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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tetra Tech Inc | NASDAQ:TTEK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.075 | -0.03% | 218.355 | 218.02 | 218.50 | 219.095 | 216.30 | 218.15 | 14,221 | 15:01:10 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware | 95-4148514 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 par value | TTEK | The NASDAQ Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company
|
☐ |
PAGE NO. | ||||||||
ASSETS |
March 28,
2021 |
September 27,
2020 |
|||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 225,330 | $ | 157,515 | |||||||
Accounts receivable, net | 629,186 | 649,035 | |||||||||
Contract assets | 95,079 | 92,632 | |||||||||
Prepaid expenses and other current assets | 87,400 | 81,094 | |||||||||
Income taxes receivable | 27,116 | 19,509 | |||||||||
Total current assets | 1,064,111 | 999,785 | |||||||||
Property and equipment, net | 37,423 | 35,507 | |||||||||
Right-of-use assets, operating leases | 222,922 | 239,396 | |||||||||
Investments in unconsolidated joint ventures | 7,700 | 7,332 | |||||||||
Goodwill | 1,029,573 | 993,498 | |||||||||
Intangible assets, net | 8,923 | 13,943 | |||||||||
Deferred tax assets | 34,740 | 32,052 | |||||||||
Other long-term assets | 49,670 | 57,045 | |||||||||
Total assets | $ | 2,455,062 | $ | 2,378,558 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 124,260 | $ | 111,804 | |||||||
Accrued compensation | 179,025 | 199,801 | |||||||||
Contract liabilities | 185,602 | 171,905 | |||||||||
Short-term lease liabilities, operating leases | 68,941 | 69,650 | |||||||||
Current portion of long-term debt and other short-term borrowings | 28,885 | 49,264 | |||||||||
Current contingent earn-out liabilities | 17,492 | 16,142 | |||||||||
Other current liabilities | 192,497 | 174,890 | |||||||||
Total current liabilities | 796,702 | 793,456 | |||||||||
Deferred tax liabilities | 18,152 | 16,316 | |||||||||
Long-term debt | 238,339 | 242,395 | |||||||||
Long-term lease liabilities, operating leases | 179,645 | 191,955 | |||||||||
Long-term contingent earn-out liabilities | 11,166 | 16,475 | |||||||||
Other long-term liabilities | 63,830 | 80,588 | |||||||||
Commitments and contingencies (Note 16) | |||||||||||
Equity: | |||||||||||
Preferred stock - authorized, 2,000 shares of $0.01 par value; no shares issued and outstanding at March 28, 2021 and September 27, 2020
|
— | — | |||||||||
Common stock - authorized, 150,000 shares of $0.01 par value; issued and outstanding, 54,158 and 53,797 shares at March 28, 2021 and September 27, 2020, respectively
|
542 | 538 | |||||||||
Accumulated other comprehensive loss | (115,056) | (161,786) | |||||||||
Retained earnings | 1,261,661 | 1,198,567 | |||||||||
Tetra Tech stockholders’ equity | 1,147,147 | 1,037,319 | |||||||||
Noncontrolling interests | 81 | 54 | |||||||||
Total stockholders' equity | 1,147,228 | 1,037,373 | |||||||||
Total liabilities and stockholders' equity | $ | 2,455,062 | $ | 2,378,558 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
March 28,
2021 |
March 29,
2020 |
||||||||||||||||||||
Revenue | $ | 754,764 | $ | 734,133 | $ | 1,519,868 | $ | 1,531,756 | |||||||||||||||
Subcontractor costs | (154,939) | (149,673) | (314,873) | (333,274) | |||||||||||||||||||
Other costs of revenue | (487,341) | (487,460) | (976,201) | (991,745) | |||||||||||||||||||
Gross profit | 112,484 | 97,000 | 228,794 | 206,737 | |||||||||||||||||||
Selling, general and administrative expenses | (51,907) | (51,041) | (101,928) | (97,476) | |||||||||||||||||||
Contingent consideration – fair value adjustments | 230 | 1,571 | 193 | 1,571 | |||||||||||||||||||
Income from operations | 60,807 | 47,530 | 127,059 | 110,832 | |||||||||||||||||||
Interest expense | (2,823) | (3,501) | (5,849) | (6,849) | |||||||||||||||||||
Income before income tax expense | 57,984 | 44,029 | 121,210 | 103,983 | |||||||||||||||||||
Income tax expense | (12,456) | (7,616) | (23,234) | (20,253) | |||||||||||||||||||
Net income | 45,528 | 36,413 | 97,976 | 83,730 | |||||||||||||||||||
Net income attributable to noncontrolling interests | (11) | (16) | (23) | (23) | |||||||||||||||||||
Net income attributable to Tetra Tech | $ | 45,517 | $ | 36,397 | $ | 97,953 | $ | 83,707 | |||||||||||||||
Earnings per share attributable to Tetra Tech: | |||||||||||||||||||||||
Basic | $ | 0.84 | $ | 0.67 | $ | 1.81 | $ | 1.53 | |||||||||||||||
Diluted | $ | 0.83 | $ | 0.66 | $ | 1.79 | $ | 1.51 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 54,187 | 54,699 | 54,085 | 54,541 | |||||||||||||||||||
Diluted | 54,736 | 55,463 | 54,715 | 55,380 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
March 28,
2021 |
March 29,
2020 |
||||||||||||||||||||
Net income | $ | 45,528 | $ | 36,413 | $ | 97,976 | $ | 83,730 | |||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||||||||
Foreign currency translation adjustment, net of tax
|
10,975 | (47,015) | 43,368 | (33,114) | |||||||||||||||||||
Gain (loss) on cash flow hedge valuations, net of tax | 1,890 | (7,365) | 3,366 | (5,695) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 12,865 | (54,380) | 46,734 | (38,809) | |||||||||||||||||||
Comprehensive income (loss), net of tax | $ | 58,393 | $ | (17,967) | $ | 144,710 | $ | 44,921 | |||||||||||||||
Comprehensive income attributable to noncontrolling interests, net of tax | 13 | 12 | 27 | 21 | |||||||||||||||||||
Comprehensive income (loss) attributable to Tetra Tech, net of tax | $ | 58,380 | $ | (17,979) | $ | 144,683 | $ | 44,900 |
Six Months Ended | |||||||||||
March 28,
2021 |
March 29,
2020 |
||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 97,976 | $ | 83,730 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 11,524 | 12,809 | |||||||||
Equity in income of unconsolidated joint ventures | (1,872) | (3,333) | |||||||||
Distributions of earnings from unconsolidated joint ventures | 1,622 | 2,467 | |||||||||
Amortization of stock-based awards | 10,566 | 9,437 | |||||||||
Deferred income taxes | 350 | 3,153 | |||||||||
Provision for losses from uncollectible receivables | (1,538) | 539 | |||||||||
Fair value adjustments to contingent consideration | (193) | (1,571) | |||||||||
Gain on sale of property and equipment | (66) | (3,523) | |||||||||
Changes in operating assets and liabilities, net of effects of business acquisitions: | |||||||||||
Accounts receivable and contract assets | 35,415 | 104,388 | |||||||||
Prepaid expenses and other assets | 18,091 | 5,317 | |||||||||
Accounts payable | 12,063 | (89,630) | |||||||||
Accrued compensation | (20,524) | (44,690) | |||||||||
Contract liabilities | 9,957 | 24,130 | |||||||||
Other liabilities | (5,528) | (14,129) | |||||||||
Income taxes receivable/payable | (10,419) | (5,895) | |||||||||
Net cash provided by operating activities | 157,424 | 83,199 | |||||||||
Cash flows from investing activities: | |||||||||||
Payments for business acquisitions, net of cash acquired | (3,065) | (27,739) | |||||||||
Capital expenditures | (4,297) | (5,876) | |||||||||
Proceeds from sale of property and equipment | 79 | 6,316 | |||||||||
Net cash used in investing activities | (7,283) | (27,299) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings | 141,628 | 243,364 | |||||||||
Repayments on long-term debt | (146,250) | (174,730) | |||||||||
Repurchases of common stock | (30,000) | (81,660) | |||||||||
Taxes paid on vested restricted stock | (17,488) | (10,857) | |||||||||
Stock options exercised | 9,771 | 7,927 | |||||||||
Bank overdrafts | (21,121) | 2,737 | |||||||||
Dividends paid | (18,410) | (16,414) | |||||||||
Payments of contingent earn-out liabilities | (8,037) | (9,624) | |||||||||
Principal payments on finance leases | (1,222) | — | |||||||||
Net cash used in financing activities | (91,129) | (39,257) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 8,803 | (2,409) | |||||||||
Net increase in cash, cash equivalents and restricted cash | 67,815 | 14,234 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 157,515 | 120,901 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 225,330 | $ | 135,135 | |||||||
Supplemental information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | 5,412 | $ | 6,510 | |||||||
Income taxes, net of refunds received of $1.1 million and $0.5 million
|
$ | 30,832 | $ | 23,437 | |||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||||||
Cash and cash equivalents | $ | 225,330 | $ | 134,981 | |||||||
Restricted cash | — | 154 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 225,330 | $ | 135,135 |
Common Stock |
Additional
Paid-in Capital |
Accumulated
Other Comprehensive Loss |
Retained
Earnings |
Total
Tetra Tech Equity |
Non-Controlling
Interests |
Total
Equity |
|||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 29, 2019 | 54,728 | $ | 547 | $ | 60,747 | $ | (145,015) | $ | 1,110,312 | $ | 1,026,591 | $ | 174 | $ | 1,026,765 | ||||||||||||||||||||||||||||||||
Net income | 36,397 | 36,397 | 16 | 36,413 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (54,376) | (54,376) | (4) | (54,380) | |||||||||||||||||||||||||||||||||||||||||||
Distributions paid to noncontrolling interests | — | (56) | (56) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends of $0.15 per common share
|
(8,224) | (8,224) | (8,224) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 4,955 | 4,955 | 4,955 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted & performance shares released | 30 | 1 | (281) | (280) | (280) | ||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 215 | 2 | 6,511 | 6,513 | 6,513 | ||||||||||||||||||||||||||||||||||||||||||
Stock repurchases | (831) | (9) | (61,459) | (61,468) | (61,468) | ||||||||||||||||||||||||||||||||||||||||||
BALANCE AT MARCH 29, 2020 | 54,142 | $ | 541 | $ | 10,473 | $ | (199,391) | $ | 1,138,485 | $ | 950,108 | $ | 130 | $ | 950,238 | ||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 27, 2020 | 54,193 | $ | 542 | $ | — | $ | (127,919) | $ | 1,232,563 | $ | 1,105,186 | $ | 68 | $ | 1,105,254 | ||||||||||||||||||||||||||||||||
Net income | 45,517 | 45,517 | 11 | 45,528 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 12,863 | 12,863 | 2 | 12,865 | |||||||||||||||||||||||||||||||||||||||||||
Cash dividends of $0.17 per common share
|
(9,212) | (9,212) | (9,212) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 5,668 | 5,668 | 5,668 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted & performance shares released | 2 | — | (158) | (158) | (158) | ||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 77 | 1 | 2,274 | 2,275 | 2,275 | ||||||||||||||||||||||||||||||||||||||||||
Shares issued for Employee Stock Purchase Plan | — | — | 8 | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Stock repurchases | (114) | (1) | (7,792) | (7,207) | (15,000) | (15,000) | |||||||||||||||||||||||||||||||||||||||||
BALANCE AT MARCH 28, 2021 | 54,158 | $ | 542 | $ | — | $ | (115,056) | $ | 1,261,661 | $ | 1,147,147 | $ | 81 | $ | 1,147,228 | ||||||||||||||||||||||||||||||||
Common Stock |
Additional
Paid-in Capital |
Accumulated
Other Comprehensive Loss |
Retained
Earnings |
Total
Tetra Tech Equity |
Non-Controlling
Interests |
Total
Equity |
|||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT SEPTEMBER 29, 2019 | 54,565 | $ | 546 | $ | 78,132 | $ | (160,584) | $ | 1,071,192 | $ | 989,286 | $ | 178 | $ | 989,464 | ||||||||||||||||||||||||||||||||
Net income | 83,707 | 83,707 | 23 | 83,730 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (38,807) | (38,807) | (2) | (38,809) | |||||||||||||||||||||||||||||||||||||||||||
Distributions paid to noncontrolling interests | — | (69) | (69) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends of $0.30 per common share
|
(16,414) | (16,414) | (16,414) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 9,437 | 9,437 | 9,437 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted & performance shares released | 215 | 2 | (11,100) | (11,098) | (11,098) | ||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 269 | 3 | 7,924 | 7,927 | 7,927 | ||||||||||||||||||||||||||||||||||||||||||
Shares issued for Employee Stock Purchase Plan | 168 | 1 | 8,714 | 8,715 | 8,715 | ||||||||||||||||||||||||||||||||||||||||||
Stock repurchases | (1,075) | (11) | (82,634) | (82,645) | (82,645) | ||||||||||||||||||||||||||||||||||||||||||
BALANCE AT MARCH 29, 2020 | 54,142 | $ | 541 | $ | 10,473 | $ | (199,391) | $ | 1,138,485 | $ | 950,108 | $ | 130 | $ | 950,238 | ||||||||||||||||||||||||||||||||
BALANCE AT SEPTEMBER 27, 2020 | 53,797 | $ | 538 | $ | — | $ | (161,786) | $ | 1,198,567 | $ | 1,037,319 | $ | 54 | $ | 1,037,373 | ||||||||||||||||||||||||||||||||
Net income | 97,953 | 97,953 | 23 | 97,976 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 46,730 | 46,730 | 4 | 46,734 | |||||||||||||||||||||||||||||||||||||||||||
Cash dividends of $0.34 per common share
|
(18,410) | (18,410) | (18,410) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 10,566 | 10,566 | 10,566 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted & performance shares released | 211 | 2 | (17,490) | (17,488) | (17,488) | ||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 275 | 3 | 9,768 | 9,771 | 9,771 | ||||||||||||||||||||||||||||||||||||||||||
Shares issued for Employee Stock Purchase Plan | 124 | 1 | 10,705 | 10,706 | 10,706 | ||||||||||||||||||||||||||||||||||||||||||
Stock repurchases | (249) | (2) | (13,549) | (16,449) | (30,000) | (30,000) | |||||||||||||||||||||||||||||||||||||||||
BALANCE AT MARCH 28, 2021 | 54,158 | $ | 542 | $ | — | $ | (115,056) | $ | 1,261,661 | $ | 1,147,147 | $ | 81 | $ | 1,147,228 | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
March 28,
2021 |
March 29,
2020 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Client Sector: | |||||||||||||||||||||||
U.S. state and local government | $ | 129,781 | $ | 103,671 | $ | 254,747 | $ | 227,507 | |||||||||||||||
U.S. federal government (1)
|
267,696 | 243,261 | 533,561 | 488,564 | |||||||||||||||||||
U.S. commercial | 143,702 | 160,787 | 301,508 | 342,278 | |||||||||||||||||||
International (2)
|
213,585 | 226,414 | 430,052 | 473,407 | |||||||||||||||||||
Total | $ | 754,764 | $ | 734,133 | $ | 1,519,868 | $ | 1,531,756 | |||||||||||||||
Contract Type: | |||||||||||||||||||||||
Fixed-price | $ | 272,118 | $ | 255,613 | $ | 546,551 | $ | 526,668 | |||||||||||||||
Time-and-materials | 347,197 | 350,618 | 702,438 | 738,776 | |||||||||||||||||||
Cost-plus | 135,449 | 127,902 | 270,879 | 266,312 | |||||||||||||||||||
Total | $ | 754,764 | $ | 734,133 | $ | 1,519,868 | $ | 1,531,756 | |||||||||||||||
Balance at | |||||||||||
March 28,
2021 |
September 27, 2020 | ||||||||||
(in thousands) | |||||||||||
Contract assets (1)
|
$ | 95,079 | $ | 92,632 | |||||||
Contract liabilities | (185,602) | (171,905) | |||||||||
Net contract liabilities | $ | (90,523) | $ | (79,273) | |||||||
Balance at | |||||||||||
March 28,
2021 |
September 27,
2020 |
||||||||||
(in thousands) | |||||||||||
Billed | $ | 380,522 | $ | 402,818 | |||||||
Unbilled | 253,784 | 253,364 | |||||||||
Total accounts receivable | 634,306 | 656,182 | |||||||||
Allowance for doubtful accounts | (5,120) | (7,147) | |||||||||
Total accounts receivable, net | $ | 629,186 | $ | 649,035 | |||||||
Amount | |||||
(in thousands) | |||||
Within 12 months | $ | 1,828,946 | |||
Beyond | 1,298,902 | ||||
Total | $ | 3,127,848 |
GSG | CIG | Total | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance at September 27, 2020 | $ | 516,315 | $ | 477,183 | $ | 993,498 | ||||||||||||||
Acquisition activity | — | 3,675 | 3,675 | |||||||||||||||||
Translation | 7,874 | 24,526 | 32,400 | |||||||||||||||||
Balance at March 28, 2021 | $ | 524,189 | $ | 505,384 | $ | 1,029,573 | ||||||||||||||
March 28, 2021 | September 27, 2020 | ||||||||||||||||||||||||||||
Weighted-
Average Remaining Life (in Years) |
Gross
Amount |
Accumulated
Amortization |
Gross
Amount |
Accumulated
Amortization |
|||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Client relations | 2.6 | $ | 47,515 | $ | (41,533) | $ | 60,775 | $ | (53,392) | ||||||||||||||||||||
Backlog | 0.5 | 30,509 | (28,778) | 37,682 | (32,761) | ||||||||||||||||||||||||
Trade names | 1.7 | 7,205 | (5,995) | 7,964 | (6,325) | ||||||||||||||||||||||||
Total | $ | 85,229 | $ | (76,306) | $ | 106,421 | $ | (92,478) |
Amount | |||||
(in thousands) | |||||
2021 | $ | 3,547 | |||
2022 | 2,814 | ||||
2023 | 1,972 | ||||
2024 | 590 | ||||
Total | $ | 8,923 | |||
Balance at | |||||||||||
March 28,
2021 |
September 27,
2020 |
||||||||||
(in thousands) | |||||||||||
Equipment, furniture and fixtures | $ | 98,135 | $ | 90,942 | |||||||
Leasehold improvements | 35,995 | 34,569 | |||||||||
Total property and equipment | 134,130 | 125,511 | |||||||||
Accumulated depreciation | (96,707) | (90,004) | |||||||||
Property and equipment, net | $ | 37,423 | $ | 35,507 | |||||||
Declare Date | Dividend Paid Per Share | Record Date | Payment Date |
Dividend Paid
(in thousands) |
||||||||||||||||||||||
November 9, 2020 | $ | 0.17 | November 30, 2020 | December 11, 2020 | $ | 9,198 | ||||||||||||||||||||
January 25, 2021 | $ | 0.17 | February 10, 2021 | February 26, 2021 | 9,212 | |||||||||||||||||||||
Total dividend paid as of March 28, 2021 | $ | 18,410 | ||||||||||||||||||||||||
November 11, 2019 | $ | 0.15 | December 2, 2019 | December 13, 2019 | $ | 8,190 | ||||||||||||||||||||
January 27, 2020 | $ | 0.15 | February 12, 2020 | February 28, 2020 | 8,224 | |||||||||||||||||||||
Total dividend paid as of March 29, 2020 | $ | 16,414 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
March 28,
2021 |
March 29,
2020 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Operating lease cost | $ | 22,640 | $ | 21,595 | $ | 44,709 | $ | 42,767 | |||||||||||||||
Sublease income | (30) | (541) | (59) | (1,115) | |||||||||||||||||||
Other | — | 18 | — | 36 | |||||||||||||||||||
Total lease cost | $ | 22,610 | $ | 21,072 | $ | 44,650 | $ | 41,688 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
March 28,
2021 |
March 29,
2020 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Operating cash flows for operating leases | $ | 17,599 | $ | 21,789 | $ | 36,399 | $ | 41,504 | |||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 23,429 | $ | 59,671 | $ | 33,722 | $ | 321,919 |
Balance at | |||||||||||
March 28, 2021 | September 27, 2020 | ||||||||||
(in thousands) | |||||||||||
Operating leases: | |||||||||||
Right-of-use assets | $ | 222,922 | $ | 239,396 | |||||||
Lease liabilities: | |||||||||||
Current | 68,941 | 69,650 | |||||||||
Long-term | 179,645 | 191,955 | |||||||||
Total operating lease liabilities | $ | 248,586 | $ | 261,605 | |||||||
Weighted-average remaining lease term: | |||||||||||
Operating leases | 5 years | 5 years | |||||||||
Weighted-average discount rate: | |||||||||||
Operating leases | 2.4 | % | 2.5 | % |
Balance at | |||||||||||
March 28,
2021 |
September 27,
2020 |
||||||||||
(in thousands) | |||||||||||
2021 | $ | 39,951 | $ | 75,074 | |||||||
2022 | 70,500 | 64,972 | |||||||||
2023 | 48,703 | 44,733 | |||||||||
2024 | 33,627 | 30,991 | |||||||||
2025 | 24,030 | 21,466 | |||||||||
Beyond | 49,021 | 44,169 | |||||||||
Total lease payments | 265,832 | 281,405 | |||||||||
Less: imputed interest | (17,246) | (19,800) | |||||||||
Total present value of lease liabilities | $ | 248,586 | $ | 261,605 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
March 28,
2021 |
March 29,
2020 |
||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||
Net income attributable to Tetra Tech | $ | 45,517 | $ | 36,397 | $ | 97,953 | $ | 83,707 | |||||||||||||||
Weighted-average common shares outstanding – basic | 54,187 | 54,699 | 54,085 | 54,541 | |||||||||||||||||||
Effect of dilutive stock options and unvested restricted stock | 549 | 764 | 630 | 839 | |||||||||||||||||||
Weighted-average common shares outstanding – diluted | 54,736 | 55,463 | 54,715 | 55,380 | |||||||||||||||||||
Earnings per share attributable to Tetra Tech: | |||||||||||||||||||||||
Basic | $ | 0.84 | $ | 0.67 | $ | 1.81 | $ | 1.53 | |||||||||||||||
Diluted | $ | 0.83 | $ | 0.66 | $ | 1.79 | $ | 1.51 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
March 28,
2021 |
March 29,
2020 |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Revenue | |||||||||||||||||||||||
GSG | $ | 473,829 | $ | 436,903 | $ | 942,451 | $ | 894,307 | |||||||||||||||
CIG | 293,128 | 308,412 | 604,152 | 659,576 | |||||||||||||||||||
RCM | 470 | 5 | 470 | 150 | |||||||||||||||||||
Elimination of inter-segment revenue | (12,663) | (11,187) | (27,205) | (22,277) | |||||||||||||||||||
Total | $ | 754,764 | $ | 734,133 | $ | 1,519,868 | $ | 1,531,756 | |||||||||||||||
Income from operations | |||||||||||||||||||||||
GSG | $ | 46,109 | $ | 35,347 | $ | 93,809 | $ | 77,395 | |||||||||||||||
CIG | 26,311 | 21,676 | 55,869 | 53,309 | |||||||||||||||||||
RCM | 1 | (1) | 1 | 1 | |||||||||||||||||||
Corporate (1)
|
(11,614) | (9,492) | (22,620) | (19,873) | |||||||||||||||||||
Total | $ | 60,807 | $ | 47,530 | $ | 127,059 | $ | 110,832 | |||||||||||||||
Balance at | |||||||||||
March 28,
2021 |
September 27,
2020 |
||||||||||
(in thousands) | |||||||||||
Total Assets | |||||||||||
GSG | $ | 635,217 | $ | 649,417 | |||||||
CIG | 463,176 | 479,238 | |||||||||
RCM | 11,369 | 14,258 | |||||||||
Corporate (1)
|
1,345,300 | 1,235,645 | |||||||||
Total | $ | 2,455,062 | $ | 2,378,558 | |||||||
Balance at | |||||||||||
March 28,
2021 |
September 27, 2020 | ||||||||||
(in thousands) | |||||||||||
Accounts receivable, net | $ | 20,789 | $ | 20,884 | |||||||
Contract assets | 4,641 | 3,261 | |||||||||
Contract liabilities | 2,486 | 478 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
March 28,
2021 |
March 29,
2020 |
|||||||||||||||||||||||
Client Sector | ||||||||||||||||||||||||||
U.S. state and local government | 17.2 | % | 14.1 | % | 16.8 | % | 14.9 | % | ||||||||||||||||||
U.S. federal government (1)
|
35.5 | 33.1 | 35.1 | 31.9 | ||||||||||||||||||||||
U.S. commercial | 19.0 | 21.9 | 19.8 | 22.3 | ||||||||||||||||||||||
International (2)
|
28.3 | 30.9 | 28.3 | 30.9 | ||||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
March 28,
2021 |
March 29,
2020 |
||||||||||||||||||||
Reportable Segment | |||||||||||||||||||||||
GSG | 62.8 | % | 59.5 | % | 62.0 | % | 58.4 | % | |||||||||||||||
CIG | 38.8 | 42.0 | 39.8 | 43.1 | |||||||||||||||||||
Inter-segment elimination | (1.6) | (1.5) | (1.8) | (1.5) | |||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
March 28,
2021 |
March 29,
2020 |
||||||||||||||||||||
Contract Type | |||||||||||||||||||||||
Fixed-price | 36.1 | % | 34.8 | % | 36.0 | % | 34.4 | % | |||||||||||||||
Time-and-materials | 46.0 | 47.8 | 46.2 | 48.2 | |||||||||||||||||||
Cost-plus | 17.9 | 17.4 | 17.8 | 17.4 | |||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
Change | March 28, 2021 | March 29, 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 754,764 | $ | 734,133 | $ | 20,631 | 2.8% | $ | 1,519,868 | $ | 1,531,756 | $ | (11,888) | (0.8)% | |||||||||||||||||||||||||||||||||
Subcontractor costs | (154,939) | (149,673) | (5,266) | (3.5) | (314,873) | (333,274) | 18,401 | 5.5 | |||||||||||||||||||||||||||||||||||||||
Revenue, net of subcontractor costs (1)
|
599,825 | 584,460 | 15,365 | 2.6 | 1,204,995 | 1,198,482 | 6,513 | 0.5 | |||||||||||||||||||||||||||||||||||||||
Other costs of revenue | (487,341) | (487,460) | 119 | — | (976,201) | (991,745) | 15,544 | 1.6 | |||||||||||||||||||||||||||||||||||||||
Gross profit | 112,484 | 97,000 | 15,484 | 16.0 | 228,794 | 206,737 | 22,057 | 10.7 | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | (51,907) | (51,041) | (866) | (1.7) | (101,928) | (97,476) | (4,452) | (4.6) | |||||||||||||||||||||||||||||||||||||||
Contingent consideration - fair value adjustments | 230 | 1,571 | (1,341) | (85.4) | 193 | 1,571 | (1,378) | (87.7) | |||||||||||||||||||||||||||||||||||||||
Income from operations | 60,807 | 47,530 | 13,277 | 27.9 | 127,059 | 110,832 | 16,227 | 14.6 | |||||||||||||||||||||||||||||||||||||||
Interest expense | (2,823) | (3,501) | 678 | 19.4 | (5,849) | (6,849) | 1,000 | 14.6 | |||||||||||||||||||||||||||||||||||||||
Income before income tax expense | 57,984 | 44,029 | 13,955 | 31.7 | 121,210 | 103,983 | 17,227 | 16.6 | |||||||||||||||||||||||||||||||||||||||
Income tax expense | (12,456) | (7,616) | (4,840) | (63.6) | (23,234) | (20,253) | (2,981) | (14.7) | |||||||||||||||||||||||||||||||||||||||
Net income | 45,528 | 36,413 | 9,115 | 25.0 | 97,976 | 83,730 | 14,246 | 17.0 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (11) | (16) | 5 | 31.3 | (23) | (23) | — | — | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Tetra Tech | $ | 45,517 | $ | 36,397 | $ | 9,120 | 25.1 | $ | 97,953 | $ | 83,707 | $ | 14,246 | 17.0 | |||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.83 | $ | 0.66 | $ | 0.17 | 25.8% | $ | 1.79 | $ | 1.51 | $ | 0.28 | 18.5% | |||||||||||||||||||||||||||||||||
(1) We believe that the presentation of “Revenue, net of subcontractor costs”, which is a non-U.S. GAAP financial measure, enhances investors’ ability to analyze our business trends and performance because it substantially measures the work performed by our employees. While providing services, we routinely subcontract various services and, under certain U.S. Agency for International Development programs, issue grants. Generally, these subcontractor costs and grants are passed through to our clients and, in accordance with U.S. GAAP and industry practice, are included in our revenue when it is our contractual responsibility to procure or manage these activities. The grants are included as part of our subcontractor costs. Because subcontractor services can vary significantly from project to project and period to period, changes in revenue may not necessarily be indicative of our business trends. Accordingly, we segregate subcontractor costs from revenue to promote a better understanding of our business by evaluating revenue exclusive of costs associated with external service providers.
|
|||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
Change |
March 28,
2021 |
March 29,
2020 |
Change | ||||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Income from operations | $ | 60,807 | $ | 47,530 | $ | 13,277 | 27.9% | $ | 127,059 | $ | 110,832 | $ | 16,227 | 14.6% | |||||||||||||||||||||||||||||||||
RCM | (1) | 1 | (2) | NM | (1) | — | (1) | NM | |||||||||||||||||||||||||||||||||||||||
Non-core equipment disposal | — | (2,184) | 2,184 | NM | — | (2,984) | 2,984 | NM | |||||||||||||||||||||||||||||||||||||||
Earn-out adjustments | — | (971) | 971 | NM | — | (971) | 971 | NM | |||||||||||||||||||||||||||||||||||||||
COVID-19 | — | 8,233 | (8,233) | NM | — | 8,233 | (8,233) | NM | |||||||||||||||||||||||||||||||||||||||
Adjusted income from operations (1)
|
$ | 60,806 | $ | 52,609 | $ | 8,197 | 15.6% | $ | 127,058 | $ | 115,110 | $ | 11,948 | 10.4% | |||||||||||||||||||||||||||||||||
EPS | $ | 0.83 | $ | 0.66 | $ | 0.17 | 25.8% | $ | 1.79 | $ | 1.51 | $ | 0.28 | 18.5% | |||||||||||||||||||||||||||||||||
RCM | — | — | — | NM | — | — | — | NM | |||||||||||||||||||||||||||||||||||||||
Non-core equipment disposal | — | (0.03) | 0.03 | NM | — | (0.04) | 0.04 | NM | |||||||||||||||||||||||||||||||||||||||
Earn-out adjustments | — | (0.01) | 0.01 | NM | — | (0.01) | 0.01 | NM | |||||||||||||||||||||||||||||||||||||||
COVID-19 | — | 0.11 | (0.11) | NM | — | 0.11 | (0.11) | NM | |||||||||||||||||||||||||||||||||||||||
Adjusted EPS (1)
|
$ | 0.83 | $ | 0.73 | $ | 0.10 | 13.7% | $ | 1.79 | $ | 1.57 | $ | 0.22 | 14.0% | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
Change | March 28, 2021 | March 29, 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 473,829 | $ | 436,903 | $ | 36,926 | 8.5% | $ | 942,451 | $ | 894,307 | $ | 48,144 | 5.4% | |||||||||||||||||||||||||||||||||
Subcontractor costs | (126,744) | (115,861) | (10,883) | (9.4) | (250,448) | (243,559) | (6,889) | (2.8) | |||||||||||||||||||||||||||||||||||||||
Revenue, net of subcontractor costs | $ | 347,085 | $ | 321,042 | $ | 26,043 | 8.1 | $ | 692,003 | $ | 650,748 | $ | 41,255 | 6.3 | |||||||||||||||||||||||||||||||||
Income from operations | $ | 46,109 | $ | 35,347 | $ | 10,762 | 30.4% | $ | 93,809 | $ | 77,395 | $ | 16,414 | 21.2% |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
Change | March 28, 2021 | March 29, 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 293,128 | $ | 308,412 | $ | (15,284) | (5.0)% | $ | 604,152 | $ | 659,576 | $ | (55,424) | (8.4) | % | ||||||||||||||||||||||||||||||||
Subcontractor costs | (40,923) | (44,929) | 4,006 | 8.9 | (91,695) | (111,814) | 20,119 | 18.0 | |||||||||||||||||||||||||||||||||||||||
Revenue, net of subcontractor costs | $ | 252,205 | $ | 263,483 | $ | (11,278) | (4.3) | $ | 512,457 | $ | 547,762 | $ | (35,305) | (6.4) | |||||||||||||||||||||||||||||||||
Income from operations | $ | 26,311 | $ | 21,676 | $ | 4,635 | 21.4% | $ | 55,869 | $ | 53,309 | $ | 2,560 | 4.8 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
March 28,
2021 |
March 29,
2020 |
Change | March 28, 2021 | March 29, 2020 | Change | ||||||||||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||
Revenue | $ | 470 | $ | 5 | $ | 465 | $ | 470 | $ | 150 | $ | 320 | |||||||||||||||||||||||
Subcontractor costs | 65 | (70) | 135 | 65 | (178) | 243 | |||||||||||||||||||||||||||||
Revenue, net of subcontractor costs | $ | 535 | $ | (65) | $ | 600 | $ | 535 | $ | (28) | $ | 563 | |||||||||||||||||||||||
Income (loss) from operations | $ | 1 | $ | (1) | $ | 2 | $ | 1 | $ | 1 | $ | — |
Balance at | |||||||||||
March 28,
2021 |
September 27, 2020 | ||||||||||
(in thousands) | |||||||||||
RUPOs | $ | 3,127,848 | $ | 3,218,973 | |||||||
Items impacting comparability: | |||||||||||
Contract term | 22,329 | 20,312 | |||||||||
Backlog | $ | 3,150,177 | $3,239,285 |
Dividend
Per Share |
Record Date |
Total Maximum
Payment (in thousands) |
Payment Date | ||||||||||||||||||||
November 9, 2020 | $ | 0.17 | November 30, 2020 | $ | 9,198 | December 11, 2020 | |||||||||||||||||
January 25, 2021 | $ | 0.17 | February 10, 2021 | $ | 9,212 | February 26, 2021 | |||||||||||||||||
April 26, 2021 | $ | 0.20 | May 12, 2021 | N/A | May 28, 2021 |
Period |
Total Number
of Shares Purchased |
Average Price
Paid per Share |
Total Number
of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum
Dollar Value that May Yet be Purchased Under the Plans or Programs (in thousands) |
||||||||||||||||||||||
September 28, 2020 - October 25, 2020 | 45,574 | $ | 102.67 | 45,574 | $ | 203,134 | ||||||||||||||||||||
October 26, 2020 - November 22, 2020 | 46,975 | 110.67 | 46,975 | 197,935 | ||||||||||||||||||||||
November 23, 2020 - December 27, 2020 | 42,864 | 119.50 | 42,864 | 192,813 | ||||||||||||||||||||||
December 28, 2020 - January 24, 2021 | 33,790 | 125.46 | 33,790 | 188,574 | ||||||||||||||||||||||
January 25, 2021 - February 21, 2021 | 37,992 | 132.50 | 37,992 | 183,540 | ||||||||||||||||||||||
February 22, 2021 - March 28, 2021 | 42,519 | 134.69 | 42,519 | 177,813 | ||||||||||||||||||||||
101 | The following financial information from our Company’s Quarterly Report on Form 10-Q, for the period ended March 28, 2021, formatted in Inline eXtensible Business Reporting Language: (i) Consolidated Balance Sheets (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, (vi) Notes to Consolidated Financial Statements. |
Dated: April 30, 2021 | TETRA TECH, INC. | ||||||||||
By: | /s/ DAN L. BATRACK | ||||||||||
Dan L. Batrack | |||||||||||
Chairman and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
By: | /s/ STEVEN M. BURDICK | ||||||||||
Steven M. Burdick | |||||||||||
Executive Vice President, Chief Financial Officer | |||||||||||
(Principal Financial Officer) | |||||||||||
By: | /s/ BRIAN N. CARTER | ||||||||||
Brian N. Carter | |||||||||||
Senior Vice President, Corporate Controller | |||||||||||
(Principal Accounting Officer) |
1 Year Tetra Tech Chart |
1 Month Tetra Tech Chart |
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