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) | - | (23) | - | 535 | 535 | 54 | 588 | - | 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 | - | 10,351 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||
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) | - | (1) | 1 | (1) | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||
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 |
- Excludes Remediation and Construction Management, non-cash claim settlements
- Non-GAAPfinancial measure. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please visit tetratech.com/investor-presentations.html
- Excludes purchase accounting and non-core dispositions, and acquisition and integration expenses
- Corporate costs not allocable to the segments (e.g., acquisition costs, amortization expense, stock option expense, etc.)
- Excludes non-recurring tax benefits
- Excludes Q2 Fiscal 2020 incremental costs to address COVID-19 (primarily severance)
Tetra Tech, Inc.
Regulation G Information
October 3, 2021
Reconciliation of Revenue to Revenue, Net of Subcontractor Costs ("Net Revenue")
(in millions) | ||||||||||||||||
2020 | 2021 | |||||||||||||||
Consolidated | 2018 | 2019 | 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 (As Reported) | 2,964.1 | 3,107.3 | 797.6 | 734.1 | 1,531.7 | 709.8 | 2,241.5 | 753.4 | 2,994.9 | 765.1 | 754.8 | 1,519.9 | 801.6 | 2,321.5 | 892.0 | 3,213.5 |
RCM / Non-Cash Claims | (3.6) | 15.2 | (0.1) | - | (0.1) | (0.1) | (0.2) | - | (0.2) | - | (0.5) | (0.5) | (0.1) | (0.6) | - | (0.6) |
Adjusted Revenue | 2,960.5 | 3,122.5 | 797.5 | 734.1 | 1,531.6 | 709.7 | 2,241.3 | 753.4 | 2,994.7 | 765.1 | 754.3 | 1,519.4 | 801.5 | 2,320.9 | 892.0 | 3,212.9 |
Adjusted Subcontractor Costs | (751.8) | (716.4) | (183.5) | (149.6) | (333.1) | (149.4) | (482.7) | (163.6) | (646.1) | (159.9) | (155.0) | (314.9) | (163.5) | (478.4) | (182.9) | (661.3) |
Adjusted Net Revenue | 2,208.7 | 2,406.1 | 614.0 | 584.5 | 1,198.5 | 560.3 | 1,758.6 | 589.8 | 2,348.6 | 605.2 | 599.3 | 1,204.5 | 638.0 | 1,842.5 | 709.1 | 2,551.6 |
GSG Segment | ||||||||||||||||
Revenue | 1,694.9 | 1,820.7 | 457.4 | 436.9 | 894.3 | 432.2 | 1,326.5 | 452.4 | 1,778.9 | 468.7 | 473.8 | 942.5 | 488.7 | 1,431.2 | 511.8 | 1,943.0 |
Subcontractor Costs | (482.6) | (491.4) | (127.7) | (115.9) | (243.6) | (112.9) | (356.5) | (122.3) | (478.8) | (123.8) | (126.7) | (250.5) | (132.8) | (383.2) | (139.4) | (522.6) |
Adjusted Net Revenue | 1,212.3 | 1,329.3 | 329.7 | 321.0 | 650.7 | 319.3 | 970.0 | 330.1 | 1,300.1 | 344.9 | 347.1 | 692.0 | 355.9 | 1,048.0 | 372.4 | 1,420.4 |
CIG Segment | ||||||||||||||||
Revenue | 1,323.1 | 1,342.5 | 351.2 | 308.4 | 659.6 | 291.0 | 950.6 | 315.5 | 1,266.1 | 311.1 | 293.1 | 604.2 | 327.4 | 931.6 | 394.1 | 1,325.7 |
Non-Cash Claims | 10.6 | 13.7 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Adjusted Revenue | 1,333.7 | 1,356.2 | 351.2 | 308.4 | 659.6 | 291.0 | 950.6 | 315.5 | 1,266.1 | 311.1 | 293.1 | 604.2 | 327.4 | 931.6 | 394.1 | 1,325.7 |
Subcontractor Costs | (337.4) | (279.5) | (66.9) | (44.9) | (111.8) | (50.0) | (161.8) | (55.7) | (217.5) | (50.8) | (40.9) | (91.7) | (45.4) | (137.1) | (57.4) | (194.5) |
Adjusted Net Revenue | 996.3 | 1,076.7 | 284.3 | 263.5 | 547.8 | 241.0 | 788.8 | 259.8 | 1,048.6 | 260.3 | 252.2 | 512.5 | 282.0 | 794.5 | 336.7 | 1,131.2 |
RCM Segment | ||||||||||||||||
Revenue | 14.2 | (1.5) | 0.1 | - | 0.1 | 0.1 | 0.2 | - | 0.2 | - | 0.5 | 0.5 | 0.1 | 0.6 | - | 0.6 |
Subcontractor Costs | (11.6) | (1.3) | (0.1) | - | (0.1) | (0.1) | (0.2) | - | (0.2) | - | 0.1 | 0.1 | (0.1) | - | - | - |
Net Revenue | 2.6 | (2.8) | - | - | - | - | - | - | - | - | 0.6 | 0.6 | - | 0.6 | - | 0.6 |
Reconciliation of Net Income Attributable to Tetra Tech to EBITDA | ||||||||||||||||
(in thousands) | ||||||||||||||||
2020 | 2021 | |||||||||||||||
2018 | 2019 | 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 | |
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 |
Interest Expense1 | 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 | 8,586 | 3,245 | 11,831 |
Depreciation2 | 19,592 | 17,285 | 3,293 | 3,133 | 6,426 | 3,686 | 10,112 | 2,905 | 13,017 | 2,882 | 3,073 | 5,955 | 3,070 | 9,026 | 3,311 | 12,337 |
Amortization2 | 18,249 | 11,559 | 2,942 | 3,442 | 6,384 | 2,570 | 8,954 | 2,640 | 11,594 | 3,356 | 2,213 | 5,569 | 2,216 | 7,785 | 3,683 | 11,468 |
Contingent Consideration | 5,753 | 3,085 | - | (971) | (971) | 550 | (421) | (12,950) | (13,371) | 37 | (230) | (193) | 31 | (162) | (3,111) | (3,273) |
Goodwill Impairment | - | 7,755 | - | - | - | - | - | 15,800 | 15,800 | - | - | - | - | - | - | - |
Income Tax Expense (Benefit) | 37,605 | 16,375 | 12,637 | 7,615 | 20,252 | 14,458 | 34,710 | 19,391 | 54,101 | 10,778 | 12,456 | 23,234 | 15,146 | 38,379 | (4,340) | 34,039 |
EBITDA | 233,606 | 228,353 | 69,530 | 53,117 | 122,647 | 70,325 | 192,972 | 75,128 | 268,100 | 72,515 | 65,852 | 138,367 | 75,103 | 213,470 | 85,742 | 299,212 |
Acquisition & Integration Expenses | - | 10,351 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Non-Core Dispositions | 3,434 | 10,945 | (800) | (2,184) | (2,984) | (4,493) | (7,477) | (1,047) | (8,524) | - | - | - | - | - | - | - |
RCM / Non-Cash Claims | 16,836 | 19,526 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
COVID-19 | - | - | - | 8,233 | 8,233 | - | 8,233 | 8,233 | - | - | - | - | - | - | ||
Adjusted EBITDA | 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 |
- Includes amortization of deferred financing fee
- Varies slightly from the Statements of Cash Flows, which includes amortization of deferred financing fee
Tetra Tech, Inc.
Consolidated Balance Sheets
(unaudited - in thousands, except par value)
October 3, 2021 | September 27, | ||||
2020 | |||||
Assets | |||||
Current assets: | $ | 166,568 | $ | 157,515 | |
Cash and cash equivalents | |||||
Accounts receivable, net | 668,998 | 649,035 | |||
Contract assets | 103,784 | 92,632 | |||
Prepaid expenses and other current assets | 112,338 | 81,094 | |||
Income taxes receivable | 14,260 | 19,509 | |||
Total current assets | 1,065,948 | 999,785 | |||
Property and equipment, net | 37,733 | 35,507 | |||
Right-of-use assets, operating leases | 215,422 | 239,396 | |||
Investments in unconsolidated joint ventures | 3,282 | 7,332 | |||
Goodwill | 1,108,578 | 993,498 | |||
Intangible assets, net | 37,990 | 13,943 | |||
Deferred tax assets | 54,413 | 32,052 | |||
Other long-term assets | 53,196 | 57,045 | |||
Total assets | $ | 2,576,562 | $ | 2,378,558 | |
Liabilities and Equity | |||||
Current liabilities: | $ | 128,767 | $ | 111,804 | |
Accounts payable | |||||
Accrued compensation | 206,322 | 199,801 | |||
Contract liabilities | 190,403 | 171,905 | |||
Short-term lease liabilities, operating leases | 67,452 | 69,650 | |||
Current portion of long-term debt and other short-term borrowings | 12,504 | 49,264 | |||
Current contingent earn-out liabilities | 19,520 | 16,142 | |||
Other current liabilities | 223,515 | 174,890 | |||
Total current liabilities | 848,483 | 793,456 | |||
Deferred tax liabilities | 10,563 | 16,316 | |||
Long-term debt | 200,000 | 242,395 | |||
Long-term lease liabilities, operating leases | 174,285 | 191,955 | |||
Long-term contingent earn-out liabilities | 39,777 | 16,475 | |||
Other long-term liabilities | 69,163 | 80,588 | |||
Equity: | |||||
Preferred stock - Authorized, 2,000 shares of $0.01 par value; no shares | - | - | |||
issued and outstanding at October 3, 2021 and September 27, 2020 | |||||
Common stock - Authorized, 150,000 shares of $0.01 par value; issued | |||||
and outstanding, 53,981 and 53,797 shares at October 3, 2021 and | 540 | 538 | |||
September 27, 2020, respectively | |||||
Accumulated other comprehensive loss | (125,028) | (161,786) | |||
Retained earnings | 1,358,726 | 1,198,567 | |||
Tetra Tech stockholders' equity | 1,234,238 | 1,037,319 | |||
Noncontrolling interests | 53 | 54 | |||
Total stockholders' equity | 1,234,291 | 1,037,373 | |||
Total liabilities and stockholders' equity | $ | 2,576,562 | $ | 2,378,558 | |
Tetra Tech, Inc.
Consolidated Statements of Income
(unaudited - in thousands, except per share data)
Three Months Ended | Fiscal Year Ended | ||||||
October 3, | September 27, | October 3, | September 27, | ||||
2021 | 2020 | 2021 | 2020 |
Revenue | $ |
Subcontractor costs | |
Other costs of revenue | |
Gross profit | |
Selling, general and administrative expenses | |
Contingent consideration - fair value adjustments | |
Impairment of goodwill | |
Income from operations | |
Interest expense | |
Income before income tax expense | |
Income tax benefit (expense) | |
Net income | |
Net loss (income) attributable to noncontrolling interests | |
Net income attributable to Tetra Tech | $ |
Earnings per share attributable to Tetra Tech: | |
Basic | $ |
Diluted | $ |
Weighted-average common shares outstanding: | |
Basic | |
Diluted |
892,012 | $ | 753,364 | $ | 3,213,513 | $ | 2,994,891 | ||
(182,879) | (163,550) | (661,341) | (646,319) | |||||
(565,224) | (464,412) | (2,053,772) | (1,902,037) | |||||
143,909 | 125,402 | 498,400 | 446,535 | |||||
(65,184) | (56,317) | (222,972) | (204,615) | |||||
3,111 | 13,450 | 3,273 | 14,971 | |||||
- | (15,800) | - | (15,800) | |||||
81,836 | 66,735 | 278,701 | 241,091 | |||||
(3,245) | (2,688) | (11,831) | (13,100) | |||||
78,591 | 64,047 | 266,870 | 227,991 | |||||
4,340 | (19,391) | (34,039) | (54,101) | |||||
82,931 | 44,656 | 232,831 | 173,890 | |||||
23 | (2) | (21) | (31) | |||||
82,954 | $ | 44,654 | 232,810 | $ | 173,859 | |||
1.54 | $ | 0.83 | $ | 4.31 | $ | 3.21 | ||
1.52 | ||||||||
$ | 0.82 | $ | 4.26 | $ | 3.16 | |||
54,019 | 53,841 | 54,078 | 54,235 | |||||
54,597 | ||||||||
54,603 | 54,675 | 55,022 | ||||||
Tetra Tech, Inc.
Consolidated Statements of Cash Flows
(unaudited - in thousands)
Fiscal Year Ended | |||||
October 3, | September 27, | ||||
2021 | 2020 | ||||
Cash flows from operating activities: | |||||
Net income | $ | 232,831 | $ | 173,890 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 23,805 | 24,611 | |||
Equity in income of unconsolidated joint ventures | (4,990) | (6,605) | |||
Distributions of earnings from unconsolidated joint ventures | 4,604 | 6,310 | |||
Amortization of stock-based awards | 23,067 | 19,424 | |||
Deferred income taxes | (38,494) | 565 | |||
Provision for losses on accounts receivables | (4,130) | 1,267 | |||
Fair value adjustments to contingent consideration | (3,273) | (14,971) | |||
Impairment of goodwill and other intangible assets | - | 15,800 | |||
Gain on sale of property and equipment | (110) | (11,066) | |||
Changes in operating assets and liabilities, net of effects of business acquisitions: | |||||
Accounts receivable and contract assets | 17,431 | 154,748 | |||
Prepaid expenses and other assets | (582) | (11,321) | |||
Accounts payable | 13,551 | (102,162) | |||
Accrued compensation | 5,425 | (8,173) | |||
Contract liabilities | 13,407 | 5,894 | |||
Other liabilities | 8,740 | 19,460 | |||
Income taxes receivable/payable | 13,090 | (5,192) | |||
Net cash provided by operating activities | 304,372 | 262,479 | |||
Cash flows from investing activities: | |||||
Payments for business acquisitions, net of cash acquired | (84,911) | (68,488) | |||
Capital expenditures | (8,573) | (12,245) | |||
Proceeds from sale of property and equipment | 492 | 17,710 | |||
Net cash used in investing activities | (92,992) | (63,023) | |||
Cash flows from financing activities: | 370,222 | ||||
Proceeds from borrowings | 308,364 | ||||
Repayments on long-term debt | (414,308) | (331,066) | |||
Repurchases of common stock | (60,000) | (117,188) | |||
Taxes paid on vested restricted stock | (17,630) | (11,166) | |||
Payments of contingent earn-out liabilities | (20,251) | (22,900) | |||
Stock options exercised | 11,250 | 10,334 | |||
Net change in overdrafts | (36,627) | 36,627 | |||
Dividends paid | (40,041) | (34,743) | |||
Principal payments on finance leases | (2,714) | (1,311) | |||
Net cash used in financing activities | (210,099) | (163,049) | |||
Effect of exchange rate changes on cash, cash equivalents | 7,772 | 207 | |||
Net increase in cash and cash equivalents | 9,053 | 36,614 | |||
Cash and cash equivalents at beginning of year | 157,515 | 120,901 | |||
Cash and cash equivalents at end of year | $ | 166,568 | $ | 157,515 | |
Supplemental information: | |||||
Cash paid during the year for: | |||||
Interest | $ | 10,330 | $ | 13,256 | |
Income taxes, net of refunds received of $2.1 million and $1.4 million | $ | 59,111 | $ | 55,039 |
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Tetra Tech Inc. published this content on 17 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2021 21:40:36 UTC.