$EXPO
EXPONENT INC

2019 Q1 Form 10-Q Financial Statement

#000114420419023629 Filed on May 03, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $99.03M $92.14M $96.46M
YoY Change 2.67% 4.37% 14.66%
Cost Of Revenue $5.600M $6.900M $5.800M
YoY Change -3.45% 23.21% 56.76%
Gross Profit $93.40M $85.30M $90.70M
YoY Change 2.98% 3.14% 12.67%
Gross Profit Margin 94.31% 92.57% 94.03%
Selling, General & Admin $72.00M $50.70M $61.60M
YoY Change 16.88% -11.52% 5.12%
% of Gross Profit 77.09% 59.44% 67.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.600M $1.600M $1.600M
YoY Change 0.0% 6.67% 0.0%
% of Gross Profit 1.71% 1.88% 1.76%
Operating Expenses $83.28M $58.50M $74.86M
YoY Change 11.25% -9.86% 7.73%
Operating Profit $15.75M $26.79M $21.60M
YoY Change -27.06% 50.53% 47.59%
Interest Expense $1.100M $900.0K $500.0K
YoY Change 120.0% 125.0% 150.0%
% of Operating Profit 6.98% 3.36% 2.32%
Other Income/Expense, Net $7.568M -$5.800M $852.0K
YoY Change 788.26% -332.0% -69.31%
Pretax Income $23.32M $21.96M $22.45M
YoY Change 3.88% 5.97% 28.95%
Income Tax $610.0K $5.900M $2.110M
% Of Pretax Income 2.62% 26.87% 9.4%
Net Earnings $22.71M $16.04M $20.34M
YoY Change 11.66% -532.82% 22.71%
Net Earnings / Revenue 22.93% 17.4% 21.09%
Basic Earnings Per Share $0.43 $0.30 $0.39
Diluted Earnings Per Share $0.42 $0.30 $0.38
COMMON SHARES
Basic Shares Outstanding 52.54M 52.84M 52.74M
Diluted Shares Outstanding 53.81M 54.12M 54.01M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $171.8M $208.6M $178.6M
YoY Change -3.81% 6.21% 15.3%
Cash & Equivalents $79.08M $127.1M $103.2M
Short-Term Investments $92.70M $81.50M $75.50M
Other Short-Term Assets $14.00M $12.20M $9.600M
YoY Change 45.83% 35.56% -22.58%
Inventory
Prepaid Expenses
Receivables $6.000M $105.8M $117.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $304.6M $326.6M $305.5M
YoY Change -0.29% 3.52% 15.89%
LONG-TERM ASSETS
Property, Plant & Equipment $50.85M $46.10M $40.40M
YoY Change 25.88% 31.67% 10.47%
Goodwill $8.607M $8.607M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.024M $1.238M $86.00M
YoY Change -98.81% -8.02% 8933.61%
Total Long-Term Assets $184.6M $142.3M $135.0M
YoY Change 36.79% 14.7% 0.28%
TOTAL ASSETS
Total Short-Term Assets $304.6M $326.6M $305.5M
Total Long-Term Assets $184.6M $142.3M $135.0M
Total Assets $489.2M $468.9M $440.5M
YoY Change 11.07% 6.68% 10.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.40M $2.551M $16.50M
YoY Change -24.85% -8.37% 61.76%
Accrued Expenses $52.20M $9.732M $45.20M
YoY Change 15.49% -18.61% 9.98%
Deferred Revenue $9.166M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $72.19M $98.30M $69.60M
YoY Change 3.73% 5.58% 21.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.702M $2.548M $64.20M
YoY Change -95.79% -23.39% 2932.59%
Total Long-Term Liabilities $2.702M $2.548M $64.20M
YoY Change -95.79% -23.39% 2932.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.19M $98.30M $69.60M
Total Long-Term Liabilities $2.702M $2.548M $64.20M
Total Liabilities $160.0M $155.0M $133.8M
YoY Change 19.61% 3.01% 17.93%
SHAREHOLDERS EQUITY
Retained Earnings $350.5M $342.0M
YoY Change 12.51%
Common Stock $239.0M $227.3M
YoY Change 8.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $257.7M $252.6M
YoY Change 13.19%
Treasury Stock Shares $13.81M $14.21M 6.849M shares
Shareholders Equity $329.2M $313.9M $306.6M
YoY Change
Total Liabilities & Shareholders Equity $489.2M $468.9M $440.5M
YoY Change 11.07% 6.68% 10.62%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $22.71M $16.04M $20.34M
YoY Change 11.66% -532.82% 22.71%
Depreciation, Depletion And Amortization $1.600M $1.600M $1.600M
YoY Change 0.0% 6.67% 0.0%
Cash From Operating Activities -$12.25M $44.40M $3.692M
YoY Change -431.88% 8.82% -306.95%
INVESTING ACTIVITIES
Capital Expenditures $5.670M -$4.100M $6.810M
YoY Change -16.74% 215.38% 421.04%
Acquisitions
YoY Change
Other Investing Activities -$10.80M $300.0K -$3.900M
YoY Change 176.92% -92.5% -56.67%
Cash From Investing Activities -$16.52M -$3.800M -$10.74M
YoY Change 53.74% -240.74% 4.24%
FINANCING ACTIVITIES
Cash Dividend Paid $8.593M $6.959M
YoY Change 23.48% 29.49%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.42M -34.20M -15.29M
YoY Change 27.01% 293.1% -3.91%
NET CHANGE
Cash From Operating Activities -12.25M 44.40M 3.692M
Cash From Investing Activities -16.52M -3.800M -10.74M
Cash From Financing Activities -19.42M -34.20M -15.29M
Net Change In Cash -47.98M 6.400M -21.64M
YoY Change 121.69% -81.61% -22.7%
FREE CASH FLOW
Cash From Operating Activities -$12.25M $44.40M $3.692M
Capital Expenditures $5.670M -$4.100M $6.810M
Free Cash Flow -$17.92M $48.50M -$3.118M
YoY Change 474.82% 15.2% 0.87%

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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10744000
CY2018Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
0
CY2019Q1 us-gaap Increase Decrease In Other Deferred Liability
IncreaseDecreaseInOtherDeferredLiability
0
CY2018Q1 us-gaap Increase Decrease In Other Deferred Liability
IncreaseDecreaseInOtherDeferredLiability
-74000
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
788000
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5731000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6289000
CY2019Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
161000
CY2018Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-815000
CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13838000
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7700000
CY2019Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
10431000
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5520000
CY2019Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-333000
CY2018Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1829000
CY2019Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-16477000
CY2018Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-12383000
CY2019Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1599000
CY2018Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-390000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12253000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3692000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5670000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6810000
CY2019Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
23848000
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
11194000
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
8637000
CY2019Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
372000
CY2018Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
310000
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
8593000
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
6959000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-19415000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-15286000
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
207000
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
696000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-47979000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-21642000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
127059000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
124794000
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
79080000
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
103152000
CY2019Q1 expo Subcontractor Fees Not Included In Revenues
SubcontractorFeesNotIncludedInRevenues
4200000
CY2018Q1 expo Subcontractor Fees Not Included In Revenues
SubcontractorFeesNotIncludedInRevenues
10200000
CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
4713000
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
4066000
CY2019Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
118864000
CY2018Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
105814000
CY2019Q1 expo Capital Expenditures
CapitalExpenditures
6341000
CY2018Q1 expo Capital Expenditures
CapitalExpenditures
6810000
CY2019Q1 expo Entity Wide Sales Revenue Major Customer
EntityWideSalesRevenueMajorCustomer
0.10
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
23852000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5843000
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
18478000
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0
CY2019Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
120000000
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
120000000
CY2019Q1 expo Increase Decrease In Operating Lease Assets
IncreaseDecreaseInOperatingLeaseAssets
425000
CY2018Q1 expo Increase Decrease In Operating Lease Assets
IncreaseDecreaseInOperatingLeaseAssets
0
CY2018Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
120000000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24176
CY2019Q1 expo Weighted Average Exercise Price For Antidilutive Shares
WeightedAverageExercisePriceForAntidilutiveShares
54.95
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2534000
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M6D
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
313909000
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
372000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3663000
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
117000
CY2019Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
7947000
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-11194000
CY2019Q1 expo Dividends And Dividend Equivalent Payments Declared
DividendsAndDividendEquivalentPaymentsDeclared
8503000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
329177000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
289088000
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
310000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4057000
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
739000
CY2018Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
7643000
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-29
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-8637000
CY2018Q1 expo Dividends And Dividend Equivalent Payments Declared
DividendsAndDividendEquivalentPaymentsDeclared
6875000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
20340000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
306625000
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates. </div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
25653000
CY2018Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2019Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
6000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4700000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6001000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4950000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3894000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2601000
CY2019Q1 expo Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
1693000
CY2019Q1 expo Lessee Operating Lease Liability Payments Due Year Seven
LesseeOperatingLeaseLiabilityPaymentsDueYearSeven
1491000
CY2019Q1 expo Lessee Operating Lease Liability Payments Due Year Eight
LesseeOperatingLeaseLiabilityPaymentsDueYearEight
1507000
CY2019Q1 expo Lessee Operating Lease Liability Payments Due Year Nine
LesseeOperatingLeaseLiabilityPaymentsDueYearNine
1466000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
28303000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3982000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
24321000
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
EXPONENT INC
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000851520
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-03
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2019Q1 dei Trading Symbol
TradingSymbol
EXPO
CY2019Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
51901032
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
false
CY2019Q1 expo Change In Market Value Of Deferred Compensation Trust Assets
ChangeInMarketValueOfDeferredCompensationTrustAssets
5869000
CY2018Q1 expo Change In Market Value Of Deferred Compensation Trust Assets
ChangeInMarketValueOfDeferredCompensationTrustAssets
-305000
CY2019Q1 expo Share Based Compensation Arrangements By Share Based Payment Award Options Expiration Term
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationTerm
P10Y

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