Business
Charles River Associates (CRA) Reports Fourth-Quarter and Full-Year 2022 Financial Results
Broad-based Contributions Drive Record Revenue and Profits in Fiscal 2022 Fourth Quarter Revenue Increases 7.6% Year Over Year Board Expands Share Repurchase
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[{"type":"text","content":"\nBroad-based Contributions Drive Record Revenue and Profits in Fiscal 2022\n\nFourth Quarter Revenue Increases 7.6% Year Over Year\n\nBoard Expands Share Repurchase Authorization by $20 Million\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 fourth quarter and fiscal year ended December 31, 2022.\n\n“CRA once again set financial highs as fiscal 2022 topped a record-setting fiscal 2021,” said Paul Maleh, CRA’s President and Chief Executive Officer. “For the quarter, we continued to see broad-based strength across our portfolio. Reported revenue increased 7.6% compared with the fourth quarter of fiscal 2021 to $145.0 million. On a constant currency basis, revenue in the fourth quarter would have been higher by $4.4 million, or an additional 3.3% of year-over-year growth. Leading the way with double-digit revenue growth were six practices: Auctions & Competitive Bidding, Finance, Financial Economics, Intellectual Property, Labor & Employment, and Risk, Investigations & Analytics. Geographically, we saw balanced contributions from our North American and international operations, which grew fourth quarter revenue year over year by 8.2% and 5.4%, respectively.”\n\nHighlights for Fourth-Quarter Fiscal 2022\n\n\nRevenue grew 7.6% year over year to $145.0 million.\n\n\nUtilization was 74%, and quarter-end headcount increased 9.1% year over year.\n\n\nNet income increased 0.1% year over year to $8.7 million, or 6.0% of revenue, compared with $8.7 million, or 6.4% of revenue, in the fourth quarter of fiscal 2021; non-GAAP net income increased 0.7% year over year to $8.7 million, or 6.0% of revenue, compared with $8.7 million, or 6.4% of revenue, in the fourth quarter of fiscal 2021.\n\n\nEarnings per diluted share increased 4.4% year over year to $1.19; non-GAAP earnings per diluted share increased 4.4% year over year to $1.19.\n\n\nNon-GAAP EBITDA decreased 4.0% to $14.6 million, or 10.1% of revenue, compared with $15.2 million, or 11.3% of revenue, in the fourth quarter of fiscal 2021.\n\n\nNet income, earnings per diluted share, and non-GAAP EBITDA were negatively impacted by a non-operating foreign currency loss of approximately $1.7 million related to net losses on foreign denominat...