Tetra Tech Inc. Files 2024 Annual Report

TL;DR

Tetra Tech's 2024 10-K is in - full year financials and strategy laid out.

AI Summary

Tetra Tech Inc. filed its 10-K for the fiscal year ending September 29, 2024, reporting on its financial performance and operations. The company, headquartered in Pasadena, CA, operates within the engineering services sector. Key financial details and operational highlights from the fiscal year are detailed within this comprehensive filing.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Tetra Tech's financial health, strategic initiatives, and risk factors for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing covers a full fiscal year and includes standard disclosures for a public company, but the complexity of engineering services and global operations can introduce inherent risks.

Key Players & Entities

• TETRA TECH INC (company) — Filer of the 10-K
• PASADENA, CA (location) — Company headquarters
• 0929 (date) — Fiscal year end
• 2024-09-29 (date) — Fiscal year end date
• 2024-11-19 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value TTEK The NASDAQ Stock Market

Filing Documents

• ttek-20240929.htm (10-K) — 2475KB
• ttekex43q424.htm (EX-4.3) — 32KB
• ttekex191q42024.htm (EX-19.1) — 32KB
• ttekex192q42024.htm (EX-19.2) — 42KB
• ttek-ex21q42024.htm (EX-21) — 19KB
• ttek-ex23q42024.htm (EX-23) — 3KB
• ttek-ex311q42024.htm (EX-31.1) — 9KB
• ttek-ex312q42024.htm (EX-31.2) — 9KB
• ttek-ex321q42024.htm (EX-32.1) — 5KB
• ttek-ex322q42024.htm (EX-32.2) — 5KB
• ttek-ex95q42024.htm (EX-95) — 16KB
• ttekex971q42024.htm (EX-97.1) — 37KB
• image_0a.jpg (GRAPHIC) — 118KB
• image_2a.jpg (GRAPHIC) — 91KB
• image_3.jpg (GRAPHIC) — 0KB
• ttek-20240929_g1.jpg (GRAPHIC) — 87KB
• 0000831641-24-000063.txt ( ) — 13941KB
• ttek-20240929.xsd (EX-101.SCH) — 88KB
• ttek-20240929_cal.xml (EX-101.CAL) — 148KB
• ttek-20240929_def.xml (EX-101.DEF) — 406KB
• ttek-20240929_lab.xml (EX-101.LAB) — 1072KB
• ttek-20240929_pre.xml (EX-101.PRE) — 779KB
• ttek-20240929_htm.xml (XML) — 2021KB

Business

Business 3 General 3 Leading with Science 4 Reportable Segments 4 Government Services Group 5 Commercial/International Services Group 6 Project Examples 7 Clients 7 Contracts 8 Growth Strategy 9 Sustainability Program 9 Acquisitions and Divestitures 10 Competition 11 Backlog 11 Regulations 11 Seasonality 12 Climate Risk Assessment 12 Risk Management and Insurance 12 Human Capital Management 13 Executive Officers of the Registrant 14 Available Information 16 Item 1A

Risk Factors

Risk Factors 16 Item 1B Unresolved Staff Comments 31 Item 2

Properties

Properties 31 Item 3

Legal Proceedings

Legal Proceedings 31 Item 4 Mine Safety Disclosures 31 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6 [Reserved] 33 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90 Item 9A

Controls and Procedures

Controls and Procedures 90 Item 9B Other Information 90 PART III Item 10 Directors, Executive Officers and Corporate Governance 90 Item 11

Executive Compensation

Executive Compensation 91 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91 Item 13 Certain Relationships and Related Transactions, and Director Independence 91 Item 14 Principal Accounting Fees and Services 91 PART IV Item 15 Exhibits, Financial Statement Schedules 91 Index to Exhibits 93 Item 16 Form 10-K Summary 94

Signatures

Signatures 95 2 This Annual Report on Form 10-K ("Report"), including the "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "estimates," "seeks," "continues," "may," variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict, including those identified below under "Risk Factors," and elsewhere herein. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. PART I

Business

Item 1. Business General Te tra Tech, Inc. ("Tetra Tech") is a leading global provider of high-end consulting and engineering services that focuses on water, environment and sustainable infrastructure. We are a global company that is Leading with Science to provide innovative solutions for our public and private clients. We typically begin at the earliest stage of a project by identifying technical solutions and developing execution plans tailored to our clients' needs and resources. Tetra Tech is Leading with Science to provide sustainable and resilient solutions to our clients' most complex needs. Engineering News-Record ("ENR"), the engineering industry's leading magazine, has ranked Tetra Tech #1 in Water Treatment and Desalination for 11 years in a row. In 2024, we were also ranked #1 in consulting studies; environmental management; wind power; hydro plants; offshore and underwater facilities; site assessment and compliance; and green government offices. ENR also ranked Tetra Tech in the Top 10 in numerous categories, including dams and reservoirs, marine and port facilities, power, solar power, solid waste, environmental science, chemical and soil remediation, and hazardous waste. Our reputation for high-end consulting and engineering services and our ability to develop solutions for water and environmental management has supported our growth for more than 50 years. Our market leading climate mitigation and adaptation services are solving our clients' most complex challenges related to coastal flooding, water security, energy transition and biodiversity protection. Today, we are proud to be making a difference in people's lives worldwide through our high-end consulting, engineering and technology service offerings. In fiscal 2024, we worked on over 100,000 projects, in more than 100 countries on all seven continents, with a talent force of 30,000 associates. We are Leading with Science throughout our operations, with domain experts across multiple discipl

View Full Filing

View this 10-K filing on SEC EDGAR