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.Ĭonference Call Information and Prepared CFO RemarksĬRA will host a conference call today at 10:00 a.m. On May 4, 2023, CRA announced a quarterly cash dividend of $0.36 per common share, payable on Jto shareholders of record as of May 30, 2023. 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. These items are uncertain, depend on various factors, and may have a material effect on CRA’s results computed in accordance with GAAP. Non-GAAP net income, earnings per diluted share, and non-GAAP EBITDA would have been higher by $0.8 million, $0.10 per diluted share, and $1.1 million, respectively.ĬRA returned $23.3 million of capital to its shareholders, consisting of $2.7 million of dividend payments and $20.6 million for share repurchases of approximately 181,000 shares.ĬRA 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. On a constant currency basis relative to the first quarter of fiscal 2022, revenue, GAAP net income, and earnings per diluted share would have been higher by $3.1 million, $0.8 million, and $0.11 per diluted share, respectively. Non-GAAP EBITDA decreased 10.7% to $16.7 million, or 10.9% of revenue, compared with $18.7 million, or 12.6% of revenue, in the first quarter of fiscal 2022. Net income decreased 21.9% year over year to $8.9 million, or 5.8% of revenue, compared with $11.4 million, or 7.7% of revenue, in the first quarter of fiscal 2022 non-GAAP net income decreased 17.9% year over year to $9.4 million, or 6.1% of revenue, compared with $11.4 million, or 7.7% of revenue, in the first quarter of fiscal 2022.Įarnings per diluted share decreased 19.1% year over year to $1.23 from $1.52 in the first quarter of fiscal 2022 non-GAAP earnings per diluted share decreased 14.6% year over year to $1.29 from $1.51 in the first quarter of fiscal 2022.
Utilization was 70%, and quarter-end headcount increased 10.7% year over year. Revenue grew 3.0% year over year to $152.8 million. Our North American and international operations both expanded in the first quarter, led by our international operations which grew by 8.8% year over year." Four practices-Antitrust & Competition Economics, Financial Economics, Forensic Services, and Labor & Employment-grew year over year, with Forensics Services and Labor & Employment each posting double-digit revenue growth. "CRA’s Legal & Regulatory offerings drove our overall revenue growth. On a constant currency basis, revenue grew 5.1% year over year to $155.9 million," said Paul Maleh, CRA’s President and Chief Executive Officer. Revenue increased to $152.8 million, which represents the highest quarterly revenue in the company’s history.
"During the first quarter, CRA continued to build momentum in the business and demand for our services. Legal & Regulatory Offerings Drive GrowthīOSTON, May 04, 2023-( BUSINESS WIRE)- 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 1, 2023. CRA Reports Highest Quarterly Revenue in Its History
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