Company: CRAI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001053706-25-000007
Chunk: 39

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 39
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, subcontract labor and other direct costs remaining to complete a performance obligation and to determine the related revenue recognized. Significant 

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management estimates are subject to estimation uncertainty and require significant auditor subjectivity in evaluating the results of our procedures and the reasonableness of those estimates.

Our audit procedures related to the estimates of total costs to complete a performance obligation for performance obligations in a fixed-price arrangement that are partially satisfied at the balance sheet date included the following, among others.

•We tested the design and operating effectiveness of internal controls relating to management’s estimates of total costs to complete a performance obligation in a fixed-price arrangement for partially completed performance obligations as of the balance sheet date.

•We evaluated management’s historical ability to estimate total costs to complete a performance obligation.

•For a sample of fixed-price arrangements, that had partially completed performance obligations as of the balance sheet date, we obtained subsequent actual costs incurred and subsequent estimates of total costs to complete and compared to the Company's estimate at the balance sheet date.

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2020.

Boston, Massachusetts

February 20, 2025

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CRA INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Year EndedYear EndedYear EndedDecember 28,2024(52 weeks)December 30,2023 (52 weeks)December 31,2022 (52 weeks)(in thousands, except per share data)Revenues$687,414 $623,976 $590,901 Costs of services (exclusive of depreciation and amortization)479,936 439,751 410,081 Selling, general and administrative expenses125,050 115,116 110,087 Depreciation and amortization11,677 11,564 11,996 Income from operations70,751 57,545 58,737 Interest expense, net(4,417)(3,812)(1,826)Foreign currency gains (losses), net(92)(1,445)1,889 Income before provision for income taxes66,242 52,288 58,800 Provision for income taxes19,589 13,807 15,181 Net income$46,653 $38,481 $43,619 Net income per share:Basic$6.82 $5.48 $6.02 Diluted$6.74 $