CRA International, Inc. has recently released its 10-Q report, providing insight into its financial condition and results of operations for the period ended June 29, 2024. The company, founded in 1965 and headquartered in Boston, Massachusetts, offers economic, financial, and management consulting services globally. Its client base spans various industries, including communications, healthcare, technology, and transportation.
In the report's "Results of Operations" section, it is revealed that revenues for the fiscal quarter ended June 29, 2024, increased by $9.4 million, or 5.9%, compared to the same period in 2023. The company reported a 3.8% net income as a percentage of revenues for the quarter, representing a decrease from the 5.9% net income percentage in the same quarter of the previous year.
For the fiscal year-to-date period ended June 29, 2024, revenues increased by $28.4 million, or 9.0%, compared to the same period in 2023. The net income for the fiscal year-to-date period ended June 29, 2024, was $20.2 million, showing an increase of $1.8 million from the fiscal year-to-date period ended July 1, 2023.
The report also discusses liquidity and capital resources, stating that as of June 29, 2024, the company had $24.6 million in cash and cash equivalents and $158.5 million of borrowing capacity under its revolving credit facility. It further outlines the sources and uses of cash during the fiscal year-to-date period, including net cash used in operating activities of $61.4 million and net cash provided by financing activities of $45.7 million.
Furthermore, the report addresses lease commitments, highlighting that the company is a lessee under certain operating leases for office space and equipment, some of which impose asset retirement obligations due to office modifications or periodic redecoration of the premises.
Following these announcements, the company's shares moved -11.0%, and are now trading at a price of $155.55. For more information, read the company's full 10-Q submission here.
