CRA International, Inc. (NASDAQ:CRAI) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET

Company Participants

Paul Maleh - President and Chief Executive Officer

Dan Mahoney - Chief Financial Officer

Chad Holmes - Chief Corporate Development Officer

Conference Call Participants

Andrew Nicholas - William Blair

Kevin Steinke - Barrington Research

Marc Riddick - Sidoti

Operator

Good day, everyone and welcome to Charles River Associates Second Quarter 2022 Conference Call. Please note that today’s call is being recorded. The 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.com.

With us today are CRA’s President and Chief Executive Officer, Paul Maleh; 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.

Dan Mahoney

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 in Section 21 of the Exchange Act. Information contained in these forward-looking statements is based on management’s current expectations and is inherently uncertain. Actual performance and results may differ materially from those expressed or implied in these statements due to many important factors, including the level of demand for our services as a result of changes in general in industry-specific economic conditions.

Additional information regarding these factors is included in today’s release and in CRA’s periodic reports, including our most recently filed annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC. CRA undertakes no obligation to update any forward-looking statements after the date of this call. Additionally, we will refer to some non-GAAP financial measures and certain measures presented on a constant currency basis on this call. Everyone is encouraged to refer to today’s release and related CFO remarks for reconciliations of these non-GAAP financial measures to their GAAP comparable measures and descriptions of the calculation of EBITDA and measures presented on a constant currency basis.

I will now turn it over to Paul for his report. Paul?

Paul Maleh

Thanks Dan and good morning everyone. Thank you for joining us today. Continued momentum in the business and demand for our services supported headcount expansion of 3.6% year-over-year and utilization of 77% for the second quarter. The hard work of my colleagues drove CRA’s revenue to $149.1 million, which is the highest quarterly revenue in the company’s history. This record was achieved despite currency headwinds associated with the strong U.S. dollar that shaved $3 million or 2% year-over-year growth from our reported revenue on a constant currency basis.