Financial Data and Key Metrics Changes - Revenue increased by 10.8% year over year to $185.9 million, marking the best three revenue quarters in CRA's history [6] - Non-GAAP net income, earnings per diluted share, and EBITDA increased by 12.7%, 16.4%, and 14.6% respectively [7] - Non-GAAP EBITDA margin for the first three quarters of fiscal 2025 was 13.0% [15] Business Line Data and Key Metrics Changes - Revenue from legal and regulatory services increased by 11.5%, driven by activity in the broader legal market [7] - The antitrust and competition economics practice achieved record quarterly revenue, supported by ongoing merger-related activity [8] - Management consulting services revenue increased by 8% year over year, led by the energy practice [11] Market Data and Key Metrics Changes - North American operations revenue increased by 6.8%, while international operations expanded by 30.3% year over year [6] - Worldwide M&A activity totaled $3 trillion during the first nine months of 2025, an increase of 33% compared to the previous year [8] Company Strategy and Development Direction - The company is raising its revenue guidance for fiscal 2025, now expecting revenue in the range of $740 million to $748 million [15] - CRA continues to focus on cross-functional economic analysis, particularly in response to growing needs in transfer pricing and antitrust services [11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future performance, noting the consistency of results and strong demand across various practices [46] - The company remains mindful of uncertain global macroeconomic conditions that could impact business [16] Other Important Information - The company concluded the quarter with $22.5 million in cash and $95.0 million in borrowings, resulting in net debt of $72.5 million [17] - A 16% increase in quarterly cash dividend from $0.49 to $0.57 per common share was announced, reflecting confidence in business quality [19] Q&A Session Summary Question: Headcount dynamics and sustainability - Management explained that headcount changes reflect evaluations of growth opportunities, with a focus on profitable practices [25][26] Question: Bill rates and revenue growth - Management confirmed that bill rates have increased low double digits, driven by rate card increases and consistent client demand [28][30] Question: International growth drivers - The competition practice in Europe has shown strong performance, with consistent enforcement driving growth compared to North America [34] Question: Legal and regulatory activity drivers - Management noted broad-based inflow activity across several practices, indicating strong demand for consulting support [42][44] Question: Regulatory scrutiny on antitrust and M&A - Management observed no significant contraction in project inflows despite changes in regulatory stance, indicating continued strong demand [56] Question: Life sciences practice outlook - The life sciences practice is showing signs of growth, but management remains cautious about declaring a significant upward trend [57] Question: Intellectual property practice sustainability - The intellectual property practice is collaborating with other practices, indicating strong demand for complex matters [60] Question: Hiring pipeline for Vice Presidents - Management expressed satisfaction with the influx of new Vice Presidents, highlighting the value proposition of CRA in attracting talent [62]