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Charles River Associates (CRA) Reports Financial Results for the Second Quarter of 2021
Broad-based Contributions Drive Strong Revenue and Profit Growth Company Raises Revenue and EBITDA Guidance for Fiscal 2021 BOSTON--(BUSINESS WIRE)-- Charles
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[{"type":"text","content":"\nBroad-based Contributions Drive Strong Revenue and Profit Growth\n\nCompany Raises Revenue and EBITDA Guidance for Fiscal 2021\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 second quarter ended July 3, 2021.\n\n“Building on a strong start to fiscal 2021, CRA reported revenue growth of 20.5% year over year to $148.2 million, representing the highest quarterly revenue in the Company’s history,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Our outstanding performance for the quarter was driven by year-over-year revenue growth of more than 20% in eight practices—specifically, our Antitrust & Competition Economics, Auctions & Competitive Bidding, Energy, Financial Economics, Intellectual Property, Labor & Employment, Marakon, and Risk, Investigations & Analytics practices. Growth was balanced across our geographies, with revenue from our North American and international operations increasing by 21.9% and 14.4%, respectively. The quarter’s top-line growth resulted in accelerating profit expansion, as CRA’s net income, earnings per diluted share and EBITDA all grew significantly faster than revenue.”\n\nKey Second-Quarter Fiscal 2021 Highlights\n\n\nRevenue grew 20.5% year over year to $148.2 million.\n\n\nUtilization was 75%, and quarter-end headcount increased 3.9% year over year.\n\n\nNet income increased 95.0% year over year to $11.6 million, or 7.8% of revenue, compared with $5.9 million, or 4.8% of revenue, in the second quarter of fiscal 2020; non-GAAP net income increased 82.3% year over year to $11.6 million, or 7.8% of revenue, compared with $6.3 million, or 5.2% of revenue, in the second quarter of fiscal 2020.\n\n\nEarnings per diluted share increased 104.0% year over year to $1.53; non-GAAP earnings per diluted share increased 91.3% year over year to $1.53.\n\n\nNon-GAAP EBITDA increased 61.3% to $19.2 million, or 13.0% of revenue, compared with $11.9 million, or 9.7% of revenue, in the second quarter of fiscal 2020.\n\n\nOn a constant currency basis relative to the second quarter of fiscal 2020, revenue, GAAP net income, and earnings per diluted share would have been lower by $2.7 million, $0.1 million, and $0.02 per diluted share, respectivel...