The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto included herein and with our audited consolidated financial statements and notes thereto for the fiscal year ended January 2, 2026, which are contained in our fiscal 2025 Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission on February 27, 2026 (our “2025 Annual Report”). Forward-Looking Statements This Quarterly Report on Form 10-Q contains certain “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995, and the rules promulgated pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended) that are based on the beliefs of our management, as well as assumptions made by and information currently available to our management. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. When used in this document, the words “intend,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions, as they relate to us or our management, identify such forward-looking statements. Such statements reflect the current views of us or our management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results, performance, or achievements could differ materially from those expressed in, or implied by, any such forward-looking statements. Factors that could cause or contribute to such material differences include the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions, the timing of engagements for our services, the effects of competitive services and pricing, the absence of backlog related to our business, our ability to attract and retain key employees, the effect of tort reform and government regulation on our business, and liabilities resulting from claims made against us. Additional risks and uncertainties are discussed in our 2025 Annual Report under the heading “Risk Factors” and elsewhere in this report. The inclusion of such forward-looking information should not be regarded as a representation by the Company or any other person that the future events, plans, or expectations we contemplated will be achieved. Due to such uncertainties and risks, you are warned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. We do not intend to release publicly any updates or revisions to any such forward-looking statements. Business Overview Exponent, Inc. is an engineering and scientific consulting firm providing solutions to complex problems. Our interdisciplinary organization of scientists, 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 55 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 There have been no significant changes in our critical accounting estimates during the six months ended July 3, 2026, as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2025 Annual Report. RESULTS OF CONSOLIDATED OPERATIONS Executive Summary Revenues for the second quarter of 2026 increased 21% to $171,612,000 as compared to $141,962,000 during the same period last year. Revenues before reimbursements for the second quarter of 2026 increased 12% to $148,860,000 as compared to $132,868,000 during the same period last year. Our proactive work experienced strong growth in the quarter, led by demand for user research studies as clients accelerate the development of AI-enabled products across an increasingly diverse range of hardware form factors and applications, with engagements continuing to expand in scope, scale and complexity. This work includes a large study that represented approximately 4% of our net revenues during the quarter. Proactive activity was also supported by increased risk management and - 20 - infrastructure-related engagements in the utility sector. Reactive work grew, with strong demand for our dispute-related expertise from the consumer products, chemicals, and transportation industries. Net income increased 11% to $29,395,000 during the second quarter of 2026 as compared to $26,553,000 during the same period last year. Diluted earnings per share increased to $0.60 per share during the second quarter of 2026 as compared to $0.52 in the same period last year. We remain focused on building our world-class engineering and scientific team to position us 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 stockholder value. Overview of the Three Months Ended July 3, 2026 During the second quarter of 2026, billable hours increased 9% to 390,000 as compared to 359,000 during the same period last year. Our utilization increased to 74% during the second quarter of 2026 as compared to 72% during the same period last year. Average technical full-time equivalent employees increased 6% to 1,012 during the second quarter of 2026 as compared to 958 during the same period last year. Three Months Ended July 3, 2026 compared to Three Months Ended July 4, 2025 Revenues Three Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Engineering and Other Scientific $ 148,829 $ 120,980 23.0 % Percentage of total revenues 86.7 % 85.2 % Environmental and Health 22,783 20,982 8.6 % Percentage of total revenues 13.3 % 14.8 % Total revenues $ 171,612 $ 141,962 20.9 % The increase in revenues for our Engineering and Other Scientific segment was due to an increase in billable hours, increase in billing rates and an increase in revenues from reimbursements associated with user research projects. Growth during the quarter was driven by user research studies in consumer electronics and risk management in the utilities industry, along with reactive engagements across the consumer products, chemicals, and transportation industries. During the second quarter of 2026, billable hours for this segment increased by 10% to 320,000 as compared to 291,000 during the same period last year. Utilization for this segment increased to 76% during the second quarter of 2026 as compared to 74% during the same period last year. Average technical full-time equivalent employees in this segment increased 7% to 810 during the second quarter of 2026 as compared to 756 for the same period last year. The increase in revenues for our Environmental and Health segment was due to an increase in billable hours and an increase in billing rates. Growth in this segment was driven by engagements evaluating the impacts of chemicals on human health and the environment. During the second quarter of 2026, billable hours for this segment increased by 3% to 70,000 as compared to 68,000 during the same period last year. Utilization for this segment increased to 66% during the second quarter of 2026 as compared to 65% during the same period last year. Average technical full-time equivalent employees in this segment were flat at 202 during the second quarter of 2026 and 2025. Compensation and Related Expenses Three Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Compensation and related expenses $ 100,571 $ 97,474 3.2 % Percentage of total revenues 58.6 % 68.7 % - 21 - The increase in compensation and related expense during the second quarter of 2026 was due to an increase in payroll expense and an increase in bonus expense partially offset by a change in the value of assets associated with our deferred compensation plan. During the second quarter of 2026 payroll expense increased by $4,849,000 due to the impact of our annual salary increase and an increase in technical full-time equivalent employees. During the second quarter of 2026, bonus expense increased by $2,990,000 due to a corresponding increase in our bonus pool which is 33% of income before income taxes, interest income, bonus expense, and stock-based compensation. During the second quarter of 2026, deferred compensation expense decreased by $5,180,000 with a corresponding decrease to other income, net, as compared to the same period last year, due to the change in value of assets associated with our deferred compensation plans. During the second quarter of 2026, the value of plan assets increased by $11,783,000 as compared to an increase of $16,963,000 during the same period last year. 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 Three Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Other operating expenses $ 12,865 $ 12,072 6.6 % Percentage of total revenues 7.5 % 8.5 % 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 during the second quarter of 2026 was primarily due to an increase in computer-related expenses of $354,000 and an increase in occupancy expense of $270,000. The increase in computer-related expenses and occupancy expenses were due to continued investments in our corporate infrastructure. We expect other operating expenses to grow as we selectively add new talent and make investments in our corporate infrastructure. Reimbursable Expenses Three Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Reimbursable expenses $ 22,752 $ 9,094 150.2 % Percentage of total revenues 13.3 % 6.4 % The amount of reimbursable expenses will vary from quarter to quarter depending on the nature of our projects. The increase in reimbursable expenses was due to an increase in reimbursable expenses associated with user research projects. General and Administrative Expenses Three Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change General and administrative expenses $ 7,402 $ 6,145 20.5 % Percentage of total revenues 4.3 % 4.3 % The increase in general and administrative expenses was primarily due to an increase in personnel expenses of $498,000, an increase in travel and meals of $246,000, and several other individually insignificant increases. The increase in personnel expenses was primarily due to an increase in relocation expenses. The increase in travel and meals was due to an increase in client and business development activities. We expect general and administrative expenses to increase as we selectively add new talent and expand our business development and staff development initiatives. Operating Income - 22 - Three Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Engineering and Other Scientific $ 49,540 $ 42,942 15.4 % Environmental and Health 7,625 7,020 8.6 % Total segment operating income 57,165 49,962 14.4 % Corporate operating expense (29,143 ) (32,785 ) (11.1 )% Total operating income $ 28,022 $ 17,177 63.1 % The increase in operating income for our Engineering and Other Scientific segment and our Environmental and Health segment during the second quarter of 2026 was due to an increase in utilization. Certain operating expenses are excluded from our measure of segment operating income. These expenses include the costs associated with our human resources, legal, finance, information technology, corporate, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with our deferred compensation plans; 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 the second quarter of 2026 as compared to the same period last year was primarily due to a decrease in deferred compensation expense. During the second quarter of 2026, deferred compensation expense decreased by $5,180,000, with a corresponding decrease to other income, net, as compared to the same period last year, due to the change in value of assets associated with our deferred compensation plans. During the second quarter of 2026, the value of plan assets increased by $11,783,000 as compared to an increase of $16,963,000 during the same period last year. Other Income, Net Three Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Other income / (loss), net $ 12,744 $ 19,638 (35.1%) Percentage of total revenues 7.4 % 13.8 % Other income, net, consists primarily of changes in the value of assets associated with our deferred compensation plan, interest income earned on available cash, cash equivalents and short-term investments, and rental income from leasing space in our Silicon Valley and Natick facilities. The decrease in other income, net, was primarily due to a change in the value of assets associated with our deferred compensation plan and a decrease in interest income. During the second quarter of 2026, deferred compensation expense decreased by $5,180,000 with a corresponding decrease to other income, net, as compared to the same period last year, due to the change in value of assets associated with our deferred compensation plan. During the second quarter of 2026, the value of plan assets increased by $11,783,000 as compared to an increase of $16,963,000 during the same period last year. During the second quarter of 2026, interest income decreased by $1,628,000 due to lower average cash equivalent balances. Income Taxes Three Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Income taxes $ 11,371 $ 10,262 10.8 % Percentage of total revenues 6.6 % 7.2 % Effective tax rate 27.9 % 27.9 % The tax impact associated with share-based awards was immaterial in both the second quarters of 2026 and 2025. Six Months Ended July 3, 2026 compared to Six Months Ended July 4, 2025 - 23 - Revenues Six Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Engineering and Other Scientific $ 290,241 $ 243,115 19.4 % Percentage of total revenues 85.9 % 84.6 % Environmental and Health 47,674 44,354 7.5 % Percentage of total revenues 14.1 % 15.4 % Total revenues $ 337,915 $ 287,469 17.5 % The increase in revenues for our Engineering and Other Scientific segment was due to an increase in billable hours, an increase in billing rates and an increase in revenues from reimbursements associated with user research projects. Growth during the first six months of 2026 was primarily driven by user research studies in consumer electronics and risk management in the utilities industry, along with reactive engagements across the consumer products, construction, and transportation industries. During the first six months of 2026, billable hours for this segment increased by 10% to 648,000 as compared to 591,000 during the same period last year. Utilization for this segment increased to 77% during the first six months of 2026 as compared to 75% during the same period last year. Average technical full-time equivalent employees in this segment increased 7% to 812 during the first six months of 2026 as compared to 759 for the same period last year. The increase in revenues for our Environmental and Health segment was due to an increase in billing rates partially offset by a decrease in billable hours. During the first six months of 2026, billable hours for this segment decreased by 2% to 141,000 as compared to 144,000 during the same period last year. Utilization in this segment was flat at 68% during the first six months of 2026 and 2025. Average technical full-time equivalent employees in this segment decreased by 1% to 200 during the first six months of 2026 as compared to 203 during the same period last year. Compensation and Related Expenses Six Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Compensation and related expenses $ 191,980 $ 173,377 10.7 % Percentage of total revenues 56.8 % 60.3 % The increase in compensation and related expenses during the first six months of 2026 was due to an increase in payroll, an increase in bonuses and the change in the value of assets associated with our deferred compensation plans. During the first six months of 2026, payroll expense increased by $9,008,000 due to an increase in technical full-time equivalent employees and the impact of annual salary increases. During the first six months of 2026, bonus expense increased by $5,928,000 due to a corresponding increase in our bonus pool which is 33% of income before income taxes, interest income, bonus expense, and stock-based compensation. During the first six months of 2026, deferred compensation expense increased by $3,018,000 with a corresponding increase to other income, net, as compared to the same period last year, due to the change in value of assets associated with our deferred compensation plan. This increase consisted of an increase in the value of plan assets of $10,645,000 during the first six months of 2026 as compared to an increase in the value of plan assets of $7,627,000 during the same period last year. Other Operating Expenses Six Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Other operating expenses $ 25,690 $ 24,167 6.3 % Percentage of total revenues 7.6 % 8.4 % 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 during the first six months of 2026 was primarily due to an increase in occupancy expense of $658,000 and an increase in computer-related expenses of $608,000. The increase in occupancy expense and computer-related - 24 - expenses was due to continued investments in our corporate infrastructure. We expect other operating expenses to grow as we selectively add new talent and make investments in our corporate infrastructure. Reimbursable Expenses Six Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Reimbursable expenses $ 37,238 $ 17,164 117.0 % Percentage of total revenues 11.0 % 6.0 % The amount of reimbursable expenses will vary from quarter to quarter depending on the nature of our projects. The increase in reimbursable expenses was due to an increase in reimbursable expenses associated with user research projects. General and Administrative Expenses Six Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change General and administrative expenses $ 13,606 $ 11,152 22.0 % Percentage of total revenues 4.0 % 3.9 % The increase in general and administrative expenses was primarily due to an increase in personnel expenses of $676,000 and an increase in travel and meals of $654,000. The increase in personnel expenses was due to an increase in relocation expenses. The increase in travel and meals was due to an increase in client and business development activities. We expect general and administrative expenses to increase as we expand our business development and staff development initiatives. Operating Income Six Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Engineering and Other Scientific $ 99,955 $ 88,055 13.5 % Environmental and Health 16,010 15,718 1.9 % Total segment operating income 115,965 103,773 11.7 % Corporate operating expense (46,564 ) (42,164 ) 10.4 % Total operating income $ 69,401 $ 61,609 12.6 % The increase in operating income for our Engineering and Other Scientific segment during the first six months of 2026 as compared to the same period last year was due to an increase in utilization. The increase in operating income for our Environmental and Health segment during the first six months of 2026 was due to an increase in billing rates. Certain operating expenses are excluded from our measure of segment operating income. These expenses include the costs associated with our human resources, legal, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with 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 increase in corporate operating expenses during the first six months of 2026 as compared to the same period last year was primarily due to an increase in deferred compensation expense. During the first six months of 2026, deferred compensation expense increased by $3,018,000, with a corresponding increase to other income, net, as compared to the same period last year, due to the change in value of assets associated with our deferred compensation plans. During the first six months of 2026, the value of plan assets increased by $10,645,000 as compared to an increase of $7,627,000 during the same period last year. - 25 - Other Income, Net Six Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Other income (loss), net $ 13,704 $ 12,966 5.7 % Percentage of total revenues 4.1 % 4.5 % Other income, net, consists primarily of changes in the value of assets associated with our deferred compensation plan, interest income earned on available cash, cash equivalents and short-term investments, and rental income from leasing space in our Silicon Valley and Natick facilities. The increase in other income, net, was primarily due to a change in the value of assets associated with our deferred compensation plan partially offset by a decrease in interest income. During the first six months of 2026, deferred compensation expense increased by $3,018,000 with a corresponding increase to other income, net, as compared to the same period last year, due to the change in value of assets associated with our deferred compensation plan. During the first six months of 2026, the value of plan assets increased by $10,645,000 as compared to an increase of $7,627,000 during the same period last year. During the first six months of 2026, interest income decreased by $2,624,000 due to a decrease in interest rates and lower average cash equivalent balances. Income Taxes Six Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 Percent Change Income taxes $ 24,141 $ 21,372 13.0 % Percentage of total revenues 7.1 % 7.4 % Effective tax rate 29.0 % 28.7 % During the first six months of 2026, we realized a negative tax impact associated with stock-based awards of $843,000 as compared to a negative tax impact of $485,000 during the same period last year. The change in the tax impact associated with stock-based awards was due to the change in the difference of the value of our common stock between the grant date and the release date for the restricted stock units released during the first six months of 2026 as compared to the same period last year. Excluding the negative tax impact, our consolidated tax rate was 28.0% in the first six months of 2026 and 2025. LIQUIDITY AND CAPITAL RESOURCES We believe our existing balances of cash, cash equivalents, short-term investments and cash generated from operations 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. Six Months Ended (In thousands) July 3, 2026 July 4, 2025 Net cash provided by operating activities $ 29,914 $ 43,496 Net cash used in investing activities (4,228 ) (4,028 ) Net cash used in financing activities (180,833 ) (67,517 ) We financed our business during the first six months of 2026 through available cash. As of July 3, 2026, our cash and cash equivalents were $66,629,000 as compared to $221,930,000 at January 2, 2026. The decrease in cash and cash equivalents was primarily due to an increase in repurchases of our common stock. During the first six months of 2026, we repurchased $146,138,000 of our common stock as compared to $32,680,000 during the same period last year. 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 in the first quarter of annual bonuses accrued during the prior year. The largest source of operating cash flows is collections from our clients. Our primary - 26 - 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 the first six months of 2026, as compared to the same period last year, was due to an increase in capital expenditures. The increase in capital expenditures was due to an increase in investment in our corporate infrastructure. The increase in net cash used in financing activities during the first six months of 2026, as compared to the same period last year was primarily due to an increase in repurchases of our common stock. During the first six months of 2026, we repurchased $146,138,000 of our common stock as compared to $32,680,000 during the same period last year. We lease office, laboratory, and storage space in 13 states and the District of Columbia, as well as in China, Germany, Hong Kong, Switzerland, and the United Kingdom under non-cancellable operating lease arrangements that expire at various dates through 2033. On June 19, 2024, we entered into an agreement with the State of Arizona to extend our land lease for 15 years beginning on January 17, 2028. We are currently obligated to make payments under the lease of $1,009,000 per year, which obligation will continue at that level until January 16, 2028. Beginning on January 17, 2028, our payments under the lease will increase to approximately $6,183,000 per year for the 15-year extension term with adjustments to the annual rent payment in 2033 and 2038 based on the consumer price index. 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 $127,839,000 were recorded as a deferred compensation plan liability on our unaudited condensed consolidated balance sheet at July 3, 2026. Vested amounts due under the plans of $18,609,000 were recorded as an accrued payroll and employee benefits on our unaudited condensed consolidated balance sheet at July 3, 2026. 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 July 3, 2026, invested amounts under the plans of $122,823,000 were recorded as a non-current asset on our unaudited condensed consolidated balance sheet. As of July 3, 2026, invested amounts under the plans of $19,274,000 were recorded as other current assets on our unaudited condensed 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 U.S. Securities and Exchange Commission (“SEC”) rules and regulations define and prescribe the conditions for use of 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 net interest income, income taxes, depreciation and amortization. We define EBITDAS as EBITDA before stock-based compensation. The Company regards EBITDA and EBITDAS as useful measures of operating performance 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 for or superior to, operating income, cash flows, - 27 - 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 is a reconciliation of EBITDA and EBITDAS to the most comparable GAAP measure, net income, for the three and six months ended July 3, 2026 and July 4, 2025: Three Months Ended Six Months Ended (In thousands) July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025 Net income $ 29,395 $ 26,553 $ 58,964 $ 53,203 Add back (subtract): Income taxes 11,371 10,262 24,141 21,372 Interest income, net (716 ) (2,344 ) (2,434 ) (5,058 ) Depreciation and amortization 2,678 2,520 5,193 5,012 EBITDA 42,728 36,991 85,864 74,529 Stock-based compensation 6,680 5,246 15,738 13,426 EBITDAS $ 49,408 $ 42,237 $ 101,602 $ 87,955 The following table shows EBITDA (determined as shown in the reconciliation table below) as a percentage of revenues before reimbursements for the three and six months ended July 3, 2026 and July 4, 2025: Three Months Ended Six Months Ended (In thousands, except percentages) July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025 Revenues before reimbursements $ 148,860 $ 132,868 $ 300,677 $ 270,305 EBITDA $ 42,728 $ 36,991 $ 85,864 $ 74,529 EBITDA as a % of revenues before reimbursements 28.7 % 27.8 % 28.6 % 27.6 % The increase in EBITDA as a percentage of revenues before reimbursements during the three and six months ended July 3, 2026 as compared to the same periods last year was primarily due to an increase in net revenues and an increase in utilization. - 28 -