EXPONENT INC, 10-Q filed on 8/2/2024
Quarterly Report
v3.24.2.u1
Document and Entity Information - shares
 6 Months Ended
Jun. 28, 2024
Jul. 26, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 28, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Entity Registrant Name EXPONENT, INC.  
Entity Central Index Key 0000851520  
Current Fiscal Year End Date --12-29  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Trading Symbol EXPO  
Entity Common Stock, Shares Outstanding   50,730,675
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity File Number 0-18655  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0218904  
Entity Address, Address Line One 149 COMMONWEALTH DRIVE  
Entity Address, City or Town MENLO PARK  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94025  
City Area Code 650  
Local Phone Number 326-9400  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Title of each class Common Stock, par value $0.001 per share  
Name of each exchange on which registered NASDAQ  
v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 28, 2024
Dec. 29, 2023
Current assets:    
Cash and cash equivalents $ 203,262 $ 187,150
Accounts receivable, net of allowance for contract losses and doubtful accounts of $6,161 and $5,281 at June 28, 2024 and December 29, 2023, respectively 165,870 167,360
Prepaid expenses and other current assets 22,195 25,022
Total current assets 391,327 379,532
Property, equipment and leasehold improvements, net of accumulated depreciation and amortization of $108,647 and $104,011 at June 28, 2024 and December 29, 2023, respectively 73,025 75,318
Operating lease right-of-use assets 71,556 24,600
Goodwill 8,607 8,607
Deferred income taxes 51,560 53,824
Deferred compensation plan assets 106,295 101,169
Other assets 6,807 3,727
Total assets 709,177 646,777
Current liabilities:    
Accounts payable and accrued liabilities 22,418 22,125
Accrued payroll and employee benefits 90,728 111,773
Deferred revenues 13,775 21,709
Operating lease liabilities 4,903 6,302
Total current liabilities 131,824 161,909
Other liabilities 5,159 3,426
Deferred compensation plan liabilities 108,588 103,398
Operating lease liabilities 70,393 21,959
Total liabilities 315,964 290,692
Stockholders’ equity:    
Common stock, $0.001 par value; 120,000 shares authorized; 65,707 shares issued at June 28, 2024 and December 29, 2023 66 66
Additional paid-in capital 338,734 321,448
Accumulated other comprehensive loss    
Foreign currency translation adjustments (3,173) (2,977)
Retained earnings 603,373 574,082
Treasury stock, at cost; 14,976 and 15,134 shares held at June 28, 2024 and December 29, 2023, respectively (545,787) (536,534)
Total stockholders’ equity 393,213 356,085
Total liabilities and stockholders’ equity $ 709,177 $ 646,777
v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 28, 2024
Dec. 29, 2023
Statement of Financial Position [Abstract]    
Accounts receivable, net of allowance for contract losses and doubtful accounts $ 6,161 $ 5,281
Property, equipment and leasehold improvements, net of accumulated depreciation and amortization $ 108,647 $ 104,011
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 120,000,000 120,000,000
Common stock, shares issued 65,707,000 65,707,000
Treasury stock, shares 14,976,000 15,134,000
v3.24.2.u1
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Revenues:        
Revenues before reimbursements $ 132,434 $ 129,653 $ 269,641 $ 258,358
Reimbursements 8,102 10,568 15,828 22,172
Revenues 140,536 140,221 285,469 280,530
Operating expenses:        
Compensation and related expenses 79,466 82,836 169,793 167,017
Other operating expenses 11,185 10,305 21,716 19,866
Reimbursable expenses 8,102 10,568 15,828 22,172
General and administrative expenses 6,039 6,637 11,675 12,480
Total operating expenses 104,792 110,346 219,012 221,535
Operating income 35,744 29,875 66,457 58,995
Other income, net:        
Interest income, net 2,231 1,593 4,857 3,363
Miscellaneous income (expense), net 1,707 4,785 8,791 9,433
Total other income, net 3,938 6,378 13,648 12,796
Income before income taxes 39,682 36,253 80,105 71,791
Income taxes 10,455 10,505 20,736 16,919
Net income $ 29,227 $ 25,748 $ 59,369 $ 54,872
Net income per share:        
Basic (in dollars per share) $ 0.57 $ 0.5 $ 1.16 $ 1.07
Diluted (in dollars per share) $ 0.57 $ 0.5 $ 1.15 $ 1.06
Shares used in per share computations:        
Basic (in shares) 51,111 51,255 51,059 51,193
Diluted (in shares) 51,517 51,692 51,475 51,694
Cash dividends declared per common share (in dollars per share) $ 0.28 $ 0.26 $ 0.56 $ 0.52
v3.24.2.u1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 29,227 $ 25,748 $ 59,369 $ 54,872
Other comprehensive income (loss):        
Foreign currency translation adjustments, net of tax 14 (133) (196) 327
Comprehensive income $ 29,241 $ 25,615 $ 59,173 $ 55,199
v3.24.2.u1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income Loss [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Balance at Dec. 30, 2022 $ 320,752 $ 66 $ 301,002 $ (3,587) $ 528,810 $ (505,539)
Balances (in shares) at Dec. 30, 2022   65,707       15,064
Employee stock purchase plan 580   517     $ 63
Employee stock purchase plan (in shares)           (6)
Amortization of unrecognized stock-based compensation 4,205   4,205      
Foreign currency translation adjustments 460     460    
Grant of restricted stock units to settle accrued bonus 10,497   10,497      
Settlement of restricted stock units (9,920)   (1,741)   (1,009) $ (7,170)
Settlement of restricted stock units (in shares)           (178)
Exercise of stock options 100   22     $ 78
Exercise of stock options (in shares)           (8)
Dividends and dividend equivalent rights (13,942)       (13,942)  
Net Income (Loss) 29,124       29,124  
Balance at Mar. 31, 2023 341,856 $ 66 314,502 (3,127) 542,983 $ (512,568)
Balances (in shares) at Mar. 31, 2023   65,707       14,872
Balance at Dec. 30, 2022 320,752 $ 66 301,002 (3,587) 528,810 $ (505,539)
Balances (in shares) at Dec. 30, 2022   65,707       15,064
Net Income (Loss) 54,872          
Balance at Jun. 30, 2023 357,079 $ 66 317,346 (3,260) 555,354 $ (512,427)
Balances (in shares) at Jun. 30, 2023   65,707       14,858
Balance at Mar. 31, 2023 341,856 $ 66 314,502 (3,127) 542,983 $ (512,568)
Balances (in shares) at Mar. 31, 2023   65,707       14,872
Employee stock purchase plan 563   498     $ 65
Employee stock purchase plan (in shares)           (6)
Amortization of unrecognized stock-based compensation 2,422   2,422      
Foreign currency translation adjustments (133)     (133)    
Settlement of restricted stock units     (76)     $ 76
Settlement of restricted stock units (in shares)           (8)
Dividends and dividend equivalent rights (13,377)       (13,377)  
Net Income (Loss) 25,748       25,748  
Balance at Jun. 30, 2023 357,079 $ 66 317,346 (3,260) 555,354 $ (512,427)
Balances (in shares) at Jun. 30, 2023   65,707       14,858
Balance at Dec. 29, 2023 356,085 $ 66 321,448 (2,977) 574,082 $ (536,534)
Balances (in shares) at Dec. 29, 2023   65,707       15,134
Employee stock purchase plan 518   450     $ 68
Employee stock purchase plan (in shares)           (7)
Amortization of unrecognized stock-based compensation 4,026   4,026      
Purchase of treasury stock (5,466)         $ (5,466)
Purchase of treasury stock (in shares)           71
Foreign currency translation adjustments (210)     (210)    
Grant of restricted stock units to settle accrued bonus 10,846   10,846      
Settlement of restricted stock units (6,796)   (1,797)   (720) $ (4,279)
Settlement of restricted stock units (in shares)           (159)
Exercise of stock options 100   41     $ 59
Exercise of stock options (in shares)           (6)
Dividends and dividend equivalent rights (14,934)       (14,934)  
Net Income (Loss) 30,142       30,142  
Balance at Mar. 29, 2024 374,311 $ 66 335,014 (3,187) 588,570 $ (546,152)
Balances (in shares) at Mar. 29, 2024   65,707       15,033
Balance at Dec. 29, 2023 356,085 $ 66 321,448 (2,977) 574,082 $ (536,534)
Balances (in shares) at Dec. 29, 2023   65,707       15,134
Net Income (Loss) 59,369          
Balance at Jun. 28, 2024 393,213 $ 66 338,734 (3,173) 603,373 $ (545,787)
Balances (in shares) at Jun. 28, 2024   65,707       14,976
Balance at Mar. 29, 2024 374,311 $ 66 335,014 (3,187) 588,570 $ (546,152)
Balances (in shares) at Mar. 29, 2024   65,707       15,033
Employee stock purchase plan 440   392     $ 48
Employee stock purchase plan (in shares)           (5)
Amortization of unrecognized stock-based compensation 2,495   2,495      
Purchase of treasury stock (244)         $ (244)
Purchase of treasury stock (in shares)           3
Foreign currency translation adjustments 14     14    
Settlement of restricted stock units     (78)     $ 78
Settlement of restricted stock units (in shares)           (7)
Exercise of stock options 1,394   911     $ 483
Exercise of stock options (in shares)           (48)
Dividends and dividend equivalent rights (14,424)       (14,424)  
Net Income (Loss) 29,227       29,227  
Balance at Jun. 28, 2024 $ 393,213 $ 66 $ 338,734 $ (3,173) $ 603,373 $ (545,787)
Balances (in shares) at Jun. 28, 2024   65,707       14,976
v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 59,369 $ 54,872
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, equipment and leasehold improvements 4,810 4,174
Provision for contract losses and doubtful accounts 2,359 1,286
Stock-based compensation 12,917 12,286
Deferred income tax provision 2,264 1,697
Changes in operating assets and liabilities:    
Accounts receivable (869) (7,002)
Prepaid expenses and other current assets 1,769 (21)
Change in operating leases 79 (657)
Accounts payable and accrued liabilities 2,555 (9,116)
Accrued payroll and employee benefits (18,548) (16,186)
Deferred revenues (7,934) (7,491)
Net cash provided by operating activities 58,771 33,842
Cash flows from investing activities:    
Capital expenditures (2,628) (11,116)
Net cash used in investing activities (2,628) (11,116)
Cash flows from financing activities:    
Payroll taxes for restricted stock units (6,796) (9,920)
Repurchase of common stock (5,710)  
Exercise of stock-based payment awards 2,453 1,243
Dividends and dividend equivalents rights (29,776) (27,717)
Net cash used in financing activities (39,829) (36,394)
Effect of foreign currency exchange rates on cash and cash equivalents (202) 384
Net change in cash and cash equivalents 16,112 (13,284)
Cash and cash equivalents at beginning of period 187,150 161,458
Cash and cash equivalents at end of period $ 203,262 $ 148,174
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Mar. 29, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 28, 2024
Jun. 30, 2023
Pay vs Performance Disclosure            
Net Income (Loss) $ 29,227 $ 30,142 $ 25,748 $ 29,124 $ 59,369 $ 54,872
v3.24.2.u1
Insider Trading Arrangements
 6 Months Ended
Jun. 28, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
v3.24.2.u1
Basis of Presentation
 6 Months Ended
Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 1: Basis of Presentation

Exponent, Inc. (referred to as the “Company” or “Exponent”) is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December.

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three and six months ended June 28, 2024 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023, which was filed with the U.S. Securities and Exchange Commission on February 23, 2024 and amended on April 17, 2024.

The unaudited condensed consolidated financial statements include the accounts of Exponent, Inc. and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation.

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.

v3.24.2.u1
Revenue Recognition
 6 Months Ended
Jun. 28, 2024
Revenue Recognition [Abstract]  
Revenue Recognition

Note 2: Revenue Recognition

Substantially all of the Company’s engagements are performed under time and materials or fixed-price arrangements. For time and materials contracts, the Company utilizes the practical expedient under Accounting Standards Codification 606 – Revenue from Contracts with Customers, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value of the entity’s performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided) then the entity may recognize revenue in the amount to which the entity has a right to invoice.

The following table discloses the percentage of the Company’s revenue generated from time and materials contracts:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering & Other Scientific

 

 

62

%

 

 

64

%

 

 

64

%

 

 

64

%

Environmental and Health

 

 

15

%

 

 

15

%

 

 

16

%

 

 

15

%

Total time and materials revenues

 

 

77

%

 

 

79

%

 

 

80

%

 

 

79

%

For fixed-price contracts, the Company recognizes revenue over time because of the continuous transfer of control to the customer. The customer typically controls the work in process as evidenced either by contractual termination clauses or by the Company’s rights to payment for work performed to date to deliver services that do not have an alternative use to the Company. Revenue for fixed-price contracts is recognized based on the relationship of incurred labor hours at standard rates to the Company’s estimate of the total labor hours at standard rates it expects to

incur over the term of the contract. The Company believes this methodology achieves a reliable measure of the revenue from the consulting services it provides to its customers under fixed-price contracts given the nature of the consulting services the Company provides.

The following table discloses the percentage of the Company’s revenue generated from fixed price contracts:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering & Other Scientific

 

 

22

%

 

 

19

%

 

 

19

%

 

 

19

%

Environmental and Health

 

 

1

%

 

 

2

%

 

 

1

%

 

 

2

%

Total fixed price revenues

 

 

23

%

 

 

21

%

 

 

20

%

 

 

21

%

Deferred revenues represent amounts billed to clients in advance of services provided. During the second quarter of 2024, $4,677,000 of revenues were recognized that were included in the deferred revenue balance at March 29, 2024. During the first six months of 2024, $11,296,000 of revenues were recognized that were included in the deferred revenue balance at December 29, 2023.

Reimbursements, including those related to travel and other out-of-pocket expenses, and other similar third- party costs such as the cost of materials and certain subcontracts, are included in revenues, and an equivalent amount of reimbursable expenses are included in operating expenses. Any mark-up on reimbursable expenses is included in revenues before reimbursements. The Company reports revenues net of subcontractor fees for certain subcontracts where the Company has determined that it is acting as an agent because its performance obligation is to arrange for the provision of goods or services by another party. The total amount of subcontractor fees not included in revenues because the Company was acting as an agent were $3,787,000 and $2,598,000 during the second quarter of 2024 and 2023, respectively, and $6,533,000 and $8,349,000 during the first six months of 2024 and 2023, respectively.

v3.24.2.u1
Fair Value Measurements
 6 Months Ended
Jun. 28, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 3: Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including money market securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There were no transfers between fair value measurement levels during the three and six months ended June 28, 2024 and June 30, 2023. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at June 28, 2024:

 

 

 

Fair Value Measurements at Reporting Date Using

 

(In thousands)

 

Total

 

 

Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (1)

 

$

56,131

 

 

$

56,131

 

 

$

-

 

 

$

-

 

Fixed income trading securities held in deferred
   compensation plan (2)

 

 

38,152

 

 

 

38,152

 

 

 

-

 

 

 

-

 

Equity trading securities held in deferred compensation
   plan (2)

 

 

80,644

 

 

 

80,644

 

 

 

-

 

 

 

-

 

Total

 

$

174,927

 

 

$

174,927

 

 

$

-

 

 

$

-

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan (3)

 

 

120,123

 

 

 

120,123

 

 

 

-

 

 

 

-

 

Total

 

$

120,123

 

 

$

120,123

 

 

$

-

 

 

$

-

 

 

(1)
Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.
(2)
Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.
(3)
Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.

The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2023:

 

 

 

Fair Value Measurements at Reporting Date Using

 

(In thousands)

 

Total

 

 

Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (1)

 

$

54,686

 

 

$

54,686

 

 

$

-

 

 

$

-

 

Fixed income trading securities held in deferred
   compensation plan (2)

 

 

36,788

 

 

 

36,788

 

 

 

-

 

 

 

-

 

Equity trading securities held in deferred compensation
   plan (2)

 

 

78,399

 

 

 

78,399

 

 

 

-

 

 

 

-

 

Total

 

$

169,873

 

 

$

169,873

 

 

$

-

 

 

$

-

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan (3)

 

 

116,564

 

 

 

116,564

 

 

 

-

 

 

 

-

 

Total

 

$

116,564

 

 

$

116,564

 

 

$

-

 

 

$

-

 

 

(1)
Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.
(2)
Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.
(3)
Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.

Money market securities as of June 28, 2024 and December 29, 2023 represent obligations of the United States Treasury. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 6 for additional information about the Company’s deferred compensation plan.

Cash and cash equivalents consisted of the following as of June 28, 2024:

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

147,131

 

 

$

-

 

 

$

-

 

 

$

147,131

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities

 

 

56,131

 

 

 

-

 

 

 

-

 

 

 

56,131

 

Total cash equivalents

 

 

56,131

 

 

 

-

 

 

 

-

 

 

 

56,131

 

Total cash and cash equivalents

 

$

203,262

 

 

$

-

 

 

$

-

 

 

$

203,262

 

 

Cash and cash equivalents consisted of the following as of December 29, 2023:

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

132,464

 

 

$

-

 

 

$

-

 

 

$

132,464

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities

 

 

54,686

 

 

 

-

 

 

 

-

 

 

 

54,686

 

Total cash equivalents

 

 

54,686

 

 

 

-

 

 

 

-

 

 

 

54,686

 

Total cash and cash equivalents

 

$

187,150

 

 

$

-

 

 

$

-

 

 

$

187,150

 

 

At June 28, 2024 and December 29, 2023, the Company did not have any assets or liabilities valued using significant unobservable inputs.

The following financial instruments are not measured at fair value on the Company's unaudited condensed consolidated balance sheet at June 28, 2024 and December 29, 2023, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. Due to their short-term nature, the estimated fair value of such instruments at June 28, 2024 and December 29, 2023 approximates their carrying value as reported on the Company’s unaudited condensed consolidated balance sheet.
v3.24.2.u1
Net Income Per Share
 6 Months Ended
Jun. 28, 2024
Earnings Per Share [Abstract]  
Net Income Per Share

Note 4: Net Income Per Share

Basic per share amounts are computed using the weighted-average number of shares of common stock outstanding during the period. Diluted per share amounts are calculated using the weighted-average number of shares of common stock outstanding during the period and, when dilutive, the weighted-average number of potential shares of common stock from the issuance of common stock to satisfy outstanding restricted stock units and the exercise of outstanding options to purchase common stock using the treasury stock method.

The following schedule reconciles the shares used to calculate basic and diluted net income per share:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Shares used in basic per share computation

 

 

51,111

 

 

 

51,255

 

 

 

51,059

 

 

 

51,193

 

Effect of dilutive common stock options
   outstanding

 

 

174

 

 

 

188

 

 

 

169

 

 

 

201

 

Effect of dilutive restricted stock units
   outstanding

 

 

232

 

 

 

249

 

 

 

247

 

 

 

300

 

Shares used in diluted per share
   computation

 

 

51,517

 

 

 

51,692

 

 

 

51,475

 

 

 

51,694

 

Common stock options to purchase 63,333 shares were excluded from the diluted per share calculation for the three months ended June 28, 2024 and June 30, 2023, due to their anti-dilutive effect. Common stock options to purchase 100,833 shares and 22,253 shares were excluded from the diluted per share calculation for the six months ended June 28, 2024 and June 30, 2023, respectively, due to their anti-dilutive effect.

v3.24.2.u1
Stock-Based Compensation
 6 Months Ended
Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

Note 5: Stock-Based Compensation

Restricted Stock Units

Restricted stock unit grants are designed to attract and retain employees, and to better align employee interests with those of the Company’s stockholders. For a select group of employees, up to 40% of their annual bonus is settled with fully vested restricted stock unit awards. Under these fully vested restricted stock unit awards, the holder of each award has the right to receive one share of the Company’s common stock for each fully vested restricted stock unit four years from the date of grant. Each individual who receives a fully vested restricted stock unit award is also granted a matching number of unvested restricted stock unit awards. Unvested restricted stock unit awards are also granted for select new hires and promotions. These unvested restricted stock unit awards generally cliff vest four years from the date of grant, at which time the holder of each award will have the right to receive one share of the Company’s common stock for each restricted stock unit award provided the holder of each award has met certain employment conditions. In the case of retirement at 59½ years or older, all unvested restricted stock unit awards will continue to vest, provided that the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company.

The value of these restricted stock unit awards is determined based on the market price of the Company’s common stock on the date of grant. The value of fully vested restricted stock unit awards issued is recorded as a reduction to accrued bonuses. The portion of bonus expense that the Company expects to settle with fully vested restricted stock unit awards is recorded as stock-based compensation during the period the bonus is earned. The Company recorded stock-based compensation expense associated with accrued bonus awards of $3,082,000 and

$2,802,000 during the three months ended June 28, 2024 and June 30, 2023, respectively. For the six months ended June 28, 2024 and June 30, 2023, the Company recorded stock-based compensation expense associated with accrued bonus awards of $6,396,000 and $5,659,000, respectively. The value of the unvested restricted stock unit awards granted is recognized on a straight-line basis over the shorter of the four-year vesting period or the period between the grant date and the date the award recipient turns 59½. If the award recipient is 59½ years or older on the date of grant, the value of the entire award is expensed upon grant. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $2,127,000 and $2,105,000 during the three months ended June 28, 2024 and June 30, 2023, respectively. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $5,834,000 and $6,086,000 during the six months ended June 28, 2024 and June 30, 2023, respectively.

Stock Options

Stock options are granted for terms of ten years and generally vest 25% per year over a four-year period from the grant date. Unvested stock option awards will continue to vest in the case of retirement at 59½ years or older, provided that the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company. The value of the unvested stock option awards granted is recognized on a straight-line basis over the shorter of the four-year vesting period or the period between the grant date and the date the award recipient turns 59½. If the award recipient is 59½ years or older on the date of grant, the value of the entire award is expensed upon grant. The Company recorded stock-based compensation expense associated with stock option grants of $368,000 and $317,000 during the three months ended June 28, 2024 and June 30, 2023, respectively. The Company recorded stock-based compensation expense associated with stock option grants of $687,000 and $541,000 during the six months ended June 28, 2024 and June 30, 2023, respectively.

The Company uses the Black-Scholes option-pricing model to determine the fair value of options granted. The determination of the fair value of stock option awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends.

The Company used historical exercise, forfeiture, and post-vesting expiration data to estimate the expected term of options granted. The historical volatility of the Company’s common stock over a period of time equal to the expected term of the options granted was used to estimate expected volatility. The risk-free interest rate used in the option-pricing model was based on United States Treasury zero-coupon issues with remaining terms similar to the expected term of the options. The dividend yield assumption considers the expectation of continued declaration of dividends, offset by option holders’ dividend equivalent rights.

The Company accounts for forfeitures of stock-based awards when they occur. All stock-based payment awards are recognized on a straight-line basis over the requisite service periods of the awards.
v3.24.2.u1
Deferred Compensation Plans
 6 Months Ended
Jun. 28, 2024
Deferred Compensation Arrangements [Abstract]  
Deferred Compensation Plans

Note 6: Deferred Compensation Plans

The Company maintains nonqualified deferred compensation plans for the benefit of a select group of highly compensated employees. Under these plans, participants may elect to defer up to 100% of their compensation. Company assets that are earmarked to pay benefits under the plans are held in a rabbi trust and are subject to the claims of the Company’s creditors. As of June 28, 2024 and December 29, 2023, the invested amounts under the plans totaled $118,796,000 and $115,187,000, respectively, and are recorded in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. These assets are classified as trading securities and are recorded at fair value with changes recorded as adjustments to miscellaneous income (loss), net.

As of June 28, 2024 and December 29, 2023, vested amounts due under the plans totaled $120,123,000 and $116,564,000, respectively, and are recorded within accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheets. Changes in the liability are recorded as adjustments to compensation expense. During the three months ended June 28, 2024, the Company recognized additional compensation expense of $875,000 as a result of changes in the market value of the trust assets

with the same amount being recorded as gain in miscellaneous income (loss), net. During the three months ended June 30, 2023, the Company recognized additional compensation expense of $4,122,000 as a result of changes in the market value of the trust assets with the same amount being recorded as a loss in miscellaneous income (loss), net. During the six months ended June 28, 2024, the Company recognized additional compensation expense of $7,144,000 as a result of changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income, net. During the six months ended June 30, 2023, the Company recognized additional compensation expense of $8,039,000 as a result of changes in the market value of the trust assets with the same amount being recorded as an income in miscellaneous income (loss), net.

v3.24.2.u1
Supplemental Cash Flow Information
 6 Months Ended
Jun. 28, 2024
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information

Note 7: Supplemental Cash Flow Information

The following is supplemental disclosure of cash flow information:

 

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

Cash paid during period:

 

 

 

 

 

 

Income taxes

 

$

18,490

 

 

$

16,460

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Vested stock unit awards issued to settle accrued bonuses

 

$

10,846

 

 

$

10,497

 

Accrual for capital expenditures as of period end

 

$

25

 

 

$

2,110

 

Leasehold improvements obtained in exchange for right-of-use asset

 

$

-

 

 

$

3,219

 

Right-of-use asset obtained in exchange for operating lease obligations

 

$

50,657

 

 

$

13,532

 
v3.24.2.u1
Accounts Receivable, Net
 6 Months Ended
Jun. 28, 2024
Receivables [Abstract]  
Accounts Receivable, Net

Note 8: Accounts Receivable, Net

At June 28, 2024 and December 29, 2023, accounts receivable, net, was comprised of the following:

 

 

 

June 28,

 

 

December 29,

 

(In thousands)

 

2024

 

 

2023

 

Billed accounts receivable

 

$

117,977

 

 

$

128,052

 

Unbilled accounts receivable

 

 

54,054

 

 

 

44,589

 

Allowance for contract losses and doubtful accounts

 

 

(6,161

)

 

 

(5,281

)

Total accounts receivable, net

 

$

165,870

 

 

$

167,360

 

 

The Company maintains allowances for estimated losses over the remaining contractual life of its receivables resulting from the inability of customers to meet their financial obligations or for disputes that affect the Company’s ability to fully collect amounts due. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations or aware of a dispute with a specific customer, a specific allowance is recorded to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers the Company recognizes allowances for doubtful accounts based upon historical write-offs, customer concentration, customer creditworthiness, current economic conditions, aging of amounts due and future expectations.

 

A reconciliation of the beginning and ending amount of the allowance for contract losses and doubtful accounts is as follows (in thousands):

 

Balance at December 29, 2023

 

$

5,281

 

Provision for contract losses and doubtful accounts

 

 

2,359

 

Write-offs

 

 

(1,479

)

Balance at June 28, 2024

 

$

6,161

 
v3.24.2.u1
Segment Reporting
 6 Months Ended
Jun. 28, 2024
Segment Reporting [Abstract]  
Segment Reporting

Note 9: Segment Reporting

The Company has two reportable operating segments based on two primary areas of service. The Engineering and Other Scientific segment is a broad service group providing technical consulting in different practices primarily in engineering. The Environmental and Health segment provides services in the areas of environmental, epidemiology and health risk analysis. This segment provides a wide range of consulting services relating to environmental hazards and risks and the impact on both human health and the environment. Our Chief Executive Officer, the chief operating decision maker, reviews revenues and operating income for each of our reportable segments, but does not review total assets in evaluating segment performance and capital allocation.

Segment information for the three and six months ended June 28, 2024 and June 30, 2023 follows:

Revenues

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering and Other Scientific

 

$

118,477

 

 

$

116,647

 

 

$

239,948

 

 

$

233,695

 

Environmental and Health

 

 

22,059

 

 

 

23,574

 

 

 

45,521

 

 

 

46,835

 

Total revenues

 

$

140,536

 

 

$

140,221

 

 

$

285,469

 

 

$

280,530

 

 

Operating Income

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering and Other Scientific

 

$

43,765

 

 

$

38,711

 

 

$

92,396

 

 

$

82,330

 

Environmental and Health

 

 

7,259

 

 

 

7,521

 

 

 

15,495

 

 

 

15,075

 

Total segment operating income

 

 

51,024

 

 

 

46,232

 

 

 

107,891

 

 

 

97,405

 

Corporate operating expense

 

 

(15,280

)

 

 

(16,357

)

 

 

(41,434

)

 

 

(38,410

)

Total operating income

 

$

35,744

 

 

$

29,875

 

 

$

66,457

 

 

$

58,995

 

 

Certain operating expenses are excluded from the Company’s measure of segment operating income. These expenses include costs associated with its human resources, legal, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with its deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in its allowance for contract losses and doubtful accounts.

Capital Expenditures

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering and Other Scientific

 

$

465

 

 

$

1,261

 

 

$

882

 

 

$

2,669

 

Environmental and Health

 

 

45

 

 

 

19

 

 

 

74

 

 

 

114

 

Total segment capital expenditures

 

 

510

 

 

 

1,280

 

 

 

956

 

 

 

2,783

 

Corporate capital expenditures

 

 

497

 

 

 

8,287

 

 

 

1,560

 

 

 

12,645

 

Total capital expenditures

 

$

1,007

 

 

$

9,567

 

 

$

2,516

 

 

$

15,428

 

 

Certain capital expenditures associated with the Company’s corporate cost centers and the related depreciation are excluded from the Company’s segment information.

 

Depreciation and Amortization

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering and Other Scientific

 

$

1,765

 

 

$

1,372

 

 

$

3,393

 

 

$

2,678

 

Environmental and Health

 

 

54

 

 

 

54

 

 

 

103

 

 

 

102

 

Total segment depreciation and
   amortization

 

 

1,819

 

 

 

1,426

 

 

 

3,496

 

 

 

2,780

 

Corporate depreciation and amortization

 

 

667

 

 

 

760

 

 

 

1,314

 

 

 

1,394

 

Total depreciation and amortization

 

$

2,486

 

 

$

2,186

 

 

$

4,810

 

 

$

4,174

 

 

No single client comprised more than 10% of the Company’s revenues during the three and six months ended June 28, 2024 and June 30, 2023.
v3.24.2.u1
Leases
 6 Months Ended
Jun. 28, 2024
Leases [Abstract]  
Leases

Note 10: Leases

The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and long-term operating lease liabilities in the Company’s condensed consolidated balance sheet. The Company does not have any finance leases as of June 28, 2024.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The amortization of operating lease ROU assets and the change in operating lease liabilities is disclosed as a single line item in the condensed consolidated statements of cash flows.

The Company leases office, laboratory, and storage space in 13 states and the District of Columbia, as well as in China, Hong Kong, Singapore, Switzerland, and the United Kingdom. Leases for these office, laboratory, and storage facilities have terms generally ranging between one and ten years. Some of these leases include options to extend or terminate the lease, none of which are currently included in the lease term as the Company has determined that exercise of these options is not reasonably certain.

The Company has a Test and Engineering Center on 147 acres of land in Phoenix, Arizona. The Company leases this land from the State of Arizona under a 30-year lease agreement that expires in January of 2028 and has options to renew for two fifteen-year periods. On June 19, 2024, the Company entered into an agreement with the State of Arizona to extend this lease for 15 years beginning on January 17, 2028. The Company is currently obligated to make payments under the lease of $1,009,000 per year, which obligation will continue at that level until January 16, 2028. Beginning on January 17, 2028, the Company’s payments under the lease will increase to approximately $6,183,000 per year for the 15-year extension term with adjustments to the annual rent payment in 2033 and 2038 based on the consumer price index. As a result of this extension, the Company added an additional right-of-use asset in exchange for an operating lease liability of $48,683,000 during the second quarter of 2024. As of June 28, 2024, the Company has determined that the exercise of the second renewal option is not reasonably certain and thus that extension is not included in the lease term.

The Company’s equipment leases are included in the ROU asset and liability balances, but are not material.

The Company leases excess space in its Silicon Valley and Natick facilities. Rental income of $927,000 and $853,000 was included in other income for the three months ended June 28, 2024 and June 30, 2023, respectively.

Rental income of $1,769,000 and $1,609,000 was included in other income for the six months ended June 28, 2024 and June 30, 2023, respectively.

The components of lease expense included in other operating expenses on the condensed consolidated statements of income were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Operating lease cost

 

$

2,392

 

 

$

1,778

 

 

$

4,507

 

 

$

3,565

 

Variable lease cost

 

 

385

 

 

 

503

 

 

 

748

 

 

 

873

 

Short-term lease cost

 

 

343

 

 

 

405

 

 

 

650

 

 

 

681

 

 

Supplemental cash flow information related to operating leases was as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28, 2024

 

 

June 30, 2023

 

 

June 28, 2024

 

 

June 30, 2023

 

Cash paid for amounts included in the
   measurement of operating lease
   liabilities

 

$

1,804

 

 

$

1,437

 

 

$

4,348

 

 

$

3,801

 

 

Supplemental balance sheet information related to operating leases was as follows:

 

 

 

June 28,
2024

 

June 30, 2023

Weighted Average Remaining Lease Term

 

14.5 years

 

6.5 years

Weighted Average Discount Rate

 

6.4%

 

5.0%

 

Maturities of operating lease liabilities as of June 28, 2024:

 

 

 

Operating

 

(In thousands)

 

Leases

 

2024 (excluding the six months ended June 28, 2024)

 

 

3,130

 

2025

 

 

7,160

 

2026

 

 

6,333

 

2027

 

 

5,048

 

2028

 

 

8,502

 

Thereafter

 

 

94,959

 

Total lease payments

 

$

125,132

 

Less imputed interest

 

 

(49,836

)

Total lease liability

 

$

75,296

 
v3.24.2.u1
Contingencies
 6 Months Ended
Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

Note 11: Contingencies

The Company is a party to various legal actions from time to time and may be contingently liable in connection with claims and contracts arising in the normal course of business, the outcome of which the Company believes, after consultation with legal counsel, will not have a material adverse effect on its financial condition, results of operations or liquidity. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. All legal costs associated with litigation are expensed as incurred.

v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 28, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 12: Subsequent Events

On July 25, 2024, the Company’s Board of Directors announced a cash dividend of $0.28 per share of the Company’s common stock, payable September 20, 2024, to stockholders of record as of September 6, 2024.
v3.24.2.u1
Basis of Presentation (Policies)
 6 Months Ended
Jun. 28, 2024
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation

Exponent, Inc. (referred to as the “Company” or “Exponent”) is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December.

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three and six months ended June 28, 2024 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023, which was filed with the U.S. Securities and Exchange Commission on February 23, 2024 and amended on April 17, 2024.

The unaudited condensed consolidated financial statements include the accounts of Exponent, Inc. and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation.

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.
v3.24.2.u1
Revenue Recognition (Tables)
 6 Months Ended
Jun. 28, 2024
Revenue Recognition [Abstract]  
Summary of Percent of Revenues

The following table discloses the percentage of the Company’s revenue generated from time and materials contracts:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering & Other Scientific

 

 

62

%

 

 

64

%

 

 

64

%

 

 

64

%

Environmental and Health

 

 

15

%

 

 

15

%

 

 

16

%

 

 

15

%

Total time and materials revenues

 

 

77

%

 

 

79

%

 

 

80

%

 

 

79

%

The following table discloses the percentage of the Company’s revenue generated from fixed price contracts:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering & Other Scientific

 

 

22

%

 

 

19

%

 

 

19

%

 

 

19

%

Environmental and Health

 

 

1

%

 

 

2

%

 

 

1

%

 

 

2

%

Total fixed price revenues

 

 

23

%

 

 

21

%

 

 

20

%

 

 

21

%
v3.24.2.u1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 28, 2024
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis The fair value of these certain financial assets and liabilities was determined using the following inputs at June 28, 2024:

 

 

 

Fair Value Measurements at Reporting Date Using

 

(In thousands)

 

Total

 

 

Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (1)

 

$

56,131

 

 

$

56,131

 

 

$

-

 

 

$

-

 

Fixed income trading securities held in deferred
   compensation plan (2)

 

 

38,152

 

 

 

38,152

 

 

 

-

 

 

 

-

 

Equity trading securities held in deferred compensation
   plan (2)

 

 

80,644

 

 

 

80,644

 

 

 

-

 

 

 

-

 

Total

 

$

174,927

 

 

$

174,927

 

 

$

-

 

 

$

-

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan (3)

 

 

120,123

 

 

 

120,123

 

 

 

-

 

 

 

-

 

Total

 

$

120,123

 

 

$

120,123

 

 

$

-

 

 

$

-

 

 

(1)
Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.
(2)
Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.
(3)
Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.

The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2023:

 

 

 

Fair Value Measurements at Reporting Date Using

 

(In thousands)

 

Total

 

 

Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (1)

 

$

54,686

 

 

$

54,686

 

 

$

-

 

 

$

-

 

Fixed income trading securities held in deferred
   compensation plan (2)

 

 

36,788

 

 

 

36,788

 

 

 

-

 

 

 

-

 

Equity trading securities held in deferred compensation
   plan (2)

 

 

78,399

 

 

 

78,399

 

 

 

-

 

 

 

-

 

Total

 

$

169,873

 

 

$

169,873

 

 

$

-

 

 

$

-

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan (3)

 

 

116,564

 

 

 

116,564

 

 

 

-

 

 

 

-

 

Total

 

$

116,564

 

 

$

116,564

 

 

$

-

 

 

$

-

 

 

(1)
Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.
(2)
Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.
Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.
Cash and Cash Equivalents

Cash and cash equivalents consisted of the following as of June 28, 2024:

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

147,131

 

 

$

-

 

 

$

-

 

 

$

147,131

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities

 

 

56,131

 

 

 

-

 

 

 

-

 

 

 

56,131

 

Total cash equivalents

 

 

56,131

 

 

 

-

 

 

 

-

 

 

 

56,131

 

Total cash and cash equivalents

 

$

203,262

 

 

$

-

 

 

$

-

 

 

$

203,262

 

 

Cash and cash equivalents consisted of the following as of December 29, 2023:

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

132,464

 

 

$

-

 

 

$

-

 

 

$

132,464

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities

 

 

54,686

 

 

 

-

 

 

 

-

 

 

 

54,686

 

Total cash equivalents

 

 

54,686

 

 

 

-

 

 

 

-

 

 

 

54,686

 

Total cash and cash equivalents

 

$

187,150

 

 

$

-

 

 

$

-

 

 

$

187,150

 

 
v3.24.2.u1
Net Income Per Share (Tables)
 6 Months Ended
Jun. 28, 2024
Earnings Per Share [Abstract]  
Reconciles Shares to Calculate Basic and Diluted Net Income Per Share

The following schedule reconciles the shares used to calculate basic and diluted net income per share:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Shares used in basic per share computation

 

 

51,111

 

 

 

51,255

 

 

 

51,059

 

 

 

51,193

 

Effect of dilutive common stock options
   outstanding

 

 

174

 

 

 

188

 

 

 

169

 

 

 

201

 

Effect of dilutive restricted stock units
   outstanding

 

 

232

 

 

 

249

 

 

 

247

 

 

 

300

 

Shares used in diluted per share
   computation

 

 

51,517

 

 

 

51,692

 

 

 

51,475

 

 

 

51,694

 
v3.24.2.u1
Supplemental Cash Flow Information (Tables)
 6 Months Ended
Jun. 28, 2024
Supplemental Cash Flow Information [Abstract]  
Supplemental Disclosure of Cash Flow Information

The following is supplemental disclosure of cash flow information:

 

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

Cash paid during period:

 

 

 

 

 

 

Income taxes

 

$

18,490

 

 

$

16,460

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Vested stock unit awards issued to settle accrued bonuses

 

$

10,846

 

 

$

10,497

 

Accrual for capital expenditures as of period end

 

$

25

 

 

$

2,110

 

Leasehold improvements obtained in exchange for right-of-use asset

 

$

-

 

 

$

3,219

 

Right-of-use asset obtained in exchange for operating lease obligations

 

$

50,657

 

 

$

13,532

 
v3.24.2.u1
Accounts Receivable, Net (Tables)
 6 Months Ended
Jun. 28, 2024
Receivables [Abstract]  
Accounts Receivable, Net

At June 28, 2024 and December 29, 2023, accounts receivable, net, was comprised of the following:

 

 

 

June 28,

 

 

December 29,

 

(In thousands)

 

2024

 

 

2023

 

Billed accounts receivable

 

$

117,977

 

 

$

128,052

 

Unbilled accounts receivable

 

 

54,054

 

 

 

44,589

 

Allowance for contract losses and doubtful accounts

 

 

(6,161

)

 

 

(5,281

)

Total accounts receivable, net

 

$

165,870

 

 

$

167,360

 

 
Reconciliation of Beginning and Ending Amount of Allowance for Contract Losses and Doubtful Accounts

A reconciliation of the beginning and ending amount of the allowance for contract losses and doubtful accounts is as follows (in thousands):

 

Balance at December 29, 2023

 

$

5,281

 

Provision for contract losses and doubtful accounts

 

 

2,359

 

Write-offs

 

 

(1,479

)

Balance at June 28, 2024

 

$

6,161

 
v3.24.2.u1
Segment Reporting (Tables)
 6 Months Ended
Jun. 28, 2024
Segment Reporting [Abstract]  
Segment Reporting Information, by Segment

Segment information for the three and six months ended June 28, 2024 and June 30, 2023 follows:

Revenues

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering and Other Scientific

 

$

118,477

 

 

$

116,647

 

 

$

239,948

 

 

$

233,695

 

Environmental and Health

 

 

22,059

 

 

 

23,574

 

 

 

45,521

 

 

 

46,835

 

Total revenues

 

$

140,536

 

 

$

140,221

 

 

$

285,469

 

 

$

280,530

 

 

Operating Income

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering and Other Scientific

 

$

43,765

 

 

$

38,711

 

 

$

92,396

 

 

$

82,330

 

Environmental and Health

 

 

7,259

 

 

 

7,521

 

 

 

15,495

 

 

 

15,075

 

Total segment operating income

 

 

51,024

 

 

 

46,232

 

 

 

107,891

 

 

 

97,405

 

Corporate operating expense

 

 

(15,280

)

 

 

(16,357

)

 

 

(41,434

)

 

 

(38,410

)

Total operating income

 

$

35,744

 

 

$

29,875

 

 

$

66,457

 

 

$

58,995

 

 

Certain operating expenses are excluded from the Company’s measure of segment operating income. These expenses include costs associated with its human resources, legal, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with its deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in its allowance for contract losses and doubtful accounts.

Capital Expenditures

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering and Other Scientific

 

$

465

 

 

$

1,261

 

 

$

882

 

 

$

2,669

 

Environmental and Health

 

 

45

 

 

 

19

 

 

 

74

 

 

 

114

 

Total segment capital expenditures

 

 

510

 

 

 

1,280

 

 

 

956

 

 

 

2,783

 

Corporate capital expenditures

 

 

497

 

 

 

8,287

 

 

 

1,560

 

 

 

12,645

 

Total capital expenditures

 

$

1,007

 

 

$

9,567

 

 

$

2,516

 

 

$

15,428

 

 

Certain capital expenditures associated with the Company’s corporate cost centers and the related depreciation are excluded from the Company’s segment information.

 

Depreciation and Amortization

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Engineering and Other Scientific

 

$

1,765

 

 

$

1,372

 

 

$

3,393

 

 

$

2,678

 

Environmental and Health

 

 

54

 

 

 

54

 

 

 

103

 

 

 

102

 

Total segment depreciation and
   amortization

 

 

1,819

 

 

 

1,426

 

 

 

3,496

 

 

 

2,780

 

Corporate depreciation and amortization

 

 

667

 

 

 

760

 

 

 

1,314

 

 

 

1,394

 

Total depreciation and amortization

 

$

2,486

 

 

$

2,186

 

 

$

4,810

 

 

$

4,174

 

 
v3.24.2.u1
Leases (Tables)
 6 Months Ended
Jun. 28, 2024
Leases [Abstract]  
Lease, Cost

The components of lease expense included in other operating expenses on the condensed consolidated statements of income were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28,
2024

 

 

June 30,
2023

 

 

June 28,
2024

 

 

June 30,
2023

 

Operating lease cost

 

$

2,392

 

 

$

1,778

 

 

$

4,507

 

 

$

3,565

 

Variable lease cost

 

 

385

 

 

 

503

 

 

 

748

 

 

 

873

 

Short-term lease cost

 

 

343

 

 

 

405

 

 

 

650

 

 

 

681

 

 
Supplemental Cash Flow Information Related to Operating Lease

Supplemental cash flow information related to operating leases was as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 28, 2024

 

 

June 30, 2023

 

 

June 28, 2024

 

 

June 30, 2023

 

Cash paid for amounts included in the
   measurement of operating lease
   liabilities

 

$

1,804

 

 

$

1,437

 

 

$

4,348

 

 

$

3,801

 

 
Supplemental Balance Sheet Information Related to Operating Lease

Supplemental balance sheet information related to operating leases was as follows:

 

 

 

June 28,
2024

 

June 30, 2023

Weighted Average Remaining Lease Term

 

14.5 years

 

6.5 years

Weighted Average Discount Rate

 

6.4%

 

5.0%

 
Maturities of Lease Liabilities

Maturities of operating lease liabilities as of June 28, 2024:

 

 

 

Operating

 

(In thousands)

 

Leases

 

2024 (excluding the six months ended June 28, 2024)

 

 

3,130

 

2025

 

 

7,160

 

2026

 

 

6,333

 

2027

 

 

5,048

 

2028

 

 

8,502

 

Thereafter

 

 

94,959

 

Total lease payments

 

$

125,132

 

Less imputed interest

 

 

(49,836

)

Total lease liability

 

$

75,296

 
v3.24.2.u1
Revenue Recognition - Summary of Revenues (Detail) - Sales Revenue, Net [Member] - Revenue from Rights Concentration Risk [Member]
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Time And Materials Contracts [Member]        
Disaggregation Of Revenue [Line Items]        
Concentration Risk, Percentage 77.00% 79.00% 80.00% 79.00%
Time And Materials Contracts [Member] | Engineering and Other Scientific [Member]        
Disaggregation Of Revenue [Line Items]        
Concentration Risk, Percentage 62.00% 64.00% 64.00% 64.00%
Time And Materials Contracts [Member] | Environmental and Health [Member]        
Disaggregation Of Revenue [Line Items]        
Concentration Risk, Percentage 15.00% 15.00% 16.00% 15.00%
Fixed Price Contracts [Member]        
Disaggregation Of Revenue [Line Items]        
Concentration Risk, Percentage 23.00% 21.00% 20.00% 21.00%
Fixed Price Contracts [Member] | Engineering and Other Scientific [Member]        
Disaggregation Of Revenue [Line Items]        
Concentration Risk, Percentage 22.00% 19.00% 19.00% 19.00%
Fixed Price Contracts [Member] | Environmental and Health [Member]        
Disaggregation Of Revenue [Line Items]        
Concentration Risk, Percentage 1.00% 2.00% 1.00% 2.00%
v3.24.2.u1
Revenue Recognition - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Revenue Recognition [Abstract]        
Deferred Revenue, Revenue Recognized $ 4,677,000   $ 11,296,000  
Subcontractor Fees Not Included In Revenues $ 3,787,000 $ 2,598,000 $ 6,533,000 $ 8,349,000
v3.24.2.u1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
Jun. 28, 2024
Dec. 29, 2023
Assets    
Trading securities held in deferred compensation plan $ 118,796,000 $ 115,187,000
Total 174,927,000 169,873,000
Liabilities    
Deferred compensation plan [1] 120,123,000 116,564,000
Total 120,123,000 116,564,000
Money market securities    
Assets    
Money market securities [2] 56,131,000 54,686,000
Fixed income securities    
Assets    
Trading securities held in deferred compensation plan [3] 38,152,000 36,788,000
Equity securities    
Assets    
Trading securities held in deferred compensation plan [3] 80,644,000 78,399,000
Fair Value, Inputs, Level 1    
Assets    
Total 174,927,000 169,873,000
Liabilities    
Deferred compensation plan [1] 120,123,000 116,564,000
Total 120,123,000 116,564,000
Fair Value, Inputs, Level 1 | Money market securities    
Assets    
Money market securities [2] 56,131,000 54,686,000
Fair Value, Inputs, Level 1 | Fixed income securities    
Assets    
Trading securities held in deferred compensation plan [3] 38,152,000 36,788,000
Fair Value, Inputs, Level 1 | Equity securities    
Assets    
Trading securities held in deferred compensation plan [3] 80,644,000 78,399,000
Fair Value, Inputs, Level 2    
Assets    
Total 0 0
Liabilities    
Deferred compensation plan [1] 0 0
Total 0 0
Fair Value, Inputs, Level 2 | Money market securities    
Assets    
Money market securities [2] 0 0
Fair Value, Inputs, Level 2 | Fixed income securities    
Assets    
Trading securities held in deferred compensation plan [3] 0 0
Fair Value, Inputs, Level 2 | Equity securities    
Assets    
Trading securities held in deferred compensation plan [3] 0 0
Fair Value, Inputs, Level 3    
Assets    
Total 0 0
Liabilities    
Deferred compensation plan [1] 0 0
Total 0 0
Fair Value, Inputs, Level 3 | Money market securities    
Assets    
Money market securities [2] 0 0
Fair Value, Inputs, Level 3 | Fixed income securities    
Assets    
Trading securities held in deferred compensation plan [3] 0 0
Fair Value, Inputs, Level 3 | Equity securities    
Assets    
Trading securities held in deferred compensation plan [3] $ 0 $ 0
[1] Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.
[2] Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.
[3] Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.
v3.24.2.u1
Fair Value Measurements - Cash and Cash Equivalents (Detail) - USD ($)
$ in Thousands
Jun. 28, 2024
Dec. 29, 2023
Cash    
Fair Value Measurements [Line Items]    
Amortized Cost $ 147,131 $ 132,464
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 147,131 132,464
Money market securities    
Fair Value Measurements [Line Items]    
Amortized Cost 56,131 54,686
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 56,131 54,686
Total cash equivalents    
Fair Value Measurements [Line Items]    
Amortized Cost 56,131 54,686
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 56,131 54,686
Total cash and cash equivalents    
Fair Value Measurements [Line Items]    
Amortized Cost 203,262 187,150
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value $ 203,262 $ 187,150
v3.24.2.u1
Net Income Per Share - Reconciles the Denominators of the Company's Calculation for Basic and Diluted Net Income per Share (Detail) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Schedule Of Earnings Per Share Basic and Diluted [Line Items]        
Shares used in basic per share computation 51,111 51,255 51,059 51,193
Shares used in diluted per share computation 51,517 51,692 51,475 51,694
Employee Stock Option        
Schedule Of Earnings Per Share Basic and Diluted [Line Items]        
Effect of dilutive stock outstanding 174 188 169 201
Restricted Stock Units (RSUs)        
Schedule Of Earnings Per Share Basic and Diluted [Line Items]        
Effect of dilutive stock outstanding 232 249 247 300
v3.24.2.u1
Net Income Per Share - Additional Information (Detail) - shares
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 63,333 63,333 100,833 22,253
v3.24.2.u1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Percentage of annual bonus settled with fully vested restricted stock unit awards     40.00%  
Vested Restricted Stock Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock based compensation, holding period     4 years  
Stock based compensation expense $ 3,082,000 $ 2,802,000 $ 6,396,000 $ 5,659,000
Unvested Restricted Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock based compensation, vesting period     4 years  
Unvested Restricted Stock Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock based compensation, vesting period     4 years  
Stock based compensation expense 2,127,000 2,105,000 $ 5,834,000 6,086,000
Unvested Restricted Stock Awards | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Recipient age to expense award on grant date     59 years 6 months  
Employee Stock Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock based compensation, vesting period     4 years  
Stock based compensation expense $ 368,000 $ 317,000 $ 687,000 $ 541,000
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term     10 years  
Vesting percentage of stock options granted per year     25.00%  
Unvested Stock Options | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Recipient age to expense award on grant date     59 years 6 months  
v3.24.2.u1
Deferred Compensation Plans - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Dec. 29, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]          
Trading securities held in deferred compensation plan $ 118,796,000   $ 118,796,000   $ 115,187,000
Deferred compensation plan [1] 120,123,000   120,123,000   $ 116,564,000
Change in market value of trust assets $ 875,000 $ (4,122,000) $ 7,144,000 $ 8,039,000  
Maximum          
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]          
Percentage of compensation deferred     100.00%    
[1] Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.
v3.24.2.u1
Supplemental Disclosure of Cash Flow Information (Detail) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Cash paid during period:    
Income taxes $ 18,490 $ 16,460
Non-cash investing and financing activities:    
Vested stock unit awards issued to settle accrued bonuses 10,846 10,497
Accrual for capital expenditures as of period end 25 2,110
Leasehold improvements obtained in exchange for right-of-use asset 0 3,219
Right-of-use asset obtained in exchange for operating lease obligations $ 50,657 $ 13,532
v3.24.2.u1
Accounts Receivable, Net (Detail) - USD ($)
$ in Thousands
Jun. 28, 2024
Dec. 29, 2023
Accounts Notes And Loans Receivable [Line Items]    
Allowance for contract losses and doubtful accounts $ (6,161) $ (5,281)
Total accounts receivable, net 165,870 167,360
Billed accounts receivable    
Accounts Notes And Loans Receivable [Line Items]    
Accounts Receivable 117,977 128,052
Unbilled accounts receivable    
Accounts Notes And Loans Receivable [Line Items]    
Accounts Receivable $ 54,054 $ 44,589
v3.24.2.u1
Accounts Receivable, Net - Reconciliation of Beginning and Ending Amount of Allowance for Contract Losses and Doubtful Accounts (Detail) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Receivables [Abstract]    
Balance at December 29, 2023 $ 5,281  
Provision for contract losses and doubtful accounts 2,359 $ 1,286
Write-offs (1,479)  
Balance at June 28, 2024 $ 6,161  
v3.24.2.u1
Segment Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Revenues $ 140,536 $ 140,221 $ 285,469 $ 280,530
Operating Income 35,744 29,875 66,457 58,995
Capital Expenditures 1,007 9,567 2,516 15,428
Depreciation and Amortization 2,486 2,186 4,810 4,174
Operating segments        
Segment Reporting Information [Line Items]        
Operating Income 51,024 46,232 107,891 97,405
Capital Expenditures 510 1,280 956 2,783
Depreciation and Amortization 1,819 1,426 3,496 2,780
Corporate        
Segment Reporting Information [Line Items]        
Operating Income (15,280) (16,357) (41,434) (38,410)
Capital Expenditures 497 8,287 1,560 12,645
Depreciation and Amortization 667 760 1,314 1,394
Engineering and Other Scientific | Operating segments        
Segment Reporting Information [Line Items]        
Revenues 118,477 116,647 239,948 233,695
Operating Income 43,765 38,711 92,396 82,330
Capital Expenditures 465 1,261 882 2,669
Depreciation and Amortization 1,765 1,372 3,393 2,678
Environmental and Health | Operating segments        
Segment Reporting Information [Line Items]        
Revenues 22,059 23,574 45,521 46,835
Operating Income 7,259 7,521 15,495 15,075
Capital Expenditures 45 19 74 114
Depreciation and Amortization $ 54 $ 54 $ 103 $ 102
v3.24.2.u1
Segment Reporting - Additional Information (Detail)
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Client
Jun. 30, 2023
Client
Jun. 28, 2024
Client
Segment
Jun. 30, 2023
Client
Segment Reporting Information [Line Items]        
Number of reportable operating segments | Segment     2  
Sales Revenue, Net [Member] | Revenue from Rights Concentration Risk [Member] | Single Client [Member]        
Segment Reporting Information [Line Items]        
Number of clients comprised more than 10% of revenue or accounts receivable | Client 0 0 0 0
Concentration Risk, Percentage 10.00% 10.00% 10.00% 10.00%
v3.24.2.u1
Leases - Additional Information (Detail)
 3 Months Ended 6 Months Ended
Jun. 19, 2024
USD ($)
Jun. 28, 2024
USD ($)
a
Option
State
Jun. 30, 2023
USD ($)
Jun. 28, 2024
USD ($)
a
Option
State
Jun. 30, 2023
USD ($)
Lessee Lease Description [Line Items]          
Lease payment obligation per year   $ 125,132,000   $ 125,132,000  
Additional right-of-use asset in exchange for operating lease liability       50,657,000 $ 13,532,000
Other Income [Member]          
Lessee Lease Description [Line Items]          
Rental Income   $ 927,000 $ 853,000 $ 1,769,000 $ 1,609,000
Office, Laboratory, and Storage Space [Member]          
Lessee Lease Description [Line Items]          
Number of States in which Entity Has Lease Arrangements | State   13   13  
Office, Laboratory, and Storage Space [Member] | Minimum          
Lessee Lease Description [Line Items]          
Lessee, Operating Lease, Term of Contract   1 year   1 year  
Office, Laboratory, and Storage Space [Member] | Maximum          
Lessee Lease Description [Line Items]          
Lessee, Operating Lease, Term of Contract   10 years   10 years  
Phoenix Arizona [Member]          
Lessee Lease Description [Line Items]          
Lessee, Operating Lease, Term of Contract   30 years   30 years  
Area of Land | a   147   147  
Lessee, Operating Lease, Existence of Option to Extend [true false]       true  
Lessee, Operating Lease, Option to Extend       The Company leases this land from the State of Arizona under a 30-year lease agreement that expires in January of 2028 and has options to renew for two fifteen-year periods.  
Number of Options to Renew Lease | Option   2   2  
Lessee, Operating Lease, Renewal Term 15 years 15 years   15 years  
Annual rent payment adjustment year one 2033        
Annual rent payment adjustment year two 2038        
Additional right-of-use asset in exchange for operating lease liability   $ 48,683,000      
Phoenix Arizona [Member] | Lease Period Until January 16, 2028 [Member]          
Lessee Lease Description [Line Items]          
Lease payment obligation per year $ 1,009,000        
Phoenix Arizona [Member] | Lease Period After January 16, 2028 [Member]          
Lessee Lease Description [Line Items]          
Lease payment obligation per year $ 6,183,000        
v3.24.2.u1
Components of Lease Expense (Detail) - Other Operating Income (Expense) [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Operating lease cost $ 2,392 $ 1,778 $ 4,507 $ 3,565
Variable lease cost 385 503 748 873
Short-term lease cost $ 343 $ 405 $ 650 $ 681
v3.24.2.u1
Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Leases [Abstract]        
Cash paid for amounts included in the measurement of operating lease liabilities $ 1,804 $ 1,437 $ 4,348 $ 3,801
v3.24.2.u1
Supplemental Balance Sheet Information Related to Operating Leases (Detail)
Jun. 28, 2024
Jun. 30, 2023
Leases [Abstract]    
Weighted Average Remaining Lease Term 14 years 6 months 6 years 6 months
Weighted Average Discount Rate 6.40% 5.00%
v3.24.2.u1
Maturities of Lease Liabilities (Detail)
$ in Thousands
Jun. 28, 2024
USD ($)
Leases [Abstract]  
2024 (excluding the six months ended June 28, 2024) $ 3,130
2025 7,160
2026 6,333
2027 5,048
2028 8,502
Thereafter 94,959
Total lease payments 125,132
Less imputed interest (49,836)
Total lease liability $ 75,296
v3.24.2.u1
Subsequent Events - Additional Information (Detail) - $ / shares
 3 Months Ended 6 Months Ended
Jul. 25, 2024
Jun. 28, 2024
Jun. 30, 2023
Jun. 28, 2024
Jun. 30, 2023
Subsequent Event [Line Items]          
Cash dividends declared per common share (in dollars per share)   $ 0.28 $ 0.26 $ 0.56 $ 0.52
Subsequent Event          
Subsequent Event [Line Items]          
Cash dividends declared per common share (in dollars per share) $ 0.28        
Dividends Payable, Date Declared Jul. 25, 2024        
Dividends Payable, Date to be Paid Sep. 20, 2024        
Dividends Payable, Date of Record Sep. 06, 2024