EXPO - Earnings call transcript Q3 2017

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Operator

Good day, and welcome to the Exponent Third Quarter of Fiscal 2017 Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Whitney Kukulka. Please go ahead.

Whitney Kukulka

Thank you, operator. gentlemen. and ladies afternoon, Good Thank you financial third XXXX on joining conference call. us results Exponent's quarter for Please this corporate Investor Relations note on section webcast that of call will the company's website www.exponent.com/investors. simultaneously at be the call other is or conference any written without reproduction is Exponent, expressly of This and property taping prior prohibited consent. the

Schlenker, the and Chief President call on Johnston, me Vice are Paul Chief Officer. Executive Executive Joining today Officer; and Rich Financial

including, and discussion but would I to you contains like those market forward-looking following and results that statements, may discussed limited Before financial we start, from actual opportunities not that remind differ Exponent's uncertainties to, results the materially cause here. to future involve that risks

in periodic that to Stock factors actual results those XX-K. could assumes Executive expectations this Factors whether statements discussed result risks conference differ under information call or statements Chief the today, of can call revise most Operating I Exponent's cause The turn over new Johnston, obligation otherwise. as Price filings, the update in Market SEC no and Paul to them, forward-looking a Results and and caption will development Paul? including current or forward-looking of as now, Additional Form to And Officer. Exponent's recent Affecting in from be are based on found Exponent

Paul Johnston

exceeding quarter, again, XXXX third Thank Exponent you. once Thank you prior achieved in for for our financial results. quarter the revenue joining of Exponent's expectations. us discussion today double-digit growth our

industry discussed quarterly client in an Given project a factors of Consumer human our the Products the assessment guidance for year. We strong we acceleration calls. that benefited in from our performance, are have raising for previous we the large

and food polymer noteworthy construction, performances engineering, regulation in safety and also chemical mechanical factor, science, had We our human practices. consulting

in XX%, $XX.X compared $X.XX $XX.X same For $X.XX the compared million of third per to quarter diluted net share, year. were last of the increase as as share to revenues per was year. million $XX.X third the or of Net the in an last quarter income million, quarter, XXXX or period

clients multidisciplinary the from with global pleased integrated realizing are reach. value our are and We that capabilities

year, and project The children manufacturing power During the third infrastructure from first to of gas product chemicals China. able industries the they mining nine factors clients toys. quality phones as in globe, of and human most consumer pre-and project projects companies X% the around revenues. growth from Addressed we in engage assessment in Improved utilization agricultural than ranging months post mobile food the across production represented regulatory the of and in innovated plant leverage to for products safety third and Asia, in expected during quarter we chemical large challenges the the and Europe Australia, Americas, for in gained the in terminal revenue firm, advised were and Middle net as practices. disputes and approximately momentum larger East. Asia quarter our The and staff drove the

in the anticipate compared XX% scientific to design lower to project and grew revenues third Year-to-date, industry. expect a approximately we As Consumer half services, year-to-date, company we substantial as X% the third the months nine previously expected of six to other the revenues in Net last revenues quarter experienced the consulting year. third the represented continue of proactive a client, the for X% in quarter. growth in of deceleration in net XX% represented Exponent's net its segment level quarter engineering segment specifically first Products and reminder, the in We year, at this XX% on XXXX, to activity. and of in our with but the first company's revenues. based approximately net fourth contribute Also a this of project in the project had now discussions quarter. the approximately the

In the demand in and increased other medical for addition large services consumer clients device similar to assessment ongoing from seeing factors transportation, are human we products project, the industry.

as We interactions have scientists products developed users. a between unique increasing clients, to they advise and their of complexity the navigate highly of offering and qualified facilities

battery We the experiencing from also clients utility and medical products, are growth transportation, lithium consumer industries. consulting ion for device in

quarter chemists, Our as from interdisciplinary in as team or well safety revenues engineers to year. recall material year-to-date, revenue segment. balance health from with third products third Net has mechanical last reliability is of quarter new in with with litigation environmental electrical of the involving scientists engineers, XX% existing clients as products, lithium-ion and and this grew compared our X% net to performance, respect respect batteries. and The and guided matters of in Exponent's segment

to confidence of to our Year-to-date, the Exponent's dividend gas $XXX dividends, year, repurchased demand million and going and we continued and common quarter clients the our world. million to safety a this repurchase another $X.X remained of and expand, believe advise that as regulation We dividend issues forward. and $X.XX pay our segment. we nine equivalents. position regular challenge Today, industrial industries in shareholders. value around months regulatory $XX.X dividends with financial the stock reiterated to intent quarterly and deliver in and continued our our practice share, stock the payment per depress ended with from oil demonstrate for million announced in paid food payments chemical During cash first commitment program of quarterly the chemicals to long-term our The continue it

Rich, Now review to I for call outlook. performance detailed over our will a more of financial turn business and the

Richard Schlenker

Thanks, Paul.

for to year. third last $XX.X $XX.X million, ago. or share per up as quarter were million diluted I the same million, million in to from or $XX.X $X.XX as year XX% were Total revenues share, million XX% For refer diluted compared XX% one $XX.X from for here up $XX.X the million Net last the income or third increased quarter year. same period in per period quarter $X.XX net the revenues the on, reimbursements to of them from will XXXX $XX.X revenues, before

was net tax of by tax Third awards. the audits aided associated income adjustments share-based completion with the quarter, and

representing Excluding million, million the net ago. $XXX.X $XX.X income Year-to-date, in the period. the income total X% impact increase to onetime million up increased $XX.X was of revenues and EBITDA million. in or $X.XX been year-ago $XX.X $XX.X period $XX XX% XXXX, diluted or million, first increased year-over-year. the adjustments, X% have from for months XX% income to a million, was Net of these the net quarter to $XXX.X nine also $X.XX diluted in per as per compared share same year share would million

tax the first associated Exponent The XXXX, the associated of in adopted accounting classification realized $X.X or a share-based in $X.X awards. diluted the the or benefit share, adjustments diluted first share-based with compared awards reminder, the to year of of in million a early share new same nine with per last tax $X.XX quarter as million standard As for per year. period months was $X.XX

nine $XX.X first increased XX% of XXXX, the For million. months EBITDA to

For hours same increased as the period the XXXX. quarter, billable XX.X% compared in to XXX,XXX, to

nine increased same to our X% in the billable period exceeded expectations. compared as last to hours the XXX,XXX, previous For months, Utilization the year. quarter

demand periods from from XX%, the year-to-date for large and in of Third sustained XX% many respective the was XX% utilization business. year. benefited parts our last and up Utilization quarter project and

points. third in better to to utilization but quarter X the year, approximately percentage fourth period X the same from be by than down last quarter We the expect sequentially

from third additional reminder, the based quarter percentage As holidays steps X utilization a and typically the to fourth points down vacations. on

which a assessment we large meaningful work, from and factors impact activity in and the additional holidays the more project basis. While quarter, a sequential expect on vacations on utilization X an sustained will points have human the the percentage will reduce

utilization equivalent quarter to the an year XXX, from employees X as XX%. year in the fourth expect were ago XX%, which the utilization for full-time is to be be full of period. quarter to We Technical approximately XX% increase a X% and the result,

in the to rate rates FTEs quarter, due the expect junior the as quarter. bill same increase year. roughly fourth realized last third staff large X% factors were The to grow utilization bill the flat human to to is project. In of X% compared We on flat period sequentially

be in flat revenue, same last decreased realized year. rate margin in year-over-year of fourth XX.X% bill XX.X% compared was quarter the the We net expect period the EBITDA quarter. to the as to for approximately

the nine as one compared same XX.X%, margin year months, to was period ago. XX.X% EBITDA in the For first

after is a for compensation For in gains the in compensation gain losses the year compensation and expense quarter, and X%. $X.X in total Included adjusting million, same one deferred ago. of $X.X deferred increased million compensation quarter from up

income million. As are in and have was expense and deferred a offset Stock-based $X.X bottom on miscellaneous compensation no impact line. the and reminder, gains losses compensation

million. X% is other third $X expenses to compensation stock-based fourth depreciation quarter. $X.X operating expect Other We in be to million quarter. expenses in operating increased of million expense in $X.X the the Included approximately

returned G&A $X.X year. the expected to in in to in G&A expenses managers typical expenses be year, are levels X% period be last to $X.X fourth expenses operating million related of quarter, the first the million million $X.X million the anniversary, more half marketing million quarter. meeting the G&A and other $X.X XXth expect higher expenses were the quarter. our third to the to from in but our fourth same to We approximately up to approximately in $X.X were due quarter.

XX.X%, tax was compared year. in for to last third the quarter Our quarter as the rate XX%

XX.X%, year-to-date down same in rate period the year. from was Our XX.X% tax last

new tax year-to-date adoption accounting The the rates and the third quarter from benefited standard. of

of approximately XX% return XX% to expect We more rate in fourth to tax quarter. typical to the

$X.X reiterated return and distributed of million in expenditures an the $XXX,XXX. operating we by We dividends, of For repurchases cash to quarterly through cash payment million and and we the average level Year-to-date, receivables have quarter large quarterly Operating continue to $XX.XX. flows cash of another our to dividends. for payments After announced $X.XX the price for stock were far million our quarter for so quarter and $XX.X from also project. XXX,XXX $XXX ended to with flow Today, total shareholders the slow and a year. was have our repurchase normal impacted repurchased authorized shares investments. program. We Since dividend repurchases we a were year million intent $X.X quarter dividend common million received this fourth and $XX paying at significant million current still under short-term available of of we our expect and payments end, end. were quarter, have $X.X payments third - capital by

year-to-date We reflect strong for XXXX market are Exponent's near human our and our assessment expectations factors the ongoing project trends. increasing expectations term performance, to

in fourth and grow XXXX as expect full same the revenue period digits quarter reimbursement before XXXX. year the to the high in single We to compared

closing for growth as XXXX. XXX margin the same to to in to the fourth turn quarter XXX full remarks. the will compared period XX the X to points, and expect increase We call year now back to points, Paul in to EBITDA basis be be basis I

Paul Johnston

Rich. you, Thank

growth during We sustained are the and nine reactive months first of pleased with proactive our services both in our XXXX.

contribute we as different that Exponent products over We are to And to complex safer, We advise increasing doctored growth. to our uniquely business our face in engagements of our and overcome are our ability of clients, for model. to are position of more believe a long-term its world Operator, third capitalize XX We more questions. our complexity, our and to challenges. well teams increasingly more these shifting sustainable on confident adapt resiliency to disciplines. this they industry demonstrate In processes, ready an performance healthier environment. integrated level organization quarter differentiated environment. technological now in trends sophisticated ability expand exemplifies to increasing the challenged for project and staff to market. are than the achieve as they needed positioned remain positioned demand is high-profile in With XXX

Operator

SunTrust. from with first Sommer Our comes question [Operator Instructions] Tobey

Your open. line is

Tobey Sommer

or Thank talked able you. the project an project start larger than that certain Wanted decipher to but could series that projects industries terms factors Have large greater conditions, you be itself. to you impacting frequency. may occur serve that with explanation in of maybe create just it broader where with the about been may

project this say let's the not talk current I'm Thanks. but and large the trying project, conditions step under to about materialized? back which just So

Paul Johnston

is in have general and of humans, interaction consumer And the do couple we've think about I are talked also I increasingly kinds studies about One becoming in the these how with a make I are about think that. products, products Yes, user complex. who of the there I to complex. between extremely those think would comments of field past studies,

are scale we what them. regard the And I big think companies In problems you XXXX a the large so What multidisciplinary of look that, the frame. is to community when since, problems that investment I as we on consistently more that I address the back broad large larger studies we've sense think, the reported we of breadth is teams size to scope that and have marketplace, those over larger address that projects projects, seen interdisciplinary to of, with just get think so And we require is that importance to to time likely increase. likely this – and addressing is expertise assess and capability broad-based projects. sort discipline become to really ability needed these, in to our we've clients on the see these fact have of terms complex the and

But big because time would between So typically of of for in sort mean a example, we There larger more a time. had projects have the doesn't I say, the years so was only think as that XXXX. are going be general were, ago, a frequent that We at to and steady we they're rule, three and the some that than yes. going do overlapped XXXX frequent large. they these we diet that that of period were that, predict projects where can of one reliability period

still a greater trend – engage we So in the any to is more time. do produce rare get there's projects so relatively But year. that we XXXX we likely compared think engaged or typically to projects over they're

Tobey Sommer

Excuse do fold kind larger of of that expectations we at if perhaps How follow-up Rich, for have in, color probability expansion, to that, influence all? your greater projects being if the in margin statement. in income long-term the does me, on

Richard Schlenker

utilization we look, get as of those find being can larger other the reason work. on XXX% single tends of higher the to periods absorbed Yes, something that staff we that of that to able are be absorbs our [indiscernible] engagements type we which a during that, staff. see of about our think to people, be a segment is these The certain project, of rare time I

the them. the So very said become they of have will see an get to we've you're the consistent these larger, amount the then we've about that along, takes several as turn that them been period impact more sense And these. come more out it margins which as consistently utilization, have one that in begin much over more to called the every of at years or improved But, a these such, year to as that today, margin. careful impact know, that. right have highlighted they're likely normal staff you flows as And outside time, does that positive we in portfolio, you over you it been on actually are of to firm. like such last We've in committed if a But that know, that are having time, we’ve certain years. or of these for of least a

Tobey Sommer

Where consultant are your highest of in bring priorities talents in to new terms additions?

Paul Johnston

So areas. I number are think of there a

growing practices that of to to of practice. not include to the It sure talent conceptually from to and about if growth Materials talk strong that me support shown need different expand to consulting Chemistry the but and areas, the some on, a support the supporting, is area, just material as stronger some analytics. data newer industry, trying a and a have new is, a of and Let There support examples includes Regulation that develop a for are to of something different continue to area obviously, Food Practice. at a number Separate Science the practices stronger science be numbers is flow developing And we challenging base practice, associated Polymer us, well. make into is of Chemical that to we number to attract that which working have look find that. keen address clients pharmaceutical growth consulting to to our is There Science of continues in are practices. fast, of base and that our we're two people particularly talent those have issues drive of we here. we with types One then, those

sort trying areas but that strong of are also are of strong growth nibbles attention us, and there are a break most got that bigger we're in way. we're so [ph] newer to our number of that is supporting the already We've are into areas. to practices And that -

Tobey Sommer

back the you much. in get queue. I’ll Thank very

Operator

We will take with our William next question Tim from McHugh Blair.

Your line is open.

Tim McHugh

Thanks.

often I of or I maybe anticipate next not it First, for the drives and you thought few and you would the work having guess in positive you disasters side, we've that about hurricanes saw then on lead recent flow impact unfortunately events quarters? to quarter Doomsday, guess, the that kind but, other it lately, be on you. to is How seen in the on project

Paul Johnston

in to disasters, fires far the so more events, - bit the hurricane, take and few would we we're not last Tim, away, flow Northern for between a California. we do that longer particular of tell not a here usually natural The look floods big ones very just When become more are they up fires, us projects. I end you in are tend lead larger get recent to right obviously, not so to projects we're that litigation The that to those months. little ones at turned Yes, What the recent away. a in just attended in also complex But that develop. ones, surgeon too. in to the business

good how that significant there is, impact So I'm we that a we in projects of We terms good at growth that big this. result no unfortunate events of we and but say, a be some with I there's to this rate, didn't assist think making of clients do not will regard are question be these it's will for to in projects issues what as tell get many they very do you will And get with these nevertheless, come some impact out QX significant as in I people stage, the sure see revenues. will events. a but would those there overall on addressed need that.

Tim McHugh

Right.

oil of normal, [ph] little excess of stronger know and I I on softer quarter the of like Or more the you – kind into I like guess, don't - a felt health there challenged the of some and in are areas side think I before. quarter, any challenged the in areas? reading was, and guess, rates color that? I I over was was the business I a quarter side, Am maybe than gas kind And last than little the guess, just, of that terms environmental lower. of maybe some last growth guess, provide commentary the your but, I on is

Paul Johnston

I is challenge think correct. the

The at use about this have than that project broad think, comment, very There briefly of in commented variety is very would remarks I have are the project that normal. make ability that other the a - backgrounds, and with of staff aspects certain are utilize large we moment. broader I there the to

And supported also was by that. segment so that to some degree

is that the not So segment, segment performing segment. just clearly the as engineering strongly as larger

Tim McHugh

would not have So large the if in supported that seeing pulled for supporting? revenue support into the so weaker, that people been the just have would be segment? has have are Okay, environmental support? clear, that Or would - to the performance been to you working staff would been project, net

Paul Johnston

follows person, a actually the the - is the we person then that work, revenue revenue. - the is who that here who person in segment account We doing and the have revenue gets a segment way is for

revenue the have it's where sold. follow companies Some

on. We it's worked actually have where it

Tim McHugh

for guess, extent lower more I you, but continue this you kind you can know year-over-year a the 'XX us to point X just prospective? give I Okay. you Can guess, versus to for And now more of would can what pace months at back your point, last will a I'm what's XXXX - you impact guess, question, extent lower I the XXXX at might I to best and at you to guess, are than guess, just pace. from X this context mentioned able- for from specific Rich, any guess know, project you go type kind a know, I mean? you add And what comparison But, up. - of trying this

Paul Johnston

this had we to first revenues That Yes, for all, about the up in about the we bringing contribution to then of - revenues that to quarter. that full the in this for two X% year the and year in as X% fourth make X% our a quarter the first the - quarters, will approximately project we full project total that well. approximately do XXXX, will the indicated bring third X%. We of in fourth X% the from quarter under little to same expect

the We continuing really six So don't indication whole plan XXXX. that from we client actually the they to that third a quarter and full believe is for and to from to collected now. that's that There really information for have see this obviously expect other the finding the to value that been than will do we been continue see here want for how They're be have completing. they we an would workout should project that work a year on continue. that be. year our that another in into hasn't in like that of data of lot and how peaked much in months collecting, they we're know What activities nine

in if back expected could X%, So back how that's something below the know as to the two a of going estimate be the We know level into We first we the the revenues. while had that's that would to - much. that don't at we X% of step or have. things down be down don't that, be quarters

don't release to we quarter. January, more, will point the - when of end earnings we when our that. will we fourth Hopefully, this time, the at more get of for we in know know beginning know at So February we

Tim McHugh

Thank That’s you. Okay. helpful.

Operator

Cantor We Joseph question will from with take Foresi next Fitzgerald. our

Your line is open.

Mike Reid

Joe. is for that first Reid project? for large the Was to in versus proactive the on My that period. Mike regards towards similar questions. the the is to mixed Thanks higher in in in due line question reactive was periods? proactive prior little This guys. to Hi, taking Or

Paul Johnston

The a proactive to we work reactive than good of side other that, to because to as balance a And little of throughout. good influence this our continuing see demand continue from and we're project, that higher was the but see proactive reactive well.

Mike Reid

it. the proactive, lead regards still kind new, little being to some discuss of last And in more initiatives year and I the Got can year, guess, in of you the a detail half development generation new undertaken? business

Paul Johnston

Yes, know I reactive understand much for from you the our probably so, our of the work clients to come capabilities firm both is proactive majority repeat in that existing that us. back I think mean, that on and the business our work and very

clients I on prime focusing industries as range providing not other understand of and clients, are capability industries we making sector. on that the sure think are more services are - that maybe that that but the the other is top full in focusing other to we’re what serving our industry clients we are we that who companies

of more I around So quite practice that around, the space, what time are as around to disciplined bit I’ll call is Traditionally, But organizing more organization on and we industries. market, spending sort industries. internally we've aligning orientation. our particularly line think of, ourselves go a we proactive been

we in very call that have - for the things to services, are sector. the do lead of of, main we generation clear And other that so sometimes on what clear are flagship - able we're history sort is what what in clients our make performing of a trying terms to and sell, very it, really

an who our I has conferences, of particular we lawyers, always a and and outreach they'd major settings, that one-on-one whether undertaking. So it's variety is, proactive firms counsel legal corporate different charged on are - be indeed in issues addressing side, more major meetings the the of involved that reactive litigation. that In conferences, law are side, and have to been with focus clients continue through with of that's are sort kind industry we think a to

get process, don't awareness - So really is we small very process a that much trying and our process. that to of do Like an of because lead think to not respond so marketing respond - bit generation that's not amount we're work lift. really bitters I a company don't we as proposal in on

have can our So really that to we fully do for do. is others we of trying and what done what clients are aware what we're make sure

Mike Reid

Got guys. it. Thanks,

Operator

next Marc & We Riddick will with take our Sidoti question from Company.

line open. is Your

Marc Riddick

Hi, good afternoon.

Brexit. removed Just you year, with could a wondering last on - bit I wondering, seeing time to compared you if year at could you're touch this what UK get – you certainly pace the of little and are maybe and pick seeing there? time, the in this last touch impacts up you of to the And to I want a sense have maybe a what there, what of try follow-up. the

Paul Johnston

the of chemicals and as related vast our work is that, grow think to I know, you and that food, practice UK, work around strongly. the majority to in so regulatory around Yes, continues

in European are - really And clients inside affect the in itself, space are performance in have believe a the not. that so is the terms my for very regulations involved and stays Brexit. have that much UK what be lot or probably work And of forth. around even Union, are actually But and Union Also issues that one look to, particularly that necessary. isn't there of tell continue. will we It's that we Union European Brexit necessary, clarity feel the people happens will ones practice. whatever of very as pleased going like, We will if being not for that, addition dependent that in that But a think the exactly reason continue strong, offices. - think we we business around what to European having that kinds the you do I - the performance I other the facilities unimpeded that of we I at that's that, confident reason, out is don't we by the serve to can on pretty that have that with because noteworthy of called whether through ability remarks in

Marc Riddick

from a update guess, wanted your great. ranging. I – Thank in this automated side Okay, second an like expansion of the - probably vehicles, on then, side? question I just the whether of set my company What place the sense And at thoughts and where the stands regulatory get point forward? it's wide a going feels to was or its little process manufacturing more opportunities you. on of

Paul Johnston

for think is you. opportunity the very an much thank this We Yes, firm.

earnings us technology, history industry disciplines. – in really this I of think assist reported that, long quite is on particularly, in change have address side, we But the in and to we and that regard some think what automotive a as And our is with comers clients an more space. that a for just is to a engaged in area there more change autonomous that we of the lot supporting known. in have address on to electric regulation lithium-ion to well previous vehicles a we batteries, different of of relates environment what vehicles. course, clients help autonomous have the we hiring announcements issues it the anytime that's so specific work, for as and new you on electric And a variety are right found forth and particularly done know, that's some by vehicles, that in industry. We've

growing for marketplace one do we're about. us and quite this as we a that see excited So

Marc Riddick

guess, last question. the maybe And I

vehicles [ph] want light as drone much haven't a technology, - to but of there the in about hitting of just get your I sense the On get we commercial going participate opportunity the your your that company of recent plane. size of sense Thank but may kind of And did [indiscernible] are, I incidence where get want to one the kind of want especially thoughts the talked to you. forward?

Paul Johnston

and we in I useful a there of being forth big certainly Yes, see business so and sort sites when so accidents and feedstock and extremely opportunities involved that forth. all can don't also surveying investigations are, this are are get of kind Drones our mapping opportunity. that to photographing as There in. be

very provide it we provide. interest a technology to a more we order necessarily we although a services the But it tool technology. see in business keen than have do So of as need this use we some has the probably that to area, in both. And

Marc Riddick

Okay, Thank you very much. great.

Paul Johnston

you. Thank

Operator

question Sommer a follow-up with from now will SunTrust. Tobey We take

open. is line Your

Tobey Sommer

Paul, the you about you. industry. auto Thank talked

If there slice that? is that how how across represented businesses, historically, value where larger, sales smaller some practices and of your percentage And if - much you has it large profit, kind historically? it stood and/or different, is of

Paul Johnston

you give numbers will Rich Yes, some here.

Richard Schlenker

back consistent the for range in to is And larger - used our probably to decade honest, a when of go approximately mid-to pretty 'XXs our a or Yes, so you business, a industry many I XX% into that into be teens be was been that high it's much our as of two up auto business ago, the larger percentage years. mean, that revenues. percentage frame. much the even it a of time

rapid industry is come change. business. the that best coming the to that that closer grown new is - has cycles, So our it's as reactive industries that - of services much not to that that responsiveness probably help electronics a has we not is. timelines do It's aggressive clearly industries and to interesting departments - development a as luxury we're that we're quickly recognition consumer very with needing are of time really the such, one those relative that that pressed come But industry there, industry players And proactive that it and those on for established the in technologies able had that industry recognized are our part But historically electronics engineering see industry such the starting the seeing there. and work to firm really to into a that into players long and higher vehicles, the we're has and as still, in. inside firms but and beyond what change vehicles as is consumer of being the vehicles suppliers. of to the our strongest. technologies for them That our industry. very in with a demand seeing demand be autonomous the the one remains to declined But area electric because have revenue that thing lot so been And in

Tobey Sommer

Excellent. for Thank you the response.

Operator

further for are there participation. And no your today’s questions. That Thank you conference. concludes

disconnect. You may now

Exponent (EXPO) 18 Oct 172017 Q3 Earnings call transcript