CRA International, Inc. reported a revenue increase of 5.9% for the fiscal quarter ending March 29, 2025, reaching $181.9 million compared to $171.8 million in the same period last year. The company's net income also rose significantly, amounting to $18.0 million, or $2.62 per diluted share, up from $13.7 million, or $1.95 per diluted share, in the prior year. This growth in profitability was attributed to improved operational efficiency, as evidenced by a decrease in costs of services as a percentage of revenue, which fell to 66.2% from 69.2% year-over-year.
In terms of operational metrics, CRA's consultant headcount decreased to 947 from 997, while utilization rates improved to 76% from 73%. The company noted that revenues from fixed-price projects represented 17% of total revenues, a slight decline from 18% in the previous year. Geographic revenue distribution remained stable, with approximately 18% of revenues generated outside the U.S., compared to 17% in the prior year. The company also reported a decrease in accounts receivable, which fell to $140.3 million from $162.3 million, indicating improved cash flow management.
Strategically, CRA has been focusing on enhancing its service offerings and operational capabilities. The company has continued to invest in its workforce through forgivable loans, which increased to $75.9 million, reflecting a commitment to attracting and retaining talent. Additionally, CRA has maintained a robust revolving credit facility of $250 million, with $85 million drawn as of the end of the quarter, providing liquidity for ongoing operations and potential acquisitions.
Looking ahead, CRA expressed confidence in its financial position, stating that its current cash reserves, cash generated from operations, and available credit will be sufficient to meet anticipated working capital and capital expenditure needs for at least the next 12 months. The company plans to continue its focus on operational efficiency and strategic growth, including potential acquisitions to diversify its service offerings. The Board of Directors has also declared a quarterly cash dividend of $0.49 per share, reflecting the company's commitment to returning value to shareholders while maintaining a strong financial foundation.
About CRA INTERNATIONAL, INC.
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