Company: CRAI
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001053706-25-000020
Chunk: 24

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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ables, unbilled services, and contract liabilities on the condensed consolidated balance sheets. Revenues recognized for services performed, but not yet billed to clients, are recorded as unbilled services. The following table presents the open and closing balances of CRA's accounts receivable, net and unbilled services, net (in thousands):June 28,2025December 28,2024December 30,2023Accounts receivable, net$159,717 $162,293 $142,729 Unbilled services, net$75,308 $57,255 $56,827 CRA defines contract assets as assets for which it has recorded revenue because it determines that it is probable that it will earn a performance-based or contingent fee, but is not yet entitled to receive a fee because certain events, such as completion of the measurement period or client approval, must occur. The contract assets balance was immaterial as of June 28, 2025, December 28, 2024, and December 30, 2023.When consideration is received, or such consideration is unconditionally due from a customer prior to transferring consulting services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after performance obligations have been satisfied and all revenue recognition criteria have been met. Contract liabilities are included in deferred revenue and other liabilities in the condensed consolidated balance sheets. The following table presents the closing balances of CRA's contract liabilities (in thousands):June 28,2025December 28,2024December 30,2023Contract liabilities$2,966 $7,340 $6,037 

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

CRA recognized the following revenue that was included in the contract liabilities balance as of the opening of the respective period or for performance obligations satisfied in previous periods (in thousands):Fiscal Quarter EndedFiscal Year-to-DatePeriod EndedJune 28,2025June 29,2024June 28,2025June 29,2024Amounts included in contract liabilities at the beginning of the period$2,567 $2,296 $6,983 $5,612 Performance obligations satisfied in previous periods$3,686 $3,394 $2,702 $3,515 

3. Forgivable Loans

In order to attract and