CRA International, Inc. reported a 10.2% increase in revenues for fiscal 2024, reaching $687.4 million compared to $624.0 million in the previous year. The company's net income also rose, amounting to $46.7 million, up from $38.5 million in fiscal 2023, resulting in a diluted net income per share of $6.74, compared to $5.39 the prior year. The increase in revenue was attributed to improved utilization rates, which rose to 75% from 70% in the previous fiscal year, despite a decrease in consultant headcount by 58 during the same period.
In terms of operational metrics, CRA's revenue derived from fixed-price engagements remained stable at 18% of total revenues, while time-and-materials engagements accounted for 82%. The company experienced a slight decline in international revenues, which constituted 19% of total revenues in fiscal 2024, down from 21% in fiscal 2023. The overall billable hours remained relatively flat year-over-year, indicating a stable demand for consulting services despite the reduction in headcount.
Strategically, CRA International has continued to focus on enhancing its consulting capabilities and expanding its market presence. The firm has maintained a diversified client base across various industries, including healthcare, financial services, and technology, which helps mitigate risks associated with reliance on any single sector. The company also emphasizes the importance of its highly educated and experienced consulting staff, with approximately 74% of senior staff holding advanced degrees, including 40% with doctorate degrees.
Looking ahead, CRA International's management expressed confidence in the company's ability to sustain its growth trajectory, supported by a robust pipeline of consulting engagements and a commitment to maintaining high-quality service delivery. The firm has also indicated plans to continue its share repurchase program, having authorized an additional $45 million for stock buybacks, which reflects its strategy to enhance shareholder value. The company believes that its current cash reserves, along with cash generated from operations and available credit, will be sufficient to meet its working capital and capital expenditure needs for the foreseeable future.
About CRA INTERNATIONAL, INC.
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