\n\u201cCRA\u2019s fiscal 2020 topped a record-setting fiscal 2019 as revenue increased year over year by 12.6%,\u201d said Paul Maleh<\/a>, CRA\u2019s President and Chief Executive Officer. \u201cDuring the fourth quarter, we experienced strong demand across our portfolio of services and geographies. Notably, every practice grew year over year, contributing to the firm\u2019s 15.2% quarterly revenue growth. We also achieved double-digit revenue growth across both our North American and international operations. Most importantly, CRA\u2019s net income, earnings per diluted share and EBITDA all grew at rates faster than revenue during the fourth quarter.\u201d\n<\/p>\n Key Fourth-Quarter Fiscal 2020 Highlights<\/b><\/p>\n Key Full-Year Fiscal 2020 Highlights<\/b><\/p>\n Management Commentary and Financial Guidance<\/b><\/p>\n \n\u201cIn 2020, with the hard work and dedication of my colleagues, CRA delivered record-setting results,\u201d said Maleh. \u201cFor the full year, on a constant currency basis, we exceeded our revenue guidance of $498 million to $504 million and achieved the upper half of our non-GAAP EBITDA margin guidance range of 9.7% to 10.2%. To elaborate, fiscal year 2020 revenue on a constant currency basis was $507.9 million, consisting of $508.4 million of reported results less a $0.5 million adjustment for currency tailwinds. Full-year non-GAAP EBITDA and non-GAAP EBITDA margin were unchanged on a constant currency basis at $50.7 million and 10.0%, respectively.\u201d\n<\/p>\n \n\u201cGoing forward, we look to build on our trend of broad-based, profitable growth while striving to be the firm of choice for our clients\u2019 most important litigation, regulatory, and strategic challenges,\u201d continued Maleh. \u201cFor the full-year fiscal 2021, on a constant currency basis relative to fiscal 2020, we expect revenue in the range of $530 million to $550 million, and non-GAAP EBITDA margin in the range of 9.5% to 10.2%. While we are pleased with CRA\u2019s strong performance in 2020, we remain mindful that uncertainties around global economic, business, health, and political conditions can affect our business.\u201d\n<\/p>\n \nCRA does not provide reconciliations of its annual non-GAAP EBITDA margin guidance to GAAP net income margin because the Company is unable to estimate with reasonable certainty unusual gains or charges, foreign currency exchange rates, and the resulting effect of these items, and of equity awards, on CRA\u2019s taxes without unreasonable effort. These items are uncertain, depend on various factors, and may have a material effect on CRA\u2019s results computed in accordance with GAAP. A reconciliation between the historical GAAP and non-GAAP financial measures presented in this release is provided in the financial tables at the end of this release.\n<\/p>\n Quarterly Dividend<\/b><\/p>\n \nOn March 4, 2021, CRA\u2019s Board of Directors announced a quarterly cash dividend of $0.26 per common share, payable on March 26, 2021 to shareholders of record as of March 16, 2021. CRA expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA\u2019s Board of Directors.\n<\/p>\n Conference Call Information and Prepared CFO Remarks <\/b><\/p>\n \nCRA will host a conference call today at 10:00 a.m. ET to discuss its fourth-quarter and fiscal-year 2020 financial results. To listen to the live call, please visit the \u201cInvestor Relations<\/a>\u201d section of CRA\u2019s website at https:\/\/www.crai.com\/<\/a>, or dial (877) 709-8155 or (201) 689-8881. An archived<\/a> version of the webcast will be available on CRA\u2019s website for one year.\n<\/p>\n \nIn combination with this press release, CRA has posted prepared remarks by its CFO Dan Mahoney under \u201cConference Call Materials<\/a>\u201d in the \u201cInvestor Relations<\/a>\u201d section on CRA\u2019s website at https:\/\/www.crai.com\/<\/a>. These remarks are offered to provide the investment community with additional background on CRA\u2019s financial results prior to the start of the conference call.\n<\/p>\n About Charles River Associates (CRA)<\/b><\/p>\n \nCharles River Associates\u00ae is a leading global consulting firm specializing in economic, financial, and management consulting services<\/a>. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com<\/a>. Follow us on LinkedIn<\/a>, Twitter<\/a>, and Facebook<\/a>.\n<\/p>\n NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n \nIn this release, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or \u201cGAAP\u201d with the following financial measures that are not calculated in accordance with GAAP: non-GAAP net income, non\u2011GAAP net income per share and non\u2011GAAP EBITDA. CRA believes that the non-GAAP financial measures described in this press release are important to management and investors because these measures supplement the understanding of CRA\u2019s ongoing operating results and financial condition. In addition, these non-GAAP measures are used by CRA in its budgeting process, and the non-GAAP adjustments are made to the performance measures for some of CRA\u2019s performance-based compensation.\n<\/p>\n \nCRA defines non-GAAP EBITDA as net income before interest expense (net), income taxes, and depreciation and amortization further adjusted for the impact of certain items that we do not consider indicative of our core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration and related tax effects. Non-GAAP net income and non-GAAP net income per share also exclude non-cash amounts relating to valuation changes in contingent consideration and related tax effects. This release also presents certain current fiscal period financial measures on a \u201cconstant currency\u201d basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA\u2019s financial results. These constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period\u2019s foreign exchange rates.\n<\/p>\n \nAll of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in this release. EBITDA and the financial measures identified in this release as \u201cnon-GAAP\u201d are reconciled to their GAAP comparable measures in the financial tables appended to the end of this press release. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.\n<\/p>\n SAFE HARBOR STATEMENT<\/b><\/p>\n Statements in this press release concerning our future business, operating results and financial condition, including those concerning guidance on future revenue and non-GAAP EBITDA margin, the impact of exchange rate fluctuations on our financial results, our expectations regarding continued growth, our expectations regarding the payment of any future quarterly dividends and the level and extent of any purchases under our share repurchase program, and statements using the terms \u201coutlook,\u201d \u201cexpect,\u201d or similar expressions, are \u201cforward-looking\u201d statements as defined in Section 21 of the Exchange Act. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. Our actual revenue and non-GAAP EBITDA margin in fiscal 2021 on a constant currency basis relative to fiscal 2020 could differ materially from the guidance presented herein, and our actual performance and results may differ materially from the performance and results contained in or implied by the forward-looking statements made herein, due to many important factors. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; the impact of the COVID-19 pandemic; foreign currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability or settlements. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading \u201cRisk Factors.\u201d The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.<\/i><\/p>\n \n$\n<\/p>\n<\/td>\n \n137,422\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n100.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n119,262\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n100.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n508,373\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n100.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n451,370\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n100.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n101,247\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n73.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n84,349\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n70.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n370,709\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 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\n94,980\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n122,144\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n130,173\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n59,223\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n62,718\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n558,510\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n533,243\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n19,430\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n26,069\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n136,376\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n121,301\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,557\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,847\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,768\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,193\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n200,131\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n171,410\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n139,447\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 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\n6,908\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,580\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n54,663\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,832\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(17,094\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(16,693\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(17,094\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(16,693\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,236\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,211\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n77,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n54,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(77,000\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(54,000\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(862\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,176\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(108\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(246\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7,395\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,539\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(13,371\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(18,068\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(19,500\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(23,818\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,969\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n290\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n20,038\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(12,389\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n25,639\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38,028\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n45,677\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n25,639\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n4,749\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,914\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n156\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n155\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n428\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n2,640\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n57,827\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n82,329\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n106,765\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n6,535\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n7,590\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n1,162\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,157\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n20,436\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n14,620\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210304005270\/en\/<\/a><\/span><\/p>\n \nDan Mahoney \nNicholas Manganaro KEYWORDS:<\/b> United States North America Massachusetts<\/p>\n INDUSTRY KEYWORDS:<\/b> Consulting Legal Professional Services Finance<\/p>\n\n
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\n \n \n CRA INTERNATIONAL, INC.<\/b><\/td>\n<\/tr>\n \n \n \n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n<\/tr>\n \n \n \n FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED<\/b><\/td>\n<\/tr>\n \n \n \n JANUARY 2, 2021 COMPARED TO DECEMBER 28, 2019<\/b><\/td>\n<\/tr>\n \n \n \n (IN THOUSANDS, EXCEPT PER SHARE DATA)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Fiscal Quarter Ended<\/b><\/td>\n \n Fiscal Year-to-Date Period Ended<\/b><\/td>\n<\/tr>\n \n \n \n January 2,
2021<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n\n December 28,
2019<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n\n January 2,
2021<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n\n December 28,
2019<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n<\/tr>\n\n Revenues<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost of services (exclusive of depreciation and amortization)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Selling, general and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income from operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Interest expense, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign currency gains (losses), net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income before provision for income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Provision for income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income per share:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average number of shares outstanding:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n CRA INTERNATIONAL, INC.<\/b><\/td>\n<\/tr>\n \n \n \n RECONCILIATION OF NON-GAAP FINANCIAL MEASURES<\/b><\/td>\n<\/tr>\n \n \n \n FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED<\/b><\/td>\n<\/tr>\n \n \n \n JANUARY 2, 2021 COMPARED TO DECEMBER 28, 2019<\/b><\/td>\n<\/tr>\n \n \n \n (IN THOUSANDS, EXCEPT PER SHARE DATA)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Fiscal Quarter Ended<\/b><\/td>\n \n Fiscal Year-to-Date Period Ended<\/b><\/td>\n<\/tr>\n \n \n \n January 2,
2021<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n\n December 28,
2019<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n\n January 2,
2021<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n\n December 28,
2019<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n<\/tr>\n\n Revenues<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjustments needed to reconcile GAAP net income to non-GAAP net income:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Non-cash valuation change in contingent consideration<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tax effect on adjustments<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-GAAP net income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Non-GAAP net income per share:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average number of shares outstanding:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n CRA INTERNATIONAL, INC.<\/b><\/td>\n<\/tr>\n \n \n \n RECONCILIATION OF NON-GAAP FINANCIAL MEASURES<\/b><\/td>\n<\/tr>\n \n \n \n FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED<\/b><\/td>\n<\/tr>\n \n \n \n JANUARY 2, 2021 COMPARED TO DECEMBER 28, 2019<\/b><\/td>\n<\/tr>\n \n \n \n (IN THOUSANDS)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Fiscal Quarter Ended<\/b><\/td>\n \n Fiscal Year-to-Date Period Ended<\/b><\/td>\n<\/tr>\n \n \n \n January 2,
2021<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n\n December 28,
2019<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n\n January 2,
2021<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n\n December 28,
2019<\/b><\/td>\n\n As a % of
Revenue<\/b><\/td>\n<\/tr>\n\n Revenues<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjustments needed to reconcile GAAP net income to non-GAAP net income:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Non-cash valuation change in contingent consideration<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tax effect on adjustments<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-GAAP net income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Interest expense, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Provision for income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-GAAP EBITDA<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n CRA INTERNATIONAL, INC. <\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED BALANCE SHEETS <\/b><\/td>\n<\/tr>\n \n (IN THOUSANDS) <\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n January 2,
2021<\/b><\/td>\n\n December 28,
2019<\/b><\/td>\n<\/tr>\n\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Assets<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n Accounts receivable and unbilled services, net<\/td>\n \n \n \n \n \n \n \n \n Other current assets<\/td>\n \n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Property and equipment, net<\/td>\n \n \n \n \n \n \n \n \n Goodwill and intangible assets, net<\/td>\n \n \n \n \n \n \n \n \n Right-of-use assets<\/td>\n \n \n \n \n \n \n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n \n Total assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Liabilities and Shareholders\u2019 Equity<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n \n Accrued expenses<\/td>\n \n \n \n \n \n \n \n \n Current portion of lease liabilities<\/td>\n \n \n \n \n \n \n \n \n Other current liabilities<\/td>\n \n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n Non-current portion of lease liabilities<\/td>\n \n \n \n \n \n \n \n \n Other non-current liabilities<\/td>\n \n \n \n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total shareholders\u2019 equity<\/td>\n \n \n \n \n \n \n \n \n Total liabilities and shareholders\u2019 equity<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n CRA INTERNATIONAL, INC.<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/td>\n<\/tr>\n \n (IN THOUSANDS)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n Fiscal Year-to-Date Period Ended<\/b><\/td>\n<\/tr>\n \n \n \n \n January 2,
2021<\/b><\/td>\n\n December 28,
2019<\/b><\/td>\n<\/tr>\n\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating activities:<\/td>\n \n \n \n \n <\/tr>\n \n Net income<\/td>\n \n \n \n \n \n \n \n \n \n \n Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n \n \n \n \n <\/tr>\n \n Non-cash items, net<\/td>\n \n \n \n \n \n \n \n \n \n \n Accounts receivable and unbilled services<\/td>\n \n \n \n \n \n \n \n \n \n \n Working capital items, net<\/td>\n \n \n \n \n \n \n \n \n \n \n Net cash provided by operating activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Investing activities:<\/td>\n \n \n \n \n <\/tr>\n \n Purchases of property and equipment<\/td>\n \n \n \n \n \n \n \n \n \n \n Net cash used in investing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Financing activities:<\/td>\n \n \n \n \n <\/tr>\n \n Issuance of common stock, principally stock options exercises<\/td>\n \n \n \n \n \n \n \n \n \n \n Borrowings under revolving line of credit<\/td>\n \n \n \n \n \n \n \n \n \n \n Repayments under revolving line of credit<\/td>\n \n \n \n \n \n \n \n \n \n \n Tax withholding payments reimbursed by shares<\/td>\n \n \n \n \n \n \n \n \n \n \n Cash paid on dividend equivalents<\/td>\n \n \n \n \n \n \n \n \n \n \n Cash dividends paid to shareholders<\/td>\n \n \n \n \n \n \n \n \n \n \n Repurchase of common stock<\/td>\n \n \n \n \n \n \n \n \n \n \n Net cash used in financing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Effect of foreign exchange rates on cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net increase (decrease) in cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents at beginning of period<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash and cash equivalents at end of period<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Noncash investing and financing activities:<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Purchases of property and equipment not yet paid for<\/td>\n \n \n \n \n \n \n \n \n \n \n Purchases of property and equipment paid by a third party<\/td>\n \n \n \n \n \n \n \n \n \n \n Asset retirement obligations<\/td>\n \n \n \n \n \n \n \n \n \n \n Right-of-use assets obtained in exchange for lease obligations<\/td>\n \n \n \n \n \n \n \n \n \n \n Right-of-use assets related to the adoption of ASC 842<\/td>\n \n \n \n \n \n \n \n \n \n \n Lease liabilities related to the adoption of ASC 842<\/td>\n \n \n \n \n \n \n \n \n \n \n Supplemental cash flow information:<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Cash paid for taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n Cash paid for interest<\/td>\n \n \n \n \n \n \n \n \n \n \n Cash paid for amounts included in operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n \n <\/p>\n
\n
Chief Financial Officer
\n
Charles River Associates
\n
617-425-3505\n<\/p>\n
\n
Sharon Merrill Associates, Inc.
\n
crai@investorrelations.com
\n<\/a>
617-542-5300\n<\/p>\n
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<\/td>\n<\/tr>\n