Arrangement, Performance-Based Option, Activity | Performance-based stock option activity for the year ended December 31, 2022 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2021 — Granted (2) 183 $ 48.19 Exercised — Forfeited or expired (12) $ 48.22 Outstanding at December 31, 2022 (1)(3) 171 $ 48.19 6.2 $ 4.2 Exercisable at December 31, 2022 — (1) All of the outstanding performance-based stock options were granted under the 2012 Omnibus Incentive Plan. (2) Performance-based stock options granted in 2022 are presented at the stated target, which represents the base number of options that could be earned. Actual options earned may be below or, for certain grants, above the target based on the achievement of specific financial goals. (3) All of the outstanding performance-based stock options as of December 31, 2022 were unearned and subject to achievement of specific financial goals. Once earned, the options will be subject to time-based vesting according to the terms of the award. Based on 2022 financial results, approximately 47,835 of the 171,000 unearned options will be forfeited in the first quarter of 2023. | |||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||
Share-based Payment Arrangement [Abstract] | ||||||
Stock options contractual term | 7 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options contractual term | 7 years | |||||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||
Share-based Payment Arrangement [Abstract] | ||||||
Stock options contractual term | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options contractual term | 10 years | |||||
Time Vested Stock Option [Member] | ||||||
Share-based Payment Arrangement [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.42 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.5 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 51.05 | $ 46.25 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 56,000 | 93,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 40% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.90% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 9 months | |||||
Weighted-average remaining contractual term (years), option outstanding | 5 years 2 months 12 days | 4 years 1 month 6 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1.2 | $ 0.3 | ||||
Exercise of stock options, shares | (37,000) | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 38.89 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.5 | |||||
Exercisable, shares, ending balance | 19,000 | |||||
Exercisable, weighted average exercise price (in USD per share) | $ 48.15 | |||||
Weighted-average remaining contractual term (years), options exercisable | 3 years 10 months 24 days | |||||
Aggregate intrinsic value, options exercisable, ending balance | $ 0.5 | |||||
Time Vested Stock Option [Member] | Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Payment Arrangement [Abstract] | ||||||
Award vesting period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 0.4 | $ 1.1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.4 | $ 1.1 | ||||
Award vesting period | 4 years | |||||
Performance-based stock options | ||||||
Share-based Payment Arrangement [Abstract] | ||||||
Award vesting period | 2 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 17 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 48.19 | |||||
Nonvested And Unearned Performance Shares | 48.22 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 48.19 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 171,000 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 183,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (12,000) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 40% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.60% | 1.60% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 6 months | |||||
Weighted-average remaining contractual term (years), option outstanding | 6 years 2 months 12 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 4.2 | |||||
Exercise of stock options, shares | 0 | |||||
Exercisable, shares, ending balance | 0 | |||||
Award vesting period | 2 years | |||||
Nonvested and Unearned Performance Stock Options | 171,000 | |||||
Performance-based stock options | Forecast [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Nonvested And Unearned Performance Shares | 47,835 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense for Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||||
Federal | $ 7,130 | $ (934) | $ (2,480) | ||
State | 2,987 | 1,974 | 168 | ||
Foreign | 4,123 | 3,529 | 2,016 | ||
Total current | 14,240 | 4,569 | (296) | ||
Deferred: | |||||
Federal | 14,645 | 10,951 | (7,414) | ||
State | 4,039 | 2,372 | (2,025) | ||
Foreign | 101 | (843) | (420) | ||
Total deferred | 18,785 | 12,480 | (9,859) | ||
Income tax expense for continuing operations | $ 33,025 | $ 17,049 | (10,155) | ||
Deferred Tax Benefit resulting from CARES Act | $ 1,000 | 1,500 | |||
Deferred Tax Benefit Resulting from Gilti Tax - Carry Back 2018 Loss | $ 400 | ||||
Income Tax Credits and Adjustments | $ 2,000 | ||||
Deferred Payroll Tax Payments under CARES Act | $ 12,200 |
Income Taxes - Components of In
Income Taxes - Components of Income from Continuing Operations Before Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 90,907 | $ 70,963 | $ (35,054) |
Foreign | 17,670 | 9,073 | 1,181 |
Income (Loss) from continuing pperations before taxes | $ 108,577 | $ 80,036 | $ (33,873) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Income Tax Rate to Our Effective Tax Rate for Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
At U.S. statutory tax rate | 21% | 21% | 21% |
State income taxes, net of federal benefit | 6.10% | 5.20% | 4.40% |
Valuation allowance | 2.60% | 1.10% | (3.10%) |
Effective Income Tax Rate Reconciliation, Disallowed Executive Compensation, Percent | 1.90% | 1.20% | (2.80%) |
Effective Income Tax Rate Reconciliation, Realized Investment (Gains) Losses, Percent | 1.40% | (1.10%) | 2.60% |
Foreign source income | 1.20% | (0.20%) | 0.50% |
Tax credits / Section 199 Deduction | (0.10%) | (0.10%) | 0.60% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | (0.10%) | 0.70% | (4.30%) |
Effective Tax Rate Reconciling Item, Deferred Tax Adjustments | (2.70%) | (0.20%) | 1.70% |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (1.00%) | (1.30%) | 3% |
Effective Income Tax Rate Reconciliation, CARES Act | 0 | (0.038) | 0.044 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | 0% | 0% | (2.60%) |
Effective Tax Rate Reconciling Item, Unrecognized Tax Benefits | 0 | 0 | (0.020) |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | (0.30%) | 0% | (0.80%) |
Effective income tax expense rate for continuing operations | 30.40% | 21.30% | 30% |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Liabilities for Continuing Operations (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Deferred tax asset, operating lease liabilities | $ 15,249 | $ 17,542 |
Share-based compensation | 9,314 | 8,062 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 7,963 | 10,331 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 6,432 | 5,645 |
Net operating loss carry-forwards | 3,304 | 1,243 |
Tax credits | 1,813 | 1,828 |
Deferred Tax Assets, Other | 2,012 | 2,009 |
Total deferred tax assets | 46,087 | 46,660 |
Valuation allowance | (5,667) | (2,876) |
Net deferred tax assets | 40,420 | 43,784 |
Deferred tax liabilities: | ||
Intangibles and goodwill | (35,588) | (24,375) |
Deferred Tax Liabilities, Leasing Arrangements | (8,354) | (9,837) |
deferred tax liabilities Preferred stock investment | 7,613 | 441 |
Deferred Tax Liabilities, Investments | (4,421) | (6,604) |
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs | (4,195) | (6,071) |
Property and equipment | (3,021) | (2,730) |
Prepaid expenses | (2,220) | (2,137) |
Other | (5,600) | (2,058) |
Total deferred tax liabilities | (71,012) | (54,253) |
Deferred Tax Assets, Net | $ (30,592) | $ (10,469) |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits, beginning balance | $ 744 | $ 50 |
Decrease based on tax positions related to the prior year | (50) | (694) |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (101) | |
Unrecognized tax benefits, ending balance | $ 593 | $ 744 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ 5,667 | $ 2,876 | ||
Tax Credit Carryforward, Amount | 1,800 | |||
Unrecognized Income Tax Benefits | 593 | 744 | $ 744 | $ 50 |
Income Tax Examination, Penalties and Interest Accrued | $ 100 | $ 100 | ||
Deferred Payroll Tax Payments under CARES Act | $ 12,200 | |||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2030 | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 600 | |||
Foreign[Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Operating Loss Carryforwards | $ 3,200 | |||
Income Tax Examination Period | 2017 through 2021 | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2027 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Operating Loss Carryforwards | $ 100 | |||
Income Tax Examination Period | 2016 through 2021 | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2040 | |||
Federal [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Income Tax Examination Period | 2019 through 2021 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments And Contingencies [Line Items] | ||||
Estimated Litigation Liability | $ 1,500 | |||
Fair Value, Recurring [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 3,310 | $ 4,913 | ||
Contingent Consideration Liability [Member] | Fair Value, Recurring [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,190 | 3,743 | $ 1,770 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,190 | 3,743 | ||
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability [Member] | Fair Value, Recurring [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,190 | 3,743 | ||
Senior Secured Credit Facility [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guarantees in the form of letters of credit | $ 700 | $ 700 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Segment Information - Component
Segment Information - Components of Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of Segment Information | |||
Revenues | $ 1,132,455 | $ 905,640 | $ 844,127 |
Operating income (loss) | 99,760 | 52,839 | (28,852) |
Reimbursable expenses | (26,506) | (21,318) | (26,887) |
Revenues | 1,158,961 | 926,958 | 871,014 |
Depreciation and amortization expense | 27,359 | 25,489 | 29,643 |
Goodwill impairment charges | 0 | 0 | 59,816 |
Other expense, net | (8,817) | (27,197) | 5,021 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 108,577 | 80,036 | (33,873) |
Healthcare | |||
Components of Segment Information | |||
Revenues | 534,999 | 444,767 | 406,536 |
Education [Member] | |||
Components of Segment Information | |||
Revenues | 359,835 | 242,374 | 223,325 |
Commercial | |||
Components of Segment Information | |||
Revenues | 237,621 | 218,499 | 214,266 |
Operating Segments [Member] | |||
Components of Segment Information | |||
Operating income (loss) | 260,176 | 205,018 | 190,474 |
Operating Segments [Member] | Healthcare | |||
Components of Segment Information | |||
Revenues | 534,999 | 444,767 | 406,536 |
Operating income (loss) | $ 131,227 | $ 118,324 | $ 105,650 |
Segment operating income as a percentage of segment revenues | 24.50% | 26.60% | 26% |
Operating Segments [Member] | Education [Member] | |||
Components of Segment Information | |||
Revenues | $ 359,835 | $ 242,374 | $ 223,325 |
Operating income (loss) | $ 78,924 | $ 52,398 | $ 45,780 |
Segment operating income as a percentage of segment revenues | 21.90% | 21.60% | 20.50% |
Operating Segments [Member] | Commercial | |||
Components of Segment Information | |||
Revenues | $ 237,621 | $ 218,499 | $ 214,266 |
Operating income (loss) | $ 50,025 | $ 34,296 | $ 39,044 |
Segment operating income as a percentage of segment revenues | 21.10% | 15.70% | 18.20% |
Segment Reconciling Items [Member] | |||
Components of Segment Information | |||
Operating income (loss) | $ 99,760 | $ 52,839 | $ (28,852) |
Other operating expenses and gains | 140,145 | 131,545 | 135,105 |
Depreciation and amortization expense | 20,271 | 20,634 | 24,405 |
Goodwill impairment charges | 0 | 0 | 59,816 |
Other expense, net | $ (8,817) | $ (27,197) | $ 5,021 |
Segment Information Segment Inf
Segment Information Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,132,455 | $ 905,640 | $ 844,127 |
receivables from major customer percentage | 10% | 10% | |
Revenue generated by major client percentage | 10% | 10% | 10% |
Consulting And Managed Services Capability | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 637,994 | $ 555,915 | $ 514,086 |
Digital Capability | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 494,461 | 349,725 | 330,041 |
Healthcare | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 534,999 | 444,767 | 406,536 |
Healthcare | Consulting And Managed Services Capability | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 365,645 | 327,165 | 294,456 |
Healthcare | Digital Capability | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 169,354 | 117,602 | 112,080 |
Education [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 359,835 | 242,374 | 223,325 |
Education [Member] | Consulting And Managed Services Capability | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 192,336 | 131,369 | 108,784 |
Education [Member] | Digital Capability | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 167,499 | 111,005 | 114,541 |
Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 237,621 | 218,499 | 214,266 |
Commercial | Consulting And Managed Services Capability | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 80,013 | 97,381 | 110,846 |
Commercial | Digital Capability | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 157,608 | $ 121,118 | $ 103,420 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts - Summary of Allowances for Doubtful Accounts and Unbilled Services and Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowances for doubtful accounts and unbilled services [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | $ 15,795 | $ 21,306 | $ 18,668 |
Additions | 17,820 | 9,852 | 63,268 |
Deductions | 11,480 | 15,363 | 60,630 |
Ending balance | 22,135 | 15,795 | 21,306 |
Valuation allowance for deferred tax assets [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | 2,876 | 2,112 | 1,016 |
Additions | 3,421 | 1,090 | 1,160 |
Deductions | 630 | 326 | 64 |
Ending balance | $ 5,667 | $ 2,876 | $ 2,112 |