Q1 2024 CRA International Inc Earnings Call Transcript
Key Points
- CRA International Inc reported a record financial performance in Q1 2024 with a 12.4% increase in revenue to $171.8 million, marking the highest quarterly revenue in the company's history.
- Profits grew significantly with non-GAAP net income, earnings per diluted share, and EBITDA increasing year-over-year by 48%, 52%, and 34% respectively, each setting new quarterly records.
- Eight out of eleven practices experienced year-over-year growth, with six practices posting double-digit revenue growth, demonstrating broad-based contributions to the strong performance.
- The Antitrust & Competition Economics practice achieved a new high for quarterly revenue and successfully supported high-profile mergers, contributing robustly to the quarter's success.
- CRA International Inc's labor and employment practice continued to assist clients effectively, navigating critical employment issues and supporting businesses in various sectors.
- Despite the strong quarter, CRA International Inc decided to maintain its full-year financial guidance due to macroeconomic uncertainties that could affect future business performance.
- The company ended the quarter with a net debt of $32.9 million, primarily due to borrowings for funding bonus payments.
- CRA International Inc is cautiously adding headcount, aiming to raise utilization closer to historical norms, which indicates a conservative approach towards expansion.
- The company's attrition rates, although improving, are still below normal levels, which could impact the availability of experienced staff for future projects.
- CRA International Inc's conversion rates of project leads into revenue-generating projects had previously been lower than expected, raising concerns about efficiency in lead management.
Good day, everyone, and welcome to Charles River Associates first quarter 2024 conference call. Please note that today's call is being recorded company's earnings release and prepared remarks from CRA's Chief Financial Officer are posted on the Investor Relations section of CRA's website at CRAI. dot com. With us today are CRA's President and Chief Executive Officer, Paul O'Malley, Chief Financial Officer, Dan Mahoney, and Chief Corporate Development Officer, Chad Holmes. At this time, I'd like to turn the call over to Mr. Mahoney for opening remarks. Dan, please go ahead.
Thank you, Rob, and good morning, everyone. Please note that the statements made during this conference call including guidance on future revenue and non-GAAP EBITDA margin and any other statements concerning the future business operating results or financial condition of CRA, including those statements using the terms, expect outlook or similar terms are forward-looking statements as defined
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