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OFFON

TETRA TECH, INC.

(TTEK)
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Tetra Tech : Q4-21 Investor Report

12/01/2021 | 03:41am EST
INVESTOR RPT
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)
REG G
Tetra Tech, Inc.
Regulation G Information
October 3, 2021
Reconciliation of Revenue to Revenue, Net of Subcontractor Costs ("Net Revenue")
(in millions)
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
Consolidated
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 (0.1) (0.1) (0.2) -0 (0.2) -0 (0.5) (0.5) (0.1) (0.6) -0 (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 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
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 0.1 0.1 0.2 -0 0.2 -0 0.5 0.5 0.1 0.6 -0 0.6
Subcontractor Costs (11.6) (1.3) (0.1) -0 (0.1) (0.1) (0.2) -0 (0.2) -0 0.1 0.1 (0.1) -0 -0 -0
Net Revenue 2.6 (2.8) -0 -0 -0 -0 -0 -0 -0 -0 0.6 0.6 -0 0.6 -0 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
1 Includes amortization of deferred financing fee
2 Varies slightly from the Statements of Cash Flows, which includes amortization of deferred financing fee

Disclaimer

Tetra Tech Inc. published this content on 01 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2021 08:40:05 UTC.


© Publicnow 2021
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Sales 2022 2 704 M - -
Net income 2022 226 M - -
Net Debt 2022 12,6 M - -
P/E ratio 2022 33,7x
Yield 2022 0,59%
Capitalization 7 539 M 7 539 M -
EV / Sales 2022 2,79x
EV / Sales 2023 2,58x
Nbr of Employees 21 000
Free-Float 99,4%
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 139,62 $
Average target price 198,20 $
Spread / Average Target 42,0%
EPS Revisions
Managers and Directors
Danny Lee Batrack Chairman & Chief Executive Officer
Leslie L. Shoemaker President
Steven Michael Burdick Chief Financial Officer, Treasurer & Executive VP
Craig L. Christensen Chief Information Officer & Senior Vice President
Preston Hopson Secretary, Chief Compliance Officer & Senior VP
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