Company: CRAI
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001053706-25-000020
Chunk: 76

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 76
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7 18.3 18.2 Depreciation and amortization1.9 1.6 1.9 1.6 Income from operations10.6 6.6 12.3 9.0 Interest expense, net(1.0)(0.9)(0.6)(0.6)Foreign currency gains (losses), net(0.4)(0.1)(0.3)(0.1)Income before provision for income taxes9.2 5.6 11.3 8.3 Provision for income taxes2.7 1.8 3.2 2.4 Net income6.5 %3.8 %8.2 %5.9 %

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Table of Contents

Fiscal Quarter Ended June 28, 2025, Compared to the Fiscal Quarter Ended June 29, 2024

Revenues. Revenues increased by $15.5 million, or 9.0%, to $186.9 million for the second quarter of fiscal 2025 from $171.4 million for the second quarter of fiscal 2024. Utilization increased to 76% for the second quarter of fiscal 2025 from 74% for the second quarter of fiscal 2024, while consultant headcount decreased to 937 at the end of the second quarter of fiscal 2025 from 968 at the end of the second quarter of fiscal 2024. 

Overall, revenues outside of the U.S. represented approximately 19% of net revenues for each of the second quarters of fiscal 2025 and fiscal 2024. Revenues derived from fixed-price projects decreased to 16% of net revenues for the second quarter of fiscal 2025 compared to 17% of net revenues for the second 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 $3.2 million, or 2.6%, to $128.5 million for the second quarter of fiscal 2025 from $125.3 million for the second quarter of fiscal 2024. The increase in costs of services was due to an increase in employee and incentive compensation of $3.