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Cra International, Inc. (CRAI) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 2, 2022

SEC Filings

CRAI Quarterly 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
FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2022
Broad-based Contributions Drive Record Quarterly Revenue and Continued Profit Expansion

BOSTON, May 5, 2022 –
Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced financial results for the fiscal first quarter ended April 2, 2022.

“CRA continued to build momentum in the business as revenue increased to $148.4 million, which represents the highest quarterly revenue in the company’s history,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Our performance was broad based, with five practices—Antitrust & Competition Economics, Auctions & Competitive Bidding, Intellectual Property, Labor & Employment, and Risk, Investigations & Analytics—delivering double-digit revenue growth year over year. Importantly, CRA continues to expand its margins as CRA’s net income, earnings per diluted share and EBITDA all grew faster than revenue.”

Highlights for First Quarter Fiscal 2022
Revenue grew 1.3% year over year to $148.4 million.
Utilization was 74%, and quarter-end headcount increased 4.9% year over year.
Net income increased 8.8% year over year to $11.4 million, or 7.7% of revenue, compared with $10.5 million, or 7.2% of revenue, in the first quarter of fiscal 2021; non-GAAP net income increased 7.2% year over year to $11.6 million, or 7.8% of revenue, compared with $10.8 million, or 7.4% of revenue, in the first quarter of fiscal 2021.
Earnings per diluted share increased 13.4% year over year to $1.52 from $1.34 in the first quarter of fiscal 2021; non-GAAP earnings per diluted share increased 11.7% year over year to $1.53 from $1.37 in the first quarter of fiscal 2021.
Non-GAAP EBITDA increased 6.2% to $18.9 million, or 12.7% of revenue, compared with $17.8 million, or 12.1% of revenue, in the first quarter of fiscal 2021.
On a constant currency basis relative to the first quarter of fiscal 2021, revenue, GAAP net income, and earnings per diluted share would have been higher by $1.0 million, $0.1 million, and $0.01 per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and EBITDA would have been higher by $0.1 million, $0.01 per diluted share, and $0.1 million, respectively.
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 57,000 shares.
On February 28, 2022, as previously announced, CRA acquired substantially all of the assets of Welch Consulting, Ltd., a leader in economic consulting, research, and analysis of labor and employment issues.

Management Commentary and Financial Guidance
“As these first quarter results demonstrate, we continue to see solid demand for our portfolio of services,” continued Maleh. “We are reaffirming our previous guidance for full year fiscal 2022 of revenue in the range of $585 million to $605 million, and non-GAAP EBITDA margin in the range of 10.8% to 11.5%, both on a constant currency basis relative to fiscal 2021. While we are pleased with CRA’s performance to begin the year, we remain mindful that uncertainties around global economic, business, health, and political conditions can affect our business.”
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.
1

The following information was filed by Cra International, Inc. (CRAI) on Thursday, May 5, 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-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)
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Business Acquisition
Business Acquisition (Tables)
Business Acquisition - Assets Acquired And Liabilities Assumed (Details)
Business Acquisition - Narrative (Details)
Commitments And Contingencies
Credit Agreement
Credit Agreement (Details)
Fair Value Of Financial Instruments
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Fair Value Of Financial Instruments (Tables)
Forgivable Loans
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Forgivable Loans (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Acquired And Amortization (Details)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill (Details)
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Net Income Per Share
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Net Income Per Share (Tables)
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Revenue Recognition (Tables)
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Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Reserves For Variable Consideration And Credit Risk (Details)
Subsequent Events
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Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Description Of Business And Fiscal Year (Details)

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

Ticker: CRAI
CIK: 1053706
Form Type: 10-Q Quarterly Report
Accession Number: 0001053706-22-000022
Submitted to the SEC: Thu Aug 04 2022 8:17:27 AM EST
Accepted by the SEC: Thu Aug 04 2022
Period: Saturday, July 2, 2022
Industry: Legal Services

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