EX-99.2 3 craiq3-20228xkexx992xcfore.htm EX-99.2

Document

Exhibit 99.2

CHARLES RIVER ASSOCIATES (CRA)

THIRD QUARTER FISCAL YEAR 2022

EARNINGS ANNOUNCEMENT

PREPARED CFO REMARKS

CRA is providing these prepared remarks by CFO Dan Mahoney 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 November 3, 2022 at 10:00 a.m. ET. These prepared remarks will not be read on the call.

Q3 Fiscal 2022 Summary (Quarter ended October 1, 2022)

•Revenue: $148.4 million

•Net income and non-GAAP net income: $11.9 million, or 8.0% of revenue

•Net income per diluted share: $1.63; non-GAAP net income per diluted share: $1.64

•Operating margin: 10.0%; non-GAAP operating margin: 10.1%

•Non-GAAP EBITDA: $19.6 million, or 13.2% of revenue

•Effective tax rate and non-GAAP effective tax rate: 25.3%

•Utilization: 74%

•Consultant headcount at the end of Q3 of fiscal 2022: 911, which consists of 146 officers, 481 other senior staff and 284 junior staff

•Cash and cash equivalents: $24.1 million at October 1, 2022

•Revolving credit facility borrowing capacity: $150.6 million at October 1, 2022

Revenue

For Q3 of fiscal 2022, revenue was $148.4 million, compared with revenue of $136.4 million for Q3 of fiscal 2021.

Headcount

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

						Q3 2022						Q2 2022						Q1 2022						Q4 2021						Q3 2021
Officers						146						145						146						140						138
Other Senior Staff						481						475						505						477						495
Junior Staff						284						243						227						244						249
Total						911						863						878						861						882

Utilization

For Q3 of fiscal 2022, companywide utilization was 74%, compared with 73% for Q3 fiscal 2021.

Client Reimbursables

For Q3 of fiscal 2022, client reimbursables were $15.0 million, or 10.1% of revenue, compared with $15.7 million, or 11.5% of revenue, for Q3 of fiscal 2021.

Selling, General and Administrative (SG&A) Expenses

For Q3 of fiscal 2022, SG&A expenses were $28.2 million, or 19.0% of revenue, compared with $24.5 million, or 18.0% of revenue, for Q3 of fiscal 2021. Commissions to non-employee experts are included in SG&A expenses. These commissions represented

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approximately 3.2% of revenue for Q3 of fiscal 2022, compared with 3.2% in Q3 of fiscal 2021. Excluding these commissions, SG&A expenses were 15.8% of revenue for Q3 of fiscal 2022, compared with 14.8% in Q3 of fiscal 2021.

						Fiscal Quarter Ended
$ in 000’s						October 1, 2022						As a % of Revenue						October 2, 2021						As a % of Revenue
SG&A expenses						$	28,246					19.0		%				$	24,490					18.0		%
Less: commissions to non-employee experts						4,773						3.2		%				4,371						3.2		%
SG&A expenses excluding commissions						$	23,473					15.8		%				$	20,119					14.8		%

Depreciation & Amortization

For Q3 of fiscal 2022, depreciation and amortization expenses amounted to $3.0 million, or 2.0% of revenue, compared with $3.1 million, or 2.3% of revenue, for Q3 of fiscal 2021.

Forgivable Loan Amortization

For Q3 of fiscal 2022, forgivable loan amortization was $8.8 million, or 6.0% of revenue, compared with $8.5 million, or 6.2% of revenue, for Q3 of fiscal 2021.

Share-Based Compensation Expense

For Q3 of fiscal 2022, share-based compensation expense was approximately $1.5 million, or 1.0% of revenue, compared with $1.0 million, or 0.7% of revenue, for Q3 of fiscal 2021.

Operating Income

For Q3 of fiscal 2022, operating income was $14.9 million, or 10.0% of revenue, compared with operating income of $12.8 million, or 9.4% of revenue, for Q3 of fiscal 2021. Non-GAAP operating income was $14.9 million, or 10.1% of revenue, for Q3 of fiscal 2022, compared with $12.8 million, or 9.4% of revenue, for Q3 of fiscal 2021.

						Fiscal Quarter Ended
$ in 000’s						October 1, 2022						As a % of Revenue						October 2, 2021						As a % of Revenue
Income from operations						$	14,894					10.0		%				$	12,801					9.4		%
Adjustments needed to reconcile GAAP income from operations to non-GAAP income from operations:
Acquisition-related costs						30						—		%				—						—		%
Non-GAAP income from operations						$	14,924					10.1		%				$	12,801					9.4		%

Interest Income (Expense), net

For Q3 of fiscal 2022, net interest expense was $0.7 million, or 0.4% of revenue, compared with net interest expense of $0.2 million, or 0.1% of revenue, for Q3 of fiscal 2021.

Foreign Currency Gains (Losses), net

For Q3 of fiscal 2022, net foreign currency gains were $1.7 million, or 1.1% of revenue, compared with net foreign currency gains of $0.2 million, or 0.2% of revenue, for Q3 of fiscal 2021.

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						October 1, 2022						October 2, 2021						October 1, 2022						October 2, 2021
Tax Provision						$	4,017					$	1,908					$	4,025					$	1,908
Effective Tax Rate						25.3		%				14.8		%				25.3		%				14.8		%

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						Fiscal Quarter Ended
$ in 000’s						October 1, 2022						As a % of Revenue						October 2, 2021						As a % of Revenue
Income before provision for income taxes						$	15,894					10.7		%				$	12,853					9.4		%
Adjustments needed to reconcile GAAP income before provision for income taxes to non-GAAP income before provision for income taxes
Acquisition-related costs						30						—		%				—						—		%
Non-GAAP income before provision for income taxes						$	15,924					10.7		%				$	12,853					9.4		%
GAAP provision for income taxes						$	4,017											$	1,908
Tax effect on non-GAAP adjustments						8												—
Non-GAAP provision for income taxes						$	4,025											$	1,908

Net Income

For Q3 of fiscal 2022, net income was $11.9 million, or 8.0% of revenue, or $1.63 per diluted share, compared with net income of $10.9 million, or 8.0% of revenue, or $1.44 per diluted share, for Q3 of fiscal 2021. Non-GAAP net income for Q3 of fiscal 2022 was $11.9 million, or 8.0% of revenue, or $1.64 per diluted share, compared with $10.9 million, or 8.0% of revenue, or $1.44 per diluted share, for Q3 of fiscal 2021.

Non-GAAP EBITDA

For Q3 of fiscal 2022, non-GAAP EBITDA was $19.6 million, or 13.2% of revenue, compared with $16.2 million, or 11.9% of revenue, for Q3 of fiscal 2021.

Constant Currency Basis

For Q3 of fiscal 2022, revenue was $148.4 million, and net income was $11.9 million, or 8.0% of revenue, or $1.63 per diluted share. On a constant currency basis relative to Q3 of fiscal 2021, Q3 of fiscal 2022 revenue would have been higher by $4.2 million to $152.6 million, GAAP net income would have increased by $0.7 million to $12.6 million, or 8.3% of revenue, and earnings per diluted share would have increased by $0.10 to $1.73 per diluted share.

For Q3 of fiscal 2022, revenue was $148.4 million, and non-GAAP net income was $11.9 million, or 8.0% of revenue, or $1.64 per diluted share. On a constant currency basis relative to Q3 of fiscal 2021, Q3 of fiscal 2022 revenue would have been higher by $4.2 million to $152.6 million, non-GAAP net income would have increased by $0.7 million to $12.6 million, or 8.3% of revenue, non-GAAP earnings per diluted share would have increased by $0.09 to $1.73 per diluted share, and non-GAAP EBITDA would have increased by $0.9 million to $20.5 million, or 13.4% 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 October 1, 2022 were $208.9 million, compared with $173.8 million at October 2, 2021. Current liabilities at October 1, 2022 were $231.0 million, compared with $182.1 million at October 2, 2021.

Total Days Sales Outstanding, or DSO, for Q3 of fiscal 2022 was 123 days, consisting of 77 days of billed and 46 days of unbilled. This compares with 112 days reported for Q3 of fiscal 2021, consisting of 68 days of billed and 44 days of unbilled.

Cash and Cash Flow

Cash and cash equivalents was $24.1 million at October 1, 2022, compared with $19.7 million at October 2, 2021.

Net cash provided by operating activities for Q3 of fiscal 2022 was $43.8 million, compared with net cash provided by operating activities of $50.1 million for Q3 of fiscal 2021.

As of October 1, 2022, outstanding borrowings under CRA’s revolving credit facility amounted to $45.0 million. At October 2, 2021, outstanding borrowings under CRA’s revolving credit facility amounted to $6.0 million.

Capital expenditures totaled $0.9 million for Q3 of fiscal 2022, compared with $0.6 million for Q3 of fiscal 2021.

CRA repurchased approximately 52,000 shares of its common stock during Q3 of fiscal 2022 for $5.0 million, compared with Q3 of fiscal 2021, when approximately 53,000 shares of common stock were repurchased for $5.0 million.

A quarterly cash dividend of $0.31 per common share, for total dividends and dividend equivalents of $2.2 million was paid in Q3 of fiscal 2022, compared with a quarterly cash dividend of $0.26 per common share, for total dividends and dividend equivalents of $1.9 million paid in Q3 of fiscal 2021.

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GAAP Condensed Consolidated Statement of Cash Flows

CRA has derived the condensed consolidated statement of cash flow data for the years ended January 1, 2022 and January 2, 2021 from its audited financial statements appearing on Form 10-K for the fiscal year ended January 1, 2022, filed with the Securities and Exchange Commission on March 3, 2022. The condensed consolidated statement of cash flow data for the first, second, and third quarters of fiscal year 2021 and the first, second, and third quarters of fiscal year 2022 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 1, 2022 and January 2, 2021 and have been prepared on the same basis as CRA’s audited financial statements.

GAAP Condensed Consolidated Statement of Cash Flows						LTM						Q3						Q2						Q1						Q4
($ in 000’s)						Q3 2022						2022						2022						2022						2021
Net cash provided by (used in) operating activities						$	26,780					$	43,797					$	(16,974)					$	(61,838)					$	61,795
Net cash used in investing activities						(14,077)						(932)						(267)						(11,985)						(893)
Net cash provided by (used in) financing activities						(4,913)						(32,840)						(10,011)						52,111						(14,173)
Effect of foreign exchange rates on cash and cash equivalents						(3,362)						(1,553)						(829)						(716)						(264)
Net increase (decrease) in cash and cash equivalents						$	4,428					$	8,472					$	(28,081)					$	(22,428)					$	46,465
Cash and cash equivalents at beginning of period						19,665						15,621						43,702						66,130						19,665
Cash and cash equivalents at end of period						$	24,093					$	24,093					$	15,621					$	43,702					$	66,130

GAAP Condensed Consolidated Statement of Cash Flows						LTM						Q3						Q2						Q1						Q4
($ in 000’s)						Q3 2021						2021						2021						2021						2020
Net cash provided by (used in) operating activities						$	79,218					$	50,126					$	3,625					$	(39,848)					$	65,315
Net cash used in investing activities						(3,082)						(560)						(478)						(692)						(1,352)
Net cash provided by (used in) financing activities						(82,378)						(43,428)						(20,857)						26,465						(44,558)
Effect of foreign exchange rates on cash and cash equivalents						1,799						(450)						58						27						2,164
Net increase (decrease) in cash and cash equivalents						$	(4,443)					$	5,688					$	(17,652)					$	(14,048)					$	21,569
Cash and cash equivalents at beginning of period						24,108						13,977						31,629						45,677						24,108
Cash and cash equivalents at end of period						$	19,665					$	19,665					$	13,977					$	31,629					$	45,677

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						Q3						Q2						Q1						Q4
($ in 000’s)						Q3 2022						2022						2022						2022						2021
GAAP net cash provided by (used in) operating activities						$	26,780					$	43,797					$	(16,974)					$	(61,838)					$	61,795
Forgivable loan advances						30,360						3,313						13,354						8,800						4,893
Forgivable loan repayments						(94)						—						(25)						—						(69)
Other non-recurring cash items (1)						233						30						92						111						—
Adjusted net cash flows from operations						$	57,279					$	47,140					$	(3,553)					$	(52,927)					$	66,619
Net revenue						$	580,691					$	148,441					$	149,102					$	148,382					$	134,766
GAAP net cash provided by (used in) operating activities as a percentage of net revenue						4.6		%				29.5		%				(11.4)		%				(41.7)		%				45.9		%
Adjusted net cash flows from operations as a percentage of net revenue						9.9		%				31.8		%				(2.4)		%				(35.7)		%				49.4		%

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Adjusted Net Cash Flows from Operations						LTM						Q3						Q2						Q1						Q4
($ in 000’s)						Q3 2021						2021						2021						2021						2020
GAAP net cash provided by (used in) operating activities						$	79,218					$	50,126					$	3,625					$	(39,848)					$	65,315
Forgivable loan advances						13,575						5,105						2,380						2,150						3,940
Forgivable loan repayments						—						—						—						—						—
Other non-recurring cash items (1)						10,393						—						—						10,393						—
Adjusted net cash flows from operations						$	103,186					$	55,231					$	6,005					$	(27,305)					$	69,255
Net revenue						$	568,589					$	136,412					$	148,237					$	146,518					$	137,422
GAAP net cash provided by (used in) operating activities as a percentage of net revenue						13.9		%				36.7		%				2.4		%				(27.2)		%				47.5		%
Adjusted net cash flows from operations as a percentage of net revenue						18.1		%				40.5		%				4.1		%				(18.6)		%				50.4		%

(1) Other non-recurring cash items includes acquisition-related costs in Q1, Q2, and Q3 of fiscal 2022 and a portion of the cash paid to settle a contingent consideration obligation in Q1 of fiscal 2021.

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 net income per share, non-GAAP EBITDA, non-GAAP income from operations, non-GAAP provision for income taxes, SG&A expenses excluding commissions and 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.

CRA defines non-GAAP EBITDA as net income before interest expense (net), income taxes, and depreciation and amortization further adjusted for the impact of certain items that it does not consider indicative of its core operating performance, such as non-cash amounts relating to valuation changes in contingent consideration, acquisition-related 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, 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. EBITDA and 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.

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CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

OCTOBER 1, 2022 COMPARED TO OCTOBER 2, 2021

(IN THOUSANDS, EXCEPT PER SHARE DATA)

			Fiscal Quarter Ended																								Fiscal Year-to-Date Period Ended
			October 1, 2022						As a % of Revenue						October 2, 2021						As a % of Revenue						October 1, 2022						As a % of Revenue						October 2, 2021						As a % of Revenue
Revenues			$	148,441					100.0		%				$	136,412					100.0		%				$	445,925					100.0		%				$	431,167					100.0		%
Cost of services (exclusive of depreciation and amortization)			102,267						68.9		%				95,980						70.4		%				309,403						69.4		%				306,396						71.1		%
Selling, general and administrative expenses			28,246						19.0		%				24,490						18.0		%				82,026						18.4		%				71,740						16.6		%
Depreciation and amortization			3,034						2.0		%				3,141						2.3		%				9,060						2.0		%				9,657						2.2		%
Income from operations			14,894						10.0		%				12,801						9.4		%				45,436						10.2		%				43,374						10.1		%
Interest expense, net			(667)						-0.4		%				(183)						-0.1		%				(1,343)						-0.3		%				(791)						-0.2		%
Foreign currency gains (losses), net			1,667						1.1		%				235						0.2		%				3,566						0.8		%				(253)						-0.1		%
Income before provision for income taxes			15,894						10.7		%				12,853						9.4		%				47,659						10.7		%				42,330						9.8		%
Provision for income taxes			4,017						2.7		%				1,908						1.4		%				12,713						2.9		%				9,318						2.2		%
Net income			$	11,877					8.0		%				$	10,945					8.0		%				$	34,946					7.8		%				$	33,012					7.7		%
Net income per share:
Basic			$	1.66											$	1.48											$	4.81											$	4.42
Diluted			$	1.63											$	1.44											$	4.72											$	4.31
Weighted average number of shares outstanding:
Basic			7,119												7,375												7,247												7,440
Diluted			7,246												7,560												7,376												7,643

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CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

OCTOBER 1, 2022 COMPARED TO OCTOBER 2, 2021

(IN THOUSANDS, EXCEPT PER SHARE DATA)

			Fiscal Quarter Ended																								Fiscal Year-to-Date Period Ended
			October 1, 2022						As a % of Revenue						October 2, 2021						As a % of Revenue						October 1, 2022						As a % of Revenue						October 2, 2021						As a % of Revenue
Revenues			$	148,441					100.0		%				$	136,412					100.0		%				$	445,925					100.0		%				$	431,167					100.0		%
Net income			$	11,877					8.0		%				$	10,945					8.0		%				$	34,946					7.8		%				$	33,012					7.7		%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration			—						—		%				—						—		%				—						—		%				380						0.1		%
Acquisition-related costs			30						—		%				—						—		%				233						0.1		%				—						—		%
Tax effect on adjustments			(8)						—		%				—						—		%				(62)						—		%				(103)						—		%
Non-GAAP net income			$	11,899					8.0		%				$	10,945					8.0		%				$	35,117					7.9		%				$	33,289					7.7		%
Non-GAAP net income per share:
Basic			$	1.66											$	1.48											$	4.83											$	4.46
Diluted			$	1.64											$	1.44											$	4.75											$	4.34
Weighted average number of shares outstanding:
Basic			7,119												7,375												7,247												7,440
Diluted			7,246												7,560												7,376												7,643

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CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

OCTOBER 1, 2022 COMPARED TO OCTOBER 2, 2021

(IN THOUSANDS)

			Fiscal Quarter Ended																								Fiscal Year-to-Date Period Ended
			October 1, 2022						As a % of  Revenue						October 2, 2021						As a % of  Revenue						October 1, 2022						As a % of  Revenue						October 2, 2021						As a % of  Revenue
Revenues			$	148,441					100.0		%				$	136,412					100.0		%				$	445,925					100.0		%				$	431,167					100.0		%
Net income			$	11,877					8.0		%				$	10,945					8.0		%				$	34,946					7.8		%				$	33,012					7.7		%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration			—						—		%				—						—		%				—						—		%				380						0.1		%
Acquisition-related costs			30						—		%				—						—		%				233						0.1		%				—						—		%
Tax effect on adjustments			(8)						—		%				—						—		%				(62)						—		%				(103)						—		%
Non-GAAP net income			$	11,899					8.0		%				$	10,945					8.0		%				$	35,117					7.9		%				$	33,289					7.7		%
Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:
Interest expense, net			667						0.4		%				183						0.1		%				1,343						0.3		%				791						0.2		%
Provision for income taxes			4,025						2.7		%				1,908						1.4		%				12,775						2.9		%				9,421						2.2		%
Depreciation and amortization			3,034						2.0		%				3,141						2.3		%				9,060						2.0		%				9,657						2.2		%
Non-GAAP EBITDA			$	19,625					13.2		%				$	16,177					11.9		%				$	58,295					13.1		%				$	53,158					12.3		%

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CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

			October 1, 2022						January 1, 2022
Assets
Cash and cash equivalents			$	24,093					$	66,130
Accounts receivable and unbilled services, net			208,850						162,057
Other current assets			24,446						21,160
Total current assets			257,389						249,347
Property and equipment, net			46,967						53,612
Goodwill and intangible assets, net			96,504						93,117
Right-of-use assets			98,425						110,475
Other assets			54,994						48,809
Total assets			$	554,279					$	555,360
Liabilities and Shareholders’ Equity
Accounts payable			$	26,387					$	23,511
Accrued expenses			132,641						156,314
Current portion of lease liabilities			15,478						14,337
Revolving line of credit			45,000						—
Other current liabilities			11,531						18,924
Total current liabilities			231,037						213,086
Non-current portion of lease liabilities			108,936						124,464
Other non-current liabilities			13,631						11,976
Total liabilities			353,604						349,526
Total shareholders’ equity			200,675						205,834
Total liabilities and shareholders’ equity			$	554,279					$	555,360

9

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

			Fiscal Year-to-Date Period Ended
			October 1, 2022						October 2, 2021
Operating activities:
Net income			$	34,946					$	33,012
Adjustments to reconcile net income to net cash provided by (used in) operating activities, net of effect of acquired business:
Non-cash items, net			21,723						20,665
Accounts receivable and unbilled services			(48,853)						(22,041)
Working capital items, net			(42,831)						(17,733)
Net cash provided by (used in) operating activities			(35,015)						13,903
Investing activities:
Purchases of property and equipment, net			(2,999)						(1,730)
Consideration paid for acquisition, net			(10,185)						—
Net cash used in investing activities			(13,184)						(1,730)
Financing activities:
Issuance of common stock, principally stock options exercises			760						5,005
Borrowings under revolving line of credit			124,000						72,000
Repayments under revolving line of credit			(79,000)						(66,000)
Payments for debt issuance costs			(1,008)						—
Tax withholding payments reimbursed by shares			(1,002)						(588)
Cash paid for contingent consideration			—						(2,357)
Cash dividends paid			(6,860)						(5,903)
Repurchase of common stock			(27,630)						(39,977)
Net cash provided by (used in) financing activities			9,260						(37,820)
Effect of foreign exchange rates on cash and cash equivalents			(3,098)						(365)
Net decrease in cash and cash equivalents			(42,037)						(26,012)
Cash and cash equivalents at beginning of period			66,130						45,677
Cash and cash equivalents at end of period			$	24,093					$	19,665
Noncash investing and financing activities:
Increase (decrease) in accounts payable and accrued expenses for property and equipment			$	(201)					$	(7)
Right-of-use assets obtained in exchange for lease obligations			$	2,146					$	1,751
Restricted common stock issued for contingent consideration			$	—					$	2,250
Supplemental cash flow information:
Cash paid for taxes			$	11,407					$	12,484
Cash paid for interest			$	1,026					$	528
Cash paid for amounts included in operating lease liabilities			$	15,864					$	15,556

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