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Charles River Associates (CRA) Reports Financial Results for the First Quarter of 2022
Broad-based Contributions Drive Record Quarterly Revenue and Continued Profit Expansion BOSTON--(BUSINESS WIRE)-- Charles River Associates (NASDAQ: CRAI), a
About this update from Cra International,inc.
[{"type":"text","content":"\nBroad-based Contributions Drive Record Quarterly Revenue and Continued Profit Expansion\n\n BOSTON--(BUSINESS WIRE)--\nCharles 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 2, 2022.\n\n“CRA continued to build momentum in the business as revenue increased to $148.4 million, which represents the highest quarterly revenue in the Company’s history,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Our performance was broad based, with five practices—Antitrust & Competition Economics, Auctions & Competitive Bidding, Intellectual Property, Labor & Employment, and Risk, Investigations & Analytics—delivering double-digit revenue growth year over year. Importantly, CRA continues to expand its margins as CRA’s net income, earnings per diluted share and EBITDA all grew faster than revenue.”\n\nHighlights for First Quarter Fiscal 2022\n\n\nRevenue grew 1.3% year over year to $148.4 million.\n\n\n\nUtilization was 74%, and quarter-end headcount increased 4.9% year over year.\n\n\n\nNet income increased 8.8% year over year to $11.4 million, or 7.7% of revenue, compared with $10.5 million, or 7.2% of revenue, in the first quarter of fiscal 2021; non-GAAP net income increased 7.2% year over year to $11.6 million, or 7.8% of revenue, compared with $10.8 million, or 7.4% of revenue, in the first quarter of fiscal 2021.\n\n\n\nEarnings per diluted share increased 13.4% year over year to $1.52 from $1.34 in the first quarter of fiscal 2021; non-GAAP earnings per diluted share increased 11.7% year over year to $1.53 from $1.37 in the first quarter of fiscal 2021.\n\n\n\nNon-GAAP EBITDA increased 6.2% to $18.9 million, or 12.7% of revenue, compared with $17.8 million, or 12.1% of revenue, in the first quarter of fiscal 2021.\n\n\n\nOn a constant currency basis relative to the first quarter of fiscal 2021, revenue, GAAP net income, and earnings per diluted share would have been higher by $1.0 million, $0.1 million, and $0.01 per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and EBITDA would have been higher by $0.1 million, $0.01 per diluted share, and $0.1 million, respectively.\n\n\n\nCRA returned $7.4 million of capital to its shareholders, consisting of...