Slides
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1 An Overview of Charles River Associates This presentation is subject to and should be read in conjunction with the disclaimers and other statements contained under the heading “Safe Harbor Disclaimer.” Q3 FY2025
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2 Safe Harbor Disclaimer Statements included in this presentation which are not historical in nature, including those concerning the company’s future business, operating and financial condition, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include statements concerning our plans, objectives, goals, strategies, and future events, including, but not limited to, future revenues, results, growth, profitability, performance, as well as our expectations regarding revenue and non- GAAP EBITDA margin, the declaration of future quarterly dividends and capital allocation strategies. These statements that are not historical may be reflected in words, graphs or diagrams. When used in this presentation, words such as “achieve,” “aim,” “committed,” “continue,” “expect,” “going forward,” “intend,” “pursuits,” “seek,” “should,” “target,” and variations of such words or similar expressions are intended to identify forward-looking statements. These statements are based upon management’s current expectations and speak only as of the date of this presentation. CRA International, Inc. d/b/a Charles River Associates (“CRA”) cautions readers that there may be events in the future that CRA is not able to accurately predict or control, and the information contained in the forward-looking statements is inherently uncertain and subject to a number of risks that could cause actual results to differ materially from those contained in or implied by the forward-looking statements or by the historical references. These risks include, but are not limited to: the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; clients’ ability and willingness to pay CRA’s invoices; the effects of competitive services and pricing; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; foreign exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; information or technology systems failures, including cybersecurity incidents; new or changes to laws and regulations, including U.S. and foreign tax laws, as well as accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; professional and other legal liability settlements and the impact of the U.S. government shutdown on our business operations . Further information on various potential factors and risks that could affect CRA’s financial results are included under the heading “Risk Factors” in the annual and quarterly reports we file with the Securities and Exchange Commission (SEC), as well as in the other documents we file with the SEC, which are available on the SEC’s website or in the Investor Relations section of CRA’s website at www.crai.com. The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. CRA cannot guarantee any future results, levels of activity, performance, or achievement and undertakes no obligation to update any of its forward-looking statements, nor does it assume any liability for any investment decisions made or not made as a result of this presentation.
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3 In 2025, We Celebrated CRA’s 60th Birthday and More Than 27 Years as a Publicly Traded Company
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4 A Leading Global Consulting Firm For 60 years, Charles River Associates (CRA) has been a premier consulting firm. In 1965, our founders envisioned a company that would bring the developing expertise of academia, especially in the then-burgeoning area of quantitative methods in economics, to the business world. This vision continues to resonate strongly today as we apply cutting-edge quantitative tools and microeconomic analysis to our clients’ most important challenges. Two Lines of Business Legal & Regulatory Consulting “Cutting Edge Approaches to High Stakes Cases” (~80% of Revenue) Management Consulting Sector Specialized Boutique (~20% of Revenue) Sources of Distinctiveness Leading Experts Client-Tailored Model Superior Analytics Industry Insight Senior-Led Geographic Footprint Revenue split ~80% North America and ~20% International Client Base Multinational Corporations Law Firms Government Regulators More than 20 Offices Across 10 Countries
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5 Performance Driven by Highly Talented and Dedicated Colleagues 74% of senior staff have advanced degrees, with 40% of the advanced degrees being PhDs CRA accepts less than 2% of campus applicants Less than 10% voluntary turnover among top revenue generating employees over past 5 years Over 35 languages spokenOur staff hail from over 70 countries across 6 continents Note: Figures as of year-end fiscal 2024. 47% of senior staff have been at CRA more than 5 years, with 19% of senior staff exceeding 10 years
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6 Solving Complex Problems with High Value-Added Expertise Each of our practices is highly regarded, and our consultants are recognized for their creative and multidisciplinary approach to solving clients’ complex problems in the US and throughout the world Forensic Services Intellectual Property Financial Economics Antitrust & Competition Energy Auctions & Competitive Bidding Finance Risk, Investigations, & Analytics Life Sciences Labor & Employment Marakon
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7 In the Past Two Years, We Have Worked with 85 of the Fortune 100 Corporate Note: Figures as of year-end fiscal 2024.
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8 In the Past Two Years, We Have Partnered with 98 of the Top 100 Law Firms Law Firm Note: Figures as of year-end fiscal 2024.
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9 We Are Delivering Growth While Returning Capital to Shareholders Revenue Growth Stock Repurchases EPS Growth* Headcount Growth Fiscal 2024 10% $33M average price of $162 per share 39%-6% utilization of 75% Fiscal Years 2020-2024 52% $151M142% average price of $88 per share 21% utilization of 73% Cash Dividends $12M $48M *Presented on a non-GAAP basis. A reconciliation to the comparable GAAP financial measures appears at the end of this presentation. **Growth rates are calculated on a year-over-year basis. Fiscal 2025 Q3 YTD** 9% -1% utilization of 76% 11% $47M $10M average price of $187 per share
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10 Investment Thesis We are committed to being the firm of choice for our clients as they address their most important litigation, regulatory, and strategic challenges, as well as for our employees as they seek a fulfilling and exciting place to work Leading experts in their respective fields Management team with strong track record of operating performance History of strong cash flows and no long-term debt Created by Maxim Basinski Value-based decision makers with disciplined capital allocation strategy Our objective is to maximize CRA’s long-term value per share
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11 Consistently Strong Performance Reflects Quality of Portfolio and Breadth of Contributors $508 $566 $591 $624 $687 $555 $0 $100 $200 $300 $400 $500 $600 $700 $800 2020 2021 2022 2023 2024 YTD Q3 2025 (millions) Revenue Against challenging comparisons, CRA has achieved record-breaking revenue in each of the past seven fiscal years
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12 Healthy EBITDA Margin Despite Inclusion of Non-Cash Amortization of Forgivable Loans *Presented on a non-GAAP basis. A reconciliation to the comparable GAAP financial measures appears at the end of this presentation. **2024 excludes $5.7 million associated with portfolio optimization actions, while YTD Q3 2025 excludes both $1.1M in non-cash charges and the reversal of $5.4M of non- cash charges associated with a previously recorded performance award. YTD ($ in millions) 2020 2021 2022 2023 2024 Q3 2025 Revenue $508 $566 $591 $624 $687 $555 EBITDA* $51 $69 $71 $68 $90 $72 % of Revenue 10.0% 12.2% 12.0% 10.9% 13.2% 13.1% Non-Cash Amortization of Forgivable Loans** $31 $33 $35 $37 $36 $30 % of Revenue 6.1% 5.8% 5.9% 6.0% 5.3% 5.3%
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13 Given the strength of our business, all of our investments have been funded from operations Looking forward, we aim to return half of our adjusted net cash flows from operations to shareholders Capital Allocation Philosophy: Uses of Capital Note: Dollar figures in millions Redistribution to Shareholders, $199, 47% Cap Ex, $43, 10% Talent, $185, 43% Uses of Capital (FY2020-24) We always seek to deliver returns well above our cost of capital
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14 Capital Allocation Philosophy: Talent Strategy We use capital to drive growth, both in support of organic initiatives and inorganic pursuits; over this period, revenue has increased by greater than 50%, or more than $230 million Our talent investments will be focused on service offerings within our existing lines of business and related adjacencies Note: Dollar figures in millions Redistribution to Shareholders, $199, 47% Cap Ex, $43, 10% Talent, $185, 43% Uses of Capital (FY2020-24) Historically, our revenue growth has been balanced between organic and inorganic opportunities; our goal is to have a growth engine tilted toward organic initiatives and supplemented by inorganic pursuits
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15 Outlays associated with lease expirations and office expansions to accommodate growth accounted for $19 million of total capital expenditures Our non-real estate capital expenditures are typically modest, averaging less than $5 million per year Capital Allocation Philosophy: Capital Expenditures Note: Dollar figures in millions Our investments in office buildouts have focused on efficient space planning, reducing our footprint per employee while at the same time offering an attractive destination for top talent Occupancy of approximately 75% across our offices provides for future expansion without the need for significant capital outlays Redistribution to Shareholders, $199, 47% Cap Ex, $43, 10% Talent, $185, 43% Uses of Capital (FY2020-24)
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16 Redistributions to shareholders have consisted of $151 million of share repurchases and $48 million of dividend payments CRA has repurchased 1.7 million shares at an average cost of $88 per share during 2020-2024, reducing net shares outstanding by 13% We initiated a quarterly dividend of $0.14 per share in Q4 of 2016, with subsequent increases in each year 2017-2025, resulting in a current quarterly dividend of $0.57 per share During 2020-2024, stock repurchases and dividend payments have combined to deliver an average shareholder yield of approximately 6% relative to our average market capitalization Capital Allocation Philosophy: Redistribution to Shareholders Note: Dollar figures in millions Redistribution to Shareholders, $199, 47% Cap Ex, $43, 10% Talent, $185, 43% Uses of Capital (FY2020-24)
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17 Shareholder Distributions Significantly Reduced Shares Outstanding, Magnifying Per Share Value Gains Period-end shares outstanding (million) Over the past decade, shares outstanding have shrunk by more than 25% 7.7 7.4 7.1 6.9 6.8 6.5 6.0 6.5 7.0 7.5 8.0 2020 2021 2022 2023 2024 Q3 2025
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18 Expectations for the Future Revenue range of $740 – $748 million* Non-GAAP EBITDA margin range of 12.6% – 13.0%* Average annual revenue growth in the mid-single digits driven primarily from organic pursuits Return approximately 50% of adjusted cash flows from operations to shareholders Over the next several years and consistent with past performance, we intend to continue targeting the following metrics For FY2025 , we have provided the following annual financial guidance on a constant currency basis *FY2025 guidance as of October 30, 2025. Guidance is presented on a constant currency basis relative to fiscal 2024. 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. Utilization in the mid-70s
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19 Evergreen End Markets and Primary Demand Drivers Legal Spend Mergers & Acquisitions Regulatory & Public Policy Strategy & Operations Consulting
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20 Strong Performance in Legal & Regulatory Services Despite Modest Growth in Legal Spending CRA’s litigation growth has come from taking market share and successfully targeting faster growing segments $19.8 $20.1 $21.2 $21.6 $21.9 $25.3 $26.0 $27.5 $28.9 $30.9 $32.6 $15.0 $14.1 $13.3 $13.7 $14.1 $14.9 $15.7 $16.0 $16.3 $16.7 $16.9 56.8% 58.8% 61.4% 61.2% 60.8% 62.9% 62.4% 63.2% 63.9% 64.9% 65.9% 0% 25% 50% 75% 100% $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 P Percent of Legal Spending per company Legal Spending per company (millions) Average Dollars to Outside Counsel as a percent of totalAverage Dollars to Outside Counsel Average Dollars to Internal Legal Departments Source: BTI 24th Annual Survey of Top Legal Decision Makers, October 2025
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21 Our Business Has Performed Well Through Fluctuations in Global M&A Activity Both lines of business benefit from M&A activity as companies face changing competitive landscapes Source: LSEG, October 2025Announced deal value (billions) $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Americas Europe Asia Pacific Japan Africa/ME
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22 Growing Complexity in Regulatory Markets Benefits Our Legal & Regulatory and Management Consulting Businesses CRA’s clients benefit from our ability to keep pace with the evolving focus of legal and regulatory proceedings around the world Teresa Ribera, Executive Vice President, European Commission Remarks at the 52nd Annual Conference on International Antitrust Law and Policy, and Antitrust Economics at Fordham Law School, 18 September 2025 “But make no mistake: we won't be soft on mergers that only benefit companies or vested interests. We will oppose mergers that enrich shareholders but hurt consumers, that concentrate market power, kill innovation or make strong companies even stronger while Europeans pay the price.” “ Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission Cultivating Confidence: The Role of Custody in Institutional Confidence – Public Trust and Oversight, 30 September 2025 “Effective regulation must keep pace with market and technological developments. Keeping pace, though, may mean grounding rules in principles, rather than attempting to prescribe custodial practices. Even prescriptions that sounded eminently rational when adopted, can quickly lose their relevance and even impede efforts to protect investor assets.” “
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23 Consulting Services Remain in Demand During Both Positive and Challenging Economic Environments Key Trends in Management Consulting The anticipated increase in business sentiment and aggregate private investment will boost demand Ease of entry allows consultants to meet and benefit from external shocks Expert knowledge of industry advances is crucial for providing sound advice and overseeing the implementation of client processes and procedures Diversifying client types across various markets can reduce revenue volatility and help companies weather economic disruptions In light of recent trends, increasing our sector focus and analytical capabilities position CRA for future growth Source: Management Consulting in the US, IBISWorld, August 2025; figures reflect constant prices using the published year as the base year Given recent trends, we are maintaining our sector focus and increasing our analytical capabilities to position CRA for future growth $338 $340 $372 $389 $396 $403 $407 $415 $420 $424 $427 $0 $100 $200 $300 $400 $500 $600 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 (billions) 1.1% annual real growth expected for 2026 – 2030 3.7% annual real growth 2021 – 2025 Management Consulting Market Size and Growth Forecast
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24 Representative Client Matters
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25 Legal & Regulatory Consulting CRA was retained by Cisco, a leading global technology company, to provide economic analyses across worldwide jurisdictions in support of its $28 billion acquisition of Splunk, a cybersecurity leader. Cisco received unconditional clearance from the European Commission, while the US Department of Justice declined to issue a Second Request.
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26 Legal & Regulatory Consulting A multi-national insurance broker faced a severe ransomware attack, triggering a partial network shutdown and massive data exfiltration. CRA leveraged sophisticated endpoint management, detection and response tools to provide comprehensive asset visibility and to accelerate the hunt for threats, while also supporting timely notifications to alert impacted individuals.
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27 Legal & Regulatory Consulting The European Commission fined Teva €462.6 million for delaying competition for its blockbuster drug, Copaxone. CRA advised various third parties on this case culminating in the Commission’s decision against Teva’s conduct. Specifically, the Commission found that Teva had abused its dominant position by misusing the patent system to artificially extend the patent protection of Copaxone and by disseminating misleading information about the safety and efficacy of a competing product.
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28 Legal & Regulatory Consulting CRA was retained by Colombia in an international arbitration dispute brought by Eco Oro Minerals Corp. that alleged Colombia had expropriated its gold-silver mining project in the Andes. CRA experts testified on the market value of the mining project. Based in part on the testimony of the CRA experts, the Tribunal decided to award $0 to the claimant.
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29 CRA conducted an investigation on behalf of a European tax authority into an alleged $2 billion fraud connected to the distribution of government funds. CRA’s team performed extensive trading and market practice analysis, investigative research, forensic accounting, flow of funds analyses, and ultimately trial testimony in several jurisdictions. These analyses leveraged data analytics to review millions of financial records, emails, and other supporting documentation. Legal & Regulatory Consulting
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30 Legal & Regulatory Consulting CRA was engaged as an economic damages and licensing expert on behalf of Cloudflare, a global Internet cloud services provider. CRA’s team contributed to Cloudflare's successful defense by helping demonstrate that the plaintiff’s “licensing program” was not legitimate, and that its outdated patents were irrelevant to Cloudflare’s modern infrastructure. The jury sided with Cloudflare, declaring no infringement and invalidating the plaintiff’s asserted patents.
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31 Management Consulting A leading pharmaceutical company sought support from CRA’s Life Sciences experts in the clinical development of several cancer therapy products. We developed a detailed evaluation of the tumor types that were of interest to our client and helped map the anticipated clinical changes in the treatment paradigms and performed forward-looking analyses of expected heath technology assessments and pricing decision drivers. From these efforts, our client is now able to make critical business decisions using a payer-validated perspective.
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32 Management Consulting A major international renewable and hydrogen developer was seeking support in developing a North American hydrogen market entry strategy. The CRA team worked closely with the client team to develop a foundational fact set, conduct a clean hydrogen global production cost analysis, and chart out the path towards participation within the new market based on the client’s competitive advantage and unique skill set.
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33 Appendix Supplemental Financial Disclosures
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34 Reconciliation of Non-GAAP Financial Measures Note: Adjustments referred to as “Other” include non-cash valuation change in contingent consideration, restructuring costs, and acquisition-related costs. 2019 2020 2021 2022 2023 2024 Q3 2025 Q3 2024 ($ in millions , except per s hare data) Revenues $ 451.4 $ 508.4 $ 565.9 $ 590.9 $ 624.0 $ 687.4 $ 554.6 $ 511.0 Income from operations 29.3 34.8 55.7 58.7 57.5 70.8 62.5 49.3 Operating margin (%) 6.5 % 6.8 % 9.8 % 9.9 % 9.2 % 10.3 % 11.3 % 9.6 % Net income $ 20.7 $ 24.5 $ 41.7 $ 43.6 $ 38.5 $ 46.7 $ 41.6 $ 31.7 Net income margin (%) 4.6 % 4.8 % 7.4 % 7.4 % 6.2 % 6.8 % 7.5 % 6.2 % Weighted average shares outstanding (diluted) in millions 8.2 7.9 7.6 7.4 7.1 6.9 6.7 6.9 Diluted earnings per share $ 2.53 $ 3.07 $ 5.45 $ 5.91 $ 5.39 $ 6.74 $ 6.16 $ 4.57 Reconciliation of GAAP net income to non-GAAP net income: GAAP net income $ 20.7 $ 24.5 $ 41.7 $ 43.6 $ 38.5 $ 46.7 $ 41.6 $ 31.7 Other 5.4 3.0 0.4 0.3 (0.8) 8.0 (0.5) 8.2 Foreign currency (gains) losses, net 1.3 - 0.5 (1.9) 1.4 0.1 0.5 1.2 Tax effect of non-GAAP adjustments (1.7) (0.8) (0.2) 0.3 (0.1) (2.1) - (2.5) Non-GAAP adjustments, net of tax 5.0 2.2 0.7 (1.3) 0.5 6.0 - 6.9 Non-GAAP net income $ 25.7 $ 26.7 $ 42.4 $ 42.3 $ 39.0 $ 52.6 $ 41.6 $ 38.6 Non-GAAP net income margin (%) 5.7 % 5.2 % 7.5 % 7.2 % 6.2 % 7.7 % 7.5 % 7.6 % Non-GAAP net income per diluted share outstanding $ 3.14 $ 3.35 $ 5.54 $ 5.74 $ 5.46 $ 7.60 $ 6.16 $ 5.57 Fis cal Years Fiscal YTD
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35 Reconciliation of Non-GAAP Financial Measures (cont.) 2019 2020 2021 2022 2023 2024 Q3 2025 Q3 2024 ($ in millions) Reconciliation of net income to non-GAAP EBITDA: Net Income $ 20.7 $ 24.5 $ 41.7 $ 43.6 $ 38.5 $ 46.7 $ 41.6 $ 31.7 Adjustments needed to reconcile GAAP net income to non-GAAP net income: 5.0 2.2 0.7 (1.3) 0.5 6.0 — 6.9 Non-GAAP net income $ 25.7 $ 26.7 $ 42.4 $ 42.3 $ 39.0 $ 52.6 $ 41.6 $ 38.6 Interest expense (income), net 1.3 1.2 1.0 1.8 3.8 4.4 4.0 3.4 Provision (benefit) for income taxes 7.8 10.0 12.8 14.9 13.9 21.7 16.4 15.5 Depreciation and amortization 10.6 12.8 12.8 12.0 11.6 11.7 10.4 8.5 Non-GAAP EBITDA $ 45.4 $ 50.7 $ 68.9 $ 71.0 $ 68.3 $ 90.4 $ 72.5 $ 66.0 Non-GAAP EBITDA margin 10.1 % 10.0 % 12.2 % 12.0 % 10.9 % 13.2 % 13.1 % 12.9 % GAAP Non-GAAP Difference Revenue growth (Fiscal Years 2020-2024) 52 % 52 % — % Earnings per diluted share (EPS) growth (Fiscal Years 2020-2024) 166 % 142 % (24)% Revenue growth (Fiscal Year 2024) 10 % 10 % — % Earnings per diluted share (EPS) growth (Fiscal Year 2024) 25 % 39 % 14 % Revenue growth (Fiscal YTD 2025) 9 % 9 % — % Earnings per diluted share (EPS) growth (Fiscal YTD 2025) 35 % 11 % (24)% Fiscal YTDFis cal Years
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36 Investor Relations Charles River Associates 200 Clarendon Street Boston, MA 02116 investor@crai.com Follow Us www.crai.com www.linkedin.com/company/charles- river-associates www.facebook.com/ CharlesRiverAssociates www.youtube.com/ CharlesRiverAssociates www.instagram.com/ charlesriverassociates