Item 5. Market for Registrant’s Common Equity
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 1,200 stockholders o f record at September 27, 2020.
Stock-Based Compensation
For information regarding our stock-based compensation, see Note 11, "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 27, 2015, and that all dividends have been reinvested. During fiscal 2020, we declared and paid dividends in the first and second quarters totaling $0.30 per share ($0.15 each quarter) on our common stock and paid dividends in the third and fourth quarters totaling $0.34 per share ($0.17 each quarter) on our common stock. We declared and paid dividends totaling $0.54, $0.44, $0.38 and $0.34 per share in fiscal 2019, 2018, 2017 and 2016, 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 27, 2015
ASSUMES DIVIDEND REINVESTED
FISCAL YEAR ENDED SEPTEMBER 27, 2020
2015 2016 2017 2018 2019 2020
Tetra Tech, Inc. $ 100.00 $ 144.01 $ 190.68 $ 282.06 $ 353.67 $ 382.89
NASDAQ Market Index 100.00 114.80 141.98 177.72 177.31 246.08
S&P 1000 Index 100.00 114.43 135.72 157.02 148.93 140.29
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 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.
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Stock Repurchase Program
On November 5, 2018, the Board of Directors authorized a stock repurchase program ("2019 Program") under which we could repurchase up to $200 million of our common stock. This was in addition to the $25 million remaining as of fiscal 2018 year-end under the previous stock repurchase program ("2018 Program"). On January 27, 2020, the Board of Directors authorized a new $200 million stock repurchase program ("2020 Program"). As of September 27, 2020, we had a remaining balance of $207.8 million a vailable under the 2019 and 2020 programs. The following table summarizes stock repurchases in the open market and settled in fiscal 2019 and fiscal 2020:
Fiscal Year Stock Repurchase Program Shares Repurchased Average Price Paid
per Share Total Cost
(in thousands)
2019 2018 Program 430,559 $ 58.06 $ 25,000
2019 2019 Program 1,131,962 66.26 75,000
2019 Total 1,562,521 $ 64.00 $ 100,000
2020 2019 Program 1,508,747 $ 77.67 $ 117,188
Below is a summary of the stock repurchases that were traded and settled during the 12 months ended September 27, 2020 under the 2019 Program:
Period Total Number
of Shares
Purchased Average Price
Paid per Share Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs Maximum
Dollar Value
that May Yet
be Purchased
Under the
Plans or
Programs (in thousands)
September 30, 2019 - October 27, 2019 87,614 $ 85.25 87,614 $ 117,532
October 28, 2019 - November 24, 2019 88,030 87.80 88,030 109,803
November 25, 2019 - December 29, 2019 68,794 86.91 68,794 103,824
December 30, 2019 - January 26, 2020 53,485 87.48 53,485 99,145
January 27, 2020 - February 23, 2020 53,677 92.00 53,677 94,206
February 24, 2020 - March 29, 2020 709,250 71.72 709,250 43,341
March 30, 2020 - April 26, 2020 130,436 72.23 130,436 33,920
April 27, 2020 - May 24, 2020 71,320 72.99 71,320 28,714
May 25, 2020 - June 28, 2020 75,239 78.44 75,239 22,813
June 29, 2020 - July 26, 2020 55,466 79.68 55,466 18,394
July 27, 2020 - August 23, 2020 42,881 90.47 42,881 14,514
August 24, 2020 - September 27, 2020 72,555 92.36 72,555 7,813
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Item 6. Selected Financial Data
The following selected financial data was derived from our audited consolidated financial statements. The selected financial data presented below should be read in conjunction with the information contained in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the notes thereto contained in Item 8, "Financial Statements and Supplementary Data," of this report.
Fiscal Year Ended
September 27,
2020 September 29,
2019 September 30, 2018 October 1, 2017 October 2, 2016
(in thousands, except per share data)
Statements of Operations Data
Revenue $ 2,994,891 $ 3,107,348 $ 2,964,148 $ 2,753,360 $ 2,583,469
Income from operations 241,091 188,762 190,086 183,342 135,855
Net income attributable to Tetra Tech 173,859 158,668 136,883 117,874 83,783
Earnings per share 3.16 2.84 2.42 2.04 1.42
Cash dividends paid per share 0.64 0.54 0.44 0.38 0.34
Balance Sheets Data
Total assets $ 2,378,558 $ 2,147,408 $ 1,959,421 $ 1,902,745 $ 1,800,779
Long-term debt, net of current portion 242,395 263,934 264,627 341,072 331,437
Tetra Tech stockholders' equity 1,037,319 989,286 966,971 928,453 869,259
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