2024 Q2 Form 10-Q Financial Statement

#000105370624000013 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $171.4M $171.8M
YoY Change 12.17%
Cost Of Revenue $125.3M $118.9M
YoY Change 16.22%
Gross Profit $46.12M $52.91M
YoY Change 2.46%
Gross Profit Margin 26.9% 30.8%
Selling, General & Admin $32.02M $30.50M
YoY Change 12.84%
% of Gross Profit 69.43% 57.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.811M $2.792M
YoY Change -4.49%
% of Gross Profit 6.1% 5.28%
Operating Expenses $32.02M $30.50M
YoY Change 12.84%
Operating Profit $11.29M $19.62M
YoY Change -17.56%
Interest Expense $1.483M $464.0K
YoY Change 159.72%
% of Operating Profit 13.14% 2.37%
Other Income/Expense, Net
YoY Change
Pretax Income $9.614M $19.01M
YoY Change -23.66%
Income Tax $3.076M $5.321M
% Of Pretax Income 32.0% 27.99%
Net Earnings $6.538M $13.69M
YoY Change -26.69%
Net Earnings / Revenue 3.81% 7.97%
Basic Earnings Per Share
Diluted Earnings Per Share $0.94 $1.95
COMMON SHARES
Basic Shares Outstanding 6.916M shares 6.965M shares
Diluted Shares Outstanding 6.911M shares 7.011M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.65M $37.12M
YoY Change -30.6%
Cash & Equivalents $24.65M $37.12M
Short-Term Investments
Other Short-Term Assets $15.75M $14.29M
YoY Change 33.88%
Inventory
Prepaid Expenses
Receivables $140.1M $139.1M
Other Receivables $14.21M $14.72M
Total Short-Term Assets $271.2M $275.4M
YoY Change 4.99%
LONG-TERM ASSETS
Property, Plant & Equipment $36.82M $36.83M
YoY Change -15.82%
Goodwill $93.90M $93.85M
YoY Change 0.34%
Intangibles $7.981M $6.851M
YoY Change -3.04%
Long-Term Investments
YoY Change
Other Assets $1.990M $2.187M
YoY Change -19.69%
Total Long-Term Assets $274.8M $277.1M
YoY Change -9.53%
TOTAL ASSETS
Total Short-Term Assets $271.2M $275.4M
Total Long-Term Assets $274.8M $277.1M
Total Assets $546.0M $552.5M
YoY Change -2.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.00M $33.35M
YoY Change 0.66%
Accrued Expenses $113.3M $106.0M
YoY Change 8.47%
Deferred Revenue $2.153M $2.683M
YoY Change -43.19%
Short-Term Debt $87.00M $70.00M
YoY Change -13.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $252.7M $236.8M
YoY Change -0.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.5M $102.9M
YoY Change -9.03%
Total Long-Term Liabilities $101.6M $104.0M
YoY Change -8.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $252.7M $236.8M
Total Long-Term Liabilities $101.6M $104.0M
Total Liabilities $354.3M $340.8M
YoY Change -3.01%
SHAREHOLDERS EQUITY
Retained Earnings $205.4M $225.1M
YoY Change -2.54%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $191.7M $211.8M
YoY Change
Total Liabilities & Shareholders Equity $546.0M $552.5M
YoY Change -2.85%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $6.538M $13.69M
YoY Change -26.69%
Depreciation, Depletion And Amortization $2.811M $2.792M
YoY Change -4.49%
Cash From Operating Activities $1.807M -$63.08M
YoY Change -102.58%
INVESTING ACTIVITIES
Capital Expenditures $2.316M $730.0K
YoY Change 312.1%
Acquisitions
YoY Change
Other Investing Activities -$1.500M $0.00
YoY Change 163.16%
Cash From Investing Activities -$3.816M -$730.0K
YoY Change 237.1%
FINANCING ACTIVITIES
Cash Dividend Paid $3.075M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.35M $56.05M
YoY Change -113.83%
NET CHANGE
Cash From Operating Activities 1.807M -$63.08M
Cash From Investing Activities -3.816M -$730.0K
Cash From Financing Activities -10.35M $56.05M
Net Change In Cash -12.36M -$8.464M
YoY Change -403.59%
FREE CASH FLOW
Cash From Operating Activities $1.807M -$63.08M
Capital Expenditures $2.316M $730.0K
Free Cash Flow -$509.0K -$63.81M
YoY Change -99.28%

Facts In Submission

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CY2023Q2 crai Excise Tax On Share Repurchases
ExciseTaxOnShareRepurchases
173000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1955000 usd
CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1534000 usd
CY2023Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1081000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
91000 usd
CY2023Q2 us-gaap Interest Paid Net
InterestPaidNet
124000 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
5569000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
5474000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
212101000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
13691000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1105000 usd
CY2024Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
0 usd
CY2024Q1 crai Stock Issued During Period Value Share Based Compensation Employees And Non Employees
StockIssuedDuringPeriodValueShareBasedCompensationEmployeesAndNonEmployees
1039000 usd
CY2024Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1631000 usd
CY2024Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
9242000 usd
CY2024Q1 crai Accrued Excise Tax On Shares Repurchased Net
AccruedExciseTaxOnSharesRepurchasedNet
65000 usd
CY2024Q1 crai Dividends Share Based Compensation Net
DividendsShareBasedCompensationNet
-77000 usd
CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.42
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
152845000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
171789000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
152845000 usd
CY2024Q1 us-gaap Dividends Cash
DividendsCash
3075000 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
211790000 usd
CY2024Q1 crai Number Of Broad Areas Of Consulting Services
NumberOfBroadAreasOfConsultingServices
2 area
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Estimates</span></div>The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and judgments that affect the reported amounts of assets and liabilities, as well as the related disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of consolidated revenues and expenses during the reporting period. Estimates in these condensed consolidated financial statements include, but are not limited to, allowances for accounts receivable and unbilled services, revenue recognition on fixed-price contracts, variable consideration to be included in the transaction price of revenue contracts, the useful life of long-lived assets, measurement of operating lease right-of-use assets and liabilities, share-based compensation, valuation of contingent consideration liabilities, valuation of acquired intangible assets, goodwill, accrued and deferred income taxes, valuation allowances on deferred tax assets, accrued incentive compensation, and certain other accrued expenses. These items are monitored and analyzed by CRA for changes in facts and circumstances, and material changes in these estimates could occur in the future. Changes in estimates are recorded in the period in which they become known. CRA bases its estimates on historical experience and various other assumptions that CRA believes to be reasonable under the circumstances. Actual results may differ from those estimates if CRA’s assumptions based on past experience or other assumptions do not turn out to be substantially accurate
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
171789000 usd
CY2023Q4 crai Forgivable Loans
ForgivableLoans
53941000 usd
CY2022Q4 crai Forgivable Loans
ForgivableLoans
56456000 usd
CY2024Q1 us-gaap Contract With Customer Receivable Credit Loss Expense Reversal
ContractWithCustomerReceivableCreditLossExpenseReversal
663000 usd
CY2023Q2 us-gaap Contract With Customer Receivable Credit Loss Expense Reversal
ContractWithCustomerReceivableCreditLossExpenseReversal
0 usd
CY2024Q1 crai Reimbursable Expenses Subject To Reimbursement
ReimbursableExpensesSubjectToReimbursement
17061000 usd
CY2023Q2 crai Reimbursable Expenses Subject To Reimbursement
ReimbursableExpensesSubjectToReimbursement
13981000 usd
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2683000 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6037000 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4703000 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5139000 usd
CY2024Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
2847000 usd
CY2023Q2 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
2638000 usd
CY2024Q1 crai Forgivable Loans Interest Rate
ForgivableLoansInterestRate
0.0600
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2024Q1 crai Forgivable Loans Advances
ForgivableLoansAdvances
5250000 usd
CY2023 crai Forgivable Loans Advances
ForgivableLoansAdvances
23342000 usd
CY2024Q1 crai Forgivable Loans Repayments
ForgivableLoansRepayments
0 usd
CY2023 crai Forgivable Loans Repayments
ForgivableLoansRepayments
1816000 usd
CY2024Q1 crai Forgivable Loans Amortization
ForgivableLoansAmortization
5772000 usd
CY2023 crai Forgivable Loans Amortization
ForgivableLoansAmortization
24198000 usd
CY2024Q1 crai Forgivable Loans Translation Adjustments
ForgivableLoansTranslationAdjustments
-26000 usd
CY2023 crai Forgivable Loans Translation Adjustments
ForgivableLoansTranslationAdjustments
157000 usd
CY2024Q1 crai Forgivable Loans
ForgivableLoans
53393000 usd
CY2023Q4 crai Forgivable Loans
ForgivableLoans
53941000 usd
CY2024Q1 crai Forgivable Loans Current
ForgivableLoansCurrent
14718000 usd
CY2023Q4 crai Forgivable Loans Current
ForgivableLoansCurrent
8759000 usd
CY2024Q1 crai Forgivable Loans Noncurrent
ForgivableLoansNoncurrent
38675000 usd
CY2023Q4 crai Forgivable Loans Noncurrent
ForgivableLoansNoncurrent
45182000 usd
CY2023Q4 us-gaap Goodwill Gross
GoodwillGross
165882000 usd
CY2023Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
71893000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
93989000 usd
CY2024Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 usd
CY2024Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-136000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
93853000 usd
CY2024Q1 us-gaap Goodwill Gross
GoodwillGross
165700000 usd
CY2024Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
71900000 usd
CY2024Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2023 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2024Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2024Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
300000 usd
CY2023Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
400000 usd
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
196000 shares
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
81503000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
143647000 usd
CY2024Q1 crai Allocated Share Based Compensation Expense Current Accelerated Vesting Of Awards
AllocatedShareBasedCompensationExpenseCurrentAcceleratedVestingOfAwards
8105000 usd
CY2023Q4 crai Allocated Share Based Compensation Expense Current Accelerated Vesting Of Awards
AllocatedShareBasedCompensationExpenseCurrentAcceleratedVestingOfAwards
16556000 usd
CY2024Q1 crai Accrued Project Costs Current
AccruedProjectCostsCurrent
2158000 usd
CY2023Q4 crai Accrued Project Costs Current
AccruedProjectCostsCurrent
1704000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
14242000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9133000 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
106008000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
171040000 usd
CY2024Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
56600000 usd
CY2023Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
121200000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.280
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.292
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
13691000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8918000 usd
CY2024Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
46000 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
34000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
13645000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
8884000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6926000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7119000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
85000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
133000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7011000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7252000 shares
CY2024Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.97
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.25
CY2024Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.95
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.23
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
190000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1056000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
0 usd
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
-934000 usd
CY2024Q1 crai Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Accretion
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityAccretion
0 usd
CY2023 crai Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Accretion
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityAccretion
68000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
190000 usd
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
190000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

Files In Submission

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0001053706-24-000013-index-headers.html Edgar Link pending
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0001053706-24-000013.txt Edgar Link pending
0001053706-24-000013-xbrl.zip Edgar Link pending
crai-20240330.htm Edgar Link pending
crai-20240330.xsd Edgar Link pending
craiq1-202410xqexx311.htm Edgar Link pending
craiq1-202410xqexx312.htm Edgar Link pending
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crai-20240330_def.xml Edgar Link unprocessable
crai-20240330_lab.xml Edgar Link unprocessable
crai-20240330_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
crai-20240330_htm.xml Edgar Link completed
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