CRA INTERNATIONAL, INC.

Listed Company

CRAICIK 0001053706NasdaqLarge AcceleratedServices-Legal ServicesMassachusettsFY ends Jan 2

Period

FY 2025

Revenue

$751.58M

Net Income

$54.78M

Total Assets

$628.87M

Equity

$213.60M

Shares Out

6.57M

Op. Cash Flow

$22.42M

Business

CRA International, Inc. is a global consulting firm that provides economic, financial, and management consulting services to corporations, law firms, and government entities. It offers litigation, regulatory, and financial consulting as well as management consulting services, including expert testimony, damages analysis, valuation, forensic and cyber investigations, regulatory compliance, strategy development, performance improvement, and transaction advisory. The company operates organized practice areas and functional expertise groups—such as antitrust, intellectual property, M&A, regulatory economics, risk and analytics, and industry-specific teams—to serve client needs. CRA delivers services through an international network of coordinated offices and through direct engagements with corporate and legal clients, government agencies, and non-employee academic and industry experts.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	752	687	624	591	566
Costs of services (exclusive of depreciation and amortization)	519	480	440	410	400
Selling, general and administrative expenses	135	125	115	110	97
Depreciation and amortization	14	12	12	12	13
Income from operations	83	71	58	59	56
Interest expense, net	−5	−4	−4	−2	—
Foreign currency gains (losses), net	−1	−100,000	−1	2	−500,000
Income before provision for income taxes	77	66	52	59	54
Provision for income taxes	22	20	14	15	13
Net income	55	47	38	44	42
Basic (in dollars per share)	8.23	6.82	5.48	6.02	5.59
Diluted (in dollars per share)	8.14	6.74	5.39	5.91	5.45
Basic (in shares)	7	7	7	7	7
Diluted (in shares)	7	7	7	7	8

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	18	27	46	31	66
Accounts receivable, net of allowances of $6,664 and $5,659, respectively	183	162	143	144	117
Unbilled services, net of allowances of $1,489 and $1,411, respectively	66	57	57	51	45
Prepaid expenses and other current assets	19	17	12	13	11
Forgivable loans	17	7	9	10	11
Total current assets	303	269	265	249	249
Property and equipment, net	37	45	38	46	54
Goodwill, net	95	94	94	93	89
Intangible assets, net	6	7	7	9	4
Right-of-use assets	76	81	87	97	110
Deferred income taxes	18	17	14	9	9
Forgivable loans, net of current portion	90	49	45	47	38
Other assets	4	9	2	2	1
Total assets	629	571	553	551	555
Accounts payable	30	28	29	28	24
Accrued expenses	223	181	171	156	156
Deferred revenue and other liabilities	14	14	12	12	13
Current portion of lease liabilities	17	19	16	16	14
Current portion of deferred compensation	11	9	8	6	6
Revolving line of credit	34	0	—	—	—
Total current liabilities	330	251	236	217	213
Deferred compensation and other non-current liabilities	9	22	12	16	11
Non-current portion of lease liabilities	76	85	92	106	124
Deferred income taxes	725,000	1	1	953,000	1
Total non-current liabilities	85	108	105	123	136
Commitments and contingencies (Note 15)	—	—	—	—	—
Preferred stock, no par value; 1,000,000 shares authorized; none issued and outstanding	0	0	0	0	0
Common stock, no par value; 25,000,000 shares authorized; 6,547,407 and 6,768,575 shares issued and outstanding, respectively	2	2	0	2	0
Retained earnings	221	225	224	224	216
Accumulated other comprehensive loss	−10	−15	−12	−15	−10
Total shareholders equity	214	212	212	211	206
Total liabilities and shareholders equity	629	571	553	551	555

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	14	12	12	12	13
Right-of-use asset amortization	15	15	14	14	13
Deferred income taxes	−2	−3	−5	189,000	446,000
Share-based compensation expense	6	5	4	5	4
Bad debt expense (recovery), net	746,000	534,000	533,000	−345,000	27,000
Unrealized foreign currency remeasurement (gains) losses, net	578,000	−468,000	61,000	122,000	−294,000
Accounts receivable	−18	−21	2	−25	−6
Unbilled services	−7	−797,000	−5	−5	−4
Prepaid expenses and other current assets, and other assets	4	−10	1	−485,000	−2
Forgivable loans	−53	−12	3	−11	11
Incentive cash awards payable	12	10	8	7	7
Accounts payable, accrued expenses, and other liabilities	16	23	4	2	15
Lease liabilities	−20	−15	−18	−17	−16
Net cash provided by operating activities	22	50	60	25	76
Purchases of property and equipment	−4	−17	−2	−4	−3
Consideration paid for acquisitions, net	0	−2	−577,000	−14	0
Net cash used in investing activities	−4	−18	−3	−18	−3
Issuance of common stock, principally stock options exercises	0	0	805,000	1	5
Borrowings under revolving line of credit	132	102	105	126	74
Repayments under revolving line of credit	−98	−102	−105	−126	−74
Tax withholding payments reimbursed by shares	−3	−3	−3	−2	−2
Cash dividends paid	−14	−12	−11	−10	−8
Repurchase of common stock	−47	−33	−31	−28	−45
Net cash used in financing activities	−30	−49	−44	−39	−52
Effect of foreign exchange rates on cash and cash equivalents	3	−2	1	−3	−629,000
Net increase (decrease) in cash and cash equivalents	−9	−19	14	−35	20
Increase (decrease) in accounts payable and accrued expenses for property and equipment	−449,000	598,000	−91,000	−268,000	8,000
Excise tax on share repurchases	−415,000	−270,000	−247,000	0	0
Asset retirement obligations	0	191,000	0	0	0
Right-of-use assets obtained in exchange for lease obligations	8	10	3	2	2
Income taxes paid (net of refunds received) - Federal	16	12	8	—	—
Income taxes paid (net of refunds received) - State	5	5	3	—	—
Cash paid for interest	5	4	4	2	727,000
Cash paid for amounts included in operating lease liabilities	25	21	22	21	21

Filings

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