Exponent Inc (EXPO) 2024 Q4 法說會逐字稿

Good day and welcome to the Exponent, Inc., Q4 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Exponent, Inc. 2024 年第四季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Joni Konstantelos. Please go ahead.

現在我想將會議交給 Joni Konstantelos。請繼續。

Thank you, operator. Good afternoon, ladies and gentlemen. Thank you for joining us on Exponent's fourth-quarter and fiscal year 2024 financial results conference call. Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website at www.exponent.com/investors.

謝謝您，接線生。女士們、先生們，午安。感謝您參加 Exponent 第四季和 2024 財年財務業績電話會議。請注意，本次電話會議將在公司網站 www.exponent.com/investors 的投資者關係部分同時進行網路直播。

This conference call is the property of Exponent, and any taping or other reproduction is expressly prohibited without prior written consent. Joining me on the call today are Dr. Catherine Corrigan, President and Chief Executive Officer; and Rich Schlenker, Executive Vice President and Chief Financial Officer.

本次電話會議歸 Exponent 所有，未經事先書面同意，嚴禁任何形式的錄音或其他複製。今天與我一起參加電話會議的還有總裁兼執行長 Catherine Corrigan 博士；以及執行副總裁兼財務長 Rich Schlenker。

Before we start, I would like to remind you that the following discussion contains forward-looking statements, including, but not limited to, Exponent's market opportunities and future financial results that involve risks and uncertainties that may cause actual results to differ materially from those discussed here. Additional information that could cause actual results to differ from forward-looking statements can be found in Exponent's periodic SEC filings, including those factors discussed under the caption Risk Factor in exponent's most recent Form 10-Q.

在我們開始之前，我想提醒您，以下討論包含前瞻性陳述，包括但不限於 Exponent 的市場機會和未來財務結果，這些陳述涉及風險和不確定性，可能導致實際結果與此處討論的結果存在重大差異。可能導致實際結果與前瞻性陳述不同的其他資訊可以在 Exponent 定期向 SEC 提交的文件中找到，包括 Exponent 最新的 10-Q 表中「風險因素」標題下討論的因素。

The forward-looking statements and risks in this conference call are based on current expectations as of today, and Exponent assumes no obligations to update or revise them whether as a result of new developments or otherwise. And now I will turn the call over to Dr. Catherine Corrigan, Chief Executive Officer. Catherine?

本次電話會議中的前瞻性聲明和風險是基於截至今天的當前預期，Exponent 不承擔因新的發展或其他原因而更新或修改這些前瞻性聲明和風險的義務。現在我將把電話轉給執行長凱瑟琳·科里根博士。凱瑟琳？

Thank you, Joni, and thank you, everyone, for joining us today. I will start off by reviewing our fourth-quarter and fiscal year 2024 business performance, which will then provide a more detailed review of our financial results and outlook for 2025, and we will then open the call for questions.

謝謝喬尼，也謝謝大家今天的參與。我將首先回顧我們第四季和 2024 財年的業務表現，然後對我們的財務表現和 2025 年的展望進行更詳細的回顧，然後我們將開始提問。

Exponent delivered fourth-quarter results above expectations to cap off a solid 2024, demonstrating the resilience of our business. Our focus on effective resource management drove significantly improved utilization and EBITDA margin. Demand for our proactive services strengthened in the second half of the year driven by the consumer electronics and utilities industries. Growth in reactive services was supported by robust activity in utilities and medical devices. Notably in the fourth quarter, the chemicals industry improved with increased activity in both litigation and regulatory engagement.

Exponent 第四季的業績超出預期，為 2024 年的穩健發展畫上了句號，彰顯了我們業務的韌性。我們注重有效的資源管理，並顯著提高了利用率和 EBITDA 利潤率。在消費性電子和公用事業的推動下，下半年對我們主動服務的需求有所增強。公用事業和醫療設備領域的強勁活動推動了反應性服務的成長。值得注意的是，第四季度化學工業有所改善，訴訟和監管活動均增加。

Turning to our engagements in more detail, within our proactive services, we are pleased with the increased activity in user research studies and product development consulting in the consumer electronics sector, along with strong demand for our risk-related work in utilities. Clients rely on Exponent for our expertise across the product life cycle, including issues related to digital health and wearables such as advanced sensors and health applications, as well as engagements in augmented and virtual reality.

更詳細地談到我們的業務，在我們的主動服務中，我們很高興看到消費電子領域的用戶研究和產品開發諮詢活動的增加，以及公用事業領域對我們風險相關工作的需求強勁。客戶依靠 Exponent 在整個產品生命週期內的專業知識，包括與數位健康和​​穿戴式裝置相關的問題，例如先進的感測器和健康應用程序，以及增強和虛擬實境方面的參與。

Increased activity in the utility sector was driven by our work related to asset integrity management, advising clients on risks and mitigations with respect to their infrastructure. Growth in our reactive services was also robust in the utility sector in the quarter. With the increasing global demand for energy and the related investments in infrastructure, Exponent is actively involved in failure analysis and dispute-related projects around the globe. We also saw increased reactive engagements related to medical devices involving product liability as well as regulatory matters.

我們在資產完整性管理方面的工作推動了公用事業領域活動的增加，為客戶提供有關其基礎設施的風險和緩解措施的建議。本季度，我們的公用事業領域的反應性服務也實現了強勁成長。隨著全球對能源的需求以及相關基礎設施的投資不斷增加，Exponent 積極參與全球的故障分析和爭議相關項目。我們也發現，涉及醫療器材產品責任和監管事務的被動參與增加。

Our teams are closely following the activity of the new administration in Washington so that we can position ourselves to respond to the opportunities and challenges faced by our clients. Our work directly for the federal government, which comprises approximately 3% of the business, consists largely of advanced technology evaluations and integrations for the Department of Defense and Department of State.

我們的團隊密切關注華盛頓新政府的活動，以便我們能夠做好準備來應對客戶面臨的機會和挑戰。我們直接為聯邦政府所做的工作約佔業務的 3%，主要包括為國防部和國務院進行先進技術評估和整合。

Our work in these areas has not been impacted. With regard to our chemical regulatory work, while uncertainty at the EPA could slow decision making on client products in the near term, it may also create a more permissive environment for certain substances which shifts emphasis from regulation to litigation.

我們在這些領域的工作並沒有受到影響。就我們的化學品監管工作而言，雖然美國環保署的不確定性可能會在短期內減緩對客戶產品的決策，但也可能為某些物質創造更寬鬆的環境，從而將重點從監管轉移到訴訟。

Our proactive chemical regulatory work represents 5% of our business, of which approximately two-thirds is performed outside of the United States for clients who need to navigate a myriad of complex and global regulatory frameworks. At the FDA, we anticipate the possibility of heightened scrutiny, particularly in the areas of chemicals and processed foods. With regard to our work in emerging chemicals such as PFAS, much of this is driven by litigation at the state and municipal levels which has not been impacted, and we would not expect it to be impacted going forward.

我們積極主動的化學監管工作占我們業務的 5%，其中約三分之二是在美國境外為需要應對大量複雜的全球監管框架的客戶進行的。在 FDA，我們預計可能會加強審查，特別是在化學品和加工食品領域。關於我們在 PFAS 等新興化學物質方面的工作，很大程度上是由州和市一級的訴訟推動的，這些訴訟尚未受到影響，我們預計它在未來不會受到影響。

We are well positioned to support our clients as they navigate the complexities of a dynamic global regulatory environment and at the same time, pursue their long-term product strategies. We are pleased to deliver these top-line results while at the same time matching essential improvements in utilization. As Rich will discuss, our successful alignment of resources with demand across the business over the last 18 months positions us at the start of 2025 with a 5% to 6% headwind on year-over-year growth due to reductions in our head count.

我們有能力支持客戶應對不斷變化的全球監管環境的複雜性，同時實施他們的長期產品策略。我們很高興能夠提供這些頂級成果，同時實現利用率的必要改進。正如 Rich 所討論的，過去 18 個月我們成功地將資源與整個業務的需求結合起來，由於員工人數的減少，在 2025 年初我們將面臨 5% 到 6% 的同比增長阻力。

Our increased recruiting activity in the back half of 2024 has begun to bear fruit as we turn the corner on sequential headcount reductions. We are focused on growing our head count in line with our market opportunities with sequential increases each quarter in 2025.

隨著我們開始逐步減少員工人數，我們在 2024 年下半年增加的招募活動已開始取得成效。我們專注於根據市場機會增加員工人數，到 2025 年每季都會持續增加員工人數。

Moving into 2025, we continue to see transformation across industries, driven by a broad array of intense forces ranging from extreme weather and increased energy needs to the accelerating use of artificial intelligence in critical decision making. Technological advancements are transforming the transportation industry, from powertrain electrification and automation to the increasing deployment of robotaxis.

進入 2025 年，我們將繼續看到各個產業轉型，其驅動力來自極端天氣、能源需求增加以及關鍵決策中人工智慧的加速使用等一系列強大的力量。技術進步正在改變交通運輸行業，從動力系統電氣化和自動化到自動駕駛計程車的日益普及。

The digital health applications such as wearable technologies are bringing data and insights into human health like never before. Utilities face the challenge of hardening and optimizing their grids while maintaining safety in the midst of transition to novel power sources. In the face of these challenges, clients rely on Exponent's specialized and interconnected expertise to navigate the uncertainties resulting from the increasing pace of technological complexity.

穿戴式科技等數位健康應用為人類健康帶來了前所未有的數據和見解。在向新型電源過渡的過程中，公用事業面臨強化和優化電網以及保持安全的挑戰。面對這些挑戰，客戶依靠 Exponent 的專業和互聯專業知識來應對因技術複雜性日益增加而產生的不確定性。

I'll now turn the call over to Rich to provide more detail on our fourth-quarter and fiscal year 2024 results as well as discuss our outlook for the first-quarter and the full year 2025.

現在，我將把電話轉給里奇，以提供有關我們第四季度和 2024 財年業績的更多詳細信息，並討論我們對 2025 年第一季度和全年的展望。

Thank you, Catherine, and good afternoon, everyone. Let me start by saying all comparisons will be on a year-over-year basis, unless otherwise noted. I would like to remind everyone that the fourth quarter and fiscal year 2024 results included an extra week, which occurs every fifth to sixth year. The extra week included the New Year's holiday and vacations. So the extra week contributed revenues of approximately 5% to the fourth-quarter growth and 1.25% to the year growth.

謝謝你，凱瑟琳，大家下午好。首先我要說的是，除非另有說明，所有的比較都將以同比為基礎。我想提醒大家，2024 財年第四季和全年業績都包含額外一周，每五至六年出現一次。額外一周包括新年假期和休假。因此，額外一週為第四季營收成長貢獻了約 5%，為全年營收成長貢獻了 1.25%。

For the fourth quarter of 2024, total revenues increased 11% to $136.8 million. And revenues before reimbursements or net revenues, as I will refer to them from here on, increased 9% to $123.8 million during the 14-week quarter as compared to the 13-week period in 2023. Net income for the fourth quarter was $23.6 million or $0.46 per diluted share as compared to $20.9 million or $0.41 per diluted share in the prior-year period.

2024 年第四季度，總營收成長 11% 至 1.368 億美元。與 2023 年的 13 週相比，14 週季度的報銷前收入或淨收入（我從現在開始將稱之為）增長了 9%，達到 1.238 億美元。第四季淨收入為 2,360 萬美元，即每股攤薄收入 0.46 美元，而去年同期淨收入為 2,090 萬美元，即每股攤薄收入 0.41 美元。

The realized tax benefit associated with accounting for share-based awards in the fourth quarter of 2024 was $591,000 or $0.01 per diluted share, as compared to an immaterial amount in the fourth quarter of 2023. Inclusive of the tax benefit from share-based awards, Exponent's consolidated tax rate was 24.7% in the fourth quarter as compared to 30.4% in the same period in 2023. EBITDA for the quarter was $31.2 million, producing a margin of 25.2% of net revenues as compared to $30.5 million or 26.8% of net revenues in the same period of 2023.

2024 年第四季與股權獎勵會計相關的已實現稅收優惠為 591,000 美元或每股攤薄收益 0.01 美元，而 2023 年第四季的金額並不重大。在包含股權獎勵的稅收優惠後，Exponent 第四季的綜合稅率為 24.7%，而 2023 年同期為 30.4%。本季的 EBITDA 為 3,120 萬美元，利潤率為淨收入的 25.2%，而 2023 年同期為 3,050 萬美元，利潤率為淨收入的 26.8%。

Billable hours in the fourth quarter were approximately 360,000, an increase of 5% year over year. The average technical full-time equivalent employees in the fourth quarter were 947, which is a decrease of 6% as compared to one year ago. Head count is down year over year as we have aligned our resources with demand, allowing us to achieve strong utilization and margins for the year.

第四季計費小時數約為360,000小時，較去年同期成長5%。第四季平均技術全職等值員工人數為947人，比去年同期減少6%。由於我們根據需求調整了資源，員工人數較去年同期有所下降，這讓我們在今年實現了較高的利用率和利潤率。

While our average FTEs are down, we have turned a corner and have grown our consultant head count by approximately 1.5% since the end of the third quarter. Utilization in the fourth quarter was 68%, up from 65% in the same period of 2023.

雖然我們的平均全職員工數量有所下降，但我們已經扭轉局面，自第三季末以來，我們的顧問人數增加了約 1.5%。第四季的利用率為 68%，高於 2023 年同期的 65%。

The realized rate increase was approximately 4% for the fourth quarter as compared to the same period a year ago. In the fourth quarter, compensation expense after adjusting for gains and losses in deferred compensation increased 11%. Included in total compensation expense is a gain deferred compensation of $629,000 as compared to a gain of $9 million in the same period of 2023. As a reminder, gains and losses in deferred compensation are offset in miscellaneous income and have no impact on the bottom line.

與去年同期相比，第四季實際利率增幅約為 4%。第四季度，調整遞延薪資損益後的薪資費用增加了11%。總薪酬費用中包括 629,000 美元的收益遞延薪酬，而 2023 年同期的收益為 900 萬美元。提醒一下，遞延薪酬的收益和損失將在雜項收入中抵消，不會對底線產生影響。

Stock-based compensation expense in the fourth quarter was $4.9 million, as compared to $3.2 million in the prior year period. Other operating expenses in the fourth quarter were up 17% to $12.5 million, driven primarily by the increased noncash expense of our Phoenix, Arizona, lease renewal. Included in other operating expenses is depreciation and amortization expense of $2.5 million.

第四季股票薪資費用為 490 萬美元，去年同期為 320 萬美元。第四季度其他營運費用上漲 17% 至 1,250 萬美元，主要由於亞利桑那州菲尼克斯租約續約的非現金支出增加。其他營業費用包括 250 萬美元的折舊和攤提費用。

G&A expenses declined 3% to $5.7 million for the fourth quarter. This decrease was primarily due to the postponement of our in-person managers' meeting.

第四季一般及行政開支下降 3% 至 570 萬美元。這一下降主要是由於我們推遲了面對面的經理會議。

Interest income increased to $2.6 million for the fourth quarter. Higher interest income was driven by an increase in cash and cash equivalents. Miscellaneous income, excluding the deferred compensation gain, was approximately $900,000 for the fourth quarter, which included $500,000 for FX gain. During the quarter, capital expenditures were $2.6 million and we distributed $14.2 million to shareholders through dividend payments.

第四季利息收入增加至 260 萬美元。利息收入增加是由於現金和現金等價物的增加。第四季的雜項收入（不含遞延薪資收益）約為 90 萬美元，其中包括 50 萬美元的外匯收益。本季度，資本支出為 260 萬美元，我們透過股息支付向股東分配了 1,420 萬美元。

Turning to the full-year results. For the 53-week fiscal year 2024, total revenues increased 4% to $558.5 million. And net revenues increased 4% to $518.5 million as compared to the 52-week fiscal year 2023. Net income for the year increased 9% to $109 million or $2.11 per diluted share as compared to $100.3 million or $1.94 per diluted share in 2023.

談到全年業績。2024 財年 53 週的總營收成長 4% 至 5.585 億美元。與 2023 財年的 52 週相比，淨收入成長 4% 至 5.185 億美元。全年淨收入為 1.09 億美元或每股攤薄收益 2.11 美元，而 2023 年為 1.003 億美元或每股攤薄收益 1.94 美元，增長 9%。

The tax benefit associated with accounting for share-based awards in 2024 was $2.8 million or $0.05 per diluted share as compared to $3.6 million or $0.07 per diluted share in 2023. Inclusive of the tax benefit for share-based awards, Exponent's consolidated tax rate was 26% for the full year, as compared to 26.2% in 2023. For the year, EBITDA increased to $147.1 million as compared to $137.7 million during 2023, producing a margin of 28.4% of net revenues, which is an increase of 70 basis points as compared to 2023.

2024 年與股權獎勵核算相關的稅收優惠為 280 萬美元或每股稀釋後 0.05 美元，而 2023 年為 360 萬美元或每股稀釋後 0.07 美元。包含股權獎勵的稅收優惠後，Exponent 全年綜合稅率為 26%，而 2023 年為 26.2%。全年 EBITDA 較 2023 年的 1.377 億美元增至 1.471 億美元，利潤率為淨收入的 28.4%，與 2023 年相比增加了 70 個基點。

Billable hours for 2024 were approximately 1,495,000, approximately flat year over year. Utilization for the full year was 73%, up from 69% in 2023, bringing us back to a solid operating level. Average technical full time equivalent employees for the year were 967, a decrease of 8% as compared to 2023. The realized rate increase was approximately 4% for the year. Compensation expense, after adjusting for gains and losses in deferred compensation, increased 3%. Included in total compensation expense is a gain deferred compensation of $14.9 million as compared to a gain of $14.3 million during 2023. Stock-based compensation expense in 2024 is $23.2 million as compared to $20.4 million in the prior year.

2024 年的計費小時數約為 1,495,000 小時，與去年同期基本持平。全年利用率為 73%，高於 2023 年的 69%，使我們恢復到穩健的營運水準。全年平均技術全職當量員工人數為 967 人，與 2023 年相比減少 8%。全年實際利率增幅約4%。調整遞延薪酬損益後的薪酬費用增加了 3%。總薪酬費用包括 1,490 萬美元的收益遞延薪酬，而 2023 年的收益為 1,430 萬美元。2024 年股票薪酬費用為 2,320 萬美元，而前一年為 2,040 萬美元。

Other operating expenses were up 11% to $46.2 million, driven primarily by the increase in non-cash expense of our Phoenix, Arizona, lease renewal. Included in other operating expenses is depreciation and amortization expense of $9.7 million for the year.

其他營運費用上漲 11% 至 4,620 萬美元，主要由於亞利桑那州鳳凰城租約續約的非現金費用增加。其他營業費用包括當年 970 萬美元的折舊和攤提費用。

G&A expenses were down 7% to 22.7 million in 2024. The decrease in G&A expenses was primarily due to a reduction of the use of outsourced personnel and a decrease in travel and meals as we postponed to 2025 our in-person managers' meeting.

2024 年，一般及行政開支下降 7% 至 2,270 萬美元。一般及行政費用的減少主要是由於我們減少使用外包人員以及由於我們將面對面的經理會議推遲到 2025 年而導致差旅和餐飲費用的減少。

Interest income increased approximately $2.9 million to $10 million for the full year. Higher interest income was driven by an increase in cash and cash equivalent. Miscellaneous income, excluding deferred compensation gain, was $2.9 million for 2024.

全年利息收入增加約 290 萬美元，達到 1,000 萬美元。利息收入增加是由於現金和現金等價物的增加。2024 年雜項收入（不含遞延薪酬收益）為 290 萬美元。

Moving on to our cash flows. During 2024, we generated $145.5 million in cash from operation, and capital expenditures were $6.9 million. For the full year, we distributed $58.2 million to shareholders through dividend payments and did $5.7 million in share repurchases. As of yearend, the company had $258.9 million in cash and cash equivalents.

繼續討論我們的現金流。2024 年，我們從營運中產生了 1.455 億美元的現金，資本支出為 690 萬美元。我們全年透過股息向股東發放了 5,820 萬美元，並回購了 570 萬美元的股票。截至年底，該公司擁有 2.589 億美元現金和現金等價物。

Turning to our segments. Exponent's engineering and other scientific segment represented 83% of revenues before reimbursements in the fourth quarter and 84% of revenues before reimbursements for the full year. Revenues before reimbursements in this segment increased 8% for the 14-week fourth quarter and 5% for the 53-week full year, driven by demand for Exponent's services across the consumer products and utilities industries.

轉向我們的細分市場。Exponent 的工程和其他科學部門在第四季度報銷前收入中佔 83%，在全年報銷前收入中佔 84%。受消費品和公用事業行業對 Exponent 服務的需求推動，該部門的報銷前收入在第四季度的 14 週內增長了 8%，在全年的 53 週內增長了 5%。

Exponent environmental and health segment represented 17% of net revenues in the fourth quarter and 16% of net revenues for the full year. Net revenues in this segment increased 11% in the 14-week fourth quarter and were approximately flat for the 53-week full year. Growth during the fourth quarter was primarily due to a resurgence in engagement in the chemicals industry.

Exponent 環境與健康部門佔第四季淨收入的 17%，佔全年淨收入的 16%。該部門的淨收入在第四季度的 14 週內增長了 11%，全年 53 週的淨收入基本持平。第四季的成長主要歸因於化學工業參與度的復甦。

Turning to our outlook for the first quarter and full year 2025, we are starting 2025 with a 5% to 6% deficit in head count as such, we expect net revenues for the first quarter of 2025 to be down in the low single digits as compared to the same period of 2024. Based on anticipated demand and hiring, we expect net revenues for the year and -- to grow in the low single digits for the full year 2025.

談到我們對 2025 年第一季和全年的展望，2025 年開始，我們的員工人數將減少 5% 至 6%，因此，我們預計 2025 年第一季的淨收入將與 2024 年同期相比下降個位數。根據預期的需求和招聘，我們預計今年的淨收入和 2025 年全年的淨收入將以個位數低點成長。

As a reminder, we will return to a 52-week fiscal year in 2025. The extra week in 2024 post a 1.25% headwind for the full-year net revenue comparison. For the first quarter of 2025, we expect EBITDA margin to be 25% to 26% of net revenues. For fiscal year '25, we expect EBITDA margin to be 26.25% to 27% of net revenues as compared to 2024.

提醒一下，2025 年我們將恢復 52 週的財政年度。2024 年的額外一週將為全年淨收入帶來 1.25% 的阻力。對於 2025 年第一季度，我們預計 EBITDA 利潤率將達到淨收入的 25% 至 26%。對於 25 財年，我們預計 EBITDA 利潤率將達到淨收入的 26.25% 至 27%，而 2024 年則為 26.25%。

We are expecting lower full-year margins due to the increased non-cash expense associated with our Arizona lease renewal, the company-wide managers' meeting deferred to 2025, the loss of the tenant in Menlo Park facility, and an increase in stock-based compensation.

我們預計全年利潤率會下降，原因是亞利桑那州租約續約導致的非現金支出增加、全公司經理會議推遲至 2025 年、門洛帕克工廠租戶的流失以及股票薪酬的增加。

While we are starting the year with a 5% to 6% headwind and technical full-time equivalent employees, we expect the -- expect increased demand and corresponding recruiting results in quarterly sequential head count growth of approximately 1% to 2% each of the quarters of 2025. As a result, we expect year-over-year head count growth by the third quarter of 2025 and to end the year at least 4% ahead of where we have started the year. As we return to growing head count, we expect utilization in the first quarter to be 74% to 75% as compared to 75% in the same quarter in the prior year. And we expect the full-year utilization to be 72% to 73% as compared to 73% in 2024.

雖然我們今年面臨著 5% 至 6% 的逆風和技術全職等效員工數量，但我們預計，需求將增加，相應的招聘將導致 2025 年每個季度的員工數量環比增長約 1% 至 2%。因此，我們預計到 2025 年第三季員工數量將年增，到年底的員工數量將比年初增加至少 4%。隨著員工人數重新成長，我們預計第一季的員工利用率將達到 74% 至 75%，而去年同期的員工利用率僅為 75%。我們預計全年利用率將達到 72% 至 73%，而 2024 年為 73%。

We still believe our long-term target of sustained mid-70s utilization is achievable as we continue to strategically manage head count and balance utilization with market demand. We expect the realized rate increase for the first quarter and full year to be 3% to 3.5%. Based on the expected sequential head count growth, during 2025, future realized rate increases and the incremental progress towards our long-term target utilization, we expect revenue growth in 2026 and beyond to be in the high single to low double digits.

我們仍然相信，只要我們繼續策略性地管理員工數量並平衡利用率和市場需求，我們維持 70% 左右的利用率的長期目標是可以實現的。我們預計第一季及全年實際利率增幅為 3% 至 3.5%。根據 2025 年預計的員工人數連續成長、未來實現的費率成長以及實現長期目標利用率的逐步進展，我們預計 2026 年及以後的營收成長將達到高個位數至低兩位數。

For the first quarter, we expect stock-based compensation to be $8.2 million to $8.5 million and each of the remaining quarters to be $4.6 million to $5.6 million For the full year, we expect stock-based compensation to be $24 million to $24.5 million. We continue to believe that our stock-based compensation program effectively attracts, motivates, and retains our top talent.

對於第一季，我們預計股票薪酬為 820 萬美元至 850 萬美元，其餘每季的股票薪酬預計為 460 萬美元至 560 萬美元。我們始終相信，我們的股票薪酬計畫能夠有效地吸引、激勵和留住我們的頂尖人才。

For the first quarter, we expect other operating expenses to be $12.4 million to $12.9 million. For the full year, we expect other operating expenses to be $50.5 million to $51.5 million. The increase in other operating expenses is primarily due to the extension of our Arizona lease. This will have a $1 million impact on each of the first two quarters and a total of $2 million impact for the year.

我們預計第一季其他營運費用為 1,240 萬美元至 1,290 萬美元。我們預計全年其他營運費用為 5,050 萬美元至 5,150 萬美元。其他營運費用的增加主要是由於我們亞利桑那州租約的延長。這將對前兩個季度產生 100 萬美元的影響，對全年產生總計 200 萬美元的影響。

We are very excited to have secured this facility as we believe it will continue to be an integral part of our growth, especially with the advancement of automated vehicles. For the first quarter, we expect G&A expenses to be $5.8 million to $6.2 million. For the full year '25, we expect G&A expenses to be $25.7 million to $26.7 million.

我們非常高興能夠獲得該設施，因為我們相信它將繼續成為我們成長不可或缺的一部分，特別是隨著自動駕駛汽車的進步。我們預計第一季的一般及行政開支為 580 萬美元至 620 萬美元。對於 25 年全年，我們預計 G&A 費用將達到 2,570 萬美元至 2,670 萬美元。

The increase in G&A is primarily due to an expense of approximately $2 million for a firmwide managers' meeting in the third quarter of 2025. This meeting is an important investment in people development that bring together our multidisciplinary teams, develop our key talent, and foster the next generation of leaders and business generators.

G&A 費用的增加主要是由於 2025 年第三季全公司經理會議的費用約為 200 萬美元。這次會議是對人才發展的重要投資，它將匯集我們的多學科團隊，發展我們的關鍵人才，並培養下一代領導者和業務推動者。

We expect interest income to be $2 million to $2.2 million per quarter in 2025. In addition, we anticipate miscellaneous income to be approximately $200,000 per quarter in 2025 or $800,000 for the full year as compared to $2.9 million in 2024. We continue to work to replace the tenant that we lost in our Menlo Park facility.

我們預計 2025 年每季利息收入將達到 200 萬至 220 萬美元。此外，我們預計 2025 年每季雜項收入約為 20 萬美元，全年雜項收入為 80 萬美元，而 2024 年為 290 萬美元。我們將繼續努力尋找門洛帕克工廠失去的租戶。

For the first quarter and full year 2025, we do not expect any tax benefit associated with share-based awards as compared to a tax benefit of $900,000 or $0.02 per diluted share in the first quarter of 2024 and $2.8 million or $0.05 per diluted share for the fiscal year 2024. As a result, we expect first-quarter 2025 tax rate to be approximately 28% as compared to 25% in the same quarter a year ago.

對於 2025 年第一季和全年，我們預計不會有任何與股權獎勵相關的稅收優惠，而 2024 年第一季的稅收優惠為 90 萬美元或每股稀釋股 0.02 美元，2024 財年的稅收優惠為 280 萬美元或每股稀釋股 0.05 美元。因此，我們預計 2025 年第一季的稅率約為 28%，而去年同期為 25%。

For the full year 2025, the tax rate is expected to be 28% as compared to 26% in 2024. Capital expenditures for the full year 2025 are expected to be $10 million to $12 million. We are encouraged by the resilience and strength that our business model has demonstrated and remain confident in our ability to sustain profitable growth.

2025 年全年稅率預計為 28%，而 2024 年為 26%。預計2025年全年資本支出為1,000萬至1,200萬美元。我們的商業模式所展現出的韌性和實力令我們感到鼓舞，並且我們對我們維持獲利成長的能力充滿信心。

I will now turn the call back to Catherine for closing remarks.

現在我將邀請凱瑟琳作結束語。

Thank you, Rich. 2025 represents significant market opportunities for Exponent. Industries must continue to transform to meet market demands and stay competitive in the setting of accelerating technological change. At the same time, they must meet ever-increasing societal expectations regarding the safety and health of their customers and communities.

謝謝你，里奇。 2025 年對 Exponent 來說代表著巨大的市場機會。在技​​術變革不斷加速的背景下，產業必須不斷轉型以滿足市場需求並保持競爭力。同時，他們必須滿足社會對客戶和社區安全和健康的日益增長的期望。

Exponent is focused on the growth and development of our unparalleled and interconnected ecosystem of scientific and engineering talent as we stay ahead of the curve and deliver the breakthrough insights that will drive long term profitable growth. Operator, we are now ready for questions.

Exponent 專注於我們無與倫比且相互關聯的科學和工程人才生態系統的成長和發展，我們始終保持領先地位並提供推動長期盈利增長的突破性見解。接線員，現在我們可以回答問題了。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指令）

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Hi, good afternoon. Thanks for taking my questions. First, wanted to ask on visibility. Sounds like chemicals are a little bit better really across the board. You're seeing pretty good demand, proactive and reactive even against some difficult comps on the reactive side. But wanted to ask how confident you are in kind of the near-term pipeline and maybe relatedly how we should think about the conservatism of your guidance with those dynamics involved.

嗨，下午好。感謝您回答我的問題。首先，想問一下可見性。聽起來化學物質確實在各方面都更好一些。您會看到相當好的需求，無論是主動的還是被動的，甚至在被動方面，面對一些困難的競爭。但想問一下，您對近期的管道有多大信心，也許與此相關的是，我們應該如何看待您在涉及這些動態的情況下對指導的保守性。

Yeah. No, thank you, Andrew. And you're right in your observation about the chemicals industry. I'm pleased with how that activity has returned. And look, we have -- we are enthusiastic about the opportunities that we have when you think about the broad market drivers, right, everything from increasing power demand that's driving a lot of the risk work in utilities to everything that's going on around digital health technologies.

是的。不，謝謝你，安德魯。您對化學工業的觀察是正確的。我很高興看到這種活動的恢復。看看，當你想到廣泛的市場驅動因素時，我們對所擁有的機會充滿熱情，對吧，從推動公用事業中大量風險工作的不斷增長的電力需求到圍繞數位健康技術發生的一切。

We saw in the fourth quarter around electronics that we had a healthy level of activity in both our user research, as well as our product development consulting and hardware related work. As we look into the first quarter, look, we're starting at a 5% to 6% deficit as Rich explained in our FTEs. And we did have strong activity in Q1 of 2024. If you remember, we have a bit of a tough comparison there. We have lots of litigation and regulatory activity going on in that quarter.

我們在第四季度的電子產品中發現，我們的用戶研究以及產品開發諮詢和硬體相關工作都具有健康的活動水平。當我們回顧第一季時，我們發現，正如 Rich 在我們的 FTE 中所解釋的那樣，我們的赤字開始達到 5% 到 6%。我們在 2024 年第一季確實活動活躍。如果你還記得的話，我們有一個有點艱難的比較。該季度我們有很多訴訟和監管活動。

So we do expect sequentially as we go into Q1, that the user research work might be a little bit less than it was in Q4, but we see a nice pipeline going into Q2 on that. That's really more the normal ebb and flow and timing of client needs more than anything.

因此，我們確實預計，進入第一季後，用戶研究工作可能會比第四季度少一些，但我們看到第二季度在這方面有一個良好的進展。這其實更多的是客戶需求的正常起伏和時間安排。

And so look, we are confident in that. We think we've done a good job of assessing a realistic pathway toward continuing to grow our head count, knowing that that takes time and investment and effort when you talk about hiring PhDs and so forth. And so we are heavily engaged in that. And we expect, as Rich said, that in the back half of the year, we will start growing that head count year over year and be able to accelerate in that way.

所以看，我們對此充滿信心。我們認為，我們已經很好地評估了繼續增加員工數量的現實途徑，同時也知道，當談到聘請博士等時，這需要時間、投資和精力。因此我們積極參與其中。正如里奇所說，我們預計，今年下半年，我們的員工人數將開始逐年增加，並且能夠以這種方式加速成長。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

Thank you. You commented some about -- in your prepared remarks in the press release about the energy infrastructure business. I wonder if you could spend a little bit more time talking about how that has performed and what the outlook is? Thank you.

謝謝。您在新聞稿中準備好的發言中對能源基礎設施業務做了一些評論。我想知道您是否可以花多一點時間談談它的表現如何以及前景如何？謝謝。

Yeah, thanks. Thanks Tobey. When we talk about the energy sector, we really are talking about the utilities side as well as the generation side, if you think about oil and gas and renewables, as well as the delivery side in terms of utilities. And we all know that there is increasing demand in the setting of needing to transition energy into new forms of power.

是的，謝謝。謝謝托比。當我們談論能源產業時，我們實際上是在談論公用事業方面以及發電方面，如果你考慮石油和天然氣以及再生能源，以及公用事業方面的交付方面。我們都知道，將能源轉換為新形式電力的需求日益增加。

And so this portfolio is robust on both the proactive as well as the reactive side. When you think proactively, this is not permitting and things like that. The proactive work is more around our risk work for utilities where we leverage our failure analysis expertise to use predictive modeling to try to help utilities understand, for example, when they might need to turn their power down and when they have a risk of fire ignition, for example. And so the proactive work is really related to that risk and safety area.

因此，這個投資組合在主動和被動兩方面都很穩健。當你在正面思考的時候，這並不允許諸如此類的事情。主動工作更多地圍繞我們為公用事業公司開展的風險工作，我們利用我們的故障分析專業知識來使用預測模型，試圖幫助公用事業公司了解何時可能需要關閉電源以及何時存在火災風險。因此，主動工作確實與風險和安全領域有關。

On the reactive side, this goes across both the oil and gas world as well as the renewables world. And so this is going to be your wind farm installations, your battery energy storage systems at utility scale. This is going to be your liquefied natural gas facilities -- a lot of issues related to failure analysis as well as disputes around construction delays. And these are all around the globe. We see these domestically. We also see these internationally.

從反應方面來看，這涉及石油和天然氣領域以及再生能源領域。這將是您的風力發電場設施，以及公用事業規模的電池儲能係統。這將是您的液化天然氣設施——許多與故障分析相關的問題以及圍繞施工延誤的爭議。這些都遍佈全球。我們在國內也看過這些。我們在國際上也看到了這些。

And with the increasing use of AI and data centers, they all need power. And they're even looking at novel sources of power like modular nuclear reactors. And so our risk work applies to that area as well. So that's really the portfolio. It is reactive. It is proactive, and it is across the various forms of energy. So as we see shifts from oil and gas to renewables or even if we swing back toward more oil and gas, those infrastructure investments are going to be made, and we are going to be there to help in the dispute side as well as in the proactive risk side.

隨著人工智慧和資料中心的使用日益增多，它們都需要電力。他們甚至正在研究模組化核反應器等新型能源。因此我們的風險工作也適用於此領域。這才是真正的投資組合。它具有反應性。它是主動的，並且它跨越了各種形式的能源。因此，當我們看到從石油和天然氣轉向再生能源，或者即使我們重新轉向更多的石油和天然氣時，這些基礎設施投資將會進行，我們將在爭端方面以及主動風險方面提供幫助。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Hi, good afternoon, Catherine, Rich. Thanks for taking my question and thanks for proactively addressing the regulatory exposure. I just wanted to kind of close the loop on that. You mentioned the chemical regulatory work and then the FDA. Is that the extent of your work with any type of regulatory bodies, I guess? Maybe could you kind of -- if not, kind of could you bracket for us kind of what percentage of your revenue do you feel like you're helping clients address kind of the regulatory concern? Thank you.

嗨，下午好，凱瑟琳、里奇。感謝您回答我的問題，也感謝您積極解決監管風險。我只是想結束這一過程。您提到了化學品監管工作，然後又提到了 FDA。我想，這就是您與任何類型的監管機構合作的範圍嗎？也許您可以—如果不行的話，您能否為我們列一下，您覺得您用來幫助客戶解決監管問題的佔收入的百分比是多少？謝謝。

Yeah. So, in total, we do approximately about 10% of our work in either proactive areas of helping people through the regulatory process with our scientific background. So as Catherine had mentioned before, that's related -- registering your chemicals with the appropriate safety and health assessment. But it also is for clients that are bringing a medical device or drug to -- through the FDA process as well.

是的。因此，總的來說，我們大約有 10% 的工作是在積極主動的領域進行的，即利用我們的科學背景來幫助人們完成監管流程。正如凱瑟琳之前提到的，這是相關的——用適當的安全和健康評估來註冊你的化學品。但它也適用於將醫療器材或藥品帶至 FDA 流程的客戶。

The other side of our regulatory work is really in clients responding to regulatory investigations and such normally around product recalls and issues. So those do span into the Consumer Product Safety Commission, into NHTSA, around the transportation area. It's obviously involved in EPA as well as FDA as well. Those would be the primary agencies that we would see where we do regulatory work.

我們的監管工作的另一面實際上是客戶對監管調查作出回應，通常涉及產品召回和問題。所以這些確實牽涉到消費者產品安全委員會、國家公路交通安全管理局、交通運輸領域。顯然它也與 EPA 和 FDA 有關。這些將是我們進行監管工作的主要機構。

In total, about both proactive and reactive combined is this 10%. As Catherine indicated, about half of that in the chemicals area and about 70% of that chemicals area is international in nature outside the US. So our total exposure probably in the US is somewhere between 5% to 7% that is engaged in one way or another where our clients are engaged with the regulatory agency.

總的來說，主動和被動加起來大約是 10%。正如凱瑟琳所指出的，化學品領域約有一半的銷售額以及約 70% 的化學品領域銷售額屬於美國以外的國際市場。因此，我們在美國的總風險敞口可能在 5% 到 7% 之間，這些風險敞口以某種方式與我們的客戶與監管機構打交道。

That's really helpful color. Thanks for that, Rich. And then I guess for my follow up, obviously, you would rather grow revenue faster than you're kind of guiding for the year. So I guess to the extent that that staffing is kind of the constraint, what's the opportunity to kind of accelerate recruiting? I know that it's not easily done, but just kind of thinking about to what extent that could kind of provide some upside or does that just take time to get people into your organization? Thank you.

這確實是很有用的顏色。謝謝你，Rich。然後我想，對於我的後續問題，顯然你希望收入成長速度比你今年的預期還要快。因此，我想，在人員配備成為一種限制的範圍內，加速招募的機會是什麼？我知道這並不容易做到，但我只是在想這在多大程度上可以帶來一些好處，或者這只是需要時間來讓人們加入你的組織？謝謝。

Well, it does, of course, take time. But look, I think what's important here is that we are aligning the pace of recruiting with the demand profile that we're seeing to ensure that we've got those -- you're never in perfect lockstep with those. Of course, we have the ability to surge as you've seen in the past in order to meet those client needs and not leave work on the table. So we absolutely continue to have that ability.

嗯，當然，這需要時間。但是，我認為這裡重要的是，我們要將招募的步伐與我們看到的需求情況保持一致，以確保我們能夠滿足這些需求——你永遠不會與這些需求完全同步。當然，正如您過去所看到的那樣，我們有能力迅速滿足客戶的需求，並且不會留下任何工作。因此我們絕對會繼續擁有這種能力。

And look, you can accelerate recruiting activity, but the goal is really to be in line and to do that in a way that is sustainable. And that's going to deliver on pace for the kind of growth that we talk about, which is this high-single-digit to low-double-digit growth. This year, because of the actions we very much needed to take over the last 18 months, we are at this 5% to 6% deficit going into the year. But the pace of activity that we have going on now around recruiting really is going to yield that 1% to 2% per quarter.

而且，你可以加速招募活動，但目標實際上是保持一致並以可持續的方式進行。這將實現我們所談論的成長速度，即高個位數到低兩位數的成長。今年，由於我們在過去 18 個月中採取的必要行動，導致今年的赤字達到 5% 至 6%。但我們現在開展的招募活動的速度確實每季將產生 1% 到 2% 的收益。

So if you think about that pace of activity, it is what we need to achieve that high single to low double-digit growth. But we have to, of course, overcome that initial hurdle in the first couple of quarters which we are on pace to do.

因此，如果你考慮活動的速度，這就是我們實現高個位數到低兩位數成長所需要的。但當然，我們必須在前幾季克服最初的障礙，我們正在按計劃實現這一目標。

That makes sense. Thank you so much for the color and your time.

這很有道理。非常感謝您提供的顏色和時間。

You're welcome.

不客氣。

(Operator Instructions) Tobey Sommer.

（操作員指令）托比·索默。

Thanks. Could you provide the size of the chemicals business and kind of quantify the magnitude of the increase as well as your outlook for whether or not it has legs?

謝謝。您能否提供化學品業務的規模並量化成長的幅度以及您對其是否有發展前景的預測？

Yeah. So the chemicals business overall is a little -- is in the low single -- in low double digits as a percentage of our business overall. And the improvement was in the low to mid teens as a percentage of growth rate year over year for the fourth quarter.

是的。因此，總體而言，化學品業務占我們整體業務的比例很小 - 處於低個位數 - 處於低兩位數。與去年同期相比，第四季的成長率提高了 15% 到 16%。

Terrific. And based on the duration of the projects typically, is there a way to assess whether the momentum is sort of short term or represents a longer term rebound?

了不起。通常根據專案的持續時間，有沒有辦法評估這種勢頭是短期的還是代表著長期的反彈？

Yeah, so they are typical projects for us. So they are litigation as well as proactive work that is ongoing at quite a variability of the length. I don't -- our feeling is and really to be honest, the look at what was coming in, engaging with our staff, it's not about one or two projects or a handful that really are driving it. It is about where is the level of activity coming back around. Remember a year ago in the fourth quarter, it was really about clients pausing work or deferring work related to litigation.

是的，所以對我們來說它們是典型的項目。因此，它們既是訴訟，也是主動工作，而且持續時間相當長。我不這麼認為——我們的感覺是，說實話，看看正在發生的事情，與我們的員工互動，這不是一兩個項目或少數幾個項目真正推動的。這取決於活動水準恢復到什麼程度。記得一年前第四季度，客戶確實暫停了工作或推遲了與訴訟相關的工作。

A lot of these are very long-term litigation areas that are out there so the clients had continuous sort of research as well as dealing with individual cases. Those activities we had expected a year ago might come back right away early in the year in the first quarter or so. It definitely took longer for that to come back around. And that's really more of what we saw as we progressed through the year.

其中許多都是長期的訴訟領域，因此客戶需要進行持續的研究並處理個案。我們一年前預期的那些活動可能會在今年年初第一季左右立即恢復。要恢復過來肯定需要更長的時間。而這正是我們在一年來所看到的情況。

And could you update us on your thoughts on how AI is helping and hurting the company so far? I guess with a particular eye on the reactive side in terms of the willingness of courts, judges, the plaintiffs, regulators to accept more automated data in a court setting.

您能否向我們介紹一下，到目前為止，人工智慧對公司有何幫助和損害？我想特別關注的是法院、法官、原告、監管機構是否願意在法庭上接受更多的自動化數據。

Yeah, thanks, Tobey. So look, we've talked before about the opportunities for our work in AI systems that are making safety critical decisions, right? So our work in advanced driver assistance technologies, work related to those kinds of algorithms being used in medical devices and so forth. And this advanced driver assistance area for litigation continues to grow and we continue to build and position more and more experts through our research and so forth.

是的，謝謝，托比。所以，你看，我們之前已經談論過我們在製定安全關鍵決策的人工智慧系統中的工作機會，對嗎？因此，我們在高級駕駛輔助技術方面的工作，以及與醫療設備中使用的那些演算法相關的工作等等。這個用於訴訟的高級駕駛輔助領域正在繼續發展，我們透過研究等方式繼續培養和定位越來越多的專家。

In terms of the willingness of courts to accept things, it's -- the courts put a heavy layer of scrutiny on all experts, testimony, and data. And that is something that is regularly -- part of the process is that any data that an expert is bringing forward as part of the foundation for their opinions, you can count on it being challenged directly by the other side.

就法院的接受意願而言，法院對所有專家、證詞和數據進行了嚴格的審查。這是經常發生的事情——整個過程的一部分是，專家提出的任何作為其意見基礎的數據，你可以指望它受到另一方的直接質疑。

And so this is one of the reasons why I think Exponent has historically been so strong in terms of its ability to withstand that kind of scrutiny. So even in situations where AI is being deployed as part of those analyses, you can be sure that the courts are going to be insisting on high levels of scrutiny of those because that is the judge's gatekeeping function.

所以，我認為這就是為什麼 Exponent 在歷史上一直能夠承受這種審查的原因之一。因此，即使在使用人工智慧作為分析的一部分的情況下，你也可以肯定法院會堅持對其進行嚴格審查，因為這是法官的把關職能。

And so I don't see that changing anytime soon. And I know that the legal associations are very much looking at developing specific guidelines and there is there is case law and so forth. So this just this just increases the complexity, the volume of data and the type of data that can be utilized. And I think Exponent is positioned quite well in that regard.

所以我認為這種情況短期內不會改變。我知道法律協會正在積極制定具體的指導方針，並且有判例法等等。因此，這只會增加複雜性、資料量和可利用的資料類型。我認為 Exponent 在這方面處於相當有利的位置。

Thank you very much.

非常感謝。

You're welcome.

不客氣。

Seeing that there are no further questions in the queue, this concludes our question-and-answer session and the conference. Thank you for attending today's presentation. You may now disconnect.

看到隊列中沒有其他問題，我們的問答環節和會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。