Exponent Reports Third Quarter of Fiscal Year 2022 Financial Results - Yahoo Finance

MENLO PARK, Calif., Oct. 27, 2022 (GLOBE NEWSWIRE) --  Exponent, Inc. (Nasdaq: EXPO) contiguous reported fiscal results for the 3rd 4th of fiscal twelvemonth 2022 ended September 30, 2022.

“Exponent delivered coagulated results successful the 3rd 4th of 2022, achieving different 4th of year-over-year maturation crossed revenue, EBITDA¹, and diluted EPS,” commented Dr. Catherine Corrigan, President and Chief Executive Officer. “Our concern exemplary continues to show our resiliency amidst an evolving macroeconomic environment, arsenic evidenced by the beardown request we are seeing for our services crossed the business. As nine demands progressively higher standards for safety, wellness and the environment, Exponent remains a captious advisor to clients, who leverage our engineering and technological expertise to assistance lick their astir pressing challenges.”

“Our proactive engagements wrong user products and proscription remained a cardinal operator of our show arsenic request for our enactment related to virtual reality, wearable technologies, and vigor retention accrued successful the quarter. At the aforesaid time, our reactive concern continued to payment from robust litigation enactment and a diversified portfolio of merchandise safety- and recall-related work, peculiarly successful the beingness sciences space. Overall, traction crossed our multidisciplinary offering continues to showcase the spot of our semipermanent strategy,” continued Dr. Corrigan.

Third Quarter Financial Results

Total revenues and revenues earlier reimbursements for the 3rd 4th of 2022 accrued 9.3% to $127.2 cardinal and 6.2% to $115.1 cardinal arsenic compared to $116.4 cardinal and $108.5 cardinal successful the 3rd 4th of 2021, respectively. Excluding the interaction of overseas exchange, revenues earlier reimbursements for the Company accrued 7.0% successful the 3rd 4th of 2022 arsenic compared to the anterior twelvemonth period.

Net income decreased to $24.4 million, oregon $0.47 per diluted share, successful the 3rd 4th of 2022, arsenic compared to $24.6 million, oregon $0.46 per diluted share, successful the aforesaid play of 2021. There was nary taxation payment from the classification of taxation adjustments associated with share-based awards realized successful the 3rd 4th of 2022, arsenic compared to $1.1 cardinal successful the 3rd 4th of 2021. Inclusive of the taxation benefit, Exponent’s consolidated taxation complaint was 27.0% successful the 3rd quarter, arsenic compared to 24.1% for the aforesaid play successful 2021.

EBITDA¹ accrued to $34.6 million, oregon 30.0% of revenues earlier reimbursements, successful the 3rd 4th of 2022, arsenic compared to $34.0 million, oregon 31.4% of revenues earlier reimbursements successful the 3rd 4th of 2021.

Year to Date Financial Results

Total revenues and revenues earlier reimbursements for the archetypal 3 quarters of 2022 accrued 9.4% to $385.9 cardinal and 6.3% to $351.2 million, respectively, arsenic compared to $352.8 cardinal and $330.5 cardinal successful the aforesaid play 1 twelvemonth ago. Excluding the interaction of overseas exchange, revenues earlier reimbursements for the Company accrued 6.8% for the archetypal 3 quarters of 2022 arsenic compared to the aforesaid play 1 twelvemonth ago.

Net income decreased to $79.8 million, oregon $1.52 per diluted share, done the archetypal 3 quarters of 2022, arsenic compared to $80.8 million, oregon $1.52 per diluted share, successful the aforesaid play of 2021. The taxation payment for the classification of taxation adjustments associated with share-based awards realized done the archetypal 3 quarters of 2022 was $6.0 million, arsenic compared to $9.9 cardinal during the aforesaid play 1 twelvemonth ago. Inclusive of the taxation benefit, Exponent’s consolidated taxation complaint was 21.5% done the archetypal 3 quarters of 2022, arsenic compared to 16.8% successful the aforesaid play past year.

EBITDA¹ accrued to $106.1 million, oregon 30.2% of revenues earlier reimbursements, done the archetypal 3 quarters of 2022, arsenic compared to $102.1 million, oregon 30.9% of revenues earlier reimbursements, successful the aforesaid play of 2021.

Exponent’s engineering and different technological conception represented 84% of the Company’s revenues earlier reimbursements successful the 3rd 4th of fiscal 2022. Revenues earlier reimbursements successful this conception accrued 6.9% successful the 3rd 4th arsenic compared to the anterior twelvemonth period. Growth during the 4th was broad-based, with continued beardown request for Exponent's services from the user products, utilities and proscription industries.

Exponent’s biology and wellness conception represented 16% of the Company’s revenues earlier reimbursements successful the 3rd quarter. Revenues earlier reimbursements successful this conception accrued 2.7% successful the 3rd 4th of 2022 arsenic compared to the anterior twelvemonth period. Excluding the interaction of overseas exchange, nett gross for the biology and wellness conception accrued 7.5% successful the 3rd 4th of 2022 arsenic compared to the anterior twelvemonth period. Exponent’s expanding scope of enactment successful wellness information subject contributed to the maturation successful the quarter.

Business Outlook

“We are encouraged by the influx of caller engagements and beardown pipeline of high-quality endowment coming into the concern contempt a competitory and ever evolving macro environment. Looking ahead, we stay focused connected increasing our world-class team, which volition alteration sustained maturation and heighten our standard crossed assorted end-markets,” commented Richard Schlenker, Executive Vice President and Chief Financial Officer.

For the 4th fourth of 2022 arsenic compared to the aforesaid play 1 twelvemonth prior, Exponent anticipates:

• Revenues earlier reimbursements to turn successful the mid- to high- azygous digits; and,

• EBITDA¹ margin to alteration 175 to 275 ground points.

As a result, for the afloat twelvemonth 2022 arsenic compared to the aforesaid play 1 twelvemonth prior, we are narrowing our gross guidance and improving our borderline guidance. Exponent present anticipates

• Revenues earlier reimbursements to turn 6% to 7%; and,

• EBITDA¹ margin to alteration 100 to 125 ground points.

“Exponent’s multidisciplinary squad of taxable substance experts has been relied upon for decades to present data-driven insights and code the expanding complexities of innovation. As we adjacent retired 2022, we are assured that our beardown reputation, industry-leading expertise and market-driven durability volition proceed to thrust profitability and semipermanent worth for our shareholders,” concluded Dr. Corrigan.

Today's Conference Call Information

Exponent volition sermon its fiscal results successful much item connected a league telephone today, Thursday, October 27, 2022, starting astatine 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. The audio of the league telephone is disposable by dialing (800) 289-0720 oregon (323) 701-0160. A unrecorded webcast of the telephone volition beryllium disposable connected the Investor Relations conception of the Company's website astatine www.exponent.com/investors. For those incapable to perceive to the unrecorded webcast, a replay of the telephone volition besides beryllium disposable connected the Exponent website, oregon by dialing (888) 203-1112 oregon (719) 457-0820 and entering passcode 8752998#.

Footnotes

¹ EBITDA is simply a non-GAAP fiscal measurement defined by the Company arsenic nett income earlier income taxes, involvement income, depreciation and amortization. EBITDAS is simply a non-GAAP fiscal measurement defined by the Company arsenic EBITDA earlier stock-based compensation. The Company regards EBITDA and EBITDAS arsenic utile measures of operating show and currency travel to complement operating income, nett income and different GAAP fiscal show measures. Additionally, absorption believes that EBITDA and EBITDAS supply meaningful comparisons of past, contiguous and aboriginal operating results. Generally, a non-GAAP fiscal measurement is simply a numerical measurement of a company's performance, fiscal presumption oregon currency travel that either excludes oregon includes amounts that are not usually excluded oregon included successful the astir straight comparable measurement calculated and presented successful accordance with GAAP. These measures, however, should beryllium considered successful summation to, and not arsenic a substitute oregon superior to, operating income, currency flows, oregon different measures of fiscal show prepared successful accordance with GAAP. A reconciliation of the measures to GAAP is acceptable distant below.

About Exponent

Exponent is an engineering and technological consulting steadfast providing solutions to analyzable problems. Exponent's interdisciplinary enactment of scientists, physicians, engineers, and concern consultants draws from much than 90 method disciplines to lick the astir pressing and analyzable challenges facing stakeholders today. The steadfast leverages implicit 50 years of acquisition successful analyzing accidents and failures to counsel clients arsenic they innovate their technologically analyzable products and processes, guarantee the information and wellness of their users, and code the challenges of sustainability.

Exponent whitethorn beryllium reached astatine (888) 656­-EXPO, info@exponent.com, oregon www.exponent.com.

Forward Looking Statements

This quality merchandise contains, and incorporates by reference, definite “forward-looking” statements (as specified word is defined successful the Private Securities Litigation Reform Act of 1995, and the rules promulgated pursuant to the Securities Act of 1933, arsenic amended, and the Securities Exchange Act of 1934, arsenic amended) that are based connected the beliefs of the Company’s management, arsenic good arsenic assumptions made by and accusation presently disposable to the Company’s management. When utilized successful this papers and successful the documents incorporated herein by reference, the words “intend,” “anticipate,” “believe,” “estimate,” “expect” and akin expressions, arsenic they subordinate to the Company oregon its management, place specified forward-looking statements. Such statements bespeak the existent views of the Company oregon its absorption with respect to aboriginal events and are taxable to definite risks, uncertainties and assumptions. Should 1 oregon much of these risks oregon uncertainties materialize, oregon should underlying assumptions beryllium incorrect, the Company’s existent results, performance, oregon achievements could disagree materially from those expressed in, oregon implied by, immoderate specified forward-looking statements. Factors that could origin oregon lend to specified worldly differences see the COVID-19 pandemic (including factors relating to measures implemented by governmental authorities oregon by america to beforehand the information of our employees, vendors and clients; different nonstop and indirect impacts connected our concern and the businesses of our clients, vendors and different partners; impacts which may, among different things, adversely impact our clients’ quality to utilize our services astatine the levels they person previously; disruptions of entree to our facilities oregon those of our clients oregon 3rd parties; and accrued and perchance important economical uncertainty and volatility, including recognition and collectability risks and imaginable disruptions of superior and recognition markets), the anticipation that the request for our services whitethorn diminution arsenic a effect of changes successful mostly applicable and industry-specific economical conditions, the timing of engagements for our services, the effects of competitory services and pricing, the lack of backlog related to our business, our quality to pull and clasp cardinal employees, the effect of tort betterment and authorities regularisation connected our business, and liabilities resulting from claims made against us. Additional risks and uncertainties are discussed successful our Annual Report connected Form 10-K nether the heading “Risk Factors” and elsewhere successful the report. The inclusion of specified forward-looking accusation should not beryllium regarded arsenic a practice by the Company oregon immoderate different idiosyncratic that the aboriginal events, plans, oregon expectations contemplated by the Company volition beryllium achieved. The Company undertakes nary work to merchandise publically immoderate updates oregon revisions to immoderate specified forward-looking statements.

Source: Exponent, Inc.