Investor Presentaiton
Reconciliation of non-GAAP financial measures
($ in millions, except per share data)
Revenues
Income from operations
Operating margin (%)
2013
2014
Fiscal Years Ended
2015
2016
Fiscal YTD
2017
2018
Q3 2019 Q3 2018
$
278.4 $
306.4 $
18.5
24.0
303.6 $
12.4
324.8 $ 370.1 $ 417.6
18.9
15.8
$
332.1 $ 308.9
28.9
22.1
21.1
6.7%
7.9%
4.0%
5.8%
4.3%
6.9%
6.6%
6.8%
Net income (loss) attributable to CRA International, Inc.
11.4
13.6
7.7
12.9
7.6
22.5
16.0
15.6
Net income (loss) attributable to noncontrolling interest, net of tax
(0.1)
(0.2)
(1.3)
1.3
0.1
0.0
Net income
$
11.2 $
13.4
6.3 $
14.2 $
7.7 $
22.5
$
16.0 $
15.6
Net income margin (%)
4.0%
4.5%
2.1%
4.4%
2.1%
5.4%
4.8%
5.1%
Interest expense (income), net
0.4
0.4
0.5
0.5
0.5
0.6
1.0
0.6
Provision (benefit) for income taxes
6.7
9.9
5.5
7.7
7.5
6.5
4.8
5.0
Depreciation and amortization
6.4
6.4
6.6
7.9
8.9
10.0
7.7
7.3
EBITDA ($)
$
24.7 $
30.2
$
18.9 $
30.3 $
24.6 $
39.6
$
29.4 $
28.5
EBITDA (%)
8.9%
9.9%
6.2%
9.3%
6.6%
9.5%
8.8%
9.2%
Weight average shares outstanding (diluted)
10.2
9.9
9.2
8.6
8.5
8.6
8.2
8.6
Diluted earnings per share
$
1.12 $
1.38
$
0.83 $
1.49
$
0.89 $
2.61
$
1.94 $ 1.81
Reconciliation of GAAP revenue to non-GAAP revenue:
GAAP revenue
$
278.4 $
Revenue from GNU
(5.1)
Non-GAAP Revenue
$
273.4 $
306.4 $
(4.8)
301.6 $
303.6 $
(3.8)
299.8 $
324.8 $
(0.8)
324.0
370.1 $
417.6
$ 332.1 $ 308.9
$
370.1
417.6
$ 332.1 $ 308.9
Reconciliation of GAAP net income to non-GAAP net income:
GAAP net income
$
11.2 $
13.4 $
Revenue from GNU
(5.1)
(4.8)
6.3 $
(3.8)
14.2 $
7.7
22.5
$
16.0
$
15.6
(0.8)
Other
5.1
5.1
9.2
(2.2)
8.6
1.4
3.4
1.0
Tax effect of non-GAAP Adjustments
0.2
0.2
(1.6)
0.3
0.1
(0.2)
(0.9)
0.0
Non-GAAP Adjustments, net of tax
0.3
0.5
3.8
(2.7)
8.7
1.2
2.5
1.0
Non GAAP net income
11.5 $
13.9
10.1 $
11.5 $
16.4 $
23.7
$
18.5 $
16.6
Non-GAAP net income margin (%)
4.2%
4.7%
3.3%
3.6%
4.4%
5.7%
5.6%
5.4%
Non GAAP net income (loss) per diluted share outstanding
$
1.13 $
1.41 $
1.10 $
1.33
$
1.91
2.75
$ 2.25 $ 1.92
65
CRA Charles River
AssociatesView entire presentation