8-K

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549 

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 5, 2021

CRA INTERNATIONAL, INC.

 (Exact name of registrant as specified in its charter)

Massachusetts	000-24049	04-2372210
(State or other jurisdiction of incorporation)	(Commission  file number)	(IRS employer identification no.)

200 Clarendon Street,	Boston,	Massachusetts	02116
(Address of principal executive offices)			(Zip code)

Registrant's telephone number, including area code: (617)  425-3000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, no par value	CRAI	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02     Results of Operations and Financial Condition.

 On August 5, 2021, we issued a press release reporting our financial results for our fiscal quarter ended July 3, 2021. A copy of the press release is set forth as Exhibit 99.1 and is incorporated by reference herein. On August 5, 2021, we also posted on our website supplemental financial information, including prepared CFO remarks. A copy of the supplemental financial information is set forth as Exhibit 99.2 and incorporated by reference herein.

 The information contained in Item 2.02 of this report and Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.

Item 7.01     Regulation FD Disclosure.

On August 5, 2021, we announced that our board of directors declared a quarterly cash dividend on our common stock of $0.26 per share to be paid on September 10, 2021 to all shareholders of record as of August 31, 2021. A copy of the press release is set forth as Exhibit 99.3 and is incorporated by reference herein.

 The information contained in Item 7.01 of this report and Exhibit 99.3 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.

Item 9.01     Financial Statements and Exhibits.

(d) Exhibits

Number	Title
99.1	August 5, 2021 earnings press release
99.2	Supplemental financial information (prepared CFO remarks)
99.3	August 5, 2021 dividend press release
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CRA INTERNATIONAL, INC.
Dated: August 5, 2021	By:	/s/ DANIEL K. MAHONEY
		Daniel K. Mahoney
		Chief Financial Officer, Executive Vice President and Treasurer

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EX-99.1

Exhibit 99.1

Contacts:
Dan Mahoney	Nicholas Manganaro
Chief Financial Officer	Sharon Merrill Associates, Inc.
Charles River Associates	crai@investorrelations.com
617-425-3505	617-542-5300

CHARLES RIVER ASSOCIATES (CRA) REPORTS

FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2021

Broad-based Contributions Drive Strong Revenue and Profit Growth

Company Raises Revenue and EBITDA Guidance for Fiscal 2021

BOSTON, August 5, 2021 – Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced financial results for the fiscal second quarter ended July 3, 2021.

“Building on a strong start to fiscal 2021, CRA reported revenue growth of 20.5% year over year to $148.2 million, representing the highest quarterly revenue in the company’s history,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Our outstanding performance for the quarter was driven by year-over-year revenue growth of more than 20% in eight practices—specifically, our Antitrust & Competition Economics, Auctions & Competitive Bidding, Energy, Financial Economics, Intellectual Property, Labor & Employment, Marakon, and Risk, Investigations & Analytics practices. Growth was balanced across our geographies, with revenue from our North American and international operations increasing by 21.9% and 14.4%, respectively. The quarter’s top-line growth resulted in accelerating profit expansion, as CRA’s net income, earnings per diluted share and EBITDA all grew significantly faster than revenue.”

Key Second-Quarter Fiscal 2021 Highlights

•Revenue grew 20.5% year over year to $148.2 million.

•Utilization was 75%, and quarter-end headcount increased 3.9% year over year.

•Net income increased 95.0% year over year to $11.6 million, or 7.8% of revenue, compared with $5.9 million, or 4.8% of revenue, in the second quarter of fiscal 2020; non-GAAP net income increased 82.3% year over year to $11.6 million, or 7.8% of revenue, compared with $6.3 million, or 5.2% of revenue, in the second quarter of fiscal 2020.

•Earnings per diluted share increased 104.0% year over year to $1.53; non-GAAP earnings per diluted share increased 91.3% year over year to $1.53.

•Non-GAAP EBITDA increased 61.3% to $19.2 million, or 13.0% of revenue, compared with $11.9 million, or 9.7% of revenue, in the second quarter of fiscal 2020.

•On a constant currency basis relative to the second quarter of fiscal 2020, revenue, GAAP net income, and earnings per diluted share would have been lower by $2.7 million, $0.1 million, and $0.02 per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and EBITDA would have been lower by $0.1 million, $0.02 per diluted share, and $0.2 million respectively.

•CRA returned $26.9 million of capital to its shareholders, consisting of $1.9 million of dividend payments and $25.0 million for share repurchases of approximately 338,000 shares. The shares were repurchased pursuant to CRA’s modified “Dutch auction” self-tender offer that expired on April 5, 2021.

Outlook and Financial Guidance

“Through the first two quarters of fiscal 2021, on a constant currency basis relative to fiscal 2020, we have increased revenue by 16.4% to $290.1 million and non-GAAP EBITDA by 47.4% to $36.6 million, achieving a margin of 12.6%. Reflecting the continued strength and quality of our business, we are again raising both our revenue and EBITDA guidance,” continued Maleh. “For the full-year fiscal 2021, on a constant currency basis relative to fiscal 2020, we now expect revenue in the range of $565 million to $575 million, and non-GAAP EBITDA margin in the range of 11.2% to 11.7%. This new guidance compares with a prior revenue range of $550 million to $570 million and a non-GAAP EBITDA margin range of 10.0% to 10.5%. While we are pleased with CRA’s strong performance through the first half of the year, we remain mindful that uncertainties around global economic, business, health, and political conditions can affect our business.”

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CRA does not provide reconciliations of its annual non-GAAP EBITDA margin guidance to GAAP net income margin because the Company is unable to estimate with reasonable certainty unusual gains or charges, foreign currency exchange rates, and the resulting effect of these items, and of equity awards, on CRA’s taxes without unreasonable effort. These items are uncertain, depend on various factors, and may have a material effect on CRA’s results computed in accordance with GAAP. A reconciliation between the historical GAAP and non-GAAP financial measures presented in this release is provided in the financial tables at the end of this release.

Quarterly Dividend

On August 5, 2021, CRA’s Board of Directors announced a quarterly cash dividend of $0.26 per common share, payable on September 10, 2021 to shareholders of record as of August 31, 2021. CRA expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA’s Board of Directors.

Conference Call Information and Prepared CFO Remarks

CRA will host a conference call today at 10:00 a.m. ET to discuss its second-quarter 2021 financial results. To listen to the live call, please visit the “Investor Relations” section of CRA’s website at http://www.crai.com, or dial (877) 709-8155 or (201) 689-8881. An archived version of the webcast will be available on CRA’s website for one year.

In combination with this press release, CRA has posted prepared remarks by its CFO Dan Mahoney under “Conference Call Materials” in the “Investor Relations” section on CRA’s website at http://www.crai.com. These remarks are offered to provide the investment community with additional background on CRA’s financial results prior to the start of the conference call.

About Charles River Associates (CRA)

Charles River Associates® is a leading global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Twitter, and Facebook.

NON-GAAP FINANCIAL MEASURES

In this release, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or “GAAP” with the following financial measures that are not calculated in accordance with GAAP: non‑GAAP net income, non‑GAAP net income per share and non‑GAAP EBITDA. CRA believes that the non-GAAP financial measures described in this press release are important to management and investors because these measures supplement the understanding of CRA’s ongoing operating results and financial condition. In addition, these non-GAAP measures are used by CRA in its budgeting process, and the non-GAAP adjustments are made to the performance measures for some of CRA’s performance-based compensation.

CRA defines non-GAAP EBITDA as net income before interest expense (net), income taxes, and depreciation and amortization further adjusted for the impact of certain items that we do not consider indicative of our core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration and related tax effects. Non-GAAP net income and non-GAAP net income per share also exclude non-cash amounts relating to valuation changes in contingent consideration and related tax effects. This release also presents certain current fiscal period financial measures on a “constant currency” basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA’s financial results. These constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period’s foreign exchange rates. On a constant currency basis relative to the first half of 2020, revenue would have been lower by $4.6 million and EBITDA would have been lower by $0.5 million.

All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in this release. EBITDA and the financial measures identified in this release as “non-GAAP” are reconciled to their GAAP comparable measures in the financial tables appended to the end of this press release. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

SAFE HARBOR STATEMENT

Statements in this press release concerning our future business, operating results and financial condition, including those concerning guidance on future revenue and non-GAAP EBITDA margin, the impact of exchange rate fluctuations on our financial results, our expectations regarding continued growth, our expectations regarding the payment of any future quarterly dividends and the level and

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extent of any purchases under our share repurchase program, and statements using the terms “outlook,” “expect,” or similar expressions, are “forward-looking” statements as defined in Section 21 of the Exchange Act. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. Our actual revenue and non-GAAP EBITDA margin in fiscal 2021 on a constant currency basis relative to fiscal 2020 could differ materially from the guidance presented herein, and our actual performance and results may differ materially from the performance and results contained in or implied by the forward-looking statements made herein, due to many important factors. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; the impact of the COVID-19 pandemic; foreign currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability or settlements. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading “Risk Factors.” The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.

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CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

JULY 3, 2021 COMPARED TO JUNE 27, 2020

(IN THOUSANDS, EXCEPT PER SHARE DATA)

	Fiscal Quarter Ended								Fiscal Year-to-Date Period Ended
	July 3, 2021		As a % of Revenue		June 27, 2020		As a % of Revenue		July 3, 2021		As a % of Revenue		June 27, 2020		As a % of Revenue
Revenues	$	148,237	100.0	%	$	123,031	100.0	%	$	294,755	100.0	%	$	249,189	100.0	%
Cost of services (exclusive of depreciation and amortization)	105,042		70.9	%	90,168		73.3	%	210,416		71.4	%	181,165		72.7	%
Selling, general and administrative expenses	24,043		16.2	%	21,418		17.4	%	47,250		16.0	%	45,541		18.3	%
Depreciation and amortization	3,215		2.2	%	3,106		2.5	%	6,516		2.2	%	6,049		2.4	%
Income from operations	15,937		10.8	%	8,339		6.8	%	30,573		10.4	%	16,434		6.6	%
Interest expense, net	(409)		-0.3	%	(372)		-0.3	%	(608)		-0.2	%	(734)		-0.3	%
Foreign currency gains (losses), net	63		—	%	(102)		-0.1	%	(488)		-0.2	%	1,320		0.5	%
Income before provision for income taxes	15,591		10.5	%	7,865		6.4	%	29,477		10.0	%	17,020		6.8	%
Provision for income taxes	4,025		2.7	%	1,934		1.6	%	7,410		2.5	%	4,621		1.9	%
Net income	$	11,566	7.8	%	$	5,931	4.8	%	$	22,067	7.5	%	$	12,399	5.0	%
Net income per share:
Basic	$	1.57			$	0.76			$	2.94			$	1.59
Diluted	$	1.53			$	0.75			$	2.86			$	1.55
Weighted average number of shares outstanding:
Basic	7,320				7,764				7,473				7,784
Diluted	7,539				7,920				7,685				7,979

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CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

JULY 3, 2021 COMPARED TO JUNE 27, 2020

(IN THOUSANDS, EXCEPT PER SHARE DATA)

	Fiscal Quarter Ended								Fiscal Year-to-Date Period Ended
	July 3, 2021		As a % of  Revenue		June 27, 2020		As a % of  Revenue		July 3, 2021		As a % of  Revenue		June 27, 2020		As a % of  Revenue
Revenues	$	148,237	100.0	%	$	123,031	100.0	%	$	294,755	100.0	%	$	249,189	100.0	%
Net income	$	11,566	7.8	%	$	5,931	4.8	%	$	22,067	7.5	%	$	12,399	5.0	%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration	—		—	%	566		0.5	%	380		0.1	%	996		0.4	%
Tax effect on adjustments	—		—	%	(153)		-0.1	%	(103)		—	%	(270)		-0.1	%
Non-GAAP net income	$	11,566	7.8	%	$	6,344	5.2	%	$	22,344	7.6	%	$	13,125	5.3	%
Non-GAAP net income per share:
Basic	$	1.57			$	0.81			$	2.98			$	1.68
Diluted	$	1.53			$	0.80			$	2.90			$	1.64
Weighted average number of shares outstanding:
Basic	7,320				7,764				7,473				7,784
Diluted	7,539				7,920				7,685				7,979

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CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

JULY 3, 2021 COMPARED TO JUNE 27, 2020

(IN THOUSANDS)

	Fiscal Quarter Ended								Fiscal Year-to-Date Period Ended
	July 3, 2021		As a % of  Revenue		June 27, 2020		As a % of  Revenue		July 3, 2021		As a % of  Revenue		June 27, 2020		As a % of  Revenue
Revenues	$	148,237	100.0	%	$	123,031	100.0	%	$	294,755	100.0	%	$	249,189	100.0	%
Net income	$	11,566	7.8	%	$	5,931	4.8	%	$	22,067	7.5	%	$	12,399	5.0	%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration	—		—	%	566		0.5	%	380		0.1	%	996		0.4	%
Tax effect on adjustments	—		—	%	(153)		-0.1	%	(103)		—	%	(270)		-0.1	%
Non-GAAP net income	$	11,566	7.8	%	$	6,344	5.2	%	$	22,344	7.6	%	$	13,125	5.3	%
Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:
Interest expense, net	409		0.3	%	372		0.3	%	608		0.2	%	734		0.3	%
Provision for income taxes	4,025		2.7	%	2,087		1.7	%	7,513		2.5	%	4,891		2.0	%
Depreciation and amortization	3,215		2.2	%	3,106		2.5	%	6,516		2.2	%	6,049		2.4	%
Non-GAAP EBITDA	$	19,215	13.0	%	$	11,909	9.7	%	$	36,981	12.5	%	$	24,799	10.0	%

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CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

	July 3, 2021		January 2, 2021
Assets
Cash and cash equivalents	$	13,977	$	45,677
Accounts receivable and unbilled services, net	173,894		152,476
Other current assets	20,203		21,817
Total current assets	208,074		219,970
Property and equipment, net	57,997		62,878
Goodwill and intangible assets, net	93,863		94,295
Right-of-use assets	116,868		122,144
Other assets	58,163		59,223
Total assets	$	534,965	$	558,510
Liabilities and Shareholders’ Equity
Accounts payable	$	23,880	$	19,430
Accrued expenses	99,443		136,376
Current portion of lease liabilities	14,088		13,557
Revolving line of credit	45,000		—
Other current liabilities	8,817		30,768
Total current liabilities	191,228		200,131
Non-current portion of lease liabilities	132,488		139,447
Other non-current liabilities	13,418		9,913
Total liabilities	337,134		349,491
Total shareholders’ equity	197,831		209,019
Total liabilities and shareholders’ equity	$	534,965	$	558,510

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CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

	Fiscal Year-to-Date Period Ended
	July 3, 2021		June 27, 2020
Operating activities:
Net income	$	22,067	$	12,399
Adjustments to reconcile net income to net cash used in operating activities:
Non-cash items, net	13,763		12,275
Accounts receivable and unbilled services	(21,648)		(8,962)
Working capital items, net	(50,405)		(60,012)
Net cash used in operating activities	(36,223)		(44,300)
Investing activities:
Purchases of property and equipment	(1,170)		(13,517)
Net cash used in investing activities	(1,170)		(13,517)
Financing activities:
Issuance of common stock, principally stock options exercises	2,500		569
Borrowings under revolving line of credit	70,000		77,000
Repayments under revolving line of credit	(25,000)		(18,000)
Tax withholding payments reimbursed by shares	(588)		(390)
Cash paid for contingent consideration	(2,357)		—
Cash dividends paid	(3,970)		(3,624)
Repurchase of common stock	(34,977)		(3,810)
Net cash provided by financing activities	5,608		51,745
Effect of foreign exchange rates on cash and cash equivalents	85		(760)
Net decrease in cash and cash equivalents	(31,700)		(6,832)
Cash and cash equivalents at beginning of period	45,677		25,639
Cash and cash equivalents at end of period	$	13,977	$	18,807
Noncash investing and financing activities:
Purchases of property and equipment not yet paid for	$	124	$	3,784
Asset retirement obligations	$	—	$	155
Right-of-use assets obtained in exchange for lease obligations	$	1,070	$	—
Restricted common stock issued for contingent consideration	$	2,250	$	—
Supplemental cash flow information:
Cash paid for taxes	$	10,494	$	2,057
Cash paid for interest	$	379	$	676
Cash paid for amounts included in operating lease liabilities	$	10,325	$	9,243

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EX-99.2

Exhibit 99.2

CHARLES RIVER ASSOCIATES (CRA)

SECOND QUARTER FISCAL YEAR 2021

EARNINGS ANNOUNCEMENT

PREPARED CFO REMARKS

CRA is providing these prepared remarks by CFO Dan Mahoney in combination with its press release. These remarks are offered to provide the investment community with additional information on CRA’s financial results prior to the start of the conference call.

As previously announced, the conference call will be held August 5, 2021 at 10:00 a.m. ET. These prepared remarks will not be read on the call.

Q2 Fiscal 2021 Summary (Quarter ended July 3, 2021)

•Revenue: $148.2 million

•Net income: $11.6 million, or 7.8% of revenue; non-GAAP net income: $11.6 million, or 7.8% of revenue

•Net income per diluted share: $1.53; non-GAAP net income per diluted share: $1.53

•Operating margin: 10.8%; non-GAAP operating margin: 10.8%

•Non-GAAP EBITDA: $19.2 million, or 13.0% of revenue

•Effective tax rate: 25.8%; non-GAAP effective tax rate: 25.8%

•Utilization: 75%

•Consultant headcount at the end of Q2 of fiscal 2021: 833, which consists of 141 officers, 483 other senior staff and 209 junior staff

•Cash and cash equivalents: $14.0 million at July 3, 2021

Revenue

For Q2 of fiscal 2021, revenue was $148.2 million, compared with revenue of $123.0 million for Q2 of fiscal 2020.

Headcount

The following table outlines CRA’s consultant headcount at the end of the stated quarters:

	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020
Officers	141	145	137	140	136
Other Senior Staff	483	497	471	473	450
Junior Staff	209	195	223	213	216
Total	833	837	831	826	802

Utilization

For Q2 of fiscal 2021, companywide utilization was 75%, compared with 66% for Q2 fiscal 2020.

Client Reimbursables

For Q2 of fiscal 2021, client reimbursables were $17.2 million, or 11.6% of revenue, compared with $14.8 million, or 12.0% of revenue, for Q2 of fiscal 2020.

Contingent Liability

Prior to Q2 of fiscal 2021, the contingent consideration obligation was paid and therefore the estimated value of the contingent consideration obligation at July 3, 2021 was zero. For Q2 of fiscal 2020, the estimated value of the contingent consideration obligation increased from Q1 of fiscal 2020 by $0.6 million to $12.6 million at June 27, 2020.

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The change in the value of the contingent liability is recorded as an increase (decrease) to cost of services (exclusive of depreciation and amortization) in the period reported.

Selling, General and Administrative (SG&A) Expenses

For Q2 of fiscal 2021, SG&A expenses were $24.0 million, or 16.2% of revenue, compared with $21.4 million, or 17.4% of revenue, for Q2 of fiscal 2020. Commissions to non-employee experts are included in SG&A expenses. These commissions represented approximately 3.2% of revenue for Q2 of fiscal 2021, compared with 2.4% in Q2 of fiscal 2020. Excluding these commissions, SG&A expenses were 13.0% of revenue for Q2 of fiscal 2021, compared with 15.0% in Q2 of fiscal 2020.

Depreciation & Amortization

For Q2 of fiscal 2021, depreciation and amortization expenses amounted to $3.2 million, or 2.2% of revenue, compared with $3.1 million, or 2.5% of revenue, for Q2 of fiscal 2020.

Forgivable Loan Amortization

For Q2 of fiscal 2021, forgivable loan amortization was $7.8 million, or 5.3% of revenue, compared with $7.5 million, or 6.1% of revenue, for Q2 of fiscal 2020.

Share-Based Compensation Expense

For Q2 of fiscal 2021, share-based compensation expense was approximately $1.0 million, or 0.7% of revenue, compared with $0.8 million, or 0.6% of revenue, for Q2 of fiscal 2020.

Operating Income

For Q2 of fiscal 2021, operating income was $15.9 million, or 10.8% of revenue, compared with operating income of $8.3 million, or 6.8% of revenue, for Q2 of fiscal 2020. Non-GAAP operating income was $15.9 million, or 10.8% of revenue, for Q2 of fiscal 2021, compared with $8.9 million, or 7.2% of revenue, for Q2 of fiscal 2020.

	Fiscal Quarter Ended
$ in 000’s	July 3, 2021		As a % of Revenue		June 27, 2020		As a % of Revenue
Income from operations	$	15,937	10.8	%	$	8,339	6.8	%
Adjustments needed to reconcile GAAP income from operations to non-GAAP income from operations:
Non-cash valuation change in contingent consideration	—		—	%	566		0.5	%
Non-GAAP income from operations	$	15,937	10.8	%	$	8,905	7.2	%

Interest Income (Expense), net

For Q2 of fiscal 2021, net interest expense was $0.4 million, or 0.3% of revenue, compared with net interest expense of $0.4 million, or 0.3% of revenue, for Q2 of fiscal 2020.

Foreign Currency Gains (Losses), net

For Q2 of fiscal 2021, net foreign currency gains were $0.1 million, or less than 0.1% of revenue, compared with net foreign currency losses of $0.1 million, or 0.1% of revenue, for Q2 of fiscal 2020.

Foreign currency gains (losses), net, is comprised of net gains and losses on foreign denominated transactions and the revaluation of working capital balances.

Income Taxes

The following table outlines CRA’s income tax provision recorded and the resulting effective tax rates:

	GAAP						NON-GAAP
	Fiscal Quarter Ended						Fiscal Quarter Ended
$ in 000’s	July 3, 2021			June 27, 2020			July 3, 2021			June 27, 2020
Tax Provision	$	4,025		$	1,934		$	4,025		$	2,087
Effective Tax Rate	25.8		%	24.6		%	25.8		%	24.8		%

2

	Fiscal Quarter Ended
$ in 000’s	July 3, 2021		As a % of Revenue		June 27, 2020		As a % of Revenue
Income before provision for income taxes	$	15,591	10.5	%	$	7,865	6.4	%
Adjustments needed to reconcile GAAP income before provision for income taxes to non-GAAP income before provision for income taxes
Non-cash valuation change in contingent consideration	—		—	%	566		0.5	%
Non-GAAP income before provision for income taxes	$	15,591	10.5	%	$	8,431	6.9	%
GAAP provision for income taxes	$	4,025			$	1,934
Tax effect on non-GAAP adjustments	—				153
Non-GAAP provision for income taxes	$	4,025			$	2,087

Net Income

For Q2 of fiscal 2021, net income was $11.6 million, or 7.8% of revenue, or $1.53 per diluted share, compared with net income of $5.9 million, or 4.8% of revenue, or $0.75 per diluted share, for Q2 of fiscal 2020. Non-GAAP net income for Q2 of fiscal 2021 was $11.6 million, or 7.8% of revenue, or $1.53 per diluted share, compared with $6.3 million, or 5.2% of revenue, or $0.80 per diluted share, for Q2 of fiscal 2020.

Non-GAAP EBITDA

For Q2 of fiscal 2021, non-GAAP EBITDA was $19.2 million, or 13.0% of revenue, compared with $11.9 million, or 9.7% of revenue, for Q2 of fiscal 2020.

Constant Currency Basis

For Q2 of fiscal 2021, revenue was $148.2 million, and net income was $11.6 million, or 7.8% of revenue, or $1.53 per diluted share. On a constant currency basis relative to Q2 of fiscal 2020, Q2 of fiscal 2021 revenue would have been lower by $2.7 million to $145.5 million, GAAP net income would have decreased by $0.1 million to $11.5 million, or 7.9% of revenue, and earnings per diluted share would have decreased by $0.02 to $1.51 per diluted share.

For Q2 of fiscal 2021, revenue was $148.2 million, and non-GAAP net income was $11.6 million, or 7.8% of revenue, or $1.53 per diluted share. On a constant currency basis relative to Q2 of fiscal 2020, Q2 of fiscal 2021 revenue would have been lower by $2.7 million to $145.5 million, non-GAAP net income would have decreased by $0.1 million to $11.5 million, or 7.9% of revenue, non-GAAP earnings per diluted share would have decreased by $0.02 to $1.51 per diluted share, and non-GAAP EBITDA would have decreased by $0.2 million to $19.0 million, or 13.1% of revenue.

A description of the process for calculating the measures presented on a constant currency basis is contained under the heading “Non-GAAP Financial Measures” below.

Key Balance Sheet Metrics

Billed and unbilled receivables at July 3, 2021 were $173.9 million, compared with $152.0 million at June 27, 2020. Current liabilities at July 3, 2021 were $191.2 million, compared with $197.5 million at June 27, 2020.

Total Days Sales Outstanding, or DSO, for Q2 of fiscal 2021 was 103 days, consisting of 66 days of billed and 37 days of unbilled. This compares with 107 days reported for Q2 of fiscal 2020, consisting of 70 days of billed and 37 days of unbilled.

Cash and Cash Flow

Cash and cash equivalents were $14.0 million at July 3, 2021, compared with $18.8 million at June 27, 2020.

Net cash provided by operating activities for Q2 of fiscal 2021 was $3.6 million, compared with net cash provided by operating activities of $21.1 million for Q2 of fiscal 2020.

As of July 3, 2021, outstanding borrowings under CRA’s revolving credit facility amounted to $45.0 million. At June 27, 2020, outstanding borrowings under CRA’s revolving credit facility amounted to $59.0 million.

Capital expenditures totaled $0.5 million for Q2 of fiscal 2021, compared with $5.6 million for Q2 of fiscal 2020.

CRA repurchased approximately 338,000 shares of its common stock during Q2 of fiscal 2021 for $25.3 million, including transaction costs. CRA did not repurchase shares of its common stock during Q2 of fiscal 2020.

A quarterly cash dividend of $0.26 per common share, for total dividends and dividend equivalents of $1.9 million was paid in Q2 of fiscal 2021, compared with a quarterly cash dividend of $0.23 per common share, for total dividends and dividend equivalents of $1.8 million paid in Q2 of fiscal 2020.

3

GAAP Condensed Consolidated Statement of Cash Flows

CRA has derived the condensed consolidated statement of cash flow data for the years ended January 2, 2021 and December 28, 2019 from its audited financial statements appearing on Form 10-K for the fiscal year ended January 2, 2021, filed with the Securities and Exchange Commission on March 4, 2021. The condensed consolidated statement of cash flow data for the third quarter of fiscal year 2019, first, second and third quarters of fiscal year 2020, and the first and second quarters of fiscal year 2021 have been derived from CRA’s unaudited financial statements appearing on Form 10-Q for each of the respective fiscal quarters as well as the consolidated statements of cash flows appearing on Form 10-K for the fiscal years ended January 2, 2021 and December 28, 2019 and have been prepared on the same basis as CRA’s audited financial statements.

GAAP Condensed Consolidated Statement of Cash Flows	LTM		Q2		Q1		Q4		Q3
($ in 000’s)	Q2 2021		2021		2021		2020		2020
Net cash provided by (used in) operating activities	$	62,740	$	3,625	$	(39,848)	$	65,315	$	33,648
Net cash used in investing activities	(4,747)		(478)		(692)		(1,352)		(2,225)
Net cash provided by (used in) financing activities	(65,637)		(20,857)		26,465		(44,558)		(26,687)
Effect of foreign exchange rates on cash and cash equivalents	2,814		58		27		2,164		565
Net increase (decrease) in cash and cash equivalents	$	(4,830)	$	(17,652)	$	(14,048)	$	21,569	$	5,301
Cash and cash equivalents at beginning of period	18,807		31,629		45,677		24,108		18,807
Cash and cash equivalents at end of period	$	13,977	$	13,977	$	31,629	$	45,677	$	24,108
GAAP Condensed Consolidated Statement of Cash Flows	LTM		Q2		Q1		Q4		Q3
($ in 000’s)	Q2 2020		2020		2020		2019		2019
Net cash provided by (used in) operating activities	$	29,641	$	21,075	$	(65,375)	$	47,739	$	26,202
Net cash used in investing activities	(26,306)		(5,568)		(7,949)		(4,145)		(8,644)
Net cash provided by (used in) financing activities	530		(12,370)		64,115		(38,591)		(12,624)
Effect of foreign exchange rates on cash and cash equivalents	(646)		(148)		(612)		803		(689)
Net increase (decrease) in cash and cash equivalents	$	3,219	$	2,989	$	(9,821)	$	5,806	$	4,245
Cash and cash equivalents at beginning of period	15,588		15,818		25,639		19,833		15,588
Cash and cash equivalents at end of period	$	18,807	$	18,807	$	15,818	$	25,639	$	19,833

Adjusted Net Cash Flows from Operations

Below are the quarterly and last twelve-month reconciliations of GAAP net cash provided by (used in) operating activities for each of the periods presented to non-GAAP adjusted net cash flows from operations. The reconciling items are forgivable loan advances and repayments for each period, which are reported as a component of GAAP net cash provided by (used in) operating activities, along with other non-recurring cash items.

4

Adjusted Net Cash Flows from Operations	LTM			Q2			Q1			Q4			Q3
($ in 000’s)	Q2 2021			2021			2021			2020			2020
GAAP net cash provided by (used in) operating activities	$	62,740		$	3,625		$	(39,848)		$	65,315		$	33,648
Forgivable loan advances	8,574			2,380			2,150			3,940			104
Forgivable loan repayments	—			—			—			—			—
Other non-recurring cash items (1)	10,393			—			10,393			—			—
Adjusted net cash flows from operations	$	81,707		$	6,005		$	(27,305)		$	69,255		$	33,752
Net revenue	$	553,939		$	148,237		$	146,518		$	137,422		$	121,762
GAAP net cash provided by (used in) operating activities as a percentage of net revenue	11.3		%	2.4		%	(27.2)		%	47.5		%	27.6		%
Adjusted net cash flows from operations as a percentage of net revenue	14.8		%	4.1		%	(18.6)		%	50.4		%	27.7		%
Adjusted Net Cash Flows from Operations	LTM			Q2			Q1			Q4			Q3
($ in 000’s)	Q2 2020			2020			2020			2019			2019
GAAP net cash provided by (used in) operating activities	$	29,641		$	21,075		$	(65,375)		$	47,739		$	26,202
Forgivable loan advances	49,657			4,932			33,442			1,762			9,521
Forgivable loan repayments	(473)			—			—			(67)			(406)
Other non-recurring cash items	—			—			—			—			—
Adjusted net cash flows from operations	$	78,825		$	26,007		$	(31,933)		$	49,434		$	35,317
Net revenue	$	484,137		$	123,031		$	126,158		$	119,262		$	115,686
GAAP net cash provided by (used in) operating activities as a percentage of net revenue	6.1		%	17.1		%	(51.8)		%	40.0		%	22.6		%
Adjusted net cash flows from operations as a percentage of net revenue	16.3		%	21.1		%	(25.3)		%	41.4		%	30.5		%

(1) Other non-recurring cash items in Q1 fiscal 2021 includes a portion of the cash paid to settle a contingent consideration obligation.

NON-GAAP FINANCIAL MEASURES

In these remarks, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or “GAAP” with the following financial measures that were not calculated in accordance with GAAP:non-GAAP net income, non-GAAP net income per share, non-GAAP EBITDA, non-GAAP income from operations, non-GAAP provision for income taxes and adjusted net cash flows from operations. CRA believes that these non-GAAP financial measures are important to management and investors because these measures supplement the understanding of CRA’s ongoing operating results, financial condition and cash flows. Non-GAAP adjusted net cash flows from operations is used by management to assess CRA’s ability to fund items such as the acquisition of talent, office expansions, debt repayment and distributions to shareholders. In addition, non-GAAP net income and non-GAAP EBITDA are used by CRA in its budgeting process, and the non-GAAP adjustments described below are made to the performance measures for some of CRA’s performance-based compensation.

CRA defines non-GAAP EBITDA as net income before interest expense (net), income taxes, and depreciation and amortization further adjusted for the impact of certain items that it does not consider indicative of its core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration and related tax effects.Non-GAAP net income, non-GAAP EBITDA, non-GAAP income from operations and non-GAAP provision for income taxes also exclude non-cash amounts relating to valuation changes in contingent consideration and related tax effects.The adjustments made to non-GAAP adjusted net cash flows from operations add back forgivable loan issuances, net of repayments, along with other non-recurring cash items. These remarks also present certain current fiscal period financial measures on a “constant currency” basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA’s financial results. These constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period’s foreign exchange rates.

All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in these remarks. EBITDA and the financial measures identified in these remarks as “non-GAAP” are reconciled to their GAAP comparable measures either in these remarks or in the attached financial tables. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

5

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

JULY 3, 2021 COMPARED TO JUNE 27, 2020

(IN THOUSANDS, EXCEPT PER SHARE DATA)

	Fiscal Quarter Ended								Fiscal Year-to-Date Period Ended
	July 3, 2021		As a % of Revenue		June 27, 2020		As a % of Revenue		July 3, 2021		As a % of Revenue		June 27, 2020		As a % of Revenue
Revenues	$	148,237	100.0	%	$	123,031	100.0	%	$	294,755	100.0	%	$	249,189	100.0	%
Cost of services (exclusive of depreciation and amortization)	105,042		70.9	%	90,168		73.3	%	210,416		71.4	%	181,165		72.7	%
Selling, general and administrative expenses	24,043		16.2	%	21,418		17.4	%	47,250		16.0	%	45,541		18.3	%
Depreciation and amortization	3,215		2.2	%	3,106		2.5	%	6,516		2.2	%	6,049		2.4	%
Income from operations	15,937		10.8	%	8,339		6.8	%	30,573		10.4	%	16,434		6.6	%
Interest expense, net	(409)		-0.3	%	(372)		-0.3	%	(608)		-0.2	%	(734)		-0.3	%
Foreign currency gains (losses), net	63		—	%	(102)		-0.1	%	(488)		-0.2	%	1,320		0.5	%
Income before provision for income taxes	15,591		10.5	%	7,865		6.4	%	29,477		10.0	%	17,020		6.8	%
Provision for income taxes	4,025		2.7	%	1,934		1.6	%	7,410		2.5	%	4,621		1.9	%
Net income	$	11,566	7.8	%	$	5,931	4.8	%	$	22,067	7.5	%	$	12,399	5.0	%
Net income per share:
Basic	$	1.57			$	0.76			$	2.94			$	1.59
Diluted	$	1.53			$	0.75			$	2.86			$	1.55
Weighted average number of shares outstanding:
Basic	7,320				7,764				7,473				7,784
Diluted	7,539				7,920				7,685				7,979

6

CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

JULY 3, 2021 COMPARED TO JUNE 27, 2020

(IN THOUSANDS, EXCEPT PER SHARE DATA)

	Fiscal Quarter Ended								Fiscal Year-to-Date Period Ended
	July 3, 2021		As a % of Revenue		June 27, 2020		As a % of Revenue		July 3, 2021		As a % of Revenue		June 27, 2020		As a % of Revenue
Revenues	$	148,237	100.0	%	$	123,031	100.0	%	$	294,755	100.0	%	$	249,189	100.0	%
Net income	$	11,566	7.8	%	$	5,931	4.8	%	$	22,067	7.5	%	$	12,399	5.0	%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration	—		—	%	566		0.5	%	380		0.1	%	996		0.4	%
Tax effect on adjustments	—		—	%	(153)		-0.1	%	(103)		—	%	(270)		-0.1	%
Non-GAAP net income	$	11,566	7.8	%	$	6,344	5.2	%	$	22,344	7.6	%	$	13,125	5.3	%
Non-GAAP net income per share:
Basic	$	1.57			$	0.81			$	2.98			$	1.68
Diluted	$	1.53			$	0.80			$	2.90			$	1.64
Weighted average number of shares outstanding:
Basic	7,320				7,764				7,473				7,784
Diluted	7,539				7,920				7,685				7,979

7

CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

JULY 3, 2021 COMPARED TO JUNE 27, 2020

(IN THOUSANDS)

	Fiscal Quarter Ended								Fiscal Year-to-Date Period Ended
	July 3, 2021		As a % of  Revenue		June 27, 2020		As a % of  Revenue		July 3, 2021		As a % of  Revenue		June 27, 2020		As a % of  Revenue
Revenues	$	148,237	100.0	%	$	123,031	100.0	%	$	294,755	100.0	%	$	249,189	100.0	%
Net income	$	11,566	7.8	%	$	5,931	4.8	%	$	22,067	7.5	%	$	12,399	5.0	%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration	—		—	%	566		0.5	%	380		0.1	%	996		0.4	%
Tax effect on adjustments	—		—	%	(153)		-0.1	%	(103)		—	%	(270)		-0.1	%
Non-GAAP net income	$	11,566	7.8	%	$	6,344	5.2	%	$	22,344	7.6	%	$	13,125	5.3	%
Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:
Interest expense, net	409		0.3	%	372		0.3	%	608		0.2	%	734		0.3	%
Provision for income taxes	4,025		2.7	%	2,087		1.7	%	7,513		2.5	%	4,891		2.0	%
Depreciation and amortization	3,215		2.2	%	3,106		2.5	%	6,516		2.2	%	6,049		2.4	%
Non-GAAP EBITDA	$	19,215	13.0	%	$	11,909	9.7	%	$	36,981	12.5	%	$	24,799	10.0	%

8

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

	July 3, 2021		January 2, 2021
Assets
Cash and cash equivalents	$	13,977	$	45,677
Accounts receivable and unbilled services, net	173,894		152,476
Other current assets	20,203		21,817
Total current assets	208,074		219,970
Property and equipment, net	57,997		62,878
Goodwill and intangible assets, net	93,863		94,295
Right-of-use assets	116,868		122,144
Other assets	58,163		59,223
Total assets	$	534,965	$	558,510
Liabilities and Shareholders’ Equity
Accounts payable	$	23,880	$	19,430
Accrued expenses	99,443		136,376
Current portion of lease liabilities	14,088		13,557
Revolving line of credit	45,000		—
Other current liabilities	8,817		30,768
Total current liabilities	191,228		200,131
Non-current portion of lease liabilities	132,488		139,447
Other non-current liabilities	13,418		9,913
Total liabilities	337,134		349,491
Total shareholders’ equity	197,831		209,019
Total liabilities and shareholders’ equity	$	534,965	$	558,510

9

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

	Fiscal Year-to-Date Period Ended
	July 3, 2021		June 27, 2020
Operating activities:
Net income	$	22,067	$	12,399
Adjustments to reconcile net income to net cash used in operating activities:
Non-cash items, net	13,763		12,275
Accounts receivable and unbilled services	(21,648)		(8,962)
Working capital items, net	(50,405)		(60,012)
Net cash used in operating activities	(36,223)		(44,300)
Investing activities:
Purchases of property and equipment	(1,170)		(13,517)
Net cash used in investing activities	(1,170)		(13,517)
Financing activities:
Issuance of common stock, principally stock options exercises	2,500		569
Borrowings under revolving line of credit	70,000		77,000
Repayments under revolving line of credit	(25,000)		(18,000)
Tax withholding payments reimbursed by shares	(588)		(390)
Cash paid for contingent consideration	(2,357)		—
Cash dividends paid	(3,970)		(3,624)
Repurchase of common stock	(34,977)		(3,810)
Net cash provided by financing activities	5,608		51,745
Effect of foreign exchange rates on cash and cash equivalents	85		(760)
Net decrease in cash and cash equivalents	(31,700)		(6,832)
Cash and cash equivalents at beginning of period	45,677		25,639
Cash and cash equivalents at end of period	$	13,977	$	18,807
Noncash investing and financing activities:
Purchases of property and equipment not yet paid for	$	124	$	3,784
Asset retirement obligations	$	—	$	155
Right-of-use assets obtained in exchange for lease obligations	$	1,070	$	—
Restricted common stock issued for contingent consideration	$	2,250	$	—
Supplemental cash flow information:
Cash paid for taxes	$	10,494	$	2,057
Cash paid for interest	$	379	$	676
Cash paid for amounts included in operating lease liabilities	$	10,325	$	9,243

10

EX-99.3

Exhibit 99.3

Contacts:

Dan Mahoney	Nicholas Manganaro
Chief Financial Officer	Sharon Merrill Associates, Inc.
Charles River Associates	crai@investorrelations.com
617-425-3505	617-542-5300

CHARLES RIVER ASSOCIATES (CRA) DECLARES QUARTERLY CASH DIVIDEND OF $0.26 PER COMMON SHARE

BOSTON, August 5, 2021 – Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced that its Board of Directors has declared a quarterly cash dividend of $0.26 per common share to be paid on September 10, 2021 to shareholders of record of CRA’s common stock as of the close of business on August 31, 2021. The Company expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA’s Board of Directors.

About Charles River Associates (CRA)

Charles River Associates® is a leading global consulting firm specializing in economic, financial and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Twitter, and Facebook.

SAFE HARBOR STATEMENT

Statements in this press release concerning our expectations regarding the payment of future quarterly dividends are “forward-looking” statements as defined in Section 21 of the Exchange Act. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; the potential impact of the COVID-19 pandemic on our operations and results; foreign currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability or settlements. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading “Risk Factors.” The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.

1

XML

Cover	Aug. 05, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Aug. 05, 2021
Entity Registrant Name	CRA INTERNATIONAL, INC.
Entity Incorporation, State or Country Code	MA
Entity File Number	000-24049
Entity Tax Identification Number	04-2372210
Entity Address, Address Line One	200 Clarendon Street,
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	(617)
Local Phone Number	425-3000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CRAI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001053706
Amendment Flag	false