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Cra International, Inc. (CRAI) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, January 1, 2022

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CRAI Annual Reports

Cra International, Inc.

CIK: 1053706 Ticker: CRAI

Exhibit 99.1
Contacts:
Dan MahoneyNicholas Manganaro
Chief Financial OfficerSharon Merrill Associates, Inc.
Charles River Associates crai@investorrelations.com
617-425-3505617-542-5300

CHARLES RIVER ASSOCIATES (CRA) REPORTS
FOURTH-QUARTER AND FULL-YEAR 2021 FINANCIAL RESULTS
Broad-based Contributions Drive Record Revenue and Profits in Fiscal 2021
BOSTON, March 3, 2022 –
Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced financial results for the fiscal year ended January 1, 2022.
“CRA’s fiscal 2021 topped a record-setting fiscal 2020 as revenue increased year over year by 11.3%,” said Paul Maleh, CRA’s President and Chief Executive Officer. “For the quarter, reported revenue declined 1.9% compared with the fourth quarter of fiscal 2020, which had one more operating week than in 2021. After making a one-week, pro-rata adjustment to the fourth quarter of fiscal 2020, revenue increased 5.6% year over year. Our Antitrust & Competition Economics, Energy and Risk, Investigations & Analytics practices led the way with double-digit revenue growth relative to the fourth quarter of fiscal 2020. CRA continued its strong operating performance by converting its revenue into profits at an accelerating pace, with net income, earnings per diluted share and EBITDA all growing faster than revenue.”
Highlights for Fourth-Quarter Fiscal 2021
(Q4 2021 contained 13 weeks, compared with 14 weeks in Q4 2020)
Revenue declined 1.9% year over year to $134.8 million.
Utilization was 72%, and quarter-end headcount increased 3.6% year over year.
Net income increased 29.3% year over year to $8.7 million, or 6.4% of revenue, compared with $6.7 million, or 4.9% of revenue, in the fourth quarter of fiscal 2020; non-GAAP net income increased 15.0% year over year to $8.7 million, or 6.4% of revenue, compared with $7.5 million, or 5.5% of revenue, in the fourth quarter of fiscal 2020.
Earnings per diluted share increased 34.1% year over year to $1.14; non-GAAP earnings per diluted share increased 20.0% year over year to $1.14.
Non-GAAP EBITDA increased 9.1% to $15.2 million, or 11.3% of revenue, compared with $14.0 million, or 10.2% of revenue, in the fourth quarter of fiscal 2020.
On a constant currency basis relative to the fourth quarter of fiscal 2020, revenue would have been lower by $0.4 million, while GAAP and non-GAAP net income would have been lower by $0.1 million. GAAP earnings per diluted share, non-GAAP earnings per diluted share, and non-GAAP EBITDA would have remained unchanged.
CRA returned $7.4 million of capital to its shareholders, consisting of $2.4 million of dividend payments and $5.0 million for share repurchases of approximately 51,000 shares.

Highlights for Full-Year Fiscal 2021
(Fiscal 2021 contained 52 weeks, compared with 53 weeks in fiscal 2020)
Revenue grew 11.3% year over year to $565.9 million with company-wide utilization of 74%.
GAAP net income increased 70.1% year over year to $41.7 million, or 7.4% of revenue, or $5.45 per diluted share, compared with $24.5 million, or 4.8% of revenue, or $3.07 per diluted share for the full year fiscal 2020. Non-GAAP net income increased 57.0% year over year to $42.0 million, or 7.4% of revenue, or $5.49 per diluted share, compared with $26.7 million, or 5.3% of revenue, or $3.35 per diluted share for the full year fiscal 2020.
Non-GAAP EBITDA grew 34.8% to $68.4 million, or 12.1% of revenue, compared with $50.7 million, or 10.0% of revenue, in fiscal 2020.
On a constant currency basis relative to fiscal 2020, revenue, GAAP net income, and earnings per diluted share would have been lower by $6.4 million, $0.5 million, and $0.06 per diluted share, respectively. Non-GAAP net income, non-GAAP earnings per diluted share, and non-GAAP EBITDA would have been lower by $0.5 million, $0.06 per diluted share, and $0.7 million, respectively.
1

The following information was filed by Cra International, Inc. (CRAI) on Thursday, March 3, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Commitments And Contingencies
Credit Agreement
Credit Agreement (Details)
Employee Benefit Plans
Employee Benefit Plans (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Forgivable Loans
Forgivable Loans (Details)
Forgivable Loans (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Acquired And Amortization (Details)
Goodwill And Intangible Assets - Changes In Carrying Amount Of Goodwill (Details)
Goodwill And Intangible Assets - Expected Future Amortization (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income, Provision For And Reconciliation Of Tax (Details)
Income Taxes - Deferred Taxes And Operating Loss Carryforwards (Details)
Income Taxes - Narrative (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Leases
Leases (Tables)
Leases - Lease Information (Details)
Leases - Maturities Of Lease Liabilities Under Non-Cancellable Operating Leases (Details)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Components Of Property And Equipment (Details)
Property And Equipment - Long-Lived Assets (Details)
Related-Party Transactions
Related-Party Transactions (Details)
Revenue And Allowances
Revenue And Allowances (Tables)
Revenue And Allowances - Contract Balances From Contracts With Customers (Details)
Revenue And Allowances - Disaggregation Of Revenue (Details)
Revenue And Allowances - Reserves For Variable Consideration And Credit Risk (Details)
Self-Tender Offer
Self-Tender Offer (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - 2006 Equity Plan (Details)
Share-Based Compensation - Expense (Details)
Share-Based Compensation - Non-Vested Stock Options (Details)
Share-Based Compensation - Option Activity (Details)
Share-Based Compensation - Restricted Shares And Other (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Concentrations Of Credit Risk (Details)
Summary Of Significant Accounting Policies - Deferred Compensation (Details)
Summary Of Significant Accounting Policies - Description Of Business And Fiscal Year (Details)
Summary Of Significant Accounting Policies - Foreign Currency Translation (Details)
Summary Of Significant Accounting Policies - Goodwill And Intangible Assets (Details)
Summary Of Significant Accounting Policies - Leases (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Summary Of Significant Accounting Policies - Revenue Recognition And Allowances For Accounts Receivable And Unbilled Services (Details)
Ticker: CRAI
CIK: 1053706
Form Type: 10-K Annual Report
Accession Number: 0001053706-22-000006
Submitted to the SEC: Thu Mar 03 2022 8:23:05 AM EST
Accepted by the SEC: Thu Mar 03 2022
Period: Saturday, January 1, 2022
Industry: Legal Services

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