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CRA International Inc. (CRAI), operating as Charles River Associates, is a globally recognized consulting firm specializing in providing expert advisory services in economic, financial, litigation, regulatory, and management consulting. Founded in 1965 and headquartered in Boston, Massachusetts, CRAI has established itself as a trusted partner for businesses, government agencies, and trade associations seeking objective and data-driven solutions to complex challenges.
Core Business Areas
CRAI's operations are structured around delivering high-value consulting services across several critical domains:
- Litigation and Regulatory Consulting: The company provides economic and financial analysis to support litigation and regulatory proceedings, assisting clients in navigating complex legal and compliance landscapes.
- Management Consulting: CRAI advises businesses on strategic and operational issues, helping them optimize performance, enhance efficiency, and achieve long-term goals.
- Financial Advisory: The firm offers expert guidance on financial matters, including valuation, risk management, and transaction advisory.
Global Reach and Industry Expertise
With offices spanning multiple countries, including the United States and the United Kingdom, CRAI serves a diverse clientele ranging from multinational corporations to government entities and trade associations. The firm's industry expertise is broad, covering sectors such as healthcare, energy, telecommunications, and financial services. This extensive knowledge base enables CRAI to tailor its consulting services to the specific needs of each client, ensuring actionable and impactful outcomes.
Revenue Model
CRAI primarily generates revenue through project-based engagements and long-term advisory retainers. Its business model relies on delivering bespoke solutions that address the unique challenges faced by its clients. By combining technical expertise with strategic insights, CRAI creates significant value, justifying its premium consulting fees.
Competitive Landscape
Operating in the highly competitive professional services industry, CRAI faces competition from global consulting giants such as McKinsey & Company, Boston Consulting Group, and specialized firms focusing on economic and financial consulting. CRAI differentiates itself through its unique blend of functional expertise and deep industry knowledge, as well as its commitment to providing objective, data-driven solutions.
Significance in the Industry
CRAI plays a pivotal role in addressing critical business and regulatory challenges. Its ability to provide rigorous analysis and strategic guidance makes it an indispensable partner for organizations navigating complex environments. By leveraging its global presence and multidisciplinary expertise, CRAI continues to be a key player in the consulting industry.
Charles River Associates (NASDAQ: CRAI) reported a record quarterly revenue of $146.5 million for the fiscal first quarter ended April 3, 2021, reflecting a 16.1% year-over-year increase. Key drivers of growth included a 4.8% rise in headcount and a 76% utilization rate. Net income surged 62.4% to $10.5 million, while earnings per diluted share rose 67.5% to $1.34. CRA returned $11.7 million to shareholders through dividends and share repurchases. The company also raised its revenue guidance for the full year to between $550 million and $570 million.
Charles River Associates (NASDAQ: CRAI) has declared a quarterly cash dividend of $0.26 per common share, payable on June 11, 2021, to shareholders recorded by the close of business on May 25, 2021. This decision reflects the company's commitment to returning value to its shareholders. CRAI aims to continue its dividend payments, which are subject to the discretion of its Board of Directors. The firm specializes in economic, financial, and management consulting services, advising clients on critical business strategies.
Charles River Associates (NASDAQ:CRAI) has appointed Raquel Tamez as the first Chief Inclusion and Engagement Officer, effective June 1. This move aims to enhance the firm's commitment to diversity, equity, and inclusion (DE&I) initiatives globally. Tamez, previously CEO of the Society of Hispanic Professional Engineers, brings extensive experience in DE&I and legal expertise. CRA's President, Paul Maleh, expressed confidence that Tamez's leadership will strengthen the company's culture and better align it with client and community needs.
Charles River Associates (NASDAQ: CRAI) will host a webcast of its Q1 2021 financial results conference call on May 6, 2021, at 10:00 a.m. ET. The call will feature insights from key executives, including President and CEO Paul Maleh, CFO Daniel Mahoney, and Chief Corporate Development Officer Chad Holmes. Investors can access the live webcast through the 'Investor Relations' section of CRA's website and will have the opportunity to listen via telephone. An archived version will be available for one year post-event.
Charles River Associates (NASDAQ: CRAI) has appointed Tony Bower as Vice President in its Life Sciences practice, based in San Francisco. Bower brings 25 years of experience in market access, pricing strategy, and outcomes research, having previously worked with notable companies like Amgen and Synageva Biopharma. His expertise will enhance CRA's capabilities to assist clients in healthcare and technology. CRA's Life Sciences Practice focuses on biotech and pharmaceutical clients, providing analytical and strategic support.
Charles River Associates (NASDAQ: CRAI) announced the appointment of Miguel Maal as vice president at its management consulting practice, Marakon, based in New York. With over 20 years of experience in strategy consulting, Maal specializes in corporate strategy and growth solutions in the consumer goods, retail, and leisure sectors. His prior roles include partnerships at QVARTZ and OC&C Strategy Consultants. This strategic addition aims to enhance Marakon's client service capabilities in a dynamic market.
Charles River Associates (NASDAQ: CRAI) has announced the final results of its modified Dutch auction self-tender offer, which allowed it to purchase up to $25 million in common stock at a price between $66.25 and $76.00 per share. The offer expired on April 5, 2021, resulting in 417,300 shares being tendered at or below the purchase price of $74.00. Due to oversubscription, CRA will acquire approximately 337,837 shares at the accepted price, using funds from its revolving credit facility and cash on hand. Post-tender, CRA will have about 7.3 million shares outstanding.
Charles River Associates (NASDAQ: CRAI) has announced preliminary results for its modified “Dutch auction” self-tender offer, which aimed to buy back up to $25 million worth of shares at prices between $66.25 and $76.00 each. The tender offer, which expired on April 5, 2021, witnessed 419,549 shares tendered at or below $74.00. CRA is expected to purchase about 337,837 shares for a total of approximately $25 million, excluding associated fees. The final number of shares will be confirmed following the completion of the depositary's confirmation process.
Charles River Associates (NASDAQ: CRAI) announced the promotion of six employees to vice president, marking a significant milestone in their careers. The promoted individuals include Christine Dedrick, Jennifer Johnson, Mikaël Hervé, Michal Malkiewicz, Sean Taylor, and Erik Himan. Each has demonstrated exceptional commitment and expertise in various consulting areas, contributing to the firm's strong leadership. CRA's President, Paul Maleh, expressed gratitude for their contributions, highlighting the firm’s emphasis on high-quality work for clients and colleagues.
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