CRA INTERNATIONAL, INC.
For the period ended Jan 3, 2026. Filed Feb 26, 2026.
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FY2026 · Filed Feb 26, 2026
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 | |
|---|---|---|---|
| January 3,2026 (53 weeks) | December 28,2024 (52 weeks) | December 30,2023 (52 weeks) | |
| (in thousands) | |||
| OPERATING ACTIVITIES: | |||
| Net income | $54,782 | $46,653 | $38,481 |
| Adjustments to reconcile net income to net cash provided by operating activities, net of effect of acquired businesses: | |||
| Depreciation and amortization | 14,140 | 11,677 | 11,564 |
| Right-of-use asset amortization | 15,369 | 15,147 | 14,273 |
| Deferred income taxes | (1,727) | (2,865) | (4,634) |
| Share-based compensation expense | 5,870 | 5,291 | 4,400 |
| Bad debt expense (recovery), net | 746 | 534 | 533 |
| Unrealized foreign currency remeasurement (gains) losses, net | 578 | (468) | 61 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (18,287) | (21,400) | 2,210 |
| Unbilled services | (7,386) | (797) | (5,070) |
| Prepaid expenses and other current assets, and other assets | 4,444 | (10,360) | 1,210 |
| Forgivable loans | (53,411) | (11,770) | 2,678 |
| Incentive cash awards payable | 11,856 | 9,840 | 8,122 |
| Accounts payable, accrued expenses, and other liabilities | 15,912 | 23,158 | 4,007 |
| Lease liabilities | (20,462) | (14,905) | (17,763) |
| Net cash provided by operating activities | 22,424 | 49,735 | 60,072 |
| INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (3,868) | (16,623) | (2,366) |
| Consideration paid for acquisitions, net | — | (1,500) | (577) |
| Net cash used in investing activities | (3,868) | (18,123) | (2,943) |
| FINANCING ACTIVITIES: | |||
| Issuance of common stock, principally stock options exercises | — | — | 805 |
| Borrowings under revolving line of credit | 132,000 | 102,000 | 105,000 |
| Repayments under revolving line of credit | (98,000) | (102,000) | (105,000) |
| Tax withholding payments reimbursed by shares | (2,862) | (3,209) | (3,063) |
| Cash dividends paid | (13,831) | (12,300) | (10,807) |
| Repurchase of common stock | (47,149) | (33,348) | (31,417) |
| Net cash used in financing activities | (29,842) | (48,857) | (44,482) |
| Effect of foreign exchange rates on cash and cash equivalents | 2,785 | (1,630) | 1,492 |
| Net increase (decrease) in cash and cash equivalents | (8,501) | (18,875) | 14,139 |
| Cash and cash equivalents at beginning of period | 26,711 | 45,586 | 31,447 |
| Cash and cash equivalents at end of period | $18,210 | $26,711 | $45,586 |
| Noncash investing and financing activities: | |||
| Increase (decrease) in accounts payable and accrued expenses for property and equipment | $(449) | $598 | $(91) |
| Excise tax on share repurchases | $(415) | $(270) | $(247) |
| Asset retirement obligations | $— | $191 | $— |
| Right-of-use assets obtained in exchange for lease obligations | $8,460 | $10,084 | $3,198 |
| Supplemental cash flow information: | |||
| Income taxes paid (net of refunds received) - Federal | $16,261 | $12,225 | $8,371 |
| Income taxes paid (net of refunds received) - State | $5,004 | $5,016 | $2,882 |
| Income taxes paid (net of refunds received) - Foreign | |||
| Income taxes paid (net of refunds received) – U.K. | $3,046 | $2,156 | $1,463 |
| Income taxes paid (net of refunds received) – Other Foreign | $2,162 | $2,047 | $1,171 |
| Cash paid for interest | $4,659 | $4,145 | $3,539 |
| Cash paid for amounts included in operating lease liabilities | $24,826 | $20,963 | $22,272 |
FS-7
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