Exponent Inc (EXPO) 2025 Q1 法說會逐字稿

Good day, and welcome to the Exponent, Inc., first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Exponent, Inc. 2025 年第一季財報電話會議。（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. Good afternoon, ladies and gentlemen. Thank you for joining us on Exponent's first-quarter 2025 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 investor.exponent.com. This conference call is the property of Exponent, and any taping or other reproduction is expressly prohibited without prior written consent.

謝謝。女士們、先生們，午安。感謝您參加 Exponent 2025 年第一季財務業績電話會議。請注意，本次電話會議將在公司網站 investor.exponent.com 的投資者關係板塊同步網路上直播。本次電話會議內容歸 Exponent 所有，未經事先書面許可，嚴禁任何形式的錄音或其他複製。

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.

今天與我一起參加電話會議的還有總裁兼執行長 Catherine Corrigan 博士和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.

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。

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. The forward-looking statements and risks in this conference call are based on current expectations as of today, and Exponent assumes no obligation to update or revise them, whether as a result of new developments or otherwise.

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 定期向美國證券交易委員會提交的文件中找到，包括 Exponent 最新的 10-Q 表中「風險因素」標題下討論的因素。本次電話會議中的前瞻性陳述和風險是基於截至今天的當前預期，Exponent 不承擔更新或修改這些陳述和風險的義務，無論是否出現新的發展。

And now I will turn the call over to Dr. Catherine Corrigan, Chief Executive Officer. Catherine?

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 first-quarter 2025 business performance and strategic positioning. Rich will then provide a more detailed review of our financial results and outlook, and we will then open the call for questions.

謝謝你，喬尼，也謝謝大家今天加入我們。我將首先回顧我們 2025 年第一季的業務表現和策略定位。然後，里奇將對我們的財務表現和前景進行更詳細的回顧，然後我們將開始提問。

Exponent's first-quarter results exceeded expectations, reinforcing both the resilience of our diversified business model and the value we deliver. Despite starting the year with a 5% to 6% headwind in technical full-time equivalent employees due to our focus on aligning resources with demand over the prior 18 months, we achieved approximately flat revenues due to strong activity from a few key industries.

Exponent 第一季的業績超乎預期，增強了我們多元化業務模式的彈性和我們提供的價值。儘管由於我們在過去 18 個月中專注於調整資源以滿足需求，導致年初技術全職員工數量面臨 5% 至 6% 的逆風，但由於幾個關鍵行業的強勁活動，我們的收入基本上持平。

In reactive services, the demand for our failure analysis expertise drove dispute-related activities in the chemicals, transportation, and utilities industries. Our proactive engagements were led by risk management and regulatory support activities. As expected, we were impacted by easing in the consumer electronics industry due to the timing of clients' product development life cycles.

在反應性服務方面，對我們的故障分析專業知識的需求推動了化學、運輸和公用事業行業中與爭議相關的活動。我們的主動參與以風險管理和監管支援活動為主導。正如預期的那樣，由於客戶產品開發生命週期的時間安排，我們受到了消費性電子產業寬鬆的影響。

We are pleased to report sequential headcount growth of 2% due, in part, to lower turnover than previously expected, while at the same time achieving mid-70s utilization. While we are very mindful of the current macroeconomic uncertainty and have seen some instances of clients delaying proactive work for this reason, we continue to hire in areas where demand remains strong.

我們很高興地報告，員工人數連續成長 2%，部分原因是人員流動率低於先前的預期，同時實現了 70% 左右的利用率。雖然我們非常清楚當前宏觀經濟的不確定性，並且看到一些客戶因此推遲主動工作的情況，但我們仍會繼續在需求仍然強勁的地區招募。

Over the last three decades, Exponent has demonstrated an ability to effectively navigate challenging economic cycles. A key contributor to this resilience is our reactive work, which is driven by disputes and failure analysis investigations across the globe, which have historically been less impacted than other professional services during challenging economic cycles. Lawsuits, accidents, illnesses, and environmental impacts are constants that necessitate our specialized expertise. Clients are required to address these issues regardless of the broader economy.

在過去的三十年中，Exponent 已展現出有效應對充滿挑戰的經濟週期的能力。這種韌性的關鍵因素是我們的反應性工作，這種工作是由全球範圍內的糾紛和故障分析調查所驅動的，從歷史上看，在充滿挑戰的經濟週期中，這些工作受到的影響比其他專業服務要小。訴訟、意外、疾病和環境影響是需要我們專業知識的常見情況。無論整體經濟狀況如何，客戶都必須解決這些問題。

Our business is approximately 60% reactive and 40% proactive. The vast majority of our reactive work is litigation support. The remainder of our reactive work is accident and failure investigation, product recalls, regulatory actions, and insurance investigations. Our proactive work involves product and process improvement, research and development, risk management, and regulatory consulting.

我們的業務大約 60% 是被動的，40% 是主動的。我們的被動工作絕大部分是訴訟支持。我們其餘的反應工作是事故和故障調查、產品召回、監管行動和保險調查。我們的積極工作涉及產品和流程改進、研究和開發、風險管理和監管諮詢。

During 2024, we worked on over 10,000 engagements for over 2,000 clients across a range of industries. The consumer products industry represents approximately one-quarter of our revenue, of which approximately two-thirds is proactive work for consumer electronics clients. Product development cycles influence the timing of our work in this industry.

2024 年期間，我們為各行各業的 2,000 多家客戶完成了 10,000 多項業務。消費品產業約占我們收入的四分之一，其中約三分之二是為消費性電子客戶提供的主動工作。產品開發週期影響我們在這個產業的工作時間。

However, the complexity of these products and the pace of innovation required by these clients to stay competitive remain long-term growth drivers. Furthermore, shifts in global supply chains as clients navigate the tariff environment create manufacturing challenges over time for which we are well positioned to assist.

然而，這些產品的複雜性以及這些客戶保持競爭力所需的創新速度仍然是長期成長的動力。此外，隨著客戶應對關稅環境，全球供應鏈的轉變會逐漸帶來製造挑戰，而我們有能力為此提供協助。

The energy industry represents approximately one-fifth of our revenue. Our work in this industry is split about evenly between reactive and proactive services. Growing energy demand driven by artificial intelligence and data center investments, along with the related infrastructure development, inevitably leads to disputes that fuel our reactive business.

能源產業約占我們收入的五分之一。我們在這個行業的工作大致分為被動服務和主動服務。人工智慧和資料中心投資以及相關基礎設施發展推動的能源需求不斷增長，不可避免地引發了糾紛，加劇了我們的被動業務。

On the proactive side, our risk management work in the utility sector continues to grow independent of macroeconomic volatility as the industry experiences increasing energy demand while its infrastructure ages past its optimal use and with the consequences of failure ever increasing. The transportation industry's percentage of our revenue is in the mid-teens, of which approximately 90% is reactive. Disputes regarding the design and performance of advanced vehicle technologies are becoming more prevalent and increasingly complex, driving increased demand for our specialized expertise.

從積極方面來看，隨著公用事業行業的能源需求不斷增長，而其基礎設施的老化程度超過了最佳使用狀態，並且發生故障的後果也日益嚴重，我們在公用事業領域的風險管理工作也繼續獨立於宏觀經濟波動而增長。運輸業在我們的收入中所佔比例在十五六個百分點，其中約 90% 是被動收入。有關先進汽車技術設計和性能的爭議越來越普遍且越來越複雜，這推動了對我們專業知識的需求不斷增加。

The chemical industry's percentage of our revenues is in the low teens. Approximately 60% of our revenue in this industry is proactive and remaining 40% is reactive. The vast majority of our proactive work in this industry is regulatory consulting. Our data-driven insights are critical for projects related to environmental health, process engineering, and chemical safety, such as the growing concerns about the impact of PFAS on communities and ecosystems.

化學工業在我們的收入中所佔的比例只有百分之十幾。我們在這個行業的收入大約有 60% 是主動收入，剩下的 40% 是被動收入。我們在這個行業中主動進行的工作絕大多數是監管諮詢。我們的數據驅動見解對於與環境健康、製程工程和化學安全相關的項目至關重要，例如人們對 PFAS 對社區和生態系統的影響日益增長的擔憂。

The life sciences industry's percentage of our revenue is in the high single digits. Our work in this industry is split about evenly between reactive and proactive services. Our experts are advising clients on the root causes of safety concerns related to medical devices and diagnostics, leveraging multidisciplinary approaches that include expertise in material science, manufacturing, human factors, and health sciences. We also assist our clients with regulatory clearance and approval.

生命科學產業在我們的收入中所佔比例處於較高的個位數。我們在這個行業的工作大致分為被動服務和主動服務。我們的專家利用包括材料科學、製造、人為因素和健康科學等專業知識在內的多學科方法，為客戶提供有關醫療設備和診斷相關安全問題的根本原因的建議。我們也協助客戶取得監管部門的許可和批准。

The construction industry represents 5% to 10% of our revenue, of which approximately 90% is reactive. Our multidisciplinary teams provide domestic and international clients support for complex construction challenges and disputes.

建築業占我們收入的 5% 至 10%，其中約 90% 是被動收入。我們的多學科團隊為國內外客戶提供解決複雜建築挑戰和糾紛的支援。

It is the critical nature of our work and the unrelenting expectations around safety, health and the environment that continue to drive reactive engagements regardless of economic cycles. While clients certainly may tighten their belts to manage costs, they still need independent expert advice to navigate the path forward. Even when an industry is applying cost pressures, this reactive work often comes back which is what we saw in the chemical sector this quarter.

正是我們工作的關鍵性質以及對安全、健康和環境的不懈期望，使得無論經濟週期如何，我們都會繼續積極參與。儘管客戶當然可以勒緊褲腰帶來管理成本，但他們仍然需要獨立專家的建議來指引前進的道路。即使某個產業面臨成本壓力，這種被動工作也常常會再次出現，這就是我們本季在化工產業看到的情況。

Although uncertainty is pervasive in our current environment, Exponent has historically proven resilient through economic cycles. When combined with accelerating innovation and increasing expectations for safety, health, and the environment, this strategically positions us to weather economic volatility while seizing long-term sustainable growth opportunities. Rich?

儘管當前環境中充滿不確定性，但 Exponent 的歷史經驗已證明其在經濟週期中具有韌性。結合不斷加速的創新和對安全、健康和環境日益增長的期望，這將使我們在戰略上處於有利地位，能夠抵禦經濟波動，同時抓住長期可持續的成長機會。富有的？

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.

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。

For the first quarter of 2025, total revenues were approximately flat at $145.5 million, and revenues before reimbursements or net revenues, as I will refer to them from here on, were also approximately flat at $137.4 million as compared to the same period in 2024. Net income for the first quarter decreased to $26.7 million or $0.52 per diluted share as compared to $30.1 million or $0.59 per diluted share in the prior-year period.

2025 年第一季度，總收入大致持平於 1.455 億美元，而報銷前收入或淨收入（我將從這裡提及）也與 2024 年同期大致持平於 1.374 億美元。第一季淨收入下降至 2,670 萬美元或每股攤薄收益 0.52 美元，去年同期為 3,010 萬美元或每股攤薄收益 0.59 美元。

During the quarter, we realized a negative tax impact associated with accounting for share-based awards of $500,000 or $0.01 per share as compared to a tax benefit of $900,000 or $0.02 per share in the first quarter of 2024. The change in the tax impact associated with share-based awards was due to the difference in the value of the common stock between the grant date and the release date for the restricted stock units. Inclusive of the tax impact for share-based awards, Exponent's consolidated tax rate was 29.4% in the first quarter of 2025 as compared to 25.4% for the same period in 2024.

在本季度，我們意識到與股權獎勵會計相關的負面稅收影響為 500,000 美元或每股 0.01 美元，而 2024 年第一季的稅收優惠為 900,000 美元或每股 0.02 美元。與股權獎勵相關的稅收影響的變化是由於限制性股票單位授予日和釋放日之間普通股價值的差異造成的。在計入股權獎勵的稅收影響後，Exponent 2025 年第一季的綜合稅率為 29.4%，而 2024 年同期為 25.4%。

EBITDA for the quarter decreased 6% to $37.5 million, producing a margin of 27.3% of net revenues as compared to $40.1 million or 29.2% of net revenues in the first quarter of 2024. This year-over-year decrease in margins was driven by an increase in stock-based compensation and increase in the other operating expenses primarily associated with the Phoenix land lease renewal during the second quarter of 2024 and the loss of a tenant in our Menlo Park facility.

本季 EBITDA 下降 6% 至 3,750 萬美元，利潤率為淨收入的 27.3%，而 2024 年第一季為 4,010 萬美元，利潤率為淨收入的 29.2%。利潤率年減的原因是股票薪酬增加以及其他營運費用增加，主要與 2024 年第二季鳳凰城土地租約續約以及門洛帕克工廠失去租戶有關。

Billable hours in the first quarter were approximately $376,000, a decrease of 4% year over year. Average technical full-time equivalent employees in the first quarter were 966, which is a decrease of 4% as compared to one year ago. Headcount is down year-over-year as we have aligned our resources with demand. Sequentially, full-time equivalent employees increased 2% as compared to the fourth quarter of 2024 due to our recruiting and retention efforts.

第一季的計費小時數約為 376,000 美元，年減 4%。第一季平均技術全職等值員工人數為966人，比去年同期減少4%。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。由於我們大力招募和留任，全職員工人數與 2024 年第四季相比增加了 2%。

Utilization in the first quarter was 75%, approximately flat compared to the same period in 2024. The realized rate increase was approximately 4% for the first quarter of 2025 as compared to the same period a year ago.

第一季的利用率為 75%，與 2024 年同期基本持平。與去年同期相比，2025 年第一季的實際利率增幅約為 4%。

In the first quarter, compensation expense after adjusting for gains and losses and deferred compensation increased 1%. Included in total compensation expense is a loss in deferred compensation of $9.3 million as compared to a gain of $6.3 million in the same period of 2024. As a reminder, gains and losses and deferred compensation are offset in miscellaneous income and have no impact on the bottom line.

第一季度，調整損益和遞延薪酬後的薪資支出增加了1%。總薪酬費用包括 930 萬美元的遞延薪酬損失，而 2024 年同期的收益為 630 萬美元。提醒一下，損益和遞延補償在雜項收入中抵消，對底線沒有影響。

Stock-based compensation expense in the first quarter was $8.2 million as compared to $7.3 million in the prior-year period. Other operating expenses in the first quarter were up 15% to $12.1 million, driven primarily by the increased noncash expense associated with our Phoenix lease renewal and investments in our infrastructure. Included in other operating expenses is depreciation and amortization expense of $2.5 million for the first quarter.

第一季股票薪酬費用為 820 萬美元，而去年同期為 730 萬美元。第一季其他營運費用增加 15% 至 1,210 萬美元，主要原因是與鳳凰城租約續約和基礎設施投資相關的非現金支出增加。其他營運費用包括第一季的 250 萬美元折舊和攤提費用。

G&A expenses declined 11% to $5 million for the first quarter. The decrease in G&A expenses was primarily due to lower expenses for professional development, bad debt, and legal. Interest income increased to $2.7 million for the first quarter. Higher interest income was driven by an increase in cash and cash equivalents.

第一季的一般及行政費用下降 11% 至 500 萬美元。一般及行政費用的減少主要是由於專業發展、壞帳和法律費用的減少。第一季利息收入增加至 270 萬美元。利息收入增加是由於現金和現金等價物的增加。

Miscellaneous expenses, excluding the deferred compensation loss, were approximately $50,000 for the first quarter, which included a $250,000 foreign exchange loss and rental income of $190,000. During the quarter, capital expenditures were $1.8 million. We distributed $16.4 million to shareholders through dividend payments and repurchased $5 million of common stock at an average price of $77.31.

第一季的雜項費用（不包括遞延薪酬損失）約為 50,000 美元，其中包括 250,000 美元的外匯損失和 190,000 美元的租金收入。本季資本支出為 180 萬美元。我們透過股息支付向股東分配了 1,640 萬美元，並以平均 77.31 美元的價格回購了 500 萬美元的普通股。

Turning to our segments. Exponent's engineering and scientific segment represented 84% of revenues before reimbursement in the first quarter. Revenues before reimbursements in this segment were approximately flat in the first quarter. Activity during the quarter was driven by Exponent's services across transportation and utilities industries.

轉向我們的部分。Exponent 的工程和科學部門在第一季的報銷前收入中佔 84%。該部門第一季的報銷前收入基本持平。本季的活動由 Exponent 為運輸和公用事業行業提供的服務推動。

Exponent's environmental and health segment represented 16% of revenues before reimbursement in the first quarter. Revenues before reimbursements in this segment increased 2% for the first quarter. Growth in this segment was driven primarily by the increase in engagements in the chemicals industry.

Exponent 的環境和健康部門在第一季的報銷前收入佔總收入的 16%。該部門第一季報銷前收入成長了 2%。該領域的成長主要得益於化學工業參與度的增加。

Turning to our outlook. For the second quarter, as compared to one year prior, we expect revenue before reimbursements to be down in the low single digits and EBITDA to be 26% to 27% of revenues before reimbursements. For fiscal 2025, the year, we are maintaining our revenue and margin guidance. We expect revenues before reimbursements to grow in the low single digits and EBITDA to be 26.25% to 27% of revenues before reimbursements.

轉向我們的展望。對於第二季度，與去年同期相比，我們預計報銷前收入將下降個位數，EBITDA 將佔報銷前收入的 26% 至 27%。對於 2025 財年，我們將維持收入和利潤率指導。我們預計報銷前收入將以低個位數成長，EBITDA 將達到報銷前收入的 26.25% 至 27%。

As a reminder, we are returning 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. We started the year with a 5% to 6% headwind in technical full-time equivalent employees. Due to the gains made during the first quarter, we expect year-over-year technical full-time equivalent employees to be down approximately 1% in the second quarter. At year end, we expect headcount to be approximately 4% greater than we started the year with.

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。今年年初，我們的技術全職員工人數面臨 5% 至 6% 的不利因素。由於第一季取得的成長，我們預計第二季技術全職員工數量將年減約 1%。我們預計，到年底，員工人數將比年初增加約 4%。

We expect utilization in the second quarter to be 71% to 73% as compared to 75% in the same quarter last year. Approximately 150 basis points of the decline in utilization is because the second quarter of fiscal 2025 includes the July 4 holiday, which was part of the third quarter in 2024. We continue to expect the full-year utilization to be 72% to 73% as compared to 73% in 2024.

我們預計第二季的使用率將達到 71% 至 73%，而去年同期的利用率為 75%。利用率下降約 150 個基點是因為 2025 財年第二季包括 7 月 4 日假期，而該假期是 2024 年第三季的一部分。我們繼續預計全年利用率將達到 72% 至 73%，而 2024 年為 73%。

We expect the year-over-year realized rate increase to be 3% to 3.5% for the second quarter and full year. For the second quarter of 2025, we expect stock-based compensation to be $5.1 million to $5.4 million. For the full year 2025, we expect stock-based compensation to be $23.7 million to $24.2 million. We continue to believe that our stock-based compensation program effectively attracts, motivates, and retains our top talent.

我們預計第二季和全年的年比實際成長率將達到 3% 至 3.5%。對於 2025 年第二季度，我們預計股票薪酬為 510 萬美元至 540 萬美元。就 2025 年全年而言，我們預計股票薪酬將達到 2,370 萬美元至 2,420 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 second quarter, we expect the other operating expenses to be $12.1 million to $12.6 million. For the full year, we expect other operating expenses to be $49.5 million to $50.5 million. As a reminder, the increase in other operating expenses is primarily due to the extension of our Phoenix lease. We are very excited to have to secure this facility as we believe it will continue to be an integral part of our growth, especially with the advancement of automated vehicles.

對於第二季度，我們預計其他營運費用為 1,210 萬美元至 1,260 萬美元。我們預計全年其他營運費用為 4,950 萬美元至 5,050 萬美元。提醒一下，其他營運費用的增加主要是由於我們鳳凰城租約的延長。我們非常高興能夠獲得這個設施，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。

For the second quarter, we expect G&A expenses to be $5.8 million to $6.3 million. For the full year, we expect G&A expenses to be $24.8 million to $25.8 million. The increase in G&A expenses for the full year is primarily due to an expense of approximately $2 million for the firm-wide managers meeting in the third quarter of 2025. This meeting is an important investment in people development that will bring together our multidisciplinary teams, develop our key talent, and foster the next generation of leaders and business generators.

對於第二季度，我們預計一般及行政費用為 580 萬美元至 630 萬美元。我們預計全年一般及行政開支為 2,480 萬美元至 2,580 萬美元。全年一般及行政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，培養我們的關鍵人才，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 during 2025. In addition, we anticipate miscellaneous income to be approximately $200,000 per quarter for the remainder of 2025. We continue to work to replace the rental income that we lost in our Menlo Park facility. For the remainder of 2025, we do not expect any additional tax benefit or loss associated with share-based awards.

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 年剩餘時間每季雜項收入約為 20 萬美元。我們將繼續努力彌補門洛帕克工廠損失的租金收入。對於 2025 年剩餘時間，我們預計不會出現與股權獎勵相關的任何額外稅收優惠或損失。

For the second quarter of 2025, we expect our tax rate to be approximately 28% as compared to 26% in the same quarter one year ago. For the full year 2025, the tax rate is expected to be 28.5% as compared to 26% in 2024. The increase in the tax rate is due to the decrease in tax benefit from share-based awards. Capital expenditures for the full year 2025 are expected to be $10 million to $12 million.

對於 2025 年第二季度，我們預計稅率約為 28%，而去年同期為 26%。2025 年全年稅率預計為 28.5%，而 2024 年為 26%。稅率的增加是由於股權獎勵的稅收收益減少。預計2025年全年資本支出為1,000萬至1,200萬美元。

Our team continues to closely monitor the activities 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 our business, consists largely of advanced technology evaluations and integrations for the Department of Defense and Department of State. To date, this work has not been impacted.

我們的團隊將繼續密切關注華盛頓新政府的活動，以便我們能夠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占我們業務的 3%，主要包括為國防部和國務院進行先進技術評估和整合。到目前為止，這項工作尚未受到影響。

With regard to our regulatory consulting work, we have experienced some slower responses from federal regulators regarding our clients' products. Our regulatory consulting and compliance work represents approximately 11% of business. This includes our regulatory consulting and compliance work for the chemicals industry which represents 6% of our business, of which approximately two-thirds is performed outside the United States for clients who need to navigate a myriad of complex global and regulatory frameworks. The remainder of our regulatory consulting and compliance work, which represents 5% of our business, is split between consumer products, food and beverage, life sciences, energy, and transportation industries.

就我們的監管諮詢工作而言，我們發現聯邦監管機構對客戶產品的回應有些較慢。我們的監管諮詢和合規工作約佔業務的 11%。這包括我們為化學工業提供的監管諮詢和合規工作，占我們業務的 6%，其中約三分之二是在美國境外為需要應對各種複雜的全球和監管框架的客戶進行的。我們其餘的監管諮詢和合規工作占我們業務的 5%，分佈在消費品、食品和飲料、生命科學、能源和運輸業。

At the FDA, we anticipate the possibility of heightened scrutiny, particularly in the area of chemicals and processed foods. With regard to our emerging chemicals such as PFAS, much of this is driven by litigation at the state and municipal levels which has not been impacted. 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.

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。對於我們的新興化學物質（例如 PFAS），很大程度上是由州和市一級的訴訟推動的，但這些訴訟並未受到影響。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，同時推行他們的長期產品策略。

In closing, we remain confident in our ability to generate long-term profitable growth. I will now turn the call back to Catherine for closing remarks.

最後，我們仍然對我們實現長期獲利成長的能力充滿信心。現在我將把電話轉回給凱瑟琳，請她作最後發言。

Thank you, Rich. Exponent thrives in the face of change, whether it's driven by innovation or disruption. Transformation of industries continues unabated, driven by powerful forces, including the accelerating use of artificial intelligence in critical decision-making, increased energy demands and extreme weather.

謝謝你，里奇。無論變革是由創新還是顛覆驅動，Exponent 都能在變革中蓬勃發展。在人工智慧在關鍵決策中的加速應用、能源需求的增加以及極端天氣等強大力量的推動下，產業轉型持續不斷。

Technological advancements are revolutionizing safety-critical products, and human health risk is of ever-increasing concern. As our clients navigate increasing complexity, we remain focused on advancing our capabilities, investing in top talent, and delivering trusted insights that help our clients adapt, lead and grow in dynamic environments.

技術進步正在徹底改變安全關鍵產品，人類健康風險也日益受到關注。隨著我們的客戶應對日益複雜的情況，我們始終專注於提升我們的能力、投資頂尖人才並提供值得信賴的見解，幫助我們的客戶在動態環境中適應、領導和成長。

Operator, we are now ready for questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Tobey Sommer, Truist.

（操作員指示）Tobey Sommer，Truist。

Hey, good afternoon. This is Jasper Bibb on for Tobey. I was just hoping maybe you could contrast for us the growth rates in proactive and reactive work this quarter as well as maybe what share of reactive work is in the portfolio today.

嘿，下午好。這是 Jasper Bibb 代替 Tobey 上場的表演。我只是希望您能為我們對比本季主動和被動工作的成長率，以及被動工作在當今投資組合中所佔的份額。

Yeah. So we ended up seeing that we had the growth in the reactive business was in the low single digits, which was then offset by a slight decline in the proactive services overall.

是的。因此，我們最終發現，被動業務的成長處於較低的個位數，而這被主動服務整體的輕微下降所抵消。

In terms of your question just about the proportion, Jas, we run now about 60% is reactive, 40% is proactive. And of that 60% reactive, most of that -- probably 80% to 90% of that is going to be litigation or dispute driven.

關於你提出的比例問題，Jas，我們現在運行的比例大約是 60％ 是被動的，40％ 是主動的。而在這 60% 的反應性措施中，大部分——大概 80% 到 90% 將會由訴訟或爭議引發。

Okay, thanks. That's helpful. And then, I guess, just curious if you've seen any changes in the pace of proactivity across maybe certain end markets in the past few months. I mean, I think in the past, we've talked about supply chain changes potentially driving demand. So I'm curious if there's been just any change in what you're seeing with the reassuring agenda of new administration.

好的，謝謝。這很有幫助。然後，我想，我只是好奇您是否看到過去幾個月中某些終端市場的主動性步伐發生了任何變化。我的意思是，我認為在過去，我們討論過供應鏈變化可能會推動需求。所以我很好奇，新政府令人安心的議程是否發生了任何變化。

Yeah. So thanks for that. I mean, look, we do -- in general, over time, when our clients are facing change, so supply chain disruption, decisions about using different materials because of that supply chain disruption. These are the kinds of changes that can impact the reliability and the quality and the performance and safety of their products.

是的。所以謝謝你。我的意思是，你看，我們確實會這樣做——一般來說，隨著時間的推移，當我們的客戶面臨變化時，供應鏈就會中斷，我們會因為供應鏈中斷而決定使用不同的材料。這些變化可能會影響產品的可靠性、品質、性能和安全性。

And so as our clients across industries, including consumer products, including electronics, including medical devices, look to diversify their supply chains, we do see opportunity in that. Now that does take some time to manifest itself. They don't change their supply chains on a dime. And so we certainly are seeing scenarios where clients are exploring those opportunities and they are looking toward a diversification strategy.

因此，當我們各行業的客戶，包括消費品、電子產品和醫療設備，都尋求實現其供應鏈多樣化時，我們確實看到了其中的機會。現在這確實需要一些時間來體現。他們不會輕易改變自己的供應鏈。因此，我們確實看到客戶正在探索這些機會並尋求多元化策略的情景。

And so we're making sure that we are in close relationships with them regarding that and are engaged in positioning ourselves to assist them if and when they do decide to make those changes.

因此，我們確保與他們保持密切的關係，並在他們決定做出這些改變時盡力為他們提供幫助。

And I would just add to that, that where we've seen it specifically, again, it's not -- it's still at the edges today because we're early in this. But what we're seeing is for our clients that have, over time, here, over the last several years, begun to move activities to other parts of Asia from China, that work, as you move into those new manufacturing environment to -- and new supplier relationships, you do see an increase in demand from those clients around doing additional evaluations and testing and run into more defects during that early manufacturing phase. And so we are seeing some increases of that right now. And that has led to some increased activity on that front.

我想補充一點，我們具體看到的情況是，它今天還處於邊緣，因為我們還處於早期階段。但我們看到的是，我們的客戶在過去幾年中隨著時間的推移，開始將活動從中國轉移到亞洲其他地區，當你進入新的製造環境和新的供應商關係時，你確實會看到這些客戶對進行額外評估和測試的需求有所增加，並且在早期製造階段會遇到更多的缺陷。因此，我們現在看到了一些增長。這導致該方面的活動增加。

On the life sciences side, particularly in the medical device area, again, as clients, depending on what phase they're in, we've had a few clients who are still in the last month or two at a point where they could consider a different supplier and material for their device. And we have been engaged by a couple of clients in helping them evaluate those different materials and suppliers in that game.

在生命科學方面，特別是在醫療器材領域，同樣，作為客戶，根據他們所處的階段，我們有一些客戶在過去的一兩個月裡仍在考慮為他們的設備尋找不同的供應商和材料。我們已經與一些客戶合作，幫助他們評估遊戲中的不同材料和供應商。

So those are current real-time examples. Again, not moving the needle one way or another, as you can tell from our results here in the first quarter, but they -- those activities are real and are happening.

這些都是當前的即時範例。再說一次，正如您從我們第一季的結果中看到的那樣，這些活動不會以任何方式改變現狀，但它們是真實的並且正在發生。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Hi, good afternoon. Thanks for taking my questions. I'm curious if you can unpack the second-quarter outlook a little bit further. It looks like I think, Rich, you said that there is a headwind to utilization from the July 4 holiday, but it's still even excluding that, and a little bit softer compared to what you saw in Q1 and the first half of last year.

嗨，下午好。感謝您回答我的問題。我很好奇您是否可以進一步闡述第二季的前景。我認為，Rich，您說過 7 月 4 日假期對利用率造成了不利影響，但即使排除這個因素，與第一季和去年上半年的情況相比，利用率還是會稍微弱一些。

So just wondering, understanding that there are some areas here where you're seeing an uptick in interest, if there are kind of obvious examples that you've seen over the last month where the softness is maybe more pronounced or if there's anything else kind of baked in there that I'm not contemplating.

所以只是想知道，您是否了解到這裡的一些領域引起了人們的興趣，您是否看到上個月出現一些明顯的例子，其中疲軟可能更加明顯，或者是否還有其他我沒有考慮到的情況。

Yeah. So Andrew, we definitely have the other -- the utilization is a point or two below being on an apples-to-apples basis even with where it was last year. So first of all, for everybody, to repeat a comment that I made in my prepared remarks, which is the first 150 to 200 basis points of a difference there is really related to the Fourth of July holiday week being part of our second quarter, which includes holiday and extra vacation taken that fit into that time frame and bring us there. So that's part of it. That would take you to 75% to 73%.

是的。因此，安德魯，我們肯定還有另一個——即使與去年的情況相比，利用率也要低一到兩個百分點。首先，我要向各位重複我在準備好的發言中提到的一點，那就是第一個 150 到 200 個基點的差異實際上與 7 月 4 日的假期周有關，這是我們第二季度的一部分，其中包括適合該時間範圍的假期和額外假期，並將我們帶到了那裡。這就是其中的一部分。這將使你的比例達到 75% 到 73%。

The other being slightly below that is -- it is based on the inputs from the organization relative to the -- what's going on in the market. I will say that the adjusted UT at -- when we're talking about it for -- going from the first quarter to the second quarter, is -- would put us right in that 72% range. So when you're adjusting for holidays and vacations and timing on that, the adjusted UT at 72% is right on with where it was.

另一個略低於這個數字的是──它是基於組織相對於市場現狀的投入。我想說的是，當我們談論從第一季到第二季的調整後 UT 時，它會讓我們正好處於 72% 的範圍內。因此，當您根據假期和休假時間進行調整時，調整後的 UT 為 72%，與原來的位置完全一致。

But I think that our people, as we go out to them, to each individual and business units, are seeing a few of these instances on the edges where the work for life sciences clients who are going through a regulatory process and approval are seeing that it takes a few weeks longer to -- and it's unpredictable when the follow-up meeting to confer with the FDA might occur. Not that it's going to go away, the clients are clearly -- and we've addressed this -- still committed to it, it's just a little bit of uncertainty there.

但我認為，當我們的工作人員與每個人和業務部門接觸時，他們會看到一些邊緣情況，即正在經歷監管流程和批准的生命科學客戶的工作需要多花幾週的時間——而且無法預測何時會與 FDA 舉行後續會議。這並不是說它會消失，客戶顯然——我們已經解決了這個問題——仍然致力於此，只是存在一點點不確定性。

We have seen in some areas on some proactive testing on a battery technology for a client in the consumer products area where the client, again, uncertain about where they're going to be able to -- what they're going to be importing and from where they're going to be doing that. So they were going through a battery assessment of a new supplier. They put that on hold because they wanted to wait until they figured out where they were going to be moving that production to.

我們看到，在某些領域，我們為消費品領域的客戶進行了一些電池技術的主動測試，而客戶同樣不確定他們將能夠從哪裡進口什麼以及從哪裡進口。因此他們正在對新供應商進行電池評估。他們暫停了這項計劃，因為他們想等到弄清楚要將生產轉移到哪裡。

So again, not -- we're talking about maybe that's impacted people's forecast by 100 basis points, maybe most 200 basis points where they're seeing those things around the edges. So I do think you're seeing some guidance here that reflects that little bit of negative activity and uncertainty coming through.

所以再說一遍，不是——我們談論的是這可能對人們的預測產生了 100 個基點的影響，也許最多是 200 個基點，他們看到的只是邊緣的東西。因此我確實認為你在這裡看到的一些指導反映了一些負面活動和不確定性。

Got it. Thank you. That's helpful. And then I guess -- sorry to belabor the point with the numbers here. But just in terms of guidance, are you assuming that those edge cases remain edge cases for the back half of the year? Or do those delays kind of work themselves out?

知道了。謝謝。這很有幫助。然後我想——抱歉，我在這裡用數字來強調這一點。但僅從指導角度來看，您是否假設這些極端情況在下半年仍然是極端情況？或者這些延遲會自行解決嗎？

I'm just kind of wondering, from like a visibility perspective, how much maybe would need to change or improve or even get worse at the bottom end of your guidance just so we kind of have the guidance and the conservatism of guidance.

我只是有點好奇，從可見性的角度來看，您的指導底端可能需要改變或改進多少，甚至變得更糟，以便我們獲得指導和指導的保守性。

Yeah. Completely understood and appreciate it. Look, I think that our guidance, as it was back in February and where we're maintaining it now, includes what we see as the current sort of environment being the thing where these are edge cases where we expect the clients on the reactive side are tightening their belts a little bit but are going to continue forward with all the work and do it that clients on our utility risk work in there that's part of the proactive will continue forward full steam, that our clients in the consumer electronics area, where we've seen a little bit of slide, but that work will get done here in 2025, that it's not pushed out.

是的。完全理解並感激。瞧，我認為我們的指導意見，就像我們在二月份所給出的以及我們現在維持的指導意見一樣，包括了我們所看到的當前環境，即這些都是邊緣情況，我們預計被動方的客戶會稍微勒緊褲腰帶，但會繼續推進所有的工作，我們公用事業風險工作中的客戶是主動方的一部分，我們將繼續努力向前，我們在消費電子領域下滑了5 年，但我們不會被推遲完成這項工作。

And we don't have any indication right now from those clients that it will. It's just always a matter of when do they have hardware ready to be able to evaluate and do that. And then the last part of our proactive in the regulatory segment that it stays at this sort of level where you're seeing some short or moderate pauses in some work, but it's not having a major impact on the overall business.

而我們目前還沒有從這些客戶那裡得到任何跡象表明這種情況會發生。問題始終在於他們何時準備好硬體以便進行評估和執行。我們在監管領域採取的主動措施的最後一部分是，它停留在這樣的水平：你會看到某些工作出現短暫或適度的停頓，但這不會對整體業務產生重大影響。

So those are the things that we're considering as we give both the quarter and full year guidance. But if things obviously turn a lot worse and such, then obviously, anybody would have to reconsider that. But we have taken into account the current sort of environment and what we're seeing as the impact.

所以這些都是我們在提供季度和全年指導時考慮的事情。但如果情況明顯變得更糟，那麼顯然任何人都必須重新考慮這一點。但我們已經考慮到當前的環境以及我們所看到的影響。

Perfect. And maybe if I could just squeeze one more in and maybe talking on the other side of the coin. You highlighted a few areas where an uptick in interest or I guess demand could come. I think, Catherine, you said it does take some time. Is that something that could positively impact you as soon as the second half? Or is that more of a 2026 item? I asked just to kind of get a sense for maybe what the lag is on some of that cross-border changes or supply chain reconfigurations. Thanks again.

完美的。也許如果我能再擠出一點時間，也許可以從另一個角度來談談。您強調了幾個可能引起人們興趣或需求上升的領域。凱瑟琳，我想你說這確實需要一些時間。這是否會對你下半年的表現產生正面的影響？或者這更像是 2026 年的產品？我問這個問題只是想了解跨境變化或供應鏈重組的延遲。再次感謝。

Yeah. No, I do think, Andrew, that there is upside potential in that in 2025. When you think about the implications of the supply chain shifts, I mean, there are aspects of this as well. If you think about the Department of Health and Human Services, the increasing scrutiny around chemicals and food, a lot of our work in pesticides, if you think about PFAS as another example, I mean, these are all areas of significant concern that are wrapped around human health risk.

是的。不，安德魯，我確實認為 2025 年還存在上漲潛力。當你考慮到供應鏈轉變的影響時，我的意思是，這也有其面向。如果你考慮衛生與公眾服務部，對化學品和食品的審查越來越嚴格，我們在殺蟲劑方面做了很多工作，如果你以 PFAS 為例，我的意思是，這些都是與人類健康風險相關的令人嚴重擔憂的領域。

And these are areas that we aren't seeing necessarily those concerns abating at all. They tend to be following the trends of the bar being raised. And so there is definitely opportunity for us in 2025 to realize that.

而在這些領域，我們根本沒有看到這些擔憂減輕。他們傾向於追隨標準不斷提高的趨勢。因此，2025 年我們肯定有機會實現這一目標。

Thanks again.

再次感謝。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Hi, good afternoon, Catherine, Rich. I guess, so far, you've talked about the impacts from some of the government policies. But I think in the prepared remarks, you also mentioned some macro-related impacts. So I was wondering if you could talk about what you're seeing there and how impactful do you think the macro environment is for your customer decision-making. Thank you.

嗨，下午好，凱瑟琳，里奇。我想，到目前為止，您已經談到了一些政府政策的影響。但我認為在準備好的發言中，您也提到了一些宏觀相關的影響。所以我想知道您是否可以談談您所看到的情況以及您認為宏觀環境對您的客戶決策有多大影響。謝謝。

Yeah. Maybe I'll just start off at the highest level and then let Catherine sort of give a little -- dive back into some of the comments that she provided earlier. I think, look, we wanted to make sure that on this call, since the environment, the tariffs or other economic things could be very broad-based outside of sort of the energy area and utilities, most of our clients produce a product, they manufacture and get supplies from around the world, and we wanted to make sure that investors had the benefit of understanding the size of those industries, how much of them is really -- where the concentration in proactive versus reactive is, and where that impacts lie.

是的。也許我應該從最高層開始，然後讓凱瑟琳稍微談談——重新回顧她之前提出的一些評論。我認為，看，我們希望確保在這次電話會議上，由於環境、關稅或其他經濟因素可能在能源領域和公用事業之外具有非常廣泛的基礎，我們的大多數客戶都生產產品，他們在世界各地製造和獲得供應，我們希望確保投資者能夠了解這些行業的規模，它們的實際規模——主動和被動的集中度在哪裡，以及其影響在哪裡。

As we've stated, a lot of -- 60% of our work is reactive in nature. Clients in those areas don't -- they need to proceed and find third-party experts to help them with that work and do it. Can you tighten the belt? Yes. What we've seen over decades is that clients tighten their belt, but they still proceed with all those matters. They have to in those circumstances and do it.

正如我們所說，我們的許多工作（60％）本質上都是被動的。這些地區的客戶不需要——他們需要繼續尋找第三方專家來幫助他們完成這項工作。你能勒緊褲帶嗎？是的。幾十年來，我們看到的是客戶勒緊褲帶，但他們仍然繼續處理所有這些事務。在那種情況下他們必須這麼做。

And when you turn over to our proactive side, we've got utilities clients that are responding to risks and wildfires and other natural events and doing it. And we've got in the chemicals industry and life sciences and others, while there is disruption to the regulatory environment right now, these are heavily regulated industries and will remain heavily regulated industries that will be there and can -- again, they'll have some impact, but they will continue to go. So we're trying to premise whatever the impact in a broader basis be, you at least have the information to understand our exposure.

當您轉向我們的主動方面時，我們將會有公用事業客戶正在應對風險、野火和其他自然事件並採取行動。在化學工業、生命科學和其他行業，雖然目前的監管環境受到了乾擾，但這些行業仍將受到嚴格監管，而且這些行業仍將存在，而且可能會產生一些影響，但它們將繼續發展。因此，我們試圖確定，無論更廣泛意義上的影響是什麼，您至少擁有了解我們的風險敞口的資訊。

Yeah. Look, I would just add, the transformation that is going on across so many of the industries that we serve, whether that's in electronics with human health and wearable technology, whether that's utilities needing to improve the integrity of their assets to withstand extreme weather, whether that's the pharma industry trying to demonstrate the value of their medicines or have better real-world evidence, vehicle automation and electrification, like these complex transformations are going -- I have a lot of confidence that these will continue.

是的。我想補充一點，我們所服務的眾多行業都在發生轉變，無論是與人類健康和可穿戴技術相關的電子產品，還是需要提高資產完整性以抵禦極端天氣的公用事業，還是試圖證明其藥品價值或擁有更好的現實世界證據的製藥行業，汽車自動化和電氣化，這些複雜的轉變都在進行中——我非常有信心這些轉變將繼續下去。

And what's happening now from the standpoint of the economy and tariffs, I mean, this is introducing even more complexity. But that race to innovate, that safety-critical nature of the innovations that are coming through, that societal expectation around safety and health and the environment, those are still there. Global regulatory frameworks continue to rise. We see the work we do over in the EU. And globally, that is something that continues to happen.

從經濟和關稅的角度來看，現在的情況更加複雜。但是，創新的競賽、不斷湧現的創新的安全關鍵性、社會對安全、健康和環境的期望仍然存在。全球監理框架不斷完善。我們看到了我們在歐盟所做的工作。在全球範圍內，這種情況仍在持續發生。

And so yes, in the short term, we have uncertainty in our clients, but they do turn to us as they are transforming their products to help them ensure the safety and health of their ultimate users.

所以是的，在短期內，我們的客戶存在不確定性，但他們在轉變產品時確實會向我們尋求幫助，以確保最終用戶的安全和健康。

And look, we've -- what we saw happen all the way back in the financial crisis was, yes, clients tighten their belt. We went from mid- to high single-digit growth to being flat in '09, but back to growth in 2010. We definitely saw the tightening of the belts and resetting up things in the consumer electronics industry back in late '22 and early '23, we've seen that come back around already.

看看吧，我們在金融危機期間看到的情況是，顧客確實勒緊褲帶了。2009 年，我們的成長率從中高個位數降至持平，但 2010 年又恢復成長。我們確實看到，在 2022 年底和 2023 年初，消費性電子產業開始勒緊褲腰帶、進行重組，而現在，我們已經看到這種趨勢復甦。

In 2024, we saw that really stabilize for us and come back. We've been through a little bit of belt tightening in the chemicals industry in late '23 and early '24, and again, have seen the clients need to come back and still address their litigation and regulatory issues.

2024 年，我們看到情況真正穩定下來並回升。2023 年底和 2024 年初，化學工業經歷了一段緊縮時期，我們再次看到客戶需要回來解決他們的訴訟和監管問題。

So we think the resiliency is there. You can never predict every little bit every quarter, but we've got a very diverse portfolio here that's really helped us through some of these more challenging times.

因此我們認為其具有彈性。你永遠無法預測每個季度的每個細節，但我們擁有非常多樣化的投資組合，這確實幫助我們度過了一些更具挑戰性的時期。

That's really helpful color. And I really appreciate the percentages at the beginning of the call, too. That's really helpful.

這顏色確實很有幫助。我也非常欣賞通話開始時所列的百分比。這真的很有幫助。

Maybe my last question is on the FTE growth. I guess in the midst of this environment, how do you think about the pace of FTE growth going into a potentially choppier or less visible type of environment? Is there anything that would cause you to kind of look at that again?

也許我的最後一個問題是關於 FTE 成長的。我想，在這種環境下，您如何看待 FTE 成長速度進入可能更加不穩定或不太明顯的環境？有什麼事情會讓你再次考慮這個問題嗎？

So look, we -- as we look out into the rest of the year, we are continuing our plan, which is around hiring -- making sure we are hiring in those areas of the business where we see increasing demand.

所以，展望今年剩餘時間，我們將繼續執行我們的計劃，即招聘計劃，確保我們在業務需求不斷增長的領域進行招聘。

What are some of these areas? The automated vehicle space. This is a place, particularly on the litigation side with advanced driver assistance technologies but also some of the safety case related work as this industry transitions from nominally Level 2 automation to Level 3 automation. That is a big, big technological step with a lot of risk. There's a lot of movement in that industry, and we are seeing a lot of ability to acquire talent there.

這些領域包括哪些？自動駕駛汽車空間。這是一個特別在訴訟方面擁有先進駕駛輔助技術的領域，但隨著該行業從名義上的 2 級自動化向 3 級自動化過渡，它也涉及一些與安全案件相關的工作。這是技術上的一大進步，但也存在很大風險。該行業有很多動態，我們看到那裡有很多獲得人才的能力。

We are acquiring talent on the asset risk side, people who understand how to use these sophisticated engineering models to understand the risks associated with all kinds of hazards, whether that's extreme weather or induction issues in transmission or what have you. We're hiring in the digital health side and wearables because that is a transformative technology when it comes to our understanding of human health, right?

我們正在招募資產風險的人才，這些人懂得如何使用這些複雜的工程模型來了解與各種危害相關的風險，無論是極端天氣還是傳輸中的感應問題，或是其他什麼。我們正在招募數位健康和​​穿戴式裝置的人才，因為這對我們理解人類健康是一項變革性的技術，對嗎？

So we're very focused on strategically hiring. We do believe, as Rich indicated, as we get to the end of the year, that we estimate we'd be about 4% ahead by -- in head count of where we were when the year started. So we've been closing that gap. We started the year 5% to 6% behind. We anticipate in Q3, the year-over-year FTE difference will be minus 1%. So as we progress through the year, we do believe that we've got the market drivers and a great employee value proposition that's going to allow us to grow that headcount.

因此，我們非常注重策略性招募。正如里奇所指出的，我們確實相信，隨著年底的到來，我們估計員工人數將比年初增加約 4%。因此我們一直在縮小這一差距。今年年初我們的成長率落後了 5% 到 6%。我們預計第三季的 FTE 年比差異將為負 1%。因此，隨著時間的推移，我們確實相信我們已經掌握了市場驅動力和出色的員工價值主張，這將使我們能夠增加員工人數。

Excellent. Thank you for the color and thanks for your time.

出色的。感謝您的顏色，感謝您的時間。

Thanks, Josh.

謝謝，喬希。

Thank you. We have no further questions, ladies and gentlemen. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。女士們、先生們，我們沒有其他問題了。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。