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Analysts & Associates from CRA s 2024 Class 2024 Annual Report
Charles River Associates 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. Charles River Associates is a registered trade name of CRA International, Inc.
Dear Fellow Shareholders: I am pleased to report that CRA delivered another year of record performance. Despite sluggish M&A activity that accompanied ongoing macroeconomic and political uncertainties, our revenue increased 10% to $687 million, marking CRA s seventh consecutive year of record annual revenue. CRA also established new highs for annual profits as net income, earnings per diluted share, and EBITDA each grew faster than revenue and at rates of more than 20% year over year. As a consulting firm, these successes originate from our talented colleagues and the clients we serve. During fiscal 2024, we welcomed nearly 150 new consultants to the team across every practice and geographic region. At the same time, we expanded relationships with top clients who were facing their most important legal, regulatory, and strategic challenges. As summarized in Exhibit 1 below, CRA remains the firm of choice in our core markets as demonstrated by our strong performance over both the short term and the long run. Exhibit 1: Selected Operating and Capital Metrics Fiscal 2024 Revenue Growth EPS Growth* 10% 39% Stock Repurchases Cash Dividends $33M $12M $151M $48M average price of $162 per share Fiscal Years 2020-2024 52% 142% average price of $88 per share *Presented on a non-GAAP basis1 Operating Performance Revenue for fiscal 2024 increased by 10% to $687 million, marking CRA s seventh consecutive year of record annual revenue. Firmwide utilization increased to 75% from 70% in fiscal 2023, offsetting a slight decline in consultant headcount. Both lines of business contributed to the year-over-year revenue growth, with Legal & Regulatory expanding 12% while Management Consulting increased 3%. Six of CRA s practices grew their top lines, with five practices Antitrust & Competition Economics, Energy, Financial Economics, Intellectual Property, and Risk, Investigations & Analytics delivering double-digit revenue growth relative to fiscal 2023. Exhibit 2 summarizes our revenue over the past five years, which has increased at a compound annual growth rate of 9% over this period. 1 With respect to each non-GAAP financial measure presented in this letter, the comparable GAAP financial measure and a reconciliation of it to the non-GAAP financial measure are presented on the Reconciliation pages following this letter.
Exhibit 2: Revenue (in millions) $700 $687 $650 $624 $591 $600 $566 $550 $508 $500 $450 $400 2020 2021 2022 2023 2024 We continue to manage the business effectively, converting CRA s revenue growth into profits that have increased at even faster rates. For fiscal 2024, non-GAAP net income, earnings per diluted share and EBITDA grew year over year by 35%, 39% and 32%, respectively. Over the past five years, as revenue increased by 52%, we expanded non-GAAP net income, earnings per diluted share and EBITDA by 105%, 142% and 99%, respectively. Exhibits 3 and 4 summarize our non-GAAP earnings per diluted share and EBITDA over the past five years, which have increased at compound annual growth rates of 19% and 15%, respectively, over this period. Exhibit 3: Earnings Per Diluted Share* $8.00 $7.60 $7.00 $6.00 $5.54 $5.74 $5.46 $5.00 $4.00 $3.35 $3.00 $2.00 $1.00 $0.00 2020 *Presented on a non-GAAP basis 2021 2022 2023 2024
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CRAI Shareholder/Stockholder Letter Transcript:

Analysts & Associates
from CRA   s 2024 Class
2024
Annual
Report


Charles River Associates
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. Charles River Associates is a registered
trade name of CRA International, Inc.

Dear Fellow Shareholders:
I am pleased to report that CRA delivered another year of record performance. Despite sluggish M&A activity that
accompanied ongoing macroeconomic and political uncertainties, our revenue increased 10% to $687 million,
marking CRA   s seventh consecutive year of record annual revenue. CRA also established new highs for annual
profits as net income, earnings per diluted share, and EBITDA each grew faster than revenue and at rates of more
than 20% year over year.
As a consulting firm, these successes originate from our talented colleagues and the clients we serve. During fiscal
2024, we welcomed nearly 150 new consultants to the team across every practice and geographic region. At the
same time, we expanded relationships with top clients who were facing their most important legal, regulatory, and
strategic challenges. As summarized in Exhibit 1 below, CRA remains the firm of choice in our core markets as
demonstrated by our strong performance over both the short term and the long run.
Exhibit 1: Selected Operating and Capital Metrics
Fiscal 2024
Revenue
Growth
EPS
Growth*
10%
39%
Stock
Repurchases
Cash
Dividends
$33M
$12M
$151M
$48M
average price of
$162 per share
Fiscal Years
2020-2024
52%
142%
average price of
$88 per share
*Presented on a non-GAAP basis1
Operating Performance
Revenue for fiscal 2024 increased by 10% to $687 million, marking CRA   s seventh consecutive year of record annual
revenue. Firmwide utilization increased to 75% from 70% in fiscal 2023, offsetting a slight decline in consultant
headcount. Both lines of business contributed to the year-over-year revenue growth, with Legal & Regulatory
expanding 12% while Management Consulting increased 3%. Six of CRA   s practices grew their top lines, with five
practices     Antitrust & Competition Economics, Energy, Financial Economics, Intellectual Property, and Risk,
Investigations & Analytics     delivering double-digit revenue growth relative to fiscal 2023. Exhibit 2 summarizes our
revenue over the past five years, which has increased at a compound annual growth rate of 9% over this period.
1
With respect to each non-GAAP financial measure presented in this letter, the comparable GAAP financial measure and a reconciliation of it to the
non-GAAP financial measure are presented on the    Reconciliation    pages following this letter.

Exhibit 2: Revenue (in millions)
$700
$687
$650
$624
$591
$600
$566
$550
$508
$500
$450
$400
2020
2021
2022
2023
2024
We continue to manage the business effectively, converting CRA   s revenue growth into profits that have increased
at even faster rates. For fiscal 2024, non-GAAP net income, earnings per diluted share and EBITDA grew year over
year by 35%, 39% and 32%, respectively. Over the past five years, as revenue increased by 52%, we expanded
non-GAAP net income, earnings per diluted share and EBITDA by 105%, 142% and 99%, respectively. Exhibits 3
and 4 summarize our non-GAAP earnings per diluted share and EBITDA over the past five years, which have
increased at compound annual growth rates of 19% and 15%, respectively, over this period.
Exhibit 3: Earnings Per Diluted Share*
$8.00
$7.60
$7.00
$6.00
$5.54
$5.74
$5.46
$5.00
$4.00
$3.35
$3.00
$2.00
$1.00
$0.00
2020
*Presented on a non-GAAP basis
2021
2022
2023
2024



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