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Here are 1-2 brief analogies for CRA International (CRAI):

• A specialized McKinsey or Boston Consulting Group, but exclusively focused on providing economic and financial expert analysis for complex litigation and regulatory matters.
• Imagine a niche Deloitte or PwC, where their primary business is supplying expert economists and financial analysts to high-stakes legal cases, antitrust reviews, and other regulatory challenges.

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• Litigation & Regulatory Consulting: Provides economic and financial analysis, expert testimony, and strategic advice to clients involved in legal disputes, regulatory investigations, and competition matters.
• Management Consulting: Advises businesses on strategic planning, operational efficiency, market dynamics, and competitive positioning to drive performance improvement and growth.
• Financial & Valuation Consulting: Offers services related to corporate finance, asset and business valuation, forensic investigations, and financial risk assessment.

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CRA International (CRAI) - Major Customers

CRA International (CRAI) is a global consulting firm that primarily sells its services to other companies, law firms, and government agencies, rather than directly to individuals. As a consulting firm, CRAI typically serves a diverse client base, and it does not disclose specific major customers due to client confidentiality and the fact that no single customer generally accounts for a significant portion (e.g., greater than 10%) of its revenues, as stated in their SEC filings.

Therefore, instead of listing specific customer companies, the major categories of customers that CRA International serves are:

• Corporations: CRAI provides economic, financial, and management consulting services to businesses across a broad range of industries globally. These services include strategic advice, economic analysis for mergers and acquisitions, valuation, performance improvement, and more. Industries served include financial services, energy, healthcare, life sciences, technology, retail, consumer products, and many others.
• Law Firms: CRAI is a significant provider of expert testimony, litigation support, and economic and financial analysis for legal disputes. This often involves complex cases in areas such as antitrust, intellectual property, commercial litigation, and regulatory matters.
• Government Agencies: CRAI offers economic analysis, policy advice, and regulatory support to various government bodies and public sector organizations.

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Paul A. Maleh, President, Chief Executive Officer and Chairman of the Board

Paul A. Maleh has served as CRA International's President and Chief Executive Officer since November 2009 and as Chairman of the Board since July 2020. He joined CRA in 1989 and has held positions of increasing responsibility, including Chief Operating Officer from October 2008 to November 2009, Executive Vice President from October 2006 to November 2009, and head of the finance platform from December 2006 to January 2009. Mr. Maleh also directed CRA's finance practice from 2000 to December 2006 and served as a Vice President from 1999 to October 2006. He earned his M.B.A. from Northeastern University.

Eric Nierenberg, Executive Vice President, Chief Financial Officer, and Treasurer

Eric Nierenberg was appointed Executive Vice President, Chief Financial Officer, and Treasurer in 2025. He joined CRA's senior management team as a Vice President in 2023. Previously, he served as Chief Strategy Officer for MassPRIM, the Massachusetts state pension fund. His prior experience includes roles as an equity portfolio manager at LMCG Investments and Independence Investments. Dr. Nierenberg is also a Board member of investment funds dedicated to the Hydro-Québec Pension Fund and an adjunct professor of finance at Brandeis University. He began his career as an analyst in CRA's Finance Practice. He holds a BA and MA in economics, as well as a PhD in business economics, all from Harvard University.

Chad M. Holmes, Executive Vice President and Chief Corporate Development Officer

Chad M. Holmes joined CRA in 2004 as part of the acquisition of InteCap Inc. He has served as Executive Vice President and Chief Corporate Development Officer since 2020, focusing on capital allocation, deployment, and corporate development activities including hires and acquisitions. Mr. Holmes previously served as CRA's Chief Financial Officer and Treasurer from 2014 through 2020 and also served as interim Chief Financial Officer and Treasurer in 2025. He has been a member of CRA's senior management since 2009 and an Executive Vice President since 2014. Mr. Holmes received his M.B.A. in Finance and Management and Strategy from the Kellogg School of Management at Northwestern University and a B.A. in Economics from the University of Notre Dame.

Brian Langan, Executive Vice President and Chief Strategy and Business Transformation Officer

Brian Langan is the Executive Vice President and Chief Strategy and Business Transformation Officer. He joined CRA in 2002 as a consultant in the Antitrust & Competition Economics Practice. Prior to his current role, he was a Vice President in CRA's Competition and Labor & Employment group and a Manager in CRA's Financial Planning & Analysis group. He holds a BA in Economics and an MBA from Boston College.

Jonathan D. Yellin, Executive Vice President and General Counsel

Jonathan D. Yellin serves as Executive Vice President and General Counsel for CRA International. He has held this position since March 2020.

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The key risks to CRA International (CRAI) primarily revolve around the highly competitive nature of the consulting industry, the impact of economic fluctuations on demand for their services, and the crucial need to attract and retain top talent.

1. Intense Market Competition: CRA International operates within a highly competitive consulting industry. Numerous firms vie for market share, with some competitors possessing a broader geographic reach and significantly more resources. To maintain its competitive edge, CRAI must continuously innovate and differentiate its services.

2. Economic Fluctuations: The demand for CRA International's consulting services is susceptible to economic downturns and adverse economic conditions. Factors such as inflation, rising interest rates, and the risk of global or regional recessions can directly impact client spending on consulting, thereby affecting the company's revenue and profitability.

3. Attracting and Retaining Key Talent: As a professional services firm, CRA International's success is heavily dependent on its ability to attract, develop, and retain highly skilled consultants and non-employee experts. The inability to secure and retain such talent could materially affect the company's operational capacity and its ability to deliver services effectively, leading to potential adverse impacts on its financial performance.

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The rapid advancement and adoption of artificial intelligence (AI) and advanced analytics tools pose a clear emerging threat to CRA International's business model. CRAI's core services, including economic analysis, financial modeling, data interpretation, litigation support, and expert report generation, are areas where AI is demonstrating increasing capabilities.

Similar to how digital streaming disrupted physical media rentals (Netflix vs. Blockbuster) or app-based ride-sharing disrupted traditional taxis (Uber vs. taxicabs), AI threatens to fundamentally alter the professional services industry by:

• Automating routine analytical tasks: AI can process vast datasets, perform complex statistical analyses, build predictive models, and conduct literature reviews much faster and potentially more cost-effectively than human consultants, reducing the billable hours for foundational work.
• Enhancing competitor efficiency: Competitors, including more agile boutique firms or even in-house client teams, who effectively integrate AI into their workflows could offer services at lower costs or faster turnaround times, creating significant competitive pressure on CRAI's traditional service delivery model and pricing.
• Shifting client expectations and demand: Clients may increasingly expect consultants to leverage AI for efficiency, or they might bring more of the data-heavy analytical work in-house as AI tools become more accessible, potentially narrowing the scope of work available to firms like CRAI to only the most complex, high-judgment strategic advice.
• Pressuring fees and profitability: As AI tools reduce the human effort required for certain tasks, clients may expect lower overall engagement fees, impacting CRAI's revenue per project and potentially its overall profitability unless it can effectively integrate AI to offer new, higher-value services or drastically reduce its own costs.

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CRA International (CRAI) operates as a global consulting firm specializing in economic, financial, and management consulting services, with a significant focus on providing expert testimony and litigation support to various clients including law firms, corporations, and government agencies. Based on their primary offerings, the addressable markets can be identified and sized as follows:

• Management Consulting Services: The global management consulting services market was valued at approximately $1,016.54 billion in 2024, with projections to reach $1,063.77 billion in 2025. Another estimate places the global market at $303.10 billion in 2024, anticipated to grow to nearly $457.11 billion by 2032.
• Economic Consulting Services: The global market for economic consulting services was valued at approximately $36.21 billion in 2024, with a projected growth to $38.02 billion in 2025 and $50.81 billion by 2032. Another report indicates a global market value of $39.65 billion in 2024, expected to reach $54.44 billion by 2031.
• Litigation Consulting Services: The global market for litigation consulting services was estimated at $58.40 billion in 2024 and is forecasted to reach $84.19 billion by 2031. A broader category, the global litigation services market, was estimated at $150 billion in 2025, with projections to grow to approximately $250 billion by 2033.

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Here are the expected drivers of future revenue growth for CRA International (CRAI) over the next 2-3 years:

1. Sustained Demand in Key Practice Areas: CRA International expects continued strong demand and double-digit growth within its specialized consulting practices, particularly in Antitrust & Competition Economics, Energy, Finance, Intellectual Property, and Life Sciences. These areas have consistently demonstrated robust performance and are anticipated to remain significant contributors to revenue.
2. International Market Expansion: The company's international operations are a vital growth driver, having demonstrated substantial year-over-year revenue increases, including a 30.3% rise in Q3 and nearly 20% growth in Q1 2025. This expansion of CRA International's global footprint is expected to continue fueling revenue growth.
3. Increased Demand from Regulatory Complexity and M&A Activity: Rising regulatory complexity across various industries and an increase in global merger and acquisition (M&A) activity are driving greater demand for CRA International's specialized advisory and litigation support services. This trend is anticipated to create ongoing opportunities for the firm.
4. Strategic Investments in Growth Practices, Talent, and Technology: CRA International is making strategic investments in its growth practices, as well as in attracting and retaining high-quality consultants and leveraging technology. These initiatives are expected to enhance the company's service offerings, capture higher-value assignments, and drive future performance and revenue expansion.
5. Premium Pricing Power: Analysts highlight CRA International's ability to command premium pricing for its high-value, expert guidance in complex legal, regulatory, and business environments. The willingness of clients to pay higher fees for these specialized services is a factor contributing to sustained revenue and margin growth.

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[1] Share Repurchases

• For the full year fiscal 2024, CRA International spent $33 million to repurchase approximately 206,000 shares at an average price of $162 per share.
• Over the past five years (fiscal 2020-2024), CRA International returned $151 million to shareholders by repurchasing approximately 1.7 million shares at an average price of $88 per share.
• As of the third quarter of fiscal 2025 (October 30, 2025), the company repurchased $47.1 million of stock year-to-date.

[2] Share Issuance

• CRA International's share count shrank by 16.5% over the last five years, indicating a net reduction rather than significant issuance.

[5] Capital Expenditures

• In fiscal 2024, CRA International spent $17 million on traditional capital expenditures.
• Over the past five years (fiscal 2020-2024), total capital expenditures amounted to $43 million.
• The primary focus of these capital expenditures in fiscal 2024 was investments in offices and IT infrastructure to support consultant headcount, particularly for office locations with expiring leases and growing space needs, as well as routine IT outlays and network infrastructure.