CRA INTERNATIONAL Business Summary

CRA International, Inc. (CRAI), operating as Charles River Associates, is a global consulting firm that generates revenue primarily through professional service fees derived from high-stakes economic, financial, and management advisory engagements. The company’s business model is centered on providing specialized, expert-led analysis for complex litigation, regulatory proceedings, and strategic business challenges, with approximately 80% of its revenue stemming from its Legal & Regulatory segment. Its operations are diversified across 11 practice areas, including Antitrust & Competition Economics, Life Sciences, Energy, and Intellectual Property, serving a prestigious client base that includes 85% of the Fortune 100 and 98% of the Am Law 100. CRAI competes directly with specialized firms such as Analysis Group, Cornerstone Research, and The Brattle Group, as well as broader diversified consultancies like FTI Consulting and Huron Consulting Group. Within this landscape, CRAI distinguishes itself through its deep academic pedigree and a "scarcity-led" model that leverages a global network of internal consultants and external faculty experts to deliver rigorous, objective testimony and data-driven insights. Founded in 1965 by a group of economists including Franklin M. Fisher and Gerald Kraft, the firm is currently led by Paul A. Maleh, who serves as President, Chief Executive Officer, and Chairman of the Board. Maleh, a veteran of the firm since 1989, has overseen a period of significant international expansion and record revenue growth. The executive leadership team also includes Eric Nierenberg (Executive VP, CFO, and Treasurer), Chad M. Holmes (Executive VP and Chief Corporate Development Officer), and Jonathan D. Yellin (Executive VP and General Counsel). The company’s Board of Directors features notable industry figures such as Independent Lead Director William F. Concannon and academic experts like Alva H. Taylor and Heather E. Tookes. As a publicly traded entity on the NASDAQ, CRAI maintains a seasoned management team with an average tenure of 14 years, emphasizing stability and deep institutional knowledge in the high-end expert services market.