Exhibit 99.1
 | NEWS RELEASE May 1, 2024 |
Tetra Tech Reports Record Second Quarter Results and
Raises Full Fiscal Year Guidance
| · | Record Revenue $1.25 billion and Record Net Revenue $1.05 billion |
| · | Record Q2 EBITDA $135 million, up 28% Y/Y |
| · | Record Q2 EPS of $1.42, up 34% Y/Y |
| · | Increasing Fiscal Year 2024 Net Revenue and EPS full year guidance |
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 results for its second quarter ended March 31, 2024.
Second Quarter Highlights
| · | Net Revenue1 increased 9% to $1.05 billion |
| · | EBITDA1 increased 28% to $135 million |
| · | EPS increased 34% Y/Y to $1.42 |
| · | Largest second quarter backlog ever of $4.74 billion, up 11% Y/Y |
| · | Cashflow from operations of $103 million, up 17% Y/Y |
| · | Industry-leading DSO of 55 days |
Recent Key Wins
| · | $464 million multiple-award U.S. Army Environmental Remediation Services contract, investigating and remediating harmful contaminants, including PFAS at Army installations throughout the U.S. |
| · | $375 million multiple-award NASA Environmental contract, providing technical consultation and assessing innovative approaches to restore contaminated sites and improve climate resiliency |
| · | $150 million multiple-award U.S. Army Corps of Engineers contract, providing architect-engineering services to support sustainable infrastructure |
| · | $55 million single-award Environmental Services contract, closing and dewatering ponds and remediating combusted coal residuals |
| · | $22 million single-award U.K. Government Project Management and Design Services contract, designing building systems to reduce emissions and increase energy efficiency |
1Non-GAAP financial measures which the Company believes provide valuable perspectives on its business results. Refer to tables in the Regulation G Information for reconciliations to the comparable GAAP metrics.
Executive Management Comments
Dan Batrack, Chairman and CEO, commented, “Tetra Tech continued our strong performance through the second quarter, including the expansion of our margins in GSG by 170 basis points and CIG by 320 basis points over the second quarter of last year. With increased profitability and record second quarter backlog, we are raising our full year guidance for net revenue and earnings, which represents forecasted EPS growth of 22% for fiscal 2024. We are looking forward to sharing our long-term strategy and 2030 vision for further revenue growth and margin expansion at our upcoming inaugural Investor Day on May 14th.”
Dr. Leslie Shoemaker, Chief Innovation and Sustainability Officer, stated, “As the leading high-end water consultancy in North America, we will highlight the newest market drivers for water and environment at our upcoming Investor Day, including our strategy for assisting our government and commercial clients in addressing EPA’s recent national PFAS regulations. Tetra Tech is an industry-leading expert for investigating and assessing the impacts of PFAS, including groundwater characterization work for the Department of Defense, award-winning municipal PFAS treatment designs, and removal of PFAS from fire-fighting foam in facilities world-wide. Tetra Tech’s Leading with Science® approach provides cost-effective, technology driven, multi-contaminant treatment solutions across the entire water cycle.”
Sustainability Report Issued on Earth Day 2024
Tetra Tech uses our Leading with Science® approach to develop innovative, sustainable solutions that support our clients in developing safe and resilient water supplies, net zero energy programs, and biodiversity protection. Our sustainability program and associated goals align with our ongoing commitment to the United Nations (UN) Global Compact, the UN Sustainable Development Goals, and the Science Based Targets Initiative.
Tetra Tech’s 2024 Sustainability Report, released on Earth Day, highlights progress on our environmental, social, and governance goals and our commitment to improving the lives of 1 billion people by 2030. Our Sustainability Report shows that cumulatively we have provided beneficial impacts for 625 million people and contributed to a reduction of 153 million metric tons of CO2e since our 2021 baseline assessment.
Quarterly Dividend and Share Repurchase Program
On April 29, 2024, Tetra Tech’s Board of Directors approved the Company’s 40th consecutive quarterly dividend at an amount of $0.29 per share, a 12% increase year-over-year, payable on May 31, 2024, to stockholders of record as of May 20, 2024. Tetra Tech has $348 million remaining under its $400 million share repurchase program.
Six-Month Results
Revenue for the six-month period was $2.48 billion and net revenue was $2.07 billion, each up 21%, respectively, over the same period in fiscal 2023. EBITDA was $266 million, up 27%. EPS was $2.81, an increase of 17% over last year.
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 fiscal 2024, Tetra Tech is raising EPS guidance to range from $6.15 to $6.25 and is raising net revenue guidance to range from $4.21 billion to $4.31 billion2. Tetra Tech expects EPS for the third quarter of fiscal 2024 to range from $1.50 to $1.55 and net revenue to range from $1.05 billion to $1.10 billion.
Second Quarter Earnings Webcast
Investors will have the opportunity to access a live audio-visual webcast on the Company’s Investor Relations website at tetratech.com/investors on May 2, 2024, at 8:00 a.m. (PT). The webcast replay will be available following the call.
Investor Day 2024
Tetra Tech will host its inaugural Investor Day on May 14, 2024 at 9:00 a.m. Eastern Time. A live webcast will be available on the Company’s Investor Relations website at tetratech.com/investors. To participate in the webcast, please register at https://www.tetratech.com/investorday2024.
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 28,000 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
2Reconciliation 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.
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: 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 like COVID-19; 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 included in this release.
Tetra Tech, Inc
Balance Sheet - Unaudited
(unaudited - in thousands, except par value)
| | | | March 31, | | | | October 1, | |
| | | | 2024 | | | | 2023 | |
| Assets | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 210,294 | | | $ | 168,831 | |
| Accounts receivable, net | | | 1,037,883 | | | | 974,535 | |
| Contract assets | | | 102,991 | | | | 113,939 | |
| Prepaid expenses and other current assets | | | 128,753 | | | | 98,719 | |
| Total current assets | | | 1,479,921 | | | | 1,356,024 | |
| | | | | | | | | |
| Property and equipment, net | | | 72,897 | | | | 74,832 | |
| Right-of-use assets, operating leases | | | 181,948 | | | | 175,932 | |
| Goodwill | | | 1,977,688 | | | | 1,880,244 | |
| Intangible assets, net | | | 175,611 | | | | 173,936 | |
| Deferred tax assets | | | 87,561 | | | | 89,002 | |
| Other non-current assets | | | 94,948 | | | | 70,507 | |
| Total assets | | $ | 4,070,574 | | | $ | 3,820,477 | |
| | | | | | | | | |
| Liabilities and Equity | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 215,644 | | | $ | 173,271 | |
| Accrued compensation | | | 251,035 | | | | 302,755 | |
| Contract liabilities | | | 373,682 | | | | 335,044 | |
| Short-term lease liabilities, operating leases | | | 70,793 | | | | 65,005 | |
| Current contingent earn-out liabilities | | | 46,959 | | | | 51,108 | |
| Other current liabilities | | | 235,821 | | | | 280,959 | |
| Total current liabilities | | | 1,193,934 | | | | 1,208,142 | |
| | | | | | | | | |
| Deferred tax liabilities | | | 17,647 | | | | 14,256 | |
| Long-term debt | | | 951,031 | | | | 879,529 | |
| Long-term lease liabilities, operating leases | | | 139,364 | | | | 144,685 | |
| Non-current contingent earn-out liabilities | | | 27,620 | | | | 22,314 | |
| Other non-current liabilities | | | 156,128 | | | | 148,045 | |
| | | | | | | | | |
| Equity: | | | | | | | | |
| Preferred stock - authorized, 2,000 shares of $0.01 par value; no shares issued and outstanding at March 31, 2024 and October 1, 2023 | | | - | | | | - | |
| Common stock - authorized, 150,000 shares of $0.01 par value; issued and outstanding, 53,497 and 53,248 shares at March 31, 2024 and October 1, 2023, respectively | | | 535 | | | | 532 | |
| Additional paid-in capital | | | 18,972 | | | | - | |
| Accumulated other comprehensive loss | | | (156,546 | ) | | | (195,295 | ) |
| Retained earnings | | | 1,721,833 | | | | 1,598,196 | |
| Tetra Tech stockholders' equity | | | 1,584,794 | | | | 1,403,433 | |
| Noncontrolling interests | | | 56 | | | | 73 | |
| Total stockholders' equity | | | 1,584,850 | | | | 1,403,506 | |
| Total liabilities and stockholders' equity | | $ | 4,070,574 | | | $ | 3,820,477 | |
Tetra Tech, Inc
Consolidated Statements of Income
(unaudited - in thousands, except per share data)
| | | Three Months Ended | | | Six Months Ended | |
| | | March 31, | | | April 2, | | | March 31, | | | April 2, | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Revenue | | $ | 1,251,616 | | | $ | 1,158,226 | | | $ | 2,479,883 | | | $ | 2,052,991 | |
| Subcontractor costs | | | (198,989 | ) | | | (188,661 | ) | | | (412,087 | ) | | | (346,865 | ) |
| Other costs of revenue | | | (845,132 | ) | | | (798,719 | ) | | | (1,669,803 | ) | | | (1,382,035 | ) |
| Gross profit | | | 207,495 | | | | 170,846 | | | | 397,993 | | | | 324,091 | |
| Selling, general and administrative expenses | | | (89,812 | ) | | | (82,347 | ) | | | (169,229 | ) | | | (138,848 | ) |
| Acquisition and Integration expenses | | | - | | | | (19,944 | ) | | | - | | | | (23,705 | ) |
| Contingent consideration - fair value adjustments | | | - | | | | (7,544 | ) | | | - | | | | (8,477 | ) |
| Income from operations | | | 117,683 | | | | 61,011 | | | | 228,764 | | | | 153,061 | |
| Interest expense, net | | | (9,883 | ) | | | (13,323 | ) | | | (19,461 | ) | | | (18,695 | ) |
| Other non-operating income | | | - | | | | 21,407 | | | | - | | | | 89,402 | |
| Income before income tax expense | | | 107,800 | | | | 69,095 | | | | 209,303 | | | | 223,768 | |
| Income tax expense | | | (31,341 | ) | | | (26,254 | ) | | | (57,864 | ) | | | (64,212 | ) |
| Net income | | | 76,459 | | | | 42,841 | | | | 151,439 | | | | 159,556 | |
| Net income attributable to noncontrolling interests | | | (13 | ) | | | (11 | ) | | | (21 | ) | | | (20 | ) |
| Net income attributable to Tetra Tech | | $ | 76,446 | | | $ | 42,830 | | | $ | 151,418 | | | $ | 159,536 | |
| | | | | | | | | | | | | | | | | |
| Earnings per share attributable to Tetra Tech: | | | | | | | | | | | | | | | | |
| Basic | | $ | 1.43 | | | $ | 0.80 | | | $ | 2.83 | | | $ | 3.00 | |
| Diluted | | $ | 1.42 | | | $ | 0.80 | | | $ | 2.81 | | | $ | 2.98 | |
| | | | | | | | | | | | | | | | | |
| Weighted-average common shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 53,484 | | | | 53,227 | | | | 53,419 | | | | 53,165 | |
| Diluted | | | 53,875 | | | | 53,627 | | | | 53,825 | | | | 53,595 | |
Tetra Tech, Inc.
Consolidated Statements of Cash Flows
(unaudited - in thousands)
| | | Six Months Ended | |
| | | March 31, | | | April 2, | |
| | | 2024 | | | 2023 | |
| Cash flows from operating activities: | | | | | | | | |
| Net income | | $ | 151,439 | | | $ | 159,556 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
| Depreciation and amortization | | | 37,215 | | | | 23,537 | |
| Amortization of stock-based awards | | | 15,617 | | | | 14,602 | |
| Deferred income taxes | | | (8,049 | ) | | | 20,978 | |
| Fair value adjustments to foreign currency forward contract | | | - | | | | (89,402 | ) |
| Fair value adjustments to contingent consideration | | | - | | | | 8,477 | |
| Other non-cash items | | | 1,032 | | | | (884 | ) |
| Changes in operating assets and liabilities, net of effects of business acquisitions: | | | | | | | | |
| Accounts receivable and contract assets | | | (23,195 | ) | | | (36,545 | ) |
| Prepaid expenses and other assets | | | (33,412 | ) | | | (20,461 | ) |
| Accounts payable | | | 36,406 | | | | 43,169 | |
| Accrued compensation | | | (74,291 | ) | | | (42,872 | ) |
| Contract liabilities | | | 34,801 | | | | 29,037 | |
| Income taxes receivable/payable | | | (18,556 | ) | | | 3,190 | |
| Other liabilities | | | (6,826 | ) | | | 741 | |
| Net cash provided by operating activities | | | 112,181 | | | | 113,123 | |
| | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | |
| Payments for business acquisitions, net of cash acquired | | | (71,796 | ) | | | (854,319 | ) |
| Settlement of foreign currency forward contract | | | - | | | | 109,306 | |
| Capital expenditures | | | (7,463 | ) | | | (10,294 | ) |
| Proceeds from sale of assets | | | 98 | | | | 88 | |
| Net cash used in investing activities | | | (79,161 | ) | | | (755,219 | ) |
| | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | |
| Proceeds from borrowings | | | 180,000 | | | | 975,889 | |
| Repayments on long-term debt | | | (110,000 | ) | | | (249,667 | ) |
| Shares repurchased for tax withholdings on share-based awards | | | (12,781 | ) | | | (16,680 | ) |
| Payments of contingent earn-out liabilities | | | (22,112 | ) | | | (2,000 | ) |
| Stock options exercised | | | 1,462 | | | | 91 | |
| Dividends paid | | | (27,781 | ) | | | (24,428 | ) |
| Principal payments on finance leases | | | (3,155 | ) | | | (2,714 | ) |
| Net cash provided by financing activities | | | 5,633 | | | | 680,491 | |
| | | | | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | | 2,810 | | | | 7,899 | |
| | | | | | | | | |
| Net increase in cash and cash equivalents | | | 41,463 | | | | 46,294 | |
| Cash and cash equivalents at beginning of period | | | 168,831 | | | | 185,094 | |
| Cash and cash equivalents at end of period | | $ | 210,294 | | | $ | 231,388 | |
| | | | | | | | | |
| Supplemental information: | | | | | | | | |
| Cash paid during the period for: | | | | | | | | |
| Interest | | $ | 23,532 | | | $ | 18,791 | |
| Income taxes, net of refunds received of $2.4 million and $1.2 million | | $ | 84,916 | | | $ | 40,107 | |
Tetra Tech, Inc.Regulation G Information
March 31, 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 | |
| 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 | |
| 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 | ) |
| 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | |
| 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 | ) |
| 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | |
| 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 | ) |
| 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 | |
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 | |
| 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 | |
| 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 | |
| Interest Expense1 | | | 11,831 | | | | 11,584 | | | | 5,372 | | | | 13,323 | | | | 18,695 | | | | 14,869 | | | | 33,564 | | | | 12,973 | | | | 46,537 | | | | 9,578 | | | | 9,883 | | | | 19,461 | |
| 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 | |
| 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 | |
| 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Contingent Consideration | | | (3,273 | ) | | | - | | | | 933 | | | | 7,544 | | | | 8,477 | | | | - | | | | 8,477 | | | | 3,778 | | | | 12,255 | | | | - | | | | - | | | | - | |
| Acquisition & Integration Expenses2 | | | - | | | | - | | | | 3,761 | | | | 19,944 | | | | 23,705 | | | | 2,107 | | | | 25,812 | | | | 23,742 | | | | 49,554 | | | | - | | | | - | | | | - | |
| 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 | | | | 130,557 | | | | 135,401 | | | | 265,958 | |
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
