Company Quick10K Filing
Quick10K
Exponent
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$55.59 52 $2,890
10-Q 2019-06-28 Quarter: 2019-06-28
10-Q 2019-03-29 Quarter: 2019-03-29
10-K 2018-12-28 Annual: 2018-12-28
10-Q 2018-09-28 Quarter: 2018-09-28
10-Q 2018-06-29 Quarter: 2018-06-29
10-Q 2018-03-30 Quarter: 2018-03-30
10-K 2017-12-29 Annual: 2017-12-29
10-Q 2017-09-29 Quarter: 2017-09-29
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-30 Annual: 2016-12-30
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-07-01 Quarter: 2016-07-01
10-Q 2016-04-01 Quarter: 2016-04-01
10-K 2016-01-01 Annual: 2016-01-01
10-Q 2015-10-02 Quarter: 2015-10-02
10-Q 2015-07-03 Quarter: 2015-07-03
10-Q 2015-04-03 Quarter: 2015-04-03
10-K 2015-01-02 Annual: 2015-01-02
10-Q 2014-10-03 Quarter: 2014-10-03
10-Q 2014-07-04 Quarter: 2014-07-04
10-Q 2014-04-04 Quarter: 2014-04-04
10-K 2014-01-03 Annual: 2014-01-03
8-K 2019-07-18 Earnings, Regulation FD, Exhibits
8-K 2019-05-30 Officers, Shareholder Vote
8-K 2019-04-18 Earnings, Regulation FD, Exhibits
8-K 2019-01-31 Earnings, Regulation FD, Exhibits
8-K 2018-10-18 Earnings, Regulation FD, Exhibits
8-K 2018-07-19 Earnings, Regulation FD, Exhibits
8-K 2018-05-31 Shareholder Rights, Amend Bylaw, Officers, Shareholder Vote, Exhibits
8-K 2018-05-15 Regulation FD, Exhibits
8-K 2018-04-19 Earnings, Regulation FD, Exhibits
8-K 2018-02-01 Earnings, Regulation FD, Exhibits
SLB Schlumberger Limited 55,780
DECK Deckers Outdoor 4,340
JJSF J&J Snack Foods 3,020
HI Hillenbrand 2,490
BEDU Bright Scholar Education Holdings 1,390
UCTT Ultra Clean Holdings 534
CLPR Clipper Realty 232
MICT MICT 11
STLR Stellar Acquisition III 0
AIC Aames Investment 0
EXPO 2019-06-28
Part I - Financial Information
Item 1. Financial Statements
Note 1: Basis of Presentation
Note 2: Revenue Recognition
Note 3: Fair Value Measurements
Note 4: Net Income per Share
Note 5: Stock-Based Compensation
Note 6: Treasury Stock
Note 7: Deferred Compensation Plans
Note 8: Supplemental Cash Flow Information
Note 9: Accounts Receivable, Net
Note 10: Segment Reporting
Note 11: Leases
Note 12: Contingencies
Note 13: Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 expo-ex311_155.htm
EX-31.2 expo-ex312_154.htm
EX-32.1 expo-ex321_152.htm
EX-32.2 expo-ex322_153.htm

Exponent Earnings 2019-06-28

EXPO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

expo-10q_20190628.htm
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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 June 28, 2019

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 other jurisdiction of

 

(I.R.S. Employer Identification No.)

incorporation or organization)

 

 

 

 

 

149 COMMONWEALTH DRIVE,

MENLO PARK, CALIFORNIA

 

94025

(Address of principal executive office)

 

(Zip Code)

 

(650) 326-9400

(Registrant’s telephone number, including area code)

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.

 

Yes    

 

 

No

 

 

 

 

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).    

 

Yes    

 

 

No

 

 

 

 

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.  

 

Large accelerated filer

 

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

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).

 

Yes    

 

 

 

No

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

EXPO

 

Nasdaq Global Select Market

 

As of July 26, 2019, the latest practicable date, the registrant had 51,919,297 shares of common stock outstanding.

 

 


 

EXPONENT, INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

3

 

 

 

 

 

Item 1.

 

Financial Statements (unaudited):

 

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of June 28, 2019 and December 28, 2018

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income for the Three and Six Months Ended June 28, 2019 and June 29, 2018

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 28, 2019 and June 29, 2018

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Six Months Ended June 28, 2019 and June 29, 2018

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 28, 2019 and June 29, 2018

 

8

 

 

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

9

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

29

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

30

 

 

 

 

 

PART II – OTHER INFORMATION

 

30

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

30

 

 

 

 

 

Item 1A.

 

Risk Factors

 

30

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

35

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

36

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

36

 

 

 

 

 

Item 5.

 

Other Information

 

36

 

 

 

 

 

Item 6.

 

Exhibits

 

37

 

 

 

 

 

 

 

Signatures

 

38

 

 

- 2 -


 

PART I – FINANCIAL INFORMATION

Item 1.  Financial Statements

EXPONENT, INC.

Condensed Consolidated Balance Sheets

June 28, 2019 and December 28, 2018

(in thousands, except par value)

(unaudited)

 

 

 

June 28,

2019

 

 

December 28,

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

104,452

 

 

$

127,059

 

Short-term investments

 

 

90,022

 

 

 

81,495

 

Accounts receivable, net of allowance for contract losses and doubtful accounts

   of $5,342 and $4,066 at June 28, 2019 and December 28, 2018, respectively

 

 

129,735

 

 

 

105,814

 

Prepaid expenses and other current assets

 

 

10,452

 

 

 

12,244

 

Total current assets

 

 

334,661

 

 

 

326,612

 

Property, equipment and leasehold improvements, net

 

 

56,112

 

 

 

46,103

 

Operating lease right-of-use assets

 

 

22,729

 

 

 

-

 

Goodwill

 

 

8,607

 

 

 

8,607

 

Deferred income taxes

 

 

34,099

 

 

 

34,090

 

Deferred compensation plan assets

 

 

63,484

 

 

 

52,286

 

Other assets

 

 

949

 

 

 

1,238

 

Total assets

 

$

520,641

 

 

$

468,936

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

19,678

 

 

$

12,283

 

Accrued payroll and employee benefits

 

 

58,910

 

 

 

76,855

 

Deferred revenues

 

 

8,550

 

 

 

9,166

 

Operating lease liabilities

 

 

5,746

 

 

 

-

 

Total current liabilities

 

 

92,884

 

 

 

98,304

 

Other liabilities

 

 

2,846

 

 

 

2,548

 

Deferred compensation plan liabilities

 

 

63,391

 

 

 

52,708

 

Deferred rent

 

 

-

 

 

 

1,467

 

Operating lease liabilities

 

 

17,668

 

 

 

-

 

Total liabilities

 

 

176,789

 

 

 

155,027

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 120,000 shares authorized; 65,707 shares

   issued at June 28, 2019 and December 28, 2018

 

 

66

 

 

 

66

 

Additional paid-in capital

 

 

240,930

 

 

 

227,283

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

Investment securities, available-for-sale

 

 

358

 

 

 

(45

)

Foreign currency translation adjustments

 

 

(2,932

)

 

 

(2,808

)

 

 

 

(2,574

)

 

 

(2,853

)

Retained earnings

 

 

362,959

 

 

 

342,024

 

Treasury stock, at cost; 13,788 and 14,208 shares held at June 28,

   2019 and December 28, 2018, respectively

 

 

(257,529

)

 

 

(252,611

)

Total stockholders’ equity

 

 

343,852

 

 

 

313,909

 

Total liabilities and stockholders’ equity

 

$

520,641

 

 

$

468,936

 

 

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

- 3 -


 

EXPONENT, INC.

Condensed Consolidated Statements of Income

For the Three and Six Months Ended June 28, 2019 and June 29, 2018

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28,

2019

 

 

June 29,

2018

 

 

June 28,

2019

 

 

June 29,

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

$

100,263

 

 

$

89,972

 

 

$

193,664

 

 

$

180,656

 

Reimbursements

 

 

6,243

 

 

 

5,649

 

 

 

11,873

 

 

 

11,422

 

Revenues

 

 

106,506

 

 

 

95,621

 

 

 

205,537

 

 

 

192,078

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and related expenses

 

 

61,997

 

 

 

55,458

 

 

 

127,090

 

 

 

113,037

 

Other operating expenses

 

 

8,095

 

 

 

7,566

 

 

 

16,103

 

 

 

15,031

 

Reimbursable expenses

 

 

6,243

 

 

 

5,649

 

 

 

11,873

 

 

 

11,422

 

General and administrative expenses

 

 

5,348

 

 

 

4,470

 

 

 

9,894

 

 

 

8,512

 

Total operating expenses

 

 

81,683

 

 

 

73,143

 

 

 

164,960

 

 

 

148,002

 

Operating income

 

 

24,823

 

 

 

22,478

 

 

 

40,577

 

 

 

44,076

 

Other income, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

924

 

 

 

543

 

 

 

1,979

 

 

 

1,073

 

Miscellaneous income, net

 

 

3,104

 

 

 

1,898

 

 

 

9,617

 

 

 

2,220

 

Total other income, net

 

 

4,028

 

 

 

2,441

 

 

 

11,596

 

 

 

3,293

 

Income before income taxes

 

 

28,851

 

 

 

24,919

 

 

 

52,173

 

 

 

47,369

 

Income taxes

 

 

7,857

 

 

 

6,494

 

 

 

8,467

 

 

 

8,604

 

Net income

 

$

20,994

 

 

$

18,425

 

 

$

43,706

 

 

$

38,765

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.40

 

 

$

0.35

 

 

$

0.83

 

 

$

0.73

 

Diluted

 

$

0.39

 

 

$

0.34

 

 

$

0.81

 

 

$

0.72

 

Shares used in per share computations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

52,745

 

 

 

53,008

 

 

 

52,641

 

 

 

52,876

 

Diluted

 

 

53,872

 

 

 

54,195

 

 

 

53,849

 

 

 

54,111

 

Cash dividends declared per common share

 

$

0.16

 

 

$

0.13

 

 

$

0.32

 

 

$

0.26

 

 

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements

- 4 -


 

EXPONENT, INC.

Condensed Consolidated Statements of Comprehensive Income

For the Three and Six Months Ended June 28, 2019 and June 29, 2018

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28,

2019

 

 

June 29,

2018

 

 

June 28,

2019

 

 

June 29,

2018

 

Net income

 

$

20,994

 

 

$

18,425

 

 

$

43,706

 

 

$

38,765

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax

 

 

(241

)

 

 

(1,368

)

 

 

(124

)

 

 

(629

)

Unrealized gains (losses) on available-for-sale

   investment securities arising during the period,

   net of tax

 

 

249

 

 

 

19

 

 

 

403

 

 

 

(21

)

Comprehensive income

 

$

21,002

 

 

$

17,076

 

 

$

43,985

 

 

$

38,115

 

 

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements

 

 

 

- 5 -


 

EXPONENT, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

(unaudited)

 

 

 

Three and Six Months Ended June 28, 2019

 

 

 

Common Stock

 

 

Additional

paid-in

 

 

Accumulated

other

comprehensive

 

 

Retained

 

 

Treasury Stock

 

 

 

 

 

(In thousands)

 

Shares

 

 

Amount

 

 

capital

 

 

income (loss)

 

 

earnings

 

 

Shares

 

 

Amount

 

 

Total

 

Balance at December 28, 2018

 

 

65,707

 

 

$

66

 

 

$

227,283

 

 

$

(2,853

)

 

$

342,024

 

 

 

14,208

 

 

$

(252,611

)

 

$

313,909

 

Employee stock purchase plan

 

 

-

 

 

 

-

 

 

 

302

 

 

 

-

 

 

 

-

 

 

 

(7

)

 

 

70

 

 

 

372

 

Amortization of unrecognized stock-based

   compensation

 

 

-

 

 

 

-

 

 

 

3,663

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,663

 

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

117

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

117

 

Grant of restricted stock units to settle accrued bonus

 

 

-

 

 

 

-

 

 

 

7,947

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,947

 

Settlement of restricted stock units

 

 

-

 

 

 

-

 

 

 

(860

)

 

 

-

 

 

 

(5,146

)

 

 

(395

)

 

 

(5,188

)

 

 

(11,194

)

Unrealized gain on investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

154

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

154

 

Dividends and dividend equivalent rights

 

 

-

 

 

 

-

 

 

 

581

 

 

 

-

 

 

 

(9,084

)

 

 

-

 

 

 

-

 

 

 

(8,503

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

22,712

 

 

 

-

 

 

 

-

 

 

 

22,712

 

Balance at March 29, 2019

 

 

65,707

 

 

$

66

 

 

$

238,916

 

 

$

(2,582

)

 

$

350,506

 

 

 

13,806

 

 

$

(257,729

)

 

$

329,177

 

Employee stock purchase plan

 

 

-

 

 

 

-

 

 

 

385

 

 

 

-

 

 

 

-

 

 

 

(8

)

 

 

88

 

 

 

473

 

Amortization of unrecognized stock-based

   compensation

 

 

-

 

 

 

-

 

 

 

1,685

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,685

 

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(241

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(241

)

Settlement of restricted stock units

 

 

-

 

 

 

-

 

 

 

(101

)

 

 

-

 

 

 

-

 

 

 

(10

)

 

 

112

 

 

 

11

 

Unrealized gain on investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

249

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

249

 

Dividends and dividend equivalent rights

 

 

-

 

 

 

-

 

 

 

45

 

 

 

-

 

 

 

(8,541

)

 

 

-

 

 

 

-

 

 

 

(8,496

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

20,994

 

 

 

-

 

 

 

-

 

 

 

20,994

 

Balance at June 28, 2019

 

 

65,707

 

 

$

66

 

 

$

240,930

 

 

$

(2,574

)

 

$

362,959

 

 

 

13,788

 

 

$

(257,529

)

 

$

343,852

 

 

- 6 -


 

 

 

Three and Six Months Ended June 29, 2018

 

 

 

Common Stock

 

 

Additional

paid-in

 

 

Accumulated

other

comprehensive

 

 

Retained

 

 

Treasury Stock

 

 

 

 

 

(In thousands)

 

Shares

 

 

Amount

 

 

capital

 

 

income (loss)

 

 

earnings

 

 

Shares

 

 

Amount

 

 

Total

 

Balance at December 29, 2017

 

 

65,707

 

 

$

66

 

 

$

210,230

 

 

$

(2,029

)

 

$

303,990

 

 

 

14,169

 

 

$

(223,169

)

 

$

289,088

 

Employee stock purchase plan

 

 

-

 

 

 

-

 

 

 

230

 

 

 

-

 

 

 

-

 

 

 

(8

)

 

 

80

 

 

 

310

 

Amortization of unrecognized stock-based

   compensation

 

 

-

 

 

 

-

 

 

 

4,057

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,057

 

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

739

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

739

 

Grant of restricted stock units to settle accrued bonus

 

 

-

 

 

 

-

 

 

 

7,643

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,643

 

Settlement of restricted stock units

 

 

-