Company: CRAI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001053706-25-000014
Chunk: 45

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 45
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:Weighted average shares outstanding — basic6,775 6,926 Effect of dilutive stock options and restricted stock units87 85 Weighted average shares outstanding — diluted6,862 7,011 Net income per share:Basic$2.65 $1.97 Diluted$2.62 $1.95 Anti-dilutive share-based awards are excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding. There were no anti-dilutive share-based awards for the fiscal quarters ended March 29, 2025 and March 30, 2024.

8. Fair Value of Financial Instruments

As of March 29, 2025 and December 28, 2024, CRA did not have any financial instruments measured at fair value on a recurring basis. The contingent consideration liability pertained to estimated future contingent consideration payments related to the acquisition of bioStrategies Group, Inc. during fiscal 2022. CRA had no contingent consideration obligation during the fiscal 

14

Table of ContentsCRA INTERNATIONAL, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)(Unaudited)

quarter ended March 29, 2025. The following table summarizes the changes in the contingent consideration liability for the fiscal year ended December 28, 2024 (in thousands):Fiscal Year EndedDecember 28, 2024Beginning balance$190 Remeasurement of acquisition-related contingent consideration(190)Accretion— Ending balance$— 

9. Credit Agreement

CRA is party to a Credit Agreement, dated as of August 19, 2022 (as amended, the "Credit Agreement") with Bank of America, N.A., as swingline lender, a letter of credit issuing bank and administrative agent, and with Citizens Bank, N.A., as a letter of credit issuing bank. The Credit Agreement provides CRA with a $250.0 million revolving credit facility, which may be decreased at CRA's option to $200.0 million during the period from July 16 in a year through January 15 in the next year. Additionally, for the period from January 16 to July 15 of each calendar year, CRA may elect to not increase the revolving credit facility to $250.0 million. The revolving credit facility includes a $25.0 million sublimit for the issuance of letters of credit.Under the Credit Agreement, CRA must comply with various financial