Tetra Tech

A Year of Growth and Impact 
Tetra Tech’s 2024 fiscal year was defined by extraordinary 
growth, innovation, and progress in our strategy to be 
the #1 global consultancy in water, environment, and 
sustainable infrastructure. With 110,000 projects delivered 
globally, our 30,000 staff addressed some of the world’s 
most pressing challenges, including providing clean water 
supplies, restoring ecosystems, and designing the buildings 
of the future. 
Our dedication to delivering innovative, science-based solutions drove record-
breaking performance, with revenue of $5.2 billion and net revenue of $4.3 
billion, both increasing 15% from the prior year. Our adjusted EBITDA exceeded 
$500 million for the first time, reaching $584 million, up 21% from the prior year. 
Tetra Tech’s industry-leading days sales outstanding of 54.9 days resulted in cash 
from operations of $359 million, continuing our 20-year track record of generating 
cash from operations in excess of net income. Additionally, in September 2024, we 
completed a 5:1 forward stock split, recognizing the strength and momentum of 
our business.
Our Leading with Science® approach and innovative solutions address the urgent 
needs of a rapidly changing world, ensuring the resilience and vitality of communities 
and ecosystems. Through our projects worldwide we have now positively impacted 
625 million lives since we initiated our One Billion People Challenge in 2020, advancing 
almost two-thirds of the way to our 2030 goal to improve the lives of a billion people.
Advancing Tetra Tech’s Strategy
In fiscal year 2024, we secured significant new contracts across our global operations, 
further enhancing our capacity to deliver innovative solutions in water, environment, 
and sustainable infrastructure. Our backlog grew by 12% from last year, and we 
ended the year with a backlog of $5.38 billion, the highest in our history.  U.S. contract 
awards included $1.5 billion with the U.S. Army Corps of Engineers for environmental 
assessments and remediation of emerging contaminants, as well as $375 million 
with NASA for environmental restoration and compliance. In Europe, key framework 
contract awards included €5 billion with Uisce Éireann (formerly Irish Water) for water 
management and infrastructure development; £100 million with United Utilities for 
river water quality protection in the United Kingdom; and, £800 million with Northern 
Ireland Water for sustainable water programs. Globally, we secured new contracts 
supporting renewable energy development, including first-of-kind contracts for 
the emerging offshore wind industry in the United States, Europe, and Asia Pacific. 
We expanded our portfolio of international development contracts through a $5 
billion award to support the U.S. Agency for International Development supporting 
resilience and energy transition. We were awarded $158 million for land and 
resource management and biodiversity preservation, including protection of critical 
ecosystems in Cambodia, Malaysia, and the Philippines.
In 2024 we also completed two acquisitions that further expanded our capacity to 
deliver cutting-edge solutions in digital transformation and analytics. We acquired 
LS Technologies, a U.S. federal enterprise technology services and management 
consulting firm, which strengthens our capabilities in federal IT, data analytics, and 
Dear Shareholders:
‘21
‘22
‘23
‘24
$3,214
$3,504
$4,523
$5,199
Revenue
‘21
‘22
‘23
‘24
$299
$361
$481
$584
EBITDA (adjusted)
‘21
‘22
‘23
‘24
$3,480
$3,744
$4,790
$5,376
Backlog
$M
$M
$M

digital transformation. We also acquired Convergence Controls & Engineering, a leader in process automation and  
systems integration, to advance our expertise in digital water and energy practices.
One of the year’s most exciting advancements was the growth of our Triple-S (Subscription, Software, and Solutions) 
service line. Today, Tetra Tech’s FusionMap® and OceansMap™ are instrumental in helping clients mitigate profound 
risks associated with flooding, coastal storms, and 
earthquakes. Our Volans® software is used to optimize 
airspace for more efficient and sustainable navigation. 
Tetra Tech’s Csoft® and Waternet™ solutions are the 
leading technologies used to advance water system 
efficiency and leakage reduction, which are especially 
relevant to the critical challenges facing our clients in 
the United Kingdom and Ireland. With thousands of subscriptions, these tools support users in making more informed 
decisions, enhancing resiliency, and protecting vital resources across a wide range of applications.
Focused on the Future–Vision 2030 
In May 2024, we hosted our first investor day, where we unveiled our vision to become the #1 global consultancy focused 
on water, environment, and sustainable infrastructure. Our financial goals include doubling annual revenue to $10 billion 
by 2030 while expanding margins by 50 basis points each year. 
This vision is underpinned by a growth strategy centered on the full water cycle: Research and Development, Watershed 
Management, Water Treatment, and Coastal Infrastructure. A key driver for the future demand for our services is the 
increasing impacts of natural disaster on communities and infrastructure, especially in vulnerable coastal regions. In 
2024 the United States experienced a record 24 events, each over a billion-dollars, including tropical cyclones, tornadoes, 
wildfires, and severe storms. Most recently Hurricanes Milton and Helene, which struck in September 2024, are estimated 
to have caused over $200 billion in damages to critical infrastructure in the southeastern United States. The need for 
prevention and risk reduction will further drive funding for securing water supplies, protecting the environment, and 
building resilient infrastructure. Tetra Tech’s expertise across the full water cycle enables us to deliver innovative solutions 
to mitigate the impacts of such disasters, provide advanced warning systems, and design more resilient infrastructure 
solutions.
Tetra Tech’s focus on Leading with Science continues to underpin our ability to transform water, environment, and 
sustainable infrastructure challenges into lasting global solutions. By integrating advanced analytics, artificial 
intelligence, and our unparalleled technical expertise, we solve complex challenges while setting new standards for 
innovation. Our ability to leverage artificial intelligence is further accelerated by company-wide access and training in 
the use of our proprietary TetraAgent™, which provides generative AI capabilities to every member of our workforce. Our 
groundbreaking Triple-S software solutions further amplify our impact, extending our reach to more clients worldwide 
and empowering their users to build resilient systems that will sustain communities and protect ecosystems for 
generations to come.  
As we look to the future, Tetra Tech remains steadfast in our mission to lead with science to address our clients’ evolving 
priorities. Our unwavering commitment to transforming challenges into sustainable solutions positions us to make 
an even greater global impact in the future. We thank you for your continued trust, confidence, and partnership as we 
advance together toward a more resilient and sustainable world.
Sincerely,
Dan Batrack, Chairman and CEO
Our groundbreaking Triple-S software solutions 
further amplify our impact, extending our reach 
to more clients worldwide.

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 UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
____________________________________________________________________________ 
FORM 10-K  
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended September 29, 2024    
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from                          to   
Commission File Number 0-19655  
____________________________________________________________________________ 
TETRA TECH, INC.  
(Exact name of registrant as specified in its charter) 
Delaware
95-4148514
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
3475 East Foothill Boulevard, Pasadena, California 91107  
(Address of principal executive offices) (Zip Code) 
(626) 351-4664 
(Registrant's telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act: 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
TTEK
The NASDAQ Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act: 
None 
________________________________________________________________________ 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during 
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for 
the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be 
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the 
registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an 
emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in 
Rule 12b-2 of the Exchange Act.   Large accelerated filer ☒    Accelerated filer ☐    Non-accelerated filer ☐    Smaller reporting company ☐     Emerging 
growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or 
revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control 
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its 
audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing 
reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by 
any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The aggregate market value of the registrant's common stock held by non-affiliates on March 31, 2024, was $9.8 billion (based upon the closing price of a share 
of registrant's common stock as reported by the Nasdaq National Market on that date). 
On November 8, 2024, 267,741,125 shares of the registrant's common stock were outstanding. 
DOCUMENT INCORPORATED BY REFERENCE 
Portions of registrant's Proxy Statement for its 2025 Annual Meeting of Stockholders are incorporated by reference in Part III of this report where indicated. 

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TABLE OF CONTENTS 
Page
PART I
Item 1
Business
3
General
3
Leading with Science
4
Reportable Segments
4
Government Services Group
5
Commercial/International Services Group
6
Project Examples
7
Clients
7
Contracts
8
Growth Strategy
9
Sustainability Program
9
Acquisitions and Divestitures
10
Competition
11
Backlog
11
Regulations
11
Seasonality
12
Climate Risk Assessment
12
Risk Management and Insurance
12
Human Capital Management
13
Executive Officers of the Registrant
14
Available Information
16
Item 1A
Risk Factors
16
Item 1B
Unresolved Staff Comments
31
Item 2
Properties
31
Item 3
Legal Proceedings
31
Item 4
Mine Safety Disclosures
31
PART II
Item 5
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
32
Item 6
[Reserved]
33
Item 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
34
Item 7A
Quantitative and Qualitative Disclosures about Market Risk
49
Item 8
Financial Statements and Supplementary Data
50
Item 9
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
90
Item 9A
Controls and Procedures
90
Item 9B
Other Information
90
PART III
Item 10
Directors, Executive Officers and Corporate Governance
90
Item 11
Executive Compensation
91
Item 12
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
91
Item 13
Certain Relationships and Related Transactions, and Director Independence
91
Item 14
Principal Accounting Fees and Services
91
PART IV
Item 15
Exhibits, Financial Statement Schedules
91
Index to Exhibits
93
Item 16
Form 10-K Summary
94
Signatures
95

3 
This Annual Report on Form 10-K ("Report"), including the "Management's Discussion and Analysis of Financial 
Condition and Results of Operations," contains forward-looking statements regarding future events and our future results that 
are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act 
of 1934 (the "Exchange Act"). All statements other than statements of historical facts are statements that could be deemed 
forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the 
industries in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," 
"targets," "goals," "projects," "intends," "plans," "believes," "estimates," "seeks," "continues," "may," variations of such words 
and similar expressions are intended to identify such forward-looking statements. In addition, statements that refer to 
projections of our future financial performance, our anticipated growth and trends in our businesses and other 
characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-
looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict, 
including those identified below under "Risk Factors," and elsewhere herein. Therefore, actual results may differ materially and 
adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update publicly any 
forward-looking statements for any reason.
PART I 
Item 1.    Business 
General 
Tetra Tech, Inc. ("Tetra Tech") is a leading global provider of high-end consulting and engineering services that 
focuses on water, environment and sustainable infrastructure. We are a global company that is Leading with Science® to 
provide innovative solutions for our public and private clients. We typically begin at the earliest stage of a project by 
identifying technical solutions and developing execution plans tailored to our clients' needs and resources.  
Tetra Tech is Leading with Science® to provide sustainable and resilient solutions to our clients' most complex needs. 
Engineering News-Record ("ENR"), the engineering industry's leading magazine, has ranked Tetra Tech #1 in Water Treatment 
and Desalination for 11 years in a row. In 2024, we were also ranked #1 in consulting studies; environmental management; 
wind power; hydro plants; offshore and underwater facilities; site assessment and compliance; and green government offices. 
ENR also ranked Tetra Tech in the Top 10 in numerous categories, including dams and reservoirs, marine and port facilities, 
power, solar power, solid waste, environmental science, chemical and soil remediation, and hazardous waste.
 Our reputation for high-end consulting and engineering services and our ability to develop solutions for water and 
environmental management has supported our growth for more than 50 years. Our market leading climate mitigation and 
adaptation services are solving our clients' most complex challenges related to coastal flooding, water security, energy transition 
and biodiversity protection. Today, we are proud to be making a difference in people’s lives worldwide through our high-end 
consulting, engineering and technology service offerings. In fiscal 2024, we worked on over 100,000 projects, in more than 100 
countries on all seven continents, with a talent force of 30,000 associates. We are Leading with Science® throughout our 
operations, with domain experts across multiple disciplines supported by our advanced analytics, artificial intelligence ("AI"), 
machine learning and digital technology solutions. Our ability to provide innovative and first-of-kind solutions is enhanced by 
partnerships with our forward-thinking clients. We are diverse, equitable and inclusive, embracing the breadth of experience 
across our talented workforce worldwide with a culture of innovation and entrepreneurship. We are disciplined in our business, 
and focused on delivering value to customers and high performance for our shareholders. In supporting our clients, we seek to 
add value and provide long-term sustainable consulting, engineering and technology solutions.   
Our mission is to be the world's leading consulting and engineering firm solving global challenges in water and the 
environment that make a positive difference in people's lives worldwide.  
The following core principles form the underpinning of how we work together to serve our clients: 
•
Service.  We put our clients first. We listen closely to better understand our clients' needs and deliver smart, cost-
effective solutions that meet their needs. 
•
Value.  We solve our clients' problems as if they were our own. We develop and implement sustainable solutions 
that are innovative, efficient and practical. 
•
Excellence.  We bring superior technical capability, disciplined project management and excellence in safety and 
quality to all of our services. 
•
Opportunity.  Our people are our number one asset. Opportunity means new technical challenges that provide 
advancement within our company, encourage an inclusive and diverse workforce and ensure a safe workplace. 
We have a strong project management culture that enables us to deliver on more than 100,000 projects per fiscal year. 
Our client-focused project management is supported by strong fiscal management and financial tools. We use a disciplined 

4 
approach to monitoring, managing and improving our return on investment in each of our business areas through our efforts to 
negotiate appropriate contract terms, manage our contract performance to minimize schedule delays and cost overruns and 
promptly bill and collect accounts receivable.
We have built a broad client and contract base by proactively understanding our clients' priorities and demonstrating a 
long track record of successful performance that results in repeat business and limits competition. We believe that proximity to 
our clients is also instrumental to integrating global experience and resources with an understanding of our local clients' needs.
Throughout our history, we have supported both public and private clients, many for multiple decades of continuous 
contracts and repeat business. Long-term relationships provide us with institutional knowledge of our clients' programs, past 
projects and internal resources. Institutional knowledge is often a significant factor in winning competitive proposals and 
providing cost-effective solutions tailored to our clients' needs.
We are often at the leading edge of new challenges where we are delivering one-of-a-kind solutions. These might be a 
new water treatment technology, a unique solution to addressing coastal erosion, an AI-enabled system for remote assessment 
of infrastructure assets or a digital twin for real time management of water treatment systems.
We combine interdisciplinary capabilities, technical resources and institutional knowledge to implement complex 
projects that are at the leading edge of policy and technology development for our clients around the world. 
Leading with Science® 
At Tetra Tech, we provide value-generating solutions by combining operational expertise, science and technology. By 
Leading with Science® and leveraging our collective technology including advanced data analytics, digital technologies and AI, 
we create transformational solutions and provide subscription software solutions to our clients.
Tetra Tech's proprietary technologies and solutions, referred to collectively as the Tetra Tech Delta, differentiate us in 
the market and provide us with a competitive advantage. We create customized solutions; from smart data collection and 
advanced analytics that support decision making to AI-enabled solutions for asset management. Our Tetra Tech Delta 
technologies are drawn from our decades of operational experience and a reservoir of technical applications that are shared 
throughout our company as well as scalable solutions that are sold externally as software subscriptions. Our high-end teams 
connect interdisciplinary experts from across our company's 30,000 staff worldwide. Tetra Tech mobilizes teams that include 
analysts, statisticians, digital engineers and industry experts who effectively implement value-generating and pragmatic 
solutions for our clients.
These advanced analytical solutions enable us to provide clients with real-time reporting, automated and remote data 
collection and dashboards for tracking and communicating results. Tetra Tech Delta is continually expanding and includes 
cutting-edge tools on interpretive analysis, modeling of physical systems, forecasting and scenario analysis, optimization and 
operations research. Our subscription solutions provide our clients with extended capabilities for AI-enabled large scale data 
management, spatial data interpretation, and ability to build and utilize digital twins for land, coastal and structural assets. 
Leading with Science® also means fully leveraging the collective expertise provided by our global workforce of 
30,000 associates. We actively share information, ideas and resources across our global operations through our network 
structure, guided subject matter teams and project team building. We use company-wide virtual events to engage Tetra Tech 
experts world-wide to solve client challenges and identify the best ideas for further development. We also proactively share 
emerging technology and new ideas through our knowledge transfer system, Tetra Tech Technology Transfer ("T4"). T4 
facilitates our innovation culture through webcasts, blogs, multi-media and social media across our global operations. Our Tetra 
Tech Learning Hub provides a full suite of training resources including project management, leadership development, and 
broad technical skills. Learning Hub curriculum is provided through online training, virtual workshops and in-person events. 
Reportable Segments  
We manage our operations under two reportable segments. Our Government Services Group ("GSG") reportable 
segment primarily includes activities with U.S. government clients (federal, state and local) and all activities with development 
agencies worldwide. Our Commercial/International Services Group ("CIG") reportable segment primarily includes activities 
with U.S. commercial clients and international clients other than development agencies. These reportable segments allow us to 
capitalize on our growing market opportunities and enhance the development of high-end consulting and technical solutions to 
meet our growing client demand. 

5 
The following table presents the percentage of our revenue by reportable segment:  
Fiscal Year
Reportable Segment
2024
2023
2022
GSG
47.8%
47.7%
52.0%
CIG
53.6
53.6
49.6
Inter-segment elimination
(1.4)
(1.3)
(1.6)
100.0%
100.0%
100.0%
For additional information regarding our reportable segments, see Note 19, "Reportable Segments" of the "Notes to 
Consolidated Financial Statements" included in Item 8. For more information on risks related to our business, reportable 
segments and geographic regions, including risks related to foreign operations, see Item 1A, “Risk Factors” of this report.  
Government Services Group 
GSG provides high-end consulting and engineering services primarily to U.S. government clients (federal, state and 
local) and international development agencies worldwide. GSG supports U.S. government civilian and defense agencies with 
services in water, environment, sustainable infrastructure, information technology and disaster management. GSG also provides 
engineering design services for U.S. based federal and municipal clients, especially in water infrastructure, flood protection and 
solid waste. GSG also leads our support for development agencies worldwide, especially in the United States, the United 
Kingdom and Australia.  
GSG provides consulting and engineering services for a broad range of water, environment and sustainable 
infrastructure-related needs primarily for U.S. government clients. The primary GSG markets include water resources analysis 
and water management, environmental monitoring, data analytics, government consulting, waste management and a broad 
range of civil infrastructure master planning and resilient engineering design for facilities, transportation and local development 
projects. GSG's services span from early data collection and monitoring, to data analysis and information management, to 
science and engineering applied research, to engineering design, to project management and operations and maintenance. 
GSG provides our clients with sustainable solutions that optimize their water management and environmental 
programs to address regulatory requirements, improve operational efficiencies and manage assets. Our services advance 
resiliency through the "greening" of infrastructure, design of energy efficiency and resource conservation programs, innovation 
in the capture and sequestration of carbon, development of disaster preparedness and response plans and improvement in water 
and land resource management practices. We provide energy management consulting, and greenhouse gas ("GHG") inventory 
assessment, certification, reduction and management services. GSG also provides planning, architectural and engineering 
services for U.S. federal, state and local government facilities. We support government agencies with related resilient 
infrastructure needs, asset management for military housing and educational, institutional and research facilities.  
Many government organizations face complex problems due to increased demand and competition for water and 
natural resources, newly understood threats to human health and the environment, aging infrastructure and demand for new and 
more resilient infrastructure. Our integrated water management services support government agencies responsible for managing 
water supplies, wastewater treatment, storm water management and flood protection. We help our clients develop more resilient 
water supplies and more sustainable management of water resources, while addressing a wide range of local and national 
government requirements and policies. Fluctuations in weather patterns and extreme events, such as prolonged droughts and 
more frequent flooding, are increasing concerns over the reliability of water supplies, the need to protect coastal areas and flood 
mitigation and adaptation in metropolitan areas. We provide smart water infrastructure solutions that integrate water modeling, 
instrumentation and controls and real-time controls to create flexible water systems that respond to changing conditions, 
optimize use of existing infrastructure and provide clients with the ability to monitor and manage their water infrastructure 
more efficiently. We provide operational technology for secure management of water treatment and wastewater systems, 
including cybersecurity assessments and digital twin solutions. 
We also support government agencies in the full range of disaster response and community resilience services 
including monitoring and environmental response, damage assessment and program management services and resilient 
engineering design and mitigation planning. We have a full suite of Tetra Tech Delta technology and specialized software that 
support our disaster response, planning and management support services. These tools and procedures address disaster 
management and community resilience data management needs, including information technology systems, portals, 
dashboards, data management, data analytics and statistical analysis. 
GSG provides a wide range of consulting and engineering services for solid waste management, including landfill 
design and management, and recycling facility design throughout the United States; providing design, project management and 
maintenance services to manage solid and hazardous waste; as well as innovative renewable energy projects such as solar 

6 
energy-generating landfill caps; and providing full-service solutions for gas-to-energy facilities to efficiently use landfill 
methane gas. 
We provide high-end advanced analytics and information technology ("IT") consulting and support to various federal 
clients including AI applications, machine learning, modernization of IT systems and cloud migration. We design solutions to 
manage and analyze data for major federal agency programs including data related to health, security, environment and water 
programs. We provide technical support for the Federal Aviation Administration to optimize the U.S. airspace system and 
support related aviation systems integration for the U.S. and other countries' metropolitan airports. We provide specialized 
software products, modeling and data analytics for airspace acoustic analysis. Our aviation airspace services include data 
management, data processing, communications and outreach and systems development; and providing systems analysis and 
information management.   
We support governments in implementing international development programs for developing nations to help them 
address numerous challenges, including access to potable water, essential energy needs, economic development and climate 
adaptation. Our international development services include supporting donor agencies to develop safe and reliable water 
supplies and sanitation services, support the eradication of poverty, improve livelihoods, promote democracy and increase 
economic growth. Our programs span planning, designing, implementing, researching and monitoring projects and leverage 
advanced technology and AI-enabled analytics to collect, interpret and provide solutions for our clients. Key areas of focus 
include agriculture and rural development, governance and institutional development, natural resources and the environment, 
energy and power, infrastructure, economic growth, rule of law and justice systems, land tenure and property rights and training 
and consulting for public-private partnerships. Our projects also include building capacity and strengthening institutions in 
areas such as global health, energy sector reform, utility management, education, food security and local governance.  
Commercial/International Services Group  
CIG primarily provides high-end consulting and engineering services to U.S. commercial clients, and international 
clients inclusive of the commercial and government sectors. CIG supports commercial clients worldwide in renewable energy, 
industrial, high-performance buildings and aerospace markets. CIG also provides sustainable infrastructure and related 
environmental, engineering, and project management services to commercial and local government clients across Canada, in 
Asia Pacific (primarily Australia and New Zealand), Europe, the United Kingdom, and South America (primarily Brazil). 
CIG provides consulting and engineering services worldwide for a broad range of water, environment and sustainable 
infrastructure-related needs in both developed and emerging economies. The primary markets for CIG's services include natural 
resources, energy and utilities, as well as sustainable infrastructure master planning and engineering design for facilities, 
transportation and local development projects. CIG's services span from early data collection and monitoring to data analysis 
and information management, to feasibility studies and assessments, to science and engineering applied research, to engineering 
design, to project management and operations and maintenance. CIG advances the application and development of Tetra Tech 
Delta technologies and integrates our high-end AI-enabled software solutions for a wide range of applications including 
condition assessments, digital twins, integration of satellite and drone imagery and advanced rapid scanning techniques.  
CIG's environmental services include cleanup and beneficial reuse of sites contaminated with hazardous materials, 
toxic chemicals and oil and petroleum products, which cover all phases of the remedial planning process, starting with disaster 
response and initial site assessment through removal actions, remedial design and implementation oversight; and supporting 
both commercial and government clients in planning and implementing remedial activities at numerous sites around the world, 
and providing a broad range of environmental analysis and planning services. 
CIG also supports commercial clients by providing design services to renovate, upgrade and modernize industrial 
water supplies, and address industrial water treatment and water reuse needs; and provides plant engineering, project execution 
and program management services for industrial water treatment projects throughout the world. 
CIG provides planning, architectural and high-performance building engineering services for commercial and 
government facilities. We provide high-end design of sustainable energy, water and GHG decarbonization solutions including 
civil, electrical, mechanical, structural and hydraulic engineering for buildings, campuses and surrounding developments. We 
provide high-end services in addressing indoor health and associated assessment, consulting and retrofits of buildings to address 
indoor air quality and safety. We also provide engineering services for a wide range of clients with specialized needs, such as 
data centers, advanced manufacturing, security systems, training and audiovisual facilities, clean rooms, laboratories, medical 
facilities and disaster preparedness facilities. 
CIG's international services, especially in Canada, Europe, the United Kingdom, and Asia Pacific, include high-end 
analytical, engineering, architecture, geotechnical, project management and advisory services for infrastructure projects, 
including early project planning, rail and roadway monitoring and asset management services, collection of condition data, 
optimization of upgrades and long-term planning for expansion; multi-modal design services for commuter railway stations, 

7 
airport expansions, bridges and major highways and ports and harbors; and designing resilient solutions to repair, replace and 
upgrade older transportation infrastructure. 
CIG provides infrastructure design services in extreme and remote areas by using specialized techniques that are 
adapted to local resources, while minimizing environmental impacts, and considering potential climate change impacts. These 
include providing consulting, geotechnical and design services to owners of transportation, natural resources, energy and 
community infrastructure in areas of permafrost or extreme climate regions. 
CIG's energy services include support for electric power utilities and independent power producers worldwide, ranging 
from macro-level planning and management advisory services to project-specific environmental, engineering, project 
management and operational services, and advising on energy security and the design and implementation of smart grids, both 
domestically and internationally, including increasing utility automation, information and operational technologies and critical 
infrastructure security. For utilities and governmental regulatory agencies, our services include policy and regulatory 
development, utility management, performance improvement and asset management and evaluation. For developers and owners 
of renewable energy resources such as solar grid and off-grid, on-shore and off-shore wind, biogas and biomass, tidal, 
hydropower, conventional power generation facilities, micro-grid and battery or alternative storage facilities, as well as 
transmission and distribution assets, our services include environmental, electrical, mechanical and civil engineering, 
procurement, operations and maintenance and regulatory support for all project phases. 
CIG supports industrial clients globally. Our services include environmental permitting support, siting studies, 
strategic planning and analyses; design of site civil works; water management; biological and cultural assessments, and site 
investigations; and hazardous waste site remediation. 
CIG also provides environmental remediation and reconstruction services to evaluate and restore lands to beneficial 
use, remediating, and restoring contaminated facilities in the U.S. and around the world; managing large, complex sediment 
remediation programs that help restore rivers and coastal waters to beneficial use; and supporting utilities in the U.S. in 
implementing restoration and environmental management programs. 
Project Examples 
Project examples are provided on our company website located at tetratech.com, including expert interviews, in-depth 
articles and project profiles that demonstrate our services across water, environment, sustainable infrastructure, renewable 
energy and international development. 
Clients 
We provide services to a diverse base of U.S. federal government, U.S. state and local government, U.S. commercial 
and international clients. The following table presents the percentage of our revenue by client sector: 
Fiscal Year
Client Sector
2024
2023
2022
U.S. federal government (1)
32.2%
30.7%
30.4%
U.S. state and local government
11.8
13.4
17.2
U.S. commercial
17.5
19.2
21.4
International (2)
38.5
36.7
31.0
100.0%
100.0%
100.0%
(1)     Includes revenue generated under U.S. federal government contracts performed outside the United States. 
(2)     Includes revenue generated from non-U.S. clients, primarily in the United Kingdom, Australia and Canada.
U.S. federal government agencies are significant clients. The U.S. Agency for International Development accounted 
for 13.0%, 12.2% and 11.0% of our revenue in fiscal 2024, 2023 and 2022, respectively. The Department of Defense ("DoD") 
accounted for 8.5%, 8.9% and 9.7% of our revenue in fiscal 2024, 2023 and 2022, respectively. We typically support multiple 
programs within a single U.S. federal government agency, both domestically and internationally. We also assist U.S. state and 
local government clients in various jurisdictions across the United States. Our international clients are primarily focused in 
Canada, Australia, Europe and the United Kingdom, and consist of a relatively equal sized mix of government and commercial 
clients. Our U.S. commercial clients include companies in the chemical, energy, pharmaceutical, retail, aerospace and 
automotive industries. No single client, except for the U.S. federal government clients, accounted for more than 10% of our 
revenue in fiscal 2024.

8 
Contracts 
Our services are performed under three principal types of contracts with our clients: fixed-price, time-and-materials 
and cost-plus. The following table presents the percentage of our revenue by contract type: 
Fiscal Year
Contract Type
2024
2023
2022
Fixed-price
38.8%
36.3%
37.6%
Time-and-materials
45.0
48.0
46.7
Cost-plus
16.2
15.7
15.7
100.0%
100.0%
100.0%
Under a fixed-price contract, clients agree to pay a specified price for our performance of the entire contract or a 
specified portion of the contract. Some fixed-price contracts can include date-certain and/or performance obligations. Fixed-
price contracts carry certain inherent risks, including risks of losses from underestimating costs, delays in project completion, 
problems with new technologies, price increases for materials and economic and other changes that may occur over the contract 
period. Consequently, the profitability of fixed-price contracts may vary substantially. Under time-and-materials contracts, we 
are paid for labor at negotiated hourly billing rates and paid for other expenses. Profitability on these contracts is driven by 
billable headcount and cost control. Many of our time-and-materials contracts are subject to maximum contract values and, 
accordingly, revenue related to these contracts is recognized as if these contracts were fixed-price contracts. Under our cost-plus 
contracts, some of which are subject to a contract ceiling amount, we are reimbursed for allowable costs and fees, which may 
be fixed or performance-based. If our costs exceed the contract ceiling or are not allowable, we may not be able to obtain full 
reimbursement. Further, the amount of the fee received for a cost-plus award fee contract partially depends upon the client's 
discretionary periodic assessment of our performance on that contract. 
Some contracts with the U.S. federal government are subject to annual funding approval. U.S. federal government 
agencies may impose spending restrictions that limit the continued funding of our existing contracts and may limit our ability to 
obtain additional contracts. These limitations, if significant, could have a material adverse effect on us. All contracts with the 
U.S. federal government may be terminated by the government at any time, with or without cause. 
U.S. federal government agencies have formal policies against continuing or awarding contracts that would create 
actual or potential conflicts of interest with other activities of a contractor. These policies may prevent us from bidding for or 
performing government contracts resulting from or related to certain work we have performed. In addition, services performed 
for a commercial or government sector client may create conflicts of interest that preclude or limit our ability to obtain work for 
a private organization. We attempt to identify actual or potential conflicts of interest and to minimize the possibility that such 
conflicts could affect our work under current contracts or our ability to compete for future contracts. We have, on occasion, 
declined to bid on a project because of an existing or potential conflict of interest. 
Some of our operating units have contracts with the U.S. federal government that are subject to audit by the 
government, primarily the Defense Contract Audit Agency ("DCAA"). The DCAA generally seeks to (i) identify and evaluate 
all activities that contribute to, or have an impact on, proposed or incurred costs of government contracts; (ii) evaluate a 
contractor's policies, procedures, controls and performance; and (iii) prevent or avoid wasteful, careless and inefficient 
production or service. To accomplish this, the DCAA examines our internal control systems, management policies and financial 
capability; evaluates the accuracy, reliability and reasonableness of our cost representations and records; and assesses our 
compliance with Cost Accounting Standards ("CAS") and defective-pricing clauses found within the Federal Acquisition 
Regulation ("FAR"). The DCAA also performs an annual review of our overhead rates and assists in the establishment of our 
final rates. This review focuses on the allowability of cost items and the applicability of CAS. The DCAA also audits cost-based 
contracts, including the close-out of those contracts. 
The DCAA reviews all types of U.S. federal government proposals, including those of award, administration, 
modification and re-pricing. The DCAA considers our cost accounting system, estimating methods and procedures and specific 
proposal requirements. Operational audits are also performed by the DCAA. A review of our operations at every major 
organizational level is conducted during the proposal review period. During the course of its audit, the U.S. federal government 
may disallow certain costs if it determines that we accounted for such costs in a manner inconsistent with CAS. Under a 
government contract, only those costs that are reasonable, allocable and allowable are recoverable. A disallowance of costs by 
the U.S. federal government could have a material adverse effect on our financial results. 
In accordance with our corporate policies, we maintain controls to minimize any occurrence of fraud or other unlawful 
activities that could result in severe legal remedies, including the payment of damages and/or penalties, criminal and civil 
sanctions and debarment. In addition, we maintain preventative audit programs and mitigation measures to ensure that 
appropriate control systems are in place. 

9 
We provide services under contracts, purchase orders or retainer letters. Our policy requires that all contracts must be 
in writing. We bill our clients in accordance with the contract terms and periodically based on costs incurred, on either an 
hourly-fee basis or on a percentage-of-completion basis, as the project progresses. Most of our agreements permit our clients to 
terminate the agreements without cause upon payment of fees and expenses through the date of the termination. Generally, our 
contracts do not require that we provide performance bonds. If required, a performance bond, issued by a surety company, 
guarantees a contractor's performance under the contract. If the contractor defaults under the contract, the surety will, at its 
discretion, complete the job or pay the client the amount of the bond. If the contractor does not have a performance bond and 
defaults in the performance of a contract, the contractor is responsible for all damages resulting from the breach of contract. 
These damages include the cost of completion, together with possible consequential damages such as lost profits. 
Growth Strategy 
Our management team establishes Tetra Tech's overall business strategy. Our strategic plan defines and guides our 
investment in marketing and business development to leverage our differentiators and target priority programs and growth 
markets. We maintain centralized business development resources to develop our corporate branding and marketing materials, 
support proposal preparation and planning, conduct market research and manage promotional and professional activities, 
including appearances at trade shows, advertising and public relations. 
We have established company-wide growth initiatives that reinforce internal coordination, track the development of 
new programs, identify and coordinate collective resources for major bids and bring together high-end interdisciplinary teams 
that provide innovative solutions for major pursuits. Our growth initiatives provide a forum for cross-sector collaboration, 
access to technical solutions and the development of interdisciplinary solutions. We continuously identify new markets that are 
consistent with our strategic plan and service offerings, and we leverage our full-service capabilities and internal coordination 
structure to develop and implement strategies to research, anticipate and position us for future procurements and emerging 
programs. Our Tetra Tech Delta program facilitates access and exchange of technology solutions and AI-enabled software 
solutions across our company, through the use of internal training, inventories and facilitated virtual networking events. 
Business development activities are implemented by our technical and professional management staff throughout Tetra 
Tech with the support of company-wide resources and expertise. Our project managers and technical staff have the best 
understanding of our clients' needs and the effect of client-specific issues, local laws and regulations and procurement 
procedures. Our professional staff members hold frequent meetings with existing and potential clients; give presentations to 
civic and professional organizations and present seminars on research and technical applications. Effective development of 
business is facilitated by each staff member's access to all of our service offerings including our Tetra Tech Delta technology 
resources and software. Our strong internal networking programs help our professional staff members to pursue new 
opportunities and build multi-disciplinary teams for both existing and new clients. These networks also facilitate our ability to 
provide services throughout the project life cycle from the early studies to operations and maintenance. Networking is further 
supported by our enterprise-wide knowledge management systems which include skills search tools, business development 
tracking and collaboration tools. 
To support our growth plans, we actively attract, recruit, engage and retain key hires. Our combination of high-end 
science, technology resources and consulting culture coupled with practical applications provides challenging and rewarding 
opportunities for our workforce, thereby enhancing our ability to recruit and retain top quality talent. Our internal networking 
programs, leadership training, entrepreneurial environment, focus on Leading with Science® and global project portfolio help 
to attract and retain highly qualified individuals.
Our strategic growth plans are augmented by our selective investment in acquisitions aligned with our business. 
Acquisitions advance our strategy by adding new technologies, broadening our service offerings, adding contract capacity and 
expanding our geographic presence. Our long-established experience in identifying and integrating acquisitions strengthens our 
ability to integrate and rapidly leverage the resources of the acquired companies post-acquisition. 
Sustainability Program 
Sustainability is an integral part of our global business, rooted in our internal culture and extending throughout our 
projects around the world. For more than 50 years, we have leveraged cutting-edge expertise and the latest technology to 
deliver more sustainable solutions to clients and continually improve the way we do business.
Through our Sustainability Program, we monitor environmental, social and governance ("ESG") metrics, including 
human capital elements. We continue to enhance the sustainability of our daily practices, reduce our GHG emissions, and 
provide an exceptional working environment for our employees across our global operations. As a signatory of the United 
Nations ("UN") Global Compact on human rights, labor, environment and anti-corruption, we embrace the UN Global 
Compact's Ten Principles as part of the strategy, culture and daily operations of our company. 
We actively engage with our stakeholders, internally and externally, to encourage input on the materiality of various 
ESG issues to Tetra Tech and have incorporated input into our double materiality analysis and sustainability program. Our 

10 
annual sustainability reporting and key metrics are aligned with the priorities we have set on ethics, human capital, professional 
development, and health & safety. We report on human capital metrics, including gender balance, racial and ethnic diversity in 
our workforce, employee engagement and professional development. We have supplier programs that integrate and emphasize 
sustainability in the procurement of goods and services and subcontracting for our projects. We have reported annually on GHG 
emissions for more than a decade, significantly reducing our emissions from program inception. In 2021, we expanded our 
reporting and set new goals for scope 1, 2, and 3 emissions. Based on input from stakeholders and in recognition of the 
importance of the project work we perform each year, in 2021 we also initiated our Billion People Challenge, with the 
overarching goal to improve the lives of one billion people by 2030. The Billion People Challenge progress is evaluated each 
year based on our annual project impact analysis in five categories that are closely aligned with the Global Reporting Initiative 
standards and the UN Sustainable Development Goals. 
Our Sustainability Program is led by our Chief Sustainability Officer, who has been appointed by our Board of 
Directors and is supported by corporate and operations representatives through our Sustainability Council. We continuously 
review sustainability-related policies and practices, integrate input from stakeholders, and assess the results of our efforts in 
order to make future improvements. Tetra Tech's Board of Directors reviews and approves the Sustainability Program and 
evaluates our progress in achieving the goals and objectives outlined in our plan. As part of our membership in the UN Global 
Compact, we annually report on the Communication on Progress using Tetra Tech's Sustainability Report. 
Acquisitions and Divestitures 
Acquisitions.    We continuously evaluate the marketplace for acquisition opportunities to further our strategic growth 
plans. Due to our reputation, size, financial resources, geographic presence and range of services, we have numerous 
opportunities to acquire privately and publicly held companies or selected portions of such companies. We evaluate an 
acquisition opportunity based on its ability to strengthen our leadership in the markets we serve, the technologies and solutions 
they provide and the additional new geographies and clients they bring. Also, during our evaluation, we examine an 
acquisition's ability to drive organic growth, its accretive effect on long-term earnings and its ability to generate return on 
investment. Generally, we proceed with an acquisition if we believe that it will strategically expand our service offerings, 
improve our long-term financial performance and increase shareholder returns. 
We view acquisitions as a key component in the execution of our growth strategy, and we intend to use cash, debt or 
equity, as we deem appropriate, to fund acquisitions. We may acquire other businesses that we believe are synergistic and will 
ultimately increase our revenue and net income, strengthen our ability to achieve our strategic goals, provide critical mass with 
existing clients and further expand our lines of service. We typically pay a purchase price that results in the recognition of 
goodwill, generally representing the intangible value of a successful business with an assembled workforce specialized in our 
areas of interest. Acquisitions are inherently risky, and no assurance can be given that our previous or future acquisitions will be 
successful or will not have a material adverse effect on our financial position, results of operations or cash flows. All 
acquisitions require the approval of our Board of Directors.  
In the second quarter of fiscal 2024, we acquired LS Technologies ("LST"), an innovative U.S. federal enterprise 
technology services and management consulting firm based in Fairfax, Virginia. LST provides high-end consulting and 
engineering services including advanced data analytics, cybersecurity and digital transformation solutions to U.S. government 
clients. In the third quarter of fiscal 2024, we also acquired Convergence Controls & Engineering ("CCE"), an industry leader 
in process automation and systems integration solutions. CCE’s expertise includes customized digital controls and software 
solutions, advanced data analytics, cloud data integration and cybersecurity applications. Both LST and CCE are included in 
our GSG segment. 
In the second quarter of fiscal 2023, we completed the acquisition of RPS Group plc ("RPS"), a publicly traded 
company on the London Stock Exchange in an all-cash transaction totaling $784 million. We funded the RPS acquisition with 
debt, net of $109 million in proceeds from a foreign exchange forward contract that we entered into at the same time we made 
the formal offer to acquire RPS on September 23, 2022. RPS employs approximately 5,000 associates in the United Kingdom, 
Europe, Asia Pacific and North America, delivering high-end solutions, especially in energy transformation, water and program 
management for government and commercial clients. Substantially all of RPS is included in our CIG segment. 
In the second quarter of fiscal 2023, we also acquired Amyx, Inc. (“Amyx”), an enterprise technology services, 
cybersecurity and management consulting firm based in Reston, Virginia. With over 500 employees, Amyx provides application 
modernization, cybersecurity, systems engineering, financial management and program management support on over 30 U.S. 
federal government programs. Amyx is included in our GSG segment.  
For detailed information regarding acquisitions, see Note 5, "Acquisitions" of the "Notes to Consolidated Financial 
Statements" included in Item 8. 
Divestitures.    We regularly review and evaluate our existing operations to determine whether our business model 
should change through the divestiture of certain businesses. Accordingly, from time to time, we may divest or wind-down 
certain non-core businesses and reallocate our resources to businesses that better align with our long-term strategic direction. In 

11 
the fourth quarter of fiscal 2024, we agreed to divest a financially immaterial subsidiary in South America and a line of business 
in Australia. We did not divest any businesses in fiscal 2023.
Competition 
The market for our services is generally competitive. We often compete with many other firms ranging from small 
regional firms to large international firms. 
We perform a broad spectrum of consulting, engineering and technical services across the water, environment, 
sustainable infrastructure, renewable energy and international development markets. Our competition varies and is a function of 
the business areas in which, and the client sectors for which, we perform our services. The number of competitors for any 
procurement can vary widely, depending upon technical qualifications, the relative value of the project, geographic location, the 
financial terms and risks associated with the work and any restrictions placed upon competition by the client. Historically, 
clients have chosen among competing firms by weighing the quality, innovation and timeliness of the firm's service versus its 
cost to determine which firm offers the best value.  
Our competitors vary depending on end markets and clients, and often we may only compete with a portion of a firm. 
We believe that our principal competitors include the following firms, in alphabetical order: AECOM; Arcadis NV; 
AtkinsRéalis; Black & Veatch Corporation; Booz Allen Hamilton; Brown & Caldwell; CDM Smith Inc.; Chemonics 
International, Inc.; Exponent, Inc.; GHD; ICF International, Inc.; Jacobs Solutions, Inc.; Leidos, Inc.; SAIC; Stantec Inc.; TRC 
Companies, Inc.; Weston Solutions, Inc.; and WSP Global Inc. 
Backlog 
We include in our backlog only those contracts for which funding has been provided and work authorization has been 
received. We estimate that approximately 70% of our backlog at the end of fiscal 2024 will be recognized as revenue in fiscal 
2025, as work is being performed. However, we cannot guarantee that the revenue projected in our backlog will be realized or, 
if realized, will result in profits. In addition, project cancellations or scope adjustments may occur with respect to contracts 
reflected in our backlog. For example, certain of our contracts with the U.S. federal government and other clients are terminable 
at the discretion of the client, with or without cause. These types of backlog reductions could adversely affect our revenue and 
margins. Accordingly, our backlog as of any particular date is an uncertain indicator of our future earnings. 
Our backlog at fiscal 2024 year-end was $5.4 billion, an increase of $586 million, or 12.2%, compared to fiscal 
2023 year-end. Of this amount, GSG and CIG reported $3.2 billion and $2.2 billion of backlog, respectively, at fiscal 2024 
year-end.  
Regulations 
We engage in various service activities that are subject to government oversight, including environmental laws and 
regulations, general government procurement laws and regulations and other regulations and requirements imposed by the 
specific government agencies with which we conduct business. 
Environmental.    A significant portion of our business involves the planning, design and program management of 
pollution control facilities, as well as the assessment and management of remediation activities at hazardous waste sites, U.S. 
Superfund sites and military bases. In addition, we contract with U.S. federal government entities to destroy hazardous 
materials. These activities require us to manage, handle, remove, treat, transport and dispose of toxic or hazardous substances.
Some environmental laws, such as the U.S. Superfund law and similar state, provincial and local statutes, can impose 
liability for the entire cost of clean-up for contaminated facilities or sites upon present and former owners and operators, as well 
as generators, transporters and persons arranging for the treatment or disposal of such substances. In addition, while we strive to 
handle hazardous and toxic substances with care and in accordance with safe methods, the possibility of accidents, leaks, spills 
and events of force majeure always exist. Humans exposed to these materials, including workers or subcontractors engaged in 
the transportation and disposal of hazardous materials and persons in affected areas, may be injured or become ill. This could 
result in lawsuits that expose us to liability and substantial damage awards. Liabilities for contamination or human exposure to 
hazardous or toxic materials, or a failure to comply with applicable regulations, could result in substantial costs, including 
clean-up costs, fines, civil or criminal sanctions, third party claims for property damage or personal injury or the cessation of 
remediation activities. 
Certain of our business operations are covered by U.S. Public Law 85-804, which provides for government 
indemnification against claims and damages arising out of unusually hazardous activities performed at the request of the 
government. Due to changes in public policies and law, however, government indemnification may not be available in the case 
of any future claims or liabilities relating to other hazardous activities that we perform. 
Government Procurement.    The services we provide to the U.S. federal government are subject to the FAR and other 
rules and regulations applicable to government contracts. These rules and regulations:

12 
•
require certification and disclosure of all cost and pricing data in connection with the contract negotiations under 
certain contract types; 
•
impose accounting rules that define allowable and unallowable costs and otherwise govern our right to 
reimbursement under certain cost-based government contracts; and 
•
restrict the use and dissemination of information classified for national security purposes and the exportation of 
certain products and technical data. 
In addition, services provided to the DoD and U.S. federal civil agencies are monitored by the Defense Contract 
Management Agency and audited by the DCAA. Our government clients can also terminate any of their contracts, and many of 
our government contracts are subject to renewal or extension annually. Further, the services we provide to state and local 
government clients are subject to various government rules and regulations. 
Seasonality 
We experience seasonal trends in our business. Our revenue and operating income are typically lower in the first half 
of our fiscal year, primarily due to the Thanksgiving (in the U.S. and Canada), Christmas and New Year's holidays. Many of our 
clients' employees, as well as our own employees, take vacations during these holiday periods. Further, seasonal inclement 
weather conditions occasionally cause some of our offices to close temporarily or may hamper our project field work in the 
northern hemisphere's temperate and arctic regions. These occurrences result in fewer billable hours worked on projects and, 
correspondingly, less revenue recognized. 
Climate Risk Assessment
We assess the impact of climate risk and opportunity on our operations and business periodically, with the oversight of 
our Board of Directors. Climate risk is a consideration in business continuity planning and security in regions that may 
experience climate-related disruptions due to extreme weather, fires, or flooding. Climate related impacts may also create 
increased demand for our services for response and longer-term recovery needs. In some cases, we may be working in regions 
that also experience socio-political impacts and security disruptions due to the impacts of extreme weather or prolonged 
drought conditions. As a professional services company, our workforce is highly mobile, able to work remotely, and can in most 
cases quickly adapt to changes in local conditions. We have business continuity planning and processes in place to address any 
acute impact to locally affected operations and have the ability to rapidly move to remote and flexible working arrangements 
while restoring or relocating affected operations. We maintain a strong information technology infrastructure to facilitate 
remote working and provide virtual access to systems. Our enterprise and project data is accessible through cloud-based 
systems, reducing the risk of localized disruptions of data access and computer systems. Our offices are typically leased, so we 
are not at significant risk of physical building assets being impacted. Selecting project activities can be impacted by climate 
related events; however, these are addressed through our extensive project risk management process. Climate-related 
disruptions do, in many cases, result in increased opportunity for project work for Tetra Tech. We provide post-disaster response 
services and may have additional demand for our expertise if there is an increase in the frequency of climate related events. We 
are able to mobilize rapidly to deploy additional staff and resources to affected areas. Furthermore, our business includes 
providing a wide range of water, environment and sustainable infrastructure services, many of which are increasingly in 
demand to address the longer-term impacts associated with drought, water scarcity, heat, flooding and fire risk.
Risk Management and Insurance 
Our business activities could expose us to potential risk and liability under various laws and under workplace health 
and safety regulations. In addition, we occasionally assume liability by contract under indemnification agreements. We cannot 
predict the magnitude of such potential liabilities. Our Office of Risk Management reviews and oversees the risk profile of our 
operations, and reports to our Board of Directors. 
We maintain a comprehensive general liability insurance policy with an umbrella policy that covers losses beyond the 
general liability limits. We also maintain professional errors and omissions liability, contractor's pollution liability, and cyber 
liability insurance policies. We believe that these policies provide adequate coverage for our business. When we perform 
higher-risk work, we obtain, if available, the necessary types of insurance coverage for such activities, as is typically required 
by our clients. 
We obtain insurance coverage through a broker that is experienced in our industry. The broker and our risk manager 
regularly review the adequacy of our insurance coverage. Because there are various exclusions and retentions under our 
policies, or an insurance carrier may become insolvent, there can be no assurance that all potential liabilities will be covered by 
our insurance policies or paid by our carrier. 
We evaluate the risk associated with insurance claims. If we determine that a loss is probable and reasonably 
estimable, we establish an appropriate reserve. A reserve is not established if we determine that a claim has no merit or is not 
probable or reasonably estimable. Our historic levels of insurance coverage and reserves have been adequate. However, 

13 
partially or completely uninsured claims, if successful and of significant magnitude, could have a material adverse effect on our 
business. 
Human Capital Management 
Employees.  At fiscal 2024 year-end, we had approximately 30,000 staff worldwide. A large percentage of our 
employees have technical and professional backgrounds and undergraduate and/or advanced degrees, including the employees 
of recently acquired companies. Our professional staff includes, but is not limited to, analysts, archaeologists, architects, 
biologists, chemical engineers, chemists, civil engineers, data scientists, computer scientists, digital engineers, economists, 
electrical engineers, environmental engineers, environmental scientists, geologists, hydrogeologists, mechanical engineers, 
software engineers, statisticians, oceanographers, project managers and toxicologists. We consider the current relationships with 
our employees to be favorable. We are not aware of any employment circumstances that are likely to disrupt work at any of our 
facilities. See Part I, Item 1A, "Risk Factors" for a discussion of the risks related to the loss of key personnel or our inability to 
attract and retain qualified personnel.
Health and Safety.  Tetra Tech is committed to providing and maintaining a healthy and safe work environment for our 
associates. We provide training to all associates to support the safe execution of their work to improve their understanding of 
behaviors that can be perceived as discriminatory, exclusionary and/or harassing, and provide safe avenues for associates to 
report such behaviors.
Ethics and Compliance.  Tetra Tech maintains an unwavering commitment to integrity, ethical practices, and 
conducting business in full compliance with the law. Our Code of Business Ethics and Conduct outlines the general ethical 
principles that help us make the right decisions when conducting business worldwide. To support our employees, we provide a 
variety of resources and trainings and offer multiple avenues to raise questions or concerns - to help ensure long-term success 
for our employees, company, clients, and shareholders.
Diversity, Equity, Inclusion and Accessibility.  Tetra Tech brings together engineers and technical specialists from all 
backgrounds to solve our clients' most challenging problems. Our Diversity, Equity, Inclusion and Accessibility ("DEIA") 
Policy guides the Board of Directors, management, associates, subcontractors and partners in developing an inclusive culture. 
Our DEIA Council monitors Tetra Tech's diversity, equity, inclusion and accessibility practices and makes recommendations to 
the Board of Directors and Chief Executive Officer for any changes or improvements to our program. 
Tetra Tech values diversity, equity, inclusion and accessibility and undertakes various efforts throughout its operations 
to promote these initiatives. Our current efforts are focused on these primary areas: 
•
Equal employment opportunity. Tetra Tech ensures that our practices and processes attract a diverse range of 
candidates and that candidates are recruited, hired, assigned, developed and promoted based on merit and their 
alignment with our values. 
•
Enhancing learning and development opportunities. To support our employees in reaching their full potential, 
Tetra Tech offers a wide range of internal and external learning and development opportunities. Education 
assistance is offered to financially support associates who seek to expand their knowledge and skill base. 
As part of Tetra Tech's commitment to a culture of inclusion, our Employee Resource Group ("ERG") Program 
broadens and enhances company-wide interaction opportunities for our employees. Tetra Tech's ERGs are open to all associates 
and involve activities for both employees whose background is the focus of the ERG and those who are supportive of the group 
(also known as allies). These global networks build on and coordinate with the many local networks that are already active 
throughout our operations and include groups focused on the experiences of Black, Latino, Pan-Asian, Women, Veterans, 
Disabled and LGBTQIA+ employees and emerging professionals. 
Professional Development.  Tetra Tech provides access for all employees to training, technical exchange and 
collaboration, and skill development resources through its customized Learning Management System, providing professional 
development opportunities throughout our employees' careers. Technology skills development includes access to a series of live 
webcasts and recorded technology transfer sessions. Company-wide networking events provide interactive skills development 
activities. Employees are also provided with access to training in leadership development, project management skills, and 
interpersonal skills development. Various personal development and wellness programs are sponsored by our Human Resources 
team. Our Corporate Information Technology team provides access to software training and skills development modules to all 
employees. Tetra Tech also supports our employees in discipline specific training, certifications, and accreditation programs 
across the Company. Programs such as specific health and safety programs, hazardous waste investigation, environmental 
certifications, and professional certifications are encouraged as per client, project and professional development needs. 

14 
Executive Officers of the Registrant 
The following table shows the name, age and position of each of our executive officers as of November 19, 2024: 
Name
Age
Position
Dan L. Batrack
 66 Chairman, Chief Executive Officer and President
Mr. Batrack joined our predecessor in 1980 and was named Chairman in January 2008. 
He has served as our Chief Executive Officer and a director since November 2005, and 
as our President from October 2008 to September 2019. Mr. Batrack has served in 
numerous capacities over the last 40 years, including arctic research scientist, deep 
water oceanographic hydrographer, coastal hydrodynamic modeler, environmental data 
analyst, project and program manager, President of the Engineering Division, and in 
2004 he was appointed Chief Operating Officer. He has managed complex programs 
for many small and Fortune 500 clients, both in the United States and internationally. 
Mr. Batrack holds a B.A. degree in Business Administration from the University of 
Washington. 
Steven M. Burdick
 60 Executive Vice President, Chief Financial Officer
Mr. Burdick has served as our Executive Vice President, Chief Financial Officer since 
April 2011. He served as our Senior Vice President, Corporate Controller and Chief 
Accounting Officer from January 2004 to March 2011. Mr. Burdick joined us in April 
2003 as Vice President, Management Audit. Previously, Mr. Burdick served in senior 
financial and executive positions with Aura Systems, Inc., TRW Ventures, and Ernst & 
Young LLP. Mr. Burdick holds a B.S. degree in Business Administration from Santa 
Clara University and is a Certified Public Accountant.
Leslie Shoemaker
 67 Executive Vice President, Chief Innovation and Sustainability Officer 
Dr. Shoemaker currently serves as Executive Vice President, Chief Innovation and 
Sustainability Officer focused on the advancement of Tetra Tech Delta technologies, 
development and deployment of our subscription software offerings, and company-
wide technology innovation programs. Dr. Shoemaker joined us in 1991, and has 
served in various management capacities, including Tetra Tech President, Chief 
Strategist, business group president, and water resources project manager. Her 
technical expertise is in the development models and data analytics  that leverage 
emerging technologies to optimize the management of large-scale complex watersheds. 
Since the inception of our sustainability program in 2010, she has served as Chief 
Sustainability Officer leading the formation and evolution of the program. Dr. 
Shoemaker holds a B.A. in Mathematics from Hamilton College, a Master of 
Engineering from Cornell University and a Ph.D. in Agricultural Engineering from the 
University of Maryland. She was inducted into the United States' National Academy of 
Engineers in 2022.

15 
Name
Age
Position
Roger R. Argus
 63 Executive Vice President, President of CIG 
Mr. Argus is a chemical engineer with 39 years of experience, including over 30 years 
with us in operational leadership, program and project management and quality 
assurance for projects encompassing a broad spectrum of environmental, engineering, 
information technology and disaster management services. Mr. Argus has also been 
responsible for managing multidisciplinary contracts and projects in support of the 
U.S. federal government (i.e., U.S. Navy, the U.S. Army Corps of Engineers and the 
Environmental Protection Agency), state and municipal agencies and private clients 
nationwide. The scope of his technical experience includes planning and directing 
environmental programs, developing data acquisition, management and analytics 
solutions, fund research and development support for innovative environmental 
technologies and waste treatment systems, municipal resiliency and sustainability 
programs. Mr. Argus holds a B.S. in Chemical Engineering from California State 
University, Long Beach.
Brian N. Carter
 57 Senior Vice President, Corporate Controller and Chief Accounting Officer
Mr. Carter joined us as Vice President, Corporate Controller and Chief Accounting 
Officer in June 2011 and was appointed Senior Vice President in October 2012. 
Previously, Mr. Carter served in finance and auditing positions in private industry and 
with Ernst & Young LLP. Mr. Carter holds a B.S. in Business Administration from 
Miami University and is a Certified Public Accountant.
Preston Hopson
 48 Executive Vice President, Chief Legal and Human Capital Officer
Mr. Hopson joined us as Senior Vice President, General Counsel and Secretary to the 
Board of Directors in January 2018, was appointed Executive Vice President, Chief 
Legal and Human Capital officer in November 2024. He also serves as the Chief Ethics 
and Compliance Officer. Previously, Mr. Hopson served as Vice President, Assistant 
General Counsel and Assistant Corporate Secretary at AECOM. Prior to this, he was a 
corporate and securities lawyer at O’Melveny & Myers LLP and also worked at the 
U.S. Court of Appeals. Mr. Hopson holds B.A. and J.D. degrees from Yale University.

16 
Available Information 
Our internet website address is www.tetratech.com. We made available, free electronic copies of our annual reports on 
Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports through the 
“Investor Relations” portion of our website, under the heading “SEC Filings” filed under “Financial Information.” These 
reports are available on our website as soon as reasonably practicable after we electronically file them with the Securities and 
Exchange Commission ("SEC"). These reports, and any amendments to them, are also available at the Internet website of the 
SEC, https://www.sec.gov. Also available on our website are our Corporate Governance Policies, Board Committees, Corporate 
Code of Conduct and Finance Code of Professional Conduct. 
Item 1A.    Risk Factors 
We operate in a changing environment that involves numerous known and unknown risks and uncertainties that could 
materially adversely affect our operations. Set forth below and elsewhere in this report and in other documents we file with the 
SEC are descriptions of the risks and uncertainties that could cause our actual results to differ materially from the results 
contemplated by the forward-looking statements contained in this report. Additional risks we do not yet know of or that we 
currently think are immaterial may also affect our business operations. If any of the events or circumstances described in the 
following risks actually occurs, our business, financial condition or results of operations could be materially adversely affected.
Risks Related to Our Business and Operations
If we fail to complete a project in a timely manner, miss a required performance standard or otherwise fail to adequately 
perform on a project, then we may incur a loss on that project, which may reduce or eliminate our overall profitability.
Our engagements often involve large-scale, complex projects. The quality of our performance on such projects 
depends in large part upon our ability to manage the relationship with our clients and our ability to effectively manage the 
project and deploy appropriate resources, including third-party contractors and our own personnel, in a timely manner. We may 
commit to a client that we will complete a project by a scheduled date. We may also commit that a project, when completed, 
will achieve specified performance standards. If the project is not completed by the scheduled date or fails to meet required 
performance standards, we may either incur significant additional costs or be held responsible for the costs incurred by the 
client to rectify damages due to late completion or failure to achieve the required performance standards. The uncertainty of the 
timing of a project can present difficulties in planning the amount of personnel needed for the project. If the project is delayed 
or canceled, we may bear the cost of an underutilized workforce that was dedicated to fulfilling the project. In addition, 
performance of projects can be affected by a number of factors beyond our control, including unavoidable delays from 
government inaction, public opposition, inability to obtain financing, weather conditions, unavailability of materials, changes in 
the project scope of services requested by our clients, industrial accidents, environmental hazards and labor disruptions. To the 
extent these events occur, the total costs of the project could exceed our estimates, and we could experience reduced profits or, 
in some cases, incur a loss on a project, which may reduce or eliminate our overall profitability. Further, any defects or errors, 
or failures to meet our clients’ expectations, could result in claims for damages against us. Failure to meet performance 
standards or complete performance on a timely basis could also adversely affect our reputation and client base. 
Demand for our services is cyclical and vulnerable to economic downturns. If economic growth slows, government fiscal 
conditions worsen or client spending declines, then our revenue, profits and financial condition may deteriorate.
Demand for our services is cyclical, and vulnerable to economic downturns and reductions in government and private 
industry spending. Such downturns or reductions may result in clients delaying, curtailing or canceling proposed and existing 
projects. Our business traditionally lags the overall recovery in the economy; therefore, our business may not recover 
immediately when the economy improves. If economic growth slows, government fiscal conditions worsen or client spending 
declines, then our revenue, profits and overall financial condition may deteriorate. Our government clients may face budget 
deficits that prohibit them from funding new or existing projects. In addition, our existing and potential clients may either 
postpone entering into new contracts or request price concessions. Difficult financing and economic conditions may cause some 
of our clients to demand better pricing terms or delay payments for services we perform, thereby increasing the average number 
of days our receivables are outstanding and the potential of increased credit losses of uncollectible invoices. Further, these 
conditions may result in the inability of some of our clients to pay us for services that we have already performed. If we are not 
able to reduce our costs quickly enough to respond to the revenue decline from these clients, our operating results may be 
adversely affected. Accordingly, these factors affect our ability to forecast our future revenue and earnings from business areas 
that may be adversely impacted by market conditions. Any of these factors could adversely affect the demand for our services, 
which could have a material adverse effect on our business, results of operations and financial condition. 
Our industry is highly competitive, and we may be unable to compete effectively, which could result in reduced revenue, 
profitability and market share. 
We are engaged in a highly competitive business. The markets that we serve are highly fragmented and we compete 
with many regional, national and international companies. Certain of these competitors have greater financial and other 

17 
resources than we do. Others are smaller and more specialized and concentrate their resources in particular areas of expertise. 
The extent of our competition varies according to certain markets and geographic area. In addition, the technical and 
professional aspects of some of our services generally do not require large upfront capital expenditures and provide limited 
barriers against new competitors.  
The degree and type of competition that we face is also influenced by the type and scope of a particular project. Our 
clients make competitive determinations based upon qualifications, experience, performance, reputation, technology, customer 
relationships and ability to provide the relevant services in a timely, safe and cost-efficient manner. This competitive 
environment could force us to make price concessions or otherwise reduce prices for our services. If we are unable to maintain 
our competitiveness and win bids for future projects, our market share, revenue and profits will decline. 
Our international operations expose us to legal, political and economic risks in different countries as well as currency 
exchange rate fluctuations that could harm our business and financial results.
In fiscal 2024, we generated 38.5% of our revenue from our international operations, primarily in Canada, Australia, 
Europe, the United Kingdom and from international clients for work that is performed by our domestic operations. International 
business is subject to a variety of risks, including: imposition of governmental controls and changes in laws, regulations or 
policies; lack of developed legal systems to enforce contractual rights; greater risk of uncollectible accounts and longer 
collection cycles; currency exchange rate fluctuations, devaluations and other conversion restrictions; uncertain and changing 
tax rules, regulations and rates; the potential for civil unrest, acts of terrorism, force majeure, war or other armed conflict and 
greater physical security risks, which may cause us to have to leave a country quickly; logistical and communication 
challenges; changes in regulatory practices, including trade policies, tariffs and taxes; changes in labor conditions; general 
economic, political and financial conditions in foreign markets; and exposure to civil or criminal liability under the U.S. 
Foreign Corrupt Practices Act (“FCPA”), the U.K. Bribery Act, the Canadian Corruption of Foreign Public Officials Act, the 
Brazilian Clean Companies Act, the anti-boycott rules, trade and export control regulations as well as other international 
regulations. 
International risks and violations of international regulations may significantly reduce our revenue and profits, and 
subject us to criminal or civil enforcement actions, including fines, suspensions or disqualification from future U.S. federal 
procurement contracting. Although we have policies and procedures to monitor legal and regulatory compliance, our 
employees, subcontractors and agents could take actions that violate these requirements. As a result, our international risk 
exposure may be more or less than the percentage of revenue attributed to our international operations. 
Continuing worldwide political, social and economic uncertainties may adversely affect our revenue and profitability.
The last several years have been periodically marked by political, social and economic concerns, including decreased 
consumer confidence, the lingering effects of international conflicts, and higher energy costs and inflation. Ongoing instability 
and current conflicts in global markets, including Eastern Europe, the Middle East and Asia, and the potential for other conflicts 
and future terrorist activities and other recent geopolitical events throughout the world, including the ongoing state of war 
between Israel and Hamas and the related larger regional conflict, have created and may continue to create economic and 
political uncertainties and impacts. This instability can make it extremely difficult for our clients, our vendors and us to 
accurately forecast and plan future business activities, and could cause constrained spending on our services, delays and a 
lengthening of our business development efforts, the demand for more favorable pricing or other terms and/or difficulty in 
collection of our accounts receivable. Our government clients may face budget deficits that prohibit them from funding 
proposed and existing projects. Further, ongoing economic instability in the global markets could limit our ability to access the 
capital markets at a time when we would like, or need, to raise capital, which could have an impact on our ability to react to 
changing business conditions or new opportunities. If economic conditions remain uncertain or weakened, or government 
spending is reduced, our revenue and profitability could be adversely affected. 
Our backlog is subject to cancellation, unexpected adjustments and changing economic conditions and is an uncertain 
indicator of future operating results.
Our backlog at fiscal 2024 year-end was $5.4 billion, an increase of $586 million, or 12.2%, compared to fiscal 2023 
year-end. We include in backlog only those contracts for which funding has been provided and work authorizations have been 
received. We cannot guarantee that the revenue projected in our backlog will be realized or, if realized, will result in profits. In 
addition, project delays, suspensions, terminations, cancellations, reductions in scope, or other adjustments do occur from time 
to time in our industry due to considerations beyond our control and may have a material impact on the value of reported 
backlog with a corresponding adverse impact on future revenues and profitability. For example, certain of our contracts with the 
U.S. federal government and other clients are terminable at the discretion of the client, with or without cause. These types of 
backlog reductions could adversely affect our revenue and margins. As a result of these factors, our backlog as of any particular 
date is an uncertain indicator of our future earnings. 

18 
The loss of key personnel or our inability to attract and retain qualified personnel could impair our ability to provide 
services to our clients and otherwise conduct our business effectively.
As primarily a professional and technical services company, we are labor-intensive and, therefore, our ability to attract, 
retain and expand our senior management and our professional and technical staff is an important factor in determining our 
future success. The market for qualified scientists and engineers is competitive and, from time to time, it may be difficult to 
attract and retain qualified individuals with the required expertise within the timeframe demanded by our clients. For example, 
some of our U.S. government contracts may require us to employ only individuals who have particular government security 
clearance levels. In addition, if we are unable to retain executives and other key personnel, the roles and responsibilities of 
those employees will need to be filled, which may require that we devote time and resources to identify, hire and integrate new 
employees. The loss of the services of any of these key personnel could adversely affect our business. Our failure to attract and 
retain key individuals could impair our ability to provide services to our clients and conduct our business effectively. 
If our contractors and subcontractors fail to satisfy their obligations to us or other parties, or if we are unable to 
maintain these relationships, our revenue, profitability and growth prospects could be adversely affected.
We depend on contractors and subcontractors in conducting our business. There is a risk that we may have disputes 
with our subcontractors arising from, among other things, the quality and timeliness of work performed by the subcontractor, 
client concerns about the subcontractor or our failure to extend existing task orders or issue new task orders under a 
subcontract. In addition, if a subcontractor fails to deliver on a timely basis the agreed-upon supplies, fails to perform the 
agreed-upon services or goes out of business, then we may be required to purchase the services or supplies from another source 
at a higher price, and our ability to fulfill our obligations as a prime contractor may be jeopardized. This may reduce the profit 
to be realized or result in a loss on a project for which the services or supplies are needed. 
We also rely on relationships with other contractors when we act as their subcontractor or joint venture partner. The 
absence of qualified subcontractors with which we have a satisfactory relationship could adversely affect the quality of our 
service and our ability to perform under some of our contracts. Our future revenue and growth prospects could be adversely 
affected if other contractors eliminate or reduce their subcontracts or teaming arrangement relationships with us, or if a 
government agency terminates or reduces these other contractors’ programs, does not award them new contracts, or refuses to 
pay under a contract. 
Our failure to meet contractual schedule or performance requirements that we have guaranteed could adversely affect 
our operating results.
In certain circumstances, we can incur liquidated or other damages if we do not achieve project completion by a 
scheduled date. If we or an entity for which we have provided a guarantee subsequently fails to complete the project as 
scheduled and the matter cannot be satisfactorily resolved with the client, we may be responsible for cost impacts to the client 
resulting from any delay or the cost to complete the project. Our costs generally increase from schedule delays and/or could 
exceed our projections and the anticipated revenue for a particular project. In addition, project performance can be affected by a 
number of factors beyond our control, including unavoidable delays from governmental inaction, public opposition, inability to 
obtain financing, weather conditions, unavailability of vendor materials, changes in the project scope of services requested by 
our clients, industrial accidents, environmental hazards, labor disruptions and other factors. As a result, material performance 
problems for existing and future contracts could cause actual results of operations to differ from those anticipated by us and 
could cause us to suffer damage to our reputation within our industry and client base. 
Our failure to implement and comply with our safety program could adversely affect our operating results or financial 
condition. 
Our project sites often put our employees and others in close proximity with mechanized equipment, moving vehicles, 
chemical and manufacturing processes and highly regulated materials. We maintain an enterprise-wide group of health and 
safety professionals to help ensure that the services we provide are delivered safely and in accordance with standard work 
processes. Unsafe job sites and office environments have the potential to increase employee turnover, increase the cost of a 
project to our clients, expose us to types and levels of risk that are fundamentally unacceptable and raise our operating costs. 
The implementation of our safety processes and procedures are monitored by various agencies, including the U.S. Mine Safety 
and Health Administration (“MSHA”), and rating bureaus and may be evaluated by certain clients in cases in which safety 
requirements have been established in our contracts. Our failure to meet these requirements or our failure to properly implement 
and comply with our safety program could result in reduced profitability, the loss of projects or clients or potential litigation, 
and could have a material adverse effect on our business, operating results or financial condition. 
Our business activities may require our employees to travel to and work in countries where there are high security risks, 
which may result in employee death or injury, repatriation costs or other unforeseen costs.
Certain of our contracts require our employees travel to and work in high-risk countries that are undergoing political, 
social and economic upheavals resulting from war, civil unrest, criminal activity, acts of terrorism or public health crises. As a 

19 
result, we risk loss of or injury to our employees and may be subject to costs related to employee death or injury, repatriation or 
other unforeseen circumstances. We may choose or be forced to leave a country with little or no warning due to physical 
security risks.  
Unavailability or cancellation of third-party insurance coverage would increase our overall risk exposure as well as 
disrupt the management of our business operations.
Our services involve significant risks of professional and other liabilities, which may substantially exceed the fees that 
we derive from our services. We maintain insurance coverage from third-party insurers as part of our overall risk management 
strategy and because some of our contracts require us to maintain specific insurance coverage limits. From time to time, we 
assume liabilities as a result of indemnification provisions contained in our service contracts. We cannot predict the magnitude 
of these potential liabilities. 
We are liable to pay such liabilities from our assets if and when the aggregate settlement or judgment amount exceeds 
our insurance policy limits. Further, our insurance may not protect us against liability because our policies typically have 
various exceptions to the claims covered and also require us to assume some costs of the claim even though a portion of the 
claim may be covered. A partially or completely uninsured claim, if successful and of significant magnitude, could have a 
material adverse effect on our liquidity. 
If any of our third-party insurers fail, suddenly cancel our coverage, or otherwise are unable to provide us with 
adequate insurance coverage, then our overall risk exposure and our operational expenses would increase and the management 
of our business operations would be disrupted. In addition, if we expand into new markets, we may not be able to obtain 
insurance coverage for these new activities or, if insurance is obtained, the dollar amount of any liabilities incurred could 
exceed our insurance coverage. There can be no assurance that any of our existing insurance coverage will be renewable upon 
the expiration of the coverage period or that future coverage will be affordable at the required limits. 
Our inability to obtain adequate bonding could have a material adverse effect on our future revenue and business 
prospects.
Certain clients require bid bonds, and performance and payment bonds. These bonds indemnify the client should we 
fail to perform our obligations under a contract. If a bond is required for a certain project and we are unable to obtain an 
appropriate bond, we cannot pursue that project. In some instances, we are required to co-venture with a small or disadvantaged 
business to pursue certain government contracts. In connection with these ventures, we are sometimes required to utilize our 
bonding capacity to cover all of the obligations under the contract with the client. We have a bonding facility but, as is typically 
the case, the issuance of bonds under that facility is at the surety’s sole discretion. There can be no assurance that bonds will 
continue to be available to us on reasonable terms. Additionally, even if we continue to access bonding capacity to sufficiently 
bond future work, we may be required to post collateral to secure bonds, which would decrease the liquidity available for other 
purposes. Our inability to obtain adequate bonding and, as a result, to bid on new work could have a material adverse effect on 
our future revenue and business prospects. 
We may be precluded from providing certain services due to conflict of interest issues.
Many of our clients are concerned about potential or actual conflicts of interest in retaining management consultants. 
Many commercial and government clients have formal policies against continuing or awarding contracts that would create 
actual or potential conflicts of interest with other activities of a contractor. These policies may prevent us from bidding for or 
performing contracts resulting from or relating to certain work we have performed. We have, on occasion, declined to bid on 
projects due to conflict of interest issues. If we fail to address actual or potential conflicts properly, or even if we simply fail to 
recognize a perceived conflict, we may be in violation of our existing contracts, may otherwise incur liability, and may lose 
future business for not preventing the conflict from arising, and our reputation may suffer. 
Our actual business and financial results could differ from the estimates and assumptions that we use to prepare our 
consolidated financial statements, which may significantly reduce or eliminate our profits.
To prepare consolidated financial statements in conformity with generally accepted accounting principles in the U.S., 
management is required to make estimates and assumptions as of the date of the consolidated financial statements. These 
estimates and assumptions affect the reported values of assets, liabilities, revenue and expenses as well as disclosures of 
contingent assets and liabilities. For example, we typically recognize revenue over the life of a contract based on the proportion 
of costs incurred to date compared to the total costs estimated to be incurred for the entire project. Areas requiring significant 
estimates by our management include: the application of the percentage-of-completion method of accounting and revenue 
recognition on contracts, change orders and contract claims, including related unbilled accounts receivable; unbilled accounts 
receivable, including amounts related to requests for equitable adjustment to contracts that provide for price redetermination, 
primarily with the U.S. federal government. These amounts are recorded only when they can be reliably estimated and 
realization is probable; provisions for uncollectible receivables, client claims and recoveries of costs from subcontractors, 

20 
vendors and others; provisions for income taxes, research and development tax credits, valuation allowances and unrecognized 
tax benefits; and value of goodwill and recoverability of intangible assets. 
Our actual business and financial results could differ from those estimates, which may significantly reduce or 
eliminate our profits. 
Our profitability could suffer if we are not able to maintain adequate utilization of our workforce.
The cost of providing our services, including the extent to which we utilize our workforce, affects our profitability. The 
rate at which we utilize our workforce is affected by a number of factors, including: our ability to transition employees from 
completed projects to new assignments and to hire and assimilate new employees; our ability to forecast demand for our 
services and thereby maintain an appropriate headcount in each of our geographies and operating units; and our ability to 
manage attrition. 
If we over-utilize our workforce, our employees may become disengaged, which could impact employee attrition. If 
we under-utilize our workforce, our profit margin and profitability could suffer. 
Our use of the percentage-of-completion method of revenue recognition could result in a reduction or reversal of 
previously recorded revenue and profits.
We account for most of our contracts on the percentage-of-completion method of revenue recognition. Generally, our 
use of this method results in recognition of revenue and profit ratably over the life of the contract, based on the proportion of 
costs incurred to date to total costs expected to be incurred for the entire project. The effects of revisions to estimated revenue 
and costs, including the achievement of award fees and the impact of change orders and claims, are recorded when the amounts 
are known and can be reasonably estimated. Such revisions could occur in any period and their effects could be material. 
Although we have historically made reasonably reliable estimates of the progress towards completion of long-term contracts, 
the uncertainties inherent in the estimating process make it possible for actual costs to vary materially from estimates, including 
reductions or reversals of previously recorded revenue and profit. 
If we are unable to accurately estimate and control our contract costs, then we may incur losses on our contracts, which 
could decrease our operating margins and reduce our profits. Specifically, our fixed-price contracts could increase the 
unpredictability of our earnings.
It is important for us to accurately estimate and control our contract costs so that we can maintain positive operating 
margins and profitability. We generally enter into three principal types of contracts with our clients: fixed-price, time-and-
materials and cost-plus.  
The U.S. federal government and certain other clients have increased the use of fixed-priced contracts. Under fixed-
price contracts, we receive a fixed price irrespective of the actual costs we incur and, consequently, we are exposed to a number 
of risks. We realize a profit on fixed-price contracts only if we can control our costs and prevent cost over-runs on our contracts. 
Fixed-price contracts require cost and scheduling estimates that are based on a number of assumptions, including those about 
future economic conditions, costs and availability of labor, equipment and materials and other exigencies. We could experience 
cost over-runs if these estimates are originally inaccurate as a result of errors or ambiguities in the contract specifications or 
become inaccurate as a result of a change in circumstances following the submission of the estimate due to, among other things, 
unanticipated technical or equipment problems, difficulties in obtaining permits or approvals, changes in local laws or labor 
conditions, weather delays, changes in the costs of raw materials or the inability of our vendors or subcontractors to perform 
their obligations. If cost overruns occur, we could experience reduced profits or, in some cases, a loss for that project and could 
increase the unpredictability of our earnings, as well as have a material adverse impact on our business and earnings. 
Under our time-and-materials contracts, we are paid for labor at negotiated hourly billing rates and paid for other 
expenses. Profitability on these contracts is driven by billable headcount and cost control. Many of our time-and-materials 
contracts are subject to maximum contract values and, accordingly, revenue relating to these contracts is recognized as if these 
contracts were fixed-price contracts. Under our cost-plus contracts, some of which are subject to contract ceiling amounts, we 
are reimbursed for allowable costs and fees, which may be fixed or performance-based. If our costs exceed the contract ceiling 
or are not allowable under the provisions of the contract or any applicable regulations, we may not be able to obtain 
reimbursement for all of the costs we incur. 
Profitability on our contracts is driven by billable headcount and our ability to manage our subcontractors, vendors and 
material suppliers. If we are unable to accurately estimate and manage our costs, we may incur losses on our contracts, which 
could decrease our operating margins and significantly reduce or eliminate our profits. Certain of our contracts require us to 
satisfy specific design, engineering, procurement or construction milestones in order to receive payment for the work completed 
or equipment or supplies procured prior to achievement of the applicable milestone. As a result, under these types of 
arrangements, we may incur significant costs or perform significant amounts of services prior to receipt of payment. If a client 
determines not to proceed with the completion of the project or if the client defaults on its payment obligations, we may face 

21 
difficulties in collecting payment of amounts due to us for the costs previously incurred or for the amounts previously expended 
to purchase equipment or supplies. 
Accounting for a contract requires judgments relative to assessing the contract’s estimated risks, revenue, costs and 
other technical issues. Due to the size and nature of many of our contracts, the estimation of overall risk, revenue and cost at 
completion is complicated and subject to many variables. Changes in underlying assumptions, circumstances or estimates may 
also adversely affect future period financial performance. If we are unable to accurately estimate the overall revenue or costs on 
a contract, then we may experience a lower profit or incur a loss on the contract. 
Cyber security incidents affecting our systems and information technology could adversely impact our ability to operate 
and we could experience adverse consequences resulting from such compromises, including but not limited to regulatory 
investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss 
of revenue or profits; and other adverse consequences.
We face the threat to our computer systems of unauthorized access, computer hackers, computer viruses, malicious 
code, organized cyber-attacks and other security problems and system disruptions, including possible unauthorized access to 
our and our clients' proprietary or classified information. We rely on industry-accepted security measures and technology to 
securely maintain all confidential and proprietary information on our information systems. In addition, we rely on the security 
of third-party service providers, vendors and cloud services providers to protect confidential data. In the ordinary course of 
business, we have been targeted by malicious cyber-attacks. A user who circumvents security measures could misappropriate 
confidential or proprietary information, including information regarding us, our personnel and/or our clients or cause 
interruptions or malfunctions in operations. As a result, we may be required to expend significant resources to protect against 
the threat of these system disruptions and security breaches or to alleviate problems caused by these disruptions and breaches. 
 We also rely in part on third-party software and information technology vendors to run our critical accounting, project 
management and financial information systems. Our software and information technology vendors may decide to discontinue 
further development, integration or long-term software and hardware support for our information systems, in which case we 
may need to abandon one or more of our current information systems and migrate some or all of our accounting, project 
management and financial information to other systems, thus increasing our operational expense, as well as disrupting the 
management of our business operations.   
While we have implemented security measures designed to protect against security incidents, there can be no 
assurance that these measures will be effective. Vulnerabilities in our systems pose material risks to our business. Applicable 
data privacy and security obligations may require us to notify relevant stakeholders of security incidents.  Such disclosures are 
costly, and the disclosure or the failure to comply with such requirements could lead to adverse consequences. Any of these 
events could damage our reputation and have a material adverse effect on our business, financial condition, results of operations 
and cash flows. 
In addition, we cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to 
mitigate liabilities arising out of our privacy and security practices, that such coverage will continue to be available on 
commercially reasonable terms or at all, or that such coverage will pay future claims. 
Risks Related to Our Clients 
We derive a substantial amount of our revenue from U.S. federal, state and local government agencies, and any 
disruption in government funding or in our relationship with those agencies could adversely affect our business.
In fiscal 2024, we generated 44.0% of our revenue from contracts with U.S. federal, and state and local government 
agencies. A significant amount of this revenue is derived under multi-year contracts, many of which are appropriated on an 
annual basis. As a result, at the beginning of a project, the related contract may be only partially funded, and additional funding 
is normally committed only as appropriations are made in each subsequent year. These appropriations, and the timing of 
payment of appropriated amounts, may be influenced by numerous factors as noted below. Our backlog includes only the 
projects that have funding appropriated. 
The demand for our U.S. government-related services is generally driven by the level of government program funding. 
A significant reduction in federal government spending, the absence of a bipartisan agreement on the federal government 
budget, a partial or full federal government shutdown or a change in budgetary priorities could reduce demand for our services, 
cancel or delay federal projects, result in the closure of federal facilities and significant personnel reductions and have a 
material and adverse impact on our business, financial condition, results of operations and cash flows. 
There are several additional factors that could materially affect our U.S. government contracting business, which could 
cause U.S. government agencies to delay or cancel programs, to reduce their orders under existing contracts, to exercise their 
rights to terminate contracts or not to exercise contract options for renewals or extensions. Such factors, which include the 
following, could have a material adverse effect on our revenue or the timing of contract payments from U.S. government 

22 
agencies: the failure of the U.S. government to complete its budget and appropriations process before its fiscal year-end; 
changes in and delays or cancellations of government programs, procurements, requirements or appropriations; budget 
constraints or policy changes resulting in delay or curtailment of expenditures related to the services we provide; and re-
competes of government contracts. 
Our failure to win new contracts and renew existing contracts with private and public sector clients could adversely 
affect our profitability.
Our business depends on our ability to win new contracts and renew existing contracts with private and public sector 
clients. Contract proposals and negotiations are complex and frequently involve a lengthy bidding and selection process, which 
is affected by a number of factors. These factors include market conditions, financing arrangements, required governmental 
approvals, client relationships and our professional reputation. If we are not able to replace the revenue from expiring contracts, 
either through follow-on contracts or new contracts, our business, results of operations and financial condition may be 
adversely affected. If negative market conditions continue to persist, or if we fail to secure adequate financial arrangements or 
the required government approval, we may not be able to pursue certain projects, which could adversely affect our profitability.  
Our inability to win or renew U.S. government contracts during regulated procurement processes could harm our 
operations and significantly reduce or eliminate our profits.
U.S. government contracts are awarded through a regulated procurement process. The U.S. federal government has 
increasingly relied upon multi-year contracts with pre-established terms and conditions, such as indefinite delivery/indefinite 
quantity (“IDIQ”) contracts, which generally require those contractors who have previously been awarded the IDIQ to engage 
in an additional competitive bidding process before a task order is issued. As a result, new work awards tend to be smaller and 
of shorter duration, since the orders represent individual tasks rather than large, programmatic assignments. In addition, we 
believe that there has been an increase in the award of federal contracts based on a low-price, technically acceptable criteria 
emphasizing price over qualitative factors, such as past performance. As a result, pricing pressure may reduce our profit 
margins on future federal contracts. Moreover, even if we are qualified to work on a government contract, we may not be 
awarded the contract because of existing government policies designed to protect small businesses and under-represented 
minority contractors. Our inability to win or renew government contracts during regulated procurement processes could harm 
our operations and significantly reduce or eliminate our profits. 
Each year, client funding for some of our U.S. government contracts may rely on government appropriations or public-
supported financing. If adequate public funding is delayed or is not available, then our profits and revenue could 
decline. 
A substantial portion of our revenue is derived from contracts with agencies and departments of federal, state and local 
governments. Each year, client funding for some of our U.S. government contracts may directly or indirectly rely on 
government appropriations or public-supported financing. Legislatures may appropriate funds for a given project on a year-by-
year basis, even though the project may take more than one year to perform. In addition, public-supported financing such as 
U.S. state and local municipal bonds may be only partially raised to support existing projects. Similarly, an economic downturn 
may make it more difficult for governments to fund projects. In addition to the state of the economy and competing political 
priorities, public funds and the timing of payment of these funds may be influenced by, among other things, curtailments in the 
use of government contracting firms, increases in raw material costs, delays associated with insufficient numbers of government 
staff to oversee contracts, budget constraints, the timing and amount of tax receipts and the overall level of government 
expenditures. If adequate funding is not available or is delayed, then our profits and revenue could decline.   
If we cannot collect our receivables or if payment is delayed, our business may be adversely affected by our inability to 
generate cash flow, provide working capital, or continue our business operations.
We depend on the timely collection of our receivables to generate cash flow, provide working capital, and continue our 
business operations. If the U.S. government or any other client or any prime contractor for whom we are a subcontractor fails to 
pay or delays the payment of invoices for any reason, our business and financial condition may be materially and adversely 
affected. Clients may delay or fail to pay invoices for a number of reasons, including lack of appropriated funds, lack of an 
approved budget, lack of revised or final settled billing rates as a result of open audit years, as a result of audit findings by 
government regulatory agencies or for a variety of other reasons.  
Certain contracts may give clients the right to modify, delay, curtail, renegotiate or terminate existing contracts at their 
convenience at any time prior to their completion, which may result in a decline in our profits and revenue.
Certain projects in which we participate as a contractor or subcontractor may extend for several years. Generally, 
government contracts include the right to modify, delay, curtail, renegotiate or terminate contracts and subcontracts at the 
government’s convenience any time prior to their completion. Any decision by a client to modify, delay, curtail, renegotiate or 
terminate our contracts at their convenience may result in a decline in our profits and revenue. If one of these clients terminates 

23 
their contract for convenience, we may only be able to bill the client for work completed prior to the termination, plus any 
commitments and settlement expenses such client agrees to pay, but not for any work not yet performed. 
Our revenue and growth prospects may be harmed if we or our employees are unable to obtain government granted 
eligibility or other qualifications we and they need to perform services for our customers. 
A number of government programs require contractors to have certain kinds of government granted eligibility, such as 
security clearance credentials. Depending on the project, eligibility can be difficult and time-consuming to obtain. If we or our 
employees are unable to obtain or retain the necessary eligibility, we may not be able to win new business, and our existing 
customers could terminate their contracts with us or decide not to renew them. To the extent we cannot obtain or maintain the 
required security clearances for our employees working on a particular contract, we may not derive the revenue or profit 
anticipated from such contract. 
Risks Related to Our Indebtedness
Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to 
pay our debt.
Our ability to make scheduled payments of the principal of, to pay interest on or to refinance our indebtedness, 
including our convertible notes, depends on our future performance, which is subject to economic, financial, competitive and 
other factors beyond our control. Our business may not continue to generate cash flow from operations in the future sufficient 
to service our debt and make necessary capital expenditures. If we are unable to generate such cash flow, we may be required to 
adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may 
be onerous or highly dilutive. Our ability to refinance our indebtedness will depend on the capital markets and our financial 
condition at such time. We may not be able to engage in any of these activities or engage in these activities on desirable terms, 
which could result in a default on our debt obligations. 
We may not be able to obtain capital when desired on favorable terms, if at all, or without dilution to our stockholders, 
which may impact our ability to execute on our current or future business strategies.
If we do not generate sufficient cash flow from operations or otherwise, we may need additional financing to execute 
on our current or future business strategies, including developing new or enhancing existing service lines, expanding our 
business geographically, enhancing our operating infrastructure, acquiring complementary businesses, or otherwise responding 
to competitive pressures. We cannot assure that additional financing will be available to us on favorable terms, or at all. 
Furthermore, if we raise additional funds through the issuance of convertible debt or equity securities, the percentage ownership 
of our stockholders could be significantly diluted, and these newly issued securities may have rights, preferences or privileges 
senior to those of existing stockholders. If adequate funds are not available or are not available on acceptable terms, if and when 
needed, our ability to fund our operations, meet obligations in the normal course of business, take advantage of strategic 
business opportunities, or otherwise respond to competitive pressures would be significantly limited. 
Restrictive covenants in our credit agreement may restrict our ability to pursue certain business strategies.
Our credit agreement limits or restricts our ability to, among other things: incur additional indebtedness; create liens 
securing debt or other encumbrances on our assets; make loans or advances; pay dividends or make distributions to our 
stockholders; purchase or redeem our stock; repay indebtedness that is junior to indebtedness under our credit agreement; 
acquire the assets of, or merge or consolidate with, other companies; and sell, lease or otherwise dispose of assets. 
Our credit agreement also requires that we maintain certain financial ratios, which we may not be able to achieve. The 
covenants may impair our ability to finance future operations or capital needs or to engage in other favorable business 
activities. Failing to comply with these covenants could result in an event of default under the credit agreement, which could 
result in us being required to repay the amounts outstanding prior to maturity. These prepayment obligations could have an 
adverse effect on our business, results of operations and financial condition. 
Furthermore, if we are unable to repay the amounts due and payable under the credit agreement, the lenders could 
proceed against the collateral granted to them to secure that indebtedness. In the event the lenders accelerate the repayment of 
our borrowings, we and our subsidiaries may not have sufficient assets to repay that indebtedness. 
We may not have the ability to raise the funds necessary to settle conversions of our convertible notes or to repurchase 
our convertible notes upon a fundamental change, and our future debt may contain limitations on our ability to pay 
cash upon conversion or repurchase of our convertible notes.
Holders of our convertible notes have the right, subject to certain conditions and limited exceptions, to require us to 
repurchase all or a portion of their convertible notes upon the occurrence of a fundamental change (as defined in the indenture 
governing the convertible notes) at a fundamental change repurchase price equal to 100% of the principal amount of the 
convertible notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change 

24 
repurchase date. In addition, upon any conversion of our convertible notes, we will be required to make cash payments for each 
$1,000 in principal amount of our convertible notes converted of at least the lesser of $1,000 and the sum of the daily 
conversion values indenture governing our convertible notes. However, we may not have enough available cash or be able to 
obtain financing at the time we are required to make repurchases of our convertible notes surrendered or pay cash with respect 
to our convertible notes being converted. In addition, our ability to repurchase our convertible notes or to pay cash upon 
conversions of our convertible notes may be limited by law, by regulatory authority or by agreements governing our future 
indebtedness. Our failure to repurchase our convertible notes at a time when the repurchase is required by the indenture 
governing our convertible notes or to pay any cash payable on future conversions of our convertible notes as required by the 
indenture governing our convertible notes would constitute a default under the indenture governing our convertible notes. A 
default under the indenture governing our convertible notes or the fundamental change itself could also lead to a default under 
agreements governing our indebtedness. If the repayment of the related indebtedness were to be accelerated after any applicable 
notice or grace periods, we may not have sufficient funds to repay the indebtedness and repurchase our convertible notes or 
make cash payments upon conversions thereof. 
The conditional conversion feature of our convertible notes, if triggered, may adversely affect our financial condition 
and operating results. 
In the event the conditional conversion feature of our convertible notes is triggered, holders of our convertible notes 
will be entitled to convert their notes at any time during specified periods at their option. If one or more holders elect to convert 
their notes, we would be required to settle any converted principal amount of such notes through the payment of cash, which 
could adversely affect our liquidity. In addition, even if holders do not elect to convert their notes, we could be required under 
applicable accounting rules to reclassify all or a portion of the outstanding principal of our convertible notes as a current rather 
than long-term liability, which would result in a material reduction of our net working capital. 
Changes in the accounting method for convertible debt securities that may be settled in cash, such as our convertible 
notes, could have a material effect on our reported financial results. 
The accounting method for reflecting our convertible notes on our balance sheet, accruing interest expense for our 
convertible notes and reflecting the underlying shares of our common stock in our reported diluted earnings per share may 
adversely affect our reported earnings and financial condition.  
In August 2020, the Financial Accounting Standards Board published Accounting Standards Update (“ASU”) 2020-06 
(“ASU 2020-06”), which simplified certain of the accounting standards that apply to convertible notes. ASU 2020-06 
eliminated the cash conversion and beneficial conversion feature modes used to separately account for embedded conversion 
features as a component of equity. Instead, an entity would account for convertible debt or convertible preferred stock securities 
as a single unit of account, unless the conversion feature requires bifurcation and recognition as derivatives. Additionally, the 
guidance requires entities to use the “if-converted” method for all convertible instruments in the diluted earnings per share 
calculation and to include the effect of potential share settlement for instruments that may be settled in cash or shares. We 
adopted ASU 2020-06 in the first quarter of fiscal year 2020.  
In accordance with ASU 2020-06, our convertible notes are reflected as a liability on our balance sheets, with the 
initial carrying amount equal to the principal amount of the convertible notes, net of issuance costs. The issuance costs were 
treated as contra debt for accounting purposes, which will be amortized into interest expense over the term of our convertible 
notes. As a result of this amortization, the interest expense that we expect to recognize for our convertible notes for accounting 
purposes will be greater than the cash interest payments we will pay on our convertible notes.  
In addition, the shares of our common stock underlying our convertible notes will be reflected in our diluted earnings 
per share using the “if-converted” method, in accordance with ASU 2020-06. Under the “if-converted” method, diluted earnings 
per share would generally be calculated assuming that all our convertible notes were converted solely into shares of our 
common stock at the beginning of the reporting period, unless the result would be anti-dilutive. However, for convertible notes 
in which the principal amount must be settled in cash and the conversion spread value in shares or cash upon conversions (such 
as our convertible notes), the “if-converted” method requires that interest expense is not adjusted in the numerator and the 
denominator only includes the net number of incremental shares that would be issued upon conversion. The application of the 
if-converted method may reduce our reported diluted earnings per share, to the extent the price of our common stock exceeds 
the conversion price. Accounting standards may change in the future in a manner that may adversely affect our diluted earnings 
per share. 
Furthermore, if any of the conditions to the convertibility of our convertible notes is satisfied, then we may be required 
under applicable accounting standards to reclassify the liability carrying value of our convertible notes as a current, rather than 
a long-term, liability. This reclassification could be required even if no holders convert their notes and could materially reduce 
our reported working capital.  

25 
Conversion of our convertible notes may dilute the ownership interest of our stockholders or may otherwise depress the 
price of our common stock.
The conversion of some or all of our convertible notes may dilute the ownership interests of our stockholders. Upon 
conversion of our convertible notes, we have the option to pay or deliver, as the case may be, cash, shares of our common stock, 
or a combination of cash and shares of our common stock in respect of the remainder, if any, of our conversion obligation in 
excess of the aggregate principal amount of our convertible notes being converted. If we elect to settle the remainder, if any, of 
our conversion obligation in excess of the aggregate principal amount of our convertible notes being converted in shares of our 
common stock or a combination of cash and shares of our common stock, any sales in the public market of our common stock 
issuable upon such conversion could adversely affect prevailing market prices of our common stock. In addition, the existence 
of our convertible notes may encourage short selling by market participants because the conversion of our convertible notes 
could be used to satisfy short positions, or anticipated conversion of our convertible notes into shares of our common stock 
could depress the price of our common stock. 
The capped call transactions may affect the value of our common stock.  
In connection with the pricing of our convertible notes, we entered into privately negotiated capped call transactions 
with the option counterparties. The capped call transactions cover, subject to customary adjustments substantially similar to 
those applicable to our convertible notes, the number of shares of our common stock initially underlying our convertible notes. 
The capped call transactions are expected generally to reduce the potential dilution to our common stock upon any conversion 
of our convertible notes and/or offset any cash payments we are required to make in excess of the principal amount of 
converted notes (if and when we elect to settle the conversion spread value in cash), as the case may be, with such reduction 
and/or offset subject to a cap.  
In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or 
unwinding various derivatives with respect to our common stock and/or purchasing or selling our common stock or other 
securities of ours in secondary market transactions following the pricing of our convertible notes and prior to the maturity of 
our convertible notes (and are likely to do so during any observation period related to a conversion of our convertible notes or, 
to the extent we exercise the relevant election under the capped call transactions, following any repurchase or redemption of our 
convertible notes). This activity could also cause or avoid an increase or a decrease in the market price of our common stock.  
In addition, if any such capped call transactions fail to become effective, the option counterparties or their respective 
affiliates may unwind their hedge positions with respect to our common stock, which could adversely affect the value of our 
common stock.  
We are subject to counterparty risk with respect to the capped call transactions. 
The option counterparties are financial institutions, and we are subject to the risk that any or all of them might default 
under the capped call transactions. Our exposure to the credit risk of the option counterparties is not secured by any collateral.  
If an option counterparty becomes subject to insolvency proceedings, we will become an unsecured creditor in those 
proceedings with a claim equal to our exposure at that time under the capped call transaction with such option counterparty. Our 
exposure will depend on many factors but, generally, an increase in our exposure will be correlated to an increase in the market 
price and in the volatility of our common stock. In addition, upon a default by an option counterparty, we may suffer adverse 
tax consequences and more dilution than we currently anticipate with respect to our common stock. We can provide no 
assurances as to the financial stability or viability of the option counterparties. 
Risks Related to Growth and Acquisitions
If we are not able to successfully manage our growth strategy, our business and results of operations may be adversely 
affected.
Our expected future growth presents numerous managerial, administrative, operational and other challenges. Our 
ability to manage the growth of our operations will require us to continue to improve our management information systems and 
our other internal systems and controls. In addition, our growth will increase our need to attract, develop, motivate and retain 
both our management and professional employees. The inability to effectively manage our growth or the inability of our 
employees to achieve anticipated performance could have a material adverse effect on our business. 
We have made and expect to continue to make acquisitions. Acquisitions could disrupt our operations and adversely 
impact our business and operating results. Our failure to conduct due diligence effectively or our inability to successfully 
integrate acquisitions could impede us from realizing all of the benefits of the acquisitions, which could weaken our 
results of operations.
A key part of our growth strategy is to acquire other companies that complement our lines of business or that broaden 
our technical capabilities and geographic presence. However, our ability to make acquisitions is restricted under our credit 

26 
agreement. Acquisitions involve certain known and unknown risks that could cause our actual growth or operating results to 
differ from our expectations or the expectations of securities analysts. For example: we may not be able to identify suitable 
acquisition candidates or to acquire additional companies on acceptable terms; we have completed and we will continue to 
pursue international acquisitions, which inherently pose more risk than domestic acquisitions; we compete with others to 
acquire companies, which may result in decreased availability of, or increased price for, suitable acquisition candidates; and we 
may not be able to obtain the necessary financing, on favorable terms or at all, to finance any of our potential acquisitions. 
If we fail to conduct due diligence on our potential targets effectively, we may, for example, not identify problems at 
target companies, or fail to recognize incompatibilities or other obstacles to successful integration. The integration process may 
disrupt our business and, if implemented ineffectively, may preclude realization of the full benefits expected by us and could 
harm our results of operations. 
Further, acquisitions may cause us to: issue common stock that would dilute our current stockholders’ ownership 
percentage; use a substantial portion of our cash resources; increase our interest expense, leverage and debt service 
requirements (if we incur additional debt to fund an acquisition); or record goodwill and non-amortizable intangible assets that 
are subject to impairment testing and potential impairment charges. 
If our goodwill or other intangible assets become impaired, then our profits may be significantly reduced.
Because we have historically acquired a significant number of companies, goodwill and other intangible assets 
represent a substantial portion of our assets. As of fiscal 2024 year-end, our goodwill was $2.0 billion and other intangible 
assets were $160.6 million. We are required to perform a goodwill impairment test for potential impairment at least on an 
annual basis. We also assess the recoverability of the unamortized balance of our intangible assets when indications of 
impairment are present based on expected future profitability and undiscounted expected cash flows and their contribution to 
our overall operations. The goodwill impairment test requires us to determine the fair value of our reporting units, which are the 
components one level below our reportable segments. In determining fair value, we make significant judgments and estimates, 
including assumptions about our strategic plans with regard to our operations. We also analyze current economic indicators and 
market valuations to help determine fair value. To the extent economic conditions that would impact the future operations of 
our reporting units change, our goodwill may be deemed to be impaired, and we would be required to record a non-cash charge 
that could result in a material adverse effect on our financial position or results of operations. We had no goodwill impairment 
in fiscal 2024, 2023 or 2022. 
Risks Related to Our Legal and Regulatory Environment
As a U.S. government contractor, we must comply with various procurement laws and regulations and are subject to 
regular government audits; a violation of any of these laws and regulations or the failure to pass a government audit 
could result in sanctions, contract termination, forfeiture of profit, harm to our reputation or loss of our status as an 
eligible government contractor and could reduce our profits and revenue.
We must comply with and are affected by U.S. federal, state, local and foreign laws and regulations relating to the 
formation, administration and performance of government contracts. For example, we must comply with FAR, the Truth in 
Negotiations Act, CAS, the American Recovery and Reinvestment Act of 2009, the Services Contract Act, the DoD security 
regulations as well as many other rules and regulations. In addition, we must comply with other government regulations related 
to employment practices, environmental protection, health and safety, tax, accounting, anti-fraud measures as well as many 
other regulations in order to maintain our government contractor status. Although we take precautions to prevent and deter 
fraud, misconduct and non-compliance, we face the risk that our employees or outside partners may engage in misconduct, 
fraud or other improper activities. U.S. government agencies, such as the DCAA, routinely audit and investigate government 
contractors. These government agencies review and audit a government contractor’s performance under its contracts and cost 
structure, and evaluate compliance with applicable laws, regulations and standards. In addition, during the course of its audits, 
the DCAA may question our incurred project costs. If the DCAA believes we have accounted for such costs in a manner 
inconsistent with the requirements for FAR or CAS, the DCAA auditor may recommend to our U.S. government corporate 
administrative contracting officer that such costs be disallowed. Historically, we have not experienced significant disallowed 
costs as a result of government audits. However, we can provide no assurance that the DCAA or other government audits will 
not result in material disallowances for incurred costs in the future. In addition, U.S. government contracts are subject to 
various other requirements relating to the formation, administration, performance and accounting for these contracts. We may 
also be subject to qui tam litigation brought by private individuals on behalf of the U.S. government under the Federal Civil 
False Claims Act, which could include claims for treble damages. For example, as discussed elsewhere in this report, on 
January 14, 2019, the Civil Division of the United States Attorney’s Office ("USAO") filed complaints in intervention in three 
qui tam actions filed against our subsidiary, Tetra Tech EC, Inc. ("TtEC"), in the U.S. District Court for the Northern District of 
California ("NDCA"). U.S. government contract violations could result in the imposition of civil and criminal penalties or 
sanctions, contract termination, forfeiture of profit and/or suspension of payment, any of which could make us lose our status as 

27 
an eligible government contractor. We could also suffer serious harm to our reputation. Any interruption or termination of our 
U.S. government contractor status could reduce our profits and revenue significantly. 
Legal proceedings, investigations and disputes could result in substantial monetary penalties and damages, especially if 
such penalties and damages exceed or are excluded from existing insurance coverage.
We engage in consulting, engineering, program management and technical services that can result in substantial injury 
or damages that may expose us to legal proceedings, investigations and disputes. For example, in the ordinary course of our 
business, we may be involved in legal disputes regarding personal injury claims, employee or labor disputes, professional 
liability claims and general commercial disputes involving project cost overruns and liquidated damages as well as other 
claims. In addition, in the ordinary course of our business, we frequently make professional judgments and recommendations 
about environmental and engineering conditions of project sites for our clients, and we may be deemed to be responsible for 
these judgments and recommendations if they are later determined to be inaccurate. For example, as discussed elsewhere in this 
report, the USAO filed complaints against TtEC in the NDCA alleging violations of the False Claims Act, Comprehensive 
Environmental Response, Compensation, and Liability Act of 1980, as amended (“CERCLA”) and common law, and several 
ancillary claims brought by third-party private plaintiffs arising from the same services provided by TtEC on the same project 
are ongoing. Any unfavorable legal ruling against us could result in substantial monetary damages or even criminal violations. 
We maintain insurance coverage as part of our overall legal and risk management strategy to minimize our potential liabilities; 
however, insurance coverage contains exclusions and other limitations that may not cover our potential liabilities. Generally, 
our insurance program covers workers’ compensation and employer’s liability, general liability, automobile liability, 
professional errors and omissions liability, property and contractor’s pollution liability (in addition to other policies for specific 
projects). Our insurance program includes deductibles or self-insured retentions for each covered claim that may increase over 
time. In addition, our insurance policies contain exclusions that insurance providers may use to deny or restrict coverage. 
Excess liability and professional liability insurance policies provide for coverage on a “claims-made” basis, covering only 
claims actually made and reported during the policy period currently in effect. If we sustain liabilities that exceed or that are 
excluded from our insurance coverage, or for which we are not insured, it could have a material adverse impact on our financial 
condition, results of operations and cash flows.  
We could be adversely affected by violations of the FCPA and similar worldwide anti-bribery laws.
The FCPA and similar anti-bribery laws generally prohibit companies and their intermediaries from making direct or 
indirect improper payments to foreign government officials for the purpose of obtaining or retaining business. The FCPA also 
requires public companies to make and keep books and records that accurately and fairly reflect the transactions of the 
corporation and to devise and maintain an adequate system of internal accounting controls. The U.K. Bribery Act of 2010 
prohibits both domestic and international bribery, as well as bribery across both private and public sectors. Improper payments 
are also prohibited under the Canadian Corruption of Foreign Public Officials Act and the Brazilian Clean Companies Act. 
Local business practices in many countries outside the United States create a greater risk of government corruption than that 
found in the United States and other more developed countries. Our policies mandate compliance with anti-bribery laws, and 
we have established policies and procedures designed to monitor compliance with anti-bribery law requirements; however, we 
cannot ensure that our policies and procedures will prevent potential reckless or criminal acts committed by individual 
employees, agents or partners. If we are found to be liable for anti-bribery law violations, we could suffer from criminal or civil 
penalties or other sanctions that could have a material adverse effect on our business. 
We could be adversely impacted if we fail to comply with domestic and international export control and sanctions laws.
To the extent we export technical services, data and products outside of the United States, we are subject to U.S. and 
international laws and regulations governing international trade and exports, including but not limited to the International 
Traffic in Arms Regulations, the Export Administration Regulations and trade sanctions. These laws and regulations may 
restrict or prohibit altogether the sale or supply of certain of our services to certain governments, persons, entities, countries, 
and territories, including those that are the target of comprehensive sanctions, unless there are license exceptions that apply or 
specific licenses are obtained.  A failure to comply with these laws and regulations could result in civil or criminal sanctions, 
including the imposition of fines, the denial of export privileges and suspension or debarment from participation in U.S. 
government contracts, which could have a material adverse effect on our business. 
New legal requirements could adversely affect our operating results.
Our business and results of operations could be adversely affected by the passage of climate change, defense, 
environmental, infrastructure and other legislation, policies and regulations. Growing concerns about climate change may result 
in the imposition of additional environmental regulations. For example, legislation, international protocols, regulation or other 
restrictions on emissions could increase the costs of projects for our clients or, in some cases, prevent a project from going 
forward, thereby potentially reducing the need for our services. In addition, relaxation or repeal of laws and regulations, or 
changes in governmental policies regarding environmental, defense, infrastructure or other industries we serve could result in a 
decline in demand for our services, which could in turn negatively impact our revenues. We cannot predict when or whether any 
of these various proposals may be enacted or what their effect will be on us or on our customers. 

28 
We may be subject to liabilities under environmental laws and regulations.
Our services are subject to numerous U.S. and international environmental protection laws and regulations that are 
complex and stringent. For example, we must comply with a number of U.S. federal government laws that strictly regulate the 
handling, removal, treatment, transportation and disposal of toxic and hazardous substances. Under CERCLA and comparable 
state laws, we may be required to investigate and remediate regulated hazardous materials. CERCLA and comparable state laws 
typically impose strict, joint and several liabilities without regard to whether a company knew of or caused the release of 
hazardous substances. The liability for the entire cost of clean-up could be imposed upon any responsible party. Other principal 
U.S. federal environmental, health and safety laws affecting us include, but are not limited to, the Resource Conservation and 
Recovery Act, National Environmental Policy Act, the Clean Air Act, the Occupational Safety and Health Act, the Federal Mine 
Safety and Health Act of 1977 (the “Mine Act”), the Toxic Substances Control Act and the Superfund Amendments and 
Reauthorization Act. Our business operations may also be subject to similar state and international laws relating to 
environmental protection. Further, past business practices at companies that we have acquired may also expose us to future 
unknown environmental liabilities. Liabilities related to environmental contamination or human exposure to hazardous 
substances, or a failure to comply with applicable regulations, could result in substantial costs to us, including clean-up costs, 
fines, civil or criminal sanctions, and third-party claims for property damage or personal injury or cessation of remediation 
activities. Our continuing work in the areas governed by these laws and regulations exposes us to the risk of substantial liability. 
Uncertainties in the interpretation and application of existing, new and proposed tax laws and regulations could 
materially affect our tax obligations and effective tax rate.
The tax regimes to which we are subject or under which we operate are unsettled and may be subject to significant 
change. The issuance of additional guidance related to existing or future tax laws, or changes to tax laws, tax treaties or 
regulations proposed or implemented by the current or a future U.S. presidential administration, Congress, taxing authorities in 
other jurisdictions, including jurisdictions outside of the United States, or by bodies such as the European Commission or the 
Organisation for Economic Co-operation and Development ("OECD"), could materially affect our tax obligations (including the 
cost of compliance) and effective tax rate. To the extent that such changes have a negative impact on us, including as a result of 
related uncertainty, these changes may adversely impact our business, financial condition, results of operations, and cash flows. 
The amount of taxes we pay in different jurisdictions depends on the application of the tax laws of various 
jurisdictions, including the United States, to our international business activities, the relative amounts of income before taxes in 
the various jurisdictions in which we operate, new or revised tax laws, or interpretations of tax laws and policies, the outcome 
of current and future tax audits, examinations or administrative appeals, our ability to realize our deferred tax assets, and our 
ability to operate our business in a manner consistent with our corporate structure and intercompany arrangements. The taxing 
authorities of the jurisdictions in which we operate may challenge our methodologies for pricing intercompany transactions 
pursuant to our intercompany arrangements or disagree with our determinations as to the income and expenses attributable to 
specific jurisdictions. If such a challenge or disagreement were to occur, and our position was not sustained, we could be 
required to pay additional taxes, interest, and penalties, which could result in one-time tax charges, higher effective tax rates, 
reduced cash flows, and lower overall profitability of our operations. Our financial statements could fail to reflect adequate 
reserves to cover such a contingency. Similarly, a taxing authority could assert that we are subject to tax in a jurisdiction where 
we believe we have not established a taxable connection, often referred to as a “permanent establishment” under international 
tax treaties, and such an assertion, if successful, could increase our expected tax liability in one or more jurisdictions. 
Employee, agent or partner misconduct, or our failure to comply with anti-bribery and other laws or regulations, could 
harm our reputation, reduce our revenue and profits and subject us to criminal and civil enforcement actions.
Misconduct, fraud, non-compliance with applicable laws and regulations or other improper activities by one of our 
employees, agents or partners could have a significant negative impact on our business and reputation. Such misconduct could 
include the failure to comply with government procurement regulations, regulations regarding the protection of classified 
information, regulations prohibiting bribery and other foreign corrupt practices, regulations regarding the pricing of labor and 
other costs in government contracts, regulations on lobbying or similar activities, regulations pertaining to the internal controls 
over financial reporting, environmental laws and any other applicable laws or regulations. Our policies mandate compliance 
with these regulations and laws, and we take precautions to prevent and detect misconduct. However, since our internal controls 
are subject to inherent limitations, including human error, it is possible that these controls could be intentionally circumvented 
or become inadequate because of changed conditions. As a result, we cannot assure that our controls will protect us from 
reckless or criminal acts committed by our employees, agents or partners. Our failure to comply with applicable laws or 
regulations or acts of misconduct could subject us to fines and penalties, loss of security clearances and suspension or 
debarment from contracting, any or all of which could harm our reputation, reduce our revenue and profits and subject us to 
criminal and civil enforcement actions. 
If our reports and opinions are not in compliance with professional standards and other regulations, we could be subject 
to monetary damages and penalties.

29 
We issue reports and opinions to clients based on our professional engineering expertise, as well as our other 
professional credentials. Our reports and opinions may need to comply with professional standards, licensing requirements, 
securities regulations and other laws and rules governing the performance of professional services in the jurisdiction in which 
the services are performed. In addition, the reports and other work product we produce for clients sometimes include 
projections, forecasts and other forward-looking statements. Such information by its nature is subject to numerous risks and 
uncertainties, any of which could cause the information produced by us to ultimately prove inaccurate. While we include 
appropriate disclaimers in the reports that we prepare for our clients, once we produce such written work product, we do not 
always have the ability to control the manner in which our clients use such information. As a result, if our clients reproduce 
such information to solicit funds from investors for projects without appropriate disclaimers or the information proves to be 
incorrect, or if our clients reproduce such information for potential investors in a misleading or incomplete manner, our clients 
or such investors may threaten to or file suit against us for, among other things, securities law violations. 
We have only a limited ability to protect our intellectual property rights, and our failure to protect our intellectual 
property rights could adversely affect our competitive position.
We rely upon a combination of nondisclosure agreements and other contractual arrangements, as well as copyright, 
trademark, patent and trade secret laws to protect our proprietary information. We also enter into proprietary information and 
intellectual property agreements with employees, which require them to disclose any inventions created during employment, to 
convey such rights to inventions to us, and to restrict any disclosure of proprietary information. Trade secrets are generally 
difficult to protect. Although our employees are subject to confidentiality obligations, this protection may be inadequate to deter 
or prevent misappropriation of our confidential information and/or the infringement of our patents and copyrights. Further, we 
may be unable to detect unauthorized use of our intellectual property or otherwise take appropriate steps to enforce our rights. 
Failure to adequately protect, maintain or enforce our intellectual property rights may adversely limit our competitive position. 
Assertions by third parties of infringement, misappropriation or other violations by us of their intellectual property 
rights could result in significant costs and substantially harm our business, financial condition and operating results.
In recent years, there has been significant litigation involving intellectual property rights in technology industries. We 
may face from time to time, allegations that we or a supplier or customer have violated the rights of third parties, including 
patent, trademark and other intellectual property rights. If, with respect to any claim against us for violation of third-party 
intellectual property rights, we are unable to prevail in the litigation or retain or obtain sufficient rights or develop non-
infringing intellectual property or otherwise alter our business practices on a timely or cost-efficient basis, our business, 
financial condition or results of operations may be adversely affected. 
Any infringement, misappropriation or related claims, whether or not meritorious, are time consuming, divert technical 
and management personnel and are costly to resolve. As a result of any such dispute, we may have to develop non-infringing 
technology, pay damages, enter into royalty or licensing agreements, cease utilizing products or services or take other actions to 
resolve the claims. These actions, if required, may be costly or unavailable on terms acceptable to us.  
We are subject to stringent and evolving U.S. and foreign laws, regulations, rules, contractual obligations, policies and 
other obligations related to data privacy and security.  Our actual or perceived failure to comply with such obligations 
could lead to regulatory investigations or actions; litigation (including class claims) and mass arbitration demands; fines 
and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; loss of customers or 
sales; and other adverse business consequences.
We develop, install and maintain information technology systems for ourselves, as well as for customers. Client 
contracts for the performance of information technology services, as well as various privacy and securities laws, require us to 
manage and protect sensitive and confidential information, including federal and other government information, from 
disclosure. We also need to protect our own internal trade secrets and other business confidential information, as well as 
personal data of our employees and contractors, from disclosure.  
In the United States, federal, state, and local governments have enacted numerous data privacy and security laws, 
including data breach notification laws, personal data privacy laws, consumer protection laws (e.g., Section 5 of the Federal 
Trade Commission Act), and other similar laws.  For example, the California Consumer Privacy Act of 2018, as amended by the 
California Privacy Rights Act of 2020 (collectively, “CCPA”) applies to personal information of consumers, business 
representatives, and employees who are California residents, and requires businesses to provide specific disclosures in privacy 
notices and honor requests of such individuals to exercise certain privacy rights.  The CCPA provides for administrative fines of 
up to $7,500 per violation and allows private litigants affected by certain data breaches to recover significant statutory damages. 
Other states, such as Virginia and Colorado, have also passed comprehensive privacy laws, and similar laws are being 
considered in several other states, as well as at the federal and local levels. 
Outside the United States, an increasing number of laws, regulations, and industry standards govern data privacy and 
security.  For example, the European Union's General Data Protection Regulation ("EU GDPR"), the United Kingdom’s GDPR, 

30 
and Brazil’s General Data Protection Law (Lei Geral de Proteção de Dados Pessoais, or “LGPD”) (Law No. 13,709/2018) 
impose strict requirements for processing personal data.  For example, the EU GDPR extends the scope of the European Union 
data protection laws to all companies processing data of European Union residents, regardless of the company's location.  
In the ordinary course of business, we may transfer personal data from Europe and other jurisdictions to the United 
States or other countries.  Europe and other jurisdictions have enacted laws requiring data to be localized or limiting the transfer 
of personal data to other countries. In particular, the European Economic Area (“EEA”) and the United Kingdom (“UK”) have 
significantly restricted the transfer of personal data to the United States and other countries whose privacy laws it generally 
believes are inadequate.  Other jurisdictions may adopt similarly stringent interpretations of their data localization and cross-
border data transfer laws. 
Although there are currently various mechanisms that may be used to transfer personal data from the EEA and UK to 
the United States in compliance with law, such as the EEA and UK’s standard contractual clauses, the UK’s International Data 
Transfer Agreement / Addendum, and the EU-U.S. Data Privacy Framework (which allows for transfers for relevant U.S.-based 
organizations who self-certify compliance and participate in the Framework), these mechanisms are subject to legal challenges, 
and there is no assurance that we can satisfy or rely on these measures to lawfully transfer personal data to the United States. 
If there is no lawful manner for us to transfer personal data from the EEA, the UK or other jurisdictions to the United 
States, or if the requirements for a legally-compliant transfer are too onerous, we could face significant adverse consequences, 
including the interruption or degradation of our operations, the need to relocate part of or all of our business or data processing 
activities to other jurisdictions (such as Europe) at significant expense, increased exposure to regulatory actions, substantial 
fines and penalties, the inability to transfer data and work with partners, vendors and other third parties, and injunctions against 
our processing or transferring of personal data necessary to operate our business.  Additionally, companies that transfer personal 
data out of the EEA and UK to other jurisdictions, particularly to the United States, are subject to increased scrutiny from 
regulators, individual litigants, and activist groups. 
General Risk Factors
We may not be able to continue, or may elect to discontinue, paying dividends which may adversely affect our stock 
price.
Current dividends may not be indicative of future dividends, and our ability to continue to pay or increase dividends to 
our stockholders is subject to our Board of Director’s discretion and depends on: our ability to comply with covenants imposed 
by our financing agreements that limit our ability to pay dividends and make certain restricted payments; difficulties in raising 
additional capital; our ability to re-finance our long-term debt before it matures; principal repayments and other capital needs; 
our results of operations and general business conditions; legal restrictions on the payment of dividends and other factors that 
our Board of Directors deems relevant. In the future we may elect not to pay dividends, be unable to pay dividends or maintain 
or increase our current level of dividends, which may negatively affect our stock price. 
Delaware law and our organizational documents may impede or discourage a merger, takeover or other business 
combination with us even if the business combination would have been in the short-term best interests of our 
stockholders.
We are a Delaware corporation and the anti-takeover provisions of Delaware law impose various impediments to the 
ability of a third party to acquire control of us, even if a change in control would be beneficial to our stockholders. In addition, 
our Board of Directors has the power, without stockholder approval, to designate the terms of one or more series of preferred 
stock and issue shares of preferred stock, which could be used defensively if a takeover is threatened. These features, as well as 
provisions in our certificate of incorporation and bylaws, such as those relating to advance notice of certain stockholder 
proposals and nominations, could impede a merger, takeover or other business combination involving us, or discourage a 
potential acquirer from making a tender offer for our common stock, even if the business combination would have been in the 
best interests of our current stockholders. 
Corporate responsibility, specifically related to environmental, social and governance (“ESG”) matters, may impose 
additional costs and expose us to new risks.
Public ESG and sustainability reporting is becoming more broadly expected by investors, stockholders, and other 
stakeholders. Certain organizations that provide corporate governance and other corporate risk information to investors and 
shareholders have developed, and others may in the future develop, scores and ratings to evaluate companies and investment 
funds based upon ESG or “sustainability” metrics. Many investment funds focus on positive ESG business practices and 
sustainability scores when making investments and may consider a company’s ESG or sustainability scores as a reputational or 
other factor in making an investment decision. In addition, investors, particularly institutional investors, use these scores to 
benchmark companies against their peers and if a company is perceived as lagging, these investors may engage with such 
company to improve ESG disclosure or performance and may also make voting decisions, or take other actions, to hold these 
companies and their boards of directors accountable. We may also face reputational damage in the event our corporate 

31 
responsibility initiatives or objectives do not meet the standards set by our investors, stockholders, lawmakers, listing 
exchanges or other constituencies, or if we are unable to achieve an acceptable ESG or sustainability rating from third party 
rating services. A low ESG or sustainability rating by a third-party rating service could also result in the exclusion of our 
common stock from consideration by certain investors who may elect to invest with our competition instead. Ongoing focus on 
corporate responsibility matters by investors and other parties as described above may impose additional costs or expose us to 
new risks. 
Item 1B    Unresolved Staff Comments 
None. 
Item 2.    Properties 
At fiscal 2024 year-end, we leased approximately 560 operating facilities in domestic and foreign locations. Our 
significant lease agreements expire at various dates through 2033. We believe that our current facilities are adequate for the 
operation of our business, and that suitable additional space in various local markets is available to accommodate any needs that 
may arise. 
The following table summarizes our ten most significant leased properties by location based on annual rental expenses 
(listed alphabetically, except for our corporate headquarters): 
Location
Description
Reportable Segment
Pasadena, CA
Corporate Headquarters
Corporate
Arlington, VA
Office Building
GSG / CIG
Boston, MA
Office Building
GSG / CIG
Irvine, CA
Office Building
GSG / CIG
London, United Kingdom
Office Building
GSG / CIG
Melbourne, Australia
Office Building
CIG
New York, NY
Office Building
GSG /CIG
Orlando, FL
Office Building
GSG / CIG
Pittsburgh, PA
Office Building
GSG / CIG
Portland, OR
Office Building
GSG / CIG
Item 3.    Legal Proceedings 
For a description of our material pending legal and regulatory proceedings and settlements, see Note 18, 
"Commitments and Contingencies" of the "Notes to Consolidated Financial Statements" included in Item 8. 
Item 4.    Mine Safety Disclosures 
Section 1503 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") requires 
domestic mine operators to disclose violations and orders issued under the Mine Act by MSHA. We do not act as the owner of 
any mines, but we may act as a mining operator as defined under the Mine Act where we may be an independent contractor 
performing services or construction at such mine. Information concerning mine safety violations or other regulatory matters 
required by Section 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K is included in Exhibit 95. 

32 
PART II 
Item 5.    Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
Securities 
Market Information 
Our common stock is traded on the NASDAQ Global Select Market under the symbol TTEK. There were 
approximately 1,046 stockholders of record at September 29, 2024. 
Stock-Based Compensation 
For information regarding our stock-based compensation, see Note 12, "Stockholders' Equity and Stock Compensation 
Plans" of the "Notes to Consolidated Financial Statements" included in Item 8. 
Performance Graph 
The following graph shows a comparison of our cumulative total returns with those of the NASDAQ Market Index 
and the Standard & Poor's ("S&P") 1000 Index. At this time, we do not have a comparable peer group due to the combination of 
our differentiated high-end consulting services and our end-markets. Thus, we have selected the S&P 1000 Index. The graph 
assumes that the value of an investment in our common stock and in each such index was $100 on September 29, 2019, and that 
all dividends have been reinvested. Dividends declared and paid in fiscal 2024 totaled $0.220 per share. We declared and paid 
dividends in the first and second quarters totaling $0.104 per share ($0.052 each quarter) on our common stock and paid 
dividends in the third and fourth quarters totaling $0.116 per share ($0.058 each quarter) on our common stock. We declared 
and paid dividends totaling $0.196, $0.172, $0.148 and $0.128 per share in fiscal 2023, 2022, 2021 and 2020, respectively. The 
comparison in the graph below is based on historical data and is not intended to forecast the possible future performance of our 
common stock. 
ASSUMES $100 INVESTED ON SEPTEMBER 29, 2019 
ASSUMES DIVIDEND REINVESTED 
FISCAL YEAR ENDED SEPTEMBER 29, 2024 
2019
2020
2021
2022
2023
2024
Tetra Tech, Inc.
$ 100.00 $ 108.26 $ 181.19 $ 154.26 $ 183.65 $ 281.86 
NASDAQ Market Index
 
100.00  
138.78  
186.51  
136.43  
172.05  
237.60 
S&P 1000 Index
 
100.00  
94.20  
145.00  
119.23 
 
135.76  
171.48 
The performance graph above and related text are being furnished solely to accompany this annual report on Form 10-
K pursuant to Item 201(e) of Regulation S-K, and are not being filed for purposes of Section 18 of the Exchange Act, and are 

33 
not to be incorporated by reference into any of our filings with the SEC, whether made before or after the date hereof, 
regardless of any general incorporation language in such filing. 
Stock Repurchase Program 
On October 5, 2021, our Board of Directors authorized a new stock repurchase program under which we could 
repurchase up to $400 million of our common stock. In fiscal 2024 and 2023, we did not repurchase any shares of our common 
stock. In fiscal 2022, we repurchased and settled 6,708,395 shares with an average price of $29.81 per share for a total cost of 
$200.0 million. At fiscal 2024 year-end, we had a remaining balance of $347.8 million under our stock repurchase program. 
Item 6.    [Reserved]

34 
Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations 
The following analysis of our financial condition and results of operations should be read in conjunction with Part I of 
this report, as well as our consolidated financial statements and accompanying notes in Item 8. The following analysis contains 
forward-looking statements about our future results of operations and expectations. Our actual results and the timing of events 
could differ materially from those described herein. See Part 1, Item 1A, "Risk Factors" for a discussion of the risks, 
assumptions and uncertainties affecting these statements. 
OVERVIEW OF RESULTS AND BUSINESS TRENDS 
General.  In fiscal 2024, our revenue increased 15.0% compared to fiscal 2023 primarily reflecting increased activity 
in our U.S. federal and international client sectors. This revenue growth includes $332 million from our recent acquisitions, that 
did not have comparable revenue for all of fiscal 2023. Excluding the impact of these acquisitions, our revenue increased 7.6% 
compared to the prior-year period.  
The table below presents our revenue by client sector (amounts in thousands):
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
Client sector
U.S. federal government (1)
$ 
1,675,996 $ 
1,387,101 $ 
288,895 
20.8%
U.S. state and local government
613,185 
607,074 
6,111 
1.0
U.S. commercial
909,642 
869,460 
40,182 
4.6
International (2)
1,999,856 
1,658,915  
340,941 
20.6
Total
$ 
5,198,679 $ 
4,522,550 $ 
676,129 
15.0%
(1)     Includes revenue generated under U.S. federal government contracts performed outside the United States. 
(2)     Includes revenue generated from non-U.S. clients, primarily in the United Kingdom, Australia and Canada.
U.S. Federal Government
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
($ in thousands)
Revenue 
$ 
1,675,996 $ 
1,387,101 $ 
288,895 
20.8%
Our 20.8% growth in U.S. federal revenue in fiscal 2024 compared to fiscal 2023 primarily reflects increased 
international development activity and increased environmental activity for both civilian and defense agencies. The growth in 
our international development activity primarily relates to activity in Ukraine to support energy security and other humanitarian 
needs. In fiscal 2024, our international development revenue increased approximately $122 million compared to fiscal 2023. 
The overall revenue growth also includes approximately $115 million of revenue from our recent acquisitions, that did not have 
comparable revenue for all last year. We expect our U.S. federal government revenue to continue to grow in fiscal 2025. 
Approximately $1 trillion in new U.S. federal funding passed in 2021 through the Infrastructure Investment and Jobs Act, the 
Inflation Reduction Act and the CHIPS and Science Act. Each of these programs includes substantial planned investments in 
our key end markets including water, environment and sustainable infrastructure over the next five to ten years.
U.S. State and Local Government
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
($ in thousands)
Revenue
$ 
613,185 $ 
607,074 $ 
6,111 
1.0%

35 
In fiscal 2024, our U.S. state and local government revenue increased compared to last fiscal year due to continued 
investment by our clients in clean drinking water; this growth was offset by lower disaster response revenue of approximately 
$46 million primarily due to the wind-down of hurricane related projects in the southeastern U.S. last year. Excluding our 
disaster response activities, our U.S. state and local government revenue increased 12.4% in fiscal 2024 compared to fiscal 
2023, primarily reflecting continued increased revenue from advanced water treatment projects. Most of our work for U.S. state 
and local governments relates to critical water and environmental programs, which we expect to continue to grow in fiscal 
2025. 
U.S. Commercial
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
($ in thousands)
Revenue
$ 
909,642 $ 
869,460 $ 
40,182 
4.6%
Our U.S. commercial revenue growth of 4.6% this fiscal year was primarily due to increased planning and permitting 
projects related to renewable energy generation and transmission. We expect revenue growth to continue in our U.S. 
commercial business in fiscal 2025. 
International
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
($ in thousands)
Revenue 
1,999,856 $ 
1,658,915 $ 
340,941 
20.6%
For fiscal 2024, our international revenue increased 20.6% compared to last year primarily due to higher renewable 
energy revenue and commercial activities related to an increased focus on sustainability in addition to contributions from 
acquisitions. This revenue growth includes approximately $182 million of revenue from our recent acquisitions, that did not 
have comparable revenue for all of last year. Excluding the impact of these acquisitions, our revenue increased 9.6% compared 
to fiscal 2023. We expect growth in our international work to continue in fiscal 2025.

36 
RESULTS OF OPERATIONS 
Fiscal 2024 Compared to Fiscal 2023 
Consolidated Results of Operations 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
($ in thousands, except per share data)
Revenue
$ 
5,198,679 $ 
4,522,550 $ 
676,129 
15.0%
Subcontractor costs
(876,817)
(771,461)
 
(105,356)
(13.7)
Revenue, net of subcontractor costs (1)
4,321,862 
3,751,089  
570,773 
15.2
Other costs of revenue
 
(3,455,422)  
(3,026,060)
 
(429,362)
(14.2)
Gross profit
866,440 
725,029  
141,411 
19.5
Selling, general and administrative expenses
(356,024)
(305,107)
 
(50,917)
(16.7)
Acquisition and integration expenses
(7,138)
(33,169)
26,031 
78.5
Right-of-use operating lease asset impairment
— 
(16,385)
16,385 
NM
Contingent consideration – fair value adjustments
(2,541)
(12,255)
9,714 
79.3
Income from operations
500,737 
358,113 
 
142,624 
39.8
Interest expense – net
(37,271)
(46,537)
9,266 
19.9
Other non-operating income
— 
89,402 
 
(89,402)
NM
Income before income tax expense
463,466 
400,978 
62,488 
15.6
Income tax expense
(130,023)
(127,526)
(2,497)
(2.0)
Net income
333,443 
273,452 
59,991 
21.9
Net income attributable to noncontrolling interests
(61)
(32)
(29)
(90.6)
Net income attributable to Tetra Tech
$ 
333,382 $ 
273,420 $ 
59,962 
21.9
Diluted earnings per share
$ 
1.23 $ 
1.02 $ 
0.21 
20.6%
(1)     We believe that the presentation of "Revenue, net of subcontractor costs", which is a non-U.S. GAAP financial measure, enhances investors' ability to 
analyze our business trends and performance because it substantially measures the work performed by our employees. In the course of providing services, we 
routinely subcontract various services and, under certain international development programs, issue grants. Generally, these subcontractor costs and grants are 
passed through to our clients and, in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and industry 
practice, are included in our revenue when it is our contractual responsibility to procure or manage these activities. Because subcontractor services can vary 
significantly from project to project and period to period, changes in revenue may not necessarily be indicative of our business trends. Accordingly, we 
segregate subcontractor costs from revenue to promote a better understanding of our business by evaluating revenue exclusive of costs associated with external 
service providers.
NM = not meaningful 
Our revenue growth in fiscal 2024 reflects increases in both of our reportable segments. Our GSG segment's revenue 
and revenue, net of subcontractor costs, increased $324.5 million, or 15.0%, and $274.5 million, or 16.8%, respectively, in 
fiscal 2024 compared to last year. Our CIG segment's revenue increased $362.1 million, or 14.9%, and revenue, net of 
subcontractor costs, increased $296.2 million, or 14.0% in fiscal 2024 compared to fiscal 2023. The fiscal 2024 results for GSG 
and CIG segments are described below under "Government Services Group" and "Commercial/International Group", 
respectively. 
The following table reconciles our reported results to non-U.S. GAAP adjusted results, which exclude acquisition and 
integration costs and adjustments to contingent consideration liabilities in fiscal 2024. Our fiscal 2023 adjusted results exclude 
acquisition and integrations costs related to the RPS acquisition and related lease impairment charge and adjustments to 
contingent consideration liabilities. Our adjusted earnings per share ("EPS") for fiscal 2023 also excludes non-operating gains 
on a foreign exchange contract of $89.4 million and non-recurring tax expense items. The foreign exchange gain is reported as 
"Other non-operating income" in our consolidated statements of income. The effective tax rate applied to the adjustments to 
EPS to arrive at adjusted EPS was 17% and 26% for fiscal 2024 and 2023, respectively. The fiscal 2024 rate reflects certain 
integration costs/losses that were not tax deductible. We applied the relevant marginal statutory tax rate based on the nature of 
the adjustments and the tax jurisdiction in which it occurred. Both EPS and adjusted EPS were calculated using diluted 
weighted-average common shares outstanding for the respective periods as reflected in our consolidated statements of income. 

37 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
($ in thousands, except per share data)
Income from operations
$ 
500,737 $ 
358,113 
$ 
142,624 
39.8%
Acquisition and integration expenses
7,138 
33,169 
 
(26,031)
(78.5)
Right-of-use operating lease asset impairment
— 
16,385 
 
(16,385)
NM
Earn-out adjustments
2,541 
12,255 
(9,714)
(79.3)
Adjusted income from operations (1)
$ 
510,416 $ 
419,922 $ 
90,494 
21.6%
EPS
$ 
1.23 $ 
1.02 $ 
0.21 
20.6%
Acquisition and integration expenses
0.02 
0.11 
(0.09)
(81.8)
Right-of-use operating lease asset impairment
— 
0.04 
(0.04)
NM
Earn-out adjustments
0.01 
0.04 
(0.03)
(75.0)
Foreign exchange forward contract gain
— 
(0.25)
0.25 
NM
Non-recurring tax items
— 
0.08 
(0.08)
NM
Adjusted EPS (1)
$ 
1.26 $ 
1.04 $ 
0.22 
21.2%
NM = not meaningful 
(1)    Non-U.S. GAAP financial measure 
Operating income in fiscal 2024 includes $7.1 million of acquisition and integration expenses (non-cash divestiture 
and asset impairment charges). The fiscal 2023 results include $33.2 million of acquisition and integration expenses (primarily 
investment banking, legal and other professional fees) for the RPS acquisition and a related $16.4 million lease right-of-use 
asset ("ROU") impairment expense. The fiscal 2024 and 2023 results also include charges of $2.5 million and $12.3 million, 
respectively, related to changes in the estimated fair value of contingent earn-out liabilities. Excluding the acquisition and 
integration expenses and earn-out charges, our adjusted operating income increased $90.5 million, or 21.6% in fiscal 2024 
compared to fiscal 2023. These increases reflect improved results in both of our operating segments, which are described below 
under "Government Services Group" and "Commercial/International Group", respectively. 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
($ in thousands)
Interest expense – net
$ 
37,271 $ 
46,537 
$ 
(9,266)
(19.9)%
Net interest expense decreased in fiscal 2024 compared to last fiscal year primarily due to the lower borrowing costs 
from our convertible notes (the "Convertible Notes") issued in the fourth quarter of fiscal 2023, which we used to refinance the 
existing higher-cost debt. In fiscal 2023, net interest expense included $2.7 million of additional expense for the write-off of 
previously deferred debt origination fees due to the cancellation of the bridge loan facility that we entered to support our offer 
to acquire RPS, which was replaced with an amendment to our existing debt facility and $1.1 million of additional expense for 
the write-off of previously deferred debt origination fees due to the repayment of RPS' debt facilities. Excluding these write-
offs, our interest expense decreased $5.5 million in fiscal 2024 compared to last year. 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
($ in thousands)
Other non-operating income
$ 
— $ 
89,402 
$ 
(89,402)
NM
Other non-operating income in fiscal 2023 reflects gains on a foreign exchange forward contract integrated with the 
acquisition of RPS. Although an effective economic hedge of our foreign exchange risk related to this transaction, the forward 
contract did not qualify for hedge accounting. As a result, the forward contract was marked-to-market with changes in fair value 
recognized in earnings each period. The forward contract was settled on January 23, 2023, together with the closing of the RPS 
acquisition, with a cumulative cash gain of approximately $109 million.

38 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
($ in thousands)
Income tax expense
$ 
130,023 $ 
127,526 $ 
2,497 
2.0%
The effective tax rates for fiscal 2024 and 2023 were 28.1% and 31.8%, respectively. Income tax expense was reduced 
by $4.5 million and $4.6 million of excess tax benefits on share-based payments in fiscal 2024 and 2023, respectively. In 
addition, income tax expense in fiscal 2024 included $4.2 million of expense for the settlement of various tax positions that 
were under audit for fiscal years 2011 through 2021. Furthermore, income tax expense in fiscal 2023 included non-operating 
income tax expenses totaling $20.6 million to (i) increase the tax liability for uncertain tax positions related to certain U.S. tax 
credits and an intercompany financing transaction, (ii) recognize the tax liability for foreign earnings, primarily in the United 
Kingdom and Australia, that are no longer indefinitely reinvested. Excluding the impact of the excess tax benefits on share-
based payments in both years, the settlement amount in fiscal 2024 and the non-operating tax expenses in fiscal 2023, our 
effective tax rates in fiscal 2024 and 2023 were 28.1% and 27.8%, respectively.
In December 2021, the Organisation for Economic Cooperation and Development ("OECD") released Pillar Two 
Model Rules (also referred to as the global minimum tax or Global Anti-Base Erosion "GloBE" rules), which were designed to 
ensure large multinational enterprises pay a minimum 15 percent level of tax on the income arising in each jurisdiction in which 
they operate. Several jurisdictions in which we operate have enacted these rules, which are effective for the first quarter of 
fiscal 2025. We are continually monitoring developments and evaluating the potential impacts. At this time, we do not 
anticipate a material tax charge as a result of implementation of these rules.  
Segment Results of Operations 
Government Services Group ("GSG") 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
($ in thousands)
Revenue
$ 
2,483,355 $ 
2,158,889 $ 
324,466 
15.0%
Subcontractor costs
(573,377)
(523,449)
 
(49,928)
(9.5)
Revenue, net of subcontractor costs
$ 
1,909,978 $ 
1,635,440 $ 
274,538 
16.8
Income from operations
$ 
281,026 $ 
231,762 $ 
49,264 
21.3%
For fiscal 2024, the revenue growth of 15.0% compared to fiscal 2023 primarily reflects higher U.S. federal 
government activities related to international development, U.S. state and local government activities related to advanced water 
treatment and contributions from our recent acquisitions. This growth was partially offset by lower disaster response activity. 
The revenue growth in fiscal 2024 includes a $122 million increase from the aforementioned international development 
activities in Ukraine compared to last year. For fiscal 2024, our revenue growth also includes approximately $128 million of 
revenue from our recent acquisitions, that did not have comparable revenue for all of fiscal 2023. Conversely, our revenue 
growth also includes decreased revenue from disaster response activities, which was approximately $46 million lower in fiscal 
2024 compared to fiscal 2023. Excluding the acquisitions, increased activity in Ukraine and the partially offsetting lower 
disaster response revenue, our revenue increased 6.7% in fiscal 2024 compared to last year. 
Operating income increased primarily due to the aforementioned revenue growth. Additionally, our fiscal 2023 
operating income was reduced by $6.8 million of the aforementioned lease impairment charge. Excluding last year's lease 
impairment charge, our operating margin, based on revenue, net of subcontractor costs, increased to 14.7% in fiscal 2024 
compared to 14.6% in fiscal 2023.

39 
Commercial/International Services Group ("CIG") 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
($ in thousands)
Revenue
$ 
2,786,731 $ 
2,424,649 $ 
362,082 
14.9%
Subcontractor costs
(374,847)
(309,000)  
(65,847)
(21.3)
Revenue, net of subcontractor costs
$ 
2,411,884 
$ 
2,115,649 
$ 
296,235 
14.0
Income from operations
$ 
328,510 $ 
243,750 $ 
84,760 
34.8%
For fiscal 2024, the revenue growth of 14.9% compared to fiscal 2023 primarily reflects increased activities related to 
renewable energy and international sustainable infrastructure in addition to contributions from acquisitions. The revenue growth 
in fiscal 2024 includes approximately $205 million from the RPS acquisition that did not have comparable revenue in fiscal 
2023. Excluding the impact of the RPS acquisition, our revenue increased 6.5% in fiscal 2024 compared to last year.
For fiscal 2024, our operating income increased due to the aforementioned revenue growth. Additionally, our operating 
income in fiscal 2023 was reduced by $8.3 million of the aforementioned lease impairment charge. Our operating margin also 
improved in fiscal 2024 compared to last year resulting in enhanced operating income. Excluding the lease impairment charge 
last year, our operating margin, based on revenue, net of subcontractor costs, improved approximately 170 basis points from 
11.9% in fiscal 2023 to 13.6% in this fiscal year. The improved operating margin was primarily due to our increased focus on 
high-end consulting services, and improved project execution, particularly in the RPS operations.
Fiscal 2023 Compared to Fiscal 2022 
Consolidated Results of Operations 
Fiscal Year Ended
October 1,
2023
October 2, 
2022
Change
$
%
($ in thousands, except per share data)
Revenue
$ 
4,522,550 $ 
3,504,048 $ 1,018,502 
29.1%
Subcontractor costs
(771,461)
(668,468)
 
(102,993)
(15.4)
Revenue, net of subcontractor costs (1)
3,751,089 
2,835,580  
915,509 
32.3
Other costs of revenue
 
(3,026,060)  
(2,260,021)
 
(766,039)
(33.9)
Gross profit
725,029 
575,559  
149,470 
26.0
Selling, general and administrative expenses
(305,107)
(234,784)
 
(70,323)
(30.0)
Acquisition and integration expenses
(33,169)
— 
 
(33,169)
NM
Right-of-use operating lease asset impairment
(16,385)
— 
 
(16,385)
NM
Contingent consideration – fair value adjustments
(12,255)
(329)
 
(11,926)
NM
Income from operations
358,113 
340,446 
17,667 
5.2
Interest expense – net
(46,537)
(11,584)
 
(34,953)
(301.7)
Other non-operating income
89,402 
19,904 
69,498 
349.2
Income before income tax expense
400,978 
348,766 
52,212 
15.0
Income tax expense
(127,526)
(85,602)
 
(41,924)
(49.0)
Net income
273,452 
263,164 
10,288 
3.9
Net income attributable to noncontrolling interests
(32)
(39)
7 
17.9
Net income attributable to Tetra Tech
$ 
273,420 $ 
263,125 $ 
10,295 
3.9
Diluted earnings per share
$ 
1.02 $ 
0.97 $ 
0.05 
5.2%

40 
(1)    We believe that the presentation of "Revenue, net of subcontractor costs", which is a non-U.S. GAAP financial measure, enhances investors' ability to 
analyze our business trends and performance because it substantially measures the work performed by our employees. In the course of providing services, we 
routinely subcontract various services and, under certain international development programs, issue grants. Generally, these subcontractor costs and grants are 
passed through to our clients and, in accordance with U.S. GAAP and industry practice, are included in our revenue when it is our contractual responsibility to 
procure or manage these activities. Because subcontractor services can vary significantly from project to project and period to period, changes in revenue may 
not necessarily be indicative of our business trends. Accordingly, we segregate subcontractor costs from revenue to promote a better understanding of our 
business by evaluating revenue exclusive of costs associated with external service providers.
NM = not meaningful
In fiscal 2023, revenue and revenue, net of subcontractor costs, increased $1.02 billion, or 29.1%, and $915.5 million, 
or 32.3%, respectively, compared to fiscal 2022. Excluding the contribution from RPS, our revenue increased 12.0% in fiscal 
2023 compared to the previous year. Our GSG segment's revenue and revenue, net of subcontractor costs, increased $338.0 
million, or 18.6%, and $299.0 million, or 22.4%, respectively, in fiscal 2023 compared to fiscal 2022. Our CIG segment's 
revenue increased $686.2 million, or 39.5%, and revenue, net of subcontractor costs, increased $616.5 million, or 41.1% in 
fiscal 2023 compared to the previous year. Excluding the contribution from RPS, our CIG segment's revenue increased 
approximately 6.7% in fiscal 2023 compared to fiscal 2022 (9.5% on a constant currency basis). The fiscal 2023 results for 
GSG and CIG segments are described below under "Government Services Group" and "Commercial/International Services 
Group", respectively.
The following table reconciles our reported results to non-U.S. GAAP adjusted results, which exclude our acquisition 
and integration costs related to the RPS acquisition, a related lease impairment charge and adjustments to contingent 
consideration liabilities in fiscal 2023, and a non-operating benefit from Employee Retention Credits ("ERC's") received in 
fiscal 2022. Our adjusted EPS also excludes non-operating gains on a foreign exchange contract of $89.4 million for fiscal 2023 
and $19.9 million for fiscal 2022, as well as non-recurring tax expense items for fiscal 2023. The foreign exchange gain is 
reported as "Other non-operating income" in our consolidated statements of income. The effective tax rates applied to the 
adjustments to EPS to arrive at adjusted EPS average 26% for both fiscal 2023 and 2022. We applied the relevant marginal 
statutory tax rate based on the nature of the adjustments and the tax jurisdiction in which it occurred. Both EPS and adjusted 
EPS were calculated using diluted weighted-average common shares outstanding for the respective periods as reflected in our 
consolidated statements of income.
Fiscal Year Ended
October 1,
2023
October 2, 
2022
Change
$
%
($ in thousands, except per share data)
Income from operations
$ 
358,113 
$ 
340,446 
$ 
17,667 
5.2%
Employee retention credits
— 
(6,486)
6,486 
NM
Acquisition and integration expenses
33,169 
— 
33,169 
NM
Right-of-use operating lease asset impairment
16,385 
— 
16,385 
NM
Earn-out adjustments
12,255 
— 
12,255 
NM
Adjusted income from operations (1)
$ 
419,922 $ 
333,960 
$ 
85,962 
25.7%
EPS
$ 
1.02 $ 
0.97 
$ 
0.05 
5.2%
Employee retention credits
— 
(0.02)
0.02 
NM
Acquisition and integration expenses
0.11 
— 
0.11 
NM
Right-of-use operating lease asset impairment
0.04 
— 
0.04 
NM
Earn-out adjustments
0.04 
— 
0.04 
NM
Foreign exchange forward contract gain
(0.25)
(0.06)
(0.19)
NM
Non-recurring tax items
0.08 
— 
0.08 
NM
Adjusted EPS (1)
$ 
1.04 $ 
0.89 
$ 
0.15 
16.9%
NM = not meaningful 
(1)    Non-U.S. GAAP financial measure 
Operating income increased $17.7 million, or 5.2%, in fiscal 2023 compared to fiscal 2022. The fiscal 2023 results 
include $33.2 million of acquisition and integration expenses (primarily investment banking, legal and other professional fees) 
for the RPS acquisition and a related $16.4 million of ROU lease asset impairment expense. The fiscal 2023 results also include 
losses of $12.3 million, related to changes in the estimated fair value of contingent earn-out liabilities. The fiscal 2022 results 
include the benefit of Employee Retention Credits ("ERC's") totaling $6.5 million, which represents reimbursement from the 
U.S. federal government under the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") for the costs that we 

41 
incurred during fiscal 2020 to address the coronavirus disease 2019 pandemic. These amounts were recognized in fiscal 2022 
when the funds were received due to the uncertainty related to the computation of qualifying amounts and delayed processing 
times for our application. These amounts were primarily reflected as a reduction to "Other costs of revenue" in our consolidated 
statement of income and an increase to "Net cash provided by operating activities" in our consolidated statement of cash flows 
for fiscal 2022, consistent with the presentation of the related costs recognized in fiscal 2020.
Excluding the acquisition and integration expenses, ROU asset impairment, earn-out losses and the ERC's, our 
adjusted operating income increased $86.0 million, or 25.7% in fiscal 2023 compared to fiscal 2022. These increases reflect 
improved results in both GSG and CIG segments, which are described below under "Government Services Group" and 
"Commercial/International Group", respectively.  
Our net interest expense was $46.5 million and $11.6 million in fiscal 2023 and 2022, respectively. Net interest 
expense in fiscal 2023 included $2.7 million of additional expense for the write-off of previously deferred debt origination fees 
due to the cancellation of the bridge loan facility that we entered to support our offer to acquire RPS, which was replaced with 
an amendment to our existing debt facility and $1.1 million of additional expense for the write-off of previously deferred debt 
origination fees due to the repayment and cancellation of RPS' debt facilities. Excluding these write-offs, our interest expense 
increased $31.2 million in fiscal 2023 compared to fiscal 2022 primarily due to the additional borrowings to fund the RPS 
acquisition.
Other non-operating income of $89.4 million in fiscal 2023 and $19.9 million in fiscal 2022, reflect the previously 
described gain on a foreign exchange forward contract integrated with the RPS acquisition.  
The effective tax rates for fiscal 2023 and 2022 were 31.8% and 24.5%, respectively. Income tax expense in fiscal 
2023 included non-operating income tax expenses totaling $20.6 million to (i) increase the tax liability for uncertain tax 
positions related to certain U.S. tax credits and an intercompany financing transaction, (ii) recognize the tax liability for foreign 
earnings, primarily in the United Kingdom and Australia, that are no longer indefinitely reinvested. In addition, income tax 
expense was reduced by $4.6 million and $10.3 million of excess tax benefits on share-based payments in fiscal 2023 and 2022, 
respectively. Excluding the impact of the non-operating tax expenses in fiscal 2023 and the excess tax benefits on share-based 
payments in both years, our effective tax rates in fiscal 2023 and 2022 were 27.8% and 27.5%. 
Segment Results of Operations  
Government Services Group ("GSG") 
Fiscal Year Ended
October 1,
2023
October 2, 
2022
Change
$
%
($ in thousands)
Revenue
$ 
2,158,889 $ 
1,820,868 $ 
338,021 
18.6%
Subcontractor costs
(523,449)
(484,412)
 
(39,037)
(8.1)
Revenue, net of subcontractor costs
$ 
1,635,440 $ 
1,336,456 $ 
298,984 
22.4
Income from operations
$ 
231,762 $ 
198,448 $ 
33,314 
16.8%
Revenue and revenue, net of subcontractor costs, increased $338.0 million, or 18.6%, and increased $299.0 million, or 
22.4%, respectively, in fiscal 2023 compared to fiscal 2022. This increase includes approximately $70 million in revenue in the 
second quarter of fiscal 2023 related to a distinct international development funded energy program in Ukraine. In addition, the 
increases reflect higher U.S. state and local government activities related to digital water and U.S. federal programs, partially 
offset by lower disaster response revenue. 
Operating income increased $33.3 million in fiscal 2023 compared to fiscal 2022. The increase in operating income is 
consistent with the revenue increase noted above. The fiscal 2023 results were reduced by $6.8 million of the aforementioned 
lease impairment charge and the fiscal 2022 results included $4.4 million of the aforementioned ERC's. Our operating margin, 
based on revenue, net of subcontractor costs, was 14.2% in fiscal 2023 compared to 14.8% the previous year. Excluding the 
lease impairment charge in fiscal 2023 and the ERC's in fiscal 2022, our operating margin increased to 14.6% in fiscal 2023 
from 14.5% in fiscal 2022. 

42 
Commercial/International Services Group ("CIG") 
Fiscal Year Ended
October 1,
2023
October 2, 
2022
Change
$
%
($ in thousands)
Revenue
$ 
2,424,649 $ 
1,738,436 
$ 
686,213 
39.5%
Subcontractor costs
(309,000)
(239,312)
 
(69,688)
(29.1)
Revenue, net of subcontractor costs
$ 
2,115,649 
$ 
1,499,124 
$ 
616,525 
41.1
Income from operations
$ 
243,750 $ 
194,142 
$ 
49,608 
25.6%
Revenue and revenue, net of subcontractor costs, increased $686.2 million, or 39.5%, and increased $616.5 million, or 
41.1%, respectively, in fiscal 2023 compared to fiscal 2022. The RPS acquisition contributed approximately $570 million to 
revenue growth in fiscal 2023. The remaining revenue growth in fiscal 2023 primarily reflects increased activity on high-
performance buildings, clean energy and international infrastructure.   
Operating income increased $49.6 million in fiscal 2023 compared to fiscal 2022. The RPS acquisition contributed 
approximately $34 million to operating income in fiscal 2023. Conversely, the fiscal 2023 results were reduced by $8.3 million 
of the aforementioned lease impairment charge. The fiscal 2022 operating income included $1.9 million of the aforementioned 
ERC's. Our operating margin, based on revenue, net of subcontractor costs, was 11.5% in fiscal 2023 compared to 13.0% in 
fiscal 2022. Excluding the lease impairment and RPS in fiscal 2023 and the ERC's in fiscal 2022, our operating margin was 
13.3% in fiscal 2023 compared to 12.8% in fiscal 2022. The improved operating margin was primarily due to our increased 
focus on high-end consulting services, project execution and higher labor utilization.  
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES 
Capital Requirements. At September 29, 2024, we had $232.7 million of cash and cash equivalents and access to an 
additional $800 million of borrowing available under our credit facility. We generated $358.7 million of cash from operations in 
fiscal 2024. Our primary sources of liquidity are cash flows from operations and borrowings under our credit facilities. Our 
primary uses of cash are to fund working capital, cash dividends, capital expenditures and repayment of debt, as well as to fund 
acquisitions and earn-out obligations from prior acquisitions. We believe that our existing cash and cash equivalents, operating 
cash flows and borrowing capacity under our credit agreement as described below, will be sufficient to meet our capital 
requirements for at least the next 12 months.  
On October 5, 2021, our Board of Directors authorized a new stock repurchase program under which we could 
repurchase up to $400 million of our common stock. In fiscal 2024 and 2023, we did not repurchase any shares of our common 
stock. At fiscal 2024 year-end, we had a remaining balance of $347.8 million under our stock repurchase program. We declared 
and paid common stock dividends totaling $58.8 million, or $0.220 per share, in fiscal 2024 compared to $52.1 million, or 
$0.196 per share, in fiscal 2023.
Subsequent Events. On November 11, 2024, our Board of Directors declared a quarterly cash dividend of $0.058 per 
share payable on December 13, 2024 to stockholders of record as of the close of business on November 27, 2024.
Cash and Cash Equivalents.  The following tables summarize information regarding our cash and cash equivalents 
(amounts in thousands): 
Fiscal Year Ended
September 29,
2024
October 1, 
2023
Change
$
%
Cash and cash equivalents
$ 
232,689 $ 
168,831 $ 
63,858 
37.8%

43 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Change
$
%
Net cash provided by (used in):
Operating activities
$ 
358,708 
$ 
368,463 
$ 
(9,755)
(2.6)%
Investing activities
(111,043)
(771,199)  
660,156 
85.6
Financing activities
(191,380)
382,380 
 
(573,760)
(150.0)
Effect of exchange rate changes
7,573 
4,093 
3,480 
85.0
Net increase (decrease) in cash and cash 
equivalents
$ 
63,858 
$ 
(16,263) $ 
80,121 
492.7%
Operating Activities.  Cash from operations in fiscal 2024 decreased 2.6% compared to fiscal 2023. Our cash flow 
from operations in fiscal 2023 benefited from improved management of working capital through faster collection of accounts 
receivable compared to previous years. This trend was stable in fiscal 2024. For fiscal 2024, we paid $10.5 million less in 
interest compared to last year, primarily due the lower borrowing costs from our convertible notes issued in the fourth quarter 
of fiscal 2023, which we used to refinance the existing higher-cost debt incurred to fund the RPS acquisition in the second 
quarter of fiscal 2023. This improvement and the benefit of higher earnings in fiscal 2024 were substantially offset by higher 
income tax payments. We paid $27 million in U.S. federal income tax in the first quarter of fiscal 2024 that typically would 
have been made in fiscal 2023, but the IRS permitted, and we elected, 2023 federal tax payment deferrals for entities in disaster 
zones. 
Investing Activities. For fiscal 2024, the cash used in investing activities includes net payments of $94 million for 
the acquisitions completed during the year. The fiscal 2023 period reflects $854 million of net payments for the acquisitions 
completed last year (primarily RPS), net of the $109 million of related foreign exchange hedge proceeds received in the second 
quarter of fiscal 2023. 
Financing Activities. For fiscal 2024, net cash provided by financing activities declined. The decrease was due to a 
net borrowing of $544 million in fiscal 2023 versus net debt repayments of $70 million in fiscal 2024. The fiscal 2023 
borrowings were used primarily to fund our fiscal 2023 acquisitions. To a lesser extent, the decline in our net cash provided by 
financing activities was due to $25 million more cash used for contingent earn-out payments in fiscal 2024 compared to last 
year. 
Debt Financing.
On October 26, 2022, we entered into a Third Amended and Restated Credit Agreement that 
provides for an additional $500 million senior secured term loan facility (the "New Term Loan Facility") increasing our total 
borrowing capacity to $1.55 billion. On January 23, 2023, we drew the entire amount of the New Term Loan Facility to 
partially finance the RPS acquisition. The New Term Loan Facility is not subject to any amortization payments of principal and 
matures in January 2026. 
On February 18, 2022, we entered into Amendment No. 2 to our Second Amended and Restated Credit Agreement 
(“Amended Credit Agreement”) with a total borrowing capacity of $1.05 billion that will mature in February 2027. The 
Amended Credit Agreement is a $750 million senior secured, five-year facility that provides for a $250 million term loan 
facility (the “Amended Term Loan Facility”) and a $500 million revolving credit facility (the “Amended Revolving Credit 
Facility”). In addition, the Amended Credit Agreement includes a $300 million accordion feature that allows us to increase the 
Amended Credit Agreement to $1.05 billion subject to lender approval. The Amended Credit Agreement provides for, among 
other things, (i) refinance indebtedness under our Credit Agreement dated as of July 30, 2018; (ii) finance open market 
repurchases of common stock, acquisitions and cash dividends and distributions; and (iii) utilize the proceeds for working 
capital, capital expenditures and other general corporate purposes. The Amended Credit Agreement provides for a reduction in 
the interest grid for meeting certain sustainability targets related to the (i) reduction of greenhouse gas emissions through the 
Company’s projects and operational sustainability initiatives and (ii) improvement of peoples’ lives as a result of the 
Company’s projects that provide environmental, social and governance benefits. The Amended Revolving Credit Facility 
includes a $100 million sublimit for the issuance of standby letters of credit, a $20 million sublimit for swingline loans and a 
$300 million sublimit for multicurrency borrowings and letters of credit. 
The entire Amended Term Loan Facility was drawn on February 18, 2022. We may borrow on the Amended Revolving 
Credit Facility, at our option, at either (a) a benchmark rate plus a margin that ranges from 1.000% to 1.875% per annum, or (b) 
a base rate for loans in U.S. dollars (the highest of the U.S. federal funds rate plus 0.50% per annum, the bank’s prime rate or 
the Secured Overnight Financing Rate ("SOFR") rate plus 1.00%, plus a margin that ranges from 0% to 0.875% per annum. In 
each case, the applicable margin is based on our Consolidated Leverage Ratio, calculated quarterly. The Amended Term Loan 
Facility is subject to the same interest rate provisions. The Amended Credit Agreement expires on February 18, 2027, or earlier 
at our discretion upon payment in full of loans and other obligations. In fiscal 2023, we repaid the Amended Term Loan Facility 
in full with the Convertible Notes proceeds. 

44 
On August 22, 2023, we issued $575.0 million in convertible notes that bear interest at 2.25% per annum payable 
semiannually in arrears on February 15 and August 15 of each year, beginning on February 15, 2024 with a maturity date of 
August 15, 2028 (the "Convertible Notes"). As of October 1, 2023, $560.8 million of the Convertible Notes was included in 
long-term debt in our consolidated balance sheets, which is net of $14.2 million of unamortized debt issuance costs. The net 
proceeds from the Convertible Notes were $560.5 million, $51.8 million of which were used to purchase related capped call 
transactions on the issue date. The remaining proceeds were used to prepay and terminate the $234.4 million outstanding under 
the Amended Term Loan Facility, to prepay $89.4 million outstanding under the New Term Loan Facility and to pay down 
borrowings of $185.0 million under the Amended Revolving Credit Facility. See Note 9, "Long-Term Debt" of the "Notes to 
Consolidated Financial Statements" in Item 8 for further discussion. 
 At fiscal 2024 year-end, we had $250 million in outstanding borrowings under the Amended Credit Agreement, which 
consisted of $250 million under the New Term Loan Facility and no borrowings under the Amended Revolving Credit Facility. 
The weighted-average interest rate of the outstanding borrowings under the Amended Credit Agreement during fiscal 2024 was 
6.70%. In addition, we had $0.7 million in standby letters of credit under the Amended Credit Agreement. At September 29, 
2024, we had $499.3 million of available credit under the Amended Revolving Credit Facility, all of which could be borrowed 
without a violation of our debt covenants. Commitment fees related to our revolving credit facilities were $0.8 million, $0.6 
million, and $0.7 million for fiscal year 2024, 2023 and 2022, respectively. 
The Amended Credit Agreement contains certain affirmative and restrictive covenants, and customary events of 
default. The financial covenants provide for a maximum Consolidated Leverage Ratio of 3.25 to 1.00 (total funded 
debt/EBITDA, as defined in the Amended Credit Agreement) and a minimum Consolidated Interest Coverage Ratio of 3.00 to 
1.00 (EBITDA/Consolidated Interest Charges, as defined in the Amended Credit Agreement). Our obligations under the 
Amended Credit Agreement are guaranteed by certain of our domestic subsidiaries and are secured by first priority liens on (i) 
the equity interests of certain of our subsidiaries, including those subsidiaries that are guarantors or borrowers under the 
Amended Credit Agreement, and (ii) the accounts receivable, general intangibles and intercompany loans, and those of our 
subsidiaries that are guarantors or borrowers. At September 29, 2024, we were in compliance with these covenants with a 
consolidated leverage ratio of 1.38x and a consolidated interest coverage ratio of 13.94x.  
In addition to the Amended Credit Agreement, we maintain other credit facilities, which may be used for short-term 
cash advances and bank guarantees. At September 29, 2024, there were no outstanding borrowings under these facilities, and 
the aggregate amount of standby letters of credit outstanding was $43.3 million. As of September 29, 2024, we had no bank 
overdrafts related to our disbursement bank accounts.  
Inflation. We believe our operations have not been, and, in the foreseeable future, are not expected to be, materially 
adversely affected by inflation or changing prices due to the average duration of our projects and our ability to negotiate prices 
as contracts end and new contracts begin.
Dividends. Our Board of Directors has authorized the following dividends:
Dividend 
Per Share
Record Date
Total Maximum
Payment 
(in thousands)
Payment Date
November 13, 2023
$ 
0.052 
November 30, 2023
$ 
13,873 
December 13, 2023
January 29, 2024
$ 
0.052 
February 14, 2024
$ 
13,908 
February 27, 2024
April 29, 2024
$ 
0.058 
May 20, 2024
$ 
15,522 
May 31, 2024
July 29, 2024
$ 
0.058 
August 15, 2024
$ 
15,525 
August 30, 2024
November 11, 2024
$ 
0.058 
November 27, 2024
N/A
December 13, 2024
Income Taxes 
We evaluate the realizability of our deferred tax assets by assessing the valuation allowance and adjust the allowance, 
if necessary. The factors used to assess the likelihood of realization are our forecast of future taxable income and available tax 
planning strategies that could be implemented to realize the net deferred tax assets. The ability or failure to achieve the 
forecasted taxable income in the applicable taxing jurisdictions could affect the ultimate realization of deferred tax assets. 
Based on future operating results in certain jurisdictions, it is unlikely that the current valuation allowance positions of those 
jurisdictions could be adjusted in the next 12 months. 
At the end of fiscal 2024 and 2023, the liability for income taxes associated with uncertain tax positions was $50.1 
million and $62.0 million, respectively.  

45 
It is reasonably possible that the amount of the unrecognized benefit with respect to certain of our unrecognized tax 
positions may not significantly decrease within the next 12 months. These liabilities represent our current estimates of the 
additional tax liabilities that we may be assessed when the related audits are concluded. If these audits are resolved in a manner 
more unfavorable than our current expectations, our additional tax liabilities could be materially higher than the amounts 
currently recorded resulting in additional tax expense.
Off-Balance Sheet Arrangements 
In the ordinary course of business, we may use off-balance sheet arrangements if we believe that such arrangements 
would be an efficient way to lower our cost of capital or help us manage the overall risks of our business operations. We do not 
believe that such arrangements have had a material adverse effect on our financial position or our results of operations. 
The following is a summary of our off-balance sheet arrangements: 
•
Letters of credit and bank guarantees are used primarily to support project performance and insurance programs. 
We are required to reimburse the issuers of letters of credit and bank guarantees for any payments they make 
under the outstanding letters of credit or bank guarantees. Our Amended Credit Agreement and additional letter of 
credit facilities cover the issuance of our standby letters of credit and bank guarantees and are critical for our 
normal operations. If we default on the Amended Credit Agreement or additional credit facilities, our inability to 
issue or renew standby letters of credit and bank guarantees would impair our ability to maintain normal 
operations. At fiscal 2024 year-end, we had $0.7 million in standby letters of credit outstanding under our 
Amended Credit Agreement and $43.3 million in standby letters of credit outstanding under our additional letter 
of credit facilities. 
•
From time to time, we provide guarantees and indemnifications related to our services. If our services under a 
guaranteed or indemnified project are later determined to have resulted in a material defect or other material 
deficiency, then we may be responsible for monetary damages or other legal remedies. When sufficient 
information about claims on guaranteed or indemnified projects is available and monetary damages or other costs 
or losses are determined to be probable, we recognize such guaranteed losses. 
•
In the ordinary course of business, we enter into various agreements as part of certain unconsolidated subsidiaries, 
joint ventures and other jointly executed contracts where we are jointly and severally liable. We enter into these 
agreements primarily to support the project execution commitments of these entities. The potential payment 
amount of an outstanding performance guarantee is typically the remaining cost of work to be performed by or on 
behalf of third parties under engineering and construction contracts. However, we are not able to estimate other 
amounts that may be required to be paid in excess of estimated costs to complete contracts and, accordingly, the 
total potential payment amount under our outstanding performance guarantees cannot be estimated. For cost-plus 
contracts, amounts that may become payable pursuant to guarantee provisions are normally recoverable from the 
client for work performed under the contract. For lump sum or fixed-price contracts, this amount is the cost to 
complete the contracted work less amounts remaining to be billed to the client under the contract. Remaining 
billable amounts could be greater or less than the cost to complete. In those cases where costs exceed the 
remaining amounts payable under the contract, we may have recourse to third parties, such as owners, co-
venturers, subcontractors or vendors, for claims. 
•
In the ordinary course of business, our clients may request that we obtain surety bonds in connection with contract 
performance obligations that are not required to be recorded in our consolidated balance sheets. We are obligated 
to reimburse the issuer of our surety bonds for any payments made thereunder. Each of our commitments under 
performance bonds generally ends concurrently with the expiration of our related contractual obligation. 
CRITICAL ACCOUNTING POLICIES AND ESTIMATES 
The preparation of our financial statements in conformity with U.S. GAAP requires us to make estimates and 
assumptions in the application of certain accounting policies that affect amounts reported in our consolidated financial 
statements and accompanying footnotes included in Item 8 of this report. In order to understand better the changes that may 
occur to our financial condition, results of operations and cash flows, readers should be aware of the critical accounting policies 
we apply and estimates we use in preparing our consolidated financial statements. Although such estimates and assumptions are 
based on management's best knowledge of current events and actions we may undertake in the future, actual results could differ 
materially from those estimates. 
Our significant accounting policies are described in the "Notes to Consolidated Financial Statements" included in 
Item 8. Highlighted below are the accounting policies that management considers most critical to investors' understanding of 
our financial results and condition, and that require complex judgments by management. 

46 
Revenue Recognition and Contract Costs 
To determine the proper revenue recognition method for contracts under Accounting Standards Codification Topic 606, 
"Revenue from Contracts with Customers", we evaluate whether multiple contracts should be combined and accounted for as a 
single contract and whether the combined or single contract should be accounted for as having more than one performance 
obligation. The decision to combine a group of contracts or separate a combined or single contract into multiple performance 
obligations may impact the amount of revenue recorded in a given period. Contracts are considered to have a single 
performance obligation if the promises are not separately identifiable from other promises in the contracts.  
At contract inception, we assess the goods or services promised in a contract and identify, as a separate performance 
obligation, each distinct promise to transfer goods or services to the customer. The identified performance obligations represent 
the “units of account” for purposes of determining revenue recognition. In order to properly identify separate performance 
obligations, we apply judgment in determining whether each good or service provided is: (a) capable of being distinct, whereby 
the customer can benefit from the good or service either on its own or together with other resources that are readily available to 
the customer, and (b) distinct within the context of the contract, whereby the transfer of the good or service to the customer is 
separately identifiable from other promises in the contract.  
Contracts are often modified to account for changes in contract specifications and requirements. We consider contract 
modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most 
of our contract modifications are for goods or services that are not distinct from existing contracts due to the significant 
integration provided or significant interdependencies in the context of the contract and are accounted for as if they were part of 
the original contract. The effect of a contract modification on the transaction price and our measure of progress for the 
performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of 
revenue) on a cumulative catch-up basis.  
We account for contract modifications as a separate contract when the modification results in the promise to deliver 
additional goods or services that are distinct and the increase in price of the contract is for the same amount as the stand-alone 
selling price of the additional goods or services included in the modification. 
The transaction price represents the amount of consideration to which we expect to be entitled in exchange for 
transferring promised goods or services to our customers. The consideration promised within a contract may include fixed 
amounts, variable amounts or both. The nature of our contracts gives rise to several types of variable consideration, including 
claims, award fee incentives, fiscal funding clauses and liquidated damages. We recognize revenue for variable consideration 
when it is probable that a significant reversal in the amount of cumulative revenue recognized for the contract will not occur. 
We estimate the amount of revenue to be recognized on variable consideration using either the expected value or the most likely 
amount method, whichever is expected to better predict the amount of consideration to be received. Project mobilization costs 
are generally charged to project costs as incurred when they are an integrated part of the performance obligation being 
transferred to the client. 
For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation 
using a best estimate of the standalone selling price of each distinct good or service in the contract. The standalone selling price 
is typically determined using the estimated cost of the contract plus a margin approach. For contracts containing variable 
consideration, we allocate the variability to a specific performance obligation within the contract if such variability relates 
specifically to our efforts to satisfy the performance obligation or transfer the distinct good or service, and the allocation depicts 
the amount of consideration to which we expect to be entitled.  
We recognize revenue over time as the related performance obligation is satisfied by transferring control of a promised 
good or service to our customers. Progress toward complete satisfaction of the performance obligation is primarily measured 
using a cost-to-cost measure of progress method. The cost input is based primarily on contract cost incurred to date compared to 
total estimated contract cost. This measure includes forecasts based on the best information available and reflects our judgment 
to faithfully depict the value of the services transferred to the customer. For certain on-call engineering or consulting and 
similar contracts, we recognize revenue in the amount which we have the right to invoice the customer if that amount 
corresponds directly with the value of our performance completed to date.  
Due to uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a performance 
obligation will be revised in the near-term. For those performance obligations for which revenue is recognized using a cost-to-
cost measure of progress method, changes in total estimated costs, and related progress towards complete satisfaction of the 
performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are 
made. When the current estimate of total costs indicates a loss, a provision for the entire estimated loss on the contract is made 
in the period in which the loss becomes evident.  

47 
Contract Types 
Our services are performed under three principal types of contracts: fixed-price, time-and-materials and cost-plus. 
Customer payments on contracts are typically due within 60 days of billing, depending on the contract. 
Fixed-Price. Under fixed-price contracts, clients pay us an agreed fixed-amount negotiated in advance for a specified 
scope of work. 
Time-and-Materials. Under time-and-materials contracts, we negotiate hourly billing rates and charge our clients based 
on the actual time that we spend on a project. In addition, clients reimburse us for our actual out-of-pocket costs for materials 
and other direct incidental expenditures that we incur in connection with our performance under the contract. Most of our time-
and-material contracts are subject to maximum contract values, and also may include annual billing rate adjustment provisions.
Cost-Plus. Under cost-plus contracts, we are reimbursed for allowed or otherwise defined costs incurred plus a 
negotiated fee. The contracts may also include incentives for various performance criteria, including quality, timeliness, 
ingenuity, safety and cost-effectiveness. In addition, our costs are generally subject to review by our clients and regulatory audit 
agencies, and such reviews could result in costs being disputed as non-reimbursable under the terms of the contract. 
Goodwill and Intangibles 
The cost of an acquired company is assigned to the tangible and intangible assets purchased and the liabilities assumed 
on the basis of their fair values at the date of acquisition. The determination of fair values of assets and liabilities acquired 
requires us to make estimates and use valuation techniques when a market value is not readily available. Any excess of 
purchase price over the fair value of net tangible and intangible assets acquired is allocated to goodwill. Goodwill typically 
represents the value paid for the assembled workforce and enhancement of our service offerings. 
Identifiable intangible assets primarily include backlog, client relations and trade names. The costs of these intangible 
assets are amortized over their contractual or economic lives, which range from one to 12 years. We assess the recoverability of 
the unamortized balance of our intangible assets when indicators of impairment are present based on expected future 
profitability and undiscounted expected cash flows and their contribution to our overall operations. Should the review indicate 
that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the intangible assets would 
be recognized as an impairment loss. 
Estimated fair value measurements for intangible assets are made using Level 3 inputs including discounted cash flow 
techniques. Fair value is estimated using a multi-period excess earnings method for backlog and client relations and a relief 
from royalty method for trade names. The significant assumptions used in estimating fair value of backlog and client relations 
include (i) the estimated life the asset will contribute to cash flows, such as remaining contractual terms, (ii) revenue growth 
rates and EBITDA margins, (iii) attrition rate of customers, and (iv) the estimated discount rates that reflect the level of risk 
associated with receiving future cash flows. The significant assumptions used in estimating fair value of trade names include 
the royalty rates and discount rates. 
We perform our annual goodwill impairment review at the beginning of our fiscal fourth quarter. In addition, we 
regularly evaluate whether events and circumstances have occurred that may indicate a potential change in recoverability of 
goodwill. We perform interim goodwill impairment reviews between our annual reviews if certain events and circumstances 
have occurred, including a deterioration in general economic conditions, an increased competitive environment, a change in 
management, key personnel, strategy or customers, negative or declining cash flows or a decline in actual or planned revenue or 
earnings compared with actual and projected results of relevant prior periods (see Note 6, "Goodwill and Intangible Assets" of 
the "Notes to Consolidated Financial Statements" in Item 8 for further discussion).
We believe the methodology that we use to review impairment of goodwill, which includes a significant amount of 
judgment and estimates, provides us with a reasonable basis to determine whether impairment has occurred. However, many of 
the factors employed in determining whether our goodwill is impaired are outside of our control, and it is reasonably likely that 
assumptions and estimates will change in future periods. These changes could result in future impairments. 
The goodwill impairment review involves the determination of the fair value of our reporting units, which for us are 
the components one level below our reportable segments. This process requires us to make significant judgments and estimates, 
including assumptions about our strategic plans with regard to our operations as well as the interpretation of current economic 
indicators and market valuations. Furthermore, the development of the present value of future cash flow projections includes 
assumptions and estimates derived from a review of our expected revenue growth rates, operating profit margins, business 
plans, discount rates and terminal growth rates. We also make certain assumptions about future market conditions, market 
prices, interest rates and changes in business strategies. Changes in assumptions or estimates could materially affect the 
determination of the fair value of a reporting unit. This could eliminate the excess of fair value over carrying value of a 
reporting unit entirely and, in some cases, result in impairment. Such changes in assumptions could be caused by a loss of one 
or more significant contracts, reductions in government or commercial client spending or a decline in the demand for our 
services due to changing economic conditions. In the event that we determine that our goodwill is impaired, we would be 

48 
required to record a non-cash charge that could result in a material adverse effect on our results of operations or financial 
position. 
We use two methods to determine the fair value of our reporting units: (i) the Income Approach and (ii) the Market 
Approach. While each of these approaches is initially considered in the valuation of the business enterprises, the nature and 
characteristics of the reporting units indicate which approach is most applicable. The Income Approach utilizes the discounted 
cash flow method, which focuses on the expected cash flow of the reporting unit. In applying this approach, the cash flow 
available for distribution is calculated for a finite period of years. Cash flow available for distribution is defined, for purposes of 
this analysis, as the amount of cash that could be distributed as a dividend without impairing the future profitability or 
operations of the reporting unit. The cash flow available for distribution and the terminal value (the value of the reporting unit 
at the end of the estimation period) are then discounted to present value to derive an indication of the value of the business 
enterprise. The Market Approach is comprised of the guideline company method and the similar transactions method. The 
guideline company method focuses on comparing the reporting unit to select reasonably similar (or "guideline") publicly traded 
companies. Under this method, valuation multiples are (i) derived from the operating data of selected guideline companies; 
(ii) evaluated and adjusted based on the strengths and weaknesses of the reporting units relative to the selected guideline 
companies; and (iii) applied to the operating data of the reporting unit to arrive at an indication of value. In the similar 
transactions method, consideration is given to prices paid in recent transactions that have occurred in the reporting unit's 
industry or in related industries. For our annual impairment analysis, we weighted the Income Approach and the Market 
Approach at 70% and 30%, respectively. The Income Approach was given a higher weight because it has the most direct 
correlation to the specific economics of the reporting unit, as compared to the Market Approach, which is based on multiples of 
broad-based (i.e., less comparable) companies. Our last review at July 1, 2024 (i.e., the first day of our fourth quarter in fiscal 
2024), indicated that we had no impairment of goodwill, and all of our reporting units had estimated fair values that were in 
excess of their carrying values, including goodwill. We had no reporting units that had estimated fair values that exceeded their 
carrying values by less than 72%. 
Contingent Consideration 
Certain of our acquisition agreements include contingent earn-out arrangements, which are generally based on the 
achievement of future operating income thresholds. The contingent earn-out arrangements are based upon our valuations of the 
acquired companies and reduce the risk of overpaying for acquisitions if the projected financial results are not achieved. 
The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on 
their respective acquisition dates. For each transaction, we estimate the fair value of contingent earn-out payments as part of the 
initial purchase price and record the estimated fair value of contingent consideration as a liability in "Estimated contingent earn-
out liabilities" and "Long-term estimated contingent earn-out liabilities" on the consolidated balance sheets. We consider 
several factors when determining that contingent earn-out liabilities are part of the purchase price, including the following: 
(1) the valuation of our acquisitions is not supported solely by the initial consideration paid, and the contingent earn-out 
formula is a critical and material component of the valuation approach to determining the purchase price; and (2) the former 
shareholders of acquired companies that remain as key employees receive compensation other than contingent earn-out 
payments at a reasonable level compared with the compensation of our other key employees. The contingent earn-out payments 
are not affected by employment termination. 
We measure our contingent earn-out liabilities at fair value on a recurring basis using significant unobservable inputs 
classified within Level 3 of the fair value hierarchy (See Note 2, "Basis of Presentation – Fair Value of Financial Instruments" 
of the "Notes to Consolidated Financial Statements" included in Item 8). We use a probability weighted discounted income 
approach as a valuation technique to convert future estimated cash flows to a single present value amount. The significant 
unobservable inputs used in the fair value measurements are operating income projections over the earn-out period (generally 
two or three years), and the probability outcome percentages we assign to each scenario. Significant increases or decreases to 
either of these inputs in isolation would result in a significantly higher or lower liability with a higher liability capped by the 
contractual maximum of the contingent earn-out obligation. Ultimately, the liability will be equivalent to the amount paid, and 
the difference between the fair value estimate and amount paid will be recorded in earnings. The amount paid that is less than or 
equal to the liability on the acquisition date is reflected as cash used in financing activities in our consolidated statements of 
cash flows. Any amount paid in excess of the liability on the acquisition date is reflected as cash used in operating activities in 
our consolidated statements of cash flows. 
We review and re-assess the estimated fair value of contingent consideration on a quarterly basis, and the updated fair 
value could differ materially from the initial estimates. Changes in the estimated fair value of our contingent earn-out liabilities 
related to the time component of the present value calculation are reported in interest expense. Adjustments to the estimated fair 
value related to changes in all other unobservable inputs are reported in operating income. 
RECENT ACCOUNTING PRONOUNCEMENTS 

49 
For a discussion of recent accounting standards and the effect they could have on the consolidated financial statements, 
see Note 2, "Basis of Presentation" of the "Notes to Consolidated Financial Statements" included in Item 8. 
Item 7A.    Quantitative and Qualitative Disclosures about Market Risk 
We do not enter into derivative financial instruments for trading or speculation purposes. In the normal course of 
business, we have exposure to both interest rate risk and foreign currency transaction and translation risk, primarily related to 
the Canadian and Australian dollars, the Euro, and the British Pound.  
We are exposed to interest rate risk under our Amended Credit Agreement. We can borrow, at our option, under both 
the Amended Term Loan Facility and Amended Revolving Credit Facility. We may borrow on the Amended Revolving Credit 
Facility, at our option, at either (a) a Eurocurrency rate plus a margin that ranges from 1.000% to 1.875% per annum, or (b) a 
base rate for loans in U.S. dollars (the highest of the U.S. federal funds rate plus 0.50% per annum, the bank’s prime rate or the 
SOFR rate plus 1.00%) plus a margin that ranges from 0% to 0.875% per annum. In each case, the applicable margin is based 
on our Consolidated Leverage Ratio, calculated quarterly. The Amended Term Loan Facility is subject to the same interest rate 
provisions. Borrowings at the base rate have no designated term and may be repaid without penalty any time prior to the 
Facility’s maturity date. Borrowings at a SOFR rate have a term no less than 30 days and no greater than 180 days and may be 
prepaid without penalty. Typically, at the end of such term, such borrowings may be rolled over at our discretion into either a 
borrowing at the base rate or a borrowing at a SOFR rate with similar terms, not to exceed the maturity date of the Facility. The 
Facility matures on February 18, 2027. At September 29, 2024, we had $250 million in outstanding borrowings under the 
Amended Credit Agreement, which was consisted of $250 million under the New Term Loan Facility, and no borrowings under 
the Amended Revolving Credit Facility. The year-to-date weighted-average interest rate of the outstanding borrowings during 
fiscal 2024 was 6.70%. 
The majority of our transactions are in U.S. dollars; however, some of our subsidiaries conduct business in foreign 
currencies, primarily the Canadian and Australian dollars, the Euro, and British Pound. Therefore, we are subject to currency 
exposure and volatility because of currency fluctuations. We attempt to minimize our exposure to these fluctuations by 
matching revenue and expenses in the same currency for our contracts. We reported $1.8 million of foreign currency losses in 
fiscal 2024 in “Selling, general and administrative expenses” on our consolidated statement of income. The impact of foreign 
currency was immaterial in fiscal 2023.  
We have foreign currency exchange rate exposure in our results of operations and equity primarily because of the 
currency translation related to our foreign subsidiaries where the local currency is the functional currency. To the extent the 
U.S. dollar strengthens against foreign currencies, the translation of these foreign currency denominated transactions will result 
in reduced revenue, operating expenses, assets and liabilities. Similarly, our revenue, operating expenses, assets and liabilities 
will increase if the U.S. dollar weakens against foreign currencies. For fiscal 2024 and 2023, 38.5% and 36.7% of our 
consolidated revenue, respectively, was generated by our international business. For fiscal 2024, the effect of foreign exchange 
rate translation on the consolidated balance sheets was an increase in equity of $115.1 million compared to an increase in equity 
of $12.6 million in fiscal 2023. These amounts were recognized as an adjustment to equity through other comprehensive 
income.  
In the fourth quarter of fiscal 2022, we entered into a forward contract to acquire GBP 714.0 million at a rate of 1.0852 
for a total of USD 774.8 million that was integrated with our plan to acquire RPS. This contract matured on December 30, 
2022. On December 28, 2022, we entered into an extension of the integrated forward contract to acquire GBP 714.0 million at a 
rate of 1.086 for a total of USD 775.4 million, extending the maturity date to January 23, 2023, the closing date of the RPS 
acquisition. Although an effective economic hedge of our foreign exchange risk related to this transaction, the forward contract 
did not qualify for hedge accounting. As a result, the forward contract was marked-to-market with changes in fair value 
recognized in earnings each period. The intrinsic value of the forward contract was immaterial at inception as the GBP/USD 
spot and forward exchange rates were essentially the same. The fair value of the forward contract at October 2, 2022 was $19.9 
million, and an unrealized gain of the same amount was recognized in our fourth quarter of fiscal 2022 results. On January 23, 
2023, the forward contract was settled for cash proceeds of $109.3 million and we recognized additional gains of $89.4 million 
in fiscal 2023. All gains related to this transaction were reported in “Other non-operating income" on our consolidated income 
statements for the respective periods.  

50 
Item 8.    Financial Statements and Supplementary Data 
INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE 
Page
Report of Independent Registered Public Accounting Firm
51
Consolidated Balance Sheets at September 29, 2024 and October 1, 2023
53
Consolidated Statements of Income for the fiscal years ended September 29, 2024, October 1, 2023 and October 2, 
2022
54
Consolidated Statements of Comprehensive Income for the fiscal years ended September 29, 2024, October 1, 2023 
and October 2, 2022
55
Consolidated Statements of Cash Flows for the fiscal years ended September 29, 2024, October 1, 2023 and 
October 2, 2022
56
Consolidated Statements of Equity for the fiscal years ended September 29, 2024, October 1, 2023 and October 2, 
2022
57
Notes to Consolidated Financial Statements
59
Schedule II – Valuation and Qualifying Accounts and Reserves for the fiscal years ended September 29, 2024, 
October 1, 2023 and October 2, 2022
92

51 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the Board of Directors and Stockholders of Tetra Tech, Inc. 
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Tetra Tech, Inc. and its subsidiaries (the 
“Company”) as of September 29, 2024 and October 1, 2023, and the related consolidated statements of income, of 
comprehensive income, of equity and of cash flows for each of the three years in the period ended September 29, 2024, 
including the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the 
“consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of 
September 29, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee 
of Sponsoring Organizations of the Treadway Commission (COSO). 
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the 
financial position of the Company as of September 29, 2024 and October 1, 2023, and the results of its operations and its cash 
flows for each of the three years in the period ended September 29, 2024 in conformity with accounting principles generally 
accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective 
internal control over financial reporting as of September 29, 2024, based on criteria established in Internal Control - Integrated 
Framework (2013) issued by the COSO. 
Basis for Opinions 
The Company's management is responsible for these consolidated financial statements, for maintaining effective 
internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, 
included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is 
to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial 
reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight 
Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. 
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material 
misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in 
all material respects. 
Our audits of the consolidated financial statements included performing procedures to assess the risks of material 
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to 
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the 
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates 
made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of 
internal control over financial reporting included obtaining an understanding of internal control over financial reporting, 
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal 
control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the 
circumstances. We believe that our audits provide a reasonable basis for our opinions. 
As described in Management's Report on Internal Control over Financial Reporting, management has excluded LS 
Technologies ("LST") from its assessment of internal control over financial reporting as of September 29, 2024 because it was 
acquired by the Company in a purchase business combination during 2024. We have also excluded LST from our audit of 
internal control over financial reporting. LST is a wholly-owned subsidiary whose total assets and total revenues excluded from 
management's assessment and our audit of internal control over financial reporting represent 1.4% and 1.7%, respectively, of 
the related consolidated financial statement amounts as of and for the year ended September 29, 2024. 
Definition and Limitations of Internal Control over Financial Reporting 
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures 
that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit 
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and 
expenditures of the company are being made only in accordance with authorizations of management and directors of the 
company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements. 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become 
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

52 
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated 
financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to 
accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, 
subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the 
consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, 
providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.  
Revenue Recognition - Certain fixed-price, time-and-materials and cost-plus contracts 
As described in Note 3 to the consolidated financial statements, the Company recognized revenue of $5,199 million 
for the year ended September 29, 2024, of which a majority relates to revenue recognized for certain fixed-price, time-and-
materials and cost-plus contracts. The Company recognizes revenue over time as the related performance obligation is satisfied 
by transferring control of a promised good or service to the Company's customers. Progress toward complete satisfaction of the 
performance obligation is primarily measured using a cost-to-cost measure of progress method. The cost input is based 
primarily on contract cost incurred to date compared to total estimated contract cost. This measure includes forecasts based on 
the best information available and reflects management's judgment to depict the value of the services transferred to the 
customer. For those performance obligations for which revenue is recognized using a cost-to-cost measure of progress method, 
changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are 
recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. For certain on-call 
engineering or consulting and similar contracts, the Company recognizes revenue in the amount which they have the right to 
invoice the customer if that amount corresponds directly with the value of the performance completed to date. Due to 
uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a performance obligation will 
be revised in the near-term.  
The principal consideration for our determination that performing procedures relating to revenue recognition for 
certain fixed-price, time-and-materials and cost-plus contracts is a critical audit matter is a high degree of audit effort in 
performing procedures related to the Company's revenue recognition. 
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our 
overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating 
to the revenue recognition process. These procedures also included, among others, (i) evaluating management’s significant 
accounting policies related to revenue recognition; (ii) for certain fixed-price contracts, testing management's process for 
developing the estimate of total contract cost for a sample of contracts with cumulative catch-up adjustments and anticipated 
losses or claims, and evaluating the contract terms and other documents that support the changes in total estimated contract 
costs; (iii) assessing, for a sample of fixed-price contracts, estimated total contract costs by performing a comparison of the total 
estimated contract cost as compared with prior period estimates and evaluating the timely identification of circumstances that 
may warrant a modification to the total estimated contract cost; (iv) evaluating, for certain contracts, management’s 
methodologies and assessing the consistency of management’s methodology over the life of the contract; (v) re-calculating 
revenue recognized based on the contract value, year-to-date costs, and total estimated costs to complete; (vi) testing the 
existence and accuracy of total contract revenue recorded, on a sample basis, by obtaining and inspecting source documents 
such as contracts and purchase orders; (vii) for certain on-call engineering or consulting contracts where revenue is recognized 
using the practical expedient right to invoice, testing the accuracy of revenue recognized, on a sample basis by obtaining and 
inspecting source documents, such as contracts and purchase orders; and (viii) for certain contracts, testing the completeness 
and accuracy of costs incurred to date, on a sample basis, by obtaining and inspecting source documents, such as invoices and 
timecards.  
/s/ PricewaterhouseCoopers LLP
Los Angeles, California 
November 19, 2024 
We have served as the Company’s auditor since 2004.

53 
Tetra Tech, Inc. 
Consolidated Balance Sheets 
(in thousands, except par value) 
Fiscal Year Ended
ASSETS
September 29,
2024
October 1,
2023
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 
Commitments and contingencies (Note 18)
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 
See accompanying Notes to Consolidated Financial Statements. 

54 
Tetra Tech, Inc. 
Consolidated Statements of Income 
(in thousands, except per share data) 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2, 
2022
Revenue
$ 
5,198,679 $ 
4,522,550 
$ 
3,504,048 
Subcontractor costs
(876,817)
(771,461)
(668,468)
Other costs of revenue
 
(3,455,422)
 
(3,026,060)
 
(2,260,021)
Gross profit
866,440 
725,029 
575,559 
Selling, general and administrative expenses
(356,024)
(305,107)
(234,784)
Acquisition and integration expenses
(7,138)
(33,169)
— 
Right-of-use operating lease asset impairment
— 
(16,385)
— 
Contingent consideration – fair value adjustments
(2,541)
(12,255)
(329)
Income from operations
500,737 
358,113 
340,446 
Interest income
7,288 
5,898 
1,780 
Interest expense
(44,559)
(52,435)
(13,364)
Other non-operating income
— 
89,402 
19,904 
Income before income tax expense
463,466 
400,978 
348,766 
Income tax expense
(130,023)
(127,526)
(85,602)
Net income
333,443 
273,452 
263,164 
Net income attributable to noncontrolling interests
(61)
(32)
(39)
Net income attributable to Tetra Tech
$ 
333,382 $ 
273,420 $ 
263,125 
Earnings per share attributable to Tetra Tech:
Basic
$ 
1.25 $ 
1.03 $ 
0.98 
Diluted
$ 
1.23 $ 
1.02 $ 
0.97 
Weighted-average common shares outstanding:
Basic
267,364 
266,015 
268,100 
Diluted
270,042
268,185
270,815
See accompanying Notes to Consolidated Financial Statements. 

55 
Tetra Tech, Inc. 
Consolidated Statements of Comprehensive Income 
(in thousands) 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2, 
2022
Net income
$ 
333,443 $ 
273,452 $ 
263,164 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax
115,120 
12,622 
(94,933)
(Loss) gain on cash flow hedge valuations, net of tax
— 
(2,412)
11,806 
Net pension adjustments
1,300 
2,638 
— 
Other comprehensive income (loss), net of tax
116,420 
12,848 
(83,127)
Comprehensive income, net of tax
$ 
449,863 $ 
286,300 $ 
180,037 
Less: comprehensive income attributable to noncontrolling interests, net of 
tax
61 
31 
28 
Comprehensive income attributable to Tetra Tech, net of tax
$ 
449,802 $ 
286,269 $ 
180,009 
See accompanying Notes to Consolidated Financial Statements. 

56 
Tetra Tech, Inc. 
Consolidated Statements of Cash Flows 
(in thousands) 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2, 
2022
Cash flows from operating activities:
Net income
$ 
333,443 
$ 
273,452 
$ 
263,164 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
73,677 
61,206 
27,033 
Amortization of stock-based awards
31,155 
28,607 
26,227 
Deferred income taxes
(19,980)
(21,204)
2,175 
Fair value adjustments to contingent consideration
2,541 
12,255 
329 
Right-of-use operating lease asset impairment
— 
16,385 
— 
Fair value adjustment to foreign currency forward contract
— 
(89,402)
(19,904)
Acquisition and integration expenses
7,138 
— 
— 
Other non-cash items
5,369 
975 
(1,245)
Changes in operating assets and liabilities, net of effects of business acquisitions:
Accounts receivable and contract assets
(40,188)
(19,783)
(89,781)
Prepaid expenses and other assets
(20,894)
78,686 
69,697 
Accounts payable
18,091 
(19,214)
17,099 
Accrued compensation
6,657 
37,094 
27,458 
Contract liabilities
4,704 
44,152 
55,915 
Cash settled contingent earn-out liability
(7,943)
— 
— 
Income taxes receivable/payable
(35,530)
40,527 
14,627 
Other liabilities
468 
(75,273)
(56,606)
Net cash provided by operating activities
358,708 
368,463 
336,188 
Cash flows from investing activities:
Payments for business acquisitions, net of cash acquired
(93,650)
(854,319)
(49,124)
Settlement of foreign currency forward contract
— 
109,306 
— 
Capital expenditures
(18,135)
(26,901)
(10,582)
Proceeds from sales of assets
742 
715 
3,966 
Net cash used in investing activities
(111,043)
(771,199)
(55,740)
Cash flows from financing activities:
Proceeds from borrowings
217,000 
994,859 
161,456 
Repayments on long-term debt
(287,000)
(1,026,051)
(117,080)
Proceeds from issuance of convertible notes
— 
575,000 
— 
Payments of debt issuance costs
— 
(14,451)
— 
Capped call transactions
— 
(51,750)
— 
Repurchases of common stock
— 
— 
(200,000)
Shares repurchased for tax withholdings on share-based awards
(12,982)
(16,833)
(25,223)
Payments of contingent earn-out liabilities
(46,107)
(21,328)
(20,124)
Stock options exercised
3,067 
626 
1,806 
Dividends paid
(58,828)
(52,113)
(46,099)
Principal payments on finance leases
(6,530)
(5,579)
(4,344)
Net cash (used in) provided by financing activities
(191,380)
382,380 
(249,608)
Effect of exchange rate changes on cash and cash equivalents
7,573
4,093
(12,314)
Net increase (decrease) in cash and cash equivalents
63,858 
(16,263)
18,526 
Cash and cash equivalents at beginning of year
168,831 
185,094 
166,568 
Cash and cash equivalents at end of year
$ 
232,689 
$ 
168,831 
$ 
185,094 
Supplemental information:
Cash paid during the year for:
Interest
$ 
36,855 
$ 
47,367 
$ 
13,378 
Income taxes, net of refunds received of $4.2 million, $2.2 million and $4.8 million 
$ 
180,707 
$ 
93,176 
$ 
70,799 
See accompanying Notes to Consolidated Financial Statements. 

57 
Tetra Tech, Inc. 
Consolidated Statements of Equity 
Fiscal Years Ended October 2, 2022, October 1, 2023, and September 29, 2024  
(in thousands) 
Common Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive 
(Loss) Income
Retained
Earnings
Total
Tetra Tech
Equity
Non-Controlling
Interests
Total
Equity
Shares
Amount
BALANCE AT 
OCTOBER 3, 2021
 
53,981 
$ 
540 
$ 
— 
$ 
(125,028)
$ 
1,358,726 
$ 
1,234,238 
$ 
53 
$ 
1,234,291 
Issuance of shares 
under five-for-one stock 
split
 215,926 
 
2,160 
— 
— 
(2,160)
— 
— 
— 
Comprehensive income, 
net of tax:
Net income
— 
— 
— 
— 
263,125 
263,125 
39 
263,164 
Foreign currency 
translation 
adjustments
— 
— 
— 
(94,922)
— 
(94,922)
(11)
(94,933)
Gain on cash flow 
hedge valuations
— 
— 
— 
11,806 
— 
11,806 
— 
11,806 
Comprehensive income, 
net of tax
180,009 
28 
180,037 
Distributions paid to 
noncontrolling interests
— 
— 
— 
— 
— 
— 
(31)
(31)
Cash dividends of 
$0.172 per common 
share 
— 
— 
— 
— 
(46,099)
(46,099)
— 
(46,099)
Stock-based 
compensation
— 
— 
26,227 
— 
— 
26,227 
— 
26,227 
Restricted & 
performance shares 
released
944 
10 
(25,233)
— 
— 
(25,223)
— 
(25,223)
Stock options exercised
229 
— 
1,806 
— 
— 
1,806 
— 
1,806 
Shares issued for 
Employee Stock 
Purchase Plan
531 
5 
12,124 
— 
— 
12,129 
— 
12,129 
Stock repurchases
 
(6,708)
(65)
(14,884)
— 
$ 
(185,051)
(200,000)
— 
(200,000)
Reclassification of 
APIC
— 
— 
(40)
— 
40 
— 
— 
— 
BALANCE AT 
OCTOBER 2, 2022
 264,903 
 
2,650 
— 
(208,144)
 
1,388,581 
1,183,087 
50 
 
1,183,137 
Comprehensive income, 
net of tax:
Net income
— 
— 
— 
— 
273,420 
273,420 
32 
273,452 
Foreign currency 
translation 
adjustments
— 
— 
— 
12,623 
— 
12,623 
(1)
12,622 
Pension
— 
— 
— 
2,638 
— 
2,638 
— 
2,638 
Gain on cash flow 
hedge valuations
— 
— 
— 
(2,412)
— 
(2,412)
— 
(2,412)
Comprehensive income, 
net of tax
286,269 
31 
286,300 
Distributions paid to 
noncontrolling interests
— 
— 
— 
— 
— 
— 
(8)
(8)
Cash dividends of 
$0.196 per common 
share 
— 
— 
— 
— 
(52,113)
(52,113)
— 
(52,113)
Stock-based 
compensation
— 
— 
28,607 
— 
— 
28,607 
— 
28,607 
Restricted & 
performance shares 
released
746 
7 
(16,840)
— 
— 
(16,833)
— 
(16,833)
Stock options exercised
97 
— 
626 
— 
— 
626 
— 
626 
Shares issued for 
Employee Stock 
Purchase Plan
492 
5 
12,623 
— 
— 
12,628 
— 
12,628 
Reclassification of 
APIC
— 
— 
26,734 
— 
(26,734)
— 
— 
— 

58 
Common Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive 
(Loss) Income
Retained
Earnings
Total
Tetra Tech
Equity
Non-Controlling
Interests
Total
Equity
Shares
Amount
Capped call 
transactions
— 
— 
(51,750)
— 
12,912 
(38,838)
— 
(38,838)
BALANCE AT 
OCTOBER 1, 2023
 266,238 
 
2,662 
— 
(195,295)
 
1,596,066 
1,403,433 
73 
 
1,403,506 
Comprehensive income, 
net of tax:
Net income
— 
— 
— 
— 
333,382 
333,382 
61 
333,443 
Foreign currency 
translation 
adjustments
— 
— 
— 
115,120 
— 
115,120 
— 
115,120 
Pension
— 
— 
— 
1,300 
— 
1,300 
— 
1,300 
Comprehensive income, 
net of tax
449,802 
61 
449,863 
Distributions paid to 
noncontrolling interests
— 
— 
— 
— 
— 
— 
(43)
(43)
Cash dividends of 
$0.220 per common 
share 
— 
— 
— 
— 
(58,828)
(58,828)
— 
(58,828)
Stock-based 
compensation
— 
— 
31,155 
— 
— 
31,155 
— 
31,155 
Restricted & 
performance shares 
released
547 
5 
(12,987)
— 
— 
(12,982)
— 
(12,982)
Stock options exercised
410 
4 
3,063 
— 
— 
3,067 
— 
3,067 
Shares issued for 
Employee Stock 
Purchase Plan
522 
6 
14,669 
— 
— 
14,675 
— 
14,675 
BALANCE AT 
SEPTEMBER 29, 
2024
 267,717 
$ 
2,677 
$ 
35,900 
$ 
(78,875)
$ 
1,870,620 
$ 
1,830,322 
$ 
91 
$ 
1,830,413 
See accompanying Notes to Consolidated Financial Statements. 

59 
Tetra Tech, Inc. 
Notes to Consolidated Financial Statements  
1.           Description of Business  
We are a leading global provider of high-end consulting and engineering services that focuses on water, environment 
and sustainable infrastructure. We are a global company that is Leading with Science® to provide innovative solutions for our 
public and private clients. We typically begin at the earliest stage of a project by identifying technical solutions and developing 
execution plans tailored to our clients’ needs and resources. Our solutions may span the entire life cycle of high-end consulting 
and engineering projects and include applied science, data analysis, research, engineering, design, project management and 
operations and maintenance. 
We manage our business under two reportable segments. Our Government Services Group (“GSG”) reportable 
segment primarily includes activities with U.S. government clients (federal, state and local) and all activities with development 
agencies worldwide. Our Commercial/International Services Group (“CIG”) reportable segment primarily includes activities 
with U.S. commercial clients and international clients other than development agencies.
2.           Basis of Presentation 
Principles of Consolidation.    The accompanying consolidated financial statements include our accounts and those of 
joint ventures of which we are the primary beneficiary and are prepared in accordance with accounting principles generally 
accepted in the United States of America ("U.S. GAAP") and expressed in U.S. dollars. All significant intercompany balances 
and transactions have been eliminated in consolidation. 
Fiscal Year.  We operate on a 52 or 53-week year, ending on the Sunday nearest September 30. Fiscal years 2024, 
2023 and 2022 are 52-week years. 
Use of Estimates.  The preparation of financial statements in conformity with U.S. GAAP requires us to make 
estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. 
Although such estimates and assumptions are based on management's best knowledge of current events and actions we may 
take in the future, actual results could differ materially from those estimates. On an on-going basis, we evaluate our estimates 
based on historical facts and other assumptions that we believe are reasonable.
Stock Split.    On July 29, 2024, our Board of Directors approved a five-for-one stock split of our common stock. The 
stock split had a record date of September 5, 2024 and an effective date of September 6, 2024. The par value per share of our 
common stock remains unchanged at $0.01 per share after the stock split. All prior-period share or per share amounts presented 
herein have been retroactively adjusted to reflect the stock split.
Cash and Cash Equivalents.    Cash and cash equivalents include highly liquid investments with original maturities of 
90 days or less. Occasionally, we have bank overdrafts, which occur when a bank honors disbursements in excess of funds on 
deposit in our bank accounts. We classify bank overdrafts as short-term borrowings on our consolidated balance sheets, and 
report the change in overdrafts as a financing activity in our consolidated statements of cash flows.   
Insurance Matters, Litigation and Contingencies. In the normal course of business, we are subject to certain 
contractual guarantees and litigation. In addition, we maintain insurance coverage for various aspects of our business and 
operations. We record in our consolidated balance sheets amounts representing our estimated liability for these legal and 
insurance obligations.  Any adjustments to these liabilities are recorded in our consolidated statements of income. 
Accounts Receivable - Net. Net accounts receivable consists of billed and unbilled accounts receivable, and 
allowances for doubtful accounts. Billed accounts receivable represent amounts billed to clients that have not been collected. 
Unbilled accounts receivable, which represent an unconditional right to payment subject only to the passage of time, include 
unbilled amounts typically resulting from revenue recognized but not yet billed pursuant to contract terms or billed after the 
period end date. Substantially all of our unbilled receivables at fiscal 2024 year-end are expected to be billed and collected 
within 12 months. Unbilled accounts receivable also include amounts related to requests for equitable adjustment to contracts 
that provide for price redetermination. These amounts are recorded only when they can be reliably estimated, and realization is 
probable. The allowance for doubtful accounts represents amounts that are expected to become uncollectible or unrealizable in 
the future. We determine an estimated allowance for uncollectible accounts based on management's consideration of trends in 
the actual and forecasted credit quality of our clients, including delinquency and payment history; type of client, such as a 
government agency or a commercial sector client; and general economic and industry conditions that may affect our clients' 
ability to pay. 
Contract Assets and Contract Liabilities. Contract assets represent revenue recognized in excess of the amounts for 
which we have the contractual right to bill our customers. Contract retentions, included in contract assets, represent amounts 
withheld by clients until certain conditions are met or the project is completed, which may extend beyond one year. Contract 

60 
liabilities represent the amount of cash collected from clients and billings to clients on contracts in advance of work performed 
and revenue recognized. The majority of these amounts are expected be earned within 12 months and are classified as current 
liabilities. 
Prepaid and other current assets.    Prepaid assets consist primarily of payments for insurance and software costs and 
are amortized over the estimated period of benefit. Other current assets include primarily sales/services and use tax receivables 
from our U.S and foreign operations.
Property and Equipment.    Property and equipment are recorded at cost and depreciated over their estimated useful 
lives using the straight-line method. When property and equipment are retired or otherwise disposed of, the cost and 
accumulated depreciation are removed from our consolidated balance sheets and any resulting gain or loss is reflected in our 
consolidated statements of income. Expenditures for maintenance and repairs are expensed as incurred. Generally, estimated 
useful lives range from three to seven years for equipment, furniture and fixtures. Leasehold improvements are amortized on a 
straight-line basis over the shorter of their estimated useful lives or the lease term. Assets held for sale are measured at the 
lower of carrying amount (i.e., net book value) and fair value less cost to sell, and are reported within "Prepaid expenses and 
other current assets" on our consolidated balance sheets.  Once assets are classified as held for sale, they are no longer 
depreciated. 
Long-Lived Assets.   We evaluate the recoverability of our long-lived assets when the facts and circumstances suggest 
that the assets may be impaired. This assessment is performed based on the estimated undiscounted cash flows compared to the 
carrying value of the assets. If the future cash flows (undiscounted and without interest charges) are less than the carrying value, 
a write-down would be recorded to reduce the related asset to its estimated fair value. 
Leases.    We determine if an arrangement is a lease at inception. Operating leases are included in operating lease 
right-of-use ("ROU") assets, and current and long-term operating lease liabilities in the consolidated balance sheets. Our 
finance leases are reported in "Other long-term assets", "Other current liabilities" and "Other long-term liabilities" on our 
consolidated balance sheet.  
ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our 
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the 
commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an 
implicit rate, incremental borrowing rates are used based on the information available at commencement date in determining 
the present value of lease payments. The operating lease ROU asset at the commencement date also includes any lease 
payments made to the lessor at or before the commencement date and initial direct costs less lease incentives received. Lease 
terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease 
expense for operating lease payments is recognized on a straight-line basis over the lease term. 
We recognize a liability for contract termination costs associated with an exit activity for costs that will continue to be 
incurred under a lease for its remaining term without economic benefit to us, initially measured at its fair value at the cease-use 
date. The fair value is determined based on the remaining lease rentals, adjusted for the effects of any prepaid or deferred items 
recognized under the lease, and reduced by estimated sublease rentals.
Business Combinations.    The cost of an acquired company is assigned to the tangible and intangible assets purchased 
and the liabilities assumed based on their fair values at the date of acquisition. The determination of fair values of these assets 
and liabilities requires us to make estimates and use valuation techniques when a market value is not readily available. Any 
excess of purchase price over the fair value of net tangible and intangible assets acquired is allocated to goodwill. Goodwill 
typically represents the value paid for the assembled workforce and enhancement of our service offerings. Transaction costs 
associated with business combinations are expensed as incurred.
Goodwill and Intangible Assets.    Goodwill represents the excess of the aggregate purchase price over the fair value 
of the net assets acquired in a business acquisition. Following an acquisition, we perform an analysis to value the acquired 
company's tangible and identifiable intangible assets and liabilities. With respect to identifiable intangible assets, we consider 
backlog, non-compete agreements, client relations, trade names, patents and other assets. We amortize our intangible assets 
based on the period over which the contractual or economic benefits of the intangible assets are expected to be realized. We 
assess the recoverability of the unamortized balance of our intangible assets when indicators of impairment are present based on 
expected future profitability and undiscounted expected cash flows and their contribution to our overall operations. Should the 
review indicate that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the 
intangible assets would be recognized as an impairment loss.
We test our goodwill for impairment on an annual basis, and more frequently when an event occurs, or circumstances 
indicate that the carrying value of the asset may not be recoverable. We believe the methodology that we use to review 
impairment of goodwill, which includes a significant amount of judgment and estimates, provides us with a reasonable basis to 
determine whether impairment has occurred. However, many of the factors employed in determining whether our goodwill is 

61 
impaired are outside of our control and it is reasonably likely that assumptions and estimates will change in future periods. 
These changes could result in future impairments. 
We perform our annual goodwill impairment review at the beginning of our fiscal fourth quarter. Our last annual 
review was performed at July 1, 2024 (i.e., the first day of our fiscal fourth quarter). In addition, we regularly evaluate whether 
events and circumstances have occurred that may indicate a potential change in recoverability of goodwill. We perform interim 
goodwill impairment reviews between our annual reviews if certain events and circumstances have occurred, including a 
deterioration in general economic conditions, an increased competitive environment, a change in management, key personnel, 
strategy or customers, negative or declining cash flows or a decline in actual or planned revenue or earnings compared with 
actual and projected results of relevant prior periods. We assess goodwill for impairment at the reporting unit level, which is 
defined as an operating segment or one level below an operating segment, referred to as a component. Our operating segments 
are the same as our reportable segments and our reporting units for goodwill impairment testing are the components one level 
below our reportable segments. These components constitute a business for which discrete financial information is available 
and where segment management regularly reviews the operating results of that component. We aggregate components within an 
operating segment that have similar economic characteristics. 
The impairment test for goodwill involves the comparison of the estimated fair value of each reporting unit to the 
reporting unit's carrying value, including goodwill. We estimate the fair value of reporting units based on a comparison and 
weighting of the income approach, specifically the discounted cash flow method and the market approach, which estimates the 
fair value of our reporting units based upon comparable market prices and recent transactions and also validates the 
reasonableness of the multiples from the income approach. The development of the present value of future cash flow 
projections includes assumptions and estimates derived from a review of our expected revenue growth rates, operating profit 
margins, discount rates and the terminal growth rate. If the fair value of a reporting unit exceeds its carrying amount, the 
goodwill of that reporting unit is not considered impaired. However, if its carrying value exceeds its fair value, our goodwill is 
impaired, and we are required to record a non-cash charge that could have a material adverse effect on our consolidated 
financial statements. An impairment loss recognized, if any, should not exceed the total amount of goodwill allocated to the 
reporting unit.   
Contingent Consideration.    Most of our acquisition agreements include contingent earn-out arrangements, which are 
generally based on the achievement of future operating income thresholds. The contingent earn-out arrangements are based 
upon our valuations of the acquired companies and reduce the risk of overpaying for acquisitions if the projected financial 
results are not achieved.
The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on 
their respective acquisition dates. For each transaction, we estimate the fair value of contingent earn-out payments as part of the 
initial purchase price and record the estimated fair value of contingent consideration as a liability in "Current contingent earn-
out liabilities" and "Long-term contingent earn-out liabilities" on the consolidated balance sheets. We consider several factors 
when determining that contingent earn-out liabilities are part of the purchase price, including the following: (1) the valuation of 
our acquisitions is not supported solely by the initial consideration paid, and the contingent earn-out formula is a critical and 
material component of the valuation approach to determining the purchase price; and (2) the former owners of acquired 
companies that remain as key employees receive compensation other than contingent earn-out payments at a reasonable level 
compared with the compensation of our other key employees. The contingent earn-out payments are not affected by 
employment termination. 
We measure our contingent earn-out liabilities at fair value on a recurring basis using significant unobservable inputs 
classified within Level 3 of the fair value hierarchy. We use a probability weighted discounted income approach as a valuation 
technique to convert future estimated cash flows to a single present value amount. The significant unobservable inputs used in 
the fair value measurements are operating income projections over the earn-out period (generally three or five years) and the 
probability outcome percentages we assign to each scenario. Significant increases or decreases to either of these inputs in 
isolation would result in a significantly higher or lower liability, with a higher liability capped by the contractual maximum of 
the contingent earn-out obligation. Ultimately, the liability will be equivalent to the amount paid, and the difference between the 
fair value estimate and amount paid will be recorded in earnings. The amount paid that is less than or equal to the contingent 
earn-out liability on the acquisition date is reflected as cash used in financing activities in our consolidated statements of cash 
flows. Any amount paid in excess of the contingent earn-out liability on the acquisition date is reflected as cash used in 
operating activities in our consolidated statements of cash flows. 
We review and reassess the estimated fair value of contingent consideration on a quarterly basis, and the updated fair 
value could differ materially from the initial estimates. Changes in the estimated fair value of our contingent earn-out liabilities 
related to the time component of the present value calculation are reported in interest expense. Adjustments to the estimated fair 
value related to changes in all other unobservable inputs are reported in operating income. 

62 
Other Current Liabilities.    Other current liabilities consist primarily of accrued insurance, contingent liabilities, 
sales/services and use taxes due to our U.S. and foreign operations, other tax accruals and accrued professional fees. 
Fair Value of Financial Instruments.    We determine the fair values of our financial instruments, including short-
term investments, debt instruments, derivative instruments and pension plan assets based on inputs or assumptions that market 
participants would use in pricing an asset or a liability. We categorize our instruments using a valuation hierarchy for disclosure 
of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs 
are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are quoted prices for similar 
assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through 
market corroboration, for substantially the full term of the financial instrument; and Level 3 inputs are unobservable inputs 
based on our own assumptions used to measure assets and liabilities at fair value. The classification of a financial asset or 
liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.
The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair values 
based on their short-term nature. The carrying amounts of our revolving credit facility approximates fair value because the 
interest rates are based upon variable reference rates. Certain other assets and liabilities, such as contingent earn-out liabilities 
and amounts related to cash-flow hedges, are required to be carried in our consolidated financial statements at fair value. 
Our fair value measurement methods may produce a fair value calculation that may not be indicative of net realizable 
value or reflective of future fair values. Although we believe our valuation methods are appropriate and consistent with those 
used by other market participants, the use of different methodologies or assumptions to determine fair value could result in a 
different fair value measurement at the reporting date. 
Derivative Financial Instruments.    We account for our derivative instruments as either assets or liabilities and carry 
them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are 
designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component 
of accumulated other comprehensive income in stockholders' equity and reclassified into income in the same period or periods 
during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if 
any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in 
offsetting changes to expected future cash flows on hedged transactions. 
The net gain or loss on the effective portion of a derivative instrument that is designated as an economic hedge of the 
foreign currency translation exposure generated by the re-measurement of certain assets and liabilities denominated in a non-
functional currency in a foreign operation is reported in the same manner as a foreign currency translation adjustment. 
Accordingly, any gains or losses related to these derivative instruments are recognized in current income. Derivatives that do 
not qualify as hedges are adjusted to fair value through current income. 
Deferred Compensation.    We maintain a non-qualified defined contribution supplemental retirement plan for certain 
key employees and non-employee directors that is accounted for in accordance with applicable authoritative guidance on 
accounting for deferred compensation arrangements where amounts earned are held in a rabbi trust and invested. Employee 
deferrals are deposited into a rabbi trust, and the funds are generally invested in individual variable life insurance contracts that 
we own and are specifically designed to informally fund savings plans of this nature. Our consolidated balance sheets reflect 
our investment in variable life insurance contracts in "Other long-term assets." Our obligation to participating employees is 
reflected in "Other long-term liabilities." The net gains and losses related to the deferred compensation plan are reported as part 
of “Selling, general and administrative expenses” in our consolidated statements of income. 
Pension Plan. 
We assumed a defined benefit pension plan from an acquisition. We calculate the market-related 
value of assets, which is used to determine the return-on-assets component of annual pension expense and the cumulative net 
unrecognized gain or loss subject to amortization. This calculation reflects our anticipated long-term rate of return and 
amortization of the difference between the actual return (including capital, dividends, and interest) and the expected return. 
Cumulative net unrecognized gains or losses that exceed 10% of the greater of the projected benefit obligation or the fair 
market-related value of plan assets are subject to amortization.
Income Taxes.    We file a consolidated U.S. federal income tax return. In addition, we file other returns that are 
required in the states, foreign jurisdictions and other jurisdictions in which we do business. We account for certain income and 
expense items differently for financial reporting and income tax purposes. Deferred tax assets and liabilities are computed for 
the difference between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible 
amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to 
reverse. In determining the need for a valuation allowance, management reviews both positive and negative evidence, including 
current and historical results of operations, future income projections, scheduled reversals of deferred tax amounts, availability 
of carrybacks and potential tax planning strategies. Based on our assessment, we have concluded that a portion of the deferred 
tax assets will not be realized. 

63 
According to the authoritative guidance on accounting for uncertainty in income taxes, we may recognize the tax 
benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by 
the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from 
such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon 
ultimate settlement. This guidance also addresses de-recognition, classification, interest and penalties on income taxes, 
accounting in interim periods and disclosure requirements for uncertain tax positions. 
Concentration of Credit Risk.    Financial instruments that subject us to credit risk consist primarily of cash and cash 
equivalents and net accounts receivable. In the event that we have surplus cash, we place our temporary cash investments with 
lower risk financial institutions and, by policy, limit the amount of investment exposure to any one financial institution. 
Approximately 24% of accounts receivable were due from various agencies of the U.S. federal government at fiscal 2024 year-
end. The remaining accounts receivable are generally diversified due to the large number of organizations comprising our client 
base and their geographic dispersion. We perform ongoing credit evaluations of our clients and maintain an allowance for 
potential credit losses. Approximately 32%, 12%, 18% and 38% of our fiscal 2024 revenue was generated from our U.S. federal 
government, U.S. state and local government, U.S. commercial and international clients, respectively.
Foreign Currency Translation.    We determine the functional currency of our foreign operating units based upon the 
primary currency in which they operate. These operating units maintain their accounting records in their local currency, 
primarily Canadian and Australian dollars, Euros and British pounds. Where the functional currency is not the U.S. dollar, 
translation of assets and liabilities to U.S. dollars is based on exchange rates at the balance sheet date. Translation of revenue 
and expenses to U.S. dollars is based on the average rate during the period. Translation gains or losses are reported as a 
component of other comprehensive income. Gains or losses from foreign currency transactions are included in income from 
operations.
Recently Issued Accounting Pronouncements 
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 
(“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires that 
an entity report segment information in accordance with Topic 280, Segment Reporting. The amendments in the ASU are 
intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant 
segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim 
periods within fiscal years beginning after December 15, 2024 (fiscal 2025 for us). Early adoption is permitted. We are 
currently evaluating the impact of this guidance on our consolidated financial statements; however, we do not plan to adopt 
Topic 280 before fiscal 2025. 
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 
Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to 
the rate reconciliation and income taxes paid. The amendments in the ASU are intended to enhance the transparency and 
decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after 
December 15, 2024 (fiscal 2026 for us). Early adoption is permitted. We are currently evaluating the impact of this guidance on 
our consolidated financial statements; however, we do not plan to adopt Topic 740 before fiscal 2026. 
3.           Revenue and Contract Balances 
We recognize revenue over time as the related performance obligation is satisfied by transferring control of a promised 
good or service to our customers. Progress toward complete satisfaction of the performance obligation is primarily measured 
using a cost-to-cost measure of progress method. The cost input is based primarily on contract cost incurred to date compared to 
total estimated contract cost. This measure includes forecasts based on the best information available and reflects our judgement 
to faithfully depict the value of the services transferred to the customer. For certain on-call engineering or consulting and 
similar contracts, we recognize revenue in the amount which we have the right to invoice the customer if that amount 
corresponds directly with the value of our performance completed to date. 
Due to uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a performance 
obligation will be revised in the near term. For those performance obligations for which revenue is recognized using a cost-to-
cost measure of progress method, changes in total estimated costs, and related progress towards complete satisfaction of the 
performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are 
made. When the current estimate of total costs indicates a loss, a provision for the entire estimated loss on the contract is made 
in the period in which the loss becomes evident. 

64 
Disaggregation of Revenue 
We disaggregate revenue by client sector and contract type, as we believe it best depicts how the nature, timing and 
uncertainty of revenue and cash flows are affected by economic factors. The following tables present revenue disaggregated by 
client sector and contract type (in thousands):  
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2, 
2022
Client Sector:
U.S. federal government (1)
$ 
1,675,996 $ 
1,387,101 $ 
1,064,347 
U.S. state and local government
613,185 
607,074 
603,286 
U.S. commercial
909,642 
869,460 
748,953 
International (2)
1,999,856 
1,658,915 
1,087,462 
Total
$ 
5,198,679 $ 
4,522,550 $ 
3,504,048 
Contract Type:
Fixed-price
$ 
2,016,638 $ 
1,643,849 $ 
1,317,993 
Time-and-materials
2,337,913 
2,166,671 
1,637,019 
Cost-plus
844,128 
712,030 
549,036 
Total
$ 
5,198,679 $ 
4,522,550 $ 
3,504,048 
(1)    Includes revenue generated under U.S. federal government contracts performed outside the United States.
(2)    Includes revenue generated from non-U.S. clients, primarily in United Kingdom, Australia and Canada.
Other than the U.S. federal government, no single client accounted for more than 10% of our revenue for fiscal 2024, 
2023 and 2022.
Contract Assets and Contract Liabilities
We invoice customers based on the contractual terms of each contract. However, the timing of revenue recognition 
may differ from the timing of invoice issuance. 
Contract assets represent revenue recognized in excess of the amounts for which we have the contractual right to bill 
our customers. Such amounts are recoverable from customers based upon various measures of performance, including 
achievement of certain milestones or completion of a contract. In addition, many of our time-and-materials arrangements are 
billed in arrears pursuant to contract terms that are standard within the industry, resulting in contract assets and/or unbilled 
receivables being recorded, as revenue is recognized in advance of billings. Contract retentions, included in contract assets, 
represent amounts withheld by clients until certain conditions are met or the project is completed, which may extend beyond 
one year. 
Contract liabilities consist of billings in excess of revenue recognized. Contract liabilities decrease as we recognize 
revenue from the satisfaction of the related performance obligation and increase as billings in advance of revenue recognition 
occur. Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting 
period. There were no substantial non-current contract assets or liabilities for the periods presented. Net contract 
assets/liabilities consisted of the following (in thousands):
Fiscal Year Ended
September 29,
2024
October 1, 
2023
Contract assets (1)
$ 
129,678 $ 
113,939 
Contract liabilities
(351,738)
(335,044)
Net contract liabilities
$ 
(222,060)
$ 
(221,105)
(1)    Includes $7.9 million and $6.8 million of contract retentions at fiscal 2024 and 2023 year-ends, respectively. 
Both our contract assets and contract liabilities increased in fiscal 2024 compared to fiscal 2023 year-end, due to the 
timing of our milestone billing on fixed-price contracts which were different from the timing of revenue recognition on those 

65 
contracts. In fiscal 2024 and 2023, we recognized revenue of approximately $247 million and $164 million, respectively, from 
amounts included in the contract liability balances at the end of fiscal 2023 and 2022, respectively.  
Revenue is recognized by measuring progress over time under Accounting Standards Codification Topic 606, 
"Revenue from Contracts with Customers". We estimate and measure progress on our contracts over time whereby we compare 
our total costs incurred on each contract as a percentage of the total expected contract costs. Changes in those estimates could 
result in the recognition of cumulative catch-up adjustments to the contract’s inception-to-date revenue, costs and profit in the 
period in which such changes are made. As a result, in fiscal 2024 and 2023, we recognized net favorable revenue and operating 
income adjustments of $29.8 million and $11.0 million, respectively. The corresponding net revenue and operating income 
adjustments were immaterial for fiscal 2022.  
Changes in revenue and cost estimates could also result in a projected loss, determined at the contract level, which 
would be recorded immediately in earnings. As of September 29, 2024 and October 1, 2023, our consolidated balance sheets 
included liabilities for anticipated losses of $15.1 million and $8.5 million, respectively. The estimated cost to complete these 
related contracts at the end of fiscal 2024 and 2023 was approximately $101 million and $68 million, respectively. 
Accounts Receivable, Net
Net accounts receivable consisted of the following (in thousands):
Fiscal Year Ended
September 29,
2024
October 1,
2023
Billed
$ 
707,406 
$ 
672,712 
Unbilled
348,907 
306,788 
Total accounts receivable
 
1,056,313 
979,500 
Allowance for doubtful accounts
(4,852)
(4,965)
Total accounts receivable, net
$ 
1,051,461 
$ 
974,535 
Billed accounts receivable represent amounts billed to clients that have not been collected. Unbilled accounts 
receivable, which represent an unconditional right to payment subject only to the passage of time, include unbilled amounts 
typically resulting from revenue recognized but not yet billed pursuant to contract terms or billed after the period end date. 
Substantially all of our unbilled receivables at fiscal 2024 year-end are expected to be billed and collected within 12 months. 
The allowance for doubtful accounts represents amounts that are expected to become uncollectible or unrealizable in the future. 
We determine an estimated allowance for uncollectible accounts based on management's consideration of trends in the actual 
and forecasted credit quality of our clients, including delinquency and payment history; type of client, such as government 
agency or a commercial sector client; and general economic and industry conditions, which may affect our clients' ability to 
pay. 
Other than the U.S. federal government, no single client accounted for more than 10% of our accounts receivable at 
fiscal 2024 and 2023 year-ends. 
Remaining Unsatisfied Performance Obligation (“RUPO”) 
Our RUPO represents a measure of the total dollar value of work to be performed on contracts awarded and in 
progress. We had $5.3 billion of RUPO as of September 29, 2024. Our RUPO increases with awards from new contracts or 
additions to existing contracts and decreases as work is performed and revenue is recognized on existing contracts. Our RUPO 
may also decrease when projects are canceled or modified in scope. We include a contract within our RUPO when the contract 
is awarded and an agreement on contract terms has been reached.  

66 
We expect to satisfy our RUPO as of fiscal 2024 year-end over the following periods (in thousands): 
Amount
Within 12 months
$ 
3,723,668 
Beyond 
1,607,721 
Total 
$ 
5,331,389 
Although RUPO reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may 
occur. Our RUPO is adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency 
exchange fluctuations and project deferrals, as appropriate. Our operations and maintenance contracts can generally be 
terminated by the clients without a substantive financial penalty; therefore, the remaining performance obligations on such 
contracts are limited to the notice period required for the termination (usually 30, 60 or 90 days). 
4.           Stock Repurchase and Dividends 
On October 5, 2021, our Board of Directors authorized a stock repurchase program under which we could repurchase 
up to $400 million of our common stock. In fiscal 2024 and 2023, we did not repurchase any shares of our common stock. We 
repurchased and settled 6,708,395 shares with an average price of $29.81 per share for a total cost of $200.0 million in fiscal 
2022 in the open market. At fiscal 2024 year-end, we had a remaining balance of $347.8 million under our stock repurchase 
program.
The following table presents dividends declared and paid in fiscal 2024, 2023 and 2022: 
Declare Date
Dividend Paid Per 
Share
Record Date
Payment Date
Dividends Paid 
(in thousands)
November 13, 2023
$ 
0.052 
November 30, 2023
December 13, 2023
$ 
13,873 
January 29, 2024
0.052 
February 14, 2024
February 27, 2024
13,908 
April 29, 2024
0.058 
May 20, 2024
May 31, 2024
15,522 
July 29, 2024
0.058 
August 15, 2024
August 30, 2024
15,525 
Total dividends paid as of September 29, 2024
$ 
58,828 
November 7, 2022
$ 
0.046 
November 21, 2022
December 9, 2022
$ 
12,186 
January 30, 2023
0.046 
February 13, 2023
February 24, 2023
12,242 
May 8, 2023
0.052 
May 24, 2023
June 6, 2023
13,840 
August 7, 2023
0.052 
August 23, 2023
September 6, 2023
13,845 
Total dividends paid as of October 1, 2023
$ 
52,113 
November 15, 2021
$ 
0.040 
December 2, 2021
December 20, 2021
$ 
10,793 
January 31, 2022
0.040 
February 11, 2022
February 25, 2022
10,769 
May 2, 2022
0.046 
May 13, 2022
May 27, 2022
12,311 
August 1, 2022
0.046 
August 12, 2022
August 26, 2022
12,226 
Total dividends paid as of October 2, 2022
$ 
46,099 
Subsequent Events.  On November 11, 2024, our Board of Directors declared a quarterly cash dividend of $0.058 per 
share payable on December 13, 2024 to stockholders of record as of the close of business on November 27, 2024.
5.          Acquisitions  
In fiscal 2024, we acquired LS Technologies ("LST"), an innovative U.S. federal enterprise technology services and 
management consulting firm based in Fairfax, Virginia. LST provides high-end consulting and engineering services including 
advanced data analytics, cybersecurity and digital transformation solutions to U.S. government clients. Additionally, we 
acquired Convergence Controls & Engineering ("CCE"), an industry leader in process automation and systems integration 
solutions. CCE’s expertise includes customized digital controls and software solutions, advanced data analytics, cloud data 
integration and cybersecurity applications. Both LST and CCE are included in our GSG segment. The aggregate fair value of 
the purchase price of these two acquisitions was $120 million. This amount consisted of $93 million in initial cash payments, 
$4 million of cash holdback related to a tax reserve, and $23 million for the estimated fair value of contingent earn-out 
obligations, with a maximum of $60 million, based upon the achievement of specified operating income targets in each of the 
three years following the acquisition dates. The $120 million purchase price was allocated $12 million to net tangible assets, 

67 
$23 million to identifiable intangible assets, and $85 million to goodwill. The purchase price allocation is preliminary and 
subject to adjustment as the estimates, assumptions, valuations and other analyses have not yet been finalized in order to make a 
definitive allocation. These acquisitions were not considered material, individually or in aggregate, to our consolidated financial 
statements. As a result, no pro forma information has been provided. 
On September 23, 2022, we made an all-cash offer to acquire all of the outstanding shares of RPS Group plc ("RPS"), 
a publicly traded company on the London Stock Exchange for 222 pence per share, through a scheme of arrangement, which 
was unanimously recommended by RPS' Board of Directors. On November 3, 2022, RPS' shareholders approved the scheme of 
arrangement. On January 19, 2023, the court-sanctioned scheme of arrangement to purchase RPS was approved, and we 
completed the acquisition on January 23, 2023. RPS employed approximately 5,000 associates in the United Kingdom, Europe, 
Asia Pacific and North America, delivering high-end solutions, especially in energy transformation, water and program 
management for government and commercial clients. Substantially all of RPS is included in our CIG segment.  
The total purchase price of RPS was approximately £633 million ($784 million). In connection with the transaction, 
we incurred acquisition and integration costs of $33.2 million, primarily for professional fees, substantially all of which were 
paid as of fiscal 2023 year-end. On January 23, 2023, we also settled a foreign exchange forward contract that was integral to 
our plan to finance the RPS acquisition. The cash gain of $109.3 million did not qualify for hedge accounting. As a result, the 
gain was recognized as non-operating income over the life of the contract and not included in the purchase price allocation 
below. However, the cash proceeds of $109.3 million economically reduced the purchase price for the shares of RPS to 
approximately $675 million. This forward contract is explained further in Note 15, "Derivative Financial Instruments". 
The table below represents the purchase price allocation for RPS based on estimates, assumptions, valuations and 
other analyses as of January 23, 2023. The all cash purchase consideration, excluding the aforementioned forward contract gain, 
was allocated to the tangible and intangible assets, and liabilities of RPS based on their estimated fair values, with any excess 
purchase consideration allocated to goodwill as follows (in thousands): 
Amount
Cash and cash equivalents
$ 
32,093 
Accounts receivable and contract assets
202,303 
Prepaid expenses and other current assets
45,999 
Income taxes receivables
1,999 
Property and equipment
38,435 
Right-of-use assets, operating leases
40,179 
Intangible assets
174,094 
Deferred income taxes
35,084 
Other long-term assets
1,061 
Total assets acquired
571,247 
Account payable
$ 
(44,376)
Accrued compensation
(19,073)
Contract liabilities
(46,287)
Income tax payable
(7,083)
Short-term lease liabilities, operating leases
(13,477)
Other current liabilities
(135,474)
Current portion of long-term debt
(91,973)
Long-term lease liabilities, operating leases
(26,702)
Other long-term liabilities
(13,742)
Deferred tax liabilities
(41,613)
Total liabilities assumed
(439,800)
Fair value of net assets acquired
131,447 
Goodwill
652,762 
Total purchase consideration
$ 
784,209 

68 
The following table summarizes the estimated fair values that were assigned to intangible assets at the acquisition date:
Fair Value
Weighted-
Average 
Estimated 
Useful Life
(in thousands)
(in years)
Backlog
$ 
27,880 
1.6
Trade names
27,260 
3.0
Client relations
118,954 
11.1
Total intangible assets acquired
$ 
174,094 
8.3
Estimated fair value measurements for the intangible assets related to the RPS acquisition were made using Level 3 
inputs including discounted cash flow techniques. Fair value was estimated using a multi-period excess earnings method for 
backlog and client relations and a relief from royalty method for trade names.  The significant assumptions used in estimating 
fair value of backlog and client relations include (i) the estimated life the asset will contribute to cash flows, such as remaining 
contractual terms, (ii) revenue growth rates and EBITDA margins, (iii) attrition rate of customers, and (iv) the estimated 
discount rates that reflect the level of risk associated with receiving future cash flows. The significant assumptions used in 
estimating fair value of trade names include the royalty rates and discount rates.  
Supplemental Pro Forma Information (Unaudited) 
Following are the supplemental consolidated financial results of Tetra Tech and RPS on an unaudited pro forma basis, 
as if the RPS acquisition had been consummated as of the beginning of fiscal 2022 (in thousands):
Fiscal Year Ended
October 1,
2023
October 2,
2022
Revenue
$ 
4,780,404 $ 
4,271,580 
Net income including noncontrolling interests
$ 
223,857 $ 
152,964 
Our fiscal 2023 consolidated results reflect RPS' contribution of revenue of approximately $600 million, with net 
income, including interest expense, of $3.6 million, or $0.01 per share, before the related intangible amortization of 
$26.8 million.  
In fiscal 2023, we also acquired Amyx, Inc. (“Amyx”), an enterprise technology services, cybersecurity and 
management consulting firm based in Reston, Virginia. With over 500 employees, Amyx provides application modernization, 
cybersecurity, systems engineering, financial management and program management support on over 30 Federal Government 
programs. Amyx is included in our Government Services Group ("GSG") segment. The total fair value of the purchase price of 
Amyx was $120.9 million, consisted of a $100.0 million payable in a promissory note issued to the sellers (paid subsequent to 
closing), $8.7 million of payables related to estimated post-closing adjustments, and $12.2 million for the estimated fair value 
of contingent earn-out obligations, with a maximum of $25.0 million, based upon the achievement of specified operating 
income targets in each of the three years following the acquisition date. Amyx was not considered material to our consolidated 
financial statements. As a result, no pro forma information has been provided.
In fiscal 2022, we acquired The Integration Group of America ("TIGA"), Piteau Associates (“PAE”) and two other 
financially immaterial acquisitions.  TIGA is based in Spring, Texas and is an industry leader in process automation and system 
integration solutions, including customized software and platform (SaaS/PaaS) applications, advanced data analytics, cloud data 
integration and platform virtualization. PAE is based in Vancouver, British Columbia and is a global leader in sustainable 
natural resource analytics including hydrologic numerical modeling and dewatering system design. PAE is part of our CIG 
segment, and TIGA and other financially immaterial acquisitions are part of our GSG segment. The total fair value of the 
purchase price for all four acquisitions was $88.3 million. This amount is comprised of $44.0 million in initial cash payments 
made to the sellers, $2.5 million of receivables (net) related to estimated post-closing adjustments for the net assets acquired, 
$15.5 million payable in a promissory note issued to the sellers along with related transaction expenses of the sellers (which 
were subsequently paid in July 2022) and $31.3 million for the estimated fair value of contingent earn-out obligations, with a 
maximum of $47.0 million, based upon the achievement of specified operating income targets in each of the three to five years 
following the acquisitions. These acquisitions were not considered material, individually or in the aggregate, to our 
consolidated financial statements. As a result, no pro forma information has been provided. 
The majority of the goodwill from fiscal 2024 and 2022 acquisitions is deductible for tax purposes, while the majority 
of the goodwill from the fiscal 2023 acquisitions is not deductible for tax purposes. The results of our acquisitions were 
included in our consolidated financial statements beginning on the respective closing dates. 

69 
In fiscal 2024, our goodwill additions from the LST and CCE acquisitions reflect the extensive technical knowledge of 
the acquired workforces, the anticipated synergies in data analytics, cybersecurity and digital transformation services, and 
collective reputations of these acquisitions in providing mission critical solutions to both commercial and government 
customers. In fiscal 2023, our goodwill additions are primarily attributable to the significant technical expertise residing in 
embedded workforces that are sought out by clients, synergies expected to arise after the acquisitions in the areas of enterprise 
technology services, data management, energy transformation, water, program management, and data analytics and the long-
standing reputations of RPS and Amyx. These acquisitions further expand and complement our market-leading positions in 
water and environment; enhanced by a combined suite of differentiated data analytics and digital technologies, and expansion 
into existing and new geographies. The fiscal 2022 goodwill additions are primarily attributable to the significant technical 
expertise residing in embedded workforces that are sought out by clients, long-term management experience, the industry 
reputations and the synergies expected to arise after the acquisitions in the areas of data management, digitization, modeling, 
water and natural resources. In addition, these acquired capabilities, when combined with our existing global consulting and 
engineering business, result in opportunities that allow us to provide services under contracts that could not have been pursued 
individually by either us or the acquired companies. 
Intangible assets with finite lives arise from business acquisitions and are amortized based on the period over which 
the contractual or economic benefit of the intangible assets are expected to be realized on a straight-line basis over the useful 
lives of the underlying assets, ranging from one to 12 years. These consist of client relations, backlog and trade names. For 
detailed information regarding our intangible assets, see Note 6, “Goodwill and Intangible Assets”. 
Most of our acquisition agreements include contingent earn-out agreements, which are generally based on the 
achievement of future operating income thresholds. The contingent earn-out arrangements are based on our valuations of the 
acquired companies and reduce the risk of overpaying for acquisitions if the projected financial results are not achieved. The 
fair values of any earn-out arrangements are included as part of the purchase price of the acquired companies on their respective 
acquisition dates. For each transaction, we estimate the fair value of contingent earn-out payments as part of the initial purchase 
price and record the estimated fair value of contingent consideration as a liability in “Current contingent earn-out liabilities” 
and “Non-current contingent earn-out liabilities” on the consolidated balance sheets. We consider several factors when 
determining that contingent earn-out liabilities are part of the purchase price, including the following: (1) the valuation of our 
acquisitions is not supported solely by the initial consideration paid, and the contingent earn-out formula is a critical and 
material component of the valuation approach to determining the purchase price; and (2) the former owners of acquired 
companies that remain as key employees receive compensation other than contingent earn-out payments at a reasonable level 
compared with the compensation of our other key employees. The contingent earn-out payments are not affected by 
employment termination.
We measure our contingent earn-out liabilities at fair value on a recurring basis using significant unobservable inputs 
classified within Level 3 of the fair value hierarchy. We use a probability-weighted discounted income approach as a valuation 
technique to convert future estimated cash flows to a single present value amount. The significant unobservable inputs used in 
the fair value measurements are operating income projections over the earn-out period (generally three or five years) and the 
probability outcome percentages we assign to each scenario. Significant increases or decreases to either of these inputs in 
isolation would result in a significantly higher or lower liability, with a higher liability capped by the contractual maximum of 
the contingent earn-out obligation. Ultimately, the liability will be equivalent to the amount paid, and the difference between the 
fair value estimate and amount paid will be recorded in earnings. The amount paid that is less than or equal to the contingent 
earn-out liability on the acquisition date is reflected as cash used in financing activities in our consolidated statements of cash 
flows. Any amount paid in excess of the contingent earn-out liability on the acquisition date is reflected as cash used in 
operating activities in our consolidated statements of cash flows.
We review and reassess the estimated fair value of contingent consideration on a quarterly basis, and the updated fair 
value could differ materially from the initial estimates. Changes in the estimated fair value of our contingent earn-out liabilities 
related to the time component of the present value calculation are reported in interest expense. Adjustments to the estimated fair 
value related to changes in all other unobservable inputs are reported in operating income. In each quarter during fiscal 2024, 
we evaluated our estimates for contingent consideration liabilities for the remaining earn-out periods for each individual 
acquisition, which included a review of their financial results to-date, the status of ongoing projects in their RUPO and the 
inventory of prospective new contract awards.  
In fiscal 2024, we recorded adjustments to our contingent earn-out liabilities and reported a net loss to operating 
income of $2.5 million. The net loss primarily resulted from increased valuations of the contingent consideration liabilities for 
our prior acquisitions of LST and BlueWater Federal Solutions, Inc., reflecting their financial performance that exceeded our 
previous expectations. These increases were partially offset primarily by a decreased valuation of the contingent consideration 
for Amyx, as forecasted revenues and earnings did not become realized as originally anticipated.  
In fiscal 2023, we recorded adjustments to our contingent earn-out liabilities and reported a net loss to operating 
income of $12.3 million. The net loss primarily resulted from increased valuations of the contingent consideration liabilities for 
our prior acquisitions of Segue Technologies, Inc., Hoare Lea, LLP ("HLE"), TIGA and PAE, reflecting their financial 

70 
performance that exceeded our previous expectations. These increases were partially offset by a decreased valuation of the 
contingent consideration for Amyx.  
In fiscal 2022, total adjustments to our contingent earn-out liabilities in operating income were immaterial.   
The following table summarizes the changes in the fair value of estimated contingent consideration (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2,
2022
Beginning balance
$ 
73,422 
$ 
65,566 $ 
59,297 
Estimated earn-out liabilities for acquisitions
23,038 
12,248 
31,341 
Payments of contingent consideration
(54,050)
(21,328)
(20,433)
Adjustments to fair value reported in earnings
2,541 
12,255 
329 
Interest accretion expense
2,639 
2,480 
2,184 
Effect of foreign currency exchange rate changes
1,156 
2,201 
(7,152)
Ending balance 
$ 
48,746 
$ 
73,422 $ 
65,566 
Maximum potential payout at end of period
$ 
102,006 
$ 
113,820 
$ 
120,882 
6.           Goodwill and Intangible Assets  
The following table summarizes the changes in the carrying value of goodwill by reportable segment (in thousands): 
GSG
CIG
Total
Balance at October 2, 2022
$ 
519,102 $ 
591,310 $ 
1,110,412 
Acquisition activity
138,380 
621,496 
759,876 
Translation and other adjustments
2,460 
7,496 
9,956 
Balance at October 1, 2023
659,942  
1,220,302  
1,880,244 
Acquisition activity
84,865 
— 
84,865 
Translation and other adjustments
6,010 
75,450 
81,460 
Balance at September 29, 2024
$ 
750,817 $ 
1,295,752 $ 
2,046,569 
Goodwill amounts are presented net of reductions from historical impairment adjustments. The fiscal 2024 goodwill 
addition resulted from the purchase price allocations for our recent acquisitions which are preliminary and subject to adjustment 
based upon the final determinations of the net assets acquired and information to perform the final valuation. Goodwill 
adjustments primarily related to the foreign currency translation adjustments which resulted from our foreign subsidiaries with 
functional currencies that are different than our reporting currency.  
We perform our annual goodwill impairment review at the beginning of our fiscal fourth quarter. Our last review at 
July 1, 2024 (i.e., the first day of our fourth quarter in fiscal 2024) indicated that we had no impairment of goodwill, and all of 
our reporting units had estimated fair values that were in excess of their carrying values, including goodwill. As of July 1, 2024, 
we had no reporting units that had estimated fair values that exceeded their carrying values by less than 72%.  
We also regularly evaluate whether events and circumstances have occurred that may indicate a potential change in the 
recoverability of goodwill. We perform interim goodwill impairment reviews between our annual reviews if certain events and 
circumstances have occurred, such as a deterioration in general economic conditions; an increase in the competitive 
environment; a change in management, key personnel, strategy or customers; negative or declining cash flows; or a decline in 
actual or planned revenue or earnings compared with actual and projected results of relevant prior periods. Although we believe 
that our estimates of fair value for these reporting units are reasonable, if financial performance for these reporting units falls 
significantly below our expectations or market prices for similar business decline, the goodwill for these reporting units could 
become impaired.  
The gross amounts of goodwill for GSG were $768.5 million and $677.6 million at fiscal 2024 and 2023 year-ends, 
respectively, excluding accumulated impairment of $17.7 million for each period. The gross amounts of goodwill for CIG were 
$1,417.3 million and $1,341.8 million at fiscal 2024 and 2023 year-ends, respectively, excluding accumulated impairment of 
$121.5 million for each period.

71 
The following table presents the gross amount and accumulated amortization of our acquired identifiable intangible 
assets with finite useful lives included in "Intangible assets, net" on the consolidated balance sheets ($ in thousands): 
Fiscal Year Ended
September 29, 2024
October 1, 2023
Weighted-
Average
Remaining
Life
(in years)
Gross
Amount
Accumulated
Amortization
Net
Amount
Gross
Amount
Accumulated
Amortization
Net
Amount
Client relations
8.3
$ 
198,726 
$ 
(57,975)
$ 140,751 $ 169,217 
$ 
(36,072) $ 133,145 
Backlog
0.4
75,194 
(71,101)
 
4,093  
63,825 
(47,802)  
16,023 
Trade names
1.4
40,926 
(25,185)
 
15,741  
37,411 
(12,643)  
24,768 
Total
$ 
314,846 
$ 
(154,261)
$ 160,585 $ 270,453 
$ 
(96,517) $ 173,936 
Amortization expense for the identifiable intangible assets for fiscal 2024, 2023 and 2022 was $50.0 million, $41.2 
million and $13.2 million, respectively. Foreign currency translation adjustments increased net identifiable intangible assets by 
$13.4 million in fiscal 2024.  The foreign currency translation adjustments were immaterial in fiscal 2023.  
Estimated amortization expense for the succeeding five fiscal years and beyond is as follows (in thousands): 
Amount
2025
$ 
36,198 
2026
24,332 
2027
17,625 
2028
17,116 
2029
16,204 
Beyond
49,110 
Total
$ 
160,585 
7.           Property and Equipment 
Property and equipment consisted of the following (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Equipment, furniture and fixtures
$ 
139,070 $ 
132,744 
Leasehold improvements
44,883 
44,733 
Total property and equipment
183,953 
177,477 
Accumulated depreciation
(110,888)
(102,645)
Property and equipment, net
$ 
73,065 $ 
74,832 
The depreciation expense related to property and equipment was $23.7 million, $20.0 million and $13.9 million for 
fiscal 2024, 2023 and 2022, respectively.  

72 
8.           Income Taxes 
Income before income taxes, by geographic area, was as follows (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2,
2022
Income before income taxes:
United States
$ 
294,401 $ 
287,295 $ 
262,428 
Foreign
169,065 
113,683 
86,338 
Total income before income taxes
$ 
463,466 $ 
400,978 $ 
348,766 
Income tax expense consisted of the following (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2,
2022
Current:
Federal
$ 
76,851 $ 
110,371 
$ 
47,447 
State
20,997 
16,025 
9,613 
Foreign
44,402 
28,970 
26,332 
Total current income tax expense
142,250 
155,366 
83,392 
Deferred:
Federal
(18,734)
(18,062)
(424)
State
(6,747)
(4,976)
(382)
Foreign
13,254 
(4,802)
3,016 
Total deferred income tax (benefit) expense  
(12,227)
(27,840)
2,210 
Total income tax expense
$ 
130,023 $ 
127,526 $ 
85,602 

73 
Total income tax expense was different from the amount computed by applying the U.S. federal statutory rate to pre-
tax income as follows: 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2,
2022
Tax at federal statutory rate
21.0%
21.0%
21.0%
State taxes, net of federal benefit
2.4
2.2
2.1
Research and Development ("R&D") credits
(1.2)
(0.5)
(1.0)
Tax differential on foreign earnings
2.0
1.5
1.0
Stock compensation
(0.4)
(0.4)
(2.0)
Valuation allowance
(0.1)
1.3
0.2
Change in uncertain tax positions
1.3
11.6
(1.1)
Return to provision
(1.0)
1.1
1.4
Disallowed officer compensation
0.9
1.2
1.9
Unremitted earnings
0.4
0.2
(0.2)
Hedging gain
—
(5.7)
—
Deferred tax adjustments
0.8
(2.3)
0.1
Audit settlements
0.9
—
—
Other
1.1
0.6
1.1
Total income tax expense
28.1%
31.8%
24.5%
The effective tax rates for fiscal 2024, 2023 and 2022 were 28.1%, 31.8% and 24.5%, respectively. The fiscal 2024 
income tax expense included $4.2 million of expense for the settlement of various tax positions that were under audit for fiscal 
years 2011 through 2021. The fiscal 2023 income tax expense included non-operating income tax expenses totaling 
$20.6 million to (i) increase the tax liability for uncertain tax positions related to certain U.S. tax credits and an intercompany 
financing transaction, (ii) recognize the tax liability for foreign earnings, primarily in the United Kingdom and Australia, that 
are no longer indefinitely reinvested. Also, income tax expense was reduced by $4.5 million, $4.6 million and $10.3 million of 
excess tax benefits on share-based payments in fiscal 2024, 2023 and 2022, respectively.   
Excluding the impact of the excess tax benefits on share-based payments in all years, the settlement amount in fiscal 
2024, and the non-operating tax expenses in fiscal 2023, our effective tax rates for fiscal 2024, 2023 and 2022 were 28.1%, 
27.8% and 27.5%, respectively. 
Temporary differences comprising the net deferred income tax asset shown on the accompanying consolidated balance 
sheets were as follows (in thousands): 

74 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Deferred Tax Assets:
State taxes
$ 
3,916 $ 
2,686 
Reserves and contingent liabilities
— 
2,849 
Accounts receivable including the allowance for doubtful accounts
5,315 
5,323 
Accrued liabilities
64,929 
64,155 
Lease liabilities, operating leases
51,841 
53,437 
Stock-based compensation
1,923 
1,900 
Unbilled revenue
9,273 
3,090 
Loss and other carry-forwards
48,256 
67,673 
Property and equipment
— 
552 
Capitalized research and development
37,417 
17,778 
Capped call transactions
10,311 
12,696 
Valuation allowance
(16,841)
(16,559)
Total deferred tax assets
216,340 
215,580 
Deferred Tax Liabilities:
Prepaid expense
(3,065)
(2,702)
Reserves and contingent liabilities
(153)
— 
Right-of-use assets, operating leases
(51,841)
(53,437)
Intangibles
(81,623)
(83,242)
Undistributed earnings
(2,708)
(1,453)
Property and equipment
(1,583)
— 
Total deferred tax liabilities
(140,973)
(140,834)
Net deferred tax assets
$ 
75,367 $ 
74,746 
Our foreign earnings are not considered indefinitely reinvested and any potential tax liability that would be incurred 
upon repatriation is recognized currently with the related income.  
At September 29, 2024, we had available state net operating loss carry forwards of $26.6 million that expire at various 
dates from 2025 to 2043; and available foreign NOL carry forwards of $123.9 million, of which $15.0 million expire at various 
dates from 2025 to 2044, and $108.9 million have no expiration date. In addition, we had foreign capital loss carryforwards of 
$41.4 million, foreign corporate interest restriction allowances of $7.5 million, and foreign research and development credits of 
$4.2 million that do not have expiration dates. We have performed an assessment of positive and negative evidence regarding 
the realization of the deferred tax assets. This assessment included the evaluation of scheduled reversals of deferred tax 
liabilities, availability of carrybacks, cumulative losses in recent years, estimates of projected future taxable income and tax 
planning strategies. Although realization is not assured, based on our assessment, we have concluded that it is more likely than 
not that the assets will be realized except for the deferred tax assets related to certain loss carry-forwards for which a valuation 
allowance of $16.8 million has been provided. 
At September 29, 2024, we had $41.4 million of unrecognized tax benefits, all of which, if recognized, would affect 
our effective tax rate. It is reasonably possible that the amount of the unrecognized tax benefits with respect to certain of our 
unrecognized tax positions may not significantly decrease in the next 12 months.  A reconciliation of the beginning and ending 
amount of unrecognized tax benefits is as follows (in thousands): 

75 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2,
2022
Beginning balance
$ 
53,619 
$ 
8,908 $ 
12,899 
Acquisition of RPS Group
— 
6,012 
— 
Additions for current fiscal year tax positions
1,000 
27,272 
— 
Additions for prior fiscal year tax positions
1,000 
14,602 
— 
Reductions for prior fiscal year tax positions
— 
(1,358)
(3,014)
Settlements
(14,179)
(1,817)
(977)
Ending balance
$ 
41,440 
$ 
53,619 $ 
8,908 
We recognize potential interest and penalties related to unrecognized tax benefits in income tax expense. During fiscal 
2024, 2023 and 2022, we accrued additional interest and penalties of $3.8 million, $4.6 million and $0.5 million, respectively, 
and recorded reductions in accrued interest and penalties of $3.2 million, $2.0 million and $0.4 million, respectively, as a result 
of audit settlements and other prior-year adjustments. The amount of interest and penalties accrued at September 29, 2024, 
October 1, 2023 and October 2, 2022 was $8.6 million, $8.0 million and $5.3 million, respectively.
9.           Long-Term Debt 
Long-term debt consisted of the following (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Credit facilities
$ 
250,000 
$ 
320,000 
Convertible notes
575,000 
575,000 
Debt issuance costs and discount
(12,366)
(15,471)
Long-term debt
$ 
812,634 
$ 
879,529 
On August 22, 2023, we issued $575.0 million in convertible notes that bear interest at a rate of 2.25% per annum 
payable in arrears on February 15 and August 15 of each year, beginning on February 15, 2024 and mature on August 15, 2028, 
unless converted, redeemed or repurchased (the "Convertible Notes"). Prior to May 15, 2028, the Convertible Notes will be 
convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the 
Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second 
scheduled trading day immediately preceding the maturity date.
The initial conversion rate applicable to the Convertible Notes was 5.0855 shares (pre-stock split) of our common 
stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial price of approximately $196.64 per 
share (pre-stock split) of our common stock. The conversion rate is subject to adjustment for certain events, including stock 
splits and issuance of certain stock dividends on our common stock. As adjusted to give effect to the stock split, the applicable 
conversion rate was 25.4345 shares of common stock per $1,000 principal amount of the Convertible Notes (equivalent to an 
adjusted conversion price of approximately $39.32 per share of common stock) at September 29, 2024. Upon conversion, we 
will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and pay or deliver, as the case may 
be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, in respect of 
the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the Convertible Notes being 
converted. In addition, upon the occurrence of a "fundamental change" as defined in the indenture governing the Convertible 
Notes, holders may require us to repurchase for cash all or any portion of their Convertible Notes at a fundamental change 
repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased plus any accrued and unpaid 
interest. If certain corporate events occur prior to the maturity date of the Convertible Notes or if we deliver a notice of 
redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Convertible 
Notes in connection with such event or notice of redemption. 
We will not be able to redeem the Convertible Notes prior to August 20, 2026. On or after August 20, 2026, we have 
the option to redeem for cash all or any portion of the Convertible Notes if the last reported sale price of our common stock is 
equal to or greater than 130% of the conversion price for a specified period of time at a redemption price equal to 100% of the 
principal amount of the Convertible Notes to be redeemed, plus any accrued but unpaid interest. In addition, as described in the 
indenture governing the Convertible Notes, certain events of default including, but not limited to, bankruptcy, insolvency or 
reorganization, may result in the Convertible Notes becoming due and payable immediately.  

76 
Our net proceeds from the offering were approximately $560.5 million after deducting the initial purchasers’ discounts 
and commissions and offering expenses. We used approximately $51.8 million of the net proceeds to pay the cost of the capped 
call transactions described below. We used the remaining net proceeds to repay all $185.0 million principal amount outstanding 
under our revolving credit facility, the remaining $234.4 million principal amount outstanding under our senior secured term 
loan due 2027 and approximately $89.4 million principal amount outstanding under our senior secured term loan due 2026. 
The Convertible Notes were recorded as a single unit within "Long-term debt" in our consolidated balance sheet as the 
conversion option within the Convertible Notes was not a derivative that would require bifurcation and the Convertible Notes 
did not involve a substantial premium. Transaction costs to issue the Convertible Notes were recorded as direct deductions from 
the related debt liabilities and are amortized to interest expense using the effective interest method over the terms of the 
Convertible Notes resulting in an effective annual interest rate of 2.79%. 
The net carrying amount of the Convertible Notes was as follows (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Principal
$ 
575,000 $ 
575,000 
Unamortized discount and issuance costs
(11,434)
(14,158)
Net carrying amount
$ 
563,566 $ 
560,842 
The following table sets forth the interest expense recognized related to the Convertible Notes (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Interest expense
$ 
12,866 $ 
1,438 
Amortization of discount and issuance costs
2,724 
292 
Total interest expense
$ 
15,590 $ 
1,730 
Concurrent with the offering of the Convertible Notes, in August 2023, we entered into capped call transactions (the 
"Capped Call Transactions"). The Capped Call Transactions are expected generally to reduce the potential dilution of our 
common stock upon conversion of the Convertible Notes and/or offset any cash payments we elect to make in excess of the 
principal amount of converted Convertible Notes, as the case may be. If, however, the market price per share of our common 
stock, as measured under the terms of the Capped Call Transactions, exceeds the cap price of the Capped Call Transactions, 
there would nevertheless be dilution and/or there would not be an offset of such cash payments, in each case, to the extent that 
such market price exceeds the cap price of the Capped Call Transactions. The cap price of the Capped Call Transactions was 
initially $259.56 per share (pre-stock split), which represents a premium of 65% over the last reported sale price of our common 
stock of $157.31 per share (pre-stock split) on the NASDAQ Global Select Market on August 17, 2023. The cap price is subject 
to adjustment for certain events, including stock splits and issuance of certain stock dividends on our common stock. As 
adjusted to give effect to the stock split, the adjusted cap price was approximately $51.90 per share at September 29, 2024. We 
recorded the Capped Call Transactions as separate transactions from the issuance of the Convertible Notes. The cost of 
$51.8 million incurred to purchase the Capped Call Transactions was recorded as a reduction to additional paid-in capital (net 
of $12.9 million in deferred taxes) on our consolidated balance sheet as of fiscal 2023 year-end. 
On October 26, 2022, we entered into a Third Amended and Restated Credit Agreement that provides for an additional 
$500 million senior secured term loan facility (the "New Term Loan Facility") increasing our total borrowing capacity to 
$1.55 billion. On January 23, 2023, we drew the entire amount of the New Term Loan Facility to partially finance the RPS 
acquisition. The New Term Loan Facility is not subject to any amortization payments of principal and matures in January 2026.
On February 18, 2022, we entered into Amendment No. 2 to our Second Amended and Restated Credit Agreement 
(“Amended Credit Agreement”) with a total borrowing capacity of $1.05 billion that will mature in February 2027. The 
Amended Credit Agreement is a $750 million senior secured, five-year facility that provides for a $250 million term loan 
facility (the “Amended Term Loan Facility”) and a $500 million revolving credit facility (the “Amended Revolving Credit 
Facility”). In addition, the Amended Credit Agreement includes a $300 million accordion feature that allows us to increase the 
Amended Credit Agreement to $1.05 billion subject to lender approval. The Amended Credit Agreement provides for, among 
other things, (i) refinance indebtedness under our Credit Agreement dated as of July 30, 2018; (ii) finance open market 
repurchases of common stock, acquisitions, and cash dividends and distributions; and (iii) utilize the proceeds for working 
capital, capital expenditures and other general corporate purposes. The Amended Credit Agreement provides for a reduction in 
the interest grid for meeting certain sustainability targets related to the (i) reduction of greenhouse gas emissions through the 

77 
Company’s projects and operational sustainability initiatives and (ii) improvement of peoples’ lives as a result of the 
Company’s projects that provide environmental, social and governance benefits. The Amended Revolving Credit Facility 
includes a $100 million sublimit for the issuance of standby letters of credit, a $20 million sublimit for swingline loans and a 
$300 million sublimit for multicurrency borrowings and letters of credit. 
The entire Amended Term Loan Facility was drawn on February 18, 2022. We may borrow on the Amended Revolving 
Credit Facility, at our option, at either (a) a benchmark rate plus a margin that ranges from 1.000% to 1.875% per annum, or (b) 
a base rate for loans in U.S. dollars (the highest of the U.S. federal funds rate plus 0.50% per annum, the bank’s prime rate or 
the Secured Overnight Financing Rate ("SOFR") rate plus 1.00%, plus a margin that ranges from 0% to 0.875% per annum. In 
each case, the applicable margin is based on our Consolidated Leverage Ratio, calculated quarterly. The Amended Term Loan 
Facility is subject to the same interest rate provisions. The Amended Credit Agreement expires on February 18, 2027, or earlier 
at our discretion upon payment in full of loans and other obligations. In fiscal 2023, we repaid the Amended Term Loan Facility 
in full with the Convertible Notes proceeds. 
At fiscal 2024 year-end, we had $250 million in outstanding borrowings under the Amended Credit Agreement, which 
was consisted of $250 million under the New Term Loan Facility and no borrowings under the Amended Revolving Credit 
Facility. The weighted-average interest rate of the outstanding borrowings under the Amended Credit Agreement during fiscal 
2024 was 6.70%. In addition, we had $0.7 million in standby letters of credit under the Amended Credit Agreement. At 
September 29, 2024, we had $499.3 million of available credit under the Amended Revolving Credit Facility, all of which could 
be borrowed without a violation of our debt covenants. 
The Amended Credit Agreement contains certain affirmative and restrictive covenants, and customary events of 
default. The financial covenants provide for a maximum Consolidated Leverage Ratio of 3.25 to 1.00 (total funded 
debt/EBITDA, as defined in the Amended Credit Agreement) and a minimum Consolidated Interest Coverage Ratio of 3.00 to 
1.00 (EBITDA/Consolidated Interest Charges, as defined in the Amended Credit Agreement). Our obligations under the 
Amended Credit Agreement are guaranteed by certain of our domestic subsidiaries and are secured by first priority liens on (i) 
the equity interests of certain of our subsidiaries, including those subsidiaries that are guarantors or borrowers under the 
Amended Credit Agreement, and (ii) the accounts receivable, general intangibles and intercompany loans and those of our 
subsidiaries that are guarantors or borrowers. At fiscal 2024 year-end, we were in compliance with these covenants with a 
consolidated leverage ratio of 1.38x and a consolidated interest coverage ratio of 13.94x.  
In addition to the Amended Credit Agreement, we maintain other credit facilities, which may be used for short-term 
cash advances and bank guarantees. At fiscal 2024 year-end, there were no outstanding borrowings under these facilities and the 
aggregate amount of standby letters of credit outstanding was $43.3 million. As of September 29, 2024 we had no bank 
overdrafts related to our disbursement bank accounts.  
The following table presents scheduled maturities of our long-term debt (in thousands): 
Amount
2025
— 
2026
250,000 
2027
— 
2028
575,000 
Total
$ 
825,000 
10.         Leases   
Our operating leases are primarily for corporate and project office spaces. To a much lesser extent, we have operating 
leases for vehicles and equipment. Our operating leases have remaining lease terms of one month to ten years, some of which 
may include options to extend the leases for up to five years.  
We determine if an arrangement is a lease at inception. Operating leases are included in "Right-of-use assets, operating 
leases", "Short-term lease liabilities, operating leases" and "Long-term lease liabilities, operating leases" in the consolidated 
balance sheets. Our finance leases are primarily for certain IT equipment and are immaterial. 
ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our 
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at 
commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an 
implicit rate, incremental borrowing rates are used based on the information available at commencement date in determining 
the present value of lease payments. The operating lease ROU asset at the commencement date also includes any lease 
payments made to the lessor at or before the commencement date and initial direct costs less lease incentives received. Lease 
terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease 
expense for operating lease payments is recognized on a straight-line basis over the lease term. 

78 
In fiscal 2023, we exited certain lease arrangements as a result of the RPS acquisition and its subsequent integration. 
Accordingly, we evaluated the ongoing value of the ROU assets associated with the discontinued lease agreements. Based on 
this evaluation, we determined that some long-lived assets were no longer recoverable and were in fact impaired.  Fair value 
was based on expected future cash flows using Level 3 inputs under Accounting Standards Codification Topic 820, Fair Value 
Measurement. The cash flows are those expected to be generated by the market participants, discounted at a real estate-based 
rate of interest. As a result of our evaluation, we recorded a $16.4 million non-cash charge related to the ROU operating lease 
asset impairment which was reported in our fiscal 2023 statement of income, and a corresponding decrease to our ROU assets 
operating leases on our consolidated balance sheet at fiscal 2023 year-end. 
The components of lease costs are as follows (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Operating lease cost
$ 
100,002 $ 
93,674 
Sublease income
(589)
(740)
Total lease cost
$ 
99,413 $ 
92,934 
Supplemental cash flow information related to leases is as follows (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Operating cash flows for operating leases
$ 
79,354 $ 
78,268 
Right-of-use assets obtained in exchange for new operating lease liabilities 
62,601 
70,552 
Supplemental balance sheet and other information related to leases are as follows (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Operating leases:
Right-of-use assets
$ 
177,950 
$ 
175,932 
Lease liabilities:
Current
$ 
63,419 
$ 
65,005 
Non-current
 
140,095 
 
144,685 
Total operating lease liabilities
$ 
203,514 
$ 
209,690 
Weighted-average remaining lease term:
Operating leases
5 years
5 years
Weighted-average discount rate:
Operating leases
3.6 %
3.0 %

79 
As of fiscal 2024 year-end, we had $15.3 million of operating leases that have not yet commenced.  
A maturity analysis of the future undiscounted cash flows associated with our lease liabilities at fiscal 2024 year-end is 
as follows (in thousands): 
Amount
2025
$ 
68,743 
2026
51,485 
2027
38,106 
2028
25,111 
2029
15,551 
Beyond
21,436 
Total lease payments
220,432 
Less: imputed interest
(16,918)
Total present value of lease liabilities
$ 
203,514 
11.
Employee Benefits
In fiscal 2020, the Canadian federal government implemented the Canadian Emergency Wage Subsidy ("CEWS") 
program in response to the negative impact of the coronavirus disease 2019 pandemic on businesses operating in Canada. Some 
of our Canadian legal entities qualified for and applied for these CEWS cash benefits to partially offset the impacts of revenue 
reductions and on-going staffing costs. The $21 million total received was initially recorded in "Other long-term liabilities" 
until all potential amendments to the qualification criteria, including some that were proposed with retroactive application, were 
finalized in fiscal 2022. In fiscal 2024 (all in the first quarter of fiscal 2024), we distributed approximately $10 million to our 
Canadian employees. The remaining $11 million, which we expect to distribute in the first quarter of fiscal 2025, is reported in 
"Accrued compensation". We do not expect there will be any related impact on our operating income, and we have no 
outstanding applications for further government assistance. 
12.         Stockholders' Equity and Stock Compensation Plans 
Stock Split.    On September 9, 2024, we completed a five-for-one stock split of our common stock. All share, equity 
award and per share amounts and related stockholders' equity balances presented herein have been retroactively adjusted, where 
applicable, to reflect the stock split.
At fiscal 2024 year-end, we had the following stock-based compensation plans: 
•
2015 Equity Incentive Plan ("2015 EIP").  Key employees and non-employee directors may be granted equity 
awards, including stock options, performance share units ("PSUs") and restricted stock units ("RSUs"). Shares 
issued with respect to awards granted under the 2015 EIP other than stock options or stock appreciation rights, 
which are referred to as "full value awards", are counted against the 2015 EIP's aggregate share limit as three 
shares for every share or unit actually issued. No awards have been made under the 2015 Equity Incentive Plan 
since the adoption of the 2018 Equity Incentive Plan on March 8, 2018 as described below.  
•
2018 Equity Incentive Plan ("2018 EIP"). Key employees and non-employee directors may be granted equity 
awards, including stock options, PSUs and RSUs. Shares issued with respect to awards granted under the 2018 
EIP other than stock options or stock appreciation rights, which are referred to as "full value awards", are counted 
against the 2018 EIP's aggregate share limit as one share for every share or unit issued. At fiscal 2024 year-end, 
there were 12.8 million shares available for future awards pursuant to the 2018 EIP. 
•
Employee Stock Purchase Plan ("ESPP").  Purchase rights to purchase common stock are granted to our eligible 
full and part-time employees, and shares of common stock are issued upon exercise of the purchase rights. An 
aggregate of 890,250 shares may be issued pursuant to such exercise. The maximum amount that an employee can 
contribute during a purchase right period is $5,000. The exercise price of a purchase right is the lesser of 100% of 
the fair market value of a share of common stock on the first day of the purchase right period (the business day 
preceding January 1) or 85% of the fair market value on the last day of the purchase right period (December 15, or 
the business day preceding December 15 if December 15 is not a business day). 

80 
The following table presents our stock-based compensation and related income tax benefits (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2,
2022
Total stock-based compensation
$ 
31,155 $ 
28,607 $ 
26,227 
Income tax benefit related to stock-based compensation
(6,489)
(5,779)
(5,377)
Stock-based compensation, net of tax benefit
$ 
24,666 $ 
22,828 $ 
20,850 
We recognize the fair value of our stock-based awards as compensation expense on a straight-line basis over the 
requisite service period in which the award vests. Most of these amounts were included in selling, general and administrative 
expenses on our consolidated statements of income.
Stock Options 
The following table presents our stock option activity for fiscal 2024 year-end: 
Number of
Options
(in thousands)
Weighted-
Average
Exercise Price
per Share
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic Value
(in thousands)
Outstanding on October 1, 2023
742 $ 
7.89 
Exercised
(410)
7.47 
Outstanding on September 29, 2024
332 $ 
8.41 
2.44
$ 
12,598 
Vested or expected to vest on September 29, 
2024
332 $ 
8.41 
2.44
$ 
12,598 
Exercisable on September 29, 2024
332 $ 
8.41 
2.44
$ 
12,598 
The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between our closing 
stock price on the last trading day of fiscal 2024 and the exercise price, times the number of shares) that would have been 
received by the in-the-money option holders if they had exercised their options on September 29, 2024. This amount will 
change based on the fair market value of our stock.  
No stock options were granted in fiscal 2024, 2023 and 2022. The aggregate intrinsic value of options exercised during 
fiscal 2024, 2023 and 2022 was $12.7 million, $2.5 million and $5.7 million, respectively. 
Net cash proceeds from the exercise of stock options were $3.1 million, $0.6 million and $1.8 million for fiscal 2024, 
2023 and 2022, respectively. Our policy is to issue shares from our authorized shares upon the exercise of stock options. The 
actual income tax benefit realized from exercises of nonqualified stock options for fiscal 2024, 2023 and 2022 was $2.8 million, 
$0.6 million and $1.3 million, respectively. 
RSU and PSU  
RSU awards are granted to our key employee and non-employee directors. The fair value of the RSU was determined 
at the date of grant using the market price of the underlying common stock as of the date of grant. All of the RSUs have time-
based vesting over a four-year period, except that RSUs awarded to directors vest after one year. The total compensation cost of 
the awards is then amortized over their applicable vesting period on a straight-line basis. 
PSU awards are granted to our executive officers and non-employee directors. All of the PSUs are performance-based 
and vest, if at all, after the conclusion of the three-year performance period.  The number of PSUs that ultimately vest is based 
50% on growth in our diluted EPS and 50% on our relative total shareholder return over the vesting period. For these 
performance-based awards, our expected performance is reviewed to estimate the percentage of shares that will vest. The total 
compensation cost of the awards is then amortized over their applicable vesting period on a straight-line basis.  

81 
A summary of the RSU and PSU activity under our stock plans is as follows: 
RSU
PSU
Number of
Shares
(in thousands)
Weighted-
Average
Grant Date
Fair Value
per Share
Number of
Shares
(in thousands)
Weighted-
Average 
Grant Date
Fair Value
per Share
Nonvested balance at October 3, 2021
1,903 
$ 
16.66 
1,588 $ 
16.59 
Granted
389 
36.92 
209 
49.43 
Vested
(734)
15.49 
(880)
16.03 
Adjustment (1)
— 
— 
441 
16.13 
Forfeited
(63)
21.80 
— 
— 
Nonvested balance at October 2, 2022
1,495 
22.28 
1,358 
21.85 
Granted
525 
31.27
281 
39.10 
Vested
(595)
20.81 
(689)
19.97 
Adjustment (1)
— 
— 
344 
19.97 
Forfeited
(78)
28.00 
(45)
38.74 
Nonvested balance at October 1, 2023
1,347 
26.12 
1,249 
25.64 
Granted
723 
33.14
279 
41.08 
Vested
(508)
25.87 
(431)
30.61 
Adjustment (1)
— 
— 
193 
30.61 
Forfeited
(75)
31.45 
(29)
40.36 
Nonvested balance at September 29, 2024
1,487 
$ 
29.35 
1,261 $ 
27.78 
(1)  Fiscal 2022 includes a payout adjustment of 440,990 PSUs due to the actual performance level achieved for PSUs granted in fiscal 2019 that vested during 
fiscal 2022. Fiscal 2023 includes a payout adjustment of 343,960 PSUs due to the actual performance level achieved for PSUs granted in fiscal 2020 that vested 
during fiscal 2023. Fiscal 2024 includes a payout adjustment of 193,340 PSUs due to the actual performance level achieved for PSUs granted in fiscal 2021 that 
vested during fiscal 2024. 
In fiscal 2024, 2023 and 2022, we awarded 723,420, 525,410 and 389,220 shares of RSUs, respectively, to our key 
employees and non-employee directors. The weighted-average grant-date fair value of RSUs granted during fiscal 2024, 2023 
and 2022 was $33.14, $31.27 and $36.92, respectively. At fiscal 2024 year-end, there were 1,486,725 RSUs outstanding. RSU 
forfeitures result from employment terminations prior to vesting. Forfeited shares return to the pool of authorized shares 
available for award. We use historical data as a basis to estimate the probability of forfeitures related to RSUs and the ESPP 
Plan.
In fiscal 2024, 2023 and 2022, we awarded 279,180, 281,070 and 208,670 shares of PSUs, respectively, to our 
executive officers and non-employee directors. The weighted-average grant-date fair value of PSUs granted in fiscal 2024, 2023 
and 2022 was $41.08, $39.10 and $49.43, respectively. At fiscal 2024 year-end, there were 1,261,120 PSUs outstanding.
The stock-based compensation expense related to RSUs and PSUs for fiscal 2024, 2023 and 2022 was $29.1 million, 
$26.2 million and $23.9 million, respectively, and was included in total stock-based compensation expense. The actual income 
tax benefit realized from RSUs and PSUs for fiscal 2024, 2023 and 2022 was $1.6 million, $4.0 million and $9.1 million, 
respectively. At fiscal 2024 year-end, there was $46.4 million of unrecognized stock-based compensation costs related to 
nonvested RSUs and PSUs that will be substantially recognized by fiscal 2027 year-end. 

82 
ESPP 
The following table summarizes shares purchased, weighted-average purchase price, and cash received for shares 
purchased under the ESPP (in thousands, except for purchase price):
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2,
2022
Shares purchased
522 
492 
531 
Weighted-average purchase price per share
$ 
28.14 $ 
25.66 $ 
22.83 
Cash received from exercise of purchase rights
$ 
14,675 $ 
12,628 $ 
12,129 
The grant date fair value of each award granted under the ESPP was estimated using the Black-Scholes option pricing 
model with the following assumptions: 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2,
2022
Dividend yield
0.7%
0.7%
1.0%
Expected stock price volatility
27.1%
38.0%
32.2%
Risk-free rate of return, annual
4.7%
4.7%
0.4%
Expected life (in years)
1
1
1
For fiscal 2024, 2023 and 2022, we based our expected stock price volatility on historical volatility behavior and 
current implied volatility behavior. The risk-free rate of return was based on constant maturity rates provided by the U.S. 
Treasury. The expected life was based on the ESPP terms and conditions. 
Stock-based compensation expense for fiscal 2024, 2023 and 2022 included $2.0 million, $2.4 million and $2.3 
million, respectively, related to the ESPP. The unrecognized stock-based compensation costs for awards granted under the ESPP 
at fiscal 2024 and 2023 year-ends were $0.5 million and $0.6 million, respectively. At fiscal 2024 year-end, ESPP participants 
had accumulated $13 million to purchase our common stock. 

83 
13.         Retirement Plans 
We have defined contribution plans in various countries where we have employees. This primarily includes 401(k) 
plans in the United States. For fiscal 2024, 2023 and 2022, employer contributions to the U.S. plans were $35.3 million, $31.6 
million and $29.3 million, respectively.
Additionally, we have established a non-qualified deferred compensation plan for certain key employees and non-
employee directors. These eligible employees and non-employee directors may elect to defer the receipt of salary, incentive 
payments, restricted stock, PSU and RSU awards and non-employee director fees. The plan is accounted for in accordance with 
applicable authoritative guidance on accounting for deferred compensation arrangements where amounts earned are held in a 
rabbi trust and invested. Employee deferrals are deposited into a rabbi trust, and the funds are generally invested in individual 
variable life insurance contracts that we own and are specifically designed to informally fund savings plans of this nature. At 
fiscal 2024 and 2023 year-ends, the consolidated balance sheets reflect assets of $70.1 million and $43.5 million, respectively, 
related to the deferred compensation plan in "Other long-term assets," and liabilities of $74.3 million and $43.4 million, 
respectively, related to the deferred compensation plan in "Other long-term liabilities."  The net gains and losses related to the 
deferred compensation plan are reported as part of “Selling, general and administrative expenses” in our consolidated 
statements of income. These related net gains and losses were immaterial for fiscal 2024, 2023 and 2022. 
In connection with an acquisition, we assumed a defined benefit pension plan (the “Plan”), which was operated for all 
qualifying employees. The assets of the Plan are held in a separate trustee administered fund. The plan is closed to new 
participants and to future benefit accrual. Under the agreed schedule of contributions, we make no further contributions, and 
continue to pay the expenses of administering the plan.
The change in the defined benefit obligation, the change in fair value of plan assets and the amounts recognized in the 
Consolidated Statement of Income, the Consolidated Statement of Comprehensive Income and the Consolidated Statements of 
Shareholders’ Equity for fiscal 2024, 2023 and 2022 were immaterial.
The Plan's funded status was as follows (in thousands):
Fiscal Year Ended
September 29,
2024
October 1,
2023
Fair value of plan assets
$ 
46,815 $ 
39,572 
Benefit obligation
(39,722)
(35,303)
Net surplus
$ 
7,093 $ 
4,269 
The net surplus is reflected in other long-term assets on our consolidated balance sheets as of fiscal 2024 and 2023 
year-ends. The benefits paid in fiscal 2024 and 2023 were $1.5 million and $1.3 million, respectively.
The fair values of the plan assets are substantially categorized within Level 2 of the fair value hierarchy. The fair 
values of the plan assets by major asset categories were as follows (in thousands):
Fiscal Year Ended
September 29,
2024
October 1,
2023
Equities
$ 
3,739 $ 
2,213 
Mutual funds
22,923 
20,458 
Liability driven investment funds
15,833 
13,807 
Bonds
2,657 
2,354 
Cash/other
1,663 
740 
Fair value of plan assets
$ 
46,815 $ 
39,572 
We seek a competitive rate of return relative to an appropriate level of risk depending on the funded status and 
obligations of each plan and typically employ both active and passive investment management strategies. The risk in our 
practices includes diversification across asset classes and investment styles and periodic rebalancing toward asset allocation 
targets. The target asset allocation selected for each plan reflects a risk/return profile that we believe is appropriate relative to 
each plan’s liability structure and return goals.  

84 
Principal assumptions used for the benefit obligation in the valuation are as follows: 
Fiscal Year Ended
September 29,
2024
October 1,
2023
Discount rate
5.00 %
5.35 %
Rate of inflation
2.70% to 3.15%
2.80% to 3.35%
14.         Earnings per Share 
Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of 
common shares outstanding, less unvested restricted stock for the period. Diluted EPS is computed by dividing net income by 
the weighted-average number of common shares outstanding and dilutive potential common shares for the period. Potential 
common shares include the weighted-average dilutive effects of stock-based awards and shares underlying our Convertible 
Notes.
For fiscal 2024, our Convertible Notes, described in Note 9, "Long-Term Debt", had a dilution impact on the dilutive 
potential common shares, which was calculated using the if-converted method. The dilution impact was due to the price of our 
common stock exceeding the conversion price. The related Capped Call Transactions were excluded from the calculation of 
dilutive potential common shares as their effect is anti-dilutive. For fiscal 2024, 2023 and 2022, no options were excluded from 
the calculation of dilutive potential common shares.
The following table presents the number of weighted-average shares used to compute basic and diluted EPS (in 
thousands, except per share data): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2,
2022
Net income attributable to Tetra Tech
$ 
333,382 $ 
273,420 $ 
263,125 
Weighted-average common shares outstanding – basic
267,364
266,015
268,100
Effect of diluted stock options and unvested restricted stock
2,125 
2,170 
2,715 
Shares issuable assuming conversion of convertible notes
553 
— 
— 
Weighted-average common stock outstanding – diluted
270,042 
268,185 
270,815 
Earnings per share attributable to Tetra Tech:
Basic
$ 
1.25 $ 
1.03 $ 
0.98 
Diluted
$
1.23
$
1.02
$
0.97
15.         Derivative Financial Instruments  
We periodically use certain interest rate derivative contracts to hedge interest rate exposures on our variable rate debt. 
We also enter into foreign currency derivative contracts with financial institutions to reduce the risk that cash flows and 
earnings could adversely be affected by foreign currency exchange rate fluctuations. Our hedging program is not designated for 
trading or speculative purposes. 
We recognize derivative instruments as either assets or liabilities on the accompanying consolidated balance sheets at 
fair value. We record changes in the fair value (i.e., gains or losses) of the derivatives that have been designated as cash flow 
hedges in our consolidated balance sheets as accumulated other comprehensive income, and in our consolidated statements of 
income for those derivatives designated as fair value hedges. Our derivative contracts are categorized within Level 2 of the fair 
value hierarchy. 
In the fourth quarter of fiscal 2022, we entered into a forward contract to acquire GBP 714.0 million at a rate of 1.0852 
for a total of USD $774.8 million that was integrated with our plan to acquire RPS. This contract matured on December 30, 
2022. On December 28, 2022, we entered into an extension of the integrated forward contract to acquire GBP 714.0 million at a 
rate of 1.086 for a total of USD $775.4 million, extending the maturity date to January 23, 2023, the closing date of the RPS 
acquisition. Although an effective economic hedge of our foreign exchange risk related to this transaction, the forward contract 
did not qualify for hedge accounting. As a result, the forward contract was marked-to-market with changes in fair value 
recognized in earnings each period. The intrinsic value of the forward contract was immaterial at inception as the GBP/USD 
spot and forward exchange rates were essentially the same. The fair value of the forward contract at October 2, 2022 was 

85 
$19.9 million, and an unrealized gain of the same amount was recognized in our fourth quarter of fiscal 2022 results. On 
January 23, 2023, the forward contract was settled at the fair value of $109.3 million. We recognized additional gains of 
$68.0 million and $21.4 million in the first and second quarters of fiscal 2023, respectively. All gains related to this transaction 
were reported in “Other non-operating income" on our consolidated income statements for the respective periods. 
In fiscal 2018, we entered into five interest rate swap agreements that we designated as cash flow hedges to fix the 
interest rates on the borrowings under our term loan facility. The five swaps expired on July 31, 2023. At fiscal 2022 year-end, 
the fair value of the effective portion of our interest rate swap agreements designated as cash flow hedges before tax effect was 
an unrealized gain of $2.4 million, which was reported in "Other non-current assets" on our consolidated balance sheet. 
Additionally, the related loss of $2.4 million and a gain of $11.8 million for fiscal year ended 2023 and 2022, respectively, were 
recognized and reported on our consolidated statements of comprehensive income. There were no derivative instruments that 
were not designated as hedging instruments for fiscal 2024, 2023 and 2022. 
16.         Reclassifications Out of Accumulated Other Comprehensive Income (Loss) 
The accumulated balances and reporting period activities for fiscal 2024, 2023 and 2022 related to reclassifications out 
of accumulated other comprehensive income (loss) are summarized as follows (in thousands): 
Foreign
Currency
Translation
Adjustments
(Loss) Gain on 
Derivative
Instruments
Net Pension 
Adjustments
Accumulated
Other
Comprehensive
(Loss) Income
Balances at October 3, 2021
$ 
(115,634) $ 
(9,394) $ 
— 
$ 
(125,028)
Other comprehensive (loss) income before 
reclassifications
(94,922)
15,937 
— 
(78,985)
Amounts reclassified from accumulated other 
comprehensive income
Interest rate contracts, net of tax (1)
— 
(4,131)
— 
(4,131)
Net current-period other comprehensive (loss) 
income
(94,922)
11,806 
— 
(83,116)
Balances at October 2, 2022
$ 
(210,556) $ 
2,412 $ 
— 
$ 
(208,144)
Other comprehensive income (loss) before 
reclassifications
12,623 
(5,192)
2,638 
10,069 
Amounts reclassified from accumulated other 
comprehensive income (loss)
Interest rate contracts, net of tax (1)
— 
2,780 
— 
2,780 
Net current-period other comprehensive 
income (loss)
12,623 
(2,412)
2,638 
12,849 
Balances at October 1, 2023
$ 
(197,933) $ 
— $ 
2,638 
$ 
(195,295)
Other comprehensive income before reclassifications 
115,120 
— 
1,300 
116,420 
Net current-period other comprehensive 
income 
115,120 
— 
1,300 
116,420 
Balances at September 29, 2024
$ 
(82,813) $ 
— $ 
3,938 
$ 
(78,875)
(1)    This accumulated other comprehensive component is reclassified to "Interest expense" in our consolidated statements of income. See Note 15, "Derivative 
Financial Instruments", for more information.
17.         Fair Value Measurements 
We classified our assets and liabilities that were carried at fair value in one of the following categories:
•
Level 1:  Quoted market prices in active markets for identical assets or liabilities. 
•
Level 2:  Observable market-based inputs or unobservable inputs that are corroborated by market data. 
•
Level 3:  Unobservable inputs that are not corroborated by market data. 
Derivative Instruments.     Our derivative instruments are categorized within Level 2 of the fair value hierarchy. For 
additional information about our derivative financial instruments (see Note 2, "Basis of Presentation" and Note 15, "Derivative 
Financial Instruments").

86 
Contingent Consideration.    We measure our contingent earn-out liabilities at fair value on a recurring basis using 
significant unobservable inputs classified within Level 3 of the fair value hierarchy (see Note 2, "Basis of Presentation" and 
Note 5, "Acquisitions" for further information).
Debt.    The fair value of long-term debt under our Credit Facility was determined using the present value of future 
cash flows based on the borrowing rates currently available for debt with similar terms and maturities (Level 2 measurement). 
The carrying value of our long-term debt under our Credit Facility approximated fair value at the end of our fiscal 2024 and 
2023. At fiscal 2024 year-end, we had $250 million in outstanding borrowings under our Amended Credit Agreement, which 
consisted of $250 million under the New Term Loan Facility and no borrowings under the Amended Revolving Credit Facility.  
The estimated fair value of our $575 million Convertible Notes, which were used to fund our business acquisitions, 
working capital needs, dividends, capital expenditures and contingent earn-outs, was determined based on the trading price of 
the Convertible Notes as of the last trading day of fiscal 2024. We consider the fair value of the Convertible Notes to be a Level 
2 measurement as they are not actively traded in markets. The carrying amounts and estimated fair values of the Convertible 
Notes were approximately $564 million and $743 million, respectively, at September 29, 2024, and $561 million and 
$566 million, respectively, at October 1, 2023 (see Note 9, "Long-Term Debt").
Defined Benefit Pension Plan.    The fair values of the plan assets are primarily categorized within Level 2 of the fair 
value hierarchy. For additional information about our defined benefit pension plan (see Note 13, "Retirement Plans").  
18.         Commitments and Contingencies 
We are subject to certain claims and lawsuits typically filed against the consulting and engineering profession, alleging 
primarily professional errors or omissions. We carry professional liability insurance, subject to certain deductibles and policy 
limits, against such claims. However, in some actions, parties are seeking damages that exceed our insurance coverage or for 
which we are not insured. While management does not believe that the resolution of these claims will have a material adverse 
effect, individually or in aggregate, on our financial position, results of operations or cash flows, management acknowledges 
the uncertainty surrounding the ultimate resolution of these matters. 
On July 15, 2019, following an initial January 14, 2019 filing, the Civil Division of the United States Attorney's Office 
("the USAO") filed an amended complaint in the intervention of three qui tam actions filed against our subsidiary, Tetra Tech 
EC, Inc. ("TtEC"), in the U.S. District Court for the Northern District of California ("the Court"). The complaint alleges False 
Claims Act violations and breach of contract related to TtEC's contracts to perform environmental remediation services at the 
former Hunters Point Naval Shipyard in San Francisco, California. On March 5, 2024, the Court granted the USAO's motion to 
amend the filing to include additional claims against TtEC under the Comprehensive Environmental Response, Compensation, 
and Liability Act and common law. Several ancillary claims brought by third-party private plaintiffs arising from the same 
services provided by TtEC at Hunters Point are also ongoing. To explore whether a negotiated resolution is possible, TtEC 
began engaging in discussions with the USAO subsequent to the end of fiscal 2024 regarding a potential resolution of all 
claims. There can be no assurance that any framework for resolution will be achieved and, if any settlement is achieved, what 
the final terms or dollar amount will be. If a settlement is achieved, TtEC would not admit any wrongdoing and would be 
settling to avoid the delay, uncertainty and expense of protracted litigation. It is reasonably possible that a charge to income, 
which could be material to our financial position, results of operations and cash flows, may be required in future periods as 
discussions with the USAO continue and additional information becomes available. 
19.         Reportable Segments 
We manage our operations under two reportable segments. Our GSG reportable segment primarily includes activities 
with U.S. government clients (federal, state and local) and all activities with development agencies worldwide. Our CIG 
reportable segment primarily includes activities with U.S. commercial clients and international clients other than development 
agencies.  
Our reportable segments are described as follows: 
GSG:    GSG provides high-end consulting and engineering services primarily to U.S. government clients (federal, 
state and local) and international development agencies worldwide. GSG supports U.S. government civilian and defense 
agencies with services in water, environment, sustainable infrastructure, information technology and disaster management. 
GSG also provides engineering design services for U.S. based federal and municipal clients, especially in water infrastructure, 
flood protection and solid waste. GSG also leads our support for development agencies worldwide, especially in the United 
States, United Kingdom and Australia. 
CIG:    CIG primarily provides high-end consulting and engineering services to U.S. commercial clients, and 
international clients inclusive of the commercial and government sectors. CIG supports commercial clients worldwide in 
renewable energy, industrial, high-performance buildings and aerospace markets. CIG also provides sustainable infrastructure 
and related environmental, engineering and project management services to commercial and local government clients across 

87 
Canada, in Asia Pacific (primarily Australia and New Zealand), Europe, the United Kingdom and South America (primarily 
Brazil). 
Management evaluates the performance of these reportable segments based upon their respective segment operating 
income before the effect of amortization expense related to acquisitions, and other unallocated corporate expenses. We account 
for inter-segment revenues and transfers as if they were to third parties; that is, by applying a negotiated fee onto the costs of 
the services performed. All significant intercompany balances and transactions are eliminated in consolidation. In fiscal 2023, 
our Corporate segment operating losses included $33.2 million of acquisition and integration expenses as described in Note 5, 
"Acquisitions". We also recorded a $16.4 million ($6.8 million in GSG, $8.3 million in CIG and $1.3 million in Corporate) non-
cash impairment charge related to our ROU operating lease assets in fiscal 2023 (see Note 10, "Leases" for more information). 
The following tables present summarized financial information of our reportable segments (in thousands): 
Reportable Segments 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2, 
2022
Revenue
GSG
$ 
2,483,355 $ 
2,158,889 
$ 
1,820,868 
CIG
2,786,731 
2,424,649 
1,738,436 
Elimination of inter-segment revenue
(71,407)
(60,988)
(55,256)
Total revenue
$ 
5,198,679 $ 
4,522,550 
$ 
3,504,048 
Income from operations
GSG
$ 
281,026 $ 
231,762 
$ 
198,448 
CIG
328,510 
243,750 
194,142 
Corporate (1)
(108,799)
(117,399)
(52,144)
Total income from operations
$ 
500,737 $ 
358,113 
$ 
340,446 
(1)    Includes amortization of intangibles, acquisition and integration expenses, as well as other costs and other income not allocable to segments. The intangible 
asset amortization expense for fiscal 2024, 2023 and 2022 was $50.0 million, $41.2 million and $13.2 million, respectively. Additionally, Corporate results 
included loss for fair value adjustments to contingent consideration liabilities of $(2.5) million, $(12.3) million and $(0.3) million for fiscal 2024, 2023 and 
2022, respectively. See Note 6 - "Goodwill and Intangible Assets" for more information.
Fiscal Year Ended
September 29,
2024
October 1,
2023
Total Assets
GSG
$ 
658,493 $ 
543,066 
CIG
1,059,915 
994,470 
Corporate (1)
2,474,268 
2,282,941 
Total assets
$ 
4,192,676 $ 
3,820,477 
(1)   Corporate assets consist of intercompany eliminations and assets not allocated to our reportable segments including goodwill, intangible assets, deferred 
income taxes and certain other assets.

88 
Geographic Information
Fiscal Year Ended
Revenue:
September 29,
2024
October 1,
2023
October 2, 
2022
United States
$ 
3,198,823 
$ 
2,863,635 $ 
2,416,586 
Foreign countries (1)
1,999,856 
1,658,915 
1,087,462 
Total 
$ 
5,198,679 
$ 
4,522,550 $ 
3,504,048 
Fiscal Year Ended
Long-lived assets (2): 
September 29,
2024
October 1,
2023
United States
$ 
154,616 $ 
159,856 
Foreign countries (1)
196,376 
160,174 
Total 
$ 
350,992 $ 
320,030 
(1)    Includes revenue and long-lived assets from our foreign operations, primarily in the United Kingdom, Australia and Canada, and revenue generated from 
non-U.S. clients. 
(2)     Excludes goodwill, intangible assets and deferred income taxes. 
20.         Related Party Transactions 
We often provide services to unconsolidated joint ventures. The table below presents revenue and reimbursable costs 
related to services we provided to our unconsolidated joint ventures (in thousands): 
Fiscal Year Ended
September 29,
2024
October 1,
2023
October 2, 
2022
Revenue
$ 
67,744 
$ 
83,148 $ 
95,967 
Related reimbursable costs
61,637 
78,489 
91,656 
Our consolidated balance sheets also included the following amounts related to these services (in thousands):
Fiscal Year Ended
September 29, 
2024
October 1, 
2023
Accounts receivable, net
$ 
15,612 $ 
19,944 
Contract assets
1,625 
2,723 
Contract liabilities
(4,237)
(3,158)
21.         Quarterly Financial Information – Unaudited 
In the opinion of management, the following unaudited quarterly data for the fiscal 2024 and 2023 reflect all 
adjustments necessary for a fair statement of the results of operations (in thousands, except per share data). 
In the first and second quarters of fiscal 2023, we recognized $68.0 million and $21.4 million, respectively, of 
unrealized gain on a foreign currency forward contract related to the planned acquisition of RPS. We also recorded a 
$16.4 million non-cash impairment charge related to our ROU operating lease assets in the fourth quarter of fiscal 2023 (see 
Note 10, "Leases" for more information). Additionally, we incurred $33.2 million of acquisition and integration expenses in 
fiscal 2023 (largely comprised of $19.9 million in the second quarter and $7.3 million in fourth quarter) as described in Note 5, 
"Acquisitions".

89 
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Fiscal Year 2024
Revenue
$ 1,228,267 $ 1,251,616 $ 1,344,323 
$ 1,374,473 
Income from operations
111,081 
117,683 
128,630 
143,343 
Net income attributable to Tetra Tech
74,972 
76,446 
85,810 
96,154 
Earnings per share attributable to Tetra Tech:
Basic
$ 
0.28 $ 
0.29 $ 
0.32 $ 
0.36 
Diluted
$ 
0.28 $ 
0.28 $ 
0.32 $ 
0.35 
Weighted-average common shares outstanding:
Basic
266,585 
267,420 
267,575 
267,687 
Diluted
268,690 
269,375 
270,260 
271,656 
Fiscal Year 2023
Revenue
$ 
894,766 $ 1,158,226 $ 1,208,947 
$ 1,260,611 
Income from operations
92,050 
61,011 
97,675 
107,377 
Net income attributable to Tetra Tech
116,706 
42,830 
60,235 
53,649 
Earnings per share attributable to Tetra Tech:
Basic
$ 
0.44 $ 
0.16 $ 
0.23 $ 
0.20 
Diluted
$ 
0.44 $ 
0.16 $ 
0.22 $ 
0.20 
Weighted-average common shares outstanding:
Basic
265,345 
266,135 
266,155 
266,235 
Diluted
267,645 
268,135 
268,265 
268,510 

90 
Item 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure  
None. 
Item 9A.    Controls and Procedures 
Evaluation of disclosure controls and procedures and changes in internal control over financial reporting
At September 29, 2024, we carried out an evaluation of the effectiveness of the design and operation of our disclosure 
controls and procedures. Based on our management's evaluation (with the participation of our principal executive officer and 
principal financial officer), our principal executive officer and principal financial officer have concluded that, as of the end of 
the period covered by this report, our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the 
Exchange Act), were effective. 
Management's Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. As 
defined in Exchange Act Rule 13a-15(f), internal control over financial reporting is a process designed by, or under the 
supervision of, our principal executive and principal financial officer and effected by our Board of Directors, management and 
other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of 
consolidated financial statements for external purposes in accordance with U.S. GAAP. Internal controls include those policies 
and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the 
transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to 
permit preparation of financial statements in accordance with U.S. GAAP and that our receipts and expenditures are being made 
only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding 
prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on 
our consolidated financial statements. Because of its inherent limitations, internal control over financial reporting may not 
prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that 
controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or 
procedures may deteriorate. Accordingly, even effective internal control over financial reporting can only provide reasonable 
assurance of achieving their control objectives. 
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief 
Financial Officer, we assessed the effectiveness of our internal control over financial reporting at September 29, 2024, based on 
the criteria in Internal Control – Integrated Framework (2013) issued by the COSO. Based upon this assessment, management 
has concluded that our internal control over financial reporting was effective at September 29, 2024. 
PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited the consolidated 
financial statements included in this Form 10-K, has issued a report on our internal control over financial reporting. This report, 
dated November 19, 2024, appears on pages 51-52 of this Form 10-K. 
Consistent with the guidance issued by the Securities and Exchange Commission Staff, management's assessment of 
internal control over financial reporting excluded LS Technologies ("LST"), which we acquired on January 31, 2024. LST is a 
wholly owned subsidiary whose total assets and total revenues represent 1.4% and 1.7%, respectively, of the related 
consolidated financial statement amounts as of and for the fiscal year ended September 29, 2024. 
Changes in Internal Control over Financial Reporting 
There were no changes in our internal control over financial reporting that occurred during the three months ended 
September 29, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over 
financial reporting. 
Item 9B.    Other Information 
Insider Trading Arrangements 
During fiscal 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, 
modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to 
satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any "non-Rule 10b5-1 trading 
arrangement" as defined in Item 408(c) of Regulation S-K. 
PART III 
Item 10.    Directors, Executive Officers and Corporate Governance 
The information required by this item relating to our directors and nominees, regarding compliance with Section 16(a) 
of the Exchange Act, and regarding our Audit Committee is included under the captions "Item No. 1 – Election of Directors" 

91 
and "Section 16(a) Beneficial Ownership Reporting Compliance" in our Proxy Statement related to the 2025 Annual Meeting of 
Stockholders and is incorporated by reference. 
Pursuant to General Instruction G (3) of Form 10-K, the information required by this item relating to our executive 
officers is included under the caption "Executive Officers of the Registrant" in Part I of this Report. 
We have adopted a code of ethics that applies to our principal executive officer and all members of our finance 
department, including our principal financial officer and principal accounting officer. This code of ethics, entitled "Finance 
Code of Professional Conduct," is posted on our website. The Internet address for our website is www.tetratech.com, and the 
code of ethics may be found through a link to the Investor Relations section of our website. 
We intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K for any amendment to, or waiver from, a 
provision of this code of ethics by posting any such information on our website, at the address and location specified above. 
Item 11.    Executive Compensation 
The information required by this item is included under the captions "Item No. 1 – Election of Directors" and 
"Executive Compensation Tables" in our Proxy Statement related to the 2025 Annual Meeting of Stockholders and is 
incorporated by reference. 
Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 
The information required by this item relating to security ownership of certain beneficial owners and management, and 
securities authorized for issuance under equity compensation plans, is included under the caption "Security Ownership of 
Management and Significant Stockholders" in our Proxy Statement related to the 2025 Annual Meeting of Stockholders and is 
incorporated by reference. 
Item 13.    Certain Relationships and Related Transactions, and Director Independence 
The information required by this item relating to review, approval or ratification of transactions with related persons is 
included under the caption "Related Person Transactions," and the information required by this item relating to director 
independence is included under the caption "Item No. 1 – Election of Directors," in each case in our Proxy Statement related to 
the 2025 Annual Meeting of Stockholders and is incorporated by reference. 
Item 14.    Principal Accounting Fees and Services 
The information required by this item is included under the caption "Item No. 4 – Ratification of Independent 
Registered Public Accounting Firm" in our Proxy Statement related to the 2025 Annual Meeting of Stockholders and is 
incorporated by reference. 
PART IV 
Item 15.    Exhibits, Financial Statement Schedules 

92 
(a)
Documents filed as part of this report
Page
1 Consolidated financial statements
Consolidated Balance Sheets at September 29, 2024 and October 1, 2023
53
Consolidated Statements of Income for the fiscal years ended September 29, 2024, October 1, 2023 
and October 2, 2022
54
Consolidated Statements of Comprehensive Income for the fiscal years ended September 29, 2024, 
October 1, 2023 and October 2, 2022
55
Consolidated Statements of Cash Flows for the fiscal years ended September 29, 2024, October 1, 
2023 and October 2, 2022
56
Consolidated Statements of Equity for the fiscal years ended September 29, 2024, October 1, 2023 
and October 2, 2022
57
Notes to Consolidated Financial Statements
59
Report of Independent Registered Public Accounting Firm (PCAOB ID 238) 
2 Consolidated financial statement Schedule
Schedule II – Valuation and Qualifying Accounts and Reserves for the fiscal years ended September 
29, 2024, October 1, 2023 and October 2, 2022
92
All other schedules are omitted because they are neither applicable nor required
3 Exhibits
The exhibit list in the Index to Exhibits is incorporated by reference as the list of exhibits required as 
part of this Report.
93
Tetra Tech, Inc. 
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES  
For the Fiscal Years Ended 
October 2, 2022, October 1, 2023 and September 29, 2024  
(in thousands) 
Balance at
Beginning of
Period
Charged to
Costs and 
Expenses
Deductions (1)
Other (2)
Balance at
End of Period
Allowance for doubtful accounts:
Fiscal 2022
$ 
4,352 
$ 
(73) $ 
(400)  
(130) $ 
3,749 
Fiscal 2023
3,749 
813 
(137)
540 
4,965 
Fiscal 2024
4,965 
2,765 
(2,929)
51 
4,852 
Income tax valuation allowance:
Fiscal 2022
$ 
13,040 $ 
— 
$ 
(162) $ 
(592) $ 
12,286 
Fiscal 2023
12,286 
— 
(127)  
4,400 
16,559 
Fiscal 2024
16,559 
— 
(720)  
1,002 
16,841 
(1)   Primarily represents write-offs of uncollectible amounts, net of recoveries for the allowance for doubtful accounts. 
(2)     Includes losses in foreign jurisdictions, currency adjustments and valuation allowance adjustments related to net operating loss carry-forwards.

93 
INDEX TO EXHIBITS  
2.1 Rule 2.7 Announcement, dated as of September 23, 2022 (incorporated by reference to Exhibit 99.1 to the Company’s 
Current Report on Form 8-K dated September 26, 2022).
2.2 Cooperation Agreement, dated as of September 23, 2022 (incorporated by reference to Exhibit 99.2 of the Company’s 
Current Report on Form 8-K dated September 26, 2022).
3.1 Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company's 
Current Report on Form 8-K dated February 26, 2009).
3.2 Amendment to the Restated Certificate of Incorporation of Tetra Tech, Inc., dated September 6, 2024 (incorporated by 
reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated September 6, 2024).
3.3 Bylaws of the Company (amended and restated as of November 7, 2022) (incorporated by reference to Exhibit 3.1 to 
the Company's Current Report on Form 8-K dated November 10, 2022).
4.1 Indenture, dated as of August 22, 2023, by and between Tetra Tech, Inc. and U.S. Bank Trust Company, National 
Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated 
August 22, 2023). 
4.2 Form of Global Note, representing Tetra Tech, Inc.’s 2.25% Convertible Senior Notes due 2028 (incorporated by 
reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K dated August 22, 2023).
4.3 Description of Capital Stock.+ 
10.1 Third Amended and Restated Credit Agreement dated as of October 26, 2022 among Tetra Tech, Inc., Tetra Tech 
Canada Holding Corporation, Tetra Tech UK Holdings Limited, Tetra Tech Coffey Pty., Ltd., the subsidiary 
guarantors and the lenders party thereto and Bank of America, N.A., as Administrative Agent (incorporated by 
reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated October 28, 2022).
10.2 Amendment No. 1 to Third Amended and Restated Credit Agreement dated as of August 4, 2023 among Tetra Tech, 
Inc., Tetra Tech Canada Holding Corporation, Tetra Tech UK Holdings Limited, Tetra Tech Coffey Pty Ltd, the 
subsidiary guarantors and the lenders party thereto and Bank of America, N.A., as administrative agent (incorporated 
by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated August 22, 2023).
10.3 Amendment No. 2 to Third Amended and Restated Credit Agreement dated as of August 17, 2023 among Tetra Tech, 
Inc., Tetra Tech Canada Holding Corporation, Tetra Tech UK Holdings Limited, Tetra Tech Coffey Pty Ltd, the 
subsidiary guarantors and the lenders party thereto and Bank of America, N.A., as administrative agent (incorporated 
by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K dated August 22, 2023).
10.4 Form of Confirmation for Capped Call Transactions (incorporated by reference to Exhibit 10.1 to the Company’s 
Current Report on Form 8-K dated August 22, 2023).
10.5 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.2 to the Company's Annual Report on 
Form 10-K for the fiscal year ended September 30, 2012).
10.6 2005 Equity Incentive Plan (as amended through November 7, 2011) (incorporated by reference to the Company's 
Proxy Statement for its 2012 Annual Meeting of Stockholders held on February 28, 2012).*
10.7 First Amendment to the 2005 Equity Incentive Plan (as amended through November 7, 2011) (incorporated by 
reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the fiscal year ended September 29, 
2013).*
10.8 2015 Equity Incentive Plan (incorporated by reference to the Company's Proxy Statement for its 2015 Annual Meeting 
of Stockholders held on March 5, 2015).*
10.9 2018 Equity Incentive Plan (incorporated by reference to the Company's Proxy Statement for its 2018 Annual Meeting 
of Stockholders held on March 8, 2018).*

94 
10.10 Form of Indemnity Agreement entered into between the Company and each of its directors and executive officers 
(incorporated by reference to Exhibit 10.20 to the Company's Annual Report on Form 10-K for the fiscal year ended 
October 3, 2004).*
10.11 Amended and Restated Deferred Compensation Plan (incorporated by reference to Exhibit 10 to the Company's 
Quarterly Report on Form 10-Q for the fiscal quarter ended March 29, 2020).* 
10.12 Change of Control Severance Plan effective March 26, 2018 (incorporated by reference to Exhibit 10.1 to the 
Company's Current Report on Form 8-K dated March 9, 2018).*
10.13 Executive Compensation Plan (as amended and restated November 14, 2013) (incorporated by reference to 
Exhibit 10.23 to the Company's Annual Report on Form 10-K for the fiscal year ended September 29, 2013).*
19.1 Tech, Inc. and Subsidiaries Insider Trading Policy.+
19.2 Tetra Tech, Inc. and Subsidiaries Insider Trading Policy – Pre-Clearance and Blackout Procedures.+
21 Subsidiaries of the Company.+
23 Consent of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP).+ 
24 Power of Attorney (included on page 95 of this Annual Report on Form 10-K).
31.1 Chief Executive Officer Certification pursuant to Rule 13a-14(a)/15d-14(a).+ 
31.2 Chief Financial Officer Certification pursuant to Rule 13a-14(a)/15d-14(a).+ 
32.1 Certification of Chief Executive Officer pursuant to Section 1350.+ 
32.2 Certification of Chief Financial Officer pursuant to Section 1350.+ 
95 Mine Safety Disclosures.+ 
97.1 Incentive Compensation Recoupment Policy +
 
101 The following financial information from our Company's Annual Report on Form 10-K, for the period ended 
September 29, 2024, formatted in Inline eXtensible Business Reporting Language: (i) Consolidated Balance Sheets, 
(ii) Consolidated Statements of Income, (iii) Consolidated Statement of Comprehensive Income, (iv) Consolidated 
Statements of Equity, (v) Consolidated Statements of Cash Flows, (vi) Notes to Consolidated Financial Statements.+
 
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
_______________________________________________________________________________ 
* Indicates a management contract or compensatory arrangement. 
+ Filed herewith.
Item 16.    Form 10-K Summary 
None.

95 
SIGNATURES  
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report on 
Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized. 
TETRA TECH, INC.
By:
/s/ DAN L. BATRACK
Date: November 19, 2024
        Dan L. Batrack
        Chairman, Chief Executive Officer and President
POWER OF ATTORNEY 
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Dan L. Batrack and 
Steven M. Burdick, jointly and severally, his attorney-in-fact, each with the full power of substitution, for such person, in any and all capacities, to sign any 
and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and other documents in connection therewith, with the 
Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing 
requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might do or could do in person, hereby ratifying and 
confirming all that each of said attorneys-in-fact and agents, or his substitute, may do or cause to be done by virtue hereof. 
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report on Form 10-K has been signed below by the following persons 
on behalf of the registrant and in the capacities and on the dates indicated. 
Signature
Title
Date
/s/ DAN L. BATRACK
Chairman, Chief Executive Officer and President
November 19, 2024
Dan L. Batrack
(Principal Executive Officer)
/s/ STEVEN M. BURDICK
Executive Vice President, Chief Financial Officer
November 19, 2024
Steven M. Burdick
(Principal Financial Officer)
/s/ BRIAN N. CARTER
Senior Vice President, Corporate Controller
November 19, 2024
Brian N. Carter
(Principal Accounting Officer)
/s/ GARY R. BIRKENBEUEL
Director
November 19, 2024
Gary R. Birkenbeuel
/s/ JOHN M. DOUGLAS
Director
November 19, 2024
John M. Douglas
/s/ PRASHANT GANDHI
Director
November 19, 2024
Prashant Gandhi 
/s/ CHRISTIANA OBIAYA
Director
November 19, 2024
Christiana Obiaya
/s/ KIMBERLY E. RITRIEVI
Director
November 19, 2024
Kimberly E. Ritrievi
/s/ KIRSTEN M. VOLPI
Director
November 19, 2024
Kirsten M. Volpi

BOARD OF DIRECTORS
Dan L. Batrack
Chairman and Chief Executive Officer, 
Tetra Tech, Inc.
Gary R. Birkenbeuel
Retired Regional Assurance  
Managing Partner, Ernst & Young LLP
John M. Douglas
Retired Chief Executive Officer,  
RPS Group Plc
Prashant Gandhi
Chief Business Officer, Melio Payments
Christie Obiaya
Chief Executive Officer, Heliogen
Kimberly E. Ritrievi
President, The Ritrievi Group LLC
Kirsten M. Volpi
Executive Vice President, COO,  
CFO, and Treasurer, Colorado  
School of Mines
CHAIRMAN EMERITUS
Li-San Hwang
Former Chairman and 
Chief Executive Officer, Tetra Tech, Inc.
CORPORATE LEADERSHIP
Dan L. Batrack
Chairman and Chief Executive Officer
Steven M. Burdick
Executive Vice President, 
Chief Financial Officer
Leslie L. Shoemaker
Executive Vice President, Chief 
Innovation and Sustainability Officer
Preston Hopson 
Executive Vice President, Chief Legal 
and Human Capital Officer
Roger R. Argus
Executive Vice President, Corporate 
Development and President, 
Commercial/International Group
William R. Brownlie
Senior Vice President,  
Chief Engineer
Brian N. Carter
Senior Vice President, Corporate 
Controller and Chief Accounting Officer
Craig L. Christensen
Senior Vice President, 
Chief Information Officer
Richard A. Lemmon
Senior Vice President, 
Corporate Administration
Brendan M. O’Rourke
Senior Vice President, 
Enterprise Risk Management
OPERATIONAL LEADERSHIP
Roger R. Argus
Executive Vice President, Corporate 
Development and President, 
Commercial/International Group
Jeremy B. Travis
President, Government Services Group 
and U.S. Government Division
Stuart W. Fowler
President, High Performance  
Buildings Division
Craig Hatch
President, Europe and UK Division
Olivier H. Jeannot
President, Federal Information 
Technology Division
Thomas Reilly
President, Global Development
Services Division
Lauren Springer
President, U.S. Infrastructure Division
Meegan Sullivan
President, Asia Pacific Division
Bernard Teufele
President, Environment/Geotech 
Division
Jonathan S. Weiss
President, Energy Engineering Division
CORPORATE HEADQUARTERS
Tetra Tech, Inc.
3475 East Foothill Boulevard 
Pasadena, California 91107-6024 USA
Telephone: +1 (626) 351-4664 
Fax: +1 (626) 351-5291
tetratech.com
SHAREHOLDER INQUIRIES
Telephone: +1 (626) 470-2844 
Email: investor.relations@tetratech.com 
TRANSFER AGENT AND 
REGISTRAR
Computershare Trust Company, N.A.
P.O. Box 505000
Louisville, Kentucky 40233-5000 
Telephone: +1 (800) 962-4284
STOCK LISTING
The Company’s common stock is 
traded on the NASDAQ Global Select 
Market (Symbol: TTEK)
COMPANY INFORMATION