Cra International,inc. · NASDAQ:CRAI
Cra International,inc — Q4 2025 Earnings Presentation
38 slides from Cra International,inc's earnings presentation, Feb 26, 2026
Slide 1: An Overview of Charles River Associates
An Overview of Charles River Associates Q4 FY2025 This presentation is subject to and should be read in conjunction with the disclaimers and other statements contained under the heading “Safe Harbor Disclaimer.” 1
Slide 2: Safe Harbor Disclaimer
Safe Harbor Disclaimer Statements included in this presentation which are not historical in nature, including those concerning the company’s future business, operating and financial condition, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-
Slide 3: In 2025, We Celebrated CRA's 60th Birthday
In 2025, We Celebrated CRA’s 60th Birthday and More Than 27 Years as a Publicly Traded Company 3
Slide 4: A Leading Global Consulting Firm
A Leading Global Consulting Firm For over 60 years, Charles River Associates (CRA) has been a premier consulting firm. In 1965, our founders envisioned a company that would bring the developing expertise of academia, especially in the then-burgeoning area of quantitative methods in economics, to the
Slide 5: Performance Driven by Highly Talented and Dedicated Colleagues
Performance Driven by Highly Talented and Dedicated Colleagues 71% of senior staff have advanced CRA accepts less than 1% Less than 5% voluntary turnover degrees, with 39% of the advanced of campus applicants among top revenue generating degrees being PhDs employees over past 5 years 45% of senior s
Slide 6: Solving Complex Problems with High Value-Added Expertise
Solving Complex Problems with High Value-Added Expertise Financial Each of our practices Economics is highly regarded, and our consultants Antitrust & Life Competition Sciences are recognized for Forensic their creative and Services multidisciplinary approach to solving Energy Marakon clients’ compl
Slide 7: In the Past Two Years, We Have Worked with 88 of the Fortune 100
In the Past Two Years, We Have Worked with 88 of the Fortune 100 Corporate Note: Figures as of year-end fiscal 2025. 7
Slide 8: In the Past Two Years, We Have Partnered with 98 of the Top 100 Law Firms
In the Past Two Years, We Have Partnered with 98 of the Top 100 Law Firms Law Firm Note: Figures as of year-end fiscal 2025. 8
Slide 9: We Are Delivering Growth While Returning Capital to Shareholders
We Are Delivering Growth While Returning Capital to Shareholders Revenue Headcount EPS Stock Cash Growth Growth Growth* Repurchases Dividends Fiscal 2025 9% 1% utilization of 77% 8% $47M average price of $14M $187 per share Fiscal Years 2021-2025 48% 15% utilization of 74% 146% $184M average price o
Slide 10: Investment Thesis
Investment Thesis We are committed to being the firm of choice for our clients as they address their most important litigation, regulatory, and strategic challenges, as well as for our employees as they seek a fulfilling and exciting place to work Leading experts in their Management team with strong
Slide 11: Impact of AI on CRA
Impact of AI on CRA Technological Revolutions Reward High-Skill Firms • CRA is positioning itself on the right side of this transition: high-skill, expertise-driven, judgment- intensive work that becomes more valuable in technologically complex environments. AI Structurally Increases Economic Comple
Slide 12: Healthy EBITDA Margin Despite Inclusion of Non-Cash Amortization of Forgivable Loans
Healthy EBITDA Margin Despite Inclusion of Non-Cash Amortization of Forgivable Loans ($ in millions) 2020 2021 2022 2023 2024 2025 Revenue $508 $566 $591 $624 $687 $752 EBITDA* $51 $69 $71 $68 $90 $97 % of Revenue 10.0% 12.2% 12.0% 10.9% 13.2% 12.9% Non-Cash Amortization of Forgivable Loans** $31 $3
Slide 13: Strong conversion of EBITDA into adjusted net cash flows from operations
Strong conversion of EBITDA into adjusted net cash flows from operations 5-Yr. Avg. 3-Yr. Avg. ($ in millions) 2021-25 2023-25 2025 EBITDA* $79.1 $85.2 $96.8 Adjusted net cash flows from operations* $88.7 $94.2 $108.4 EBITDA Conversion Percentage 112% 111% 112% *Presented on a non-GAAP basis. A reco
Slide 14: Capital Allocation Philosophy: Uses of Capital
Capital Allocation Philosophy: Uses of Capital Uses of Capital (FY2021-25) Given the strength of our business, all of our investments have been funded from operations Redistribution to We always seek to deliver returns well above Talent, $229, Shareholders, our cost of capital 46% $239, 48% Looking
Slide 15: Capital Allocation Philosophy: Talent Strategy
Capital Allocation Philosophy: Talent Strategy Uses of Capital (FY2021-25) We use capital to drive growth, both in support of organic initiatives and inorganic pursuits; over this period, revenue has increased by greater than 45%, or more than $240 million Historically, our revenue growth has been b
Slide 16: Capital Allocation Philosophy: Capital Expenditures
Capital Allocation Philosophy: Capital Expenditures Uses of Capital (FY2021-25) Outlays associated with lease expirations and office expansions to accommodate growth accounted for $8 million of total capital expenditures Our investments in office buildouts have focused on efficient space planning, r
Slide 17: Capital Allocation Philosophy: Redistribution to Shareholders
Capital Allocation Philosophy: Redistribution to Shareholders Uses of Capital (FY2021-25) Redistributions to shareholders have consisted of $184 million of share repurchases and $55 million of dividend payments CRA has repurchased 1.7 million shares at an average cost of $110 per share during 2021-
Slide 18: Shareholder Distributions Significantly Reduced Shares Outstanding
Shareholder Distributions Significantly Reduced Shares Outstanding, Magnifying Per Share Value Gains 8.0 7.7 Period-end shares outstanding (million) 7.5 7.4 7.1 7.0 6.9 6.8 6.5 6.5 6.0 2020 2021 2022 2023 2024 2025 Over the past decade, shares outstanding have shrunk by more than 25% 18
Slide 19: Expectations for the Future
Expectations for the Future Revenue range of For FY2026, we have provided the $785 – $805 million* following annual financial guidance on a constant currency basis Non-GAAP EBITDA margin range of 12.0% – 13.0%* Organically driven average annual revenue growth in the mid-single Over the next several
Slide 20: Evergreen End Markets and Primary Demand Drivers
Evergreen End Markets and Primary Demand Drivers Mergers & Legal Spend Acquisitions Regulatory Strategy & Operations & Public Policy Consulting 20
Slide 21: Strong Performance in Legal & Regulatory Services Despite Modest Growth in Legal Spending
Strong Performance in Legal & Regulatory Services Despite Modest Growth in Legal Spending $16.9 $50 $16.7 100% $16.3 $45 $16.0 $15.7 $14.9 Percent of Legal Spending per company Legal Spending per company (millions) $40 $14.1 $13.7 $15.0 $14.1 $13.3 75% 63.9% 64.9% 65.9% $35 62.9% 62.4% 63.2% 61.4% 6
Slide 22: Our Business Has Performed Well Through Fluctuations in Global M&A Activity
Our Business Has Performed Well Through Fluctuations in Global M&A Activity $1,600 $1,400 Announced deal value (billions) $1,200 $1,000 $800 $600 $400 $200 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Americas Europe Asia Pacific Japan Africa/ME Source: LSEG, January 2026 Both lines of busin
Slide 23: Growing Complexity in Regulatory Markets Benefits Our Businesses
Growing Complexity in Regulatory Markets Benefits Our Legal & Regulatory and Management Consulting Businesses “ “We are building a more dynamic framework for merger analysis. And this is not about tweaking a few lines. We are re-shaping at record speed the structure of the Merger Guidelines themselv
Slide 24: Demand for Consulting Services Has Been Durable Across Market Cycles
Demand for Consulting Services Has Been Durable Across Market Cycles Management Consulting Market Size and Growth Forecast $600 3.7% annual real growth 1.1% annual real growth Key Trends in Management Consulting $500 2021 – 2025 expected for 2026 – 2030 The anticipated increase in business sentiment
Slide 25: Representative Client Matters
Representative Client Matters 25
Slide 26: Legal & Regulatory Consulting
Legal & Regulatory Consulting The French Competition Authority issued a landmark decision on digital platforms against Doctolib for abusing its dominant position on the markets for online medical appointment booking services and remote medical consultation solutions and for acquiring its main compet
Slide 27: Legal & Regulatory Consulting
Legal & Regulatory Consulting CRA consultants provided expert testimony and economic analysis in support of Hewlett Packard Enterprise’s $14 billion acquisition of Juniper Networks. A global CRA team advised the merging parties in the clearing of the acquisition across 13 antitrust jurisdictions wor
Slide 28: Legal & Regulatory Consulting
Legal & Regulatory Consulting CRA was retained by defendants in a Delaware Chancery Court dispute concerning an alleged breach of contract and fraudulent representation related to the acquisition of a healthcare marketing company. The engagement involved reconciling invoices, contract milestones, an
Slide 29: Legal & Regulatory Consulting
Legal & Regulatory Consulting CRA’s Forensics practice assisted a global consumer electronics company with an intrusion by a nation state actor. CRA reviewed hundreds of systems, software development systems, and software code to look for evidence of tampering. CRA then shared findings with the clie
Slide 30: Legal & Regulatory Consulting
Legal & Regulatory Consulting CRA experts were retained in a matter involving multiple broadcast networks and a major satellite television provider. The litigation involved copyright infringement, fraud, and breach of contract issues. Extensive econometric analyses, including time series regressions
Slide 31: Legal & Regulatory Consulting
Legal & Regulatory Consulting CRA’s Labor & Employment experts advised and testified in a matter involving allegations of independent contractor misclassification in the trucking industry. CRA’s team showed that the contractors made decisions consistent with the standard economic model of a profit-m
Slide 32: Management Consulting
Management Consulting A large multinational electric utility sought support in the strategic review and enhancement of its Cyber Security Incident Response Plan and Playbook. CRA’s energy team conducted a comprehensive assessment of existing documentation, interviews with subject matter experts, and
Slide 33: Management Consulting
Management Consulting A genetics-based biopharmaceutical company sought support from CRA’s Life Sciences experts as it faced new competition in a rare disease indication and prepared to launch in a much broader indication. We developed a strategy tree of alternatives, conducted research with U.S. pa
Slide 34: Appendix: Supplemental Financial Disclosures
Appendix Supplemental Financial Disclosures 34
Slide 35: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Fiscal Years 2015 2020 2021 2022 2023 2024 2025 ($ in millions, except per share data) Revenues $ 303.6 $ 508.4 $ 565.9 $ 590.9 $ 624.0 $ 687.4 $ 751.6 Income from operations 12.4 34.8 55.7 58.7 57.5 70.8 83.1 Operating margin (%) 4.0 % 6.8 % 9.8 % 9.9 %
Slide 36: Reconciliation of Non-GAAP Financial Measures (cont.)
Reconciliation of Non-GAAP Financial Measures (cont.) Fiscal Years 2015 2020 2021 2022 2023 2024 2025 ($ in millions) Reconciliation of GAAP net income to non-GAAP EBITDA: Net Income $ 6.3 $ 24.5 $ 41.7 $ 43.6 $ 38.5 $ 46.7 $ 54.8 Adjustments needed to reconcile GAAP net income to non-GAAP net incom
Slide 37: Reconciliation of Non-GAAP Financial Measures (cont.)
Reconciliation of Non-GAAP Financial Measures (cont.) Fiscal Years 2021 2022 2023 2024 2025 3-Yr Avg 5-Yr Avg ($ in millions) EBITDA into adjusted net cash flows from operations: Non-GAAP EBITDA $ 68.9 $ 71.0 $ 68.3 $ 90.4 $ 96.8 $ 85.2 $ 79.1 Adjusted Net Cash Flows from Operations GAAP net cash pr
Slide 38: Investor Relations
Investor Relations Charles River Associates 200 Clarendon Street Boston, MA 02116 investor@crai.com Follow Us www.facebook.com/ www.crai.com CharlesRiverAssociates www.linkedin.com/company/charles- www.youtube.com/ river-associates CharlesRiverAssociates www.instagram.com/ charlesriverassociates 38
CRA International,Inc. — Q4 2025 Earnings Presentation on 6ix