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.