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Cra International, Inc. (CRAI) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 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
FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2021
Broad-based Contributions Drive Strong Revenue and Profit Growth

Company Raises Revenue and EBITDA Guidance for Fiscal 2021

BOSTON, August 5, 2021 –
Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced financial results for the fiscal second quarter ended July 3, 2021.

“Building on a strong start to fiscal 2021, CRA reported revenue growth of 20.5% year over year to $148.2 million, representing the highest quarterly revenue in the company’s history,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Our outstanding performance for the quarter was driven by year-over-year revenue growth of more than 20% in eight practices—specifically, our Antitrust & Competition Economics, Auctions & Competitive Bidding, Energy, Financial Economics, Intellectual Property, Labor & Employment, Marakon, and Risk, Investigations & Analytics practices. Growth was balanced across our geographies, with revenue from our North American and international operations increasing by 21.9% and 14.4%, respectively. The quarter’s top-line growth resulted in accelerating profit expansion, as CRA’s net income, earnings per diluted share and EBITDA all grew significantly faster than revenue.”

Key Second-Quarter Fiscal 2021 Highlights
Revenue grew 20.5% year over year to $148.2 million.
Utilization was 75%, and quarter-end headcount increased 3.9% year over year.
Net income increased 95.0% year over year to $11.6 million, or 7.8% of revenue, compared with $5.9 million, or 4.8% of revenue, in the second quarter of fiscal 2020; non-GAAP net income increased 82.3% year over year to $11.6 million, or 7.8% of revenue, compared with $6.3 million, or 5.2% of revenue, in the second quarter of fiscal 2020.
Earnings per diluted share increased 104.0% year over year to $1.53; non-GAAP earnings per diluted share increased 91.3% year over year to $1.53.
Non-GAAP EBITDA increased 61.3% to $19.2 million, or 13.0% of revenue, compared with $11.9 million, or 9.7% of revenue, in the second quarter of fiscal 2020.
On a constant currency basis relative to the second quarter of fiscal 2020, revenue, GAAP net income, and earnings per diluted share would have been lower by $2.7 million, $0.1 million, and $0.02 per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and EBITDA would have been lower by $0.1 million, $0.02 per diluted share, and $0.2 million respectively.
CRA returned $26.9 million of capital to its shareholders, consisting of $1.9 million of dividend payments and $25.0 million for share repurchases of approximately 338,000 shares. The shares were repurchased pursuant to CRA’s modified “Dutch auction” self-tender offer that expired on April 5, 2021.

Outlook and Financial Guidance
“Through the first two quarters of fiscal 2021, on a constant currency basis relative to fiscal 2020, we have increased revenue by 16.4% to $290.1 million and non-GAAP EBITDA by 47.4% to $36.6 million, achieving a margin of 12.6%. Reflecting the continued strength and quality of our business, we are again raising both our revenue and EBITDA guidance,” continued Maleh. “For the full-year fiscal 2021, on a constant currency basis relative to fiscal 2020, we now expect revenue in the range of $565 million to $575 million, and non-GAAP EBITDA margin in the range of 11.2% to 11.7%. This new guidance compares with a prior revenue range of $550 million to $570 million and a non-GAAP EBITDA margin range of 10.0% to 10.5%. While we are pleased with CRA’s strong performance through the first half of the year, we remain mindful that uncertainties around global economic, business, health, and political conditions can affect our business.”

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The following information was filed by Cra International, Inc. (CRAI) on Thursday, August 5, 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)
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Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Forgivable Loans
Forgivable Loans (Details)
Forgivable Loans (Tables)
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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: 0001053706-21-000023
Submitted to the SEC: Thu Aug 05 2021 8:17:09 AM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Saturday, July 3, 2021
Industry: Legal Services

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