Good afternoon, welcome to Huron Consulting Group's webcast to discuss financial results for the second quarter of 2023. At this time, all conference call lines are on a listen-only mode. Later, we will conduct our question-and-answer session for 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 out to 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 of the disclosures required by the SEC, including reconciliations of the most comparable GAAP numbers. Now I would like to turn the call over to Mark Hussey, Chief Executive Officer and President of Huron Consulting Group. Mr. Hussey, please go ahead. Good afternoon, and welcome to Huron Consulting Group's second quarter 2023 earnings call. With me today are John Kelly, our Chief Financial Officer, and Ronnie Dail, our Chief Operating Officer. We continue to drive strong organic growth in each of our three operating segments while expanding our company-wide operating margin, consistent with our growth strategy. Revenues in the second quarter of 2023 grew 27% over the prior year quarter. For the first half of 2023, revenues grew 25% over the same period last year, reflective of the ongoing strength and demand for both our consulting and managed services and digital capabilities. Adjusted EBITDA margin increased 130 basis points in the first half of 2023 compared to the same period in 2022, as we make solid progress toward our goal of expanding company-wide profitability. We're pleased that our performance has outpaced the financial objectives shared at our 2022 Investor Day. We remain confident in our ability to deliver at or above these goals in the years ahead. I'll now share some additional insights into our second quarter performance. In the healthcare segment, second quarter revenues grew 35% over the prior year quarter. The increase in revenues in the quarter was driven by strong demand for our performance improvement, financial advisory, and digital offerings. As the federal and state pandemic relief funding has waned, hospitals and health systems face ongoing financial and operational challenges. Many organizations have experienced workforce shortages, increased costs of labor and supplies, and increased competitive pressures in their markets, collectively leading to margin pressures and in many cases, net operating losses. Healthcare organizations are focused on addressing these challenges and doing so in a manner that best positions them to stabilize near-term performance and enables them to achieve their broader strategic goals. The shift in mindset highlights the need to implement more immediate financial improvements, while also designing strategies for near and long-term growth centered around the consumer. In responding to clients' needs to address both immediate and longer-term improvements, we have significantly broadened our portfolio to create more balanced and diversification in our healthcare offerings. We strengthened our industry expertise and expanded our portfolio of capabilities to solidify our position as the partner of choice for clients seeking to address both current and longer-term challenges and opportunities, which has also, in turn, expanded our addressable market in the healthcare industry. Let me bring this to life with a couple of examples. We're working with several health systems facing the exact pressures I just noted. These systems need to identify significant and sustainable financial improvement across their operations, sometimes ranging into hundreds of millions of dollars. Opportunities like these play to our strengths in core performance improvement as we help transform their current operating models and capabilities across such areas as revenue cycle, workforce, supply chain, and clinical optimization. In addition to driving near-term efficiency gains, our clients are also focused on driving longer-term, sustained improvement and growth to support their strategic goals. To support this second objective, we bring together our strategy and innovation, care transformation, financial advisory, and digital offerings to redesign the client's operating and care delivery models in order to fundamentally strengthen the system's underlying economics. Our competitive our competitive differentiation stems from our ability to assemble and deploy a talented team of healthcare experts integrated across a broad set of capabilities, and to work collaboratively to deliver the best solution possible for our clients, and that's at the heart of a new operating model. The second example of our work to improve performance in healthcare is an engagement in which we're using generative AI to drive efficiency in call center operations. Using our healthcare and contact center expertise, our digital team is implementing generative AI in conjunction with Salesforce to optimize and automate processes. While this example is very different in its scope and implementation than the first example I provided, it supports the same client goals: to drive near-term and long-term sustained benefit to address financial and operational challenges. Our deep healthcare expertise and digital capabilities together enable us to design offerings that address a broad range of strategic and operational concerns of our healthcare clients. Turning now to education. Education segment revenues grew 25% from the second quarter of 2023 over the prior year quarter, driven by broad-based demand across all our offerings in this segment. Our digital offerings in education grew 47% over the prior year quarter, our strategy and operations and our research offerings both continued to perform well. While some college business officers feel confident in the financial stability of their institutions over the next 10 years, colleges and universities have concerns over their near-term financial outlook, largely as a result of enrollment declines, reduced net tuition revenue, and an expense base that is increasing faster than revenues. Our education clients are not only focused on their near-term challenges, they're also committed to establishing a strong foundation to achieve their long-term strategic goals. Similar to healthcare, the confluence of these factors highlights the need to drive near-term improvements while establishing sustainable long-term strategies. Again, let me use a couple of examples to highlight the impact that our deep industry expertise and broad set of capabilities have on our higher education clients. As a first example, we've been engaged by a university to support the execution of their strategic plan. We're collaborating with them to identify opportunities that will drive growth and financial and operational improvements to create capacity to invest in the high-priority areas within the plan. Our scope with the university is broad, spanning administration, research, facilities, technology, and more. To bring this to life, let me call out three of these areas. Within the research enterprise, we're helping the institution refine their research strategy and administrative operations. Within the technology function, we're executing a data and analytics strategy with a goal of driving greater value and insights across the entire institution. Finally, together with the academic units, we're working with academic affairs to empower academic leaders with greater access to data, while advising on new offerings and capabilities to support the institution's growth goals. Our strategy, operations, and research teams have done a great job collaborating with the client, leading to additional opportunities to expand our efforts into new areas of the university, including their intercollegiate athletics program. Our second example highlights the power of our combined consulting and digital offerings. A recent client was seeking to create an agile operational foundation to support future growth, focused on enabling a positive and engaging student experience as a competitive advantage. Huron was hired to help execute a digital transformation to establish a process-driven, technology-enabled organization across this multi-campus institution. Our strategy and operations, research, and digital teams are all collaborating to lay a new operational foundation for the university, which will enhance their ability to recruit students, faculty, and staff, and create an agile and flexible foundation to help them achieve their future strategic goals. Together, our deep industry expertise and strong reputation, coupled with the breadth of our offerings and our collaborative, nimble culture, has solidified our strong competitive position, helping institutions address the challenging landscape that is in today in higher education. In the second quarter of 2023, turning to commercial, our commercial segment revenues grew 10% over the prior year quarter, driven by strong demand for our distressed financial advisory offerings and our digital offerings, partially offset by a decline in our strategy and innovation offerings. Demand for our distressed financial advisory offerings remains strong, given the continued impact of higher interest rates, challenging capital markets, increasing costs, and expanding competitive pressures. Healthcare companies are executing digital transformations to address some of the same pressures. Advanced and agile technology capabilities and strong data and analytics infrastructure are helping bend cost curves, enabling better, faster decision-making to improve how organizations engage with their customers. Growth in our commercial segment has increased diversification in our portfolio and end markets, driving new avenues for growth and expanding our addressable market. We believe that a broad portfolio of digital, financial advisory, and strategy and innovation offerings, coupled with deepening industry expertise, will continue to be a solid platform for growth in this segment. Finally, let me turn to our outlook for the year. As our press release indicates, we're increasing and narrowing our annual revenue guidance to $1.3 billion-$1.34 billion, an increase of $70 million at the midpoint. We continue to expect our adjusted EBITDA margin to be in a range of 12%-12.5% of revenues, and we're raising and narrowing our full-year adjusted diluted earnings per share to a range of $4.35-$4.65, an increase of $0.50 per share at the midpoint. Our first half results demonstrate the continued demand for our services and products and the power of a collaborative culture and new operating model. In summary, we're pleased with our first half performance, and we expect the underlying demand across our segments to continue, as reflected in our updated revenue and earnings guidance. I reiterate our commitment to our shareholders as we remain focused on advancing our growth strategy. Our strong relationships, industry expertise, and broad array of offerings in healthcare and education, along with a $500 million digital capability, which today represents about 45% of our total company revenues, provides a strong foundation from which to address the myriad of challenges our clients face today while positioning them for future success. We also believe the commercial segment will continue to drive new avenues of growth for our business as we expand upon our portfolio of offerings and further strengthen our industry expertise. While we're still in the early stages of the strategic journey we described at our 2022 Investor Day, we've demonstrated our ability to accelerate growth across the business over the last six quarters, and we remain confident in our ability to meet or exceed our medium-term financial objectives. Now let me turn it over to John for a more detailed discussion of our financial results. John? Thank you, Mark. Good afternoon, everyone. Before I begin, please note that I will be discussing non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income, adjusted EPS, and free cash flow. Our press release and investor relations page on the Huron website have reconciliations of these non-GAAP measures to the most comparable GAAP measures. Along with the discussion of why management uses these non-GAAP measures and why management believes they provide useful information to investors regarding our financial condition and operating results. Now I'll share some of the key financial results for the quarter. Revenues for the second quarter of 2023 were $346.8 million, up 26.9% from $273.3 million in the same quarter of 2022, achieving another record of quarterly revenues as we continue to execute on our growth strategy. The increase in revenues in the quarter was driven by organic growth across all three of our operating segments. From a capability perspective, consulting and managed services revenues grew 33.4%, and digital revenues grew 19.2% when compared to the same quarter in 2022, respectively. Net income was $24.7 million, or $1.27 per diluted share, compared to net income of $13.9 million, or $0.66 per diluted share in the second quarter of 2022. Our effective income tax rate in the second quarter of 2023 was 29.4%, compared to 36% in the same prior year period. Our effective tax rate for Q2 of 2023 was less favorable than the statutory rate, inclusive of state income taxes, primarily due to certain nondeductible expense items, partially offset by the tax benefit of nontaxable gains on investments used to fund our deferred compensation liability. Adjusted EBITDA was $48.5 million, or 14% of revenues in Q2 2023, compared to $33.2 million, or 12.2% of revenues in Q2 2022. The increase in adjusted EBITDA in the quarter was primarily attributable to the increase in segment operating income, reflecting continued progress toward our goal of mid-teen adjusted EBITDA margins by 2025. Adjusted net income was $27 million in the second quarter of 2023, compared to $17.5 million in the second quarter of 2022. Adjusted diluted earnings per share was $1.38 in Q2 2023, compared to $0.83 in the prior year quarter, an increase of 66% year-over-year. Now I'll make a few comments about the performance of each of our operating segments. The healthcare segment generated 50% of total company revenues during the second quarter of 2023. This segment posted revenues of $173.8 million, up $45.3 million, or 35.3% from the second quarter of 2022. The increase in revenue reflects continued strong demand for our performance improvement, financial advisory, digital, and revenue cycle managed services offerings, demonstrating broad-based demand across our portfolio of healthcare offerings. As a reminder, in accordance with US GAAP, we recognize performance-based fees on our healthcare performance improvement projects as we deliver on those projects, using a percentage of completion methodology and our best estimate of the total performance-based fees that we expect to earn on each project, which is typically based on a portion of the recurring financial benefits that we expect to generate for our clients. To the extent that our estimate of those client financial benefits change in a given period due to our performance, we adjust the amount of revenue recognized under a contract to reflect the amount that we ultimately expect to bill to our clients. Our second quarter of healthcare consulting and managed services revenues included approximately $16 million in favorable adjustments related to several performance-based fee contracts, where our teams delivered financial benefits for our clients that exceeded our previous expectations. The ability to deliver financial benefits for our clients that exceed expectations and generate incremental revenues for Huron remains an ongoing opportunity for our healthcare performance improvement business and the strength of our business model. However, the timing and magnitude of such favorable revenue adjustments can vary from quarter- to- quarter. Operating income margin for healthcare was 28.3% for Q2 2023, compared to 23.6% for the same quarter in 2022. The quarter-over-quarter increase in margin was primarily due to revenue growth that outpaced the increase in salaries and related expenses for our revenue-generating professionals, partially offset by increases in contractor expenses and project costs as a percentage of revenues. The education segment generated 32% of total company revenues during the second quarter of 2023. The education segment posted revenues of $110.7 million, up $22.5 million, or 25.5% from the second quarter of 2022. The increase in revenues in the quarter was driven by demand across our broad portfolio of offerings in the segment. Our digital capability in education grew 47% year-over-year, reflecting continued demand for our digital, technology, and analytics services and product offerings. Our strategy and operations and research offerings also continued their growth trajectory in the second quarter of 2023. Operating income margin for education was 24.8% for Q2 2023, compared to 24.6% for the same quarter in 2022. The commercial segment generated 18% of total company revenues during the second quarter of 2023, and posted revenues of $62.3 million, up $5.7 million, or 10% from the second quarter of 2022. The quarter-over-quarter increase in revenue was primarily attributable to strong demand for our distressed financial advisory offerings and our digital offerings, partially offset by declines in our strategy offerings. Operating income margin for the commercial segment was 16.8% for Q2 2023, compared to 21% for the same quarter in 2022. The quarter-over-quarter decrease was primarily driven by the increase in performance bonus expense for our revenue-generated professionals as a percentage of revenues based on our updated expectations for full year performance. Corporate expenses not allocated at the segment level were $42.9 million in Q2 2023, compared with $29.9 million in Q2 2022. Unallocated corporate expenses in the second quarter of 2023 included $1.4 million of expense related to the increase in the liability of our deferred compensation plan, which is offset by the investment gain on the assets used to fund that plan, reflected in other income expense. Unallocated corporate expenses in the second quarter of 2022 reflected a $4.9 million reduction in expense related to the deferred compensation plan. Excluding the impact of the deferred compensation plan in both periods, unallocated corporate expenses increased $6.7 million, primarily due to increased compensation costs for our support personnel. Excluding the impact of the deferred compensation plan, unallocated corporate SG&A decreased as a percentage of revenues to 12% in the second quarter of 2023, compared to 12.7% in the same period of 2022. Now turning to the balance sheet and cash flows. We finished the quarter with total debt of $395 million, consisting entirely of our senior bank debt, with cash of $16.6 million for net debt of $378.4 million. Our leverage ratio, as defined in our senior bank agreement, was 2.2x adjusted EBITDA as of both June 30th, 2023, and June 30th, 2022. Cash flow generated by operations in the second quarter of 2023 was $78.2 million, representing a record for the second quarter of a year. We used $8.2 million of our cash to invest in capital expenditures, inclusive of internally developed software costs, resulting in free cash flow of $70 million. We used $15.4 million of our cash to repurchase approximately 194,000 shares during the quarter. DSO came in at 77 days for the second quarter of 2023, compared to 83 days for the first quarter of 2023, and 81 days for the second quarter of 2022. Finally, let me turn to our expectations and guidance for 2023. As Mark noted, we are raising our full year 2023 revenue guidance to be in a range of $1.3 billion-$1.34 billion. The increase in our revenue guidance primarily reflects strong momentum across our business. In addition, we are maintaining our adjusted EBITDA guidance range of 12%-12.5% of revenues, and raising and narrowing our full year adjusted non-GAAP diluted earnings per share guidance to be in a range of $4.35-$4.65. We now expect our full year free cash flow to be in a range of $100 million-$120 million. Finally, we expect our full year effective tax rate to be in a range of 28%-30%. Thanks, everyone. I would now like to open the call to questions. Operator? Thank you. Ladies and gentlemen, if you have a question at this time, please press star one, one on your touch-tone telephone. If your question has been answered or you wish to remove yourself from the queue, you may do so by pressing star one, one again. Our first question comes from the line of Tobey Sommer of Truist Securities. Thank you. I wanted to ask a question about the organic runway in broad terms. Do, do you feel like you've got sort of all the pieces your, your business continuing to sort of drive organic growth and bridge? Because you've been delevering for a number of years, kinda, you know, buyback some stock, kinda riskless cash deployment, or at least less risky. I'm wondering if there's a potential for you pivoting and starting to, to spend money on acquisitions over the near term? ... Tobey, it's Mark, and you're breaking up a little bit, but I think I got the question about whether we have the organic platform today to continue growth without deploying large amounts of capital in M&A. The answer is yes. The portfolio, if you look back to what's happened to our business over the last 10 years, we have diversified our healthcare portfolio to be far more balanced between performance improvement and other solutions like digital, financial, advisory, and strategy. Our education business has grown to a nice level of scale from what it was over that period of time. We've expanded into areas in the commercial markets in conjunction with a digital acquisition platform that, through many small acquisitions, got us to this very large platform we have today. There are what I would characterize as opportunistic pieces for us to deploy, but I don't think that we see any major gaps in the platform as we see it, right now. Thanks. Do you think they'd be If you do have tuck-ins, do you think that would be more on the IT side and getting skills for specific emerging softwares that are, you know, experiencing rapid adoption or, or more in the care or, or education sort of functional areas? Tobey, I think it'll be a combination of both of those. I think it'll probably lean more digital because those actually work hand in hand, especially in our new operating model, where we really work collaboratively as a team in those markets. They are enabling to the advisory side of the business. So, it, it could be a little bit more on the pure advisory side, but I would say, largely speaking, it's likely to have a digital flair and probably focused on, again, some of the edge solutions in industries that we're not in, that help us gain a foothold and an expansion to be relevant in those particular markets. You know, I think that'll probably be a little bit leaning toward the digital solution, irrespective of the industry, as a general statement, but absolutely going to have an industry focus on it as well. Last question for me. We've heard from some other professional services firms that employee retention year to date improved pretty significantly, and in some cases, it seems to be dampening operating leverage. That's not evident in your, in your case, but I wanted to see if the improved employee retention is evident, even though, you know, dampening operating leverage doesn't visible. Hey, Tobey, this is John. Yes, our retention has certainly improved over the course of the year. I think, our attrition rate at this point, it's on a trajectory to be lower than even the historical norms that we had prior to the pandemic. In our case, given the pipeline that we have, the backlog we have, and the growth we're seeing in our business, this is great news for us in terms of really having the talent that we need to deploy on our projects. If we were to have a higher attrition rate, that just means we'd have to be more aggressive in the market, bringing people in because of the demand we're seeing right now across the business. Thank you. Again, to ask a question, please press star one, one on your telephone. Our next question comes from the line of Andrew Nicholas with William Blair & Company. Hi, good afternoon. Thanks for taking my questions. I wanted to ask first on, on the margin guidance, obviously, really, really strong second quarter and a second quarter EBITDA margin that was well above the full-year guide. Just kind of curious what, in the second half, makes you a bit more conservative on, on EBITDA margins? Maybe wrapped within that question is, is, you know, a question on headcount growth and hiring expectations in the back half of the year. Sure. Sure, Andrew. First, You, you said it in your question, but we are very pleased with our, our progress on the margin so far this year, and I think it's a reflection of a number of initiatives that we've had within the company to improve our pricing, to increase our utilization, to increase our deployment of global resources, and really, the continued scaling of our corporate SG&A. Also, during the quarter, the performance-based fees recognized, the healthcare performance improvement business also helped with, with margins during the quarter. With all that said, we're also really pleased with the growth rate that we've had so far this year, as well as the evolving pipeline that we see now even starting to look out into 2024. With this in mind, we think it's likely that we'll continue to build out our resource pool in the back half of the year with an eye on 2024, and that, that may create some additional pressure on second half margins, as there's typically a ramp to productivity for new consultants. We're certainly very comfortable with our guidance range on the, the margins. From our perspective, you know, we see the potential based on the initiatives I described, to be able to push upside there. We're just balancing that, and to your point, probably being a little bit conservative with the guidance, just recognizing that at the, the rate of our growth, we're likely going to still be in the market adding talent, and there just tends to be a little bit of a ramp as we're building up resources. That's, that's helpful. Thank you. Maybe somewhat related, I wanted to ask about the India initiative, which I know is a key part of your 25 margin target. I think last quarter, there was a little bit of pressure in the digital utilization, that's picked up nicely sequentially. Just if you could give an update on progress and utilization within that part of your business, the global support staff. ... We are, we are seeing some nice, nice progress there, Andrew. As we've talked about on prior calls, we did intentionally build up our resource pool in the back half of last year in India, really to diversify our global talent and to make sure that we had the right capacity to serve our, serve our clients, particularly in areas of digital growth. That, with that came a little bit of utilization pressure, just as we got those resources trained up and, and ready to be deployed. Our expectation for the year was that as each sequential quarter passed, we'd start to see that ramp of utilization, and that is, in fact, what we're seeing. When, when you look at the digital utilization, that we've published of 74.7% for the quarter, that's the, the composite there, if you're looking at it from a geography perspective, is near 80%, in North America, and then within India, ramping up to 65% this quarter, which has been some nice sequential improvement for us. Andrew, Mark, I'm gonna add a couple things to what John said. You know, the utilization is one part of the story. Another part of the story is just the breadth of what we're doing across every service line within India. And I'll just mention that in the last quarter, we also hired a country leader in Singapore, which will be served predominantly out of the India capabilities that we have today. You know, it is a great platform for us to expand. We've done very well in that particular market and have clients in the channel pulling us into there. We feel very confident in our ability to continue to leverage that as a, not only a source of margin expansion, but also to help drive revenue growth. Very helpful. Thank you. Thank you. Our next question comes from the line of Bill Sutherland of The Benchmark Company. Thanks, and congrats on a terrific quarter, guys. In, in healthcare, John, did you mention the growth that you had in digital in the healthcare side? It was, it was 10% for the quarter, Bill. Okay. Is the education so strong just because there's this insatiable need for cloud migration in, in the universities? Yeah, I think, Bill, this is Mark. There, there's going to be a long-term cloud conversion from, you know, decades-old, investments in systems. There's opportunities for them to leverage new technologies to help grow their businesses too, you know, applications like in the CRM space, Salesforce, et cetera. Data analytics, there, there's just a tremendous opportunity to bring digital solutions broadly across the whole higher education landscape, as well as healthcare. Okay. The growth, in terms of your, you know, the guidance now for the year and the growth in revenue that, that implies for the second half, should we think about hiring kind of being in line with that, or are you gonna be hiring potentially a little ahead of that growth? I think, in the, in the base case, Bill, I think of it as generally in line. Like I said in my earlier remarks, as the, you know, we continue to get a good view of pipeline for the back half of the year into next year, as the projects continue to convert, there's potential for us to hire even more aggressively, aggressively than that. I would think of it, Bill, in the, the base case as being generally in line with revenue in the back half of the year. Mm-hmm. Then finally, in commercial, you know, I guess this requires some view of the economic outlook as to whether you continue to build up resources in distress. How are you thinking about that and, and, and, and the other parts of that business? Thanks. We, we are, Bill, we are continuing to build out resources in the distressed financial advisory space. It's been one of the areas of really strong pipeline for us. It's been one of the areas where we've seen some great success converting that pipeline into backlog. As you know, it's one of the higher margin, higher bill rate areas of our business. We've certainly been adding talent in that area and would expect to continue to do so. Okay, great. Thanks. Thank you. Our next question comes from the line of Kevin Steinke of Barrington Research Associates. Hey, good afternoon. I, I wanted to follow up on the discussion about utilization. I guess if you look at consulting and digital together, your consolidated utilization rate is, you know, between 75% and 76%. On a consolidated basis, you know, how much higher do you think that can go? You mentioned near 80% in digital, and I think in the U.S., and then 65% or so in India. Is the expectation that, you know, India migrates towards that 80%-ish level as well over time? You know, is that kind of the right number to think about? Hey, Kevin, it's John. We are pleased to be, you know, to, to your point on the math there, over the 75% mark in terms of utilization. That's really as, as high as we've been since prior, prior to the pandemic, so we're very pleased with that. I think we believe there's still a couple hundred basis points of opportunity there in terms of utilization. When we deconstruct that, I think, our resources in India will certainly play a part of that increased utilization. To your question about, well, where should our India resources be? Certainly think we, we believe that utilization in India can get up to that 80% mark. The reality is, we think that there's opportunity there for it to, to move even higher over time. I think that remains probably one of our big utilization opportunities. As we've said on prior calls, the kind of per employee revenue or margin generation on our work done in India is actually quite high. For us, to the extent that we're able to drive that utilization improvement, we think that's gonna be accretive to our margins. Okay, great. Just also wanted to ask too, about commercial, more around your efforts to expand into, you know, serving additional industries. I know historically, you had some nice strength in financial services and energy, just wondering about what, what industries you're looking to expand into more significantly or where, where you're making progress on that front? Yeah, it's Kevin, it's Mark. The answer there is, yes, you're right. We have strength in financial services, energy, utilities. The third one, it's pretty broad and actually is doing very well for us too, is in the industrials market, which encompasses a number of different companies. You know, I would say collectively, the power of our model is the ability to bring, you know, these capability solutions into industries where you have that combination of the expertise on both vertical dimension as well as a horizontal dimension. As we continue to grow there, that's where back to an earlier question on M&A, I think you'll see us continue to use not only tuck-in, but organic hiring to solidify the positioning in that particular market. Historically, if you go back, you know, 10, 12 years ago, this, this was a very low single-digit percentage of our business. Over time, as we've expanded our digital capabilities to strengthen healthcare and education, it has naturally taken us into much broader markets in, in ways that are very naturally accretive in our expansion and growth. That's, that's exactly why we feel like we can continue to, to go down this path and very thoughtfully construct a commercial industry segment that, that really ends up, complementing the rest of the overall Huron model. Okay, thank you, and congratulations on the strong results. Thank you. Thank you. We have a follow-up question from the line of Tobey Sommer of Truist Securities. Thanks for the follow-up. I, I wanted to ask you a question about your relatively small restructuring business. What's the outlook there? You know, the capital markets, at least up until today, seem to be looking for a soft landing. And I think Chairman Powell yesterday, in his press conference, said the Fed is no longer modeling a recession. What's your line look like and tell you? You know, Tobey, right now, I'd say it's gonna continue to be in strong demand for a while. While interest rate increases have slowed down in absolute terms are pretty high, I think you have the capital markets now that, you know, in prior periods would go to a, to the financial solution to a restructuring. In this environment now, you have to have an operating solution often to those circumstances. The complexity of that plays well to the strengths that we have in that particular market, and we see that continuing on for some period of time. You've got, you know, the senior lending market is not really supportive of a whole lot of these situations right now. The, you know, non-regulated market it's quite expensive, and so it's, it's going to continue to have, I think, a lot of pressure in, in, in at least, I would say the next 12, 18 months. Thank you, and seeing no more questions in the queue, I'd like to turn the call back to Mr. Hussey. Thank you for spending time with us this afternoon. We look forward to speaking with you again in November, when we announce our third quarterly results. Have a good evening. That concludes today's conference call. Thank you everyone for your participation.