Exponent (EXPO) 10-Q 2 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 28, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 28, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	EXPONENT, INC.
Entity Central Index Key	0000851520
Current Fiscal Year End Date	--12-29
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Trading Symbol	EXPO
Entity Common Stock, Shares Outstanding		50,730,675
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity File Number	0-18655
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0218904
Entity Address, Address Line One	149 COMMONWEALTH DRIVE
Entity Address, City or Town	MENLO PARK
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	650
Local Phone Number	326-9400
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of each class	Common Stock, par value $0.001 per share
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Current assets:
Cash and cash equivalents	$ 203,262	$ 187,150
Accounts receivable, net of allowance for contract losses and doubtful accounts of $6,161 and $5,281 at June 28, 2024 and December 29, 2023, respectively	165,870	167,360
Prepaid expenses and other current assets	22,195	25,022
Total current assets	391,327	379,532
Property, equipment and leasehold improvements, net of accumulated depreciation and amortization of $108,647 and $104,011 at June 28, 2024 and December 29, 2023, respectively	73,025	75,318
Operating lease right-of-use assets	71,556	24,600
Goodwill	8,607	8,607
Deferred income taxes	51,560	53,824
Deferred compensation plan assets	106,295	101,169
Other assets	6,807	3,727
Total assets	709,177	646,777
Current liabilities:
Accounts payable and accrued liabilities	22,418	22,125
Accrued payroll and employee benefits	90,728	111,773
Deferred revenues	13,775	21,709
Operating lease liabilities	4,903	6,302
Total current liabilities	131,824	161,909
Other liabilities	5,159	3,426
Deferred compensation plan liabilities	108,588	103,398
Operating lease liabilities	70,393	21,959
Total liabilities	315,964	290,692
Stockholders’ equity:
Common stock, $0.001 par value; 120,000 shares authorized; 65,707 shares issued at June 28, 2024 and December 29, 2023	66	66
Additional paid-in capital	338,734	321,448
Accumulated other comprehensive loss
Foreign currency translation adjustments	(3,173)	(2,977)
Retained earnings	603,373	574,082
Treasury stock, at cost; 14,976 and 15,134 shares held at June 28, 2024 and December 29, 2023, respectively	(545,787)	(536,534)
Total stockholders’ equity	393,213	356,085
Total liabilities and stockholders’ equity	$ 709,177	$ 646,777

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for contract losses and doubtful accounts	$ 6,161	$ 5,281
Property, equipment and leasehold improvements, net of accumulated depreciation and amortization	$ 108,647	$ 104,011
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	65,707,000	65,707,000
Treasury stock, shares	14,976,000	15,134,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Revenues:
Revenues before reimbursements	$ 132,434	$ 129,653	$ 269,641	$ 258,358
Reimbursements	8,102	10,568	15,828	22,172
Revenues	140,536	140,221	285,469	280,530
Operating expenses:
Compensation and related expenses	79,466	82,836	169,793	167,017
Other operating expenses	11,185	10,305	21,716	19,866
Reimbursable expenses	8,102	10,568	15,828	22,172
General and administrative expenses	6,039	6,637	11,675	12,480
Total operating expenses	104,792	110,346	219,012	221,535
Operating income	35,744	29,875	66,457	58,995
Other income, net:
Interest income, net	2,231	1,593	4,857	3,363
Miscellaneous income (expense), net	1,707	4,785	8,791	9,433
Total other income, net	3,938	6,378	13,648	12,796
Income before income taxes	39,682	36,253	80,105	71,791
Income taxes	10,455	10,505	20,736	16,919
Net income	$ 29,227	$ 25,748	$ 59,369	$ 54,872
Net income per share:
Basic (in dollars per share)	$ 0.57	$ 0.5	$ 1.16	$ 1.07
Diluted (in dollars per share)	$ 0.57	$ 0.5	$ 1.15	$ 1.06
Shares used in per share computations:
Basic (in shares)	51,111	51,255	51,059	51,193
Diluted (in shares)	51,517	51,692	51,475	51,694
Cash dividends declared per common share (in dollars per share)	$ 0.28	$ 0.26	$ 0.56	$ 0.52

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 29,227	$ 25,748	$ 59,369	$ 54,872
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	14	(133)	(196)	327
Comprehensive income	$ 29,241	$ 25,615	$ 59,173	$ 55,199

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Balance at Dec. 30, 2022	$ 320,752	$ 66	$ 301,002	$ (3,587)	$ 528,810	$ (505,539)
Balances (in shares) at Dec. 30, 2022		65,707				15,064
Employee stock purchase plan	580		517			$ 63
Employee stock purchase plan (in shares)						(6)
Amortization of unrecognized stock-based compensation	4,205		4,205
Foreign currency translation adjustments	460			460
Grant of restricted stock units to settle accrued bonus	10,497		10,497
Settlement of restricted stock units	(9,920)		(1,741)		(1,009)	$ (7,170)
Settlement of restricted stock units (in shares)						(178)
Exercise of stock options	100		22			$ 78
Exercise of stock options (in shares)						(8)
Dividends and dividend equivalent rights	(13,942)				(13,942)
Net Income (Loss)	29,124				29,124
Balance at Mar. 31, 2023	341,856	$ 66	314,502	(3,127)	542,983	$ (512,568)
Balances (in shares) at Mar. 31, 2023		65,707				14,872
Balance at Dec. 30, 2022	320,752	$ 66	301,002	(3,587)	528,810	$ (505,539)
Balances (in shares) at Dec. 30, 2022		65,707				15,064
Net Income (Loss)	54,872
Balance at Jun. 30, 2023	357,079	$ 66	317,346	(3,260)	555,354	$ (512,427)
Balances (in shares) at Jun. 30, 2023		65,707				14,858
Balance at Mar. 31, 2023	341,856	$ 66	314,502	(3,127)	542,983	$ (512,568)
Balances (in shares) at Mar. 31, 2023		65,707				14,872
Employee stock purchase plan	563		498			$ 65
Employee stock purchase plan (in shares)						(6)
Amortization of unrecognized stock-based compensation	2,422		2,422
Foreign currency translation adjustments	(133)			(133)
Settlement of restricted stock units			(76)			$ 76
Settlement of restricted stock units (in shares)						(8)
Dividends and dividend equivalent rights	(13,377)				(13,377)
Net Income (Loss)	25,748				25,748
Balance at Jun. 30, 2023	357,079	$ 66	317,346	(3,260)	555,354	$ (512,427)
Balances (in shares) at Jun. 30, 2023		65,707				14,858
Balance at Dec. 29, 2023	356,085	$ 66	321,448	(2,977)	574,082	$ (536,534)
Balances (in shares) at Dec. 29, 2023		65,707				15,134
Employee stock purchase plan	518		450			$ 68
Employee stock purchase plan (in shares)						(7)
Amortization of unrecognized stock-based compensation	4,026		4,026
Purchase of treasury stock	(5,466)					$ (5,466)
Purchase of treasury stock (in shares)						71
Foreign currency translation adjustments	(210)			(210)
Grant of restricted stock units to settle accrued bonus	10,846		10,846
Settlement of restricted stock units	(6,796)		(1,797)		(720)	$ (4,279)
Settlement of restricted stock units (in shares)						(159)
Exercise of stock options	100		41			$ 59
Exercise of stock options (in shares)						(6)
Dividends and dividend equivalent rights	(14,934)				(14,934)
Net Income (Loss)	30,142				30,142
Balance at Mar. 29, 2024	374,311	$ 66	335,014	(3,187)	588,570	$ (546,152)
Balances (in shares) at Mar. 29, 2024		65,707				15,033
Balance at Dec. 29, 2023	356,085	$ 66	321,448	(2,977)	574,082	$ (536,534)
Balances (in shares) at Dec. 29, 2023		65,707				15,134
Net Income (Loss)	59,369
Balance at Jun. 28, 2024	393,213	$ 66	338,734	(3,173)	603,373	$ (545,787)
Balances (in shares) at Jun. 28, 2024		65,707				14,976
Balance at Mar. 29, 2024	374,311	$ 66	335,014	(3,187)	588,570	$ (546,152)
Balances (in shares) at Mar. 29, 2024		65,707				15,033
Employee stock purchase plan	440		392			$ 48
Employee stock purchase plan (in shares)						(5)
Amortization of unrecognized stock-based compensation	2,495		2,495
Purchase of treasury stock	(244)					$ (244)
Purchase of treasury stock (in shares)						3
Foreign currency translation adjustments	14			14
Settlement of restricted stock units			(78)			$ 78
Settlement of restricted stock units (in shares)						(7)
Exercise of stock options	1,394		911			$ 483
Exercise of stock options (in shares)						(48)
Dividends and dividend equivalent rights	(14,424)				(14,424)
Net Income (Loss)	29,227				29,227
Balance at Jun. 28, 2024	$ 393,213	$ 66	$ 338,734	$ (3,173)	$ 603,373	$ (545,787)
Balances (in shares) at Jun. 28, 2024		65,707				14,976

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 59,369	$ 54,872
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment and leasehold improvements	4,810	4,174
Provision for contract losses and doubtful accounts	2,359	1,286
Stock-based compensation	12,917	12,286
Deferred income tax provision	2,264	1,697
Changes in operating assets and liabilities:
Accounts receivable	(869)	(7,002)
Prepaid expenses and other current assets	1,769	(21)
Change in operating leases	79	(657)
Accounts payable and accrued liabilities	2,555	(9,116)
Accrued payroll and employee benefits	(18,548)	(16,186)
Deferred revenues	(7,934)	(7,491)
Net cash provided by operating activities	58,771	33,842
Cash flows from investing activities:
Capital expenditures	(2,628)	(11,116)
Net cash used in investing activities	(2,628)	(11,116)
Cash flows from financing activities:
Payroll taxes for restricted stock units	(6,796)	(9,920)
Repurchase of common stock	(5,710)
Exercise of stock-based payment awards	2,453	1,243
Dividends and dividend equivalents rights	(29,776)	(27,717)
Net cash used in financing activities	(39,829)	(36,394)
Effect of foreign currency exchange rates on cash and cash equivalents	(202)	384
Net change in cash and cash equivalents	16,112	(13,284)
Cash and cash equivalents at beginning of period	187,150	161,458
Cash and cash equivalents at end of period	$ 203,262	$ 148,174

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 28, 2024	Mar. 29, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 29,227	$ 30,142	$ 25,748	$ 29,124	$ 59,369	$ 54,872

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1: Basis of Presentation Exponent, Inc. (referred to as the “Company” or “Exponent”) is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December. The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three and six months ended June 28, 2024 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023, which was filed with the U.S. Securities and Exchange Commission on February 23, 2024 and amended on April 17, 2024. The unaudited condensed consolidated financial statements include the accounts of Exponent, Inc. and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts. Actual results could differ from those estimates.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 28, 2024
Revenue Recognition [Abstract]
Revenue Recognition	Note 2: Revenue Recognition Substantially all of the Company’s engagements are performed under time and materials or fixed-price arrangements. For time and materials contracts, the Company utilizes the practical expedient under Accounting Standards Codification 606 – Revenue from Contracts with Customers , which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value of the entity’s performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided) then the entity may recognize revenue in the amount to which the entity has a right to invoice. The following table discloses the percentage of the Company’s revenue generated from time and materials contracts: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Engineering & Other Scientific 62 % 64 % 64 % 64 % Environmental and Health 15 % 15 % 16 % 15 % Total time and materials revenues 77 % 79 % 80 % 79 % For fixed-price contracts, the Company recognizes revenue over time because of the continuous transfer of control to the customer. The customer typically controls the work in process as evidenced either by contractual termination clauses or by the Company’s rights to payment for work performed to date to deliver services that do not have an alternative use to the Company. Revenue for fixed-price contracts is recognized based on the relationship of incurred labor hours at standard rates to the Company’s estimate of the total labor hours at standard rates it expects to incur over the term of the contract. The Company believes this methodology achieves a reliable measure of the revenue from the consulting services it provides to its customers under fixed-price contracts given the nature of the consulting services the Company provides. The following table discloses the percentage of the Company’s revenue generated from fixed price contracts: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Engineering & Other Scientific 22 % 19 % 19 % 19 % Environmental and Health 1 % 2 % 1 % 2 % Total fixed price revenues 23 % 21 % 20 % 21 % Deferred revenues represent amounts billed to clients in advance of services provided. During the second quarter of 2024 , $ 4,677,000 of revenues were recognized that were included in the deferred revenue balance at March 29, 2024. During the first six months of 20 24, $ 11,296,000 of revenues were recognized that were included in the deferred revenue balance at December 29, 2023. Reimbursements, including those related to travel and other out-of-pocket expenses, and other similar third- party costs such as the cost of materials and certain subcontracts, are included in revenues, and an equivalent amount of reimbursable expenses are included in operating expenses. Any mark-up on reimbursable expenses is included in revenues before reimbursements. The Company reports revenues net of subcontractor fees for certain subcontracts where the Company has determined that it is acting as an agent because its performance obligation is to arrange for the provision of goods or services by another party. The total amount of subcontractor fees not included in revenues because the Company was acting as an agent were $ 3,787,000 and $ 2,598,000 during the second quarter of 2024 and 2023, respectively, and $ 6,533,000 and $ 8,349,000 during the first six months of 2024 and 2023, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 28, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3: Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including money market securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There were no transfers between fair value measurement levels during the three and six months ended June 28, 2024 and June 30, 2023. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at June 28, 2024: Fair Value Measurements at Reporting Date Using (In thousands) Total Quoted Prices in Significant Other Significant Assets Money market securities (1) $ 56,131 $ 56,131 $ - $ - Fixed income trading securities held in deferred (2) 38,152 38,152 - - Equity trading securities held in deferred compensation (2) 80,644 80,644 - - Total $ 174,927 $ 174,927 $ - $ - Liabilities Deferred compensation plan (3) 120,123 120,123 - - Total $ 120,123 $ 120,123 $ - $ - (1) Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. (2) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. (3) Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2023: Fair Value Measurements at Reporting Date Using (In thousands) Total Quoted Prices in Significant Other Significant Assets Money market securities (1) $ 54,686 $ 54,686 $ - $ - Fixed income trading securities held in deferred (2) 36,788 36,788 - - Equity trading securities held in deferred compensation (2) 78,399 78,399 - - Total $ 169,873 $ 169,873 $ - $ - Liabilities Deferred compensation plan (3) 116,564 116,564 - - Total $ 116,564 $ 116,564 $ - $ - (1) Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. (2) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. (3) Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. Money market securities as of June 28, 2024 and December 29, 2023 represent obligations of the United States Treasury. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 6 for additional information about the Company’s deferred compensation plan. Cash and cash equivalents consisted of the following as of June 28, 2024: Gross Gross Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 147,131 $ - $ - $ 147,131 Cash equivalents: Money market securities 56,131 - - 56,131 Total cash equivalents 56,131 - - 56,131 Total cash and cash equivalents $ 203,262 $ - $ - $ 203,262 Cash and cash equivalents consisted of the following as of December 29, 2023: Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 132,464 $ - $ - $ 132,464 Cash equivalents: Money market securities 54,686 - - 54,686 Total cash equivalents 54,686 - - 54,686 Total cash and cash equivalents $ 187,150 $ - $ - $ 187,150 At June 28, 2024 and December 29, 2023, the Company did not have any assets or liabilities valued using significant unobservable inputs. The following financial instruments are not measured at fair value on the Company's unaudited condensed consolidated balance sheet at June 28, 2024 and December 29, 2023, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. Due to their short-term nature, the estimated fair value of such instruments at June 28, 2024 and December 29, 2023 approximates their carrying value as reported on the Company’s unaudited condensed consolidated balance sheet.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Note 4: Net Income Per Share Basic per share amounts are computed using the weighted-average number of shares of common stock outstanding during the period. Diluted per share amounts are calculated using the weighted-average number of shares of common stock outstanding during the period and, when dilutive, the weighted-average number of potential shares of common stock from the issuance of common stock to satisfy outstanding restricted stock units and the exercise of outstanding options to purchase common stock using the treasury stock method. The following schedule reconciles the shares used to calculate basic and diluted net income per share: Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Shares used in basic per share computation 51,111 51,255 51,059 51,193 Effect of dilutive common stock options 174 188 169 201 Effect of dilutive restricted stock units 232 249 247 300 Shares used in diluted per share 51,517 51,692 51,475 51,694 Common stock options to purchase 63,333 shares were excluded from the diluted per share calculation for the three months ended June 28, 2024 and June 30, 2023, due to their anti-dilutive effect. Common stock options to purchase 100,833 shares and 22,253 shares were excluded from the diluted per share calculation for the six months ended June 28, 2024 and June 30, 2023, respectively, due to their anti-dilutive effect.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 5: Stock-Based Compensation Restricted Stock Units Restricted stock unit grants are designed to attract and retain employees, and to better align employee interests with those of the Company’s stockholders. For a select group of employees, up to 40 % of their annual bonus is settled with fully vested restricted stock unit awards. Under these fully vested restricted stock unit awards, the holder of each award has the right to receive one share of the Company’s common stock for each fully vested restricted stock unit four years from the date of grant. Each individual who receives a fully vested restricted stock unit award is also granted a matching number of unvested restricted stock unit awards. Unvested restricted stock unit awards are also granted for select new hires and promotions. These unvested restricted stock unit awards generally cliff vest four years from the date of grant, at which time the holder of each award will have the right to receive one share of the Company’s common stock for each restricted stock unit award provided the holder of each award has met certain employment conditions. In the case of retirement at 59½ years or older, all unvested restricted stock unit awards will continue to vest, provided that the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company. The value of these restricted stock unit awards is determined based on the market price of the Company’s common stock on the date of grant. The value of fully vested restricted stock unit awards issued is recorded as a reduction to accrued bonuses. The portion of bonus expense that the Company expects to settle with fully vested restricted stock unit awards is recorded as stock-based compensation during the period the bonus is earned. The Company recorded stock-based compensation expense associated with accrued bonus awards of $ 3,082,000 and $ 2,802,000 during the three months ended June 28, 2024 and June 30, 2023, respectively. For the six months ended June 28, 2024 and June 30, 2023, the Company recorded stock-based compensation expense associated with accrued bonus awards of $ 6,396,000 and $ 5,659,000 , respectively. The value of the unvested restricted stock unit awards granted is recognized on a straight-line basis over the shorter of the four-year vesting period or the period between the grant date and the date the award recipient turns 59½ . If the award recipient is 59½ years or older on the date of grant, the value of the entire award is expensed upon grant. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $ 2,127,000 and $ 2,105,000 during the three months ended June 28, 2024 and June 30, 2023, respectively. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $ 5,834,000 and $ 6,086,000 during the six months ended June 28, 2024 and June 30, 2023, respectively. Stock Options Stock options are granted for terms of ten years and generally vest 25 % per year over a four-year period from the grant date. Unvested stock option awards will continue to vest in the case of retirement at 59½ years or older, provided that the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company. The value of the unvested stock option awards granted is recognized on a straight-line basis over the shorter of the four-year vesting period or the period between the grant date and the date the award recipient turns 59½ . If the award recipient is 59½ years or older on the date of grant, the value of the entire award is expensed upon grant. The Company recorded stock-based compensation expense associated with stock option grants of $ 368,000 and $ 317,000 during the three months ended June 28, 2024 and June 30, 2023, respectively. The Company recorded stock-based compensation expense associated with stock option grants of $ 687,000 and $ 541,000 during the six months ended June 28, 2024 and June 30, 2023, respectively. The Company uses the Black-Scholes option-pricing model to determine the fair value of options granted. The determination of the fair value of stock option awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends. The Company used historical exercise, forfeiture, and post-vesting expiration data to estimate the expected term of options granted. The historical volatility of the Company’s common stock over a period of time equal to the expected term of the options granted was used to estimate expected volatility. The risk-free interest rate used in the option-pricing model was based on United States Treasury zero-coupon issues with remaining terms similar to the expected term of the options. The dividend yield assumption considers the expectation of continued declaration of dividends, offset by option holders’ dividend equivalent rights. The Company accounts for forfeitures of stock-based awards when they occur. All stock-based payment awards are recognized on a straight-line basis over the requisite service periods of the awards.

Deferred Compensation Plans

Deferred Compensation Plans	6 Months Ended
	Jun. 28, 2024
Deferred Compensation Arrangements [Abstract]
Deferred Compensation Plans	Note 6: Deferred Compensation Plans The Company maintains nonqualified deferred compensation plans for the benefit of a select group of highly compensated employees. Under these plans, participants may elect to defer up to 100 % of their compensation. Company assets that are earmarked to pay benefits under the plans are held in a rabbi trust and are subject to the claims of the Company’s creditors. As of June 28, 2024 and December 29, 2023, the invested amounts under the plans totaled $ 118,796,000 and $ 115,187,000 , respectively, and are recorded in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. These assets are classified as trading securities and are recorded at fair value with changes recorded as adjustments to miscellaneous income (loss), net. As of June 28, 2024 and December 29, 2023, vested amounts due under the plans totaled $ 120,123,000 and $ 116,564,000 , respectively, and are recorded within accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheets. Changes in the liability are recorded as adjustments to compensation expense. During the three months ended June 28, 2024, the Company recognized additional compensation expense of $ 875,000 as a result of changes in the market value of the trust assets with the same amount being recorded as gain in miscellaneous income (loss), net. During the three months ended June 30, 2023, the Company recognized additional compensation expense of $ 4,122,000 as a result of changes in the market value of the trust assets with the same amount being recorded as a loss in miscellaneous income (loss), net. During the six months ended June 28, 2024, the Company recognized additional compensation expense of $ 7,144,000 as a result of changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income, net. During the six months ended June 30, 2023, the Company recognized additional compensation expense of $ 8,039,000 as a result of changes in the market value of the trust assets with the same amount being recorded as an income in miscellaneous income (loss), net.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 28, 2024
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note 7: Supplemental Cash Flow Information The following is supplemental disclosure of cash flow information: Six Months Ended (In thousands) June 28, June 30, Cash paid during period: Income taxes $ 18,490 $ 16,460 Non-cash investing and financing activities: Vested stock unit awards issued to settle accrued bonuses $ 10,846 $ 10,497 Accrual for capital expenditures as of period end $ 25 $ 2,110 Leasehold improvements obtained in exchange for right-of-use asset $ - $ 3,219 Right-of-use asset obtained in exchange for operating lease obligations $ 50,657 $ 13,532

Accounts Receivable, Net

Accounts Receivable, Net	6 Months Ended
	Jun. 28, 2024
Receivables [Abstract]
Accounts Receivable, Net	Note 8: Accounts Receivable, Net At June 28, 2024 and December 29, 2023, accounts receivable, net, was comprised of the following: June 28, December 29, (In thousands) 2024 2023 Billed accounts receivable $ 117,977 $ 128,052 Unbilled accounts receivable 54,054 44,589 Allowance for contract losses and doubtful accounts ( 6,161 ) ( 5,281 ) Total accounts receivable, net $ 165,870 $ 167,360 The Company maintains allowances for estimated losses over the remaining contractual life of its receivables resulting from the inability of customers to meet their financial obligations or for disputes that affect the Company’s ability to fully collect amounts due. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations or aware of a dispute with a specific customer, a specific allowance is recorded to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers the Company recognizes allowances for doubtful accounts based upon historical write-offs, customer concentration, customer creditworthiness, current economic conditions, aging of amounts due and future expectations. A reconciliation of the beginning and ending amount of the allowance for contract losses and doubtful accounts is as follows (in thousands): Balance at December 29, 2023 $ 5,281 Provision for contract losses and doubtful accounts 2,359 Write-offs ( 1,479 ) Balance at June 28, 2024 $ 6,161

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
Segment Reporting	Note 9: Segment Reporting The Company has two reportable operating segments based on two primary areas of service. The Engineering and Other Scientific segment is a broad service group providing technical consulting in different practices primarily in engineering. The Environmental and Health segment provides services in the areas of environmental, epidemiology and health risk analysis. This segment provides a wide range of consulting services relating to environmental hazards and risks and the impact on both human health and the environment. Our Chief Executive Officer, the chief operating decision maker, reviews revenues and operating income for each of our reportable segments, but does not review total assets in evaluating segment performance and capital allocation. Segment information for the three and six months ended June 28, 2024 and June 30, 2023 follows: Revenues Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Engineering and Other Scientific $ 118,477 $ 116,647 $ 239,948 $ 233,695 Environmental and Health 22,059 23,574 45,521 46,835 Total revenues $ 140,536 $ 140,221 $ 285,469 $ 280,530 Operating Income Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Engineering and Other Scientific $ 43,765 $ 38,711 $ 92,396 $ 82,330 Environmental and Health 7,259 7,521 15,495 15,075 Total segment operating income 51,024 46,232 107,891 97,405 Corporate operating expense ( 15,280 ) ( 16,357 ) ( 41,434 ) ( 38,410 ) Total operating income $ 35,744 $ 29,875 $ 66,457 $ 58,995 Certain operating expenses are excluded from the Company’s measure of segment operating income. These expenses include costs associated with its human resources, legal, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with its deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in its allowance for contract losses and doubtful accounts. Capital Expenditures Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Engineering and Other Scientific $ 465 $ 1,261 $ 882 $ 2,669 Environmental and Health 45 19 74 114 Total segment capital expenditures 510 1,280 956 2,783 Corporate capital expenditures 497 8,287 1,560 12,645 Total capital expenditures $ 1,007 $ 9,567 $ 2,516 $ 15,428 Certain capital expenditures associated with the Company’s corporate cost centers and the related depreciation are excluded from the Company’s segment information. Depreciation and Amortization Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Engineering and Other Scientific $ 1,765 $ 1,372 $ 3,393 $ 2,678 Environmental and Health 54 54 103 102 Total segment depreciation and 1,819 1,426 3,496 2,780 Corporate depreciation and amortization 667 760 1,314 1,394 Total depreciation and amortization $ 2,486 $ 2,186 $ 4,810 $ 4,174 No single client comprised more than 10 % of the Company’s revenues during the three and six months ended June 28, 2024 and June 30, 2023.

Leases

Leases	6 Months Ended
	Jun. 28, 2024
Leases [Abstract]
Leases	Note 10: Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and long-term operating lease liabilities in the Company’s condensed consolidated balance sheet. The Company does not have any finance leases as of June 28, 2024. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The amortization of operating lease ROU assets and the change in operating lease liabilities is disclosed as a single line item in the condensed consolidated statements of cash flows. The Company leases office, laboratory, and storage space in 13 states and the District of Columbia, as well as in China, Hong Kong, Singapore, Switzerland, and the United Kingdom. Leases for these office, laboratory, and storage facilities have terms generally ranging between one and ten years . Some of these leases include options to extend or terminate the lease, none of which are currently included in the lease term as the Company has determined that exercise of these options is not reasonably certain. The Company has a Test and Engineering Center on 147 acres of land in Phoenix, Arizona. The Company leases this land from the State of Arizona under a 30 -year lease agreement that expires in January of 2028 and has options to renew for two fifteen-year periods. On June 19, 2024, the Company entered into an agreement with the State of Arizona to extend this lease for 15 years beginning on January 17, 2028. The Company is currently obligated to make payments under the lease of $ 1,009,000 per year, which obligation will continue at that level until January 16, 2028. Beginning on January 17, 2028, the Company’s payments under the lease will increase to approximately $ 6,183,000 per year for the 15-year extension term with adjustments to the annual rent payment in 2033 and 2038 based on the consumer price index. As a result of this extension, the Company added an additional right-of-use asset in exchange for an operating lease liability of $ 48,683,000 during the second quarter of 2024. As of June 28, 2024, the Company has determined that the exercise of the second renewal option is not reasonably certain and thus that extension is not included in the lease term. The Company’s equipment leases are included in the ROU asset and liability balances, but are not material. The Company leases excess space in its Silicon Valley and Natick facilities. Rental income of $ 927,000 and $ 853,000 was included in other income for the three months ended June 28, 2024 and June 30, 2023, respectively. Rental income of $ 1,769,000 and $ 1,609,000 was included in other income for the six months ended June 28, 2024 and June 30, 2023, respectively. The components of lease expense included in other operating expenses on the condensed consolidated statements of income were as follows: Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Operating lease cost $ 2,392 $ 1,778 $ 4,507 $ 3,565 Variable lease cost 385 503 748 873 Short-term lease cost 343 405 650 681 Supplemental cash flow information related to operating leases was as follows: Three Months Ended Six Months Ended (In thousands) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cash paid for amounts included in the $ 1,804 $ 1,437 $ 4,348 $ 3,801 Supplemental balance sheet information related to operating leases was as follows: June 28, June 30, 2023 Weighted Average Remaining Lease Term 14.5 years 6.5 years Weighted Average Discount Rate 6.4 % 5.0 % Maturities of operating lease liabilities as of June 28, 2024: Operating (In thousands) Leases 2024 (excluding the six months ended June 28, 2024) 3,130 2025 7,160 2026 6,333 2027 5,048 2028 8,502 Thereafter 94,959 Total lease payments $ 125,132 Less imputed interest ( 49,836 ) Total lease liability $ 75,296

Contingencies

Contingencies	6 Months Ended
	Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 11: Contingencies The Company is a party to various legal actions from time to time and may be contingently liable in connection with claims and contracts arising in the normal course of business, the outcome of which the Company believes, after consultation with legal counsel, will not have a material adverse effect on its financial condition, results of operations or liquidity. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. All legal costs associated with litigation are expensed as incurred.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 28, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 12: Subsequent Events On July 25, 2024 , the Company’s Board of Directors announced a cash dividend of $ 0.28 per share of the Company’s common stock, payable September 20, 2024 , to stockholders of record as of September 6, 2024 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Exponent, Inc. (referred to as the “Company” or “Exponent”) is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December. The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three and six months ended June 28, 2024 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023, which was filed with the U.S. Securities and Exchange Commission on February 23, 2024 and amended on April 17, 2024. The unaudited condensed consolidated financial statements include the accounts of Exponent, Inc. and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts. Actual results could differ from those estimates.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 28, 2024
Revenue Recognition [Abstract]
Summary of Percent of Revenues	The following table discloses the percentage of the Company’s revenue generated from time and materials contracts: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Engineering & Other Scientific 62 % 64 % 64 % 64 % Environmental and Health 15 % 15 % 16 % 15 % Total time and materials revenues 77 % 79 % 80 % 79 % The following table discloses the percentage of the Company’s revenue generated from fixed price contracts: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Engineering & Other Scientific 22 % 19 % 19 % 19 % Environmental and Health 1 % 2 % 1 % 2 % Total fixed price revenues 23 % 21 % 20 % 21 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 28, 2024
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The fair value of these certain financial assets and liabilities was determined using the following inputs at June 28, 2024: Fair Value Measurements at Reporting Date Using (In thousands) Total Quoted Prices in Significant Other Significant Assets Money market securities (1) $ 56,131 $ 56,131 $ - $ - Fixed income trading securities held in deferred (2) 38,152 38,152 - - Equity trading securities held in deferred compensation (2) 80,644 80,644 - - Total $ 174,927 $ 174,927 $ - $ - Liabilities Deferred compensation plan (3) 120,123 120,123 - - Total $ 120,123 $ 120,123 $ - $ - (1) Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. (2) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. (3) Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2023: Fair Value Measurements at Reporting Date Using (In thousands) Total Quoted Prices in Significant Other Significant Assets Money market securities (1) $ 54,686 $ 54,686 $ - $ - Fixed income trading securities held in deferred (2) 36,788 36,788 - - Equity trading securities held in deferred compensation (2) 78,399 78,399 - - Total $ 169,873 $ 169,873 $ - $ - Liabilities Deferred compensation plan (3) 116,564 116,564 - - Total $ 116,564 $ 116,564 $ - $ - (1) Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. (2) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.
Cash and Cash Equivalents	Cash and cash equivalents consisted of the following as of June 28, 2024: Gross Gross Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 147,131 $ - $ - $ 147,131 Cash equivalents: Money market securities 56,131 - - 56,131 Total cash equivalents 56,131 - - 56,131 Total cash and cash equivalents $ 203,262 $ - $ - $ 203,262 Cash and cash equivalents consisted of the following as of December 29, 2023: Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 132,464 $ - $ - $ 132,464 Cash equivalents: Money market securities 54,686 - - 54,686 Total cash equivalents 54,686 - - 54,686 Total cash and cash equivalents $ 187,150 $ - $ - $ 187,150

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
Reconciles Shares to Calculate Basic and Diluted Net Income Per Share	The following schedule reconciles the shares used to calculate basic and diluted net income per share: Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Shares used in basic per share computation 51,111 51,255 51,059 51,193 Effect of dilutive common stock options 174 188 169 201 Effect of dilutive restricted stock units 232 249 247 300 Shares used in diluted per share 51,517 51,692 51,475 51,694

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 28, 2024
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosure of Cash Flow Information	The following is supplemental disclosure of cash flow information: Six Months Ended (In thousands) June 28, June 30, Cash paid during period: Income taxes $ 18,490 $ 16,460 Non-cash investing and financing activities: Vested stock unit awards issued to settle accrued bonuses $ 10,846 $ 10,497 Accrual for capital expenditures as of period end $ 25 $ 2,110 Leasehold improvements obtained in exchange for right-of-use asset $ - $ 3,219 Right-of-use asset obtained in exchange for operating lease obligations $ 50,657 $ 13,532

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 28, 2024
Receivables [Abstract]
Accounts Receivable, Net	At June 28, 2024 and December 29, 2023, accounts receivable, net, was comprised of the following: June 28, December 29, (In thousands) 2024 2023 Billed accounts receivable $ 117,977 $ 128,052 Unbilled accounts receivable 54,054 44,589 Allowance for contract losses and doubtful accounts ( 6,161 ) ( 5,281 ) Total accounts receivable, net $ 165,870 $ 167,360
Reconciliation of Beginning and Ending Amount of Allowance for Contract Losses and Doubtful Accounts	A reconciliation of the beginning and ending amount of the allowance for contract losses and doubtful accounts is as follows (in thousands): Balance at December 29, 2023 $ 5,281 Provision for contract losses and doubtful accounts 2,359 Write-offs ( 1,479 ) Balance at June 28, 2024 $ 6,161

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
Segment Reporting Information, by Segment	Segment information for the three and six months ended June 28, 2024 and June 30, 2023 follows: Revenues Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Engineering and Other Scientific $ 118,477 $ 116,647 $ 239,948 $ 233,695 Environmental and Health 22,059 23,574 45,521 46,835 Total revenues $ 140,536 $ 140,221 $ 285,469 $ 280,530 Operating Income Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Engineering and Other Scientific $ 43,765 $ 38,711 $ 92,396 $ 82,330 Environmental and Health 7,259 7,521 15,495 15,075 Total segment operating income 51,024 46,232 107,891 97,405 Corporate operating expense ( 15,280 ) ( 16,357 ) ( 41,434 ) ( 38,410 ) Total operating income $ 35,744 $ 29,875 $ 66,457 $ 58,995 Certain operating expenses are excluded from the Company’s measure of segment operating income. These expenses include costs associated with its human resources, legal, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with its deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in its allowance for contract losses and doubtful accounts. Capital Expenditures Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Engineering and Other Scientific $ 465 $ 1,261 $ 882 $ 2,669 Environmental and Health 45 19 74 114 Total segment capital expenditures 510 1,280 956 2,783 Corporate capital expenditures 497 8,287 1,560 12,645 Total capital expenditures $ 1,007 $ 9,567 $ 2,516 $ 15,428 Certain capital expenditures associated with the Company’s corporate cost centers and the related depreciation are excluded from the Company’s segment information. Depreciation and Amortization Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Engineering and Other Scientific $ 1,765 $ 1,372 $ 3,393 $ 2,678 Environmental and Health 54 54 103 102 Total segment depreciation and 1,819 1,426 3,496 2,780 Corporate depreciation and amortization 667 760 1,314 1,394 Total depreciation and amortization $ 2,486 $ 2,186 $ 4,810 $ 4,174

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 28, 2024
Leases [Abstract]
Lease, Cost	The components of lease expense included in other operating expenses on the condensed consolidated statements of income were as follows: Three Months Ended Six Months Ended (In thousands) June 28, June 30, June 28, June 30, Operating lease cost $ 2,392 $ 1,778 $ 4,507 $ 3,565 Variable lease cost 385 503 748 873 Short-term lease cost 343 405 650 681
Supplemental Cash Flow Information Related to Operating Lease	Supplemental cash flow information related to operating leases was as follows: Three Months Ended Six Months Ended (In thousands) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cash paid for amounts included in the $ 1,804 $ 1,437 $ 4,348 $ 3,801
Supplemental Balance Sheet Information Related to Operating Lease	Supplemental balance sheet information related to operating leases was as follows: June 28, June 30, 2023 Weighted Average Remaining Lease Term 14.5 years 6.5 years Weighted Average Discount Rate 6.4 % 5.0 %
Maturities of Lease Liabilities	Maturities of operating lease liabilities as of June 28, 2024: Operating (In thousands) Leases 2024 (excluding the six months ended June 28, 2024) 3,130 2025 7,160 2026 6,333 2027 5,048 2028 8,502 Thereafter 94,959 Total lease payments $ 125,132 Less imputed interest ( 49,836 ) Total lease liability $ 75,296

Revenue Recognition - Summary o

Revenue Recognition - Summary of Revenues (Detail) - Sales Revenue, Net [Member] - Revenue from Rights Concentration Risk [Member]	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Time And Materials Contracts [Member]
Disaggregation Of Revenue [Line Items]
Concentration Risk, Percentage	77%	79%	80%	79%
Time And Materials Contracts [Member] | Engineering and Other Scientific [Member]
Disaggregation Of Revenue [Line Items]
Concentration Risk, Percentage	62%	64%	64%	64%
Time And Materials Contracts [Member] | Environmental and Health [Member]
Disaggregation Of Revenue [Line Items]
Concentration Risk, Percentage	15%	15%	16%	15%
Fixed Price Contracts [Member]
Disaggregation Of Revenue [Line Items]
Concentration Risk, Percentage	23%	21%	20%	21%
Fixed Price Contracts [Member] | Engineering and Other Scientific [Member]
Disaggregation Of Revenue [Line Items]
Concentration Risk, Percentage	22%	19%	19%	19%
Fixed Price Contracts [Member] | Environmental and Health [Member]
Disaggregation Of Revenue [Line Items]
Concentration Risk, Percentage	1%	2%	1%	2%

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Revenue Recognition [Abstract]
Deferred Revenue, Revenue Recognized	$ 4,677,000		$ 11,296,000
Subcontractor Fees Not Included In Revenues	$ 3,787,000	$ 2,598,000	$ 6,533,000	$ 8,349,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)		Jun. 28, 2024	Dec. 29, 2023
Assets
Trading securities held in deferred compensation plan		$ 118,796,000	$ 115,187,000
Total		174,927,000	169,873,000
Liabilities
Deferred compensation plan	[1]	120,123,000	116,564,000
Total		120,123,000	116,564,000
Money market securities
Assets
Money market securities	[2]	56,131,000	54,686,000
Fixed income securities
Assets
Trading securities held in deferred compensation plan	[3]	38,152,000	36,788,000
Equity securities
Assets
Trading securities held in deferred compensation plan	[3]	80,644,000	78,399,000
Fair Value, Inputs, Level 1
Assets
Total		174,927,000	169,873,000
Liabilities
Deferred compensation plan	[1]	120,123,000	116,564,000
Total		120,123,000	116,564,000
Fair Value, Inputs, Level 1 | Money market securities
Assets
Money market securities	[2]	56,131,000	54,686,000
Fair Value, Inputs, Level 1 | Fixed income securities
Assets
Trading securities held in deferred compensation plan	[3]	38,152,000	36,788,000
Fair Value, Inputs, Level 1 | Equity securities
Assets
Trading securities held in deferred compensation plan	[3]	80,644,000	78,399,000
Fair Value, Inputs, Level 2
Assets
Total		0	0
Liabilities
Deferred compensation plan	[1]	0	0
Total		0	0
Fair Value, Inputs, Level 2 | Money market securities
Assets
Money market securities	[2]	0	0
Fair Value, Inputs, Level 2 | Fixed income securities
Assets
Trading securities held in deferred compensation plan	[3]	0	0
Fair Value, Inputs, Level 2 | Equity securities
Assets
Trading securities held in deferred compensation plan	[3]	0	0
Fair Value, Inputs, Level 3
Assets
Total		0	0
Liabilities
Deferred compensation plan	[1]	0	0
Total		0	0
Fair Value, Inputs, Level 3 | Money market securities
Assets
Money market securities	[2]	0	0
Fair Value, Inputs, Level 3 | Fixed income securities
Assets
Trading securities held in deferred compensation plan	[3]	0	0
Fair Value, Inputs, Level 3 | Equity securities
Assets
Trading securities held in deferred compensation plan	[3]	$ 0	$ 0
[1] Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.

Fair Value Measurements - Cash

Fair Value Measurements - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Cash
Fair Value Measurements [Line Items]
Amortized Cost	$ 147,131	$ 132,464
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	147,131	132,464
Money market securities
Fair Value Measurements [Line Items]
Amortized Cost	56,131	54,686
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	56,131	54,686
Total cash equivalents
Fair Value Measurements [Line Items]
Amortized Cost	56,131	54,686
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	56,131	54,686
Total cash and cash equivalents
Fair Value Measurements [Line Items]
Amortized Cost	203,262	187,150
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 203,262	$ 187,150

Net Income Per Share - Reconcil

Net Income Per Share - Reconciles the Denominators of the Company's Calculation for Basic and Diluted Net Income per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Schedule Of Earnings Per Share Basic and Diluted [Line Items]
Shares used in basic per share computation	51,111	51,255	51,059	51,193
Shares used in diluted per share computation	51,517	51,692	51,475	51,694
Employee Stock Option
Schedule Of Earnings Per Share Basic and Diluted [Line Items]
Effect of dilutive stock outstanding	174	188	169	201
Restricted Stock Units (RSUs)
Schedule Of Earnings Per Share Basic and Diluted [Line Items]
Effect of dilutive stock outstanding	232	249	247	300

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	63,333	63,333	100,833	22,253

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of annual bonus settled with fully vested restricted stock unit awards			40%
Vested Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, holding period			4 years
Stock based compensation expense	$ 3,082,000	$ 2,802,000	$ 6,396,000	$ 5,659,000
Unvested Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, vesting period			4 years
Unvested Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, vesting period			4 years
Stock based compensation expense	2,127,000	2,105,000	$ 5,834,000	6,086,000
Unvested Restricted Stock Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recipient age to expense award on grant date			59 years 6 months
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, vesting period			4 years
Stock based compensation expense	$ 368,000	$ 317,000	$ 687,000	$ 541,000
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term			10 years
Vesting percentage of stock options granted per year			25%
Unvested Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recipient age to expense award on grant date			59 years 6 months

Deferred Compensation Plans - A

Deferred Compensation Plans - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Trading securities held in deferred compensation plan		$ 118,796,000		$ 118,796,000		$ 115,187,000
Deferred compensation plan	[1]	120,123,000		120,123,000		$ 116,564,000
Change in market value of trust assets		$ 875,000	$ (4,122,000)	$ 7,144,000	$ 8,039,000
Maximum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Percentage of compensation deferred				100%
[1] Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash paid during period:
Income taxes	$ 18,490	$ 16,460
Non-cash investing and financing activities:
Vested stock unit awards issued to settle accrued bonuses	10,846	10,497
Accrual for capital expenditures as of period end	25	2,110
Leasehold improvements obtained in exchange for right-of-use asset	0	3,219
Right-of-use asset obtained in exchange for operating lease obligations	$ 50,657	$ 13,532

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Accounts Notes And Loans Receivable [Line Items]
Allowance for contract losses and doubtful accounts	$ (6,161)	$ (5,281)
Total accounts receivable, net	165,870	167,360
Billed accounts receivable
Accounts Notes And Loans Receivable [Line Items]
Accounts Receivable	117,977	128,052
Unbilled accounts receivable
Accounts Notes And Loans Receivable [Line Items]
Accounts Receivable	$ 54,054	$ 44,589

Accounts Receivable, Net - Reco

Accounts Receivable, Net - Reconciliation of Beginning and Ending Amount of Allowance for Contract Losses and Doubtful Accounts (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Receivables [Abstract]
Balance at December 29, 2023	$ 5,281
Provision for contract losses and doubtful accounts	2,359	$ 1,286
Write-offs	(1,479)
Balance at June 28, 2024	$ 6,161

Segment Information (Detail)

Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 140,536	$ 140,221	$ 285,469	$ 280,530
Operating Income	35,744	29,875	66,457	58,995
Capital Expenditures	1,007	9,567	2,516	15,428
Depreciation and Amortization	2,486	2,186	4,810	4,174
Operating segments
Segment Reporting Information [Line Items]
Operating Income	51,024	46,232	107,891	97,405
Capital Expenditures	510	1,280	956	2,783
Depreciation and Amortization	1,819	1,426	3,496	2,780
Corporate
Segment Reporting Information [Line Items]
Operating Income	(15,280)	(16,357)	(41,434)	(38,410)
Capital Expenditures	497	8,287	1,560	12,645
Depreciation and Amortization	667	760	1,314	1,394
Engineering and Other Scientific | Operating segments
Segment Reporting Information [Line Items]
Revenues	118,477	116,647	239,948	233,695
Operating Income	43,765	38,711	92,396	82,330
Capital Expenditures	465	1,261	882	2,669
Depreciation and Amortization	1,765	1,372	3,393	2,678
Environmental and Health | Operating segments
Segment Reporting Information [Line Items]
Revenues	22,059	23,574	45,521	46,835
Operating Income	7,259	7,521	15,495	15,075
Capital Expenditures	45	19	74	114
Depreciation and Amortization	$ 54	$ 54	$ 103	$ 102

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 28, 2024 Client	Jun. 30, 2023 Client	Jun. 28, 2024 Client Segment	Jun. 30, 2023 Client
Segment Reporting Information [Line Items]
Number of reportable operating segments | Segment			2
Sales Revenue, Net [Member] | Revenue from Rights Concentration Risk [Member] | Single Client [Member]
Segment Reporting Information [Line Items]
Number of clients comprised more than 10% of revenue or accounts receivable | Client	0	0	0	0
Concentration Risk, Percentage	10%	10%	10%	10%

Leases - Additional Information

Leases - Additional Information (Detail)		3 Months Ended		6 Months Ended
	Jun. 19, 2024 USD ($)	Jun. 28, 2024 USD ($) a Option State	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($) a Option State	Jun. 30, 2023 USD ($)
Lessee Lease Description [Line Items]
Lease payment obligation per year		$ 125,132,000		$ 125,132,000
Additional right-of-use asset in exchange for operating lease liability				50,657,000	$ 13,532,000
Other Income [Member]
Lessee Lease Description [Line Items]
Rental Income		$ 927,000	$ 853,000	$ 1,769,000	$ 1,609,000
Office, Laboratory, and Storage Space [Member]
Lessee Lease Description [Line Items]
Number of States in which Entity Has Lease Arrangements | State		13		13
Office, Laboratory, and Storage Space [Member] | Minimum
Lessee Lease Description [Line Items]
Lessee, Operating Lease, Term of Contract		1 year		1 year
Office, Laboratory, and Storage Space [Member] | Maximum
Lessee Lease Description [Line Items]
Lessee, Operating Lease, Term of Contract		10 years		10 years
Phoenix Arizona [Member]
Lessee Lease Description [Line Items]
Lessee, Operating Lease, Term of Contract		30 years		30 years
Area of Land | a		147		147
Lessee, Operating Lease, Existence of Option to Extend [true false]				true
Lessee, Operating Lease, Option to Extend				The Company leases this land from the State of Arizona under a 30-year lease agreement that expires in January of 2028 and has options to renew for two fifteen-year periods.
Number of Options to Renew Lease | Option		2		2
Lessee, Operating Lease, Renewal Term	15 years	15 years		15 years
Annual rent payment adjustment year one	2033
Annual rent payment adjustment year two	2038
Additional right-of-use asset in exchange for operating lease liability		$ 48,683,000
Phoenix Arizona [Member] | Lease Period Until January 16, 2028 [Member]
Lessee Lease Description [Line Items]
Lease payment obligation per year	$ 1,009,000
Phoenix Arizona [Member] | Lease Period After January 16, 2028 [Member]
Lessee Lease Description [Line Items]
Lease payment obligation per year	$ 6,183,000

Components of Lease Expense (De

Components of Lease Expense (Detail) - Other Operating Income (Expense) [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Operating lease cost	$ 2,392	$ 1,778	$ 4,507	$ 3,565
Variable lease cost	385	503	748	873
Short-term lease cost	$ 343	$ 405	$ 650	$ 681

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,804	$ 1,437	$ 4,348	$ 3,801

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information Related to Operating Leases (Detail)	Jun. 28, 2024	Jun. 30, 2023
Leases [Abstract]
Weighted Average Remaining Lease Term	14 years 6 months	6 years 6 months
Weighted Average Discount Rate	6.40%	5%

Maturities of Lease Liabilities

Maturities of Lease Liabilities (Detail) $ in Thousands	Jun. 28, 2024 USD ($)
Leases [Abstract]
2024 (excluding the six months ended June 28, 2024)	$ 3,130
2025	7,160
2026	6,333
2027	5,048
2028	8,502
Thereafter	94,959
Total lease payments	125,132
Less imputed interest	(49,836)
Total lease liability	$ 75,296

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares		3 Months Ended		6 Months Ended
	Jul. 25, 2024	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Cash dividends declared per common share (in dollars per share)		$ 0.28	$ 0.26	$ 0.56	$ 0.52
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.28
Dividends Payable, Date Declared	Jul. 25, 2024
Dividends Payable, Date to be Paid	Sep. 20, 2024
Dividends Payable, Date of Record	Sep. 06, 2024