Exhibit 99.1
NEWS RELEASE
January 27, 2021
Tetra Tech Reports Strong First Quarter 2021 Results
| ● | Revenue $765 million and net revenue $605 million |
| ● | Operating Margin up 70 basis points Y/Y |
| ● | Cash from Operations increased by $51 million Y/Y |
| ● | Days Sales Outstanding improved to 67 days |
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, today announced results for the first quarter ended December 27, 2020.
First Quarter Results
Revenue in the first quarter totaled $765 million and revenue, net of subcontractor costs (net revenue)1, was $605 million. Operating income was $66 million, up 5% year-over-year, driven by a 70 basis point increase in operating margin. Earnings per share (“EPS”) was $0.96, up 13% year-over-year. Cash generated from operations was $33 million, up $51 million year-over-year driven by a six day reduction in days sales outstanding (“DSO”) year-over-year. Backlog at the end of the quarter was $3.2 billion.
Quarterly Dividend and Share Repurchase Program
On January 25, 2021, Tetra Tech’s Board of Directors declared a $0.17 per share dividend, a 13% increase over the prior year, payable on February 26, 2021 to stockholders of record as of February 10, 2021. In the first quarter, Tetra Tech repurchased $15 million of common stock. Additionally, as of December 27, 2020, the Company had $193 million remaining under the approved share repurchase program.
Chairman and CEO Comments
Tetra Tech’s Chairman and CEO, Dan Batrack, commented, “Tetra Tech continued its strong momentum into fiscal year 2021 with first quarter results that exceeded our forecast for both net revenue and earnings. Our results were led by 11% net revenue growth in water and environmental programs for our U.S. state and local government clients and a 70 basis point increase in operating margin. Our Leading with Science® approach is in high demand by our clients, augmented by a suite of proprietary technologies and tools we call the Tetra Tech Delta. The new U.S. administration’s priorities in climate change and infrastructure are well aligned with our market leading positions in water, environment, sustainable infrastructure and renewable energy. Given the strength of our performance to date and outlook, we are increasing guidance for both net revenue and EPS for fiscal 2021.”
1 Non-GAAP financial measures which the Company believes provide valuable perspectives on its business results. Refer to Reconciliation of GAAP and non-GAAP Item.
Business Outlook
The following statements are based on current expectations. These statements are forward-looking and the actual results could differ materially. These statements do not include the potential impact of transactions that may be completed or developments that become evident after the date of this release. The Business Outlook section should be read in conjunction with the information on forward-looking statements at the end of this release.
Tetra Tech expects EPS for the second quarter of fiscal 2021 to range from $0.73 to $0.78 and net revenue to range from $565 million to $595 million. For fiscal 2021, Tetra Tech is increasing its guidance outlook and now expects EPS to range from $3.45 to $3.60 and net revenue to range from $2.40 billion to $2.55 billion. 2
Webcast
Investors will have the opportunity to access a live audio-visual webcast and supplemental financial information concerning the first quarter 2021 results through a link posted on the Company’s website at tetratech.com on January 28, 2021 at 8:00 a.m. (PT).
Reconciliation of GAAP and Non-GAAP Item
In thousands
| | | Three Months Ended | |
| | | Dec. 27, 2020 | | | Dec. 29, 2019 | |
| Revenue | | $ | 765,104 | | | $ | 797,623 | |
| Subcontractor Costs | | | (159,933 | ) | | | (183,600 | ) |
| Net revenue | | $ | 605,171 | | | $ | 614,023 | |
About Tetra Tech
Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 20,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure and renewable energy. We are Leading with Science® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com, follow us on Twitter (@TetraTech), or like us on Facebook.
CONTACTS:
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844
2 Reconciliation of the net revenue guidance to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict the magnitude and timing of all the components required to provide such reconciliation with sufficient precision.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipate," "expect," "could," "may," "intend," "plan" and "believe," among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release, including but not limited to: the impact of the COVID-19 pandemic; continuing worldwide political and economic uncertainties; the U.S. Administration’s potential changes to fiscal policies; the cyclicality in demand for our overall services; the fluctuation in demand for oil and gas, and mining services; risks related to international operations; concentration of revenues from U.S. government agencies and potential funding disruptions by these agencies; dependence on winning or renewing U.S. government contracts; the delay or unavailability of public funding on U.S. government contracts; the U.S. government’s right to modify, delay, curtail or terminate contracts at its convenience; compliance with government procurement laws and regulations; credit risks associated with certain clients in certain geographic areas or industries; acquisition strategy and integration risks; goodwill or other intangible asset impairment; the failure to comply with worldwide anti-bribery laws; the failure to comply with domestic and international export laws; the failure to properly manage projects; the loss of key personnel or the inability to attract and retain qualified personnel; the ability of our employees to obtain government granted eligibility; the use of estimates and assumptions in the preparation of financial statements; the ability to maintain adequate workforce utilization; the use of the percentage-of-completion method of accounting; the inability to accurately estimate and control contract costs; the failure to adequately recover on our claims for additional contract costs; the failure to win or renew contracts with private and public sector clients; growth strategy management; backlog cancellation and adjustments; risks relating to cyber security breaches; the failure of partners to perform on joint projects; the failure of subcontractors to satisfy their obligations; requirements to pay liquidated damages based on contract performance; the adoption of new legal requirements; changes in resource management, environmental or infrastructure industry laws, regulations or programs; changes in capital markets and the access to capital; credit agreement covenants; industry competition; liability related to legal proceedings, investigations, and disputes; the availability of third-party insurance coverage; the ability to obtain adequate bonding; employee, agent, or partner misconduct; employee risks related to international travel; safety programs; conflict of interest issues; liabilities relating to reports and opinions; liabilities relating to environmental laws and regulations; force majeure events; protection of intellectual property rights; stock price volatility; the ability to impede a business combination based on Delaware law and charter documents; and other risks and uncertainties as may be described in Tetra Tech’s periodic filings with the Securities and Exchange Commission, including those described in the “Risk Factors” section of Tetra Tech’s Annual Report on Form 10-K for the fiscal year ended September 27, 2020, and Tetra Tech’s Quarterly Reports on Form 10-Q for fiscal year 2021, as well as in Tetra Tech’s other filings with the SEC. Readers should not place undue reliance on forward-looking statements since such information speaks only as of the date of this release. Tetra Tech does not intend to update forward-looking statements and expressly disclaims any obligation to do so.
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present certain non-GAAP financial measures within the meaning of Regulation G under the Securities Exchange Act of 1934, as amended. We provide these non-GAAP financial measures because we believe they provide a valuable perspective on our financial results. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation and are not in accordance with, or a substitute for, GAAP measures. In addition, other companies may define non-GAAP measures differently which limits the ability of investors to compare non-GAAP measures of Tetra Tech to those used by our peer companies. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in this release.
| Consolidated Balance Sheets |
| (unaudited - in thousands, except par value) |
| | | | | | | |
| | | December 27,
2020 | | | September 27,
2020 | |
| Assets | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 163,438 | | | $ | 157,515 | |
| Accounts receivable, net | | | 673,763 | | | | 649,035 | |
| Contract assets | | | 91,598 | | | | 92,632 | |
| Prepaid expenses and other current assets | | | 91,597 | | | | 81,094 | |
| Income taxes receivable | | | 15,050 | | | | 19,509 | |
| Total current assets | | | 1,035,446 | | | | 999,785 | |
| | | | | | | | | |
| Property and equipment, net | | | 35,141 | | | | 35,507 | |
| Right-of-use assets, operating leases | | | 225,787 | | | | 239,396 | |
| Investments in unconsolidated joint ventures | | | 7,919 | | | | 7,332 | |
| Goodwill | | | 1,017,909 | | | | 993,498 | |
| Intangible assets, net | | | 10,893 | | | | 13,943 | |
| Deferred tax assets | | | 34,511 | | | | 32,052 | |
| Other long-term assets | | | 47,266 | | | | 57,045 | |
| Total assets | | $ | 2,414,872 | | | $ | 2,378,558 | |
| | | | | | | | | |
| Liabilities and Equity | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 135,435 | | | $ | 111,804 | |
| Accrued compensation | | | 138,112 | | | | 199,801 | |
| Contract liabilities | | | 199,297 | | | | 171,905 | |
| Short-term lease liabilities, operating leases | | | 69,612 | | | | 69,650 | |
| Current portion of long-term debt and other sthort-term borrowings | | | 26,179 | | | | 49,264 | |
| Current contingent earn-out liabilities | | | 10,945 | | | | 16,142 | |
| Other current liabilities | | | 175,141 | | | | 174,890 | |
| Total current liabilities | | | 754,721 | | | | 793,456 | |
| | | | | | | | | |
| Deferred tax liabilities | | | 18,462 | | | | 16,316 | |
| Long-term debt | | | 275,983 | | | | 242,395 | |
| Long-term lease liabilities, operating leases | | | 181,473 | | | | 191,955 | |
| Long-term contingent earn-out liabilities | | | 15,074 | | | | 16,475 | |
| Other long-term liabilities | | | 63,905 | | | | 80,588 | |
| | | | | | | | | |
| Equity: | | | | | | | | |
| Preferred stock - authorized, 2,000 shares of $0.01 par value; no shares issued and outstanding at December 27, 2020 and September 27, 2020 | | | - | | | | - | |
| Common stock - authorized, 150,000 shares of $0.01 par value; issued and outstanding, 54,193 and 53,797 shares at December 27, 2020 and September 27, 2020, respectively | | | 542 | | | | 538 | |
| Accumulated other comprehensive loss | | | (127,919 | ) | | | (161,786 | ) |
| Retained earnings | | | 1,232,563 | | | | 1,198,567 | |
| Tetra Tech stockholders' equity | | | 1,105,186 | | | | 1,037,319 | |
| Noncontrolling interests | | | 68 | | | | 54 | |
| Total stockholders' equity | | | 1,105,254 | | | | 1,037,373 | |
| Total liabilities and stockholders' equity | | $ | 2,414,872 | | | $ | 2,378,558 | |
| Tetra Tech, Inc. |
| Consolidated Statements of Income |
| (unaudited - in thousands, except per share data) |
| | | | | | | |
| | | Three Months Ended | |
| | | December 27, | | | December 29, | |
| | | 2020 | | | 2019 | |
| Revenue | | $ | 765,104 | | | $ | 797,623 | |
| Subcontractor costs | | | (159,933 | ) | | | (183,600 | ) |
| Other costs of revenue | | | (488,861 | ) | | | (504,286 | ) |
| Gross profit | | | 116,310 | | | | 109,737 | |
| Selling, general and administrative expenses | | | (50,058 | ) | | | (46,435 | ) |
| Income from operations | | | 66,252 | | | | 63,302 | |
| Interest expense | | | (3,026 | ) | | | (3,349 | ) |
| Income before income tax expense | | | 63,226 | | | | 59,953 | |
| Income tax expense | | | (10,778 | ) | | | (12,636 | ) |
| Net income | | | 52,448 | | | | 47,317 | |
| Net income attributable to noncontrolling interests | | | (12 | ) | | | (7 | ) |
| Net income attributable to Tetra Tech | | $ | 52,436 | | | $ | 47,310 | |
| | | | | | | | |
| Earnings per share attributable to Tetra Tech: | | | | | | | | |
| Basic | | $ | 0.97 | | | $ | 0.87 | |
| Diluted | | $ | 0.96 | | | $ | 0.85 | |
| | | | | | | | | |
| Weighted-average common shares outstanding: | | | | | | | | |
| Basic | | | 53,927 | | | | 54,560 | |
| Diluted | | | 54,637 | | | | 55,438 | |
| Tetra Tech, Inc. |
| Consolidated Statements of Cash Flows |
| (in thousands) |
| | | | | | | |
| | | Three Months Ended | |
| | | December 27, | | | December 29, | |
| | | 2020 | | | 2019 | |
| Cash flows from operating activities: | | | | | | | | |
| Net income | | $ | 52,448 | | | $ | 47,317 | |
| | | | | | | | | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
| Depreciation and amortization | | | 6,238 | | | | 6,235 | |
| Equity in income of unconsolidated joint ventures | | | (1,107 | ) | | | (1,675 | ) |
| Distributions of earnings from unconsolidated joint ventures | | | 931 | | | | 1,447 | |
| Amortization of stock-based awards | | | 4,898 | | | | 4,482 | |
| Deferred income taxes | | | 954 | | | | 2,173 | |
| Gain on sale of property and equipment | | | (7 | ) | | | (897 | ) |
| | | | | | | | | |
| Changes in operating assets and liabilities: | | | | | | | | |
| Accounts receivable and contract assets | | | (11,400 | ) | | | 44,040 | |
| Prepaid expenses and other assets | | | 11,813 | | | | (2,053 | ) |
| Accounts payable | | | 23,631 | | | | (66,381 | ) |
| Accrued compensation | | | (61,690 | ) | | | (79,098 | ) |
| Contract liabilities | | | 27,392 | | | | 38,207 | |
| Other liabilities | | | (23,373 | ) | | | (14,917 | ) |
| Income taxes receivable/payable | | | 2,452 | | | | 3,096 | |
| Net cash provided by (used in) operating activities | | | 33,180 | | | | (18,024 | ) |
| | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | |
| Capital expenditures | | | (1,795 | ) | | | (3,331 | ) |
| Proceeds from sale of property and equipment | | | 9 | | | | 455 | |
| Net cash used in investing activities | | | (1,786 | ) | | | (2,876 | ) |
| | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | |
| Proceeds from borrowings | | | 123,533 | | | | 198,364 | |
| Repayments on long-term debt | | | (114,752 | ) | | | (141,550 | ) |
| Repurchases of common stock | | | (15,000 | ) | | | (21,177 | ) |
| Taxes paid on vested restricted stock | | | (17,330 | ) | | | (10,818 | ) |
| Stock options exercised | | | 7,495 | | | | 1,413 | |
| Dividends paid | | | (9,198 | ) | | | (8,190 | ) |
| Payments of contingent earn-out liabilities | | | (7,037 | ) | | | (9,236 | ) |
| Principal payments on finance leases | | | (538 | ) | | | - | |
| Net cash (used in) provided by financing activities | | | (32,827 | ) | | | 8,806 | |
| | | | | | | | | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | | | 7,356 | | | | 2,200 | |
| | | | | | | | | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | | | 5,923 | | | | (9,894 | ) |
| Cash, cash equivalents and restricted cash at beginning of period | | | 157,515 | | | | 120,901 | |
| Cash, cash equivalents and restricted cash at end of period | | $ | 163,438 | | | $ | 111,007 | |
| | | | | | | | | |
| Supplemental information: | | | | | | | | |
| Cash paid during the period for: | | | | | | | | |
| Interest | | $ | 1,968 | | | $ | 3,082 | |
| Income taxes, net of refunds received of $1.1 million and $0.3 million | | $ | 5,696 | | | $ | 5,579 | |
| | | | | | | | | |
| Reconciliation of cash, cash equivalents and restricted cash: | | | | | | | | |
| Cash and cash equivalents | | $ | 163,438 | | | $ | 110,833 | |
| Restricted cash | | | - | | | | 174 | |
| Total cash, cash equivalents and restricted cash | | $ | 163,438 | | | $ | 111,007 | |
Tetra Tech, Inc.
Regulation G Information
December 27, 2020
Reconciliation of Revenue to Revenue, Net of Subcontractor Costs ("Net Revenue")
(in millions)
| | | | | | | 2020 | | 2021 | |
| | | 2018 | | 2019 | | 1st Qtr | | 2nd Qtr | | 6 mos | | 3rd Qtr | | 9 mos | | 4th Qtr | | Total | | 1st Qtr | |
| Consolidated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenue (As Reported) | | | 2,964.1 | | | 3,107.3 | | | 797.6 | | | 734.1 | | | 1,531.7 | | | 709.8 | | | 2,241.5 | | | 753.4 | | | 2,994.9 | | | 765.1 | |
| RCM / Non-Cash Claims | | | (3.6 | ) | | 15.2 | | | (0.1 | ) | | - | | | (0.1 | ) | | (0.1 | ) | | (0.2 | ) | | - | | | (0.2 | ) | | - | |
| Adjusted Revenue | | | 2,960.5 | | | 3,122.5 | | | 797.5 | | | 734.1 | | | 1,531.6 | | | 709.7 | | | 2,241.3 | | | 753.4 | | | 2,994.7 | | | 765.1 | |
| Adjusted Subcontractor Costs | | | (751.8 | ) | | (716.4 | ) | | (183.5 | ) | | (149.6 | ) | | (333.1 | ) | | (149.4 | ) | | (482.7 | ) | | (163.6 | ) | | (646.1 | ) | | (159.9 | ) |
| Adjusted Net Revenue | | | 2,208.7 | | | 2,406.1 | | | 614.0 | | | 584.5 | | | 1,198.5 | | | 560.3 | | | 1,758.6 | | | 589.8 | | | 2,348.6 | | | 605.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| GSG Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenue | | | 1,694.9 | | | 1,820.7 | | | 457.4 | | | 436.9 | | | 894.3 | | | 432.2 | | | 1,326.5 | | | 452.4 | | | 1,778.9 | | | 468.6 | |
| Subcontractor Costs | | | (482.6 | ) | | (491.4 | ) | | (127.7 | ) | | (115.9 | ) | | (243.6 | ) | | (112.9 | ) | | (356.5 | ) | | (122.3 | ) | | (478.8 | ) | | (123.7 | ) |
| Adjusted Net Revenue | | | 1,212.3 | | | 1,329.3 | | | 329.7 | | | 321.0 | | | 650.7 | | | 319.3 | | | 970.0 | | | 330.1 | | | 1,300.1 | | | 344.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CIG Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenue | | | 1,323.1 | | | 1,342.5 | | | 351.2 | | | 308.4 | | | 659.6 | | | 291.0 | | | 950.6 | | | 315.5 | | | 1,266.1 | | | 311.0 | |
| Non-Cash Claims | | | 10.6 | | | 13.7 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| Adjusted Revenue | | | 1,333.7 | | | 1,356.2 | | | 351.2 | | | 308.4 | | | 659.6 | | | 291.0 | | | 950.6 | | | 315.5 | | | 1,266.1 | | | 311.0 | |
| Subcontractor Costs | | | (337.4 | ) | | (279.5 | ) | | (66.9 | ) | | (45.0 | ) | | (111.8 | ) | | (50.0 | ) | | (161.8 | ) | | (55.7 | ) | | (217.4 | ) | | (50.7 | ) |
| Adjusted Net Revenue | | | 996.3 | | | 1,076.7 | | | 284.3 | | | 263.4 | | | 547.8 | | | 241.0 | | | 788.8 | | | 259.8 | | | 1,048.7 | | | 260.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| RCM Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenue | | | 14.2 | | | (1.5 | ) | | 0.1 | | | - | | | 0.1 | | | 0.1 | | | 0.2 | | | - | | | 0.2 | | | - | |
| Subcontractor Costs | | | (11.6 | ) | | (1.3 | ) | | (0.1 | ) | | - | | | (0.1 | ) | | (0.1 | ) | | (0.2 | ) | | - | | | (0.2 | ) | | - | |
| Net Revenue | | | 2.6 | | | (2.8 | ) | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Reconciliation of Net Income Attributable to Tetra Tech to EBITDA
(in thousands)
| | | | | | | 2020 | | 2021 | |
| | | 2018 | | 2019 | | 1st Qtr | | 2nd Qtr | | 6 mos | | 3rd Qtr | | 9 mos | | 4th Qtr | | Total | | 1st Qtr | |
| Net Income Attributable to Tetra Tech | | | 136,883 | | | 158,668 | | | 47,310 | | | 36,398 | | | 83,708 | | | 45,497 | | | 129,205 | | | 44,654 | | | 173,859 | | | 52,436 | |
| Interest Expense1 | | | 15,524 | | | 13,626 | | | 3,348 | | | 3,500 | | | 6,848 | | | 3,564 | | | 10,412 | | | 2,688 | | | 13,100 | | | 3,026 | |
| Depreciation2 | | | 19,592 | | | 17,285 | | | 3,293 | | | 3,133 | | | 6,426 | | | 3,686 | | | 10,112 | | | 2,905 | | | 13,017 | | | 2,882 | |
| Amortization2 | | | 18,249 | | | 11,559 | | | 2,942 | | | 3,442 | | | 6,384 | | | 2,570 | | | 8,954 | | | 2,640 | | | 11,594 | | | 3,356 | |
| Contingent Consideration | | | 5,753 | | | 3,085 | | | - | | | (971 | ) | | (971 | ) | | 550 | | | (421 | ) | | (12,950 | ) | | (13,371 | ) | | - | |
| Goodwill Impairment | | | - | | | 7,755 | | | - | | | - | | | - | | | - | | | - | | | 15,800 | | | 15,800 | | | - | |
| Income Tax Expense (Benefit) | | | 37,605 | | | 16,375 | | | 12,637 | | | 7,615 | | | 20,252 | | | 14,458 | | | 34,710 | | | 19,391 | | | 54,101 | | | 10,778 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| EBITDA | | | 233,606 | | | 228,353 | | | 69,530 | | | 53,117 | | | 122,647 | | | 70,325 | | | 192,972 | | | 75,128 | | | 268,100 | | | 72,478 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Acquisition & Integration Expenses | | | - | | | 10,351 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| Non-Core Dispositions | | | 3,434 | | | 10,945 | | | (800 | ) | | (2,184 | ) | | (2,984 | ) | | (4,493 | ) | | (7,477 | ) | | (1,047 | ) | | (8,524 | ) | | - | |
| RCM / Non-Cash Claims | | | 16,836 | | | 19,526 | | | (1 | ) | | - | | | (1 | ) | | 1 | | | - | | | - | | | - | | | - | |
| COVID-19 | | | - | | | - | | | - | | | 8,233 | | | 8,233 | | | - | | | 8,233 | | | - | | | 8,233 | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Adjusted EBITDA | | | 253,876 | | | 269,175 | | | 68,729 | | | 59,166 | | | 127,895 | | | 65,833 | | | 193,728 | | | 74,081 | | | 267,809 | | | 72,478 | |
| 1 Includes amortization of deferred financing fee | | | | | | | | | | |
| 2 Varies slightly from the Statements of Cash Flows, which includes amortization of deferred financing fee | | | | | | |
