Good afternoon, ladies and gentlemen. And welcome to the Huron Consulting Group's Webcast to discuss Financial Results for the Second Quarter 2014. At this time, all conference call lines are on a listen-only mode. Later we will conduct our question-and-answer session for the conference call participants and instructions will follow at that time. As a reminder, this conference call is being recorded. Before we begin, I would like to point all of you to the disclosure at the end of the Company's news release for information about any forward-looking statements that may be made or discussed on this call. The news release is posted on Huron's website. Please review that information along with the filings with the SEC for a disclosure of factors that may impact subjects discussed in this afternoon's webcast. The Company will be discussing one or more non-GAAP financial measures. Please look at the earnings release and on Huron's website for all the disclosures required by the SEC including reconciliation to the most comparable GAAP numbers. And now I would like to turn the call over to Jim Roth, Chief Executive Officer and President of Huron Consulting Group. Mr. Roth, please go ahead.

Good afternoon. And welcome to Huron Consulting Group's second quarter 2014 earnings call. With me today is Mark Hussey, our Chief Operating Officer and Chief Financial Officer. The second quarter of 2014 was another strong quarter for our company. Huron's revenue grew nearly 23% compared to the same quarter last year and 13% organically. Year-to-date our revenue has grown over 25% and nearly 18% organically. A combination of vibrant markets and very talented collaborative people has enabled this performance and we remained well positioned for future success during the remainder of the year. I will now provide some color on each of the segments and the primary drivers in our core markets and then I will turn it over to Mark, so he can walk you through the financials. Huron Healthcare turned in another solid quarter with strong growth resulting from ongoing changes in the healthcare provider market. As we've indicated in the past the ebb and flow of quarterly revenues in this segment are impacted by the timing and nature of some of the larger engagements, we have underway. Over the past three years to four years, the portfolio of engagements in the Healthcare segment have tended to result in strong second half performance. Primarily due to the timing of the start at eventual completion of the array of client engagements that we had at that particular time. Consistent with our comments earlier this year, that pattern is somewhat reversed in 2014. We had a number of larger engagements that were started in late 2012 and early 2013, that yielded strong results upon their completion in the first half of 2014. As we look into the second half of this year, we have a solid pipeline of projects in progress. We also have a healthy inventory of assessments underway,…

Thanks, Jim and good afternoon everyone. Before I begin, please note I'll be discussing non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS. Our press release website and 10-Q each have reconciliations of the non-GAAP measures to the most comparable GAAP measures and a discussion, of why management uses these non-GAAP measures. Also as previously announced, during the second quarter, 2014 we completed our acquisition of Vonlay, a healthcare technology firm that implements and optimizes clinical, administrative and financial systems. The transaction closed effective May 5, and its financial results since that date are included in our Huron Healthcare segment. Now, I'll walk through some of the key financial results for the quarter. Revenues for the second quarter, 2014 were $209.4 million up almost 23% from $170.4 million in the same quarter, 2013. Revenues for the second quarter, 2014 reflect our acquisitions of Blue Stone, the Frankel Group and Vonlay, which in the aggregated generated $16.5 million of revenues. Operating income increased more than 11% to $34 million in Q2, 2014 compared to $30.5 million in Q2, 2013. Adjusted EBITDA which excludes a number of items that are listed in our press release was $42.2 million in Q2, 2014 or 20.1% of revenues compared to $36.7 million in Q2, 2013 or 21.5% of revenues. Net income from continuing operating was $19.9 million or $0.86 per diluted share in the second quarter, 2014 compared to $15.8 million or $0.69 per diluted share in the same quarter, 2013. Adjusted non-GAAP net income from continuing operation was $22 million or $0.95 per diluted share in the second quarter, 2014 compared to $17 million or $0.75 per diluted share in the same period, 2013. Our effective income tax rate in the second quarter, 2014 was 38.9% compared to 44.9%…

Thank you. (Operator Instructions). Our first question comes from Timothy McHugh with William Blair. Please proceed sir. Timothy McHugh – William Blair: Excuse me. Thank you. This first question just, I guess relative to the 2Q results here, which I guess already reflects a little bit lower run rate for the contingent fees in the healthcare business. The guidance for the second half of the year assumes a lower run rate and revenue, even at the high end of the guidance range. So I guess, can you talk it all about what, as you look to the second half of the year. I guess, you're not expecting to kind of continue or part of the business that wouldn't expect to perform quite as high as you saw in the first half of the year?

Tim, this is Jim. I guess, I would answer that in a couple of ways. We grew at a pretty quick pace in the first half of the year, way more so than we had anticipated and we have seen, as I've said earlier in my call. We've seen a pattern of, -- our healthcare practice still has a relatively small number of large engagement. Since you're going to see this ebb and flow, we've typically have that in the second. We've had a stronger second half historically. This is really for us, just a reflection of the pattern of engagements in terms of when they were started and when they're ending and I think, if you evened it out, you'd find a much more natural pattern that must be well above, still what we are expecting. The fact, that the second half will be less than the first half, does it all in our mind reflect or any anticipation that we are going to see a drop off in activity. In fact, things are looking good for the future. It's just really the pattern of the jobs we have right now, in terms of when they're coming through. And the other part is that, we still have, as I said we did bring down a little bit by $5 million or so, our guidance for the performance based fees. We are still – yes, those are things that could occur in the fourth quarter, that couldn't occur in the first quarter were being just cautious in terms of, how we project those things. So I'm not sure, if that I answered your question. Other than to say, there's really no pattern here to be followed other than the fact, that it's right now, it's just kind of sense at where we are right now and the projects that we have. Timothy McHugh – William Blair: Okay and then I guess on the shift towards more fixed fees on the healthcare side, what do you attribute that too and I guess, I mean in any ways, the success you've had on prior engagements make people afraid to enter in to, more the fix or the contingent arrangements or I guess, what's behind that?

No, Tim again I don't think there's any behind at all. We've seen that fluctuate also over the years and we are probably at a slightly low point, the only thing I will say is that, we have mentioned on a number of occasions that over time, we expect our contingent revenue as a percentage of our total healthcare revenue to begin to drop as our clinical practice continues to grow and so that certainly is part of that, but I think there is really nothing more, there is no pattern or no sense that we are getting any less contingent or performance based fee projects in the future. It's just the pattern of the projects, we have right now and their preference. Timothy McHugh – William Blair: Okay and then, lastly from a margin perspective, what kind of really surprise relative to my model, this quarter was the margins outside of healthcare, the other segments which are all were pretty close on a segment margin basis towards 30%, which I think is where you've talked about wanting to get towards, with each of those other segments and it doesn't assume you're assuming, you're going to stay there in the second half, I guess but can you talk, I guess how sustainable that sort of improvement is, in these segments or other factors that are going to kind of take back some of that margin improvement from Q2?

Tim, this is Mark. I think generally speaking you had some things that helped Q2 a little bit in terms of just favorable mix. We mentioned that a little bit in the legal segment. I think, that largely speaking the margins are going to continue to trend on a positive buoys [ph] from where we have been in the last couple of quarters, that we have talked about the areas that we wanted to see some improvement namely in legal, also in the ELS practice. So we saw some uptick in utilization in both of those segments and then also just in terms of the our discovery center utilization, so I think to the extent that – we're aiming toward the 30% range as an aspiration. We'd love to be able to sustain them there, but I think we are going to continue to see improvement, but perhaps not exactly at the same level. Timothy McHugh – William Blair: Okay. Thank you.

Our next question comes from Paul Ginocchio with Deutsche Bank Paul Ginocchio – Deutsche Bank: Thanks and just looking at the headcount reductions Q1 in education, is that now the right level and could you talk about maybe the types of people that, either departed or the headcount, catch me with a senior, junior and is the level that you can get utilization back up to more normal levels. Thanks.

Paul, this is Jim. We're always in all of our practices we're always balancing even when the practices are strong. We've always made it habit, when the practices are strong or when the practices are a little bit less than strong. We're always making some adjustments. There was no specific pattern or any major program, it was really just across the boards' people believe for various reasons. So there's really nothing special there and I think, there is nothing in terms of being all senior, all junior it's just a mix. Paul Ginocchio – Deutsche Bank: Okay, I seem to, I think you said earlier in the call that it's going to get back to, it's normal growth. There's nothing, it may be just the timing issue, but taking kind of head outs, would make me think, maybe it's going to last longer than that, is that the wrong read?

I think, so the way, I respond to that is that being in the market as I am quite a bit, there is nothing about what's happened in the market that would tell me, that we should be doing anything but growing into the future. I think that's kind of where our heads at right now. You're always going to make mid course adjustments. We do that in every one of our practices all the time. There's still a lot going on and I think, it's going to be a lot going in this practice – in the industry for a long period of time. So we have expectations for growth and that I'm very confident, that's where we are going to be. Paul Ginocchio – Deutsche Bank: And then just, a final follow-up. I think you said for 2015 mid single-digit growth looking and maybe I missed it, but looking at your contingent fees. Is the outlook, that they would grow from your revised guidance this year or in line with revenue or is it will there be something, I know it's difficult to look at so far in the future, but is it anything unusual about contingent fees next year that you can see?

No, Paul I would say it's too early to really give you any kind of indication one way or the other. I would say, it will be something that we will talk about, when we see what is best we can and as at the time, we give guidance what the mix of engagements looks like, but in the market. We are not seeing anything that is a shifting presence one way or the other, that's outside of ranges that we have not seen in the past, we've seen definitely seen this kind of movement between fixed and contingent. It's really not indicative and anything that's to come. Paul Ginocchio – Deutsche Bank: Great. Thanks.

Our next question comes from Tobey Sommer from SunTrust Frank Atkins – SunTrust Robinson Humphrey: Hi, this is Frank in for Tobey. Wanted to ask about the healthcare segment? Can you give us a sense for the impact of Vonlay on headcount bill rate and utilization and would it may have been on more organic basis?

Frank, this is Mark. So, we are not really breaking out from a bill rate and some of the other metrics, but I think from a headcount perspective, I think it's fair to say that, if you looked, if you took Vonlay out of our Q2 numbers. The headcount in the quarter would have been more flattish in healthcare and I think just a follow-up to that. Let me just say, our expectation is still to end the year somewhere, high single digits 10% type headcount growth rate excluding the impact of Vonlay. Frank Atkins – SunTrust Robinson Humphrey: Okay and utilization was strong in the quarter. Any particular reason there and what is your visibility going forward in that metrics?

Jim, you want to go ahead?

In the utilization as always is kind of ebbs and flows a little bit, this is little bit stronger than the first quarter. Again, it's just largely just reflection of the projects that we have in the pace that they are going at right now. I think, we have operated the healthcare utilization certainly in the last 12 – for the last four quarter, maybe the last five quarters, a bit higher than we would like. I think we still aim to have, our optimal utilization company wide, is likely going to be in the mid upper 70s and we certainly have demonstrated that we can run healthcare in the low 80s, but we get pretty hesitant, when it goes much upon that. I think, where is that right now is about right for we would like to be in longer term. Frank Atkins – SunTrust Robinson Humphrey: Okay and in your prepared remarks, with regards to the legal segment. You called out the impact of M&A, can you give us a little bit color on either the growth rate or the size and kind of how that funnels through that segment?

So Frank, this is Mark. In the M&A activity this is clearly you know second request type activity which is pretty common in this particular market and we participate in a meaningful percentage of the transaction that happen within the market place. So it's really just as those larger deals come up, they're somewhat hard to predict when they tend to be fairly intense during that period of time, but there have been an increasing number of event, this year than we have seen in the past several quarters. Frank Atkins – SunTrust Robinson Humphrey: Okay and last one from me. Could you touch a little bit on the hiring environment and attrition?

Yes, our turnover continues to be close to historical levels, picked up just a little bit but nothing outside of norms, going to post bonus that we wouldn't have expect to see. Our hiring will be, we've got our campus analyst starting between now and into the third quarter or the rest of the third quarter, at various points, so we continue to be able to attract people within Huron at competitive salaries and getting talent in the door is not, been a problem, whatsoever for us. Frank Atkins – SunTrust Robinson Humphrey: All right, great. Thank you very much.

Our next question comes from Jerry Herman – Stifel Jerry Herman – Stifel Nicolaus & Company: Thanks. Jim, I just wanted to stop with a follow-up an a clarification on your commentary about 2015. Did you say mid-to-single-digit growth in 2015, is that how you're referring that?

Yes, our mid-to-upper single-digit organic growth. Yes. Jerry Herman – Stifel Nicolaus & Company: Okay, great.

That's our current estimate right now, we are obviously not giving 2015 guidance yet, but as we kind of looked in the future in terms of what the market, where our markets are looking like, we believe that something that we can accomplish. Jerry Herman – Stifel Nicolaus & Company: Okay and then with, I want to follow-up on some questions about the second half of the year. Clearly the contingency fee business, distorts they have comp, put pressure on the comp if you will, could you maybe give us some sort of rank order in terms of where you see, the year-over-year changes in the business because it obviously suggest down EPS in the second half of the year, at the bottom line and I think your contingent fee guidance is something like $40 million versus $68 million if you will, but maybe just pick through some of the key factors that lead to that second half, negative comp?

Well, the first thing I think, I'd remind Jerry you and everyone else is that, last year in Q4 we had $45 million of contingent fees. So and clearly, we had said at that time that it was about $15 million of positive surprise so that's one thing, I think that you probably need to take into consideration in the comparison that obviously is going to varied within the reported numbers. And I think, you just noted the second factor which is, at the midpoint of the range that we just estimated, you've got a pretty meaningful decline $51 million year-to-date, if $90 million would be $39 million at the midpoint of that range and so those things basically provide a challenge in terms of the comps. Again, when you look at how we run the company. We really run the company on a full year basis and we do, we don't really try to have sequential, we'd love to have sequential growth as nice and even over time, but we do have a little bit of up and down in the business in terms of trends, but as we said there is nothing in the market place to give us to any pause or concern at this point.

And this is Jim, I will just reiterate that, we I can't emphasize that enough. We really do run this company at an annual basis. All of our planning, all of our hiring, all of it is done with kind of annual goals and mind, that's where people get compensated and so we don't necessarily. We – as year goes on, we begin to see more clearly the ebbs and flows that are going to happen quarter-to-quarter, but our entire thought process is around the annual results, which is entirely, what we commit to and a very important part of our people's compensation. So that's – these types of things are going to happen there's nothing we can do about them. As we have seen many times before, there are circumstances off and beyond our control that can have a material swing in the performance based fees both in terms of timing and sometimes in terms of amount and we just can't predict them. So we run the business, the way we think we need to for an annual basis and are always pleased when we lay out annual guidance at the beginning of the year and we end up exceeding that's certainly is our goal. Jerry Herman – Stifel Nicolaus & Company: This is one last question, I'll turn it over. Can you help to quantify, Mark the impact of the bonus accruals in the quarter and perhaps on a year-over-year basis?

Sure, Jerry. So the way to think about and again, I'm going to tell you things that you could probably glean off the balance sheet in terms of the accrued payroll and just looking at our cash flow statement, but in a cut to the answer here. It was about $10 million of additional bonus expense in the quarter year-on-year and sequentially, let me just double check my numbers here. I think it was about, you know Jerry I'll come back to you in just a moment. We'll go to the next question. Jerry Herman – Stifel Nicolaus & Company: Okay, that's great. Thanks very much guys. I'll turn it over.

Our next question comes from Randle Reece with Avondale Partners Randle Reece – Avondale Partners: Hi, I wondered first of all to clarify of the contingent fee revenue number you gave with that 100% healthcare?

Yes, that was all healthcare. Randle Reece – Avondale Partners: So the underlying, consulting billing rate in healthcare is running well ahead of historical norm and if I'm to assume that's going to persist, number one that's a significant change in modeling assumptions, but number two I'm wondering if you're expecting this fixed fee shift to last more than a couple of quarters?

Why don't you take the first one, I'll take the second one, Mark.

Yes, so you know I think, again I think Randy when you look at the bill rate. There's a couple things that go into that one is, clearly the contingent mix affects the bill rate in the quarter. We have seen some additional efficiency, when you look at the really the productivity of the solutions that we are working on, obviously one of the things we are trying to do is drive efficiency into our business, so that we can gain the same revenue on fewer hours and that would show up as a little bit of an improvement in the bill rate as well. And then I would just say, those are – you've got Vonlay, which is coming into the mix as well, which is going to have some impact on that, going to go on the other way, but it was not material really in terms of its impact on the quarter just based on the size of the revenue in relation to the whole. So, I would say getting we'd certainly love to see improvement in our bill rates over time, all of that said we are not really looking to drive higher margins in the business by improving our pricing, but if we get a little bit more flexibility in pricing from having more efficiency to be more competitive and remain competitive that's what we are going to continue to do.

All right and then I think Randy just in terms of the percentage, revenues coming from or the number of the projects that are coming with performance based fees. I think, we feel reasonably good about the way, 2014 is going run out in terms of predictions and we've shown out. I think, many of the projects that are just getting started now and many of the assessments we have underway right now will give us over the next quarter or so, a much better sense in terms of 2015, in terms of whether there's going to be a mix, more towards fixed fee or a contingent revenue. At this point, it's just to our tell, but as we said earlier this is entirely up to the clients. We offer both and it's up to the clients and they will make their own decisions, as they always do based on all of their internal factors. So it's really hard to for us to predict. I think overall, it's been roughly 33% or so, but I do think, we are going to continue to see performance based revenues as a percentage of total revenue continue to decline over time. Randle Reece – Avondale Partners: You've made a number of these IT acquisitions in the last few quarters, have they – in aggregate shifted any of your fundamental metrics in a meaningful way and should we, is there any way we should understand how that is in fact, in comparison?

Randy, this is Mark again. So first of all, on the IT acquisitions I would say that really Vonlay's is really the only pure IT acquisition. Blue Stone is really a consulting from it's really has billable consultant hours. So it's and its profile really looked very much like the ELS averages in terms of bill rates per hour, that now had been moved into Business Advisory is going to kind of blend that. We have kind of given you the relative percentages of what the revenues is from the legacy practice versus Blue Stone. So you can pretty much back into that from you know in terms of the math and the impact, with respect to Vonlay, that again it's roughly $5 million. A $100 million is just not going to be all that meaningful in the quarter and it would take, quite a bit of glow for that to really start to show up and have and kind of meaningful impact at this point. Randle Reece – Avondale Partners: Thanks.

And before we go to the next question, let me come back to the bonus question and just clarify that, the sequential increase in bonus expense was about $10 million and the year-on-year comparison is an incremental of about $13 million. And operator, why don't we go to the next question then.

Our next question comes from Kevin Spanky with Barrington Research Kevin Spanky – Barrington Research: Good afternoon, Kevin Spanky, Barrington Research. The mix shift towards fix fee projects is there an indication of strong growth and clinical solutions this year and that becoming a larger percentage of the healthcare segment revenue at all?

Kevin, this is Jim. It is a part of that, but I think another part of this is just still the core business that we have, the non-clinical solution piece still had a bit more fixed fee this year, than we had last year. So it's a little bit of a combination. Kevin Spanky – Barrington Research: Okay and within legal, just an update on your integrated analytics offering and how that's catching among the client base?

Kevin, this is Mark. It continues to be evolutionary, I mean it's certainly something that continues to be out there and increased gradually and pretty much as we thought, it continues a gain a popularity once we have trial, normally we have people sticking with it in various ways, but at this point it's not a meaningful percentage of the total revenue of the legal discovery business. Kevin Spanky – Barrington Research: Okay and also Mark, you mentioned DSO up a little bit, what would you attribute that to and do you see that, coming back or getting collected over the remainder of the year?

Yes, absolutely Kevin. I think it was just a slowdown in payments at the end of the quarter that we typically have not seen because actually right after the 1 July, we saw a substantial increase in collection. So I'm highly confident that we are going to have a more normalized period after that, so I don't think there is anything unusual about what's going on other than just slowdown and given what we've experienced, I would confirm it's temporary. Kevin Spanky – Barrington Research: Okay and lastly, just want to circle back on an announcement you had earlier in the month an investment and Shorelight Education. How material was that investment and what prompted you to make that and where do you see the benefit of that being going forward?

Kevin, this is Jim. We didn't disclose the terms on that, but more importantly strategically when you look at our higher education clients. One of the fundamental challenges that they're having right now, is that they're having difficulty growing the top line, it's not really going to come from tuition increases. It's not going to generally come from public funding and it's not going to come from research and so your only real option is to have, revenue growth come from gifts or endowment return. And while those may surface, I think it's a hard way to kind a plan a business and so what Shorelight does, it gives our clients an opportunity to have access to international students and which typically will be full pay and it provides them with an opportunity to increase their top line in a consistent manner with their expectations also achieving more diversity on the campus. So for us, it was the long way of saying for us, it's just an opportunity to provide a solution through Shorelight to our clients that are struggling otherwise in terms of growing the top line. Kevin Spanky – Barrington Research: Okay. Thanks for taking my questions.

(Operator Instructions). Mr. Roth, we have concluded the allotted time for this call. I would like to turn the conference back over to you.

Thank you all for spending time with us this afternoon. We look forward to speaking with you again in October, when we announce our third quarter results. Good evening.

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