CRA International,Inc

CRA International is primarily a U.S. business, but it has a meaningful international footprint through client work outside the United States. Management disclosed that revenues outside the U.S. represented about 18% to 21% of net revenues in recent quarters, indicating that cross-border demand is an important part of the mix. The company does not disclose a detailed country-by-country revenue split in the provided excerpts, so the geographic picture is best understood at the U.S. versus non-U.S. level. International exposure matters because it introduces currency, legal, and regulatory complexity, while the U.S. remains the core operating base and largest market.

CRA International’s main business risk is demand volatility in litigation, regulatory, and consulting assignments, which can shift with client budgets, case timing, and broader economic conditions. Because the company relies on highly paid professionals, margin performance is sensitive to utilization, compensation inflation, and the ability to keep consultants billable. Fixed-price projects can create execution risk if delivery costs exceed expectations, especially in management consulting where pricing is set in advance. The company also faces international exposure, including foreign currency effects and cross-border regulatory complexity, even though most revenue is still U.S.-based. Management notes that acquisitions, changes in employee levels, and capital market conditions could require additional funding, adding financial flexibility risk on top of operating risk.