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Date
Thursday, July 31, 2025 at 2:00 p.m. ET
Call participants
President and Chief Executive Officer — Paul Maleh
Executive Vice President, Chief Corporate Development Officer and Interim CFO — Chad Holmes
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Takeaways
Revenue: $186.9 million in revenue for the second quarter of fiscal year 2025 (period ended July 31, 2025), up 9% year over year, with seven of eleven practices delivering year-over-year growth.
Practice growth: Antitrust and competition economics, energy, intellectual property, and labor and employment all reported double-digit revenue increases.
Regional performance: North American revenue grew 9.4%, while international revenue increased 7.0%.
Legal and regulatory services: Revenue in this segment increased by nearly 11%.
Consultant utilization: Improved consultant utilization to 76%, driven by continued pipeline replenishment and the hiring of over 50 new consultants.
Project lead flow: Rose 2% year over year for the first six months of fiscal year 2025; adjusting for acquired IP projects, project lead flow increased by 5% year over year.
Management consulting: Led by energy practice demand, particularly in response to federal renewable incentives and data center-driven utility investment shifts.
Headcount: Quarter-end consultant headcount was 937, a 3.2% year-over-year decrease compared with the second quarter of fiscal year 2024, but, adjusted for portfolio optimization, remained flat year over year.
Capital returned: $46.6 million returned to shareholders, comprising $3.4 million in dividends and $43.2 million in share repurchases (about 231,000 shares).
EBITDA and margins: Year-to-date non-GAAP EBITDA reached $47.7 million on $367.6 million in revenue for the first six months of fiscal year 2025, with a 13% non-GAAP EBITDA margin.
Full-year guidance raised: Revenue target for fiscal year 2025 (on a constant currency basis) is now $730 million to $745 million, up from $715 million to $735 million; the non-GAAP EBITDA margin range for fiscal year 2025 has been raised to 12.3%-13% from 12.0%-13.0%.
Liquidity: Ended the second quarter of fiscal year 2025 with $145.9 million in liquidity.
Leadership changes: Eric Nirenberg named Executive Vice President, CFO, and Treasurer; Brian Langan appointed Executive Vice President and Chief Strategy and Business Transformation Officer; Sandy David promoted to Principal Accounting Officer in addition to Chief Accounting Officer and Controller roles.
Tax and SG&A metrics: Effective non-GAAP tax rate was 29% for fiscal year 2025. Non-GAAP SG&A (excluding expert commissions) was 16.3% of revenue.
Days sales outstanding (DSO): 110 days for the second quarter of fiscal year 2025, unchanged from the fourth quarter of fiscal year 2024; comprised of 73 billed and 37 unbilled days.
Share repurchase: $14.9 million remains available under the current share repurchase program authorization.
Summary
CRA International(CRAI 4.10%) reported broad-based year-over-year revenue expansion and raised its fiscal year 2025 revenue and non-GAAP EBITDA margin outlook, emphasizing high-performing practice areas and active capital returns. Management noted that antitrust, competition, energy, IP, and labor and employment practices fueled the quarterly outperformance, while disciplined cost management and strong consultant utilization maintained profitability. New leadership appointments were presented as supporting further strategic growth, with management stressing a healthy project pipeline and ongoing efficiency in service delivery.
CEO Maleh stated, "we remain bullish about CRA International's future," although he cautioned that "uncertain global macroeconomic, business, and political conditions can affect our business and our client needs."
Rate increases for fiscal year 2025 were successfully implemented, and management reported realization of improvements on new project work.
Management indicated that most share repurchase activity was concentrated during the open window in the second quarter, reflecting confidence in the share valuation and long-term outlook.
The energy practice pursued both organic and potential inorganic growth, but management reiterated that "we are not gonna take on any kind of larger acquisition unless it fits nicely with the long-term strategic goals."
The recently added Chief Strategy and Business Transformation Officer role aims to prioritize high-value strategic initiatives and expedite practice-level growth projects.
Management described headcount as flat year over year after portfolio actions, emphasizing targeted investment in practices with the strongest growth, such as those achieving double-digit revenue expansion.
In response to market questions, management observed no "noticeable shift" in deal size or regulatory engagement in antitrust, citing a consistently strong competitive demand profile.
Industry glossary
Constant currency basis: Financial results adjusted to remove the effects of exchange rate fluctuations, allowing for clearer year-over-year comparisons in multi-jurisdictional businesses.
Consultant utilization: The percentage of total available consultant hours that are billed to clients, reflecting workforce productivity and project demand alignment.
Days sales outstanding (DSO): The average number of days it takes to collect payment after a sale, segmented by billed and unbilled days for deeper revenue cycle analysis.
Full Conference Call Transcript
Chad Holmes: Thank you, Rob, and good morning to everyone. Please note that the statements made during this conference call, including guidance on future revenue, and non-GAAP EBITDA margin and any other statements concerning the future business, operating results, or financial condition of CRA International, Inc., including those statements using the terms expect, outlook, or similar terms, are forward-looking statements as defined in section 21 of the Exchange Act. Information contained in these forward-looking statements is based on management's current expectations and is inherently uncertain.
Actual performance and results may differ materially from those expressed or implied in these statements due to many important factors, including the level of demand for our services as a result of changes in general and industry economic conditions. Additional information regarding these factors is included in today's release and in CRA International, Inc.'s periodic reports, including our most recently filed annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC. CRA International, Inc. undertakes no obligation to update any forward-looking statements after the date of this call. Additionally, we will refer to some non-GAAP financial measures and certain measures presented on a constant currency basis on this call.
Everyone is encouraged to refer to today's release and related CFO remarks for reconciliations of these non-GAAP financial measures to their GAAP comparable measures and descriptions of the calculation of EBITDA and measures presented on a constant currency basis. I will now turn it over to Paul for his report. Paul?
Paul Maleh: Thanks, Chad. And good morning, everyone. Thank you for joining us today. CRA International, Inc.'s long-term performance is indicative of our ability to capitalize on growth opportunities in the market. We extended our run of strong performance into 2025. Building on seven consecutive years of record annual revenue and a best-ever first quarter start to fiscal 2025, revenue in the second quarter increased by 9% year over year to $186.9 million. Our performance was broad-based, with seven of 11 practices growing year over year. Our antitrust and competition economics, energy, intellectual property, and labor and employment practices each posted double-digit revenue growth. Additionally, our North American and international operations contributed to the quarter's revenue growth, increasing 9.4% and 7.0%, respectively.
CRA International, Inc. continues to grow revenue and grow it profitably, improving profit margins and profit dollars over the past five years. The 2025 builds on this trend, surpassing the record-setting 2024 for non-GAAP net income, EPS, and EBITDA by 688%, respectively. During the second quarter, we welcomed more than 50 new consultants while improving consultant utilization on a year-over-year basis to 76%. We are especially pleased with the level of consultant productivity as the second and third quarters are typically periods of meaningful seasonal transitions highlighted by inflows and outflows within our junior consultant ranks. The increase in utilization was supported by the continued replenishing of our sales pipeline.
In the first six months of 2025, project lead flow increased by 2% year over year. Adjusting for the transition projects relating to the IP team that joined CRA International, Inc. in 2024, project lead flow through 2025 increased by 5% year over year. Revenue in the second quarter from CRA International, Inc.'s legal and regulatory services increased by nearly 11%. This growth was supported by activity in the broader legal market as total case filings and total court judgments increased 176%, respectively, compared to 2024. Capitalizing on ongoing merger-related activity and continued demand for antitrust services, our antitrust and competition economics practice established a new high for quarterly revenue.
The practice continues to support clients on high-profile mergers as worldwide M&A activity reached nearly $2 trillion during 2025, an increase of 33% compared to year-ago levels and the strongest opening period for deal-making since 2022. During the second quarter, for example, CRA International, Inc.'s competition practice provided critical economic analysis and expert testimony across multiple antitrust jurisdictions to support Hewlett Packard Enterprises and Juniper Networks in securing regulatory approval for their $14 billion merger, including clearing US federal and global antitrust hurdles. Members of our competition practice also provided economic analysis and testimony in a Delaware court that supported a successful $406 million jury verdict for a major pharmaceutical client.
Relying in part on the CRA International, Inc. analysis, the court found that the defendant's bundling of drugs had unlawfully foreclosed competition, resulting in punitive damages. In Q2, CRA International, Inc.'s intellectual property practice advised on multiple high-stakes litigation and valuation matters covering a broad range of industries and legal forms. For example, CRA International, Inc.'s intellectual property and life sciences teams collaborated on a patent infringement case involving a new life-saving transcatheter aortic valve technology where hundreds of millions in damages are at stake. CRA International, Inc.'s IP expert quantified the patient life years saved due to this innovation and then valued these saved life years to determine a range of reasonable royalty rates.
Concurrently, CRA International, Inc.'s life sciences team provided support by interpreting medical studies related to the patented technology's benefit. In another IP matter, a CRA International, Inc. expert provided testimony regarding investment in a US domestic industry and public interest in an international trade investigation involving the manufacture of cochlear implants. The case resolved favorably for CRA International, Inc.'s clients immediately prior to trial. CRA International, Inc.'s labor and employment practice continues to be a valued partner for clients in early-stage assessments and mediation assistance in both discrimination and wage and hour litigation matters.
For example, during the second quarter, a CRA International, Inc. expert opined in a class action lawsuit against a customer service support software company alleging underpayment of female employees in violation of the California Equal Pay Act. The CRA International, Inc. project team analyzed human resources and payroll data and submitted a rebuttal report demonstrating the flaws in the opposing expert's work. Within our management consulting services, revenue increased roughly 5% year over year, led by the continued strong performance of our energy practice. During the quarter, CRA International, Inc.'s energy practice continued to experience strong demand across a wide range of service areas.
The team is actively supporting utilities, developers, and investors as they navigate a rapidly evolving landscape shaped by policy shifts and accelerating load growth. Approximately half of the practice's work remains focused on utilities, where we are helping clients reassess strategy and capital investment plans. Much of this activity is being driven by changes in federal renewable incentives and a surge in data center-related electricity demand, both of which are prompting utilities to pivot and pursue new regulatory filings to realign their long-term plans. As power availability becomes a gating factor for data center development in key markets, the team is increasingly helping clients shape integrated approaches to infrastructure planning, contracting, and energy sourcing.
During the second quarter, the energy practice advised an electric utility on how to structure its response to large load requests. It also led a buy-side due diligence for a client evaluating the acquisition of a data center asset and supported multiple developers on fighting strategy and utility engagement. Our life sciences practice continued to adeptly navigate challenging industry dynamics, posting a slight decline in the second quarter but expanding year over year for 2025. In the second quarter, the practice continued to support client strategic initiatives across a range of strategy, policy, and expert witness projects.
For example, the practice continues to work in the immune oncology space, helping clients to assess opportunities and develop launch strategies for new products in combination therapies. Overall, I'm grateful to all of my colleagues for their hard work during the second quarter as we helped our clients address their most important challenges. Combined with the first quarter, the start of fiscal 2025 represents the best first half of revenue in the company's history. Year to date, on a constant currency basis, relative to fiscal 2024, CRA International, Inc. generated total revenue of $367.6 million and non-GAAP EBITDA of $47.7 million, resulting in a margin of 13%.
Given our strong first-half results and a healthy pipeline, we are increasing our revenue guidance and raising the lower end of our profit guidance. For full-year fiscal 2025, on a constant currency basis relative to fiscal 2024, we expect revenue in the range of $730 million to $745 million and non-GAAP EBITDA margin in the range of 12.3% to 13%. This new guidance compares with a prior revenue range of $715 million to $735 million and non-GAAP EBITDA margin in the range of 12.0% to 13.0%. As the remainder of our fiscal year ends on January 3, 2026, resulting in a fourteenth week in 2025.
While we are pleased with CRA International, Inc.'s strong start to fiscal 2025, we remain mindful that uncertain global macroeconomic, business, and political conditions can affect our business and our client needs. With that, I'll turn the call over to Chad for a few additional comments. Chad?
Chad Holmes: Thanks, Paul. As a reminder, more expansive commentary on our financial results is available on the Investor Relations section of our website under Prepared CFO Remarks. Before we get to your questions, I will provide a few additional metrics related to our performance in 2025. In terms of consultant headcount, we ended the quarter at 937, consisting of 159 officers, 557 other senior staff, and 221 junior staff. This represents a 3.2% year-over-year decrease compared with the 968 consultant headcount reported at the end of Q2 fiscal 2024. Adjusting for the effects of portfolio optimization actions completed over the past year, our current consultant headcount is flat year over year.
Over the next couple of months, we look forward to welcoming the remainder of our 2025 analyst class, which in total will consist of more than 100 recent college graduates as we continue to feed those practices that are able to capitalize on growth opportunities. Non-GAAP selling, general, and administrative expenses, excluding the 2.4% attributable to commissions to nonemployee experts, was 16.3% of revenue for 2025 compared with 16.4% a year ago. The effective tax rate for 2025 on a non-GAAP basis was 29% compared with 29.4% on a non-GAAP basis for 2024. Turning to the balance sheet, DSO stood at 110 days at the end of the second quarter, consistent with the 110 days at the end of 2024.
DSO in the second quarter consisted of 73 days of billed and 37 days of unbilled. With respect to our capital and capital deployment, during the quarter, we concluded the quarter with $19.4 million of cash and $120 million of borrowings under our revolving credit facility, resulting in a net debt of $100.6 million. The borrowings were used to manage working capital needs during the first two quarters, including the funding of annual bonus payments as we have done in prior years. In addition to the normal bonus cycle, 2025 saw cash outlays of $13.5 million for talent investments and $1.2 million for capital expenditures.
During the second quarter, we returned $46.6 million of capital to our shareholders, consisting of $3.4 million of dividend payments and $43.2 million for repurchases of approximately 231,000 shares. We currently have $14.9 million available under our share repurchase program. We concluded 2025 with total liquidity of $145.9 million, consisting of $19.4 million of cash and cash equivalents and a further $126.5 million of availability on our line of credit. That concludes my prepared remarks. Before we open the call for questions, Paul has a few final comments. Paul?
Paul Maleh: Thanks, Chad. Before we start the Q&A, I want to take a moment to welcome the newest members of CRA International, Inc.'s executive leadership team. As we announced last week by press release and effective August 4, Eric Nirenberg has been promoted to executive vice president, chief financial officer, and treasurer. Brian Langan has been promoted to executive vice president and chief strategy and business transformation officer. Sandy David has been promoted to principal accounting officer in addition to her current roles as CRA International, Inc.'s chief accounting officer and controller. These leadership transitions reflect the breadth and depth of CRA International, Inc.'s management talent and signal our commitment to long-term strategic priorities.
I also want to thank Chad for his help and leadership as interim CFO. He will continue to serve as CRA International, Inc.'s executive vice president and chief corporate development officer. Chad and I look forward to working with our newly promoted colleagues as we continue executing our strategic plan to maximize CRA International, Inc.'s long-term value per share. And with that, we will open the call up for questions. Operator, please go ahead.
Operator: Thank you. At this time, we'll be conducting a question and answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. Our first question comes from Marc Riddick with Sidoti and Company. Please proceed with your question.
Marc Riddick: Thank you. Good morning.
Paul Maleh: Good morning, Marc.
Marc Riddick: So I was wondering if you could talk a little bit about some of the drivers around the new guidance raise? It's certainly encouraging, but I was sort of curious as to maybe how you feel about the levels of visibility this time of year relative to maybe what they've been historically and if there were any particular things that sort of underpin that a bit.
Paul Maleh: Sure. You know, we begin with just, again, a strong 2025, and that's a continuation of a really strong fiscal 2024. So we've had great continuity across our portfolio in delivering profitable revenue growth. So we begin with that. We're also quite excited about the level of lead flow activity coming into the firm through 2025. With respect to has our visibility changed standing here today, I would say no. But what we can foresee is any kind of disruption associated with the geopolitical environment in the months and quarters ahead. But with everything that we see before us, we remain bullish about CRA International, Inc.'s future.
Marc Riddick: Great. And I was really curious as to whether you're seeing much in the way of any particular shift in M&A regulatory needs with the current administration, whether they're, you know, whether that's changed much over the last few months or whether clients have sort of been engaged in a different form. And the other part of this, I guess, maybe being maybe the size of some of the deals that you're seeing. Are you getting the sense that the deals that you're working on have been larger? Are they sort of taking longer to sort of go through the process? Or are they kind of similar to what they've been historically?
Paul Maleh: Yeah. I mean, I guess you gotta start with highlighting that our antitrust and competition economics practice again posted its best quarter ever. So their demand profile remains really strong both here in North America and internationally. I think it's difficult to answer your question just because of the small sample set we have to compare to. There's clearly been a lot of discussions about what's going on in the US regulatory bodies and what's going on abroad. But to say we have seen a noticeable shift just in these first seven months of fiscal 2025, I don't think I can say that.
Deal levels, in terms of size, no real change in the aggregate size of the deals or the complexity, but we're getting called on all these large prominent matters. And so we're pretty excited with that. And until we see any kind of sizable shift, we're gonna continue business as usual.
Marc Riddick: Okay. Great. And then have you seen much of it or maybe you can give us an update as to how you're feeling about the pricing environment or if you've seen much of the change through the year, if you're getting much of the way of additional pushback in science in particular areas that we think.
Paul Maleh: Sure. So I can start with the rate increases that we put in for fiscal 2025 appear to have gone through. We appear to be realizing these improvements in rates on our new projects in fiscal 2025. So we're quite pleased with that. I think clients continue as they always have to demand value. So you may increase rates, but commensurate with those increase in rates, you have to think about how you are providing more efficient services to our clients, and you're doing that in the most cost-effective manner possible. So we've always been asked about efficiency and value delivery.
And I think just the continued growth and success of the firm says that we're doing a pretty good job on meeting those expectations.
Marc Riddick: Great. And last one for me. Just want to sort of curious as to the share repurchase activity, if there was any particular timing we should be thinking about that. Like, was that sort of, you know, throughout the quarter or late in the quarter? Sorry. How that registers to kind of where share count ended at the end of the quarter.
Paul Maleh: Sure. You know, we have historically been very bullish on buying back CRA International, Inc. shares. That bullishness hasn't changed in fiscal 2025. We began the year quite optimistic about our outlook across the portfolio of services. And we have a plan, in terms of what we expect to deliver on that outlook. And Q1 was a relatively small open window for share repurchases. So the majority of our share repurchase activity took place in Q2. And from really the launch of the open window, until roughly about two weeks remaining into the quarter.
And we put a pretty good dent in those share repurchases, the levels that we bought at, and the prices that we purchased, we think still pose great value. And I think the updated guidance says that our outlook continues to align with our expectation.
Marc Riddick: Great. Thank you very much.
Paul Maleh: Thank you, Marc.
Operator: Our next question comes from Kevin Steinke with Barrington Research. Please proceed with your question.
Kevin Steinke: Hey. Thanks, and good morning.
Paul Maleh: Good morning, Kevin.
Kevin Steinke: Wanna start out by talking about the energy practice. You spent quite a bit of time in your prepared remarks talking about the demand drivers there. So, you know, I assume you're adding headcount there, but, you know, any plans or thoughts of scaling that practice even more given the demand drivers, you know, perhaps even through acquisitive or, you know, inorganic efforts?
Paul Maleh: Sure. What the energy practice has been doing over the last couple of years is really remarkable. A lot of credit goes to the leadership group within our energy practice. They're doing it with a lot of grassroots effort, looking to supplement the skill sets they have through senior hires, looking through the promotion of internal candidates. So all of this has been through the hard work of Jim McMahon and the broader leadership group in the practice. With respect to larger inorganic opportunities, we continue to look. But we are not gonna take on any kind of larger acquisition unless it fits nicely with the long-term strategic goals of the practice.
We're not chasing revenue, and we're not chasing profits there. We wanna chase strategic fit. And thus far, we haven't found the perfect match, but we continue to look. I would love to be able to invest even more dollars in the practice, but they're doing a pretty remarkable job with the investments that they've enjoyed to date.
Kevin Steinke: Okay. Yeah. Makes sense. Great. So just curious about the management appointment you talked about. Specifically, the creation of that chief strategy and business transformation officer role, you know, what's the need you see there for that position and maybe what you hope to accomplish through that appointment.
Paul Maleh: Sure. I'm really excited about the press release that we issued last week about these promotions. That press release follows a pretty comprehensive search that CRA International, Inc. conducted reviewing internal candidates, reviewing external candidates, and the promotion of Eric, Brian, and Sandy. We feel provides the highest value add for our colleagues, our clients, and the shareholders alike. Across all of these promotions, what we're trying to do is we're trying to raise the value of the services that corporate is providing to our consulting colleagues.
So with that, I'm asking Eric and Brian to shift more of their focus to higher value strategic initiatives that the practices have underway and have incorporated, you know, see in what areas we can help either funding or expedite these initiatives. So it's just more the continued evolution of CRA International, Inc.'s growth and prosperity that we're just shifting a lot of the corporate focus to higher value-added strategic initiatives. I've been working with Brian Langan for about twenty years. And to no surprise, many of the services that we're asking Brian to do going forward, he has already been doing for the last several years.
And serving as the operations director of the competition practice unit that makes up roughly 45% of the entity is no small feat in of itself. So really excited about all three promotions and the value they can provide to CRA International, Inc.
Kevin Steinke: Okay. Great. And on the hiring front, the new people you're bringing in from the college campuses, you mentioned bringing in over 100 recent college graduates, you know, in the coming months. Would you characterize that as a fairly typical class or, you know, a little larger or smaller and just kinda wondering how that relates to your obviously overall demand trends of the business and your view and your need to continue staffing up?
Paul Maleh: Sure. We enjoyed a really successful on-campus recruiting season that began in 2024, and we are welcoming those individuals now in 2025. So I think it was pretty typical of what we normally do. We've been receiving a lot of questions about headcount just because in aggregate, headcount seems to be relatively flat. That doesn't mean that we are not hiring and investing for growth. As we do with our portfolio, we always are planting seeds of growth, trying to invest in areas that we see are gaining traction, and then also trying to redeploy investments that are maybe struggling to gain traction.
So there are many practices that are growing heads, and there are some that aren't enjoying as much success currently in the market that we are slower in increasing their headcount. So net-net, you're seeing a flat headcount. But as the utilization has picked up and as you see with really healthy revenue growth, it does not mean that CRA International, Inc. has gone into any kind of profit maximization mode. Our goal is still to maximize long-term value per share, and the practices that are able to benefit from headcount expansion are getting it. A great example are these four practices or five practices that we highlighted that grew double-digit. All of them are expanding on their heads.
Kevin Steinke: Alright. Yeah. Thanks for the commentary. I will turn it back over.
Paul Maleh: Thank you, Kevin.
Operator: Our next question comes from Andrew Nicholas with William Blair. Please proceed with your question.
Andrew Nicholas: Hi, good morning. Appreciate you taking my question.
Paul Maleh: Good morning.
Andrew Nicholas: A lot of my questions have been asked and answered, so I'll just maybe leave it to one multipart here. On the antitrust business, I guess first, curious if you're seeing any kind of major divergence in terms of growth or performance between the M&A related and non-M&A related work within antitrust? And then second, if you could provide an update on talent retention and recruiting conditions in that business specifically. Thanks, Paul.
Paul Maleh: Sure. I think what I would start with is many of the merger matters that the antitrust competition economics practice is being retained on, many of the antitrust matters that it is being retained on are very long-lived projects. So the incremental addition of projects in a given year is sometimes not indicative of the maybe the larger trend or the performance of the firm. But our matters that existed prior to Q2 continue to generate benefits for the firm and keeping large portions of the practice busy. The practice is also taking in both new merger matters and new antitrust enforcement matters.
So to date, we haven't seen any kind of dramatic shift in the mix or the productivity of that business unit. With respect to headcount additions or subtractions, it's been relatively stable. You know, as we've talked about numerous times, not just because of the recent activity in our marketplace, but if you strive to be a first-rate organization and provide high value-added services, guess what? Your people are always gonna be recruited by your competitors in the marketplace. And Q1 and Q2 are no different. So our individuals always have opportunities and alternatives, and it's been our job as a corporation to make sure the environment is exciting and rewarding enough for them to elect to stay here.
It's not because we are paying more money. Money is clearly an important component to being competitive in the marketplace. But this is a state of the world that we've grown quite accustomed to. I still do not like losing any colleagues to a competitor, but it is not something that we've had to deal with on any large-scale basis in the past and during Q1 and Q2.
Andrew Nicholas: Thank you.
Paul Maleh: Great. Thank you, Andrew.
Operator: We have reached the end of the question and answer session. At this point, I'd like to turn the call back over to Paul Maleh for closing comments.
Paul Maleh: Thank you, Rob. And again, thanks to everyone for joining us today. We appreciate your time and interest in CRA International, Inc. We'll be participating in meetings with investors in the coming months, and we look forward to updating you on our progress on our third-quarter call. With that, that concludes today's call. Thank you.
Operator: This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.