Exponent(US:EXPO)2022-05-05 16:00Financial 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]