CRA(CRAI) - 2024 Q4 - Annual Results

Revenue Performance - For Q4 of fiscal 2024, revenue was $176.4 million, a 9.8% increase from $161.6 million in Q4 of fiscal 2023[5] - For the full year fiscal 2024, revenue reached $687.4 million, up 10.2% from $624.0 million in fiscal 2023[6] - Net revenue for Q4 2024 was $176,435,000, up from $161,613,000 in Q4 2023, representing a year-over-year growth of 9.3%[49] Net Income - Net income for Q4 of fiscal 2024 was $15.0 million, or 8.5% of revenue, compared to $13.7 million, or 8.5% of revenue in Q4 of fiscal 2023[6] - For Q4 of fiscal 2024, net income was $15.0 million, or 8.5% of revenue, compared to $11.5 million, or 7.1% of revenue, in Q4 of fiscal 2023[24] - For the full year fiscal 2024, net income was $46.7 million, or 6.8% of revenue, compared to $38.5 million, or 6.2% of revenue, in fiscal 2023[25] - Basic net income per share for FY 2024 was $6.82, compared to $5.48 in FY 2023, marking an increase of 24.4%[49] Non-GAAP Metrics - Non-GAAP net income for the full year fiscal 2024 was $52.6 million, or 7.7% of revenue, compared to $48.1 million, or 7.7% of revenue in fiscal 2023[6] - Non-GAAP net income for FY 2024 was $52,605,000, an increase from $38,957,000 in FY 2023, reflecting a growth of 35%[50] - Non-GAAP EBITDA for Q4 of fiscal 2024 was $24.4 million, or 13.9% of revenue, compared to $19.0 million, or 11.8% of revenue, in Q4 of fiscal 2023[26] - For the full year fiscal 2024, non-GAAP EBITDA was $90.4 million, or 13.2% of revenue, compared to $68.3 million, or 10.9% of revenue, in fiscal 2023[28] - Non-GAAP adjusted net cash flows from operations for FY 2024 reached $92,468,000, a significant increase from $81,620,000 in FY 2023[43] - Non-GAAP adjusted net cash flows from operations as a percentage of net revenue for Q4 2024 was 45.0%, up from 37.7% in Q4 2023[43] Expenses - SG&A expenses for Q4 of fiscal 2024 were $31.3 million, or 17.7% of revenue, slightly down from 17.9% in Q4 of fiscal 2023[10] - For the full year fiscal 2024, SG&A expenses totaled $125.1 million, or 18.2% of revenue, compared to $115.1 million, or 18.4% of revenue in fiscal 2023[12] - Total selling, general and administrative expenses for FY 2024 were $125,050,000, representing 18.2% of net revenue, slightly down from 18.4% in FY 2023[49] Cash Flow and Capital Expenditures - Cash and cash equivalents were $26.7 million at December 28, 2024, down from $45.6 million at December 30, 2023[35] - Net cash provided by operating activities for Q4 of fiscal 2024 was $79.4 million, compared to $60.1 million for Q4 of fiscal 2023[35] - GAAP net cash provided by operating activities for FY 2024 was $49,735,000, compared to $60,072,000 in FY 2023, indicating a decline of 17.8%[43] - The company incurred $16,623,000 in capital expenditures for property and equipment during the fiscal year ended December 28, 2024, compared to $2,366,000 in the previous year[55] - Capital expenditures totaled $10.6 million for Q4 of fiscal 2024, significantly up from $0.4 million for Q4 of fiscal 2023[36] Shareholder Returns - During the full year fiscal 2024, approximately 206,000 shares of common stock were repurchased for $33.3 million, compared to 296,000 shares for $31.4 million in fiscal 2023[37] - A quarterly cash dividend of $0.49 per common share was paid in Q4 of fiscal 2024, compared to $0.42 per common share in Q4 of fiscal 2023[38] - Cash dividends paid increased to $12,300,000 in 2024 from $10,807,000 in 2023, indicating a commitment to returning value to shareholders[55] Operational Efficiency - Company-wide utilization for Q4 of fiscal 2024 was 78%, an increase from 73% in Q4 of fiscal 2023[8] - Income from operations for Q4 of fiscal 2024 was $21.5 million, or 12.2% of revenue, compared to $17.1 million, or 10.6% of revenue in Q4 of fiscal 2023[16] - The cost of services as a percentage of revenue decreased to 68.3% in Q4 2024 from 69.7% in Q4 2023, indicating improved operational efficiency[49] Foreign Currency Impact - For the full year fiscal 2024, net foreign currency losses were $0.1 million, compared to losses of $1.4 million in fiscal 2023[20] - The company experienced a foreign currency gain of $1,145,000 in Q4 2024, contrasting with a loss of $987,000 in Q4 2023[50] Assets and Liabilities - Total assets as of December 28, 2024, were $571,439,000, compared to $553,211,000 as of December 30, 2023, reflecting a growth of 3.3%[53] - The company reported a net cash used in financing activities of $48,857,000 for the fiscal year ended December 28, 2024, compared to $44,482,000 in 2023[55]