CRA International Inc (CRAI) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to Charles River Associates first quarter 2026 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.

各位好，歡迎參加 Charles River Associates 2026 會計年度第一季電話會議。請注意，今天的電話會議將被錄音。本公司之盈餘新聞稿與財務長事先準備之發言稿已公布於 CRA 官網 crai.com 的投資人關係專區。

With us today are CRA's President and Chief Executive Officer, Paul Maleh; 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.

今天與會者包括 CRA 總裁暨執行長 Paul Maleh；財務長 Eric Nierenberg；以及企業發展長 Chad Holmes。現在我想把電話交給 Nierenberg 博士進行開場致詞。Eric，請開始。

Thank you, Rob, and good morning to everyone. Please note that the statements made during this conference call, including guidance on future revenue and non-GAAP EBITDA margin and any other statements concerning the future business, operating results or financial condition of CRA, including those statements using the terms expect, outlook or similar terms are forward-looking statements as defined in Section 21 of the Exchange Act.

謝謝你，Rob，各位早安。請注意，本次電話會議中所作之陳述，包括對未來營收與非 GAAP EBITDA 利潤率的指引，以及任何其他關於 CRA 未來業務、營運結果或財務狀況的陳述（包含使用「預期」、「展望」或類似用語者），均屬《證券交易法》（Exchange Act）第 21 條所定義之「前瞻性陳述」。

Information contained in these forward-looking statements is based on management's current expectations and is inherently uncertain. Actual performance and results may differ materially from those expressed or implied in these statements due to many important factors, including the level of demand for our services as a result of changes in general and industry-specific economic conditions.

這些前瞻性陳述所包含之資訊係基於管理階層目前的預期，且本質上具有不確定性。由於多項重要因素，實際表現與結果可能與上述陳述所明示或暗示者有重大差異，包括因整體及特定產業經濟情勢變化而導致對本公司服務需求水準的變動。

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 these forward-looking statements after the date of this call to reflect new information or developments. Additionally, we will refer to some non-GAAP financial measures and certain measures presented on a constant currency basis on this call.

關於上述因素的更多資訊，已載於今日新聞稿以及 CRA 的定期報告中，包括我們最近提交之 Form 10-K 年度報告與向美國證券交易委員會（SEC）提交之 Form 10-Q 季度報告。CRA 不承擔於本次電話會議日期後更新任何前瞻性陳述以反映新資訊或新發展之義務。此外，本次電話會議將提及部分非 GAAP 財務衡量指標，以及若干以固定匯率（constant currency）基礎呈列之指標。

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

建議各位參閱今日新聞稿及相關財務長備註，其中包含上述非 GAAP 財務衡量指標與其 GAAP 可比指標之調節表，以及 EBITDA 與以固定匯率基礎呈列之指標的計算說明。接下來我把時間交給 Paul 進行報告。Paul？

Thanks, Eric, and good morning, everyone. Thank you for joining us today. CRA continued its strong performance into the first quarter of fiscal 2026 as revenue increased by 10.5% year-over-year to $201 million. This represents the highest quarterly revenue in the company's history, besting the previous record set by the fourth quarter of fiscal 2025.

謝謝，Eric，各位早安。感謝各位今天加入我們。CRA 在 2026 會計年度第一季延續強勁表現，營收年增 10.5% 至 2.01 億美元。這是公司史上最高的單季營收，超越 2025 會計年度第四季所創下的前一項紀錄。

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. We 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.

本季強勁表現來自廣泛的貢獻，有八個業務實務（practice）較去年同期成長。其中四個實務—能源、金融、鑑識服務與生命科學—營收呈現雙位數成長；而反托拉斯與競爭經濟（Antitrust & Competition Economics）實務則創下單季營收新高。我們在各地區均實現成長：北美營運營收年增 8.5%，國際營運營收年增 20.3%。

For the company as a whole, consultant headcount increased 2.5% compared to the first quarter of 2025. Consultant utilization improved on a year-over-year basis to 77%. The increase in consultant headcount and utilization were supported by the continued replenishing of our sales pipeline, average weekly project lead flow and new project originations, each set quarterly records and posted double-digit growth relative to the first quarter of 2025.

就公司整體而言，顧問人數較 2025 年第一季增加 2.5%。顧問稼動率（utilization）年增改善至 77%。顧問人數與稼動率的提升，得益於我們持續補充的銷售管線；平均每週專案線索流量與新專案來源數亦均創下單季紀錄，且相較 2025 年第一季皆呈現雙位數成長。

We continue to manage the business effectively during the first quarter, generating $23.2 million of non-GAAP EBITDA or 11.5% of revenue. As a reminder, historically, the first quarter is disproportionately affected by higher employee-related benefit costs and taxes due to the payment of annual bonuses. Also embedded in the first quarter EBITDA figure is noncash amortization of forgivable loans of $13.8 million or 6.9% of revenue.

我們在第一季持續有效管理業務，創造非 GAAP EBITDA 2,320 萬美元，約占營收 11.5%。提醒各位，歷來第一季通常會因年度獎金發放而支付較高的員工相關福利成本與稅負，因而受到不成比例的影響。此外，第一季 EBITDA 數字亦包含 1,380 萬美元（約占營收 6.9%）之可豁免貸款（forgivable loans）非現金攤銷。

This represents an increase of 4.8% -- $4.8 million or 53% year-over-year, which is consistent with our expectations and prior commentary when establishing our annual profit guidance for fiscal 2026. I would now like to spend a few minutes highlighting the markets for our services and some of the projects delivered during the first quarter.

這代表年增 4.8%——亦即增加 480 萬美元或年增 53%，與我們在制定 2026 會計年度全年獲利指引時的預期與先前評論一致。接下來我想用幾分鐘說明我們服務的市場狀況，以及第一季所交付的一些專案。

Revenue in the first quarter from CRA's legal and regulatory services increased 11.5%. This growth was in line with the broader legal market as total case filings and total court judgments increased 8% and 13%, respectively, compared to the first quarter of 2025.

CRA 第一季來自法律與監管服務的營收成長 11.5%。此成長與更廣泛的法律市場趨勢一致：相較 2025 年第一季，案件總立案數與法院總判決數分別增加 8% 與 13%。

Turning to the M&A market. Worldwide M&A activity totaled $1.2 trillion during the first quarter of 2026, an increase of 27% compared to prior year levels. This represents the strongest opening quarter for dealmaking since 2021 and the third consecutive quarter surpassing $1 trillion.

接著談併購（M&A）市場。2026 年第一季全球併購活動總額達 1.2 兆美元，較去年同期水準增加 27%。這是自 2021 年以來最強勁的開年季度交易表現，亦是連續第三個季度突破 1 兆美元。

Against this backdrop, CRA's Antitrust & Competition Economics practice delivered a record quarter, capitalizing on ongoing merger-related activity and continued demand for antitrust services. During the quarter, CRA's competition practice was jointly retained in a merger between two of the largest North American distributors of janitorial, sanitation and food services products.

在此背景下，CRA 的反托拉斯與競爭經濟實務交出創紀錄的一季，掌握持續的併購相關活動與對反托拉斯服務的穩健需求。本季期間，CRA 的競爭實務共同受聘於一宗合併案，交易雙方為北美最大之兩家清潔、衛生與餐飲服務產品經銷商。

CRA analyzed the merger's potential competitive impact by locally -- by locality and across many customer verticals. Leveraging the party sales and bidding data, combined with industry-level and public data, CRA designed, prepared and presented multiple empirical analyses to the Federal Trade Commission, culminating in the agency's unconditional clearance of the transaction.

CRA 依地區（locality）並跨多個客戶垂直領域，分析該合併案可能造成的競爭影響。CRA 運用當事方的銷售與投標資料，結合產業層級與公開資料，設計、準備並向美國聯邦貿易委員會（FTC）提出多項實證分析，最終促成該機關對交易作出無條件核准。

In another project, a CRA competition team advised REEL International, a designer and builder of industrial lifting and handling systems, in defending against a damages claim brought by a competitor Fives ECL before the Hamburg Local Division of the United Patent Court. ECL sought compensation for alleged lost profits, claiming that a patent infringement by REEL led to a price reduction.

在另一項專案中，CRA 競爭團隊為 REEL International 提供建議；REEL 為工業起重與搬運系統的設計與建造商，該公司在統一專利法院（Unified Patent Court）漢堡地方法院分庭（Hamburg Local Division）面對競爭對手 Fives ECL 提出的損害賠償請求進行抗辯。ECL 以 REEL 涉嫌專利侵權導致價格下調為由，主張其蒙受所謂的利潤損失並請求補償。

The CRA team supported REEL with an expert report emphasizing the importance of assessing the profits the claimants would likely have earned absent the infringement. In February 2026, the court dismissed the claim in full. The decision is among the first Unified Patent Court rulings on the assessment of causation and quantification of damages since the pan-European court's launch in 2023.

CRA 團隊透過專家報告支持 REEL，強調在評估損害時，必須衡量若無侵權情形，請求人原本可能獲得的利潤。2026 年 2 月，法院全數駁回該請求。該判決是自 2023 年這個泛歐法院啟動以來，統一專利法院就因果關係認定與損害額量化所作出的首批裁決之一。

Elsewhere, our finance practice continued to be active in complex commercial disputes and investigations across all of its focus areas, including mergers and corporate governance, bankruptcy, trading, securities, insurance and international arbitration. For example, a team of CRA consultants supported an expert who testified on damages related to food safety crisis in the first Caremark trial in Delaware Court of Chancery, addressing the fiduciary duties of company directors to ensure proper information and reporting systems.

此外，我們的金融實務在其所有重點領域持續活躍，處理複雜的商業爭議與調查，包括併購與公司治理、破產、交易、證券、保險及國際仲裁。例如，一組 CRA 顧問團隊支援一位專家在德拉瓦衡平法院（Delaware Court of Chancery）首宗 Caremark 審理中就食品安全危機相關損害作證，並探討公司董事為確保適當資訊與報告系統而應負之受託義務。

Separately, another team supported a CRA expert who testified at trial between excluded and participating lenders in Serta Simmons Bedding 2020 liability management uptier transaction. During the first quarter, CRA's forensic services practice supported hundreds of matters across ransomware, wire transfer fraud, employee misconduct, trade secret disputes and broader litigation engagements. For example, we recently assisted a global software company seeking assurance that its software development environments, including core code bases, had been compromised by threat actor activity.

另外，另一個團隊支援一位 CRA 專家在 Serta Simmons Bedding 於 2020 年進行之負債管理「順位提升」（uptier）交易中，於被排除與參與之放款人之間的訴訟審理中作證。第一季期間，CRA 的鑑識服務實務支援數百件案件，涵蓋勒索軟體、電匯詐欺、員工不當行為、商業機密爭議及更廣泛的訴訟委任。例如，我們近期協助一家全球軟體公司取得保證，確認其軟體開發環境（包括核心程式碼庫）未遭威脅行為者活動所入侵或破壞。

Our team conducted a comprehensive forensic review of build systems and orchestration infrastructure, which oversee and control the software development life cycle to assess any potential manipulation of code or the build process. The practice is also being retained on engagements that position us at the center of highly complex and emerging data challenges, particularly in the privacy and advertising technology space.

我們的團隊對建置系統與編排（orchestration）基礎設施進行全面鑑識審查；這些系統負責監督與控制軟體開發生命週期，以評估程式碼或建置流程是否存在任何潛在的遭操弄情形。該實務亦持續受聘於多項委任，使我們處於高度複雜且新興資料挑戰的核心，尤其是在隱私與廣告科技領域。

For instance, we are supporting one of the world's largest advertising technology companies in defending a privacy class action involving online tracking technologies. Our team performed detailed analysis across a multi-terabyte data set, produced a comprehensive expert report and is prepared to provide expert testimony in support of the client's defense at trial.

例如，我們正在協助全球最大的廣告科技公司之一，針對涉及線上追蹤技術的隱私集體訴訟進行抗辯。我們的團隊針對數 TB 等級的資料集進行了細緻分析，出具了全面的專家報告，並已準備在審判中提供專家證詞，以支持客戶的抗辯。

Turning to our management consulting services. Both the Energy and Life Sciences practice delivered double-digit revenue growth. CRA's Energy practice supported a wide array of clients in the first quarter of the year, including utilities, electric system operators, private equity, large energy customers, electric equipment manufacturers and regulators.

接著談我們的管理顧問服務。能源與生命科學兩個業務線皆實現了兩位數的營收成長。CRA 的能源業務在今年第一季支援了廣泛的客戶群，包括公用事業公司、電力系統營運商、私募股權、大型能源用戶、電力設備製造商以及監管機構。

For example, the practice advised a utility client regarding its data center tariffs and its approach for managing large loads to mitigate risk to customers. Elsewhere, the practice was hired by PJM, the Mid-Atlantic system operator, to lead the high-profile backstop procurement option related to increased loads amid data center growth.

例如，該業務線就資料中心電價（tariffs）以及管理大型負載以降低客戶風險的做法，向一家公用事業客戶提供建議。此外，該業務線亦受中大西洋地區系統營運商 PJM 之聘，主導與資料中心成長帶動負載增加相關、備受關注的「後備採購選項」（backstop procurement option）。

Finally, the practice was hired by a private equity group to provide commercial and regulatory due diligence on a large community solar portfolio. In our Life Sciences practice, we continue to leverage strengths across the team's strategy and policy consulting capabilities. For example, working with a midsized global pharmaceutical company focused on immunology, the team developed a comprehensive strategy for Board-level review regarding growth opportunities, pricing and market access issues and associated policy concerns.

最後，該業務線受一家私募股權集團委託，針對一個大型社區太陽能投資組合提供商業與監管層面的盡職調查。在我們的生命科學業務中，我們持續運用團隊在策略與政策諮詢能力上的優勢。例如，團隊與一家專注免疫學的中型全球製藥公司合作，為董事會層級審閱制定一套全面策略，涵蓋成長機會、定價與市場准入議題，以及相關政策考量。

Another project involved a global pricing study for a new combination therapy containing an existing blockbuster product in the cardiovascular and nephrology space. The analysis covered markets in North America, Europe and Asia with particular consideration for the Most Favored Nation pricing policies being put forth by the current US administration.

另一個專案涉及一項全球定價研究，研究對象為一種新的複方療法，其中包含心血管與腎臟領域既有的重磅產品（blockbuster product）。該分析涵蓋北美、歐洲與亞洲市場，並特別考量現任美國政府所提出的「最惠國」（Most Favored Nation）定價政策。

Overall, I'm grateful to all of my colleagues for their hard work during the first quarter in helping our clients address their most important challenges. We are pleased with the strong performance of the business to start the year and continue to fuel those practices that are able to capitalize on growth opportunities through additional talent investments and consultant hires.

總體而言，我感謝所有同仁在第一季的辛勤付出，協助客戶應對其最重要的挑戰。我們對年初以來業務的強勁表現感到滿意，並將持續透過額外的人才投資與顧問招募，為能夠把握成長機會的業務線提供動能。

In parallel, we took the opportunity to further optimize our service portfolio by reconfiguring the consulting team in targeted areas of the company. During the quarter, these optimization efforts affected 22 individuals across about a half a dozen practices and various corporate departments, resulting in a restructuring charge of $2.6 million. The charge is comprised of $1.6 million of cash charges and $1.0 million of noncash charges.

同時，我們也把握機會，透過在公司特定領域重新配置顧問團隊，進一步優化我們的服務組合。本季，這些優化措施影響了約半打業務線及多個公司部門合計 22 位員工，並產生 260 萬美元的重組費用。該費用包含 160 萬美元的現金費用與 100 萬美元的非現金費用。

Anticipated annual cost savings from this action are estimated to be approximately $5 million with minimal impact on revenue going forward. It is important to note that we continue to see numerous growth opportunities and our pipeline of talent acquisition remains robust. As such, we intend to redeploy these annual savings back into the business to further strengthen the company and to pursue profitable growth in the quarters ahead.

預期此項行動帶來的年度成本節省約為 500 萬美元，且對未來營收的影響極小。需要強調的是，我們仍看到眾多成長機會，人才招募管道依然強勁。因此，我們計畫將這些年度節省重新投入業務，以進一步強化公司，並在未來幾季追求獲利性成長。

Turning now to guidance. We are reaffirming our full year financial guidance for fiscal 2026. 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.

接著談財測指引。我們重申 2026 會計年度的全年財務指引。我們對年初的強勁開局、具支撐性的市場趨勢，以及持續補充的銷售管線感到鼓舞。然而，我們仍留意地緣政治、全球總體經濟與商業環境的演變可能影響我們的業務。

Finally, I was not planning to directly address AI's impact on CRA's business and the services that we provide because I think our results speak for themselves. We continue to grow revenue and to grow it profitably. The demand environment for CRA services is very strong, perhaps the strongest that I have seen during my tenure at CRA.

最後，我原本不打算直接談 AI 對 CRA 業務及我們所提供服務的影響，因為我認為我們的成果已足以說明一切。我們持續提升營收，且以獲利方式成長。CRA 服務的需求環境非常強勁，或許是我在 CRA 任職期間所見最強的一次。

Having said all that, the market for CRA shares seems to signal a fundamental misunderstanding of what CRA does. Clients hire us because they are dealing with situations in which expert insights can have profound financial and strategic impact. Often the value at stake for our clients is many, many multiples of the fees paid to CRA.

話雖如此，CRA 股價的市場表現似乎反映出外界對 CRA 所做之事存在根本性的誤解。客戶聘請我們，是因為他們正面臨專家洞見可能帶來深遠財務與策略影響的情境。對客戶而言，所涉價值往往是支付給 CRA 費用的許多倍、許多倍。

The source of our value lies in our expert judgment, framing the right question, choosing defensible assumptions and supporting conclusions in an ever-changing and increasingly complex business climate. AI can accelerate and in many cases, enhance our work, but it does not replace CRA's expertise and credibility in complex and high-stakes environments.

我們價值的來源在於專業判斷：界定正確的問題、選擇可辯護的假設，並在不斷變動且日益複雜的商業環境中支持結論。AI 能加速、且在許多情況下提升我們的工作，但在複雜且高風險的環境中，它無法取代 CRA 的專業能力與公信力。

As discussed during our last earnings call, we see AI as both the demand amplifier and productivity enhancer. Furthermore, we believe it strengthens CRA's overall position due to our deep expertise, strong governance and established credibility. We remain extremely confident about CRA's future and look forward to delivering long-term value to our colleagues, clients and shareholders in the years ahead. With that, I'll turn the call over to Chad and then to Eric for a few additional comments. Chad?

如同我們上次法說會所討論的，我們將 AI 視為需求的放大器與生產力的增強器。此外，我們相信，憑藉我們深厚的專業、健全的治理以及既有的公信力，AI 會強化 CRA 的整體競爭地位。我們對 CRA 的未來仍極具信心，並期待在未來數年為同仁、客戶與股東創造長期價值。接下來我把電話交給 Chad，之後再交給 Eric 補充幾點。Chad？

Thanks, Paul. Hello, everyone. I want to update you on our capital and capital deployment during the quarter. The first quarter of 2026 saw net cash outlays of $62.3 million for talent investments. Approximately one-fourth of this amount was spent to acquire senior revenue-generating talent, approximately half funded performance awards earned by previously acquired talent under their original transaction terms. The remaining one-fourth related to talent retention.

謝謝你，Paul。各位好。我想向各位更新本季我們的資本狀況與資本配置情況。2026 年第一季，我們在人才投資方面的淨現金支出為 6,230 萬美元。其中約四分之一用於收購能帶來營收的資深人才，約一半用於依原交易條款支付先前收購人才所賺取的績效獎勵。其餘約四分之一與人才留任相關。

During the first quarter, we returned $25.3 million of capital to our shareholders, consisting of $3.8 million of dividend payments and $21.5 million for repurchases of approximately 116,000 shares. This reflects the continued strong belief by the Board and management in the cash-generating ability of the business and the company's fundamental value relative to the prevailing stock price.

第一季期間，我們向股東返還資本 2,530 萬美元，其中包括 380 萬美元的股利發放，以及 2,150 萬美元用於回購約 116,000 股股票。這反映董事會與管理團隊持續堅信本業的現金創造能力，以及公司相對於當前股價所具備的基本價值。

We currently have $44.5 million available under our share repurchase program. During the quarter, we also spent $2.6 million for traditional capital expenditures. We concluded the quarter with $32.5 million of cash and $192 million of borrowings under our revolving credit facility, resulting in a net debt of $159.5 million.

目前，我們在股票回購計畫下仍有 4,450 萬美元可用額度。本季我們亦支出 260 萬美元作為傳統資本支出。本季末，我們持有現金 3,250 萬美元，並在循環信用額度項下借款 1.92 億美元，淨負債為 1.595 億美元。

As a reminder, borrowings during the first quarter are typically elevated in part to fund annual bonus payments, which is consistent with our practice in prior years. More than 80% of the bonuses relating to fiscal 2025 were paid in the first quarter, with the final installments expected to be completed by the end of the second quarter.

提醒各位，第一季的借款通常會較高，部分原因是用於支付年度獎金，這與我們過往年度的作法一致。與 2025 會計年度相關的獎金中，超過 80% 已於第一季支付，最後幾期預計將在第二季末前完成。

We concluded the first quarter of fiscal 2026 with total liquidity of $86.7 million, consisting of $32.5 million in cash and cash equivalents and a further $54.2 million of available capacity on our line of credit. As CRA's annual revenues approach $800 million, we are outgrowing the current revolving credit facility established in 2022 when CRA had revenue of less than $600 million.

我們在 2026 會計年度第一季末的總流動性為 8,670 萬美元，包括 3,250 萬美元的現金及約當現金，以及信用額度尚可動用的 5,420 萬美元。隨著 CRA 年營收接近 8 億美元，我們正逐步超越 2022 年設立的現有循環信用額度規模；當時 CRA 的營收尚不足 6 億美元。

As detailed in our quarterly report on Form 10-Q filed today with the SEC, the company earlier this week increased its credit facility by $50 million, bringing the total from $250 million to $300 million of aggregate borrowing capacity. The expanded facility will provide financial flexibility to support CRA's continued growth and working capital needs. With that, I'll turn the call over to Eric for a few final comments. Eric?

如同我們今日向美國證券交易委員會（SEC）提交的 10-Q 季報所詳述，公司於本週稍早將信用額度提高 5,000 萬美元，使總額由 2.5 億美元增至 3 億美元的總借款額度。擴增後的額度將提供財務彈性，以支持 CRA 持續成長與營運資金需求。接下來我把電話交給 Eric 做最後幾點補充。Eric？

Thanks, 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 first quarter of fiscal 2026. In terms of consultant headcount, we ended the quarter at 971, consisting of 170 officers, 598 other senior staff and 203 junior staff.

謝謝你，Chad。提醒各位，關於我們財務結果更完整的評論，可在我們網站的投資人關係（Investor Relations）專區、Prepared CFO remarks 中查閱。在進入提問前，我先提供幾項與 2026 會計年度第一季表現相關的補充指標。就顧問人數而言，本季末為 971 人，包括 170 位主管（officers）、598 位其他資深人員，以及 203 位初階人員。

This represents a 2.5% year-over-year increase compared with the 947 consultant headcount reported at the end of Q1 fiscal 2025 and a 1.3% sequential increase relative to the 959 consultant headcount reported at the end of Q4 fiscal 2025. Non-GAAP selling, general and administrative expenses, excluding the 1.5% attributable to commissions to nonemployee experts, was 15.6% of revenue for the first quarter of fiscal 2026 compared with 15.9% a year ago.

相較於2025會計年度第一季末所報告的947名顧問人數，這代表年增2.5%；相較於2025會計年度第四季末所報告的959名顧問人數，則為季增1.3%。2026會計年度第一季的非GAAP銷售、一般及行政費用（SG&A），扣除歸因於支付給非員工專家的佣金1.5%後，占營收比重為15.6%，相較一年前的15.9%下降。

The effective tax rate for the first quarter of fiscal 2026 on a non-GAAP basis was 30.3% compared with 27.2% on a non-GAAP basis for the first quarter of fiscal 2025. The increase is primarily due to an increase in nondeductible executive compensation and a decreased benefit related to share-based compensation.

2026會計年度第一季以非GAAP基礎計算的有效稅率為30.3%，相較於2025會計年度第一季以非GAAP基礎計算的27.2%。此一上升主要係因不可扣抵的高階主管薪酬增加，以及與股份基礎給付相關的稅務利益減少。

Turning to the balance sheet. DSO stood at 100 days at the end of the first quarter compared with 108 days at the end of the fourth quarter of fiscal 2025. DSO in the first quarter consisted of 58 days of billed and 42 days of unbilled. That concludes our prepared remarks. We will now open the call for questions. Rob, please go ahead.

接著談資產負債表。第一季末的DSO為100天，較2025會計年度第四季末的108天下降。第一季的DSO由已開立帳單的58天與未開立帳單的42天組成。以上為我們事先準備的發言內容。接下來我們將開放提問。Rob，請開始。

(Operator Instructions)

（接線員指示）

Kevin Steinke, Barrington Research.

Kevin Steinke，Barrington Research。

I wanted to start out by asking about the demand environment. As you noted, Paul, perhaps the strongest you've seen in your tenure at the company. Obviously, you've done a great job as a firm aligning your services with what the market needs and what the market is demanding. So I'm sure that's contributing to the demand trends you're seeing.

我想先從需求環境談起。如你所提到的，Paul，這可能是你在公司任期內見過最強勁的一次。顯然，你們公司在使服務與市場需求、以及市場正在要求的內容相契合方面做得非常出色。所以我相信這也在推動你們所看到的需求趨勢。

But looking beyond that, can you pinpoint anything in the macro environment that's really spurring this demand? Case filings and court judgments continue to increase seemingly above trend. And obviously, the project lead flow and origination growth continues to be very strong. So I don't know if you can add any more thoughts on the supportive market trends that you're seeing in light of macro uncertainties.

但撇開這些不談，你能否指出總體環境中是否有任何因素真正促使需求上升？案件立案與法院判決似乎仍持續以高於趨勢的速度增加。而且很明顯，專案線索流入與案源開拓（origination）成長仍然非常強勁。因此，在總體不確定性之下，你是否能就你們所看到的有利市場趨勢再補充一些看法？

Yes. I think you did a really good job answering the question. It's a little bit of a lot of things. And -- but I don't want to lose sight. It's a lot to do with the quality of my colleagues and the services that they provide. Every quarter, every year, we are dealing with new record highs in revenue and profitability. And with those new record highs in financials comes new record highs with input in terms of the opportunities and our ability to convert those opportunities into revenue generation.

是的。我認為你其實已經把這個問題回答得很好了。這是很多因素共同作用的結果。不過——我不想忽略的是——這很大一部分要歸功於我的同事們的素質，以及他們所提供的服務。每一季、每一年，我們都在面對營收與獲利的新高紀錄。而隨著財務表現創下新高，在投入端也會出現新的高點，也就是機會增加，以及我們將這些機會轉化為營收的能力提升。

With that said, the last five or six months is at a higher rate than I have observed. It's pretty normally distributed relative to the revenue of our practices at CRA. Competition is -- continues to get their share of the most prominent cases. We're seeing forensic to be very active, life sciences, energy, finance.

話雖如此，過去五到六個月的成長速度確實高於我以往所觀察到的。就CRA各業務的營收而言，整體分布相當正常。競爭對手——仍持續在最具指標性的案件中取得他們的份額。我們看到鑑識（forensic）業務非常活躍，生命科學、能源、金融也是如此。

When about 98% of the revenue that is generated from CRA by those eight practices grows year-over-year by over 10% from record highs in the previous quarter, that's saying something. So I wish I could point to one item, Kevin, but the world isn't getting more simple. It's more complex and thus the need for that kind of expertise in our services continues to grow. Fingers crossed that we see that continue throughout Q2 and the rest of 2026.

當CRA由這八個業務所產生、約占98%的營收，在前一季已創新高的基礎上仍能年增超過10%，這就很能說明問題。所以Kevin，我希望我能指出單一因素，但世界並沒有變得更簡單。它變得更複雜，因此對這類專業與我們服務的需求持續成長。希望第二季以及2026年剩餘期間都能延續這樣的態勢。

Okay. That's great. And you mentioned the Life Sciences growing double digits, which was nice to see. Anything particularly going on in the market for your services that's helping to spur that growth? And what do you see for that practice going forward?

好的。太好了。你提到生命科學業務呈現雙位數成長，看到這點很不錯。市場上是否有任何特別的情況正在推動你們服務需求、進而帶動這項成長？你對該業務未來的展望如何？

Yes. I think I've been particularly tough on Life Sciences. Every quarter, I get questions about their growth trajectory, and I said -- I keep answering that I would like to see a trend. Well, they've delivered on a trend. They have now multiple quarters of substantive growth.

是的。我想我對生命科學業務一直特別嚴格。每一季我都會被問到他們的成長軌跡，而我——我一直回答說我希望看到一個趨勢。嗯，他們已經交出了趨勢。他們現在已經連續多季呈現實質成長。

They grew double digits this year. We highlighted that our European operations grew more than 20%, and that was driven by more than 20% growth in our European Life Sciences practice and more than 20% growth in our Antitrust & Competition Economics practice.

他們今年達成雙位數成長。我們也強調歐洲營運成長超過20%，而這是由我們歐洲生命科學業務超過20%的成長，以及我們反托拉斯與競爭經濟（Antitrust & Competition Economics）業務超過20%的成長所帶動。

So they are getting wonderful opportunities and they're converting those opportunities. And the lead flow is rather robust, not just for the firm, but for the practice in particular. So hopefully, in Q2, we can be reporting another strong growth for that practice.

因此，他們獲得了非常好的機會，並且正在把這些機會轉化為成果。而且線索流入相當強勁，不僅是整個公司，對該業務而言尤其如此。所以希望在第二季，我們能再報告該業務另一個強勁的成長表現。

Okay. Good. And I wanted to also touch on the -- you mentioned a robust pipeline of acquisition talent. And again, could you talk about what's contributing to that? And just also from a numbers perspective, when you formulated the guidance for 2026, are you also factoring in additional forgivable loan amortization from hiring throughout the year this year, given that robust acquisition pipeline, I assume perhaps there's something baked into the guidance for that already.

好的。很好。我也想談一下——你提到有一個強勁的併購人才管線。同樣地，你能談談是什麼在促成這點嗎？另外從數字角度來看，當你制定2026年的財測指引時，是否也把今年在招募過程中、因這個強勁的併購管線而可能產生的額外可豁免貸款攤銷納入考量？我猜指引裡可能已經反映了一些。

So for our guidance on the revenue line -- on the revenue side, I try to look at the colleagues that are in place at the time I provide the guidance. I do not build in any anticipated inorganic revenue additions during 2026. I do try to build in into the profitability margin, some acquisition costs or the related amortization that goes with many of those costs into the EBITDA profit guidance.

就我們指引中的營收——在營收端而言，我會盡量以我提供指引當下已到位的同事為基礎來評估。我不會把2026年任何預期的非有機（inorganic）營收增量納入。但在獲利率方面，我會嘗試在EBITDA獲利指引中納入一些併購成本，或與這些成本相關、在許多情況下會發生的攤銷。

The reason I don't do the same on the revenue side is the timing of when those individuals join and their ability to ramp in a given year is very uncertain. Thus, we don't assume the revenue benefit, but try to assume the cost burden associated with those additions.

我之所以不在營收端做同樣處理，是因為這些人員加入的時間點，以及他們在某一年度內的爬坡（ramp）能力，都非常不確定。因此，我們不假設營收面的效益，但會嘗試假設與這些增補相關的成本負擔。

Okay. That makes sense. That's helpful. I'll turn it back over. Congratulations on the strong results.

好的。這很合理。很有幫助。我把時間交回去。恭喜你們交出強勁的成果。

Marc Riddick, Sidoti & Company.

Marc Riddick，Sidoti & Company。

So I wanted to start with, again, very, very strong top line growth and broad-based as we've seen for several quarters now. I wanted to talk a little bit about your commentary around some of the assignment changes. Maybe you could delve a little bit into that. And maybe is that something that you can foresee doing more often with talent as you sort of try to match the opportunities that you see in front of you? And then I have a follow-up around that.

我想先談一下，你們再次呈現非常、非常強勁的營收成長，而且如同我們過去幾季所見，是全面性的成長。我想稍微談談你們對於部分任務調整的評論。也許你可以再深入說明一下。另外，當你們試圖讓人才配置去匹配眼前看到的機會時，你是否預期未來會更常進行這類調整？然後我還有一個相關的追問。

I'm not quite sure, exactly, I lost you midstream to your question. Let me start talking and then I'm going to pause and have you clarify for me. First, thank you for recognizing the top line growth. What I don't want to lose sight of is the profit margin is pretty damn impressive, okay? We posted 11.5% on that relative to, I think, at the time was close to an all-time high for first quarter profitability in Q1 of 2025.

我不太確定——具體來說——我在你問題的中段有點聽不清楚。我先開始回答，然後我會停一下，請你再幫我澄清。首先，謝謝你肯定我們的營收成長。我不希望大家忽略的是，我們的利潤率相當、相當亮眼，好嗎？我們在這方面達到11.5%，相較之下，我記得當時2025年第一季的獲利能力接近第一季的歷史新高。

The reason that you see a reported drop in EBITDA margin is because of that increase in forgivable loan amortization. We went from about 5% of revenue in 2025 on forgivable loan amortization to 6.9% of revenue in Q1 of fiscal 2026. When you add the EBITDA and the forgivable loan amortization and you compare them year-over-year, the fact is the margin is within 20 basis points of each other. And again, that's comparing it to record levels.

你看到EBITDA利潤率被報告為下降的原因，是因為可豁免貸款攤銷增加。我們在2025年可豁免貸款攤銷約占營收5%，到2026財年第一季則上升至占營收6.9%。當你把EBITDA與可豁免貸款攤銷加總後再做年對年比較，事實上兩者的利潤率差距在20個基點以內。而且再次強調，這是與創紀錄的水準相比。

So the top line revenue, impressive. Congratulations to my colleagues, but we also shouldn't lose sight of the strong profitability that has been delivered. With respect to the recruitment, right now, it continues to look for the best available talent. When I have eight practices delivering top line growth, many achieving record levels, many achieving double-digit revenue growth.

所以營收（top line）表現令人印象深刻。恭喜我的同事們，但我們也不應忽視已交出的強勁獲利能力。就招募而言，目前我們仍持續尋找市場上最優秀的人才。當我有八個業務線帶動營收成長，許多達到創紀錄水準，許多實現兩位數營收成長時。

We are not shy to add talent to any of those units. The individuals we were lucky enough to add in fiscal 2025 are producing ahead of our expectations into the first quarter of 2026. So I anticipate them continuing to ramp, and Chad has been quite busy on the recruitment of people, both across the legal-regulatory arena and on the management consulting side.

我們並不避諱在任何一個單位增補人才。我們在2025財年有幸加入的人員，在2026年第一季的表現已超出我們的預期。因此我預期他們會持續加速成長；而Chad在招募方面也相當忙碌，無論是在法律與監管領域，或是在管理顧問端皆是如此。

Okay. Great. And sorry if I lost you there for a bit. I did want to talk a little bit about the improvement in utilization as well. And maybe you could talk a little bit about the pacing of how that progressed through the quarter. And certainly, given your commentary, it sounds as though that continued since the end of the quarter, but maybe talk a little bit about that, the pickup in utilization and sort of how that paced through the quarter.

好的。很好。如果我剛剛有一段沒聽清楚也抱歉。我也想談一下利用率的改善。也許你可以談談它在本季內推進的節奏。當然，依照你的評論，聽起來在季末之後也仍在延續，但也請談談利用率回升，以及它在本季內大致是如何推進的。

Yes. It's -- we basically have been at the upper 70s at that 70% mark starting in January. It wasn't a trend of improvement throughout the quarter. We were pretty strong from the get-go, as we got into 2026. And we saw the improved utilization, not just on the legal-regulatory side, but also on the management consulting side of the house.

是的。我們基本上自1月起就維持在70%上下、約落在70%後段（upper 70s）。這並不是整個季度逐步改善的趨勢。我們在進入2026年時一開始就相當強勁。而我們看到利用率的提升，不僅在法律與監管端，也在管理顧問端同樣如此。

And when you have everyone billing more hours, you get the kind of top line growth that we described. And our guidance, when we look at medium long term is to be in that upper 70s ballpark going forward. And with that and with our strong cost controls, it should result in impressive profitability and profitability that converts into high cash flow levels as it has historically and going forward.

當每個人都能開立更多可計費工時時，就會帶來我們所描述的那種營收成長。而我們在中長期的指引，是未來持續維持在70%後段的區間。在此基礎上，加上我們強勁的成本控管，應可帶來亮眼的獲利能力，並如同過去與未來一樣，轉化為高水準的現金流。

And I wanted to touch a little bit on -- I think you touched a little bit on the -- on this in your prepared remarks, but can you discuss maybe some of the changes that you've seen in the level of complexity, particularly on the M&A side? I mean, are you getting a sense that are these things taking longer? Is it a matter of just -- what are we seeing just relative to maybe even two, three years ago as far as what we're seeing on M&A and what you're seeing there?

我也想稍微觸及一下——我想你在事先準備的發言中也提到了一點——你能否談談你所看到的複雜度水準的一些變化，特別是在併購（M&A）方面？我的意思是，你是否感覺這些案子需要更長時間？或者只是——相較於兩三年前，就併購案的情況以及你所看到的狀況而言，我們現在看到的是什麼？

Yes. It's been a while since I've been actively working on a case. So excuse me for the generalities on that. The amount of data that we're being asked to analyze the complexity of the markets for which our clients serve is becoming broader and more complex and the desire for results as expeditiously as possible has never been higher.

是的。我已經有一段時間沒有親自積極參與案件了。所以請原諒我只能做一些概括性的說明。我們被要求分析的資料量、以及客戶所處市場的複雜度，正變得更廣、更複雜；而對於盡可能快速取得結果的需求，也從未如此之高。

So it's really across all of our business units. It's not just in the Antitrust Competition Economics practice, Life Sciences practice is experiencing that. We tried to highlight that in the case example of the favored nation pricing that's going on and the complexities in trying to roll out new drugs with that added wrinkle here.

因此這其實橫跨我們所有業務單位。不僅僅是在反托拉斯／競爭經濟（Antitrust Competition Economics）業務線，生命科學業務線也正經歷同樣情況。我們試著在案例中凸顯這點，例如目前正在發生的最惠國定價（favored nation pricing），以及在此新增變數下推動新藥上市所面臨的複雜性。

We have regularly talked about the energy practice and what their clients are facing with the rapid growth of these data centers. So I can't really point to any practice in which their world is getting more simple. And lucky for CRA and lucky for our clients that we have the appropriate expertise to address that.

我們也經常談到能源業務線，以及其客戶在資料中心快速成長下所面臨的挑戰。所以我很難指出有哪個業務線的環境正在變得更簡單。而對CRA與我們的客戶而言很幸運的是，我們具備適當的專業能力來因應這些問題。

Andrew Nicholas, William Blair.

Andrew Nicholas，William Blair。

I only have one. A lot of my questions got asked already, but I just wanted to check in on kind of rate realization and pricing. Obviously, really good top line growth. So I imagine that's a part of that equation. But if you could just speak to pricing realization and then kind of as a follow-up to what you were just describing, the extent to which you think increased complexity, bigger projects could be a boon for that part of the growth algorithm going forward.

我只有一個問題。我很多問題都已經被問過了，但我想確認一下費率實現與定價的情況。顯然營收成長非常亮眼。所以我想那應該是其中一部分因素。但如果你能談談定價的實現情況，並作為你剛才所描述內容的延伸，談談你認為複雜度提高、專案規模變大，在未來是否可能成為成長算法中這一部分的助力。

Sure. So like most years, at the beginning of the year, we will test the market and assess whether we should increase our bill rates across our practices. On average, we're in the low to mid-single-digit rate increase in terms of our reported rates.

當然。像多數年度一樣，在年初我們會測試市場並評估是否應在各業務線調升我們的計費費率。以平均而言，就我們對外報告的費率來看，調升幅度約在低到中個位數百分比。

Oftentimes, in the first quarter, we're seeing minimal contribution from those rate increases because typically, we do not get the benefit of those new rates on legacy projects that have been in place, but more often on new projects coming in the door. So as the year progresses, we should get even more contribution from those rate increases.

很多時候，在第一季我們從這些費率調升中看到的貢獻很有限，因為通常既有、已在進行中的專案不會立即適用新費率；新費率更多是反映在新進案的專案上。因此隨著年度推進，我們應會從這些費率調升中獲得更多貢獻。

Now that's not to say that the first quarter of '26 didn't enjoy a benefit from rate increases. They were just more likely the rate increases that were implemented during 2025. I think as we get into Q2, Q3 and beyond, you will see more of the full benefit of the rate increases. Early indications are quite positive.

當然，這並不是說2026年第一季沒有享受到費率調升的效益。只是那更可能是2025年實施的費率調升所帶來的效益。我認為當我們進入第二季、第三季及之後，你會看到更多費率調升的完整效益。目前的早期跡象相當正面。

We've always been a high-cost provider of services, right? But the reason that, that works for CRA, works for our clients, is we also are a high value-added provider of services. So I think the balance exists. We haven't seen any increase in write-offs on the bills going out. But with another quarter or two under our belt, I'll be able to give you a more definitive answer. But so far, so good on that, Andrew.

我們一直都是高成本的服務提供者，對吧？但之所以這對CRA可行、對客戶也可行，是因為我們同時也是高附加價值的服務提供者。所以我認為兩者之間是平衡的。我們沒有看到對外開立帳單的減記（write-offs）有任何增加。不過再多觀察一兩個季度後，我就能給你更明確的答案。但到目前為止，一切都很不錯，Andrew。

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

我們已到達問答環節的結束。現在我想把電話交回給Paul Maleh，請他做結語。

Great. Thank you, Rob. I would like to thank everyone who joined us today. We appreciate your interest in CRA and the support you have provided the company over the years. We will be participating in investor meetings and conferences over the coming months, and we look forward to updating you on our progress on our second quarter call. This concludes today's call. Thank you.

很好。謝謝你，Rob。我要感謝今天加入我們的各位。我們感謝你們對CRA的關注，以及多年來對公司的支持。未來幾個月我們將參與投資人會議與研討會，並期待在第二季電話會議中向各位更新我們的進展。今天的電話會議到此結束。謝謝。

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

今天的電話會議到此結束。您現在可以掛斷電話線，並感謝您的參與。