Company: CRAI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001053706-25-000014
Chunk: 41

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 41
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 previously written off allowances (in thousands):Fiscal Quarter EndedMarch 29,2025March 30,2024Bad debt expense (recovery), net$433 $663 Reimbursable ExpensesRevenues also include reimbursements for costs incurred by CRA in fulfilling its performance obligations, including travel and other out-of-pocket expenses, fees for outside consultants, and other reimbursable expenses. CRA recovers substantially all of these costs. The following expenses are subject to reimbursement (in thousands):Fiscal Quarter EndedMarch 29,2025March 30,2024Reimbursable expenses$16,506 $17,061 Contract Balances from Contracts with CustomersThe timing of revenue recognition, billings, and cash collections results in accounts receivables, 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):March 29,2025December 28,2024December 30,2023Accounts receivable, net$140,326 $162,293 $142,729 Unbilled services, net$82,925 $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 March 29, 2025, December 28, 2024, and December 30, 2023.

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

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):March 29,2025December 28,2024December 30,2023Contract