Company: CRAI
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001053706-25-000020
Chunk: 78

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 78
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2025. The ETR for the first quarter of fiscal 2025 and 2024 were both higher than the combined federal and state statutory tax rate primarily due to nondeductible executive compensation and nondeductible meals and entertainment expenses, partially offset by the tax benefit related to share-based compensation and the FDII deduction.

Net Income. Net income increased to $12.1 million for the second quarter of fiscal 2025 from $6.5 million for the second quarter of fiscal 2024. The net income per diluted share was $1.79 per share for the second quarter of fiscal 2025, compared to $0.94 of net income per diluted share for the second quarter of fiscal 2024. Weighted average diluted shares outstanding decreased by approximately 158,000 shares to approximately 6,753,000 shares for the second quarter of fiscal 2025 from approximately 6,911,000 shares for the second quarter of fiscal 2024. The decrease in weighted average diluted shares outstanding was primarily due to the repurchase of shares of our common stock since June 29, 2024, offset in part by the vesting of shares of restricted stock and time-vesting restricted stock units since June 29, 2024.

Fiscal Year-to-Date Period Ended June 28, 2025, Compared to the Fiscal Year-to-Date Period Ended June 29, 2024

Revenues. Revenues increased by $25.5 million, or 7.4%, to $368.7 million for the fiscal year-to-date period ended June 28, 2025 from $343.2 million for the fiscal year-to-date period ended June 29, 2024. Utilization increased to 76% for the fiscal year-to-date period ended June 28, 2025 from 74% for the fiscal year-to-date period ended June 29, 2024, while consultant headcount decreased from 968 at the end of the second quarter of fiscal 2024 to 937 at the end of the second quarter of fiscal 2025. 

Overall, revenues outside of the U.S. represented approximately 18% of net revenues for the fiscal year-to-date periods ended June 28, 2025 and June 29, 2024. Revenues derived from fixed-price projects decreased to 16% of net revenues for the 

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fiscal year-to-date periods ended June 28, 2025 compared to 17%