CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
OPERATING ACTIVITIES:
Net income	$ 27,022	$ 34,946
Adjustments to reconcile net income to net cash used in operating activities, net of effect of acquired businesses:
Depreciation and amortization	8,762	9,060
Right-of-use asset amortization	10,602	10,260
Deferred income taxes	(1,257)	(157)
Share-based compensation expense	3,024	3,567
Bad debt expense (recovery)	523	(345)
Unrealized foreign currency remeasurement (gains) losses, net	(112)	(662)
Changes in operating assets and liabilities:
Accounts receivable	18,785	(17,989)
Unbilled services	(17,226)	(30,864)
Prepaid expenses and other current assets, and other assets	(4,006)	(1,883)
Forgivable loans	(2,306)	(7,361)
Incentive cash awards	6,110	4,863
Accounts payable, accrued expenses, and other liabilities	(36,786)	(26,336)
Lease liabilities	(13,162)	(12,114)
Net cash used in operating activities	(27)	(35,015)
INVESTING ACTIVITIES:
Purchases of property and equipment	(2,008)	(2,999)
Consideration paid for acquisition, net	(577)	(10,185)
Net cash used in investing activities	(2,585)	(13,184)
FINANCING ACTIVITIES:
Issuance of common stock, principally stock option exercises	0	760
Borrowings under revolving line of credit	105,000	124,000
Repayments under revolving line of credit	(73,000)	(79,000)
Payments for debt issuance costs	0	(1,008)
Tax withholding payments reimbursed by shares	(2,040)	(1,002)
Cash dividends paid	(7,773)	(6,860)
Repurchase of common stock	(23,577)	(27,630)
Net cash provided by (used in) financing activities	(1,390)	9,260
Effect of foreign exchange rates on cash and cash equivalents	159	(3,098)
Net decrease in cash and cash equivalents	(3,843)	(42,037)
Cash and cash equivalents at beginning of period	31,447	66,130
Cash and cash equivalents at end of period	27,604	24,093
Noncash investing and financing activities:
Increase (decrease) in accounts payable and accrued expenses for property and equipment	(129)	(201)
Excise tax on share repurchases	(190)	0
Right-of-use assets obtained in exchange for lease obligations	2,503	2,146
Supplemental cash flow information:
Cash paid for taxes	9,953	11,407
Cash paid for interest	2,904	1,026
Cash paid for amounts included in operating lease liabilities	$ 16,660	$ 15,864

CRA INTERNATIONAL, INC. 10-Q