Company: CRAI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001053706-25-000029
Chunk: 64

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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 capital expenditure requirements for at least the next 12 months. As of September 27, 2025, we had $22.5 million of cash and cash equivalents and $101.1 million of borrowing capacity under our revolving credit facility.

General. During the fiscal year-to-date period ended September 27, 2025, cash and cash equivalents decreased by $4.2 million. We completed the period with cash and cash equivalents of $22.5 million. The principal drivers of the decrease of cash and cash equivalents were the payment of a significant portion of our fiscal 2024 performance bonuses in the first quarter of fiscal 2025, forgivable loan advances, repurchase of shares, and the payment of dividends, offset by net borrowings of $95.0 million. 

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At September 27, 2025, $2.5 million of our cash and cash equivalents was held within the U.S. We have sufficient sources of liquidity in the U.S., including cash flow from operations and availability on our revolving credit facility to fund U.S. operations for the next 12 months without the need to repatriate funds from our foreign subsidiaries.

Sources and Uses of Cash. During the fiscal year-to-date period ended September 27, 2025, net cash used in operating activities was $37.6 million. Net income was $41.6 million for the fiscal year-to-date period ended September 27, 2025. Uses of cash for operating activities included an increase in forgivable loans for the period of $45.8 million which was primarily driven by $68.4 million of forgivable loan issuances, net of repayments, offset by $22.6 million of forgivable loan amortization, a decrease in accounts payable, accrued expenses, and other liabilities of $35.6 million, primarily due to the payment of a significant portion of our fiscal 2024 performance bonuses, an increase of $32.8 million in unbilled receivables, and a $14.2 million decrease in lease liabilities. Partially offsetting these uses of cash was a decrease of $12.6 million in accounts receivable, an increase of $8.9 million in incentive cash awards payable, and a $1.6 million decrease in prepaid expenses, other current assets, and other assets. 

Non-cash items included right-of-use amortization of $11.6 million, depreciation and amortization expense of $10.4 million, and share-based compensation expenses of