CRAI
CRA International, Inc.202.19
+3.00+1.51%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Bullish Q&A on practice growth
Q&A brimmed with optimism on Antitrust, Forensic Services, and Energy, where 20%+ Q4 growth exceeded expectations with robust lead flow signaling no near-term slowdown. Maleh clarified flattish 2025 headcount stemmed from portfolio refinements, expecting acceleration aligned with revenue in 2026. Pricing stuck at 3% last year amid pristine collections, targeting low-single-digits or higher ahead. AI positioned as revenue enhancer without eroding junior leverage or margins yet. Management plans aggressive buybacks, deeming shares undervalued. Answers directly tackled guidance conservatism and Forensic sustainability. Mind-boggling Antitrust surge. Investors will eye headcount ramp and practice momentum.
Key Stats
Market Cap
1.33BP/E (TTM)
24.24Basic EPS (TTM)
8.34Dividend Yield
0.01%Recent Filings
8-K
Record revenue, bigger dividend
CRA reported record FY2025 revenue of $751.6M, up 9.3% YoY, with net income rising 17.4% to $54.8M; Q4 revenue hit $197.0M, up 11.6%, though margins dipped. Board hiked quarterly dividend to $0.57/share, payable March 20, and expanded buybacks by $55M atop $10.9M remaining. Growth spans practices, yet FX headwinds loom.
10-K
FY2025 results
CRA International drove FY2025 revenues to $751.6M, up 9.3% from $687.4M in FY2024, fueled by 77% utilization—up from 75%—and a net gain of 13 consultants, with billable hours rising 6.0%; the 53-week year amplified gains while costs of services dipped to 69.1% of revenue. Q4 wrapped strong, sustaining momentum through holiday slowdowns as international billings hit 20% and fixed-price work eased to 17%. Net income climbed to $54.8M ($8.14 diluted EPS) on 6,714,000 shares, reconciling cleanly; $47.1M in buybacks and $13.8M dividends underscored capital returns, with $34.0M revolver debt and $162.2M capacity bolstering liquidity. No annual guidance disclosed. Key employees drive revenue.
10-Q
Q3 FY2025 results
CRA International posted solid Q3 FY2025 results, with revenues climbing 10.8% year-over-year to $185.9M, driven by higher utilization at 77% and steady demand in time-and-materials contracts, though U.S. operations (79% of total) carried the load while international grew to 21%. Operating income dipped 6.5% to $17.2M amid rising costs of services (up 14.1% to 70.7% of revenue), yet year-to-date figures shine brighter: revenues up 8.5% to $554.6M, operating income surging 26.7% to $62.5M, and diluted EPS advancing 34.8% to $6.16 on fewer shares (6.745M weighted average, reconciled via two-class method with immaterial participating securities). Cash at $22.5M supports liquidity, bolstered by $155M available on the $250M revolver (net leverage under 3.0x covenant), despite $37.6M operating cash use from forgivable loans and bonuses; free cash flow not disclosed in the 10-Q. Share repurchases totaled $47.1M YTD, trimming shares effectively. Competition from larger consultancies remains a persistent pressure.
8-K
CRA Q3 revenue jumps 10.8%
CRA International reported Q3 2025 revenue of $185.9 million, up 10.8% year over year, driven by double-digit growth in antitrust, energy, finance, and intellectual property practices, while international operations surged 30.3%. Net income edged up 0.3% to $11.5 million, but non-GAAP net income climbed 12.7% to $13.7 million amid $3.7 million in restructuring charges. The company raised full-year revenue guidance to $740-748 million on a constant currency basis and boosted its quarterly dividend 16% to $0.57 per share. Global uncertainties loom large.
10-Q
Q2 FY2025 results
CRA International posted solid Q2 FY2025 results, with revenues climbing 9.0% year-over-year to $186.9M, fueled by higher utilization at 76% despite a dip in consultant headcount to 937; year-to-date, revenues rose 7.4% to $368.7M. Operating income surged 74.8% to $19.7M in the quarter (derived), lifting margins to 10.6% from 6.6%, thanks to controlled costs and lower forgivable loan amortization, while diluted EPS jumped 90.4% to $1.79 on 6,753,000 shares—reconciling cleanly with net income allocation under the two-class method. Cash dipped to $19.4M amid $74.1M operating outflow from bonus payments and loan advances, offset by $120.0M net revolver draws under the $250.0M facility (maturing 2027, compliant with 3.0x leverage covenant); free cash flow not disclosed in the 10-Q. Share repurchases totaled $43.2M YTD, underscoring capital returns. Yet competition for top talent persists as a key risk.
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