TETRA TECH, INC. TTEK Cash Flow

Tetra tech, inc. (TTEK)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jul'18	Apr'18	Dec'17	Oct'17	Jun'17	Mar'17	Dec'16	Oct'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09
Net income
36,413	47,317	11,534	49,251	55,944	42,032	28,813	33,345	28,747	46,052	34,486	29,975	26,867	26,589	31,184	25,691	3,738	23,240	-31,681	26,253	19,010	25,646	22,729	26,710	31,909	27,327	25,341	-78,115	24,872	26,396	30,540	29,168	22,321	22,703	27,399	24,748	18,081	22,754	23,141	20,640	14,329	18,709
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
6,574	6,235	7,551	6,562	6,457	8,274	8,044	10,280	10,329	9,983	11,379	11,143	12,043	11,191	11,753	12,425	11,605	9,805	9,901	10,352	10,956	12,992	12,393	12,733	13,500	15,914	15,457	17,826	16,727	12,595	14,699	13,132	13,865	15,206	14,122	14,186	13,823	13,553	9,378	8,156	8,060	7,897
Equity in income of unconsolidated joint ventures
1,658	1,675	-641	-720	805	581	665	-659	844	-282	-2,857	1,015	1,459	1,030	-2,701	661	694	202	2,034	1,255	1,192	650	875	437	842	650	966	566	1,280	649	547	816	584	969	1,437	1,012	1,480	948	283	269	400	232
Distributions of earnings from unconsolidated joint ventures
1,020	1,447	-	-	191	1,002	-	-	-	-	-	446	1,187	1,114	-	971	1,129	205	2,207	1,351	884	810	579	1,081	700	364	1,590	1,319	602	947	382	1,217	516	1,079	920	1,379	1,617	886	277	-234	430	1,216
Amortization of stock-based awards
4,955	4,482	4,901	4,122	4,065	4,530	4,063	6,814	4,735	3,970	3,413	3,427	3,393	3,217	3,665	3,152	3,355	2,792	2,833	2,702	2,551	2,840	2,045	2,792	3,198	2,339	1,147	2,788	2,306	2,534	2,646	2,545	2,732	2,916	2,775	2,493	2,540	2,774	2,499	2,326	2,653	2,700
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	342	365	93	118	2	5	23	142	212	15	464	213	11	9	476	390	341	136	112	35	0	14	6	84	-1	12	42	701
Deferred income taxes
980	2,173	-11,469	-54	-24,668	-1,424	-21,094	1,834	0	-10,100	-37,843	8,035	17,656	2,195	-1,262	204	6,181	928	18,238	-11,286	-3,386	4,846	-2,185	4,698	-3,215	557	15,537	-31,885	-744	5,624	-1,616	-1,363	-3,027	494	7,255	-1,090	-8,763	4,318	-130	-387	4,224	7,934
Provision for doubtful accounts
2,439	3,121	475	6,611	6,805	3,073	1,326	3,451	-134	2,524	4,738	137	-900	-1,128	-1,406	1,441	1,028	7,019	832	-455	-261	-1,150	1,083	-3,250	565	3,069	1,693	9,961	-374	2,538	2,653	-1,606	842	2,879	1,176	1,203	2,446	-1,092	1,074	1,351	5,080	-326
Fair value adjustments to contingent consideration
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-1,822	-1,001	-	-	-	-	23,816	8,905	21,343	4,630	898	7,716	956	-10	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of property and equipment
2,626	897	-46	55	119	104	893	-3,143	794	411	-266	103	148	118	-240	418	183	176	719	-880	6,124	51	8	651	318	-1,035	145	-95	327	-90	-348	88	-15	84	-79	162	47	101	583	130	820	-53
Foreign exchange (gain) loss
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-96	189	91	-	-	-	-189	-	-	-	14	-1,713	97	256	72	-49	103	45	106
Changes in operating assets and liabilities, net of effects of business acquisitions:
Accounts receivable and contract assets
-58,448	-40,919	-31,073	89,340	-33,513	-14,528	-12,440	15,801	6,901	36,011	55,296	12,116	-44,593	41,962	10,045	16,791	-5,483	-30,415	37,765	-40,821	-1,672	-35,617	22,854	14,716	13,687	-19,237	30,320	-42,504	-49,670	-25,513	5,923	45,075	-21,707	10,669	-30,257	71,059	-4,854	-37,994	8,658	66,853	-37,458	-14,892
Prepaid expenses and other assets
-7,370	2,053	-15,644	-2,931	12,071	3,936	-7,901	5,011	-793	16,321	-6,489	7,219	195	7,392	-8,511	-3,903	46	8,648	-6,947	266	-5,520	-769	743	-363	173	3,928	19,217	-11,574	4,217	-78	1,277	-16,327	-62	-11,172	17,803	478	-332	10,375	206	-5,696	-547	267
Accounts payable
-23,249	-66,381	22,146	43,773	13,951	-40,859	28,247	-17,819	8,709	-35,169	21,081	13,103	7,022	-22,609	-436	24,610	3,185	-30,361	9,832	2,901	19,748	-59,382	2,828	19,427	15,703	-6,186	9,720	-12,731	-7,616	-23,564	-11,945	20,808	-4,151	-19,241	-21,272	47,988	-16,829	-43,900	-12,739	33,885	-21,798	-9,350
Accrued compensation
34,408	-79,098	43,899	4,064	39,353	-68,957	34,792	4,153	31,122	-42,575	26,803	-502	23,996	-36,884	10,469	21,003	-10,805	-12,233	-9,124	22,211	-7,415	-13,348	-5,545	22,220	-7,757	-13,646	-3,927	20,762	-9,005	-24,215	5,704	23,751	-4,773	-9,004	-14,458	25,519	2,573	-2,477	20,748	3,780	10,876	-30,822
Contract liabilities
-14,077	38,207	-4,093	-7,060	-976	6,090	-20,438	20,299	3,037	12,330	-8,103	11,262	667	24,472	-5,504	1,276	-11,845	2,199	1,044	-3,290	-11,612	3,539	24,184	-6,811	-6,211	12,671	-5,844	4,746	-19,276	3,544	-3,607	7,188	-9,952	8,796	963	8,299	-3,002	-7,929	-2,663	827	-5,309	-12,812
Other liabilities
788	-14,917	-29,559	-5,233	8,848	9,015	8,387	7,076	9,697	-162	7,690	-502	4,621	-9,642	-4,345	-18,306	4,639	-1,309	14,354	-1,218	-14,123	-6,156	7,018	-886	-7,761	-7,790	15,920	11,777	-6,084	-124	4,038	-7,458	1,141	9,650	-324	4,008	5,123	-2,332	7,680	4,861	-7,256	4,570
Income taxes receivable/payable
-8,991	3,096	-6,473	-962	-15,966	12,015	18,745	64	-9,139	7,926	50,980	-34,862	-23,083	-6,760	9,340	1,425	-14,818	-942	-17,219	19,636	6,220	-726	-6,142	3,642	10,872	-3,660	-4,074	-2,143	359	-13,360	5,880	963	-7,612	3,434	2,333	-152	12,408	-4,036	2,277	-10,953	2,781	8,513
Net cash provided by operating activities
101,223	-18,024	95,128	14,137	114,550	-15,302	109,461	52,679	81,275	-57,682	66,419	21,209	109,111	-58,747	52,218	59,560	6,627	23,615	28,749	109,332	19,312	5,454	13,079	58,091	14,487	41,719	22,482	53,250	44,262	17,756	29,820	56,812	33,076	38,313	33,224	55,759	33,707	8,933	42,279	24,487	45,234	-5,158
Payments for business acquisitions, net of cash acquired
-	-	-	-	-	-	2,355	1,450	46,157	18,294	0	0	8,039	0	-	-	-	-	-	-	-	-	19,556	409	-392	10,678	2,689	568	153,587	14,505	2,788	49,395	257	2,574	63,930	18,035	21,154	166,877	55,461	11,228	10,801	1,415
Capital expenditures
2,545	3,331	6,199	2,821	3,325	3,853	3,380	1,781	2,422	2,143	2,723	3,122	1,865	2,031	1,838	4,100	2,757	3,250	4,034	8,166	4,959	7,137	4,525	3,180	5,097	6,602	7,012	6,899	9,360	4,274	10,200	6,923	3,390	4,593	5,319	4,106	5,240	4,236	5,729	6,360	5,575	3,920
Payment received on note for sale of operation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	3,900	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of property and equipment
5,861	455	-	976	135	115	-	1,494	941	710	-	204	80	223	-	2,322	265	704	387	215	4,608	5,216	854	783	1,031	1,926	326	801	670	292	336	204	120	377	203	336	196	144	939	549	1,501	139
Net cash used in investing activities
-24,423	-2,876	-55,049	-41,274	355	-3,738	-9,782	34,513	-47,638	-19,727	-2,410	-2,918	-9,824	-1,808	-1,791	-1,933	-87,745	-2,546	953	-19,701	-351	-1,921	-23,227	-2,806	-3,674	-11,454	-9,375	-6,666	-162,077	-18,487	-12,496	-56,700	-3,813	-6,790	-74,046	-22,335	-26,491	-170,969	-60,251	-17,039	-14,903	-5,196
Cash flows from financing activities:
Proceeds from borrowings
45,000	198,364	91,577	196,968	82,990	45,727	108,209	113,730	60,000	120,026	43,979	65,978	44,646	88,950	-	-	-	-	0	5,699	45,602	13,493	-	-	-	-	291	0	206,864	89,234	-177	39,824	12,479	546	33,555	12,196	0	21,867	-	-	-	-
Repayments on long-term debt
33,180	141,550	149,509	103,890	99,424	62,668	268,687	155,150	37,083	25,026	13,044	82,996	90,584	47,265	46,674	25,496	73,915	2,802	42,828	8,630	8,075	15,926	738	3,182	226	233	4,215	53,207	91,427	22,551	60,570	8,385	40,825	11,012	406	40,238	249	2,154	1,849	274	299	251
Distributions paid to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	195	1,006	0	501	-	-	-	-
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	342	365	93	118	2	5	23	142	212	15	464	213	11	9	476	390	341	136	112	35	0	14	6	84	-1	12	42	701
Repurchases of common stock
60,483	21,177	25,000	25,000	25,000	25,000	0	25,000	25,000	25,000	40,000	40,000	10,000	10,000	24,500	25,000	25,000	25,000	25,000	6,765	48,568	20,167	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes paid on vested restricted stock
39	10,818	57	34	62	6,740	46	6	7	8,812	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock options exercised
6,514	1,413	3,992	3,925	1,520	2,314	320	1,255	6,361	5,584	563	10,331	5,258	2,403	5,274	6,444	2,150	4,085	5,204	1,305	2,795	1,521	5,524	781	11,202	6,327	296	1,136	11,472	3,089	5,281	4,003	5,892	2,990	366	2,639	2,103	3,270	188	609	1,123	1,433
Net change in overdrafts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-915	-	0	169	122	-	-	-	-738	-	-	-	-	-	-	-	-
Dividends paid
8,224	8,190	8,185	8,219	6,616	6,654	6,641	6,664	5,583	5,589	5,633	5,738	5,157	5,144	5,157	5,196	4,669	4,713	4,800	4,810	4,258	4,372	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of contingent earn-out liabilities
388	9,236	575	376	5,067	6,000	558	0	854	0	-	-	-	-	2,250	0	0	1,001	-	-	-	-	1	9,325	7,748	1,589	9,657	0	1,643	22,372	0	0	8,687	9,368	-	-	-	-	-	-	-	-
Net cash used in financing activities
-48,063	8,806	-87,757	63,374	-51,659	-59,021	-169,140	-71,835	-2,166	61,183	-15,454	-52,425	-55,837	28,944	-43,916	-18,883	66,724	-29,313	-67,937	-14,653	-15,680	-25,309	-52,867	-35,693	-2,920	3,803	-30,061	-58,147	125,911	47,912	-55,134	35,578	-30,291	-17,547	33,320	-26,395	1,860	22,566	118,338	347	866	1,883
Effect of exchange rate changes on cash, cash equivalents and restricted cash
-4,609	2,200	-1,215	133	981	-1,626	1,601	-4,501	-1,322	-725	2,648	1,566	909	-1,867	30	1,507	2,973	-1,994	-1,622	1,687	-3,653	-1,713	-3,478	2,055	-1,464	-2,577	-76	-1,677	-125	-425	1,993	-1,052	1,335	1,250	-370	396	319	83	273	-74	264	398
Net increase (decrease) in cash, cash equivalents and restricted cash
24,128	-9,894	-48,893	36,370	64,227	-79,687	-67,860	10,856	30,149	-16,951	51,203	-32,568	44,359	-33,478	6,541	40,251	-11,421	-10,238	-39,857	76,665	-372	-23,489	-66,493	21,647	6,429	31,491	-17,030	-13,240	7,971	46,756	-35,817	34,638	307	15,226	-7,872	7,425	9,395	-139,387	100,639	7,721	31,461	-8,073
Supplemental information:
Cash paid during the period for:
Interest
3,428	3,082	2,884	3,369	3,828	2,229	4,179	4,496	3,982	2,913	2,734	2,800	3,039	2,931	3,486	1,969	5,377	1,743	2,239	1,480	1,737	1,867	2,112	1,777	2,153	2,251	1,248	1,307	1,962	532	1,136	1,304	1,732	1,107	1,179	1,049	1,413	585	209	430	295	353
Income taxes, net of refunds received of $0.5 million and $0.9 million
17,858	5,579	21,980	13,351	28,476	2,231	13,222	16,469	18,357	1,794	2,432	37,151	18,164	14,831	5,868	9,550	11,062	8,793	7,589	4,080	6,899	4,700	5,983	2,136	3,815	16,158	883	3,382	10,311	21,220	12,456	14,696	22,202	8,772	4,557	14,302	6,047	8,809	10,812	1,035	7,538	13,022