Financial Data and Key Metrics Changes - For fiscal year 2022, total revenues increased by 10.1% to $513.3 million, while net revenues rose by 6.7% to $463.8 million compared to 2021 [11] - Net income for the year increased by 1.1% to $102.3 million, maintaining earnings per diluted share at $1.96 [11] - EBITDA for the year increased by 3.8% to $137.2 million, resulting in an EBITDA margin of 29.6% of net revenues [11] Business Line Data and Key Metrics Changes - The engineering and other scientific segments accounted for 83% of net revenues, with a 10% increase in Q4 and an 8% increase for the full year [6] - The environmental and health segment represented 17% of net revenues, with a 2% decrease in Q4 and flat growth for the full year [6] - Proactive services saw strong demand in user experience research and machine learning studies, while reactive services experienced robust demand in litigation and product safety [5] Market Data and Key Metrics Changes - Billable hours for 2022 were approximately 1,465,000, an increase of 4.2% year-over-year [12] - Utilization for the full year was 73.8%, down from 75.1% in 2021, reflecting increased headcount [12] - The realized rate increase was approximately 2.5% for the year 2022 [12] Company Strategy and Development Direction - The company aims to evolve its service portfolio to meet rising societal expectations for safety, health, and sustainability [6] - Exponent is focused on capitalizing on disruptive trends and enhancing its capabilities in response to complex innovations [6] - The company plans to continue investing in talent and client relationships, particularly in the digital health and life sciences sectors [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow profitably despite macroeconomic challenges, citing the critical nature of their work [21] - For 2023, the company expects revenue growth in the high single to low double digits, with an EBITDA margin of 28% to 28.5% [13] - The anticipated headcount growth for 2023 is 6% to 8%, with a slight decrease in utilization expected [13] Other Important Information - The company generated $93.8 million in cash from operations in 2022 and had $161.5 million in cash at year-end [12] - G&A expenses increased by 54.8% to $23.7 million in 2022, primarily due to in-person meetings and increased marketing efforts [12] - The tax benefit associated with share-based awards for 2023 is expected to be approximately $3 million, impacting net income [15] Q&A Session Summary Question: Margin guidance assumptions for 2023 - Management confirmed that the guidance for other operating and G&A costs reflects a return to normalized levels in 2023 [18] Question: Consultant compensation rates and realized rate gains - Management expects stronger pricing increases compared to the previous year, anticipating growth in compensation for consulting staff [20] Question: Impact of economic conditions on proactive business - Management noted that the critical nature of their work continues to support demand, despite potential client spending pullbacks [21] Question: Growth algorithm for headcount and pricing - Management indicated that a growth expectation of 6% to 8% in headcount and 3% to 4% in pricing is reasonable for the medium to long term [26] Question: Update on digital health and pharma focus - Management reported increased traction in the digital health space, with ongoing investments in talent and client relationships [31]

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents the Company's unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Exponent, Inc.'s unaudited condensed consolidated financial statements and related notes for interim periods [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of the Company's financial position at specific interim dates Assets (in thousands) | Assets (in thousands) | September 30, 2022 (in thousands) | December 31, 2021 (in thousands) | | :-------------------- | :----------------- | :---------------- | | Cash and cash equivalents | $148,443 | $297,687 | | Accounts receivable, net | $166,014 | $139,861 | | Total current assets | $332,512 | $452,762 | | Total assets | $559,003 | $683,739 | Liabilities and Stockholders' Equity (in thousands) | Liabilities and Stockholders' Equity (in thousands) | September 30, 2022 (in thousands) | December 31, 2021 (in thousands) | | :------------------------------------------------ | :----------------- | :---------------- | | Total current liabilities | $137,917 | $152,982 | | Total liabilities | $239,203 | $266,674 | | Total stockholders' equity | $319,800 | $417,065 | | Total liabilities and stockholders' equity | $559,003 | $683,739 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This statement details the Company's revenues, expenses, and net income over specific interim periods (in thousands, except per share data) | (in thousands, except per share data) | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | | :------------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | :---------------------------- | | Revenues before reimbursements | $115,143 | $108,467 | $351,231 | $330,514 | | Revenues | $127,179 | $116,405 | $385,938 | $352,763 | | Operating income | $36,813 | $32,119 | $118,807 | $85,549 | | Net income | $24,442 | $24,574 | $79,806 | $80,822 | | Basic Net income per share | $0.47 | $0.47 | $1.54 | $1.54 | | Diluted Net income per share | $0.47 | $0.46 | $1.52 | $1.52 | | Cash dividends declared per common share | $0.24 | $0.20 | $0.72 | $0.60 | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This statement presents net income and other comprehensive income components for interim periods (in thousands) | (in thousands) | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | | :------------- | :------------------------------ | :----------------------------- | :----------------------------- | :---------------------------- | | Net income | $24,442 | $24,574 | $79,806 | $80,822 | | Other comprehensive income (loss): Foreign currency translation adjustments, net of tax | $(1,493) | $(266) | $(3,153) | $(55) | | Comprehensive income | $22,949 | $24,308 | $76,653 | $80,702 | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%20Equity) This statement outlines changes in the Company's equity accounts over interim periods - **Total stockholders' equity decreased** from **$417.1 million** at **December 31, 2021**, to **$319.8 million** at **September 30, 2022**, **primarily due to** treasury stock repurchases and dividends[19](index=19&type=chunk) (In thousands) | (In thousands) | Balance at Dec 31, 2021 (in thousands) | Balance at Sep 30, 2022 (in thousands) | | :------------- | :---------------------- | :---------------------- | | Common Stock | $66 | $66 | | Additional paid-in capital | $281,419 | $298,589 | | Accumulated other comprehensive loss | $(1,983) | $(5,136) | | Retained earnings | $478,370 | $518,631 | | Treasury stock | $(340,807) | $(492,350) | | Total stockholders' equity | $417,065 | $319,800 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes cash inflows and outflows from operating, investing, and financing activities (in thousands) | (in thousands) | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | | :------------------------------------------------ | :----------------------------- | :---------------------------- | | Net cash provided by operating activities | $53,237 | $70,378 | | Net cash (used in) provided by investing activities | $(9,108) | $14,569 | | Net cash used in financing activities | $(190,556) | $(52,766) | | Net change in cash and cash equivalents | $(149,244) | $32,260 | | Cash and cash equivalents at end of period | $148,443 | $229,785 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the financial statements [Note 1: Basis of Presentation](index=9&type=section&id=Note%201:%20Basis%20of%20Presentation) The financial statements are unaudited, prepared under GAAP for interim reporting, and consolidate all subsidiaries - **Exponent, Inc.** is an engineering and scientific consulting firm providing solutions to complex problems[30](index=30&type=chunk) - The unaudited condensed consolidated financial statements are prepared in accordance with **GAAP** for interim financial information and include all wholly-owned subsidiaries[31](index=31&type=chunk)[32](index=32&type=chunk) [Note 2: Revenue Recognition](index=9&type=section&id=Note%202:%20Revenue%20Recognition) Revenue is primarily recognized from time and materials and fixed-price contracts over time - Substantially all engagements are under **Time and materials** or fixed-price arrangements[34](index=34&type=chunk) Revenue Type | Revenue Type | Sep 30, 2022 (3 Months) | Oct 1, 2021 (3 Months) | Sep 30, 2022 (9 Months) | Oct 1, 2021 (9 Months) | | :------------- | :---------------------- | :--------------------- | :---------------------- | :--------------------- | | Time and materials | **78%** | **78%** | **79%** | **79%** | | Fixed price | **22%** | **22%** | **21%** | **21%** | - **Deferred revenues** of **$6.3 million** (**Q3 2022**) and **$14.2 million** (**9M 2022**) were recognized from prior period balances[38](index=38&type=chunk) [Note 3: Fair Value Measurements](index=11&type=section&id=Note%203:%20Fair%20Value%20Measurements) Certain financial assets and liabilities are measured at fair value, primarily classified as Level 1 (In thousands) Assets | (In thousands) Assets | September 30, 2022 Total (in thousands) | September 30, 2022 Level 1 (in thousands) | | :-------------------- | :----------------------- | :------------------------- | | Money market securities | $51,794 | $51,794 | | Fixed income trading securities held in deferred compensation plan | $33,772 | $33,772 | | Equity trading securities held in deferred compensation plan | $60,807 | $60,807 | | Total Assets | $146,373 | $146,373 | (In thousands) Liabilities | (In thousands) Liabilities | September 30, 2022 Total (in thousands) | September 30, 2022 Level 1 (in thousands) | | :------------------------- | :----------------------- | :------------------------- | | Deferred compensation plan | $94,502 | $94,502 | | Total Liabilities | $94,502 | $94,502 | - All fair value measurements for **money market securities** and **deferred compensation plan** trading securities are classified as **Level 1**[41](index=41&type=chunk)[44](index=44&type=chunk) - **Cash and cash equivalents decreased** from **$297.7 million** at **December 31, 2021**, to **$148.4 million** at **September 30, 2022**[45](index=45&type=chunk)[47](index=47&type=chunk) [Note 4: Net Income Per Share](index=13&type=section&id=Note%204:%20Net%20Income%20Per%20Share) Basic and diluted net income per share are calculated using weighted-average common shares outstanding (In thousands) Shares used in per share computations | (In thousands) Shares used in per share computations | Three Months Ended Sep 30, 2022 | Three Months Ended Oct 1, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Oct 1, 2021 | | :--------------------------------------------------- | :------------------------------ | :----------------------------- | :----------------------------- | :---------------------------- | | Basic | 51,492 | 52,618 | 51,934 | 52,597 | | Dilutive common stock options | 202 | 245 | 202 | 239 | | Dilutive restricted stock units | 314 | 449 | 353 | 480 | | Diluted | 52,008 | 53,312 | 52,489 | 53,316 | [Note 5: Stock-Based Compensation](index=13&type=section&id=Note%205:%20Stock-Based%20Compensation) Compensation expense for restricted stock units and stock options is recognized over their vesting periods - **Stock-based compensation expense** for **accrued bonus awards** was **$2.6 million** (**Q3 2022**) and **$8.1 million** (**9M 2022**)[54](index=54&type=chunk) - **Stock-based compensation expense** for **unvested RSUs** was **$1.8 million** (**Q3 2022**) and **$7.3 million** (**9M 2022**)[54](index=54&type=chunk) - **Stock-based compensation expense** for **stock options** was **$212 thousand** (**Q3 2022**) and **$623 thousand** (**9M 2022**)[55](index=55&type=chunk) [Note 6: Deferred Compensation Plans](index=15&type=section&id=Note%206:%20Deferred%20Compensation%20Plans) Nonqualified deferred compensation plans for highly compensated employees impact compensation expense and other income - **Invested amounts** under **deferred compensation plans totaled** **$94.6 million** at **September 30, 2022**, and **$109.3 million** at **December 31, 2021**[60](index=60&type=chunk) - **Vested amounts** **due under the plans totaled** **$94.5 million** at **September 30, 2022**, and **$110.4 million** at **December 31, 2021**[61](index=61&type=chunk) - A **reduction in compensation expense** of **$4.9 million** (**Q3 2022**) and **$20.9 million** (**9M 2022**) was recognized **due to** changes in the market value of trust assets, with a corresponding loss in miscellaneous income (expense), net[61](index=61&type=chunk) [Note 7: Supplemental Cash Flow Information](index=15&type=section&id=Note%207:%20Supplemental%20Cash%20Flow%20Information) This note provides additional details on cash paid for income taxes and non-cash investing/financing activities (In thousands) | (In thousands) | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | | :------------- | :----------------------------- | :---------------------------- | | Cash paid for income taxes | $24,349 | $16,481 | | Vested stock unit awards issued to settle accrued bonuses | $10,200 | $7,637 | | Right-of-use asset obtained in exchange for operating lease obligations | $8,090 | $792 | [Note 8: Accounts Receivable, Net](index=15&type=section&id=Note%208:%20Accounts%20Receivable,%20Net) Accounts receivable includes billed and unbilled amounts, net of an allowance for losses (In thousands) | (In thousands) | September 30, 2022 (in thousands) | December 31, 2021 (in thousands) | | :------------- | :----------------- | :---------------- | | Billed accounts receivable | $110,428 | $102,028 | | Unbilled accounts receivable | $61,743 | $42,256 | | Allowance for contract losses and doubtful accounts | $(6,157) | $(4,423) | | Total accounts receivable, net | $166,014 | $139,861 | (In thousands) Allowance for contract losses and doubtful accounts | (In thousands) Allowance for contract losses and doubtful accounts | Amount (in thousands) | | :----------------------------------------------------------------- | :----- | | Balance at December 31, 2021 | $4,423 | | Provision for contract losses and doubtful accounts | $2,112 | | Write-offs | $(378) | | Balance at September 30, 2022 | $6,157 | [Note 9: Segment Reporting](index=16&type=section&id=Note%209:%20Segment%20Reporting) The Company operates in Engineering and Other Scientific, and Environmental and Health segments - The **Company** has two reportable operating segments: **Engineering and Other Scientific**, and **Environmental and Health**[67](index=67&type=chunk) (In thousands) Revenues | (In thousands) Revenues | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | | :---------------------- | :------------------------------ | :----------------------------- | :----------------------------- | :---------------------------- | | Engineering and Other Scientific | $107,403 | $97,100 | $321,168 | $288,848 | | Environmental and Health | $19,776 | $19,305 | $64,770 | $63,915 | | Total revenues | $127,179 | $116,405 | $385,938 | $352,763 | (In thousands) Operating Income | (In thousands) Operating Income | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | :---------------------------- | | Engineering and Other Scientific | $39,385 | $36,676 | $117,907 | $108,646 | | Environmental and Health | $6,378 | $5,851 | $21,059 | $21,265 | | Total segment operating income | $45,763 | $42,527 | $138,966 | $129,911 | | Corporate operating expense | $(8,950) | $(10,408) | $(20,159) | $(44,362) | | Total operating income | $36,813 | $32,119 | $118,807 | $85,549 | - **One client accounted for** **16%** (**Q3 2022**) and **15%** (**9M 2022**) of **total revenues**[71](index=71&type=chunk) [Note 10: Leases](index=17&type=section&id=Note%2010:%20Leases) The Company primarily leases office and laboratory space, recognizing right-of-use assets and liabilities - The **Company leases** office, laboratory, and storage space in 13 states, D.C., and internationally (China, Hong Kong, Singapore, Switzerland, UK)[74](index=74&type=chunk) - Rental income from leasing excess space was **$739 thousand** (**Q3 2022**) and **$2.2 million** (**9M 2022**)[77](index=77&type=chunk) (In thousands) Lease Expense | (In thousands) Lease Expense | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | | :--------------------------- | :------------------------------ | :----------------------------- | :----------------------------- | :---------------------------- | | Operating lease cost | $1,681 | $1,635 | $5,247 | $4,896 | | Variable lease cost | $274 | $246 | $913 | $793 | | Short-term lease cost | $194 | $68 | $425 | $319 | - **Weighted Average Remaining Lease Term**: **4.3 years** (**Sep 30, 2022**); **Weighted Average Discount Rate**: **4.0%** (**Sep 30, 2022**)[78](index=78&type=chunk) [Note 11: Contingencies](index=19&type=section&id=Note%2011:%20Contingencies) The Company is involved in legal actions, but their outcome is not expected to materially affect financials - The **Company** is a party to various legal actions, but the outcome is not expected to have a **material adverse effect** on financial condition, results of operations, or liquidity[80](index=80&type=chunk) [Note 12: Subsequent Events](index=19&type=section&id=Note%2012:%20Subsequent%20Events) A cash dividend of $0.24 per share was declared post-period end - A **cash dividend** of **$0.24** per share was declared on **October 27, 2022**, payable **December 23, 2022**[81](index=81&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Company's financial condition and operating results for the interim periods [Forward-Looking Statements](index=20&type=section&id=Forward-Looking%20Statements) This section highlights forward-looking statements subject to various risks and uncertainties - The report contains **forward-looking statements** subject to risks and uncertainties, including global economic downturn, COVID-19 impacts, demand for services, competition, ability to attract and retain employees, and tort reform[84](index=84&type=chunk) [Business Overview](index=20&type=section&id=Business%20Overview) Exponent, Inc. is an engineering and scientific consulting firm offering multidisciplinary expertise - **Exponent, Inc.** is an engineering and scientific consulting firm offering multidisciplinary expertise (over 90 technical disciplines) to solve complex problems in product development, recall, regulatory compliance, and litigation support[85](index=85&type=chunk) [Critical Accounting Estimates](index=20&type=section&id=Critical%20Accounting%20Estimates) No significant changes in critical accounting estimates occurred during the nine months ended September 30, 2022 - **No significant changes** in **critical accounting estimates occurred** during the **nine months ended September 30, 2022**, compared to the prior fiscal year[86](index=86&type=chunk) [Results of Consolidated Operations](index=21&type=section&id=Results%20of%20Consolidated%20Operations) This section analyzes the Company's consolidated operational performance, including revenues and expenses [Revenues](index=21&type=section&id=Revenues) Revenues increased due to proactive and reactive engagements across various industries Revenues (in thousands, except percentages) | Segment | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :------------------------------ | :------------------------------ | :----------------------------- | :------------- | | Engineering and Other Scientific | $107,403 | $97,100 | 10.6% | | Environmental and Health | $19,776 | $19,305 | 2.4% | | Total revenues | $127,179 | $116,405 | 9.3% | Revenues (in thousands, except percentages) | Segment | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :------------------------------ | :----------------------------- | :---------------------------- | :------------- | | Engineering and Other Scientific | $321,168 | $288,848 | 11.2% | | Environmental and Health | $64,770 | $63,915 | 1.3% | | Total revenues | $385,938 | $352,763 | 9.4% | - **Q3 2022 revenues increased** **9%** to **$127.2 million**, driven by proactive engagements in consumer products and transportation (virtual reality, wearable technologies, energy storage) and reactive business from litigation and product safety/recall work[89](index=89&type=chunk)[90](index=90&type=chunk) - **9M 2022 revenues increased** **9.4%** to **$385.9 million**, with growth across a broad range of industries, including electric vehicles, energy storage, international arbitrations, and integrity management advisory services[109](index=109&type=chunk) [Compensation and Related Expenses](index=22&type=section&id=Compensation%20and%20Related%20Expenses) Compensation expenses decreased primarily due to changes in deferred compensation expense Compensation and Related Expenses (in thousands, except percentages) | Expense Category | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :--------------- | :------------------------------ | :----------------------------- | :------------- | | Compensation and related expenses | $62,779 | $64,138 | -2.1% | | Percentage of total revenues | 49.4% | 55.1% | | Compensation and Related Expenses (in thousands, except percentages) | Expense Category | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :--------------- | :----------------------------- | :---------------------------- | :------------- | | Compensation and related expenses | $189,982 | $210,491 | -9.7% | | Percentage of total revenues | 49.2% | 59.7% | | - **Q3 2022 compensation expenses decreased** **2.1%** **due to** a **$4.7 million decreased** in **deferred compensation expense**, partially offset by **increased** payroll and fringe benefits from annual salary adjustments and higher technical full-time equivalent employees[97](index=97&type=chunk) - **9M 2022 compensation expenses decreased** **9.7%** **due to** a **$30.9 million decreased** in **deferred compensation expense**, partially offset by **increases** in payroll, fringe benefits, and bonus expense[111](index=111&type=chunk) [Other Operating Expenses](index=22&type=section&id=Other%20Operating%20Expenses) Other operating expenses increased due to higher occupancy, IT, and office costs reflecting growth Other Operating Expenses (in thousands, except percentages) | Expense Category | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :--------------- | :------------------------------ | :----------------------------- | :------------- | | Other operating expenses | $8,822 | $8,017 | 10.0% | | Percentage of total revenues | 6.9% | 6.9% | | Other Operating Expenses (in thousands, except percentages) | Expense Category | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :--------------- | :----------------------------- | :---------------------------- | :------------- | | Other operating expenses | $25,742 | $23,848 | 7.9% | | Percentage of total revenues | 6.7% | 6.8% | | - **Q3 2022 other operating expenses increased** **10.0%** **due to** higher occupancy, IT-related, and office expenses, reflecting growth in employees and return to office[98](index=98&type=chunk) - **9M 2022 other operating expenses increased** **7.9%** **due to** **increased** occupancy, IT-related, and depreciation expenses, driven by employee growth and corporate infrastructure investments[113](index=113&type=chunk) [Reimbursable Expenses](index=22&type=section&id=Reimbursable%20Expenses) Reimbursable expenses significantly increased due to higher project-related travel as restrictions eased Reimbursable Expenses (in thousands, except percentages) | Expense Category | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :--------------- | :------------------------------ | :----------------------------- | :------------- | | Reimbursable expenses | $12,036 | $7,938 | 51.6% | | Percentage of total revenues | 9.5% | 6.8% | | Reimbursable Expenses (in thousands, except percentages) | Expense Category | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :--------------- | :----------------------------- | :---------------------------- | :------------- | | Reimbursable expenses | $34,707 | $22,249 | 56.0% | | Percentage of total revenues | 9.0% | 6.3% | | - **Reimbursable expenses increased significantly** (**51.6%** in **Q3**, **56.0%** in **9M**) **due to increased** project-related travel and other expenses as COVID-19 restrictions eased[100](index=100&type=chunk)[114](index=114&type=chunk) [General and Administrative Expenses](index=23&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses rose due to increased travel, consulting, and recruiting costs General and Administrative Expenses (in thousands, except percentages) | Expense Category | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :--------------- | :------------------------------ | :----------------------------- | :------------- | | General and administrative expenses | $6,729 | $4,193 | 60.5% | | Percentage of total revenues | 5.3% | 3.6% | | General and Administrative Expenses (in thousands, except percentages) | Expense Category | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :--------------- | :----------------------------- | :---------------------------- | :------------- | | General and administrative expenses | $16,700 | $10,626 | 57.2% | | Percentage of total revenues | 4.3% | 3.0% | | - **Q3 2022 general and administrative expenses increased** **60.5%** **due to** higher travel and meals (firm-wide meeting, easing restrictions), **increased** outside consulting, and recruiting expenses[101](index=101&type=chunk) - **9M 2022 general and administrative expenses increased** **57.2%** **due to significant increases** in travel and meals, outside consulting, recruiting, and marketing/business development expenses[115](index=115&type=chunk) [Operating Income](index=23&type=section&id=Operating%20Income) Operating income increased, driven by revenue growth and reduced corporate operating expenses Operating Income (in thousands, except percentages) | Segment | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :------------------------------ | :------------------------------ | :----------------------------- | :------------- | | Engineering and Other Scientific | $39,385 | $36,676 | 7.4% | | Environmental and Health | $6,378 | $5,851 | 9.0% | | Total segment operating income | $45,763 | $42,527 | 7.6% | | Corporate operating expense | $(8,950) | $(10,408) | -14.0% | | Total operating income | $36,813 | $32,119 | 14.6% | Operating Income (in thousands, except percentages) | Segment | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :------------------------------ | :----------------------------- | :---------------------------- | :------------- | | Engineering and Other Scientific | $117,907 | $108,646 | 8.5% | | Environmental and Health | $21,059 | $21,265 | -1.0% | | Total segment operating income | $138,966 | $129,911 | 7.0% | | Corporate operating expense | $(20,159) | $(44,362) | -54.6% | | Total operating income | $118,807 | $85,549 | 38.9% | - **Q3 2022 total operating income increased** **14.6%** to **$36.8 million**, driven by revenue growth in both segments and a **decrease** in **corporate operating expenses** **due to** lower **deferred compensation expense**[102](index=102&type=chunk)[105](index=105&type=chunk) - **9M 2022 total operating income increased** **38.9%** to **$118.8 million**, **primarily due to** revenue growth in **Engineering and Other Scientific** and a significant **decrease** in **corporate operating expenses** from deferred compensation adjustments[117](index=117&type=chunk)[119](index=119&type=chunk) [Other Income, Net](index=24&type=section&id=Other%20Income,%20Net) Other income, net, decreased significantly due to changes in deferred compensation plan asset values Other Income, Net (in thousands, except percentages) | Category | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :------- | :------------------------------ | :----------------------------- | :------------- | | Other income, net | $(3,337) | $270 | -1335.9% | | Percentage of total revenues | -2.6% | 0.2% | | Other Income, Net (in thousands, except percentages) | Category | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :------- | :----------------------------- | :---------------------------- | :------------- | | Other income, net | $(17,092) | $11,633 | -246.9% | | Percentage of total revenues | -4.4% | 3.3% | | - **Q3 2022 other income, net, decreased significantly** **due to** a **$4.7 million decreased** from changes in **deferred compensation plan** asset values, partially offset by gains on foreign exchange and **increased** interest income[106](index=106&type=chunk) - **9M 2022 other income, net, decreased significantly** **due to** a **$30.9 million decreased** from changes in **deferred compensation plan** asset values, partially offset by a realized gain on foreign exchange and **increased** interest income[120](index=120&type=chunk) [Income Taxes](index=24&type=section&id=Income%20Taxes) Income tax expense increased due to a lower excess tax benefit from stock-based awards Income Taxes (in thousands, except percentages) | Category | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :------- | :------------------------------ | :----------------------------- | :------------- | | Income taxes | $9,034 | $7,815 | 15.6% | | Percentage of total revenues | 7.1% | 6.7% | | | Effective tax rate | 27.0% | 24.1% | | Income Taxes (in thousands, except percentages) | Category | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | Percent Change | | :------- | :----------------------------- | :---------------------------- | :------------- | | Income taxes | $21,909 | $16,360 | 33.9% | | Percentage of total revenues | 5.7% | 4.6% | | | Effective tax rate | 21.5% | 16.8% | | - **Q3 2022 income tax expense increased** **15.6%** **due to** a **decrease** in the excess tax benefit associated with stock-based awards (zero in **Q3 2022** vs **$1.1 million** in **Q3 2021**)[107](index=107&type=chunk) - **9M 2022 income tax expense increased** **33.9%**, with the effective tax rate rising to **21.5%** (from **16.8%**), **primarily due to** a lower excess tax benefit from stock-based awards and an **increase** in non-deductible officer compensation[122](index=122&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The Company's liquidity is supported by cash and operating cash flow, despite increased share repurchases - **Cash and cash equivalents** were **$148.4 million** at **September 30, 2022**, down from **$297.7 million** at **December 31, 2021**[125](index=125&type=chunk) (in thousands) Cash Flows | (in thousands) Cash Flows | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | | :------------------------ | :----------------------------- | :---------------------------- | | Net cash provided by operating activities | $53,237 | $70,378 | | Net cash (used in) / provided by investing activities | $(9,108) | $14,569 | | Net cash used in financing activities | $(190,556) | $(52,766) | - The **increase** in **net cash used in financing activities** was **due to increased** common stock repurchases and dividends[128](index=128&type=chunk) [Non-GAAP Financial Measures](index=30&type=section&id=Non-GAAP%20Financial%20Measures) EBITDA and EBITDAS are non-GAAP measures used for internal evaluation, budgeting, and compensation - **EBITDA** and **EBITDAS** are **non-GAAP measures** used to evaluate **operating performance**, develop budgets, and determine employee compensation[133](index=133&type=chunk) EBITDA and EBITDAS Reconciliation (in thousands) | (in thousands) | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Oct 1, 2021 (in thousands) | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Oct 1, 2021 (in thousands) | | :------------- | :------------------------------ | :----------------------------- | :----------------------------- | :---------------------------- | | Net income | $24,442 | $24,574 | $79,806 | $80,822 | | EBITDA | $34,561 | $34,021 | $106,105 | $102,071 | | Stock-based compensation | $4,605 | $4,365 | $16,072 | $15,239 | | EBITDAS | $39,166 | $38,386 | $122,177 | $117,310 | - **EBITDA** as a percentage of revenues before reimbursements **decreased** in both **Q3 2022** (**30.0%** vs **31.4%**) and **9M 2022** (**30.2%** vs **30.9%**) **due to** lower utilization and **increased** operating and G&A expenses[134](index=134&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Company is exposed to interest rate risk and foreign currency risk from international operations - The **Company manages interest rate risk** by investing in debt instruments with high credit quality and short average effective maturities (max 3 years, portfolio max 12 months)[140](index=140&type=chunk) - **Foreign currency risk exists** for revenues and expenses in **British Pound**, **Chinese Yuan**, and **Hong Kong Dollar**[141](index=141&type=chunk) - **Net assets denominated in non-functional currencies** were approximately **$8.3 million** at **September 30, 2022**[143](index=143&type=chunk) [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective, with no material changes in internal control over financial reporting - The **Company's disclosure controls and procedures** were **effective** as of **September 30, 2022**[145](index=145&type=chunk) - **No material changes** in **internal control over financial reporting occurred** during the **three months ended September 30, 2022**[147](index=147&type=chunk) [PART II – OTHER INFORMATION](index=33&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section provides additional information on legal proceedings, risk factors, and equity sales [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) Exponent is not currently involved in any material legal proceedings - **Exponent** is not engaged in any **material legal proceedings**[149](index=149&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the Company's 2021 Annual Report - **No material changes** from risk factors previously discussed in the **Company's 2021 Annual Report**[150](index=150&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details of common stock repurchases under publicly announced programs for the period Period | Period | Total Number of Shares Purchased (in thousands) | Average Price Per Share (in thousands) | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Programs (in thousands) | | :----- | :---------------------------------------------- | :---------------------- | :------------------------------------------------------------------------------------------- | | August 27 to September 30 | 334 | $92.04 | $75,828 | | Total | 334 | $92.04 | $75,828 | - The **Company's Board of Directors authorized** **$45.0 million** (**May 2020**) and an additional **$150.0 million** (**February 2022**) for **common stock repurchases**, with no expiration dates[151](index=151&type=chunk) [Item 3. Defaults Upon Senior Securities](index=33&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the Company for the reporting period [Item 4. Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company for the reporting period [Item 5. Other Information](index=33&type=section&id=Item%205.%20Other%20Information) This item is not applicable to the Company for the reporting period [Item 6. Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Form 10-Q, including certifications - **Exhibits include CEO and CFO certifications** (Rule 13a-14(a) and 18 U.S.C. Section 1350) and various Inline XBRL documents[157](index=157&type=chunk) [SIGNATURES](index=35&type=section&id=SIGNATURES) This section contains the required signatures for the Form 10-Q filing

Financial Data and Key Metrics Changes - Total revenues increased by 9.3% to $127.2 million, while net revenues rose by 6.2% to $115.1 million compared to Q3 2021 [18] - Net income slightly decreased to $24.4 million from $24.6 million in the prior year, but diluted earnings per share increased to $0.47 from $0.46 due to a reduced share count [19] - EBITDA increased by 1.6% to $34.6 million, with a margin of 30% of net revenues, a decrease of 140 basis points year-over-year [20] Business Line Data and Key Metrics Changes - Engineering and other scientific segments represented 84% of net revenues, with a 6.9% increase year-over-year, driven by demand in consumer products, energy, and transportation [12] - Environmental and health segments accounted for 16% of net revenues, increasing by 2.7% year-over-year, primarily due to growth in health data science and pharmaceuticals [13][14] Market Data and Key Metrics Changes - Strong demand was noted in sectors such as consumer products, utilities, automotive, and life sciences, with particular growth in virtual reality, wearable technologies, and energy storage [8][10] - Reactive business remained healthy, with increased litigation-related work and product safety engagements across various industries [11] Company Strategy and Development Direction - The company aims to continue being a strategic advisor, focusing on health, safety, and environmental challenges, which are integral to its long-term strategy [16] - There is a commitment to recruiting and retaining top-tier talent to support the expanding portfolio of competencies [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic volatility and uncertainty, emphasizing the importance of data-driven insights for clients [36] - For Q4 2022, the company anticipates mid to high single-digit revenue growth and a decrease in EBITDA margin by 175 to 275 basis points [27] Other Important Information - The company generated $29.4 million in cash from operations during Q3 and repurchased $30.4 million of common stock [26] - Capital expenditures for the full year are expected to be $12 million, with a focus on sustainable profitability and long-term shareholder value [35] Q&A Session Summary Question: What is the outlook for revenue growth in the upcoming quarters? - The company anticipates revenue growth in the mid to high single digits for Q4 2022, with a full-year growth expectation of 6% to 7% [27] Question: How is the company addressing talent acquisition and retention? - The company is focused on improving processes for attracting and retaining talent, with a robust hiring pipeline and decreasing turnover [15]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 1, 2022 OR ☐ 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) | --- | --- | |----------------- ...

Financial Performance - Revenues for Q1 2022 increased by 10% to $128,478,000 compared to $116,481,000 in Q1 2021[85] - Net income decreased by 4% to $29,609,000 in Q1 2022, with diluted earnings per share at $0.56, down from $0.58 in Q1 2021[87] - Total operating income for Q1 2022 was $36,717,000, a 52.6% increase from $24,058,000 in Q1 2021[101] - EBITDA for Q1 2022 was $34,475,000, representing an increase from $31,753,000 in Q1 2021, with EBITDA as a percentage of revenues before reimbursements rising to 29.2% from 29.0%[118] - Net income for Q1 2022 was $29,609,000, a decrease from $30,848,000 in Q1 2021[119] Revenue Breakdown - Engineering and Other Scientific segment revenues rose by 11.8% to $104,615,000, accounting for 81.4% of total revenues[90] - Environmental and Health segment revenues increased by 4.3% to $23,863,000, representing 18.6% of total revenues[90] - The company experienced an 8% growth in revenues before reimbursements in Q1 2022, attributed to increased work from clients in various sectors[118] Expenses - Compensation and related expenses decreased by 7.8% to $68,757,000, constituting 53.5% of total revenues[94] - Other operating expenses rose by 5.9% to $8,165,000, making up 6.4% of total revenues[95] - Reimbursable expenses surged by 53.7% to $10,608,000, representing 8.3% of total revenues[99] - General and administrative expenses increased by 29.3% to $4,231,000, accounting for 3.3% of total revenues[100] Cash Flow and Assets - Net cash used in operating activities was $(6,352,000) in Q1 2022, compared to $1,285,000 in Q1 2021, indicating a significant decline in cash flow[109] - As of April 1, 2022, the company had cash and cash equivalents of $215,050,000, down from $297,687,000 at the end of 2021[109] - As of April 1, 2022, the company had net assets of approximately $12.0 million in British Pounds, $5.9 million in Chinese Yuan, and $6.8 million in Hong Kong Dollars[123] Tax and Other Income - The effective tax rate for Q1 2022 was 9.7%, a 12.1 percentage point increase from -2.4% in Q1 2021, with an excess tax benefit from stock-based awards decreasing to $6,040,000 from $8,782,000[106] - Other income, net, decreased by $10,278,000 in Q1 2022, representing a 164.4% decline compared to the previous year, primarily due to changes in the value of assets associated with the deferred compensation plan[105] - In Q1 2022, the company reported a decrease in deferred compensation expense of $10,278,000 compared to the same period last year, leading to a corresponding decrease in other income, net[104] Future Plans - The company plans to continue investing in capital expenditures and may use cash reserves for stock repurchases, dividends, or strategic acquisitions[113] Utilization Metrics - Billable hours increased by 5% to 374,000 in Q1 2022, with utilization rising to 77% from 76% in the same period last year[89]

Financial Data and Key Metrics Changes - Total revenues increased by 10.3% to $128.5 million, while net revenues rose by 7.6% to $117.9 million compared to the same period in 2021 [15] - Net income decreased to $29.6 million or $0.56 per diluted share, down from $30.8 million or $0.58 per diluted share in the prior year [16] - EBITDA increased by 8.6% to $34.5 million, with a margin of 29.2% of net revenues compared to 29.0% in the first quarter of 2021 [17] - Billable hours increased by 4.8% year-over-year to 374,000, and utilization rose to 76.5% from 75.7% in the same quarter of 2021 [17] Business Line Data and Key Metrics Changes - The engineering and other scientific segment represented 81% of net revenues, increasing by 9% year-over-year, driven by strong demand in utilities, consumer electronics, and life sciences [13] - The environmental and health segment accounted for 19% of net revenues, with a 4% increase compared to the prior year, primarily due to work evaluating the impacts of chemicals on the environment [13] Market Data and Key Metrics Changes - Growth in the first quarter was driven by sectors such as consumer electronics, utilities, chemicals, and life sciences, with increased demand for product design optimization and risk-mitigating data analytics [6][7] - The company noted a rebound in litigation-related work and increased activity related to product recalls, particularly in the life sciences sector [7][11] Company Strategy and Development Direction - The company aims to capitalize on macro trends emphasizing safety, health, and environmental issues, positioning itself to help clients build safer and more sustainable products [8][11] - Exponent is focused on expanding its multidisciplinary approach in new verticals, particularly in life sciences and pharmaceuticals, to maintain differentiation in a competitive market [32][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to attract and retain talent despite a competitive job market, with a robust hiring pipeline [12] - The outlook for the second quarter anticipates mid-single-digit revenue growth before reimbursements, with EBITDA margins expected to decrease by 250 to 325 basis points compared to the prior year [21][22] Other Important Information - The company distributed $12.5 million to shareholders through dividends and repurchased $48.6 million of common stock at an average price of $87.87 [20] - The Shanghai office represents 2% to 2.5% of net revenues, with some work being done remotely during the COVID-19 lockdown [21][34] Q&A Session Summary Question: Competitiveness in New Markets - Management noted that while the pharma consulting space is crowded, Exponent's multidisciplinary approach differentiates it from competitors [32] Question: Talent Market in New Verticals - The talent market in life sciences is equally competitive, but Exponent's unique offerings attract top talent [33] Question: Impact of Shanghai Lockdown on Revenues - The Shanghai office is not at zero revenue during the lockdown, as staff can work from home, but the work is laboratory-intensive [34] Question: Margin Performance - Margins performed better than expected due to higher utilization and lower-than-expected expenses [37] Question: Litigation Work Recovery - Litigation activity has exceeded pre-COVID levels, with strong performance across various markets [40] Question: Revenue Contribution from China - The Shanghai and Hong Kong offices contribute approximately 3.5% to 4% of total revenues [42] Question: Long-term Success and Competition - Management emphasized the importance of professional development and integration across disciplines as key factors in Exponent's long-term success [44] Question: Areas of Sunset or De-emphasis - The company has evolved its portfolio over time, sunsetting certain areas while expanding into new verticals like pharmaceuticals [46][48]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021. OR ☐ 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 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - For the full year 2021, net revenues grew 15%, and EBITDA margin expanded over 340 basis points compared to fiscal year 2020 [9] - Total revenues for Q4 2021 increased 9.9% to $113.5 million, while net revenues increased 7.2% to $104.3 million compared to Q4 2020 [27] - Net income for Q4 2021 decreased to $20.4 million or $0.38 per diluted share, compared to $21.8 million or $0.41 per diluted share in the prior year [28] - For the full year 2021, net income increased 22.5% to $101.2 million or $1.90 per diluted share [37] Business Line Data and Key Metrics Changes - Exponent's engineering and other scientific segment represented 81% of net revenues in Q4, increasing 8% in the quarter and 17% for the full year 2021 [22] - The environmental and health segment represented 19% of net revenues in Q4, with a 5% increase for both the quarter and full year 2021 [23] Market Data and Key Metrics Changes - Strong demand was noted across utilities, consumer electronics, consumer products, life sciences, and automotive sectors [10] - Proactive engagements in machine learning and user experience research remained strong, reflecting increasing demand for objective data [13] Company Strategy and Development Direction - The company is focused on expanding into new end markets, including pharmaceuticals and international arbitration [16] - Recruitment remains a top priority, with efforts to attract and retain talent being a key differentiator [21] - The proactive portfolio is roughly 50% of the business, with a focus on deepening client relationships and expanding service offerings [70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strength of Exponent's market position and adaptability in the face of macroeconomic challenges [25] - The expectation for 2022 includes mid to high single-digit revenue growth and a decrease in EBITDA margin by 200 to 250 basis points compared to 2021 [45][46] Other Important Information - The company generated $124.6 million in cash from operations during fiscal 2021, with capital expenditures of $6.8 million [44] - Exponent ended 2021 with $297.7 million in cash and short-term investments [45] Q&A Session Summary Question: Can you walk through the margin guidance and its components? - Management indicated that the expected utilization drop would impact margins, with a significant portion of the decline attributed to returning expenses as the company resumes in-person activities [60] Question: What is the current status of court systems and their impact on throughput? - Management noted that court systems are operating at about 90% to 95% capacity compared to pre-pandemic levels, with expectations for further normalization [63] Question: How is the company differentiating itself in the competitive recruiting environment? - The company is focusing on providing a strong career path and breadth of experience to attract talent, alongside competitive compensation [65]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 1, 2021 OR ☐ 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) DELAWARE 77-0218904 (State or ...

Exponent, Inc. (NASDAQ:EXPO) Q3 2021 Results Conference Call October 28, 2021 4:30 PM ET Company Participants Joni Konstantelos - Investor Relations Catherine Corrigan - President and Chief Executive Officer Rich Schlenker - Executive Vice President and Chief Financial Officer. Conference Call Participants Tobey Sommer - Truist Securities Andrew Nicholas - William Blair Sam England - Berenberg Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Ti ...