Company Quick10K Filing
Exponent
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 54 $3,146
10-Q 2019-11-01 Quarter: 2019-09-27
10-Q 2019-08-02 Quarter: 2019-06-28
10-Q 2019-05-03 Quarter: 2019-03-29
10-K 2019-02-22 Annual: 2018-12-28
10-Q 2018-11-02 Quarter: 2018-09-28
10-Q 2018-08-03 Quarter: 2018-06-29
10-Q 2018-05-04 Quarter: 2018-03-30
10-K 2018-02-23 Annual: 2017-12-29
10-Q 2017-11-03 Quarter: 2017-09-29
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-30
10-Q 2016-11-04 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-07-01
10-Q 2016-05-06 Quarter: 2016-04-01
10-K 2016-02-26 Annual: 2016-01-01
10-Q 2015-11-06 Quarter: 2015-10-02
10-Q 2015-08-07 Quarter: 2015-07-03
10-Q 2015-05-08 Quarter: 2015-04-03
10-K 2015-03-02 Annual: 2015-01-02
10-Q 2014-11-07 Quarter: 2014-10-03
10-Q 2014-08-08 Quarter: 2014-07-04
10-Q 2014-05-09 Quarter: 2014-04-04
10-K 2014-03-03 Annual: 2014-01-03
10-Q 2013-11-01 Quarter: 2013-09-27
10-Q 2013-08-02 Quarter: 2013-06-28
10-Q 2013-05-03 Quarter: 2013-03-29
10-K 2013-02-28 Annual: 2012-12-28
10-Q 2012-11-05 Quarter: 2012-09-28
10-Q 2012-08-03 Quarter: 2012-06-29
10-Q 2012-05-04 Quarter: 2012-03-30
10-K 2012-02-27 Annual: 2011-12-30
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-07-01
10-Q 2011-05-09 Quarter: 2011-04-01
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-10-01
10-Q 2010-08-06 Quarter: 2010-07-02
10-Q 2010-05-05 Quarter: 2010-04-02
10-K 2010-02-24 Annual: 2010-01-01
8-K 2020-02-06 Earnings, Regulation FD, Exhibits
8-K 2019-10-17
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
EXPO 2019-09-27
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_128.htm
EX-31.2 expo-ex312_127.htm
EX-32.1 expo-ex321_126.htm
EX-32.2 expo-ex322_125.htm

Exponent Earnings 2019-09-27

EXPO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
NSP 4,976 1,317 1,182 4,088 728 166 241 4,590 18% 19.0 13%
FCN 3,214 2,571 1,152 2,175 763 195 335 3,361 35% 10.0 8%
EXPO 3,146 521 177 393 0 77 108 3,041 0% 28.0 15%
ASGN 3,071 2,799 1,515 3,732 1,091 173 380 4,057 29% 10.7 6%
AMN 2,650 1,856 1,176 2,123 704 127 225 3,018 33% 13.4 7%
KFRC 2,646 426 211 1,379 405 134 160 2,581 29% 16.2 31%
TTEC 2,120 1,179 789 1,571 285 61 190 2,033 18% 10.7 5%
ICFI 1,393 1,414 747 1,419 506 65 122 1,675 36% 13.8 5%
HURN 1,117 1,115 546 916 284 25 73 1,415 31% 19.3 2%
KELYA 999 2,542 1,274 5,507 989 115 149 957 18% 6.4 5%

expo-10q_20190927.htm
false Q3 0000851520 --01-03 Large Accelerated Filer false P59Y6M P59Y6M P30Y P4Y P4Y 0000851520 2018-12-29 2019-09-27 xbrli:shares 0000851520 2019-10-25 iso4217:USD 0000851520 2019-09-27 0000851520 2018-12-28 iso4217:USD xbrli:shares 0000851520 2019-06-29 2019-09-27 0000851520 2018-06-30 2018-09-28 0000851520 2017-12-30 2018-09-28 0000851520 us-gaap:CommonStockMember 2018-12-28 0000851520 us-gaap:AdditionalPaidInCapitalMember 2018-12-28 0000851520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-28 0000851520 us-gaap:RetainedEarningsMember 2018-12-28 0000851520 us-gaap:TreasuryStockMember 2018-12-28 0000851520 us-gaap:AdditionalPaidInCapitalMember 2018-12-29 2019-06-28 0000851520 us-gaap:TreasuryStockMember 2018-12-29 2019-06-28 0000851520 2018-12-29 2019-06-28 0000851520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-29 2019-06-28 0000851520 us-gaap:RetainedEarningsMember 2018-12-29 2019-06-28 0000851520 us-gaap:CommonStockMember 2019-06-28 0000851520 us-gaap:AdditionalPaidInCapitalMember 2019-06-28 0000851520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-28 0000851520 us-gaap:RetainedEarningsMember 2019-06-28 0000851520 us-gaap:TreasuryStockMember 2019-06-28 0000851520 2019-06-28 0000851520 us-gaap:AdditionalPaidInCapitalMember 2019-06-29 2019-09-27 0000851520 us-gaap:TreasuryStockMember 2019-06-29 2019-09-27 0000851520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-29 2019-09-27 0000851520 us-gaap:RetainedEarningsMember 2019-06-29 2019-09-27 0000851520 us-gaap:CommonStockMember 2019-09-27 0000851520 us-gaap:AdditionalPaidInCapitalMember 2019-09-27 0000851520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-27 0000851520 us-gaap:RetainedEarningsMember 2019-09-27 0000851520 us-gaap:TreasuryStockMember 2019-09-27 0000851520 us-gaap:CommonStockMember 2017-12-29 0000851520 us-gaap:AdditionalPaidInCapitalMember 2017-12-29 0000851520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-29 0000851520 us-gaap:RetainedEarningsMember 2017-12-29 0000851520 us-gaap:TreasuryStockMember 2017-12-29 0000851520 2017-12-29 0000851520 us-gaap:AdditionalPaidInCapitalMember 2017-12-30 2018-06-29 0000851520 us-gaap:TreasuryStockMember 2017-12-30 2018-06-29 0000851520 2017-12-30 2018-06-29 0000851520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-30 2018-06-29 0000851520 us-gaap:RetainedEarningsMember 2017-12-30 2018-06-29 0000851520 us-gaap:CommonStockMember 2018-06-29 0000851520 us-gaap:AdditionalPaidInCapitalMember 2018-06-29 0000851520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-29 0000851520 us-gaap:RetainedEarningsMember 2018-06-29 0000851520 us-gaap:TreasuryStockMember 2018-06-29 0000851520 2018-06-29 0000851520 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 2018-09-28 0000851520 us-gaap:TreasuryStockMember 2018-06-30 2018-09-28 0000851520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 2018-09-28 0000851520 us-gaap:RetainedEarningsMember 2018-06-30 2018-09-28 0000851520 us-gaap:CommonStockMember 2018-09-28 0000851520 us-gaap:AdditionalPaidInCapitalMember 2018-09-28 0000851520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-28 0000851520 us-gaap:RetainedEarningsMember 2018-09-28 0000851520 us-gaap:TreasuryStockMember 2018-09-28 0000851520 2018-09-28 0000851520 2018-05-31 0000851520 expo:EngineeringAndOtherScientificMember us-gaap:TimeAndMaterialsContractMember 2019-06-29 2019-09-27 0000851520 expo:EnvironmentalAndHealthMember us-gaap:TimeAndMaterialsContractMember 2019-06-29 2019-09-27 0000851520 us-gaap:SalesRevenueNetMember us-gaap:TimeAndMaterialsContractMember 2019-06-29 2019-09-27 0000851520 expo:EngineeringAndOtherScientificMember us-gaap:TimeAndMaterialsContractMember 2018-06-30 2018-09-28 0000851520 expo:EnvironmentalAndHealthMember us-gaap:TimeAndMaterialsContractMember 2018-06-30 2018-09-28 0000851520 us-gaap:SalesRevenueNetMember us-gaap:TimeAndMaterialsContractMember 2018-06-30 2018-09-28 0000851520 expo:EngineeringAndOtherScientificMember us-gaap:TimeAndMaterialsContractMember 2018-12-29 2019-09-27 0000851520 expo:EnvironmentalAndHealthMember us-gaap:TimeAndMaterialsContractMember 2018-12-29 2019-09-27 0000851520 us-gaap:SalesRevenueNetMember us-gaap:TimeAndMaterialsContractMember 2018-12-29 2019-09-27 0000851520 expo:EngineeringAndOtherScientificMember us-gaap:TimeAndMaterialsContractMember 2017-12-30 2018-09-28 0000851520 expo:EnvironmentalAndHealthMember us-gaap:TimeAndMaterialsContractMember 2017-12-30 2018-09-28 0000851520 us-gaap:SalesRevenueNetMember us-gaap:TimeAndMaterialsContractMember 2017-12-30 2018-09-28 xbrli:pure 0000851520 us-gaap:TimeAndMaterialsContractMember us-gaap:RevenueFromRightsConcentrationRiskMember 2019-06-29 2019-09-27 0000851520 us-gaap:TimeAndMaterialsContractMember us-gaap:RevenueFromRightsConcentrationRiskMember 2018-06-30 2018-09-28 0000851520 us-gaap:TimeAndMaterialsContractMember us-gaap:RevenueFromRightsConcentrationRiskMember 2018-12-29 2019-09-27 0000851520 us-gaap:TimeAndMaterialsContractMember us-gaap:RevenueFromRightsConcentrationRiskMember 2017-12-30 2018-09-28 0000851520 us-gaap:FixedPriceContractMember expo:EngineeringAndOtherScientificMember 2019-06-29 2019-09-27 0000851520 us-gaap:FixedPriceContractMember expo:EnvironmentalAndHealthMember 2019-06-29 2019-09-27 0000851520 us-gaap:FixedPriceContractMember us-gaap:SalesRevenueNetMember 2019-06-29 2019-09-27 0000851520 us-gaap:FixedPriceContractMember expo:EngineeringAndOtherScientificMember 2018-06-30 2018-09-28 0000851520 us-gaap:FixedPriceContractMember expo:EnvironmentalAndHealthMember 2018-06-30 2018-09-28 0000851520 us-gaap:FixedPriceContractMember us-gaap:SalesRevenueNetMember 2018-06-30 2018-09-28 0000851520 us-gaap:FixedPriceContractMember expo:EngineeringAndOtherScientificMember 2018-12-29 2019-09-27 0000851520 us-gaap:FixedPriceContractMember expo:EnvironmentalAndHealthMember 2018-12-29 2019-09-27 0000851520 us-gaap:FixedPriceContractMember us-gaap:SalesRevenueNetMember 2018-12-29 2019-09-27 0000851520 us-gaap:FixedPriceContractMember expo:EngineeringAndOtherScientificMember 2017-12-30 2018-09-28 0000851520 us-gaap:FixedPriceContractMember expo:EnvironmentalAndHealthMember 2017-12-30 2018-09-28 0000851520 us-gaap:FixedPriceContractMember us-gaap:SalesRevenueNetMember 2017-12-30 2018-09-28 0000851520 us-gaap:RevenueFromRightsConcentrationRiskMember us-gaap:FixedPriceContractMember 2019-06-29 2019-09-27 0000851520 us-gaap:RevenueFromRightsConcentrationRiskMember us-gaap:FixedPriceContractMember 2018-06-30 2018-09-28 0000851520 us-gaap:RevenueFromRightsConcentrationRiskMember us-gaap:FixedPriceContractMember 2018-12-29 2019-09-27 0000851520 us-gaap:RevenueFromRightsConcentrationRiskMember us-gaap:FixedPriceContractMember 2017-12-30 2018-09-28 0000851520 us-gaap:MoneyMarketFundsMember 2019-09-27 0000851520 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2019-09-27 0000851520 us-gaap:FairValueInputsLevel2Member us-gaap:MoneyMarketFundsMember 2019-09-27 0000851520 us-gaap:FairValueInputsLevel3Member us-gaap:MoneyMarketFundsMember 2019-09-27 0000851520 us-gaap:FixedIncomeSecuritiesMember 2019-09-27 0000851520 us-gaap:FairValueInputsLevel1Member us-gaap:FixedIncomeSecuritiesMember 2019-09-27 0000851520 us-gaap:FairValueInputsLevel2Member us-gaap:FixedIncomeSecuritiesMember 2019-09-27 0000851520 us-gaap:FairValueInputsLevel3Member us-gaap:FixedIncomeSecuritiesMember 2019-09-27 0000851520 us-gaap:EquitySecuritiesMember 2019-09-27 0000851520 us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2019-09-27 0000851520 us-gaap:FairValueInputsLevel2Member us-gaap:EquitySecuritiesMember 2019-09-27 0000851520 us-gaap:FairValueInputsLevel3Member us-gaap:EquitySecuritiesMember 2019-09-27 0000851520 us-gaap:FairValueInputsLevel1Member 2019-09-27 0000851520 us-gaap:FairValueInputsLevel2Member 2019-09-27 0000851520 us-gaap:FairValueInputsLevel3Member 2019-09-27 0000851520 us-gaap:MoneyMarketFundsMember 2018-12-28 0000851520 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2018-12-28 0000851520 us-gaap:FairValueInputsLevel2Member us-gaap:MoneyMarketFundsMember 2018-12-28 0000851520 us-gaap:FairValueInputsLevel3Member us-gaap:MoneyMarketFundsMember 2018-12-28 0000851520 us-gaap:FixedIncomeSecuritiesMember 2018-12-28 0000851520 us-gaap:FairValueInputsLevel1Member us-gaap:FixedIncomeSecuritiesMember 2018-12-28 0000851520 us-gaap:FairValueInputsLevel2Member us-gaap:FixedIncomeSecuritiesMember 2018-12-28 0000851520 us-gaap:FairValueInputsLevel3Member us-gaap:FixedIncomeSecuritiesMember 2018-12-28 0000851520 us-gaap:EquitySecuritiesMember 2018-12-28 0000851520 us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2018-12-28 0000851520 us-gaap:FairValueInputsLevel2Member us-gaap:EquitySecuritiesMember 2018-12-28 0000851520 us-gaap:FairValueInputsLevel3Member us-gaap:EquitySecuritiesMember 2018-12-28 0000851520 us-gaap:FairValueInputsLevel1Member 2018-12-28 0000851520 us-gaap:FairValueInputsLevel2Member 2018-12-28 0000851520 us-gaap:FairValueInputsLevel3Member 2018-12-28 0000851520 us-gaap:CashMember 2019-09-27 0000851520 us-gaap:MoneyMarketFundsMember 2019-09-27 0000851520 us-gaap:CashEquivalentsMember 2019-09-27 0000851520 us-gaap:CashAndCashEquivalentsMember 2019-09-27 0000851520 us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember 2019-09-27 0000851520 us-gaap:ShortTermInvestmentsMember 2019-09-27 0000851520 us-gaap:CashMember 2018-12-28 0000851520 us-gaap:MoneyMarketFundsMember 2018-12-28 0000851520 us-gaap:CashEquivalentsMember 2018-12-28 0000851520 us-gaap:CashAndCashEquivalentsMember 2018-12-28 0000851520 us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember 2018-12-28 0000851520 us-gaap:ShortTermInvestmentsMember 2018-12-28 0000851520 us-gaap:EmployeeStockOptionMember 2019-06-29 2019-09-27 0000851520 us-gaap:EmployeeStockOptionMember 2018-06-30 2018-09-28 0000851520 us-gaap:EmployeeStockOptionMember 2018-12-29 2019-09-27 0000851520 us-gaap:EmployeeStockOptionMember 2017-12-30 2018-09-28 0000851520 us-gaap:RestrictedStockUnitsRSUMember 2019-06-29 2019-09-27 0000851520 us-gaap:RestrictedStockUnitsRSUMember 2018-06-30 2018-09-28 0000851520 us-gaap:RestrictedStockUnitsRSUMember 2018-12-29 2019-09-27 0000851520 us-gaap:RestrictedStockUnitsRSUMember 2017-12-30 2018-09-28 0000851520 srt:MaximumMember 2018-12-29 2019-09-27 0000851520 expo:VestedRestrictedStockAwardsMember 2018-12-29 2019-09-27 0000851520 expo:UnvestedRestrictedStockMember 2018-12-29 2019-09-27 0000851520 expo:UnvestedRestrictedStockAwardsMember srt:MinimumMember 2018-12-29 2019-09-27 0000851520 expo:VestedRestrictedStockAwardsMember 2019-06-29 2019-09-27 0000851520 expo:VestedRestrictedStockAwardsMember 2018-06-30 2018-09-28 0000851520 expo:VestedRestrictedStockAwardsMember 2017-12-30 2018-09-28 0000851520 expo:UnvestedRestrictedStockAwardsMember 2019-06-29 2019-09-27 0000851520 expo:UnvestedRestrictedStockAwardsMember 2018-06-30 2018-09-28 0000851520 expo:UnvestedRestrictedStockAwardsMember 2018-12-29 2019-09-27 0000851520 expo:UnvestedRestrictedStockAwardsMember 2017-12-30 2018-09-28 0000851520 expo:UnvestedStockOptionsMember srt:MinimumMember 2018-12-29 2019-09-27 0000851520 2019-01-31 0000851520 2016-10-19 0000851520 us-gaap:BilledRevenuesMember 2019-09-27 0000851520 us-gaap:BilledRevenuesMember 2018-12-28 0000851520 us-gaap:UnbilledRevenuesMember 2019-09-27 0000851520 us-gaap:UnbilledRevenuesMember 2018-12-28 0000851520 expo:PGAndECorpMember 2019-09-27 0000851520 expo:EngineeringAndOtherScientificMember us-gaap:OperatingSegmentsMember 2019-06-29 2019-09-27 0000851520 expo:EngineeringAndOtherScientificMember us-gaap:OperatingSegmentsMember 2018-06-30 2018-09-28 0000851520 expo:EngineeringAndOtherScientificMember us-gaap:OperatingSegmentsMember 2018-12-29 2019-09-27 0000851520 expo:EngineeringAndOtherScientificMember us-gaap:OperatingSegmentsMember 2017-12-30 2018-09-28 0000851520 expo:EnvironmentalAndHealthMember us-gaap:OperatingSegmentsMember 2019-06-29 2019-09-27 0000851520 expo:EnvironmentalAndHealthMember us-gaap:OperatingSegmentsMember 2018-06-30 2018-09-28 0000851520 expo:EnvironmentalAndHealthMember us-gaap:OperatingSegmentsMember 2018-12-29 2019-09-27 0000851520 expo:EnvironmentalAndHealthMember us-gaap:OperatingSegmentsMember 2017-12-30 2018-09-28 0000851520 us-gaap:OperatingSegmentsMember 2019-06-29 2019-09-27 0000851520 us-gaap:OperatingSegmentsMember 2018-06-30 2018-09-28 0000851520 us-gaap:OperatingSegmentsMember 2018-12-29 2019-09-27 0000851520 us-gaap:OperatingSegmentsMember 2017-12-30 2018-09-28 0000851520 us-gaap:CorporateNonSegmentMember 2019-06-29 2019-09-27 0000851520 us-gaap:CorporateNonSegmentMember 2018-06-30 2018-09-28 0000851520 us-gaap:CorporateNonSegmentMember 2018-12-29 2019-09-27 0000851520 us-gaap:CorporateNonSegmentMember 2017-12-30 2018-09-28 0000851520 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-06-30 2018-09-28 0000851520 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2017-12-30 2018-09-28 0000851520 us-gaap:AccountsReceivableMember 2019-09-27 0000851520 us-gaap:AccountsReceivableMember 2018-12-28 0000851520 expo:PhoenixArizonaMember 2019-09-27 0000851520 us-gaap:OtherIncomeMember 2019-06-29 2019-09-27 0000851520 us-gaap:OtherIncomeMember 2018-06-30 2018-09-28 0000851520 us-gaap:OtherIncomeMember 2018-12-29 2019-09-27 0000851520 us-gaap:OtherIncomeMember 2017-12-30 2018-09-28 0000851520 us-gaap:OtherOperatingIncomeExpenseMember 2019-06-29 2019-09-27 0000851520 us-gaap:OtherOperatingIncomeExpenseMember 2018-12-29 2019-09-27 0000851520 us-gaap:SubsequentEventMember 2019-10-17 2019-10-17

 

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 September 27, 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 October 25, 2019, the latest practicable date, the registrant had 51,828,903 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 September 27, 2019 and December 28, 2018

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 27, 2019 and September 28, 2018

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 27, 2019 and September 28, 2018

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 27, 2019 and September 28, 2018

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 27, 2019 and September 28, 2018

 

8

 

 

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

9

 

 

 

 

 

Item 2.

 

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

 

22

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

30

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

31

 

 

 

 

 

PART II – OTHER INFORMATION

 

32

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

32

 

 

 

 

 

Item 1A.

 

Risk Factors

 

32

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

37

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

37

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

37

 

 

 

 

 

Item 5.

 

Other Information

 

37

 

 

 

 

 

Item 6.

 

Exhibits

 

38

 

 

 

 

 

 

 

Signatures

 

39

 

 

- 2 -


 

PART I – FINANCIAL INFORMATION

Item 1.  Financial Statements

EXPONENT, INC.

Condensed Consolidated Balance Sheets

September 27, 2019 and December 28, 2018

(in thousands, except par value)

(unaudited)

 

 

 

September 27,

2019

 

 

December 28,

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

132,843

 

 

$

127,059

 

Short-term investments

 

 

77,125

 

 

 

81,495

 

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

   of $5,218 and $4,066 at September 27,  2019 and December 28, 2018, respectively

 

 

128,333

 

 

 

105,814

 

Prepaid expenses and other current assets

 

 

13,231

 

 

 

12,244

 

Total current assets

 

 

351,532

 

 

 

326,612

 

Property, equipment and leasehold improvements, net

 

 

59,318

 

 

 

46,103

 

Operating lease right-of-use assets

 

 

23,715

 

 

 

-

 

Goodwill

 

 

8,607

 

 

 

8,607

 

Deferred income taxes

 

 

35,639

 

 

 

34,090

 

Deferred compensation plan assets

 

 

64,841

 

 

 

52,286

 

Other assets

 

 

839

 

 

 

1,238

 

Total assets

 

$

544,491

 

 

$

468,936

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

16,526

 

 

$

12,283

 

Accrued payroll and employee benefits

 

 

69,552

 

 

 

76,855

 

Deferred revenues

 

 

8,900

 

 

 

9,166

 

Operating lease liabilities

 

 

6,056

 

 

 

-

 

Total current liabilities

 

 

101,034

 

 

 

98,304

 

Other liabilities

 

 

2,793

 

 

 

2,548

 

Deferred compensation plan liabilities

 

 

64,808

 

 

 

52,708

 

Deferred rent

 

 

-

 

 

 

1,467

 

Operating lease liabilities

 

 

18,577

 

 

 

-

 

Total liabilities

 

 

187,212

 

 

 

155,027

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

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

   issued at September 27, 2019 and December 28, 2018

 

 

66

 

 

 

66

 

Additional paid-in capital

 

 

242,756

 

 

 

227,283

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

Investment securities, available-for-sale

 

 

328

 

 

 

(45

)

Foreign currency translation adjustments

 

 

(3,465

)

 

 

(2,808

)

 

 

 

(3,137

)

 

 

(2,853

)

Retained earnings

 

 

374,033

 

 

 

342,024

 

Treasury stock, at cost; 13,682 and 14,208 shares held at September 27,

   2019 and December 28, 2018, respectively

 

 

(256,439

)

 

 

(252,611

)

Total stockholders’ equity

 

 

357,279

 

 

 

313,909

 

Total liabilities and stockholders’ equity

 

$

544,491

 

 

$

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 Nine Months Ended September 27, 2019 and September 28, 2018

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 27,

2019

 

 

September 28,

2018

 

 

September 27,

2019

 

 

September 28,

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

$

95,506

 

 

$

88,714

 

 

$

289,170

 

 

$

269,370

 

Reimbursements

 

 

6,042

 

 

 

6,588

 

 

 

17,915

 

 

 

18,010

 

Revenues

 

 

101,548

 

 

 

95,302

 

 

 

307,085

 

 

 

287,380

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and related expenses

 

 

58,526

 

 

 

55,639

 

 

 

185,616

 

 

 

168,676

 

Other operating expenses

 

 

8,345

 

 

 

7,826

 

 

 

24,448

 

 

 

22,857

 

Reimbursable expenses

 

 

6,042

 

 

 

6,588

 

 

 

17,915

 

 

 

18,010

 

General and administrative expenses

 

 

5,451

 

 

 

4,655

 

 

 

15,345

 

 

 

13,167

 

Total operating expenses

 

 

78,364

 

 

 

74,708

 

 

 

243,324

 

 

 

222,710

 

Operating income

 

 

23,184

 

 

 

20,594

 

 

 

63,761

 

 

 

64,670

 

Other income, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

915

 

 

 

740

 

 

 

2,894

 

 

 

1,813

 

Miscellaneous income, net

 

 

1,112

 

 

 

2,655

 

 

 

10,729

 

 

 

4,875

 

Total other income, net

 

 

2,027

 

 

 

3,395

 

 

 

13,623

 

 

 

6,688

 

Income before income taxes

 

 

25,211

 

 

 

23,989

 

 

 

77,384

 

 

 

71,358

 

Income taxes

 

 

5,578

 

 

 

6,536

 

 

 

14,045

 

 

 

15,140

 

Net income

 

$

19,633

 

 

$

17,453

 

 

$

63,339

 

 

$

56,218

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.37

 

 

$

0.33

 

 

$

1.20

 

 

$

1.06

 

Diluted

 

$

0.36

 

 

$

0.32

 

 

$

1.17

 

 

$

1.04

 

Shares used in per share computations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

52,802

 

 

 

53,032

 

 

 

52,694

 

 

 

52,928

 

Diluted

 

 

54,002

 

 

 

54,302

 

 

 

53,906

 

 

 

54,181

 

Cash dividends declared per common share

 

$

0.160

 

 

$

0.130

 

 

$

0.480

 

 

$

0.390

 

 

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 27, 2019 and September 28, 2018

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 27,

2019

 

 

September 28,

2018

 

 

September 27,

2019

 

 

September 28,

2018

 

Net income

 

$

19,633

 

 

$

17,453

 

 

$

63,339

 

 

$

56,218

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

   adjustments, net of tax

 

 

(533

)

 

 

(304

)

 

 

(657

)

 

 

(933

)

Unrealized gains (losses) on available-

   for-sale investment securities arising

   during the period, net of tax

 

 

(30

)

 

 

(31

)

 

 

373

 

 

 

(52

)

Comprehensive income

 

$

19,070

 

 

$

17,118

 

 

$

63,055

 

 

$

55,233

 

 

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 Nine Months Ended September 27,  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

 

 

-

 

 

 

-

 

 

 

687

 

 

 

-

 

 

 

-

 

 

 

(15

)

 

 

158

 

 

 

845

 

Amortization of unrecognized stock-based

   compensation

 

 

-

 

 

 

-

 

 

 

5,348

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,348

 

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(124

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(124

)

Grant of restricted stock units to settle accrued bonus

 

 

-

 

 

 

-

 

 

 

7,947

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,947

 

Settlement of restricted stock units

 

 

-

 

 

 

-

 

 

 

(961

)

 

 

-

 

 

 

(5,146

)

 

 

(405

)

 

 

(5,076

)

 

 

(11,183

)

Unrealized gain on investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

403

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

403

 

Dividends and dividend equivalent rights

 

 

-

 

 

 

-

 

 

 

626

 

 

 

-

 

 

 

(17,625

)

 

 

-

 

 

 

-

 

 

 

(16,999

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

43,706

 

 

 

-

 

 

 

-

 

 

 

43,706

 

Balance at June 28, 2019

 

 

65,707

 

 

$

66

 

 

$

240,930

 

 

$

(2,574

)

 

$

362,959

 

 

 

13,788

 

 

$

(257,529

)

 

$

343,852

 

Employee stock purchase plan

 

 

-

 

 

 

-

 

 

 

328

 

 

 

 

 

 

 

 

 

 

 

(6

)

 

 

61

 

 

 

389

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

(294

)

 

 

 

 

 

 

 

 

 

 

(100

)

 

 

1,029

 

 

 

735

 

Amortization of unrecognized stock-based

   compensation

 

 

-

 

 

 

-

 

 

 

1,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,748

 

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

 

 

 

 

(533

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(533

)

Unrealized loss on investments

 

 

-

 

 

 

-

 

 

 

 

 

 

 

(30

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

Dividends and dividend equivalent rights

 

 

-

 

 

 

-

 

 

 

44

 

 

 

 

 

 

 

(8,559

)

 

 

 

 

 

 

 

 

 

 

(8,515

)

Net income

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

19,633

 

 

 

 

 

 

 

 

 

 

 

19,633

 

Balance at September 27, 2019

 

 

65,707

 

 

$

66

 

 

$

242,756

 

 

$

(3,137

)

 

$

374,033

 

 

 

13,682

 

 

$

(256,439

)

 

$

357,279

 

- 6 -


 

 

 

 

Three and Nine Months Ended September 28, 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

 

 

-

 

 

 

-

 

 

 

532

 

 

 

-

 

 

 

-

 

 

 

(16

)

 

 

160

 

 

 

692

 

Amortization of unrecognized stock-based

   compensation

 

 

-

 

 

 

-

 

 

 

5,633

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,633

 

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(629

)

 

 

-

 

 

 

-

 

 

 

-