CRA International (CRAI) Noble Capital Markets Virtual Equity Investor Conference summary

Business profile and demand

• 20 offices across eight countries; legal and regulatory services generate ~80% of revenue, with management consulting at ~20%.

• Antitrust and competition economics contributes ~45% of revenue; antitrust, forensic services and life sciences together contribute ~75%.

• Served 88 of the Fortune 100 over the past two years and 98 of the top 100 law firms; repeat work is project-based, without subscription or annuity contracts.

• Top revenue-generator voluntary turnover was under 5% cumulatively over five years, representing fewer than three departures among the top revenue generators.

Growth and financial strategy

• Revenue grew 12% in the first two quarters of 2026, 9% in FY2025 and 48% over the preceding five years; long-term growth mix is ~65% organic and ~35% inorganic.

• Targeting returns of at least 50% of adjusted operating cash flow to shareholders; ~75% of distributions go to repurchases and ~25% to dividends.

• Repurchased $184 million of shares over five years at an average price of $110; shareholder yield was ~6% of average market cap, and dividends had grown ~15% since launch nearly a decade earlier.

• Adjusted operating cash flow was 112% of EBITDA in 2025, 111% over three years and 112% over five years; talent investments were 46% of cash outlays, with annual CapEx of ~$4 million-$5 million expected to remain similar.

AI and practice opportunities

• AI viewed as a demand amplifier and productivity enhancer; it enables faster progression to higher-value work, with no reduction in engagement hours seen to date.

• Big-three practices and other practices each grew 9%-10% annually; legal and regulatory and management consulting made balanced aggregate contributions to growth.

• AI-related data-center investment is accelerating energy work on site selection, capacity and utility rate negotiations; life sciences demand includes drug pricing and launch strategy.

• Cyber incident response is growing significantly as AI makes attacks easier; antitrust and competition economics was highlighted as a strong long-term opportunity.