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0001053706FALSE00010537062025-07-312025-07-31

UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549 
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported): July 31, 2025

 
CRA INTERNATIONAL, INC.
 (Exact name of registrant as specified in its charter)
Massachusetts 000-24049 04-2372210
(State or other jurisdiction
of incorporation)		 (Commission
 file number)		 (IRS employer
identification no.)
200 Clarendon Street, Boston, Massachusetts 02116
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (617)  425-3000

 
(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, no par value CRAI Nasdaq Global Select Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition
On July 31, 2025, we issued a press release reporting our financial results for our fiscal quarter ended June 28, 2025. A copy of the press release is set forth as Exhibit 99.1 and is incorporated by reference herein. On July 31, 2025, we also posted on our website supplemental financial information, including prepared CFO remarks. A copy of the supplemental financial information is set forth as Exhibit 99.2 and incorporated by reference herein.
The information contained in Item 2.02 of this report and Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure
On July 31, 2025, we announced that our board of directors declared a quarterly cash dividend on our common stock of $0.49 per share to be paid on September 12, 2025 to all shareholders of record as of August 26, 2025. A copy of the press release is set forth as Exhibit 99.3 and is incorporated by reference herein.
The information contained in Item 7.01 of this report and Exhibit 99.3 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Number   Title
     
 
     
 
     
 
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CRA INTERNATIONAL, INC.
     
     
Dated: July 31, 2025
 By: /s/ CHAD M. HOLMES
    Chad M. Holmes
   
Executive Vice President, Chief Corporate Development Officer and interim Chief Financial Officer and Treasurer

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EX-99.1 2 craiq2-20258xkexx991xpress.htm EX-99.1 Document

Exhibit 99.1
Contacts:
Chad Holmes Nicholas Manganaro
Charles River Associates Sharon Merrill Advisors
investor@crai.com crai@investorrelations.com
312-377-2322 617-542-5300

CHARLES RIVER ASSOCIATES (CRA) REPORTS
FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2025
Broad-based Contributions Drive Record Quarterly Revenue

Company Increases Revenue Guidance and Raises Lower End of Profit Guidance for Full-Year Fiscal 2025


BOSTON, July 31, 2025 – 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 June 28, 2025.
“Continued momentum in the business and demand for our services drove CRA’s quarterly revenue to $186.9 million, representing 9.0% year-over-year growth and the highest quarterly revenue in the company’s history,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Broad-based contributions supported the quarter’s strong performance, with seven practices growing year over year. Our Antitrust & Competition Economics, Energy, Intellectual Property, and Labor & Employment practices each posted double-digit revenue growth. Geographically, our North American and international operations contributed to the quarter’s revenue growth, increasing 9.4% and 7.0%, respectively.”

Highlights for Second Quarter Fiscal 2025
•Revenue grew 9.0% year over year to $186.9 million.
•Utilization was 76% and quarter-end headcount decreased 3.2% year over year.
•Net income increased 85.4% year over year to $12.1 million, or 6.5% of revenue, compared with $6.5 million, or 3.8% of revenue, in the second quarter of fiscal 2024; non-GAAP net income increased 0.2% year over year to $12.7 million, or 6.8% of revenue, compared with $12.7 million, or 7.4% of revenue, in the second quarter of fiscal 2024.
•Earnings per diluted share increased 90.4% year over year to $1.79 from $0.94 in the second quarter of fiscal 2024; non-GAAP earnings per diluted share increased 2.7% year over year to $1.88 from $1.83 in the second quarter of fiscal 2024.
•Non-GAAP EBITDA increased 4.4% to $23.3 million, or 12.4% of revenue, compared with $22.3 million, or 13.0% of revenue, in the second quarter of fiscal 2024.
•On a constant currency basis relative to the second quarter of fiscal 2024, revenue, GAAP net income, and earnings per diluted share would have been lower by $1.5 million, $0.1 million and $0.03 per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and non-GAAP EBITDA would have been lower by $0.1 million, $0.02 per diluted share and $0.2 million, respectively.
•CRA returned $46.6 million of capital to its shareholders, consisting of $3.4 million of dividend payments and $43.2 million for share repurchases of approximately 231,000 shares.
Management Commentary and Financial Guidance
“Through the first two quarters of fiscal 2025, on a constant currency basis relative to fiscal 2024, CRA generated total revenue of $367.6 million, the highest first-half revenue in CRA’s history, and non-GAAP EBITDA of $47.7 million, achieving a margin of 13.0%,” continued Maleh. “Reflecting the strong start to the year, we are raising our revenue guidance and increasing the lower end of our profit guidance. For full-year fiscal 2025, on a constant currency basis relative to fiscal 2024, we expect revenue in the range of $730 million to $745 million and non-GAAP EBITDA margin in the range of 12.3% to 13.0%. This new guidance compares with a prior revenue range of $715 million to $735 million and a prior non-GAAP EBITDA margin range of 12.0% to 13.0%. As a reminder our fiscal year ends on January 3, 2026, resulting in a 14th week in the fourth quarter of fiscal 2025. While we are pleased with CRA’s performance through the first half of the year, we remain mindful that uncertain global macroeconomic, business, and political conditions can affect our business and our clients.”
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 and without unreasonable effort: (i) unusual gains or charges, foreign currency exchange rates and the resulting effect of these items on CRA’s taxes and (ii) the impact of equity awards on CRA’s taxes.
1

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.
Quarterly Dividend
On July 31, 2025, CRA announced a quarterly cash dividend of $0.49 per common share, payable on September 12, 2025 to shareholders of record as of August 26, 2025. CRA expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA’s Board of Directors.
Conference Call Information and Prepared CFO Remarks
CRA will host a conference call today at 10:00 a.m. ET to discuss its second-quarter 2025 financial results. To listen to the live call, please visit the “Investor Relations” section of CRA’s website at http://www.crai.com, or dial (877) 709-8155 or (201) 689-8881. An archived version of the webcast will be available on CRA’s website for one year.
In combination with this press release, CRA has posted prepared remarks by its interim CFO, Chad Holmes, under “Quarterly Earnings” in the “Investor Relations” section on CRA’s website at http://www.crai.com. These remarks are offered each quarter to provide the investment community with additional background on CRA’s financial results prior to the start of the conference call.
About Charles River Associates (CRA)
Charles River Associates® is a leading global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Instagram, and Facebook.
NON-GAAP FINANCIAL MEASURES
In this release, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or “GAAP” with the following financial measures that are not calculated in accordance with GAAP: non‑GAAP net income, non‑GAAP earnings per diluted share and non‑GAAP EBITDA. CRA believes that the non-GAAP financial measures described in this press release are important to management and investors because these measures supplement the understanding of CRA’s ongoing operating results and financial condition. In addition, these non-GAAP measures are used by CRA in its budgeting process, and the non-GAAP adjustments are made to the performance measures for some of CRA’s performance-based compensation.
As used herein, CRA defines non-GAAP EBITDA as net income before interest expense (net), provision for income taxes, and depreciation and amortization further adjusted for the impact of certain items that we do not consider indicative of our core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. Non-GAAP net income and non-GAAP earnings per diluted share also exclude non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. This release also presents certain current fiscal period financial measures on a “constant currency” basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA’s financial results. These constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period’s foreign exchange rates. On a constant currency basis for the fiscal year-to-date period ended June 28, 2025 relative to the fiscal year-to-date period ended June 29, 2024, revenue and non-GAAP EBITDA would have been lower by $1.1 million and $0.3 million, respectively.

All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in this release. EBITDA and the financial measures identified in this release as “non-GAAP” are reconciled to their GAAP comparable measures in the financial tables appended to the end of this press release. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.



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SAFE HARBOR STATEMENT
Statements in this press release concerning our future business, operating results and financial condition, including those concerning guidance on future revenue and non-GAAP EBITDA margin, the impact of exchange rate fluctuations on our financial results, our expectations regarding continued growth, our expectations regarding the payment of any future quarterly dividends and the level and extent of any purchases under our expanded share repurchase program, and statements using the terms “outlook,” “expect,” or similar expressions, are “forward-looking” statements as defined in Section 21 of the Exchange Act. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. Our actual revenue and non-GAAP EBITDA margin in fiscal 2025 on a constant currency basis relative to fiscal 2024 could differ materially from the guidance presented herein, and our actual performance and results may differ materially from the performance and results contained in or implied by the forward-looking statements made herein, due to many important factors. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; foreign currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability or settlements. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading “Risk Factors.” The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.


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CRA INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE FISCAL QUARTERS ENDED
JUNE 28, 2025 COMPARED TO JUNE 29, 2024
(IN THOUSANDS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended Fiscal Year-to-Date Period Ended
June 28,
2025		  As a % of
Revenue 		June 29,
2024		  As a % of
Revenue 		June 28,
2025		 As a % of
Revenue		 June 29,
2024		 As a % of
Revenue
Revenues $ 186,878  100.0  % $ 171,442  100.0  % $ 368,729  100.0  % $ 343,230  100.0  %
Costs of services (exclusive of depreciation and amortization) 128,542  68.8  % 125,327  73.1  % 248,896  67.5  % 244,206  71.1  %
Selling, general and administrative expenses 35,079  18.8  % 32,016  18.7  % 67,617  18.3  % 62,514  18.2  %
Depreciation and amortization 3,530  1.9  % 2,811  1.6  % 6,941  1.9  % 5,603  1.6  %
Income from operations 19,727  10.6  % 11,288  6.6  % 45,275  12.3  % 30,907  9.0  %
Interest expense, net (1,796) -1.0  % (1,483) -0.9  % (2,225) -0.6  % (1,948) -0.6  %
Foreign currency gains (losses), net (815) -0.4  % (191) -0.1  % (1,290) -0.3  % (333) -0.1  %
Income before provision for income taxes 17,116  9.2  % 9,614  5.6  % 41,760  11.3  % 28,626  8.3  %
Provision for income taxes 4,994  2.7  % 3,076  1.8  % 11,636  3.2  % 8,397  2.4  %
Net income $ 12,122  6.5  % $ 6,538  3.8  % $ 30,124  8.2  % $ 20,229  5.9  %
Net income per share:
  Basic $ 1.81  $ 0.96  $ 4.47  $ 2.93 
  Diluted $ 1.79  $ 0.94  $ 4.42  $ 2.90 
Weighted average number of shares outstanding:
  Basic 6,694  6,834  6,734  6,880 
  Diluted 6,753  6,911  6,807  6,961 

4

CRA INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE FISCAL QUARTERS ENDED
JUNE 28, 2025 COMPARED TO JUNE 29, 2024
(IN THOUSANDS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended Fiscal Year-to-Date Period Ended
June 28,
2025		 As a % of
Revenue		 June 29,
2024		 As a % of
Revenue		 June 28,
2025		 As a % of
 Revenue		 June 29,
2024		 As a % of
 Revenue
Revenues $ 186,878  100.0  % $ 171,442  100.0  % $ 368,729  100.0  % $ 343,230  100.0  %
Net income $ 12,122  6.5  % $ 6,538  3.8  % $ 30,124  8.2  % $ 20,229  5.9  %
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Restructuring and other (1)(2)
 —  —  % 8,176  4.8  % (4,170) -1.1  % 8,176  2.4  %
Foreign currency (gains) losses, net 815  0.4  % 190  0.1  % 1,290  0.3  % 332  0.1  %
Tax effect on adjustments (214) -0.1  % (2,205) -1.3  % 733  0.2  % (2,239) -0.7  %
Non-GAAP net income $ 12,723  6.8  % $ 12,699  7.4  % $ 27,977  7.6  % $ 26,498  7.7  %
Non-GAAP net income per share:
Basic $ 1.90  $ 1.85  $ 4.15  $ 3.84 
Diluted $ 1.88  $ 1.83  $ 4.10  $ 3.80 
Weighted average number of shares outstanding:
Basic 6,694  6,834  6,734  6,880 
Diluted 6,753  6,911  6,807  6,961 
(1) Fiscal year-to-date period ended June 28, 2025 includes $1.2 million of restructuring charges, net of the reversal of $5.4 million of non-cash charges associated with a previously recorded performance award.
(2) Fiscal quarter and fiscal year-to-date period ended June 29, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions.
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CRA INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE FISCAL QUARTERS ENDED
JUNE 28, 2025 COMPARED TO JUNE 29, 2024
(IN THOUSANDS)

Fiscal Quarter Ended Fiscal Year-to-Date Period Ended
June 28,
2025		 As a % of
 Revenue		 June 29,
2024		 As a % of
 Revenue		 June 28,
2025		 As a % of
 Revenue		 June 29,
2024		 As a % of
 Revenue
Revenues $ 186,878  100.0  % $ 171,442  100.0  % $ 368,729  100.0  % $ 343,230  100.0  %
Net income $ 12,122  6.5  % $ 6,538  3.8  % $ 30,124  8.2  % $ 20,229  5.9  %
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Restructuring and other (1)(2)
 —  —  % 8,176  4.8  % (4,170) -1.1  % 8,176  2.4  %
Foreign currency (gains) losses, net 815  0.4  % 190  0.1  % 1,290  0.3  % 332  0.1  %
Tax effect on adjustments (214) -0.1  % (2,205) -1.3  % 733  0.2  % (2,239) -0.7  %
Non-GAAP net income $ 12,723  6.8  % $ 12,699  7.4  % $ 27,977  7.6  % $ 26,498  7.7  %
Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:
Interest expense, net 1,796  1.0  % 1,483  0.9  % 2,225  0.6  % 1,948  0.6  %
Provision for income taxes 5,208  2.8  % 5,281  3.1  % 10,903  3.0  % 10,636  3.1  %
Depreciation and amortization 3,530  1.9  % 2,811  1.6  % 6,941  1.9  % 5,603  1.6  %
Non-GAAP EBITDA $ 23,257  12.4  % $ 22,274  13.0  % $ 48,046  13.0  % $ 44,685  13.0  %
(1) Fiscal year-to-date period ended June 28, 2025 includes $1.2 million of restructuring charges, net of the reversal of $5.4 million of non-cash charges associated with a previously recorded performance award.
(2) Fiscal quarter and fiscal year-to-date period ended June 29, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions.
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CRA INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)

June 28,
2025		 December 28,
2024
Assets
Cash and cash equivalents $ 19,448  $ 26,711 
Accounts receivable and unbilled services, net 235,025  219,548 
Other current assets 38,635  23,104 
Total current assets 293,108  269,363 
Property and equipment, net 41,338  45,205 
Goodwill and intangible assets, net 101,399  100,953 
Right-of-use assets 83,353  81,157 
Other assets 87,579  74,761 
Total assets $ 606,777  $ 571,439 
Liabilities and Shareholders’ Equity
Accounts payable $ 24,628  $ 28,155 
Accrued expenses 139,751  181,413 
Current portion of lease liabilities 18,718  18,696 
Revolving line of credit 120,000  — 
Other current liabilities 14,228  23,045 
Total current liabilities 317,325  251,309 
Non-current portion of lease liabilities 85,166  84,541 
Other non-current liabilities 7,286  23,516 
Total liabilities 409,777  359,366 
Total shareholders’ equity 197,000  212,073 
Total liabilities and shareholders’ equity $ 606,777  $ 571,439 

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CRA INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)


Fiscal Year-to-Date Period Ended
June 28,
2025		 June 29,
2024
Operating activities:
Net income $ 30,124  $ 20,229 
Adjustments to reconcile net income to net cash used in operating activities:
Non-cash items, net 17,709  15,769 
Accounts receivable and unbilled services (11,371) (18,476)
Working capital items, net (110,604) (78,795)
Net cash used in operating activities (74,142) (61,273)
Investing activities:
Purchases of property and equipment, net (2,163) (3,046)
Consideration paid for acquisition, net —  (1,500)
Net cash used in investing activities (2,163) (4,546)
Financing activities:
Borrowings under revolving line of credit 132,000  93,000 
Repayments under revolving line of credit (12,000) (6,000)
Tax withholding payments reimbursed by shares (2,809) (1,977)
Cash dividends paid (6,858) (5,976)
Repurchase of common stock (43,150) (33,348)
Net cash provided by financing activities 67,183  45,699 
Effect of foreign exchange rates on cash and cash equivalents 1,859  (817)
Net decrease in cash and cash equivalents (7,263) (20,937)
Cash and cash equivalents at beginning of period 26,711  45,586 
Cash and cash equivalents at end of period $ 19,448  $ 24,649 
Noncash investing and financing activities:
Increase (decrease) in accounts payable and accrued expenses for property and equipment $ (585) $ 553 
Excise tax on share repurchases $ (388) $ (300)
Right-of-use assets obtained in exchange for lease obligations $ 7,808  $ 2,329 
Supplemental cash flow information:
Cash paid for taxes $ 14,854  $ 12,681 
Cash paid for interest $ 1,670  $ 1,533 
Cash paid for amounts included in operating lease liabilities $ 11,515  $ 11,163 
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EX-99.2 3 craiq2-20258xkexx992xcfore.htm EX-99.2 Document

Exhibit 99.2
cralogoa.jpg

CHARLES RIVER ASSOCIATES (CRA)
SECOND QUARTER FISCAL YEAR 2025
EARNINGS ANNOUNCEMENT
PREPARED CFO REMARKS
CRA is providing these prepared remarks by interim CFO Chad Holmes in combination with its press release. These remarks are offered to provide the investment community with additional information on CRA’s financial results prior to the start of the conference call.
As previously announced, the conference call will be held July 31, 2025 at 10:00 a.m. ET. These prepared remarks will not be read on the call.
Q2 Fiscal 2025 Summary (Quarter ended June 28, 2025)
•Revenue: $186.9 million
•Net income: $12.1 million, or 6.5% of revenue; non-GAAP net income: $12.7 million, or 6.8% of revenue
•Net income per diluted share: $1.79; non-GAAP net income per diluted share: $1.88
•Operating margin and non-GAAP operating margin: 10.6%
•Non-GAAP EBITDA: $23.3 million, or 12.4% of revenue
•Effective tax rate: 29.2%; non-GAAP effective tax rate 29.0%
•Utilization: 76%
•Consultant headcount at the end of Q2 of fiscal 2025: 937, which consists of 159 officers, 557 other senior staff and 221 junior staff
•Cash and cash equivalents: $19.4 million at June 28, 2025
•Revolving credit facility borrowing capacity: $126.5 million at June 28, 2025

Revenue
For Q2 of fiscal 2025, revenue was $186.9 million, compared with revenue of $171.4 million for Q2 of fiscal 2024.
Headcount
The following table outlines CRA’s consultant headcount at the end of the stated quarters:
Q2
2025		 Q1
2025		 Q4
2024		 Q3
2024		 Q2
2024
Officers 159 156 151 156 157
Other Senior Staff 557 566 552 560 531
Junior Staff 221 225 243 262 280
Total 937 947 946 978 968
Utilization
For Q2 of fiscal 2025, companywide utilization was 76%, compared with 74% for Q2 of fiscal 2024.
Client Reimbursables
For Q2 of fiscal 2025, client reimbursables were $19.6 million, or 10.5% of revenue, compared with $16.4 million, or 9.5% of revenue, for Q2 of fiscal 2024.
Selling, General and Administrative (SG&A) Expenses
For Q2 of fiscal 2025, SG&A expenses were $35.1 million, or 18.8% of revenue, compared with $32.0 million, or 18.7% of revenue, for Q2 of fiscal 2024. Commissions to non-employee experts are included in SG&A expenses. These commissions represented approximately 2.4% of revenue for Q2 of fiscal 2025 and 2.2% for Q2 of fiscal 2024, respectively.
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Excluding these commissions, SG&A expenses were 16.3% of revenue for Q2 of fiscal 2025, compared with 16.4% in Q2 of fiscal 2024.
Fiscal Quarter Ended
$ in 000’s June 28,
2025		 As a % of Revenue June 29,
2024		 As a % of Revenue
SG&A expenses $ 35,079  18.8  % $ 32,016  18.7  %
Less: commissions to non-employee experts 4,576  2.4  % 3,816  2.2  %
SG&A expenses excluding commissions $ 30,503  16.3  % $ 28,200  16.4  %
Depreciation & Amortization
For Q2 of fiscal 2025, depreciation and amortization expenses amounted to $3.5 million, or 1.9% of revenue, compared with $2.8 million, or 1.6% of revenue, for Q2 of fiscal 2024.
Forgivable Loan Amortization
For Q2 of fiscal 2025, forgivable loan amortization was $10.2 million, or 5.5% of revenue, compared with $14.4 million, or 8.4% of revenue, for Q2 of fiscal 2024.
Share-Based Compensation Expense
For Q2 of fiscal 2025, share-based compensation expense was approximately $1.0 million, or 0.5% of revenue, compared with $1.4 million, or 0.8% of revenue, for Q2 of fiscal 2024.
Operating Income
For Q2 of fiscal 2025, operating income was $19.7 million, or 10.6% of revenue, compared with operating income of $11.3 million, or 6.6% of revenue, for Q2 of fiscal 2024. Non-GAAP operating income was $19.7 million, or 10.6% of revenue, for Q2 of fiscal 2025, compared with $19.5 million, or 11.4% of revenue, for Q2 of fiscal 2024.
Fiscal Quarter Ended
$ in 000’s June 28,
2025		 As a % of Revenue June 29,
2024		 As a % of Revenue
Income from operations $ 19,727  10.6  % $ 11,288  6.6  %
Adjustments needed to reconcile GAAP income from operations to non-GAAP income from operations:
Restructuring and other (1)
 —  —  % 8,176  4.8  %
Non-GAAP income from operations $ 19,727  10.6  % $ 19,464  11.4  %
(1) Fiscal quarter ended June 29, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions.
Interest Income (Expense), net
For Q2 of fiscal 2025, net interest expense was $1.8 million, or 1.0% of revenue, compared with net interest expense of $1.5 million, or 0.9% of revenue, for Q2 of fiscal 2024.
Foreign Currency Gains (Losses), net
For Q2 of fiscal 2025, net foreign currency losses were $0.8 million, or 0.4% of revenue, compared with net foreign currency losses of $0.2 million, or 0.1% of revenue, for Q2 of fiscal 2024.
Foreign currency gains (losses), net, is comprised of net gains and losses on foreign denominated transactions and the revaluation of working capital balances.
Income Taxes
The following table outlines CRA’s income tax provision recorded and the resulting effective tax rates:
GAAP Non-GAAP
Fiscal Quarter Ended Fiscal Quarter Ended
$ in 000’s June 28,
2025		 June 29,
2024		 June 28,
2025		 June 29,
2024
Tax Provision $ 4,994  $ 3,076  $ 5,208  $ 5,281 
Effective Tax Rate 29.2  % 32.0  % 29.0  % 29.4  %

2

Fiscal Quarter Ended
$ in 000’s June 28,
2025		 As a % of Revenue June 29,
2024		 As a % of Revenue
Income before provision for income taxes $ 17,116  9.2  % $ 9,614  5.6  %
Adjustments needed to reconcile GAAP income before provision for income taxes to non-GAAP income before provision for income taxes
Restructuring and other (1)
 —  —  % 8,176  4.8  %
Foreign currency (gains) losses, net 815  0.4  % 190  0.1  %
Non-GAAP income before provision for income taxes $ 17,931  9.6  % $ 17,980  10.5  %
GAAP provision for income taxes $ 4,994  $ 3,076 
Tax effect on non-GAAP adjustments 214  2,205 
Non-GAAP provision for income taxes $ 5,208  $ 5,281 
(1) Fiscal quarter ended June 29, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions.
Net Income
For Q2 of fiscal 2025, net income was $12.1 million, or 6.5% of revenue, or $1.79 per diluted share, compared with net income of $6.5 million, or 3.8% of revenue, or $0.94 per diluted share, for Q2 of fiscal 2024. Non-GAAP net income for Q2 of fiscal 2025 was $12.7 million, or 6.8% of revenue, or $1.88 per diluted share, compared with $12.7 million, or 7.4% of revenue, or $1.83 per diluted share, for Q2 of fiscal 2024.
Non-GAAP EBITDA
For Q2 of fiscal 2025, non-GAAP EBITDA was $23.3 million, or 12.4% of revenue, compared with $22.3 million, or 13.0% of revenue, for Q2 of fiscal 2024.
Constant Currency Basis
For Q2 of fiscal 2025, revenue was $186.9 million, and net income was $12.1 million, or 6.5% of revenue, or $1.79 per diluted share. On a constant currency basis relative to Q2 of fiscal 2024, Q2 of fiscal 2025 revenue would have been lower by $1.5 million to $185.4 million, GAAP net income would have been lower by $0.1 million to $12.0 million, or 6.5% of revenue, and earnings per diluted share would have decreased by $0.03 to $1.76 per diluted share.
For Q2 of fiscal 2025, revenue was $186.9 million, and non-GAAP net income was $12.7 million, or 6.8% of revenue, or $1.88 per diluted share. On a constant currency basis relative to Q2 of fiscal 2024, Q2 of fiscal 2025 revenue would have been lower by $1.5 million to $185.4 million, non-GAAP net income would have been lower by $0.1 million at $12.6 million, or 6.8% of revenue, non-GAAP earnings per diluted share would have decreased by $0.02 to $1.86 per diluted share, and non-GAAP EBITDA would have been lower by $0.2 million to $23.1 million, or 12.4% of revenue.
A description of the process for calculating the measures presented on a constant currency basis is contained under the heading “Non-GAAP Financial Measures” below.
Key Balance Sheet Metrics
Billed and unbilled receivables at June 28, 2025 were $235.0 million, compared with $216.6 million at June 29, 2024. Current liabilities at June 28, 2025 were $317.3 million, compared with $252.7 million at June 29, 2024.
Total Days Sales Outstanding, or DSO, for Q2 of fiscal 2025 was 110 days, consisting of 73 days of billed and 37 days of unbilled. This compares with 110 days reported for Q2 of fiscal 2024, consisting of 70 days of billed and 40 days of unbilled.
Cash and Cash Flow
Cash and cash equivalents was $19.4 million at June 28, 2025, compared with $24.6 million at June 29, 2024.
Net cash provided by operating activities for Q2 of fiscal 2025 was $5.9 million, compared with net cash provided by operating activities of $1.8 million for Q2 of fiscal 2024.
As of June 28, 2025, outstanding borrowings under CRA’s revolving credit facility amounted to $120.0 million. At June 29, 2024, outstanding borrowings under CRA’s revolving credit facility amounted to $87.0 million.
Capital expenditures totaled $1.2 million for Q2 of fiscal 2025, compared with $2.3 million for Q2 of fiscal 2024.
CRA repurchased approximately 231,000 shares of common stock during Q2 of fiscal 2025 for $43.2 million, compared with Q2 of fiscal 2024, when approximately 140,000 shares of common stock were repurchased for $24.1 million.
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A quarterly cash dividend of $0.49 per common share, for total dividends and dividend equivalents of $3.4 million, was paid in Q2 of fiscal 2025, compared with a quarterly cash dividend of $0.42 per common share, for total dividends and dividend equivalents of $2.9 million paid in Q2 of fiscal 2024.
GAAP Condensed Consolidated Statement of Cash Flows
CRA has derived the condensed consolidated statement of cash flow data for the years ended December 28, 2024 and December 30, 2023 from its audited financial statements appearing on Form 10-K for the fiscal year ended December 28, 2024, filed with the Securities and Exchange Commission on February 20, 2025. The condensed consolidated statement of cash flow data for the third quarter of fiscal year 2023, the first, second, and third quarters of fiscal year 2024, and the first and second quarters of fiscal year 2025 have been derived from CRA’s unaudited financial statements appearing on Form 10-Q for each of the respective fiscal quarters as well as the consolidated statements of cash flows appearing on Form 10-K for the fiscal years ended December 28, 2024 and December 30, 2023 and have been prepared on the same basis as CRA’s audited financial statements.

GAAP Condensed Consolidated Statement of Cash Flows LTM Q2 Q1 Q4 Q3
($ in 000’s) Q2 2025 2025 2025 2024 2024
Net cash provided by (used in) operating activities $ 36,866  $ 5,852  $ (79,994) $ 79,424  $ 31,584 
Net cash used in investing activities (15,740) (1,189) (974) (10,591) (2,986)
Net cash provided by (used in) financing activities (27,373) (11,875) 79,058  (64,629) (29,927)
Effect of foreign exchange rates on cash and cash equivalents 1,046  1,062  797  (1,974) 1,161 
Net increase (decrease) in cash and cash equivalents $ (5,201) $ (6,150) $ (1,113) $ 2,230  $ (168)
Cash and cash equivalents at beginning of period 24,649  25,598  26,711  24,481  24,649 
Cash and cash equivalents at end of period $ 19,448  $ 19,448  $ 25,598  $ 26,711  $ 24,481 
GAAP Condensed Consolidated Statement of Cash Flows LTM Q2 Q1 Q4 Q3
($ in 000’s) Q2 2024 2024 2024 2023 2023
Net cash provided by (used in) operating activities $ 63,778  $ 1,807  $ (63,080) $ 60,099  $ 64,952 
Net cash used in investing activities (5,637) (3,816) (730) (358) (733)
Net cash provided by (used in) financing activities (47,967) (10,353) 56,052  (43,092) (50,574)
Effect of foreign exchange rates on cash and cash equivalents 204  (111) (706) 1,333  (312)
Net increase (decrease) in cash and cash equivalents $ 10,378  $ (12,473) $ (8,464) $ 17,982  $ 13,333 
Cash and cash equivalents at beginning of period 14,271  37,122  45,586  27,604  14,271 
Cash and cash equivalents at end of period $ 24,649  $ 24,649  $ 37,122  $ 45,586  $ 27,604 

Adjusted Net Cash Flows from Operations
Below are the quarterly and last twelve-month reconciliations of GAAP net cash provided by (used in) operating activities for each of the periods presented to non-GAAP adjusted net cash flows from operations. The reconciling items are forgivable loan advances and repayments for each period, which are reported as a component of GAAP net cash provided by (used in) operating activities, along with other non-recurring cash items.
Adjusted Net Cash Flows from Operations LTM Q2 Q1 Q4 Q3
($ in 000’s) Q2 2025 2025 2025 2024 2024
GAAP net cash provided by (used in) operating activities $ 36,866  $ 5,852  $ (79,994) $ 79,424  $ 31,584 
Forgivable loan advances 62,302  13,507  27,431  7,106  14,258 
Forgivable loan repayments (3,073) —  (600) (2,473) — 
Adjusted net cash flows from operations $ 96,095  $ 19,359  $ (53,163) $ 84,057  $ 45,842 
Net revenue $ 712,912  $ 186,878  $ 181,851  $ 176,435  $ 167,748 
GAAP net cash provided by (used in) operating activities as a percentage of net revenue 5.2  % 3.1  % (44.0) % 45.0  % 18.8  %
Adjusted net cash flows from operations as a percentage of net revenue 13.5  % 10.4  % (29.2) % 47.6  % 27.3  %
    
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Adjusted Net Cash Flows from Operations LTM Q2 Q1 Q4 Q3
($ in 000’s) Q2 2024 2024 2024 2023 2023
GAAP net cash provided by (used in) operating activities $ 63,778  $ 1,807  $ (63,080) $ 60,099  $ 64,952 
Forgivable loan advances 29,880  18,880  5,250  2,000  3,750 
Forgivable loan repayments (1,488) (288) —  (1,200) — 
Adjusted net cash flows from operations $ 92,170  $ 20,399  $ (57,830) $ 60,899  $ 68,702 
Net revenue $ 652,397  $ 171,442  $ 171,789  $ 161,613  $ 147,553 
GAAP net cash provided by (used in) operating activities as a percentage of net revenue 9.8  % 1.1  % (36.7) % 37.2  % 44.0  %
Adjusted net cash flows from operations as a percentage of net revenue 14.1  % 11.9  % (33.7) % 37.7  % 46.6  %

NON-GAAP FINANCIAL MEASURES
In these remarks, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or “GAAP” with the following financial measures that were not calculated in accordance with GAAP: non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP EBITDA, non-GAAP income from operations (and non-GAAP operating margin), non-GAAP provision for income taxes (and non-GAAP effective tax rate), SG&A expenses excluding commissions and adjusted net cash flows from operations. CRA believes that these non-GAAP financial measures are important to management and investors because these measures supplement the understanding of CRA’s ongoing operating results, financial condition and cash flows. Non-GAAP adjusted net cash flows from operations is used by management to assess CRA’s ability to fund items such as the acquisition of talent, office expansions, debt repayment and distributions to shareholders. In addition, non-GAAP net income and non-GAAP EBITDA are used by CRA in its budgeting process, and the non-GAAP adjustments described below are made to the performance measures for some of CRA’s performance-based compensation.
As used herein, CRA defines non-GAAP EBITDA as net income before interest expense (net), provision for income taxes, and depreciation and amortization further adjusted for the impact of certain items that we do not consider indicative of its core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. Non-GAAP net income, non-GAAP income from operations and non-GAAP provision for income taxes also exclude non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. The adjustments made to non-GAAP adjusted net cash flows from operations add back forgivable loan issuances, net of repayments, along with other non-recurring cash items. These remarks also present certain current fiscal period financial measures on a “constant currency” basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA’s financial results. These constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period’s foreign exchange rates.

All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in these remarks. EBITDA and the financial measures identified in these remarks as “non-GAAP” are reconciled to their GAAP comparable measures either in these remarks or in the attached financial tables. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
5

CRA INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE FISCAL QUARTERS ENDED
JUNE 28, 2025 COMPARED TO JUNE 29, 2024
(IN THOUSANDS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended Fiscal Year-to-Date Period Ended
June 28,
2025		  As a % of
Revenue 		June 29,
2024		  As a % of
Revenue 		June 28,
2025		 As a % of
Revenue		 June 29,
2024		 As a % of
Revenue
Revenues $ 186,878  100.0  % $ 171,442  100.0  % $ 368,729  100.0  % $ 343,230  100.0  %
Costs of services (exclusive of depreciation and amortization) 128,542  68.8  % 125,327  73.1  % 248,896  67.5  % 244,206  71.1  %
Selling, general and administrative expenses 35,079  18.8  % 32,016  18.7  % 67,617  18.3  % 62,514  18.2  %
Depreciation and amortization 3,530  1.9  % 2,811  1.6  % 6,941  1.9  % 5,603  1.6  %
Income from operations 19,727  10.6  % 11,288  6.6  % 45,275  12.3  % 30,907  9.0  %
Interest expense, net (1,796) -1.0  % (1,483) -0.9  % (2,225) -0.6  % (1,948) -0.6  %
Foreign currency gains (losses), net (815) -0.4  % (191) -0.1  % (1,290) -0.3  % (333) -0.1  %
Income before provision for income taxes 17,116  9.2  % 9,614  5.6  % 41,760  11.3  % 28,626  8.3  %
Provision for income taxes 4,994  2.7  % 3,076  1.8  % 11,636  3.2  % 8,397  2.4  %
Net income $ 12,122  6.5  % $ 6,538  3.8  % $ 30,124  8.2  % $ 20,229  5.9  %
Net income per share:
  Basic $ 1.81  $ 0.96  $ 4.47  $ 2.93 
  Diluted $ 1.79  $ 0.94  $ 4.42  $ 2.90 
Weighted average number of shares outstanding:
  Basic 6,694  6,834  6,734  6,880 
  Diluted 6,753  6,911  6,807  6,961 
6

CRA INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE FISCAL QUARTERS ENDED
JUNE 28, 2025 COMPARED TO JUNE 29, 2024
(IN THOUSANDS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended Fiscal Year-to-Date Period Ended
June 28,
2025		 As a % of
Revenue		 June 29,
2024		 As a % of
Revenue		 June 28,
2025		 As a % of
Revenue		 June 29,
2024		 As a % of
Revenue
Revenues $ 186,878  100.0  % $ 171,442  100.0  % $ 368,729  100.0  % $ 343,230  100.0  %
Net income $ 12,122  6.5  % $ 6,538  3.8  % $ 30,124  8.2  % $ 20,229  5.9  %
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Restructuring and other (1)(2)
 —  —  % 8,176  4.8  % (4,170) -1.1  % 8,176  2.4  %
Foreign currency (gains) losses, net 815  0.4  % 190  0.1  % 1,290  0.3  % 332  0.1  %
Tax effect on adjustments (214) -0.1  % (2,205) -1.3  % 733  0.2  % (2,239) -0.7  %
Non-GAAP net income $ 12,723  6.8  % $ 12,699  7.4  % $ 27,977  7.6  % $ 26,498  7.7  %
Non-GAAP net income per share:
Basic $ 1.90  $ 1.85  $ 4.15  $ 3.84 
Diluted $ 1.88  $ 1.83  $ 4.10  $ 3.80 
Weighted average number of shares outstanding:
Basic 6,694  6,834  6,734  6,880 
Diluted 6,753  6,911  6,807  6,961 
(1) Fiscal year-to-date period ended June 28, 2025 includes $1.2 million of restructuring charges, net of the reversal of $5.4 million of non-cash charges associated with a previously recorded performance award.
(2) Fiscal quarter and fiscal year-to-date period ended June 29, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions.


7

CRA INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE FISCAL QUARTERS ENDED
JUNE 28, 2025 COMPARED TO JUNE 29, 2024
(IN THOUSANDS)

Fiscal Quarter Ended Fiscal Year-to-Date Period Ended
June 28,
2025		 As a % of
 Revenue		 June 29,
2024		 As a % of
 Revenue		 June 28,
2025		 As a % of
 Revenue		 June 29,
2024		 As a % of
 Revenue
Revenues $ 186,878  100.0  % $ 171,442  100.0  % $ 368,729  100.0  % $ 343,230  100.0  %
Net income $ 12,122  6.5  % $ 6,538  3.8  % $ 30,124  8.2  % $ 20,229  5.9  %
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Restructuring and other (1)(2)
 —  —  % 8,176  4.8  % (4,170) -1.1  % 8,176  2.4  %
Foreign currency (gains) losses, net 815  0.4  % 190  0.1  % 1,290  0.3  % 332  0.1  %
Tax effect on adjustments (214) -0.1  % (2,205) -1.3  % 733  0.2  % (2,239) -0.7  %
Non-GAAP net income $ 12,723  6.8  % $ 12,699  7.4  % $ 27,977  7.6  % $ 26,498  7.7  %
Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:
Interest expense, net 1,796  1.0  % 1,483  0.9  % 2,225  0.6  % 1,948  0.6  %
Provision for income taxes 5,208  2.8  % 5,281  3.1  % 10,903  3.0  % 10,636  3.1  %
Depreciation and amortization 3,530  1.9  % 2,811  1.6  % 6,941  1.9  % 5,603  1.6  %
Non-GAAP EBITDA $ 23,257  12.4  % $ 22,274  13.0  % $ 48,046  13.0  % $ 44,685  13.0  %
(1) Fiscal year-to-date period ended June 28, 2025 includes $1.2 million of restructuring charges, net of the reversal of $5.4 million of non-cash charges associated with a previously recorded performance award.
(2) Fiscal quarter and fiscal year-to-date period ended June 29, 2024 includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions.
8

CRA INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)

June 28,
2025		 December 28,
2024
Assets
Cash and cash equivalents $ 19,448  $ 26,711 
Accounts receivable and unbilled services, net 235,025  219,548 
Other current assets 38,635  23,104 
Total current assets 293,108  269,363 
Property and equipment, net 41,338  45,205 
Goodwill and intangible assets, net 101,399  100,953 
Right-of-use assets 83,353  81,157 
Other assets 87,579  74,761 
Total assets $ 606,777  $ 571,439 
Liabilities and Shareholders’ Equity
Accounts payable $ 24,628  $ 28,155 
Accrued expenses 139,751  181,413 
Current portion of lease liabilities 18,718  18,696 
Revolving line of credit 120,000  — 
Other current liabilities 14,228  23,045 
Total current liabilities 317,325  251,309 
Non-current portion of lease liabilities 85,166  84,541 
Other non-current liabilities 7,286  23,516 
Total liabilities 409,777  359,366 
Total shareholders’ equity 197,000  212,073 
Total liabilities and shareholders’ equity $ 606,777  $ 571,439 
9

CRA INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)

Fiscal Year-to-Date Period Ended
June 28,
2025		 June 29,
2024
Operating activities:
Net income $ 30,124  $ 20,229 
Adjustments to reconcile net income to net cash used in operating activities:
Non-cash items, net 17,709  15,769 
Accounts receivable and unbilled services (11,371) (18,476)
Working capital items, net (110,604) (78,795)
Net cash used in operating activities (74,142) (61,273)
Investing activities:
Purchases of property and equipment, net (2,163) (3,046)
Consideration paid for acquisition, net —  (1,500)
Net cash used in investing activities (2,163) (4,546)
Financing activities:
Borrowings under revolving line of credit 132,000  93,000 
Repayments under revolving line of credit (12,000) (6,000)
Tax withholding payments reimbursed by shares (2,809) (1,977)
Cash dividends paid (6,858) (5,976)
Repurchase of common stock (43,150) (33,348)
Net cash provided by financing activities 67,183  45,699 
Effect of foreign exchange rates on cash and cash equivalents 1,859  (817)
Net decrease in cash and cash equivalents (7,263) (20,937)
Cash and cash equivalents at beginning of period 26,711  45,586 
Cash and cash equivalents at end of period $ 19,448  $ 24,649 
Noncash investing and financing activities:
Increase (decrease) in accounts payable and accrued expenses for property and equipment $ (585) $ 553 
Excise tax on share repurchases $ (388) $ (300)
Right-of-use assets obtained in exchange for lease obligations $ 7,808  $ 2,329 
Supplemental cash flow information:
Cash paid for taxes $ 14,854  $ 12,681 
Cash paid for interest $ 1,670  $ 1,533 
Cash paid for amounts included in operating lease liabilities $ 11,515  $ 11,163 
10
EX-99.3 4 craiq2-20258xkexx993xdivid.htm EX-99.3 Document

Exhibit 99.3
Contacts:
Chad Holmes Nicholas Manganaro
Charles River Associates Sharon Merrill Advisors
investor@crai.com crai@investorrelations.com
312-377-2322 617-542-5300

CHARLES RIVER ASSOCIATES (CRA) DECLARES QUARTERLY CASH DIVIDEND OF $0.49 PER COMMON SHARE

BOSTON, July 31, 2025 – Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced that its Board of Directors has declared a quarterly cash dividend of $0.49 per common share to be paid on September 12, 2025 to shareholders of record of CRA’s common stock as of the close of business on August 26, 2025. The Company expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA’s Board of Directors.

About Charles River Associates (CRA)
Charles River Associates® is a leading global consulting firm specializing in economic, financial and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Instagram, and Facebook.

SAFE HARBOR STATEMENT
Statements in this press release concerning our expectations regarding the payment of future quarterly dividends are “forward-looking” statements as defined in Section 21 of the Exchange Act. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; foreign currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability or settlements. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading “Risk Factors.” The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.


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