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What were the key takeaways from CRA International’s earnings call?

- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CRAI

CRAI fundamentals

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