Tetra Tech Files Q1 2025 10-Q

TL;DR

TTK filed its Q1 2025 10-Q. Financials for the quarter ending Dec 29, 2024, are now public.

AI Summary

Tetra Tech Inc. reported its first quarter results for the period ending December 29, 2024. The company's filing indicates a fiscal year end of September 28. Specific financial figures and operational details for this quarter are not detailed in the provided header information.

Why It Matters

This filing provides an update on Tetra Tech's financial performance and operational status for the first quarter of fiscal year 2025, which is crucial for investors to assess the company's trajectory.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain immediate red flags.

Key Numbers

• 20241229 — Period End Date (The filing covers the quarter ending on this date.)
• 20250131 — Filing Date (The date the report was officially submitted to the SEC.)
• 2024-09-28 — Fiscal Year End (Indicates the company's annual reporting cycle.)

Key Players & Entities

• TETRA TECH INC (company) — Filer
• 0000831641 (company) — Central Index Key
• PASADENA (location) — Business Address City
• DE (location) — State of Incorporation

FAQ

Key Financial Figures

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

Filing Documents

• ttek-20241229.htm (10-Q) — 1162KB
• ttekex311fy25q1.htm (EX-31.1) — 12KB
• ttekex312fy25q1.htm (EX-31.2) — 12KB
• ttekex321fy25q1.htm (EX-32.1) — 7KB
• ttekex322fy25q1.htm (EX-32.2) — 7KB
• ttekex95fy25q1.htm (EX-95) — 13KB
• 0000831641-25-000005.txt ( ) — 6975KB
• ttek-20241229.xsd (EX-101.SCH) — 52KB
• ttek-20241229_cal.xml (EX-101.CAL) — 80KB
• ttek-20241229_def.xml (EX-101.DEF) — 217KB
• ttek-20241229_lab.xml (EX-101.LAB) — 651KB
• ttek-20241229_pre.xml (EX-101.PRE) — 448KB
• ttek-20241229_htm.xml (XML) — 876KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of December 29 , 2024 and September 2 9 , 202 4 3 Consolidated Statements of Income for the Three Months Ended December 29 , 2024 and December 31 , 2023 4 Consolidated Statements of Comprehensive Income for the Three Months Ended December 29 , 2024 and December 31 , 2023 5 Consolidated Statements of Cash Flows for the Three Months Ended December 29 , 2024 and December 31 , 2023 6 Consolidated Statements of Equity for the Three Months Ended December 29 , 2024 and December 31 , 2023 7 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 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. OTHER INFORMATION 35 Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 36

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Tetra Tech, Inc. Consolidated Balance Sheets (unaudited - in thousands, except par value) As of ASSETS December 29, 2024 September 29, 2024 Current assets: Cash and cash equivalents $ 248,104 $ 232,689 Accounts receivable, net 1,117,666 1,051,461 Contract assets 122,310 129,678 Prepaid expenses and other current assets 143,768 113,555 Total current assets 1,631,848 1,527,383 Property and equipment, net 67,102 73,065 Right-of-use assets, operating leases 172,080 177,950 Goodwill 1,968,684 2,046,569 Intangible assets, net 142,097 160,585 Deferred tax assets 96,916 105,529 Other non-current assets 100,457 101,595 Total assets $ 4,179,184 $ 4,192,676 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 238,157 $ 197,440 Accrued compensation 222,549 332,096 Contract liabilities 359,957 351,738 Short-term lease liabilities, operating leases 61,184 63,419 Current contingent earn-out liabilities 24,153 26,934 Other current liabilities 361,345 247,900 Total current liabilities 1,267,345 1,219,527 Deferred tax liabilities 24,902 30,162 Long-term debt 888,450 812,634 Long-term lease liabilities, operating leases 134,759 140,095 Non-current contingent earn-out liabilities 22,007 21,812 Other non-current liabilities 149,702 138,033 Commitments and contingencies (Note 17) Equity: Preferred stock - authorized, 2,000 shares of $ 0.01 par value; no shares issued and outstanding at December 29, 2024 and September 29, 2024 — — Common stock - authorized, 750,000 shares of $ 0.01 par value; issued and outstanding, 268,028 and 267,717 shares at December 29, 2024 and September 29, 2024, respectively 2,680 2,677 Additional paid-in capital 21,153 35,900 Accumulated other comprehensive loss ( 187,754 ) ( 78,875 ) Retained earnings 1,855,818 1,870,620 Tetra Tech stockholders' equity 1,691,897 1,830,322 Noncontrolling interests 122 91 Total stockholders' equity 1,692,019 1,830,413 Total liabilities and

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 September 29, 2024. 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 r s. Certain prior year amounts have been reclassified to conform to the current year presentation in the accompanying notes. On July 29, 2024, our Board of Directors approved a five -for-one stock split of our common stock. The stock split had a record date of September 5, 2024 and an effective date of September 6, 2024. The par value per share of our common stock remains unchanged at $ 0.01 per share after the stock split. All prior-period share or per share amounts presented herein have been retroactively adjusted to reflect the stock split. 2. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires that an entity report segment information in accordance with To

View Full Filing

View this 10-Q filing on SEC EDGAR