UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
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
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
incorporation or organization) |
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(Address of principal executive office) |
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(Zip Code) |
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol |
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Name of each exchange on which registered |
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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.
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No |
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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).
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No |
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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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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).
Yes |
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No |
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As of October 27, 2023, the latest practicable date, the registrant had
EXPONENT, INC.
FORM 10-Q
TABLE OF CONTENTS
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Item 1. |
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Condensed Consolidated Balance Sheets September 29, 2023 and December 30, 2022 |
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Notes to Unaudited Condensed Consolidated Financial Statements |
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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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Item 3. |
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Item 4. |
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Item 1. |
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Item 1A. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
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32 |
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33 |
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- 2 -
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
EXPONENT, INC.
Condensed Consolidated Balance Sheets
September 29, 2023 and December 30, 2022
(in thousands, except par value)
(unaudited)
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September 29, |
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December 30, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Accounts receivable, net of allowance for contract losses and doubtful accounts |
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Prepaid expenses and other current assets |
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Total current assets |
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Property, equipment and leasehold improvements, net of accumulated depreciation and amortization of $ |
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Operating lease right-of-use assets |
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Goodwill |
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Deferred income taxes |
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Deferred compensation plan assets |
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Other assets |
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Total assets |
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$ |
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$ |
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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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$ |
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$ |
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Accrued payroll and employee benefits |
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Deferred revenues |
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Operating lease liabilities |
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Total current liabilities |
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Other liabilities |
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Deferred compensation plan liabilities |
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Operating lease liabilities |
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Total liabilities |
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Stockholders’ equity: |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated other comprehensive loss |
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Foreign currency translation adjustments |
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Retained earnings |
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Treasury stock, at cost; |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
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$ |
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$ |
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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 Nine Months Ended September 29, 2023 and September 30, 2022
(in thousands, except per share data)
(unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 29, |
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September 30, |
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September 29, |
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September 30, |
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Revenues: |
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Revenues before reimbursements |
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$ |
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$ |
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$ |
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$ |
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Reimbursements |
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Revenues |
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Operating expenses: |
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Compensation and related expenses |
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Other operating expenses |
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Reimbursable expenses |
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General and administrative expenses |
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Total operating expenses |
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Operating income |
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Other income, net: |
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Interest income, net |
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Miscellaneous income (expense), net |
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Total other income (expense), net |
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Income before income taxes |
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Income taxes |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Net income per share: |
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Basic |
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$ |
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$ |
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$ |
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$ |
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Diluted |
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$ |
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$ |
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$ |
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$ |
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Shares used in per share computations: |
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Basic |
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Diluted |
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Cash dividends declared per common share |
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$ |
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$ |
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$ |
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$ |
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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 Nine Months Ended September 29, 2023 and September 30, 2022
(in thousands)
(unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 29, |
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September 30, |
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September 29, |
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September 30, |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Other comprehensive income (loss): |
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Foreign currency translation |
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( |
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( |
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( |
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Comprehensive income |
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$ |
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$ |
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$ |
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$ |
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The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements
- 5 -
EXPONENT, INC
Condensed Consolidated Statements of Stockholders’ Equity
For the Three and Nine Months Ended September 29, 2023 and September 30, 2022
(in thousands)
(unaudited)
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Three and Nine Months Ended September 29, 2023 |
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Common Stock |
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Additional |
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Accumulated |
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Retained |
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Treasury Stock |
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Shares |
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Amount |
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capital |
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loss |
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earnings |
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Shares |
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Amount |
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Total |
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Balance at December 30, 2022 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
( |
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$ |
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Employee stock purchase plan |
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- |
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- |
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- |
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- |
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Amortization of unrecognized stock-based |
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- |
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- |
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- |
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- |
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- |
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- |
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Foreign currency translation adjustments |
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- |
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- |
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- |
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- |
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- |
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- |
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Grant of restricted stock units to settle accrued bonus |
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- |
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- |
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- |
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- |
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- |
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- |
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Settlement of restricted stock units |
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- |
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- |
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( |
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- |
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Exercise of stock options |
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( |
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Dividends and dividend equivalent rights |
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- |
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- |
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- |
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- |
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( |
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- |
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- |
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( |
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Net income |
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- |
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- |
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- |
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- |
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- |
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- |
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Balance at June 30, 2023 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
( |
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$ |
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Employee stock purchase plan |
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- |
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- |
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- |
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- |
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( |
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Amortization of unrecognized stock-based |
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- |
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- |
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- |
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- |
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- |
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- |
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Purchase of treasury stock |
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- |
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- |
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- |
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- |
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- |
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( |
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( |
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Foreign currency translation adjustments |
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- |
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- |
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- |
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( |
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- |
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- |
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- |
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( |
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Dividends and dividend equivalent rights |
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- |
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- |
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- |
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- |
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( |
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- |
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- |
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( |
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Net income |
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- |
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- |
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- |
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- |
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- |
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- |
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Balance at September 29, 2023 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
( |
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$ |
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The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
- 6 -
EXPONENT, INC
Condensed Consolidated Statements of Stockholders’ Equity
For the Three and Nine Months Ended September 29, 2023 and September 30, 2022
(in thousands)
(unaudited)
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Three and Nine Months Ended September 30, 2022 |
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Common Stock |
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Additional |
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Accumulated |
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Retained |
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Treasury Stock |
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Shares |
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Amount |
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capital |
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income (loss) |
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earnings |
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Shares |
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Amount |
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Total |
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Balance at December 31, 2021 |
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$ |
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$ |
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$ |
( |
) |
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$ |
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$ |
( |
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$ |
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Employee stock purchase plan |
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- |
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- |
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- |
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- |
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( |
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Amortization of unrecognized stock-based |
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- |
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- |
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- |
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- |
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- |
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- |
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Purchase of treasury stock |
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- |
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- |
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- |
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- |
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- |
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( |
) |
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( |
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Foreign currency translation adjustments |
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- |
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- |
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- |
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( |
) |
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- |
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- |
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- |
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( |
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Grant of restricted stock units to settle accrued bonus |
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- |
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- |
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- |
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- |
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- |
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- |
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Settlement of restricted stock units |
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- |
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- |
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( |
) |
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- |
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( |
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( |
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( |
) |
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( |
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Unrealized gain on investments |
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Dividends and dividend equivalent rights |
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- |
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- |
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- |
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- |
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( |
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- |
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- |
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( |
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Net income |
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- |
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- |
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- |
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- |
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- |
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- |
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Balance at July 1, 2022 |
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( |
) |
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( |
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Employee stock purchase plan |
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- |
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- |
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- |
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- |
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( |
) |
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Amortization of unrecognized stock-based |
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- |
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- |
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- |
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- |
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- |
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- |
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