Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Tetra Tech Reports Strong First Quarter Results By: Tetra Tech, Inc. via Business Wire February 02, 2022 at 16:00 PM EST Revenue $859 million, up 12% Y/Y Net revenue $679 million, up 12% Y/Y EPS $1.25, up 30% Y/Y; Adjusted EPS $1.19, up 24% Y/Y Cash flow from operations $82 million, up 148% Y/Y Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, today announced results for the first quarter ended January 2, 2022. First Quarter Results Tetra Tech achieved record first quarter results in revenue, net revenue, earnings, cash flow, and backlog. Revenue in the first quarter totaled $859 million and revenue, net of subcontractor costs (net revenue)1, was $679 million, each up 12% year-over-year. Earnings per share (“EPS”) was $1.25 on a GAAP basis and adjusted EPS1 was $1.19, up 30% and 24% year-over-year, respectively. Cash generated from operations was $82 million, up 148% year-over-year. Backlog at the end of the quarter was $3.45 billion, up 8% year-over-year. Quarterly Dividend and Share Repurchase Program On January 31, 2022, Tetra Tech’s Board of Directors declared a $0.20 per share dividend, an 18% increase over the prior year, payable on February 25, 2022, to stockholders of record as of February 11, 2022. In the first quarter, Tetra Tech repurchased $50 million of common stock. Additionally, as of January 2, 2022, the Company had $498 million remaining under the approved share repurchase programs. The Company has returned $137 million to shareholders in the last twelve months through a combination of share repurchases and dividends while reducing its net debt ratio from 0.5x a year ago to 0.2x 2. Chairman and CEO Comments Tetra Tech Chairman and CEO Dan Batrack, commented, “Tetra Tech had a strong start to fiscal 2022 with record first quarter revenue, earnings, and cash flow. Our performance was driven by double digit revenue growth and a 120-basis point expansion in operating margin. We continue to expand our differentiated technical services by Leading with Science® to respond to the increasing global demand to address water, environmental and climate change priorities. Given the strength of our performance, as well as achieving a record high first quarter backlog, we are increasing our guidance outlook for both net revenue and EPS for fiscal 2022.” _____________________ 1 Non-GAAP financial measures which the Company believes provide valuable perspectives on its business results. Refer to Reconciliation of GAAP and non-GAAP Items. 2 The net debt leverage ratio is defined as total debt less cash and cash equivalents divided by 12-month adjusted EBITDA. Refer to Regulation G Information and Reconciliation of GAAP and non-GAAP Items. 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 EPS for the second quarter of fiscal 2022 to range from $0.86 to $0.91 and net revenue to range from $620 million to $670 million. For fiscal 2022, Tetra Tech is increasing EPS to now range from $4.15 to $4.30, and net revenue to range from $2.65 billion to $2.80 billion3. Webcast Investors will have the opportunity to access a live audio-visual webcast and supplemental financial information concerning the first quarter fiscal 2022 results through a link posted on the Company’s website at tetratech.com on February 3, 2022, at 8:00 a.m. (PT). Reconciliation of GAAP and Non-GAAP Items In thousands (except EPS data) Three Months Ended Jan. 2, 2022 Dec. 27, 2020 Revenue $ 858,510 $ 765,104 Subcontractor Costs (179,177 ) (159,933 ) Net revenue $ 679,333 $ 605,171 EPS $ 1.25 $ 0.96 COVID-19 Credits (0.06 ) - Adjusted EPS $ 1.19 $ 0.96 Current portion of long-term debt $ 16,728 $ 26,179 Long-term debt 246,875 275,983 Less: Cash and cash equivalents (205,542 ) (163,438 ) Net debt $ 58,061 $ 138,724 Trailing 12-month EBITDA $ 315,567 $ 271,558 Net debt leverage ratio 0.2x 0.5x _____________________ 3 Reconciliation of the net revenue guidance to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict the magnitude and timing of all the components required to provide such reconciliation with sufficient precision. About Tetra Tech Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 21,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com, follow us on Twitter (@TetraTech), or like us on Facebook. Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipate," "expect," "could," "may," "intend," "plan" and "believe," among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release, including but not limited to: the impact of the COVID-19 pandemic; continuing worldwide political and economic uncertainties; the U.S. Administration’s potential changes to fiscal 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; stock price volatility; the ability to impede a business combination based on Delaware law and charter documents; and other risks and uncertainties as may be described in Tetra Tech’s periodic filings with the Securities and Exchange Commission, including those described in the “Risk Factors” section of Tetra Tech’s Annual Report on Form 10-K for the fiscal year ended October 3, 2021, and Tetra Tech’s Quarterly Reports on Form 10-Q for fiscal year 2022, as well as in Tetra Tech’s other filings with the SEC. Readers should not place undue reliance on forward-looking statements since such information speaks only as of the date of this release. Tetra Tech does not intend to update forward-looking statements and expressly disclaims any obligation to do so. Non-GAAP Financial Measures To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present certain non-GAAP financial measures within the meaning of Regulation G under the Securities Exchange Act of 1934, as amended. We provide these non-GAAP financial measures because we believe they provide a valuable perspective on our financial results. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation and are not in accordance with, or a substitute for, GAAP measures. In addition, other companies may define non-GAAP measures differently which limits the ability of investors to compare non-GAAP measures of Tetra Tech to those used by our peer companies. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in this release. View source version on businesswire.com: https://www.businesswire.com/news/home/20220202005743/en/Contacts Jim Wu, Investor Relations Charlie MacPherson, Media & Public Relations (626) 470-2844 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Tetra Tech Reports Strong First Quarter Results By: Tetra Tech, Inc. via Business Wire February 02, 2022 at 16:00 PM EST Revenue $859 million, up 12% Y/Y Net revenue $679 million, up 12% Y/Y EPS $1.25, up 30% Y/Y; Adjusted EPS $1.19, up 24% Y/Y Cash flow from operations $82 million, up 148% Y/Y Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, today announced results for the first quarter ended January 2, 2022. First Quarter Results Tetra Tech achieved record first quarter results in revenue, net revenue, earnings, cash flow, and backlog. Revenue in the first quarter totaled $859 million and revenue, net of subcontractor costs (net revenue)1, was $679 million, each up 12% year-over-year. Earnings per share (“EPS”) was $1.25 on a GAAP basis and adjusted EPS1 was $1.19, up 30% and 24% year-over-year, respectively. Cash generated from operations was $82 million, up 148% year-over-year. Backlog at the end of the quarter was $3.45 billion, up 8% year-over-year. Quarterly Dividend and Share Repurchase Program On January 31, 2022, Tetra Tech’s Board of Directors declared a $0.20 per share dividend, an 18% increase over the prior year, payable on February 25, 2022, to stockholders of record as of February 11, 2022. In the first quarter, Tetra Tech repurchased $50 million of common stock. Additionally, as of January 2, 2022, the Company had $498 million remaining under the approved share repurchase programs. The Company has returned $137 million to shareholders in the last twelve months through a combination of share repurchases and dividends while reducing its net debt ratio from 0.5x a year ago to 0.2x 2. Chairman and CEO Comments Tetra Tech Chairman and CEO Dan Batrack, commented, “Tetra Tech had a strong start to fiscal 2022 with record first quarter revenue, earnings, and cash flow. Our performance was driven by double digit revenue growth and a 120-basis point expansion in operating margin. We continue to expand our differentiated technical services by Leading with Science® to respond to the increasing global demand to address water, environmental and climate change priorities. Given the strength of our performance, as well as achieving a record high first quarter backlog, we are increasing our guidance outlook for both net revenue and EPS for fiscal 2022.” _____________________ 1 Non-GAAP financial measures which the Company believes provide valuable perspectives on its business results. Refer to Reconciliation of GAAP and non-GAAP Items. 2 The net debt leverage ratio is defined as total debt less cash and cash equivalents divided by 12-month adjusted EBITDA. Refer to Regulation G Information and Reconciliation of GAAP and non-GAAP Items. 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 EPS for the second quarter of fiscal 2022 to range from $0.86 to $0.91 and net revenue to range from $620 million to $670 million. For fiscal 2022, Tetra Tech is increasing EPS to now range from $4.15 to $4.30, and net revenue to range from $2.65 billion to $2.80 billion3. Webcast Investors will have the opportunity to access a live audio-visual webcast and supplemental financial information concerning the first quarter fiscal 2022 results through a link posted on the Company’s website at tetratech.com on February 3, 2022, at 8:00 a.m. (PT). Reconciliation of GAAP and Non-GAAP Items In thousands (except EPS data) Three Months Ended Jan. 2, 2022 Dec. 27, 2020 Revenue $ 858,510 $ 765,104 Subcontractor Costs (179,177 ) (159,933 ) Net revenue $ 679,333 $ 605,171 EPS $ 1.25 $ 0.96 COVID-19 Credits (0.06 ) - Adjusted EPS $ 1.19 $ 0.96 Current portion of long-term debt $ 16,728 $ 26,179 Long-term debt 246,875 275,983 Less: Cash and cash equivalents (205,542 ) (163,438 ) Net debt $ 58,061 $ 138,724 Trailing 12-month EBITDA $ 315,567 $ 271,558 Net debt leverage ratio 0.2x 0.5x _____________________ 3 Reconciliation of the net revenue guidance to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict the magnitude and timing of all the components required to provide such reconciliation with sufficient precision. About Tetra Tech Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 21,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com, follow us on Twitter (@TetraTech), or like us on Facebook. Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipate," "expect," "could," "may," "intend," "plan" and "believe," among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release, including but not limited to: the impact of the COVID-19 pandemic; continuing worldwide political and economic uncertainties; the U.S. Administration’s potential changes to fiscal 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; stock price volatility; the ability to impede a business combination based on Delaware law and charter documents; and other risks and uncertainties as may be described in Tetra Tech’s periodic filings with the Securities and Exchange Commission, including those described in the “Risk Factors” section of Tetra Tech’s Annual Report on Form 10-K for the fiscal year ended October 3, 2021, and Tetra Tech’s Quarterly Reports on Form 10-Q for fiscal year 2022, as well as in Tetra Tech’s other filings with the SEC. Readers should not place undue reliance on forward-looking statements since such information speaks only as of the date of this release. Tetra Tech does not intend to update forward-looking statements and expressly disclaims any obligation to do so. Non-GAAP Financial Measures To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present certain non-GAAP financial measures within the meaning of Regulation G under the Securities Exchange Act of 1934, as amended. We provide these non-GAAP financial measures because we believe they provide a valuable perspective on our financial results. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation and are not in accordance with, or a substitute for, GAAP measures. In addition, other companies may define non-GAAP measures differently which limits the ability of investors to compare non-GAAP measures of Tetra Tech to those used by our peer companies. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in this release. View source version on businesswire.com: https://www.businesswire.com/news/home/20220202005743/en/Contacts Jim Wu, Investor Relations Charlie MacPherson, Media & Public Relations (626) 470-2844
Revenue $859 million, up 12% Y/Y Net revenue $679 million, up 12% Y/Y EPS $1.25, up 30% Y/Y; Adjusted EPS $1.19, up 24% Y/Y Cash flow from operations $82 million, up 148% Y/Y
Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, today announced results for the first quarter ended January 2, 2022. First Quarter Results Tetra Tech achieved record first quarter results in revenue, net revenue, earnings, cash flow, and backlog. Revenue in the first quarter totaled $859 million and revenue, net of subcontractor costs (net revenue)1, was $679 million, each up 12% year-over-year. Earnings per share (“EPS”) was $1.25 on a GAAP basis and adjusted EPS1 was $1.19, up 30% and 24% year-over-year, respectively. Cash generated from operations was $82 million, up 148% year-over-year. Backlog at the end of the quarter was $3.45 billion, up 8% year-over-year. Quarterly Dividend and Share Repurchase Program On January 31, 2022, Tetra Tech’s Board of Directors declared a $0.20 per share dividend, an 18% increase over the prior year, payable on February 25, 2022, to stockholders of record as of February 11, 2022. In the first quarter, Tetra Tech repurchased $50 million of common stock. Additionally, as of January 2, 2022, the Company had $498 million remaining under the approved share repurchase programs. The Company has returned $137 million to shareholders in the last twelve months through a combination of share repurchases and dividends while reducing its net debt ratio from 0.5x a year ago to 0.2x 2. Chairman and CEO Comments Tetra Tech Chairman and CEO Dan Batrack, commented, “Tetra Tech had a strong start to fiscal 2022 with record first quarter revenue, earnings, and cash flow. Our performance was driven by double digit revenue growth and a 120-basis point expansion in operating margin. We continue to expand our differentiated technical services by Leading with Science® to respond to the increasing global demand to address water, environmental and climate change priorities. Given the strength of our performance, as well as achieving a record high first quarter backlog, we are increasing our guidance outlook for both net revenue and EPS for fiscal 2022.” _____________________ 1 Non-GAAP financial measures which the Company believes provide valuable perspectives on its business results. Refer to Reconciliation of GAAP and non-GAAP Items. 2 The net debt leverage ratio is defined as total debt less cash and cash equivalents divided by 12-month adjusted EBITDA. Refer to Regulation G Information and Reconciliation of GAAP and non-GAAP Items. 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 EPS for the second quarter of fiscal 2022 to range from $0.86 to $0.91 and net revenue to range from $620 million to $670 million. For fiscal 2022, Tetra Tech is increasing EPS to now range from $4.15 to $4.30, and net revenue to range from $2.65 billion to $2.80 billion3. Webcast Investors will have the opportunity to access a live audio-visual webcast and supplemental financial information concerning the first quarter fiscal 2022 results through a link posted on the Company’s website at tetratech.com on February 3, 2022, at 8:00 a.m. (PT). Reconciliation of GAAP and Non-GAAP Items In thousands (except EPS data) Three Months Ended Jan. 2, 2022 Dec. 27, 2020 Revenue $ 858,510 $ 765,104 Subcontractor Costs (179,177 ) (159,933 ) Net revenue $ 679,333 $ 605,171 EPS $ 1.25 $ 0.96 COVID-19 Credits (0.06 ) - Adjusted EPS $ 1.19 $ 0.96 Current portion of long-term debt $ 16,728 $ 26,179 Long-term debt 246,875 275,983 Less: Cash and cash equivalents (205,542 ) (163,438 ) Net debt $ 58,061 $ 138,724 Trailing 12-month EBITDA $ 315,567 $ 271,558 Net debt leverage ratio 0.2x 0.5x _____________________ 3 Reconciliation of the net revenue guidance to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict the magnitude and timing of all the components required to provide such reconciliation with sufficient precision. About Tetra Tech Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 21,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com, follow us on Twitter (@TetraTech), or like us on Facebook. Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipate," "expect," "could," "may," "intend," "plan" and "believe," among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release, including but not limited to: the impact of the COVID-19 pandemic; continuing worldwide political and economic uncertainties; the U.S. Administration’s potential changes to fiscal 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; stock price volatility; the ability to impede a business combination based on Delaware law and charter documents; and other risks and uncertainties as may be described in Tetra Tech’s periodic filings with the Securities and Exchange Commission, including those described in the “Risk Factors” section of Tetra Tech’s Annual Report on Form 10-K for the fiscal year ended October 3, 2021, and Tetra Tech’s Quarterly Reports on Form 10-Q for fiscal year 2022, as well as in Tetra Tech’s other filings with the SEC. Readers should not place undue reliance on forward-looking statements since such information speaks only as of the date of this release. Tetra Tech does not intend to update forward-looking statements and expressly disclaims any obligation to do so. Non-GAAP Financial Measures To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present certain non-GAAP financial measures within the meaning of Regulation G under the Securities Exchange Act of 1934, as amended. We provide these non-GAAP financial measures because we believe they provide a valuable perspective on our financial results. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation and are not in accordance with, or a substitute for, GAAP measures. In addition, other companies may define non-GAAP measures differently which limits the ability of investors to compare non-GAAP measures of Tetra Tech to those used by our peer companies. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in this release. View source version on businesswire.com: https://www.businesswire.com/news/home/20220202005743/en/
