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Cra International, Inc. (CRAI) SEC Filing 10-Q Quarterly Report for the period ending Saturday, April 3, 2021

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 2020 FINANCIAL RESULTS
Strong Fourth Quarter Caps Record Year as All Practices Grow Year Over Year

BOSTON, March 4, 2021 –
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 2, 2021.

“CRA’s fiscal 2020 topped a record-setting fiscal 2019 as revenue increased year over year by 12.6%,” said Paul Maleh, CRA’s President and Chief Executive Officer. “During the fourth quarter, we experienced strong demand across our portfolio of services and geographies. Notably, every practice grew year over year, contributing to the firm’s 15.2% quarterly revenue growth. We also achieved double-digit revenue growth across both our North American and international operations. Most importantly, CRA’s net income, earnings per diluted share and EBITDA all grew at rates faster than revenue during the fourth quarter.”

Key Fourth-Quarter Fiscal 2020 Highlights
Revenue grew 15.2% year over year to $137.4 million.
Utilization was 70%, and quarter-end headcount increased 6.7% year over year.
Net income increased 40.8% year over year to $6.7 million, or 4.9% of revenue, compared with $4.8 million, or 4.0% of revenue, in the fourth quarter of fiscal 2019; non-GAAP net income increased 21.9% year over year to $7.5 million, or 5.5% of revenue, compared with $6.2 million, or 5.2% of revenue, in the fourth quarter of fiscal 2019.
Earnings per diluted share increased 44.1% year over year to $0.85; non-GAAP earnings per diluted share increased 23.4% year over year to $0.95.
Non-GAAP EBITDA increased 24.1% to $14.0 million, or 10.2% of revenue, compared with $11.3 million, or 9.4% of revenue, in the fourth quarter of fiscal 2019.
On a constant currency basis relative to the fourth quarter of fiscal 2019, revenue would have been lower by $0.7 million, while GAAP and non-GAAP net income would have remained unchanged. GAAP earnings per diluted share would have decreased by $0.01 per share, while non-GAAP earnings per diluted share would have remained unchanged. Non-GAAP EBITDA would have decreased by $0.1 million.
CRA returned $6.7 million of capital to its shareholders, consisting of $2.1 million of dividend payments and $4.6 million for share repurchases of approximately 91,000 shares.

Key Full-Year Fiscal 2020 Highlights
Revenue grew 12.6% year over year to $508.4 million with company-wide utilization of 69%.
GAAP net income increased 18.1% year over year to $24.5 million, or 4.8% of revenue, or $3.07 per diluted share, compared with $20.7 million, or 4.6% of revenue, or $2.53 per diluted share for the full year fiscal 2019. Non-GAAP net income increased 8.4% year over year to $26.7 million, or 5.3% of revenue, or $3.35 per diluted share, compared with $24.7 million, or 5.5% of revenue, or $3.01 per diluted share for the full year fiscal 2019.
Non-GAAP EBITDA grew 15.1% to $50.7 million, or 10.0% of revenue, compared with $44.1 million, or 9.8% of revenue, in fiscal year 2019.
1

The following information was filed by Cra International, Inc. (CRAI) on Thursday, March 4, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cra International, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Shareholders' Equity (Unaudited)
Condensed Consolidated Statement Of Shareholders' Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Commitments And Contingencies
Credit Agreement
Credit Agreement (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 (Details)
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Acquired And Amortization (Details)
Income Taxes
Income Taxes (Details)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Balances From Contracts With Customers (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Reserves For Variable Consideration And Credit Risk (Details)
Self-Tender Offer
Self-Tender Offer (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Description Of Business And Fiscal Year (Details)

Material Contracts, Statements, Certifications & more

Cra International, Inc. provided additional information to their SEC Filing as exhibits

Ticker: CRAI
CIK: 1053706
Form Type: 10-Q Quarterly Report
Accession Number: 0001053706-21-000017
Submitted to the SEC: Thu May 06 2021 8:22:10 AM EST
Accepted by the SEC: Thu May 06 2021
Period: Saturday, April 3, 2021
Industry: Legal Services

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