Company: CRAI
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001053706-25-000020
Chunk: 62

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 29, 2024.

Provision for Income Taxes. The income tax provision was $11.6 million and the ETR was 27.9% for the fiscal year-to-date period ended June 28, 2025, compared to $8.4 million and 29.3% for the fiscal year-to-date period ended June 29, 2024. The ETR for the fiscal year-to-date period ended June 28, 2025 was lower than the fiscal year-to-date period ended June 29, 2024 primarily due to the impact of state tax law changes effective for the 2025 tax year and an increased benefit related to share-based compensation and the FDII deduction. The impact of these items were partially offset by a tax reserve recognized in the estimated annual effective tax rate of fiscal 2025. The ETR for the fiscal year-to-date periods ended June 28, 2025 and June 29, 2024 were both higher than the combined federal and state statutory tax rate primarily due to nondeductible executive compensation and nondeductible meals and entertainment expenses, partially offset by the tax benefit related to share-based compensation and the FDII deduction.

Net Income. Net income increased by $9.9 million to $30.1 million for the fiscal year-to-date period ended June 28, 2025 from $20.2 million for the fiscal year-to-date period ended June 29, 2024. The diluted net income per share was $4.42 for the fiscal year-to-date period ended June 28, 2025, compared to diluted net income per share of $2.90 for the fiscal year-to-date period ended June 29, 2024. Weighted average diluted shares outstanding decreased by approximately 154,000 to approximately 6,807,000 shares for the fiscal year-to-date period ended June 28, 2025 from approximately 6,961,000 shares for the fiscal year-to-date period ended June 29, 2024. The decrease in weighted average diluted shares outstanding was primarily due to the repurchase of shares of our common stock since June 29, 2024, offset in part by the vesting of shares of restricted stock and time-vesting restricted stock units since June 29, 2024.

Liquidity and Capital Resources

Fiscal Year-to-Date Period Ended June 28, 2025

We believe that our current cash, cash equivalents, cash generated from operations