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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 27, 2024
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________ to___________
Commission File Number 0-18655
EXPONENT, INC.
(Exact name of registrant as specified in its charter)
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delaware |
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77-0218904 |
(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
incorporation or organization) |
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149 COMMONWEALTH DRIVE, MENLO PARK, California |
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94025 |
(Address of principal executive office) |
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(Zip Code) |
(650) 326-9400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol |
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Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
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EXPO |
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Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
☐ |
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Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
As of October 25, 2024, the latest practicable date, the registrant had 50,764,457 shares of common stock outstanding.
EXPONENT, INC.
FORM 10-Q
TABLE OF CONTENTS
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Page |
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PART I – FINANCIAL INFORMATION |
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3 |
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Item 1. |
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Financial Statements (unaudited): |
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3 |
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Condensed Consolidated Balance Sheets September 27, 2024 and December 29, 2023 |
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3 |
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Condensed Consolidated Statements of Income For the Three and Nine Months Ended September 27, 2024 and September 29, 2023 |
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4 |
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Condensed Consolidated Statements of Comprehensive Income For the Three and Nine Months Ended September 27, 2024 and September 29, 2023 |
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5 |
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Condensed Consolidated Statements of Stockholders’ Equity For the Three and Nine Months Ended September 27, 2024 and September 29, 2023 |
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6 |
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Condensed Consolidated Statements of Cash Flows For the Nine Months Ended September 27, 2024 and September 29, 2023 |
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8 |
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Notes to Unaudited Condensed Consolidated Financial Statements |
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9 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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20 |
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Item 3. |
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Quantitative and Qualitative Disclosures About Market Risk |
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30 |
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Item 4. |
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Controls and Procedures |
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30 |
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PART II – OTHER INFORMATION |
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31 |
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Item 1. |
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Legal Proceedings |
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31 |
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Item 1A. |
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Risk Factors |
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31 |
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Item 2. |
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Unregistered Sales of Equity Securities and Use of Proceeds |
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31 |
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Item 3. |
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Defaults Upon Senior Securities |
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31 |
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Item 4. |
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Mine Safety Disclosures |
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31 |
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Item 5. |
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Other Information |
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31 |
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Item 6. |
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Exhibits |
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32 |
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Signatures |
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33 |
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
EXPONENT, INC.
Condensed Consolidated Balance Sheets
September 27, 2024 and December 29, 2023
(in thousands, except par value)
(unaudited)
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September 27,
2024 |
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December 29,
2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
219,708 |
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$ |
187,150 |
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Accounts receivable, net of allowance for contract losses and doubtful accounts
of $6,481 and $5,281 at September 27, 2024 and December 29, 2023, respectively |
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168,618 |
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167,360 |
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Prepaid expenses and other current assets |
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24,255 |
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25,022 |
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Total current assets |
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412,581 |
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379,532 |
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Property, equipment and leasehold improvements, net of accumulated depreciation and amortization of $110,828 and $104,011 at September 27, 2024 and December 29, 2023, respectively |
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72,862 |
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75,318 |
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Operating lease right-of-use assets |
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75,797 |
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24,600 |
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Goodwill |
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8,607 |
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8,607 |
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Deferred income taxes |
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54,345 |
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53,824 |
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Deferred compensation plan assets |
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113,225 |
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101,169 |
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Other assets |
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6,648 |
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3,727 |
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Total assets |
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$ |
744,065 |
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$ |
646,777 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable and accrued liabilities |
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$ |
22,646 |
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$ |
22,125 |
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Accrued payroll and employee benefits |
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96,738 |
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111,773 |
|
Deferred revenues |
|
|
13,414 |
|
|
|
21,709 |
|
Operating lease liabilities |
|
|
4,940 |
|
|
|
6,302 |
|
Total current liabilities |
|
|
137,738 |
|
|
|
161,909 |
|
|
|
|
|
|
|
|
Other liabilities |
|
|
4,604 |
|
|
|
3,426 |
|
Deferred compensation plan liabilities |
|
|
115,527 |
|
|
|
103,398 |
|
Operating lease liabilities |
|
|
75,922 |
|
|
|
21,959 |
|
Total liabilities |
|
|
333,791 |
|
|
|
290,692 |
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, $0.001 par value; 120,000 shares authorized; 65,707 shares issued
at September 27, 2024 and December 29, 2023 |
|
|
66 |
|
|
|
66 |
|
Additional paid-in capital |
|
|
342,301 |
|
|
|
321,448 |
|
Accumulated other comprehensive loss |
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(1,606 |
) |
|
|
(2,977 |
) |
Retained earnings |
|
|
614,991 |
|
|
|
574,082 |
|
Treasury stock, at cost; 14,942 and 15,134 shares held at September 27, 2024
and December 29, 2023, respectively |
|
|
(545,478 |
) |
|
|
(536,534 |
) |
Total stockholders’ equity |
|
|
410,274 |
|
|
|
356,085 |
|
Total liabilities and stockholders’ equity |
|
$ |
744,065 |
|
|
$ |
646,777 |
|
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
EXPONENT, INC.
Condensed Consolidated Statements of Income
For the Three and Nine Months Ended September 27, 2024 and September 29, 2023
(in thousands, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues before reimbursements |
|
$ |
125,085 |
|
|
$ |
124,959 |
|
|
$ |
394,726 |
|
|
$ |
383,317 |
|
Reimbursements |
|
|
11,194 |
|
|
|
8,377 |
|
|
|
27,022 |
|
|
|
30,549 |
|
Revenues |
|
|
136,279 |
|
|
|
133,336 |
|
|
|
421,748 |
|
|
|
413,866 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and related expenses |
|
|
81,954 |
|
|
|
74,011 |
|
|
|
251,747 |
|
|
|
241,028 |
|
Other operating expenses |
|
|
11,975 |
|
|
|
10,997 |
|
|
|
33,691 |
|
|
|
30,863 |
|
Reimbursable expenses |
|
|
11,194 |
|
|
|
8,377 |
|
|
|
27,022 |
|
|
|
30,549 |
|
General and administrative expenses |
|
|
5,309 |
|
|
|
6,018 |
|
|
|
16,984 |
|
|
|
18,498 |
|
Total operating expenses |
|
|
110,432 |
|
|
|
99,403 |
|
|
|
329,444 |
|
|
|
320,938 |
|
Operating income |
|
|
25,847 |
|
|
|
33,933 |
|
|
|
92,304 |
|
|
|
92,928 |
|
Other income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
2,559 |
|
|
|
1,858 |
|
|
|
7,416 |
|
|
|
5,221 |
|
Miscellaneous income (expense), net |
|
|
7,531 |
|
|
|
(1,774 |
) |
|
|
16,322 |
|
|
|
7,659 |
|
Total other income, net |
|
|
10,090 |
|
|
|
84 |
|
|
|
23,738 |
|
|
|
12,880 |
|
Income before income taxes |
|
|
35,937 |
|
|
|
34,017 |
|
|
|
116,042 |
|
|
|
105,808 |
|
Income taxes |
|
|
9,893 |
|
|
|
9,479 |
|
|
|
30,629 |
|
|
|
26,398 |
|
Net income |
|
$ |
26,044 |
|
|
$ |
24,538 |
|
|
$ |
85,413 |
|
|
$ |
79,410 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.51 |
|
|
$ |
0.48 |
|
|
$ |
1.67 |
|
|
$ |
1.55 |
|
Diluted |
|
$ |
0.50 |
|
|
$ |
0.48 |
|
|
$ |
1.66 |
|
|
$ |
1.54 |
|
Shares used in per share computations: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
51,177 |
|
|
|
51,203 |
|
|
|
51,098 |
|
|
|
51,197 |
|
Diluted |
|
|
51,622 |
|
|
|
51,645 |
|
|
|
51,527 |
|
|
|
51,680 |
|
Cash dividends declared per common share |
|
$ |
0.28 |
|
|
$ |
0.26 |
|
|
$ |
0.84 |
|
|
$ |
0.78 |
|
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
EXPONENT, INC.
Condensed Consolidated Statements of Comprehensive Income
For the Three and Nine Months Ended September 27, 2024 and September 29, 2023
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Net income |
|
$ |
26,044 |
|
|
$ |
24,538 |
|
|
$ |
85,413 |
|
|
$ |
79,410 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments, net of tax |
|
|
1,567 |
|
|
|
(515 |
) |
|
|
1,371 |
|
|
|
(188 |
) |
Comprehensive income |
|
$ |
27,611 |
|
|
$ |
24,023 |
|
|
$ |
86,784 |
|
|
$ |
79,222 |
|
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
EXPONENT, INC
Condensed Consolidated Statements of Stockholders’ Equity
For the Three and Nine Months Ended September 27, 2024 and September 29, 2023
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three and Nine Months Ended September 27, 2024 |
|
|
|
Common Stock |
|
|
Additional
paid-in |
|
|
Accumulated
other
comprehensive |
|
|
Retained |
|
|
Treasury Stock |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
capital |
|
|
loss |
|
|
earnings |
|
|
Shares |
|
|
Amount |
|
|
Total |
|
Balance at December 29, 2023 |
|
|
65,707 |
|
|
$ |
66 |
|
|
$ |
321,448 |
|
|
$ |
(2,977 |
) |
|
$ |
574,082 |
|
|
|
15,134 |
|
|
$ |
(536,534 |
) |
|
$ |
356,085 |
|
Employee stock purchase plan |
|
|
- |
|
|
|
- |
|
|
|
842 |
|
|
|
- |
|
|
|
- |
|
|
|
(12 |
) |
|
|
116 |
|
|
|
958 |
|
Amortization of unrecognized stock-based compensation |
|
|
- |
|
|
|
- |
|
|
|
6,521 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,521 |
|
Purchase of treasury shares |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
74 |
|
|
|
(5,710 |
) |
|
|
(5,710 |
) |
Foreign currency translation adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(196 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(196 |
) |
Grant of restricted stock units to settle accrued bonus |
|
|
- |
|
|
|
- |
|
|
|
10,846 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,846 |
|
Settlement of restricted stock units |
|
|
- |
|
|
|
- |
|
|
|
(1,875 |
) |
|
|
- |
|
|
|
(720 |
) |
|
|
(166 |
) |
|
|
(4,201 |
) |
|
|
(6,796 |
) |
Exercise of stock options |
|
|
|
|
|
|
|
|
952 |
|
|
|
|
|
|
|
|
|
(54 |
) |
|
|
542 |
|
|
|
1,494 |
|
Dividends and dividend equivalent rights |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(29,358 |
) |
|
|
- |
|
|
|
- |
|
|
|
(29,358 |
) |
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
59,369 |
|
|
|
- |
|
|
|
- |
|
|
|
59,369 |
|
Balance at June 28, 2024 |
|
|
65,707 |
|
|
$ |
66 |
|
|
$ |
338,734 |
|
|
$ |
(3,173 |
) |
|
$ |
603,373 |
|
|
|
14,976 |
|
|
$ |
(545,787 |
) |
|
$ |
393,213 |
|
Employee stock purchase plan |
|
|
- |
|
|
|
- |
|
|
|
413 |
|
|
|
- |
|
|
|
- |
|
|
|
(4 |
) |
|
|
44 |
|
|
|
457 |
|
Amortization of unrecognized stock-based compensation |
|
|
- |
|
|
|
- |
|
|
|
2,623 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,623 |
|
Foreign currency translation adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,567 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,567 |
|
Settlement of restricted stock units |
|
|
|
|
|
|
|
|
(13 |
) |
|
|
|
|
|
|
|
|
(1 |
) |
|
|
(21 |
) |
|
|
(34 |
) |
Exercise of stock options |
|
|
|
|
|
|
|
|
544 |
|
|
|
|
|
|
|
|
|
(29 |
) |
|
|
286 |
|
|
|
830 |
|
Dividends and dividend equivalent rights |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(14,426 |
) |
|
|
- |
|
|
|
- |
|
|
|
(14,426 |
) |
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
26,044 |
|
|
|
- |
|
|
|
- |
|
|
|
26,044 |
|
Balance at September 27, 2024 |
|
|
65,707 |
|
|
$ |
66 |
|
|
$ |
342,301 |
|
|
$ |
(1,606 |
) |
|
$ |
614,991 |
|
|
|
14,942 |
|
|
$ |
(545,478 |
) |
|
$ |
410,274 |
|
|
|
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
EXPONENT, INC
Condensed Consolidated Statements of Stockholders’ Equity
For the Three and Nine Months Ended September 27, 2024 and September 29, 2023
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three and Nine Months Ended September 29, 2023 |
|
|
|
Common Stock |
|
|
Additional
paid-in |
|
|
Accumulated
other
comprehensive |
|
|
Retained |
|
|
Treasury Stock |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
capital |
|
|
income (loss) |
|
|
earnings |
|
|
Shares |
|
|
Amount |
|
|
Total |
|
Balance at December 30, 2022 |
|
|
65,707 |
|
|
$ |
66 |
|
|
$ |
301,002 |
|
|
$ |
(3,587 |
) |
|
$ |
528,810 |
|
|
|
15,064 |
|
|
$ |
(505,539 |
) |
|
$ |
320,752 |
|
Employee stock purchase plan |
|
|
- |
|
|
|
- |
|
|
|
1,015 |
|
|
|
- |
|
|
|
- |
|
|
|
(12 |
) |
|
|
128 |
|
|
|
1,143 |
|
Amortization of unrecognized stock-based compensation |
|
|
- |
|
|
|
- |
|
|
|
6,627 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,627 |
|
Foreign currency translation adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
327 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
327 |
|
Grant of restricted stock units to settle accrued bonus |
|
|
- |
|
|
|
- |
|
|
|
10,497 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,497 |
|
Settlement of restricted stock units |
|
|
- |
|
|
|
- |
|
|
|
(1,817 |
) |
|
|
- |
|
|
|
(1,009 |
) |
|
|
(186 |
) |
|
|
(7,094 |
) |
|
|
(9,920 |
) |
Exercise of stock options |
|
|
|
|
|
|
|
|
22 |
|
|
|
|
|
|
|
|
|
(8 |
) |
|
|
78 |
|
|
|
100 |
|
Dividends and dividend equivalent rights |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(27,319 |
) |
|
|
- |
|
|
|
- |
|
|
|
(27,319 |
) |
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
54,872 |
|
|
|
- |
|
|
|
- |
|
|
|
54,872 |
|
Balance at June 30, 2023 |
|
|
65,707 |
|
|
$ |
66 |
|
|
$ |
317,346 |
|
|
$ |
(3,260 |
) |
|
$ |
555,354 |
|
|
|
14,858 |
|
|
$ |
(512,427 |
) |
|
$ |
357,079 |
|
Employee stock purchase plan |
|
|
- |
|
|
|
- |
|
|
|
498 |
|
|
|
- |
|
|
|
- |
|
|
|
(7 |
) |
|
|
71 |
|
|
|
569 |
|
Amortization of unrecognized stock-based compensation |
|
|
- |
|
|
|
- |
|
|
|
2,308 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,308 |
|
Purchase of treasury stock |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
189 |
|
|
|
(16,970 |
) |
|
|
(16,970 |
) |
Foreign currency translation adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(515 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(515 |
) |
Dividends and dividend equivalent rights |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(13,374 |
) |
|
|
- |
|
|
|
- |
|
|
|
(13,374 |
) |
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
24,538 |
|
|
|
- |
|
|
|
- |
|
|
|
24,538 |
|
Balance at September 29, 2023 |
|
|
65,707 |
|
|
$ |
66 |
|
|
$ |
320,152 |
|
|
$ |
(3,775 |
) |
|
$ |
566,518 |
|
|
|
15,040 |
|
|
$ |
(529,326 |
) |
|
$ |
353,635 |
|
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
EXPONENT, INC.
Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 27, 2024 and September 29, 2023
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
85,413 |
|
|
$ |
79,410 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation and amortization of property, equipment and
leasehold improvements |
|
|
7,199 |
|
|
|
6,535 |
|
Provision for contract losses and doubtful accounts |
|
|
3,140 |
|
|
|
1,911 |
|
Stock-based compensation |
|
|
18,382 |
|
|
|
17,177 |
|
Deferred income tax provision |
|
|
(521 |
) |
|
|
(539 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(4,398 |
) |
|
|
(13,551 |
) |
Prepaid expenses and other current assets |
|
|
257 |
|
|
|
(5,886 |
) |
Change in operating leases |
|
|
1,404 |
|
|
|
(451 |
) |
Accounts payable and accrued liabilities |
|
|
1,502 |
|
|
|
(7,094 |
) |
Accrued payroll and employee benefits |
|
|
(15,598 |
) |
|
|
(13,124 |
) |
Deferred revenues |
|
|
(8,295 |
) |
|
|
(8,345 |
) |
Net cash provided by operating activities |
|
|
88,485 |
|
|
|
56,043 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
Capital expenditures |
|
|
(4,342 |
) |
|
|
(14,422 |
) |
Net cash used in investing activities |
|
|
(4,342 |
) |
|
|
(14,422 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
Payroll taxes for restricted stock units |
|
|
(6,830 |
) |
|
|
(9,920 |
) |
Repurchase of common stock |
|
|
(5,709 |
) |
|
|
(16,970 |
) |
Exercise of stock-based payment awards |
|
|
3,739 |
|
|
|
1,812 |
|
Dividends and dividend equivalents rights |
|
|
(43,988 |
) |
|
|
(40,894 |
) |
Net cash used in financing activities |
|
|
(52,788 |
) |
|
|
(65,972 |
) |
Effect of foreign currency exchange rates on cash and cash equivalents |
|
|
1,203 |
|
|
|
(8 |
) |
Net change in cash and cash equivalents |
|
|
32,558 |
|
|
|
(24,359 |
) |
Cash and cash equivalents at beginning of period |
|
|
187,150 |
|
|
|
161,458 |
|
Cash and cash equivalents at end of period |
|
$ |
219,708 |
|
|
$ |
137,099 |
|
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
EXPONENT, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1: Basis of Presentation
Exponent, Inc. (referred to as the “Company” or “Exponent”) is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December.
The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three and nine months ended September 27, 2024 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023, which was filed with the U.S. Securities and Exchange Commission on February 23, 2024 and amended on April 17, 2024.
The unaudited condensed consolidated financial statements include the accounts of Exponent and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts. Actual results could differ from those estimates.
Note 2: Revenue Recognition
Substantially all of the Company’s engagements are performed under time and materials or fixed-price arrangements. For time and materials contracts, the Company utilizes the practical expedient under Accounting Standards Codification 606 – Revenue from Contracts with Customers, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value of the entity’s performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided) then the entity may recognize revenue in the amount to which the entity has a right to invoice.
The following table discloses the percentage of the Company’s revenue generated from time and materials contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering & Other Scientific |
|
|
63 |
% |
|
|
61 |
% |
|
|
63 |
% |
|
|
63 |
% |
Environmental and Health |
|
|
15 |
% |
|
|
15 |
% |
|
|
16 |
% |
|
|
15 |
% |
Total time and materials revenues |
|
|
78 |
% |
|
|
76 |
% |
|
|
79 |
% |
|
|
78 |
% |
For fixed-price contracts, the Company recognizes revenue over time because of the continuous transfer of control to the customer. The customer typically controls the work in process as evidenced either by contractual termination clauses or by the Company’s rights to payment for work performed to date to deliver services that do not have an alternative use to the Company. Revenue for fixed-price contracts is recognized based on the relationship of incurred labor hours at standard rates to the Company’s estimate of the total labor hours at standard rates it expects to
incur over the term of the contract. The Company believes this methodology achieves a reliable measure of the revenue from the consulting services it provides to its customers under fixed-price contracts given the nature of the consulting services the Company provides.
The following table discloses the percentage of the Company’s revenue generated from fixed price contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering & Other Scientific |
|
|
21 |
% |
|
|
23 |
% |
|
|
20 |
% |
|
|
20 |
% |
Environmental and Health |
|
|
1 |
% |
|
|
1 |
% |
|
|
1 |
% |
|
|
2 |
% |
Total fixed price revenues |
|
|
22 |
% |
|
|
24 |
% |
|
|
21 |
% |
|
|
22 |
% |
Deferred revenues represent amounts billed to clients in advance of services provided. During the third quarter of 2024, $3,666,000 of revenues were recognized that were included in the deferred revenue balance at June 28, 2024. During the first nine months of 2024, $12,974,000 of revenues were recognized that were included in the deferred revenue balance at December 29, 2023.
Reimbursements, including those related to travel and other out-of-pocket expenses, and other similar third- party costs such as the cost of materials and certain subcontracts, are included in revenues, and an equivalent amount of reimbursable expenses are included in operating expenses. Any mark-up on reimbursable expenses is included in revenues before reimbursements. The Company reports revenues net of subcontractor fees for certain subcontracts where the Company has determined that it is acting as an agent because its performance obligation is to arrange for the provision of goods or services by another party. The total amount of subcontractor fees not included in revenues because the Company was acting as an agent were $2,689,000 and $2,379,000 during the third quarter of 2024 and 2023, respectively, and $9,222,000 and $10,727,000 during the first nine months of 2024 and 2023, respectively.
Note 3: Fair Value Measurements
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including money market securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There were no transfers between fair value measurement levels during the three and nine months ended September 27, 2024 and September 29, 2023. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at September 27, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using |
|
(In thousands) |
|
Total |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) |
|
|
Significant Other
Observable Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities (1) |
|
$ |
56,869 |
|
|
$ |
56,869 |
|
|
$ |
- |
|
|
$ |
- |
|
Fixed income trading securities held in deferred
compensation plan (2) |
|
|
38,935 |
|
|
|
38,935 |
|
|
|
- |
|
|
|
- |
|
Equity trading securities held in deferred compensation
plan (2) |
|
|
87,859 |
|
|
|
87,859 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
183,663 |
|
|
$ |
183,663 |
|
|
$ |
- |
|
|
$ |
- |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan (3) |
|
|
127,722 |
|
|
|
127,722 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
127,722 |
|
|
$ |
127,722 |
|
|
$ |
- |
|
|
$ |
- |
|
(1)Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.
(2)Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.
(3)Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.
The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using |
|
(In thousands) |
|
Total |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) |
|
|
Significant Other
Observable Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities (1) |
|
$ |
54,686 |
|
|
$ |
54,686 |
|
|
$ |
- |
|
|
$ |
- |
|
Fixed income trading securities held in deferred
compensation plan (2) |
|
|
36,788 |
|
|
|
36,788 |
|
|
|
- |
|
|
|
- |
|
Equity trading securities held in deferred compensation
plan (2) |
|
|
78,399 |
|
|
|
78,399 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
169,873 |
|
|
$ |
169,873 |
|
|
$ |
- |
|
|
$ |
- |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan (3) |
|
|
116,564 |
|
|
|
116,564 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
116,564 |
|
|
$ |
116,564 |
|
|
$ |
- |
|
|
$ |
- |
|
(1)Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.
(2)Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.
(3)Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.
Money market securities as of September 27, 2024 and December 29, 2023 represent obligations of the United States Treasury. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 6 for additional information about the Company’s deferred compensation plan.
Cash and cash equivalents consisted of the following as of September 27, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
(In thousands) |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
Classified as current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
162,839 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
162,839 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities |
|
|
56,869 |
|
|
|
- |
|
|
|
- |
|
|
|
56,869 |
|
Total cash equivalents |
|
|
56,869 |
|
|
|
- |
|
|
|
- |
|
|
|
56,869 |
|
Total cash and cash equivalents |
|
|
219,708 |
|
|
|
- |
|
|
|
- |
|
|
|
219,708 |
|
Cash and cash equivalents consisted of the following as of December 29, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
(In thousands) |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
Classified as current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
132,464 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
132,464 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities |
|
|
54,686 |
|
|
|
- |
|
|
|
- |
|
|
|
54,686 |
|
Total cash equivalents |
|
|
54,686 |
|
|
|
- |
|
|
|
- |
|
|
|
54,686 |
|
Total cash and cash equivalents |
|
$ |
187,150 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
187,150 |
|
At September 27, 2024 and December 29, 2023, the Company did not have any assets or liabilities valued using significant unobservable inputs.
The following financial instruments are not measured at fair value on the Company's unaudited condensed consolidated balance sheet at September 27, 2024 and December 29, 2023, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at September 27, 2024 and December 29, 2023 approximates their carrying value as reported on the Company’s unaudited condensed consolidated balance sheet.
Note 4: Net Income Per Share
Basic per share amounts are computed using the weighted-average number of shares of common stock outstanding during the period. Diluted per share amounts are calculated using the weighted-average number of shares of common stock outstanding during the period and, when dilutive, the weighted-average number of potential shares of common stock from the issuance of common stock to satisfy outstanding restricted stock units and the exercise of outstanding options to purchase common stock using the treasury stock method.
The following schedule reconciles the shares used to calculate basic and diluted net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Shares used in basic per share computation |
|
|
51,177 |
|
|
|
51,203 |
|
|
|
51,098 |
|
|
|
51,197 |
|
Effect of dilutive common stock options
outstanding |
|
|
175 |
|
|
|
183 |
|
|
|
172 |
|
|
|
195 |
|
Effect of dilutive restricted stock units
outstanding |
|
|
270 |
|
|
|
259 |
|
|
|
257 |
|
|
|
288 |
|
Shares used in diluted per share
computation |
|
|
51,622 |
|
|
|
51,645 |
|
|
|
51,527 |
|
|
|
51,680 |
|
Common stock options to purchase 30,000 and 63,333 shares were excluded from the diluted per share calculation for the three months ended September 27, 2024 and September 29, 2023, respectively, due to their anti-dilutive effect. Common stock options to purchase 63,333 and 24,835 shares were excluded from the diluted per share calculation for the nine months ended September 27, 2024 and September 29, 2023, respectively, due to their anti-dilutive effect.
Note 5: Stock-Based Compensation
Restricted Stock Units
Restricted stock unit grants are designed to attract and retain employees, and to better align employee interests with those of the Company’s stockholders. For a select group of employees, up to 40% of their annual bonus is settled with fully vested restricted stock unit awards. Under these fully vested restricted stock unit awards, the holder of each award has the right to receive one share of the Company’s common stock for each fully vested restricted stock unit four years from the date of grant. Each individual who receives a fully vested restricted stock unit award is also granted a matching number of unvested restricted stock unit awards. Unvested restricted stock unit awards are also granted for select new hires and promotions. These unvested restricted stock unit awards generally cliff vest four years from the date of grant, at which time the holder of each award will have the right to receive one share of the Company’s common stock for each restricted stock unit award provided the holder of each award has met certain employment conditions. In the case of retirement at 59½ years or older, all unvested restricted stock unit awards will vest, provided that the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company.
The value of these restricted stock unit awards is determined based on the market price of the Company’s common stock on the date of grant. The value of fully vested restricted stock unit awards issued is recorded as a reduction to accrued bonuses. The portion of bonus expense that the Company expects to settle with fully vested restricted stock unit awards is recorded as stock-based compensation during the period the bonus is earned. The
Company recorded stock-based compensation expense associated with accrued bonus awards of $2,842,000 and $2,583,000 during the three months ended September 27, 2024 and September 29, 2023, respectively. For the nine months ended September 27, 2024 and September 29, 2023, the Company recorded stock-based compensation expense associated with accrued bonus awards of $9,238,000 and $8,242,000, respectively. The value of the unvested restricted stock unit awards granted is recognized on a straight-line basis over the shorter of the four-year vesting period or the period between the grant date and the date the award recipient turns 59½. If the award recipient is 59½ years or older on the date of grant, the value of the entire award is expensed upon grant. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $2,255,000 and $2,038,000 during the three months ended September 27, 2024 and September 29, 2023, respectively. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $8,089,000 and $8,124,000 during the nine months ended September 27, 2024 and September 29, 2023, respectively.
Stock Options
Stock options are granted for terms of ten years and generally vest 25% per year over a four-year period from the grant date. Unvested stock option awards will continue to vest in the case of retirement at 59½ years or older, provided that the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company. The value of the unvested stock option awards granted is recognized on a straight-line basis over the shorter of the four-year vesting period or the period between the grant date and the date the award recipient turns 59½. If the award recipient is 59½ years or older on the date of grant, the value of the entire award is expensed upon grant. The Company recorded stock-based compensation expense associated with stock option grants of $368,000 and $270,000 during the three months ended September 27, 2024 and September 29, 2023, respectively. The Company recorded stock-based compensation expense associated with stock option grants of $1,055,000 and $811,000 during the nine months ended September 27, 2024 and September 29, 2023, respectively.
The Company uses the Black-Scholes option-pricing model to determine the fair value of options granted. The determination of the fair value of stock option awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends.
The Company used historical exercise, forfeiture, and post-vesting expiration data to estimate the expected term of options granted. The historical volatility of the Company’s common stock over a period of time equal to the expected term of the options granted was used to estimate expected volatility. The risk-free interest rate used in the option-pricing model was based on United States Treasury zero-coupon issues with remaining terms similar to the expected term of the options. The dividend yield assumption considers the expectation of continued declaration of dividends, offset by option holders’ dividend equivalent rights.
The Company accounts for forfeitures of stock-based awards when they occur. All stock-based payment awards are recognized on a straight-line basis over the requisite service periods of the awards.
Note 6: Deferred Compensation Plans
The Company maintains nonqualified deferred compensation plans for the benefit of a select group of highly compensated employees. Under these plans, participants may elect to defer up to 100% of their compensation. Company assets that are earmarked to pay benefits under the plans are held in a rabbi trust and are subject to the claims of the Company’s creditors. As of September 27, 2024 and December 29, 2023, the invested amounts under the plans totaled $126,794,000 and $115,187,000, respectively, and are recorded in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. These assets are classified as trading securities and are recorded at fair value with changes recorded as adjustments to miscellaneous income (loss), net.
As of September 27, 2024 and December 29, 2023, vested amounts due under the plans totaled $127,722,000 and $116,564,000, respectively, and are recorded within accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheets. Changes in the liability are recorded as adjustments to compensation expense. During the three months ended September 27, 2024,
the Company recognized additional compensation expense of $7,157,000 as a result of changes in the market value of the trust assets with the same amount being recorded as gain in miscellaneous income (loss), net. During the three months ended September 29, 2023, the Company recognized a reduction in compensation expense of $2,769,000 as a result of changes in the market value of the trust assets with the same amount being recorded as a loss in miscellaneous income (loss), net. During the nine months ended September 27, 2024, the Company recognized additional compensation expense of $14,299,000 as a result of changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income, net. During the nine months ended September 29, 2023, the Company recognized additional compensation expense of $5,271,000 as a result of changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income (loss), net.
Note 7: Supplemental Cash Flow Information
The following is supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Cash paid during period: |
|
|
|
|
|
|
Income taxes |
|
$ |
29,060 |
|
|
$ |
27,753 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
Vested stock unit awards issued to settle accrued bonuses |
|
|
10,846 |
|
|
|
10,497 |
|
Right-of-use asset obtained in exchange for operating lease obligations |
|
|
56,714 |
|
|
|
13,803 |
|
Leasehold improvements obtained in exchange for right-of-use asset |
|
|
- |
|
|
|
3,219 |
|
Accrual for capital expenditures as of period end |
|
|
537 |
|
|
|
618 |
|
Note 8: Accounts Receivable, Net
At September 27, 2024 and December 29, 2023, accounts receivable, net, was comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
September 27, |
|
|
December 29, |
|
(In thousands) |
|
2024 |
|
|
2023 |
|
Billed accounts receivable |
|
$ |
117,746 |
|
|
$ |
128,052 |
|
Unbilled accounts receivable |
|
|
57,353 |
|
|
|
44,589 |
|
Allowance for contract losses and doubtful accounts |
|
|
(6,481 |
) |
|
|
(5,281 |
) |
Total accounts receivable, net |
|
$ |
168,618 |
|
|
$ |
167,360 |
|
The Company maintains allowances for estimated losses over the remaining contractual life of its receivables resulting from the inability of customers to meet their financial obligations or for disputes that affect the Company’s ability to fully collect amounts due. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations or aware of a dispute with a specific customer, a specific allowance is recorded to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers the Company recognizes allowances for doubtful accounts based upon historical write-offs, customer concentration, customer creditworthiness, current economic conditions, aging of amounts due and future expectations.
A reconciliation of the beginning and ending amount of the allowance for contract losses and doubtful accounts is as follows (in thousands):
|
|
|
|
|
Balance at December 29, 2023 |
|
$ |
5,281 |
|
Provision for contract losses and doubtful accounts |
|
|
3,140 |
|
Write-offs |
|
|
(1,940 |
) |
Balance at September 27, 2024 |
|
$ |
6,481 |
|
Note 9: Segment Reporting
The Company has two reportable operating segments based on two primary areas of service. The Engineering and Other Scientific segment is a broad service group providing technical consulting in different practices primarily in engineering. The Environmental and Health segment provides services in the areas of environmental, epidemiology and health risk analysis. This segment provides a wide range of consulting services relating to environmental hazards and risks and the impact on both human health and the environment. Our Chief Executive Officer, the chief operating decision maker, reviews revenues and operating income for each of our reportable segments, but does not review total assets in evaluating segment performance and capital allocation.
Segment information for the three and nine months ended September 27, 2024 and September 29, 2023 follows:
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
115,244 |
|
|
$ |
110,857 |
|
|
$ |
355,193 |
|
|
$ |
344,552 |
|
Environmental and Health |
|
|
21,035 |
|
|
|
22,479 |
|
|
|
66,555 |
|
|
|
69,314 |
|
Total revenues |
|
$ |
136,279 |
|
|
$ |
133,336 |
|
|
$ |
421,748 |
|
|
$ |
413,866 |
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
40,292 |
|
|
$ |
38,734 |
|
|
$ |
132,687 |
|
|
$ |
121,064 |
|
Environmental and Health |
|
|
7,547 |
|
|
|
7,475 |
|
|
|
23,042 |
|
|
|
22,550 |
|
Total segment operating income |
|
|
47,839 |
|
|
|
46,209 |
|
|
|
155,729 |
|
|
|
143,614 |
|
Corporate operating expense |
|
|
(21,992 |
) |
|
|
(12,276 |
) |
|
|
(63,425 |
) |
|
|
(50,686 |
) |
Total operating income |
|
$ |
25,847 |
|
|
$ |
33,933 |
|
|
$ |
92,304 |
|
|
$ |
92,928 |
|
Certain operating expenses are excluded from the Company’s measure of segment operating income. These expenses include costs associated with its human resources, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with its deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in its allowance for contract losses and doubtful accounts.
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
887 |
|
|
$ |
541 |
|
|
$ |
1,769 |
|
|
$ |
3,210 |
|
Environmental and Health |
|
|
- |
|
|
|
25 |
|
|
|
74 |
|
|
|
139 |
|
Total segment capital expenditures |
|
|
887 |
|
|
|
566 |
|
|
|
1,843 |
|
|
|
3,349 |
|
Corporate capital expenditures |
|
|
1,339 |
|
|
|
1,248 |
|
|
|
2,899 |
|
|
|
13,893 |
|
Total capital expenditures |
|
$ |
2,226 |
|
|
$ |
1,814 |
|
|
$ |
4,742 |
|
|
$ |
17,242 |
|
Certain capital expenditures associated with the Company’s corporate cost centers and the related depreciation are excluded from the Company’s segment information.
Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
1,735 |
|
|
$ |
1,750 |
|
|
$ |
5,128 |
|
|
$ |
4,428 |
|
Environmental and Health |
|
|
50 |
|
|
|
53 |
|
|
|
154 |
|
|
|
155 |
|
Total segment depreciation and
amortization |
|
|
1,785 |
|
|
|
1,803 |
|
|
|
5,282 |
|
|
|
4,583 |
|
Corporate depreciation and amortization |
|
|
604 |
|
|
|
558 |
|
|
|
1,917 |
|
|
|
1,952 |
|
Total depreciation and amortization |
|
$ |
2,389 |
|
|
$ |
2,361 |
|
|
$ |
7,199 |
|
|
$ |
6,535 |
|
No single client comprised more than 10% of the Company’s revenues during the three and nine months ended September 27, 2024. No single client comprised more than 10% of the Company’s revenues during the three and nine months ended September 29, 2023.
Note 10: Leases
The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and long-term operating lease liabilities in the Company’s condensed consolidated balance sheet. The Company does not have any finance leases as of September 27, 2024.
ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The amortization of operating lease ROU assets and the change in operating lease liabilities is disclosed as a single line item in the condensed consolidated statements of cash flows.
The Company leases office, laboratory, and storage space in 13 states and the District of Columbia, as well as in China, Hong Kong, Singapore, Switzerland, and the United Kingdom. Leases for these office, laboratory, and storage facilities have terms generally ranging between one and ten years. Some of these leases include options to extend or terminate the lease, none of which are currently included in the lease term as the Company has determined that exercise of these options is not reasonably certain.
The Company has a Test and Engineering Center on 147 acres of land in Phoenix, Arizona. The Company leases this land from the State of Arizona under a 30-year lease agreement that expires in January of 2028 and has options to renew for two fifteen-year periods. On June 19, 2024, the Company entered into an agreement with the State of Arizona to extend this lease for 15 years beginning on January 17, 2028. The Company is currently obligated to make payments under the lease of $1,009,000 per year, which obligation will continue at that level until January 16, 2028. Beginning on January 17, 2028, the Company’s payments under the lease will increase to approximately $6,183,000 per year for the 15-year extension term with adjustments to the annual rent payment in 2033 and 2038 based on the consumer price index. As a result of this extension, the Company added an additional right-of-use asset in exchange for an operating lease liability of $48,683,000 during the second quarter of 2024. As of September 27, 2024, the Company has determined that the exercise of the second renewal option is not reasonably certain and thus that extension is not included in the lease term.
The Company’s equipment leases are included in the ROU asset and liability balances, but are not material.
The Company leases excess space in its Silicon Valley and Natick facilities. Rental income of $742,000 and $882,000 was included in other income for the three months ended September 27, 2024 and September 29, 2023,
respectively. Rental income of $2,511,000 and $2,491,000 was included in other income for the nine months ended September 27, 2024 and September 29, 2023, respectively.
The components of lease expense included in other operating expenses on the condensed consolidated statements of income were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Operating lease cost |
|
$ |
3,251 |
|
|
$ |
2,094 |
|
|
$ |
7,758 |
|
|
$ |
5,659 |
|
Variable lease cost |
|
|
352 |
|
|
|
378 |
|
|
|
1,100 |
|
|
|
1,251 |
|
Short-term lease cost |
|
|
378 |
|
|
|
256 |
|
|
|
1,028 |
|
|
|
937 |
|
Supplemental cash flow information related to operating leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
Cash paid for amounts included in the
measurement of operating lease
liabilities |
|
$ |
1,654 |
|
|
$ |
1,715 |
|
|
$ |
6,002 |
|
|
$ |
5,516 |
|
Supplemental balance sheet information related to operating leases was as follows:
|
|
|
|
|
|
|
September 27,
2024 |
|
September 29, 2023 |
Weighted Average Remaining Lease Term |
|
14.0 years |
|
6.4 years |
Weighted Average Discount Rate |
|
6.2% |
|
5.1% |
Maturities of operating lease liabilities as of September 27, 2024:
|
|
|
|
|
|
|
Operating |
|
(In thousands) |
|
Leases |
|
2024 (excluding the nine months ended September 27, 2024) |
|
$ |
1,538 |
|
2025 |
|
|
7,803 |
|
2026 |
|
|
7,460 |
|
2027 |
|
|
6,183 |
|
2028 |
|
|
9,645 |
|
Thereafter |
|
|
98,461 |
|
Total lease payments |
|
|
131,090 |
|
Less imputed interest |
|
|
(50,228 |
) |
Total lease liability |
|
$ |
80,862 |
|
Note 11: Contingencies
The Company is a party to various legal actions from time to time and may be contingently liable in connection with claims and contracts arising in the normal course of business, the outcome of which the Company believes, after consultation with legal counsel, will not have a material adverse effect on its financial condition, results of operations or liquidity. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. All legal costs associated with litigation are expensed as incurred.
Note 12: Subsequent Events
On October 24, 2024, the Company’s Board of Directors announced a cash dividend of $0.28 per share of the Company’s common stock, payable December 20, 2024, to stockholders of record as of December 6, 2024.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto included herein and with our audited consolidated financial statements and notes thereto for the fiscal year ended December 29, 2023, which are contained in our fiscal 2023 Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission on February 23, 2024 and amended on April 17, 2024 (our “2023 Annual Report”).
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains certain “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995, and the rules promulgated pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended) that are based on the beliefs of our management, as well as assumptions made by and information currently available to our management. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. When used in this document, the words “intend,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions, as they relate to us or our management, identify such forward-looking statements. Such statements reflect the current views of us or our management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results, performance, or achievements could differ materially from those expressed in, or implied by, any such forward-looking statements. Factors that could cause or contribute to such material differences include the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions, the timing of engagements for our services, the effects of competitive services and pricing, the absence of backlog related to our business, our ability to attract and retain key employees, the effect of tort reform and government regulation on our business and liabilities resulting from claims made against us. Additional risks and uncertainties are discussed in our 2023 Annual Report under the heading “Risk Factors”. The inclusion of such forward-looking information should not be regarded as a representation by the us or any other person that the future events, plans, or expectations we contemplated will be achieved. Due to such uncertainties and risks, you are warned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. We do not intend to release publicly any updates or revisions to any such forward-looking statements.
Business Overview
Exponent, Inc., is an engineering and scientific consulting firm that provides solutions to complex problems. Our multidisciplinary team of scientists, engineers and business consultants brings together more than 90 different technical disciplines to solve complicated issues facing industry and business today. Our services include analysis of product development, product recall, regulatory compliance, and the discovery of potential problems related to products, people, property and impending litigation.
CRITICAL ACCOUNTING ESTIMATES
There have been no significant changes in our critical accounting estimates during the nine months ended September 27, 2024, as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2023 Annual Report.
RESULTS OF CONSOLIDATED OPERATIONS
Executive Summary
Revenues for the third quarter of 2024 increased 2% to $136,279,000 as compared to $133,336,000 during the same period last year. Revenues before reimbursements for the third quarter of 2024 increased slightly to $125,085,000 as compared to $124,959,000 during the same period last year.
During the third quarter of 2024 proactive engagements in the consumer electronics sector increased driven by user experience studies and product development consulting. This was largely offset by persistent challenges in the chemicals sector and the high benchmark set by the previous year’s third quarter growth rate in reactive services.
Net income increased 6% to $26,044,000 during the third quarter of 2024 as compared to $24,538,000 during the same period last year. Diluted earnings per share increased to $0.50 per share as compared to $0.48 in the same period last year. The increase in profitability was due to our continued efforts to better align resources with demand.
We remain focused on selectively adding top talent and developing the skills necessary to expand our market position and providing clients with in-depth scientific research and analysis to determine what happened and how to prevent failures or exposures in the future. We also remain focused on capitalizing on emerging growth areas, managing other operating expenses, generating cash from operations, maintaining a strong balance sheet and undertaking activities such as share repurchases and dividends to enhance shareholder value.
Overview of the Three Months Ended September 27, 2024
During the third quarter of 2024, billable hours decreased 5% to 362,000 as compared to 380,000 during the same period last year. Our utilization increased to 73% during the third quarter of 2024 as compared to 70% during the same period last year. Technical full-time equivalent employees decreased 10% to 949 during the third quarter of 2024 as compared to 1,050 during the same period last year.
Three Months Ended September 27, 2024 compared to Three Months Ended September 29, 2023
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Engineering and Other Scientific |
|
$ |
115,244 |
|
|
$ |
110,857 |
|
|
|
4.0 |
% |
Percentage of total revenues |
|
|
84.6 |
% |
|
|
83.1 |
% |
|
|
|
Environmental and Health |
|
|
21,035 |
|
|
|
22,479 |
|
|
|
-6.4 |
% |
Percentage of total revenues |
|
|
15.4 |
% |
|
|
16.9 |
% |
|
|
|
Total revenues |
|
$ |
136,279 |
|
|
$ |
133,336 |
|
|
|
2.2 |
% |
The increase in revenues for our Engineering and Other Scientific segment was due to an increase in billing rates partially offset by a decrease in billable hours. During the third quarter of 2024, billable hours for this segment decreased by 3% to 291,000 as compared to 301,000 during the same period last year. Utilization for this segment increased to 75% during the third quarter of 2024 as compared to 71% during the same period last year. The increase in revenues was driven by our services across the consumer electronics and utilities sectors. Technical full-time equivalent employees in this segment decreased 9% to 745 during the third quarter of 2024 as compared to 821 for the same period last year.
The decrease in revenues for our Environmental and Health segment was due to a decrease in billable hours partially offset by an increase in billing rates. During the third quarter of 2024, billable hours for this segment decreased by 10% to 71,000 as compared to 79,000 during the same period last year. Utilization for this segment increased to 67% during the third quarter of 2024 as compared to 66% during the same period last year. The decrease in revenue was related to headwinds in the chemical and life sciences sectors. Technical full-time equivalent employees in this segment decreased 11% to 204 as compared to 229 during the same period last year.
Compensation and Related Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Compensation and related expenses |
|
$ |
81,954 |
|
|
$ |
74,011 |
|
|
|
10.7 |
% |
Percentage of total revenues |
|
|
60.1 |
% |
|
|
55.5 |
% |
|
|
|
The increase in compensation and related expenses during the third quarter of 2024 was due to a change in the value of assets associated with our deferred compensation plan, an increase in bonus expense and an increase in stock-based compensation partially offset by a decrease in payroll expense and fringe benefits. During the third quarter of 2024, deferred compensation expense increased by $9,926,000 with a corresponding increase to other income, net, as compared to the same period last year, due to the change in value of assets associated with our deferred compensation plan. This increase consisted of an increase in the value of plan assets of $7,157,000 during the third quarter of 2024 as compared to a decrease in the value of plan assets of $2,769,000 during the same period last year. Bonus expense increased $837,000 during the third quarter of 2024 due to a corresponding increase to our bonus pool. Stock-based compensation expense increased $325,000 during the third quarter of 2024 due to an increase in unvested restricted stock unit grants. Payroll expense decreased by $1,900,000 and fringe benefits decreased by $1,075,000 during the third quarter of 2024 due to the decrease in technical full-time equivalent employees partially offset by impact of our annual salary adjustments.
Other Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Other operating expenses |
|
$ |
11,975 |
|
|
$ |
10,997 |
|
|
|
8.9 |
% |
Percentage of total revenues |
|
|
8.8 |
% |
|
|
8.2 |
% |
|
|
|
Other operating expenses include facilities-related costs, technical materials, computer-related expenses and depreciation and amortization of property, equipment and leasehold improvements. The increase in other operating expenses during the third quarter of 2024 was primarily due to an increase in occupancy expense of $1,062,000. Our land lease with the State of Arizona was extended on June 19, 2024. This extension resulted in additional non-cash rent expense of approximately $1,085,000 during the third quarter of 2024. This increased level of rent expense will continue through the extended lease term ending in January of 2043 with adjustments in 2033 and 2038 based on the consumer price index. We expect other operating expenses to grow as we selectively add new talent and make investments in our corporate infrastructure.
Reimbursable Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Reimbursable expenses |
|
$ |
11,194 |
|
|
$ |
8,377 |
|
|
|
33.6 |
% |
Percentage of total revenues |
|
|
8.2 |
% |
|
|
6.3 |
% |
|
|
|
The amount of reimbursable expenses will vary from quarter to quarter depending on the nature of our projects. The increase in reimbursable expenses during the third quarter of 2024 as compared to the same period last year was due to an increase in proactive projects for the consumer electronics sector.
General and Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
General and administrative expenses |
|
$ |
5,309 |
|
|
$ |
6,018 |
|
|
|
-11.8 |
% |
Percentage of total revenues |
|
|
3.9 |
% |
|
|
4.5 |
% |
|
|
|
The decrease in general and administrative expenses was primarily due to a decrease in travel and meals of $509,000 and a decrease in personnel expenses of $309,000. The decrease in travel and meals was due to the decrease in technical full-time equivalent employees and a firm-wide principals' meeting which was held in the third quarter of 2023. We did not have any firm-wide meetings during the third quarter of 2024. The decrease in personnel expenses was primarily due to lower relocation costs. We expect general and administrative expenses to increase as we add new talent and expand our business development and staff development initiatives.
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Engineering and Other Scientific |
|
$ |
40,292 |
|
|
$ |
38,734 |
|
|
|
4.0 |
% |
Environmental and Health |
|
|
7,547 |
|
|
|
7,475 |
|
|
|
1.0 |
% |
Total segment operating income |
|
|
47,839 |
|
|
|
46,209 |
|
|
|
3.5 |
% |
Corporate operating expense |
|
|
(21,992 |
) |
|
|
(12,276 |
) |
|
|
79.1 |
% |
Total operating income |
|
$ |
25,847 |
|
|
$ |
33,933 |
|
|
|
-23.8 |
% |
The increase in operating income for our Engineering and Other Scientific segment during the third quarter of 2024 as compared to the same period last year was due to an increase in revenues and an increase in utilization. The increase in revenues was due to an increase in billing rates partially offset by a decrease in billable hours. Growth during the third quarter of 2024 was driven by our services across the consumer electronics and utilities sectors. The slight increase in operating income for our Environmental and Health segment was due to an increase in utilization.
Certain operating expenses are excluded from our measure of segment operating income. These expenses include the costs associated with our human resources, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with our deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in our allowance for contract losses and doubtful accounts.
The increase in corporate operating expenses during the third quarter of 2024 as compared to the same period last year was primarily due to an increase in deferred compensation. During the third quarter of 2024, deferred compensation expense increased $9,926,000, with a corresponding increase to other income, net, as compared to the same period last year, due to the change in value of assets associated with our deferred compensation plan. This increase consisted of an increase in the value of plan assets of $7,157,000 during the third quarter of 2024 as compared to a decrease in the value of plan assets of $2,769,000 during the same period last year.
Other Income, Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Other income (loss), net |
|
$ |
10,090 |
|
|
$ |
84 |
|
|
|
11911.9 |
% |
Percentage of total revenues |
|
|
7.4 |
% |
|
|
0.1 |
% |
|
|
|
Other income, net, consists primarily of changes in the value of assets associated with our deferred compensation plan, interest income earned on available cash, cash equivalents and short-term investments, and rental income from leasing space in our Silicon Valley and Natick facilities. The increase in other income, net, was primarily due to a change in the value of assets associated with our deferred compensation plan. During the third quarter of 2024, other income, net, increased by $9,926,000 with a corresponding increase to deferred compensation expense, as compared to the same period last year, due to a change in the value of assets associated with our deferred compensation plan. This increase consisted of an increase in the value of the plan assets of $7,157,000 during the third quarter of 2024 as compared to a decrease in the value of the plan assets of $2,769,000 during the same period last year.
Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Income taxes |
|
$ |
9,893 |
|
|
$ |
9,479 |
|
|
|
4.4 |
% |
Percentage of total revenues |
|
|
7.3 |
% |
|
|
7.1 |
% |
|
|
|
Effective tax rate |
|
|
27.5 |
% |
|
|
27.9 |
% |
|
|
|
The increase in income tax expense was due to an increase in pre-tax income. The decrease in our effective tax rate was due primarily to an increase in the excess tax benefit associated with stock-based awards. The excess tax benefit associated with stock-based awards was $532,000 during the third quarter of 2024 and there was no excess tax benefit associated with stock-based awards during the same period last year.
Nine Months Ended September 27, 2024 compared to Nine Months Ended September 29, 2023
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Engineering and Other Scientific |
|
$ |
355,193 |
|
|
$ |
344,552 |
|
|
|
3.1 |
% |
Percentage of total revenues |
|
|
84.2 |
% |
|
|
83.3 |
% |
|
|
|
Environmental and Health |
|
|
66,555 |
|
|
|
69,314 |
|
|
|
-4.0 |
% |
Percentage of total revenues |
|
|
15.8 |
% |
|
|
16.7 |
% |
|
|
|
Total revenues |
|
$ |
421,748 |
|
|
$ |
413,866 |
|
|
|
1.9 |
% |
The increase in revenues for our Engineering and Other Scientific segment was due to an increase in billing rates partially offset by a decrease in billable hours. During the first nine months of 2024, billable hours for this segment decreased by 1% to 911,000 as compared to 916,000 during the same period last year. Utilization for this segment increased to 76% during the first nine months of 2024 as compared to 71% during the same period last year. The increase in revenues was driven by our services across the consumer products and utilities sectors. Technical full-time equivalent employees in this segment decreased 7% to 765 during the first nine months of 2024 as compared to 827 for the same period last year.
The decrease in revenues for our Environmental and Health segment was due to a decrease in billable hours partially offset by an increase in our billing rates. During the first nine months of 2024, billable hours for this segment decreased by 6% to 223,000 as compared to 238,000 during the same period last year. Utilization in this segment increased to 68% during the first nine months of 2024 as compared to 66% during the same period last year. The decrease in revenues for this segment was related to ongoing headwinds in the chemical and life sciences sectors. Technical full-time equivalent employees in this segment decreased by 9% to 211 during the first nine months of 2024 as compared to 232 during the same period last year.
Compensation and Related Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Compensation and related expenses |
|
$ |
251,747 |
|
|
$ |
241,028 |
|
|
|
4.4 |
% |
Percentage of total revenues |
|
|
59.7 |
% |
|
|
58.2 |
% |
|
|
|
The increase in compensation and related expenses during the first nine months of 2024 was due to a change in the value of assets associated with our deferred compensation plan, an increase in bonus expense, an increase in stock-based compensation partially offset by a decrease in payroll expense and fringe benefits. During the first nine months of 2024, deferred compensation expense increased $9,028,000 with a corresponding increase to other income, net, as compared to the same period last year, due to the change in value of assets associated with our deferred compensation plan. This increase consisted of an increase in the value of plan assets of $14,299,000 during the first nine months of 2024 as compared to an increase in the value of plan assets of $5,271,000 during the same period last year. Bonus expense increased by $2,246,000 during the first nine months of 2024 due to a corresponding increase to our bonus pool. Stock-based compensation expense increased $206,000 during the first nine months of 2024 due to an increase in unvested restricted stock unit grants. Payroll expense decreased by $151,000 and fringe benefits decreased by $199,000 during the first nine months of 2024 due to the decrease in technical full-time equivalent employees partially offset by impact of our annual salary adjustments.
Other Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Other operating expenses |
|
$ |
33,691 |
|
|
$ |
30,863 |
|
|
|
9.2 |
% |
Percentage of total revenues |
|
|
8.0 |
% |
|
|
7.5 |
% |
|
|
|
Other operating expenses include facilities-related costs, technical materials, computer-related expenses and depreciation and amortization of property, equipment and leasehold improvements. The increase in other operating expenses during the first nine months of 2024 was primarily due to an increase in occupancy expense of $2,065,000 and an increase in depreciation expense of $664,000. The increases in depreciation and amortization were due to continued investments in our corporate infrastructure. Our land lease with the State of Arizona was extended on June 19, 2024. This extension resulted in additional non-cash rent expense of approximately $1,231,000 during the first nine months of 2024. We expect other operating expenses to grow as we make investments in our corporate infrastructure.
Reimbursable Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Reimbursable expenses |
|
$ |
27,022 |
|
|
$ |
30,549 |
|
|
|
-11.5 |
% |
Percentage of total revenues |
|
|
6.4 |
% |
|
|
7.4 |
% |
|
|
|
The amount of reimbursable expenses will vary from quarter to quarter depending on the nature of our projects. The decrease in reimbursable expenses during the first nine months of 2024 as compared to the same period last year was due to a decrease in proactive projects for the consumer electronics sector.
General and Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
General and administrative expenses |
|
$ |
16,984 |
|
|
$ |
18,498 |
|
|
|
-8.2 |
% |
Percentage of total revenues |
|
|
4.0 |
% |
|
|
4.5 |
% |
|
|
|
The decrease in general and administrative expenses was primarily due to a decrease in outside consulting of $1,106,000, a decrease in travel and meals of 815,000 and a decrease in personnel expenses of $700,000 partially offset by an increase in other professional services of $802,000. Outside consulting decreased primarily due to activity associated with content creation for our external website during the first and second quarters of 2023. The decrease in travel and meals was due to the decrease in technical full-time equivalent employees and a firm-wide principals' meeting which was held in the third quarter of 2023. We did not have any firm-wide meetings during the first nine months of 2024. The decrease in personnel expenses was due to lower relocation and recruiting costs. Professional services increased primarily due to an increase in legal fees. We expect general and administrative expenses to increase as we expand our business development and staff development initiatives.
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Engineering and Other Scientific |
|
$ |
132,687 |
|
|
$ |
121,064 |
|
|
|
9.6 |
% |
Environmental and Health |
|
|
23,042 |
|
|
|
22,550 |
|
|
|
2.2 |
% |
Total segment operating income |
|
|
155,729 |
|
|
|
143,614 |
|
|
|
8.4 |
% |
Corporate operating expense |
|
|
(63,425 |
) |
|
|
(50,686 |
) |
|
|
25.1 |
% |
Total operating income |
|
$ |
92,304 |
|
|
$ |
92,928 |
|
|
|
-0.7 |
% |
The increase in operating income for our Engineering and Other Scientific segment during the first nine months of 2024 as compared to the same period last year was due to an increase in revenues and an increase in utilization. The increase in revenues was primarily due to an increase in billing rates. The increase in utilization was due to our efforts to align resources with demand. The increase in operating income for our Environmental and Health segment was due to an increase in utilization.
Certain operating expenses are excluded from our measure of segment operating income. These expenses include the costs associated with our human resources, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with our deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in our allowance for contract losses and doubtful accounts.
The increase in corporate operating expenses during the first nine months of 2024 as compared to the same period last year was primarily due to an increase in deferred compensation expense and an increase in the costs associated with our human resources, finance, information technology and business development groups. During the first nine months of 2024, deferred compensation expense increased $9,028,000, with a corresponding increase to other income, net, as compared to the same period last year, due to the change in value of assets associated with our deferred compensation plan. This increase consisted of an increase in the value of plan assets of $14,299,000 during the first nine months of 2024 as compared to an increase in the value of plan assets of $5,271,000 during the same period last year.
Other Income, Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Other income (loss), net |
|
$ |
23,738 |
|
|
$ |
12,880 |
|
|
|
84.3 |
% |
Percentage of total revenues |
|
|
5.6 |
% |
|
|
3.1 |
% |
|
|
|
Other income, net, consists primarily of changes in the value of assets associated with our deferred compensation plan, interest income earned on available cash, cash equivalents and short-term investments, and rental income from leasing space in our Silicon Valley and Natick facilities. The increase in other income, net, was primarily due to a change in the value of assets associated with our deferred compensation plan and an increase in interest income. During the first nine months of 2024, other income, net, increased $9,028,000 with a corresponding increase to deferred compensation expense, as compared to the same period last year, due to a change in the value of assets associated with our deferred compensation plan. This increase consisted of an increase in the value of the plan assets of $14,299,000 during the first nine months of 2024 as compared to an increase of $5,271,000 during the same period last year. During the first nine months of 2023, interest income increased by $2,195,000 as compared to the same period last year due to an increase in interest rates.
Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
Percent
Change |
|
Income taxes |
|
$ |
30,629 |
|
|
$ |
26,398 |
|
|
|
16.0 |
% |
Percentage of total revenues |
|
|
7.3 |
% |
|
|
6.4 |
% |
|
|
|
Effective tax rate |
|
|
26.4 |
% |
|
|
24.9 |
% |
|
|
|
The increase in income tax expense was due to an increase in pre-tax income and a decrease in the excess tax benefit associated with stock-based awards. The excess tax benefit associated with stock-based awards was $2,204,000 during the first nine months of 2024 as compared to $3,639,000 during the same period last year. Excluding the impact of the excess tax benefit, the effective tax rate would have been 28.3% during the first nine months of 2024 as compared to 28.4% during the same period last year.
LIQUIDITY AND CAPITAL RESOURCES
We believe our existing balances of cash, cash equivalents, and cash generated from operations will be sufficient to satisfy our working capital needs, capital expenditures, outstanding commitments, stock repurchases, dividends and other liquidity requirements over at least the next twelve months.
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
(in thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Net cash provided by operating activities |
|
$ |
88,485 |
|
|
$ |
56,043 |
|
Net cash used in investing activities |
|
|
(4,342 |
) |
|
|
(14,422 |
) |
Net cash used in financing activities |
|
|
(52,788 |
) |
|
|
(65,972 |
) |
We financed our business during the first nine months of 2024 through available cash. As of September 27, 2024, our cash and cash equivalents were $219,708,000 as compared to $187,150,000 at December 29, 2023.
Generally, our net cash provided by operating activities is used to fund our day to day operating activities. First quarter operating cash requirements are generally higher due to payment in the first quarter of our annual bonuses accrued during the prior year. Our largest source of operating cash flows is collections from our clients. Our primary uses of cash from operating activities are for employee related expenditures, leased facilities, taxes, and general operating expenses including marketing and travel. The increase in net cash provided by operating activities was due to an increase in net income and a smaller increase in accounts receivable during the first nine months of 2024 as compared to the same period last year.
The decrease in net cash used in investing activities during the first nine months of 2024, as compared to the same period last year, was due to a decrease in capital expenditures primarily due to leasehold improvements during 2023 associated with our office and lab space in Philadelphia.
The decrease in net cash used in financing activities during the first nine months of 2024, as compared to the same period last year, was due to a decrease in repurchases of our common stock and a reduction in payroll taxes for restricted stock units partially offset by an increase in dividends.
We expect to continue our investing activities, including capital expenditures. Furthermore, cash reserves may be used to repurchase shares of common stock under our stock repurchase programs, pay dividends, or strategically acquire professional service firms that are complementary to our business.
We maintain a nonqualified deferred compensation plan for the benefit of a select group of highly compensated employees. Vested amounts due under the plan of $115,527,000 were recorded as a long-term liability on our unaudited condensed consolidated balance sheet at September 27, 2024. Vested amounts due under the plan of $12,195,000 were recorded as a current liability on our unaudited condensed consolidated balance sheet at September 27, 2024. Our assets that are earmarked to pay benefits under the plan are held in a rabbi trust and are subject to the claims of our creditors. As of September 27, 2024, invested amounts under the plan of $113,225,000 were recorded as a long-term asset on our unaudited condensed consolidated balance sheet. As of September 27, 2024, invested amounts under the plan of $13,569,000 were recorded as a current asset on our unaudited condensed consolidated balance sheet.
On June 19, 2024, we entered into an agreement with the State of Arizona to extend our land lease for 15 years beginning on January 17, 2028. We are currently obligated to make payments under the lease of $1,009,000 per year, which obligation will continue at that level until January 16, 2028. Beginning on January 17, 2028, our payments under the lease will increase to approximately $6,183,000 per year for the 15-year extension term with adjustments to the annual rent payment in 2033 and 2038 based on the consumer price index. As a result of this extension, we added an additional right-of-use asset in exchange for an operating lease liability of $48,683,000 during the second quarter of 2024.
As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was, serving at our request in such capacity. The indemnification period covers all pertinent events and occurrences during the officer’s or director’s lifetime. The
maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have director and officer insurance coverage that reduces our exposure and enables us to recover a portion of any future amounts paid.
Non-GAAP Financial Measures
Regulation G, Conditions for Use of Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures, and other U.S. Securities and Exchange Commission (“SEC”) rules and regulations define and prescribe the conditions for use of Non-GAAP financial information. Generally, a Non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We closely monitor two financial measures, EBITDA and EBITDAS, which meet the definition of Non-GAAP financial measures. We define EBITDA as net income before income taxes, net interest income, depreciation and amortization. We define EBITDAS as EBITDA before stock-based compensation. The Company regards EBITDA and EBITDAS as useful measures of operating performance to complement operating income, net income and other GAAP financial performance measures. Additionally, management believes that EBITDA and EBITDAS provide meaningful comparisons of past, present and future operating results. These measures are used to evaluate our financial results, develop budgets and determine employee compensation. These measures, however, should be considered in addition to, and not as a substitute for or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of the Non-GAAP measures to the nearest comparable GAAP measure is set forth below.
The following table shows EBITDA (determined as shown in the reconciliation table below) as a percentage of revenues before reimbursements for the three months ended September 27, 2024 and September 29, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(in thousands, except percentages) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Revenues before reimbursements |
|
$ |
125,085 |
|
|
$ |
124,959 |
|
|
$ |
394,726 |
|
|
$ |
383,317 |
|
EBITDA |
|
$ |
35,767 |
|
|
$ |
34,520 |
|
|
$ |
115,825 |
|
|
$ |
107,122 |
|
EBITDA as a % of revenues before
reimbursements |
|
|
28.6 |
% |
|
|
27.6 |
% |
|
|
29.3 |
% |
|
|
27.9 |
% |
The increase in EBITDA as a percentage of revenues before reimbursements during the third quarter of 2024 as compared to the same period last year was primarily due to an increase in utilization and a decrease in general and administrative expenses. Our utilization increased to 73% during the third quarter of 2024 as compared to 70% during the same period last year. The increase in utilization was due to business activity for our proactive service offerings to the consumer electronics and utilities sectors and our successful efforts to align resources with demand.
The increase in EBITDA as a percentage of revenues before reimbursements during the first nine months of 2024 as compared to the same period last year was primarily due to the increase in utilization and a decrease in general and administrative expenses partially offset by an increase in other operating expenses. Our utilization increased to 75% during the first nine months of 2024 as compared to 70% during the same period last year. The increase in utilization was due to business activity across the consumer products and utilities sectors and our successful efforts to align resources with demand.
The following table is a reconciliation of EBITDA and EBITDAS to the most comparable GAAP measure, net income, for the three and nine months ended September 27, 2024 and September 29, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(in thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Net income |
|
$ |
26,044 |
|
|
$ |
24,538 |
|
|
$ |
85,413 |
|
|
$ |
79,410 |
|
Add back (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
9,893 |
|
|
|
9,479 |
|
|
|
30,629 |
|
|
|
26,398 |
|
Interest income, net |
|
|
(2,559 |
) |
|
|
(1,858 |
) |
|
|
(7,416 |
) |
|
|
(5,221 |
) |
Depreciation and amortization |
|
|
2,389 |
|
|
|
2,361 |
|
|
|
7,199 |
|
|
|
6,535 |
|
EBITDA |
|
|
35,767 |
|
|
|
34,520 |
|
|
|
115,825 |
|
|
|
107,122 |
|
Stock-based compensation |
|
|
5,465 |
|
|
|
4,891 |
|
|
|
18,382 |
|
|
|
17,177 |
|
EBITDAS |
|
$ |
41,232 |
|
|
$ |
39,411 |
|
|
$ |
134,207 |
|
|
$ |
124,299 |
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to interest rate risk associated with our balances of cash and cash equivalents. We manage our interest rate risk by maintaining an investment portfolio primarily consisting of debt instruments with high credit quality and relatively short average effective maturities in accordance with our investment policy. The maximum effective maturity of any issue in our portfolio is 3 years and the maximum average effective maturity of the portfolio cannot exceed 12 months. If interest rates were to instantaneously increase or decrease by 100 basis points, the change in the fair market value of our portfolio of cash equivalents would not have a material impact on our financial statements. We do not use derivative financial instruments in our portfolio. There have not been any material changes during the period covered by this Quarterly Report on Form 10-Q to our interest rate risk exposures, or how these exposures are managed. Notwithstanding our efforts to manage interest rate risk, there can be no assurances that we will be adequately protected against the risks associated with interest rate fluctuations.
We have foreign currency risk related to our revenues and expenses denominated in currencies other than the U.S. dollar, primarily the British Pound, the Singapore Dollar, the Chinese Yuan, and the Hong Kong Dollar. Accordingly, changes in exchange rates may negatively affect the revenues and net income of our foreign subsidiaries as expressed in U.S. dollars.
At September 27, 2024, we had net assets of approximately $22.7 million with a functional currency of the British Pound, net assets of approximately $4.5 million with a functional currency of the Singapore Dollar, net assets of approximately $1.8 million with a functional currency of the Chinese Yuan, and net assets of approximately $0.7 million with a functional currency of the Hong Kong Dollar associated with our operations in the United Kingdom, Singapore, China, and Hong Kong, respectively.
We also have foreign currency risk related to foreign currency transactions and monetary assets and liabilities denominated in currencies that are not the functional currency. We have experienced and will continue to experience fluctuations in our net income as a result of gains (losses) on these foreign currency transactions and the remeasurement of monetary assets and liabilities. At September 27, 2024, we had net assets denominated in the non-functional currency of approximately $11.8 million.
We do not use foreign exchange contracts to hedge any foreign currency exposures. To date, the impacts of foreign currency exchange rate changes on our consolidated revenues and consolidated net income have not been significant. However, our continued international growth increases our exposure to exchange rate fluctuations and as a result such fluctuations could have a significant impact on our future results of operations.
Item 4. Controls and Procedures
(a)Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this quarterly report. Based on that evaluation, the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, concluded that, as of September 27, 2024, the Company’s disclosure controls and procedures were effective.
We review and evaluate the design and effectiveness of our disclosure controls and procedures on an ongoing basis, to improve our controls and procedures over time and to correct any deficiencies that we may discover in the future. Our goal is to ensure that our senior management has timely access to all material financial and non-financial information concerning our business. While we believe the present design of our disclosure controls and procedures is effective to achieve our goal, future events affecting our business may cause us to significantly modify our disclosure controls and procedures.
(b)Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the three-month period ended September 27, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Exponent is not engaged in any material legal proceedings.
Item 1A. Risk Factors
There have been no material changes from risk factors as previously discussed under the heading “Risk Factors” in the Company’s 2023 Annual Report.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Plans
The following table summarizes the adoption by the Company’s directors and officers of trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the three months ended September 27, 2024:
|
|
|
|
|
Name and Title |
Adoption Date |
Expiration Date |
Aggregate Number of Securities to be Sold |
Aggregate Number of Securities to be Purchased |
Paul Johnston, Director |
July 30, 2024 |
December 31, 2024 |
42,000 |
0 |
During the three months ended September 27, 2024, no pre-existing trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) were modified or terminated by the Company’s directors and officers, and no other written trading arrangements that are not intended to qualify for the Rule 10b5-1(c) affirmative defense were adopted, modified, or terminated by the Company’s directors and officers.
Item 6. Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
|
|
EXPONENT, INC. |
|
|
(Registrant) |
|
|
|
Date: November 1, 2024 |
|
|
|
|
/s/ Catherine Ford Corrigan |
|
|
Catherine Ford Corrigan, Ph.D., Chief Executive Officer |
|
|
|
|
|
|
|
|
/s/ Richard L. Schlenker |
|
|
Richard L. Schlenker, Chief Financial Officer |
Exhibit 31.1
CERTIFICATION
I, Catherine Ford Corrigan, Ph.D., certify that:
1.I have reviewed this quarterly report on Form 10-Q of Exponent, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 1, 2024
|
/s/ Catherine Ford Corrigan |
Catherine Ford Corrigan, Ph.D. |
Chief Executive Officer |
Exhibit 31.2
CERTIFICATION
I, Richard L. Schlenker, Jr. certify that:
1.I have reviewed this quarterly report on Form 10-Q of Exponent, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 1, 2024
|
/s/ Richard L. Schlenker, Jr. |
Richard L. Schlenker, Jr. |
Chief Financial Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Exponent, Inc. (the "Company") on Form 10-Q for the fiscal period ending September 27, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Catherine Ford Corrigan, Ph.D., Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 1, 2024
|
/s/ Catherine Ford Corrigan |
Catherine Ford Corrigan, Ph.D. |
Chief Executive Officer |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liability of that section. Such certification will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Exponent, Inc. (the "Company") on Form 10-Q for the fiscal period ending September 27, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard L. Schlenker, Jr., Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 1, 2024
|
/s/ Richard L. Schlenker, Jr. |
Richard L. Schlenker, Jr. |
Chief Financial Officer |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liability of that section. Such certification will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
v3.24.3
Document and Entity Information - shares
|
9 Months Ended |
|
Sep. 27, 2024 |
Oct. 25, 2024 |
| Cover [Abstract] |
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|
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10-Q
|
|
| Amendment Flag |
false
|
|
| Document Period End Date |
Sep. 27, 2024
|
|
| Document Fiscal Year Focus |
2024
|
|
| Document Fiscal Period Focus |
Q3
|
|
| Entity Registrant Name |
EXPONENT, INC.
|
|
| Entity Central Index Key |
0000851520
|
|
| Current Fiscal Year End Date |
--12-29
|
|
| Entity Current Reporting Status |
Yes
|
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| Entity Filer Category |
Large Accelerated Filer
|
|
| Trading Symbol |
EXPO
|
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| Entity Common Stock, Shares Outstanding |
|
50,764,457
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| Entity Emerging Growth Company |
false
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| Entity Small Business |
false
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| Entity Shell Company |
false
|
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| Entity File Number |
0-18655
|
|
| Entity Incorporation, State or Country Code |
DE
|
|
| Entity Tax Identification Number |
77-0218904
|
|
| Entity Address, Address Line One |
149 COMMONWEALTH DRIVE
|
|
| Entity Address, City or Town |
MENLO PARK
|
|
| Entity Address, State or Province |
CA
|
|
| Entity Address, Postal Zip Code |
94025
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| City Area Code |
650
|
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| Local Phone Number |
326-9400
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true
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false
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| Entity Interactive Data Current |
Yes
|
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| Title of each class |
Common Stock, par value $0.001 per share
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| Name of each exchange on which registered |
NASDAQ
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v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 27, 2024 |
Dec. 29, 2023 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 219,708
|
$ 187,150
|
| Accounts receivable, net of allowance for contract losses and doubtful accounts of $6,481 and $5,281 at September 27, 2024 and December 29, 2023, respectively |
168,618
|
167,360
|
| Prepaid expenses and other current assets |
24,255
|
25,022
|
| Total current assets |
412,581
|
379,532
|
| Property, equipment and leasehold improvements, net of accumulated depreciation and amortization of $110,828 and $104,011 at September 27, 2024 and December 29, 2023, respectively |
72,862
|
75,318
|
| Operating lease right-of-use assets |
75,797
|
24,600
|
| Goodwill |
8,607
|
8,607
|
| Deferred income taxes |
54,345
|
53,824
|
| Deferred compensation plan assets |
113,225
|
101,169
|
| Other assets |
6,648
|
3,727
|
| Total assets |
744,065
|
646,777
|
| Current liabilities: |
|
|
| Accounts payable and accrued liabilities |
22,646
|
22,125
|
| Accrued payroll and employee benefits |
96,738
|
111,773
|
| Deferred revenues |
13,414
|
21,709
|
| Operating lease liabilities |
4,940
|
6,302
|
| Total current liabilities |
137,738
|
161,909
|
| Other liabilities |
4,604
|
3,426
|
| Deferred compensation plan liabilities |
115,527
|
103,398
|
| Operating lease liabilities |
75,922
|
21,959
|
| Total liabilities |
333,791
|
290,692
|
| Stockholders’ equity: |
|
|
| Common stock, $0.001 par value; 120,000 shares authorized; 65,707 shares issued at September 27, 2024 and December 29, 2023 |
66
|
66
|
| Additional paid-in capital |
342,301
|
321,448
|
| Accumulated other comprehensive loss |
|
|
| Foreign currency translation adjustments |
(1,606)
|
(2,977)
|
| Retained earnings |
614,991
|
574,082
|
| Treasury stock, at cost; 14,942 and 15,134 shares held at September 27, 2024 and December 29, 2023, respectively |
(545,478)
|
(536,534)
|
| Total stockholders’ equity |
410,274
|
356,085
|
| Total liabilities and stockholders’ equity |
$ 744,065
|
$ 646,777
|
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v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands |
Sep. 27, 2024 |
Dec. 29, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Accounts receivable, net of allowance for contract losses and doubtful accounts |
$ 6,481
|
$ 5,281
|
| Property, equipment and leasehold improvements, net of accumulated depreciation and amortization |
$ 110,828
|
$ 104,011
|
| Common stock, par value |
$ 0.001
|
$ 0.001
|
| Common stock, shares authorized |
120,000,000
|
120,000,000
|
| Common stock, shares issued |
65,707,000
|
65,707,000
|
| Treasury stock, shares |
14,942,000
|
15,134,000
|
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481549/505-30-45-1
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|
v3.24.3
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Revenues: |
|
|
|
|
| Revenues before reimbursements |
$ 125,085
|
$ 124,959
|
$ 394,726
|
$ 383,317
|
| Reimbursements |
11,194
|
8,377
|
27,022
|
30,549
|
| Revenues |
136,279
|
133,336
|
421,748
|
413,866
|
| Operating expenses: |
|
|
|
|
| Compensation and related expenses |
81,954
|
74,011
|
251,747
|
241,028
|
| Other operating expenses |
11,975
|
10,997
|
33,691
|
30,863
|
| Reimbursable expenses |
11,194
|
8,377
|
27,022
|
30,549
|
| General and administrative expenses |
5,309
|
6,018
|
16,984
|
18,498
|
| Total operating expenses |
110,432
|
99,403
|
329,444
|
320,938
|
| Operating income |
25,847
|
33,933
|
92,304
|
92,928
|
| Other income, net: |
|
|
|
|
| Interest income, net |
2,559
|
1,858
|
7,416
|
5,221
|
| Miscellaneous income (expense), net |
7,531
|
(1,774)
|
16,322
|
7,659
|
| Total other income, net |
10,090
|
84
|
23,738
|
12,880
|
| Income before income taxes |
35,937
|
34,017
|
116,042
|
105,808
|
| Income taxes |
9,893
|
9,479
|
30,629
|
26,398
|
| Net income |
$ 26,044
|
$ 24,538
|
$ 85,413
|
$ 79,410
|
| Net income per share: |
|
|
|
|
| Basic (in dollars per share) |
$ 0.51
|
$ 0.48
|
$ 1.67
|
$ 1.55
|
| Diluted (in dollars per share) |
$ 0.5
|
$ 0.48
|
$ 1.66
|
$ 1.54
|
| Shares used in per share computations: |
|
|
|
|
| Basic (in shares) |
51,177
|
51,203
|
51,098
|
51,197
|
| Diluted (in shares) |
51,622
|
51,645
|
51,527
|
51,680
|
| Cash dividends declared per common share (in dollars per share) |
$ 0.28
|
$ 0.26
|
$ 0.84
|
$ 0.78
|
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v3.24.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
|
| Net income |
$ 26,044
|
$ 24,538
|
$ 85,413
|
$ 79,410
|
| Other comprehensive income (loss): |
|
|
|
|
| Foreign currency translation adjustments, net of tax |
1,567
|
(515)
|
1,371
|
(188)
|
| Comprehensive income |
$ 27,611
|
$ 24,023
|
$ 86,784
|
$ 79,222
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4
Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7
Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B
Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
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-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-12
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v3.24.3
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Retained Earnings [Member] |
Treasury Stock [Member] |
| Balance at Dec. 30, 2022 |
$ 320,752
|
$ 66
|
$ 301,002
|
$ (3,587)
|
$ 528,810
|
$ (505,539)
|
| Balances (in shares) at Dec. 30, 2022 |
|
65,707
|
|
|
|
15,064
|
| Employee stock purchase plan |
1,143
|
|
1,015
|
|
|
$ 128
|
| Employee stock purchase plan (in shares) |
|
|
|
|
|
(12)
|
| Amortization of unrecognized stock-based compensation |
6,627
|
|
6,627
|
|
|
|
| Foreign currency translation adjustments |
327
|
|
|
327
|
|
|
| Grant of restricted stock units to settle accrued bonus |
10,497
|
|
10,497
|
|
|
|
| Settlement of restricted stock units |
(9,920)
|
|
(1,817)
|
|
(1,009)
|
$ (7,094)
|
| Settlement of restricted stock units (in shares) |
|
|
|
|
|
(186)
|
| Exercise of stock options |
100
|
|
22
|
|
|
$ 78
|
| Exercise of stock options (in shares) |
|
|
|
|
|
(8)
|
| Dividends and dividend equivalent rights |
(27,319)
|
|
|
|
(27,319)
|
|
| Net income |
54,872
|
|
|
|
54,872
|
|
| Balance at Jun. 30, 2023 |
357,079
|
$ 66
|
317,346
|
(3,260)
|
555,354
|
$ (512,427)
|
| Balances (in shares) at Jun. 30, 2023 |
|
65,707
|
|
|
|
14,858
|
| Balance at Dec. 30, 2022 |
320,752
|
$ 66
|
301,002
|
(3,587)
|
528,810
|
$ (505,539)
|
| Balances (in shares) at Dec. 30, 2022 |
|
65,707
|
|
|
|
15,064
|
| Net income |
79,410
|
|
|
|
|
|
| Balance at Sep. 29, 2023 |
353,635
|
$ 66
|
320,152
|
(3,775)
|
566,518
|
$ (529,326)
|
| Balances (in shares) at Sep. 29, 2023 |
|
65,707
|
|
|
|
15,040
|
| Balance at Jun. 30, 2023 |
357,079
|
$ 66
|
317,346
|
(3,260)
|
555,354
|
$ (512,427)
|
| Balances (in shares) at Jun. 30, 2023 |
|
65,707
|
|
|
|
14,858
|
| Employee stock purchase plan |
569
|
|
498
|
|
|
$ 71
|
| Employee stock purchase plan (in shares) |
|
|
|
|
|
(7)
|
| Amortization of unrecognized stock-based compensation |
2,308
|
|
2,308
|
|
|
|
| Purchase of treasury stock |
(16,970)
|
|
|
|
|
$ (16,970)
|
| Purchase of treasury stock (in shares) |
|
|
|
|
|
189
|
| Foreign currency translation adjustments |
(515)
|
|
|
(515)
|
|
|
| Dividends and dividend equivalent rights |
(13,374)
|
|
|
|
(13,374)
|
|
| Net income |
24,538
|
|
|
|
24,538
|
|
| Balance at Sep. 29, 2023 |
353,635
|
$ 66
|
320,152
|
(3,775)
|
566,518
|
$ (529,326)
|
| Balances (in shares) at Sep. 29, 2023 |
|
65,707
|
|
|
|
15,040
|
| Balance at Dec. 29, 2023 |
356,085
|
$ 66
|
321,448
|
(2,977)
|
574,082
|
$ (536,534)
|
| Balances (in shares) at Dec. 29, 2023 |
|
65,707
|
|
|
|
15,134
|
| Employee stock purchase plan |
958
|
|
842
|
|
|
$ 116
|
| Employee stock purchase plan (in shares) |
|
|
|
|
|
(12)
|
| Amortization of unrecognized stock-based compensation |
6,521
|
|
6,521
|
|
|
|
| Purchase of treasury stock |
(5,710)
|
|
|
|
|
$ (5,710)
|
| Purchase of treasury stock (in shares) |
|
|
|
|
|
74
|
| Foreign currency translation adjustments |
(196)
|
|
|
(196)
|
|
|
| Grant of restricted stock units to settle accrued bonus |
10,846
|
|
10,846
|
|
|
|
| Settlement of restricted stock units |
(6,796)
|
|
(1,875)
|
|
(720)
|
$ (4,201)
|
| Settlement of restricted stock units (in shares) |
|
|
|
|
|
(166)
|
| Exercise of stock options |
1,494
|
|
952
|
|
|
$ 542
|
| Exercise of stock options (in shares) |
|
|
|
|
|
(54)
|
| Dividends and dividend equivalent rights |
(29,358)
|
|
|
|
(29,358)
|
|
| Net income |
59,369
|
|
|
|
59,369
|
|
| Balance at Jun. 28, 2024 |
393,213
|
$ 66
|
338,734
|
(3,173)
|
603,373
|
$ (545,787)
|
| Balances (in shares) at Jun. 28, 2024 |
|
65,707
|
|
|
|
14,976
|
| Balance at Dec. 29, 2023 |
356,085
|
$ 66
|
321,448
|
(2,977)
|
574,082
|
$ (536,534)
|
| Balances (in shares) at Dec. 29, 2023 |
|
65,707
|
|
|
|
15,134
|
| Net income |
85,413
|
|
|
|
|
|
| Balance at Sep. 27, 2024 |
410,274
|
$ 66
|
342,301
|
(1,606)
|
614,991
|
$ (545,478)
|
| Balances (in shares) at Sep. 27, 2024 |
|
65,707
|
|
|
|
14,942
|
| Balance at Jun. 28, 2024 |
393,213
|
$ 66
|
338,734
|
(3,173)
|
603,373
|
$ (545,787)
|
| Balances (in shares) at Jun. 28, 2024 |
|
65,707
|
|
|
|
14,976
|
| Employee stock purchase plan |
457
|
|
413
|
|
|
$ 44
|
| Employee stock purchase plan (in shares) |
|
|
|
|
|
(4)
|
| Amortization of unrecognized stock-based compensation |
2,623
|
|
2,623
|
|
|
|
| Foreign currency translation adjustments |
1,567
|
|
|
1,567
|
|
|
| Settlement of restricted stock units |
(34)
|
|
(13)
|
|
|
$ (21)
|
| Settlement of restricted stock units (in shares) |
|
|
|
|
|
(1)
|
| Exercise of stock options |
830
|
|
544
|
|
|
$ 286
|
| Exercise of stock options (in shares) |
|
|
|
|
|
(29)
|
| Dividends and dividend equivalent rights |
(14,426)
|
|
|
|
(14,426)
|
|
| Net income |
26,044
|
|
|
|
26,044
|
|
| Balance at Sep. 27, 2024 |
$ 410,274
|
$ 66
|
$ 342,301
|
$ (1,606)
|
$ 614,991
|
$ (545,478)
|
| Balances (in shares) at Sep. 27, 2024 |
|
65,707
|
|
|
|
14,942
|
| X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481089/718-20-55-13
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481089/718-20-55-12
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v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 85,413
|
$ 79,410
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization of property, equipment and leasehold improvements |
7,199
|
6,535
|
| Provision for contract losses and doubtful accounts |
3,140
|
1,911
|
| Stock-based compensation |
18,382
|
17,177
|
| Deferred income tax provision |
(521)
|
(539)
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(4,398)
|
(13,551)
|
| Prepaid expenses and other current assets |
257
|
(5,886)
|
| Change in operating leases |
1,404
|
(451)
|
| Accounts payable and accrued liabilities |
1,502
|
(7,094)
|
| Accrued payroll and employee benefits |
(15,598)
|
(13,124)
|
| Deferred revenues |
(8,295)
|
(8,345)
|
| Net cash provided by operating activities |
88,485
|
56,043
|
| Cash flows from investing activities: |
|
|
| Capital expenditures |
(4,342)
|
(14,422)
|
| Net cash used in investing activities |
(4,342)
|
(14,422)
|
| Cash flows from financing activities: |
|
|
| Payroll taxes for restricted stock units |
(6,830)
|
(9,920)
|
| Repurchase of common stock |
(5,709)
|
(16,970)
|
| Exercise of stock-based payment awards |
3,739
|
1,812
|
| Dividends and dividend equivalents rights |
(43,988)
|
(40,894)
|
| Net cash used in financing activities |
(52,788)
|
(65,972)
|
| Effect of foreign currency exchange rates on cash and cash equivalents |
1,203
|
(8)
|
| Net change in cash and cash equivalents |
32,558
|
(24,359)
|
| Cash and cash equivalents at beginning of period |
187,150
|
161,458
|
| Cash and cash equivalents at end of period |
$ 219,708
|
$ 137,099
|
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v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Jun. 28, 2024 |
Jun. 30, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Pay vs Performance Disclosure |
|
|
|
|
|
|
| Net Income (Loss) |
$ 26,044
|
$ 24,538
|
$ 59,369
|
$ 54,872
|
$ 85,413
|
$ 79,410
|
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-Subparagraph (a)
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v3.24.3
Insider Trading Arrangements
shares in Thousands |
3 Months Ended |
|
Sep. 27, 2024
shares
|
|---|
| Trading Arrangements, by Individual |
|
| Material Terms of Trading Arrangement |
Rule 10b5-1 Plans The following table summarizes the adoption by the Company’s directors and officers of trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the three months ended September 27, 2024:
|
|
|
|
|
Name and Title |
Adoption Date |
Expiration Date |
Aggregate Number of Securities to be Sold |
Aggregate Number of Securities to be Purchased |
Paul Johnston, Director |
July 30, 2024 |
December 31, 2024 |
42,000 |
0 |
During the three months ended September 27, 2024, no pre-existing trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) were modified or terminated by the Company’s directors and officers, and no other written trading arrangements that are not intended to qualify for the Rule 10b5-1(c) affirmative defense were adopted, modified, or terminated by the Company’s directors and officers.
|
| Rule 10b5-1 Arrangement Terminated |
false
|
| Non-Rule 10b5-1 Arrangement Terminated |
false
|
| Rule 10b5-1 Arrangement Modified |
false
|
| Non-Rule 10b5-1 Arrangement Modified |
false
|
| Paul Johnston |
|
| Trading Arrangements, by Individual |
|
| Name |
Paul Johnston
|
| Title |
Director
|
| Rule 10b5-1 Arrangement Adopted |
true
|
| Non-Rule 10b5-1 Arrangement Adopted |
false
|
| Adoption Date |
July 30, 2024
|
| Expiration Date |
December 31, 2024
|
| Arrangement Duration |
154 days
|
| Aggregate Available |
42,000
|
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v3.24.3
Basis of Presentation
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Basis of Presentation |
Note 1: Basis of Presentation Exponent, Inc. (referred to as the “Company” or “Exponent”) is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December. The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three and nine months ended September 27, 2024 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023, which was filed with the U.S. Securities and Exchange Commission on February 23, 2024 and amended on April 17, 2024. The unaudited condensed consolidated financial statements include the accounts of Exponent and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts. Actual results could differ from those estimates. |
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v3.24.3
Revenue Recognition
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Revenue Recognition [Abstract] |
|
| Revenue Recognition |
Note 2: Revenue Recognition Substantially all of the Company’s engagements are performed under time and materials or fixed-price arrangements. For time and materials contracts, the Company utilizes the practical expedient under Accounting Standards Codification 606 – Revenue from Contracts with Customers, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value of the entity’s performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided) then the entity may recognize revenue in the amount to which the entity has a right to invoice. The following table discloses the percentage of the Company’s revenue generated from time and materials contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering & Other Scientific |
|
|
63 |
% |
|
|
61 |
% |
|
|
63 |
% |
|
|
63 |
% |
Environmental and Health |
|
|
15 |
% |
|
|
15 |
% |
|
|
16 |
% |
|
|
15 |
% |
Total time and materials revenues |
|
|
78 |
% |
|
|
76 |
% |
|
|
79 |
% |
|
|
78 |
% |
For fixed-price contracts, the Company recognizes revenue over time because of the continuous transfer of control to the customer. The customer typically controls the work in process as evidenced either by contractual termination clauses or by the Company’s rights to payment for work performed to date to deliver services that do not have an alternative use to the Company. Revenue for fixed-price contracts is recognized based on the relationship of incurred labor hours at standard rates to the Company’s estimate of the total labor hours at standard rates it expects to incur over the term of the contract. The Company believes this methodology achieves a reliable measure of the revenue from the consulting services it provides to its customers under fixed-price contracts given the nature of the consulting services the Company provides. The following table discloses the percentage of the Company’s revenue generated from fixed price contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering & Other Scientific |
|
|
21 |
% |
|
|
23 |
% |
|
|
20 |
% |
|
|
20 |
% |
Environmental and Health |
|
|
1 |
% |
|
|
1 |
% |
|
|
1 |
% |
|
|
2 |
% |
Total fixed price revenues |
|
|
22 |
% |
|
|
24 |
% |
|
|
21 |
% |
|
|
22 |
% |
Deferred revenues represent amounts billed to clients in advance of services provided. During the third quarter of 2024, $3,666,000 of revenues were recognized that were included in the deferred revenue balance at June 28, 2024. During the first nine months of 2024, $12,974,000 of revenues were recognized that were included in the deferred revenue balance at December 29, 2023. Reimbursements, including those related to travel and other out-of-pocket expenses, and other similar third- party costs such as the cost of materials and certain subcontracts, are included in revenues, and an equivalent amount of reimbursable expenses are included in operating expenses. Any mark-up on reimbursable expenses is included in revenues before reimbursements. The Company reports revenues net of subcontractor fees for certain subcontracts where the Company has determined that it is acting as an agent because its performance obligation is to arrange for the provision of goods or services by another party. The total amount of subcontractor fees not included in revenues because the Company was acting as an agent were $2,689,000 and $2,379,000 during the third quarter of 2024 and 2023, respectively, and $9,222,000 and $10,727,000 during the first nine months of 2024 and 2023, respectively.
|
| X |
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|
v3.24.3
Fair Value Measurements
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
Note 3: Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including money market securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There were no transfers between fair value measurement levels during the three and nine months ended September 27, 2024 and September 29, 2023. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at September 27, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using |
|
(In thousands) |
|
Total |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) |
|
|
Significant Other
Observable Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities (1) |
|
$ |
56,869 |
|
|
$ |
56,869 |
|
|
$ |
- |
|
|
$ |
- |
|
Fixed income trading securities held in deferred
compensation plan (2) |
|
|
38,935 |
|
|
|
38,935 |
|
|
|
- |
|
|
|
- |
|
Equity trading securities held in deferred compensation
plan (2) |
|
|
87,859 |
|
|
|
87,859 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
183,663 |
|
|
$ |
183,663 |
|
|
$ |
- |
|
|
$ |
- |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan (3) |
|
|
127,722 |
|
|
|
127,722 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
127,722 |
|
|
$ |
127,722 |
|
|
$ |
- |
|
|
$ |
- |
|
(1)Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. (2)Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. (3)Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using |
|
(In thousands) |
|
Total |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) |
|
|
Significant Other
Observable Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities (1) |
|
$ |
54,686 |
|
|
$ |
54,686 |
|
|
$ |
- |
|
|
$ |
- |
|
Fixed income trading securities held in deferred
compensation plan (2) |
|
|
36,788 |
|
|
|
36,788 |
|
|
|
- |
|
|
|
- |
|
Equity trading securities held in deferred compensation
plan (2) |
|
|
78,399 |
|
|
|
78,399 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
169,873 |
|
|
$ |
169,873 |
|
|
$ |
- |
|
|
$ |
- |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan (3) |
|
|
116,564 |
|
|
|
116,564 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
116,564 |
|
|
$ |
116,564 |
|
|
$ |
- |
|
|
$ |
- |
|
(1)Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. (2)Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. (3)Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. Money market securities as of September 27, 2024 and December 29, 2023 represent obligations of the United States Treasury. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 6 for additional information about the Company’s deferred compensation plan. Cash and cash equivalents consisted of the following as of September 27, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
(In thousands) |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
Classified as current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
162,839 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
162,839 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities |
|
|
56,869 |
|
|
|
- |
|
|
|
- |
|
|
|
56,869 |
|
Total cash equivalents |
|
|
56,869 |
|
|
|
- |
|
|
|
- |
|
|
|
56,869 |
|
Total cash and cash equivalents |
|
|
219,708 |
|
|
|
- |
|
|
|
- |
|
|
|
219,708 |
|
Cash and cash equivalents consisted of the following as of December 29, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
(In thousands) |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
Classified as current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
132,464 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
132,464 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities |
|
|
54,686 |
|
|
|
- |
|
|
|
- |
|
|
|
54,686 |
|
Total cash equivalents |
|
|
54,686 |
|
|
|
- |
|
|
|
- |
|
|
|
54,686 |
|
Total cash and cash equivalents |
|
$ |
187,150 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
187,150 |
|
At September 27, 2024 and December 29, 2023, the Company did not have any assets or liabilities valued using significant unobservable inputs. The following financial instruments are not measured at fair value on the Company's unaudited condensed consolidated balance sheet at September 27, 2024 and December 29, 2023, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at September 27, 2024 and December 29, 2023 approximates their carrying value as reported on the Company’s unaudited condensed consolidated balance sheet.
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (f)
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-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (g)
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-SubTopic 820
-Name Accounting Standards Codification
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-Publisher FASB
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v3.24.3
Net Income Per Share
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Net Income Per Share |
Note 4: Net Income Per Share Basic per share amounts are computed using the weighted-average number of shares of common stock outstanding during the period. Diluted per share amounts are calculated using the weighted-average number of shares of common stock outstanding during the period and, when dilutive, the weighted-average number of potential shares of common stock from the issuance of common stock to satisfy outstanding restricted stock units and the exercise of outstanding options to purchase common stock using the treasury stock method. The following schedule reconciles the shares used to calculate basic and diluted net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Shares used in basic per share computation |
|
|
51,177 |
|
|
|
51,203 |
|
|
|
51,098 |
|
|
|
51,197 |
|
Effect of dilutive common stock options
outstanding |
|
|
175 |
|
|
|
183 |
|
|
|
172 |
|
|
|
195 |
|
Effect of dilutive restricted stock units
outstanding |
|
|
270 |
|
|
|
259 |
|
|
|
257 |
|
|
|
288 |
|
Shares used in diluted per share
computation |
|
|
51,622 |
|
|
|
51,645 |
|
|
|
51,527 |
|
|
|
51,680 |
|
Common stock options to purchase 30,000 and 63,333 shares were excluded from the diluted per share calculation for the three months ended September 27, 2024 and September 29, 2023, respectively, due to their anti-dilutive effect. Common stock options to purchase 63,333 and 24,835 shares were excluded from the diluted per share calculation for the nine months ended September 27, 2024 and September 29, 2023, respectively, due to their anti-dilutive effect.
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-Paragraph 1
-Subparagraph (c)
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v3.24.3
Stock-Based Compensation
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Stock-Based Compensation |
Note 5: Stock-Based Compensation Restricted Stock Units Restricted stock unit grants are designed to attract and retain employees, and to better align employee interests with those of the Company’s stockholders. For a select group of employees, up to 40% of their annual bonus is settled with fully vested restricted stock unit awards. Under these fully vested restricted stock unit awards, the holder of each award has the right to receive one share of the Company’s common stock for each fully vested restricted stock unit four years from the date of grant. Each individual who receives a fully vested restricted stock unit award is also granted a matching number of unvested restricted stock unit awards. Unvested restricted stock unit awards are also granted for select new hires and promotions. These unvested restricted stock unit awards generally cliff vest four years from the date of grant, at which time the holder of each award will have the right to receive one share of the Company’s common stock for each restricted stock unit award provided the holder of each award has met certain employment conditions. In the case of retirement at 59½ years or older, all unvested restricted stock unit awards will vest, provided that the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company. The value of these restricted stock unit awards is determined based on the market price of the Company’s common stock on the date of grant. The value of fully vested restricted stock unit awards issued is recorded as a reduction to accrued bonuses. The portion of bonus expense that the Company expects to settle with fully vested restricted stock unit awards is recorded as stock-based compensation during the period the bonus is earned. The Company recorded stock-based compensation expense associated with accrued bonus awards of $2,842,000 and $2,583,000 during the three months ended September 27, 2024 and September 29, 2023, respectively. For the nine months ended September 27, 2024 and September 29, 2023, the Company recorded stock-based compensation expense associated with accrued bonus awards of $9,238,000 and $8,242,000, respectively. The value of the unvested restricted stock unit awards granted is recognized on a straight-line basis over the shorter of the four-year vesting period or the period between the grant date and the date the award recipient turns 59½. If the award recipient is 59½ years or older on the date of grant, the value of the entire award is expensed upon grant. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $2,255,000 and $2,038,000 during the three months ended September 27, 2024 and September 29, 2023, respectively. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $8,089,000 and $8,124,000 during the nine months ended September 27, 2024 and September 29, 2023, respectively. Stock Options Stock options are granted for terms of ten years and generally vest 25% per year over a four-year period from the grant date. Unvested stock option awards will continue to vest in the case of retirement at 59½ years or older, provided that the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company. The value of the unvested stock option awards granted is recognized on a straight-line basis over the shorter of the four-year vesting period or the period between the grant date and the date the award recipient turns 59½. If the award recipient is 59½ years or older on the date of grant, the value of the entire award is expensed upon grant. The Company recorded stock-based compensation expense associated with stock option grants of $368,000 and $270,000 during the three months ended September 27, 2024 and September 29, 2023, respectively. The Company recorded stock-based compensation expense associated with stock option grants of $1,055,000 and $811,000 during the nine months ended September 27, 2024 and September 29, 2023, respectively. The Company uses the Black-Scholes option-pricing model to determine the fair value of options granted. The determination of the fair value of stock option awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends. The Company used historical exercise, forfeiture, and post-vesting expiration data to estimate the expected term of options granted. The historical volatility of the Company’s common stock over a period of time equal to the expected term of the options granted was used to estimate expected volatility. The risk-free interest rate used in the option-pricing model was based on United States Treasury zero-coupon issues with remaining terms similar to the expected term of the options. The dividend yield assumption considers the expectation of continued declaration of dividends, offset by option holders’ dividend equivalent rights. The Company accounts for forfeitures of stock-based awards when they occur. All stock-based payment awards are recognized on a straight-line basis over the requisite service periods of the awards.
|
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v3.24.3
Deferred Compensation Plans
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Deferred Compensation Arrangements [Abstract] |
|
| Deferred Compensation Plans |
Note 6: Deferred Compensation Plans The Company maintains nonqualified deferred compensation plans for the benefit of a select group of highly compensated employees. Under these plans, participants may elect to defer up to 100% of their compensation. Company assets that are earmarked to pay benefits under the plans are held in a rabbi trust and are subject to the claims of the Company’s creditors. As of September 27, 2024 and December 29, 2023, the invested amounts under the plans totaled $126,794,000 and $115,187,000, respectively, and are recorded in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. These assets are classified as trading securities and are recorded at fair value with changes recorded as adjustments to miscellaneous income (loss), net. As of September 27, 2024 and December 29, 2023, vested amounts due under the plans totaled $127,722,000 and $116,564,000, respectively, and are recorded within accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheets. Changes in the liability are recorded as adjustments to compensation expense. During the three months ended September 27, 2024, the Company recognized additional compensation expense of $7,157,000 as a result of changes in the market value of the trust assets with the same amount being recorded as gain in miscellaneous income (loss), net. During the three months ended September 29, 2023, the Company recognized a reduction in compensation expense of $2,769,000 as a result of changes in the market value of the trust assets with the same amount being recorded as a loss in miscellaneous income (loss), net. During the nine months ended September 27, 2024, the Company recognized additional compensation expense of $14,299,000 as a result of changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income, net. During the nine months ended September 29, 2023, the Company recognized additional compensation expense of $5,271,000 as a result of changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income (loss), net.
|
| X |
- DefinitionThe entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Supplemental Cash Flow Information
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Supplemental Cash Flow Information [Abstract] |
|
| Supplemental Cash Flow Information |
Note 7: Supplemental Cash Flow Information The following is supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Cash paid during period: |
|
|
|
|
|
|
Income taxes |
|
$ |
29,060 |
|
|
$ |
27,753 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
Vested stock unit awards issued to settle accrued bonuses |
|
|
10,846 |
|
|
|
10,497 |
|
Right-of-use asset obtained in exchange for operating lease obligations |
|
|
56,714 |
|
|
|
13,803 |
|
Leasehold improvements obtained in exchange for right-of-use asset |
|
|
- |
|
|
|
3,219 |
|
Accrual for capital expenditures as of period end |
|
|
537 |
|
|
|
618 |
|
|
| X |
- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Accounts Receivable, Net
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Receivables [Abstract] |
|
| Accounts Receivable, Net |
Note 8: Accounts Receivable, Net At September 27, 2024 and December 29, 2023, accounts receivable, net, was comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
September 27, |
|
|
December 29, |
|
(In thousands) |
|
2024 |
|
|
2023 |
|
Billed accounts receivable |
|
$ |
117,746 |
|
|
$ |
128,052 |
|
Unbilled accounts receivable |
|
|
57,353 |
|
|
|
44,589 |
|
Allowance for contract losses and doubtful accounts |
|
|
(6,481 |
) |
|
|
(5,281 |
) |
Total accounts receivable, net |
|
$ |
168,618 |
|
|
$ |
167,360 |
|
The Company maintains allowances for estimated losses over the remaining contractual life of its receivables resulting from the inability of customers to meet their financial obligations or for disputes that affect the Company’s ability to fully collect amounts due. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations or aware of a dispute with a specific customer, a specific allowance is recorded to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers the Company recognizes allowances for doubtful accounts based upon historical write-offs, customer concentration, customer creditworthiness, current economic conditions, aging of amounts due and future expectations. A reconciliation of the beginning and ending amount of the allowance for contract losses and doubtful accounts is as follows (in thousands):
|
|
|
|
|
Balance at December 29, 2023 |
|
$ |
5,281 |
|
Provision for contract losses and doubtful accounts |
|
|
3,140 |
|
Write-offs |
|
|
(1,940 |
) |
Balance at September 27, 2024 |
|
$ |
6,481 |
|
|
| X |
- DefinitionThe entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 45
-Paragraph 2
-Publisher FASB
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v3.24.3
Segment Reporting
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Reporting |
Note 9: Segment Reporting The Company has two reportable operating segments based on two primary areas of service. The Engineering and Other Scientific segment is a broad service group providing technical consulting in different practices primarily in engineering. The Environmental and Health segment provides services in the areas of environmental, epidemiology and health risk analysis. This segment provides a wide range of consulting services relating to environmental hazards and risks and the impact on both human health and the environment. Our Chief Executive Officer, the chief operating decision maker, reviews revenues and operating income for each of our reportable segments, but does not review total assets in evaluating segment performance and capital allocation. Segment information for the three and nine months ended September 27, 2024 and September 29, 2023 follows: Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
115,244 |
|
|
$ |
110,857 |
|
|
$ |
355,193 |
|
|
$ |
344,552 |
|
Environmental and Health |
|
|
21,035 |
|
|
|
22,479 |
|
|
|
66,555 |
|
|
|
69,314 |
|
Total revenues |
|
$ |
136,279 |
|
|
$ |
133,336 |
|
|
$ |
421,748 |
|
|
$ |
413,866 |
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
40,292 |
|
|
$ |
38,734 |
|
|
$ |
132,687 |
|
|
$ |
121,064 |
|
Environmental and Health |
|
|
7,547 |
|
|
|
7,475 |
|
|
|
23,042 |
|
|
|
22,550 |
|
Total segment operating income |
|
|
47,839 |
|
|
|
46,209 |
|
|
|
155,729 |
|
|
|
143,614 |
|
Corporate operating expense |
|
|
(21,992 |
) |
|
|
(12,276 |
) |
|
|
(63,425 |
) |
|
|
(50,686 |
) |
Total operating income |
|
$ |
25,847 |
|
|
$ |
33,933 |
|
|
$ |
92,304 |
|
|
$ |
92,928 |
|
Certain operating expenses are excluded from the Company’s measure of segment operating income. These expenses include costs associated with its human resources, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with its deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in its allowance for contract losses and doubtful accounts. Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
887 |
|
|
$ |
541 |
|
|
$ |
1,769 |
|
|
$ |
3,210 |
|
Environmental and Health |
|
|
- |
|
|
|
25 |
|
|
|
74 |
|
|
|
139 |
|
Total segment capital expenditures |
|
|
887 |
|
|
|
566 |
|
|
|
1,843 |
|
|
|
3,349 |
|
Corporate capital expenditures |
|
|
1,339 |
|
|
|
1,248 |
|
|
|
2,899 |
|
|
|
13,893 |
|
Total capital expenditures |
|
$ |
2,226 |
|
|
$ |
1,814 |
|
|
$ |
4,742 |
|
|
$ |
17,242 |
|
Certain capital expenditures associated with the Company’s corporate cost centers and the related depreciation are excluded from the Company’s segment information. Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
1,735 |
|
|
$ |
1,750 |
|
|
$ |
5,128 |
|
|
$ |
4,428 |
|
Environmental and Health |
|
|
50 |
|
|
|
53 |
|
|
|
154 |
|
|
|
155 |
|
Total segment depreciation and
amortization |
|
|
1,785 |
|
|
|
1,803 |
|
|
|
5,282 |
|
|
|
4,583 |
|
Corporate depreciation and amortization |
|
|
604 |
|
|
|
558 |
|
|
|
1,917 |
|
|
|
1,952 |
|
Total depreciation and amortization |
|
$ |
2,389 |
|
|
$ |
2,361 |
|
|
$ |
7,199 |
|
|
$ |
6,535 |
|
No single client comprised more than 10% of the Company’s revenues during the three and nine months ended September 27, 2024. No single client comprised more than 10% of the Company’s revenues during the three and nine months ended September 29, 2023.
|
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| X |
- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.24.3
Leases
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Leases [Abstract] |
|
| Leases |
Note 10: Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and long-term operating lease liabilities in the Company’s condensed consolidated balance sheet. The Company does not have any finance leases as of September 27, 2024. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The amortization of operating lease ROU assets and the change in operating lease liabilities is disclosed as a single line item in the condensed consolidated statements of cash flows. The Company leases office, laboratory, and storage space in 13 states and the District of Columbia, as well as in China, Hong Kong, Singapore, Switzerland, and the United Kingdom. Leases for these office, laboratory, and storage facilities have terms generally ranging between one and ten years. Some of these leases include options to extend or terminate the lease, none of which are currently included in the lease term as the Company has determined that exercise of these options is not reasonably certain. The Company has a Test and Engineering Center on 147 acres of land in Phoenix, Arizona. The Company leases this land from the State of Arizona under a 30-year lease agreement that expires in January of 2028 and has options to renew for two fifteen-year periods. On June 19, 2024, the Company entered into an agreement with the State of Arizona to extend this lease for 15 years beginning on January 17, 2028. The Company is currently obligated to make payments under the lease of $1,009,000 per year, which obligation will continue at that level until January 16, 2028. Beginning on January 17, 2028, the Company’s payments under the lease will increase to approximately $6,183,000 per year for the 15-year extension term with adjustments to the annual rent payment in 2033 and 2038 based on the consumer price index. As a result of this extension, the Company added an additional right-of-use asset in exchange for an operating lease liability of $48,683,000 during the second quarter of 2024. As of September 27, 2024, the Company has determined that the exercise of the second renewal option is not reasonably certain and thus that extension is not included in the lease term. The Company’s equipment leases are included in the ROU asset and liability balances, but are not material. The Company leases excess space in its Silicon Valley and Natick facilities. Rental income of $742,000 and $882,000 was included in other income for the three months ended September 27, 2024 and September 29, 2023, respectively. Rental income of $2,511,000 and $2,491,000 was included in other income for the nine months ended September 27, 2024 and September 29, 2023, respectively. The components of lease expense included in other operating expenses on the condensed consolidated statements of income were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Operating lease cost |
|
$ |
3,251 |
|
|
$ |
2,094 |
|
|
$ |
7,758 |
|
|
$ |
5,659 |
|
Variable lease cost |
|
|
352 |
|
|
|
378 |
|
|
|
1,100 |
|
|
|
1,251 |
|
Short-term lease cost |
|
|
378 |
|
|
|
256 |
|
|
|
1,028 |
|
|
|
937 |
|
Supplemental cash flow information related to operating leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
Cash paid for amounts included in the
measurement of operating lease
liabilities |
|
$ |
1,654 |
|
|
$ |
1,715 |
|
|
$ |
6,002 |
|
|
$ |
5,516 |
|
Supplemental balance sheet information related to operating leases was as follows:
|
|
|
|
|
|
|
September 27,
2024 |
|
September 29, 2023 |
Weighted Average Remaining Lease Term |
|
14.0 years |
|
6.4 years |
Weighted Average Discount Rate |
|
6.2% |
|
5.1% |
Maturities of operating lease liabilities as of September 27, 2024:
|
|
|
|
|
|
|
Operating |
|
(In thousands) |
|
Leases |
|
2024 (excluding the nine months ended September 27, 2024) |
|
$ |
1,538 |
|
2025 |
|
|
7,803 |
|
2026 |
|
|
7,460 |
|
2027 |
|
|
6,183 |
|
2028 |
|
|
9,645 |
|
Thereafter |
|
|
98,461 |
|
Total lease payments |
|
|
131,090 |
|
Less imputed interest |
|
|
(50,228 |
) |
Total lease liability |
|
$ |
80,862 |
|
|
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v3.24.3
Contingencies
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Contingencies |
Note 11: Contingencies The Company is a party to various legal actions from time to time and may be contingently liable in connection with claims and contracts arising in the normal course of business, the outcome of which the Company believes, after consultation with legal counsel, will not have a material adverse effect on its financial condition, results of operations or liquidity. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. All legal costs associated with litigation are expensed as incurred.
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-Topic 405
-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 4
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Note 12: Subsequent Events On October 24, 2024, the Company’s Board of Directors announced a cash dividend of $0.28 per share of the Company’s common stock, payable December 20, 2024, to stockholders of record as of December 6, 2024.
|
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|
v3.24.3
Basis of Presentation (Policies)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation |
Basis of Presentation Exponent, Inc. (referred to as the “Company” or “Exponent”) is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December. The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three and nine months ended September 27, 2024 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023, which was filed with the U.S. Securities and Exchange Commission on February 23, 2024 and amended on April 17, 2024. The unaudited condensed consolidated financial statements include the accounts of Exponent and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation.
|
| Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts. Actual results could differ from those estimates.
|
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v3.24.3
Revenue Recognition (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Revenue Recognition [Abstract] |
|
| Summary of Percent of Revenues |
The following table discloses the percentage of the Company’s revenue generated from time and materials contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering & Other Scientific |
|
|
63 |
% |
|
|
61 |
% |
|
|
63 |
% |
|
|
63 |
% |
Environmental and Health |
|
|
15 |
% |
|
|
15 |
% |
|
|
16 |
% |
|
|
15 |
% |
Total time and materials revenues |
|
|
78 |
% |
|
|
76 |
% |
|
|
79 |
% |
|
|
78 |
% |
The following table discloses the percentage of the Company’s revenue generated from fixed price contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering & Other Scientific |
|
|
21 |
% |
|
|
23 |
% |
|
|
20 |
% |
|
|
20 |
% |
Environmental and Health |
|
|
1 |
% |
|
|
1 |
% |
|
|
1 |
% |
|
|
2 |
% |
Total fixed price revenues |
|
|
22 |
% |
|
|
24 |
% |
|
|
21 |
% |
|
|
22 |
% |
|
| X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
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-Section 50
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v3.24.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Assets and Liabilities Measured at Fair Value on Recurring Basis |
The fair value of these certain financial assets and liabilities was determined using the following inputs at September 27, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using |
|
(In thousands) |
|
Total |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) |
|
|
Significant Other
Observable Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities (1) |
|
$ |
56,869 |
|
|
$ |
56,869 |
|
|
$ |
- |
|
|
$ |
- |
|
Fixed income trading securities held in deferred
compensation plan (2) |
|
|
38,935 |
|
|
|
38,935 |
|
|
|
- |
|
|
|
- |
|
Equity trading securities held in deferred compensation
plan (2) |
|
|
87,859 |
|
|
|
87,859 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
183,663 |
|
|
$ |
183,663 |
|
|
$ |
- |
|
|
$ |
- |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan (3) |
|
|
127,722 |
|
|
|
127,722 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
127,722 |
|
|
$ |
127,722 |
|
|
$ |
- |
|
|
$ |
- |
|
(1)Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. (2)Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. (3)Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using |
|
(In thousands) |
|
Total |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) |
|
|
Significant Other
Observable Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities (1) |
|
$ |
54,686 |
|
|
$ |
54,686 |
|
|
$ |
- |
|
|
$ |
- |
|
Fixed income trading securities held in deferred
compensation plan (2) |
|
|
36,788 |
|
|
|
36,788 |
|
|
|
- |
|
|
|
- |
|
Equity trading securities held in deferred compensation
plan (2) |
|
|
78,399 |
|
|
|
78,399 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
169,873 |
|
|
$ |
169,873 |
|
|
$ |
- |
|
|
$ |
- |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan (3) |
|
|
116,564 |
|
|
|
116,564 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
116,564 |
|
|
$ |
116,564 |
|
|
$ |
- |
|
|
$ |
- |
|
(1)Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. (2)Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.
|
| Cash and Cash Equivalents |
Cash and cash equivalents consisted of the following as of September 27, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
(In thousands) |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
Classified as current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
162,839 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
162,839 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities |
|
|
56,869 |
|
|
|
- |
|
|
|
- |
|
|
|
56,869 |
|
Total cash equivalents |
|
|
56,869 |
|
|
|
- |
|
|
|
- |
|
|
|
56,869 |
|
Total cash and cash equivalents |
|
|
219,708 |
|
|
|
- |
|
|
|
- |
|
|
|
219,708 |
|
Cash and cash equivalents consisted of the following as of December 29, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
(In thousands) |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
Classified as current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
132,464 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
132,464 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market securities |
|
|
54,686 |
|
|
|
- |
|
|
|
- |
|
|
|
54,686 |
|
Total cash equivalents |
|
|
54,686 |
|
|
|
- |
|
|
|
- |
|
|
|
54,686 |
|
Total cash and cash equivalents |
|
$ |
187,150 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
187,150 |
|
|
| X |
- References
+ Details
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| X |
- DefinitionTabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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|
v3.24.3
Net Income Per Share (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Reconciles Shares to Calculate Basic and Diluted Net Income Per Share |
The following schedule reconciles the shares used to calculate basic and diluted net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Shares used in basic per share computation |
|
|
51,177 |
|
|
|
51,203 |
|
|
|
51,098 |
|
|
|
51,197 |
|
Effect of dilutive common stock options
outstanding |
|
|
175 |
|
|
|
183 |
|
|
|
172 |
|
|
|
195 |
|
Effect of dilutive restricted stock units
outstanding |
|
|
270 |
|
|
|
259 |
|
|
|
257 |
|
|
|
288 |
|
Shares used in diluted per share
computation |
|
|
51,622 |
|
|
|
51,645 |
|
|
|
51,527 |
|
|
|
51,680 |
|
|
| X |
- References
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
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|
v3.24.3
Supplemental Cash Flow Information (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Supplemental Cash Flow Information [Abstract] |
|
| Supplemental Disclosure of Cash Flow Information |
The following is supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Cash paid during period: |
|
|
|
|
|
|
Income taxes |
|
$ |
29,060 |
|
|
$ |
27,753 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
Vested stock unit awards issued to settle accrued bonuses |
|
|
10,846 |
|
|
|
10,497 |
|
Right-of-use asset obtained in exchange for operating lease obligations |
|
|
56,714 |
|
|
|
13,803 |
|
Leasehold improvements obtained in exchange for right-of-use asset |
|
|
- |
|
|
|
3,219 |
|
Accrual for capital expenditures as of period end |
|
|
537 |
|
|
|
618 |
|
|
| X |
- DefinitionTabular disclosure of supplemental cash flow information for the periods presented.
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|
v3.24.3
Accounts Receivable, Net (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Receivables [Abstract] |
|
| Accounts Receivable, Net |
At September 27, 2024 and December 29, 2023, accounts receivable, net, was comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
September 27, |
|
|
December 29, |
|
(In thousands) |
|
2024 |
|
|
2023 |
|
Billed accounts receivable |
|
$ |
117,746 |
|
|
$ |
128,052 |
|
Unbilled accounts receivable |
|
|
57,353 |
|
|
|
44,589 |
|
Allowance for contract losses and doubtful accounts |
|
|
(6,481 |
) |
|
|
(5,281 |
) |
Total accounts receivable, net |
|
$ |
168,618 |
|
|
$ |
167,360 |
|
|
| Reconciliation of Beginning and Ending Amount of Allowance for Contract Losses and Doubtful Accounts |
A reconciliation of the beginning and ending amount of the allowance for contract losses and doubtful accounts is as follows (in thousands):
|
|
|
|
|
Balance at December 29, 2023 |
|
$ |
5,281 |
|
Provision for contract losses and doubtful accounts |
|
|
3,140 |
|
Write-offs |
|
|
(1,940 |
) |
Balance at September 27, 2024 |
|
$ |
6,481 |
|
|
| X |
- DefinitionTabular disclosure of allowance for credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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|
v3.24.3
Segment Reporting (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Reporting Information, by Segment |
Segment information for the three and nine months ended September 27, 2024 and September 29, 2023 follows: Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
115,244 |
|
|
$ |
110,857 |
|
|
$ |
355,193 |
|
|
$ |
344,552 |
|
Environmental and Health |
|
|
21,035 |
|
|
|
22,479 |
|
|
|
66,555 |
|
|
|
69,314 |
|
Total revenues |
|
$ |
136,279 |
|
|
$ |
133,336 |
|
|
$ |
421,748 |
|
|
$ |
413,866 |
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
40,292 |
|
|
$ |
38,734 |
|
|
$ |
132,687 |
|
|
$ |
121,064 |
|
Environmental and Health |
|
|
7,547 |
|
|
|
7,475 |
|
|
|
23,042 |
|
|
|
22,550 |
|
Total segment operating income |
|
|
47,839 |
|
|
|
46,209 |
|
|
|
155,729 |
|
|
|
143,614 |
|
Corporate operating expense |
|
|
(21,992 |
) |
|
|
(12,276 |
) |
|
|
(63,425 |
) |
|
|
(50,686 |
) |
Total operating income |
|
$ |
25,847 |
|
|
$ |
33,933 |
|
|
$ |
92,304 |
|
|
$ |
92,928 |
|
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
887 |
|
|
$ |
541 |
|
|
$ |
1,769 |
|
|
$ |
3,210 |
|
Environmental and Health |
|
|
- |
|
|
|
25 |
|
|
|
74 |
|
|
|
139 |
|
Total segment capital expenditures |
|
|
887 |
|
|
|
566 |
|
|
|
1,843 |
|
|
|
3,349 |
|
Corporate capital expenditures |
|
|
1,339 |
|
|
|
1,248 |
|
|
|
2,899 |
|
|
|
13,893 |
|
Total capital expenditures |
|
$ |
2,226 |
|
|
$ |
1,814 |
|
|
$ |
4,742 |
|
|
$ |
17,242 |
|
Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Engineering and Other Scientific |
|
$ |
1,735 |
|
|
$ |
1,750 |
|
|
$ |
5,128 |
|
|
$ |
4,428 |
|
Environmental and Health |
|
|
50 |
|
|
|
53 |
|
|
|
154 |
|
|
|
155 |
|
Total segment depreciation and
amortization |
|
|
1,785 |
|
|
|
1,803 |
|
|
|
5,282 |
|
|
|
4,583 |
|
Corporate depreciation and amortization |
|
|
604 |
|
|
|
558 |
|
|
|
1,917 |
|
|
|
1,952 |
|
Total depreciation and amortization |
|
$ |
2,389 |
|
|
$ |
2,361 |
|
|
$ |
7,199 |
|
|
$ |
6,535 |
|
|
| X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30
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v3.24.3
Leases (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Leases [Abstract] |
|
| Lease, Cost |
The components of lease expense included in other operating expenses on the condensed consolidated statements of income were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27,
2024 |
|
|
September 29,
2023 |
|
|
September 27,
2024 |
|
|
September 29,
2023 |
|
Operating lease cost |
|
$ |
3,251 |
|
|
$ |
2,094 |
|
|
$ |
7,758 |
|
|
$ |
5,659 |
|
Variable lease cost |
|
|
352 |
|
|
|
378 |
|
|
|
1,100 |
|
|
|
1,251 |
|
Short-term lease cost |
|
|
378 |
|
|
|
256 |
|
|
|
1,028 |
|
|
|
937 |
|
|
| Supplemental Cash Flow Information Related to Operating Lease |
Supplemental cash flow information related to operating leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(In thousands) |
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
Cash paid for amounts included in the
measurement of operating lease
liabilities |
|
$ |
1,654 |
|
|
$ |
1,715 |
|
|
$ |
6,002 |
|
|
$ |
5,516 |
|
|
| Supplemental Balance Sheet Information Related to Operating Lease |
Supplemental balance sheet information related to operating leases was as follows:
|
|
|
|
|
|
|
September 27,
2024 |
|
September 29, 2023 |
Weighted Average Remaining Lease Term |
|
14.0 years |
|
6.4 years |
Weighted Average Discount Rate |
|
6.2% |
|
5.1% |
|
| Maturities of Lease Liabilities |
Maturities of operating lease liabilities as of September 27, 2024:
|
|
|
|
|
|
|
Operating |
|
(In thousands) |
|
Leases |
|
2024 (excluding the nine months ended September 27, 2024) |
|
$ |
1,538 |
|
2025 |
|
|
7,803 |
|
2026 |
|
|
7,460 |
|
2027 |
|
|
6,183 |
|
2028 |
|
|
9,645 |
|
Thereafter |
|
|
98,461 |
|
Total lease payments |
|
|
131,090 |
|
Less imputed interest |
|
|
(50,228 |
) |
Total lease liability |
|
$ |
80,862 |
|
|
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| X |
- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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| X |
- DefinitionTabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
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v3.24.3
Revenue Recognition - Summary of Revenues (Detail) - Sales Revenue, Net [Member] - Revenue from Rights Concentration Risk [Member]
|
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Time And Materials Contracts [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Concentration Risk, Percentage |
78.00%
|
76.00%
|
79.00%
|
78.00%
|
| Time And Materials Contracts [Member] | Engineering and Other Scientific [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Concentration Risk, Percentage |
63.00%
|
61.00%
|
63.00%
|
63.00%
|
| Time And Materials Contracts [Member] | Environmental and Health [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Concentration Risk, Percentage |
15.00%
|
15.00%
|
16.00%
|
15.00%
|
| Fixed Price Contracts [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Concentration Risk, Percentage |
22.00%
|
24.00%
|
21.00%
|
22.00%
|
| Fixed Price Contracts [Member] | Engineering and Other Scientific [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Concentration Risk, Percentage |
21.00%
|
23.00%
|
20.00%
|
20.00%
|
| Fixed Price Contracts [Member] | Environmental and Health [Member] |
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
| Concentration Risk, Percentage |
1.00%
|
1.00%
|
1.00%
|
2.00%
|
| X |
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v3.24.3
Revenue Recognition - Additional Information (Detail) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Revenue Recognition [Abstract] |
|
|
|
|
| Deferred Revenue, Revenue Recognized |
$ 3,666,000
|
|
$ 12,974,000
|
|
| Subcontractor Fees Not Included In Revenues |
$ 2,689,000
|
$ 2,379,000
|
$ 9,222,000
|
$ 10,727,000
|
| X |
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| X |
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-Topic 606
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-Paragraph 8
-Subparagraph (b)
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v3.24.3
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
|
Sep. 27, 2024 |
Dec. 29, 2023 |
| Assets |
|
|
|
|
| Trading securities held in deferred compensation plan |
$ 126,794,000
|
|
$ 115,187,000
|
|
| Total |
183,663,000
|
|
169,873,000
|
|
| Liabilities |
|
|
|
|
| Deferred compensation plan |
127,722,000
|
[1] |
116,564,000
|
[2] |
| Total |
127,722,000
|
|
116,564,000
|
|
| Money market securities |
|
|
|
|
| Assets |
|
|
|
|
| Money market securities |
56,869,000
|
[3] |
54,686,000
|
[4] |
| Fixed income securities |
|
|
|
|
| Assets |
|
|
|
|
| Trading securities held in deferred compensation plan |
38,935,000
|
[5] |
36,788,000
|
[6] |
| Equity securities |
|
|
|
|
| Assets |
|
|
|
|
| Trading securities held in deferred compensation plan |
87,859,000
|
[5] |
78,399,000
|
[6] |
| Fair Value, Inputs, Level 1 |
|
|
|
|
| Assets |
|
|
|
|
| Total |
183,663,000
|
|
169,873,000
|
|
| Liabilities |
|
|
|
|
| Deferred compensation plan |
127,722,000
|
[1] |
116,564,000
|
[2] |
| Total |
127,722,000
|
|
116,564,000
|
|
| Fair Value, Inputs, Level 1 | Money market securities |
|
|
|
|
| Assets |
|
|
|
|
| Money market securities |
56,869,000
|
[3] |
54,686,000
|
[4] |
| Fair Value, Inputs, Level 1 | Fixed income securities |
|
|
|
|
| Assets |
|
|
|
|
| Trading securities held in deferred compensation plan |
38,935,000
|
[5] |
36,788,000
|
[6] |
| Fair Value, Inputs, Level 1 | Equity securities |
|
|
|
|
| Assets |
|
|
|
|
| Trading securities held in deferred compensation plan |
87,859,000
|
[5] |
78,399,000
|
[6] |
| Fair Value, Inputs, Level 2 |
|
|
|
|
| Assets |
|
|
|
|
| Total |
0
|
|
0
|
|
| Liabilities |
|
|
|
|
| Deferred compensation plan |
0
|
[1] |
0
|
[2] |
| Total |
0
|
|
0
|
|
| Fair Value, Inputs, Level 2 | Money market securities |
|
|
|
|
| Assets |
|
|
|
|
| Money market securities |
0
|
[3] |
0
|
[4] |
| Fair Value, Inputs, Level 2 | Fixed income securities |
|
|
|
|
| Assets |
|
|
|
|
| Trading securities held in deferred compensation plan |
0
|
[5] |
0
|
[6] |
| Fair Value, Inputs, Level 2 | Equity securities |
|
|
|
|
| Assets |
|
|
|
|
| Trading securities held in deferred compensation plan |
0
|
[5] |
0
|
[6] |
| Fair Value, Inputs, Level 3 |
|
|
|
|
| Assets |
|
|
|
|
| Total |
0
|
|
0
|
|
| Liabilities |
|
|
|
|
| Deferred compensation plan |
0
|
[1] |
0
|
[2] |
| Total |
0
|
|
0
|
|
| Fair Value, Inputs, Level 3 | Money market securities |
|
|
|
|
| Assets |
|
|
|
|
| Money market securities |
0
|
[3] |
0
|
[4] |
| Fair Value, Inputs, Level 3 | Fixed income securities |
|
|
|
|
| Assets |
|
|
|
|
| Trading securities held in deferred compensation plan |
0
|
[5] |
0
|
[6] |
| Fair Value, Inputs, Level 3 | Equity securities |
|
|
|
|
| Assets |
|
|
|
|
| Trading securities held in deferred compensation plan |
$ 0
|
[5] |
$ 0
|
[6] |
|
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Fair Value Measurements - Cash and Cash Equivalents (Detail) - USD ($)
$ in Thousands |
Sep. 27, 2024 |
Dec. 29, 2023 |
| Cash |
|
|
| Fair Value Measurements [Line Items] |
|
|
| Amortized Cost |
$ 162,839
|
$ 132,464
|
| Gross Unrealized Gains |
0
|
0
|
| Gross Unrealized Losses |
0
|
0
|
| Estimated Fair Value |
162,839
|
132,464
|
| Money market securities |
|
|
| Fair Value Measurements [Line Items] |
|
|
| Amortized Cost |
56,869
|
54,686
|
| Gross Unrealized Gains |
0
|
0
|
| Gross Unrealized Losses |
0
|
0
|
| Estimated Fair Value |
56,869
|
54,686
|
| Total cash equivalents |
|
|
| Fair Value Measurements [Line Items] |
|
|
| Amortized Cost |
56,869
|
54,686
|
| Gross Unrealized Gains |
0
|
0
|
| Gross Unrealized Losses |
0
|
0
|
| Estimated Fair Value |
56,869
|
54,686
|
| Total cash and cash equivalents |
|
|
| Fair Value Measurements [Line Items] |
|
|
| Amortized Cost |
219,708
|
187,150
|
| Gross Unrealized Gains |
0
|
0
|
| Gross Unrealized Losses |
0
|
0
|
| Estimated Fair Value |
$ 219,708
|
$ 187,150
|
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Paragraph 103
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1
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v3.24.3
Net Income Per Share - Reconciles the Denominators of the Company's Calculation for Basic and Diluted Net Income per Share (Detail) - shares
shares in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Schedule Of Earnings Per Share Basic and Diluted [Line Items] |
|
|
|
|
| Shares used in basic per share computation |
51,177
|
51,203
|
51,098
|
51,197
|
| Shares used in diluted per share computation |
51,622
|
51,645
|
51,527
|
51,680
|
| Employee Stock Option |
|
|
|
|
| Schedule Of Earnings Per Share Basic and Diluted [Line Items] |
|
|
|
|
| Effect of dilutive stock outstanding |
175
|
183
|
172
|
195
|
| Restricted Stock Units (RSUs) |
|
|
|
|
| Schedule Of Earnings Per Share Basic and Diluted [Line Items] |
|
|
|
|
| Effect of dilutive stock outstanding |
270
|
259
|
257
|
288
|
| X |
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-Topic 718
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-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480454/718-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 22
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-22
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Section 45
-Paragraph 23
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-23
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 28A
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-Topic 260
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
| X |
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-Section 50
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v3.24.3
Stock-Based Compensation - Additional Information (Detail) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Maximum |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Percentage of annual bonus settled with fully vested restricted stock unit awards |
|
|
40.00%
|
|
| Vested Restricted Stock Awards |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock based compensation, holding period |
|
|
4 years
|
|
| Stock based compensation expense |
$ 2,842,000
|
$ 2,583,000
|
$ 9,238,000
|
$ 8,242,000
|
| Unvested Restricted Stock |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock based compensation, vesting period |
|
|
4 years
|
|
| Unvested Restricted Stock Awards |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock based compensation expense |
2,255,000
|
2,038,000
|
$ 8,089,000
|
8,124,000
|
| Unvested Restricted Stock Awards | Minimum |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Recipient age to expense award on grant date |
|
|
59 years 6 months
|
|
| Employee Stock Option |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock based compensation, vesting period |
|
|
4 years
|
|
| Stock based compensation expense |
$ 368,000
|
$ 270,000
|
$ 1,055,000
|
$ 811,000
|
| Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term |
|
|
10 years
|
|
| Vesting percentage of stock options granted per year |
|
|
25.00%
|
|
| Unvested Stock Options | Minimum |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Recipient age to expense award on grant date |
|
|
59 years 6 months
|
59 years 6 months
|
| X |
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-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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|
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-Section 35
-Paragraph 1D
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Deferred Compensation Plans - Additional Information (Detail) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
Dec. 29, 2023 |
| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
| Trading securities held in deferred compensation plan |
$ 126,794,000
|
|
|
$ 126,794,000
|
|
|
$ 115,187,000
|
|
| Deferred compensation plan |
127,722,000
|
[1] |
|
127,722,000
|
[1] |
|
$ 116,564,000
|
[2] |
| Change in market value of trust assets |
$ 7,157,000
|
|
$ (2,769,000)
|
$ 14,299,000
|
|
$ 5,271,000
|
|
|
| Maximum |
|
|
|
|
|
|
|
|
| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
| Percentage of compensation deferred |
|
|
|
100.00%
|
|
|
|
|
|
|
| X |
- DefinitionChange in market value of deferred compensation trust assets.
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v3.24.3
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v3.24.3
Accounts Receivable, Net (Detail) - USD ($)
$ in Thousands |
Sep. 27, 2024 |
Dec. 29, 2023 |
| Accounts Notes And Loans Receivable [Line Items] |
|
|
| Allowance for contract losses and doubtful accounts |
$ (6,481)
|
$ (5,281)
|
| Total accounts receivable, net |
168,618
|
167,360
|
| Billed accounts receivable |
|
|
| Accounts Notes And Loans Receivable [Line Items] |
|
|
| Accounts Receivable |
117,746
|
128,052
|
| Unbilled accounts receivable |
|
|
| Accounts Notes And Loans Receivable [Line Items] |
|
|
| Accounts Receivable |
$ 57,353
|
$ 44,589
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
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-Section 40
-Paragraph 7
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Accounts Receivable, Net - Reconciliation of Beginning and Ending Amount of Allowance for Contract Losses and Doubtful Accounts (Detail) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Receivables [Abstract] |
|
|
| Balance at December 30, 2022 |
$ 5,281
|
|
| Provision for contract losses and doubtful accounts |
3,140
|
$ 1,911
|
| Write-offs |
(1,940)
|
|
| Balance at September 29, 2023 |
$ 6,481
|
|
| X |
- DefinitionAmount of allowance for credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
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-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S99
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-Topic 326
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-Topic 310
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-Topic 220
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-Section S99
-Paragraph 2
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v3.24.3
Segment Information (Detail) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
$ 136,279
|
$ 133,336
|
$ 421,748
|
$ 413,866
|
| Operating Income |
25,847
|
33,933
|
92,304
|
92,928
|
| Capital Expenditure |
2,226
|
1,814
|
4,742
|
17,242
|
| Depreciation and Amortization |
2,389
|
2,361
|
7,199
|
6,535
|
| Operating segments |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Operating Income |
47,839
|
46,209
|
155,729
|
143,614
|
| Capital Expenditure |
887
|
566
|
1,843
|
3,349
|
| Depreciation and Amortization |
1,785
|
1,803
|
5,282
|
4,583
|
| Corporate |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Operating Income |
(21,992)
|
(12,276)
|
(63,425)
|
(50,686)
|
| Capital Expenditure |
1,339
|
1,248
|
2,899
|
13,893
|
| Depreciation and Amortization |
604
|
558
|
1,917
|
1,952
|
| Engineering and Other Scientific | Operating segments |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
115,244
|
110,857
|
355,193
|
344,552
|
| Operating Income |
40,292
|
38,734
|
132,687
|
121,064
|
| Capital Expenditure |
887
|
541
|
1,769
|
3,210
|
| Depreciation and Amortization |
1,735
|
1,750
|
5,128
|
4,428
|
| Environmental and Health | Operating segments |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
21,035
|
22,479
|
66,555
|
69,314
|
| Operating Income |
7,547
|
7,475
|
23,042
|
22,550
|
| Capital Expenditure |
0
|
25
|
74
|
139
|
| Depreciation and Amortization |
$ 50
|
$ 53
|
$ 154
|
$ 155
|
| X |
- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
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v3.24.3
Leases - Additional Information (Detail)
|
|
3 Months Ended |
9 Months Ended |
|
Jun. 19, 2024
USD ($)
|
Sep. 27, 2024
USD ($)
a
Option
State
|
Jun. 28, 2024
USD ($)
|
Sep. 29, 2023
USD ($)
|
Sep. 27, 2024
USD ($)
a
Option
State
|
Sep. 29, 2023
USD ($)
|
| Lessee Lease Description [Line Items] |
|
|
|
|
|
|
| Lease payment obligation per year |
|
$ 131,090,000
|
|
|
$ 131,090,000
|
|
| Additional right-of-use asset in exchange for operating lease liability |
|
|
|
|
56,714,000
|
$ 13,803,000
|
| Other Income [Member] |
|
|
|
|
|
|
| Lessee Lease Description [Line Items] |
|
|
|
|
|
|
| Rental Income |
|
$ 742,000
|
|
$ 882,000
|
$ 2,511,000
|
$ 2,491,000
|
| Office, Laboratory, and Storage Space [Member] |
|
|
|
|
|
|
| Lessee Lease Description [Line Items] |
|
|
|
|
|
|
| Number of States in which Entity Has Lease Arrangements | State |
|
13
|
|
|
13
|
|
| Office, Laboratory, and Storage Space [Member] | Minimum |
|
|
|
|
|
|
| Lessee Lease Description [Line Items] |
|
|
|
|
|
|
| Lessee, Operating Lease, Term of Contract |
|
1 year
|
|
|
1 year
|
|
| Office, Laboratory, and Storage Space [Member] | Maximum |
|
|
|
|
|
|
| Lessee Lease Description [Line Items] |
|
|
|
|
|
|
| Lessee, Operating Lease, Term of Contract |
|
10 years
|
|
|
10 years
|
|
| Phoenix Arizona [Member] |
|
|
|
|
|
|
| Lessee Lease Description [Line Items] |
|
|
|
|
|
|
| Lessee, Operating Lease, Term of Contract |
|
30 years
|
|
|
30 years
|
|
| Area of Land | a |
|
147
|
|
|
147
|
|
| Number of Options to Renew Lease | Option |
|
2
|
|
|
2
|
|
| Lessee, Operating Lease, Option to Extend |
|
|
|
|
The Company leases this land from the State of Arizona under a 30-year lease agreement that expires in January of 2028 and has options to renew for two fifteen-year periods.
|
|
| Lessee, Operating Lease, Existence of Option to Extend [true false] |
|
|
|
|
true
|
|
| Lessee, Operating Lease, Renewal Term |
15 years
|
15 years
|
|
|
15 years
|
|
| Annual rent payment adjustment year one |
2033
|
|
|
|
|
|
| Annual rent payment adjustment year two |
2038
|
|
|
|
|
|
| Additional right-of-use asset in exchange for operating lease liability |
|
|
$ 48,683,000
|
|
|
|
| Phoenix Arizona [Member] | Lease Period Until January 16, 2028 [Member] |
|
|
|
|
|
|
| Lessee Lease Description [Line Items] |
|
|
|
|
|
|
| Lease payment obligation per year |
$ 1,009,000
|
|
|
|
|
|
| Phoenix Arizona [Member] | Lease Period After January 16, 2028 [Member] |
|
|
|
|
|
|
| Lessee Lease Description [Line Items] |
|
|
|
|
|
|
| Lease payment obligation per year |
$ 6,183,000
|
|
|
|
|
|
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us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of increase in right-of-use asset obtained in exchange for operating lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_IncomeStatementLocationAxis=us-gaap_OtherIncomeMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LeaseContractualTermAxis=expo_OfficeLaboratoryAndStorageSpaceMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_RangeAxis=srt_MinimumMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_RangeAxis=srt_MaximumMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LeaseContractualTermAxis=expo_PhoenixArizonaMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_StatementScenarioAxis=expo_OperatingLeasePaymentPeriodOneMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_StatementScenarioAxis=expo_OperatingLeasePaymentPeriodTwoMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
Components of Lease Expense (Detail) - Other Operating Income (Expense) [Member] - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Operating lease cost |
$ 3,251
|
$ 2,094
|
$ 7,758
|
$ 5,659
|
| Variable lease cost |
352
|
378
|
1,100
|
1,251
|
| Short-term lease cost |
$ 378
|
$ 256
|
$ 1,028
|
$ 937
|
| X |
- DefinitionAmount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
| Name: |
us-gaap_OperatingLeaseCost |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of short-term lease cost, excluding expense for lease with term of one month or less. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of variable lease cost, excluded from lease liability, recognized when obligation for payment is incurred for finance and operating leases. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
| X |
- References
+ Details
| Name: |
us-gaap_LeasesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionAmount of cash outflow from operating lease, excluding payments to bring another asset to condition and location necessary for its intended use. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
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-Section 45
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Section 50
-Paragraph 4
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
| Name: |
us-gaap_OperatingLeasePayments |
| Namespace Prefix: |
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| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
duration |
|
v3.24.3
| X |
- References
+ Details
| Name: |
us-gaap_LeasesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionWeighted average discount rate for operating lease calculated at point in time. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionWeighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
instant |
|
v3.24.3
Maturities of Lease Liabilities (Detail)
$ in Thousands |
Sep. 27, 2024
USD ($)
|
| Leases [Abstract] |
|
| 2024 (excluding the nine months ended September 27, 2024) |
$ 1,538
|
| 2025 |
7,803
|
| 2026 |
7,460
|
| 2027 |
6,183
|
| 2028 |
9,645
|
| Thereafter |
98,461
|
| Total lease payments |
131,090
|
| Less imputed interest |
(50,228)
|
| Total lease liability |
$ 80,862
|
| X |
- DefinitionLessee operating lease liability payments due after year four.
| Name: |
expo_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour |
| Namespace Prefix: |
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| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
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|
| X |
- References
+ Details
| Name: |
us-gaap_LeasesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease having initial or remaining lease term in excess of one year to be paid in remainder of current fiscal year. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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| X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-1
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
v3.24.3
Subsequent Events - Additional Information (Detail) - $ / shares
|
|
3 Months Ended |
9 Months Ended |
Oct. 24, 2024 |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Subsequent Event [Line Items] |
|
|
|
|
|
| Cash dividends declared per common share (in dollars per share) |
|
$ 0.28
|
$ 0.26
|
$ 0.84
|
$ 0.78
|
| Subsequent Event |
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
| Cash dividends declared per common share (in dollars per share) |
$ 0.28
|
|
|
|
|
| Subsequent Event | Q4 Dividends |
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
| Dividends Payable, Date Declared |
Oct. 24, 2024
|
|
|
|
|
| Dividends Payable, Date to be Paid |
Dec. 20, 2024
|
|
|
|
|
| Dividends Payable, Date of Record |
Dec. 06, 2024
|
|
|
|
|
| X |
- DefinitionAggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
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| X |
- DefinitionDate the declared dividend will be paid, in YYYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-3
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| X |
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-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-3
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-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483399/855-10-50-2
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| X |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
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|
|
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