Tetra Tech(TTEK)2025-01-29 22:39Revenue and Growth - Record revenue of $1.42 billion, up 16% year-over-year[1] - Record net revenue of $1.20 billion, up 18% year-over-year[1] - Total revenue for 2024 was $5,198.7 million, up from $4,522.6 million in 2023, representing a growth of approximately 15%[25] - Net revenue for the GSG segment reached $1,910.0 million in 2024, compared to $1,635.5 million in 2023, indicating a growth of about 16.8%[25] - Adjusted EBITDA for the year 2024 was $584,032 thousand, an increase from $481,096 thousand in 2023, reflecting a growth of approximately 21.4%[26] Financial Performance - Adjusted operating income increased 24% year-over-year to $138 million[5] - Net income for the three months ended December 29, 2024, was $778 thousand, a significant decrease from $74,980 thousand in the same period of 2023[24] - Net cash provided by operating activities increased to $13,063 thousand from $9,246 thousand year-over-year[24] Backlog and Contracts - Record backlog of $5.44 billion, up 15% year-over-year[1] - Added over $1 billion of new contract capacity in the first quarter[6] Guidance and Expectations - Full year guidance for net revenue expected to range from $4.365 billion to $4.765 billion[10] - Adjusted EPS guidance for fiscal 2025 expected to range from $1.37 to $1.52[10] Shareholder Returns - Quarterly dividend increased by 12% year-over-year to $0.058 per share[7] - Repurchased $25 million of common stock in the first quarter[7] - The company repurchased $25,000 thousand of common stock during the period, indicating a commitment to returning value to shareholders[24] Cash and Capital Management - Cash and cash equivalents at the end of the period increased to $248,104 thousand from $198,689 thousand, marking a rise of about 24.9%[24] - Proceeds from borrowings amounted to $90,000 thousand, down from $125,000 thousand in the previous year[24] - Capital expenditures remained stable at $3,433 thousand, consistent with the previous year[24] - The company paid $14,489 thousand in income taxes during the period, a decrease from $43,297 thousand in the same quarter of the previous year[24] Operational Efficiency - Industry-leading Days Sales Outstanding (DSO) of 55.9 days[5]