$EXPO
EXPONENT INC

2023 Q2 Form 10-Q Financial Statement

#000095017023018383 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $140.2M $140.3M
YoY Change 9.14%
Cost Of Revenue $6.637M $11.60M
YoY Change -37.43%
Gross Profit $133.6M $128.7M
YoY Change 13.33%
Gross Profit Margin 95.27% 91.73%
Selling, General & Admin $93.40M $90.02M
YoY Change 24.95%
% of Gross Profit 69.92% 69.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.186M $1.988M
YoY Change 29.43%
% of Gross Profit 1.64% 1.54%
Operating Expenses $103.7M $111.2M
YoY Change 13.02%
Operating Profit $29.88M $29.12M
YoY Change -18.63%
Interest Expense $1.593M $1.770M
YoY Change 7485.71%
% of Operating Profit 5.33% 6.08%
Other Income/Expense, Net $4.785M $6.418M
YoY Change -222.38%
Pretax Income $36.25M $35.54M
YoY Change 10.5%
Income Tax $10.51M $6.414M
% Of Pretax Income 28.98% 18.05%
Net Earnings $25.75M $29.12M
YoY Change -13.04%
Net Earnings / Revenue 18.36% 20.76%
Basic Earnings Per Share $0.50 $0.57
Diluted Earnings Per Share $0.50 $0.56
COMMON SHARES
Basic Shares Outstanding 50.84M 50.64M
Diluted Shares Outstanding 51.69M 51.68M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $148.2M $125.6M
YoY Change -31.1%
Cash & Equivalents $148.2M $125.6M
Short-Term Investments
Other Short-Term Assets $20.62M $19.59M
YoY Change 45.93%
Inventory
Prepaid Expenses
Receivables $175.8M $173.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $344.6M $318.3M
YoY Change -8.51%
LONG-TERM ASSETS
Property, Plant & Equipment $76.79M $69.41M
YoY Change 25.73%
Goodwill $8.607M $8.607M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.341M $2.312M
YoY Change 54.11%
Total Long-Term Assets $259.7M $248.1M
YoY Change 7.81%
TOTAL ASSETS
Total Short-Term Assets $344.6M $318.3M
Total Long-Term Assets $259.7M $248.1M
Total Assets $604.3M $566.4M
YoY Change -2.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.84M $26.32M
YoY Change -35.67%
Accrued Expenses $93.36M $68.29M
YoY Change 49.13%
Deferred Revenue $11.34M $14.57M
YoY Change -27.61%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $124.5M $109.2M
YoY Change 14.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.211M $2.513M
YoY Change -97.37%
Total Long-Term Liabilities $3.211M $2.513M
YoY Change -97.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $124.5M $109.2M
Total Long-Term Liabilities $3.211M $2.513M
Total Liabilities $247.2M $224.6M
YoY Change 7.02%
SHAREHOLDERS EQUITY
Retained Earnings $555.4M $543.0M
YoY Change 12.56%
Common Stock $317.4M $314.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $512.4M $512.6M
YoY Change 28.59%
Treasury Stock Shares $14.87M
Shareholders Equity $357.1M $341.9M
YoY Change
Total Liabilities & Shareholders Equity $604.3M $566.4M
YoY Change -2.15%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $25.75M $29.12M
YoY Change -13.04%
Depreciation, Depletion And Amortization $2.186M $1.988M
YoY Change 29.43%
Cash From Operating Activities $40.55M -$6.703M
YoY Change -738.3%
INVESTING ACTIVITIES
Capital Expenditures $5.448M $5.668M
YoY Change 109.06%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.448M -$5.668M
YoY Change 109.06%
FINANCING ACTIVITIES
Cash Dividend Paid $14.50M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.65M -23.74M
YoY Change -82.76%
NET CHANGE
Cash From Operating Activities 40.55M -6.703M
Cash From Investing Activities -5.448M -5.668M
Cash From Financing Activities -12.65M -23.74M
Net Change In Cash 22.44M -35.81M
YoY Change -127.16%
FREE CASH FLOW
Cash From Operating Activities $40.55M -$6.703M
Capital Expenditures $5.448M $5.668M
Free Cash Flow $35.10M -$12.37M
YoY Change -491.8%

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-23740000
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-73408000
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
302000
CY2022Q2 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-271000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-35809000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-82637000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
161458000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
297687000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
125649000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
215050000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
140309000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
128478000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
29120000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
36717000
CY2023Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
5861000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:6.667%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates. </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts. Actual results could differ from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
9644000
CY2023Q1 expo Subcontractor Fees Not Included In Revenues
SubcontractorFeesNotIncludedInRevenues
5751000
CY2022Q2 expo Subcontractor Fees Not Included In Revenues
SubcontractorFeesNotIncludedInRevenues
3660000
CY2023Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
165011000
CY2023Q1 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
113270000
CY2023Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
113270000
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
152890000
CY2022Q4 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
101354000
CY2022Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
101354000
CY2022Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
2795000
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1988000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51132000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52419000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51682000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53039000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14835
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023Q1 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
112331000
CY2022Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
100731000
CY2023Q1 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
113270000
CY2022Q4 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
101354000
CY2023Q1 expo Change In Market Value Of Deferred Compensation Trust Assets
ChangeInMarketValueOfDeferredCompensationTrustAssets
3918000
CY2022Q2 expo Change In Market Value Of Deferred Compensation Trust Assets
ChangeInMarketValueOfDeferredCompensationTrustAssets
-4699000
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1689000
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
1263000
CY2022Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
852000
CY2023Q1 expo Vested Restricted Stock Awards Issued To Settle Accrued Bonuses
VestedRestrictedStockAwardsIssuedToSettleAccruedBonuses
10497000
CY2022Q2 expo Vested Restricted Stock Awards Issued To Settle Accrued Bonuses
VestedRestrictedStockAwardsIssuedToSettleAccruedBonuses
10200000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1210000
CY2022Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
602000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4011000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
7069000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
6193000
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
173064000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
170114000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6193000
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
892000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
16000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
7069000
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2364000
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
2201000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.043
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.039
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3752000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4712000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3953000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3234000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2659000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
132000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18442000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1993000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
16449000

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