EXHIBIT 99.1 Exhibit 99.1 NEWS RELEASE November 13, 2024 Tetra Tech Reports Record Fiscal 2024 and Fourth Quarter Results · Record Annual Revenue $5.20 billion, up 15% Y/Y · Record Annual Net Revenue $4.32 billion, up 15% Y/Y · Record Annual Operating Income of $501 million, up 40% Y/Y · Record Annual EPS, up 21% Y/Y · Record Backlog of $5.38 billion, up 12% Y/Y Pasadena, California . Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services in water, environment and sustainable infrastructure, today announced record results for both the fiscal year and fourth quarter ended September 29, 2024. Fiscal Year Highlights · Revenue increased 15% Y/Y to $5.20 billion · Net Revenue 1 increased 15% Y/Y to $4.32 billion · Operating Income increased 40% Y/Y to $501 million · EPS of $1.23 and Adjusted EPS 1 of $1.26, both increased 21% Y/Y · Backlog increased 12% Y/Y to $5.38 billion · Net Debt / EBITDA improved Y/Y from 1.4x to 1.0x Fourth Quarter Highlights · Revenue increased to $1.37 billion · Net Revenue increased to $1.14 billion · Operating Income increased 33% Y/Y to $143 million · EPS increased 75% Y/Y to $0.35; Adjusted EPS increased 15% Y/Y to $0.38 · Industry-leading DSO of 55 days 1 Non-GAAP financial measures which the Company believes provide valuable perspectives on its business results. Refer to tables at the end of the release and Regulation G Information for reconciliations to the comparable GAAP metrics. Recent Key Wins · $12 billion multiple-award contract to deliver innovative technology solutions for Defense Logistics Agency’s most critical requirements in cybersecurity and systems modernization · $5 billion multiple award contract to address complex resiliency challenges in countries around the world for USAID · $1 billion framework contract with Northern Ireland Water for support of sustainable water infrastructure projects · $249 million multiple award contract to provide environmental assessment and sustainable design services for the U.S. Army Corps of Engineers · $225 million multiple award contract to provide environmental remediation services including site investigations, design, monitoring, and feasibility studies for the U.S. Army Corps of Engineers · $150 million in single award contracts to increase access for reliable water, sanitation, electricity, and sustainable infrastructure in Africa for USAID · $30 million single award contract to provide watershed-focused restoration and resiliency services for the Utah Army National Guard Chairman and CEO Comments Tetra Tech Chairman and CEO, Dan Batrack, commented, “We completed the fourth quarter and fiscal year 2024 with another record year with 15% annual revenue growth and 21% annual EPS growth. Our all-time high fourth quarter and annual results were driven by increasing demand for our differentiated high-end consulting services for managing water resources and resilient infrastructure. In 2024, we held our inaugural investor day establishing 2030 targets which include expanding our leading global water consultancy and growing our recurring revenue software business. We continue to see strong demand for our high-end services in coastal flood protection and recovery, security of water supplies, and digital modernization of water infrastructure. Over this past year, we received increasing orders across all our client end-markets which drove backlog up 12% to an all-time high of $5.38 billion. With strong momentum in contract wins and a record backlog, we are initiating our full year fiscal 2025 guidance for net revenue and earnings, which represents forecasted EPS growth of 15% for fiscal 2025.” Quarterly Dividend and Share Repurchase Program On November 11, 2024, Tetra Tech’s Board of Directors approved the Company’s 42 nd consecutive quarterly dividend at an amount of $0.058 per share, a 12% increase year-over-year, payable on December 13, 2024, to stockholders of record as of November 27, 2024. Tetra Tech has $348 million remaining under its $400 million share repurchase program. 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. For the first quarter in fiscal 2025, Tetra Tech expects net revenue to range from $1.090 billion to $1.150 billion 2 and EPS to range from $0.32 to $0.34. For fiscal 2025, Tetra Tech expects net revenue to range from $4.565 billion to $4.765 billion and EPS to range from $1.40 to $1.50. 2 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. Webcast Investors will have the opportunity to access a live audio-visual webcast and supplemental financial information concerning the fourth quarter of fiscal 2024 results through a link posted on the Company’s website at tetratech.com on November 14, 2024, at 8:00 a.m. (PT). Reconciliation of GAAP and Non-GAAP Items In thousands (except EPS data) Three Months Ended Fiscal Year Ended Sep. 29, 2024 Oct. 1, 2023 % Y/Y Sep. 29, 2024 Oct. 1, 2023 % Y/Y Revenue $ 1,374,474 $ 1,260,612 9 % $ 5,198,679 $ 4,522,550 15 % Subcontractor costs (229,989 ) (203,209 ) (876,817 ) (771,461 ) Net revenue $ 1,144,485 $ 1,057,403 8 % $ 4,321,862 $ 3,751,089 15 % EPS $ 0.35 $ 0.20 75 % $ 1.23 $ 1.02 21 % Acq. / Integration 0.03 0.07 0.03 0.15 Earn-out adjustments – 0.01 – 0.04 FX hedge gain – – – (0.25 ) Tax related items – 0.05 – 0.08 Adjusted EPS $ 0.38 $ 0.33 15 % $ 1.26 $ 1.04 21 % About Tetra Tech Tetra Tech is the leader in water, environment and sustainable infrastructure, providing high-end consulting and engineering services for projects worldwide. With 30,000 employees working together, Tetra Tech provides clear solutions to complex problems by Leading with Science ® to address the entire water cycle, protect and restore the environment, design sustainable and resilient infrastructure, and support the clean energy transition. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn and Facebook . CONTACTS: Jim Wu, Investor Relations Charlie MacPherson, Media & Public Relations (626) 470-2844 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 current expectations and beliefs of Tetra Tech’s management and 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: 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; the impact of global pandemics; 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 bank and 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 1, 2023. 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 available at tetratech.com/investors . Tetra Tech, Inc Consolidated Balance Sheets (unaudited - in thousands, except par value) September 29, October 1, 2024 2023 Assets Current assets: Cash and cash equivalents $ 232,689 $ 168,831 Accounts receivable, net 1,051,461 974,535 Contract assets 129,678 113,939 Prepaid expenses and other current assets 91,585 89,096 Income taxes receivable 21,970 9,623 Total current assets 1,527,383 1,356,024 Property and equipment, net 73,065 74,832 Right-of-use assets, operating leases 177,950 175,932 Goodwill 2,046,569 1,880,244 Intangible assets, net 160,585 173,936 Deferred tax assets 105,529 89,002 Other non-current assets 101,595 70,507 Total assets $ 4,192,676 $ 3,820,477 Liabilities and Equity Current liabilities: Accounts payable $ 197,440 $ 173,271 Accrued compensation 332,096 302,755 Contract liabilities 351,738 335,044 Short-term lease liabilities, operating leases 63,419 65,005 Current contingent earn-out liabilities 26,934 51,108 Other current liabilities 247,900 280,959 Total current liabilities 1,219,527 1,208,142 Deferred tax liabilities 30,162 14,256 Long-term debt 812,634 879,529 Long-term lease liabilities, operating leases 140,095 144,685 Non-current contingent earn-out liabilities 21,812 22,314 Other non-current liabilities 138,033 148,045 Equity: Preferred stock - authorized, 2,000 shares of $0.01 par value; no shares issued and outstanding at September 29, 2024 and October 1, 2023 - - Common stock - authorized, 750,000 shares of $0.01 par value; issued and outstanding, 267,717 and 266,238 shares at September 29, 2024 and October 1, 2023, respectively 2,677 2,662 Additional paid-in capital 35,900 - Accumulated other comprehensive loss (78,875 ) (195,295 ) Retained earnings 1,870,620 1,596,066 Tetra Tech stockholders' equity 1,830,322 1,403,433 Noncontrolling interests 91 73 Total stockholders' equity 1,830,413 1,403,506 Total liabilities and stockholders' equity $ 4,192,676 $ 3,820,477 Tetra Tech, Inc. Consolidated Statements of Income (unaudited - in thousands, except per share data) Three Months Ended Fiscal Year Ended September 29, October 1, September 29, October 1, 2024 2023 2024 2023 Revenue $ 1,374,474 $ 1,260,612 $ 5,198,679 $ 4,522,550 Subcontractor costs (229,989 ) (203,209 ) (876,817 ) (771,461 ) Other costs of revenue (899,209 ) (845,311 ) (3,455,422 ) (3,026,060 ) Gross profit 245,276 212,092 866,440 725,029 Selling, general and administrative expenses (92,731 ) (77,195 ) (356,024 ) (305,107 ) Acquisition and integration expenses (7,138 ) (7,357 ) (7,138 ) (33,169 ) Right-of-use operating lease asset impairment - (16,385 ) - (16,385 ) Contingent consideration - fair value adjustments (2,064 ) (3,778 ) (2,541 ) (12,255 ) Income from operations 143,343 107,377 500,737 358,113 Interest expense, net (7,897 ) (12,974 ) (37,271 ) (46,537 ) Other non-operating income - - - 89,402 Income before income tax expense 135,446 94,403 463,466 400,978 Income tax expense (39,266 ) (40,745 ) (130,023 ) (127,526 ) Net income 96,180 53,658 333,443 273,452 Net income attributable to noncontrolling interests (26 ) (9 ) (61 ) (32 ) Net income attributable to Tetra Tech $ 96,154 $ 53,649 $ 333,382 $ 273,420 Earnings per share attributable to Tetra Tech: Basic $ 0.36 $ 0.20 $ 1.25 $ 1.03 Diluted $ 0.35 $ 0.20 $ 1.23 $ 1.02 Weighted-average common shares outstanding: Basic 267,687 266,235 267,364 266,015 Diluted 271,656 268,510 270,042 268,185 Cash dividends paid per share $ 0.058 $ 0.052 $ 0.220 $ 0.196 Tetra Tech, Inc. Consolidated Statements of Cash Flows (unaudited - in thousands) Fiscal Year Ended Sep 29, Oct 1, 2024 2023 Cash flows from operating activities: Net income $ 333,443 $ 273,452 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 73,677 61,206 Amortization of stock-based awards 31,155 28,607 Deferred income taxes (19,980 ) (21,204 ) Fair value adjustments to contingent consideration 2,541 12,255 Right-of-use operating lease asset impairment - 16,385 Fair value adjustments to foreign currency forward contract - (89,402 ) Acquisition and integration expenses 7,138 - Other non-cash items 5,369 975 Changes in operating assets and liabilities, net of effects of business acquisitions: Accounts receivable and contract assets (40,188 ) (19,783 ) Prepaid expenses and other assets (20,894 ) 78,686 Accounts payable 18,091 (19,214 ) Accrued compensation 6,657 37,094 Contract liabilities 4,704 44,152 Cash settled contingent earn-out liability (7,943 ) - Income taxes receivable/payable (35,530 ) 40,527 Other liabilities 468 (75,273 ) Net cash provided by operating activities 358,708 368,463 Cash flows from investing activities: Payments for business acquisitions, net of cash acquired (93,650 ) (854,319 ) Settlement of foreign currency forward contract - 109,306 Capital expenditures (18,135 ) (26,901 ) Proceeds from sale of assets 742 715 Net cash used in investing activities (111,043 ) (771,199 ) Cash flows from financing activities: Proceeds from borrowings 217,000 994,859 Repayments on long-term debt (287,000 ) (1,026,051 ) Proceeds from issuance of convertible notes - 575,000 Payment of debt issuance costs - (14,451 ) Capped call transactions - (51,750 ) Shares repurchased for tax withholdings on share-based awards (12,982 ) (16,833 ) Payments of contingent earn-out liabilities (46,107 ) (21,328 ) Stock options exercised 3,067 626 Dividends paid (58,828 ) (52,113 ) Principal payments on finance leases (6,530 ) (5,579 ) Net cash (used in) provided by financing activities (191,380 ) 382,380 Effect of exchange rate changes on cash and cash equivalents 7,573 4,093 Net increase (decrease) in cash and cash equivalents 63,858 (16,263 ) Cash and cash equivalents at beginning of year 168,831 185,094 Cash and cash equivalents at end of year $ 232,689 $ 168,831 Supplemental information: Cash paid during the year for: Interest $ 36,855 47,367 Income taxes, net of refunds received of $4.2 million and $2.2 million $ 180,707 93,176 Tetra Tech, Inc. Regulation G Information September 29, 2024 Reconciliation of Revenue to Revenue, Net of Subcontractor Costs ("Net Revenue") (in millions) 2023 2024 2021 2022 1st Qtr 2nd Qtr 6 Mos 3rd Qtr 9 Mos 4th Qtr Total 1st Qtr 2nd Qtr 6 mos 3rd Qtr 9 Mos 4th Qtr Total Consolidated Revenue 3,213.5 3,504.0 894.8 1,158.2 2,053.0 1,208.9 3,261.9 1,260.6 4,522.6 1,228.3 1,251.6 2,479.9 1,344.3 3,824.2 1,374.5 5,198.7 Subcontractor Costs (661.3 ) (668.5 ) (158.2 ) (188.7 ) (346.9 ) (221.4 ) (568.3 ) (203.2 ) (771.5 ) (213.1 ) (199.0 ) (412.1 ) (234.7 ) (646.8 ) (230.0 ) (876.8 ) Net Revenue 2,551.6 2,835.5 736.6 969.5 1,706.1 987.5 2,693.6 1,057.4 3,751.1 1,015.2 1,052.6 2,067.8 1,109.6 3,177.4 1,144.5 4,321.9 GSG Segment Revenue 1,772.9 1,820.9 471.1 563.3 1,034.3 531.0 1,565.4 593.5 2,158.9 575.0 597.1 1,172.2 640.6 1,812.7 670.6 2,483.4 Subcontractor Costs (507.1 ) (484.4 ) (118.0 ) (127.7 ) (245.7 ) (140.8 ) (386.6 ) (136.9 ) (523.4 ) (132.3 ) (130.6 ) (263.0 ) (152.3 ) (415.3 ) (158.1 ) (573.4 ) Net Revenue 1,265.8 1,336.5 353.1 435.6 788.6 390.2 1,178.8 456.6 1,635.5 442.7 466.5 909.2 488.3 1,397.4 512.5 1,910.0 CIG Segment Revenue 1,500.1 1,738.4 439.6 610.4 1,049.9 691.4 1,741.3 683.3 2,424.6 669.1 671.2 1,340.3 723.6 2,063.9 722.9 2,786.7 Subcontractor Costs (214.3 ) (239.3 ) (56.0 ) (76.4 ) (132.4 ) (94.0 ) (226.4 ) (82.6 ) (309.0 ) (96.6 ) (85.1 ) (181.7 ) (102.2 ) (283.9 ) (90.9 ) (374.8 ) Net Revenue 1,285.8 1,499.1 383.6 534.0 917.5 597.4 1,514.9 600.7 2,115.6 572.5 586.1 1,158.6 621.4 1,780.0 632.0 2,411.9 Reconciliation of Net Income Attributable to Tetra Tech to Adjusted EBITDA (in thousands) 2023 2024 2021 2022 1st Qtr 2nd Qtr 6 Mos 3rd Qtr 9 Mos 4th Qtr Total 1st Qtr 2nd Qtr 6 mos 3rd Qtr 9 Mos 4th Qtr Total Net Income Attributable to Tetra Tech 232,810 263,125 116,706 42,830 159,536 60,235 219,771 53,649 273,420 74,972 76,446 151,418 85,810 237,228 96,154 333,382 Income Tax Expense 34,039 85,602 37,958 26,254 64,212 22,568 86,780 40,745 127,526 26,523 31,341 57,864 32,894 90,757 39,266 130,023 Interest Expense 1 11,831 11,584 5,372 13,323 18,695 14,869 33,564 12,973 46,537 9,578 9,883 19,461 9,912 29,374 7,897 37,271 Depreciation 12,337 13,859 3,178 4,849 8,027 5,624 13,651 6,330 19,980 6,951 5,637 12,588 5,713 18,301 5,421 23,722 Amortization 11,468 13,174 3,438 12,072 15,510 14,060 29,570 11,656 41,226 12,533 12,094 24,627 13,790 38,417 11,538 49,955 FX Hedge Gain - (19,904 ) (67,995 ) (21,407 ) (89,402 ) - (89,402 ) - (89,402 ) - - - - - - - EBITDA 302,485 367,440 98,657 77,921 176,578 117,356 293,934 125,353 419,287 130,557 135,401 265,958 148,119 414,077 160,276 574,353 Contingent Consideration (3,273 ) - 933 7,544 8,477 - 8,477 3,778 12,255 (37 ) 14 (22 ) 500 477 2,064 2,541 Acquisition & Integration Expenses 2 - - 3,761 19,944 23,705 2,107 25,812 23,742 49,554 - - - - - 7,138 7,138 COVID-19 Credits - (6,486 ) - - - - - - - - - - - - - - Adjusted EBITDA 299,212 360,954 103,351 105,409 208,760 119,463 328,223 152,873 481,096 130,520 135,415 265,936 148,619 414,554 169,478 584,032 1 Includes write-off of deferred debt origination fees of $2.7M in Q1-23 and $1.1M in Q2-23 2 Includes lease impairment charge of $16.4M in Q4-23

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.