Company: CRAI
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001053706-25-000020
Chunk: 38

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 and Uses of Cash. During the fiscal year-to-date period ended June 28, 2025, net cash used in operating activities was $74.1 million. Net income was $30.1 million for the fiscal year-to-date period ended June 28, 2025. Uses of cash for operating activities included a decrease in accounts payable, accrued expenses, and other liabilities of $80.2 million, primarily due to the payment of a significant portion of our fiscal 2024 performance bonuses, an increase in forgivable loans for the period of $26.3 million which was primarily driven by $40.3 million of forgivable loan issuances, net of repayments, offset by $14.0 million of forgivable loan amortization, an increase of $16.5 million in unbilled receivables, a $9.4 million decrease in lease liabilities, and a $0.7 million increase in prepaid expenses and other current assets, and other assets. Partially offsetting these uses of cash was an increase of $6.0 million in incentive cash awards payable and a decrease of $5.2 million in accounts receivable. 

Non-cash items included right-of-use amortization of $7.7 million, depreciation and amortization expense of $6.9 million, and share-based compensation expenses of $2.4 million. 

During the fiscal year-to-date period ended June 28, 2025, net cash used in investing activities was $2.2 million, which consisted of capital expenditures, primarily related to computer equipment.

During the fiscal year-to-date period ended June 28, 2025, net cash provided by financing activities was $67.2 million, primarily as a result of net borrowings under the revolving credit facility of $120.0 million. Offsetting this increase in cash provided by financing activities were repurchases of common stock of $43.2 million, payment of cash dividends and dividend equivalents of $6.8 million, and tax withholding payments reimbursed by restricted shares on vesting of $2.8 million.

Lease Commitments

We are a lessee under certain operating leases for office space and equipment. Certain of our operating leases have terms that impose asset retirement obligations due to office modifications or the periodic redecoration of the premises, which are included in deferred compensation and other non-current liabilities on our condensed consolidated balance sheets and are recorded at a value based on their estimated discounted cash flows. At June 28, 2025, we expect to