CRA(US:CRAI)2025-10-30 12:10Financial Performance - Revenue for Q3 of fiscal 2025 was $185.9 million, a 10.9% increase from $167.7 million in Q3 of fiscal 2024[3] - Net income for Q3 of fiscal 2025 was $11.5 million, or 6.2% of revenue, compared to $11.4 million, or 6.8% of revenue, in Q3 of fiscal 2024[20] - Non-GAAP net income for Q3 of fiscal 2025 was $13.7 million, or 7.3% of revenue, compared to $12.1 million, or 7.2% of revenue, in Q3 of fiscal 2024[20] - Net revenue for Q3 2025 was $185,891,000, compared to $167,748,000 in Q3 2024, reflecting a growth of 10.8%[40] - Net income for the fiscal quarter was $11.473 million, representing 6.2% of revenue, compared to $11.437 million and 6.8% in the prior year[42] - Non-GAAP net income for the quarter was $13.651 million, or 7.3% of revenue, up from $12.114 million and 7.2% in the same quarter last year[42] - Non-GAAP EBITDA for the quarter was $24.406 million, accounting for 13.1% of revenue, compared to $21.291 million and 12.7% in the prior year[44] Cash Flow and Liquidity - Cash and cash equivalents at September 27, 2025, were $22.5 million, down from $24.5 million at September 28, 2024[27] - The company reported a net increase in cash and cash equivalents of $(1,985,000) for Q3 2025, compared to a net increase of $3,048,000 in Q2 2025[32] - The total cash and cash equivalents at the end of Q3 2025 were $22,496,000, a decrease from $24,481,000 at the end of Q3 2024[32] - Cash dividends paid were $10.098 million, an increase from $8.850 million in the same period last year[48] - The company reported a net cash used in operating activities of $37.595 million for the year-to-date period, compared to $29.689 million in the prior year[48] Operational Metrics - Consultant headcount at the end of Q3 of fiscal 2025 was 968, a decrease from 978 in Q3 of fiscal 2024[4] - Companywide utilization rate for Q3 of fiscal 2025 was 77%, up from 76% in Q3 of fiscal 2024[5] - SG&A expenses for Q3 of fiscal 2025 were $33.7 million, or 18.1% of revenue, compared to $31.3 million, or 18.6% of revenue, in Q3 of fiscal 2024[7] - Selling, general and administrative expenses for Q3 2025 were $33,725,000, which is 18.1% of revenue, compared to $31,269,000 or 18.6% of revenue in Q3 2024[40] - Total Days Sales Outstanding (DSO) for Q3 of fiscal 2025 was 115 days, down from 122 days in Q3 of fiscal 2024[26] Assets and Liabilities - Total assets increased to $629.041 million as of September 27, 2025, up from $571.439 million at the end of December 2024[46] - Cash and cash equivalents decreased to $22.496 million from $26.711 million at the end of the previous fiscal year[46] - Borrowings under the revolving line of credit increased to $132 million, compared to $95 million in the previous year[48] Other Financial Metrics - Non-GAAP EBITDA for Q3 of fiscal 2025 was $24.4 million, or 13.1% of revenue, compared to $21.3 million, or 12.7% of revenue, in Q3 of fiscal 2024[21] - The percentage of GAAP net cash provided by operating activities as a percentage of net revenue was 5.7% in Q3 2025, down from 18.8% in Q3 2024[34] - Adjusted net cash flows from operations for Q3 2025 reached $114,867,000, significantly higher than $69,310,000 in Q3 2024, indicating a year-over-year increase of 65.9%[34] - The adjusted net cash flows from operations as a percentage of net revenue for Q3 2025 was 15.7%, up from 10.3% in Q3 2024[34] - The company experienced foreign currency gains of $763,000 in Q3 2025, contrasting with losses of $(904,000) in Q3 2024[40] - The company incurred restructuring and separation benefits totaling $3.7 million in the fiscal quarter, including $2.6 million in cash[42]