# EXPONENT INC (EXPO) FY 2022 MD&A

Verbatim Item 7 Management's Discussion and Analysis from EXPONENT INC's 10-K for fiscal year 2022.

SEC filing source: https://www.sec.gov/Archives/edgar/data/851520/000095017023004401/expo-20221230.htm
Accession: 0000950170-23-004401
Filing date: 2023-02-24
Report date: 2022-12-30
Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high

Company profile: /company/EXPO/
All MD&A years: /company/EXPO/mda/
Previous year: /company/EXPO/mda/fy2021/ (FY 2021)
Next year: /company/EXPO/mda/fy2023/ (FY 2023)

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section of this Annual Report on Form 10-K generally discusses 2022 and 2021 items and year-to-year comparisons between 2022 and 2021. Discussions of 2021 and year-to-year comparisons between 2021 and 2020 that are not included in this Annual Report form 10-K can be found in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

OVERVIEW

Exponent is an engineering and scientific consulting firm providing solutions to complex problems. Exponent's interdisciplinary organization of scientists, physicians, engineers, and business consultants draws from more than 90 technical disciplines to solve the most pressing and complicated challenges facing stakeholders today. The firm leverages over 50 years of experience in analyzing accidents and failures to advise clients as they innovate their technologically complex products and processes, ensure the safety and health of their users, and address the challenges of sustainability.

CRITICAL ACCOUNTING ESTIMATES

In preparing our consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on our revenue, operating income and net income, as well as on the value of certain assets and liabilities on our consolidated balance sheet. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. On a regular basis we evaluate our assumptions, judgments and estimates and make changes accordingly. We believe that the assumptions, judgments and estimates involved in accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts have a potential impact on our consolidated financial statements, so we consider these to be our critical accounting policies. We discuss below the assumptions, judgments and estimates associated with these policies. Historically, our assumptions, judgments and estimates relative to our critical accounting policies have not differed materially from actual results. For further information on our critical accounting policies, see Note 1 of our Notes to Consolidated Financial Statements.

Revenue recognition. We derive our revenues primarily from professional fees earned on consulting engagements, fees earned for the use of our equipment and facilities, as well as reimbursements for outside direct expenses associated with the services that are billed to our clients.

Substantially all of our engagements are service contracts performed under time and material or fixed-price billing arrangements. For time and material and fixed-price service projects, revenue is generally recognized as the services are performed. For substantially all of our fixed-price service engagements, we recognize revenue based on the relationship of incurred labor hours at standard rates to our estimate of the total labor hours at standard rates we expect to incur over the term of the contract. Our estimate of total labor hours we expect to incur over the term of the contract is based on the nature of the project and our past experience on similar projects. We believe this methodology achieves a reliable measure of the revenue from the consulting services we provide to our customers under fixed-price contracts.

Management judgments and estimates must be made and used in connection with the revenues recognized in any accounting period. These judgments and estimates include an assessment of the estimate as to the total effort required to complete fixed-price projects.

Estimating the allowance for contract losses and doubtful accounts. We make estimates of our ability to collect accounts receivable and our unbilled but recognized work-in-process. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations to us or for disputes with customers that affect our ability to fully collect our accounts receivable and unbilled work-in-process, we record a specific allowance to reduce the net recognized receivable to the amount we reasonably believe will be collected. For all other customers we recognize allowances for contract losses and doubtful accounts taking into consideration factors such as historical write-offs, customer concentration, customer creditworthiness, current and forecasts of future economic conditions, and aging of amounts due.

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The following table sets forth, for the periods indicated, the percentage of revenues of certain items in our consolidated statements of income and the percentage increase (decrease) in the dollar amount of such items year to year:

[[GREPCENT_TABLE]]
[["","","Percentage of Revenues for","","","Period to"],["","","Fiscal Years","","","Period Change"],["","","2022","","","2021","","","2022 v 2021"],["Revenues","","","100.0","%","","","100.0","%","","","10.1","%"],["Operating expenses:"],["Compensation and related expenses","","","51.5","","","","59.6","","","","(5.0",")"],["Other operating expenses","","","6.8","","","","7.0","","","","7.6"],["Reimbursable expenses","","","9.6","","","","6.7","","","","57.5"],["General and administrative expenses","","","4.6","","","","3.3","","","","54.8"],["","","","72.6","","","","76.6","","","","4.2"],["Operating income","","","27.4","","","","23.4","","","","29.3"],["Other income, net","","","(1.7",")","","","3.6","","","","(150.9",")"],["Income before income taxes","","","25.8","","","","27.0","","","","5.1"],["Provision for income taxes","","","5.8","","","","5.3","","","","21.4"],["Net income","","","19.9","%","","","21.7","%","","","1.1","%"]]
[[/GREPCENT_TABLE]]

EXECUTIVE SUMMARY

Revenues for 2022 increased 10% and revenues before reimbursements increased 7% as compared to the prior year. The increase in revenues was due to an increase in billable hours and an increase in billing rates. Our multidisciplinary team of top-tier scientists and engineers continues to provide critical data, analyses and insights for our clients as society raises expectations for safety, health and the environment. Demand for our proactive services remained strong across the consumer products, electronics, automotive and life sciences sectors. Our reactive engagements were driven by robust litigation-related activity and a diversified portfolio of product safety- and recall-related work spanning multiple industries. We are seeing our accelerated recruitment efforts materialize as we continue to attract a strong pipeline of high-quality talent. We increased headcount in key areas of the business where we have identified the greatest need and opportunity.

Society is raising the bar for safety, health, sustainability and reliability, and clients are increasingly seeking our interdisciplinary proactive solutions. As our suite of offerings and key markets expand, so does the demand for our multidisciplinary services. We continue to expand our client relationships and enhance our reputation and capabilities across the firm. As innovation and technology become increasingly complex, the critical nature of our insights uniquely positions Exponent to address our clients’ needs throughout the product lifecycle.

Net income was $102,330,000 during 2022 as compared to $101,202,000 during 2021. Diluted earnings per share increased to $1.96 for 2022 as compared to $1.90 for 2021. Net income and diluted earnings per share for 2022 and 2021 benefited from the excess tax benefit associated with stock-based awards. The excess tax benefit associated with stock-based awards decreased to $5,829,000 during 2022 as compared to $10,009,000 during 2021. The decrease in the excess tax benefit was due to a smaller increase in value of our common stock between the grant date and the release date for the restricted stock units released during 2022 as compared to 2021.

We remain focused on building our world-class engineering and scientific team to position Exponent at the forefront of innovation and meet the ever-changing needs of our clients and the market. We also remain focused on capitalizing on emerging growth areas, managing other operating expenses, generating cash from operations, maintaining a strong balance sheet and undertaking activities such as share repurchases and dividends to enhance shareholder value.

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OVERVIEW OF THE YEAR ENDED December 30, 2022

Our revenues consist of professional fees earned on consulting engagements, fees for use of our equipment and facilities, and reimbursements for outside direct expenses associated with the services performed that are billed to our clients.

We operate on a 52-53 week fiscal year with each year ending on the Friday closest to December 31st. Fiscal period 2022 included 52 weeks of activity and ended on December 30, 2022. Fiscal period 2021 included 52 weeks of activity and ended on December 31, 2021. Fiscal period 2020 included 52 weeks of activity and ended on January 1, 2021. Fiscal period 2023 is 52 weeks and will end on December 29, 2023.

During 2022, billable hours increased 4% to 1,465,000 as compared to 1,405,000 during 2021. Our utilization decreased to 74% for 2022 as compared to 75% for 2021. Technical full-time equivalent employees increased 6% to 955 for 2022 as compared to 900 for 2021. We continue to selectively hire key talent to expand our capabilities.

FISCAL YEARS ENDED December 30, 2022 AND December 31, 2021

Revenues

[[GREPCENT_TABLE]]
[["(In thousands except percentages)","","Fiscal Years","","","Percent"],["","","2022","","","2021","","","Change"],["Engineering and Other Scientific","","$","427,796","","","$","380,909","","","","12.3","%"],["Percentage of total revenues","","","83.3","%","","","81.7","%"],["Environmental and Health","","","85,497","","","","85,360","","","","0.2","%"],["Percentage of total revenues","","","16.7","%","","","18.3","%"],["Total revenues","","$","513,293","","","$","466,269","","","","10.1","%"]]
[[/GREPCENT_TABLE]]

The increase in revenues for our Engineering and Other Scientific segment was due to an increase in billable hours and an increase in billing rates. During 2022, billable hours for this segment increased by 5% to 1,153,000 as compared to 1,101,000 during 2021. Utilization for this segment decreased to 75% for 2022 as compared to 77% for 2021. Growth during 2022 was broad-based, with continued strong demand for our services across the consumer products, life sciences, and automotive sectors. In addition to the steady increase in litigation support and human participant studies, our multidisciplinary battery team continued to see demand for its solutions in electric vehicles and energy storage. Technical full-time equivalent employees in this segment increased 7% to 736 during 2022 as compared to 688 for 2021 due to our recruiting and retention efforts.

The increase in revenues from our Environmental and Health segment was due to an increase in billable hours. Excluding the impact of foreign exchange, revenues for this segment increased 3%. During 2022, billable hours for this segment increased by 3% to 312,000 as compared to 304,000 during 2021. Growth in this segment was primarily driven by our proactive safety-related work evaluating the impacts on chemicals on human health and the environment. Utilization for this segment was 69% for both 2022 and 2021. Technical full-time equivalents increased 3% to 219 during 2022 as compared to 212 for 2021 due to our recruiting and retention efforts.

Revenues are primarily derived from services provided in response to client requests or events that occur without notice and engagements are generally terminable or subject to postponement or delay at any time by our clients. As a result, backlog at any particular time is small in relation to our quarterly or annual revenues and is not a reliable indicator of revenues for any future periods.

Compensation and Related Expenses

[[GREPCENT_TABLE]]
[["(In thousands except percentages)","","Fiscal Years","","","Percent"],["","","2022","","","2021","","","Change"],["Compensation and related expenses","","$","264,235","","","$","278,047","","","","(5.0",")%"],["Percentage of total revenues","","","51.5","%","","","59.6","%"]]
[[/GREPCENT_TABLE]]

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The decrease in compensation and related expenses during 2022 was due to a change in the value of assets associated with our deferred compensation plan partly offset by an increase in wages and fringe benefits and an increase in bonus expense. During 2022, deferred compensation expense decreased $28,917,000 with a corresponding decrease to other income, net, as compared to the prior year due to the change in value of assets associated with our deferred compensation plan. This decrease consisted of a decrease in the value of the plan assets of $14,187,000 during 2022 as compared to an increase in the value of the plan assets of $14,730,000 during 2021. Wages increased $10,376,000 and fringe benefits increased $1,875,000 during 2022 due to the impact of our annual salary increase and increase in number of employees. During 2022, bonus expense increased by $1,873,000 due to a corresponding increase in the bonus pool, which is 33% of income before income taxes, interest income, bonus expense, and stock-based compensation. We expect our compensation expense, excluding the change in value of deferred compensation plan assets, to increase as we selectively add new talent and adjust compensation to market conditions.

Other Operating Expenses

[[GREPCENT_TABLE]]
[["(In thousands except percentages)","","Fiscal Years","","","Percent"],["","","2022","","","2021","","","Change"],["Other operating expenses","","$","35,083","","","$","32,594","","","","7.6","%"],["Percentage of total revenues","","","6.8","%","","","7.0","%"]]
[[/GREPCENT_TABLE]]

Other operating expenses include facilities-related costs, technical materials, computer-related expenses and depreciation and amortization of property, equipment and leasehold improvements. The increase in other operating expenses was primarily due to an increase in occupancy expense of $1,224,000, an increase in depreciation expense of $592,000 and an increase in information technology related expenses of $582,000. The increase in occupancy expenses was due to growth in technical full-time equivalent employees and the transition back to our offices from a fully remote work environment. The increase in information technology related expenses were due to continued investment in our corporate infrastructure. We expect other operating expenses to grow as we selectively add new talent and continue to make investments in our corporate infrastructure.

Reimbursable Expenses

[[GREPCENT_TABLE]]
[["(In thousands except percentages)","","Fiscal Years","","","Percent"],["","","2022","","","2021","","","Change"],["Reimbursable expenses","","$","49,473","","","$","31,419","","","","57.5","%"],["Percentage of total revenues","","","9.6","%","","","6.7","%"]]
[[/GREPCENT_TABLE]]

The amount of reimbursable expenses will vary from year to year depending on the nature of our projects. The increase in reimbursable expenses during 2022 was primarily due to an increase in project-related travel and other project-related expenses as COVID-19 pandemic-related business and travel restrictions eased.

General and Administrative Expenses

[[GREPCENT_TABLE]]
[["(In thousands except percentages)","","Fiscal Years","","","Percent"],["","","2022","","","2021","","","Change"],["General and administrative expenses","","$","23,660","","","$","15,282","","","","54.8","%"],["Percentage of total revenues","","","4.6","%","","","3.3","%"]]
[[/GREPCENT_TABLE]]

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The increase in general and administrative expenses during 2022 was primarily due to an increase in travel and meals of $4,935,000, an increase in outside consulting expenses of $1,157,000, an increase in recruiting expenses of $817,000, an increase in marketing and business development expenses of $442,000 and several other individually insignificant increases. The increase in travel and meals was due to a firm-wide managers' meeting held during 2022 and the continued easing of COVID-19 pandemic-related business and travel restrictions. The increase in outside consulting expenses during 2022 was due to costs associated with investments in our corporate infrastructure and technology platforms. The increase in recruiting expenses was due to an increase in technical full-time equivalent employees. The increase in marketing and business development expenses was due to an increase in our business development activities. We expect general and administrative expenses to increase as we selectively add new talent, expand our business development efforts, and pursue staff development initiatives.

Operating Income

[[GREPCENT_TABLE]]
[["(In thousands except percentages)","","Fiscal Years","","","Percent"],["","","2022","","","2021","","","Change"],["Engineering and Other Scientific","","$","152,679","","","$","140,400","","","","8.7","%"],["Environmental and Health","","","27,340","","","","27,952","","","","(2.2",")%"],["Total segment operating income","","","180,019","","","","168,352","","","","6.9","%"],["Corporate operating expense","","","(39,177",")","","","(59,425",")","","","(34.1",")%"],["Total operating income","","$","140,842","","","$","108,927","","","","29.3","%"]]
[[/GREPCENT_TABLE]]

The increase in operating income for our Engineering and Other Scientific segment during 2022 as compared to 2021 was due to an increase in revenues partially offset by an increase in expenses. The increase in revenues was due to an increase in billable hours and an increase in billing rates. Growth during 2022 was broad-based with continued strong demand for Exponent's services across the consumer products, electronics, life sciences and automotive sectors. In addition to the steady increase in litigation support and human participant studies, our multidisciplinary battery team continued to see demand for its solutions in electric vehicles and energy storage.

The decrease in operating income for our Environmental and Health segment during 2022 as compared to 2021 was due to investments in recruiting and marketing in our Health Practice. The impact of foreign exchange rates also contributed to the decrease in operating income for this segment.

Certain operating expenses are excluded from the Company’s measure of segment operating income. These expenses include the costs associated with our human resources, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with our deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in our allowance for contract losses and doubtful accounts.

The decrease in corporate operating expenses during 2022 as compared to 2021 was primarily due to a decrease in deferred compensation expense. During 2022, deferred compensation expense decreased $28,917,000 with a corresponding decrease to other income, net, as compared to 2021 due to the change in value of assets associated with our deferred compensation plan. This decrease consisted of a decrease in the value of the plan assets of $14,187,000 during 2022 as compared to an increase in the value of the plan assets of $14,730,000 during 2021. This decrease in corporate operating expenses is partially offset by an increase in costs associated with our human resources, finance, legal, information technology, and business development groups as we continue to make investments in these areas to support our growth.

Other Income

[[GREPCENT_TABLE]]
[["(In thousands except percentages)","","Fiscal Years","","","Percent"],["","","2022","","","2021","","","Change"],["Other income","","$","(8,608",")","","$","16,910","","","","(150.9",")%"],["Percentage of total revenues","","","(1.7",")%","","","3.6","%"]]
[[/GREPCENT_TABLE]]

Other income consists primarily of interest income earned on available cash, cash equivalents and short-term investments, changes in the value of assets associated with our deferred compensation plan and rental income from leasing excess space in our Silicon Valley facility. The decrease in other income was primarily due to the change in

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value of assets associated with our deferred compensation plan partially offset by an increase in interest income, a change in the realized gain/loss on foreign exchange, and an increase in rental income. During 2022, other income decreased $28,917,000 with a corresponding decrease to deferred compensation expense as compared to 2021 due to the change in value of assets associated with our deferred compensation plan. This decrease consisted of a decrease in the value of the plan assets of $14,187,000 during 2022 as compared to an increase in the value of the plan assets of $14,730,000 during 2021. During 2022, interest income increased by $2,030,000 due to higher interest rates. During 2022, other income increased $1,039,000 as compared to 2021 primarily due to realized gain and losses on foreign exchange. This increase consisted of a realized gain on foreign exchange of $522,000 during 2022 as compared to a realized loss on foreign exchange of $517,000 during 2021. During 2022, rental income increased $281,000 as compared to 2021.

Income Taxes

[[GREPCENT_TABLE]]
[["(In thousands except percentages)","","Fiscal Years","","","Percent"],["","","2022","","","2021","","","Change"],["Income taxes","","$","29,904","","","$","24,635","","","","21.4","%"],["Percentage of total revenues","","","5.8","%","","","5.3","%"],["Effective tax rate","","","22.6","%","","","19.6","%"]]
[[/GREPCENT_TABLE]]

The increase in our effective tax rate was due to a decrease in the excess tax benefit associated with stock-based awards. The excess tax benefit associated with stock-based awards decreased to $5,829,000 during 2022 as compared to $10,009,000 during 2021. The decrease in the excess tax benefit was due to a smaller increase in the value of our common stock between the grant date and the release date for the restricted stock units released during 2022 as compared to 2021. Excluding the impact of the excess tax benefit, the effective tax rate would have been 27.0% and 27.5% for 2022 and 2021, respectively.

LIQUIDITY AND CAPITAL RESOURCES

[[GREPCENT_TABLE]]
[["","","Fiscal Years"],["(In thousands)","","2022","","","2021"],["Net cash provided by (used in):"],["Operating activities","","$","93,807","","","$","124,568"],["Investing activities","","$","(12,043",")","","$","38,178"],["Financing activities","","$","(215,977",")","","$","(62,753",")"]]
[[/GREPCENT_TABLE]]

We financed our business in 2022 through available cash and cash flows from operating activities. We invest our excess cash in cash equivalents. As of December 30, 2022, our cash and cash equivalents were $161,458,000 as compared to $297,687,000 at December 31, 2021. We believe our existing balances of cash and cash equivalents will be sufficient to satisfy our working capital needs, capital expenditures, outstanding commitments, stock repurchases, dividends and other liquidity requirements over at least the next 12 months.

Generally, our net cash provided by operating activities is used to fund our day-to-day operating activities. First quarter operating cash requirements are generally higher due to payment of our annual bonuses accrued during the prior year. Our largest source of operating cash flows is cash collections from our clients. Our primary uses of cash from operating activities are for employee-related expenditures, leased facilities, taxes, and general operating expenses.

The increase in net cash used in investing activities during 2022, as compared to the net cash provided by investing activities during 2021, was due to a decrease in the maturity of short-term investments partially offset by a decrease in the purchase of short-term investments and an increase in capital expenditures due to an increase in investment in our corporate infrastructure.

The increase in net cash used in financing activities during 2022 as compared to 2021 was due to an increase in repurchases of our common stock and an increase in our quarterly dividend payment partially offset by a reduction in payroll taxes for restricted stock units.

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We lease 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 under non-cancellable operating lease arrangements that expire at various dates through 2028. As of December 30, 2022, the value of our obligations under operating leases was $18,601,000. See Note 12 of our Notes to Consolidated Financial Statements for additional information regarding our lease obligations. The value of our non-cancellable unconditional purchase obligations was not material at December 30, 2022.

We expect to continue our investing activities, including capital expenditures. Furthermore, cash reserves may be used to repurchase common stock under our stock repurchase programs, pay dividends, procure facilities and equipment or strategically acquire professional service firms that are complementary to our business.

We maintain nonqualified deferred compensation plans for the benefit of a select group of highly compensated employees. Vested amounts due under the plans of $91,183,000 were recorded as a long-term liability on our consolidated balance sheet at December 30, 2022. Vested amounts due under the plans of $10,171,000 were recorded as a current liability on our consolidated balance sheet at December 30, 2022. Company assets that are designated to fund the benefits under the plans are held in a rabbi trust and are subject to the claims of our creditors. As of December 30, 2022, invested amounts under the plans of $89,437,000 were recorded as a non-current asset on our consolidated balance sheet. As of December 30, 2022, invested amounts under the plans of $11,294,000 were recorded as other current assets on our consolidated balance sheet.

As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. The indemnification period covers all pertinent events and occurrences during the officer’s or director’s lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have director and officer insurance coverage that reduces our exposure and enables us to recover a portion of any future amounts paid. We believe the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal.

Non-GAAP Financial Measures

Regulation G, conditions for use of Non-Generally Accepted Accounting Principles (“Non-GAAP”) financial measures, and other SEC regulations define and prescribe the conditions for use of certain Non-GAAP financial information. Generally, a Non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We closely monitor two financial measures, EBITDA and EBITDAS, which meet the definition of Non-GAAP financial measures. We define EBITDA as net income before income taxes, interest income, depreciation and amortization. We define EBITDAS as EBITDA before stock-based compensation. We regard EBITDA and EBITDAS as useful measures of operating performance and cash flow to complement operating income, net income and other GAAP financial performance measures. Additionally, management believes that EBITDA and EBITDAS provide meaningful comparisons of past, present and future operating results. These measures are used to evaluate our financial results, develop budgets and determine employee compensation. These measures, however, should be considered in addition to, and not as a substitute or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of the Non-GAAP measures to the nearest comparable GAAP measure is set forth below.

The following table shows EBITDA as a percentage of revenues before reimbursements for 2022 and 2021:

[[GREPCENT_TABLE]]
[["(In thousands, except percentages)","","Fiscal Years"],["","","2022","","","2021"],["Revenues before reimbursements","","$","463,820","","","$","434,850"],["EBITDA","","$","137,217","","","$","132,258"],["EBITDA as a % of revenues before reimbursements","","","29.6","%","","","30.4","%"]]
[[/GREPCENT_TABLE]]

The decrease in EBITDA as a percentage of revenues before reimbursements during 2022 as compared to 2021 was primarily due to the decrease in utilization and an increase in other operating and general and administrative expenses. Our utilization decreased to 74% during 2022 as compared to 75% during the same period last year. Other operating and general and administrative expenses increased during 2022 due to an increase in travel and meals associated with

31

a firm-wide managers' meeting held during 2022 and the continued easing of COVID-19 pandemic-related business and travel restrictions, an increase in technical full-time equivalent employees, investments in our corporate infrastructure, and an increase in marketing and business development activities.

The following table is a reconciliation of EBITDA and EBITDAS to the most comparable GAAP measure, net income, for 2022 and 2021:

[[GREPCENT_TABLE]]
[["(In thousands)","","Fiscal Years"],["","","2022","","","2021"],["Net income","","$","102,330","","","$","101,202"],["Add back (subtract):"],["Income taxes","","","29,904","","","","24,635"],["Interest income","","","(2,096",")","","","(66",")"],["Depreciation and amortization","","","7,079","","","","6,487"],["EBITDA","","","137,217","","","","132,258"],["Stock-based compensation","","","20,364","","","","19,263"],["EBITDAS","","$","157,581","","","$","151,521"]]
[[/GREPCENT_TABLE]]