Company: CRAI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001053706-25-000014
Chunk: 27

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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17

Fiscal Quarter Ended March 29, 2025, Compared to the Fiscal Quarter Ended March 30, 2024

Revenues. Revenues increased by $10.1 million, or 5.9%, to $181.9 million for the first quarter of fiscal 2025 from $171.8 million for the first quarter of fiscal 2024. Utilization increased to 76% for the first quarter of fiscal 2025 from 73% for the first quarter of fiscal 2024, while consultant headcount decreased to 947 at the end of the first quarter of fiscal 2025 from 997 at the end of the first quarter of fiscal 2024. 

Overall, revenues outside of the U.S. represented approximately 18% and 17% of net revenues for the first quarters of fiscal 2025 and fiscal 2024, respectively. Revenues derived from fixed-price projects decreased to 17% of net revenues for the first quarter of fiscal 2025 compared to 18% of net revenues for the first 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 $1.5 million, or 1.3%, to $120.4 million for the first quarter of fiscal 2025 from $118.9 million for the first quarter of fiscal 2024. The increase in costs of services was due to an increase in employee and incentive compensation of $6.8 million, an increase in external consultants indirect project expenses of $0.3 million, partially offset by a decrease in forgivable loan amortization of $5.0 million and a decrease in client reimbursable expenses of $0.6 million. As a percentage of revenues, costs of services (exclusive of depreciation and amortization) decreased to 66.2% for the first quarter of fiscal 2025 from 69.2% for the first quarter of fiscal 2024.

Selling, General and Administrative Expenses. Selling, general and administrative expenses increased by $2.0 million, or 6.6%, to $32.5 million for the first quarter of fiscal 2025 from $30.5 million for the first quarter of fiscal