附录99.1
毅博科技咨询报告2024财政年第三季度财务业绩
2024年10月24日,加州门洛帕克(MENLO PARK)(GLOBE NEWSWIRE)- Exponent, Inc.(纳斯达克股票代码:EXPO)今天报告了截至2024年9月27日的2024财年第三季度财务业绩。
毅博科技咨询连续三个季度实现了年度利用率显著提高,这反映了我们持续关注有效的资源管理和与市场需求的配合。正如预期的那样,第三季度的营收在扣除退款之前与去年持平,但我们的净利润增长了6%,并扩大了我们的EBITDA利润率。1 主动参与消费电子-半导体行业的增加到了健康水平,受益于增加的用户体验研究和产品开发咨询。这在很大程度上被化学品-化学品行业中的持续挑战和去年第三季度反应服务增长逾20%的高基准所抵消。我们多元化投资组合的固有实力继续在充满活力的运营环境中提供稳定性,董事长兼首席执行官凯瑟琳·科里根博士如是说。
“随着行业以极快的速度转型,创新与安全、健康和环保母基影响之间的关系变得日益复杂。这些问题是全球优先事项,强调了我们关键的见解和专业知识的必要性。展望未来,我们致力于增加人才和扩大我们的能力,以满足客户在各行业和产品生命周期中的需求,” Corrigan博士继续说道。
第三季度财务业绩
2024年第三季度总收入和减除报销前收入分别增长2%至13630万美元,较2023年第三季度的13330万美元和12500万美元略有增长。
净利润在2024年第三季度增加到2600万美元,每股稀释后0.50美元,而2023年同期为2450万美元,每股稀释后0.48美元。与2023年同期相比,2024年第三季度与基于股权激励的奖励相关的税收调整分类的税收效益为50万美元,在2023年第三季度微不足道。包括税收效益在内,毅博科技咨询的综合税率为第三季度的27.5%,而2023年同期为27.9%。
EBITDA1 2024年第三季度,费用增加至3580万美元,占收入前退款的28.6%,相比之下,2023年第三季度的费用为3450万美元,占收入前退款的27.6%。
年度至今的财务结果
2024年前三个季度的总收入和扣除报销前的收入分别增长了2%至42170万美元和3%至39470万美元,与2023年同期的41390万美元和38330万美元相比。
截至2024年前三季度,净利润为8540万元,每股摊薄收益为1.66美元,而2023年同期为7940万元,每股摊薄收益为1.54美元。与一年前相比,2024年前三季度实现的与股份奖励相关的税收调整分类税收益为220万元,而一年前同期为360万元。考虑到税收益,毅博科技咨询截至2024年前三季度的综合税率为26.4%,而去年同期为24.9%。
EBITDA1 2024年前三个季度,非补偿收入增至11580万美元,占营收的29.3%,相比之下,2023年同期为10710万美元,占营收的27.9%。
在今天的一次单独的新闻发布中,毅博科技咨询宣布其每股分红派息为0.28美元,将于2024年12月20日支付,并重申其继续支付季度分红的意图。2024年前三个季度,毅博科技咨询支付了4400万美元的股息,并以21970万美元的现金及现金等价物收尾。
业务概况
毅博科技咨询的工程和其他科学板块在2024年第三季度以及前三个季度中占公司营收的84%,此板块在第三季度营收(未扣除返还款项前)较去年同期增长1%,在前三个季度中增长4%。增长的动力来自消费电子-半导体板块活动的增加以及公用事业板块需求的增强。
毅博科技咨询的环保母基和健康领域在第三季度和2024年前三个季度的公司营收中占比16%。与去年同期相比,该部门在第三季度和2024年前三个季度的营收在补偿前减少了6%,在化学和生命科学行业遇到逆风的影响下。
业务展望
“我们的经营模式能够与市场需求保持一致,导致2024年前九个月的利用率达到75%,盈利能力不断扩大。我们对为我们服务的各个行业的市场机会感到鼓舞,我们的招聘活动正在增加,我们正在战略性地建立我们多样化的人才和能力组合,” 致富金融(临时代码)和首席财务官Richard Schlenker评论说。“随着我们结束2024年,我们将维持我们的营业收入指导,并提高全年的盈利指导。”
2024年第四季度,与前一年同期相比,毅博科技咨询预计:
对于2024财政年,毅博科技咨询预期,相较于前一年同期(包括额外的一周影响):
毅博科技咨询在引领创新和科技中的复杂性方面做得非常出色。我们对长期需求推动因素感到鼓舞,这加大了对我们不同能力和关键洞察力的需求。我们的重点仍然是预见客户在产品生命周期中的不断变化的需求,同时实现持续盈利增长,并为股东创造持久价值,Corrigan博士总结道。
今日电话会议信息
毅博科技咨询将于2024年10月24日星期四举行财报电话会议,从东部时间下午4:30 / 太平洋时间下午1:30开始。 可通过拨打(844) 481-2781或(412) 317-0672来收听电话会议。 电话会议的录音可以在公司网站www.exponent.com/investors的投资者关系部分上进行网络直播。 对于无法收听网络直播的人,电话会议的重播也将在Exponent网站上提供,或者可以拨打(877) 344-7529或(412) 317-0088,并输入密码1389454#。
Use of non-GAAP Financial Measures 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.
Exponent has provided its outlook regarding EBITDA as a percentage of revenues before reimbursements. The Company has not reconciled this non-GAAP financial measure to the corresponding GAAP financial measure because guidance for the various reconciling items is not provided and the Company is unable to estimate with reasonable certainty the effect of these items without unreasonable effort. For example, the Company is unable to estimate with reasonable certainty the impact of equity awards on Exponent’s taxes without unreasonable effort. These items are uncertain, depend on various factors, and may have a material effect on Exponent’s results computed in accordance with GAAP. A reconciliation between the historical GAAP and non-GAAP financial measures presented in this release is provided in the financial tables at the end of this release.
About Exponent
Exponent brings together 90+ technical disciplines and 950+ consultants to help our clients navigate the increasing complexity of more than a dozen industries, connecting decades of pioneering work in failure analysis to develop solutions for a safer, healthier, more sustainable world.
Exponent’s consultants deliver the highest value by leveraging multidisciplinary expertise and resources from across Exponent’s offices in North America, Asia, and Europe. Exponent’s consultants, laboratories, databases, and computing resources work seamlessly together around the globe, enabling us to produce the breakthrough insights needed to help multinational companies, startups, law firms, insurance companies, governments, and society respond to incidents and push their products and processes forward.
Exponent may be reached at (888) 656-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 generally applicable 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 10-K 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.
EXPONENT, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
For the Quarters Ended September 27, 2024 and September 29, 2023 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||
September 27, | September 29, | September 27, | September 29, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||
Revenues | |||||||||||||||||||
Revenues before reimbursements | $ | 125,085 | $ | 124,959 | $ | 394,726 | $ | 383,317 | |||||||||||
Reimbursements | 11,194 | 8,377 | 27,022 | 30,549 | |||||||||||||||
Revenues | 136,279 | 133,336 | 421,748 | 413,866 | |||||||||||||||
Operating expenses | |||||||||||||||||||
Compensation and related expenses | 81,954 | 74,011 | 251,747 | 241,028 | |||||||||||||||
Other operating expenses | 11,975 | 10,997 | 33,691 | 30,863 | |||||||||||||||
Reimbursable expenses | 11,194 | 8,377 | 27,022 | 30,549 | |||||||||||||||
General and administrative expenses | 5,309 | 6,018 | 16,984 | 18,498 | |||||||||||||||
110,432 | 99,403 | 329,444 | 320,938 | ||||||||||||||||
Operating income | 25,847 | 33,933 | 92,304 | 92,928 | |||||||||||||||
Other income (expense), net | |||||||||||||||||||
Interest income, net | 2,559 | 1,858 | 7,416 | 5,221 | |||||||||||||||
Miscellaneous income (expense), net | 7,531 | (1,774 | ) | 16,322 | 7,659 | ||||||||||||||
10,090 | 84 | 23,738 | 12,880 | ||||||||||||||||
Income before income taxes | 35,937 | 34,017 | 116,042 | 105,808 | |||||||||||||||
Income taxes | 9,893 | 9,479 | 30,629 | 26,398 | |||||||||||||||
Net income | $ | 26,044 | $ | 24,538 | $ | 85,413 | $ | 79,410 | |||||||||||
Net income per share: | |||||||||||||||||||
Basic | $ | 0.51 | $ | 0.48 | $ | 1.67 | $ | 1.55 | |||||||||||
Diluted | $ | 0.50 | $ | 0.48 | $ | 1.66 | $ | 1.54 | |||||||||||
Shares used in per share computations: | |||||||||||||||||||
Basic | 51,177 | 51,203 | 51,098 | 51,197 | |||||||||||||||
Diluted | 51,622 | 51,645 | 51,527 | 51,680 | |||||||||||||||
EXPONENT, INC. | |||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||
September 27, 2024 and December 29, 2023 | |||||||||||||
(unaudited) | |||||||||||||
(in thousands) | |||||||||||||
September 27, | December 29, | ||||||||||||
2024 | 2023 | ||||||||||||
Assets | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 219,708 | $ | 187,150 | |||||||||
Accounts receivable, net | 168,618 | 167,360 | |||||||||||
Prepaid expenses and other assets | 24,255 | 25,022 | |||||||||||
Total current assets | 412,581 | 379,532 | |||||||||||
Property, equipment and leasehold improvements, net | 72,862 | 75,318 | |||||||||||
Operating lease right-of-use asset | 75,797 | 24,600 | |||||||||||
Goodwill | 8,607 | 8,607 | |||||||||||
Other assets | 174,218 | 158,720 | |||||||||||
$ | 744,065 | $ | 646,777 | ||||||||||
Liabilities and Stockholders' Equity | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable and accrued liabilities | $ | 22,646 | $ | 22,125 | |||||||||
Accrued payroll and employee benefits | 96,738 | 111,773 | |||||||||||
Deferred revenues | 13,414 | 21,709 | |||||||||||
Operating lease liability | 4,940 | 6,302 | |||||||||||
Total current liabilities | 137,738 | 161,909 | |||||||||||
Other liabilities | 120,131 | 106,824 | |||||||||||
Operating lease liability | 75,922 | 21,959 | |||||||||||
Total liabilities | 333,791 | 290,692 | |||||||||||
Stockholders' equity: | |||||||||||||
Common stock | 66 | 66 | |||||||||||
Additional paid-in capital | 342,301 | 321,448 | |||||||||||
Accumulated other comprehensive loss | (1,606 | ) | (2,977 | ) | |||||||||
Retained earnings | 614,991 | 574,082 | |||||||||||
Treasury stock, at cost | (545,478 | ) | (536,534 | ) | |||||||||
Total stockholders' equity | 410,274 | 356,085 | |||||||||||
$ | 744,065 | $ | 646,777 | ||||||||||
EXPONENT, INC. | |||||||||||||||||||||
EBITDA and EBITDAS (1) | |||||||||||||||||||||
For the Quarters Ended September 27, 2024 and September 29, 2023 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||
September 27, | September 29, | September 27, | September 29, | ||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
Net Income | $ | 26,044 | $ | 24,538 | $ | 85,413 | $ | 79,410 | |||||||||||||
Add back (subtract): | |||||||||||||||||||||
Income taxes | 9,893 | 9,479 | 30,629 | 26,398 | |||||||||||||||||
Interest income, net | (2,559 | ) | (1,858 | ) | (7,416 | ) | (5,221 | ) | |||||||||||||
Depreciation and amortization | 2,389 | 2,361 | 7,199 | 6,535 | |||||||||||||||||
EBITDA (1) | 35,767 | 34,520 | 115,825 | 107,122 | |||||||||||||||||
Stock-based compensation | 5,465 | 4,891 | 18,382 | 17,177 | |||||||||||||||||
EBITDAS (1) | $ | 41,232 | $ | 39,411 | $ | 134,207 | $ | 124,299 | |||||||||||||
(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. |