CRA INTERNATIONAL INC
For the period ended Dec 30, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
CRAI$198.99+0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended | Year Ended | Year Ended | |
|---|---|---|---|
| December 30,2023 (52 weeks) | December 31,2022 (52 weeks) | January 1,2022 (52 weeks) | |
| (in thousands) | |||
| OPERATING ACTIVITIES: | |||
| Net income | $38,481 | $43,619 | $41,679 |
| Adjustments to reconcile net income to net cash provided by operating activities, net of effect of acquired businesses: | |||
| Depreciation and amortization | 11,564 | 11,996 | 12,768 |
| Right-of-use asset amortization | 14,273 | 13,755 | 13,011 |
| Deferred income taxes | (4,634) | 189 | 446 |
| Share-based compensation expense | 4,400 | 4,773 | 4,086 |
| Bad debt expense (recovery) | 533 | (345) | 27 |
| Unrealized foreign currency remeasurement (gains) losses, net | 61 | 122 | (294) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 2,210 | (24,929) | (6,053) |
| Unbilled services | (5,070) | (5,382) | (4,399) |
| Prepaid expenses and other current assets, and other assets | 1,210 | (485) | (2,399) |
| Forgivable loans | 2,678 | (10,539) | 10,742 |
| Incentive cash awards payable | 8,122 | 6,618 | 6,724 |
| Accounts payable, accrued expenses, and other liabilities | 4,007 | 2,253 | 14,875 |
| Lease liabilities | (17,763) | (16,524) | (15,515) |
| Net cash provided by operating activities | 60,072 | 25,121 | 75,698 |
| INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (2,366) | (3,813) | (2,623) |
| Consideration paid for acquisitions, net | (577) | (14,352) | — |
| Net cash used in investing activities | (2,943) | (18,165) | (2,623) |
| FINANCING ACTIVITIES: | |||
| Issuance of common stock, principally stock options exercises | 805 | 1,411 | 5,157 |
| Borrowings under revolving line of credit | 105,000 | 126,000 | 74,000 |
| Repayments under revolving line of credit | (105,000) | (126,000) | (74,000) |
| Payments for debt issuance costs | — | (1,008) | — |
| Tax withholding payments reimbursed by shares | (3,063) | (2,145) | (1,528) |
| Cash paid for contingent consideration | — | — | (2,357) |
| Cash dividends paid | (10,807) | (9,580) | (8,289) |
| Repurchase of common stock | (31,417) | (27,630) | (44,976) |
| Net cash used in financing activities | (44,482) | (38,952) | (51,993) |
| Effect of foreign exchange rates on cash and cash equivalents | 1,492 | (2,687) | (629) |
| Net increase (decrease) in cash and cash equivalents | 14,139 | (34,683) | 20,453 |
| Cash and cash equivalents at beginning of period | 31,447 | 66,130 | 45,677 |
| Cash and cash equivalents at end of period | $45,586 | $31,447 | $66,130 |
| Noncash investing and financing activities: | |||
| Increase (decrease) in accounts payable and accrued expenses for property and equipment | $(91) | $(268) | $8 |
| Excise tax on share repurchases | $(247) | $— | $— |
| Right-of-use assets obtained in exchange for lease obligations | $3,198 | $2,436 | $1,751 |
| Restricted common stock issued for contingent consideration | $— | $— | $2,250 |
| Supplemental cash flow information: | |||
| Cash paid for taxes | $14,011 | $15,646 | $14,953 |
| Cash paid for interest | $3,539 | $1,579 | $727 |
| Cash paid for amounts included in operating lease liabilities | $22,272 | $21,306 | $20,823 |
FS-7
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