Company: CRAI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001053706-25-000007
Chunk: 73

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 73
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 several different tax jurisdictions. We are periodically reviewed by domestic and foreign tax authorities. These reviews include questions regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions. We account for uncertainties in income tax positions in accordance with Topic 740, Income Taxes ("ASC Topic 740"). The number of years with open tax audits varies depending on the tax jurisdiction.

Recent Accounting Standards

Please refer to the section captioned "Recent Accounting Standards" in Note 1 of our Notes to Consolidated Financial Statements contained in this Form 10-K.

Results of Operations

The following table provides operating information as a percentage of revenues for the periods indicated:

 Fiscal Year Ended December 28,2024 (52 weeks)December 30,2023 (52 weeks)December 31,2022 (52 weeks)Revenues100.0 %100.0 %100.0 %Costs of services (exclusive of depreciation and amortization)69.8 70.5 69.4 Selling, general and administrative expenses18.2 18.4 18.6 Depreciation and amortization1.7 1.9 2.0 Income from operations10.3 9.2 9.9 Interest expense, net(0.6)(0.6)(0.3)Foreign currency gains (losses), net— (0.2)0.3 Income before provision for income taxes9.6 8.4 10.0 Provision for income taxes2.8 2.2 2.6 Net income6.8 %6.2 %7.4 %

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Fiscal 2024 Compared to Fiscal 2023

Our fiscal year end is the Saturday nearest December 31 of each year. Our fiscal years periodically contain 53 weeks rather than 52 weeks. Fiscal 2024 and fiscal 2023 were both 52-week years. 

Revenues.    Revenues increased by $63.4 million, or 10.2%, to $687.4 million for fiscal 2024 from $624.0 million for fiscal 2023. Utilization increased to 75% for fiscal 2024 from 70% for fiscal 2023, while consultant headcount decreased by 58 consultants during fiscal 2024. Billable hours remained relatively flat for fiscal 2024 when compared to fiscal 2023.

Overall,