CRA International Inc., operating under the trade name Charles River Associates, announced record financial performance for fiscal 2024, marking the seventh consecutive year of record annual revenue. The company's revenue increased by 10% to $687 million. Notable growth was also seen in net income, earnings per diluted share, and EBITDA, each surpassing revenue growth with increases exceeding 20% year over year. The non-GAAP earnings per diluted share rose to $7.60, a significant increase from previous years, contributing to a compound annual growth rate of 19% over the past five years. Similarly, the non-GAAP EBITDA reached $90 million, reflecting a compound annual growth rate of 15% during the same period. In fiscal 2024, CRA International reported a 13% year-over-year increase in adjusted net cash flows from operations, amounting to $92.5 million. This performance translated to a 102% conversion rate of non-GAAP EBITDA into adjusted net cash flows from operations, consistent with the average conversion rate over the past three years. Operationally, CRA expanded its team by adding nearly 150 new consultants across all practices and geographic regions. The firm also strengthened relationships with key clients, addressing their significant legal, regulatory, and strategic challenges. The firmwide utilization increased to 75% from 70% in fiscal 2023, reflecting improved operational efficiency. The company continued its capital allocation strategy with stock repurchases totaling $33 million at an average price of $162 per share and distributed $12 million in cash dividends. Over the five-year period from 2020 to 2024, CRA's revenue grew by 52%, while earnings per diluted share increased by 142%.
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