Form 8-K

8-K — CRA INTERNATIONAL, INC.

Accession: 0001053706-26-000013

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001053706

SIC: 8111 (SERVICES-LEGAL SERVICES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — crai-20260507.htm (Primary)

EX-99.1 (craiq1-20268xkexx991xpress.htm)

EX-99.2 (craiq1-20268xkexx992xcfore.htm)

EX-99.3 (craiq1-20268xkexx993xdivid.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: crai-20260507.htm · Sequence: 1

crai-20260507

0001053706FALSE00010537062026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 7, 2026

CRA INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Massachusetts 000-24049 04-2372210

(State or other jurisdiction

of incorporation) (Commission

file number) (IRS employer

identification no.)

200 Clarendon Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (617) 425-3000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common Stock, no par value CRAI Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On May 7, 2026, we issued a press release reporting our financial results for our fiscal quarter ended April 4, 2026. A copy of the press release is set forth as Exhibit 99.1 and is incorporated by reference herein. On May 7, 2026, we also posted on our website supplemental financial information, including prepared CFO remarks. A copy of the supplemental financial information is set forth as Exhibit 99.2 and incorporated by reference herein.

The information contained in Item 2.02 of this report and Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

On May 7, 2026, we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.57 per share to be paid on June 12, 2026 to all shareholders of record as of May 26, 2026. A copy of the press release is set forth as Exhibit 99.3 and is incorporated by reference herein.

The information contained in Item 7.01 of this report and Exhibit 99.3 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Number Title

99.1

May 7, 2026 earnings press release

99.2

Supplemental financial information (prepared CFO remarks)

99.3

May 7, 2026 dividend press release

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CRA INTERNATIONAL, INC.

Dated: May 7, 2026

By: /s/ ERIC NIERENBERG

Eric Nierenberg

Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1

Filename: craiq1-20268xkexx991xpress.htm · Sequence: 2

Document

Exhibit 99.1

Contacts:

Eric Nierenberg Nicholas Manganaro

Charles River Associates Sharon Merrill Advisors

investor@crai.com crai@investorrelations.com

617-425-3020 617-542-5300

CHARLES RIVER ASSOCIATES (CRA) REPORTS

FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2026

Broad-based Contributions Drive Record Quarterly Revenue

BOSTON, May 7, 2026 – Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced financial results for the fiscal first quarter ended April 4, 2026.

“Maintaining the momentum of a record fiscal 2025, CRA continued its strong performance into the first quarter of fiscal 2026 as revenue increased by 10.5% year over year to $201.0 million,” said Paul Maleh, CRA’s President and Chief Executive Officer. “This represents the highest quarterly revenue in the company’s history, besting the previous record set by the fourth quarter of fiscal 2025.”

“Broad-based contributions drove the quarter’s strong performance, with eight practices growing year over year. Four practices—Energy, Finance, Forensic Services, and Life Sciences—posted double-digit revenue growth, while the Antitrust & Competition Economics practice posted a new high for quarterly revenue. This strong practice performance reflected balanced growth across our portfolio, as our Legal & Regulatory offerings grew 11.5% year over year and Management Consulting offerings expanded 8.3%. We also generated growth across our geographies, with our North American operations increasing revenue by 8.5% and our international operations expanding 20.3% year over year.”

Highlights for First Quarter Fiscal 2026

•Revenue grew 10.5% year over year to $201.0 million.

•Utilization was 77% and quarter-end headcount increased 2.5% year over year.

•Net income decreased 38.2% year over year to $11.1 million, or 5.5% of revenue, compared with $18.0 million, or 9.9% of revenue, in the first quarter of fiscal 2025; non-GAAP net income decreased 14.1% year over year to $13.1 million, or 6.5% of revenue, compared with $15.3 million, or 8.4% of revenue, in the first quarter of fiscal 2025.

•Earnings per diluted share decreased 35.5% year over year to $1.69 from $2.62 in the first quarter of fiscal 2025; non-GAAP earnings per diluted share decreased 10.4% year over year to $1.99 from $2.22 in the first quarter of fiscal 2025.

•Non-GAAP EBITDA decreased 6.5% to $23.2 million, or 11.5% of revenue, compared with $24.8 million, or 13.6% of revenue, in the first quarter of fiscal 2025.

•On a constant currency basis relative to the first quarter of fiscal 2025, revenue, GAAP net income, and earnings per diluted share would have been lower by $2.6 million, $0.2 million and $0.04 per diluted share, respectively. Non-GAAP net income, non-GAAP earnings per diluted share, and non-GAAP EBITDA would have been lower by $0.2 million, $0.04 per diluted share and $0.3 million, respectively.

•CRA returned $25.3 million of capital to its shareholders, consisting of $3.8 million of dividend payments and $21.5 million for share repurchases of approximately 116,000 shares.

Management Commentary and Financial Guidance

“We are reaffirming our financial guidance for full-year fiscal 2026 of revenue in the range of $785 million to $805 million and non-GAAP EBITDA margin in the range of 12.0% to 13.0%, both on a constant currency basis relative to fiscal 2025,” said Maleh. “We are encouraged by the strong start to the year, supportive market trends, and the continued replenishing of our sales pipeline. However, we remain mindful that evolving geopolitical, global macroeconomic, and business conditions can affect our business.”

CRA does not provide reconciliations of its annual non-GAAP EBITDA margin guidance to GAAP net income margin because the Company is unable to estimate with reasonable certainty and without unreasonable effort: (i) unusual gains or charges, foreign currency exchange rates and the resulting effect of these items on CRA’s taxes and (ii) the impact of equity awards on CRA’s taxes. These items are uncertain, depend on various factors, and may have a material effect on CRA’s results computed in accordance with

GAAP. A reconciliation between the historical GAAP and non-GAAP financial measures presented in this press release is provided in the financial tables at the end of this press release.

Quarterly Dividend

On May 7, 2026, CRA announced a quarterly cash dividend of $0.57 per common share, payable on June 12, 2026 to shareholders of record as of May 26, 2026. CRA expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA’s Board of Directors.

Conference Call Information and Prepared CFO Remarks

CRA will host a conference call today at 10:00 a.m. ET to discuss its first-quarter 2026 financial results. To listen to the live call, please visit the “Investor Relations” section of CRA’s website at http://www.crai.com, or dial (877) 709-8155 or (201) 689-8881. An archived version of the webcast will be available on CRA’s website for one year.

In combination with this press release, CRA has posted prepared remarks by its CFO, Eric Nierenberg, under “Quarterly Earnings” in the “Investor Relations” section on CRA’s website at http://www.crai.com. These remarks are offered each quarter to provide the investment community with additional background on CRA’s financial results prior to the start of the conference call.

About Charles River Associates (CRA)

Charles River Associates® is a leading global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Instagram, and Facebook.

NON-GAAP FINANCIAL MEASURES

In this press release, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or “GAAP” with the following financial measures that are not calculated in accordance with GAAP: non‑GAAP net income, non‑GAAP earnings per diluted share, non‑GAAP EBITDA and non-GAAP EBITDA margin. CRA believes that the non-GAAP financial measures described in this press release are important to management and investors because these measures supplement the understanding of CRA’s ongoing operating results and financial condition. In addition, these non-GAAP measures are used by CRA in its budgeting process, and the non-GAAP adjustments are made to the performance measures for some of CRA’s performance-based compensation.

As used herein, CRA defines non-GAAP EBITDA as net income before interest expense (net), provision for income taxes, and depreciation and amortization further adjusted for the impact of certain items that we do not consider indicative of our core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. Non-GAAP net income and non-GAAP earnings per diluted share also exclude non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. This press release also presents certain current fiscal period financial measures on a “constant currency” basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA’s financial results. These 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.

All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in this press release. The financial measures identified in this press release as “non-GAAP” are reconciled to their GAAP comparable measures in the financial tables appended to the end of this press release. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

SAFE HARBOR STATEMENT

Statements in this press release concerning our future business, operating results and financial condition, including those concerning guidance on future revenue and non-GAAP EBITDA margin, the impact of exchange rate fluctuations on our financial results, our expectations regarding continued growth, our expectations regarding the payment of any future quarterly dividends and the level and extent of any purchases under our expanded share repurchase program, and statements using the terms “outlook,” “expect,” or similar expressions, are “forward-looking” statements as defined in Section 21 of the Securities Exchange Act of 1934, as amended.

These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject

to a number of additional factors and uncertainties. Our actual revenue and non-GAAP EBITDA margin in fiscal 2026 on a constant currency basis relative to fiscal 2025 could differ materially from the guidance presented herein, and our actual performance and results may differ materially from the performance and results contained in or implied by the forward-looking statements made herein, due to many important factors. These factors 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; the effects of competitive services and pricing; the development and use of artificial intelligence; our ability to attract and retain key employees 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 currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability or settlements. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading “Risk Factors.” 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. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE FISCAL QUARTERS ENDED

APRIL 4, 2026 COMPARED TO MARCH 29, 2025

(IN THOUSANDS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended

April 4,

2026 As a % of

Revenue March 29,

2025 As a % of

Revenue

Revenues $ 200,975 100.0 % $ 181,851 100.0 %

Costs of services (exclusive of depreciation and amortization) 145,029 72.2 % 120,354 66.2 %

Selling, general and administrative expenses 34,523 17.2 % 32,538 17.9 %

Depreciation and amortization 3,391 1.7 % 3,411 1.9 %

Income from operations 18,032 9.0 % 25,548 14.0 %

Interest expense, net (1,011) -0.5 % (429) -0.2 %

Foreign currency gains (losses), net 378 0.2 % (474) -0.3 %

Income before provision for income taxes 17,399 8.7 % 24,645 13.6 %

Provision for income taxes 6,267 3.1 % 6,643 3.7 %

Net income $ 11,132 5.5 % $ 18,002 9.9 %

Net income per share:

Basic $ 1.71 $ 2.65

Diluted $ 1.69 $ 2.62

Weighted average number of shares outstanding:

Basic 6,512 6,775

Diluted 6,588 6,862

CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS ENDED

APRIL 4, 2026 COMPARED TO MARCH 29, 2025

(IN THOUSANDS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended

April 4,

2026 As a % of

Revenue March 29,

2025 As a % of

Revenue

Revenues $ 200,975 100.0 % $ 181,851 100.0 %

Net income $ 11,132 5.5 % $ 18,002 9.9 %

Adjustments needed to reconcile GAAP net income to non-GAAP net income:

Restructuring and other (1)(2)

1,759 0.9 % (4,170) -2.3 %

Foreign currency (gains) losses, net (378) -0.2 % 474 0.3 %

Tax effect on adjustments(1)

586 0.3 % 947 0.5 %

Non-GAAP net income $ 13,099 6.5 % $ 15,253 8.4 %

Non-GAAP net income per share:

Basic $ 2.01 $ 2.25

Diluted $ 1.99 $ 2.22

Weighted average number of shares outstanding:

Basic 6,512 6,775

Diluted 6,588 6,862

(1) Fiscal quarter ended April 4, 2026 includes cash severance of $1.6 million and non-cash charges of $1.0 million associated with portfolio optimization actions.

(2) Fiscal quarter ended March 29, 2025 includes $1.2 million of restructuring charges, net of the reversal of $5.4 million of non-cash charges associated with a previously recorded performance award.

CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS ENDED

APRIL 4, 2026 COMPARED TO MARCH 29, 2025

(IN THOUSANDS)

Fiscal Quarter Ended

April 4,

2026 As a % of

Revenue March 29,

2025 As a % of

Revenue

Revenues $ 200,975 100.0 % $ 181,851 100.0 %

Net income $ 11,132 5.5 % $ 18,002 9.9 %

Adjustments needed to reconcile GAAP net income to non-GAAP net income:

Restructuring and other (1)(2)

1,759 0.9 % (4,170) -2.3 %

Foreign currency (gains) losses, net (378) -0.2 % 474 0.3 %

Tax effect on adjustments(1)

586 0.3 % 947 0.5 %

Non-GAAP net income $ 13,099 6.5 % $ 15,253 8.4 %

Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:

Interest expense, net $ 1,011 0.5 % $ 429 0.2 %

Provision for income taxes 5,681 2.8 % 5,696 3.1 %

Depreciation and amortization 3,391 1.7 % 3,411 1.9 %

Non-GAAP EBITDA $ 23,182 11.5 % $ 24,789 13.6 %

(1) Fiscal quarter ended April 4, 2026 includes cash severance of $1.6 million and non-cash charges of $1.0 million associated with portfolio optimization actions.

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

April 4,

2026 January 3,

2026

Assets

Cash and cash equivalents $ 32,496 $ 18,210

Accounts receivable and unbilled services, net 233,262 248,862

Other current assets 50,714 36,057

Total current assets 316,472 303,129

Property and equipment, net 36,312 36,713

Goodwill and intangible assets, net 99,777 100,404

Right-of-use assets 72,101 76,132

Other assets 137,752 112,495

Total assets $ 662,414 $ 628,873

Liabilities and Shareholders’ Equity

Accounts payable $ 24,273 $ 30,177

Accrued expenses 132,454 223,460

Current portion of lease liabilities 17,239 17,223

Revolving line of credit 192,000 34,000

Other current liabilities 14,875 25,169

Total current liabilities 380,841 330,029

Non-current portion of lease liabilities 70,889 76,009

Other non-current liabilities 12,294 9,237

Total liabilities 464,024 415,275

Total shareholders’ equity 198,390 213,598

Total liabilities and shareholders’ equity $ 662,414 $ 628,873

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

Fiscal Year-to-Date Period Ended

April 4,

2026 March 29,

2025

Operating activities:

Net income $ 11,132 $ 18,002

Adjustments to reconcile net income to net cash used in operating activities:

Non-cash items, net 10,061 8,112

Accounts receivable and unbilled services 14,724 (2,746)

Working capital items, net (149,806) (103,362)

Net cash used in operating activities (113,889) (79,994)

Investing activities:

Purchases of property and equipment, net (2,649) (974)

Net cash used in investing activities (2,649) (974)

Financing activities:

Borrowings under revolving line of credit 208,000 90,000

Repayments under revolving line of credit (50,000) (5,000)

Tax withholding payments reimbursed by shares (1,449) (2,454)

Cash dividends and dividend equivalents paid (3,806) (3,488)

Repurchase of common stock (21,463) —

Net cash provided by financing activities 131,282 79,058

Effect of foreign exchange rates on cash and cash equivalents (458) 797

Net increase (decrease) in cash and cash equivalents 14,286 (1,113)

Cash and cash equivalents at beginning of period 18,210 26,711

Cash and cash equivalents at end of period $ 32,496 $ 25,598

Noncash investing and financing activities:

Increase (decrease) in accounts payable and accrued expenses for property and equipment $ 52 $ (596)

Excise tax on share repurchases $ (192) $ 39

Right-of-use assets obtained in exchange for lease obligations $ — $ 701

Supplemental cash flow information:

Cash paid for taxes $ 1,926 $ 3,181

Cash paid for interest $ 564 $ 131

Cash paid for amounts included in operating lease liabilities $ 5,956 $ 5,714

EX-99.2

Filename: craiq1-20268xkexx992xcfore.htm · Sequence: 3

Document

Exhibit 99.2

CHARLES RIVER ASSOCIATES (CRA)

FIRST QUARTER FISCAL YEAR 2026

EARNINGS ANNOUNCEMENT

PREPARED CFO REMARKS

CRA is providing these prepared remarks by CFO Eric Nierenberg in combination with its press release. These remarks are offered to provide the investment community with additional information on CRA’s financial results prior to the start of the conference call.

As previously announced, the conference call will be held on May 7, 2026 at 10:00 a.m. ET. These prepared remarks will not be read on the call.

Q1 Fiscal 2026 Summary (Quarter ended April 4, 2026)

•Revenue: $201.0 million

•Net income: $11.1 million, or 5.5% of revenue; non-GAAP net income: $13.1 million, or 6.5% of revenue

•Earnings per diluted share: $1.69; non-GAAP earnings per diluted share: $1.99

•Operating margin: 9.0%; non-GAAP operating margin: 9.8%

•Non-GAAP EBITDA: $23.2 million, or 11.5% of revenue

•Effective tax rate: 36.0%; non-GAAP effective tax rate: 30.3%

•Utilization: 77%

•Consultant headcount at the end of Q1 of fiscal 2026: 971, which consists of 170 officers, 598 other senior staff and 203 junior staff

•Cash and cash equivalents: $32.5 million at April 4, 2026

•Revolving credit facility borrowing capacity: $54.2 million at April 4, 2026

Revenue

For Q1 of fiscal 2026, revenue was $201.0 million, compared with revenue of $181.9 million for Q1 of fiscal 2025.

Headcount

The following table outlines CRA’s consultant headcount at the end of the stated quarters:

2026 Q4

2025 Q3

2025 Q2

2025 Q1

2025

Officers 170 164 164 159 156

Other Senior Staff 598 563 567 557 566

Junior Staff 203 232 237 221 225

Total 971 959 968 937 947

Utilization

For Q1 of fiscal 2026, company-wide utilization was 77%, compared with 76% for Q1 of fiscal 2025.

Client Reimbursables

For Q1 of fiscal 2026, client reimbursables were $19.1 million, or 9.5% of revenue, compared with $16.5 million, or 9.1% of revenue, for Q1 of fiscal 2025.

Selling, General and Administrative (SG&A) Expenses

For Q1 of fiscal 2026, SG&A expenses were $34.5 million, or 17.2% of revenue, including non-GAAP non-cash charges of $0.2 million associated with portfolio optimization actions, compared with $32.5 million, or 17.9% of revenue, for Q1 of fiscal 2025. Commissions to non-employee experts are included in SG&A expenses. These commissions represented approximately 1.5% of

revenue for Q1 of fiscal 2026 and 2.0% for Q1 of fiscal 2025. Excluding these commissions, SG&A expenses were 15.7% of revenue for Q1 of fiscal 2026, compared with 15.9% in Q1 of fiscal 2025.

Fiscal Quarter Ended

$ in 000’s April 4,

2026 As a % of Revenue March 29,

2025 As a % of Revenue

SG&A expenses 34,523 17.2 % $ 32,538 17.9 %

Less: commissions to non-employee experts 2,915 1.5 % 3,681 2.0 %

SG&A expenses excluding commissions $ 31,608 15.7 % $ 28,857 15.9 %

Depreciation & Amortization

For Q1 of fiscal 2026, depreciation and amortization expenses amounted to $3.4 million, or 1.7% of revenue, compared with $3.4 million, or 1.9% of revenue, for Q1 of fiscal 2025.

Forgivable Loan Amortization

For Q1 of fiscal 2026, forgivable loan amortization, including performance award amortization was $13.9 million, or 6.9% of revenue, including non-GAAP non-cash charges of $0.1 million associated with portfolio optimization actions, compared with $3.7 million, or 2.0% of revenue, for Q1 of fiscal 2025, which reflects a non-GAAP non-cash reversal of $5.4 million associated with a previously recorded performance award.

Share-Based Compensation Expense

For Q1 of fiscal 2026, share-based compensation expense was approximately $1.4 million, or 0.7% of revenue, compared with $1.4 million, or 0.8% of revenue, for Q1 of fiscal 2025.

Operating Income

For Q1 of fiscal 2026, operating income was $18.0 million, or 9.0% of revenue, compared with operating income of $25.5 million, or 14.0% of revenue, for Q1 of fiscal 2025. Non-GAAP operating income was $19.8 million, or 9.8% of revenue, for Q1 of fiscal 2026, compared with $21.4 million, or 11.8% of revenue, for Q1 of fiscal 2025.

Fiscal Quarter Ended

$ in 000’s April 4,

2026 As a % of Revenue March 29,

2025 As a % of Revenue

Income from operations $ 18,032 9.0 % $ 25,548 14.0 %

Adjustments needed to reconcile GAAP income from operations to non-GAAP income from operations:

Restructuring and other (1)(2)

1,759 0.9 % (4,170) (2.3) %

Non-GAAP income from operations $ 19,791 9.8 % $ 21,378 11.8 %

(1) Fiscal quarter ended April 4, 2026 includes cash severance of $1.6 million and non-cash charges of $1.0 million associated with portfolio optimization actions.

Interest Income (Expense), net

For Q1 of fiscal 2026, net interest expense was $1.0 million, or 0.5% of revenue, compared with net interest expense of $0.4 million, or 0.2% of revenue, for Q1 of fiscal 2025.

Foreign Currency Gains (Losses), net

For Q1 of fiscal 2026, net foreign currency gains were $0.4 million, or 0.2% of revenue, compared with net foreign currency losses of $0.5 million, or 0.3% of revenue, for Q1 of fiscal 2025.

Foreign currency gains (losses), net, is comprised of net gains and losses on foreign denominated transactions and the revaluation of working capital balances.

Income Taxes

The following table outlines CRA’s income tax provision recorded and the resulting effective tax rates:

GAAP Non-GAAP

Fiscal Quarter Ended Fiscal Quarter Ended

$ in 000’s April 4,

2026 March 29,

2025 April 4,

2026 March 29,

2025

Tax Provision $ 6,267 $ 6,643 $ 5,681 $ 5,696

Effective Tax Rate 36.0 % 27.0 % 30.3 % 27.2 %

Fiscal Quarter Ended

$ in 000’s April 4,

2026 As a % of Revenue March 29,

2025 As a % of Revenue

Income before provision for income taxes $ 17,399 8.7 % $ 24,645 13.6 %

Adjustments needed to reconcile GAAP income before provision for income taxes to non-GAAP income before provision for income taxes

Restructuring and other (1)(2)

1,759 0.9 % (4,170) (2.3) %

Foreign currency (gains) losses, net (378) (0.2) % 474 0.3 %

Non-GAAP income before provision for income taxes $ 18,780 9.3 % $ 20,949 11.5 %

GAAP provision for income taxes $ 6,267 $ 6,643

Tax effect on non-GAAP adjustments (586) (947)

Non-GAAP provision for income taxes $ 5,681 $ 5,696

(1) Fiscal quarter ended April 4, 2026 includes cash severance of $1.6 million and non-cash charges of $1.0 million associated with portfolio optimization actions.

Net Income

For Q1 of fiscal 2026, net income was $11.1 million, or 5.5% of revenue, or $1.69 per diluted share, compared with net income of $18.0 million, or 9.9% of revenue, or $2.62 per diluted share, for Q1 of fiscal 2025. Non-GAAP net income for Q1 of fiscal 2026 was $13.1 million, or 6.5% of revenue, or $1.99 per diluted share, compared with $15.3 million, or 8.4% of revenue, or $2.22 per diluted share, for Q1 of fiscal 2025.

Non-GAAP EBITDA

For Q1 of fiscal 2026, non-GAAP EBITDA was $23.2 million, or 11.5% of revenue, compared with $24.8 million, or 13.6% of revenue, for Q1 of fiscal 2025.

Constant Currency Basis

For Q1 of fiscal 2026, revenue was $201.0 million, and net income was $11.1 million, or 5.5% of revenue, or $1.69 per diluted share. On a constant currency basis relative to Q1 of fiscal 2025, Q1 of fiscal 2026 revenue would have been lower by $2.6 million at $198.4 million, GAAP net income would have been lower by $0.2 million at $10.9 million, or 5.5% of revenue, and earnings per diluted share would have decreased by $0.04 to $1.65 per diluted share.

For Q1 of fiscal 2026, revenue was $201.0 million, and non-GAAP net income was $13.1 million, or 6.5% of revenue, or $1.99 per diluted share. On a constant currency basis relative to Q1 of fiscal 2025, Q1 of fiscal 2026 revenue would have been lower by $2.6 million at $198.4 million, non-GAAP net income would have been lower by $0.2 million at $12.9 million, or 6.5% of revenue, non-GAAP earnings per diluted share would have decreased by $0.04 to $1.95 per diluted share, and non-GAAP EBITDA would have been lower by $0.3 million at $22.9 million, or 11.5% of revenue.

A description of the process for calculating the measures presented on a constant currency basis is contained under the heading “Non-GAAP Financial Measures” below.

Key Balance Sheet Metrics

Billed and unbilled receivables at April 4, 2026 were $233.3 million, compared with $223.3 million at March 29, 2025. Current liabilities at April 4, 2026 were $380.8 million, compared with $270.5 million at March 29, 2025.

Total Days Sales Outstanding, or DSO, for Q1 of fiscal 2026 was 100 days, consisting of 58 days of billed and 42 days of unbilled. This compares with 107 days reported for Q1 of fiscal 2025, consisting of 65 days of billed and 42 days of unbilled.

Cash and Cash Flow

Cash and cash equivalents was $32.5 million at April 4, 2026, compared with $25.6 million at March 29, 2025.

Net cash used in operating activities for Q1 of fiscal 2026 was $113.9 million, compared with net cash used in operating activities of $80.0 million for Q1 of fiscal 2025.

As of April 4, 2026, there were $192.0 million in borrowings outstanding under CRA’s revolving credit facility. At March 29, 2025, there were $85.0 million in borrowings outstanding under CRA’s revolving credit facility.

Capital expenditures totaled $2.6 million for Q1 of fiscal 2026, compared with $1.0 million for Q1 of fiscal 2025.

CRA repurchased approximately 116,000 shares of common stock during Q1 of fiscal 2026 for $21.5 million. During the fiscal quarter ended March 29, 2025, CRA did not repurchase any shares under this share repurchase program.

A quarterly cash dividend of $0.57 per common share, for total dividends and dividend equivalents of $3.8 million, was paid in Q1 of fiscal 2026, compared with a quarterly cash dividend of $0.49 per common share, for total dividends and dividend equivalents of $3.5 million paid in Q1 of fiscal 2025.

GAAP Condensed Consolidated Statement of Cash Flows

CRA has derived the condensed consolidated statement of cash flow data for the fourth quarters and the years ended January 3, 2026 and December 28, 2024 from its audited financial statements appearing on Form 10-K for the fiscal year ended January 3, 2026, filed with the Securities and Exchange Commission on February 26, 2026. The condensed consolidated statement of cash flow data for the first, second and third quarters of fiscal year 2025, and the second, and third quarters of fiscal year 2024 have been derived from CRA’s unaudited financial statements appearing on Form 10-Q for each of the respective fiscal quarters as well as the consolidated statements of cash flows appearing on Form 10-K for the fiscal years ended January 3, 2026 and December 28, 2024 and have been prepared on the same basis as CRA’s audited financial statements.

GAAP Condensed Consolidated Statement of Cash Flows LTM Q1 Q4 Q3 Q2

($ in 000’s) Q1 2026 2026 2025 2025 2025

Net cash provided by (used in) operating activities $ (11,471) $ (113,889) $ 60,019 $ 36,547 $ 5,852

Net cash used in investing activities (5,543) (2,649) (1,055) (650) (1,189)

Net cash provided by (used in) financing activities 22,382 131,282 (64,733) (32,292) (11,875)

Effect of foreign exchange rates on cash and cash equivalents 1,530 (458) 1,483 (557) 1,062

Net increase (decrease) in cash and cash equivalents $ 6,898 $ 14,286 $ (4,286) $ 3,048 $ (6,150)

Cash and cash equivalents at beginning of period 25,598 18,210 22,496 19,448 25,598

Cash and cash equivalents at end of period $ 32,496 $ 32,496 $ 18,210 $ 22,496 $ 19,448

GAAP Condensed Consolidated Statement of Cash Flows LTM Q1 Q4 Q3 Q2

($ in 000’s) Q1 2025 2025 2024 2024 2024

Net cash provided by (used in) operating activities $ 32,821 $ (79,994) $ 79,424 $ 31,584 $ 1,807

Net cash used in investing activities (18,367) (974) (10,591) (2,986) (3,816)

Net cash provided by (used in) financing activities (25,851) 79,058 (64,629) (29,927) (10,353)

Effect of foreign exchange rates on cash and cash equivalents (127) 797 (1,974) 1,161 (111)

Net increase (decrease) in cash and cash equivalents $ (11,524) $ (1,113) $ 2,230 $ (168) $ (12,473)

Cash and cash equivalents at beginning of period 37,122 26,711 24,481 24,649 37,122

Cash and cash equivalents at end of period $ 25,598 $ 25,598 $ 26,711 $ 24,481 $ 24,649

Adjusted Net Cash Flows from Operations

Below are the quarterly and last twelve-month reconciliations of GAAP net cash provided by (used in) operating activities for each of the periods presented to non-GAAP adjusted net cash flows from operations. The reconciling items are forgivable loan advances and repayments for each period, which are reported as a component of GAAP net cash provided by (used in) operating activities, along with other non-recurring cash items.

Adjusted Net Cash Flows from Operations LTM Q1 Q4 Q3 Q2

($ in 000’s) Q1 2026 2026 2025 2025 2025

GAAP net cash provided by (used in) operating activities $ (11,471) $ (113,889) $ 60,019 $ 36,547 $ 5,852

Forgivable loan advances 122,845 62,367 17,571 29,400 13,507

Forgivable loan repayments (1,383) (50) — (1,333) —

Adjusted net cash flows from operations $ 109,991 $ (51,572) $ 77,590 $ 64,614 $ 19,359

Net revenue $ 770,707 $ 200,975 $ 196,963 $ 185,891 $ 186,878

GAAP net cash provided by (used in) operating activities as a percentage of net revenue (1.5) % -56.7 % 30.5 % 19.7 % 3.1 %

Adjusted net cash flows from operations as a percentage of net revenue 14.3 % -25.7 % 39.4 % 34.8 % 10.4 %

Adjusted Net Cash Flows from Operations LTM Q1 Q4 Q3 Q2

($ in 000’s) Q1 2025 2025 2024 2024 2024

GAAP net cash provided by (used in) operating activities $ 32,821 $ (79,994) $ 79,424 $ 31,584 $ 1,807

Forgivable loan advances 67,675 27,431 7,106 14,258 18,880

Forgivable loan repayments (3,361) (600) (2,473) — (288)

Adjusted net cash flows from operations $ 97,135 $ (53,163) $ 84,057 $ 45,842 $ 20,399

Net revenue $ 697,476 $ 181,851 $ 176,435 $ 167,748 $ 171,442

GAAP net cash provided by (used in) operating activities as a percentage of net revenue 4.7 % (44.0) % 45.0 % 18.8 % 1.1 %

Adjusted net cash flows from operations as a percentage of net revenue 13.9 % (29.2) % 47.6 % 27.3 % 11.9 %

NON-GAAP FINANCIAL MEASURES

In these remarks, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or “GAAP” with the following financial measures that were not calculated in accordance with GAAP: non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP EBITDA, non-GAAP income from operations (and non-GAAP operating margin), non-GAAP provision for income taxes (and non-GAAP effective tax rate), SG&A expenses excluding commissions and non-GAAP adjusted net cash flows from operations. CRA believes that these non-GAAP financial measures are important to management and investors because these measures supplement the understanding of CRA’s ongoing operating results, financial condition and cash flows. Non-GAAP adjusted net cash flows from operations is used by management to assess CRA’s ability to fund items such as the acquisition of talent, office expansions, debt repayment and distributions to shareholders. In addition, non-GAAP net income and non-GAAP EBITDA are used by CRA in its budgeting process, and the non-GAAP adjustments described below are made to the performance measures for some of CRA’s performance-based compensation.

As used herein, CRA defines non-GAAP EBITDA as net income before interest expense (net), provision for income taxes, and depreciation and amortization further adjusted for the impact of certain items that we do not consider indicative of its core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. Non-GAAP net income, non-GAAP income from operations and non-GAAP provision for income taxes also exclude non-cash amounts relating to valuation changes in contingent consideration, acquisition-related costs, foreign currency (gains) losses, net, restructuring costs and related tax effects. The adjustments made to non-GAAP adjusted net cash flows from operations add back forgivable loan issuances, net of repayments, along with other non-recurring cash items. These remarks also present certain current fiscal period financial measures on a “constant currency” basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA’s financial results. These 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.

All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in these remarks. The financial measures identified in these remarks as “non-GAAP” are reconciled to their GAAP comparable measures either in these remarks or in the attached financial tables. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE FISCAL QUARTERS ENDED

APRIL 4, 2026 COMPARED TO MARCH 29, 2025

(IN THOUSANDS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended

April 4,

2026 As a % of

Revenue March 29,

2025 As a % of

Revenue

Revenues $ 200,975 100.0 % $ 181,851 100.0 %

Costs of services (exclusive of depreciation and amortization) 145,029 72.2 % 120,354 66.2 %

Selling, general and administrative expenses 34,523 17.2 % 32,538 17.9 %

Depreciation and amortization 3,391 1.7 % 3,411 1.9 %

Income from operations 18,032 9.0 % 25,548 14.0 %

Interest expense, net (1,011) -0.5 % (429) -0.2 %

Foreign currency gains (losses), net 378 0.2 % (474) -0.3 %

Income before provision for income taxes 17,399 8.7 % 24,645 13.6 %

Provision for income taxes 6,267 3.1 % 6,643 3.7 %

Net income $ 11,132 5.5 % $ 18,002 9.9 %

Net income per share:

Basic $ 1.71 $ 2.65

Diluted $ 1.69 $ 2.62

Weighted average number of shares outstanding:

Basic 6,512 6,775

Diluted 6,588 6,862

CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS ENDED

APRIL 4, 2026 COMPARED TO MARCH 29, 2025

(IN THOUSANDS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended

April 4,

2026 As a % of

Revenue March 29,

2025 As a % of

Revenue

Revenues $ 200,975 100.0 % $ 181,851 100.0 %

Net income $ 11,132 5.5 % $ 18,002 9.9 %

Adjustments needed to reconcile GAAP net income to non-GAAP net income:

Restructuring and other (1)(2)

1,759 0.9 % (4,170) -2.3 %

Foreign currency (gains) losses, net (378) -0.2 % 474 0.3 %

Tax effect on adjustments(1)

586 0.3 % 947 0.5 %

Non-GAAP net income $ 13,099 6.5 % $ 15,253 8.4 %

Non-GAAP net income per share:

Basic $ 2.01 $ 2.25

Diluted $ 1.99 $ 2.22

Weighted average number of shares outstanding:

Basic 6,512 6,775

Diluted 6,588 6,862

(1) Fiscal quarter ended April 4, 2026 includes cash severance of $1.6 million and non-cash charges of $1.0 million associated with portfolio optimization actions.

CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS ENDED

APRIL 4, 2026 COMPARED TO MARCH 29, 2025

(IN THOUSANDS)

Fiscal Quarter Ended

April 4,

2026 As a % of

Revenue March 29,

2025 As a % of

Revenue

Revenues $ 200,975 100.0 % $ 181,851 100.0 %

Net income $ 11,132 5.5 % $ 18,002 9.9 %

Adjustments needed to reconcile GAAP net income to non-GAAP net income:

Restructuring and other (1)(2)

1,759 0.9 % (4,170) -2.3 %

Foreign currency (gains) losses, net (378) -0.2 % 474 0.3 %

Tax effect on adjustments(1)

586 0.3 % 947 0.5 %

Non-GAAP net income $ 13,099 6.5 % $ 15,253 8.4 %

Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:

Interest expense, net $ 1,011 0.5 % $ 429 0.2 %

Provision for income taxes 5,681 2.8 % 5,696 3.1 %

Depreciation and amortization 3,391 1.7 % 3,411 1.9 %

Non-GAAP EBITDA $ 23,182 11.5 % $ 24,789 13.6 %

(1) Fiscal quarter ended April 4, 2026 includes cash severance of $1.6 million and non-cash charges of $1.0 million associated with portfolio optimization actions.

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

April 4,

2026 January 3,

2026

Assets

Cash and cash equivalents $ 32,496 $ 18,210

Accounts receivable and unbilled services, net 233,262 248,862

Other current assets 50,714 36,057

Total current assets 316,472 303,129

Property and equipment, net 36,312 36,713

Goodwill and intangible assets, net 99,777 100,404

Right-of-use assets 72,101 76,132

Other assets 137,752 112,495

Total assets $ 662,414 $ 628,873

Liabilities and Shareholders’ Equity

Accounts payable $ 24,273 $ 30,177

Accrued expenses 132,454 223,460

Current portion of lease liabilities 17,239 17,223

Revolving line of credit 192,000 34,000

Other current liabilities 14,875 25,169

Total current liabilities 380,841 330,029

Non-current portion of lease liabilities 70,889 76,009

Other non-current liabilities 12,294 9,237

Total liabilities 464,024 415,275

Total shareholders’ equity 198,390 213,598

Total liabilities and shareholders’ equity $ 662,414 $ 628,873

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

Fiscal Year-to-Date Period Ended

April 4,

2026 March 29,

2025

Operating activities:

Net income $ 11,132 $ 18,002

Adjustments to reconcile net income to net cash used in operating activities:

Non-cash items, net 10,061 8,112

Accounts receivable and unbilled services 14,724 (2,746)

Working capital items, net (149,806) (103,362)

Net cash used in operating activities (113,889) (79,994)

Investing activities:

Purchases of property and equipment, net (2,649) (974)

Net cash used in investing activities (2,649) (974)

Financing activities:

Borrowings under revolving line of credit 208,000 90,000

Repayments under revolving line of credit (50,000) (5,000)

Tax withholding payments reimbursed by shares (1,449) (2,454)

Cash dividends and dividend equivalents paid (3,806) (3,488)

Repurchase of common stock (21,463) —

Net cash provided by financing activities 131,282 79,058

Effect of foreign exchange rates on cash and cash equivalents (458) 797

Net increase (decrease) in cash and cash equivalents 14,286 (1,113)

Cash and cash equivalents at beginning of period 18,210 26,711

Cash and cash equivalents at end of period $ 32,496 $ 25,598

Noncash investing and financing activities:

Increase (decrease) in accounts payable and accrued expenses for property and equipment $ 52 $ (596)

Excise tax on share repurchases $ (192) $ 39

Right-of-use assets obtained in exchange for lease obligations $ — $ 701

Supplemental cash flow information:

Cash paid for taxes $ 1,926 $ 3,181

Cash paid for interest $ 564 $ 131

Cash paid for amounts included in operating lease liabilities $ 5,956 $ 5,714

EX-99.3

Filename: craiq1-20268xkexx993xdivid.htm · Sequence: 4

Document

Exhibit 99.3

Contacts:

Eric Nierenberg Nicholas Manganaro

Charles River Associates Sharon Merrill Advisors

investor@crai.com crai@investorrelations.com

617-425-3020 617-542-5300

CHARLES RIVER ASSOCIATES (CRA) DECLARES QUARTERLY CASH DIVIDEND OF $0.57 PER COMMON SHARE

BOSTON, May 7, 2026 – Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced that its Board of Directors has declared a quarterly cash dividend of $0.57 per common share to be paid on June 12, 2026 to shareholders of record of CRA’s common stock as of the close of business on May 26, 2026. The Company expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA’s Board of Directors.

About Charles River Associates (CRA)

Charles River Associates® is a leading global consulting firm specializing in economic, financial and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Instagram, and Facebook.

SAFE HARBOR STATEMENT

Statements in this press release concerning our expectations regarding the payment of future quarterly dividends are “forward-looking” statements as defined in Section 21 of the Securities Exchange Act of 1934, as amended. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. These factors 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; the effects of competitive services and pricing; the development and use of artificial intelligence; 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 currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability or settlements. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading “Risk Factors.” 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. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.

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Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

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-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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