CRA International Inc (CRAI) 2025 Q3 法說會逐字稿

Good day everyone and welcome to Charles River Associates third quarter 2025 Conference call. Please note that today's call is being recorded. The company's earnings release and prepared CFO remarks are posted on the investor relations section of CRA's website at crai.com.

大家好，歡迎參加查爾斯河顧問公司2025年第三季電話會議。請注意，今天的通話將會被錄音。本公司的獲利報告和財務長的演講稿已發佈在 CRA 網站 crai.com 的投資者關係版塊。

With us today are CRA's President and Chief Executive Officer; Paul Malley, Chief Financial Officer; Eric Nierenberg, and Chief Corporate Development Officer; Chad Holmes. At this time I'd like to turn the call over to Dr. Nierenberg for opening remarks. Eric, please go ahead.

今天與我們在一起的有CRA總裁兼執行長Paul Malley、財務長Eric Nierenberg和首席企業發展長Chad Holmes。現在我想把電話交給尼倫伯格博士，請他致開幕詞。埃里克，請繼續。

Thank you, Rob, and good morning to everyone.

謝謝你，羅布，大家早安。

Please note that the statements made during this conference call, including guidance on future revenue and non-GAAP EBITDA margin.

請注意本次電話會議期間所作的聲明，包括對未來收入和非GAAP EBITDA利潤率的指導。

And any other statements concerning the future of business operating results, or financial condition of CRA, including those statements using the terms expect, outlook, or similar terms are forward-looking statements as defined in Section 21 of the Exchange Act.

任何其他有關 CRA 未來業務經營業績或財務狀況的聲明，包括使用「預期」、「展望」或類似詞語的聲明，均屬於《證券交易法》第 21 條所定義的前瞻性聲明。

Information contained in these forward-looking statements is based on management's current expectations and is inherently uncertain.

這些前瞻性聲明中包含的資訊是基於管理層目前的預期，並且本身俱有不確定性。

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-specific economic conditions.

由於許多重要因素，包括一般經濟狀況和行業特定經濟狀況的變化導致對我們服務的需求水平，實際業績和結果可能與這些聲明中明示或暗示的內容有重大差異。

Additional information regarding these factors is included in today's release and in CRA'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 undertakes no obligation to update any forward-looking statements after the date of this call.

有關這些因素的更多資​​訊包含在今天的公告和加拿大稅務局的定期報告中，包括我們最近提交的 10-K 表格年度報告。以及向美國證券交易委員會提交的 10-Q 表格季度報告。CRA不承擔在本次電話會議日期之後更新任何前瞻性聲明的義務。

Additionally, we will refer to some non-GAAP financial measures and certain measures presented on a constant currency basis on this call.

此外，在本次電話會議中，我們將提及一些非公認會計準則財務指標和一些以固定匯率計算的指標。

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.

我們鼓勵大家參考今天的公告和財務長的相關講話，以了解這些非GAAP財務指標與其GAAP可比較指標的調節表，以及EBITDA的計算說明和以固定匯率列示的指標說明。

I will now turn it over to Paul for his report. Paul.

現在我將把報告交給保羅。保羅。

Thanks, Eric, and good morning everyone. Thank you for joining us today. CRA continued its run of strong results into the third quarter of fiscal 2025.

謝謝你，艾瑞克，大家早安。感謝您今天蒞臨。CRA在2025財年第三季持續保持強勁的業績。

Revenue increased by 10.8% year over year to USD185.9 million combined with the record revenue performance in the first and second quarters, fiscal 2025 has produced the best three revenue quarters in CRA's history, reflecting the durability of CRA's business model.

營收年增 10.8% 至 1.859 億美元，加上第一季和第二季創紀錄的營收表現，2025 財年取得了 CRA 史上最好的三個季度營收，反映了 CRA 商業模式的持久性。

Our performance during the third quarter was broad-based, with seven of 11 practices growing year over year. Our antitrust and competition economics, energy, finance, and intellectual property practices each posted double-digit revenue growth.

第三季度，我們的業績表現全面，11 家診所中有 7 家實現了同比增長。我們的反壟斷和競爭經濟學、能源、金融和智慧財產權業務均實現了兩位數的收入成長。

We also generated growth across our geographies with our North American operations increasing revenue by 6.8% and our international operations expanding 30.3% year over year.

我們在各個地區也實現了成長，其中北美業務收入年增 6.8%，國際業務年增 30.3%。

The strong international performance was driven primarily by our antitrust and competition economics and life sciences practices. During the period of strong growth, we have continued to manage the business effectively with quarterly utilization reaching 77%.

國際市場的強勁表現主要得益於我們的反壟斷和競爭經濟學以及生命科學業務。在強勁增長期，我們繼續有效管理業務，季度利用率達到 77%。

A strong excuse me, a strong utilization and overall execution drove year over year growth and profitability that exceeded revenue growth as non-GAAP net income, earnings per diluted share and EBITDA increased by 12.7%, 16.4%, and 14.6% respectively.

強有力的解釋、高效的利用和整體執行力推動了同比增長和盈利能力，超過了收入增長，非GAAP淨利潤、稀釋後每股收益和EBITDA分別增長了12.7%、16.4%和14.6%。

Revenue in the third quarter from CRA's legal and regulatory services increased 11.5%. This growth was supported by activity in the broader legal market as total case filings and total court judgments each increased by double-digit percentages compared to activity in the third quarter of 2024.

CRA第三季法律和監管服務收入成長11.5%。這一增長得益於更廣泛的法律市場的活躍，案件總數和法院判決總數均比 2024 年第三季度增長了兩位數百分比。

Capitalizing on ongoing merger-related activity and continued demand for antitrust services, antitrust and competition economics practice established another new high for quarterly revenue.

得益於持續的併購相關活動和對反壟斷服務的持續需求，反壟斷和競爭經濟學業務的季度收入再創新高。

The practice continues to support clients on high profile. Mergers as worldwide M&A activity totaled USD3 trillion during the first nine months of 2025, an increase of 33% compared to year ago levels and the strongest opening period for deal making since 2021.

該事務所繼續為備受矚目的客戶提供支援。2025 年前九個月，全球併購活動總額達 3 兆美元，比去年同期成長 33%，是自 2021 年以來交易最活躍的開局時期。

During the third quarter, for example, CRA's competition practice advised UnitedHealth Group in connection with the US Department of Justice's review of United Health's USD3.3 billion dollar acquisition of a metasis.

例如，在第三季度，CRA 的競爭業務部門就美國司法部對聯合健康集團以 33 億美元收購一家 Metasis 公司一事向聯合健康集團提供了諮詢。

The DOJ, which had initially sought to block the transaction, announced that it reached a settlement with UnitedHealth and Emedesy, enabling the deal to proceed following two years of regulatory review.

美國司法部最初試圖阻止這筆交易，但在經過兩年的監管審查後，宣布與聯合健康集團和Emedesy達成和解，使得這筆交易得以進行。

CRA's competition team provided its expertise throughout the DOJ investigation and litigation proceedings. The practice also contributed to the strong growth produced by CRA's international operations.

在整個司法部調查和訴訟程序中，CRA 的競爭團隊提供了專業知識。這一做法也促進了加拿大稅務局國際業務的強勁成長。

For example, during the third quarter, a CRA team provided economic analysis and support to Microsoft during an investigation.

例如，在第三季度，CRA 團隊在微軟接受調查期間提供了經濟分析和支援。

Into its team's collaboration platform in September 2025, the European Commission announced that it settled the long running investigation by accepting commitments from Microsoft to address EU competition concerns.

2025 年 9 月，歐盟委員會宣布，透過接受微軟承諾解決歐盟的競爭擔憂，結束了這場曠日持久的調查。

Elsewhere, our finance practice continued to be active across a range of industries and litigation venues. For example, CRA has been assisting a client in the chemicals and agricultural product industry. And high stakes litigation involving alleged breaches of contract and anti-competitive conduct.

在其他方面，我們的金融業務在各個行業和訴訟場所繼續保持活躍。例如，CRA 一直在協助一家化工和農產品行業的客戶。以及涉及涉嫌違約和反競爭行為的高風險訴訟。

In the most recent quarter, CRA assisted in pursuing and resolving disputes surrounding the production of structured data, formulating and analyzing potential damages, and preparing for mediation in another matter.

在最近一個季度，CRA協助處理了與結構化資料生產相關的爭議，制定和分析了潛在的損害賠償，並為另一事項的調解做好了準備。

CRA was retained to provide expert testimony on financial issues in the NASCAR antitrust litigation scheduled for trial in December.

CRA 受聘在 NASCAR 反壟斷訴訟中提供財務問題的專家證詞，該訴訟定於 12 月開庭審理。

During the third quarter, CRA's intellectual property practice advised on multiple high stakes litigation and valuation matters. In a patent infringement dispute relating to MRNA COVID-19 vaccines, a CRA expert testified on reasonable royalty damages.

第三季度，CRA 的智慧財產權業務部門就多起高風險訴訟和估值事宜提供了諮詢。在與mRNA COVID-19疫苗相關的專利侵權糾紛中，CRA專家就合理的專利費賠償作證。

Accounting for multiple liability scenarios and recovery periods, the parties subsequently entered into a global settlement resolving all pending US litigation related to COVID-19 vaccines and established a framework to resolve on ongoing patent disputes outside the US upon the defendant's acquisition of CRA's client for approximately USD1.25 billion.

考慮到多種責任情形和恢復期，雙方隨後達成了一項全球和解協議，解決了所有與 COVID-19 疫苗相關的未決美國訴訟，並在被告以約 12.5 億美元收購 CRA 的客戶後，建立了一個框架來解決美國境外正在進行的專利糾紛。

Under the terms of the settlement, CARE's client and its partners will also receive a payment of USD740 million as well as royalties on sales of COVID-19 vaccines in the United States going forward.

根據和解協議條款，CARE 的客戶及其合作夥伴還將獲得 7.4 億美元的付款，以及未來在美國銷售 COVID-19 疫苗的特許權使用費。

We also saw strong activity related to our transfer pricing services during the third quarter, with transfer pricing top of mind for many tax authorities, CRA experts continue to be called upon to help regarding disputes around the world.

第三季度，我們的轉讓定價服務也迎來了強勁的成長動能。由於轉讓定價是許多稅務機關最為關注的問題，加拿大稅務局的專家們繼續被要求協助處理世界各地的爭議。

We are also seeing a growing need for cross-functional economic. Analysis that brings together experts from multiple practices. For example, CRA's competition and transfer pricing colleagues are providing advice to a major mining company to ensure that their related party pricing would not be perceived as predatory pricing under anti-competition laws.

我們也看到對跨職能經濟的需求日益增長。匯集多領域專家的分析。例如，加拿大稅務局的競爭和轉讓定價同事正在向一家大型礦業公司提供建議，以確保其關聯方定價不會被視為違反反競爭法的掠奪性定價。

Within our management consulting services, revenue increased 8% year over year, led by the strong performance of our energy practice and supported by the expansion in our life sciences practice.

在我們的管理諮詢服務方面，營收年增 8%，這主要得益於能源業務的強勁表現，以及生命科學業務的擴張。

CRA's energy practice continues to be a trusted advisor to energy companies, utilities, investors, and other ecosystem players navigating a rapidly evolving energy landscape. During the quarter, the practice supported a major California electric utility in developing its integrated resource plan, helping to balance reliability, decarbonization, and affordability objectives.

CRA 的能源業務一直是能源公司、公用事業公司、投資者和其他生態系統參與者在快速變化的能源格局中值得信賴的顧問。本季度，該事務所協助加州一家大型電力公司製定了綜合資源計劃，以幫助其平衡可靠性、脫碳和可負擔性目標。

The team also contributed to several initiatives examining market design as questions grow about about how electricity markets compensate generators and ensure resource adequacy.

隨著人們對電力市場如何補償發電企業和確保資源充足性的問題日益增多，該團隊也參與了許多研究市場設計的倡議。

In addition, the energy practice saw strong activity from private capital clients, providing commercial and regulatory due diligence for investments in energy infrastructure, utilities, and increasingly digital infrastructure such as data centers and network assets.

此外，能源業務也吸引了大量私人資本客戶，為能源基礎設施、公用事業以及日益增長的數位基礎設施（如資料中心和網路資產）的投資提供商業和監管盡職調查。

Where energy has become a major component of cost and investment strategy. These projects continue to draw on CRA's deep industry knowledge and analytical expertise to help clients evaluate opportunities across the evolving power and infrastructure sectors.

能源已成為成本和投資策略的重要組成部分。這些項目繼續利用 CRA 深厚的行業知識和分析專長，幫助客戶評估不斷發展的電力和基礎設施領域的各種機會。

In our life science practice, we continue to engage on early stage assets with a global perspective. As an example, during the quarter, we worked with the client on their strategy for a newly acquired portfolio of neurological assets.

在生命科學領域，我們持續以全球視野參與早期資產的投資。例如，本季我們與客戶合作，制定了他們新收購的神經系統資產組合的策略。

A team evaluated the pricing and access potential for the portfolio across the US and key European markets, covering indications ranging from bipolar disorder to Alzheimer's disease and provided data-driven recommendations on clinical trial design and launched sequencing to maximize value.

一個團隊評估了該產品組合在美國和歐洲主要市場的定價和准入潛力，涵蓋從雙相情感障礙到阿茲海默症等各種適應症，並就臨床試驗設計和上市順序提供了數據驅動的建議，以最大限度地提高價值。

In our expert witness work, we continue to leverage our strategy consulting experience in two disputes regarding new product launches.

在我們的專家證人工作中，我們繼續利用我們的策略諮詢經驗處理兩起與新產品發布相關的糾紛。

Overall, I'm grateful to all of my colleagues for their hard work during the third quarter. Siri's strong long-term performance is indicative of the company's overall quality as we continue to help our clients address their most important and complex challenges and demonstrates our ability to capitalize on growth opportunities in the market.

總而言之，我感謝所有同事在第三季付出的努力。Siri 的長期強勁表現表明了公司的整體質量，我們將繼續幫助客戶應對他們最重要和最複雜的挑戰，並展現了我們把握市場成長機會的能力。

Turning now to guidance through the first three quarters of fiscal 2025 on a constant currency basis relative to fiscal 2024, CRA generated total revenue of USD552.1 million and non-GAAP EBITDA of USD71.8 million producing a margin of 13.0%.

現在來看 2025 財年前三個季度相對於 2024 財年的固定匯率預期，CRA 的總營收為 5.521 億美元，非 GAAP EBITDA 為 7,180 萬美元，利潤率為 13.0%。

Reflecting the continued strength and quality of our business, we are raising our revenue guidance and increasing the lower end of our profit guidance for full year fiscal 2025 on a constant currency basis relative to fiscal. 2024, we now expect revenue in the range of USD740 million to USD748 million and non-GAAP even a margin in the range of 12.6% to 13.0%.

鑑於公司業務持續強勁成長且品質優良，我們上調了2025財年全年營收預期，並提高了以固定匯率計算的利潤預期下限（與2024財年相比）。我們目前預計2025財年營收將在7.4億美元至7.48億美元之間，非GAAP利潤率將介於12.6%至13.0%之間。

This new guidance compares with a prior revenue range of USD730 million to USD745 million and a prior non-GAAP, even a margin range of 12.3% to 13.0%. As a reminder, our fiscal year ends on January 3, 2026, resulting in 1/14 week in the fourth quarter of 2025.

這項新的預期與先前 7.3 億美元至 7.45 億美元的營收範圍以及先前 12.3% 至 13.0% 的非 GAAP 利潤率範圍相比有所提高。提醒各位，我們的財政年度於 2026 年 1 月 3 日結束，因此 2025 年第四季有 1/14 週。

While we are pleased with CRA's year-to-date performance in fiscal 2025, we remain mindful that uncertain global macroeconomic, business, and political conditions can affect our business and our clients.

儘管我們對 CRA 在 2025 財年的年初至今的業績感到滿意，但我們仍然意識到，不確定的全球宏觀經濟、商業和政治環境可能會影響我們的業務和客戶。

With that, I'll turn the call over to Chad and then to Eric for a few additional comments. Chad.

接下來，我會把電話交給查德，然後再交給艾瑞克，請他補充幾點看法。查德.

Thanks, Paul. Hello everyone. I want to update you on our capital and capital deployment during the quarter. We concluded the quarter with USD22.5 million of cash and USD95.0 million of borrowings under our revolving credit facility, resulting in net debt of USD72.5 million.

謝謝你，保羅。大家好。我想向大家報告一下本季我們的資金和資金部署。本季末，我們持有現金 2,250 萬美元，根據循環信貸安排借款 9,500 萬美元，淨債務為 7,250 萬美元。

These figures reflect USD25 million of net payments made during the quarter to reduce borrowings under our revolving credit facility.

這些數字反映了本季為減少循環信貸額度下的借款而支付的 2,500 萬美元淨額。

The third quarter of 2025 also saw net cash outlays of USD28.1 million to acquire and retain senior talent and USD700,000 for capital expenditures.

2025 年第三季度，淨現金支出為 2,810 萬美元，用於收購和留住高級人才；另有 70 萬美元用於資本支出。

During the third quarter we returned USD7.2 million of capital to our shareholders consisting of USD3.2 million of dividend payments and USD4.0 million for repurchases of approximately 22,000 shares at an average share price of USD185.74.

第三季度，我們向股東返還了 720 萬美元的資本，其中包括 320 萬美元的股息支付和 400 萬美元用於以平均每股 185.74 美元的價格回購約 22,000 股股票。

We currently have USD10.9 million available under our share repurchase program. Earlier today we announced a 16% increase in our quarterly cash dividend from USD0.49 to USD0.57 per share, which demonstrates our confidence in the quality of the business and reflects our commitment to returning capital to shareholders.

我們目前根據股票回購計畫有 1,090 萬美元可用。今天早些時候，我們宣布將季度現金股利從每股 0.49 美元提高 16% 至 0.57 美元，這表明我們對公司業務品質充滿信心，也體現了我們對股東回報資本的承諾。

This new dividend amount is supported by the growth and performance of CRA's business and is more than 4 times the size of our first dividend in 2016.

此次新的股息金額得益於 CRA 業務的成長和業績，是 2016 年首次派發股息的 4 倍以上。

We concluded the third quarter of fiscal 2025 with total liquidity of USD123.6 million consisting of USD22.5 million in cash and cash equivalents and a further USD101.1 million of available capacity on our line of credit.

截至 2025 財年第三季末，我們的總流動資金為 1.236 億美元，其中包括 2,250 萬美元的現金及現金等價物，以及 1.011 億美元的可用信貸額度。

With that, I'll turn the call over to Eric for a few final comments. Eric, thanks.

接下來，我會把電話交給艾瑞克，請他做最後幾點補充說明。艾瑞克，謝謝。

Chad. 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 questions, let me provide a few additional metrics related to our performance in the third quarter of fiscal 2025.

查德.再次提醒，有關我們財務表現的更詳細評論，請造訪我們網站的投資者關係部分，查看財務長的演講稿。在開始提問之前，讓我先提供一些與我們 2025 財年第三季業績相關的其他指標。

In terms of consultant headcount, we ended the quarter at 968, consisting of 164 officers, 567 other senior staff, and 237 junior staff.

就顧問人數而言，本季末我們共有 968 名顧問，其中包括 164 名高級顧問、567 名其他高級職員和 237 名初級職員。

This represents a 1.0% year over year decrease compared with the 978 consultant headcount reported at the end of Q3 fiscal 2024 and a 3.3% sequential increase relative to the 937 consultant headcount reported at the end of Q2 fiscal 2025.

與 2024 財年第三季末報告的 978 名顧問人數相比，這代表同比下降 1.0%；與 2025 財年第二季末報告的 937 名顧問人數相比，這代表環比增長 3.3%。

Non-GAAP selling general and administrative expenses, excluding the 1.8% attributable to commissions to non-employee experts with 16.3% of revenue for the third quarter of fiscal 2025 compared with 16.2% a year ago.

非GAAP銷售一般及行政費用，不包括支付給非僱員專家的佣金所佔的1.8%，佔2025財年第三季收入的16.3%，而去年同期為16.2%。

The effective tax rate for the third quarter of fiscal 2025 on a non-GAAP basis was 28.8% compared with 28.5% on a non-GAAP basis for the third quarter of fiscal 2024.

2025 財年第三季的非 GAAP 實際稅率為 28.8%，而 2024 財年第三季的非 GAAP 實際稅率為 28.5%。

Turning to the balance sheet, DSO stood at 115 days at the end of the third quarter compared with the 110 days at the end of the second quarter of fiscal 2025. DSO in the third quarter consisted of 70 days of build and 45 days of unbilled.

從資產負債表來看，截至第三季末，應收帳款週轉天數為 115 天，而 2025 財年第二季末為 110 天。第三季的 DSO 由 70 天的建造期和 45 天的未計費期組成。

That concludes our prepared remarks. We will now open the call for questions. Rob, please go ahead.

我們的發言稿到此結束。現在開始接受提問。羅布，請繼續。

[Operator Instructions]

[操作說明]

My first question comes from Andrew Nicholas with William Blair. Please proceed with your question.

我的第一個問題來自安德魯·尼古拉斯和威廉·布萊爾。請繼續提問。

Hi, good morning. Thanks for taking my questions. Wanted to talk about headcount first. Actually, I think I asked a similar question this time last year, but just surprised, maybe to not see a bigger spike in junior consultants quarter over quarter given kind of the seasonal dynamics there.

您好，早安。謝謝您回答我的問題。想先談談人員配置問題。實際上，我覺得我去年這個時候也問過類似的問題，只是有點驚訝，考慮到季節性因素，初級顧問的數量並沒有出現季度環比大幅增長。

I think relative to history, the ratio of junior to senior staff is also relatively low. So just wondering. How sustainable that ratio is, if there's any kind of underlying actions going on that that explain that mixed dynamic and maybe just overall thoughts on healthcare or healthcare headcount growth over the next couple quarters.

我認為，與歷史相比，初級員工與高階員工的比例也相對較低。我只是好奇問。這種比例的可持續性如何？是否存在某種潛在的行動可以解釋這種混合動態？以及未來幾季醫療保健或醫療保健人員成長的整體情況如何？

Sure. Good morning, Andrew.

當然。早安，安德魯。

I think the way to start thinking about it is throughout Ceres's history we have continuously planted sort of seeds of growth, and our job as consultants and as management in the firm is to try to increase the probability of their success and make the appropriate investments at the appropriate times.

我認為思考這個問題的起點是，在 Ceres 的發展歷程中，我們一直在不斷播下成長的種子，而我們作為顧問和公司管理人員的工作就是努力提高這些種子成功的機率，並在適當的時機進行適當的投資。

The headcount volatility or changes that you've seen in the last 12 to 24 months are really us evaluating these growth opportunities at times where we think the potential is not there for future growth.

在過去 12 到 24 個月裡，員工人數的波動或變化實際上是我們評估這些成長機會時，認為未來成長潛力不足的情況。

We redeploy the assets to somewhere else in the firm. So the parts of the company that are growing are receiving headcount growth. The opportunities that we think are not fruitful, we redeploy those assets elsewhere.

我們將這些資產重新部署到公司其他部門。因此，公司中那些正在成長的部門也獲得了人員成長。對於我們認為沒有回報的機會，我們會將這些資源重新部署到其他地方。

So that's, I would say is part one of the answer. We are not starving any of the practices that are. Expanding. In fact, they are growing and growing profitably. The other part that I want to highlight is, I believe thus far in 2025 we've welcomed nearly 20 new vice Presidents from lateral market hires, so this is going to inflate.

所以，我認為這就是答案的第一部分。我們並沒有壓制任何現有的做法。正在擴張。事實上，它們正在不斷發展壯大，而且盈利能力也在不斷提升。我想強調的另一點是，我相信到 2025 年為止，我們已經從外部招聘中迎來了近 20 位新的副總裁，所以這個數字還會繼續增長。

The Vice President headcount relative to the headcount in other parts of the firm as these individuals start to ramp and the revenue starts to materialize, you can, I think, safely assume that we will build out the pyramid under these professionals, but we typically do not do that simultaneously because we believe we can meet the short-term demand with existing capacity.

隨著副總裁人數相對於公司其他部門的人數，隨著這些人員開始步入正軌，收入開始顯現，我認為可以合理地假設我們將在這些專業人士的領導下建立起金字塔式的組織架構，但我們通常不會同時這樣做，因為我們相信我們可以利用現有能力滿足短期需求。

So I think as you get to more of a medium long-term, you should start seeing the headcount growth to be roughly approximating revenue growth. It's just during periods of rapid hiring or during periods of redeploying of the assets that you may see some of the statistics that we've been reporting on the last couple of quarters.

所以我認為，隨著時間推移到中長期，員工人數的成長應該會與收入的成長大致相當。只有在快速招聘時期或資產重新部署時期，你才會看到我們在過去幾季報告的一些統計數據。

No, that makes perfect sense. Appreciate the color. I guess somewhat related and maybe your previous answer helps to answer this next question but just on overall bill rates, revenue growth was again really strong in the quarter utilization, really strong but somewhat consistent with what you saw this time last year, so.

沒錯，這完全說得通。欣賞這種顏色。我想這有點相關，也許你之前的回答有助於回答下一個問題，但就整體帳單費率而言，本季營收成長再次非常強勁，非常強勁，但與去年同期的情況基本一致。

It seems like bill rates in the aggregate are are up maybe low double-digits if my math is correct and just wondering if you could unpack that, confirm that and then just kind of unpack what's driving that. Is it straight kind of rate card increases? Is it mixed or or any other dynamics that I'm not thinking of?

看起來整體帳單費率似乎上漲了，如果我的計算沒錯的話，漲幅可能達到了兩位數。我想知道您能否分析一下，確認一下，然後分析一下造成這種情況的原因。這是直接提高價格表上的金額嗎？它是混合的，還是有我沒有想到的其他因素？

Sure, I'm going to start with sort of a Patting myself on the back, patting the company on the back here, is that we've had this consistent delivery of exceptional performance and sometimes we take the statistics that we're reporting every quarter for granted.

當然，我首先要自我表揚一下，也為公司做點貢獻，因為我們一直以來都取得了卓越的業績，有時我們會把每季公佈的統計數據視為理所當然。

The utilization may be consistent with what it was a year ago, but let's not forget it's 77%, and a year ago was at 76%. So we are constantly comparing ourselves to peak levels of performance, and that goes for utilization.

利用率可能與一年前持平，但別忘了現在是 77%，而一年前是 76%。因此，我們不斷地將自己與最佳表現水準進行比較，資源利用率也是如此。

It goes for revenue, and it goes for profitability across the firm. So I just don't want that to be overlooked as in.

它關係到公司的收入和盈利能力。所以我只是不想讓這件事被忽視。

As a company here for what we're delivering with respect to the rates, our rates increases are set usually towards the end of the preceding year and go into the beginning of the current year. So rate increases happened.

作為一家以我們提供的服務為導向的公司，我們在價格方面，通常會在上一年年底設定價格上漲幅度，並持續到當年年初。所以利率上漲發生了。

The majority of it during Q1 of fiscal 2025. As new projects come online, we get to realize more the full benefit of that rate increase.

大部分將在 2025 財年第一季完成。隨著新項目的陸續上線，我們才能更充分地感受到費率上調帶來的好處。

I believe in 2025, I think the effective rate increase is right around 3%, give or take, that has stuck. We do not see.

我認為到 2025 年，實際利率漲幅應該在 3% 左右，這個數字應該不會再改變了。我們看不見。

Any change in write-offs, we do not see any change of reserves, and in fact we're pretty happy with the repeat client activity that we're having during the year. And the reason I raise that is that's an indication that the value perceived is still quite high by our clients.

儘管核銷額有所變化，但我們並未看到準備金有任何變化，事實上，我們對今年以來客戶的回頭率相當滿意。我之所以提出這一點，是因為這表明我們的客戶仍然認為我們的價值很高。

Great, is it fair to assume you know similar type increases going forward like is that a fair framework for us to think about bill rates in in the medium term?

太好了，那麼我們可以合理地假設您了解未來類似的漲價趨勢嗎？這是否是我們考慮中期帳單費率的合理框架？

I think any time you start with an assumption of bill rates in the 2% to 4% range and then with the acknowledgment that that doesn't happen, that doesn't happen instantaneously on January 1, but usually happens as new project inflow comes into the firm, yeah, I think that's a fair assumption.

我認為，如果你一開始就假設帳單利率在 2% 到 4% 的範圍內，然後承認這種情況不會立即發生，不會在 1 月 1 日立即發生，但通常會隨著新項目流入公司而發生，那麼，是的，我認為這就是一個合理的假設。

I know my consulting colleagues will probably push back, but I believe the rate increases can be even higher, but we want to make sure that the value delivered to our clients always is first priority.

我知道我的諮詢同行可能會反對，但我相信漲幅還可以更高，但我們希望確保為客戶創造的價值始終是第一要務。

Makes sense. Last one for me, just on international growth. I mean, I think you mentioned some of the practices that are doing really well outside the United States, a few cases that you had, or projects that you had going on in the quarter that, led to that 30% plus type growth.

有道理。最後，我想談談國際成長方面。我的意思是，我認為你提到了一些在美國以外地區做得非常好的做法，你在這個季度遇到的一些案例或項目，這些都促成了 30% 以上的成長。

Are there any kind of bigger picture. Secular themes internationally that you would also maybe point out that are are driving you know stronger growth there than than in the US and maybe any comments on how persistent those teams might be going forward. Thanks again.

是否存在某種更宏觀的視角？您或許也可以指出，國際上的世俗主題正在推動那裡的成長比美國更強勁，您對這些團隊未來可能保持的持續性有什麼看法嗎？再次感謝。

Sure. Thank you, Andrew. I'm going to start again.

當然。謝謝你，安德魯。我打算重新開始。

Celebrating the contributions of our competition practice in Europe, I think they are by far the top quality provider of services in the antitrust and competition economic space for a practice that's been around, a sub-practice that's been around as long as they have to deliver a 30% year over year growth on straight time and material type revenue.

值得慶祝的是，我們在歐洲的競爭業務做出了巨大貢獻。我認為，就反壟斷和競爭經濟領域而言，他們是迄今為止最優質的服務提供者。對於一個存在已久的業務部門來說，他們能夠實現每年 30% 的直接工時和實質收入成長。

It is really impressive. I think in terms of the secular changes, there hasn't been as much volatility.

真是令人印象深刻。我認為就長期變化而言，波動性並沒有那麼大。

In Europe with respect to enforcement stance, they've been very pro-enforcement previous to 2025, and that has continued in the US maybe we have a little bit of starts and stops with the transition to the new administration and the new stance on mergers and regulatory oversight.

在歐洲，就執法立場而言，他們在 2025 年之前一直非常支持執法，這種情況在美國也延續了下來。隨著新政府上台以及對併購和監管的新立場，我們可能會出現一些起伏。

So I would say it's more the consistency of the strong enforcement. In comparing that to North America, but it starts with just the amazing quality of the group we have over there in Europe.

所以我認為更重要的是強而有力的執法力度是否始終如一。與北美相比，歐洲的情況就截然不同了，首先要從我們在歐洲擁有的這支隊伍的驚人素質說起。

Thanks again.

再次感謝。

Our next question comes from Marc Frye Riddick with Sidoti and Company. Please proceed with your question.

下一個問題來自 Sidoti and Company 的 Marc Frye Riddick。請繼續提問。

Hey, good morning.

嘿，早安。

Morning, Mark.

早上好，馬克。

So I wanted to, first of all, thanks for all the detail and color that was provided in your prepared remarks. I wanted to talk a little bit about the the legal and and regulatory activity that you highlighted. It seems to be.

首先，我要感謝您在準備好的演講稿中提供的所有細節和生動描述。我想稍微談談您提到的法律和監管活動。似乎確實如此。

Continuing to pick up theirs running maybe can talk to a little bit of the drivers that you're seeing there maybe more recently.

繼續讓他們的車跑起來，也許可以和最近在那裡看到的司機聊聊。

It sounds like it's sort of broad based, but maybe you could put maybe a little more color on that part of of the client activity.

聽起來好像涵蓋面很廣，但或許你可以對客戶活動的這部分內容再詳細描述一下。

Yeah, when I saw the legal stats, I actually asked members of the team to go double check those numbers. I was really surprised to see the kind of growth in terms of new case filings and court decisions on that.

是的，當我看到那些法律統計數據時，我特意讓團隊成員去核實了一下這些數據。看到新案件的立案數量和法院判決數量出現如此大的增長，我真的感到非常驚訝。

So I think that bodes well for the quarters ahead as those matters seek consulting support with that with respect to what we are seeing.

所以我認為這對接下來的幾季來說是個好兆頭，因為這些問題需要就我們目前所看到的情況尋求諮詢支援。

The practices that are traditionally strong continue to see, really good inflow activity, the antitrust competition economics practice, the intellectual property practice, the forensic services practice, and we're seeing some early signs of maybe momentum building within our finance practice.

傳統上表現強勁的業務領域，如反壟斷競爭經濟學業務、智慧財產權業務、法務會計服務業務，繼續保持著良好的業務流入，我們看到金融業務領域也出現了一些發展勢頭的早期跡象。

So I think you would say it is broad-based. It also is contributing when I'm talking about seven of 11 practices growing year over year and four or five, I'm sorry, I'm losing track now, four, growing double-digit.

所以我覺得你會說它的基礎很廣泛。這也促成了我所說的 11 個診所中有 7 個診所逐年增長，其中 4 個或 5 個診所（抱歉，我現在數不清了）實現了兩位數的增長。

A year over year, so the inflow has been broad-based.

與上年相比，資金流入範圍很廣。

The conversion of those opportunities to revenue and profits has been broad-based, so we're in a pretty good position now and we look forward to the quarters ahead to see if those continue to materialize.

這些機會轉化為收入和利潤的案例已經相當普遍，因此我們現在處境相當不錯，我們期待接下來的幾個季度，看看這些機會是否會繼續實現。

Thanks for the commentary there because yeah, that those numbers kind of really jumped out at me when you when you mentioned that in your prepared remarks. So I appreciate you putting more color on that.

感謝您對此的評論，因為是的，當您在準備好的演講稿中提到這些數字時，它們確實讓我印象深刻。我很感謝你為它增添了更多色彩。

And of course we've we've seen some of the gains on the M&A activity and what that's meant, and the strength that well, quite frankly, as we're doing better than the market for a while with with NHS and competition economics.

當然，我們也看到了併購活動帶來的一些收益及其意義，坦白說，我們憑藉 NHS 和競爭經濟方面的優勢，一段時間以來表現優於市場。

But I was wondering are we, it seems as though we're If we were looking at normal visibility for this time of the year, because normally as we're heading into the fourth quarter and holidays and things like that.

但我一直在想，我們現在的情況似乎是，我們是否看到了往年這個時候的正常能見度，因為通常情況下，當我們進入第四季度和假期等時期時，能見度都會比較低。

Do you get the sense that this year provides a normal amount of visibility with activity levels because it certainly seems as though, given the strength you're seeing kind of across the board, it seems as though maybe you have a little more visibility than you normally do this time of year.

你是否覺得今年的活動量與往年相比，能見度正常？因為從目前各方面的動能來看，似乎比往年這個時候的能見度更高。

I think I generally agree with the statement you've made.

我基本上同意你的觀點。

What gives me confidence in some of the visibility is really the consistency of results that we've enjoyed during the year.

讓我對目前的業績有信心的，是我們在過去一年中所取得的持續成果。

I've also enjoyed similar kind of consistency during fiscal of 2024. So after three quarters of fiscal 2024, I can't say I felt less confident than I do now or vice versa.

在 2024 財年，我也享受了類似的穩定性。所以，在 2024 財年過去了三個季度之後，我不能說我的信心比現在更弱，反之亦然。

We're having the first three quarters at the time where the best three quarters that we had in 2024 are the best three quarters we've ever had when you look at 2025, so we are cautiously optimistic. I can't say that visibility or the large long-term projects have increased in 2025 relative to 2024, but I like where we stand.

就目前而言，2024 年的前三個季度是我們有史以來業績最好的三個季度，而展望 2025 年，我們則持謹慎樂觀的態度。我不能說 2025 年的可見度或大型長期專案比 2024 年有所增加，但我對我們目前的狀況感到滿意。

Okay, and then the last thing for me, are you getting any sense that there are any particular client verticals that are maybe more active than others in any parts of the business or are there any that kind of stood out to you over the last few months?

好的，最後一個問題是，您是否感覺到在業務的各個方面，有哪些特定的客戶垂直領域比其他領域更活躍？或者在過去的幾個月裡，有哪些客戶垂直領域給您留下了特別深刻的印象？

Besides the industry examples that we've been giving within the energy sector that has continued to show really strong demand, we're starting to see maybe a consistency in the upward ascension in the pharmaceutical life sciences space and then with respect to the litigation practices, they're really industry agnostic.

除了我們一直在能源領域舉出的行業例子（這些例子持續顯示出非常強勁的需求）之外，我們開始看到製藥生命科學領域可能也出現了持續上升的趨勢，至於訴訟實踐，它們實際上與行業無關。

On that, so we're happy with the dollar value of mergers being up, but they still, right, the flipside is the number of mergers being announced to date is flat or slightly down. So there are some offsetting, but large complex matters typically require consulting assistance. So we'll see what the next few quarters hold.

就這一點而言，我們很高興看到併購交易的美元價值上升，但另一方面，迄今為止宣布的併購數量持平或略有下降。所以有些方面可以互相抵消，但大型複雜事務通常需要諮詢協助。所以，讓我們拭目以待未來幾季的發展。

Excellent. Thank you very much.

出色的。非常感謝。

Thank you, Mark.

謝謝你，馬克。

Our next question is from Kevin Sanke with Barrington Research. Please proceed with your question.

我們的下一個問題來自巴林頓研究公司的凱文桑克。請繼續提問。

Hey, good morning, Paul Chan and Eric.

嘿，早上好，Paul Chan 和 Eric。

Good morning.

早安.

Good morning. I wanted to, start off by just asking about The level of overall regulatory scrutiny on the antitrust and M&A side you've talked about the continued intense scrutiny internationally, but you know it seems like from the results you're putting up that we haven't perhaps really seen any meaningful change in the regulatory environment.

早安.我想先問一下關於反壟斷和併購的整體監管審查水準。您談到了國際上持續的嚴格審查，但從您公佈的結果來看，我們似乎還沒有真正看到監管環境發生任何實質的變化。

In the US, I mean, is that something you would say is fair to say, to characterize it that way?

在美國，我的意思是，這樣描述它是否公平？

What I can say is just strictly with respect to what we are observing in terms of project inflows, it's hard to say I've seen a decline in antitrust enforcement as the antitrust and competition economics practice is delivering record quarter after record quarter.

就我們目前觀察到的項目流入情況而言，我只能說，很難說反壟斷執法力度有所下降，因為反壟斷和競爭經濟學實踐部門每季都創下紀錄。

There's clearly some changes afoot. How they materialize or how quickly they materialize still remains to be seen, but to date, the inflow coming into CRA, I haven't seen any kind of contraction because of the new stance.

顯然，有些改變正在醞釀。它們將如何實現或實現的速度還有待觀察，但到目前為止，由於新的立場，流入加拿大儲備銀行的資金還沒有出現任何收縮。

Okay, thanks. And you just kind of touched on it a moment ago, but I was going to ask about life sciences. Sounds like maybe that the pipeline is perking up a bit there.

好的，謝謝。你剛才也稍微提到了這一點，但我本來想問的是生命科學方面的問題。聽起來那邊的輸油管似乎有好轉。

So could you maybe just talk about some of the activity you're seeing going on there and, kind of the outlook as we move forward, for the next several quarters.

那麼，您能否談談您目前看到的一些活動，以及未來幾季的發展前景？

For many quarters now we've been talking about life sciences, performance as being a bit sawtooth, but in 2025 we're starting to see a slight upward sloping, maybe sawtooth pattern there.

過去很多時候，我們一直在談論生命科學，認為其表現有點像鋸齒狀，但到 2025 年，我們開始看到略微上升的趨勢，也許不再是鋸齒狀。

We're still growing probably mid single-digits in that practice, year-to-date. So I like the initial indicators, but I'm not ready to declare victory or. A disproportionate forward ascension in the quarters ahead.

今年迄今為止，我們在該領域的成長率可能仍保持在個位數中段。所以，我喜歡目前的初步跡象，但我還不准備宣布勝利。前方區域出現不成比例的向前上升。

Clearly there's a lot of market factors that would be supportive of the continued growth. I don't think anyone can say that the pharma industry is becoming less complex.

顯然，有很多市場因素將支持持續成長。我認為沒有人會說製藥業變得越來越簡單。

There's a lot more complexities on drug pricing, a lot more complexities on the rollout, on favored nation status, and so on.

藥品定價、推廣、最惠國待遇等方面都存在著許多複雜的問題。

So I think the broader market dynamics are supportive for our services, but some of the cost disciplines, I think, have gotten in a way, have gotten in the way of more pronounced quarter over quarter growth.

所以我認為，整體市場動態對我們的服務是有利的，但一些成本控制措施在某種程度上阻礙了季度環比成長的顯著性。

Okay, yeah, that's helpful. I also wanted to ask about the intellectual property practice. I think that's one you've called out for the last two quarters here is growing at a double-digit rate and you cited the COVID related example in your prepared remarks.

好的，這很有幫助。我還想諮詢一下知識產權方面的業務。我認為這是你在過去兩個季度中一直強調的一點，它正以兩位數的速度增長，你在準備好的發言稿中也提到了與新冠疫情相關的例子。

I think I've also heard you talk about in the past, maybe.

我想我以前也聽過你提起過這件事。

AI is going to create a lot of issues in the intellectual property field and it just kind of wondering about the outlook for that practice and kind of sustainability of demand for it going forward.

人工智慧將在智慧財產權領域引發許多問題，我不禁想知道這種做法的前景以及未來對其需求的可持續性。

Sure, I think what the intellectual property practice is doing right now is really impressive.

當然，我認為知識產權領域目前所取得的成就確實令人印象深刻。

You talked about the market dynamics right now. They are finding teaming opportunities with intellectual property and antitrust competition economics practice, teaming opportunities with the finance practice.

您剛才談到了當前的市場動態。他們正在尋找與智慧財產權和反壟斷競爭經濟學實踐部門合作的機會，以及與金融實踐部門合作的機會。

So I don't see those demand drivers going away. And the reason I'm highlighting these cross practice collaborations is typically cross practice collaborations mean more complex matters, larger matters.

所以我認為這些需求驅動因素不會消失。我之所以重點介紹這些跨領域合作，是因為跨領域合作通常意味著更複雜的問題、更大的問題。

So I'm really happy with the teaming that has happened, happening, and I'm also very pleased to see that our IP practice seems to be a go to provider in many of these engagements.

因此，我對已經發生的、正在進行的團隊合作感到非常滿意，我也很高興地看到，我們的智慧財產權業務似乎已成為許多此類專案中的首選供應商。

Great. Lastly, I did, want to ask about. The strength of hiring on the VP, the Vice President side for the you know thus far in 2025, it did seem like over the last three months you had quite a few press releases announcing new VPs across your various practices.

偉大的。最後，我還想問一下。從副總裁（VP）的招募力度來看，截至 2025 年，過去三個月裡，你們似乎發布了不少新聞稿，宣佈在各個業務部門任命新的副總裁。

So. Can you just speak to the hiring pipeline? I mean, is there something going in on the on the market that's allowing you to add more talent more quickly or just kind of speak to that talent influx that you've seen here over the last several months.

所以。能談談招募流程嗎？我的意思是，市場上是否發生了什麼變化，使得你們能夠更快地補充人才，或者說，能否談談你們在過去幾個月裡看到的人才湧入現象？

I've been pretty thrilled with the inflow of new Vice President colleagues at CRA in 2025. Chad and his team have done an exceptional job identifying colleagues as they work with the practices, but I think the other part to note is the individuals we're recruiting have lots of choices, right? They can practically go to any other consulting firm in our marketplace.

我對2025年CRA新一批副總裁同事的加入感到非常興奮。Chad 和他的團隊在與實踐者合作的過程中，出色地找到了合適的同事，但我認為需要注意的另一點是，我們正在招募的人員有很多選擇，對吧？他們實際上可以去我們市場上的任何其他諮詢公司。

But the fact that they see the value proposition at CRA is what has been most exciting for me. They see the success that we're having in the marketplace. They see the success that people joining CRA. Are having in terms of the ramp of their business.

但最令我興奮的是，他們看到了 CRA 的價值主張。他們看到了我們在市場上的成功。他們看到了加入 CRA 的人所取得的成功。就其業務發展而言，他們正面臨挑戰。

So it is a great collaborative effort with the identification of the individuals, the communication of the value proposition to those individuals, and as important is the demonstration of success of those individuals once they join CRA. So the pipeline is rich.

因此，這是一項偉大的合作努力，包括確定個人、向這些個人傳達價值主張，以及同樣重要的是，證明這些個人加入 CRA 後所取得的成功。所以這條管道資源豐富。

And but we're being very selective on who we bring in, but today we're pretty excited about the 20 or so colleagues that have joined.

但是，我們對引進人才非常挑剔，不過今天我們非常高興有大約 20 位同事加入我們。

Okay, that's good to hear and thank you for taking the questions. I'll turn it back over.

好的，很高興聽到這個消息，謝謝你回答問題。我把它翻過來。

Great, thank you, Kevin.

太好了，謝謝你，凱文。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Paul Malley for closing comments.

問答環節到此結束。現在我想把電話轉回給保羅·馬利，請他做總結發言。

Again, thanks to everyone for joining us today. We appreciate your time and interest in CRA. We'll be participating in meetings with investors in the coming months, and we look forward to updating you on our progress on our fourth quarter call early next year. With that concludes today's call.

再次感謝各位今天蒞臨。感謝您抽出時間關注加拿大稅務局 (CRA)。未來幾個月，我們將參加與投資者的會議，並期待在明年初的第四季度電話會議上向您報告我們的進展。今天的電話會議到此結束。

Thank you, everyone.

謝謝大家。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路了，感謝您的配合。