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Charles River Associates (CRA) Reports Financial Results for the Third Quarter of 2024

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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%.

Positive
  • 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
Negative
  • 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 $167.7 million, marking a 13.7% year-over-year growth. The company demonstrated strong profitability with net income surging 33.1% to $11.4 million. Particularly impressive is the expansion in non-GAAP EBITDA margin to 12.7%, up from 9.3% in Q3 2023.

The broad-based growth across multiple practice areas, especially the 16.4% expansion in North American operations, indicates robust market demand for consulting services. The 17% dividend increase to $0.49 per share reflects management's confidence in sustained performance. With year-to-date revenue of $509.4 million and maintained full-year guidance of $670-685 million, CRAI is well-positioned for continued growth despite potential macroeconomic headwinds.

Broad-based Contributions Drive Strong Revenue and Profit Growth

Company Increases Quarterly Dividend by 17%

BOSTON--(BUSINESS WIRE)-- Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced financial results for the fiscal third quarter ended September 28, 2024.

“Continued momentum in the business and demand for our services drove CRA’s quarterly revenue to $167.7 million, representing 13.7% year-over-year growth and the highest third-quarter revenue in the Company’s history,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Our performance was broad based, with seven of eleven practices growing revenue year over year. Five practices—Antitrust & Competition Economics, Energy, Financial Economics, Intellectual Property, and Risk, Investigations & Analytics—each grew by more than 10% year over year. At the same time, our North American operations continued its strong performance by expanding revenue 16.4% year over year. We continue to effectively manage the business, converting CRA’s top-line performance into strong profitability that grew at rates faster than revenue. In fact, this performance represents the highest third-quarter profitability in the Company’s history as measured by net income, earnings per share, and EBITDA.”

Highlights for Third Quarter Fiscal 2024

  • Revenue grew 13.7% year over year to $167.7 million.
  • Utilization was 76% and quarter-end headcount decreased 3.6% year over year.
  • Net income increased 33.1% year over year to $11.4 million, or 6.8% of revenue, compared with $8.6 million, or 5.8% of revenue, in the third quarter of fiscal 2023; non-GAAP net income increased 51.0% year over year to $12.1 million, or 7.2% of revenue, compared with $8.0 million, or 5.4% of revenue, in the third quarter of fiscal 2023.
  • Earnings per diluted share increased 38.0% year over year to $1.67 from $1.21 in the third quarter of fiscal 2023; non-GAAP earnings per diluted share increased 56.6% year over year to $1.77 from $1.13 in the third quarter of fiscal 2023.
  • Non-GAAP EBITDA increased 54.8% to $21.3 million, or 12.7% of revenue, compared with $13.8 million, or 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, $0.1 million, and $0.02 per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and non-GAAP EBITDA would have been lower by $0.1 million, $0.02, per diluted share and $0.2 million, respectively.
  • CRA returned $2.9 million of capital to its shareholders via quarterly dividend payments.

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 $509.4 million and non-GAAP EBITDA of $65.6 million, achieving a margin of 12.9%,” continued Maleh. “Reflecting the continued strength and quality of our business, we are reaffirming our revenue and profit guidance. For full-year fiscal 2024, on a constant currency basis relative to fiscal 2023, we expect revenue in the range of $670.0 million to $685.0 million and non-GAAP EBITDA margin in the range of 12.2% to 13.0%. We remain confident in CRA’s overall competitive position, which is reflected in our decision to raise our quarterly cash dividend by 17%, but we are mindful that macroeconomic headwinds and geopolitical conditions can affect our business.”

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 17% from $0.42 to $0.49 per common share. The dividend will be payable on December 13, 2024 to shareholders of record as of November 26, 2024. CRA expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA’s Board of Directors.

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 Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Instagram, and Facebook.

NON-GAAP FINANCIAL MEASURES

In this release, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or “GAAP” with the following financial measures that are not calculated in accordance with GAAP: non-GAAP net income, non-GAAP earnings per diluted share and non-GAAP EBITDA. CRA believes that the non-GAAP financial measures described in this press release are important to management and investors because these measures supplement the understanding of CRA’s ongoing operating results and financial condition. In addition, these non-GAAP measures are used by CRA in its budgeting process, and the non-GAAP adjustments are made to the performance measures for some of CRA’s performance-based compensation.

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 $1.6 million and $0.4 million, respectively.

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 $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions.
 

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 $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions.
 
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

 

 

 

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

FAQ

What was CRAI's revenue growth in Q3 2024?

CRAI's revenue grew 13.7% year-over-year to $167.7 million in Q3 2024.

How much did CRAI increase its quarterly dividend in Q3 2024?

CRAI increased its quarterly dividend by 17% from $0.42 to $0.49 per common share.

What is CRAI's revenue guidance for fiscal year 2024?

CRAI expects revenue in the range of $670.0 million to $685.0 million for fiscal year 2024.

What was CRAI's earnings per share in Q3 2024?

CRAI's earnings per diluted share were $1.67, up 38% from $1.21 in Q3 2023.

CRA International, Inc.

NASDAQ:CRAI

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