Charles River Associates (CRA) Reports Fourth-Quarter and Full-Year 2023 Financial Results
- Record revenue in the fiscal 2023 fourth quarter with an 11.5% year-over-year increase.
- Net income increased by 32.1% year over year, reaching $11.5 million.
- Earnings per diluted share grew by 36.1% year over year to $1.62.
- Share repurchase authorization expanded by $35 million.
- Returned $10.8 million of capital to shareholders in the fourth quarter.
- GAAP net income decreased by 11.8% year over year for the full year fiscal 2023.
- Non-GAAP EBITDA declined by 3.9% in fiscal 2023.
- Uncertain global macroeconomic, business, and political conditions may affect CRA's business in the future.
Insights
Charles River Associates' (CRA) reported revenue growth of 11.5% in the fourth quarter is a strong indicator of the company's robust performance, particularly given the consistent double-digit growth in their Antitrust & Competition Economics, Energy and Forensic Services practices. This expansion reflects not only the company's ability to leverage its expertise in high-demand sectors but also suggests effective management strategies in resource utilization and market positioning.
From a financial perspective, the increase in net income by 32.1% and earnings per diluted share by 36.1% year over year is noteworthy. These figures, along with a non-GAAP net income increase of 14.8%, are indicative of operational efficiency and a well-managed cost structure. The reported EBITDA growth of 16.7% is a positive sign for investors, as it suggests a healthy cash flow position and the potential for sustained profitability.
However, the full-year figures present a more nuanced picture, with a decrease in GAAP net income by 11.8% and a decline in non-GAAP EBITDA by 3.9%. These declines could be a point of concern, highlighting potential challenges in maintaining profitability over longer periods. It is also important to consider the impact of foreign currency exchange rates, which on a constant currency basis, would have resulted in slightly different financial outcomes.
The geographic breakdown of CRA's performance, with North American operations expanding by 17.4%, signals a strong domestic market presence and potentially strategic positioning against global uncertainties. The firm's revenue growth across diverse practices such as Antitrust & Competition Economics and Life Sciences could be attributed to the increasing complexity of regulatory environments and a high demand for specialized consulting services.
Furthermore, the decision to expand the share repurchase authorization by $35 million demonstrates confidence in the company's intrinsic value and a commitment to shareholder returns. This move, coupled with consistent dividend payments, could be seen as an attractive proposition for investors seeking both growth and income.
Looking ahead, the projected revenue range for fiscal 2024 and the non-GAAP EBITDA margin forecasts suggest cautious optimism. Management's acknowledgment of the uncertain macroeconomic and political landscape indicates a realistic approach to future guidance, which is essential for investor trust and long-term planning.
The financial results of CRA highlight several economic implications. The company's performance amidst a backdrop of uncertain global economic conditions is commendable and reflects the resilience of the consulting industry, particularly in areas of antitrust, energy and forensics. The ability of CRA to navigate currency headwinds and still post growth is a testament to the robustness of their business model and the inelastic demand for their services.
However, the full-year decrease in net income and EBITDA margin may indicate that while specialized consulting services are in demand, the cost pressures and competitive landscape could be affecting profit margins. This could be reflective of broader economic trends where businesses may face increased costs and pressure on pricing.
The forward-looking statements regarding fiscal 2024 revenue and EBITDA margins, while optimistic, suggest management is preparing for potential economic headwinds. The lack of a reconciliation of non-GAAP EBITDA margin guidance to GAAP net income margin due to uncertainties further underscores the volatile economic environment businesses currently operate in.
Broad-based Contributions Drive Record Revenue in Fiscal 2023
Fourth Quarter Revenue Increases
Board Expands Share Repurchase Authorization by
“CRA once again set a new financial high as fiscal 2023 revenue topped a record-setting fiscal 2022,” said Paul Maleh, CRA’s President and Chief Executive Officer. “For the fourth quarter, we continued to see strength across our portfolio of services. Reported revenue increased
Highlights for Fourth Quarter Fiscal 2023
-
Revenue grew
11.5% year over year to$161.6 million -
Utilization was
73% and quarter-end headcount increased6.9% year over year. -
Net income increased
32.1% year over year to$11.5 million 7.1% of revenue, compared with$8.7 million 6.0% of revenue, in the fourth quarter of fiscal 2022; non-GAAP net income increased14.8% year over year to$11.5 million 7.1% of revenue, compared with$10.1 million 6.9% of revenue, in the fourth quarter of fiscal 2022. -
Earnings per diluted share increased
36.1% year over year to$1.62 $1.19 19.0% year over year to$1.63 $1.37 -
Non-GAAP EBITDA increased
16.7% to$19.0 million 11.8% of revenue, compared with$16.3 million 11.2% of revenue, in the fourth quarter of fiscal 2022. -
On a constant currency basis relative to the fourth quarter of fiscal 2022, revenue, GAAP net income, and earnings per diluted share would have been lower by
$1.3 million $0.1 million $0.01 $0.01 $0.1 million -
CRA returned
$10.8 million $3.0 million $7.8 million
Highlights for Full-Year Fiscal 2023
-
Revenue grew
5.6% year over year to$624.0 million 70% . -
GAAP net income decreased
11.8% year over year to$38.5 million 6.2% of revenue, or$5.39 $43.6 million 7.4% of revenue, or$5.91 7.9% year over year to$39.0 million 6.2% of revenue, or$5.46 $42.3 million 7.2% of revenue, or$5.74 -
Non-GAAP EBITDA declined
3.9% to$68.3 million 10.9% of revenue, compared with$71.0 million 12.0% of revenue, in fiscal 2022. -
On a constant currency basis relative to fiscal 2022, revenue, GAAP net income, and earnings per diluted share would have been higher by
$0.1 million $0.5 million $0.08 $0.5 million $0.08 $0.6 million -
For fiscal 2023, CRA returned
$42.2 million $10.8 million $31.4 million
Management Commentary and Financial Guidance
“CRA reported revenue for fiscal 2023 of
“Our fiscal 2023 financial performance demonstrates our continued strength in the marketplace. For full-year fiscal 2024, on a constant currency basis relative to fiscal 2023, we expect revenue in the range 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 unusual gains or charges, foreign currency exchange rates, and the resulting effect of these items, and of equity awards, on CRA’s taxes without unreasonable effort. 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.
Share Repurchase Expansion and Quarterly Dividend
On February 29, 2024, CRA’s Board of Directors authorized a
The Board of Directors also authorized a quarterly cash dividend of
Conference Call Information and Prepared CFO Remarks
CRA will host a conference call today at 10:00 a.m. ET to discuss its fourth-quarter and fiscal-year 2023 financial results. To listen to the live call, please visit the “Investor Relations” section of CRA’s website at https://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 http://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 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 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.
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 | |||||||||||||||||||||||||||
| DECEMBER 30, 2023 COMPARED TO DECEMBER 31, 2022 | |||||||||||||||||||||||||||
| (IN THOUSANDS, EXCEPT PER SHARE DATA) | |||||||||||||||||||||||||||
| Fiscal Quarter Ended | Fiscal Year-to-Date Period Ended | ||||||||||||||||||||||||||
| December 30, 2023 |
As a % of Revenue |
December 31, 2022 |
As a % of Revenue |
December 30, 2023 |
As a % of Revenue |
December 31, 2022 |
As a % of Revenue |
||||||||||||||||||||
| Revenues | $ |
161,613 |
|
100.0 |
% |
$ |
144,976 |
|
100.0 |
% |
$ |
623,976 |
|
100.0 |
% |
$ |
590,901 |
|
100.0 |
% |
|||||||
| Cost of services (exclusive of depreciation and amortization) |
|
112,688 |
|
69.7 |
% |
|
100,678 |
|
69.4 |
% |
|
439,751 |
|
70.5 |
% |
|
410,081 |
|
69.4 |
% |
|||||||
| Selling, general and administrative expenses |
|
28,979 |
|
17.9 |
% |
|
28,060 |
|
19.4 |
% |
|
115,116 |
|
18.4 |
% |
|
110,087 |
|
18.6 |
% |
|||||||
| Depreciation and amortization |
|
2,801 |
|
1.7 |
% |
|
2,936 |
|
2.0 |
% |
|
11,564 |
|
1.9 |
% |
|
11,996 |
|
2.0 |
% |
|||||||
| Income from operations |
|
17,145 |
|
10.6 |
% |
|
13,302 |
|
9.2 |
% |
|
57,545 |
|
9.2 |
% |
|
58,737 |
|
9.9 |
% |
|||||||
| Interest expense, net |
|
(600 |
) |
-0.4 |
% |
|
(484 |
) |
-0.3 |
% |
|
(3,812 |
) |
-0.6 |
% |
|
(1,826 |
) |
-0.3 |
% |
|||||||
| Foreign currency gains (losses), net |
|
(987 |
) |
-0.6 |
% |
|
(1,677 |
) |
-1.2 |
% |
|
(1,445 |
) |
-0.2 |
% |
|
1,889 |
|
0.3 |
% |
|||||||
| Income before provision for income taxes |
|
15,558 |
|
9.6 |
% |
|
11,141 |
|
7.7 |
% |
|
52,288 |
|
8.4 |
% |
|
58,800 |
|
10.0 |
% |
|||||||
| Provision for income taxes |
|
4,099 |
|
2.5 |
% |
|
2,468 |
|
1.7 |
% |
|
13,807 |
|
2.2 |
% |
|
15,181 |
|
2.6 |
% |
|||||||
| Net income | $ |
11,459 |
|
7.1 |
% |
$ |
8,673 |
|
6.0 |
% |
$ |
38,481 |
|
6.2 |
% |
$ |
43,619 |
|
7.4 |
% |
|||||||
| Net income per share: | |||||||||||||||||||||||||||
| Basic | $ |
1.65 |
|
$ |
1.21 |
|
$ |
5.48 |
|
$ |
6.02 |
|
|||||||||||||||
| Diluted | $ |
1.62 |
|
$ |
1.19 |
|
$ |
5.39 |
|
$ |
5.91 |
|
|||||||||||||||
| Weighted average number of shares outstanding: | |||||||||||||||||||||||||||
| Basic |
|
6,954 |
|
|
7,129 |
|
|
7,008 |
|
|
7,218 |
|
|||||||||||||||
| Diluted |
|
7,057 |
|
|
7,293 |
|
|
7,118 |
|
|
7,355 |
|
|||||||||||||||
| CRA INTERNATIONAL, INC. | |||||||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||
| FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED | |||||||||||||||||||||||||||
| DECEMBER 30, 2023 COMPARED TO DECEMBER 31, 2022 | |||||||||||||||||||||||||||
| (IN THOUSANDS, EXCEPT PER SHARE DATA) | |||||||||||||||||||||||||||
| Fiscal Quarter Ended | Fiscal Year-to-Date Period Ended | ||||||||||||||||||||||||||
| December 30, 2023 |
As a % of Revenue |
December 31, 2022 |
As a % of Revenue |
December 30, 2023 |
As a % of Revenue |
December 31, 2022 |
As a % of Revenue |
||||||||||||||||||||
| Revenues | $ |
161,613 |
|
100.0 |
% |
$ |
144,976 |
|
100.0 |
% |
$ |
623,976 |
|
100.0 |
% |
$ |
590,901 |
|
100.0 |
% |
|||||||
| Net income | $ |
11,459 |
|
7.1 |
% |
$ |
8,673 |
|
6.0 |
% |
$ |
38,481 |
|
6.2 |
% |
$ |
43,619 |
|
7.4 |
% |
|||||||
| Adjustments needed to reconcile GAAP net income to non-GAAP net income: | |||||||||||||||||||||||||||
| Non-cash valuation change in contingent consideration |
|
(918 |
) |
-0.6 |
% |
|
- |
|
- |
% |
|
(866 |
) |
-0.1 |
% |
|
- |
|
- |
% |
|||||||
| Acquisition-related costs |
|
- |
|
- |
% |
|
69 |
|
- |
% |
|
22 |
|
- |
% |
|
302 |
|
0.1 |
% |
|||||||
| Foreign currency (gains) losses, net |
|
987 |
|
0.6 |
% |
|
1,677 |
|
1.2 |
% |
|
1,445 |
|
0.2 |
% |
|
(1,889 |
) |
-0.3 |
% |
|||||||
| Tax effect on adjustments |
|
13 |
|
- |
% |
|
(369 |
) |
-0.3 |
% |
|
(125 |
) |
- |
% |
|
279 |
|
- |
% |
|||||||
| Non-GAAP net income | $ |
11,541 |
|
7.1 |
% |
$ |
10,050 |
|
6.9 |
% |
$ |
38,957 |
|
6.2 |
% |
$ |
42,311 |
|
7.2 |
% |
|||||||
| Non-GAAP net income per share: | |||||||||||||||||||||||||||
| Basic | $ |
1.66 |
|
$ |
1.41 |
|
$ |
5.54 |
|
$ |
5.84 |
|
|||||||||||||||
| Diluted | $ |
1.63 |
|
$ |
1.37 |
|
$ |
5.46 |
|
$ |
5.74 |
|
|||||||||||||||
| Weighted average number of shares outstanding: | |||||||||||||||||||||||||||
| Basic |
|
6,954 |
|
|
7,129 |
|
|
7,008 |
|
|
7,218 |
|
|||||||||||||||
| Diluted |
|
7,057 |
|
|
7,293 |
|
|
7,118 |
|
|
7,355 |
|
|||||||||||||||
| CRA INTERNATIONAL, INC. | |||||||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||
| FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED | |||||||||||||||||||||||||||
| DECEMBER 30, 2023 COMPARED TO DECEMBER 31, 2022 | |||||||||||||||||||||||||||
| (IN THOUSANDS) | |||||||||||||||||||||||||||
| Fiscal Quarter Ended | Fiscal Year-to-Date Period Ended | ||||||||||||||||||||||||||
| December 30, 2023 |
As a % of Revenue |
December 31, 2022 |
As a % of Revenue |
December 30, 2023 |
As a % of Revenue |
December 31, 2022 |
As a % of Revenue |
||||||||||||||||||||
| Revenues | $ |
161,613 |
|
100.0 |
% |
$ |
144,976 |
|
100.0 |
% |
$ |
623,976 |
|
100.0 |
% |
$ |
590,901 |
|
100.0 |
% |
|||||||
| Net income | $ |
11,459 |
|
7.1 |
% |
$ |
8,673 |
|
6.0 |
% |
$ |
38,481 |
|
6.2 |
% |
$ |
43,619 |
|
7.4 |
% |
|||||||
| Adjustments needed to reconcile GAAP net income to non-GAAP net income: | |||||||||||||||||||||||||||
| Non-cash valuation change in contingent consideration |
|
(918 |
) |
-0.6 |
% |
|
- |
|
- |
% |
|
(866 |
) |
-0.1 |
% |
|
- |
|
- |
% |
|||||||
| Acquisition-related costs |
|
- |
|
- |
% |
|
69 |
|
- |
% |
|
22 |
|
- |
% |
|
302 |
|
0.1 |
% |
|||||||
| Foreign currency (gains) losses, net |
|
987 |
|
0.6 |
% |
|
1,677 |
|
1.2 |
% |
|
1,445 |
|
0.2 |
% |
|
(1,889 |
) |
-0.3 |
% |
|||||||
| Tax effect on adjustments |
|
13 |
|
- |
% |
|
(369 |
) |
-0.3 |
% |
|
(125 |
) |
- |
% |
|
279 |
|
- |
% |
|||||||
| Non-GAAP net income | $ |
11,541 |
|
7.1 |
% |
$ |
10,050 |
|
6.9 |
% |
$ |
38,957 |
|
6.2 |
% |
$ |
42,311 |
|
7.2 |
% |
|||||||
| Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA: | |||||||||||||||||||||||||||
| Interest expense, net |
|
600 |
|
0.4 |
% |
|
484 |
|
0.3 |
% |
|
3,812 |
|
0.6 |
% |
|
1,826 |
|
0.3 |
% |
|||||||
| Provision for income taxes |
|
4,086 |
|
2.5 |
% |
|
2,837 |
|
2.0 |
% |
|
13,932 |
|
2.2 |
% |
|
14,902 |
|
2.5 |
% |
|||||||
| Depreciation and amortization |
|
2,801 |
|
1.7 |
% |
|
2,936 |
|
2.0 |
% |
|
11,564 |
|
1.9 |
% |
|
11,996 |
|
2.0 |
% |
|||||||
| Non-GAAP EBITDA | $ |
19,028 |
|
11.8 |
% |
$ |
16,307 |
|
11.2 |
% |
$ |
68,265 |
|
10.9 |
% |
$ |
71,035 |
|
12.0 |
% |
|||||||
| CRA INTERNATIONAL, INC. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (IN THOUSANDS) | |||||||
| December 30, 2023 |
December 31, 2022 |
||||||
| Assets | |||||||
| Cash and cash equivalents | $ |
45,586 |
|
$ |
31,447 |
|
|
| Accounts receivable and unbilled services, net |
|
199,556 |
|
|
194,987 |
|
|
| Other current assets |
|
20,334 |
|
22,426 |
|||
| Total current assets |
|
265,476 |
|
|
248,860 |
|
|
| Property and equipment, net |
|
38,176 |
|
|
45,582 |
|
|
| Goodwill and intangible assets, net |
|
101,185 |
|
|
101,510 |
|
|
| Right-of-use assets |
|
86,887 |
|
|
96,725 |
|
|
| Other assets |
|
61,487 |
|
|
58,240 |
|
|
| Total assets | $ |
553,211 |
|
$ |
550,917 |
|
|
| Liabilities and Shareholders’ Equity | |||||||
| Accounts payable | $ |
28,701 |
|
$ |
27,584 |
|
|
| Accrued expenses |
|
171,040 |
|
|
155,864 |
|
|
| Current portion of lease liabilities |
|
16,475 |
|
|
15,972 |
|
|
| Other current liabilities |
|
19,871 |
|
|
17,705 |
|
|
| Total current liabilities |
|
236,087 |
|
|
217,125 |
|
|
| Non-current portion of lease liabilities |
|
92,280 |
|
|
106,008 |
|
|
| Other non-current liabilities |
|
12,743 |
|
|
16,630 |
|
|
| Total liabilities |
|
341,110 |
|
|
339,763 |
|
|
| Total shareholders’ equity |
|
212,101 |
|
|
211,154 |
|
|
| Total liabilities and shareholders’ equity | $ |
553,211 |
|
$ |
550,917 |
|
|
| CRA INTERNATIONAL, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (IN THOUSANDS) | |||||||
| Year Ended | |||||||
| December 30, 2023 |
December 31, 2022 |
||||||
| Operating activities: | |||||||
| Net income | $ |
38,481 |
|
$ |
43,619 |
|
|
| Adjustments to reconcile net income to net cash provided by operating activities, net of effect of acquired businesses: | |||||||
| Non-cash items, net |
|
26,197 |
|
|
30,490 |
|
|
| Accounts receivable and unbilled services |
|
(2,860 |
) |
|
(30,311 |
) |
|
| Working capital items, net |
|
(1,746 |
) |
|
(18,677 |
) |
|
| Net cash provided by operating activities |
|
60,072 |
|
|
25,121 |
|
|
| Investing activities: | |||||||
| Purchases of property and equipment |
|
(2,366 |
) |
|
(3,813 |
) |
|
| Consideration paid for acquisitions, net |
|
(577 |
) |
|
(14,352 |
) |
|
| Net cash used in investing activities |
|
(2,943 |
) |
|
(18,165 |
) |
|
| Financing activities: | |||||||
| Issuance of common stock, principally stock options exercises |
|
805 |
|
|
1,411 |
|
|
| Borrowings under revolving line of credit |
|
105,000 |
|
|
126,000 |
|
|
| Repayments under revolving line of credit |
|
(105,000 |
) |
|
(126,000 |
) |
|
| Payments for debt issuance costs |
|
- |
|
|
(1,008 |
) |
|
| Tax withholding payments reimbursed by shares |
|
(3,063 |
) |
|
(2,145 |
) |
|
| Cash dividends paid |
|
(10,807 |
) |
|
(9,580 |
) |
|
| Repurchase of common stock |
|
(31,417 |
) |
|
(27,630 |
) |
|
| Net cash used in financing activities |
|
(44,482 |
) |
|
(38,952 |
) |
|
| Effect of foreign exchange rates on cash and cash equivalents |
|
1,492 |
|
|
(2,687 |
) |
|
| Net increase (decrease) in cash and cash equivalents |
|
14,139 |
|
|
(34,683 |
) |
|
| Cash and cash equivalents at beginning of period |
|
31,447 |
|
|
66,130 |
|
|
| Cash and cash equivalents at end of period | $ |
45,586 |
|
$ |
31,447 |
|
|
| Noncash investing and financing activities: | |||||||
| Increase (decrease) in accounts payable and accrued expenses for property and equipment | $ |
(91 |
) |
$ |
(268 |
) |
|
| Excise tax on share repurchases | $ |
(247 |
) |
$ |
- |
|
|
| Right-of-use assets obtained in exchange for lease obligations | $ |
3,198 |
|
$ |
2,436 |
|
|
| Supplemental cash flow information: | |||||||
| Cash paid for taxes | $ |
14,011 |
|
$ |
15,646 |
|
|
| Cash paid for interest | $ |
3,539 |
|
$ |
1,579 |
|
|
| Cash paid for amounts included in operating lease liabilities | $ |
22,272 |
|
$ |
21,306 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229154069/en/
Daniel 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 the revenue growth percentage for CRAI in the fourth quarter of fiscal 2023?
How much did CRAI return to its shareholders in the fourth quarter of fiscal 2023?
What was the increase in net income for CRAI in the fourth quarter?
What was the expansion amount for CRAI's share repurchase authorization?
What was the earnings per diluted share for CRAI in the fourth quarter of fiscal 2023?
