Exhibit 99.2 Q1 2020 EARNINGS Supplemental Materials April 30, 2020
Forward-looking Statements Statements in these supplemental materials 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, 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,” “continues,” “guidance,” or “outlook” or similar expressions. These forward-looking statements reflect the company's current expectations about 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: the impact of the COVID-19 pandemic on the economy, our clients and client demand for our services, and our ability to sell and provide services, including the measures taken by governmental authorities and businesses in response to the pandemic, which may cause or contribute to other risks and uncertainties that we face; failure to achieve expected utilization rates, billing rates and the number of revenue-generating professionals; 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 in market conditions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, including, among others, those described under “Item 1A. Risk Factors” in Huron's Annual Report on Form 10- K for the year ended December 31, 2019, and under "Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, 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. The company disclaims any obligation to update or revise any forward-looking statements as a result of new information or future events, or for any other reason. © 2020 Huron Consulting Group Inc. and affiliates. 2
Reconciliations Of Non-GAAP Measures To Comparable GAAP Measures In evaluating the company’s financial performance and outlook, management uses EBITDA, adjusted EBITDA, adjusted EBITDA as a percentage of revenues, adjusted net income from continuing operations, and adjusted diluted earnings per share from continuing operations, which are non-GAAP measures. Management uses these non-GAAP financial measures to gain an understanding of the company's comparative operating performance (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 the company's ongoing business in a manner that allows for meaningful period-to-period comparisons. Management also uses these non-GAAP financial measures when publicly providing their business outlook, for internal management purposes, and as a basis for evaluating potential acquisitions and dispositions. Management believes 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. Investors should recognize that these non- GAAP measures might not be comparable to similarly titled measures of other companies. These 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 accounting principles generally accepted in the United States. © 2020 Huron Consulting Group Inc. and affiliates. 3
Overview of Supplemental Materials Given the continuous evolution of the global COVID-19 pandemic and the current level of volatility in the economy, we wanted to provide additional detail about how we believe these factors could impact Huron across various scenarios, understanding that the individual factors within each case provided may evolve at a different pace. These supplemental materials provide complementary information to the commentary provided on the Company’s Q1 2020 earnings webcast held on April 30, 2020. The information included in these supplemental materials should be reviewed in conjunction with the transcript and/or recording from the Company’s most recent earnings webcast and not on a standalone basis. © 2020 Huron Consulting Group Inc. and affiliates. 4
Scenario #1 – Base Case Considerations Base Case Assumptions The U.S. economy begins to stabilize in the third and fourth quarters of 2020, and the re-opening of the U.S. economy is slow and uneven due to sporadic resurgences of COVID-19. Anticipated Market Conditions Healthcare: Education: Across Industries: • As the U.S. healthcare industry begins to • Higher education institutions face a myriad of • Demand will increase for services focused on supporting stabilize, healthcare providers will recover at an strategic, financial and operational pressures that distressed businesses as clients look to raise capital, uneven pace as some regional providers remain persist through the Fall term, exacerbating reorganize and restructure operations beginning in Q2. focused on emergency response for a longer uncertainty related to revenue shortfalls and • There is continued pressure for digital transformation and duration in 2020 while others begin to transition negative returns for endowments. technology-enabled operations as businesses rethink how to address financial shortfalls. work gets done in a post-pandemic environment and how they engage customers in response to the evolving competitive landscape. • Clients begin recovery and delay strategy-focused projects until Q4 2020 or 2021 as they begin to consider operating in the “new normal” and in an increasingly competitive environment. Near-term Impacts on Huron • Significant Q2 and/or Q3 2020 • Sales pipeline conversion • Lost revenue during Q2 to • Higher interest expense • Net leverage ratio, as declines in utilization in the and companywide Q4 2020 is partially offset due to the draw down of defined in our senior bank Healthcare and Education utilization begins to recover (roughly 50% of the the revolver. agreement, adjusted to segments and in our strategy- in Q4 2020 with an revenue shortfall) by • Higher effective tax rate include cash on hand, focused practices within the expectation that demand decreased spending, due to lower pre-tax peaks around 3.0x trailing Business Advisory segment. returns to pre-COVID-19 inclusive of discretionary income. twelve month adjusted • Steady utilization throughout 2020 levels in early 2021. bonus pool adjustments, EBITDA during 2020. in our ES&A (technology) and reductions in travel and • Free Cash Flow is positive Business Advisory (restructuring meeting expense, and over the last three quarters © 2020 Huronand Consulting turnaround) Group Inc. practices. and affiliates. declines in capital of 2020. investments. 5
Scenario #2 – Optimistic Case Considerations Optimistic Case Assumptions The U.S. economy begins to stabilize in the second quarter of 2020 as social distancing guidelines are relaxed and new cases of COVID-19 significantly decline across the majority of the United States. Anticipated Market Conditions Healthcare: Education: Across Industries: • U.S. healthcare providers remain focused on • Higher education institutions remain focused on • Demand will increase for services focused on supporting COVID-19 response through Q2 and emerge in triaging immediate operational issues and distressed businesses as clients look to raise capital, the back half of 2020 facing severe financial financial pressures in Q2 but emerge in the back reorganize and restructure operations beginning in Q2. pressures. As providers move into recovery, they half of 2020 facing significant economic • There is continued pressure for digital transformation and begin to address the need to evolve their pressures and a more challenged business technology-enabled operations as businesses rethink how strategies and care delivery models to position model. work gets done in a post-pandemic environment and how themselves to best compete in a post-pandemic they engage customers in response to the evolving environment. competitive landscape. • Clients begin recovery and strategy-focused projects beginning in Q2 or Q3 2020 as they begin to consider operating in the “new normal” and in an increasingly competitive environment. Near-term Impacts on Huron • Significant Q2 2020 declines in • Sales pipeline conversion • Lost revenue during Q2 to • Higher interest expense • Net leverage ratio, as utilization in the Healthcare and and companywide Q4 2020 is partially offset due to the draw down of defined in our senior bank Education segments and in our utilization begins to recover (roughly 50% of the the revolver. agreement, adjusted to strategy-focused practices within in the second half of Q3 revenue shortfall) by • Higher effective tax rate include cash on hand, the Business Advisory segment. and returning to near decreased spending, due to lower pre-tax peaks around 2.5x trailing • Steady utilization throughout 2020 normal levels in Q4, with inclusive of discretionary income. twelve month adjusted in our ES&A (technology) and an expectation that 2021 bonus pool adjustments, EBITDA during 2020. Business Advisory (restructuring demand is similar to pre- reductions in travel and • Free Cash Flow is positive and turnaround) practices. COVID-19 expectations for meeting expense, and over the last three quarters 2020. declines in capital © 2020 Huron Consulting Group Inc. and affiliates. of 2020. investments. 6
Scenario #3 – Pessimistic Case Considerations Pessimistic Case Assumptions The U.S. economy begins to stabilize in 2021 as the re-opening of the U.S. economy is hindered by significant resurgences of COVID-19 throughout 2020. Anticipated Market Conditions Healthcare: Education: Across Industries: • U.S. healthcare providers remain focused on • Higher education institutions face a myriad of • Demand will increase for services focused on supporting emergency response to the pandemic for the strategic, financial and operational pressures distressed businesses as clients look to raise capital, remainder of 2020 with a reduced focus on that persist through the Fall term, exacerbating reorganize and restructure operations beginning in Q2. financial recovery until 2021. uncertainty related to the timing of a future • There is continued pressure for digital transformation and recovery as well as revenue shortfalls and technology-enabled operations as businesses rethink how negative returns for endowments. work gets done in a post-pandemic environment and how they engage customers in response to the evolving competitive landscape; however, extreme financial pressures delay spending. • Clients begin recovery and delay strategy-focused projects until 2021 as they begin to consider operating in the “new normal” and in an increasingly competitive environment. Near-term Impacts on Huron • Significant declines in utilization for the • Sales pipeline conversion • Lost revenue during Q2 to • Higher interest expense • Net leverage ratio, as remainder of 2020 in the Healthcare and companywide Q4 2020 is partially offset due to the draw down of defined in our senior bank and Education segments and in our utilization begins to (roughly 50% of the the revolver. agreement, adjusted to strategy-focused practices within the recover in 2021 and pre- revenue shortfall) with the • Higher effective tax rate include cash on hand, Business Advisory segment. COVID-19 revenue go-forward cost structure due to lower pre-tax peaks above 3.0x trailing • Declines in utilization in the second half growth expectations are being reevaluated in light income. twelve month adjusted of 2020 in our ES&A (technology) not achieved until later in of 2021 expectations. EBITDA during 2020. practice. 2021 or 2022. • Free Cash Flow is • Steady utilization throughout 2020 in positive over the last © 2020 Huronour ConsultingBusiness Group Advisory Inc. and affiliates. (restructuring three quarters of 2020. and turnaround) practice. 7
After the near-term impact of COVID-19 subsides, significant disruption facing our clients and end markets creates opportunities for long term growth Healthcare Education Strategy Technology Operations Financial pressures on U.S. The changes required for The disruption and volatility The digital transformation The mounting pressures on healthcare providers have higher education institutions taking place in the market imperative has never been the broader economy will been exacerbated by the to compete in the “new have never been more more important as create opportunity as COVID-19 pandemic and the normal” environment are prevalent, creating conditions organizations modernize their stressed and distressed need for new strategies and acute, driving the need for that are ripe for renewed operations and meet the new businesses strive to stabilize care delivery models are greater operational efficiency strategic planning and and evolving needs of their their operations and improve viewed as an imperative and fresh strategic thinking increased innovation consumers their financial position Financial Expectations Revenue Margins Balance Sheet After emerging from the near-term financial impact We believe we will emerge from the near-term We began 2020 with a strong financial position, of the COVID-19 pandemic, we believe we will face financial impact of the COVID-19 pandemic and we believe we have sufficient balance sheet market conditions that will support the revenue positioned to continue steady adjusted EBITDA flexibility to manage our business through the near- growth rate we expected for our business prior to margin expansion toward our long-term mid-teen term scenarios provided on the previous pages. © 2020 Huron Consulting Group Inc. and affiliates. the pandemic. target. 8