<p><strong>Exponent</strong>（EXPO -0.01%）是一家专注于工程和科学问题解决的咨询公司，于 2025 年 7 月 31 日发布了 2025 财年第二季度的业绩。Exponent 报告称，2025 财年第二季度的总收入（GAAP）为 1.42 亿美元，比 2024 财年第二季度增长了 1%，略微超过了其对持平或略微下降增长的预期。2025 财年第二季度的摊薄每股收益（GAAP）为 0.52 美元，低于 2024 财年第二季度的 0.57 美元。尽管收入有所上升，但盈利能力却有所收窄，EBITDA（非 GAAP）和净收入均因运营成本上升而同比下降。总体而言，本季度表现稳定，主要得益于反应性、与争议相关的业务，但突显了持续的利润压力和各个细分市场的需求趋势不一。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>摊薄每股收益</td>
<td>$0.52</td>
<td>$0.57</td>
<td>(8.8%)</td>
</tr>
<tr>
<td>收入</td>
<td>$1.42 亿</td>
<td>$1.405 亿</td>
<td>1.1%</td>
</tr>
<tr>
<td>报销前收入</td>
<td>$1.329 亿</td>
<td>$1.324 亿</td>
<td>0.4%</td>
</tr>
<tr>
<td>EBITDA</td>
<td>$3700 万</td>
<td>$3990 万</td>
<td>(7.3%)</td>
</tr>
<tr>
<td>净收入</td>
<td>$2660 万</td>
<td>$2920 万</td>
<td>(8.9%)</td>
</tr>
</tbody>
</table>
<h2>Exponent 的商业模式和成功因素</h2>
<p>Exponent 作为一家技术咨询公司，提供工程、数据科学、生物医学工程和环境健康等领域的调查和咨询服务，支撑了公司在复杂行业中承担高度专业化项目的能力。</p>
<p>该公司的近期优先事项集中在扩大客户基础、增加技术专业化以及将服务扩展到数字健康和人工智能可用性等新兴领域。关键成功因素包括其对多样化行业的接触、对专业知识的高定价以及持续投资于招聘和留住专家顾问。</p>
<h2>本季度回顾：收入、盈利能力和细分动态</h2>
<p>Exponent 在 2025 财年第二季度的收入（GAAP）较 2024 财年第二季度增长了 1%，略微超出其内部预测的低个位数下降。这一表现得益于其最大部门——工程及其他科学部门的稳定活动，该部门在报销前贡献了 85% 的收入，并同比增长了 1%。与争议相关的咨询需求——通常称为 “反应性” 服务——在建筑、汽车和医疗器械领域是主要驱动因素。这些业务通常因诉讼、召回或高风险调查而产生，并提供了持续的收入稳定性。</p>
<p>环境与健康是该公司较小的部门，占报销前收入的 15%，在 2025 财年第二季度收缩了 4%。这一下降与主动服务的疲软有关，例如监管咨询和生命科学项目的活动减少。管理层将这一疲软与化学品和生命科学监管支持的需求延迟或减少联系在一起。</p>
<p>盈利能力压力依然明显。2025 财年第二季度的 EBITDA（非 GAAP）同比下降了 7.4%，利润率从 30.2% 降至 27.8%。2025 财年第二季度的净收入（GAAP）较 2024 财年第二季度下降了近 9%，摊薄每股收益（GAAP）也随之下降。2025 财年第二季度的股票薪酬为 520 万美元。然而，管理和行政费用保持稳定，表明在有针对性的投资中采取了成本控制措施。</p>
<p>管理层继续支持以股息和股票回购形式的资本回报计划。Exponent 在 2025 财年上半年支付了 3160 万美元的股息，并在 2025 财年上半年回购了 3270 万美元的股票。截至 2025 年 7 月 4 日，现金及现金等价物为 2.318 亿美元，且没有长期债务。</p>
<h2>业务重点：服务、客户多样性和行业趋势</h2>
<p>Exponent 的业务分为反应性工作——争议、诉讼和高风险调查——以及主动任务，如产品改进、研究和风险管理。约 60% 的收入来自反应性业务，这通常不受更广泛经济变化的影响，因为它通常是由客户直接控制之外的事件触发的。主动服务占约 40% 的收入，需求较软，特别是在化学品和生命科学领域的监管咨询中。</p>
<p>该公司的客户基础多样化，涵盖消费品、能源、交通、公共事业和化学品等行业。没有单一行业占主导地位，这有助于分散风险。近期在建筑和医疗器械领域观察到与争议相关的活动增长。Exponent 还报告了在新服务类型中的早期项目胜利，包括数字健康（为连接和可穿戴健康设备提供咨询）、人工智能可用性（评估 AI 在产品中的使用）和分布式能源系统（与新能源基础设施和分散电力资源相关的项目）。尽管这些领域尚未对收入产生显著影响，但管理层将其视为未来的潜在增长驱动因素。</p>
<p>强大的专业化和能够收取高小时费率（通常根据顾问的专业知识在 210 美元至 1050 美元之间）支持了收入质量。业务通常灵活结构，采用固定费率或时间和材料的方式，客户可以随时终止合同。</p>
<p>在人力资本方面，Exponent 继续招聘，重点关注自动驾驶汽车和数字健康等机会最多的领域。高优先级业务的员工增长被视为捕捉未来增长机会和支持持续技术卓越的关键。</p>
<h2>展望未来：指导和投资者关注点</h2>
<p>管理层对 2025 财年第二季度和 2025 财年的前景持温和乐观态度，预计在扣除报销前的收入将下降低个位数，2025 财年第二季度的 EBITDA（非 GAAP）利润率将占扣除报销前收入的 26.0% 至 27.0%。对于 2025 财年，预计扣除报销前的收入将增长低个位数，EBITDA（非 GAAP）利润率将在 26.25% 至 27.0% 之间。对于 2025 财年第三季度，管理层预计扣除报销前的收入将同比增长中个位数百分比，EBITDA 利润率（非 GAAP）将在 26.75% 至 27.75% 之间。2025 财年的指导意见预计扣除报销前的收入将低个位数增长，EBITDA 利润率（非 GAAP）将在 26.5% 至 27.0% 之间。恢复到标准的 52 周财政年度对同比比较构成了一定的阻力，因为 2024 财年包含了一周额外的业绩。</p>
<p>董事会宣布每股派发季度股息 0.30 美元，支付日期为 2025 年 9 月 19 日，继续保持稳定的资本回报政策。随着投资者展望未来，管理层提到在数字健康、人工智能和分布式能源等早期阶段工作中出现了积极的势头。持续的利润压力和缓慢的主动需求恢复仍然是需要关注的关键领域，而公司的广泛客户基础和健康的财务状况则提供了稳定性。</p>
<p><em>收入和净收入按照美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

毅博科技咨询

<p>Exponent (EXPO) 报告称，2025 财年第二季度收入增长 1%，总计为 1.42 亿美元，略微超过预期。然而，稀释后每股收益降至 0.52 美元，低于 2024 财年第二季度的 0.57 美元。由于运营成本上升，盈利能力下降，EBITDA 下降 7.4%，净收入下降近 9%。公司的收入增长主要得益于反应性咨询服务，而主动服务则出现下降。管理层仍然专注于扩大客户多样性和服务产品，特别是在数字健康和人工智能可用性方面，同时通过分红和股票回购维持资本回报计划</p>

<p><strong>Exponent</strong>(EXPO -0.01%), a consulting firm specializing in engineering and scientific problem-solving, delivered its second-quarter fiscal 2025 results on July 31, 2025. Exponent reported $142.0 million in total revenue (GAAP) for Q2 FY2025, a 1% increase from Q2 FY2024, narrowly exceeding its own expectations for flat to slightly lower growth. Diluted earnings per share (GAAP) was $0.52 in Q2 FY2025, down from $0.57 per diluted share (GAAP) in Q2 FY2024. While revenue edged up, profitability narrowed, with EBITDA (non-GAAP) and net income both declining year over year due to rising operating costs. Overall, the quarter demonstrated stable performance, mainly due to reactive, dispute-related engagements, but highlighted ongoing margin pressure and mixed demand trends across segments.</p>
<div class="lb-trans"><p><strong>Exponent</strong>（EXPO -0.01%）是一家专注于工程和科学问题解决的咨询公司，于 2025 年 7 月 31 日发布了 2025 财年第二季度的业绩。Exponent 报告称，2025 财年第二季度的总收入（GAAP）为 1.42 亿美元，比 2024 财年第二季度增长了 1%，略微超过了其对持平或略微下降增长的预期。2025 财年第二季度的摊薄每股收益（GAAP）为 0.52 美元，低于 2024 财年第二季度的 0.57 美元。尽管收入有所上升，但盈利能力却有所收窄，EBITDA（非 GAAP）和净收入均因运营成本上升而同比下降。总体而言，本季度表现稳定，主要得益于反应性、与争议相关的业务，但突显了持续的利润压力和各个细分市场的需求趋势不一。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS – Diluted</td>
<td>$0.52</td>
<td>$0.57</td>
<td>(8.8%)</td>
</tr>
<tr>
<td>Revenue</td>
<td>$142.0 million</td>
<td>$140.5 million</td>
<td>1.1%</td>
</tr>
<tr>
<td>Revenue before Reimbursements</td>
<td>$132.9 million</td>
<td>$132.4 million</td>
<td>0.4%</td>
</tr>
<tr>
<td>EBITDA</td>
<td>$37.0 million</td>
<td>$39.9 million</td>
<td>(7.3%)</td>
</tr>
<tr>
<td>Net Income</td>
<td>$26.6 million</td>
<td>$29.2 million</td>
<td>(8.9%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>摊薄每股收益</td>
<td>$0.52</td>
<td>$0.57</td>
<td>(8.8%)</td>
</tr>
<tr>
<td>收入</td>
<td>$1.42 亿</td>
<td>$1.405 亿</td>
<td>1.1%</td>
</tr>
<tr>
<td>报销前收入</td>
<td>$1.329 亿</td>
<td>$1.324 亿</td>
<td>0.4%</td>
</tr>
<tr>
<td>EBITDA</td>
<td>$3700 万</td>
<td>$3990 万</td>
<td>(7.3%)</td>
</tr>
<tr>
<td>净收入</td>
<td>$2660 万</td>
<td>$2920 万</td>
<td>(8.9%)</td>
</tr>
</tbody>
</table>
</div><h2>Exponent’s Business Model and Success Factors</h2>
<div class="lb-trans"><h2>Exponent 的商业模式和成功因素</h2>
</div><p>Exponent operates as a technical consulting firm offering investigative and advisory services in areas such as engineering, data science, biomedical engineering, and environmental health, underpinning the company’s ability to take on highly specialized projects across complex industries.</p>
<div class="lb-trans"><p>Exponent 作为一家技术咨询公司，提供工程、数据科学、生物医学工程和环境健康等领域的调查和咨询服务，支撑了公司在复杂行业中承担高度专业化项目的能力。</p>
</div><p>The company’s recent priorities have centered on broadening its client base, increasing technical specialization, and expanding service offerings into emerging areas like digital health and artificial intelligence usability. Key success factors include its exposure to diverse industries, premium pricing for specialized expertise, and continual investment in recruiting and retaining expert consultants.</p>
<div class="lb-trans"><p>该公司的近期优先事项集中在扩大客户基础、增加技术专业化以及将服务扩展到数字健康和人工智能可用性等新兴领域。关键成功因素包括其对多样化行业的接触、对专业知识的高定价以及持续投资于招聘和留住专家顾问。</p>
</div><h2>Quarter in Review: Revenue, Profitability, and Segment Dynamics</h2>
<div class="lb-trans"><h2>本季度回顾：收入、盈利能力和细分动态</h2>
</div><p>Exponent’s revenue (GAAP) inched up by 1% in Q2 FY2025 compared to Q2 FY2024, modestly outpacing its internal forecast calling for a low-single-digit decline. This performance was fueled by stable activity in its largest division, the Engineering and Other Scientific segment, which contributed 85% of revenues before reimbursements and grew 1% year over year. Demand for dispute-related consulting—commonly called “reactive” services—in construction, automotive, and medical device work was the primary driver. These engagements typically arise due to litigation, recalls, or high-stakes investigations, and provided continued revenue stability.</p>
<div class="lb-trans"><p>Exponent 在 2025 财年第二季度的收入（GAAP）较 2024 财年第二季度增长了 1%，略微超出其内部预测的低个位数下降。这一表现得益于其最大部门——工程及其他科学部门的稳定活动，该部门在报销前贡献了 85% 的收入，并同比增长了 1%。与争议相关的咨询需求——通常称为 “反应性” 服务——在建筑、汽车和医疗器械领域是主要驱动因素。这些业务通常因诉讼、召回或高风险调查而产生，并提供了持续的收入稳定性。</p>
</div><p>Environmental and Health, the firm’s smaller segment at 15% of revenues before reimbursements, contracted by 4% in Q2 FY2025. This decline ties back to weakness in proactive services, such as regulatory consulting and life sciences projects, which saw reduced activity. Management linked this softness to delayed or decreased demand for chemicals and life sciences regulatory support.</p>
<div class="lb-trans"><p>环境与健康是该公司较小的部门，占报销前收入的 15%，在 2025 财年第二季度收缩了 4%。这一下降与主动服务的疲软有关，例如监管咨询和生命科学项目的活动减少。管理层将这一疲软与化学品和生命科学监管支持的需求延迟或减少联系在一起。</p>
</div><p>Profitability pressures remained evident. EBITDA (non-GAAP) fell 7.4% year over year in Q2 FY2025, as margins declined to 27.8% from 30.2%. Net income (GAAP) slipped almost 9% in Q2 FY2025 compared to Q2 FY2024, with diluted earnings per share (GAAP) declining in step. Stock-based compensation was $5.2 million in Q2 FY2025. General and administrative expenses, however, held steady, indicating cost containment efforts amid targeted investment.</p>
<div class="lb-trans"><p>盈利能力压力依然明显。2025 财年第二季度的 EBITDA（非 GAAP）同比下降了 7.4%，利润率从 30.2% 降至 27.8%。2025 财年第二季度的净收入（GAAP）较 2024 财年第二季度下降了近 9%，摊薄每股收益（GAAP）也随之下降。2025 财年第二季度的股票薪酬为 520 万美元。然而，管理和行政费用保持稳定，表明在有针对性的投资中采取了成本控制措施。</p>
</div><p>Management continued to support capital return programs in the form of dividends and share repurchases. Exponent paid out $31.6 million in dividends during the first half of FY2025 and repurchased $32.7 million worth of shares in the first half of FY2025. Cash and cash equivalents as of July 4, 2025, stood at $231.8 million, with no long-term debt.</p>
<div class="lb-trans"><p>管理层继续支持以股息和股票回购形式的资本回报计划。Exponent 在 2025 财年上半年支付了 3160 万美元的股息，并在 2025 财年上半年回购了 3270 万美元的股票。截至 2025 年 7 月 4 日，现金及现金等价物为 2.318 亿美元，且没有长期债务。</p>
</div><h2>Business Focus: Services, Client Diversity, and Industry Trends</h2>
<div class="lb-trans"><h2>业务重点：服务、客户多样性和行业趋势</h2>
</div><p>Exponent’s business is split between reactive work -- dispute, litigation, and high-stakes investigations -- and proactive assignments such as product improvement, research, and risk management. About 60% of revenue comes from the reactive side, which tends to be less impacted by changes in the broader economy since it is often triggered by events outside clients’ direct control. Proactive services, which represented about 40% of revenue, experienced softer demand, particularly in regulatory consulting within chemicals and life sciences.</p>
<div class="lb-trans"><p>Exponent 的业务分为反应性工作——争议、诉讼和高风险调查——以及主动任务，如产品改进、研究和风险管理。约 60% 的收入来自反应性业务，这通常不受更广泛经济变化的影响，因为它通常是由客户直接控制之外的事件触发的。主动服务占约 40% 的收入，需求较软，特别是在化学品和生命科学领域的监管咨询中。</p>
</div><p>The company’s client base is diversified, spanning industries like consumer products, energy, transportation, utilities, and chemicals. No single sector dominates, which helps spread risk. Recent growth in dispute-related activity in construction and medical devices was observed. Exponent also reported early-stage project wins in new service types, including digital health (consulting for connected and wearable health devices), artificial intelligence usability (assessing how AI is used within products), and distributed energy systems (projects related to new energy infrastructure and decentralized power resources). While these areas have not yet moved the needle on revenue, management sees them as potential future growth drivers.</p>
<div class="lb-trans"><p>该公司的客户基础多样化，涵盖消费品、能源、交通、公共事业和化学品等行业。没有单一行业占主导地位，这有助于分散风险。近期在建筑和医疗器械领域观察到与争议相关的活动增长。Exponent 还报告了在新服务类型中的早期项目胜利，包括数字健康（为连接和可穿戴健康设备提供咨询）、人工智能可用性（评估 AI 在产品中的使用）和分布式能源系统（与新能源基础设施和分散电力资源相关的项目）。尽管这些领域尚未对收入产生显著影响，但管理层将其视为未来的潜在增长驱动因素。</p>
</div><p>Strong specialization and the ability to command high hourly rates—typically $210 to $1,050 per hour depending on consultant expertise—support revenue quality. Engagements are usually structured flexibly, with either fixed rates or time and materials, and clients can terminate contracts at any time.</p>
<div class="lb-trans"><p>强大的专业化和能够收取高小时费率（通常根据顾问的专业知识在 210 美元至 1050 美元之间）支持了收入质量。业务通常灵活结构，采用固定费率或时间和材料的方式，客户可以随时终止合同。</p>
</div><p>On the human-capital front, Exponent continued to hire, focusing on areas with the most opportunity, such as automated vehicles and digital health. Headcount growth in high-priority practices is seen as essential to capture future growth opportunities and support continued technical excellence.</p>
<div class="lb-trans"><p>在人力资本方面，Exponent 继续招聘，重点关注自动驾驶汽车和数字健康等机会最多的领域。高优先级业务的员工增长被视为捕捉未来增长机会和支持持续技术卓越的关键。</p>
</div><h2>Looking Ahead: Guidance and Investor Watchpoints</h2>
<div class="lb-trans"><h2>展望未来：指导和投资者关注点</h2>
</div><p>Management provided a modestly positive outlook for both Q2 FY2025 and FY2025, expecting revenues before reimbursements to be down in the low-single digits and EBITDA (non-GAAP) margin to be 26.0% to 27.0% of revenues before reimbursements for Q2 FY2025, and for FY2025, revenues before reimbursements to grow in the low-single digits with an EBITDA (non-GAAP) margin of 26.25% to 27.0% of revenues before reimbursements. For Q3 FY2025, management expects revenue before reimbursements to climb by mid-single-digit percentages year over year, with an EBITDA margin (non-GAAP) in the 26.75% to 27.75% range. For FY2025, guidance calls for low-single-digit growth in revenue before reimbursements and an EBITDA margin (non-GAAP) between 26.5% and 27.0%. The return to a standard 52-week fiscal year represents a slight headwind for year-over-year comparison, as FY2024 included an extra week of results.</p>
<div class="lb-trans"><p>管理层对 2025 财年第二季度和 2025 财年的前景持温和乐观态度，预计在扣除报销前的收入将下降低个位数，2025 财年第二季度的 EBITDA（非 GAAP）利润率将占扣除报销前收入的 26.0% 至 27.0%。对于 2025 财年，预计扣除报销前的收入将增长低个位数，EBITDA（非 GAAP）利润率将在 26.25% 至 27.0% 之间。对于 2025 财年第三季度，管理层预计扣除报销前的收入将同比增长中个位数百分比，EBITDA 利润率（非 GAAP）将在 26.75% 至 27.75% 之间。2025 财年的指导意见预计扣除报销前的收入将低个位数增长，EBITDA 利润率（非 GAAP）将在 26.5% 至 27.0% 之间。恢复到标准的 52 周财政年度对同比比较构成了一定的阻力，因为 2024 财年包含了一周额外的业绩。</p>
</div><p>The board declared a quarterly dividend of $0.30 per share, payable September 19, 2025, continuing a steady capital return policy. As investors look ahead, management cited positive momentum in early-stage work around digital health, artificial intelligence, and distributed energy. Persistent margin pressure and slow proactive demand recovery remain key areas for monitoring, while the company’s broad client base and healthy financial position offer stability.</p>
<div class="lb-trans"><p>董事会宣布每股派发季度股息 0.30 美元，支付日期为 2025 年 9 月 19 日，继续保持稳定的资本回报政策。随着投资者展望未来，管理层提到在数字健康、人工智能和分布式能源等早期阶段工作中出现了积极的势头。持续的利润压力和缓慢的主动需求恢复仍然是需要关注的关键领域，而公司的广泛客户基础和健康的财务状况则提供了稳定性。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入按照美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
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毅博科技咨询（EXPO）第二季度的收入增长了 1%