CRA INTERNATIONAL INC
For the period ended Dec 28, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
CRAI$198.99+0.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended | Year Ended | Year Ended | |
|---|---|---|---|
| December 28,2024 (52 weeks) | December 30,2023 (52 weeks) | December 31,2022 (52 weeks) | |
| (in thousands) | |||
| OPERATING ACTIVITIES: | |||
| Net income | $46,653 | $38,481 | $43,619 |
| Adjustments to reconcile net income to net cash provided by operating activities, net of effect of acquired businesses: | |||
| Depreciation and amortization | 11,677 | 11,564 | 11,996 |
| Right-of-use asset amortization | 15,147 | 14,273 | 13,755 |
| Deferred income taxes | (2,865) | (4,634) | 189 |
| Share-based compensation expense | 5,291 | 4,400 | 4,773 |
| Bad debt expense (recovery) | 534 | 533 | (345) |
| Unrealized foreign currency remeasurement (gains) losses, net | (468) | 61 | 122 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (21,400) | 2,210 | (24,929) |
| Unbilled services | (797) | (5,070) | (5,382) |
| Prepaid expenses and other current assets, and other assets | (10,360) | 1,210 | (485) |
| Forgivable loans | (11,770) | 2,678 | (10,539) |
| Incentive cash awards payable | 9,840 | 8,122 | 6,618 |
| Accounts payable, accrued expenses, and other liabilities | 23,158 | 4,007 | 2,253 |
| Lease liabilities | (14,905) | (17,763) | (16,524) |
| Net cash provided by operating activities | 49,735 | 60,072 | 25,121 |
| INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (16,623) | (2,366) | (3,813) |
| Consideration paid for acquisitions, net | (1,500) | (577) | (14,352) |
| Net cash used in investing activities | (18,123) | (2,943) | (18,165) |
| FINANCING ACTIVITIES: | |||
| Issuance of common stock, principally stock options exercises | — | 805 | 1,411 |
| Borrowings under revolving line of credit | 102,000 | 105,000 | 126,000 |
| Repayments under revolving line of credit | (102,000) | (105,000) | (126,000) |
| Payments for debt issuance costs | — | — | (1,008) |
| Tax withholding payments reimbursed by shares | (3,209) | (3,063) | (2,145) |
| Cash dividends paid | (12,300) | (10,807) | (9,580) |
| Repurchase of common stock | (33,348) | (31,417) | (27,630) |
| Net cash used in financing activities | (48,857) | (44,482) | (38,952) |
| Effect of foreign exchange rates on cash and cash equivalents | (1,630) | 1,492 | (2,687) |
| Net increase (decrease) in cash and cash equivalents | (18,875) | 14,139 | (34,683) |
| Cash and cash equivalents at beginning of period | 45,586 | 31,447 | 66,130 |
| Cash and cash equivalents at end of period | $26,711 | $45,586 | $31,447 |
| Noncash investing and financing activities: | |||
| Increase (decrease) in accounts payable and accrued expenses for property and equipment | $598 | $(91) | $(268) |
| Excise tax on share repurchases | $(270) | $(247) | $— |
| Asset retirement obligations | $191 | $— | $— |
| Right-of-use assets obtained in exchange for lease obligations | $10,084 | $3,198 | $2,436 |
| Supplemental cash flow information: | |||
| Cash paid for taxes | $21,444 | $14,011 | $15,646 |
| Cash paid for interest | $4,145 | $3,539 | $1,579 |
| Cash paid for amounts included in operating lease liabilities | $20,963 | $22,272 | $21,306 |
FS-7
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