Business
Charles River Associates (CRA) Reports Financial Results for the First Quarter of 2023
CRA Reports Highest Quarterly Revenue in Its History Legal & Regulatory Offerings Drive Growth CRA Reaffirms Annual Guidance BOSTON--(BUSINESS WIRE)--
About this update from Cra International,inc.
[{"type":"text","content":"\nCRA Reports Highest Quarterly Revenue in Its History\n\n\nLegal & Regulatory Offerings Drive Growth\n\n\nCRA Reaffirms Annual Guidance\n\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 1, 2023.\n\n\n“During the first quarter, CRA continued to build momentum in the business and demand for our services. Revenue increased to $152.8 million, which represents the highest quarterly revenue in the company’s history. 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. “CRA’s Legal & Regulatory offerings drove our overall revenue growth. 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. 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.”\n\n\nHighlights for First Quarter Fiscal 2023\n\n\n\nRevenue grew 3.0% year over year to $152.8 million.\n\n\n\nUtilization was 70%, and quarter-end headcount increased 10.7% year over year.\n\n\n\nNet 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.\n\n\n\nEarnings 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.\n\n\n\nNon-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.\n\n\n\nOn 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, resp...