HURN - Earnings call transcript Q3 2018 | Huron Consulting Group Inc.

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Operator

Good afternoon, ladies and gentlemen, and welcome to Huron Consulting Group's webcast to discuss financial results for the third quarter 2018. [Operator Instructions].

As a reminder, this conference call is being recorded.

Before we begin, I would like to point all of you to the disclosure as end of the company's news release for information about any forward-looking statements that may be made or discussed on this call. The news release is posted on Huron's website. along factors filings discussed that afternoon's information for the in that webcast. of disclosure may review with of the SEC this Please impact subjects or will non-GAAP discussing company one The financial be measures. more of most earnings the SEC, on for by at look numbers. the to release required the Please disclosures reconciliation GAAP Huron's and website all comparable including the President the Roth, Chief Jim now, And of Consulting over Huron call I would like to Group. Officer to and turn Executive Mr. Roth, Please ahead. go

James Roth

Quarter Hussey, XXXX's to is grew welcome Huron segments. Operating year Third by growth prior me Chief Consulting and quarter, Officer. the Call. afternoon, today operating organic Earnings Group's in John Financial Good With Officer; our Revenues our of Kelly, each over three driven and XX% Mark Chief our

the brief of we execution performance quarter of Our financials. remainder our prospects growth reflect a third encouraged for remain segment add XXXX. then, during results provide overview the and of now for John to the our will about and color the each will strategy, I continued

begin me with Healthcare. Let

improvement During technology segment primarily nearly to compared attributable organically revenues quarter. revenues our increase prior Healthcare year to performance the XX% the The solutions. was increased services quarter-over-quarter third quarter, in in

focus to rapidly evolving that health leading excellence and continues to the in enhance providers business compete providing performance technology the care care improvement, health our clients with services on in Our offerings leadership ability of market.

strong evolves winning excellent systems top of competencies. to grow belief track reaffirmed health complexity size We our market that particularly for hospitals of transformational it XX We at are degree continue CEOs recently approximately that the a base, medical large summit our rapid hosted engagements of an record and and continue to and our pace. these as will the economic care hospital services the where nation's our seek centers, a our health for reflecting client in assignments, fit systems of

we margins care our innovative consumer and improvement approaches creative is services as believe what well offerings today, strategy, care to quality this health ongoing our for of does dynamic comparative will new This offerings we as and develop will in health as market. and our continue lead increasing demand business execute positioning, care in of engagement. to to on primary that provide Our core we the

grew primarily to segment. Enterprise Turning Solutions and the mid-single Performance Enterprise solutions. the the businesses. over revenues our XXXX, Management the in Analytics over ES&A business grew by driven or advisory primarily by organically Revenues driven digit QX X% ES&A range year and quarter, and ERP business organically prior The Innosight

We revenues success, at XXXX. continue The informed advisory to and its primarily an due make tough the broaden months practice of mid-single-digit same X The first this Year-to-date, the declined a our competitive the period advisory competes the our advantage. at organically practice over assignments in business over grown clients range to as use transformational to business pace Innosight XXX further legacy XXXX. high-teen the pleased grew XXXX. has in commercial The more for practices practice, analytics many business recognized including in of play business QX expand our middle-market help legacy and client to decisions timing fees comparison quarter-over-quarter, their the range with important Fortune contingent data competencies a in advisory among to clients. to continue to low-double-digit attributable role remain The to ES&A in business middle-market advisory revenue the expanding continues capabilities companies. we base it legacy better,

pleased We're deliver Innosight and with for and grow future education with been a medical our large believe experts Innosight years. those and health academic to serving quarter, During working in be successful notable centers. to has a in clients be the with growth and commercial and won some third continued the date, variety successful our additional platform industries systems also collaboration in of in presence, expand relationships care our value the to it markets. health we in will engagements

industries run-rate quarter-over-quarter. total life XXXX is business year-to-date XXXX. positioned business in be health care sciences evolutions. sciences XXXX, uncertainty continues XX% life our There segment to advisory industries. the clients advisory and segment business is the In the first and in X declined period industry to its health to of education effectively XX% the business in respond over same generated care basis, in revenues the and the revenues On education the months the of in Finally, up those help a generated

grew to to Education. XXXX. continue see lines, third revenues the the solid service over organically in the Turning nearly Education same now segment. all record across This revenues demand the business XXXX segment XX% in quarter for of driving period

well their our As to I prior believe market. higher I clients positioned as operational the trusted a change that issues. more education address the as to most is than market a on technology dramatic going look remain challenging evolve strategic, higher mentioned financial, we industry health care calls, partner the as is through significant to continues education We even and and

the Given business we foreseeable believe this our in the for market will future. perform well landscape, competitive continue position to

Let now turn our guidance. me to XXXX

to narrowing million to are guidance As our press $XXX annual increasing release million. indicates, and $XXX our we revenue

our segments current the our guidance EBITDA we've built from which of timing maintaining EBITDA the certain guidance the our $XX We segment. and services share and million adjusted over our contingent EBITDA fees XXXX million raised reflect of $X.XX. grow all We across and believe year. earnings earnings. revenue, can guidance guidance to $XX the EPS business and a solid to of both slightly revenue range stated remainder narrowing $X.XX while anticipated advisory demand are per non-GAAP to in above foundation for wider We our we margins increasing adjusted for We to previously our the range to uncertainty adjusted reflect a raised

in our XXXX, the already in XXXX. of the that benefited P&L seeing margins impact of we're impact the Excluding expanding in bonus adjustments efforts

to are to to focused believe and activities. financial productivity drive areas to XXXX. positioning believe segments. the will spending and drive in have us over identifying of achieving process and our will We X efficiency strategy. consistent we progress our X were done organic that meaningful across have revenue our continue past planning invest We We're the and in in across and increase corporate to client-facing investments prioritizing in of with growth organic years XXXX and further long-term our profitability committed midst sustainable objectives make our all on We're also enable growth improved and we opportunities the

more turn financial our over me let detailed for results. of John? it Now to discussion a John

John Kelly

good Jim, and afternoon, everyone. Thank you,

I Before measures, that EBITDA, income, we please adjusted non-GAAP be free note financial adjusted and net begin, discussing cash EBITDA, flow. will such EPS, adjusted as

page management management Investor and of all otherwise non-GAAP uses on have measures the Huron XX-Q why condition the operations information stated, these release, discussion measures website the these most to to of today a on basis. with provide reconciliations along my press Our our measures why regarding comparable Relations comments and non-GAAP they financial results. Also, are investors believes useful continuing unless and operating GAAP

revenues million Revenues by in organic growth of of results of XXXX through the increased third of higher $X.XX to million compared the million in me $X.XX compared million $X.X increase diluted last quarter segments. was $XXX.X or all across walk driven the to diluted that quarter. XXXX. quarter per year. expenses. same in the for financial was the you the the quarter $XXX.X in for was income The quarter share Now driven revenues $X.X XXXX Net some by share net to same per third The key XX.X% in increase let three quarter in in quarter the or income outpaced

income tax year XX.X% was XXXX of effective compared rate quarter to third Our negative ago. in the a XX%

or third related Adjusted tax rate, $XX.X XXXX quarter $X.X year to income XXXX favorable or per revenues. same inclusive XXXX additional $X.XX are $XX.X in non-GAAP or was period the to of this than tax $X.XX state able in of diluted we returns. of or of effective $XX.X EBITDA compared share diluted million and XX.X% QX rate compared of XX.X% share taxes, of the foreign statutory in QX primarily to per net our more revenues was million deductions million to federal XXXX. due Adjusted million for XXXX in was QX Our income take to the

$X.X of company of $XX.X million lower in for from year. were This revenues total make XXXX. I'll the and in the about increase our of XXXX. offset few quarter revenues during of quarter segment third the $XX.X of revenues technology or same XXXX partially solutions, million Studer demand Group our revenues a performance comments quarter XX.X% compared attributable solution. performance to operating million increase of $X.X million in The to the our each QX the quarter of the posted segments. Now third fees up XXXX, primarily services is improvement by XX% third The generated Healthcare last Performance-based in segment for in

year full in income an decrease for to expense. primarily compared The expectation million for is was same million. performance-based in for the range operating margin quarter in fees Operating now QX to margin XXXX of $XX for $XX XXXX. XX.X% XX.X% bonus to the attributable increase Our Healthcare was the year-over-year

compared such quarter compared of of operating the the period expense million XXXX. same XX% third posted revenue-generating in impact with operating $XX.X million to The reflects XX%. of no increase for million The the income Advisory $XX.X in margin in third XXXX. in XXXX. Healthcare total for in to fees in of Business The XXXX Segment full business the fees was is expect year professionals. income increase an company quarter. The XXXX, XX.X% bonus that margin to the the generated operating XXXX QX X.X% an performance-based We margin approximately revenues primarily to attributable for advisory margin for be in quarter segment of decrease QX for revenues compared segment income for in XX.X% $X.X quarter our

for on year revenues Advisory XXXX be revenues the increase Education range, from XX.X% company The revenues posted operating revenue the of in XX% third our to quarter that the margin expenses. for of income We $XX.X full outpaced percentage of compared quarterly success of generated $XX.X to million certain segment the operating of was XX.X% to quarter increase broker-dealer. total to the fees timing growth in QX in The same operating for depend XXXX. for million. for XX% though during in income QX compared in XXXX, XXXX final The XX% primarily record income quarter XX.X% The Business margin an of XXXX. QX segment was will margin to attributable segment the segment margin the operating Education expect the

million $XX.X to operating million We the be at expenses compared not corporate Other education in range. the in XXXX. in full XX% were QX segment expect QX income XXXX to year with $XX.X allocated level margin XX% segment

the the credit of the ended second a of $XXX.X agreement, finished $X to net for extended our net convertible debt million. balance $XXX of of promissory and and approximately DSO a defined as third compared million million of cash turning Now XXXX. the value face XX $XXX.X consistent of bank with of amended adjusted $XX to in million X.Xx senior debt note quarter's. quarter decrease flows. $XXX.X recently We the notes, days second secured for for XXXX the quarter with with total at as quarter debt debt $X a came million of QX Total approximately leverage sheet and million, senior debt of We ratio, in XXXX in million cash EBITDA. $XX.X of includes million

We Cash expect provided was the below end by the to million of our $XXX quarter activities the year. $XX for operating debt by net million. be

tax XX% Tax and taxes, benefit excluding We million, tax the $XX original of that at activities lower cash XXXX impact price. expenditures grant continue Cuts to quarter $XX share-based from free year positive of the a reflecting We million noncash compensation. of capital of Note cash Jobs stock the GAAP we a for adjusted non-GAAP earnings expect million $XXX operating during and vesting to out to of Act recorded the share. rate date million, With adjusted to our cash the of our during net year continue to XX%, been year related approximately than effective the expect awards $XX the XXXX to expect price roughly full per be $XX has million. a headwind of now for to flow interest

we noted, year XXXX million full Jim raising million. to $XXX as our to guidance Finally, $XXX revenue are

adjusted to our share, to and charges. of we per are restructuring range non-GAAP our fair and to our liabilities On $XX income earnings net GAAP $X.XX non-GAAP consideration share per basis, our lowering million are We to to guidance million million guidance to $XX to earnings range to per $X.XX primarily additional to EBITDA $X.XX $XX value expenses $X.XX GAAP share reflecting related increasing and million contingent share. a $XX the narrowing per

EBITDA EPS with our certain the adjusted reflect over As contingent time Advisory Business guidance Jim the mentioned, wider-than-typical in and fees non-GAAP ranges adjusted segment. uncertainty

included The press will to that measures. there we reconciliations. measures EPS, call reminder, now EBITDA, adjusted in to adjusted Thanks, would consider walk you net reconciliation need schedules non-GAAP will that several to to everyone. our you GAAP help are and through As items a with comparable respect open I these release Operator? questions. closing adjusted these like reconciling the income when to

Operator

Instructions]. [Operator

McHugh with comes question Tim William first Our from Company. the & Blair

Timothy McHugh

than I contingent seen of on here anticipated up we outlook including in but minimal the better just fees, changed Can margins comparison trends throughout year, margins the bit. I surprising? about as guess, I profits expenses been have in that, as has Just thematically you vein I understand higher understand what forward guess, talk at the guess. this as year-over-year has your anticipated, to in -- what's to gone? and the terms that or trying a quarter. how that been flow-through from year look we bonuses in to than expense 'XX? we of least And -- to kind What's the wanted confidence guess, of will improve you've come lower maybe just I of -- throughout kind come we've thought year, revenue in But follow the

John Kelly

the on Jim, cautious this uncertainty EBITDA, quarter. the EPS in the is fourth fee due to several performance-based And we ranges in amounts remain John. BA primarily at the segment

guidance the of I is relatively recognize aggregate, numbers, revenues, final on revenue that a have on significant think, amounts corresponding top to being on impact kind major a while have opportunities these then equal. our outside. all contemplated EPS our with So on impact mid-single-digit they of some And we these will and smaller impacting more lower so line, million EBITDA along

where You probably because those revenue just would but and bigger know the we're have EPS, have fees flow-through the we we expected to EBITDA see timing being uncertain. a of cautious to is

a our the throughout to lead about to in question to businesses, going leverage at of and factors deliver operations clients. organic frankly, efficiencies that investments increase this broader some expect I pursuing year, really we're point few we're versus and, is growth your next pleased think If we I to grow the of we're all XXXX, growth, going that that to continue right Across making related with to year expense SG&A better believe revenue XXXX. as the fueled margins by to how revenues was continue quite of we our now, base. to opportunity our expanding

the as as we're our investments Jim process prioritizing ensure We for mentioned, strategy focused I spending continue in the investing drive going the and, really in progressed. final obviously biggest which provide improvement Healthcare segment, We've our within those thing that a the we expect some returns XXXX, as as in well that prior year to planning are years. we're ultimately, margins. see to of the improve on And is increasing made to is on areas that investments we we years made the our And as pricing that this segment. the seen gradual maybe

Timothy McHugh

should is I us helpful. I guess. color some One, Okay, -- large just improvement Studer? And is that more a it in grow-over can two, in year? And be guess related that's their you've how to in you like on a more the projects? about -- large earlier terms of been seeing I talk cognizant Or guess, practice or Education give any -- can impact? so broader we of of any follow-up, guess, Healthcare, I you

Mark Hussey

half in are How you with maybe with you? the Group. Listen, it's think about We've to the Mark. good I cancellations -- all talked first be Jim, start It's 'XX. Studer of today.

sales that's position. And well the we If next at look into year, headwind. how at coming have we it's really been now new of as source cancellation been business a it so the really in as doing trends primary much, to really continues in look need management, some Studer and market much Group because leadership, tactics. the service and the general relevant change for we that and in stronger of quality the think And tools hardwiring highly just just be

I So of the outside I Studer's are think, to that and we model that pursuing the in business of some they been. evolve strength traditional feel they've actually outlook positive the relatively I even historically market about where think key continue

But through seen continue And itself. a is we've So I'll think about talk reposition year working maybe I'd progress bit Group say, then a of the I already. changes Studer to to lot the characterize We're seeing the Healthcare lines. a side. Education the side, our same nice mix would pipeline sizes and really let service of Jim I much comment engagement in way. really on across this

engagement no So of at risk point. any presenting in the runoff single kind this results is really there and 'XX that's driving

and healthiness So the of just I sizes. mix the the and good feel pipeline engagement about of services

James Roth

it's Tim, what to saying. and add would Yes, Mark on Jim. is I

we in I clients certain number to unlike prior tend think had dominate. when small of years that larger

these in providing and Education. us a it's longer but I period nature, of Healthcare, not -- we kind over but projects complex a continued issues. time are through achieved, be really that think just a to we actually work it's going of that going we've a of for Innosight are is, period what in got even backlog to It's ES&A as and sizable be really of in lot

building very to exactly up transformative have, think, these they a as exactly it kind that's is period of through and intense time, doing these that to and we coming we're I a is the want we what through. longer-term think, relationship period, over go be of incredibly exactly instead what's clients with of being relationships I So to short do want

-- So I be project would headwind a next think headwind or we there's to major go that significant that year. that were away don't any significant have clear a

We that's business And beta the good seeing. kind that's have what had company. a more very of lower exactly we then I much balanced a I feel think and bit talked across the so anybody ever we're becoming little about that, our -- portfolio about

Timothy McHugh

of I Mark. then comp guess, when great. point, client on why the a Studer Okay, guess, being that this have guess first been I And the 'XX, follow-up asked. from at that a last in passed one I of half would piece, the part stop I the just I thought does drag? you it's and

Mark Hussey

Yes. runoff, That have now had you they this have into some of just Tim. of really We've when multiyear is periods, -- the contracts and cancellation trickled just -- they those quarter. beginning you

think state coming actually I we're a in clean XXXX. So into

Timothy McHugh

Clean Or -- a were they state clearly growth and clean a perspective? from state left? still so

Mark Hussey

It impacted cancellations.

Operator

And our from comes with next Sommer SunTrust. question Tobey

Tobey Sommer

and rates you out if wonder, are the of implications are apples-to-apples rates within bill well by I rate growth bill bill Healthcare underlying could the the segment? kind what the assessments start as on discussing how an influencing as

Mark Hussey

rates be have in all normal on to a how I it's as year year mean, sometimes work I of this pipeline. Sure. that much, been has Thanks, of often continued is would the or we tend you know, last opportunity of so, because from -- we we an the over doing assessment depending work, activity have will healthy had the that not and there that say area that a is say, cadence I bill much on an commenting investment breakeven, our assessment we to kind often influence have there would assessments and think exists. but net be Tobey. time there The definitely some during when start we

James Roth

quarter. we care And there the particular job bill quarter, on, in we with And by from the large bit see I would perspective. Tobey, for blip an our that, rates business, during is the last just the we add, saw rebound gradual as little from a impacted what which made that kind supplement care to rate talked about for to expect rates expected health of I'll has quarter. investment the second the a had going a an year mirror is a in we bill education saying been bill second would rearview that we rate bill the improvement And We perspective, what of health call year. then

Tobey Sommer

in next by bit a bill historic That down With catch my the and nicely rates, profitability Okay. to education Or to level and to this this be the segues they profit segment higher question. might needs margin the margins investment little is little from is respect period towards sustainable? as the the maybe up norms? influenced settle a bit that of of

John Kelly

I'd settle to probably to look We guided for the Tobey. it year. down,

ended still of that the throughout are guide We're XX% couple And XX% in up, we during year at this going being higher range. to the quarters. quarter. to in average, on the that to continue than We mid-XX% think, course, first below we land of We range.

the Now the keep in the past this particularly growth been business, of from growth investments And area. cloud, OpEx mind, years. several of made some ERP all in has it's organic we've over then, with come that part

a what to to depending that's make margin But in quarter-to-quarter, We're so can range. continue mid-XX% are going the that projects on. comfortable it lumpy And just going with on be investments we're -- business.

signed at an on with we issues it, might full there or it basis. to contract can signed tend year amendment a but getting a be that paperwork Sometimes impact look

Tobey Sommer

project In increasing? your you of average do it Or it and net kind mean what the broadly. is more now, that headwinds segment, does for Education size overtime not in segment? -- growth that about to you've perhaps your And tuition your reading business? Are enrollment if issues expect seen

James Roth

I -- is the suspect this that average Jim. Tobey,

I broader of big discrete issues. But cost have I helping narrow more I indicated business these really think to like we're a to really of we're we're the And for less is strategic the script, think -- and period. as of be And kind them around projects used many to been not whole through we of that seeing a increased. transition going I much just what the size much as sometimes kind I think, from projects might part some issues, nature And -- higher issues think education, overall -- a average that on in as suspect are containment just has individual as of tough kind much quite my go just going adjustment pretty through that's doing time. I in change. are the institutional

clients. -- So as indicated the practice in of our just is at working we our our that we're coming as continue -- years the strategy clients. strength issues been the to X, from their that's has the and our mean market -- And perspective. are complexity think for difficult of average think, been I life size X competition probably and going not that now. we It's continue. increasing the I the search, from across-the-board terms our a or I to very are because, really well, our I is as perspective from of coming increase is cycle student in technology, environment our for going pretty It's businesses evenly And to think

the the are XXX a we're is top serving, just and And the in that clients think, suspect we've we've that also of that rankings. And in an number future aside I that growth. size too, will to put beyond put broaden positive probably think, ones indicator in it increase for together, research I our seen all increase. All sometimes continued So of I it though, projects. the that

Tobey Sommer

expecting pay and this From the growing different down, as have point? should we we -- and capital you enough flip thoughts delevering business be turn into debt still at that sheet perspective, the such calendar a have progress XXXX? Or made into you balance

James Roth

how the the our swap of interest down we'll reality paying million is, on debt, next focused couple over Tobey. $XX of a still We're quarters revolver. rate have work we The on of

and pay We'll So got as the year March. to we're going cash end through of of $XX we'll probably the probably then swap, bonus $XX.X that so now, down of Right quarter, payouts so early probably third the as and to we some million. we've break debt that to at into build we're point. in on QX of that the revolver, million down the had pay our part end then not we'll

So and that, on really again bonuses. we'll cash expectation on be use pay borrowing be our will the we back down. focus there from will to those that go on hand debt a And will continued

is Xs that I about the the end more and our the end by of getting the still low think what before toward year focus. remains we of talked

Operator

And our next question comes Research. with from Kevin Barrington Steinke

Kevin Steinke

timing Just Advisory wanted to to the XX% to reflect, the little said, up discussion Business guiding uncertainty that In said I that's Previously, follow you a margin. fee? margin a operating on the XX%. you're but to you know segment, XX% the just change, not XX% large that is bit of of more. contingent a like

James Roth

for the It primary really does, Kevin. expectations year. to That was the factor for update that

Kevin Steinke

if it low-XXs margin know, it, health too previously into And then care reading too, you said now, specifically I much and again, I'm but All don't you'd said right. XX.

that? is I'm would Or be meaningful a that So -- change? what if driving -- so

James Roth

No.

the is this pin to a based to health care At at range. how low-XX looking I the think our the we're the closer numbers of start from year did perspective, in point, closest we on XX%. sort

a of how I on those the we growing to in I function lighter of technology sales so business The has that, the has earlier organizations quarter an in investments really that talked that's the think the year business, progressed. for that made just about We the nice a second technology during at pace at slightly a margin, primary very think business tends blend it. factors, are in The impact has the Kevin. year. been some

Kevin Steinke

Okay, okay.

maybe, margin, in Healthcare margin Advisory and into the sorry, cautious Business of despite And guidance slight revenue terms so little the what more EPS -- said Education I'm a the you factors makes raise? on that the you changes margin there,

James Roth

that's think fair, I Yes, Kevin.

Kevin Steinke

Okay.

talked but last the for So headwind, is about roughly still overall, -- quarter you're point what XX that basis about kind of you investments I mean, a thinking the year?

James Roth

certain yes. investment if pull about make Yes, frankly, there areas. Quite times be invest see opportunities, there there to as but we progresses, we whereas different continue want to there's always is the where in is might be are we'll decide going to -- make, there we think opportunity. decisions and whether we're year mean, to areas I that back times we to a

of So it's year. that say quarter in that impact, items we big-ticket fluid, and in the would I been really the but changes the no stable. after that's point, we're this at second the about planning There levels has talked been that investment

Kevin Steinke

Okay.

So benefit talking like starting Education more there segment. back from -- the growth broad-based getting It get sounds to you've the investments made. to really cloud

your work connect extend follow-up some an engagements perhaps you're Or essence, how education overall the institutions? to to work of that with the client? often, strategic follow you've to you your say length engagement in are, often some of within work strategic educational technology can how wondering, Just the technology with work up doing done. with on other doing through implementation And maybe of a

James Roth

all happens Jim. is It this Kevin, time. the almost

think we think, all multiple we ed them. in that have, you of -- almost service we I across I projects at look higher the larger if have lines

system's our rethinking their They on. projects they projects, about they business. the And way of they involve -- sometimes are the just way of that of kind redesign. clients They're -- these projects technology aren't go really the thinking some process involve conduct

-- the front. think, like delivering They're but value, long-standing, front, the strategy these we've so of tend on clearly value steady revenue. and across big front, big, a they we're to across books periods research for And not are I across technology we clients It's very time. long go of the delivering projects got just

university client but the more And And service multiple exactly we so often say got I not, that's of profile And I clients. have clients have of we've a most of we've we're we're I calls, a that some them, we our practice health the and number think seeing in think looking would number as education our than that higher indicated increasingly, on of within care of for. them. involved

our have practice We ES&A involved.

our have practice Innosight We involved.

a is for the engaged going lot and think are I working is I care a multiple piece that now a selling we and collaborative the think a industries we far, work clients the within So in whole the we're bringing much calling more ES&A that I with varied at pretty us getting together in big that's has are to set and been least fact And more lot that that We've doing. same for think market to our differentiator. years I example, and of percentage of around so are for reflects done competencies of education And been very -- client. the think becoming services company clients. health and out a successful two revenues, notable our tuned of

you'll very as continue see been and for I you -- can all successful time us, it's that that see on. think goes So

Kevin Steinke

great. Okay,

that rate? nice progressed seem a growth that's year because has I quarter slowly, little maybe pretty a that throughout the but the year it that growth On growth I practice, does kind months recall, strategy you that has imply up and Does and to high-teens throughout innovation out the believe, I of then said -- As growth year. through Innosight of the recall started X specifically? first how the just the picked

James Roth

year growth progressed. Yes. Kevin, the has picked up The question. as that's a good has

So -- to as the probably trend is -- fourth well. actually and continue into quarter going that that's

we during fourth last call, you in how quarter the recall, of it fourth the slower discussed year. had quarter If a quarter

this year as on. been gone we so the that the the lines far has year think in based quarter, and So it's expectations we a have business fourth on increasing for our time that's momentum

John Kelly

strategic lumpiness. is inherently, do, the business I you're little be a to that they doing lumpier, think, If you're bit projects. find going kind of when going the to

I John as -- that that's in of does X think had the be but in over little continue the a bit and exist, I we've lumpiness year, a to there's to that of business. but fourth, first the increase going inevitably think going think, progressive month I indicated,

James Roth

to of stops they as their number make that, like have and projects Jim their it size size, tend Relative to so Right. on, large a can starts and to that you have described. can lumpy, going relative things

Operator

Roth remarks. I for to in And closing at turn this over time, further I the see questions Mr. queue. no call now would like back

James Roth

for forward announce this with when a you spending quarter our We you with time results. we Have evening. again Thank look February, good speaking in to fourth us afternoon.

Operator

you, That participation. conference concludes today's everyone, for your call. Thank

Huron Consulting (HURN) 30 Oct 182018 Q3 Earnings call transcript