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Management Commentary and Financial Guidance
"Through the first three quarters of fiscal 2023, on a constant currency basis relative to fiscal 2022, CRA generated total revenue of $463.8 million and non-GAAP EBITDA of $50.0 million, achieving a margin of 10.8%," said Maleh. "Given results to date and lingering uncertainties across the broader economy, we are lowering our revenue and profit guidance. For full-year fiscal 2023, on a constant currency basis relative to fiscal 2022, we expect revenue in the range of $610.0 million to $620.0 million and non-GAAP EBITDA margin in the range of 10.3% to 10.7%. This compares with a prior revenue range of $625.0 million to $640.0 million and a prior non-GAAP EBITDA margin range of 11.0% to 11.7%. We remain confident in CRA's overall competitive position, which is reflected in our decision to raise our quarterly cash dividend by 17%, but we are mindful that macroeconomic headwinds and geopolitical 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 unusual gains or charges, foreign currency exchange rates, and the resulting effect of these items, and of equity awards, on CRA's taxes without unreasonable effort. 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 release is provided in the financial tables at the end of this release.
Posted In: CRAI
