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 2022

Broad-based Contributions Drive Record Performance

Company Reaffirms Revenue Guidance and Raises Profit Guidance for Full-year Fiscal 2022

BOSTON, August 4, 2022 – 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 2, 2022.

“The hard work of my colleagues drove CRA’s revenue to $149.1 million, which represents the highest quarterly revenue in the company’s history,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Our performance was broad based, with four practices—Antitrust & Competition Economics, Energy, Intellectual Property, Labor & Employment—delivering double-digit revenue growth year over year. We continue to effectively manage the business, mitigating the pressures of cost inflation and converting CRA’s top-line performance into strong profitability. For the quarter, CRA set new quarterly records for EBITDA, net income and earnings per diluted share.”

Highlights for Second Quarter Fiscal 2022

•Revenue grew 0.6% year over year to $149.1 million.

•Utilization was 77%, and quarter-end headcount increased 3.6% year over year.

•Net income increased 0.7% year over year to $11.6 million, or 7.8% of revenue, compared with $11.6 million, or 7.8% of revenue, in the second quarter of fiscal 2021; non-GAAP net income increased 0.9% year over year to $11.7 million, or 7.8% of revenue, compared with $11.6 million, or 7.8% of revenue, in the second quarter of fiscal 2021.

•Earnings per diluted share increased 2.6% year over year to $1.57 from $1.53 in the second quarter of fiscal 2021; non-GAAP earnings per diluted share increased 3.3% year over year to $1.58 from $1.53 in the second quarter of fiscal 2021.

•Non-GAAP EBITDA increased 3.0% to $19.8 million, or 13.3% of revenue, compared with $19.2 million, or 13.0% of revenue, in the second quarter of fiscal 2021.

•On a constant currency basis relative to the second quarter of fiscal 2021, revenue, GAAP net income, and earnings per diluted share would have been higher by $3.0 million, $0.3 million, and $0.03 per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and EBITDA would have been higher by $0.2 million, $0.03 per diluted share, and $0.3 million, respectively.

•CRA returned $20.0 million of capital to its shareholders, consisting of $2.3 million of dividend payments and $17.7 million for share repurchases of approximately 211,000 shares.

Management Commentary and Financial Guidance

“Through the first two quarters of fiscal 2022, on a constant currency basis relative to fiscal 2021, we generated total revenue of $301.5 million and non-GAAP EBITDA of $39.1 million, achieving a margin of 13.0%,” continued Maleh. “Reflecting the continued strength and quality of our business, we are reaffirming our revenue guidance and raising our EBITDA guidance. For full-year fiscal 2022, on a constant currency basis relative to fiscal 2021, we expect revenue in the range of $585 million to $605 million, and non-GAAP EBITDA margin in the range of 11.3% to 12.0%. This new profit guidance compares with a prior non-GAAP EBITDA margin range of 10.8% to 11.5%. While we are pleased with CRA’s 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.”

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

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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 4, 2022, CRA’s Board of Directors announced a quarterly cash dividend of $0.31 per common share, payable on September 9, 2022 to shareholders of record as of August 30, 2022. 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 2022 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 “Quarterly Earnings” 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, acquisition-related costs, 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, acquisition-related costs, 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 for the fiscal year-to-date period ended July 2, 2022 relative to the fiscal year-to-date period ended July 3, 2021, revenue and EBITDA would have been higher by $4.0 million and $0.4 million, respectively.

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 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

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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 2022 on a constant currency basis relative to fiscal 2021 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 2, 2022 COMPARED TO JULY 3, 2021

(IN THOUSANDS, EXCEPT PER SHARE DATA)

	Fiscal Quarter Ended								Fiscal Year-to-Date Period Ended
	July 2, 2022		As a % of Revenue		July 3, 2021		As a % of Revenue		July 2, 2022		As a % of Revenue		July 3, 2021		As a % of Revenue
Revenues	$	149,102	100.0	%	$	148,237	100.0	%	$	297,484	100.0	%	$	294,755	100.0	%
Cost of services (exclusive of depreciation and amortization)	103,076		69.1	%	105,042		70.9	%	207,136		69.6	%	210,416		71.4	%
Selling, general and administrative expenses	27,963		18.8	%	24,043		16.2	%	53,780		18.1	%	47,250		16.0	%
Depreciation and amortization	3,050		2.0	%	3,215		2.2	%	6,026		2.0	%	6,516		2.2	%
Income from operations	15,013		10.1	%	15,937		10.8	%	30,542		10.3	%	30,573		10.4	%
Interest expense, net	(468)		-0.3	%	(409)		-0.3	%	(676)		-0.2	%	(608)		-0.2	%
Foreign currency gains (losses), net	1,700		1.1	%	63		—	%	1,899		0.6	%	(488)		-0.2	%
Income before provision for income taxes	16,245		10.9	%	15,591		10.5	%	31,765		10.7	%	29,477		10.0	%
Provision for income taxes	4,602		3.1	%	4,025		2.7	%	8,696		2.9	%	7,410		2.5	%
Net income	$	11,643	7.8	%	$	11,566	7.8	%	$	23,069	7.8	%	$	22,067	7.5	%
Net income per share:
Basic	$	1.60			$	1.57			$	3.15			$	2.94
Diluted	$	1.57			$	1.53			$	3.09			$	2.86
Weighted average number of shares outstanding:
Basic	7,263				7,320				7,311				7,473
Diluted	7,380				7,539				7,442				7,685

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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 2, 2022 COMPARED TO JULY 3, 2021

(IN THOUSANDS, EXCEPT PER SHARE DATA)

	Fiscal Quarter Ended								Fiscal Year-to-Date Period Ended
	July 2, 2022		As a % of Revenue		July 3, 2021		As a % of Revenue		July 2, 2022		As a % of  Revenue		July 3, 2021		As a % of  Revenue
Revenues	$	149,102	100.0	%	$	148,237	100.0	%	$	297,484	100.0	%	$	294,755	100.0	%
Net income	$	11,643	7.8	%	$	11,566	7.8	%	$	23,069	7.8	%	$	22,067	7.5	%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration	—		—	%	—		—	%	—		—	%	380		0.1	%
Acquisition-related costs	32		—	%	—		—	%	203		0.1	%	—		—	%
Tax effect on adjustments	(9)		—	%	—		—	%	(54)		—	%	(103)		—	%
Non-GAAP net income	$	11,666	7.8	%	$	11,566	7.8	%	$	23,218	7.8	%	$	22,344	7.6	%
Non-GAAP net income per share:
Basic	$	1.60			$	1.57			$	3.17			$	2.98
Diluted	$	1.58			$	1.53			$	3.11			$	2.90
Weighted average number of shares outstanding:
Basic	7,263				7,320				7,311				7,473
Diluted	7,380				7,539				7,442				7,685

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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 2, 2022 COMPARED TO JULY 3, 2021

(IN THOUSANDS)

	Fiscal Quarter Ended								Fiscal Year-to-Date Period Ended
	July 2, 2022		As a % of  Revenue		July 3, 2021		As a % of  Revenue		July 2, 2022		As a % of  Revenue		July 3, 2021		As a % of  Revenue
Revenues	$	149,102	100.0	%	$	148,237	100.0	%	$	297,484	100.0	%	$	294,755	100.0	%
Net income	$	11,643	7.8	%	$	11,566	7.8	%	$	23,069	7.8	%	$	22,067	7.5	%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration	—		—	%	—		—	%	—		—	%	380		0.1	%
Acquisition-related costs	32		—	%	—		—	%	203		0.1	%	—		—	%
Tax effect on adjustments	(9)		—	%	—		—	%	(54)		—	%	(103)		—	%
Non-GAAP net income	$	11,666	7.8	%	$	11,566	7.8	%	$	23,218	7.8	%	$	22,344	7.6	%
Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:
Interest expense, net	468		0.3	%	409		0.3	%	676		0.2	%	608		0.2	%
Provision for income taxes	4,611		3.1	%	4,025		2.7	%	8,750		2.9	%	7,513		2.5	%
Depreciation and amortization	3,050		2.0	%	3,215		2.2	%	6,026		2.0	%	6,516		2.2	%
Non-GAAP EBITDA	$	19,795	13.3	%	$	19,215	13.0	%	$	38,670	13.0	%	$	36,981	12.5	%

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CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

	July 2, 2022		January 1, 2022
Assets
Cash and cash equivalents	$	15,621	$	66,130
Accounts receivable and unbilled services, net	199,715		162,057
Other current assets	25,187		21,160
Total current assets	240,523		249,347
Property and equipment, net	49,294		53,612
Goodwill and intangible assets, net	97,740		93,117
Right-of-use assets	103,284		110,475
Other assets	56,192		48,809
Total assets	$	547,033	$	555,360
Liabilities and Shareholders’ Equity
Accounts payable	$	25,082	$	23,511
Accrued expenses	102,081		156,314
Current portion of lease liabilities	15,207		14,337
Revolving line of credit	70,000		—
Other current liabilities	9,525		18,924
Total current liabilities	221,895		213,086
Non-current portion of lease liabilities	114,806		124,464
Other non-current liabilities	12,346		11,976
Total liabilities	349,047		349,526
Total shareholders’ equity	197,986		205,834
Total liabilities and shareholders’ equity	$	547,033	$	555,360

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CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

	Fiscal Year-to-Date Period Ended
	July 2, 2022		July 3, 2021
Operating activities:
Net income	$	23,069	$	22,067
Adjustments to reconcile net income to net cash used in operating activities, net of effect of acquired business:
Non-cash items, net	14,193		13,401
Accounts receivable and unbilled services	(36,549)		(21,286)
Working capital items, net	(79,525)		(50,405)
Net cash used in operating activities	(78,812)		(36,223)
Investing activities:
Purchases of property and equipment, net	(2,067)		(1,170)
Consideration paid for acquisition, net	(10,185)		—
Net cash used in investing activities	(12,252)		(1,170)
Financing activities:
Issuance of common stock, principally stock options exercises	341		2,500
Borrowings under revolving line of credit	70,000		70,000
Repayments under revolving line of credit	—		(25,000)
Tax withholding payments reimbursed by shares	(975)		(588)
Cash paid for contingent consideration	—		(2,357)
Cash dividends paid	(4,636)		(3,970)
Repurchase of common stock	(22,630)		(34,977)
Net cash provided by financing activities	42,100		5,608
Effect of foreign exchange rates on cash and cash equivalents	(1,545)		85
Net decrease in cash and cash equivalents	(50,509)		(31,700)
Cash and cash equivalents at beginning of period	66,130		45,677
Cash and cash equivalents at end of period	$	15,621	$	13,977
Noncash investing and financing activities:
Increase (decrease) in accounts payable and accrued expenses for property and equipment	$	(184)	$	(124)
Right-of-use assets obtained in exchange for lease obligations	$	2,020	$	1,070
Restricted common stock issued for contingent consideration	$	—	$	2,250
Supplemental cash flow information:
Cash paid for taxes	$	7,532	$	10,494
Cash paid for interest	$	452	$	379
Cash paid for amounts included in operating lease liabilities	$	10,584	$	10,325

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