What changed in this filing

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Item 1. Business

2024-02-27 compared with 2023-02-28 · 114 added, 116 removed, 66 unchanged (78% of the section changed)

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.

Huron is a global professional services firm that partners with clients to develop growth strategies, optimize operations and accelerate digital transformation, including 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.

We are headquartered in Chicago, Illinois, with additional locations in the United States and abroad in Canada, India, Singapore and Switzerland.

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 combination of our deep industry expertise and breadth of our offerings is the foundation of our growth strategy and why our clients choose Huron as their trusted advisor.

Key focus areas of our growth strategy include:

• Accelerating Growth in Healthcare and Education:

Huron has leading market positions in healthcare and education, providing comprehensive offerings to the largest health systems, academic medical centers, colleges and universities, and research institutes in the United States.

• Growing Presence in Commercial Industries:

Huron’s commercial industry focus has increased the diversification of the Company’s portfolio and end markets while expanding the range of capabilities it can deliver to clients, providing new avenues for growth and an important balance to its healthcare and education focus.

• Rapidly Growing Global Digital Capability:

Huron’s ability to provide a broad portfolio of digital offerings that support the strategic and operational needs of its clients is at the foundation of the Company’s strategy.

Huron will continue to advance its integrated digital platform to support its strong growth trajectory.

• Solid Foundation for Margin Expansion:

The Company is well-positioned to achieve consistent margin expansion as well as strong annual adjusted diluted earnings per share growth.

We are committed to operating income margin expansion by growing the areas of the business that provide the most attractive returns, improving the operational efficiency of our delivery for clients, and scaling our selling, general, and administrative expenses as we grow.

• Strong Balance Sheet and Cash Flows:

Strong free cash flows have and will continue to be a hallmark of Huron’s financial strength and business model.

The Company is committed to deploying capital in a strategic and balanced way, including returning capital to shareholders and executing strategic, tuck-in acquisitions.

OUR SERVICES AND PRODUCTS

We provide our services and products and manage our business under three operating segments:

Healthcare, Education, and Commercial, which align our business by industry.

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.

See below for additional information on our principal capabilities and operating industries.

For information on our segment results, see Part II - Item 7.

"Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 19 "Segment Information" within the notes to our consolidated financial statements.

Within each of our reportable segments, we provide services under two principal capabilities:

i) Consulting and Managed Services and ii) Digital, which are methods by which we deliver our services and products.

Operating Industries

For the year ended December 31, 2023, we derived 49%, 32% and 19% of our consolidated revenues from our Healthcare, Education and Commercial operating segments, respectively.

Our Healthcare segment serves acute care providers, including national and regional health systems;

academic health systems;

community health systems;

the federal health system;

and public, children’s and critical access hospitals, and non-acute care providers, including physician practices and medical groups;

and long-term care or post-acute providers.

Our healthcare-focused services and products include financial and operational performance improvement consulting, which spans revenue cycle, cost and care delivery transformation;

digital offerings, spanning technology and analytic-related services, including enterprise health record (“EHR”), enterprise resource planning (“ERP”) and enterprise performance management (“EPM”), customer relationship management (“CRM”), data management and technology managed services, and a portfolio of software products;

organizational transformation;

revenue cycle managed services and outsourcing;

financial and capital advisory consulting;

and strategy and innovation consulting.

To best serve our clients, we continue to diversify our portfolio of offerings.

For example, we have broadened our capabilities beyond our leading profit and loss-focused offerings (e.g., revenue cycle, cost transformation) into offerings dedicated to optimizing our clients' financial positions through financial advisory and transaction-related services;

transforming care delivery models through virtual health, health equity and social determinants of health models;

and evolving organizations by supporting change management and developing the next generation of leaders by applying our best practices (e.g., revenue cycle leadership).

Our Education segment serves public and private colleges and universities, research institutes and other education-related organizations.

Our education and research-focused services and products include our digital offerings, spanning technology and analytic-related services, including student information systems, ERP and EPM, CRM, data management and technology managed services and our Huron Research Suite product suite (the leading software suite designed to facilitate and improve research administration service delivery and compliance);

our research-focused consulting and managed services;

and our strategy and operations consulting services, which span finance and accounting and operations to organization and talent strategy and student and academic strategy.

We continue to broaden our offerings into new areas.

Most recently, we expanded our research managed services, advancement, campus health and well-being, and athletics offerings.

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, financial advisory (special situation advisory and corporate finance advisory) services, and strategy and innovation consulting services.

Within each of our operating segments, we provide our offerings under two principal capabilities:

i) Consulting and Managed Services and ii) Digital.

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These services are often combined with technology, analytic and data-driven solutions powered by our Digital capability to support long-term relationships with our clients and drive lasting impact.

Examples include the areas of revenue cycle management and research administration at our healthcare and education clients, where our consulting and managed services projects are often coupled with our digital services and product offerings.

Examples include the areas of revenue cycle management and research administration managed services and outsourcing at our healthcare and education and research-focused clients, where our projects are often coupled with our digital services and product offerings and management consulting services to sustain improved performance.

Our Digital capabilities represent our technology and analytics services, including technology-related managed services and software products delivered across industries.

Our Digital experts help clients address a variety of business challenges, including, but not limited to, designing and implementing technologies to accelerate transformation, facilitate data-driven decision making and improve customer and employee experiences.

We have invested organically and inorganically to expand our Digital offerings, which now span beyond traditional ERP implementations into a broader set of administrative systems, industry-specific systems of record and systems of engagement that act as the “digital front door” to an organization.

We also have grown our data, analytics and automation offerings to deliver a unified and actionable technology ecosystem for our clients.

We have expanded our ecosystem to work with more than 25 technology partners.

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and Huron Intelligence™ Analytic Suite in Healthcare, a predictive analytics suite to improve care delivery while lowering costs.

Operating Industries

We provide our services and manage our business under three operating industries, which are our operating segments:

Healthcare, Education and Commercial.

For the year ended December 31, 2022, we derived 47%, 32%, and 21% of our consolidated revenues from the Healthcare, Education and Commercial operating segments, respectively.

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;

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 .

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 .

Our Commercial professionals work primarily with six primary buyers:

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.

OUR CLIENTS AND INDUSTRIES

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and the federal government.

In 2022, we served over 2,000 clients, and our 10 largest clients accounted for approximately 17% of our consolidated revenues.

In 2023, we served nearly 2,000 clients and our 10 largest clients accounted for approximately 19% of our consolidated revenues.

HUMAN CAPITAL RESOURCES AND MANAGEMENT

Our success depends on our ability to attract, engage, develop and retain highly talented professionals.

Our growth strategy depends on creating a work environment where employees are engaged and rewarded for their own contributions and the success of our organization.

We are focused on advancing every facet of the employee experience, beginning with the recruiting process through post-employment or retirement.

We create a personalized experience for our people and empower them to make a meaningful impact on our clients, our communities, and one another.

We have developed comprehensive programs incorporating learning opportunities, beginning with the onboarding process and continuing throughout one’s career to enable the professional development of our team.

We provide a competitive total rewards package including robust benefits that are tailored to the diverse needs of our employees and are refreshed regularly to maintain competitiveness.

Our total rewards program has continuously helped Huron be recognized as a Best Firm to Work For by Consulting magazine, including 2022 which marks our twelfth consecutive year earning this distinction.

Our people are at the center of Huron’s strategy, and we are committed to providing a workplace where our talented and diverse team can thrive both personally and professionally.

Success hinges on our ability to attract, engage, develop, reward, and retain highly skilled professionals.

The cornerstone of our human capital strategy lies in both our mission-driven approach and an enduring belief that great leaders and engaged coaches cultivate a work environment where team members feel valued, create deep connections, and see their future with Huron.

Our unwavering focus extends across every aspect of the employee journey, from the recruitment phase to post-employment or retirement.

We strive to craft a personalized experience for our employees, empowering them to have a meaningful impact on our clients, communities, and each other.

This commitment has consistently earned Huron external recognition, including being named a “Best Place to Work” by Glassdoor in January 2024;

being named a Best Firm to Work For by Consulting magazine in 2023 for the 13th consecutive year;

a decade of perfect scores on the Human Rights Campaign (HRC) Foundation Corporate Equality Index (CEI);

and receiving two companywide awards from Consulting magazine for diversity, equity and inclusion and retaining female talent in 2023.

In addition to external recognitions, we monitor human capital-related internal metrics.

Our leading measure is our quarterly employee engagement score, which was 80% for 2022 and continued to be above the Glint Employee Engagement global benchmark of 76%.

Our leading measure is our quarterly employee engagement score.

In addition, we regularly review voluntary turnover across a number of key variables including business unit, individual performance, geography, and demographics in order to assess the effectiveness of our employee development and total rewards programs.

As of December 31, 2022, we had approximately 5,660 full-time client service and support professionals, including 193 client-serving managing directors and principals.

Our client-serving employees act as critical business advisors, collaborating with clients to help solve their most complex business problems.

Our managing directors are the key drivers of growth in our business, generating revenue streams from new and existing clients.

Our managing directors and principals also enhance our market reputation by working closely with our clients to address their most pressing challenges and ensuring high-quality delivery of our engagements.

Internally, they lead the creation of our intellectual capital, develop our people, and are stewards of our culture.

Our principals, senior directors, directors, and managers manage day-to-day client relationships and engagement teams, develop our people, nurture our culture, and oversee the delivery and quality of our

work product.

Our associates and analysts gather and organize data, conduct detailed analyses, evolve our culture and prepare presentations that synthesize and distill information to support recommendations we deliver to clients.

Our support professionals include our senior management team, our corporate functions (consisting of corporate development, facilities, finance and accounting, human resources, information technology, legal, and marketing) and those who provide sales support, methodology creation, and software development.

These professionals provide strategic direction for the enterprise and support that enables the success of our businesses and client-serving employees.

At December 31, 2022, our support professionals team was led by 30 executives, managing directors, and corporate vice presidents.

In addition to our full-time client-serving employees, we engage temporary employees on an as-needed basis.

We primarily use this contingent workforce to engage talent with specialized skills and/or experience or to expand our capacity to be able to deliver on client engagements or internal initiatives.

We will continue to use temporary employees going forward as a key part of achieving our growth strategy.

The ability to advance one’s career is critical to our employee retention and engagement.

As part of our onboarding process, our employee experience team facilitates a robust and structured curriculum for newly hired employees.

Guided by our values and Huron Leadership Principles, we strive to develop world class leaders and are committed to providing programs and opportunities that achieve this goal by focusing on key leadership behaviors at all levels.

We also provide a variety of learning opportunities, through both individual on-demand courses and virtual classroom environments, to further develop employees’ skills, including technical knowledge, soft skills, team dynamics, and coaching and developing others.

We encourage our employees to enhance their professional capabilities through external learning opportunities that certify their technical skills and to pursue certain advanced degrees.

Employees are matched with internal onboarding stewards, performance coaches, mentors, and, in some cases, sponsors to facilitate their growth and network of support.

Our total rewards philosophy focuses on rewarding and retaining our high performing employees.

To accomplish this, we offer employees a competitive base salary, performance incentives, and robust, market-competitive benefits.

Our incentive compensation plan is designed to recognize and reward performance at both the organization and individual level.

We take both business unit and total company financial performance into consideration in the determination of bonus pool funding.

At the business unit level, the annual bonus pool is funded based on achievement of its business unit and enterprise-wide annual financial goals.

Our board of directors reviews and approves the total incentive compensation pool for all business units in the context of Huron’s overall financial performance.

Individual bonus awards are based on the business unit’s bonus pool funding, individual bonus targets, and the individual’s performance as evaluated through our performance management process.

The intent of the incentive compensation plan is to differentiate rewards based on individual performance, ensuring that our top performers receive incentives that are commensurate with their contributions in a given year.

The incentive compensation plan for our named executive officers is funded based on a blend of achievement of company-wide financial goals and strategic initiatives.

Managing directors’ individual compensation levels, including base salary and target incentive awards, are set to align with the value of their expected contributions to Huron, including collaboration across our industry and capability teams.

As the key drivers of the organization’s success, their compensation is designed to include equity awards as a core component.

The use of equity is intended to encourage retention, align the interests of our managing directors with shareholders, and help build wealth over a managing director's career at Huron through annual grants as well as stock price appreciation.

Our benefit programs are designed to be comprehensive, competitive and personalized to the needs of our employees.

We provide opportunities that allow employees to focus and care for their personal well-being which are aimed at providing tools and resources to focus on their physical, financial, social, and emotional health given the demanding nature of their work.

In addition, our health and welfare plans, retirement benefits, and stock purchase plan provide a core foundation of security to our employees and their families.

Additional information on our people and programs follows.

As of December 31, 2023, our workforce was comprised of approximately 6,480 full-time professionals.

• Our nearly 240 managing directors and principals actively play a pivotal role in serving our clients, acting as strategic business advisors, coaches, and industry experts and collaborating with organizations and their leaders to tackle complex business challenges.

Managing directors and principals lead our revenue-generating sales and client service efforts, innovation and the development of our intellectual capital, foster the growth of our people, and act as stewards of our organizational culture.

Together, our managing directors and principals contribute significantly to our market reputation, addressing clients' challenges and ensuring the highest quality delivery of our engagements.

In addition to the responsibilities listed above, our managing directors' primary focus is on propelling our business growth by selling our portfolio of offerings to generate revenue streams from both new and existing clients.

• Senior directors, directors, and managers are primarily focused on managing day-to-day client relationships and our engagement teams while overseeing the delivery and quality of our work as well as developing our people and nurturing our collaborative culture.

• Associates and analysts focus on ensuring client commitments are met by gathering and organizing data, conducting detailed analyses, crafting materials that synthesize information to support our recommendations, and implement financial, operational, and technology and analytic solutions to execute on the recommendations we provide to clients.

• Our functional professionals, who are led by our executives and corporate vice presidents, comprise Huron’s enterprise functional teams, including corporate development, facilities, finance and accounting, human resources, information technology, legal, and marketing.

These professionals offer strategic guidance and execute on initiatives on behalf of the enterprise to support our client-facing objectives and the achievement of our growth strategy.

In addition to our full-time employees, we engage temporary workers on an as-needed basis, primarily seeking specialized skills and/or experience to augment our capacity for delivering client engagements or internal initiatives.

We know the ability to advance one’s career, growing both personally and professionally, is critical to employee retention and engagement.

To facilitate this advancement, we offer a diverse array of learning and development opportunities and experiences that can be tailored to personal needs and applied to individual context.

We are committed to creating learning pathways that reflect the unique needs of our diverse population, engage them in a future at Huron, and enhance our culture of belonging.

We continue to:

• Facilitate an interactive two-day orientation curriculum for newly hired employees to ensure a smooth induction into the organization.

• Offer just-in-time, personal coaching and training opportunities that inform and prepare leaders and coaches to excel in moments that matter for our employees.

• Strive to develop world class leaders, guided by our values and leadership principles, by delivering programs and opportunities, such as our Senior Director Cohort, Milestone schools and Sponsorship program, that achieve this goal by focusing on key leadership behaviors.

• Provide access to a variety of learning opportunities that are offered through multiple modalities to further develop employees’ skills, including technical knowledge, EQ capabilities, team dynamics, and a proficiency in coaching and developing others.

• Encourage employees to enhance their professional capabilities through external learning opportunities that certify and validate industry, functional and technical skills.

• Match employees with internal onboarding stewards, performance coaches, mentors, and, in some cases, sponsors to facilitate their growth and expand their network of support.

Total Rewards:

Our market-competitive total rewards package is a core element of our employee value proposition to attract, motivate, and retain top talent.

Our philosophy is designed to pay for performance, rewarding and retaining our highest performing employees and paying competitively versus peer companies.

To accomplish this, we offer employees a competitive base salary, short- and long-term variable pay incentives, and market-competitive and equitable benefits.

We gauge our employee engagement success through various metrics, including:

• Employee engagement and pulse scores, which was 81 in 2023 and surpassed the Glint Employee Engagement global benchmark of 76;

• Coach quality score, which was 83.5 in 2023 and above the Glint Coach Quality global benchmark of 81;

• Volunteer hours in our communities, which was nearly 12,000 hours in 2023.

Diversity, Equity and Inclusion:

Huron’s value of inclusion has been embedded across our organization since our founding and is fostered in our work environment every day.

Huron strives to reflect the rich diversity of the clients we serve and the communities in which we live.

Our commitment to inclusion has been embedded in the organization since our founding and is fostered in our day-to-day work environment.

In 2020, we renewed our commitment to holding ourselves accountable by developing a five-year diversity, equity, and inclusion action plan to help build a more equitable society.

Through our action plan in 2022, we continued to foster an inclusive culture, advanced diverse representation across all levels of the organization, expanded our community outreach and support, and performed a new pay equity study.

Additionally, in 2022, the strategic measures included in the annual incentive program for our named executive officers continued to include quantitative and qualitative measures against the progress on the goals outlined in our five-year action plan.

We will continue to execute and expand on our diversity, equity and inclusion action plan in 2023 and beyond.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE MANAGEMENT

We are fully committed to our expanded societal role in making a lasting, positive impact on our people, our clients, our communities and the environment.

In 2022, we published our third Environmental, Social and Governance ("ESG") report, highlighting the actions we have taken to support our clients, our communities, our people and the environment.

Our ESG report reflects our efforts in support of the United Nations

Sustainable Development Goals ("SDGs"), particularly five goals that are integrally aligned with our values-driven culture and the work we do for our clients:

Through our achievements and actions in 2023, we continued to cultivate an inclusive culture, advance diverse representation across all levels of the organization, expand our community outreach and support, and remain committed to our pay equity strategy with on-going analysis and studies.

• Deepened the relationships of our senior leadership team by designating them as executive sponsors for each of our nine employee resource groups (iMatter teams) to focus on connection, awareness, advice, action, advocacy, and amplification of these communities.

• Created Dinner and Dialogue series for our C-Suite to engage with, and learn directly from, small groups from our diverse communities represented by our iMatter teams as a way to enhance our Heritage month activities.

• Hosted Women in Leadership summits in North America and India.

• Revamped our sponsorship program, a key talent accelerator program, offering dedicated leadership coaching and C-suite exposure with sponsorship program participants focused on development and personal interests.

• Launched the Women in India and Women of Color subcommunities to create spaces that specifically address the unique experiences and perspectives of women from diverse backgrounds.

To learn more about how we continue to execute and expand on our diversity, equity, and inclusion action plan, please refer to our annual Corporate Social Responsibility report, which is available on our investor relations website located at ir.huronconsultinggroup.com.

CORPORATE SOCIAL RESPONSIBILITY

As a mission-driven company, we recognize it is our collective responsibility to actively contribute to a sustainable and brighter future, benefiting our clients, employees, communities, and shareholders.

We continue to publish an annual report highlighting the actions we have taken globally to strengthen our clients, our communities, our people and the environment.

Our Corporate Social Responsibility report reflects our efforts in support of the United Nations Sustainable Development Goals (“SDGs”), particularly the five goals that are integrally aligned with our values-driven culture and the work we do for our clients:

good health and well-being, quality education, gender equality, decent work and economic growth, and climate action.

We have and will continue to support these goals through our Huron Helping Hands program, employee resource groups, sustainability efforts, and corporate partnerships.

As an addendum to our 2022 ESG report, we published a Sustainability Accounting Standards Board ("SASB") index in line with SASB’s Professional & Commercial Services standards.

We have and will continue to pursue these goals through our Huron Helping Hands program, employee resource groups, sustainability efforts, and corporate partnerships.

As an addendum to our Corporate Social Responsibility report, we publish a Sustainability Accounting Standards Board (“SASB”) index in line with SASB’s Professional & Commercial Services standards.

Our SASB index provides further quantitative and qualitative information regarding our data security programs, practices and policies, workforce diversity and engagement metrics, and our approach to promoting professional integrity and ethical behavior among our workforce, commensurate with best practices for professional services organizations.

For additional information on Huron’s commitment to a more sustainable future, refer to our annual ESG report, which includes our SASB index, and is available on the investor relations website which is located at ir.huronconsultinggroup.com.

For additional information on Huron’s commitment to a more sustainable future, refer to our annual Corporate Social Responsibility report, which includes our SASB index, and is available on our investor relations website located at ir.huronconsultinggroup.com.

BUSINESS DEVELOPMENT AND MARKETING

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We believe excellent service delivery to clients is critical to building and maintaining relationships and sustaining and strengthening our brand reputation, and we emphasize the importance of high-quality client service to all of our employees.

Currently, we generate new business opportunities through the combination of relationships our managing directors have with individuals working at our prospective clients and marketing activities.

Currently, we generate new business opportunities through the combination of relationships our managing directors and principals have with individuals working at our prospective clients and with our technology partners and marketing activities.

We also view market-based collaboration between our employees as a key component in building our business.

Often, the client relationship of an employee in one area of our business leads to opportunities in another area.

All of our managing directors understand their roles in ongoing relationship and business development, which is reinforced through our compensation and incentive programs.

Often, the client relationship of an employee in one area of our business leads to opportunities in another area, enhancing the opportunity to increase wallet share at a specific client.

All of our managing directors and principals understand their roles in ongoing relationship and business development, which is reinforced through our compensation and incentive programs.

We actively seek to identify new business opportunities and frequently receive referrals and repeat business from past and current clients.

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We believe the principal competitive factors in our market include reputation, the ability to attract and retain top talent, the capacity to manage engagements effectively to drive high value to clients, and the ability to deliver measurable and sustainable results.

There is also competition on price, although to a lesser extent due to the criticality of the issues that many of our services address.

Some competitors have a greater geographic footprint, broader international presence, and more resources than we do, but we believe our reputation and ability to deliver high-value, quality service and measurable results to our clients across a balanced portfolio of services and to attract and retain employees with broad capabilities and deep industry expertise enable us to compete favorably in the professional services marketplace.

There is also competition on price, although to a lesser extent due to the criticality of the issues that many of our services and products address.

Some competitors have a greater geographic footprint, including a broader international presence, and more resources than we do, but we believe our reputation, industry and capability expertise, and ability to deliver high-value, quality service and measurable results to our clients across a balanced portfolio of offerings and to attract and retain employees with broad capabilities and deep industry expertise enable us to compete favorably in the professional services marketplace.

AVAILABLE INFORMATION

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business