Exponent Q2 2025 Earnings Call Transcript

Quartr
Provided by Quartr
July 31, 2025

Key Takeaways

  • Positive Sentiment: Second-quarter revenues were flat year-over-year but exceeded expectations, driven by growth in dispute-related services across construction, automotive, and medical devices.
  • Negative Sentiment: EBITDA margin declined to 27.8% from 30.2%, primarily due to lower utilization and increased operating expenses related to the Phoenix lease renewal and lost rental income at Menlo Park.
  • Neutral Sentiment: Utilization fell to 72.1% (down from 75.1%) and billable hours declined 6%, but the technical headcount shortfall narrowed from 5–6% to 2%, with headcount expected to rise 4% by year-end.
  • Positive Sentiment: Litigation and dispute work grew 7%, while proactive risk management engagements expanded in utilities (including wildfire mitigation) and early-stage initiatives in energy transition and AI applications.
  • Neutral Sentiment: The company reiterated guidance for low single-digit net revenue growth and a 26.5%–27% EBITDA margin for full-year 2025, with Q3 revenue expected to rise in the mid single digits.
AI Generated. May Contain Errors.
Earnings Conference Call
Exponent Q2 2025
00:00 / 00:00

Transcript Sections

Skip to Participants
Operator

Good day, and welcome to Exponent Second Quarter twenty twenty five Earnings Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your touch tone phone. To withdraw your question, please press star then 2.

Operator

Please note this event is being recorded. I would now like to turn the conference over to Joni Consentelos, Investor Relations. Please go ahead.

Joni Konstantelos
Joni Konstantelos
Investor Relations at Exponent

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

Joni Konstantelos
Joni Konstantelos
Investor Relations at Exponent

Joining me on the call today are doctor Katherine Corrigan, president and chief Executive Officer and Rich Schlenker, Executive Vice President and Chief Financial Officer. Before we start, I would like to remind you that the following discussion contains forward looking statements, including, but not limited to, Exponent's market opportunities and future financial results that involve risks and uncertainties that may cause actual results to differ materially from those discussed here. Additional information that could cause actual results to differ from forward looking statements can be found in periodic SEC filings, including those factors discussed under the caption Risk Factor in Exponent's most recent Form 10 Q. The forward looking statements and risks in this conference call are based on current expectations as of today, and Exponent assumes no obligation to update or revise them, whether as a result of new developments or otherwise. And now I will turn the call over to Doctor. Katherine Corrigan, Chief Executive Officer. Katherine?

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

Thank you, Joni, and thank you, everyone, for joining us today. I will start off by reviewing our second quarter twenty twenty five business performance. Rich will then provide a more detailed review of our financial results and outlook, and we will then open the call for questions. Revenues in the second quarter were flat, but exceeded our expectations, reflecting our team's disciplined execution and resilience in this dynamic environment. Demand for our failure analysis expertise drove growth in dispute related activities, particularly in the construction, automotive and medical device sectors.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

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

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

Turning to our engagements in more detail. Reactive engagements in the quarter were driven by strong activity in the automotive sector related to advanced driver assistance systems as well as increased demand in complex construction related matters. In medical devices, we supported high stakes intellectual property issues alongside product liability and safety related matters, leveraging our specialized technical knowledge coupled with regulatory and industry expertise. Proactive engagements were led by risk management work in the utilities sector, where we continue to evaluate the resilience of critical infrastructure and help mitigate safety risks for consumers and communities. A growing example of this is our wildfire work where we are leveraging deep expertise in structural and electrical engineering, metallurgy, and data science to develop advanced quantitative risk models that inform decision making around system hardening, maintenance priorities and power shutoff strategies.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

We are encouraged by the progress we are making in headcount as our recruiting efforts gain traction. We began the year with a 5% to 6% headwind in technical full time equivalent employees, but narrowed that gap to 2% by the end of the second quarter, and we expect headcount to be up in the third and fourth quarters. Our ability to attract top tier talent is driven by a compelling employee value proposition, a development focused culture and the opportunity to do impactful challenging work. As we enter the second half of the year with encouraging demand across several key areas, we will continue strengthening our talented team that is already regarded as industry leading. Looking ahead, Exponent is well positioned to capitalize on key market drivers at the intersection of safety, health and the environment.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

Our multidisciplinary experts are actively engaged in early stage initiatives tied to transformative innovations, including distributed energy systems and large scale battery storage, where we guide clients through the evolving risks and technical complexities of the energy transition. Our work in wildfire mitigation is expanding, reflecting the growing need for resilient infrastructure and risk reduction strategies in the face of increasing extreme weather. At the same time, we're leveraging our unique capabilities in scientific user research to support clients with their emerging artificial intelligence applications, such as evaluating human machine interaction across safety critical systems like advanced medical devices and vehicles. We are also advising clients as they develop augmented and virtual reality technologies, helping ensure safety, reliability, and quality of immersive user experiences. Our recent early stage engagements represent significant long term growth opportunities as innovation scale and become increasingly vital to industry and society.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

We are encouraged by the high potential activity across our business and are continuing to recruit strategically in our highest growth areas. In a world where innovation is rapidly accelerating and expectations around health, safety and the environment are rising, our clients are facing increasingly complex, high stakes challenges. That's exactly where we excel. Clients turn to Exponent for our multidisciplinary insight, deep failure analysis expertise, and decades of risk and regulatory experience. With a team of exceptional professionals and a strong reputation for delivering clarity in the face of complexity, we are confident in our ability to capitalize on these enduring growth drivers and deliver sustainable long term value.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

I'll now turn the call over to Rich to provide more detail on our second quarter results as well as discuss our outlook for the third quarter and the full year 2025. Rich?

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

Thank you, Katherine, and good afternoon, everyone. Let me start by saying all comparisons will be on a year over year basis unless otherwise noted. For the 2025, total revenues increased 1% to $142,000,000 and revenues before reimbursements or net revenues as I will refer to them from here on were approximately flat at $132,900,000 as compared to the same period of 2024. Net income for the second quarter decreased to $26,600,000 or $0.52 per diluted share as compared to $29,200,000 or $0.57 per diluted share in the prior year period. During the quarter, the tax impact associated with share based awards was immaterial compared to a tax benefit of $700,000 or zero one dollars per share in the 2024.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

Inclusive of the tax impact for share based awards, Exponent consolidated tax rate was 27.9% in the 2025 as compared to 26.3% for the same period in 2024. EBITDA for the quarter decreased 7% to $37,000,000 producing a margin of 27.8% of net revenues as compared to $39,900,000 or 30.2% of net revenues in the same period in 2024. This year over year decrease in margins was primarily due to the decrease in utilization and increase in the other operating expenses largely associated with the Phoenix land lease renewal during June 2024 and a decrease in miscellaneous income due to the loss of a tenant in our Menlo Park facility. Billable hours in the second quarter were approximately 359,000, a decrease of 6% year over year. The average number of technical full time equivalent employees in the second quarter was nine fifty eight, down 2% as compared to one year ago.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

Utilization in the second quarter was 72.1%, down from 75.1% in the same period of 2024. The decrease was due in part to the inclusion of the July 4 holiday in the second quarter, which resulted in one less day of billable activity compared to fiscal twenty twenty four when the holiday occurred in the third quarter. For the quarter, our realized rate increase was approximately 5% as compared to the same period a year ago. This is a result of our premium position in the marketplace on parallel talent and differentiated interdisciplinary expertise. In the quarter, compensation expense after adjusting for gains and losses in deferred compensation increased 2%.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

Included in total compensation expense is a deferred compensation gain of $17,000,000 as compared to a gain of $875,000 in the same period of 2024. As a reminder, gains and losses in deferred compensation are offset in miscellaneous income and have no impact on the bottom line. Stock based compensation expense in the quarter was $2,100,000 as compared to $2,300,000 in the prior year period. Other operating expenses in the quarter were up 8% to $12,100,000 driven primarily by the increased noncash expense associated with our Phoenix lease extension. Included in other operating expenses is a depreciation and amortization expense of $2,500,000 for the second quarter.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

G and A expenses increased 2% to $6,100,000 for the quarter. Interest income increased to $2,300,000 for the quarter, driven by an increase in cash and cash equivalents. Miscellaneous income, excluding the deferred compensation gain, was approximately $331,000 for the quarter. During the quarter, capital expenditures were $2,300,000 We distributed $15,200,000 to shareholders through dividend payments and repurchased $27,700,000 of common stock at an average price of $75.66 Turning to our segments. Exponent's engineering and other scientific segment represented 85% of net revenues in the second quarter.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

Net revenues in this segment increased 1%, driven by demand for Exponent's dispute related services in the construction, automotive and medical device sectors. Exponent's Environmental and Health segment represented 15% of net revenues in the second quarter. Net revenues in this segment decreased 4% due to a lower level of activity for proactive projects in the life sciences sector and our chemical regulation services. Turning to our outlook. For the third quarter twenty twenty five, as compared to one year prior, we expect revenues before reimbursements to be up in the middle single digits and EBITDA to be 26.75% to 27.75% of revenue before reimbursements.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

For fiscal year twenty twenty five, we are maintaining our full year guidance. We expect revenues before reimbursements to grow in the low single digits and EBITDA to be 26.5% to 27% of revenues before reimbursements. As a reminder, the thirteen week fourth quarter of this year will be compared to a fourteen week fourth quarter in fiscal twenty twenty four. As a result, we will experience a year over year revenue headwind of approximately 6% due to the decrease in workdays in the 2025. We expect year over year technical full time equivalent employees to be up approximately 1% to 2% for the third quarter.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

We are pleased to be returning to headcount growth as we started the year with a 5% to 6% deficit in FTEs. This growth in headcount is a result of our recruiting activities and a normalized turnover rate. As such, we are now we are starting the third quarter with headcount up approximately 1% as compared to the beginning of the 2025. Based on our acceptances and these trends, we expect at year end that headcount will be approximately 4% higher than at the start of the year. We expect utilization in the third quarter to be 72% to 73% as compared to 73% in the same quarter last year.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

For the full year, we expect utilization to be approximately 72% as compared to 73% in 2024. We expect the year over year realized rate increase to be 4% to 5% for the third quarter and the full year. For the third quarter, we expect stock based compensation to be 5,300,000.0 to $5,500,000 For the full year, we expect stock based compensation to be 23,500,000.0 to 24,000,000 For the third quarter, we expect other operating expenses to be 12,500,000.0 to $13,000,000 For the full year, we expect them to be 49,500,000.0 to 50,500,000.0 As noted in prior quarters, the year over year increase in the full year other operating expenses is largely driven by the extension of our Phoenix lease. For the third quarter, we expect G and A expenses to be 7,500,000.0 to $8,000,000 For the full year, we expect them to be 24,800,000.0 to 25,500,000.0 The increase in G and A for the third quarter and full year is primarily due to an expense of approximately $2,000,000 for a firm wide managers meeting in September 2025. The meeting is an important investment in people development that bring together our multidisciplinary teams, develop our key talent, and foster the next generation of leaders and business generators.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

We expect interest income to be 2,000,000 to $2,200,000 per quarter for the remainder of 2025. In addition, we anticipate miscellaneous income to be approximately $200,000 per quarter for the remainder of the year. We continue to work to replace the rental income we lost in our Menlo Park facility. For the remainder of 2025, we do not anticipate any additional tax benefit associated with share based awards. For the 2025, we expect our tax rate to be approximately 28% as compared to 27.5% in the same quarter one year ago.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

For the full year 2025, the tax rate is expected to be 28.5% as compared to 26% in 2024. The increase in the tax rate is due to a decrease in the tax benefit from share based awards. Capital expenditures for the full year 2025 are expected to be 10,000,000 to $12,000,000 In closing, we are excited about our prospects for future growth. I will now turn the call back to Kathryn for closing remarks.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

Thank you, Rich. Exponent thrives amid disruptive innovation and evolving regulations. In an era marked by the rapid development of complex new technologies, we remain focused on helping our clients navigate an ever changing landscape. Today's engagements are laying the foundation for tomorrow's opportunities, and we will continue to deepen our expertise, attract top talent and invest in the development of our exceptional team. As we look ahead, we are confident in our ability to leverage our competitive advantages and help our clients face their toughest challenges to drive sustainable growth and deliver long term value for our shareholders. Operator, we are now ready for questions.

Operator

Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touch tone phone. If you are using a speakerphone, first question comes from Tobey Sommer from Turest.

Tyler Barishaw
Tyler Barishaw
Equity Research Associate at Truist Securities

Good afternoon. This is Tyler Barishaw on for Toby. Just wanted to start with the utilization. You mentioned last quarter that there was a little bit of caution built into it beyond just the July 4 wait holiday. Was wondering if you could explain how the utilization played out in the quarter.

Tyler Barishaw
Tyler Barishaw
Equity Research Associate at Truist Securities

Was it all July 4 that caused the decline year over year?

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

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

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

So those two those are the factors contributing to it in the short term.

Tyler Barishaw
Tyler Barishaw
Equity Research Associate at Truist Securities

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

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

Yeah. You know, we're seeing you know, certainly, clients are are mindful of that, and they are also mindful of their long term product strategies. We have seen, for example, a little bit of softness that we cited in the chemical sector. A little bit there are clients who are looking to import their products into The United States or, you know, export their products coming to The United States. And there's a little bit of wait and see that we're picking up there, because of the uncertainty in the tariff environment.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

Right? So that can create a little bit of a delay in some of the engagements in terms of those dossier projects, those product renewals and so forth. So that is something that we've And in terms of the tariffs, that's across other industries as well. We see issues in you're thinking consumer electronics, but the the the positive driver there really is around the complexity of the supply chain and our clients really looking at their longer term strategies around their supply disruption over the long term, I think, has an opportunity for us in it because of the complexity of that and our expertise around product quality and so forth. And so, you know, there is a there is certainly an effect around the edges as we saw in the chemical space.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

But broadly, our clients continue to want to push their their chemicals through that regulatory environment, and they are looking for ways even in the face of slowing at the EPA, for example, they are looking for ways to support that process, and continue that along.

Tyler Barishaw
Tyler Barishaw
Equity Research Associate at Truist Securities

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

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

Yeah. So of course, we are we're just in the beginning of doing our planning process for 2026. But, what I can do is really give you my perspective on what's driving the market and why I'm encouraged, in that sense when we think to not only the '5, but also into 2026. You know, when I look out there, I'm really excited by what we're seeing in wearables and sensors. This is particularly true around human health applications.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

There's a hardware side to this, of course. You know, your more power, smaller spaces, advanced displays, new form factors, the heightened expectations of performance of those sensors. So so that's a driver. But probably the even bigger piece of that is the human interface and the data side of that. Right?

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

We have a an incredibly unique value proposition that crosses from the hardware to the human, whether it's the cognitive, interface or the physical interface. And this touches both the electronics and life sciences industries for us. So we're seeing more early engagements. We are building a more diversified client base in both of those industries. It's heavily regulated.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

It's safety critical. It's getting more and more complicated, and those safety expectations are are ever heightened. So a lot of excitement there. Another place I would cite, Tyler, is the the energy space. You know, we've got a lot of dynamics right now in terms of how much emphasis is being placed on renewables versus more traditional sources of energy, but the reality is that the demand for power is growing incredibly, and we have an aging infrastructure to distribute it.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

We have new technologies and more complicated technologies coming online to try to meet that demand. We have new infrastructure in terms of data centers and distribution. We have deployments of new energy technologies not meeting expectations, and we're seeing that in the disputes area. We're well positioned for that. The proactive work and utility risk, you know, we are seeing diversification of our client base there, and that imperative is growing.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

Distributed energy systems as well, you know, to power the data centers, you know, small modular reactors, battery energy storage systems, etcetera. So a lot of excitement there that involves a lot of our disciplines. I would cite, of course, automotive. This is advanced driver assistance systems moving into more fully automated fleets. We're seeing increased complexity in our litigation matters.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

You know, last year or the year before, it's what oh, you you should have had the technology and you didn't. But now it's about you have the technology and it didn't perform. It's an even more complicated question where you have to dive in, to the algorithm and have unique ways of testing the capabilities. So really excited there. And and, you know, finally, I would I would just cite the accelerated adoption of AI into safety critical and performance critical systems.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

We operate around the product life cycle there. You know, you've got the data side coming in. What is your strategy for for, the data that you're gonna use to train your algorithm properly? You know, you wanna build the model that leverages AI but also leverages the laws of physics. You know, AI is AI is about correlation.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

Right? Past performance is predicting future results. We are adding that layer of subject matter expertise to get causation into the equation when you really need to get the right answer. We are uniquely positioned for that with our deep roots in failure analysis, and in, you know, engineering and scientific systems. So, you know, Rich may wanna add, you know, in terms of going forward, but that's just a bit of my feeling about the areas that that we're most excited about.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

Yeah. Tyler, just getting back, also to your, quantitative, question. Again, as Catherine indicated, we're still at the early stage of developing our detailed plan for 2026 and in turn providing that guidance at the beginning of end of January, February. But look, I think we are on a in a position, which I stated before, where I think we are going to be able to start the year at least at this 4% headcount growth approximately in that range. I think that brings us back into what we talk about really being our growth algorithm of having headcount that's in that 4% to 8% growth a year, I think we can just build off of what we've got at 4% starting the year and go from there.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

I think you're going to be able to see, I don't think we're gonna realize 5% again next year in rate probably, but I think we'll get back to a more normal rate realization, might be in that 2.5% to 3.5% range depending on where the economy is and different things of that type. And I think where we the utilization as we've settled come in approximately at 72% for this year. I think that provides a good foundation for us to build off of going forward. So I think we're setting ourselves up for a good position going forward.

Tyler Barishaw
Tyler Barishaw
Equity Research Associate at Truist Securities

Thank you for the detailed answer.

Operator

The next question comes from Josh Chan from UBS. Please go ahead.

Karandeep Singhania
Karandeep Singhania
Equity Research Associate at UBS Group

Hi, good afternoon. This is Karni Sinaniya on for Josh. I was hoping if you could share with us how did the growth rate spread in the proactive and reactive both in the quarter?

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

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

Karandeep Singhania
Karandeep Singhania
Equity Research Associate at UBS Group

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

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

Yes. So the growth rates were very similar. They're both within, give or take 1% on the growth rate there. So there really wasn't a big distinction in that overall. I think the one interesting very, I think positive variable varied though in that reactive side, which was, let's call it up 1%, is really that our litigation or disputes related work grew 7% year over year.

Rich Schlenker
Rich Schlenker
EVP & CFO at Exponent

That's on top of similar growth of that level or higher in the prior two years where we've had strength. While that was offset by a few larger regulatory matters that we had ongoing last year that stepped down, which tend to be can have a little bit of timing related to them and be a little different. The majority, which is 90% of our 85%, 90 of our reactive work is really in that disputes area and it just continues to show good strength. And I think there are, as Catherine laid out, there are a number of market drivers that I think will not only see this growth continue, but potentially increase its rate.

Karandeep Singhania
Karandeep Singhania
Equity Research Associate at UBS Group

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

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

Yeah. Thanks for that. So I I alluded to that a little bit, a few minutes ago with regard to the EPA in particular. You know, we that's mostly our chemical regulatory type work that is potentially impacted by movement at the EPA. You know, there have been lots of, you know, staff layoffs and a lot of turnover there.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

You know, most of the work continues to go through, but there is a there is a layer where, you know, clients are perhaps waiting for a decision that is taking a bit longer from the FDA, and that's creating a little bit of a delay. You know, this is not this is around the edges to some extent. It's not, you know, it's not really significantly impacting that. But, you know, in other places such as medical devices, you know, we're not seeing, I would say, as much of an effect there when it comes to FDA related work. We continue to see demand for a lot of our regulatory work in medical devices that involve some of our sophisticated laboratory testing, our regulatory advisory work.

Catherine Corrigan
Catherine Corrigan
CEO & President at Exponent

So I think that those clients are very committed to pushing their global product strategies and getting that work done, and they are finding ways to do that. You know, I think the the upshot of that is, yes, there's a little bit around the edges, but, you know, most of that work is continuing, and clients are finding the way to do that.

Karandeep Singhania
Karandeep Singhania
Equity Research Associate at UBS Group

Got it. That's very helpful. Thank you.

Joni Konstantelos
Joni Konstantelos
Investor Relations at Exponent

You're welcome.

Operator

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

Executives
    • Joni Konstantelos
      Joni Konstantelos
      Investor Relations
    • Catherine Corrigan
      Catherine Corrigan
      CEO & President
    • Rich Schlenker
      Rich Schlenker
      EVP & CFO
Analysts
Powered by Quartr