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Press Release: Exponent Reports Fourth Quarter -2-

· 02/04/2021 16:05
EXPONENT, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME For the Quarters Ended January 1, 2021 and January 3, 2020 (unaudited) (in thousands, except per share data) Quarters Ended Years Ended -------------------------- -------------------------- January 1, January 3, January 1, January 3, 2021 2020 2021 2020 (13 weeks) (14 weeks) (52 weeks) (53 weeks) ------------ ------------ ------------ ------------ Revenues ----------------- Revenues before reimbursements $ 97,330 $ 102,220 $ 378,412 $ 391,390 Reimbursements 5,909 7,894 21,488 25,809 -------- -------- -------- -------- Revenues 103,239 110,114 399,900 417,199 -------- -------- -------- -------- Operating expenses ------------------ Compensation and related expenses 69,500 66,581 250,041 252,197 Other operating expenses 8,498 9,114 32,234 33,562 Reimbursable expenses 5,909 7,894 21,488 25,809 General and administrative expenses 1,598 5,175 12,888 20,520 Total operating expenses 85,505 88,764 316,651 332,088 -------- -------- -------- -------- Operating income 17,734 21,350 83,249 85,111 Other income (expense), net ------------------- Interest income, net 209 1,018 1,705 3,912 Miscellaneous income, net 8,886 4,438 11,982 15,167 Total other income (expense), net 9,095 5,456 13,687 19,079 -------- -------- -------- -------- Income before income taxes 26,829 26,806 96,936 104,190 Income taxes 4,989 7,685 14,384 21,730 -------- -------- -------- -------- Net income $ 21,840 $ 19,121 $ 82,552 $ 82,460 ======== ======== ======== ======== Net income per share: ------------------- Basic $ 0.42 $ 0.36 $ 1.58 $ 1.56 Diluted $ 0.41 $ 0.36 $ 1.55 $ 1.53 Shares used in per share computations: -------------------- Basic 52,402 52,681 52,388 52,691 Diluted 53,260 53,817 53,323 53,884 EXPONENT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS January 1, 2021 and January 3, 2020 (unaudited) (in thousands) ============================================================ January 1, January 3, 2021 2020 Assets Current assets: Cash and cash equivalents $ 197,525 $ 176,436 Short-term investments 45,001 55,165 Accounts receivable, net 111,565 120,138 Prepaid expenses and other assets 12,741 12,305 -------- -------- Total current assets 366,832 364,044 Property, equipment and leasehold improvements, net 59,823 61,587 Operating lease right-of-use asset 19,322 23,003 Goodwill 8,607 8,607 Other assets 125,512 106,170 -------- -------- Total Assets $ 580,096 $ 563,411 ======== ======== Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 16,327 $ 18,583 Accrued payroll and employee benefits 83,194 86,723 Deferred revenues 11,800 12,710 Operating lease liability 5,987 5,944 Total current liabilities 117,308 123,960 Other liabilities 86,947 71,042 Operating lease liability 14,343 18,158 -------- -------- Total liabilities 218,598 213,160 -------- -------- Stockholders' equity: Common stock 66 66 Additional paid-in capital 265,328 244,935 Accumulated other comprehensive loss (1,932) (1,760) Retained earnings 421,809 384,668 Treasury stock, at cost (323,773) (277,658) -------- -------- Total stockholders' equity 361,498 350,251 -------- -------- $ 580,096 $ 563,411 ======== ======== EXPONENT, INC. EBITDA and EBITDAS (1)

(1) EBITDA is a non-GAAP financial measure defined by the Company as net income before income taxes, interest income, depreciation and amortization. EBITDAS is a non-GAAP financial measure defined by the Company as EBITDA before stock-based compensation. The Company regards EBITDA and EBITDAS as useful measures of operating performance and cash flow to complement operating income, net income and other GAAP financial performance measures. Additionally, management believes that EBITDA and EBITDAS provide meaningful comparisons of past, present and future operating results. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. These measures, however, should be considered in addition to, and not as a substitute or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of the measures to GAAP is set forth below.

About Exponent

Exponent is an engineering and scientific consulting firm providing solutions to complex problems. Exponent's interdisciplinary organization of scientists, physicians, engineers, and business consultants draws from more than 90 technical disciplines to solve the most pressing and complicated challenges facing stakeholders today. The firm leverages over 50 years of experience in analyzing accidents and failures to advise clients as they innovate their technologically complex products and processes, ensure the safety and health of their users, and address the challenges of sustainability.

Exponent may be reached at (888) 656SHY-EXPO, info@exponent.com, or www.exponent.com.

Forward Looking Statements

This news release contains, and incorporates by reference, certain "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995, and the rules promulgated pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended) that are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. When used in this document and in the documents incorporated herein by reference, the words "intend," "anticipate," "believe," "estimate," "expect" and similar expressions, as they relate to the Company or its management, identify such forward-looking statements. Such statements reflect the current views of the Company or its management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company's actual results, performance, or achievements could differ materially from those expressed in, or implied by, any such forward-looking statements. Factors that could cause or contribute to such material differences include the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions, the timing of engagements for our services, the effects of competitive services and pricing, the absence of backlog related to our business, our ability to attract and retain key employees, the effect of tort reform and government regulation on our business, and liabilities resulting from claims made against us. Additional risks and uncertainties are discussed in our Annual Report on Form 10K under the heading "Risk Factors" and elsewhere in the report. The inclusion of such forward-looking information should not be regarded as a representation by the Company or any other person that the future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to release publicly any updates or revisions to any such forward-looking statements.

Source: Exponent, Inc.

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February 04, 2021 16:05 ET (21:05 GMT)