UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 1, 2017
TETRA TECH, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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0-19655 |
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95-4148514 |
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(State or other jurisdiction |
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(Commission |
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(IRS Employer |
3475 East Foothill Boulevard, Pasadena, California 91107
(Address of principal executive office, including zip code)
(626) 351-4664
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On February 1, 2017, Tetra Tech, Inc. (the “Registrant”) reported its results of operations for its first fiscal quarter ended January 1, 2017. A copy of the press release issued by the Registrant concerning the foregoing and the event described in Item 8.01 below is furnished herewith as Exhibit 99.1 and is incorporated herein by reference in its entirety.
Item 8.01. Other Events.
On February 1, 2017, the Registrant also announced that its Board of Directors has declared a $0.09 per share quarterly cash dividend. The dividend is payable on March 3, 2017 to stockholders of record as of the close of business on February 17, 2017.
A copy of the press release issued by the Registrant concerning the dividend and the results of operations described in Item 2.02 above is furnished herewith as Exhibit 99.1 and is incorporated herein by reference in its entirety.
The information contained in Items 2.02 and 8.01, and in the accompanying exhibit, shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this Current Report, including the exhibit hereto, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release, dated February 1, 2017, reporting the results of operations for the Registrant’s first fiscal quarter ended January 1, 2017 and the declaration of a $0.09 per share quarterly cash dividend.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TETRA TECH, INC. | |
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Date: February 1, 2017 |
By: |
/S/ DAN L. BATRACK |
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Dan L. Batrack |
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Chairman and Chief Executive Officer |
Exhibit 99.1
February 1, 2017
Tetra Tech Reports First Quarter 2017 Results
· Revenue of $669 million, up 19% year over year
· Backlog of $2.47 billion, up 34% year over year
· EPS $0.46; ongoing EPS $0.49, up 17% year over year
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the first quarter ended January 1, 2017.
First Quarter Results
Revenue in the first quarter totaled $669 million, up 19% year over year. For ongoing operations(1), revenue totaled $661 million, and revenue, net of subcontractor costs(2) (net revenue), was $488 million, up 22% and 18%, respectively, compared to the same period in fiscal 2016. Operating income for the first quarter was $40 million, and on an ongoing basis totaled $43 million. Earnings per share (EPS) were $0.46, and on an ongoing basis totaled $0.49, up 17% year over year. Backlog of $2.47 billion was up 34% year over year.
Quarterly Dividend and Share Repurchase Program
On January 30, 2017, Tetra Tech’s Board of Directors declared a quarterly dividend of $0.09 per share payable on March 3, 2017 to stockholders of record as of February 17, 2017. Additionally, the Company has $190 million remaining under the previously approved $200 million share repurchase program.
Comments on Results
Tetra Tech’s Chairman and CEO, Dan Batrack commented, “Tetra Tech started fiscal year 2017 with very strong results, exceeding our quarterly guidance for both net revenue and earnings. Services across our core markets of water, environment, and infrastructure remain in high demand, and the initial priorities established by the new Administration represent additional opportunities for Tetra Tech in all areas of U.S. infrastructure. Strong orders in our federal and state and local markets increased our backlog to a record $2.5 billion, providing a solid platform for growth as we enter the second quarter.”
Acquisition of Eco Logical Australia
Tetra Tech today is also announcing the acquisition of Eco Logical Australia, a multi-disciplinary consulting firm with over 160 staff that provide innovative, high-end environmental and ecological services. Like Tetra Tech, Eco Logical has established a reputation of Leading with Science and has built a strong presence in the Australian environmental space. Eco Logical advances Tetra Tech’s strategy to grow its environmental and water services in the Asia-Pacific region. The terms of the acquisition have not been disclosed.
(1) Refer to Reconciliation of Revenue and Operating Results table for a reconciliation to GAAP.
(2) Tetra Tech’s revenue includes a significant amount of subcontractor costs and, therefore, the Company believes revenue, net of subcontractor costs, which is a non-GAAP financial measure, provides a valuable perspective on its business results.
Business Outlook
The following statements are based on current expectations. These statements are forward-looking and the actual results could differ materially. These statements do not include the potential impact of transactions that may be completed or developments that become evident after the date of this release. The Business Outlook section should be read in conjunction with the information on forward-looking statements at the end of this release.
Tetra Tech expects diluted EPS for the second quarter of fiscal 2017 to range from $0.42 to $0.47. Net revenue for the second quarter is expected to range from $450 million to $480 million. For fiscal 2017, Tetra Tech expects diluted EPS to range from $2.00 to $2.20 and net revenue to range from $2.0 billion to $2.1 billion.
Webcast
Investors will have the opportunity to access a live audio-visual webcast and supplemental financial information concerning the first quarter 2017 results through a link posted on the Company’s website at tetratech.com on February 2, 2017 at 8:00 a.m. (PT).
Reconciliation of Revenue and Operating Results
In thousands (except for EPS data)
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Three Months Ended |
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Jan. 1, 2017 |
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Dec. 27, 2015 |
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% Y/Y |
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Revenue |
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$ |
668,851 |
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$ |
560,708 |
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19 |
% |
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Subcontractor costs |
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(179,300 |
) |
(139,752 |
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— |
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Net revenue |
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$ |
489,551 |
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$ |
420,956 |
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16 |
% |
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Revenue |
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$ |
668,851 |
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$ |
560,708 |
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19 |
% |
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RCM |
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(8,231 |
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(20,826 |
) |
— |
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Ongoing revenue |
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$ |
660,620 |
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$ |
539,882 |
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22 |
% |
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Net revenue |
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$ |
489,551 |
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$ |
420,956 |
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16 |
% |
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RCM |
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(1,795 |
) |
(7,190 |
) |
— |
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Ongoing net revenue |
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$ |
487,756 |
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$ |
413,766 |
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18 |
% |
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Operating income |
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$ |
39,855 |
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$ |
32,930 |
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21 |
% |
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RCM |
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3,042 |
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5,282 |
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— |
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Earn-out |
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— |
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1,001 |
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— |
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Ongoing operating income |
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$ |
42,897 |
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$ |
39,213 |
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9 |
% |
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EPS |
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$ |
0.46 |
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$ |
0.39 |
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18 |
% |
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RCM |
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0.03 |
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0.05 |
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— |
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Earn-out |
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— |
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0.01 |
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— |
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Retroactive R&D tax credit |
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— |
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(0.03 |
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— |
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Ongoing EPS |
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$ |
0.49 |
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$ |
0.42 |
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17 |
% |
About Tetra Tech
Tetra Tech is a leading provider of consulting and engineering services differentiated by Leading with Science in providing innovative technical solutions to our clients. We support global commercial and government clients focused on water, environment, infrastructure, resource management, energy, and international development. With 16,000 associates worldwide, Tetra Tech provides clear solutions to complex problems. For more information about Tetra Tech, please visit tetratech.com, follow us on Twitter (@TetraTech), or like us on Facebook.
CONTACTS:
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844
Forward-Looking Statements
This news release contains forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information concerning future events and the future financial performance of Tetra Tech that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are urged to read the documents filed by Tetra Tech with the SEC, specifically the most recent reports on Form 10-K, 10-Q, and 8-K, each as it may be amended from time to time, which identify risk factors that could cause actual results to differ materially from the forward-looking statements. Among the important factors or risks that could cause actual results or events to differ materially from those in the forward-looking statements in this release are: continuing worldwide political and economic uncertainties; the new U.S. Administration’s potential changes to fiscal and tax policies; the cyclicality in demand for our overall services; the fluctuation in demand for oil and gas, and mining services; risks related to international operations; concentration of revenues from U.S. government agencies and potential funding disruptions by these agencies; dependence on winning or renewing U.S. government contracts; the delay or unavailability of public funding on U.S. government contracts; the U.S. government’s right to modify, delay, curtail or terminate contracts at its convenience; compliance with government procurement laws and regulations; credit risks associated with certain clients in certain geographic areas or industries; acquisition strategy and integration risks; goodwill or other intangible asset impairment; the failure to comply with worldwide anti-bribery laws; the failure to comply with domestic and international export laws; the failure to properly manage projects; the loss of key personnel or the inability to attract and retain qualified personnel; the ability of our employees to obtain government granted eligibility; the use of estimates and assumptions in the preparation of financial statements; the ability to maintain adequate workforce utilization; the use of the percentage-of-completion method of accounting; the inability to accurately estimate and control contract costs; the failure to adequately recover on our claims for additional contract costs; the failure to win or renew contracts with private and public sector clients; growth strategy management; backlog cancellation and adjustments; risks relating to cyber security breaches; the failure of partners to perform on joint projects; the failure of subcontractors to satisfy their obligations; requirements to pay liquidated damages based on contract performance; the adoption of new legal requirements; changes in resource management, environmental or infrastructure industry laws, regulations or programs; changes in capital markets and the access to capital; credit agreement covenants; industry competition; liability related to legal proceedings, investigations, and disputes; the availability of third-party insurance coverage; the ability to obtain adequate bonding; employee, agent, or partner misconduct; employee risks related to international travel; safety programs; conflict of interest issues; liabilities relating to reports and opinions; liabilities relating to environmental laws and regulations; force majeure events; protection of intellectual property rights; the interruption of systems and information technology; stock price volatility; and the ability to impede a business combination based on Delaware law and charter documents. Any projections in this release are based on limited
information currently available to Tetra Tech, which is subject to change. Although any such projections and the factors influencing them will likely change, Tetra Tech will not necessarily update the information, since Tetra Tech will only provide guidance at certain points during the year. Readers should not place undue reliance on forward-looking statements since such information speaks only as of the date of this release.
Tetra Tech, Inc.
Condensed Consolidated Balance Sheets
(unaudited - in thousands, except par value)
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January 1, |
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October 2, |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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$ |
126,981 |
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$ |
160,459 |
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Accounts receivable - net |
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750,784 |
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714,336 |
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Prepaid expenses and other current assets |
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53,740 |
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46,262 |
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Income taxes receivable |
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22,497 |
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14,371 |
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Total current assets |
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954,002 |
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935,428 |
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Property and equipment - net |
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63,302 |
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67,827 |
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Investments in and advances to unconsolidated joint ventures |
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1,964 |
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2,064 |
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Goodwill |
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709,739 |
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717,988 |
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Intangible assets - net |
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42,167 |
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48,962 |
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Deferred income taxes |
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1,016 |
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630 |
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Other long-term assets |
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28,233 |
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27,880 |
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Total Assets |
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$ |
1,800,423 |
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$ |
1,800,779 |
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Liabilities and Equity Current Liabilities: |
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Accounts payable |
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$ |
136,165 |
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$ |
158,773 |
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Accrued compensation |
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92,300 |
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129,184 |
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Billings in excess of costs on uncompleted contracts |
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112,695 |
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88,223 |
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Current portion of long-term debt |
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15,483 |
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15,510 |
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Current contingent earn-out liabilities |
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4,391 |
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4,296 |
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Other current liabilities |
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67,611 |
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85,100 |
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Total current liabilities |
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428,645 |
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481,086 |
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Deferred income taxes |
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63,470 |
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60,348 |
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Long-term debt |
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372,721 |
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331,501 |
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Long-term contingent earn-out liabilities |
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4,461 |
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4,461 |
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Other long-term liabilities |
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58,382 |
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53,980 |
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Commitments and contingencies |
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Equity: |
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Preferred stock - authorized, 2,000 shares of $0.01 par value; no shares issued and outstanding at January 1, 2017 and October 2, 2016 |
|
— |
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— |
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Common stock - authorized, 150,000 shares of $0.01 par value; issued and outstanding, 57,219 and 57,042 shares at January 1, 2017 and October 2, 2016, respectively |
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572 |
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570 |
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Additional paid-in capital |
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257,417 |
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260,340 |
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Accumulated other comprehensive loss |
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(143,194 |
) |
(128,008 |
) | ||
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Retained earnings |
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757,776 |
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736,357 |
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Tetra Tech stockholders’ equity |
|
872,571 |
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869,259 |
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Noncontrolling interests |
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173 |
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144 |
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Total equity |
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872,744 |
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869,403 |
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Total Liabilities and Equity |
|
$ |
1,800,423 |
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$ |
1,800,779 |
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Tetra Tech, Inc.
Condensed Consolidated Statements of Income
(unaudited, in thousands, except per share data)
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THREE MONTHS ENDED |
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January 1, |
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December 27, |
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2017 |
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2015 |
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Revenue |
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$ |
668,851 |
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$ |
560,708 |
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Subcontractor costs |
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(179,300 |
) |
(139,752 |
) | ||
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Other costs of revenue |
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(408,190 |
) |
(347,796 |
) | ||
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Gross profit |
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81,361 |
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73,160 |
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Selling, general and administrative expenses |
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(41,506 |
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(39,229 |
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Contingent consideration - fair value adjustments |
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— |
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(1,001 |
) | ||
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Operating income |
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39,855 |
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32,930 |
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Interest expense, net |
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(2,908 |
) |
(1,660 |
) | ||
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Income before income tax expense |
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36,947 |
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31,270 |
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Income tax expense |
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(10,358 |
) |
(8,030 |
) | ||
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Net income including noncontrolling interests |
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26,589 |
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23,240 |
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Net income from noncontrolling interests |
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(27 |
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(1 |
) | ||
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Net income attributable to Tetra Tech |
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$ |
26,562 |
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$ |
23,239 |
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Earnings per share attributable to Tetra Tech: |
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Basic |
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$ |
0.47 |
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$ |
0.39 |
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Diluted |
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$ |
0.46 |
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$ |
0.39 |
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Weighted-average common shares outstanding: |
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Basic |
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57,099 |
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59,058 |
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Diluted |
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58,145 |
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59,793 |
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Cash dividends paid per share |
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$ |
0.09 |
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$ |
0.08 |
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TETRA TECH, INC
Condensed Consolidated Statements of Cash Flows
(in thousands)
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Three Months Ended |
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January 1, |
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December 27, |
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2017 |
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2015 |
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Cash flows from operating activities: |
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Net income including noncontrolling interests |
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$ |
26,589 |
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$ |
23,240 |
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Adjustments to reconcile net income to net cash from operating activities: |
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Depreciation and amortization |
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11,191 |
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9,805 |
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Equity in income of unconsolidated joint ventures |
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(1,030 |
) |
(202 |
) | ||
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Distributions of earnings from unconsolidated joint ventures |
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1,114 |
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205 |
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Stock-based compensation |
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3,217 |
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2,792 |
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Excess tax benefits from stock-based compensation |
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— |
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(118 |
) | ||
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Deferred income taxes |
|
2,195 |
|
928 |
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Provision for doubtful accounts |
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(1,128 |
) |
7,019 |
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Fair value adjustments to contingent consideration |
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— |
|
1,001 |
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Gain on disposal of property and equipment |
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(118 |
) |
(176 |
) | ||
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|
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Changes in operating assets and liabilities, net of effects of business acquisitions: |
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|
|
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Accounts receivable |
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(41,962 |
) |
30,415 |
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Prepaid expenses and other assets |
|
(7,392 |
) |
(8,648 |
) | ||
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Accounts payable |
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(22,609 |
) |
(30,361 |
) | ||
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Accrued compensation |
|
(36,884 |
) |
(12,233 |
) | ||
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Billings in excess of costs on uncompleted contracts |
|
24,472 |
|
2,199 |
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Other liabilities |
|
(9,642 |
) |
(1,309 |
) | ||
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Income taxes receivable/payable |
|
(6,760 |
) |
(942 |
) | ||
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Net cash (used in) provided by operating activities |
|
(58,747 |
) |
23,615 |
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|
|
|
|
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Cash flows from investing activities: |
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|
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Capital expenditures |
|
(2,031 |
) |
(3,250 |
) | ||
|
Proceeds from sale of property and equipment |
|
223 |
|
704 |
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Net cash used in investing activities |
|
(1,808 |
) |
(2,546 |
) | ||
|
|
|
|
|
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Cash flows from financing activities: |
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|
|
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Payments on long-term debt |
|
(47,265 |
) |
(2,802 |
) | ||
|
Proceeds from borrowings |
|
88,950 |
|
— |
| ||
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Payments of earn-out liabilities |
|
— |
|
(1,001 |
) | ||
|
Excess tax benefits from stock-based compensation |
|
— |
|
118 |
| ||
|
Repurchases of common stock |
|
(10,000 |
) |
(25,000 |
) | ||
|
Dividends paid |
|
(5,144 |
) |
(4,713 |
) | ||
|
Net proceeds from issuance of common stock |
|
2,403 |
|
4,085 |
| ||
|
Net cash provided by (used in) financing activities |
|
28,944 |
|
(29,313 |
) | ||
|
|
|
|
|
|
| ||
|
Effect of foreign exchange rate changes on cash |
|
(1,867 |
) |
(1,994 |
) | ||
|
|
|
|
|
|
| ||
|
Net decrease in cash and cash equivalents |
|
(33,478 |
) |
(10,238 |
) | ||
|
Cash and cash equivalents at beginning of period |
|
160,459 |
|
135,326 |
| ||
|
Cash and cash equivalents at end of period |
|
$ |
126,981 |
|
$ |
125,088 |
|
|
|
|
|
|
|
| ||
|
Supplemental information: |
|
|
|
|
| ||
|
Cash paid during the period for: |
|
|
|
|
| ||
|
Interest |
|
$ |
2,931 |
|
$ |
1,743 |
|
|
Income taxes, net of refunds received of $0.0 million and $0.4 million |
|
$ |
14,831 |
|
$ |
8,793 |
|
Tetra Tech, Inc.
Regulation G Information
January 1, 2017
Reconciliation of Revenue to Revenue, Net of Subcontractor Costs (“Net Revenue”)
(in millions)
|
|
|
|
|
|
|
2016 |
|
2017 |
| ||||||||||||
|
|
|
2014 |
|
2015 |
|
1st Qtr |
|
2nd Qtr |
|
6 mos |
|
3rd Qtr |
|
9 mos |
|
4th Qtr |
|
Total |
|
1st Qtr |
|
|
Consolidated (as reported) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
2,483.8 |
|
2,299.3 |
|
560.7 |
|
627.4 |
|
1,188.1 |
|
666.9 |
|
1,855.0 |
|
728.5 |
|
2,583.5 |
|
668.9 |
|
|
Subcontractor Costs |
|
(623.9 |
) |
(580.6 |
) |
(139.8 |
) |
(148.6 |
) |
(288.4 |
) |
(168.2 |
) |
(456.6 |
) |
(197.7 |
) |
(654.3 |
) |
(179.3 |
) |
|
Revenue, Net of Subcontractor Costs |
|
1,859.9 |
|
1,718.7 |
|
420.9 |
|
478.8 |
|
899.7 |
|
498.7 |
|
1,398.4 |
|
530.8 |
|
1,929.2 |
|
489.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEI Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
1,018.5 |
|
993.6 |
|
240.4 |
|
226.0 |
|
466.4 |
|
264.7 |
|
731.1 |
|
297.2 |
|
1,028.3 |
|
287.1 |
|
|
Subcontractor Costs |
|
(207.4 |
) |
(230.4 |
) |
(61.0 |
) |
(59.6 |
) |
(120.6 |
) |
(73.4 |
) |
(194.0 |
) |
(80.9 |
) |
(274.8 |
) |
(86.1 |
) |
|
Revenue, Net of Subcontractor Costs |
|
811.1 |
|
763.2 |
|
179.4 |
|
166.4 |
|
345.8 |
|
191.3 |
|
537.1 |
|
216.3 |
|
753.5 |
|
201.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RME Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
1,332.6 |
|
1,282.0 |
|
315.7 |
|
403.9 |
|
719.7 |
|
414.9 |
|
1,134.5 |
|
435.2 |
|
1,569.7 |
|
396.0 |
|
|
Subcontractor Costs |
|
(363.3 |
) |
(349.9 |
) |
(81.4 |
) |
(94.6 |
) |
(175.9 |
) |
(109.9 |
) |
(285.9 |
) |
(125.3 |
) |
(411.2 |
) |
(109.3 |
) |
|
Revenue, Net of Subcontractor Costs |
|
969.3 |
|
932.1 |
|
234.3 |
|
309.3 |
|
543.8 |
|
305.0 |
|
848.6 |
|
309.9 |
|
1,158.5 |
|
286.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ongoing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
2,262.7 |
|
2,212.7 |
|
539.9 |
|
616.6 |
|
1,156.5 |
|
661.7 |
|
1,818.2 |
|
713.1 |
|
2,531.3 |
|
660.7 |
|
|
Subcontractor Costs |
|
(482.3 |
) |
(517.3 |
) |
(126.2 |
) |
(140.8 |
) |
(267.0 |
) |
(165.4 |
) |
(432.4 |
) |
(187.1 |
) |
(619.4 |
) |
(172.9 |
) |
|
Revenue, Net of Subcontractor Costs |
|
1,780.4 |
|
1,695.4 |
|
413.7 |
|
475.8 |
|
889.5 |
|
496.3 |
|
1,385.8 |
|
526.0 |
|
1,911.9 |
|
487.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCM Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
221.1 |
|
86.6 |
|
20.8 |
|
10.8 |
|
31.6 |
|
5.2 |
|
36.8 |
|
15.4 |
|
52.2 |
|
8.2 |
|
|
Subcontractor Costs |
|
(141.6 |
) |
(63.3 |
) |
(13.6 |
) |
(7.8 |
) |
(21.4 |
) |
(2.8 |
) |
(24.2 |
) |
(10.6 |
) |
(34.9 |
) |
(6.4 |
) |
|
Revenue, Net of Subcontractor Costs |
|
79.5 |
|
23.3 |
|
7.2 |
|
3.0 |
|
10.2 |
|
2.4 |
|
12.6 |
|
4.8 |
|
17.3 |
|
1.8 |
|
Reconciliation of Net Income Attributable to Tetra Tech to EBITDA
(in thousands)
|
|
|
|
|
|
|
2016 |
|
2017 |
| ||||||||||||
|
|
|
2014 |
|
2015 |
|
1st Qtr |
|
2nd Qtr |
|
6 mos |
|
3rd Qtr |
|
9 mos |
|
4th Qtr |
|
Total |
|
1st Qtr |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Tetra Tech |
|
108,266 |
|
39,075 |
|
23,239 |
|
3,744 |
|
26,983 |
|
25,694 |
|
52,678 |
|
31,105 |
|
83,783 |
|
26,562 |
|
|
Interest Expense(1) |
|
9,490 |
|
7,363 |
|
1,660 |
|
4,251 |
|
5,911 |
|
2,590 |
|
8,501 |
|
2,888 |
|
11,389 |
|
2,908 |
|
|
Depreciation(2) |
|
26,452 |
|
23,110 |
|
5,303 |
|
5,968 |
|
11,271 |
|
5,912 |
|
17,183 |
|
5,573 |
|
22,756 |
|
5,251 |
|
|
Amortization(2) |
|
27,288 |
|
20,205 |
|
4,311 |
|
5,446 |
|
9,757 |
|
6,331 |
|
16,088 |
|
5,990 |
|
22,078 |
|
5,940 |
|
|
Contingent Consideration - FVA |
|
(58,694 |
) |
(3,113 |
) |
1,001 |
|
1,822 |
|
2,823 |
|
— |
|
2,823 |
|
— |
|
2,823 |
|
— |
|
|
Goodwill and other IA Impairment |
|
— |
|
60,763 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
Income Tax Expense |
|
35,668 |
|
41,093 |
|
8,030 |
|
8,661 |
|
16,692 |
|
10,805 |
|
27,497 |
|
13,117 |
|
40,613 |
|
10,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
148,470 |
|
188,496 |
|
43,544 |
|
29,892 |
|
73,437 |
|
51,332 |
|
124,770 |
|
58,673 |
|
183,442 |
|
51,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition Expenses |
|
— |
|
— |
|
— |
|
7,925 |
|
7,925 |
|
— |
|
7,925 |
|
— |
|
7,925 |
|
— |
|
|
Integration Expenses |
|
— |
|
— |
|
— |
|
7,986 |
|
7,986 |
|
1,005 |
|
8,991 |
|
2,632 |
|
11,623 |
|
— |
|
|
RCM Segment |
|
42,193 |
|
6,813 |
|
5,089 |
|
202 |
|
5,291 |
|
3,840 |
|
9,131 |
|
1,968 |
|
11,098 |
|
2,887 |
|
|
Ongoing EBITDA |
|
190,663 |
|
195,309 |
|
48,633 |
|
46,005 |
|
94,639 |
|
56,177 |
|
150,817 |
|
63,273 |
|
214,088 |
|
53,906 |
|
(1) Includes amortization of deferred financing fee
(2) Varies slightly from the Statements of Cash Flows, which includes amortization of deferred financing fee