Exponent Inc (EXPO) 2025 Q2 法說會逐字稿

Good day. Welcome to Exponent's second-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

再會。歡迎參加 Exponent 2025 年第二季財報電話會議。 （操作員指示）請注意，此活動正在錄製中。

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

現在我想將會議交給投資者關係部門的 Joni Konstantelos。請繼續。

Thank you, operator. Good afternoon, ladies and gentlemen. Thank you for joining us on Exponent's second-quarter 2025 financial results conference call.

謝謝您，接線生。女士們、先生們，午安。感謝您參加 Exponent 2025 年第二季財務業績電話會議。

Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website at www.investors.exponent.com. This conference call is the property of Exponent and any taping or other reproduction is expressly prohibited, without prior written consent.

請注意，本次電話會議將在公司網站 www.investors.exponent.com 的投資者關係板塊同步網路上直播。本次電話會議版權歸 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 Factors in Exponent's most recent Form 10-Q.

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。

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.

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。而且 Exponent 不承擔更新或修改它們的義務，無論由於新的發展或其他原因。

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. Thank you, everyone, for joining us today. I will start off by reviewing our second-quarter 2025 business performance. 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。感謝各位今天的到來。首先，我將回顧我們2025年第二季的業務表現。隨後，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。

Revenues in the second quarter were flat but exceeded our expectations, reflecting our team's disciplined execution and resilience in this dynamic environment. Demand for our failure analysis expertise drove growth in dispute-related activities, particularly in the construction, automotive, and medical device sectors. Proactive engagements were led by risk management work in the utility sector, offset by softer demand for chemical regulatory work.

第二季的收入持平但超出了我們的預期，反映了我們團隊在這種動態環境中的嚴格執行和韌性。對我們故障分析專業知識的需求推動了爭議相關業務的成長，尤其是在建築、汽車和醫療器材領域。主動參與的業務主要集中在公用事業領域的風險管理工作，但化學品監管業務需求的疲軟抵消了這一成長。

Our broad portfolio that is diversified across industries, technical disciplines, and the product's life cycle continues to support resilience in an environment of higher-than-usual uncertainty for our clients. We're pleased to see continued growth in litigation-related activities, where the technical issues are increasingly novel and complex, and clients turn to us for extraordinary specialized expertise when the stakes are high. This market is fueled by rising safety and performance expectations, with companies recognizing that they are under greater scrutiny and that the consequences of failure continue to escalate. These dynamics, coupled with our unmatched capabilities, continue to reinforce our competitive moat.

我們廣泛的產品組合涵蓋各行各業、各技術領域以及產品生命週期，在充滿超乎尋常的不確定性的環境中，我們持續為客戶提供韌性。我們很高興看到訴訟相關業務的持續成長，這些業務中的技術問題日益新穎複雜，客戶在高風險情況下尋求非凡的專業知識。這個市場受到不斷提高的安全和性能期望的推動，公司認識到他們受到更嚴格的審查，並且失敗的後果將繼續升級。這些動力加上我們無與倫比的能力，繼續增強我們的競爭優勢。

Turning to our engagements in more detail, reactive engagements in the quarter were driven by strong activity in the automotive sector related to advanced driver assistance systems, as well as increased demand in complex construction-related matters. In medical devices, we supported high-stakes intellectual property issues alongside product liability and safety-related matters, leveraging our specialized technical knowledge, coupled with regulatory and industry expertise.

更詳細地講，本季我們的應對性業務主要得益於汽車行業與高級駕駛輔助系統相關的強勁活動，以及複雜建築相關事務需求的增加。在醫療器材領域，我們利用我們的專業技術知識以及監管和行業專長，為高風險的智慧財產權問題以及產品責任和安全相關事務提供支援。

Proactive engagements were led by risk management work in the utility sector, where we continue to evaluate the resilience of critical infrastructure and help mitigate safety risks for consumers and communities. A growing example of this is our wildfire work, where we are leveraging deep expertise in structural and electrical engineering, metallurgy, and data science to develop advanced quantitative risk models that inform decision-making around system hardening, maintenance priorities, and power shut-off strategies.

積極主動的合作由公用事業領域的風險管理工作引領，我們持續評估關鍵基礎設施的韌性，並協助降低消費者和社區的安全風險。一個日益突出的例子是我們的山火應對工作，我們利用在結構工程、電氣工程、冶金學和數據科學方面的深厚專業知識，開發先進的量化風險模型，為系統強化、維護優先級和斷電策略等方面的決策提供資訊。

We are encouraged by the progress we are making in headcount, as our recruiting efforts gain traction. We began the year with a 5% to 6% headwind in technical full-time equivalent employees but narrowed that gap to 2% by the end of the second quarter. And we expect headcount to be up in the third and fourth quarters.

隨著我們的招募工作取得進展，我們對員工人數的增加感到鼓舞。今年年初，我們的技術全職員工數量面臨 5% 至 6% 的不利因素，但到第二季末，這一差距縮小至 2%。我們預計第三季和第四季員工人數將會增加。

Our ability to attract top-tier talent is driven by a compelling employee value proposition, a development-focused culture, and the opportunity to do impactful, challenging work. As we enter the second half of the year with encouraging demand across several key areas, we will continue strengthening our talented team that is already regarded as industry-leading.

我們吸引頂尖人才的能力源自於引人注目的員工價值主張、以發展為中心的文化以及從事有影響力、具有挑戰性的工作的機會。隨著我們進入下半年，幾個關鍵領域的需求令人鼓舞，我們將繼續加強我們已經被視為行業領先的人才團隊。

Looking ahead, Exponent is well positioned to capitalize on key market drivers at the intersection of safety, health, and the environment. Our multi-disciplinary experts are actively engaged in early-stage initiatives tied to transformative innovations, including distributed energy systems and large-scale battery storage, where we guide clients through the evolving risks and technical complexities of the energy transition.

展望未來，Exponent 已做好準備，充分利用安全、健康和環境交匯處的關鍵市場驅動力。我們的多學科專家積極參與與變革性創新相關的早期計劃，包括分散式能源系統和大規模電池存儲，我們指導客戶應對能源轉型中不斷變化的風險和技術複雜性。

Our work in wildfire mitigation is expanding, reflecting the growing need for resilient infrastructure and risk reduction strategies in the face of increasing extreme weather. At the same time, we're leveraging our unique capabilities in scientific user research to support clients with their emerging artificial intelligence applications, such as evaluating human machine interaction across safety-critical systems like advanced medical devices and vehicles.

我們在野火減災方面的工作正在不斷擴展，這反映出在極端天氣日益增多的情況下，對韌性基礎設施和風險降低策略的需求日益增長。同時，我們正在利用我們在科學用戶研究方面的獨特能力，支援客戶開發新興的人工智慧應用，例如評估先進醫療設備和車輛等安全關鍵系統的人機互動。

We are also advising clients as they develop augmented and virtual reality technologies, helping ensure safety, reliability, and quality of immersive user experiences. Our recent early-stage engagements represent significant long-term growth opportunities as innovation of scale and become increasingly vital to industry and society. We are encouraged by the high potential activity across our business and are continuing to recruit strategically in our highest growth areas.

我們也為客戶提供擴增實境和虛擬實境技術開發的諮詢服務，協助確保沉浸式使用者體驗的安全性、可靠性和品質。隨著規模化創新對產業和社會日益重要，我們近期的早期專案代表著重要的長期成長機會。我們對我們業務中的巨大潛力感到鼓舞，並將繼續在我們成長最快的領域進行策略性招募。

In a world where innovation is rapidly accelerating and expectations around health, safety, and the environment are rising, our clients are facing increasingly complex, high-stakes challenges. That's exactly where we excel. Clients turn to Exponent for our multi-disciplinary insight, deep failure analysis expertise, and decades of risk and regulatory experience.

在這個創新快速發展、人們對健康、安全和環境的期望不斷提高的世界裡，我們的客戶面臨著日益複雜、高風險的挑戰。這正是我們的優勢。客戶選擇 Exponent 是因為我們擁有多學科洞察力、深厚的故障分析專業知識以及數十年的風險和監管經驗。

With a team of exceptional professionals and a strong reputation for delivering clarity in the face of complexity, we are confident in our ability to capitalize on these enduring growth drivers and deliver sustainable long-term value. I'll now turn the call over to Rich to provide more detail on our second-quarter results, as well as discuss our outlook for the third quarter and the full year 2025. Rich?

憑藉著一支傑出的專業團隊，以及在複雜環境下保持清晰決策的卓越聲譽，我們有信心利用這些持久的成長動力，創造可持續的長期價值。現在，我將把電話交給Rich，他將詳細介紹我們第二季的業績，並討論我們對第三季和2025年全年的展望。富有的？

Thank you, Catherine. 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。首先我要聲明，除非另有說明，所有比較都將以同比為基礎。

For the second quarter of 2025, total revenues increased 1% to $142 million. And revenues before reimbursements -- or net revenues, as I will refer to them from here on -- were approximately flat at $132.9 million as compared to the same period of 2024. Net income for the second quarter decreased to $26.6 million or $0.52 per diluted share as compared to $29.2 million or $0.57 per diluted share in the prior-year period.

2025 年第二季度，總營收成長 1%，達到 1.42 億美元。報銷前收入（或稱淨收入，我從現在開始將這樣稱呼它們）與 2024 年同期相比大致持平，為 1.329 億美元。第二季淨收入下降至 2,660 萬美元或每股攤薄收益 0.52 美元，去年同期為 2,920 萬美元或每股攤薄收益 0.57 美元。

During the quarter, the tax impact associated with share-based awards was immaterial compared to a tax benefit of $700,000 or $0.01 per share in the second quarter of 2024. Inclusive of the tax impact for share-based awards, Exponent's consolidated tax rate was 27.9% in the second quarter of 2025 as compared to 26.3% for the same period in 2024.

本季度，與 2024 年第二季度 700,000 美元或每股 0.01 美元的稅收優惠相比，與股票獎勵相關的稅收影響微不足道。在計入股權獎勵的稅收影響後，Exponent 2025 年第二季的綜合稅率為 27.9%，而 2024 年同期為 26.3%。

EBITDA for the quarter decreased 7% to $37 million, producing a margin of 27.8% of net revenues as compared to $39.9 million or 30.2% of net revenues in the same period in 2024. This year-over-year decrease in margins was primarily due to the decrease in utilization, an increase in the other operating expenses largely associated with the Phoenix land lease renewal during June of 2024, and a decrease in miscellaneous income due to the loss of a tenant at our Menlo Park facility.

本季的 EBITDA 下降 7% 至 3,700 萬美元，利潤率為淨收入的 27.8%，而 2024 年同期的 EBITDA 為 3,990 萬美元，利潤率為淨收入的 30.2%。利潤率年減主要是由於利用率下降、其他營運費用增加（主要與 2024 年 6 月鳳凰城土地租約續約有關）以及由於我們門洛帕克工廠失去租戶導致雜項收入減少。

Billable hours in the second quarter were approximately $359,000, a decrease of 6% year over year. The average number of technical full-time equivalent employees in the second quarter was 958, down 2% as compared to one year ago.

第二季的計費小時數約為 359,000 美元，年減 6%。第二季平均全職技術員工數為958人，年減2%。

Utilization in the second quarter was 72.1%, down from 75.1% in the same period of 2024. The decrease was due, in part, to the inclusion of the July 4 holiday in the second quarter, which resulted in one less day of billable activity compared to fiscal 2024 when the holiday occurred in the third quarter.

第二季的使用率為 72.1%，低於 2024 年同期的 75.1%。下降的部分原因是第二季納入了 7 月 4 日假期，與 2024 財年第三季假期相比，可計費活動減少了一天。

For the quarter, our realized rate increase was approximately 5% as compared to the same period a year ago. This is a result of our premium position in the marketplace, unparalleled talent, and differentiated interdisciplinary expertise.

本季度，我們實現的利率與去年同期相比成長了約 5%。這是因為我們在市場上佔據領先地位，擁有無與倫比的人才，並擁有差異化的跨學科專業知識。

In the quarter, compensation expense after adjusting for gains and losses in deferred compensation increased 2%. Included in total compensation expense is a deferred compensation gain of $17 million as compared to a gain of $875,000 in the same period of 2024. As a reminder, gains and losses in deferred compensation are offset in miscellaneous income and have no impact on the bottom line.

本季度，調整遞延薪資損益後的薪資費用增加了 2%。總薪酬費用包括 1,700 萬美元的遞延薪酬收益，而 2024 年同期的收益為 875,000 美元。提醒一下，遞延薪酬的損益在雜項收入中抵消，對底線沒有影響。

Stock-based compensation expense in the quarter was $2.1 million as compared to $2.3 million in the prior-year period. Other operating expenses in the quarter were up 8% to $12.1 million, driven primarily by the increased non-cash expense associated with our Phoenix lease extension. Included in other operating expenses is a depreciation and amortization expense of $2.5 million for the second quarter.

本季股票薪酬支出為210萬美元，去年同期為230萬美元。本季其他營運支出成長8%，達到1,210萬美元，主要原因是鳳凰城租約延期導致的非現金支出增加。其他營運費用包括第二季的 250 萬美元折舊和攤提費用。

G&A expenses increased 2% to $6.1 million for the quarter. Interest income increased to $2.3 million for the quarter, driven by an increase in cash and cash equivalents. Miscellaneous income, excluding the deferred compensation gain, was approximately $331,000 for the quarter.

本季一般及行政開支增加 2% 至 610 萬美元。由於現金和現金等價物的增加，本季利息收入增加至 230 萬美元。本季雜項收入（不含遞延薪酬收益）約為 331,000 美元。

During the quarter, capital expenditures were $2.3 million. We distributed $15.2 million to shareholders through dividend payments and repurchased $27.7 million of common stock at an average price of $75.66.

本季資本支出為 230 萬美元。我們透過股息支付向股東分配了 1520 萬美元，並以平均 75.66 美元的價格回購了 2770 萬美元的普通股。

Turning to our segments, Exponent's Engineering and Other Scientific segment represented 85% of net revenues in the second quarter. Net revenues in this segment increased 1%, driven by demand for Exponent's dispute-related services in the construction, automotive, and medical device sectors.

談到我們的部門，Exponent 的工程和其他科學部門佔第二季淨收入的 85%。該部門淨收入成長了 1%，這得益於建築、汽車和醫療器材領域對 Exponent 糾紛相關服務的需求。

Exponent's Environmental and Health segment represented 15% of net revenues in the second quarter. Net revenues in this segment decreased 4% due to a lower level of activity for proactive projects in the life sciences sector and our chemical regulation services.

Exponent 的環境和健康部門佔第二季淨收入的 15%。由於生命科學領域和化學監管服務領域的主動項目活動水準較低，該部門淨收入下降了 4%。

Turning to our outlook, for the third quarter 2025, as compared to one year prior, we expect revenues before reimbursements to be up in the middle single digits and EBITDA to be 26.75% to 27.75% of revenue before reimbursements. For fiscal year 2025, we are maintaining our full-year guidance. We expect revenues before reimbursements to grow in the low single digits and EBITDA to be 26.5% to 27% of revenues before reimbursements.

談到我們的展望，對於 2025 年第三季度，與一年前相比，我們預計報銷前收入將增長中等個位數，EBITDA 將達到報銷前收入的 26.75% 至 27.75%。對於 2025 財年，我們維持全年指引。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 26.5% 至 27%。

As a reminder, the 13-week fourth quarter of this year will be compared to a 14-week fourth quarter in fiscal 2024. As a result, we will experience a year-over-year revenue headwind of approximately 6% due to the decrease in workdays in the fourth quarter of 2025.

提醒一下，今年第四季的 13 週將與 2024 財年的第四季的 14 週進行比較。因此，由於 2025 年第四季工作日減少，我們的營收將年減約 6%。

We expect year-over-year technical full-time equivalent employees to be up approximately 1% to 2% for the third quarter. We are pleased to be returning to headcount growth, as we started the year with a 5% to 6% deficit in FTEs.

我們預計第三季技術全職員工數量將年增約 1% 至 2%。我們很高興員工人數能夠恢復成長，因為今年年初我們的全職員工人數出現了 5% 到 6% 的赤字。

This growth in headcount is a result of our recruiting activities and a normalized turnover rate. As such, we are starting the third quarter with headcount up approximately 1% as compared to the beginning of the second quarter of 2025. Based on our acceptances and these trends, we expect at year end that headcount will be approximately 4% higher than at the start of the year.

員工人數的成長是我們招募活動和正常化離職率的結果。因此，與 2025 年第二季初相比，我們第三季的員工人數增加了約 1%。根據我們的接受情況和這些趨勢，我們預計年底的員工人數將比年初高出約 4%。

We expect utilization in the third quarter to be 72% to 73% as compared to 73% in the same quarter last year. For the full year, we expect utilization to be approximately 72% as compared to 73% in 2024. We expect the year-over-year realized rate increase to be 4% to 5% for the third quarter and the full year.

我們預計第三季的使用率將達到 72% 至 73%，而去年同期的利用率則為 73%。我們預計全年利用率約為 72%，而 2024 年為 73%。我們預計第三季和全年的年實現成長率為 4% 至 5%。

For the third quarter, we expect stock-based compensation to be $5.3 million to $5.5 million. For the full year, we expect stock-based compensation to be $23.5 million to $24 million.

對於第三季度，我們預計股票薪酬為 530 萬美元至 550 萬美元。我們預計全年股票薪酬將達到 2,350 萬美元至 2,400 萬美元。

For the third quarter, we expect other operating expenses to be $12.5 million to $13 million. For the full year, we expect them to be $49.5 million to $50.5 million. As noted in prior quarters, the year-over-year increase in the full-year other operating expenses is largely driven by the extension of our Phoenix lease.

我們預計第三季其他營運費用為 1,250 萬美元至 1,300 萬美元。我們預計全年其他營運支出將在4,950萬美元至5,050萬美元之間。如前幾季所述，全年其他營運支出的年增率主要源自於我們鳳凰城租約的延長。

For the third quarter, we expect G&A expenses to be $7.5 million to $8 million. For the full year, we expect them to be $24.8 million to $25.5 million. The increase in G&A for the third quarter and full year is primarily due to an expense of approximately $2 million for a firm-wide Managers Meeting in September of 2025. The meeting is an important investment in people development that bring together our multi-disciplinary teams, develop our key talent, and foster the next generation of leaders and business generators.

我們預計第三季的一般及行政費用為 750 萬至 800 萬美元。我們預計全年收入將達到 2,480 萬美元至 2,550 萬美元。第三季和全年一般及行政費用的增加主要是由於 2025 年 9 月全公司管理人員會議的費用約為 200 萬美元。這次會議是對人才發展的重要投資，它將匯聚我們的多學科團隊，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 for the remainder of 2025. In addition, we anticipate miscellaneous income to be approximately $200,000 per quarter for the remainder of the year. We continue to work to replace the rental income we lost in our Menlo Park facility.

我們預計 2025 年剩餘時間每季的利息收入將達到 200 萬至 220 萬美元。此外，我們預計今年剩餘時間每季的雜項收入約為 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。

For the remainder of 2025, we do not anticipate any additional tax benefit associated with share-based awards. For the third quarter of 2025, we expect our tax rate to be approximately 28% as compared to 27.5% 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 a decrease in the tax benefit from share-based awards.

對於 2025 年剩餘時間，我們預計不會有任何與股權獎勵相關的額外稅收優惠。對於 2025 年第三季度，我們預計稅率約為 28%，而去年同期為 27.5%。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優惠減少。

Capital expenditures for the full-year 2025 are expected to be $10 million to $12 million. In closing, we are excited about our prospects for future growth.

預計2025年全年資本支出為1,000萬至1,200萬美元。最後，我們對未來的成長前景充滿期待。

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

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 amid disruptive innovation and evolving regulations. In an era marked by the rapid development of complex new technologies, we remain focused on helping our clients navigate an ever-changing landscape.

謝謝你，Rich。 Exponent 在顛覆性創新和不斷變化的監管環境下蓬勃發展。在這個複雜新技術快速發展的時代，我們始終致力於幫助客戶應對不斷變化的環境。

Today's engagements are laying the foundation for tomorrow's opportunities. And we will continue to deepen our expertise, attract top talent, and invest in the development of our exceptional team. As we look ahead, we are confident in our ability to leverage our competitive advantages and help our clients face their toughest challenges to drive sustainable growth and deliver long-term value for our shareholders.

今天的參與為明天的機會奠定基礎。我們將繼續深化專業知識，吸引頂尖人才，並投資於我們卓越團隊的發展。展望未來，我們充滿信心，有能力充分利用我們的競爭優勢，幫助客戶應對最嚴峻的挑戰，推動永續成長，並為股東創造長期價值。

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。

This is Tyler Barishaw on for Tobey. Just wanted to start with the utilization. You mentioned last quarter that there was a little bit of caution built into it, beyond just the July 4 holiday. I was wondering if you could explain how the utilization played out in the quarter. Was it all July 4 that causes the decline year over year?

我是泰勒·巴里肖，替補托比上場。先說一下他的利用率。您上個季度提到，除了 7 月 4 日假期之外，還採取了一些謹慎措施。我想知道您是否可以解釋一下本季的使用率。是因為 7 月 4 日這一天，才會導致連年下滑呢？

Yeah. I'll take that. So we did see the utilization come down 300 basis points there. I'd say half of that is related to the holiday. And the other 150 basis points is really just a step down in the utilization off of a strong utilization last year at 75% and the continuing integration of more hires this year as we are moving through the year. So those are the factors contributing to it in the short term.

是的。我會接受的。因此我們確實看到利用率下降了 300 個基點。我想說其中一半是跟假期有關。剩下的150個基點其實只是利用率的下降，去年利用率高達75%，今年隨著我們全年的推進，還會有更多員工加入。所以，這些都是短期內造成這種情況的因素。

Got it. And then maybe can you just discuss trends throughout the quarter? How did clients respond to easing tariff uncertainty, new trade deals? Just curious how that played out throughout the quarter.

知道了。然後您能否討論一下整個季度的趨勢？客戶對關稅不確定性的緩解和新的貿易協定有何反應？只是好奇整個季度的情況如何。

Yeah. We're seeing -- certainly, our clients are mindful of that. And they are also mindful of their long-term product strategies. We have seen, for example, a little bit of softness that we cited in the chemical sector.

是的。我們看到——當然，我們的客戶也意識到了這一點。他們也非常注重自己的長期產品策略。例如，我們看到化學工業出現了一些疲軟跡象。

A little bit -- there are clients who are looking to import their products into the United States or export their products coming to the United States. And there's a little bit of wait-and-see that we're picking up there because of the uncertainty in the tariff environment, right? So that can create a little bit of a delay in some of the engagements in terms of those dossier projects, those product renewals, and so forth. So that is something that we've seen.

有一點——有些客戶希望將他們的產品進口到美國或出口到美國。由於關稅環境的不確定性，我們目前採取了一些觀望態度，對嗎？這可能會導致一些項目（例如檔案項目、產品更新等）的進度稍微延遲。這就是我們所看到的。

And in terms of the tariffs, that's across other industries as well. We see issues in the -- you think in consumer electronics. But the positive driver there, really, is around the complexity of the supply chain and our clients really looking at their longer-term strategies around their supply chain. That kind of disruption, over the long term, I think, has an opportunity for us in it because of the complexity of that and our expertise around product quality and so forth.

就關稅而言，其他產業也是如此。我們看到了一些問題——您認為是在消費性電子產品中。但真正的積極驅動力在於供應鏈的複雜性，以及我們的客戶真正專注於其供應鏈的長期策略。我認為，從長遠來看，這種顛覆對我們來說是一個機會，因為它很複雜，而且我們在產品品質等方面擁有專業知識。

And so there is certainly an effect around the [edges] as we saw in the chemical space. But broadly, our clients continue to want to push their chemicals through that regulatory environment. And they are looking for ways -- even in the face of slowing at the EPA, for example, they are looking for ways to support that process and continue that along.

因此，正如我們在化學空間中看到的那樣，[邊緣]周圍肯定會產生影響。但總體而言，我們的客戶仍然希望透過監管環境來推動他們的化學品。他們正在尋找方法——例如，即使面臨環境保護署（EPA）放緩的情況，他們仍在尋找方法來支持這一進程並繼續下去。

Yeah. Super helpful. And then just wondering if you can provide any preliminary thoughts on the revenue outlook for next year. Should we be thinking about a return, high single digit, low double digit, or a little more gradual, maybe mid-single digit for 2026?

是的。非常有幫助。然後，我想知道您是否能就明年的收入前景提供一些初步看法。我們是否應該考慮回報率，是高個位數、低兩位數，還是稍微漸進一點，例如 2026 年的中位數？

Yeah. So of course, we're just in the beginning of doing our planning process for 2026. But what I can do is really give you my perspective on what's driving the market and why I'm encouraged, in that sense, when we think to not only the second half of '25 but also into 2026.

是的。當然，我們才剛開始擬定 2026 年的規劃。但我所能做的是真正地向你們講講我對市場驅動因素的看法，以及為什麼當我們不僅考慮 2025 年下半年，而且考慮 2026 年時我感到鼓舞。

When I look out there, I'm really excited by what we're seeing in wearables and sensors. This is particularly true around human health applications. There's a hardware side to this, of course: more power, smaller spaces, advanced displays, new form factors, the heightened expectations of performance of those sensors. So that's a driver.

當我放眼望去，我對穿戴式裝置和感測器的出現感到非常興奮。對於人類健康應用來說尤其如此。當然，這也有硬體方面的原因：更強大的功能、更小的空間、更先進的顯示器、新的形式因素以及對這些感測器性能的更高期望。這就是一個驅動因素。

But probably the even bigger piece of that is the human interface and the data side of that, right? We have an incredibly unique value proposition that crosses from the hardware to the human, whether it's the cognitive interface or the physical interface. And this touches both the electronics and life sciences industries for us.

但可能其中更重要的部分是人機介面和資料方面，對嗎？我們有一個非常獨特的價值主張，它涵蓋了從硬體到人類，無論是認知介面還是物理介面。這對我們來說涉及電子和生命科學產業。

So we're seeing more early engagements. We are building a more diversified client base in both of those industries. It's heavily regulated. It's safety critical. It's getting more and more complicated and those safety expectations are ever heightened. So a lot of excitement there.

因此，我們看到了更多的早期參與。我們正在這兩個行業建立更多樣化的客戶群。它受到嚴格監管。安全至關重要。它變得越來越複雜，人們對安全的期望也越來越高。那裡非常熱鬧。

Another place I would cite, Tyler, is the energy space. We've got a lot of dynamics, right now, in terms of how much emphasis is being placed on renewables versus more traditional sources of energy. But the reality is that the demand for power is growing incredibly.

泰勒，我想提到的另一個地方是能源空間。目前，我們在多大程度上重視再生能源而不是傳統能源方面有很多動態。但現實是，對電力的需求正在以驚人的速度成長。

And we have an aging infrastructure to distribute it. We have new technologies and more complicated technologies coming online to try to meet that demand. We have new infrastructure, in terms of data centers and distribution.

而且我們分發資訊的基礎設施也老化了。我們推出了新技術和更複雜的技術來滿足這項需求。我們擁有新的基礎設施，包括資料中心和分銷。

We have deployments of new energy technologies not meeting expectations. And we're seeing that in the disputes area. We're well positioned for that. The proactive work in utility risk, we are seeing a diversification of our client base there. That imperative is growing.

我們的新能源技術部署尚未達到預期。我們在爭端地區看到了這一點。我們在這方面已經做好了充分的準備。透過積極主動地進行公用事業風險工作，我們看到我們的客戶群正在呈現多元化。這種需求正在日益增長。

Distributed energy systems as well to power the data centers, small modular reactors, battery energy storage systems, et cetera. So a lot of excitement there that involves a lot of our disciplines.

分散式能源系統也為資料中心、小型模組化反應器、電池儲能係統等供電。因此，那裡有很多令人興奮的事情，涉及我們的許多學科。

I would cite, of course, automotive. This is advanced driver assistance systems moving into more fully automated fleets. We're seeing increased complexity in our litigation matters. Last year or the year before, it's, oh, you should have had the technology and you didn't.

當然，我會提到汽車。這是先進的駕駛輔助系統進入更自動化的車隊的體現。我們發現訴訟事務變得越來越複雜。去年或前年，你應該擁有這項技術，但你沒有。

But now, it's about you have the technology and it didn't perform. It's an even more complicated question where you have to dive in to the algorithm and have unique ways of testing the capabilities. So really excited there.

但現在，問題是你擁有了技術，但它卻沒有發揮作用。這是一個更複雜的問題，您必須深入研究演算法並採用獨特的方法來測試其功能。我真的很興奮。

And finally, I would just cite the accelerated adoption of AI into safety-critical and performance-critical systems. We operate around the product life cycle there. You've got the data side coming in. What is your strategy for the data that you're going to use to train your algorithm properly? You want to build the model that leverages AI but also leverages the laws of physics.

最後，我想提一下人工智慧在安全關鍵型和效能關鍵型系統中的加速應用。我們圍繞產品生命週期開展業務。您已取得數據方面的資訊。您將使用什麼策略來正確訓練您的演算法？您希望建立一個既能利用人工智慧又能利用物理定律的模型。

AI is about correlation, right? Past performance is predicting future results. We are adding that layer of subject-matter expertise to get causation into the equation. When you really need to get the right answer, we are uniquely positioned for that with our deep roots in failure analysis and in engineering and scientific systems.

人工智慧與相關性有關，對嗎？過去的表現可以預測未來的結果。我們正在添加這層專業知識，以便將因果關係納入方程式。當您真正需要獲得正確答案時，我們憑藉在故障分析以及工程和科學系統方面的深厚根基，擁有獨特的優勢。

So Rich may want to add in terms of going forward. But that's just a bit of my feeling about the areas that we're most excited about.

因此，Rich 可能希望在未來做出補充。但這只是我對我們最興奮的領域的一點感受。

Yeah. Tyler, just getting back also to your quantitative question, again, as Catherine indicated, we're still at the early stage of developing our detailed plan for 2026 and, in turn, providing that guidance at the beginning of -- end of January, beginning of February.

是的。泰勒，回到你的定量問題，正如凱瑟琳所說，我們仍處於製定 2026 年詳細計劃的早期階段，並將在 1 月底、2 月初提供指導。

But look, I think we are on -- in a position, which I stated before, where I think we are going to be able to start the year at least at this 4% headcount growth approximately in that range. I think that brings us back into what we talk about, really, being our growth algorithm of having headcount that's in that 4% to 8% growth a year. I think we can just build off of what we've got at 4% starting the year and go from there.

但是，我認為我們正處於一個我之前提到過的位置，我認為我們至少能夠以 4% 左右的員工人數成長率開始新的一年。我認為這讓我們回到我們真正談論的話題，即我們的成長演算法，即員工人數每年增長 4% 到 8%。我認為我們可以以今年年初 4% 的成長率為基礎繼續前進。

I think you're going to be able to see -- I don't think we're going to realize 5% again next year in rate probably. But I think we'll get back to a more normal rate realization, might be in that 2.5% to 3.5% range depending on where the economy is and different things of that type.

我想你會看到——我認為明年我們的利率可能不會再達到 5%。但我認為我們將恢復到更正常的利率水平，可能在 2.5% 到 3.5% 的範圍內，具體取決於經濟狀況和諸如此類的不同因素。

And I think where we -- the utilization, as we said, will come in approximately at 72% for this year. I think that provides a good foundation for us to build off of going forward. So I think we're setting ourselves up for a good position going forward.

我認為，正如我們所說，今年的利用率將達到約 72%。我認為這為我們未來的發展奠定了良好的基礎。所以我認為我們正在為未來的良好發展做好準備。

Josh Chan, UBS.

瑞銀的 Josh Chan。

This is Karan Singhania on for Josh. I was hoping if you could share with us how did the growth rates trend in the proactive and reactive book in the quarter?

我是卡蘭辛加尼亞 (Karan Singhania)，為喬希 (Josh) 做報道。請問您能否分享一下本季主動和被動帳簿的成長率趨勢如何？

I'm sorry. There was noise outside. Can you repeat that question?

對不起。外面很吵。你能重複一下這個問題嗎？

Sorry. Yeah. I was hoping if you can just share with us how did the growth rates in the proactive and the reactive side of the business trend in the quarter?

對不起。是的。我希望您能與我們分享本季主動和被動業務的成長率趨勢如何？

Yeah. The growth rates were very similar. They're both within, give or take, 1% on the growth rate there. So there really wasn't a big distinction in that overall.

是的。成長率非常相似。它們的成長率都在 1% 左右以內。所以整體來說，這方面確實沒有太大的差別。

I think the one interesting very, I think, positive variable [buried] though, in that reactive side, which was, let's call it, up 1%, is really that our litigation or disputes-related work grew 7% year over year. That's on top of similar growth of that level or higher in the prior two years where we've had strength.

我認為，在反應方面隱藏著一個非常有趣的積極變量，我們稱之為增長 1%，實際上我們的訴訟或糾紛相關工作同比增長了 7%。這與前兩年我們強勁的成長水準相當，甚至更高。

And while that was offset by a few larger regulatory matters that we had ongoing last year that stepped down, which tend to be -- can have a little bit of timing related to them and be a little different, the majority, which is 90% of our -- 85%, 90% of our reactive work is really in that disputes area and it just continues to be -- show good strength.

雖然這被我們去年正在進行的一些較大的監管事項所抵消，這些事項往往與時間有關，也有些不同，但大多數，也就是我們 90%——85%、90% 的被動工作確實在爭議領域，而且它仍然表現出良好的實力。

And I think there are -- as Catherine laid out -- a number of market drivers that I think will not only see this growth continue but potentially increase its rate.

而且我認為，正如凱瑟琳所指出的，有多種市場驅動因素，我認為這些因素不僅會使這種成長持續下去，而且有可能提高其速度。

Got it. And maybe as my follow-up, I think last quarter, you mentioned that there were some delays with clients pushing out work and especially when it comes to work related to the federal regulators. So maybe if you can discuss whether the regulatory environment has improved, remained the same, or worsened? Are you still seeing any -- are you starting to see any impact on demand from that?

知道了。也許作為我的後續行動，我想上個季度，您提到客戶在推出工作方面存在一些延遲，特別是涉及聯邦監管機構的工作。那麼，您能否討論一下監管環境是否有所改善、保持不變或惡化？您是否仍然看到任何—您是否開始看到這對需求的任何影響？

Yeah. Thanks for that. So I alluded to that a little bit a few minutes ago with regards to the EPA, in particular. That's mostly our chemical regulatory type work that is potentially impacted by movement at the EPA. There have been lots of staff lay-offs and a lot of turnover there.

是的。謝謝。幾分鐘前我稍微提到了這一點，特別是關於環保署（EPA）。這主要是我們的化學監管類型的工作，可能會受到 EPA 行動的影響。那裡有大量員工被解僱，人員流動也很大。

Most of the work continues to go through. But there is a layer where clients are perhaps waiting for a decision that is taking a bit longer from the FDA. And that's creating a little bit of a delay. This is not -- this is around the edges, to some extent. It's not really significantly impacting that.

大部分工作仍在繼續進行中。但客戶可能需要等待 FDA 更長時間才能做出決定。這會造成一點延遲。這不是——從某種程度上來說，這只是邊緣問題。這實際上並沒有造成重大影響。

But in other places such as medical devices, we're not seeing, I would say, as much of an effect there when it comes to FDA-related work. We continue to see demand for a lot of our regulatory work in medical devices that involves some of our sophisticated laboratory testing, our regulatory advisory work. So I think that those clients are very committed to pushing their global product strategies and getting that work done. And they are finding ways to do that.

但在醫療器材等其他地方，我想說，在 FDA 相關工作方面我們並沒有看到太大的影響。我們持續看到對醫療器材監管工作的需求，其中涉及一些複雜的實驗室測試和監管諮詢工作。所以我認為這些客戶非常致力於推動他們的全球產品策略並完成這項工作。他們正在尋找實現這一目標的方法。

So I think the upshot of that is, yes, there's a little bit around the edges but most of that work is continuing and clients are finding the way to do that.

所以我認為結果是，是的，有一些邊緣問題，但大部分工作仍在繼續，客戶正在尋找方法。

Thank you. This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Thank you.

謝謝。我們的問答環節到此結束。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了。謝謝。