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In this Quarterly Report on Form 10-Q, unless the context otherwise requires, the terms “Huron,” “Company,” “we,” “us” and “our” refer to Huron Consulting Group Inc. and its subsidiaries. Statements in this Quarterly Report on Form 10-Q that are not historical in nature, including those concerning the Company’s current expectations about its future results, are “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by words such as “may,” “should,” “expects,” “provides,” “anticipates,” “assumes,” “can,” “will,” “meets,” “could,” “likely,” “intends,” “might,” “predicts,” “seeks,” “would,” “believes,” “estimates,” “plans,” “positions,” “continues,” “goals,” “guidance,” or “outlook,” or similar expressions. These forward-looking statements reflect our current expectations about our future requirements and needs, results, levels of activity, performance, or achievements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: failure to achieve expected utilization rates, billing rates, and the necessary number of revenue-generating professionals; our ability to realize the expected benefits and potential opportunities of artificial intelligence (AI); inability to expand or adjust our service offerings in response to market demands; our dependence on renewal of client-based services; dependence on new business and retention of current clients and qualified personnel; failure to maintain third-party provider relationships and strategic alliances; inability to license technology to and from third parties; the impairment of goodwill; various factors related to income and other taxes; difficulties in successfully integrating the businesses we acquire and achieving expected benefits from such acquisitions; risks relating to privacy, information security, and related laws and standards; and a general downturn or volatility in market conditions, including as a result of current global trade tensions and/or tariffs. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, including, among others, those described under Item 1A. “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2025 that may cause actual results, levels of activity, performance or achievements to be materially different from any anticipated results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. We disclaim any obligation to update or revise any forward-looking statements as a result of new information or future events, or for any other reason. OVERVIEW Huron is a global professional services firm that collaborates with organizations to help solve their most complex challenges and achieve their most ambitious goals. Working across the private and public sectors, we partner closely with clients to improve performance, accelerate transformation, and unlock new opportunities for growth. Our clients choose us because of our deep industry and technical expertise and proven track record of turning sound strategies into action. By combining practical experience, innovative thinking, and advanced analytics and technology, Huron helps organizations translate today’s ideas into tangible results and long-term value. OUR STRATEGY 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 holds 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 and abroad. The Company will continue to broaden its portfolio of offerings in healthcare and education to drive even greater impact on current and new clients as the needs in those industries further evolve due to competitive, technological, regulatory, financial, and broader market changes. •Growing Presence in Commercial Industries: Through its deep industry and capability expertise and nimble approach, Huron has grown its client base and expanded its credentials in the commercial industries. Huron’s commercial industry strategy 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: As data, technology and artificial intelligence (“AI”) evolve across industries, Huron’s ability to provide a broad portfolio of digital offerings that support the strategic and operational needs of its clients globally 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 continues to be well-positioned to further achieve margin expansion as well as strong annual adjusted diluted earnings per share growth. We are committed to operating income margin expansion by seeking to grow the areas of the business that provide the most attractive returns, improving our pricing realization and the operational efficiency of our delivery for clients, utilizing our global delivery platform across regions, and scaling our selling, general, and administrative expenses as we grow. •Strong Balance Sheet and Cash Flows: A resilient, flexible balance sheet is the foundation of our financial strength, and strong free cash flows have and will continue to be the hallmark of Huron’s business model. The Company is committed to deploying capital in a strategic 24 Table of Contents and balanced way, including returning capital to shareholders and executing strategic, tuck-in acquisitions while prudently managing our leverage ratio. OUR SERVICES AND PRODUCTS We provide our services and products and manage our business under three operating segments - Healthcare, Education, and Commercial - which aligns our business by industry. The Commercial segment includes all industries outside of healthcare and education, including, but not limited to, financial services, industrials and manufacturing, energy and utilities, and the public sector. We also provide revenue reporting across two principal capabilities: i) Consulting and Managed Services and ii) Digital, which are methods by which we deliver our services and products. Operating Industries •Healthcare 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; payors; and long-term care or post-acute providers. Our healthcare-focused consulting and managed services offerings include financial and operational performance improvement consulting, which spans revenue cycle, business operations and care delivery transformation; organizational transformation; revenue cycle, clinical and patient access managed services and outsourcing; financial and capital advisory consulting; and strategy consulting. Our healthcare-focused digital services span technology and analytic-related services, including core systems of record, such as enterprise health record (“EHR”), enterprise resource planning (“ERP”), enterprise performance management (“EPM”), and customer relationship management (“CRM”) systems; data management, artificial intelligence (“AI”) and automation; technology managed services; and payor core administration systems. We also have a portfolio of software products we deliver to the healthcare industry. In June 2025, we enhanced our consulting offerings through the acquisition of Eclipse Insights, a leading provider of revenue cycle solutions. In November 2025, we acquired the consulting services division of AXIOM to strengthen our digital-focused payor offerings. In June 2026, we strengthened our managed services offerings through the acquisition of RelateCare, a leading provider of AI-enabled clinical and patient access solutions. •Education Our Education segment serves public and private colleges and universities, research institutes, not-for-profit organizations and other education-related organizations. Our education and research-focused consulting and managed services offerings include our research-focused consulting and managed services; our strategy and operations consulting services, which span finance, accounting, operations and athletics to organization and talent strategy and student and academic strategy; and our advancement and fundraising consulting services, which were bolstered by the acquisitions of Advancement Resources and Halpin in March 2025. Our education and research-focused digital offerings span technology and analytic-related services, including core systems of record, such as student information, ERP, EPM, and CRM systems; data management, AI and automation; and technology managed services. Our education and research-focused product offerings include our Huron Research Suite, the leading software suite designed to facilitate and improve research administration service delivery and compliance. •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 seven primary buyers: the chief executive officer, the chief financial officer, the chief strategy officer, the chief human resources officer, the chief operating officer, the chief risk officer, and organizational advisors, including lenders and law firms. We have a deep focus on serving organizations in the financial services, industrials and manufacturing, and energy and utilities industries and the public sector while opportunistically serving commercial industries more broadly, including professional and business services, life sciences, consumer products, and retail. Our Commercial professionals use their deep industry, functional and technical expertise to deliver our digital services, financial and capital advisory (special situation advisory and corporate finance advisory) consulting services, regulatory compliance and risk management consulting and managed services, strategy and operations consulting services, and financial and operational performance improvement consulting services. In the third quarter of 2025, we bolstered our Commercial consulting offerings through the acquisitions of Treliant, a global financial services consulting and managed services firm, and WP&C, a leading strategy and operations consulting firm specializing in driving operational efficiency and improved growth and profitability. Capabilities Within each of our operating segments, we provide our offerings under two principal capabilities: i) Consulting and Managed Services and ii) Digital. 25 Table of Contents •Consulting and Managed Services Our Consulting and Managed Services capabilities represent our management consulting services, managed services (excluding technology-related managed services) and outsourcing services delivered across industries. Our Consulting and Managed Services experts help our clients address a variety of strategic, operational, financial, people and organizational-related challenges. These services are often combined with technology, analytic, and data- and AI-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, clinical and patient access and research administration managed services and outsourcing at our healthcare, 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. •Digital 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, the design and implementation of technologies to accelerate transformation, facilitate data-driven decision making, operate more efficiently by leveraging AI- and automation-enabled workflows, and improve customer and employee experiences. We have invested organically and inorganically to expand our Digital offerings, which now span beyond core systems of record, such as ERP systems, into a broader set of administrative systems, including supply chain management, industry-specific systems of record and systems of engagement that act as the “digital front door” to an organization. We have grown our data, analytics, AI 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. For example, we are a Leading Modern Oracle Network Partner; a Summit-level consulting partner with Salesforce.com and a Premium Partner with Salesforce.org; a Workday Services, Preferred Channel, Extend, and Application Management Services Partner; a Microsoft Solutions Partner; an Amazon Web Services consulting partner; an Informatica Platinum Partner; and an SAP Concur implementation partner. We have also grown our proprietary software product portfolio to address our clients' challenges with solutions that expand our base of recurring revenue and further differentiate our consulting, digital and managed services offerings. Our product portfolio bundles our deep industry expertise and unique intellectual property together to serve our clients outside of our traditional consulting offerings. Our product portfolio includes, among others: Huron Research Suite, the leading software suite designed to facilitate and improve research administration service delivery and compliance; Huron Intelligence™ Rounding, the #1 ranked Digital Rounding solution in the 2025 Best in KLAS® report; and Huron Intelligence™ Analytic Suite in Healthcare, a predictive analytics suite to improve care delivery while lowering costs. COMPONENTS OF OPERATING RESULTS Total Revenues Revenues before Reimbursable Expenses (RBR) Revenues before reimbursable expenses (RBR) are primarily generated by our employees who provide consulting and other professional services to our clients and are billable to our clients based on the number of hours worked, services provided, or achieved outcomes. We refer to these employees as our revenue-generating professionals. RBR is primarily driven by the number of revenue-generating professionals we employ as well as the total value, scope, and terms of the consulting contracts under which they provide services. We also engage independent contractors to supplement our revenue-generating professionals on client engagements as needed. We generate our RBR from providing professional services and software products under the following four types of billing arrangements: fixed-fee; time-and-expense; performance-based; and software support, maintenance and subscriptions. •Fixed-fee: 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. •Time-and-expense: Under time-and-expense billing arrangements, we invoice our clients based on the number of hours worked by our revenue-generating professionals at agreed upon rates. Time-and-expense arrangements also include speaking engagements, conferences and 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. Often, performance-based fees supplement our fixed-fee or time-and-expense engagements. The level of performance-based fees earned may vary based on our clients’ risk sharing preferences and the mix of services we provide. 26 Table of Contents •Software support, maintenance and subscriptions: We generate subscription revenue from our cloud-based analytic tools and solutions including our cloud-based revenue cycle management software and research administration and compliance software. Additionally, clients that have purchased one of our software licenses can pay an annual fee for software support and maintenance. 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 as revenue. Time-and-expense engagements do not provide us with a high degree of predictability as to performance in future periods. Unexpected changes in the demand for our services can result in significant variations in utilization and revenues and present a challenge to optimal hiring and staffing. Moreover, our clients typically retain us on an engagement-by-engagement basis, rather than under long-term recurring contracts. The volume of work performed for any particular client can vary widely from period to period. Our quarterly results are impacted principally by the total value, scope, and terms of our client contracts, the number of our revenue-generating professionals who are available to work, our revenue-generating professionals' utilization rate, and the bill rates we charge our clients. Our utilization rate can be negatively affected by increased hiring because there is generally a transition period for new professionals that results in a temporary drop in our utilization rate. Our utilization rate can also be affected by seasonal variations in the demand for our services from our clients. For example, during the third and fourth quarters of the year, vacations taken by our clients can result in the deferral of activity on existing and new engagements, which would negatively affect our utilization rate. The number of business work days is also affected by the number of vacation days taken by our consultants and holidays in each quarter. We typically have fewer business work days available in the fourth quarter of the year, which can impact revenues during that period. Reimbursable Expenses 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. We manage our business on the basis of revenues before reimbursable expenses (RBR), which we believe is the most accurate reflection of our services because it eliminates the effect of reimbursable expenses that we bill to our clients at cost. Operating Expenses Our most significant expenses are costs classified as direct costs. Direct costs primarily consist of compensation 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, and 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. Selling, general and administrative expenses primarily consists of compensation costs for our support personnel, which includes salaries, performance bonuses, share-based compensation, signing and retention bonuses, payroll taxes, benefits and deferred compensation expense attributable to the change in market value of our deferred compensation liability. Changes in the market value of our deferred compensation liability are offset with the changes in market value of the investments that are used to fund our deferred compensation liability, which are recorded within other income (expense), net. Also included in selling, general and administrative expenses are third-party professional fees, software licenses and data hosting expenses, rent and other office-related expenses, sales and marketing expenses, recruiting and training expenses, and practice administration and meeting expenses. Other operating expenses include restructuring charges, other gains and losses, depreciation expense, and amortization expense related to internally developed software costs and intangible assets acquired in business combinations. Segment Results Segment operating income consists of the revenues generated by a segment, less operating expenses that are incurred directly by the segment. Unallocated corporate expenses not allocated at the segment level include costs related to administrative functions that are performed in a centralized manner, as well as restructuring charges, depreciation and amortization, and interest expense that are not attributable to a particular segment. The 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, and costs related to overall corporate management. Non-GAAP Financial Measures We also assess our results of operations using the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted EBITDA as a percentage of RBR, adjusted net income, and adjusted diluted earnings per share. These non-GAAP financial measures differ from GAAP because they exclude a number of items required by GAAP, each discussed below. These non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flows, or liquidity prepared in accordance with GAAP. Our non-GAAP financial measures may be defined differently from time to time and may 27 Table of Contents be defined differently than similar terms used by other companies, and accordingly, care should be exercised in understanding how we define our non-GAAP financial measures. Our management uses the non-GAAP financial measures to gain an understanding of our comparative operating performance, for example when comparing such results with previous periods or forecasts. These non-GAAP financial measures are used by management in their financial and operating decision making because management believes they reflect our ongoing business in a manner that allows for meaningful period-to-period comparisons. Management also uses these non-GAAP financial measures when publicly providing our business outlook, for internal management purposes, and as a basis for evaluating potential acquisitions and dispositions. We believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Huron’s current operating performance and future prospects in the same manner as management does, if they so choose, and in comparing in a consistent manner Huron’s current financial results with Huron’s past financial results. These non-GAAP financial measures include adjustments for the following items: Amortization of intangible assets: We exclude the effect of amortization of intangible assets from the calculation of adjusted net income, as it is inconsistent in its amount and frequency and is significantly affected by the timing and size of our acquisitions. Restructuring charges: We have incurred charges due to restructuring various parts of our business. These restructuring charges have primarily consisted of costs associated with office space consolidations, including lease impairment charges and accelerated depreciation on lease-related property and equipment, and employee severance charges. We exclude the effect of the restructuring charges from our non-GAAP financial measures to permit comparability with periods that were not impacted by these items. We do not include normal, recurring, cash operating expenses in our restructuring charges. Other losses (gains), net: We exclude the effects of other losses and gains, which primarily relate to changes in the estimated fair value of our liabilities for contingent consideration related to business acquisitions and litigation settlement losses and gains, to permit comparability with periods that are not impacted by these items. These items are recorded as a component of other losses (gains), net on our consolidated statement of operations. Transaction-related expenses: We exclude the impact of third-party advisory, legal, and accounting fees and other corporate costs incurred directly related to the evaluation and/or consummation of business acquisitions to permit comparability with prior periods as these costs are inconsistent in their amount and frequency and are significantly affected by the timing and size of our acquisitions. Unrealized losses (gains) on long-term investments, net: We exclude the effect of unrealized losses and gains related to our long-term investments, which include changes to the credit allowance recognized on our convertible debt investment in a third-party as well as changes in the fair value of our equity investment in a hospital-at-home company arising from observable price changes or impairment charges. These unrealized losses and gains are included as a component of other income (expense), net on our consolidated statement of operations. We believe these unrealized losses and gains are not indicative of the ongoing performance of our business and their exclusion permits comparability with prior periods. Losses (gains) on sales of businesses: We exclude the effect of non-operating losses and gains recognized as a result of sales of businesses as they are infrequent, management believes that these items are not indicative of the ongoing performance of our business, and their exclusion permits comparability with periods that were not impacted by such items. The 2026 gain relates to the divestiture of a business within our Commercial segment completed in the first quarter of 2026. The divested business was not significant to our consolidated financial statements for any period presented. Foreign currency transaction losses (gains), net: We exclude the effect of foreign currency transaction losses and gains from the calculation of adjusted EBITDA because the amount of each loss or gain is significantly affected by changes in foreign exchange rates. Tax effect of adjustments: The non-GAAP income tax adjustment reflects the incremental tax impact applicable to the non-GAAP adjustments. Income tax expense, interest expense, net of interest income, depreciation and amortization: We exclude the effects of income tax expense, interest expense, net of interest income, and depreciation and amortization in the calculation of EBITDA, as these are customary exclusions as defined by the calculation of EBITDA to arrive at meaningful earnings from core operations excluding the effect of such items. We include, within the depreciation and amortization adjustment, the amortization of capitalized implementation costs of our ERP and other related software, which is included within selling, general and administrative expenses in our consolidated statements of operations. Revenue-Generating Professionals Our revenue-generating professionals consist of our full-time consultants who generate revenues based on the number of hours worked; full-time equivalents, which consists of coaches and their support staff within the culture and organizational excellence solution, consultants who work variable schedules as needed by clients, and full-time employees who provide software support and maintenance services to clients; and our 28 Table of Contents Managed Services professionals who provide revenue cycle, clinical and patient access managed services, research administration managed services and outsourcing at our healthcare, education and research-focused clients. Utilization Rate The utilization rate of our revenue-generating professionals is calculated by dividing the number of hours our billable consultants worked on client assignments during a period by the total available working hours for these billable consultants during the same period. Available working hours are determined by the standard hours worked by each billable consultant, adjusted for part-time hours, and U.S. standard work weeks. Available working hours exclude local country holidays and vacation days. Utilization rates are presented for our revenue-generating professionals who primarily bill on an hourly basis. We do not present utilization rates for our Managed Services professionals as most of the revenues generated by these employees are not billed on an hourly basis. RESULTS OF OPERATIONS Executive Highlights Highlights from the second quarter of 2026 include the following: •Revenues before reimbursable expenses (RBR) increased $63.1 million, or 15.7%, to $465.6 million for the second quarter of 2026 from $402.5 million for the second quarter of 2025. •Net income as a percentage of total revenues increased to 6.6% for the second quarter of 2026, compared to 4.7% for the second quarter of 2025. Results for the second quarter of 2025 include an $8.2 million non-cash credit-related impairment charge, net of tax, related to our convertible debt investment in a third-party. •Adjusted EBITDA as a percentage of RBR increased to 15.6% for the second quarter of 2026, compared to 15.1% for the second quarter of 2025. •Diluted EPS increased 75.2% to $1.91 for the second quarter of 2026 from $1.09 for the second quarter of 2025. Results for the second quarter of 2025 include the non-cash credit-related impairment charge on our convertible debt investment, which had an unfavorable $0.46 impact on diluted EPS in the prior year period. •Adjusted diluted EPS increased 30.2% to $2.46 for the second quarter of 2026, compared to $1.89 for the second quarter of 2025. •Returned $53.1 million to shareholders in the second quarter of 2026 by repurchasing 438,456 shares of our common stock. RBR increased $63.1 million, or 15.7%, to $465.6 million for the second quarter of 2026 from $402.5 million for the second quarter of 2025. This growth reflects strength in demand across all three of our operating segments and across both the Consulting and Managed Services and Digital capabilities. The increase includes $19.5 million of incremental RBR from our acquisitions completed since March 31, 2025. Excluding the $19.5 million of incremental RBR from our acquisitions, RBR grew 10.8% organically. RBR within our Consulting and Managed Services capability increased $46.8 million, or 20.4%, in the second quarter of 2026 to $275.9 million, compared to $229.1 million in the second quarter of 2025; and reflected strengthened demand in our Healthcare and Commercial segments. The increase includes $17.5 million of incremental RBR from our acquisitions of WP&C, RelateCare, Treliant, and Eclipse Insights. The utilization rate within our Consulting capability increased to 81.3% in the second quarter of 2026, compared to 77.0% in the second quarter of 2025. RBR within our Digital capability increased $16.3 million, or 9.4%, in the second quarter of 2026 to $189.7 million, compared to $173.4 million in the second quarter of 2025; and reflected an increase in RBR in our Education and Healthcare segments. The increase includes $1.9 million of incremental RBR from our acquisition of AXIOM. The utilization rate within our Digital capability increased to 81.8% in the second quarter of 2026, compared to 77.8% in the second quarter of 2025. Our total number of revenue-generating professionals, excluding Managed Services professionals, increased 7.0% to 5,335 as of June 30, 2026, compared to 4,986 as of June 30, 2025, as a result of the acquisitions completed since the second quarter of 2025 and hiring to support the overall increase in demand for our services. The number of Managed Services professionals increased to 3,913 as of June 30, 2026 from 1,895 as of June 30, 2025. This increase includes our acquisition of RelateCare in June 2026, which added approximately 1,100 Managed Services professionals. We proactively plan and manage the size and composition of our workforce and take actions as needed to address changes in the anticipated demand for our services as employee compensation costs are the most significant portion of our operating expenses. 29 Table of Contents Net income increased $11.8 million, or 60.8%, to $31.2 million for the three months ended June 30, 2026 from $19.4 million for the same period last year. The second quarter of 2025 includes the $8.2 million non-cash credit-related impairment charge, net of tax, related to our convertible debt investment in a third-party. Diluted earnings per share for the second quarter of 2026 increased 75.2% to $1.91 from $1.09 for the second quarter of 2025 driven by the increase in net income as well as a reduction in diluted shares outstanding resulting from share repurchases made under our share repurchase plan. The non-cash credit-related impairment charge on our convertible debt investment recognized in the second quarter of 2025 had an unfavorable $0.46 impact on diluted EPS in the prior year period. Adjusted diluted earnings per share, which excludes the impact of the non-cash impairment charge in 2025, increased 30.2% to $2.46 for the second quarter of 2026, compared to $1.89 for the second quarter of 2025. Adjusted EBITDA increased $12.1 million, or 19.9%, to $72.6 million, or 15.6% of RBR, for the second quarter of 2026, compared to $60.6 million, or 15.1% of RBR, for the same period last year. In the second quarter of 2026, we deployed $53.1 million of capital to repurchase 438,456 shares of our common stock, representing 2.5% of our common stock outstanding as of December 31, 2025. Summary of Results The following tables set forth, for the periods indicated, selected segment and consolidated operating results and other operating data, including non-GAAP financial measures. Segment and Consolidated Operating Results (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Healthcare: Revenues before reimbursable expenses $ 232,303 $ 197,822 $ 457,504 $ 396,312 Operating income $ 69,902 $ 59,651 $ 133,855 $ 115,967 Segment operating income as a percentage of segment RBR 30.1 % 30.2 % 29.3 % 29.3 % Education: Revenues before reimbursable expenses $ 139,375 $ 129,301 $ 266,843 $ 252,049 Operating income $ 37,416 $ 32,329 $ 64,994 $ 55,389 Segment operating income as a percentage of segment RBR 26.8 % 25.0 % 24.4 % 22.0 % Commercial: Revenues before reimbursable expenses $ 93,958 $ 75,382 $ 185,001 $ 149,834 Operating income $ 19,752 $ 12,507 $ 34,648 $ 23,803 Segment operating income as a percentage of segment RBR 21.0 % 16.6 % 18.7 % 15.9 % Total Huron: Revenues before reimbursable expenses $ 465,636 $ 402,505 $ 909,348 $ 798,195 Reimbursable expenses 9,406 9,250 17,461 17,701 Total revenues $ 475,042 $ 411,755 $ 926,809 $ 815,896 Items not allocated at the segment level: Unallocated corporate expenses 65,370 54,281 125,400 106,652 Other losses (gains) 3,850 (71) 7,690 (71) Restructuring charges 562 455 30 1,847 Depreciation and amortization 7,040 4,168 13,546 8,345 Operating income 50,248 45,654 86,831 78,386 Other expense, net (7,340) (17,946) (16,857) (29,226) Income before taxes 42,908 27,708 69,974 49,160 Income tax expense 11,674 8,278 15,493 5,194 Net income $ 31,234 $ 19,430 $ 54,481 $ 43,966 Earnings per share: Basic $ 1.93 $ 1.12 $ 3.28 $ 2.50 Diluted $ 1.91 $ 1.09 $ 3.22 $ 2.42 30 Table of Contents Segment and Consolidated Operating Results (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Other Operating Data: Number of revenue-generating professionals by segment (at period end): Healthcare(3) 1,738 1,483 1,738 1,483 Education(4) 1,070 1,192 1,070 1,192 Commercial (1)(2)(3) 2,527 2,311 2,527 2,311 Total (excluding Managed Services) 5,335 4,986 5,335 4,986 Managed Services(4)(5) 3,913 1,895 3,913 1,895 Total 9,248 6,881 9,248 6,881 Revenues before reimbursable expenses by capability: Consulting and Managed Services(4)(6) $ 275,921 $ 229,122 $ 547,538 $ 453,043 Digital 189,715 173,383 361,810 345,152 Total $ 465,636 $ 402,505 $ 909,348 $ 798,195 Number of revenue-generating professionals by capability (at period end): Consulting(4) 2,198 1,889 2,198 1,889 Managed Services(4)(5) 3,913 1,895 3,913 1,895 Digital 3,137 3,097 3,137 3,097 Total 9,248 6,881 9,248 6,881 Utilization rate by capability(7): Consulting 81.3 % 77.0 % 77.8 % 75.6 % Digital 81.8 % 77.8 % 78.3 % 78.0 % (1) The majority of our revenue-generating professionals within our Commercial segment can provide services across all of our industries, including healthcare and education, and the related costs of these professionals are allocated to each of the segments. (2) The increase in the number of revenue-generating professionals within our Commercial segment includes our acquisition of Treliant in the third quarter of 2025. This acquisition added approximately 180 revenue-generating professionals, of which approximately 65 are consultants who work variable schedules as needed by clients. (3) During the first quarter of 2026, we reclassified the revenue-generating professionals within one of Commercial's Digital offerings to the same Digital offering within Healthcare as these revenue-generating professionals primarily provide services to clients in the healthcare industry. This reclassification had no impact on the total Huron headcount or RBR reported for any period. The number of revenue-generating professionals within this offering as of December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025 was 190, 158, 154, 154, and 145, respectively. The prior period headcount reported by segment in the table above has been revised for consistent presentation. (4) During the first quarter of 2026, we reclassified one of the offerings within Education's Managed Services capability to Education's Consulting capability. This reclassification had no impact on the total Huron headcount or RBR reported for any period. The number of revenue-generating professionals within this offering as of December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025 was 23, 22, 23, 21 and 21, respectively. The prior period headcount reported by segment and by capability in the table above has been revised for consistent presentation. The prior period Education Managed Services capability headcount in footnote (5) below has been revised for consistent presentation. RBR generated by this offering during the quarters ended March 31, 2025, June 30, 2025, September 30, 2025, and December 31, 2025 was $1.8 million, $1.4 million, $1.8 million, and $1.6 million, respectively, and during the years ended December 31, 2024 and 2025 was $7.3 million and $6.6 million, respectively. This reclassification did not impact the total Education Consulting and Managed Services RBR reported for any period, and the prior period Education Managed Services capability RBR in footnote (6) below has been revised for consistent presentation. (5) We have separately presented the total number of revenue-generating professionals within our Managed Services capabilities of our Healthcare and Education segments. Our Healthcare Managed Services professionals provide revenue cycle, clinical and patient access services from patient scheduling and clinical triage through billing and collections. Our Education Managed Services professionals provide research administration managed services and outsourcing at our education and research-focused clients. 31 Table of Contents The number of Managed Services professionals within our Healthcare segment was 3,794 and 1,807 as of June 30, 2026 and 2025, respectively. This increase includes our acquisition of RelateCare in the second quarter of 2026, which added approximately 1,100 Managed Services professionals. The number of Managed Services professionals within our Education segment was 119 and 88 as of June 30, 2026 and 2025, respectively. (6) Managed Services capability RBR within our Healthcare segment was $34.4 million and $21.0 million for the three months ended June 30, 2026 and 2025, respectively; and $60.5 million and $39.3 million for the six months ended June 30, 2026 and 2025, respectively. Managed Services capability RBR within our Education segment was $6.9 million and $6.0 million for the three months ended June 30, 2026 and 2025, respectively; and $12.8 million and $11.5 million for the six months ended June 30, 2026 and 2025, respectively. (7) Utilization rates are presented for our revenue-generating professionals who primarily bill on an hourly basis. We do not present utilization rates for our Managed Services professionals as most of the revenues generated by these employees are not billed on an hourly basis. 32 Table of Contents Non-GAAP Financial Measures Reconciliation of Net Income to EBITDA and Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues before reimbursable expenses $ 465,636 $ 402,505 $ 909,348 $ 798,195 Reimbursable expenses 9,406 9,250 17,461 17,701 Total revenues $ 475,042 $ 411,755 $ 926,809 $ 815,896 Net income $ 31,234 $ 19,430 $ 54,481 $ 43,966 Net income as a percentage of total revenues 6.6 % 4.7 % 5.9 % 5.4 % Add back: Income tax expense 11,674 8,278 15,493 5,194 Interest expense, net of interest income 11,939 9,281 20,830 14,928 Depreciation and amortization 10,408 7,318 20,366 14,467 EBITDA 65,255 44,307 111,170 78,555 Add back: Restructuring charges 410 560 1,073 1,898 Other losses (gains) 3,850 (71) 7,690 (71) Transaction-related expenses 1,868 3,590 2,691 4,886 Unrealized losses on long-term investments, net 1,172 11,929 1,172 16,139 Gain on sale of business — — (303) — Foreign currency transaction losses (gains), net 84 264 (263) 663 Adjusted EBITDA $ 72,639 $ 60,579 $ 123,230 $ 102,070 Adjusted EBITDA as a percentage of revenues before reimbursable expenses 15.6 % 15.1 % 13.6 % 12.8 % Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted Earnings per Share Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 31,234 $ 19,430 $ 54,481 $ 43,966 Weighted average shares - diluted 16,387 17,772 16,902 18,137 Diluted earnings per share $ 1.91 $ 1.09 $ 3.22 $ 2.42 Add back: Amortization of intangible assets 3,938 2,302 7,840 4,338 Restructuring charges 410 560 1,073 1,898 Other losses (gains) 3,850 (71) 7,690 (71) Transaction-related expenses 1,868 3,590 2,691 4,886 Unrealized losses on long-term investments, net 1,172 11,929 1,172 16,139 Gain on sale of business — — (303) — Tax effect of adjustments (2,231) (4,075) (4,366) (6,384) Total adjustments, net of tax 9,007 14,235 15,797 20,806 Adjusted net income $ 40,241 $ 33,665 $ 70,278 $ 64,772 Adjusted weighted average shares - diluted 16,387 17,772 16,902 18,137 Adjusted diluted earnings per share $ 2.46 $ 1.89 $ 4.16 $ 3.57 33 Table of Contents Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Revenues before Reimbursable Expenses (RBR) Revenues before reimbursable expenses (RBR) by segment and capability for the three months ended June 30, 2026 and 2025 were as follows: Revenues before Reimbursable Expenses (in thousands) Three Months Ended June 30, Increase / (Decrease) 2026 2025 $ % Segment: Healthcare $ 232,303 $ 197,822 $ 34,481 17.4 % Education 139,375 129,301 10,074 7.8 % Commercial 93,958 75,382 18,576 24.6 % Total revenues before reimbursable expenses $ 465,636 $ 402,505 $ 63,131 15.7 % Capability: Consulting and Managed Services $ 275,921 $ 229,122 $ 46,799 20.4 % Digital 189,715 173,383 16,332 9.4 % Total revenues before reimbursable expenses $ 465,636 $ 402,505 $ 63,131 15.7 % RBR increased $63.1 million, or 15.7%, to $465.6 million for the second quarter of 2026 from $402.5 million for the second quarter of 2025. This growth reflects strength in demand across all three of our operating segments and across both the Consulting and Managed Services and Digital capabilities. The increase includes $19.5 million of incremental RBR from our acquisitions completed since March 31, 2025. Excluding the $19.5 million of incremental RBR from our acquisitions, RBR grew 10.8% organically. Additional information on our RBR by segment follows. •Healthcare RBR increased $34.5 million, or 17.4%, driven by strengthened demand for our Healthcare managed services, performance improvement, strategy, and financial advisory solutions within our Consulting and Managed Services capability, as well as strengthened demand for our technology and analytics services within our Digital capability; partially offset by a decrease in RBR from our software products within our Digital capability. RBR in the second quarter of 2026 included $10.1 million of incremental RBR from our acquisitions of RelateCare, Eclipse Insights, and AXIOM. The number of revenue-generating professionals, excluding Managed Services professionals, within our Healthcare segment grew 17.2% to 1,738 as of June 30, 2026, compared to 1,483 as of June 30, 2025. Our acquisition of AXIOM added approximately 40 revenue-generating professionals in 2025. The number of Managed Services revenue-generating professionals within our Healthcare segment grew to 3,794 as of June 30, 2026 from 1,807 as of June 30, 2025. This increase includes our acquisition of RelateCare in the second quarter of 2026, which added approximately 1,100 Managed Services professionals. •Education RBR increased $10.1 million, or 7.8%, driven by strengthened demand for our technology and analytics services and software products within our Digital capability; partially offset by a decrease in RBR from our education and research consulting solution within our Consulting and Managed Services capability. The number of revenue-generating professionals within our Education segment, excluding Managed Services professionals, decreased 10.2% to 1,070 as of June 30, 2026, compared to 1,192 as of June 30, 2025. •Commercial RBR increased $18.6 million, or 24.6%, which reflects $9.2 million of incremental RBR from our acquisitions of Treliant and WP&C and strengthened demand for our financial advisory solution within our Consulting and Managed Services capability; partially offset by a decrease in RBR from our technology and analytics services within our Digital capability. The number of revenue-generating professionals within our Commercial segment, the majority of which provide services across all of our industries, grew 9.3% to 2,527 as of June 30, 2026, compared to 2,311 as of June 30, 2025. Our acquisitions of Treliant and WP&C in 2025 added approximately 210 revenue-generating professionals. 34 Table of Contents Operating Expenses Operating expenses for the second quarter of 2026 increased $58.7 million, or 16.0%, over the second quarter of 2025. Operating expenses and operating expenses as a percentage of revenues before reimbursable expenses (RBR) were as follows: Operating Expenses (in thousands, except amounts as a percentage of revenues before reimbursable expenses) Three Months Ended June 30, Increase / (Decrease) 2026 2025 Direct costs $ 311,187 66.8% $ 269,028 66.8% $ 42,159 Reimbursable expenses 9,406 2.0% 9,250 2.3% 156 Selling, general and administrative expenses 89,793 19.3% 80,217 19.9% 9,576 Other losses (gains) 3,850 0.8% (71) —% 3,921 Restructuring charges 410 0.1% 560 0.1% (150) Depreciation and amortization 10,148 2.2% 7,117 1.8% 3,031 Total operating expenses $ 424,794 91.2% $ 366,101 91.0% $ 58,693 Direct Costs Direct costs increased $42.2 million, or 15.7%, to $311.2 million for the second quarter of 2026 from $269.0 million for the second quarter of 2025. The $42.2 million increase primarily related to a $41.5 million increase in compensation costs for our revenue-generating professionals. The increase in compensation costs reflects our investment to grow our talented team to meet increased market demand and is primarily attributable to a $30.9 million increase in salaries and related expenses, driven by recent acquisitions, hiring to support the overall increase in demand for our services and annual salary increases that went into effect in the first quarter of 2026; a $9.0 million increase in performance bonus expense; and a $1.1 million increase in share-based compensation expense. Directs costs as a percentage of RBR was 66.8% for both the second quarter of 2026 and 2025. Reimbursable Expenses Reimbursable expenses are billed to clients at cost and primarily relate to travel and out-of-pocket expenses incurred in connection with client engagements. These expenses are also included in total revenues. We manage our business on the basis of revenues before reimbursable expenses (RBR), which we believe is the most accurate reflection of our services because it eliminates the effect of reimbursable expenses that are also included as a component of operating expenses. Selling, General and Administrative Expenses Selling, general and administrative expenses increased by $9.6 million, or 11.9%, to $89.8 million in the second quarter of 2026 from $80.2 million in the second quarter of 2025. The $9.6 million increase related to a $7.1 million increase in compensation costs for our support personnel and a $2.4 million increase in non-payroll costs. The $7.1 million increase in compensation costs for our support personnel was primarily driven by a $2.4 million increase in deferred compensation expense attributable to the change in market value of our deferred compensation liability, a $2.4 million increase in salaries and related expenses, a $1.4 million increase in performance bonus expense, and a $0.9 million increase in share-based compensation. The increase in deferred compensation expense is offset by an increase in the gain recognized for the change in the market value of investments that are used to fund our deferred compensation liability and recognized in other income (expense), net. The $2.4 million increase in non-payroll costs was primarily driven by a $2.1 million increase in software and data hosting expenses. As a percentage of RBR, selling, general and administrative expenses decreased to 19.3% during the second quarter of 2026, compared to 19.9% during the second quarter of 2025, which was primarily due to revenue growth that outpaced the increase in salaries and related expenses for our support personnel. Other Losses (Gains) Other losses (gains) totaled a loss of $3.9 million in the second quarter of 2026 compared to a gain of $0.1 million in the second quarter of 2025. The $3.9 million of other losses in the second quarter of 2026 consisted of remeasurement losses to increase the fair value of our contingent consideration liabilities related to business combinations. The $0.1 million of other gains in the second quarter of 2025 consisted of a remeasurement gain to decrease the fair value of a contingent consideration liability related to a business combination. See Note 11 “Fair Value of Financial Instruments” within the notes to our consolidated financial statements for additional information on the fair value of contingent consideration liabilities. 35 Table of Contents Restructuring Charges Restructuring charges for the second quarter of 2026 were $0.4 million, compared to $0.6 million for the second quarter of 2025. The $0.4 million of restructuring charges recognized in the second quarter of 2026 included $0.7 million of rent and related expenses, net of sublease income, for our previously vacated office spaces, partially offset by a $0.2 million non-cash gain on lease modification on our office space in Hillsboro, Oregon. The $0.6 million of restructuring charges recognized in the second quarter of 2025 primarily consisted of rent and related expenses, net of sublease income, for our previously vacated office spaces. Depreciation and Amortization Depreciation and amortization expense increased $3.0 million, or 42.6%, to $10.1 million in the second quarter of 2026, compared to $7.1 million in the second quarter of 2025. The $3.0 million increase in depreciation and amortization expense was primarily attributable to increases in amortization of intangible assets acquired in business acquisitions and internally developed software. Operating Income Operating income increased $4.6 million, or 10.1%, to $50.2 million in the second quarter of 2026 from $45.7 million in the second quarter of 2025. Operating margin, which is defined as operating income expressed as a percentage of revenues before reimbursable expenses (RBR) was 10.8% for the three months ended June 30, 2026, compared to 11.3% for the three months ended June 30, 2025. Operating income and operating margin for each of our segments as well as unallocated corporate expenses were as follows: Segment Operating Income (in thousands, except operating margin percentages) Three Months Ended June 30, Increase / (Decrease) 2026 2025 Healthcare $ 69,902 30.1% $ 59,651 30.2% $ 10,251 Education $ 37,416 26.8% $ 32,329 25.0% $ 5,087 Commercial $ 19,752 21.0% $ 12,507 16.6% $ 7,245 Unallocated Corporate Expenses (in thousands) Unallocated corporate expenses $ 65,370 $ 54,281 $ 11,089 •Healthcare operating income increased $10.3 million, or 17.2%, primarily due to the increase in RBR, as well as a decrease in salaries and related expenses for our support personnel; partially offset by increases in compensation costs for our revenue-generating professionals and contractor expenses. The increase in compensation costs for our revenue-generating professionals was primarily due to an increase in headcount, partially driven by our acquisition of RelateCare, and annual salary increases that went into effect in the first quarter of 2026, as well as an increase in performance bonus expense. Healthcare operating margin remained relatively flat at 30.1% in the second quarter of 2026, compared to 30.2% in the second quarter of 2025. •Education operating income increased $5.1 million, or 15.7%, primarily due to the increase in RBR; partially offset by an increase in compensation costs for our revenue-generating professionals. The increase in compensation costs for our revenue-generating professionals was primarily driven by an increase in performance bonus expense as well as annual salary increases that went into effect in the first quarter of 2026. Education operating margin increased to 26.8% from 25.0% primarily driven by revenue growth that outpaced the increase in salaries and related expenses for our revenue-generating professionals and a decrease in project costs; partially offset by the increases in performance bonus expense, amortization of internally developed software, and share-based compensation expense for our revenue-generating professionals, as percentages of RBR. •Commercial operating income increased $7.2 million, or 57.9%, primarily due to the increase in RBR, as well a decrease in contractor expenses; partially offset by an increase in compensation costs for our revenue-generating professionals. The increase in compensation costs for our revenue-generating professionals was primarily due to an increase in headcount, driven by our acquisitions of Treliant and WP&C, annual salary increases that went into effect in the first quarter of 2026, and increases in performance bonus expense and share-based compensation expense. Commercial operating margin increased to 21.0% from 16.6% primarily driven by decreases in contractor expenses and salaries and related expenses for our support personnel, as well as revenue growth that outpaced the increase in salaries and related expenses for our revenue-generating professionals; partially offset by increases in performance bonus expense and share-based compensation expense for our revenue-generating professionals, as percentages of RBR. •Unallocated corporate expenses increased $11.1 million, or 20.4%, primarily due to increases in compensation costs for our support personnel and software and data hosting expenses. The increase in compensation costs for our support personnel was primarily driven by an increase in headcount, annual salary increases that went into effect in the first quarter of 2026 and an increase in deferred compensation expense attributable to the change in the market value of our deferred compensation liability, and an increase in performance bonus expense. 36 Table of Contents Other Income (Expense), Net Interest expense, net of interest income increased $2.7 million to $11.9 million in the second quarter of 2026 from $9.3 million in the second quarter of 2025, which was primarily attributable to higher levels of borrowing under our senior secured credit facility during the second quarter of 2026 compared to the second quarter of 2025. See “Liquidity and Capital Resources” below and Note 8 “Financing Arrangements” within the notes to our consolidated financial statements for additional information about our senior secured credit facility. Other income (expense), net totaled income of $4.6 million in the second quarter of 2026, compared to expense of $8.7 million in the second quarter of 2025. In the second quarter of 2026, we recognized a $5.8 million gain on the market value of our investments that are used to fund our deferred compensation liability and a $1.1 million gain resulting from a reduction to the credit allowance recognized on our convertible debt investment in a third-party. These gains were partially offset by a non-cash impairment charge of $2.2 million on our equity investment in a hospital-at-home company and $0.1 million of foreign currency transaction losses. In the second quarter of 2025, we recognized a pre-tax $11.1 million non-cash credit-related impairment charge related to our convertible debt investment in a third-party, a non-cash impairment charge of $0.8 million on our equity investment in a hospital-at-home company, and $0.2 million of foreign currency transaction losses. These losses were offset by a $3.5 million gain on the market value of our investments that are used to fund our deferred compensation liability. The change in the market value of our investments that are used to fund our deferred compensation liability are offset with deferred compensation expense which is recognized as a component of selling, general and administrative expenses on our consolidated statements of operations. See Note 10 “Derivative Instruments and Hedging Activity” within the notes to our consolidated financial statements for additional information on our foreign exchange forward contracts and Note 11 “Fair Value of Financial Instruments” within the notes to our consolidated financial statements for additional information on our convertible debt and equity investments. Income Tax Expense For the three months ended June 30, 2026, our effective tax rate was 27.2% as we recognized income tax expense of $11.7 million on income of $42.9 million. The effective tax rate of 27.2% was less favorable than the statutory rate, inclusive of state income taxes, of 26.0%, primarily due to certain nondeductible expense items and the inability to recognize tax benefits related to certain foreign and capital losses, partially offset by a tax benefit related to non-taxable gains on our investments used to fund our deferred compensation liability. For the three months ended June 30, 2025, our effective tax rate was 29.9% as we recognized income tax expense of $8.3 million on income of $27.7 million. The effective tax rate of 29.9% was less favorable than the statutory rate, inclusive of state income taxes, of 26.0%, primarily due to the establishment of a valuation allowance for a deferred tax asset recorded as the result of the capital loss on our investment in a hospital-at-home company as well as certain nondeductible expense items, partially offset by a tax benefit related to non-taxable gains on our investments used to fund our deferred compensation liability. Net Income and Earnings per Share Net income increased $11.8 million, or 60.8%, to $31.2 million for the three months ended June 30, 2026 from $19.4 million for the same period last year. The second quarter of 2025 includes the $8.2 million non-cash credit-related impairment charge, net of tax, related to our convertible debt investment in a third-party. Diluted earnings per share for the second quarter of 2026 increased to $1.91 from $1.09 for the second quarter of 2025 driven by the increase in net income as well as a reduction in diluted shares outstanding resulting from share repurchases made under our share repurchase plan. The non-cash credit-related impairment charge on our convertible debt investment recognized in the second quarter of 2025 had an unfavorable $0.46 impact on diluted EPS in the prior year period. EBITDA and Adjusted EBITDA EBITDA increased $20.9 million, or 47.3%, to $65.3 million for the second quarter of 2026 from $44.3 million for the second quarter of 2025. The increase in EBITDA was primarily attributable to the increase in segment operating income for all three of our segments, excluding segment depreciation and amortization, and the absence of the prior year $11.1 million non-cash credit-related impairment charge recognized in the second quarter of 2025 related to our convertible debt investment in a third-party; partially offset by the increase in unallocated corporate expenses, excluding the impact of the change in the market value of our deferred compensation liability, and the $3.9 million of remeasurement losses to increase the fair value of our contingent consideration liabilities related to business combinations recognized in the first quarter of 2026. Adjusted EBITDA increased $12.1 million, or 19.9%, to $72.6 million in the second quarter of 2026 from $60.6 million in the second quarter of 2025. The increase in adjusted EBITDA was primarily attributable to the increase in segment operating income for all three of our segments, excluding segment depreciation and amortization and segment restructuring charges; partially offset by the increase in unallocated corporate expenses, excluding the impact of the change in the market value of our deferred compensation liability and transaction-related expenses. 37 Table of Contents Adjusted Net Income and Adjusted Earnings per Share Adjusted net income increased $6.6 million, or 19.5%, to $40.2 million in the second quarter of 2026, compared to $33.7 million in the second quarter of 2025. As a result of the increase in adjusted net income as well as a reduction in diluted shares outstanding resulting from share repurchases made under our share repurchase plan, the adjusted diluted earnings per share increased to $2.46 for the second quarter of 2026 compared to $1.89 for the second quarter of 2025. Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Revenues before Reimbursable Expenses (RBR) Revenues before reimbursable expenses (RBR) by segment and capability for the six months ended June 30, 2026 and 2025 were as follows: Revenues before Reimbursable Expenses (in thousands) Six Months Ended June 30, Increase / (Decrease) 2026 2025 $ % Segment: Healthcare $ 457,504 $ 396,312 $ 61,192 15.4 % Education 266,843 252,049 14,794 5.9 % Commercial 185,001 149,834 35,167 23.5 % Total revenues before reimbursable expenses $ 909,348 $ 798,195 $ 111,153 13.9 % Capability: Consulting and Managed Services $ 547,538 $ 453,043 $ 94,495 20.9 % Digital 361,810 345,152 16,658 4.8 % Total revenues before reimbursable expenses $ 909,348 $ 798,195 $ 111,153 13.9 % RBR increased $111.2 million, or 13.9%, to $909.3 million for the first six months of 2026 from $798.2 million for the first six months of 2025. This growth reflects strength in demand across all three of our operating segments and across both the Consulting and Managed Services and Digital capabilities. The increase includes $38.7 million of incremental RBR from our acquisitions completed since December 31, 2024. Excluding the $38.7 million of incremental RBR from our acquisitions, RBR grew 9.1% organically. Additional information on our RBR by segment follows. •Healthcare RBR increased $61.2 million, or 15.4%, driven by strengthened demand for our performance improvement, Healthcare managed services, financial advisory, and strategy solutions within our Consulting and Managed Services capability and technology and analytics services within our Digital capability; partially offset by a decrease in RBR from our software products within our Digital capability. RBR in the first six months of 2026 included $17.4 million of incremental RBR from our acquisitions of Eclipse Insights, RelateCare, and AXIOM. The number of revenue-generating professionals, excluding Managed Services professionals, within our Healthcare segment grew 17.2% to 1,738 as of June 30, 2026, compared to 1,483 as of June 30, 2025. Our acquisition of AXIOM added approximately 40 revenue-generating professionals in 2025. The number of Managed Services revenue-generating professionals within our Healthcare segment grew to 3,794 as of June 30, 2026 from 1,807 as of June 30, 2025. This increase includes our acquisition of RelateCare in the second quarter of 2026, which added approximately 1,100 Managed Services professionals. •Education RBR increased $14.8 million, or 5.9%, driven by strengthened demand for our technology and analytics services and software products within our Digital capability; partially offset by a decrease in RBR from our education and research consulting solution within our Consulting and Managed Services capability. RBR in the first six months of 2026 included $1.0 million of incremental RBR from our acquisitions of Advancement Resources and Halpin. The number of revenue-generating professionals within our Education segment, excluding Managed Services professionals, decreased 10.2% to 1,070 as of June 30, 2026, compared to 1,192 as of June 30, 2025. •Commercial RBR increased $35.2 million, or 23.5%, which reflects $20.2 million of incremental RBR from our acquisitions of WP&C and Treliant and strengthened demand for our financial advisory and strategy solutions within our Consulting and Managed Services capability; partially offset by a decrease in RBR from our technology and analytics services within our Digital capability. The number of revenue-generating professionals within our Commercial segment, the majority of which provide services across all of our industries, grew 9.3% to 2,527 as of June 30, 2026, compared to 2,311 as of June 30, 2025. Our acquisitions of Treliant and WP&C in 2025 added approximately 210 revenue-generating professionals. 38 Table of Contents Operating Expenses Operating expenses for the first six months of 2026 increased $102.5 million, or 13.9%, over the first six months of 2025. Operating expenses and operating expenses as a percentage of revenues before reimbursable expenses were as follows: Operating Expenses (in thousands, except amounts as a percentage of revenues before reimbursable expenses) Six Months Ended June 30, Increase / (Decrease) 2026 2025 Direct costs $ 619,381 68.1% $ 547,071 68.5% $ 72,310 Reimbursable expenses 17,461 1.9% 17,695 2.2% (234) Selling, general and administrative expenses 174,504 19.2% 156,851 19.7% 17,653 Other losses (gains) 7,690 0.8% (71) —% 7,761 Restructuring charges 1,073 0.1% 1,898 0.2% (825) Depreciation and amortization 19,869 2.2% 14,066 1.8% 5,803 Total operating expenses $ 839,978 92.4% $ 737,510 92.4% $ 102,468 Direct Costs Direct costs increased $72.3 million, or 13.2%, to $619.4 million for the first six months of 2026 from $547.1 million for the first six months of 2025. The $72.3 million increase primarily related to a $71.5 million increase in compensation costs for our revenue-generating professionals and a $2.2 million increase in technology costs; partially offset by a $1.9 million decrease in contractor expenses. The increase in compensation costs reflects our investment to grow our talented team to meet increased market demand and is primarily attributable to a $60.5 million increase in salaries and related expenses, driven by recent acquisitions, hiring to support the overall increase in demand for our services and annual salary increases that went into effect in the first quarter of 2026, and a $10.7 million increase in performance bonus expense. As a percentage of revenues before reimbursable expenses, direct costs decreased to 68.1% during the first six months of 2026, compared to 68.5% during the first six months of 2025, primarily driven by the decrease in contractor expenses. Reimbursable Expenses Reimbursable expenses are billed to clients at cost and primarily relate to travel and out-of-pocket expenses incurred in connection with client engagements. These expenses are also included in total revenues. We manage our business on the basis of revenues before reimbursable expenses (RBR), which we believe is the most accurate reflection of our services because it eliminates the effect of reimbursable expenses that are also included as a component of operating expenses. Selling, General and Administrative Expenses Selling, general and administrative expenses increased by $17.7 million, or 11.3%, to $174.5 million in the first six months of 2026 from $156.9 million in the first six months of 2025. The $17.7 million increase related to an $8.8 million increase in compensation costs for our support personnel and an $8.7 million increase in non-payroll costs. The $8.8 million increase in compensation costs for our support personnel was primarily driven by a $3.8 million increase in salaries and related expenses, a $2.2 million increase in deferred compensation expense attributable to the change in market value of our deferred compensation liability, a $1.9 million increase in share-based compensation expense, and a $1.1 million increase in performance bonus expense. The increase in deferred compensation expense is offset by an increase in the gain recognized for the change in the market value of investments that are used to fund our deferred compensation liability and recognized in other income (expense), net. The $8.7 million increase in non-payroll costs was primarily driven by a $4.5 million increase in software and data hosting expenses, a $1.5 million increase in practice administration and meetings expenses, a $1.1 million increase in third-party professional fees, and a $1.0 million increase in facilities expenses. As a percentage of revenues before reimbursable expenses, selling, general and administrative expenses decreased to 19.2% during the first six months of 2026, compared to 19.7% during the first six months of 2025, which was primarily due to revenue growth that outpaced the increase in compensation costs for our support personnel. Other Losses (Gains) Other losses (gains) totaled a loss of $7.7 million in the first six months of 2026 compared to a gain of $0.1 million in the first six months of 2025. The $7.7 million of other losses in the first six months of 2026 consisted of remeasurement losses to increase the fair value of our contingent consideration liabilities related to business combinations. The $0.1 million of other gains in the first six months of 2025 consisted of a remeasurement gain to decrease the fair value of a contingent consideration liability related to a business combination. See Note 11 “Fair Value of Financial Instruments” within the notes to our consolidated financial statements for additional information on the fair value of contingent consideration liabilities. 39 Table of Contents Restructuring Charges Restructuring charges for the first six months of 2026 were $1.1 million, compared to $1.9 million for the first six months of 2025. The $1.1 million of restructuring charges recognized in the first six months of 2026 included $3.2 million of severance-related expenses and $1.7 million of rent and related expenses, net of sublease income, for our previously vacated office spaces, largely offset by $4.0 million of non-cash gains on lease modifications. In the first quarter of 2026, we entered into the Seventh Amendment to the office lease agreement for our principal executive offices in Chicago, Illinois, which, among other items, provides for the early termination of the lease with respect to certain leased spaces previously vacated. As a result of this modification, we recognized a $3.8 million non-cash gain on lease modification. In the second quarter of 2026, we recorded a $0.2 million non-cash gain on lease modification on our office space in Hillsboro, Oregon. See Note 14 “Commitments, Contingencies and Guarantees” within the notes to our consolidated financial statements for additional information on the Seventh Amendment to the Chicago, Illinois office lease. The $1.9 million of restructuring charges recognized in the first six months of 2025 primarily consisted of $1.0 million of rent and related expenses, net of sublease income, for our previously vacated office spaces and a $0.7 million non-cash lease impairment charge driven by updated sublease assumptions for a previously vacated office space. Depreciation and Amortization Depreciation and amortization expense increased $5.8 million, or 41.3%, to $19.9 million for the first six months of 2026, compared to $14.1 million for the first six months of 2025. The $5.8 million increase in depreciation and amortization expense was primarily attributable to increases in amortization of intangible assets acquired in business acquisitions and internally developed software. Operating Income Operating income increased $8.4 million, or 10.8%, to $86.8 million in the first six months of 2026 from $78.4 million in the first six months of 2025. Operating margin, which is defined as operating income expressed as a percentage of revenues before reimbursable expenses (RBR) was 9.5% for the first six months of 2026, compared to 9.8% for the first six months of 2025. Operating income and operating margin for each of our segments as well as unallocated corporate expenses were as follows: Segment Operating Income (in thousands, except operating margin percentages) Six Months Ended June 30, Increase / (Decrease) 2026 2025 Healthcare $ 133,855 29.3% $ 115,967 29.3% $ 17,888 Education $ 64,994 24.4% $ 55,389 22.0% $ 9,605 Commercial $ 34,648 18.7% $ 23,803 15.9% $ 10,845 Unallocated Corporate Expenses (in thousands) Unallocated corporate expenses $ 125,400 $ 106,652 $ 18,748 •Healthcare operating income increased $17.9 million, or 15.4%, primarily due to the increase in RBR, as well as a decrease in salaries and related expenses for our support personnel; partially offset by increases in compensation costs for our revenue-generating professionals and practice administration and meetings expenses. The increase in compensation costs for our revenue-generating professionals was primarily due to an increase in headcount, partially driven by our acquisition of RelateCare, and annual salary increases that went into effect in the first quarter of 2026, as well as an increase in performance bonus expense. Healthcare operating margin was 29.3% for both the first six months of 2026 and 2025. •Education operating income increased $9.6 million, or 17.3%, primarily due to the increase in RBR, as well as decreases in practice administration and meeting expenses and salaries and related expenses for our support personnel; partially offset by increases in compensation costs for our revenue-generating professionals, technology costs, and amortization of internally developed software. The increase in compensation costs for our revenue-generating professionals was primarily driven by annual salary increases that went into effect in the first quarter of 2026, as well as an increase in performance bonus expense. Education operating margin increased to 24.4% from 22.0% primarily due to revenue growth that outpaced the increase in compensation costs for our revenue-generating professionals and the decrease in practice administration and meeting expenses. •Commercial operating income increased $10.8 million, or 45.6%, primarily due to the increase in RBR, as well as a decrease in contractor expenses; partially offset by an increase in compensation costs for our revenue-generating professionals. The increase in compensation costs for our revenue-generating professionals was primarily due to an increase in headcount, driven by our acquisitions of Treliant and WP&C, and annual salary increases that went into effect in the first quarter of 2026, as well as increases in performance bonus expense and share-based compensation expense. Commercial operating margin increased to 18.7% from 15.9% primarily due to the decrease in contractor expenses. 40 Table of Contents •Unallocated corporate expenses increased $18.7 million, or 17.6%, primarily due to increases in compensation costs for our support personnel and software and data hosting expenses. The increases in compensation costs for our support personnel was primarily driven by an increase in headcount, annual salary increases that went into effect in the first quarter of 2026 and an increase in deferred compensation expense attributable to the change in the market value of our deferred compensation liability, as well as increases in share-based compensation expense and performance bonus expense. Other Income (Expense), Net Interest expense, net of interest income increased $5.9 million to $20.8 million in the first six months of 2026 from $14.9 million in the first six months of 2025, which was primarily attributable to higher levels of borrowing under our senior secured credit facility during the first six months of 2026 compared to the first six months of 2025. See “Liquidity and Capital Resources” below and Note 8 “Financing Arrangements” within the notes to our consolidated financial statements for additional information about our senior secured credit facility. Other income (expense), net totaled income of $4.0 million in the first six months of 2026, compared to expense of $14.3 million in the first six months of 2025. In the first six months of 2026, we recognized a $4.5 million gain on the market value of our investments that are used to fund our deferred compensation liability, a $1.1 million gain resulting from a reduction to the credit allowance recognized on our convertible debt investment in a third-party, and $0.3 million of foreign currency transaction gains. These gains were partially offset by a non-cash impairment charge of $2.2 million on our equity investment in a hospital-at-home company. In the first six months of 2025, we recognized a pre-tax $11.1 million non-cash credit-related impairment charge related to our convertible debt investment in a third-party, non-cash impairment charges of $5.0 million on our equity investment in a hospital-at-home company and $0.6 million of foreign currency transaction losses; partially offset by a $2.5 million gain recognized on the market value of our investments that are used to fund our deferred compensation liability. The change in the market value of our investments that are used to fund our deferred compensation liability are offset with deferred compensation expense which is recognized as a component of selling, general and administrative expenses on our consolidated statements of operations. See Note 10 “Derivative Instruments and Hedging Activity” within the notes to our consolidated financial statements for additional information on our foreign exchange forward contracts and Note 11 “Fair Value of Financial Instruments” within the notes to our consolidated financial statements for additional information on our convertible debt and equity investments. Income Tax Expense For the six months ended June 30, 2026, our effective tax rate was 22.1% as we recognized income tax expense of $15.5 million on income of $70.0 million. The effective tax rate of 22.1% was more favorable than the statutory rate, inclusive of state income taxes, of 26.0%, primarily due to a discrete tax benefit for share-based compensation awards that vested during the first quarter of 2026 and a tax benefit related to non-taxable gains on our investments used to fund our deferred compensation liability. These favorable items were partially offset by certain nondeductible expense items and the inability to recognize tax benefits related to certain foreign and capital losses. For the six months ended June 30, 2025, our effective tax rate was 10.6% as we recognized income tax expense of $5.2 million on income of $49.2 million. The effective tax rate of 10.6% was more favorable than the statutory rate, inclusive of state income taxes, of 26.0%, primarily due to a discrete tax benefit for share-based compensation awards that vested during the first quarter of 2025. This favorable item was partially offset by the establishment of a valuation allowance for a deferred tax asset recorded as the result of the capital loss on our investment in a hospital-at-home company and certain nondeductible expenses. Net Income and Earnings per Share Net income increased $10.5 million, or 23.9%, to $54.5 million for the six months ended June 30, 2026 from $44.0 million for the same period last year. The second quarter of 2025 includes the $8.2 million non-cash credit-related impairment charge, net of tax, related to our convertible debt investment in a third-party. Diluted earnings per share for the six months ended June 30, 2026 increased to $3.22 compared to $2.42 for the six months ended June 30, 2025; driven by the increase in net income as well as a reduction in diluted shares outstanding resulting from share repurchases made under our share repurchase plan. The non-cash credit-related impairment charge on our convertible debt investment had an unfavorable $0.45 impact on diluted EPS during the first six months of 2025. EBITDA and Adjusted EBITDA EBITDA increased $32.6 million, or 41.5%, to $111.2 million for the six months ended June 30, 2026 from $78.6 million for the six months ended June 30, 2025. The increase in EBITDA was primarily attributable to the increase in segment operating income for all three of our segments, excluding segment depreciation and amortization, and the absences of the prior year $11.1 million non-cash credit-related impairment charge related to our convertible debt investment in a third-party and the prior year $5.0 million of non-cash impairment charges recognized on our equity investment in a hospital-at-home company; partially offset by the increase in unallocated corporate expenses, excluding the impact of the change in the market value of our deferred compensation liability, and the $7.7 million of remeasurement losses to increase the fair value of our contingent consideration liabilities related to business combinations recognized in the first quarter of 2026. 41 Table of Contents Adjusted EBITDA increased $21.2 million, or 20.7%, to $123.2 million in the first six months of 2026 from $102.1 million in the first six months of 2025. The increase in adjusted EBITDA was primarily attributable to the increases in segment operating income for all three of our segments, excluding segment depreciation and amortization and segment restructuring charges; partially offset by the increase in unallocated corporate expenses, excluding the impacts of the change in the market value of our deferred compensation liability and transaction-related expenses. Adjusted Net Income and Adjusted Earnings per Share Adjusted net income increased $5.5 million, or 8.5%, to $70.3 million in the first six months of 2026 compared to $64.8 million in the first six months of 2025. As a result of the increase in adjusted net income as well as a reduction in diluted shares outstanding resulting from share repurchases made under our share repurchase plan, adjusted diluted earnings per share increased to $4.16 for the six months ended June 30, 2026, compared to $3.57 for the six months ended June 30, 2025. LIQUIDITY AND CAPITAL RESOURCES Cash and cash equivalents were $31.2 million and $24.5 million at June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026, our primary sources of liquidity are cash on hand, cash flows from our U.S. operations, and borrowing capacity available under our credit facility. Six Months Ended June 30, Cash Flows (in thousands): 2026 2025 Net cash used in operating activities $ (41,702) $ (26,780) Net cash used in investing activities (47,730) (70,080) Net cash provided by financing activities 96,297 135,804 Effect of exchange rate changes on cash (145) 156 Net increase in cash and cash equivalents $ 6,720 $ 39,100 Operating Activities Our operating assets and liabilities consist primarily of receivables from billed and unbilled services, accounts payable and accrued expenses, accrued payroll and related benefits, operating lease obligations and deferred revenues. The volume of services rendered and the related billings and timing of collections on those billings, as well as payments of our accounts payable and salaries, bonuses, and related benefits to employees affect these account balances. Our purchase obligations primarily consist of payments for software and other information technology products to support our business and corporate infrastructure. Net cash used in operating activities increased by $14.9 million to $41.7 million for the six months ended June 30, 2026 from $26.8 million for the six months ended June 30, 2025. The increase in net cash used in operating activities was primarily related to increases in payments for salaries and related expenses for our revenue-generating professionals, selling, general and administrative expenses, and the amount paid for annual performance bonuses in the first quarter of 2026 compared to the first quarter of 2025; partially offset by an increase in cash collections in the first six months of 2026 compared to the first six months of 2025. Investing Activities Our investing activities primarily consist of purchases of complementary businesses; purchases of property and equipment, primarily related to computers and related equipment for our employees and leasehold improvements and furniture and fixtures for office spaces; payments related to internally developed cloud-based software sold to our clients; and investments. Our investments include a convertible note investment in Shorelight Holdings, LLC, an equity investment in a hospital-at-home company, and investments in life insurance policies that are used to fund our deferred compensation liability. Net cash used in investing activities for the six months ended June 30, 2026 was $47.7 million, which primarily consisted of $27.8 million for the purchases of businesses; $10.9 million for purchases of property and equipment, primarily related to purchases of computers and related equipment and leasehold improvements for certain office spaces; $10.1 million for payments related to internally developed software to advance our Education and Healthcare software products; and $2.0 million for a payment related to the origination of a note receivable. These uses of cash for investing activities were partially offset by $2.3 million of cash received to settle an outstanding promissory note from the 2024 divestiture of our Studer Education practice. Net cash used in investing activities for the six months ended June 30, 2025 was $70.1 million, which primarily consisted of $53.1 million for the purchases of businesses; $10.9 million for payments related to internally developed software to advance our Education and Healthcare software products; $3.9 million for purchases of property and equipment, primarily related to purchases of computers and related equipment and leasehold improvements for certain office spaces; and $2.3 million for contributions to our life insurance policies. 42 Table of Contents We estimate that cash utilized for purchases of property and equipment and software development in 2026 will total approximately $35 million to $40 million; primarily consisting of software development costs, information technology-related equipment to support our corporate infrastructure, and leasehold improvements and furniture and fixtures for certain office spaces. Financing Activities Our financing activities primarily consist of borrowings and repayments under our senior secured credit facility, share repurchases, shares redeemed for employee tax withholdings upon vesting of share-based compensation, and payments for contingent consideration liabilities related to business acquisitions. See “Financing Arrangements” below for additional information on our senior secured credit facility. Net cash provided by financing activities for the six months ended June 30, 2026 was $96.3 million. The net borrowings of $323.0 million during the first six months of 2026 were primarily used to fund our operations, including our annual performance bonus payments in the first quarter of 2026, share repurchases, and the business acquisition in the second quarter of 2026. Additionally, during the first six months of 2026, we paid $206.7 million for the settlement of share repurchases and we reacquired $20.8 million of common stock as a result of tax withholdings upon vesting of share-based compensation. These uses of cash for financing activities were partially offset by $0.8 million of cash received from stock option exercises in the first six months of 2026. Net cash provided by financing activities for the six months ended June 30, 2025 was $135.8 million. The net borrowings of $300.1 million during the first six months of 2025 were primarily used to fund our operations, including our annual performance bonus payments in the first quarter of 2025, and our programmatic business acquisitions. Additionally, during the first six months of 2025, we paid $134.4 million for the settlement of share repurchases and we reacquired $32.5 million of common stock as a result of tax withholdings upon vesting of share-based compensation. These uses of cash for financing activities were partially offset by $2.6 million of cash received from stock option exercises in the first six months of 2025. Share Repurchase Program In November 2020, our board of directors authorized a share repurchase program permitting us to repurchase up to $50 million of our common stock through December 31, 2021. The share repurchase program has been subsequently extended and increased, most recently in the first quarter of 2026. The current authorization extends the share repurchase program through December 31, 2026 with a repurchase amount of $900 million, of which $92.0 million remains available as of June 30, 2026. The amount and timing of repurchases under the share repurchase program 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. Financing Arrangements At June 30, 2026, we had $834.0 million outstanding under our senior secured credit agreement, as discussed below. The company has a $700 million Revolver and a $400 million Term Loan, subject to the terms of the Fourth Amended and Restated Credit Agreement dated as of July 30, 2025 (the “Amended Credit Agreement”), both of which mature on July 30, 2030. The Term Loan is subject to scheduled quarterly amortization payments of $5.0 million which began September 30, 2025 and continue through the maturity date of July 30, 2030, at which time the outstanding principal balance and all accrued interest will be due. Fees and interest on borrowings under the Amended Credit Agreement vary based on our Consolidated Leverage Ratio (as defined in the Amended Credit Agreement). At our option, these borrowings 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 1.250% per annum and 1.875% per annum, in the case of Term SOFR borrowings, or between 0.250% 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 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 June 30, 2026 and December 31, 2025, we were in compliance with these financial 43 Table of Contents covenants. Our Consolidated Leverage Ratio as of June 30, 2026 was 2.82 to 1.00, compared to 1.93 to 1.00 as of December 31, 2025. Our Consolidated Interest Coverage Ratio as of June 30, 2026 was 7.48 to 1.00, compared to 8.12 to 1.00 as of December 31, 2025. The Amended Credit Agreement contains restricted payment provisions, including a potential limit on the amount of dividends we may pay. Pursuant to the terms of the Amended Credit Agreement, if our Consolidated Leverage Ratio is greater than 3.50, the amount of dividends and other Restricted Payments (as defined in the Amended Credit Agreement) we may pay is limited to an amount up to $50 million. Borrowings outstanding under the Amended Credit Agreement at June 30, 2026 totaled $834.0 million, consisting of $454.0 million outstanding under the Revolver and $380.0 million outstanding under the Term Loan. Borrowings outstanding under the Amended Credit Agreement at December 31, 2025 totaled $511.0 million, consisting of $121.0 million outstanding under the Revolver and $390.0 million outstanding under the Term Loan. These borrowings carried a weighted average interest rate of 5.3% at both June 30, 2026 and December 31, 2025, including the impact of the interest rate swaps described in Note 10 “Derivative Instruments and Hedging Activity” within the notes to the consolidated financial statements. The borrowing capacity under the Revolver is reduced by any outstanding borrowings under the Revolver and outstanding letters of credit. At June 30, 2026, we had outstanding letters of credit totaling $0.4 million, which are used as security deposits for our office facilities. As of June 30, 2026, the unused borrowing capacity under the Revolver was $245.6 million. Refer to Note 8 “Financing Arrangements” within the notes to the consolidated financial statements for additional information on the Amended Credit Agreement. Future Financing Needs Our primary financing need is to fund our long-term growth. Our growth strategy is to expand our service offerings, which may require investments in new hires, acquisitions of complementary businesses, possible expansion into other geographic areas, and related capital expenditures. We believe our internally generated liquidity, together with our available cash and the borrowing capacity available under our senior secured credit facility will be adequate to support our current financing needs and long-term growth strategy. Our ability to secure additional financing in the future, if needed, will depend on several factors, including our future profitability, the quality of our accounts receivable and unbilled services, our relative levels of debt and equity, and the overall condition of the credit markets. OFF-BALANCE SHEET ARRANGEMENTS We are not a party to any material off-balance sheet arrangements. CRITICAL ACCOUNTING POLICIES AND ESTIMATES Management’s discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We regularly review our financial reporting and disclosure practices and accounting policies to ensure that our financial reporting and disclosures provide accurate information relative to the current economic and business environment. The preparation of financial statements in conformity with GAAP requires management to make assessments, estimates, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Critical accounting policies and estimates are those policies and estimates that we believe present the most complex or subjective measurements and have the most potential to impact our financial position and operating results. While all decisions regarding accounting policies and estimates are important, we believe that there are five accounting policies and estimates that could be considered critical: revenue recognition, allowances for doubtful accounts and unbilled services, business combinations, carrying values of goodwill and other intangible assets, and accounting for income taxes. For a detailed discussion of these critical accounting policies, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting policies during the six months ended June 30, 2026. NEW ACCOUNTING PRONOUNCEMENTS See Note 3 “New Accounting Pronouncements” within the notes to the consolidated financial statements for information on new accounting pronouncements. 44 Table of Contents