EX-99.2 3 craiq3-20248xkexx992xcfore.htm EX-99.2 Document

Exhibit 99.2
cralogo.jpg

CHARLES RIVER ASSOCIATES (CRA)
THIRD QUARTER FISCAL YEAR 2024
EARNINGS ANNOUNCEMENT
PREPARED CFO REMARKS
CRA is providing these prepared remarks by CFO Dan Mahoney in combination with its press release. These remarks are offered to provide the investment community with additional information on CRA’s financial results prior to the start of the conference call.
As previously announced, the conference call will be held October 31, 2024 at 10:00 a.m. ET. These prepared remarks will not be read on the call.
Q3 Fiscal 2024 Summary (Quarter ended September 28, 2024)
Revenue: $167.7 million
Net income: $11.4 million, or 6.8% of revenue; non-GAAP net income: $12.1 million, or 7.2% of revenue
Net income per diluted share: $1.67; non-GAAP net income per diluted share: $1.77
Operating margin and non-GAAP operating margin: 11.0%
Non-GAAP EBITDA: $21.3 million, or 12.7% of revenue
Effective tax rate: 28.7%; non-GAAP effective tax rate 28.5%
Utilization: 76%
Consultant headcount at the end of Q3 of fiscal 2024: 978, which consists of 156 officers, 560 other senior staff and 262 junior staff
Cash and cash equivalents: $24.5 million at September 28, 2024
Revolving credit facility borrowing capacity: $135.9 million at September 28, 2024

Revenue
For Q3 of fiscal 2024, revenue was $167.7 million, compared with revenue of $147.6 million for Q3 of fiscal 2023.
Headcount
The following table outlines CRA’s consultant headcount at the end of the stated quarters:
Q3
2024
Q2
2024
Q1
2024
Q4
2023
Q3
2023
Officers156157158156155
Other Senior Staff560531544527529
Junior Staff262280295321330
Total9789689971,0041,014
Utilization
For Q3 of fiscal 2024, companywide utilization was 76%, compared with 66% for Q3 of fiscal 2023.
Client Reimbursables
For Q3 of fiscal 2024, client reimbursables were $16.1 million, or 9.6% of revenue, compared with $17.9 million, or 12.2% of revenue, for Q3 of fiscal 2023.
Selling, General and Administrative (SG&A) Expenses
For Q3 of fiscal 2024, SG&A expenses were $31.3 million, or 18.6% of revenue, compared with $27.9 million, or 18.9% of revenue, for Q3 of fiscal 2023. Commissions to non-employee experts are included in SG&A expenses. These commissions represented approximately 2.4% of revenue for Q3 of fiscal 2024 and for Q3 of fiscal 2023, respectively. Excluding these commissions, SG&A expenses were 16.2% of revenue for Q3 of fiscal 2024, compared with 16.5% in Q3 of fiscal 2023.
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Fiscal Quarter Ended
$ in 000’sSeptember 28,
2024
As a % of RevenueSeptember 30,
2023
As a % of Revenue
SG&A expenses$31,269 18.6 %$27,919 18.9 %
Less: commissions to non-employee experts3,963 2.4 %3,607 2.4 %
SG&A expenses excluding commissions$27,306 16.2 %$24,312 16.5 %
Depreciation & Amortization
For Q3 of fiscal 2024, depreciation and amortization expenses amounted to $2.9 million, or 1.7% of revenue, compared with $2.9 million, or 2.0% of revenue, for Q3 of fiscal 2023.
Forgivable Loan Amortization
For Q3 of fiscal 2024, forgivable loan amortization was $9.2 million, or 5.5% of revenue, compared with $8.7 million, or 5.9% of revenue, for Q3 of fiscal 2023.
Share-Based Compensation Expense
For Q3 of fiscal 2024, share-based compensation expense was approximately $1.4 million, or 0.8% of revenue, compared with $0.9 million, or 0.6% of revenue, for Q3 of fiscal 2023.
Operating Income
For Q3 of fiscal 2024, operating income was $18.4 million, or 11.0% of revenue, compared with operating income of $10.8 million, or 7.3% of revenue, for Q3 of fiscal 2023. Non-GAAP operating income was $18.4 million, or 11.0% of revenue, for Q3 of fiscal 2024, compared with $10.8 million, or 7.3% of revenue, for Q3 of fiscal 2023.
Fiscal Quarter Ended
$ in 000’sSeptember 28,
2024
As a % of RevenueSeptember 30,
2023
As a % of Revenue
Income from operations$18,391 11.0 %$10,793 7.3 %
Adjustments needed to reconcile GAAP income from operations to non-GAAP income from operations:
Non-cash valuation change in contingent consideration— — %16 — %
Non-GAAP income from operations$18,391 11.0 %$10,809 7.3 %
Interest Income (Expense), net
For Q3 of fiscal 2024, net interest expense was $1.5 million, or 0.9% of revenue, compared with net interest expense of $1.0 million, or 0.7% of revenue, for Q3 of fiscal 2023.
Foreign Currency Gains (Losses), net
For Q3 of fiscal 2024, net foreign currency losses were $0.9 million, or 0.5% of revenue, compared with net foreign currency gains of $0.8 million, or 0.5% of revenue, for Q3 of fiscal 2023.
Foreign currency gains (losses), net, is comprised of net gains and losses on foreign denominated transactions and the revaluation of working capital balances.
Income Taxes
The following table outlines CRA’s income tax provision recorded and the resulting effective tax rates:
GAAPNon-GAAP
Fiscal Quarter EndedFiscal Quarter Ended
$ in 000’sSeptember 28,
2024
September 30,
2023
September 28,
2024
September 30,
2023
Tax Provision$4,593 $1,927 $4,820 $1,761 
Effective Tax Rate28.7 %18.3 %28.5 %18.0 %

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Fiscal Quarter Ended
$ in 000’sSeptember 28,
2024
As a % of RevenueSeptember 30,
2023
As a % of Revenue
Income before provision for income taxes$16,030 9.6 %$10,523 7.1 %
Adjustments needed to reconcile GAAP income before provision for income taxes to non-GAAP income before provision for income taxes
Non-cash valuation change in contingent consideration— — %16 — %
Foreign currency (gains) losses, net904 0.5 %(755)(0.5)%
Non-GAAP income before provision for income taxes$16,934 10.1 %$9,784 6.6 %
GAAP provision for income taxes$4,593 $1,927 
Tax effect on non-GAAP adjustments227 (166)
Non-GAAP provision for income taxes$4,820 $1,761 
Net Income
For Q3 of fiscal 2024, net income was $11.4 million, or 6.8% of revenue, or $1.67 per diluted share, compared with net income of $8.6 million, or 5.8% of revenue, or $1.21 per diluted share, for Q3 of fiscal 2023. Non-GAAP net income for Q3 of fiscal 2024 was $12.1 million, or 7.2% of revenue, or $1.77 per diluted share, compared with $8.0 million, or 5.4% of revenue, or $1.13 per diluted share, for Q3 of fiscal 2023.
Non-GAAP EBITDA
For Q3 of fiscal 2024, non-GAAP EBITDA was $21.3 million, or 12.7% of revenue, compared with $13.8 million, or 9.3% of revenue, for Q3 of fiscal 2023.
Constant Currency Basis
For Q3 of fiscal 2024, revenue was $167.7 million, and net income was $11.4 million, or 6.8% of revenue, or $1.67 per diluted share. On a constant currency basis relative to Q3 of fiscal 2023, Q3 of fiscal 2024 revenue would have been lower by $0.5 million to $167.2 million, GAAP net income would have been lower by $0.1 million to $11.3 million, or 6.8% of revenue, and earnings per diluted share would have decreased by $0.02 to $1.65 per diluted share.
For Q3 of fiscal 2024, revenue was $167.7 million, and non-GAAP net income was $12.1 million, or 7.2% of revenue, or $1.77 per diluted share. On a constant currency basis relative to Q3 of fiscal 2023, Q3 of fiscal 2024 revenue would have been lower by $0.5 million to $167.2 million, non-GAAP net income would have been lower by $0.1 million at $12.0 million, or 7.2% of revenue, non-GAAP earnings per diluted share would have decreased by $0.02 to $1.75 per diluted share, and non-GAAP EBITDA would have been lower by $0.2 million to $21.1 million, or 12.6% of revenue.
A description of the process for calculating the measures presented on a constant currency basis is contained under the heading “Non-GAAP Financial Measures” below.
Key Balance Sheet Metrics
Billed and unbilled receivables at September 28, 2024 were $232.9 million, compared with $193.3 million at September 30, 2023. Current liabilities at September 28, 2024 were $268.3 million, compared with $224.2 million at September 30, 2023.
Total Days Sales Outstanding, or DSO, for Q3 of fiscal 2024 was 122 days, consisting of 78 days of billed and 44 days of unbilled. This compares with 114 days reported for Q3 of fiscal 2023, consisting of 72 days of billed and 42 days of unbilled.
Cash and Cash Flow
Cash and cash equivalents was $24.5 million at September 28, 2024, compared with $27.6 million at September 30, 2023.
Net cash provided by operating activities for Q3 of fiscal 2024 was $31.6 million, compared with net cash provided by operating activities of $65.0 million for Q3 of fiscal 2023.
As of September 28, 2024, outstanding borrowings under CRA’s revolving credit facility amounted to $60.0 million. At September 30, 2023, outstanding borrowings under CRA’s revolving credit facility amounted to $32.0 million.
Capital expenditures totaled $3.0 million for Q3 of fiscal 2024, compared with $0.7 million for Q3 of fiscal 2023.
A quarterly cash dividend of $0.42 per common share, for total dividends and dividend equivalents of $2.9 million, was paid in Q3 of fiscal 2024, compared with a quarterly cash dividend of $0.36 per common share, for total dividends and dividend equivalents of $2.5 million paid in Q3 of fiscal 2023.
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GAAP Condensed Consolidated Statement of Cash Flows
CRA has derived the condensed consolidated statement of cash flow data for the years ended December 30, 2023 and December 31, 2022 from its audited financial statements appearing on Form 10-K for the fiscal year ended December 30, 2023, filed with the Securities and Exchange Commission on February 29, 2024. The condensed consolidated statement of cash flow data for the first, second, and third quarters of fiscal year 2023 and the first, second, and third quarters of fiscal year 2024 have been derived from CRA’s unaudited financial statements appearing on Form 10-Q for each of the respective fiscal quarters as well as the consolidated statements of cash flows appearing on Form 10-K for the fiscal years ended December 30, 2023 and December 31, 2022 and have been prepared on the same basis as CRA’s audited financial statements.

GAAP Condensed Consolidated Statement of Cash FlowsLTMQ3Q2Q1Q4
($ in 000’s)Q3 20242024202420242023
Net cash provided by (used in) operating activities$30,410 $31,584 $1,807 $(63,080)$60,099 
Net cash used in investing activities(7,890)(2,986)(3,816)(730)(358)
Net cash provided by (used in) financing activities(27,320)(29,927)(10,353)56,052 (43,092)
Effect of foreign exchange rates on cash and cash equivalents1,677 1,161 (111)(706)1,333 
Net increase (decrease) in cash and cash equivalents$(3,123)$(168)$(12,473)$(8,464)$17,982 
Cash and cash equivalents at beginning of period27,604 24,649 37,122 45,586 27,604 
Cash and cash equivalents at end of period$24,481 $24,481 $24,649 $37,122 $45,586 
GAAP Condensed Consolidated Statement of Cash FlowsLTMQ3Q2Q1Q4
($ in 000’s)Q3 20232023202320232022
Net cash provided by (used in) operating activities$60,109 $64,952 $5,072 $(70,051)$60,136 
Net cash used in investing activities(7,566)(733)(720)(1,132)(4,981)
Net cash provided by (used in) financing activities(49,602)(50,574)(25,664)74,848 (48,212)
Effect of foreign exchange rates on cash and cash equivalents570 (312)64 407 411 
Net increase (decrease) in cash and cash equivalents$3,511 $13,333 $(21,248)$4,072 $7,354 
Cash and cash equivalents at beginning of period24,093 14,271 35,519 31,447 24,093 
Cash and cash equivalents at end of period$27,604 $27,604 $14,271 $35,519 $31,447 

Adjusted Net Cash Flows from Operations
Below are the quarterly and last twelve-month reconciliations of GAAP net cash provided by (used in) operating activities for each of the periods presented to non-GAAP adjusted net cash flows from operations. The reconciling items are forgivable loan advances and repayments for each period, which are reported as a component of GAAP net cash provided by (used in) operating activities, along with other non-recurring cash items.
Adjusted Net Cash Flows from OperationsLTMQ3Q2Q1Q4
($ in 000’s)Q3 20242024202420242023
GAAP net cash provided by (used in) operating activities$30,410 $31,584 $1,807 $(63,080)$60,099 
Forgivable loan advances40,388 14,258 18,880 5,250 2,000 
Forgivable loan repayments(1,488)— (288)— (1,200)
Adjusted net cash flows from operations$69,310 $45,842 $20,399 $(57,830)$60,899 
Net revenue$672,592 $167,748 $171,442 $171,789 $161,613 
GAAP net cash provided by (used in) operating activities as a percentage of net revenue4.5 %18.8 %1.1 %(36.7)%37.2 %
Adjusted net cash flows from operations as a percentage of net revenue10.3 %27.3 %11.9 %(33.7)%37.7 %
    
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Adjusted Net Cash Flows from OperationsLTMQ3Q2Q1Q4
($ in 000’s)Q3 20232023202320232022
GAAP net cash provided by (used in) operating activities$60,109 $64,952 $5,072 $(70,051)$60,136 
Forgivable loan advances30,859 3,750 750 16,842 9,517 
Forgivable loan repayments(616)— — (616)— 
Other non-recurring cash items (1)
91 — — 22 69 
Adjusted net cash flows from operations$90,443 $68,702 $5,822 $(53,803)$69,722 
Net revenue$607,339 $147,553 $161,965 $152,845 $144,976 
GAAP net cash provided by (used in) operating activities as a percentage of net revenue9.9 %44.0 %3.1 %(45.8)%41.5 %
Adjusted net cash flows from operations as a percentage of net revenue14.9 %46.6 %3.6 %(35.2)%48.1 %
(1) Other non-recurring cash items includes acquisition-related costs.
NON-GAAP FINANCIAL MEASURES
In these remarks, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or “GAAP” with the following financial measures that were not calculated in accordance with GAAP: non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP EBITDA, non-GAAP income from operations (and non-GAAP operating margin), non-GAAP provision for income taxes (and non-GAAP effective tax rate), SG&A expenses excluding commissions and adjusted net cash flows from operations. CRA believes that these non-GAAP financial measures are important to management and investors because these measures supplement the understanding of CRA’s ongoing operating results, financial condition and cash flows. Non-GAAP adjusted net cash flows from operations is used by management to assess CRA’s ability to fund items such as the acquisition of talent, office expansions, debt repayment and distributions to shareholders. In addition, non-GAAP net income and non-GAAP EBITDA are used by CRA in its budgeting process, and the non-GAAP adjustments described below are made to the performance measures for some of CRA’s performance-based compensation.
As used herein, CRA defines non-GAAP EBITDA as net income before interest expense (net), provision for income taxes, and depreciation and amortization further adjusted for the impact of certain items that we do not consider indicative of its core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. Non-GAAP net income, non-GAAP income from operations and non-GAAP provision for income taxes also exclude non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. The adjustments made to non-GAAP adjusted net cash flows from operations add back forgivable loan issuances, net of repayments, along with other non-recurring cash items. These remarks also present certain current fiscal period financial measures on a “constant currency” basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA’s financial results. These constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period’s foreign exchange rates.

All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in these remarks. EBITDA and the financial measures identified in these remarks as “non-GAAP” are reconciled to their GAAP comparable measures either in these remarks or in the attached financial tables. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
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CRA INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED
SEPTEMBER 28, 2024 COMPARED TO SEPTEMBER 30, 2023
(IN THOUSANDS, EXCEPT PER SHARE DATA)

Fiscal Quarter EndedFiscal Year-to-Date Period Ended
September 28,
2024
 As a % of
Revenue
September 30,
2023
 As a % of
Revenue
September 28,
2024
As a % of
Revenue
September 30,
2023
As a % of
Revenue
Revenues$167,748 100.0 %$147,553 100.0 %$510,979 100.0 %$462,363 100.0 %
Costs of services (exclusive of depreciation and amortization)115,188 68.7 %105,894 71.8 %359,394 70.3 %327,064 70.7 %
Selling, general and administrative expenses31,269 18.6 %27,919 18.9 %93,784 18.4 %86,137 18.6 %
Depreciation and amortization2,900 1.7 %2,947 2.0 %8,503 1.7 %8,762 2.0 %
Income from operations18,391 11.0 %10,793 7.3 %49,298 9.6 %40,400 8.7 %
Interest expense, net(1,457)-0.9 %(1,025)-0.7 %(3,405)-0.7 %(3,212)-0.7 %
Foreign currency gains (losses), net(904)-0.5 %755 0.5 %(1,236)-0.2 %(459)-0.1 %
Income before provision for income taxes16,030 9.6 %10,523 7.1 %44,657 8.7 %36,729 7.9 %
Provision for income taxes4,593 2.7 %1,927 1.3 %12,991 2.5 %9,707 2.1 %
Net income$11,437 6.8 %$8,596 5.8 %$31,666 6.2 %$27,022 5.8 %
Net income per share:
  Basic$1.68 $1.22 $4.62 $3.83 
  Diluted$1.67 $1.21 $4.57 $3.78 
Weighted average number of shares outstanding:
  Basic6,760 6,977 6,840 7,026 
  Diluted6,843 7,083 6,922 7,138 
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CRA INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED
SEPTEMBER 28, 2024 COMPARED TO SEPTEMBER 30, 2023
(IN THOUSANDS, EXCEPT PER SHARE DATA)

Fiscal Quarter EndedFiscal Year-to-Date Period Ended
September 28,
2024
As a % of
Revenue
September 30,
2023
As a % of
Revenue
September 28,
2024
As a % of
Revenue
September 30,
2023
As a % of
Revenue
Revenues$167,748 100.0 %$147,553 100.0 %$510,979 100.0 %$462,363 100.0 %
Net income$11,437 6.8 %$8,596 5.8 %$31,666 6.2 %$27,022 5.8 %
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration — — %16 — %— — %52 — %
Restructuring (1)
— — %— — %8,176 1.6 %— — %
Acquisition-related costs— — %— — %— — %22 — %
Foreign currency (gains) losses, net904 0.5 %(755)-0.5 %1,236 0.2 %459 0.1 %
Tax effect on adjustments(227)-0.1 %166 0.1 %(2,467)-0.5 %(138)— %
Non-GAAP net income$12,114 7.2 %$8,023 5.4 %$38,611 7.6 %$27,417 5.9 %
Non-GAAP net income per share:
Basic$1.78 $1.14 $5.63 $3.89 
Diluted$1.77 $1.13 $5.57 $3.83 
Weighted average number of shares outstanding:
Basic6,760 6,977 6,840 7,026 
Diluted6,843 7,083 6,922 7,138 
(1) Includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions.


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CRA INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED
SEPTEMBER 28, 2024 COMPARED TO SEPTEMBER 30, 2023
(IN THOUSANDS)

Fiscal Quarter EndedFiscal Year-to-Date Period Ended
September 28,
2024
As a % of
 Revenue
September 30,
2023
As a % of
 Revenue
September 28,
2024
As a % of
 Revenue
September 30,
2023
As a % of
 Revenue
Revenues$167,748 100.0 %$147,553 100.0 %$510,979 100.0 %$462,363 100.0 %
Net income$11,437 6.8 %$8,596 5.8 %$31,666 6.2 %$27,022 5.8 %
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration— — %16 — %— — %52 — %
Restructuring (1)
— — %— — %8,176 1.6 %— — %
Acquisition-related costs— — %— — %— — %22 — %
Foreign currency (gains) losses, net904 0.5 %(755)-0.5 %1,236 0.2 %459 0.1 %
Tax effect on adjustments(227)-0.1 %166 0.1 %(2,467)-0.5 %(138)— %
Non-GAAP net income$12,114 7.2 %$8,023 5.4 %$38,611 7.6 %$27,417 5.9 %
Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:
Interest expense, net1,457 0.9 %1,025 0.7 %3,405 0.7 %3,212 0.7 %
Provision for income taxes4,820 2.9 %1,761 1.2 %15,458 3.0 %9,845 2.1 %
Depreciation and amortization2,900 1.7 %2,947 2.0 %8,503 1.7 %8,762 2.0 %
Non-GAAP EBITDA$21,291 12.7 %$13,756 9.3 %$65,977 12.9 %$49,236 10.6 %
(1) Includes cash severance of $2.5M and non-cash charges of $5.7M associated with portfolio optimization actions.
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CRA INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)

September 28,
2024
December 30,
2023
Assets
Cash and cash equivalents$24,481 $45,586 
Accounts receivable and unbilled services, net232,855 199,556 
Other current assets28,204 20,334 
Total current assets285,540 265,476 
Property and equipment, net38,496 38,176 
Goodwill and intangible assets, net102,176 101,185 
Right-of-use assets87,032 86,887 
Other assets69,099 61,487 
Total assets$582,343 $553,211 
Liabilities and Shareholders’ Equity
Accounts payable$28,430 $28,701 
Accrued expenses146,284 171,040 
Current portion of lease liabilities18,626 16,475 
Revolving line of credit60,000 — 
Other current liabilities14,917 19,871 
Total current liabilities268,257 236,087 
Non-current portion of lease liabilities89,412 92,280 
Other non-current liabilities20,161 12,743 
Total liabilities377,830 341,110 
Total shareholders’ equity204,513 212,101 
Total liabilities and shareholders’ equity$582,343 $553,211 
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CRA INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)

Fiscal Year-to-Date Period Ended
September 28,
2024
September 30,
2023
Operating activities:
Net income$31,666 $27,022 
Adjustments to reconcile net income to net cash used in operating activities:
Non-cash items, net24,425 21,542 
Accounts receivable and unbilled services(32,321)1,559 
Working capital items, net(53,459)(50,150)
Net cash used in operating activities(29,689)(27)
Investing activities:
Purchases of property and equipment, net(6,032)(2,008)
Consideration paid for acquisition, net(1,500)(577)
Net cash used in investing activities(7,532)(2,585)
Financing activities:
Borrowings under revolving line of credit95,000 105,000 
Repayments under revolving line of credit(35,000)(73,000)
Tax withholding payments reimbursed by shares(2,030)(2,040)
Cash dividends paid(8,850)(7,773)
Repurchase of common stock(33,348)(23,577)
Net cash provided by (used in) financing activities15,772 (1,390)
Effect of foreign exchange rates on cash and cash equivalents344 159 
Net decrease in cash and cash equivalents(21,105)(3,843)
Cash and cash equivalents at beginning of period45,586 31,447 
Cash and cash equivalents at end of period$24,481 $27,604 
Noncash investing and financing activities:
Increase (decrease) in accounts payable and accrued expenses for property and equipment$1,228 $(129)
Asset retirement obligations$191 $— 
Excise tax on share repurchases$(284)$(190)
Right-of-use assets obtained in exchange for lease obligations$10,627 $2,503 
Supplemental cash flow information:
Cash paid for taxes$17,085 $9,953 
Cash paid for interest$3,086 $2,904 
Cash paid for amounts included in operating lease liabilities$15,008 $16,660 
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