As a reminder, our previously stated guidance is provided on a constant-currency basis relative to fiscal 2022 and calls for expected revenue in the range of $615.0 million to $640.0 million and non-GAAP EBITDA margin in the range of 10.8% to 11.5%. ![]() “Consequently, we are reaffirming our financial guidance for full-year fiscal 2023. Both metrics are squarely in the range of our previously announced financial guidance for the year,” said Maleh. “Through the first quarter of fiscal 2023, on a constant currency basis, CRA reported year-over-year revenue growth of 5.1% and non-GAAP EBITDA margin of 11.4%. Management Commentary and Financial Guidance Non-GAAP net income, earnings per diluted share, and non-GAAP EBITDA would have been higher by $0.8 million, $0.10 per diluted share, and $1.1 million, respectively.ĬRA returned $23.3 million of capital to its shareholders, consisting of $2.7 million of dividend payments and $20.6 million for share repurchases of approximately 181,000 shares. On a constant currency basis relative to the first quarter of fiscal 2022, revenue, GAAP net income, and earnings per diluted share would have been higher by $3.1 million, $0.8 million, and $0.11 per diluted share, respectively. Non-GAAP EBITDA decreased 10.7% to $16.7 million, or 10.9% of revenue, compared with $18.7 million, or 12.6% of revenue, in the first quarter of fiscal 2022. Net income decreased 21.9% year over year to $8.9 million, or 5.8% of revenue, compared with $11.4 million, or 7.7% of revenue, in the first quarter of fiscal 2022 non-GAAP net income decreased 17.9% year over year to $9.4 million, or 6.1% of revenue, compared with $11.4 million, or 7.7% of revenue, in the first quarter of fiscal 2022.Įarnings per diluted share decreased 19.1% year over year to $1.23 from $1.52 in the first quarter of fiscal 2022 non-GAAP earnings per diluted share decreased 14.6% year over year to $1.29 from $1.51 in the first quarter of fiscal 2022. Utilization was 70%, and quarter-end headcount increased 10.7% year over year. Revenue grew 3.0% year over year to $152.8 million. Our North American and international operations both expanded in the first quarter, led by our international operations which grew by 8.8% year over year.” Four practices-Antitrust & Competition Economics, Financial Economics, Forensic Services, and Labor & Employment-grew year over year, with Forensics Services and Labor & Employment each posting double-digit revenue growth. “CRA’s Legal & Regulatory offerings drove our overall revenue growth. On a constant currency basis, revenue grew 5.1% year over year to $155.9 million,” said Paul Maleh, CRA’s President and Chief Executive Officer. ![]() Revenue increased to $152.8 million, which represents the highest quarterly revenue in the company’s history. “During the first quarter, CRA continued to build momentum in the business and demand for our services. Legal & Regulatory Offerings Drive GrowthĬharles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced financial results for the fiscal first quarter ended April 1, 2023. Charles River Associates (CRA) Reports Financial Results for the First Quarter of 2023ĬRA Reports Highest Quarterly Revenue in Its History
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