CRA International, Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>CRA International, Inc. has filed its quarterly report (10-Q) for the period ending March 30, 2024, detailing financial performance and operational segments.</b>

AI Summary

CRA INTERNATIONAL, INC. (CRAI) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. CRA International, Inc. filed a 10-Q report for the period ending March 30, 2024. The filing covers financial information and business operations for the quarter. Key financial statement data, including balance sheets and income statements, are presented. Details on contract types, such as fixed-price and time-and-materials, are provided. Geographic segment information for the US, UK, and other countries is included.

Why It Matters

For investors and stakeholders tracking CRA INTERNATIONAL, INC., this filing contains several important signals. This filing provides investors and analysts with up-to-date financial health and operational insights into CRA International's business for the first quarter of 2024. Understanding the breakdown of revenue by contract type and geographic region can help in assessing the company's market position and revenue streams.

Risk Assessment

Risk Level: low — CRA INTERNATIONAL, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.

Analyst Insight

Review the detailed financial statements and segment information to understand revenue trends and operational performance for Q1 2024.

Key Numbers

• 2024-03-30 — Period End Date (Quarterly report period)
• 2024-05-02 — Filing Date (Date the report was filed)
• 2023-04-01 — Prior Year Quarter End (Comparison point for Q1 2024)
• 2023-12-31 — Prior Year End (Year-end comparison)

Key Players & Entities

• CRA INTERNATIONAL, INC. (company) — Filer name
• CRAI (company) — Ticker symbol
• 20240330 (date) — Period of report
• 2024-05-02 (date) — Filing date
• MA (location) — State of incorporation
• BOSTON (location) — Business address city
• 6174253000 (phone) — Business phone
• CHARLES RIVER ASSOCIATES INC (company) — Former company name

FAQ

Industry Context

CRA International operates as a global consulting firm, providing economic, financial, and management consulting services. Its services are often utilized in litigation, regulatory proceedings, and strategic decision-making.

Regulatory Implications

As a publicly traded company, CRA International is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the revenue breakdown by contract type (fixed-price vs. time-and-materials) to understand pricing strategies and project execution.
2. Examine the geographic segment performance (US, UK, Other) to identify key markets and growth areas.
3. Review any disclosures related to litigation, regulatory matters, or significant contracts that could impact future performance.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first set of quarterly financial data for the year.

Filing Documents

• crai-20240330.htm (10-Q) — 603KB
• craiq1-202410xqexx311.htm (EX-31.1) — 10KB
• craiq1-202410xqexx312.htm (EX-31.2) — 10KB
• craiq1-202410xqexx321.htm (EX-32.1) — 5KB
• craiq1-202410xqexx322.htm (EX-32.2) — 5KB
• 0001053706-24-000013.txt (&nbsp;) — 3835KB
• crai-20240330.xsd (EX-101.SCH) — 30KB
• crai-20240330_cal.xml (EX-101.CAL) — 53KB
• crai-20240330_def.xml (EX-101.DEF) — 61KB
• crai-20240330_lab.xml (EX-101.LAB) — 422KB
• crai-20240330_pre.xml (EX-101.PRE) — 262KB
• crai-20240330_htm.xml (XML) — 404KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Statements of Operations (unaudited)—Fiscal Quarters Ended March 30, 2024 and April 1, 2023 3 Condensed Consolidated Statements of Comprehensive Income (unaudited)— Fiscal Quarters Ended March 30, 2024 and April 1, 2023 4 Condensed Consolidated Balance Sheets (unaudited)—March 30, 2024 and December 30, 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited)—Fiscal Quarters Ended March 30, 2024 and April 1, 2023 6 Condensed Consolidated Statements of Shareholders' Equity (unaudited)— Fiscal Quarters Ended March 30, 2024 and April 1, 2023 7 Notes to Condensed Consolidated Financial Statements (unaudited) 9 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 ITEM 4.

Controls and Procedures

Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 23 ITEM 1A.

Risk Factors

Risk Factors 23 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 ITEM 3. Defaults Upon Senior Securities 24 ITEM 4. Mine Safety Disclosures 24 ITEM 5. Other Information 24 ITEM 6. Exhibits 24

Signatures

Signatures 25 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements CRA INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data) Fiscal Quarter Ended March 30, 2024 April 1, 2023 Revenues $ 171,789 $ 152,845 Costs of services (exclusive of depreciation and amortization) 118,880 107,837 Selling, general and administrative expenses 30,499 28,372 Depreciation and amortization 2,792 2,943 Income from operations 19,618 13,693 Interest expense, net ( 464 ) ( 571 ) Foreign currency losses, net ( 142 ) ( 528 ) Income before provision for income taxes 19,012 12,594 Provision for income taxes 5,321 3,676 Net income $ 13,691 $ 8,918 Net income per share: Basic $ 1.97 $ 1.25 Diluted $ 1.95 $ 1.23 Weighted average number of shares outstanding: Basic 6,926 7,119 Diluted 7,011 7,252 See accompanying notes to the condensed consolidated financial statements. 3 Table of Contents CRA INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (in thousands) Fiscal Quarter Ended March 30, 2024 April 1, 2023 Net income $ 13,691 $ 8,918 Other comprehensive income (loss) Foreign currency translation adjustments, net of tax ( 1,105 ) 1,052 Comprehensive income $ 12,586 $ 9,970 See accompanying notes to the condensed consolidated financial statements. 4 Table of Contents CRA INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share data) March 30, 2024 December 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 37,122 $ 45,586 Accounts receivable, net of allowances of $ 5,201 and $ 4,335 , respectively 139,062 142,729 Unbilled services, net of allowances of $ 896 and $ 1,629 , respectively 70,251 56,827 Prepaid expenses and other current assets 14,286 11,575 Forgivable loans 14,718 8,759 Total current assets 275,439 265,476 Property and equipment, net 36,833 38,176 Goodwill 93,853 93,989 Intangible assets, net 6,851 7,196 Right-

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View this 10-Q filing on SEC EDGAR