Company: CRAI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001053706-25-000029
Chunk: 59

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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1 18.6 18.3 18.4 Depreciation and amortization1.9 1.7 1.9 1.7 Income from operations9.3 11.0 11.3 9.6 Interest expense, net(0.9)(0.9)(0.7)(0.7)Foreign currency gains (losses), net0.4 (0.5)(0.1)(0.2)Income before provision for income taxes8.7 9.6 10.5 8.7 Provision for income taxes2.6 2.7 3.0 2.5 Net income6.2 %6.8 %7.5 %6.2 %

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Table of Contents

Fiscal Quarter Ended September 27, 2025, Compared to the Fiscal Quarter Ended September 28, 2024

Revenues. Revenues increased by $18.2 million, or 10.8%, to $185.9 million for the third quarter of fiscal 2025 from $167.7 million for the third quarter of fiscal 2024. Utilization increased to 77% for the third quarter of fiscal 2025 from 76% for the third quarter of fiscal 2024, while consultant headcount decreased to 968 at the end of the third quarter of fiscal 2025 from 978 at the end of the third quarter of fiscal 2024. 

Overall, revenues outside of the U.S. represented approximately 21% and 19% of net revenues for each of the third quarters of fiscal 2025 and fiscal 2024, respectively. Revenues derived from fixed-price projects decreased to 17% of net revenues for the third quarter of fiscal 2025 compared to 18% of net revenues for the third quarter of fiscal 2024. The percentage of revenue derived from fixed-price projects depends largely on the proportion of our revenues derived from our management consulting business, which typically has a higher concentration of fixed-price service contracts.

Costs of Services (exclusive of depreciation and amortization). Costs of services (exclusive of depreciation and amortization) increased by $16.3 million, or 14.1%, to $131.5 million for the third quarter of fiscal 2025 from $115.2 million for the third quarter of fiscal 2024. The increase in costs of services was due to an