Cra International (CRAI) Gets a Hold from William BlairWe expect management to gradually build out these hires’ staffing pyramids over the coming quarters, which should help narrow the prevailing gap between revenue and headcount growth (which should mirror one another over the medium to long term).Management raised full year 2025 revenue guidance, now calling for constant-currency revenue of $740 million-$748 million (up from $730 million-$745 million previously, and versus our prior estimate of $740 million). The company also raised the low end of its non-GAAP EBITDA margin guide by 30 basis points to a range of 12.6%-13.0% (compared to our prior estimate of 12.8%). The raise reflects the firm’s consistently strong performance to date, but still embeds the potential for global macroeconomic, business, and political risks to arise. Overall, management's visibility into the fourth quarter is consistent with last year.