Tetra Tech Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Tetra Tech Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial performance for the first quarter of fiscal year 2024.</b>

AI Summary

TETRA TECH INC (TTEK) filed a Quarterly Report (10-Q) with the SEC on February 2, 2024. Tetra Tech Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 29th. The filing was made on February 2, 2024. Tetra Tech Inc. is classified under Services-Engineering Services (SIC 8711).

Why It Matters

For investors and stakeholders tracking TETRA TECH INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with up-to-date financial information, enabling them to assess the company's performance and make informed investment decisions. Understanding the company's financial health and operational segments is crucial for evaluating its growth prospects and potential risks in the engineering services sector.

Risk Assessment

Risk Level: low — TETRA TECH INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for detailed financial results, segment performance, and any updates on strategic initiatives or market conditions affecting Tetra Tech Inc.

Key Numbers

• 20231231 — Period of Report (CONFORMED PERIOD OF REPORT)
• 20240202 — Filed As Of Date (FILED AS OF DATE)
• 0929 — Fiscal Year End (FISCAL YEAR END)
• 2024 — Fiscal Quarter (2024 Q1)

Key Players & Entities

• TETRA TECH INC (company) — FILER
• 0000831641 (company) — CENTRAL INDEX KEY
• 8711 (regulator) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• PASADENA (company) — CITY
• CA (company) — STATE
• 91107 (company) — ZIP
• 6263514664 (company) — BUSINESS PHONE

FAQ

Industry Context

Tetra Tech operates in the engineering services industry, providing consulting and engineering services to government and commercial clients.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Analyze segment revenues and growth trends once available in more detailed filings or reports.
3. Compare Tetra Tech's performance against industry benchmarks and competitors.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-02: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, reporting on the first quarter's performance.

Key Financial Figures

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

Filing Documents

• ttek-20231231.htm (10-Q) — 1102KB
• ttekex311fy24q1.htm (EX-31.1) — 12KB
• ttekex312fy24q1.htm (EX-31.2) — 12KB
• ttekex321fy24q1.htm (EX-32.1) — 7KB
• ttekex322fy24q1.htm (EX-32.2) — 7KB
• ttekex95fy24q1.htm (EX-95) — 13KB
• 0000831641-24-000008.txt (&nbsp;) — 7290KB
• ttek-20231231.xsd (EX-101.SCH) — 58KB
• ttek-20231231_cal.xml (EX-101.CAL) — 103KB
• ttek-20231231_def.xml (EX-101.DEF) — 263KB
• ttek-20231231_lab.xml (EX-101.LAB) — 765KB
• ttek-20231231_pre.xml (EX-101.PRE) — 491KB
• ttek-20231231_htm.xml (XML) — 917KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of De cember 31 , 2023 and October 1 , 202 3 3 Consolidated Statements of Income for the Three Months Ended December 31 , 2023 and J anuary 1 , 202 3 4 Consolidated Statements of Comprehensive Income for the Three Months Ended December 31 , 2023 and J anuary 1 , 202 3 5 Consolidated Statements of Cash Flows for the Three Months Ended December 31 , 2023 and J anuary 1 , 202 3 6 Consolidated Statements of Equity for the Three Months Ended December 31 , 2023 and J anuary 1 , 202 3 6 Notes to Unaudited Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II. OTHER INFORMATION 36 Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 37

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Tetra Tech, Inc. Consolidated Balance Sheets (unaudited - in thousands, except par value) ASSETS December 31, 2023 October 1, 2023 Current assets: Cash and cash equivalents $ 198,689 $ 168,831 Accounts receivable, net 1,040,510 974,535 Contract assets 89,073 113,939 Prepaid expenses and other current assets 125,769 98,719 Total current assets 1,454,041 1,356,024 Property and equipment, net 74,971 74,832 Right-of-use assets, operating leases 179,513 175,932 Goodwill 1,923,146 1,880,244 Intangible assets, net 168,134 173,936 Deferred tax assets 76,210 89,002 Other non-current assets 74,808 70,507 Total assets $ 3,950,823 $ 3,820,477 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 207,062 $ 173,271 Accrued compensation 222,686 302,755 Contract liabilities 382,862 335,044 Short-term lease liabilities, operating leases 68,091 65,005 Current contingent earn-out liabilities 37,556 51,108 Other current liabilities 242,738 280,959 Total current liabilities 1,160,995 1,208,142 Deferred tax liabilities 11,620 14,256 Long-term debt 945,319 879,529 Long-term lease liabilities, operating leases 139,537 144,685 Non-current contingent earn-out liabilities 18,048 22,314 Other non-current liabilities 137,617 148,045 Commitments and contingencies (Note 17) Equity: Preferred stock - authorized, 2,000 shares of $ 0.01 par value; no shares issued and outstanding at December 31, 2023 and October 1, 2023 — — Common stock - authorized, 150,000 shares of $ 0.01 par value; issued and outstanding, 53,466 and 53,248 shares at December 31, 2023 and October 1, 2023, respectively 534 532 Additional paid-in capital 9,979 — Accumulated other comprehensive loss ( 132,202 ) ( 195,295 ) Retained earnings 1,659,295 1,598,196 Tetra Tech stockholders' equity 1,537,606 1,403,433 Noncontrolling interests 81 73 Total stockholders' equity 1,537,687 1,403,506 Total liabilities and stockholders' equity $ 3,950,823 $ 3,

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 1. Basis of Presentation The accompanying unaudited consolidated financial statements and related notes of Tetra Tech, Inc. ("we," "us," "our" or "Tetra Tech") have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and, therefore, should be read in conjunction with the audited consolidated financial statements and the notes contained in our Annual Report on Form 10-K for the fiscal year ended October 1, 2023. These financial statements reflect all normal recurring adjustments that are considered necessary for a fair statement of our financial position, results of operations and cash flows for the interim periods presented. The results of operations and cash flows for any interim period are not necessarily indicative of results for the full fiscal year or for future fiscal yea rs. Certain prior year amounts have been reclassified to conform to the current year presentation in the accompanying notes. 2. Recent Accounting Pronouncements In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-10, Government Assistance (Topic 832) , which requires annual disclosures for transactions with a government authority that are accounted for by applying a grant or contribution model by analogy, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity's financial statements. ASU 2021-10 was effective for us beginning in the first quarter of fiscal 2023. In fiscal 2020, the Canadian federal government implemented the Canadian Emergency Wage Subsidy ("CEWS") program in response to the negative impact of

View Full Filing

View this 10-Q filing on SEC EDGAR