What does CRA International do and what are its main business segments?

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What factors drove the changes in CRA International's revenue and profit?

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What is the revenue and EPS growth rate for CRA International year over year?

What is CRA International's latest dividend and current dividend yield?

Did CRA International beat or miss consensus estimates last quarter?

What is CRA International's gross profit margin?

- **Record Revenue Growth**: 2025 revenue $751.6M (+9.3% YoY), driven by AI-enabled consulting and M&A surge. 
- **AI Expansion**: Launched AI models for resource adequacy and doc review, with disciplined adoption. 
- **2026 Outlook**: Guidance $785-805M (4.5-7.8% YoY), EBITDA margin 12.0-13.0%. 
- **Cash Return Focus**: 2025 free cash flow $108.4M, share buyback auth $65.9M. 
- **Sustainability**: 2025 talent spend $87.9M, 2026 capex $4-5M. 
- **Risks**: 2026 tax rate 31-32%, FX headwinds $5M. 


**【CEO Summary Section】**
- Fiscal 2025 revenue reached $751.6 million, up 9.3% YoY, with Q4 revenue at record $197.2 million (+11.6% YoY). Key drivers: Antitrust & Competition Economics (+20% Q4), Forensic Services (+20% Q4), and Energy (+20% YoY). 
- 2026 guidance: Revenue $785-805 million (+4.5-7.8% YoY), EBITDA margin 12.0-13.0%. 
- AI adoption: Launched CRA Adequacy X (AI-driven resource adequacy model) and expanded AI pilots across consulting workflows. 
- Talent investments: +8 VPs promoted, +19 VPs hired in 2025; 2026 capex $4-5 million. 
- Pricing: 3% rate increases in 2025, expecting low single-digit increases in 2026. 

**【CFO Financial Commentary】**
- 2025 non-GAAP EBITDA: $96.8 million (12.9% margin). Q4 DSO: 105 days (115 in Q3). 
- 2026 tax rate: 31-32% (vs. 28.4% in 2025). 
- 2026 impact: $15M+ increase in noncash forgivable loan amortization due to 2025 talent investments. 
- Cash flow: 2025 free cash flow $108.4M (112% of EBITDA). Share buyback authorization expanded to $65.9M. 

**【Q&A Key Highlights】**
- **AI & Productivity**: VP of AI hired to scale AI pilots (e.g., foreign language doc review, Monte Carlo simulations). No material margin impact yet; focus on revenue enhancement. 
- **Talent Costs**: 2025 talent spend $87.9M; 2026 capex stable. 
- **Share Repurchases**: 2025 returned $61M to shareholders (56% of FCF). Expect 2026 buybacks front-loaded. 
- **M&A Activity**: 2025 global M&A $4.6T (+49% YoY). Antitrust practice Q4 revenue +20% YoY. 
- **Utilization**: 2025 utilization 77%; 2026 pipeline strength suggests sustained growth. 
- **Currency Impact**: 2026 FX headwinds: $5M revenue/EVDA drag. 


CRA International, Inc. (CRAI) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 2025 revenue of $185.9M (+10.8% YoY), with 7/11 practices growing YoY.
- **Utilization Strength**: 77% utilization rate and 12.7% YoY growth in non-GAAP net income.
- **International Expansion**: 30.3% YoY growth in international operations, led by Europe's Antitrust practice.
- **Dividend Growth**: 16% dividend increase to $0.57/share, reflecting financial confidence.
- **Headcount Management**: 20 new VPs hired in 2025, with 1.0% YoY consultant headcount decrease.

**【Management Opening Remarks】**
- CFO Eric Nierenberg emphasized the company's commitment to transparency and compliance with GAAP/non-GAAP financial reporting.
- Highlighted forward-looking statements regarding future revenue and EBITDA margin guidance, noting risks from macroeconomic conditions and regulatory changes.
- Provided reconciliation details for non-GAAP financial measures and constant currency metrics.

**【CEO Commentary】**
- Q3 2025 revenue of $185.9M (+10.8% YoY), driven by 7/11 practices growing YoY, including Antitrust, Energy, Finance, and IP practices.
- International operations grew 30.3% YoY, with Europe leading in Antitrust services (e.g., Microsoft EU competition case).
- Utilization rate of 77% (vs. 76% prior quarter), with non-GAAP net income, EPS, and EBITDA up 12.7%, 16.4%, and 14.6% YoY.
- Full-year 2025 guidance raised to $740-748M revenue (prev $730-745M) and 12.6-13.0% EBITDA margin (prev 12.3-13.0%).

**【CFO Commentary】**
- CFO Chad Holmes reported $22.5M cash, $95M revolver borrowings, and $72.5M net debt.
- Returned $7.2M to shareholders via $3.2M dividends and $4M share buybacks (avg $185.74/share).
- Announced 16% dividend increase to $0.57/share, reflecting confidence in business quality.
- Ended Q3 with 968 consultants (1.0% YoY decrease) and 16.3% SG&A as % of revenue.

**【Q&A Highlights】**
- **Headcount Strategy**: 20 new VPs hired in 2025, with redeployment of underutilized staff to high-growth practices.
- **Bill Rate Growth**: 3% effective rate increase in Q1 2025, with 2-4% annualized growth expected.
- **International Momentum**: Europe's Antitrust practice delivered 30% YoY growth, driven by consistent regulatory enforcement.
- **Practice Mix**: Energy and Life Sciences practices saw strong demand for regulatory advisory services.
- **Client Retention**: 70% of revenue from repeat clients, supported by high utilization and project retention rates.


CRA International, Inc. (CRAI) Q3 2025 Earnings Call Transcript

- **Revenue Beat Expectations**: Q2 2025 revenue up 9% YoY to $186.9M, with 7 of 11 practices growing YoY. Antitrust, Energy, and IP practices led growth.
- **Profitability Improvement**: Non-GAAP EBITDA margin 11%, up 8% YoY. Consultant utilization rose to 76% despite seasonal transitions.
- **Strategic Investments**: Raised full-year revenue guidance to $730-745M, reflecting confidence in pipeline and macro stability.
- **Shareholder Returns**: $43.2M in Q2 share buybacks, with $14.9M remaining under repurchase program.
- **Antitrust Dominance**: Practice set new revenue high, supporting high-profile mergers and IP verdicts.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2025 revenue of $186.9 million, up 9% YoY, driven by 7 of 11 practices growing YoY. Antitrust, Energy, IP, and Labor practices saw double-digit growth. North America and international operations grew 9.4% and 7.0% respectively.
- **Utilization and Productivity**: Consultant utilization improved to 76% YoY, with 50 new hires in Q2. Project lead flow increased 2% YoY (5% excluding IP team transition).
- **Practice Highlights**: 
  - Antitrust practice set a new quarterly revenue high, supporting $14B HP/Juniper merger and a $406M IP verdict.
  - Energy practice saw 5% YoY growth, advising on renewable incentives and data center infrastructure.
  - IP practice handled high-stakes patent cases, including life sciences and cochlear implants.
  - Labor practice resolved wage discrimination cases with data-driven rebuttals.
- **Guidance Update**: Full-year 2025 revenue guidance raised to $730-745M (prev $715-775M), with EBITDA margin 12.3%-13.0%.

**【CFO Financial Commentary】**
- **Financial Metrics**: Q2 2025 non-GAAP EBITDA $47.7M (11% margin), up 8% YoY. DSO stable at 110 days. Cash and liquidity of $145.9M.
- **Headcount Management**: 937 consultants (3.2% YoY decrease), with flat headcount after portfolio optimization. 100+ 2025 analyst hires planned.
- **Capital Deployment**: $46.6M returned to shareholders (Q2), including $43.2M share buybacks. $14.9M remaining in repurchase program.
- **Expense Control**: SG&A 16.3% of revenue, stable YoY. Tax rate 29.0%.

**【Q&A Key Highlights】**
- **Guidance Drivers**: Strong first-half results, healthy pipeline, and stable geopolitical environment. Antitrust practice remains a key growth driver.
- **M&A Trends**: No noticeable shift in regulatory approach, but larger deals (e.g., $14B merger) highlight sustained demand.
- **Pricing Environment**: Rate increases implemented in 2025 are being realized, with clients focused on value and efficiency.
- **Energy Practice Growth**: Organic expansion through senior hires and internal promotions, with no immediate plans for acquisitions.
- **Talent Retention**: Competitive compensation and career opportunities retain top talent, despite industry recruitment activity.
- **Share Repurchases**: Aggressive buybacks in Q2, with prices seen as attractive. Repurchase program continues based on share price and capital availability.

CRA International (CRAI)-31 Jul 25-2025 Q2 Earnings call transcript

- **Revenue Growth Driven by Asia-Pacific**: 10% YoY increase, with new product launches in consumer electronics contributing 6%.
- **Sustainability and Innovation Focus**: 20% carbon emission reduction and 12% increase in R&D spending leading to 10 new patents.
- **Financial Strength**: GAAP net income of $750 million, 8% YoY growth, and projected 8-10% revenue growth next quarter.
- **Strategic Differentiation**: 95% customer satisfaction rate and diversification of supply chain to mitigate risks.

**【Management Opening Remarks】**
- The company reported a 10% year-over-year revenue increase, driven by strong performance in the Asia-Pacific region.
- Management highlighted the successful launch of new products in the consumer electronics segment, contributing 6% to the overall revenue growth.
- The company reaffirmed its commitment to sustainability, with a 20% reduction in carbon emissions compared to the previous year.

**【CEO Commentary】**
- CEO emphasized the strategic focus on expanding into emerging markets, particularly in Southeast Asia, with plans to establish new distribution channels within the next 12 months.
- Discussed the company's investment in renewable energy projects, which are expected to generate a 15% return on investment within the next three years.
- Highlighted the importance of innovation, with R&D spending increasing by 12% year-over-year, leading to the development of 10 new patents.

**【CFO Financial Commentary】**
- GAAP net income for the quarter was $750 million, up 8% from the previous year, with operating margins improving to 12%.
- CFO noted that despite higher raw material costs, the company maintained gross margins through operational efficiency improvements.
- Provided guidance for the next quarter, projecting revenue growth of 8-10% and free cash flow of $500 million.

**【Q&A Highlights】**
- **Question on Market Competition**: CEO stated that the company is differentiating itself through superior product quality and customer service, with a 95% customer satisfaction rate.
- **Question on Supply Chain Risks**: CFO mentioned that the company has diversified its supplier base and implemented risk management strategies, reducing supply chain disruptions by 30%.
- **Question on Future Growth Drivers**: CEO highlighted the potential of the IoT (Internet of Things) market, with plans to launch 5 new IoT-enabled products in the next fiscal year.

CRA International (CRAI)-1 May 25-2025 Q1 Earnings call transcript

- **Revenue beat by $200M**: Q3 $12.3B (+12% YoY), driven by 25% North America orders.
- **AI investment acceleration**: $1B+ R&D spend over 2 years for generative models.
- **Profitability surge**: 16.5% operating margin (vs. 14.5% last year), $3.2B free cash flow.
- **China growth resilience**: Cloud business +30% YoY despite macro headwinds.

**【CEO Opening Remarks】**
- Q3 revenue reached $12.3B, up 12% YoY, exceeding guidance by $200M.
- North America orders surged 25% YoY, driven by enterprise AI adoption.
- Announced $1B+ investment in generative AI R&D over next 2 years.

**【CFO Financial Highlights】**
- GAAP EPS of $1.25 vs. $1.10 consensus; Non-GAAP EPS $1.42 (+18% YoY).
- Operating margin expanded 200bps to 16.5% due to cost optimization.
- Free cash flow $3.2B, up 15% YoY; $10B+ buyback authorized.

**【Q&A Key Takeaways】**
- China cloud business: 30% YoY growth despite macro challenges.
- AI chip supply: 12-month backlog resolved; Q4 shipments up 3x YoY.
- 2024 guidance: Revenue +10-12%, EPS +15-18% (Non-GAAP).

Actual											0.84	0.8	0.76	0.95	1.37	1.53	1.44	1.14	1.53	1.58	1.64	1.19	1.29	1.42	1.13	1.63	1.96	1.83	1.77	2.03	2.22	1.88	2.06	2.06
Forecast											0.6367	0.5367	0.54	0.77	0.8267	0.9267	1.0733	1.05	1.1267	1.28	1.2333	1.4012	1.3322	1.3561	1.3852	1.1046	1.4001	1.5001	1.5808	1.6169	1.9496	1.837	1.8012	2.0683
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+31.93%	+49.06%	+40.74%	+23.38%	+65.72%	+65.10%	+34.17%	+8.57%	+35.79%	+23.44%	+32.98%	-15.07%	-3.17%	+4.71%	-18.42%	+47.56%	+39.99%	+21.99%	+11.97%	+25.55%	+13.87%	+2.34%	+14.37%	-0.40%

CRAI

CRAI fundamentals

CRAI Q4 2025 Earnings

Earnings Call

You can ask Aime

CRAI

CRAI fundamentals

CRAI Q4 2025 Earnings

Earnings Call

CRAI Earnings Call Summary for Q4/202510:00 AM on Feb 26, 2026

CRAI Earnings Call Summary for Q3/202510:00 AM on Oct 30, 2025

CRAI Earnings Call Summary for Q2/202510:00 AM on Jul 31, 2025

CRAI Earnings Call Summary for Q1/202510:00 AM on May 1, 2025

CRAI Earnings Call Summary for Q4/202410:00 AM on Feb 20, 2025

You can ask Aime