CRA(CRAI)2025-05-01 12:10Financial Performance - For Q1 of fiscal 2025, revenue was $181.9 million, a 5.9% increase from $171.8 million in Q1 of fiscal 2024[3] - Net income for Q1 of fiscal 2025 was $18.0 million, or 9.9% of revenue, compared to $13.7 million, or 8.0% of revenue, in Q1 of fiscal 2024[19] - Non-GAAP net income increased to $15,253 thousand, or 8.4% of revenue, up from $13,798 thousand, which was 8.0% of revenue in the previous year[42] - Non-GAAP EBITDA for Q1 of fiscal 2025 was $24.8 million, or 13.6% of revenue, compared to $22.4 million, or 13.0% of revenue, in Q1 of fiscal 2024[20] - Revenues for the fiscal quarter ended March 29, 2025, were $181,851 thousand, a 5.9% increase from $171,789 thousand for the same period in 2024[42] - Net income for the quarter was $18,002 thousand, representing 9.9% of revenue, compared to $13,691 thousand or 8.0% of revenue in the prior year[42] Operational Metrics - Companywide utilization rate improved to 76% in Q1 of fiscal 2025, up from 73% in Q1 of fiscal 2024[5] - Total Days Sales Outstanding (DSO) for Q1 of fiscal 2025 was 107 days, slightly up from 106 days in Q1 of fiscal 2024[24] - The weighted average number of diluted shares outstanding decreased from 7,011 in Q1 2024 to 6,862 in Q1 2025, indicating a reduction in share dilution[40] Expenses and Liabilities - SG&A expenses for Q1 of fiscal 2025 were $32.5 million, or 17.9% of revenue, compared to $30.5 million, or 17.8% of revenue, in Q1 of fiscal 2024[7] - Selling, general and administrative expenses for Q1 2025 were $32,538, which is 17.9% of revenue, slightly up from 17.8% in Q1 2024[38] - Total liabilities stood at $363,123 thousand, slightly up from $359,366 thousand in the previous quarter[45] Cash Flow and Capital Expenditures - Cash and cash equivalents decreased to $25.6 million at March 29, 2025, from $37.1 million at March 30, 2024[25] - Cash and cash equivalents at the end of Q1 2025 were $25,598, down from $37,122 at the beginning of the period, reflecting a net decrease of $11,524[30] - Capital expenditures totaled $1.0 million for Q1 of fiscal 2025, an increase from $0.7 million in Q1 of fiscal 2024[27] - Net cash provided by operating activities for Q1 2025 was $32,821, compared to $(79,994) in Q4 2024, indicating a significant recovery[30] - Adjusted net cash flows from operations for Q1 2025 reached $97,135, while for Q1 2024 it was $77,593, reflecting a year-over-year increase of 24.0%[32] Tax and Borrowings - The effective tax rate for Q1 of fiscal 2025 was 27.0%, compared to 28.0% in Q1 of fiscal 2024[17] - Outstanding borrowings under CRA's revolving credit facility increased to $85.0 million as of March 29, 2025, from $70.0 million at March 30, 2024[26] - The company borrowed $90,000 thousand under its revolving line of credit, compared to $70,000 thousand in the prior year[47] Foreign Currency and Other Losses - The company experienced a foreign currency loss of $474 in Q1 2025, compared to a loss of $142 in Q1 2024, indicating increased volatility in foreign exchange rates[40]