Unaudited Investors Report
|
2018
|
2019
|
2020
|
2021
|
($ in Thousands, Except Per Share Data)
|
Total
|
Total
|
1st Qtr
|
2nd Qtr
|
6 mos
|
3rd Qtr
|
9 mos
|
4th Qtr
|
Total
|
1st Qtr
|
2nd Qtr
|
6 mos
|
3rd Qtr
|
9 mos
|
4th Qtr
|
Total
|
REVENUE - ADJUSTED (1)
|
2,960,525
|
3,122,590
|
797,478
|
734,128
|
1,531,606
|
709,723
|
2,241,329
|
753,364
|
2,994,693
|
765,104
|
754,294
|
1,519,398
|
801,490
|
2,320,887
|
892,012
|
3,212,899
|
REVENUE, NET OF SUBCONTRACTOR COSTS ["Net Revenue" (2)]
|
Government Services Group (GSG)
|
1,212,334
|
1,329,381
|
329,706
|
321,042
|
650,748
|
319,234
|
969,982
|
330,101
|
1,300,083
|
344,918
|
347,085
|
692,003
|
355,949
|
1,047,952
|
372,422
|
1,420,374
|
Commercial / International Services Group (CIG) - Adjusted (1)
|
996,328
|
1,076,741
|
284,279
|
263,483
|
547,762
|
241,037
|
788,799
|
259,713
|
1,048,512
|
260,252
|
252,205
|
512,457
|
282,041
|
794,498
|
336,711
|
1,131,209
|
NET REVENUE - ADJUSTED (1)
|
2,208,662
|
2,406,122
|
613,985
|
584,525
|
1,198,510
|
560,271
|
1,758,781
|
589,814
|
2,348,595
|
605,170
|
599,290
|
1,204,460
|
637,990
|
1,842,450
|
709,133
|
2,551,583
|
Remediation and Construction Management (RCM) / Claims
|
(7,928)
|
(16,485)
|
37
|
(65)
|
(28)
|
5
|
(23)
|
- 0
|
(23)
|
- 0
|
535
|
535
|
54
|
588
|
- 0
|
588
|
OTHER COSTS OF REVENUE - ADJUSTED (1) (3) (6)
|
1,807,213
|
1,967,396
|
505,064
|
481,476
|
986,540
|
450,377
|
1,436,917
|
465,464
|
1,902,381
|
488,866
|
486,812
|
975,678
|
512,294
|
1,487,972
|
565,222
|
2,053,194
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - ADJUSTED (1) (3)
|
185,146
|
198,195
|
46,421
|
50,440
|
96,861
|
50,313
|
147,174
|
55,813
|
202,987
|
50,052
|
51,671
|
101,723
|
55,889
|
157,613
|
65,186
|
222,961
|
ACQUISITION AND INTEGRATION EXPENSES
|
- 0
|
10,351
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
PURCHASE ACCOUNTING / NON-CORE DISPOSITIONS (GAINS)
|
9,187
|
21,785
|
(800)
|
(3,155)
|
(3,955)
|
(3,944)
|
(7,899)
|
1,803
|
(6,096)
|
37
|
(230)
|
(193)
|
31
|
(162)
|
(3,111)
|
(3,273)
|
INCOME FROM OPERATIONS, AS REPORTED
|
190,086
|
188,762
|
63,302
|
47,530
|
110,832
|
63,525
|
174,356
|
66,735
|
241,092
|
66,252
|
60,807
|
127,059
|
69,807
|
196,865
|
81,836
|
278,701
|
INCOME FROM OPERATIONS - ADJUSTED (1) (2) (3) (6)
|
216,303
|
240,531
|
62,502
|
52,608
|
115,110
|
59,581
|
174,691
|
68,536
|
243,227
|
66,289
|
60,577
|
126,866
|
69,838
|
196,703
|
78,725
|
275,428
|
GSG
|
168,211
|
185,263
|
42,048
|
36,937
|
78,985
|
43,100
|
122,085
|
48,174
|
170,259
|
47,700
|
46,109
|
93,809
|
49,297
|
143,106
|
52,191
|
195,297
|
CIG
|
86,908
|
104,278
|
30,833
|
26,134
|
56,968
|
24,354
|
81,321
|
30,819
|
112,140
|
29,559
|
26,311
|
55,869
|
32,047
|
87,916
|
41,833
|
129,750
|
Corporate (4)
|
(38,816)
|
(49,010)
|
(10,379)
|
(10,463)
|
(20,843)
|
(7,873)
|
(28,715)
|
(10,457)
|
(39,172)
|
(10,970)
|
(11,843)
|
(22,812)
|
(11,506)
|
(34,319)
|
(15,299)
|
(49,619)
|
RCM / Claims
|
(17,030)
|
(19,633)
|
- 0
|
(1)
|
1
|
(1)
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
- 0
|
OPERATING MARGIN - ADJUSTED [% of Net Revenue] (1) (2) (3) (6)
|
9.8%
|
10.0%
|
10.2%
|
9.0%
|
9.6%
|
10.6%
|
9.9%
|
11.6%
|
10.4%
|
11.0%
|
10.1%
|
10.5%
|
10.9%
|
10.7%
|
11.1%
|
10.8%
|
GSG
|
13.9%
|
13.9%
|
12.8%
|
11.5%
|
12.1%
|
13.5%
|
12.6%
|
14.6%
|
13.1%
|
13.8%
|
13.3%
|
13.6%
|
13.8%
|
13.7%
|
14.0%
|
13.7%
|
CIG
|
8.7%
|
9.7%
|
10.8%
|
9.9%
|
10.4%
|
10.1%
|
10.3%
|
11.9%
|
10.7%
|
11.4%
|
10.4%
|
10.9%
|
11.4%
|
11.1%
|
12.4%
|
11.5%
|
Interest Expense
|
15,524
|
13,626
|
3,348
|
3,500
|
6,848
|
3,564
|
10,412
|
2,688
|
13,100
|
3,026
|
2,823
|
5,849
|
2,737
|
8,585
|
3,245
|
11,831
|
INCOME BEFORE INCOME TAX EXPENSE
|
174,562
|
175,136
|
59,954
|
44,029
|
103,983
|
59,961
|
163,944
|
64,047
|
227,991
|
63,226
|
57,984
|
121,210
|
67,070
|
188,280
|
78,591
|
266,870
|
Income Tax Expense (Benefit)
|
37,605
|
16,375
|
12,636
|
7,616
|
20,252
|
14,458
|
34,710
|
19,391
|
54,101
|
10,778
|
12,457
|
23,233
|
15,146
|
38,380
|
(4,340)
|
34,039
|
NET INCOME ATTRIBUTABLE TO TETRA TECH
|
136,883
|
158,668
|
47,310
|
36,398
|
83,708
|
45,497
|
129,205
|
44,654
|
173,859
|
52,436
|
45,517
|
97,953
|
51,903
|
149,856
|
82,954
|
232,810
|
DILUTED AVERAGE SHARES
|
56,598
|
55,936
|
55,438
|
55,463
|
55,380
|
54,692
|
55,161
|
54,603
|
55,022
|
54,637
|
54,736
|
54,715
|
54,666
|
54,698
|
54,597
|
54,675
|
DILUTED EPS ATTRIBUTABLE TO TETRA TECH, AS REPORTED
|
$ 2.42
|
$ 2.84
|
$ 0.85
|
$ 0.66
|
$ 1.51
|
$ 0.83
|
$ 2.34
|
$ 0.82
|
$ 3.16
|
$ 0.96
|
$ 0.83
|
$ 1.79
|
$ 0.95
|
$ 2.74
|
$ 1.52
|
$ 4.26
|
ADJUSTED DILUTED EPS (1) (2) (3) (5) (6)
|
$ 2.64
|
$ 3.17
|
$ 0.84
|
$ 0.73
|
$ 1.57
|
$ 0.78
|
$ 2.34
|
$ 0.91
|
$ 3.26
|
$ 0.96
|
$ 0.83
|
$ 1.79
|
$ 0.95
|
$ 2.74
|
$ 1.05
|
$ 3.79
|
ADJUSTED EBITDA (1) (2) (3) (6)
|
253,876
|
269,175
|
68,730
|
59,166
|
127,896
|
65,832
|
193,728
|
74,081
|
267,809
|
72,515
|
65,852
|
138,367
|
75,103
|
213,470
|
85,742
|
299,212
|
ADJUSTED EBITDA MARGIN [% of Net Revenue]
|
11.5%
|
11.2%
|
11.2%
|
10.1%
|
10.7%
|
11.8%
|
11.0%
|
12.6%
|
11.4%
|
12.0%
|
11.0%
|
11.5%
|
11.8%
|
11.6%
|
12.1%
|
11.7%
|
DAYS IN SALES OUTSTANDING
|
85.4
|
77.6
|
73.3
|
71.5
|
71.5
|
70.4
|
70.4
|
67.7
|
67.7
|
67.3
|
64.9
|
64.9
|
64.6
|
64.6
|
63.3
|
63.3
|
CASH FLOW FROM OPERATIONS
|
185,733
|
208,513
|
(18,024)
|
101,223
|
83,199
|
111,351
|
194,550
|
67,929
|
262,479
|
33,180
|
124,244
|
157,424
|
69,114
|
226,538
|
77,834
|
304,372
|
CAPITAL EXPENDITURES
|
9,726
|
16,198
|
3,331
|
2,546
|
5,877
|
3,483
|
9,360
|
2,885
|
12,245
|
1,795
|
2,502
|
4,297
|
1,937
|
6,234
|
2,339
|
8,573
|
Y/Y ADJUSTED NET REVENUE GROWTH % (1) (2)
|
8.6%
|
8.9%
|
11.1%
|
(0.9%)
|
4.9%
|
(10.1%)
|
(0.4%)
|
(7.9%)
|
(2.4%)
|
(1.4%)
|
2.5%
|
0.5%
|
13.9%
|
4.8%
|
20.2%
|
8.6%
|
GSG
|
13.6%
|
9.7%
|
8.7%
|
1.6%
|
5.1%
|
(9.5%)
|
(0.2%)
|
(7.7%)
|
(2.2%)
|
4.6%
|
8.1%
|
6.3%
|
11.5%
|
8.0%
|
12.8%
|
9.3%
|
CIG
|
3.0%
|
8.1%
|
13.9%
|
(3.9%)
|
4.6%
|
(10.9%)
|
(0.7%)
|
(8.1%)
|
(2.6%)
|
(8.5%)
|
(4.3%)
|
(6.4%)
|
17.0%
|
0.7%
|
29.6%
|
7.9%
|
NET REVENUE % BY CLIENT TYPE - ADJUSTED
|
International
|
28%
|
30%
|
34%
|
33%
|
34%
|
30%
|
32%
|
31%
|
32%
|
31%
|
31%
|
31%
|
34%
|
32%
|
34%
|
32%
|
U.S. Commercial
|
27%
|
24%
|
24%
|
24%
|
24%
|
25%
|
24%
|
24%
|
24%
|
22%
|
21%
|
22%
|
21%
|
22%
|
22%
|
22%
|
U.S. Federal Government
|
30%
|
28%
|
28%
|
30%
|
29%
|
31%
|
30%
|
30%
|
30%
|
31%
|
31%
|
31%
|
29%
|
30%
|
28%
|
30%
|
U.S. State & Local Government
|
15%
|
18%
|
14%
|
13%
|
13%
|
14%
|
14%
|
15%
|
14%
|
16%
|
17%
|
16%
|
16%
|
16%
|
16%
|
16%
|
NET REVENUE % BY CONTRACT TYPE - ADJUSTED
|
Fixed-Price
|
33%
|
34%
|
34%
|
36%
|
35%
|
39%
|
36%
|
36%
|
36%
|
34%
|
36%
|
36%
|
37%
|
36%
|
39%
|
37%
|
Time-and-Materials
|
50%
|
50%
|
49%
|
49%
|
49%
|
45%
|
49%
|
49%
|
49%
|
49%
|
49%
|
49%
|
49%
|
49%
|
48%
|
49%
|
Cost-Plus
|
17%
|
16%
|
17%
|
15%
|
16%
|
16%
|
15%
|
15%
|
15%
|
17%
|
15%
|
15%
|
14%
|
15%
|
13%
|
14%
|
BACKLOG
|
2,663,814
|
3,091,857
|
3,165,768
|
2,989,098
|
2,989,098
|
3,066,594
|
3,066,594
|
3,239,285
|
3,239,285
|
3,188,061
|
3,150,177
|
3,150,177
|
3,249,908
|
3,249,908
|
3,480,254
|
3,480,254
|
(1) Excludes Remediation and Construction Management, non-cash claim settlements
|
(2) Non-GAAP financial measure. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please visit tetratech.com/investor-presentations.html
|
(3) Excludes purchase accounting and non-core dispositions, and acquisition and integration expenses
|
(4) Corporate costs not allocable to the segments (e.g., acquisition costs, amortization expense, stock option expense, etc.)
|
(5) Excludes non-recurring tax benefits
|
(6) Excludes Q2 Fiscal 2020 incremental costs to address COVID-19 (primarily severance)
|