Charles River Associates (CRA) Reports Financial Results for the Third Quarter of 2024
Charles River Associates (NASDAQ: CRAI) reported strong Q3 2024 financial results with revenue growing 13.7% year-over-year to $167.7 million, marking the highest third-quarter revenue in company history. Net income increased 33.1% to $11.4 million, while earnings per diluted share rose 38% to $1.67. Seven of eleven practices showed growth, with five practices growing over 10%. North American operations expanded revenue by 16.4%. The company increased its quarterly dividend by 17% to $0.49 per share and reaffirmed full-year fiscal 2024 revenue guidance of $670.0-685.0 million with non-GAAP EBITDA margin of 12.2-13.0%.
Charles River Associates (NASDAQ: CRAI) ha riportato forti risultati finanziari per il terzo trimestre del 2024, con un incremento del fatturato del 13,7% rispetto all'anno precedente, raggiungendo 167,7 milioni di dollari, segnando il fatturato più alto di sempre per il terzo trimestre nella storia dell'azienda. Il reddito netto è aumentato del 33,1% a 11,4 milioni di dollari, mentre l'utile per azione diluito è salito del 38% a 1,67 dollari. Sette dei undici settori hanno mostrato una crescita, con cinque di questi in aumento di oltre il 10%. Le operazioni in Nord America hanno fatto registrare un incremento del fatturato del 16,4%. L'azienda ha aumentato il dividendo trimestrale del 17% a 0,49 dollari per azione e ha confermato le previsioni di fatturato per l'intero anno fiscale 2024 tra 670,0 e 685,0 milioni di dollari, con un margine EBITDA non-GAAP del 12,2-13,0%.
Charles River Associates (NASDAQ: CRAI) informó resultados financieros sólidos para el tercer trimestre de 2024, con un aumento del 13.7% en los ingresos interanuales, alcanzando $167.7 millones, marcando el mayor ingreso del tercer trimestre en la historia de la empresa. El ingreso neto aumentó un 33.1% a $11.4 millones, mientras que las ganancias por acción diluidas aumentaron un 38% a $1.67. Siete de once prácticas mostraron crecimiento, con cinco prácticas creciendo más de un 10%. Las operaciones en América del Norte expandieron los ingresos en un 16.4%. La compañía aumentó su dividendo trimestral en un 17% a $0.49 por acción y reafirmó su guía de ingresos para todo el año fiscal 2024 de $670.0 a $685.0 millones, con un margen EBITDA no GAAP de 12.2-13.0%.
찰스 리버 어소시에이츠 (NASDAQ: CRAI)는 2024년 3분기 재무 실적이 강세를 보여 전년 대비 13.7% 증가한 1억 6,770만 달러의 매출을 기록하며 회사 역사상 가장 높은 3분기 매출을 올렸다고 발표했습니다. 순이익은 33.1% 증가하여 1,140만 달러에 달했고, 희석 기준 주당 순이익은 38% 증가하여 1.67달러가 되었습니다. 11개 분야 중 7개 분야가 성장세를 보였으며, 5개 분야는 10% 이상 성장했습니다. 북미 지역의 매출은 16.4% 증가했습니다. 회사는 분기 배당금을 17% 증가시켜 주당 0.49달러로 했으며, 2024 회계연도 전체 매출 가이던스를 6억 7천만에서 6억 8천5백만 달러로 재확인하고 비-GAAP EBITDA 마진은 12.2-13.0%로 제시했습니다.
Charles River Associates (NASDAQ: CRAI) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires en hausse de 13,7 % par rapport à l'année précédente, atteignant 167,7 millions de dollars, marquant le revenu le plus élevé jamais enregistré pour un troisième trimestre dans l'histoire de l'entreprise. Le revenu net a augmenté de 33,1 %, à 11,4 millions de dollars, tandis que le bénéfice par action dilué a crû de 38 % pour atteindre 1,67 dollar. Sept des onze pratiques ont affiché une croissance, dont cinq ont progressé de plus de 10 %. Les opérations en Amérique du Nord ont augmenté leur chiffre d'affaires de 16,4 %. L'entreprise a augmenté son dividende trimestriel de 17 % à 0,49 dollar par action et a confirmé ses prévisions de revenus pour l'ensemble de l'exercice 2024, qui se situent entre 670,0 et 685,0 millions de dollars, avec une marge EBITDA non-GAAP de 12,2-13,0 %.
Charles River Associates (NASDAQ: CRAI) berichtete über starke Finanzzahlen im dritten Quartal 2024 mit einem Umsatzwachstum von 13,7% im Jahresvergleich auf 167,7 Millionen US-Dollar, was den höchsten Quartalsumsatz in der Unternehmensgeschichte darstellt. Der Nettogewinn stieg um 33,1% auf 11,4 Millionen US-Dollar, während der Gewinn pro verwässerter Aktie um 38% auf 1,67 US-Dollar zunahm. Sieben von elf Fachbereichen wiesen Wachstum auf, wobei fünf Fachbereiche über 10% wuchsen. Die nordamerikanischen Betriebe erhöhten den Umsatz um 16,4%. Das Unternehmen erhöhte seine vierteljährliche Dividende um 17% auf 0,49 US-Dollar pro Aktie und bestätigte die Umsatzprognose für das gesamte Geschäftsjahr 2024 von 670,0 bis 685,0 Millionen US-Dollar mit einer nicht GAAP EBITDA-Marge von 12,2-13,0%.
- Revenue grew 13.7% YoY to $167.7 million, highest Q3 revenue in company history
- Net income increased 33.1% YoY to $11.4 million
- Earnings per diluted share rose 38% YoY to $1.67
- North American operations revenue expanded 16.4% YoY
- Quarterly dividend increased by 17% to $0.49 per share
- Non-GAAP EBITDA increased 54.8% to $21.3 million
- Quarter-end headcount decreased 3.6% year over year
- Company noted potential macroeconomic headwinds and geopolitical conditions affecting business
Insights
Charles River Associates delivered a stellar Q3 2024 with remarkable financial performance across key metrics. Revenue reached
The broad-based growth across multiple practice areas, especially the
Broad-based Contributions Drive Strong Revenue and Profit Growth
Company Increases Quarterly Dividend by
“Continued momentum in the business and demand for our services drove CRA’s quarterly revenue to
Highlights for Third Quarter Fiscal 2024
-
Revenue grew
13.7% year over year to .$167.7 million
-
Utilization was
76% and quarter-end headcount decreased3.6% year over year.
-
Net income increased
33.1% year over year to , or$11.4 million 6.8% of revenue, compared with , or$8.6 million 5.8% of revenue, in the third quarter of fiscal 2023; non-GAAP net income increased51.0% year over year to , or$12.1 million 7.2% of revenue, compared with , or$8.0 million 5.4% of revenue, in the third quarter of fiscal 2023.
-
Earnings per diluted share increased
38.0% year over year to from$1.67 in the third quarter of fiscal 2023; non-GAAP earnings per diluted share increased$1.21 56.6% year over year to from$1.77 in the third quarter of fiscal 2023.$1.13
-
Non-GAAP EBITDA increased
54.8% to , or$21.3 million 12.7% of revenue, compared with , or$13.8 million 9.3% of revenue, in the third quarter of fiscal 2023.
-
On a constant currency basis relative to the third quarter of fiscal 2023, revenue, GAAP net income, and earnings per diluted share would have been lower by
,$0.5 million , and$0.1 million per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and non-GAAP EBITDA would have been lower by$0.02 ,$0.1 million , per diluted share and$0.02 , respectively.$0.2 million
-
CRA returned
of capital to its shareholders via quarterly dividend payments.$2.9 million
Management Commentary and Financial Guidance
“Through the first three quarters of fiscal 2024, on a constant currency basis relative to fiscal 2023, CRA generated total revenue of
CRA does not provide reconciliations of its annual non-GAAP EBITDA margin guidance to GAAP net income margin because the Company is unable to estimate with reasonable certainty and without unreasonable effort: (A) unusual gains or charges, foreign currency exchange rates and the resulting effect of these items on CRA’s taxes and (B) the impact of equity awards on CRA’s taxes. These items are uncertain, depend on various factors, and may have a material effect on CRA’s results computed in accordance with GAAP. A reconciliation between the historical GAAP and non-GAAP financial measures presented in this release is provided in the financial tables at the end of this release.
Quarterly Dividend
On October 31, 2024, CRA announced that it increased its quarterly cash dividend by
Conference Call Information and Prepared CFO Remarks
CRA will host a conference call today at 10:00 a.m. ET to discuss its third-quarter 2024 financial results. To listen to the live call, please visit the “Investor Relations” section of CRA’s website at www.crai.com, or dial (877) 709-8155 or (201) 689-8881. An archived version of the webcast will be available on CRA’s website for one year.
In combination with this press release, CRA has posted prepared remarks by its CFO, Dan Mahoney, under “Quarterly Earnings” in the “Investor Relations” section on CRA’s website at www.crai.com. These remarks are offered to provide the investment community with additional background on CRA’s financial results prior to the start of the conference call.
About Charles River Associates (CRA)
Charles River Associates® is a leading global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in
NON-GAAP FINANCIAL MEASURES
In this release, CRA has supplemented the presentation of its financial results calculated in accordance with
As used herein, CRA defines non-GAAP EBITDA as net income before interest expense (net), provision for income taxes, and depreciation and amortization further adjusted for the impact of certain items that we do not consider indicative of our core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. Non-GAAP net income and non-GAAP earnings per diluted share also exclude non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. This release also presents certain current fiscal period financial measures on a “constant currency” basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA’s financial results. These constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period’s foreign exchange rates. On a constant currency basis for the fiscal year-to-date period ended September 28, 2024 relative to the fiscal year-to-date period ended September 30, 2023, revenue and non-GAAP EBITDA would have been lower by
All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in this release. EBITDA and the financial measures identified in this release as “non-GAAP” are reconciled to their GAAP comparable measures in the financial tables appended to the end of this press release. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
SAFE HARBOR STATEMENT
Statements in this press release concerning our future business, operating results and financial condition, including those concerning guidance on future revenue and non-GAAP EBITDA margin, the impact of exchange rate fluctuations on our financial results, our expectations regarding continued growth, our expectations regarding the payment of any future quarterly dividends and the level and extent of any purchases under our expanded share repurchase program, and statements using the terms “outlook,” “expect,” or similar expressions, are “forward-looking” statements as defined in Section 21 of the Exchange Act. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. Our actual revenue and non-GAAP EBITDA margin in fiscal 2024 on a constant currency basis relative to fiscal 2023 could differ materially from the guidance presented herein, and our actual performance and results may differ materially from the performance and results contained in or implied by the forward-looking statements made herein, due to many important factors. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; foreign currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability or settlements. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading “Risk Factors.” The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.
CRA INTERNATIONAL, INC. | |||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||||||||||||
FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED |
|||||||||||||||||||||||||||
SEPTEMBER 28, 2024 COMPARED TO SEPTEMBER 30, 2023 |
|||||||||||||||||||||||||||
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
|||||||||||||||||||||||||||
Fiscal Quarter Ended | Fiscal Year-to-Date Period Ended | ||||||||||||||||||||||||||
September 28, 2024 |
As a % of Revenue |
September 30, 2023 |
As a % of Revenue |
September 28, 2024 |
As a % of Revenue |
September 30, 2023 |
As a % of Revenue |
||||||||||||||||||||
Revenues | $ |
167,748 |
|
100.0 |
% |
$ |
147,553 |
|
100.0 |
% |
$ |
510,979 |
|
100.0 |
% |
$ |
462,363 |
|
100.0 |
% |
|||||||
Costs of services (exclusive of depreciation and amortization) |
|
115,188 |
|
68.7 |
% |
|
105,894 |
|
71.8 |
% |
|
359,394 |
|
70.3 |
% |
|
327,064 |
|
70.7 |
% |
|||||||
Selling, general and administrative expenses |
|
31,269 |
|
18.6 |
% |
|
27,919 |
|
18.9 |
% |
|
93,784 |
|
18.4 |
% |
|
86,137 |
|
18.6 |
% |
|||||||
Depreciation and amortization |
|
2,900 |
|
1.7 |
% |
|
2,947 |
|
2.0 |
% |
|
8,503 |
|
1.7 |
% |
|
8,762 |
|
2.0 |
% |
|||||||
Income from operations |
|
18,391 |
|
11.0 |
% |
|
10,793 |
|
7.3 |
% |
|
49,298 |
|
9.6 |
% |
|
40,400 |
|
8.7 |
% |
|||||||
Interest expense, net |
|
(1,457 |
) |
-0.9 |
% |
|
(1,025 |
) |
-0.7 |
% |
|
(3,405 |
) |
-0.7 |
% |
|
(3,212 |
) |
-0.7 |
% |
|||||||
Foreign currency gains (losses), net |
|
(904 |
) |
-0.5 |
% |
|
755 |
|
0.5 |
% |
|
(1,236 |
) |
-0.2 |
% |
|
(459 |
) |
-0.1 |
% |
|||||||
Income before provision for income taxes |
|
16,030 |
|
9.6 |
% |
|
10,523 |
|
7.1 |
% |
|
44,657 |
|
8.7 |
% |
|
36,729 |
|
7.9 |
% |
|||||||
Provision for income taxes |
|
4,593 |
|
2.7 |
% |
|
1,927 |
|
1.3 |
% |
|
12,991 |
|
2.5 |
% |
|
9,707 |
|
2.1 |
% |
|||||||
Net income | $ |
11,437 |
|
6.8 |
% |
$ |
8,596 |
|
5.8 |
% |
$ |
31,666 |
|
6.2 |
% |
$ |
27,022 |
|
5.8 |
% |
|||||||
Net income per share: | |||||||||||||||||||||||||||
Basic | $ |
1.68 |
|
$ |
1.22 |
|
$ |
4.62 |
|
$ |
3.83 |
|
|||||||||||||||
Diluted | $ |
1.67 |
|
$ |
1.21 |
|
$ |
4.57 |
|
$ |
3.78 |
|
|||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||||
Basic |
|
6,760 |
|
|
6,977 |
|
|
6,840 |
|
|
7,026 |
|
|||||||||||||||
Diluted |
|
6,843 |
|
|
7,083 |
|
|
6,922 |
|
|
7,138 |
|
|||||||||||||||
CRA INTERNATIONAL, INC. |
|||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||||||||||
FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED |
|||||||||||||||||||||||||||
SEPTEMBER 28, 2024 COMPARED TO SEPTEMBER 30, 2023 |
|||||||||||||||||||||||||||
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
|||||||||||||||||||||||||||
Fiscal Quarter Ended | Fiscal Year-to-Date Period Ended | ||||||||||||||||||||||||||
September 28, 2024 |
As a % of Revenue |
September 30, 2023 |
As a % of Revenue |
September 28, 2024 |
As a % of Revenue |
September 30, 2023 |
As a % of Revenue |
||||||||||||||||||||
Revenues | $ |
167,748 |
|
100.0 |
% |
$ |
147,553 |
|
100.0 |
% |
$ |
510,979 |
|
100.0 |
% |
$ |
462,363 |
|
100.0 |
% |
|||||||
Net income | $ |
11,437 |
|
6.8 |
% |
$ |
8,596 |
|
5.8 |
% |
$ |
31,666 |
|
6.2 |
% |
$ |
27,022 |
|
5.8 |
% |
|||||||
Adjustments needed to reconcile GAAP net income to non-GAAP net income: | |||||||||||||||||||||||||||
Non-cash valuation change in contingent consideration |
|
- |
|
- |
% |
|
16 |
|
- |
% |
|
- |
|
- |
% |
|
52 |
|
- |
% |
|||||||
Restructuring (1) |
|
- |
|
- |
% |
|
- |
|
- |
% |
|
8,176 |
|
1.6 |
% |
|
- |
|
- |
% |
|||||||
Acquisition-related costs |
|
- |
|
- |
% |
|
- |
|
- |
% |
|
- |
|
- |
% |
|
22 |
|
- |
% |
|||||||
Foreign currency (gains) losses, net |
|
904 |
|
0.5 |
% |
|
(755 |
) |
-0.5 |
% |
|
1,236 |
|
0.2 |
% |
|
459 |
|
0.1 |
% |
|||||||
Tax effect on adjustments |
|
(227 |
) |
-0.1 |
% |
|
166 |
|
0.1 |
% |
|
(2,467 |
) |
-0.5 |
% |
|
(138 |
) |
- |
% |
|||||||
Non-GAAP net income | $ |
12,114 |
|
7.2 |
% |
$ |
8,023 |
|
5.4 |
% |
$ |
38,611 |
|
7.6 |
% |
$ |
27,417 |
|
5.9 |
% |
|||||||
Non-GAAP net income per share: | |||||||||||||||||||||||||||
Basic | $ |
1.78 |
|
$ |
1.14 |
|
$ |
5.63 |
|
$ |
3.89 |
|
|||||||||||||||
Diluted | $ |
1.77 |
|
$ |
1.13 |
|
$ |
5.57 |
|
$ |
3.83 |
|
|||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||||
Basic |
|
6,760 |
|
|
6,977 |
|
|
6,840 |
|
|
7,026 |
|
|||||||||||||||
Diluted |
|
6,843 |
|
|
7,083 |
|
|
6,922 |
|
|
7,138 |
|
|||||||||||||||
(1) Includes cash severance of |
CRA INTERNATIONAL, INC. |
|||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||||||||||
FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED |
|||||||||||||||||||||||||||
SEPTEMBER 28, 2024 COMPARED TO SEPTEMBER 30, 2023 |
|||||||||||||||||||||||||||
(IN THOUSANDS) |
|||||||||||||||||||||||||||
Fiscal Quarter Ended | Fiscal Year-to-Date Period Ended | ||||||||||||||||||||||||||
September 28, 2024 |
As a % of Revenue |
September 30, 2023 |
As a % of Revenue |
September 28, 2024 |
As a % of Revenue |
September 30, 2023 |
As a % of Revenue |
||||||||||||||||||||
Revenues | $ |
167,748 |
|
100.0 |
% |
$ |
147,553 |
|
100.0 |
% |
$ |
510,979 |
|
100.0 |
% |
$ |
462,363 |
|
100.0 |
% |
|||||||
Net income | $ |
11,437 |
|
6.8 |
% |
$ |
8,596 |
|
5.8 |
% |
$ |
31,666 |
|
6.2 |
% |
$ |
27,022 |
|
5.8 |
% |
|||||||
Adjustments needed to reconcile GAAP net income to non-GAAP net income: | |||||||||||||||||||||||||||
Non-cash valuation change in contingent consideration |
|
- |
|
- |
% |
|
16 |
|
- |
% |
|
- |
|
- |
% |
|
52 |
|
- |
% |
|||||||
Restructuring (1) |
|
- |
|
- |
% |
|
- |
|
- |
% |
|
8,176 |
|
1.6 |
% |
|
- |
|
- |
% |
|||||||
Acquisition-related costs |
|
- |
|
- |
% |
|
- |
|
- |
% |
|
- |
|
- |
% |
|
22 |
|
- |
% |
|||||||
Foreign currency (gains) losses, net |
|
904 |
|
0.5 |
% |
|
(755 |
) |
-0.5 |
% |
|
1,236 |
|
0.2 |
% |
|
459 |
|
0.1 |
% |
|||||||
Tax effect on adjustments |
|
(227 |
) |
-0.1 |
% |
|
166 |
|
0.1 |
% |
|
(2,467 |
) |
-0.5 |
% |
|
(138 |
) |
- |
% |
|||||||
Non-GAAP net income | $ |
12,114 |
|
7.2 |
% |
$ |
8,023 |
|
5.4 |
% |
$ |
38,611 |
|
7.6 |
% |
$ |
27,417 |
|
5.9 |
% |
|||||||
Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA: | |||||||||||||||||||||||||||
Interest expense, net |
|
1,457 |
|
0.9 |
% |
|
1,025 |
|
0.7 |
% |
|
3,405 |
|
0.7 |
% |
|
3,212 |
|
0.7 |
% |
|||||||
Provision for income taxes |
|
4,820 |
|
2.9 |
% |
|
1,761 |
|
1.2 |
% |
|
15,458 |
|
3.0 |
% |
|
9,845 |
|
2.1 |
% |
|||||||
Depreciation and amortization |
|
2,900 |
|
1.7 |
% |
|
2,947 |
|
2.0 |
% |
|
8,503 |
|
1.7 |
% |
|
8,762 |
|
2.0 |
% |
|||||||
Non-GAAP EBITDA | $ |
21,291 |
|
12.7 |
% |
$ |
13,756 |
|
9.3 |
% |
$ |
65,977 |
|
12.9 |
% |
$ |
49,236 |
|
10.6 |
% |
|||||||
(1) Includes cash severance of |
|||||||||||||||||||||||||||
CRA INTERNATIONAL, INC. | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(IN THOUSANDS) | |||||
September 28, 2024 |
December 30, 2023 |
||||
Assets | |||||
Cash and cash equivalents | $ |
24,481 |
$ |
45,586 |
|
Accounts receivable and unbilled services, net |
|
232,855 |
|
199,556 |
|
Other current assets |
|
28,204 |
|
20,334 |
|
Total current assets |
|
285,540 |
|
265,476 |
|
Property and equipment, net |
|
38,496 |
|
38,176 |
|
Goodwill and intangible assets, net |
|
102,176 |
|
101,185 |
|
Right-of-use assets |
|
87,032 |
|
86,887 |
|
Other assets |
|
69,099 |
|
61,487 |
|
Total assets | $ |
582,343 |
$ |
553,211 |
|
Liabilities and Shareholders’ Equity | |||||
Accounts payable | $ |
28,430 |
$ |
28,701 |
|
Accrued expenses |
|
146,284 |
|
171,040 |
|
Current portion of lease liabilities |
|
18,626 |
|
16,475 |
|
Revolving line of credit |
|
60,000 |
|
- |
|
Other current liabilities |
|
14,917 |
|
19,871 |
|
Total current liabilities |
|
268,257 |
|
236,087 |
|
Non-current portion of lease liabilities |
|
89,412 |
|
92,280 |
|
Other non-current liabilities |
|
20,161 |
|
12,743 |
|
Total liabilities |
|
377,830 |
|
341,110 |
|
Total shareholders’ equity |
|
204,513 |
|
212,101 |
|
Total liabilities and shareholders’ equity | $ |
582,343 |
$ |
553,211 |
|
CRA INTERNATIONAL, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(IN THOUSANDS) | |||||||
Fiscal Year-to-Date Period Ended | |||||||
September 28, 2024 |
September 30, 2023 |
||||||
Operating activities: | |||||||
Net income | $ |
31,666 |
|
$ |
27,022 |
|
|
Adjustments to reconcile net income to net cash used in operating activities: | |||||||
Non-cash items, net |
|
24,425 |
|
|
21,542 |
|
|
Accounts receivable and unbilled services |
|
(32,321 |
) |
|
1,559 |
|
|
Working capital items, net |
|
(53,459 |
) |
|
(50,150 |
) |
|
Net cash used in operating activities |
|
(29,689 |
) |
|
(27 |
) |
|
Investing activities: | |||||||
Purchases of property and equipment, net |
|
(6,032 |
) |
|
(2,008 |
) |
|
Consideration paid for acquisition, net |
|
(1,500 |
) |
|
(577 |
) |
|
Net cash used in investing activities |
|
(7,532 |
) |
|
(2,585 |
) |
|
Financing activities: | |||||||
Borrowings under revolving line of credit |
|
95,000 |
|
|
105,000 |
|
|
Repayments under revolving line of credit |
|
(35,000 |
) |
|
(73,000 |
) |
|
Tax withholding payments reimbursed by shares |
|
(2,030 |
) |
|
(2,040 |
) |
|
Cash dividends paid |
|
(8,850 |
) |
|
(7,773 |
) |
|
Repurchase of common stock |
|
(33,348 |
) |
|
(23,577 |
) |
|
Net cash provided by (used in) financing activities |
|
15,772 |
|
|
(1,390 |
) |
|
Effect of foreign exchange rates on cash and cash equivalents |
|
344 |
|
|
159 |
|
|
Net decrease in cash and cash equivalents |
|
(21,105 |
) |
|
(3,843 |
) |
|
Cash and cash equivalents at beginning of period |
|
45,586 |
|
|
31,447 |
|
|
Cash and cash equivalents at end of period | $ |
24,481 |
|
$ |
27,604 |
|
|
Noncash investing and financing activities: | |||||||
Increase (decrease) in accounts payable and accrued expenses for property and equipment | $ |
1,228 |
|
$ |
(129 |
) |
|
Asset retirement obligations | $ |
191 |
|
$ |
- |
|
|
Excise tax on share repurchases | $ |
(284 |
) |
$ |
(190 |
) |
|
Right-of-use assets obtained in exchange for lease obligations | $ |
10,627 |
|
$ |
2,503 |
|
|
Supplemental cash flow information: | |||||||
Cash paid for taxes | $ |
17,085 |
|
$ |
9,953 |
|
|
Cash paid for interest | $ |
3,086 |
|
$ |
2,904 |
|
|
Cash paid for amounts included in operating lease liabilities | $ |
15,008 |
|
$ |
16,660 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031165212/en/
Dan Mahoney
Chief Financial Officer
Charles River Associates
617-425-3505
Nicholas Manganaro
Sharon Merrill Advisors
crai@investorrelations.com
617-542-5300
Source: Charles River Associates
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