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) |
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 |
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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.