Company: CRAI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001053706-25-000014
Chunk: 51

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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2025, we had $25.6 million of cash and cash equivalents and $161.1 million of borrowing capacity under our revolving credit facility.

General. During the fiscal quarter ended March 29, 2025, cash and cash equivalents decreased by $1.1 million. We completed the period with cash and cash equivalents of $25.6 million. The principal drivers of the decrease of cash and cash 

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equivalents were the payment of a significant portion of our fiscal 2024 performance bonuses in the first quarter of fiscal 2025, forgivable loan advances, and the payment of dividends, offset by net borrowings of $85.0 million. 

At March 29, 2025, $2.4 million of our cash and cash equivalents was held within the U.S. We have sufficient sources of liquidity in the U.S., including cash flow from operations and availability on our revolving credit facility to fund U.S. operations for the next 12 months without the need to repatriate funds from our foreign subsidiaries.

Sources and Uses of Cash. During the fiscal quarter ended March 29, 2025, net cash used in operating activities was $80.0 million. Net income was $18.0 million for the fiscal quarter ended March 29, 2025. Uses of cash for operating activities included a decrease in accounts payable, accrued expenses, and other liabilities of $81.6 million, primarily due to the payment of a significant portion of our fiscal 2024 performance bonuses, an increase of $25.2 million in unbilled receivables, a $4.7 million decrease in lease liabilities, an increase in forgivable loans for the period of $20.2 million, which was primarily driven by $26.8 million of forgivable loan issuances, net of repayments, offset by $6.6 million of forgivable loan amortization, a $0.3 million decrease in prepaid expenses and other current assets, and other assets, and a decrease of $22.5 million in accounts receivable. Partially offsetting these uses of cash was an increase of $2.8 million in incentive cash awards payable. 

Non-cash items included right-of-use amortization of $3.9 million, depreciation and amortization expense of $3.4 million, and share-based compensation expenses of $1.4 million. 

During the fiscal quarter ended March 29, 2025, net cash used in investing activities was $1.0