1. Investor Presentation
First Quarter Fiscal 2014
TRR

2. Safe Harbor Statement
Certain statements in this presentation may be forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these
statements by forward-looking words such as "may," "expects," "plans," "anticipates," "believes," "estimates," or
other words of similar import. You should consider statements that contain these words carefully because they
discuss TRC’s future expectations, contain projections of the Company’s future results of operations or of its
financial condition, or state other "forward-looking" information. TRC believes that it is important to communicate
its future expectations to its investors. However, there may be events in the future that the Company is not able to
accurately predict or control and that may cause its actual results to differ materially from the expectations
described in its forward-looking statements. Investors are cautioned that all forward-looking statements involve
risks and uncertainties, and actual results may differ materially from those discussed as a result of various
factors, including, but not limited to, the uncertainty of TRC’s operational and growth strategies; circumstances
which could create large cash outflows, such as contract losses, litigation, uncollectible receivables and income tax
assessments; regulatory uncertainty; the availability of funding for government projects; the level of demand for
TRC’s services; product acceptance; industry-wide competitive factors; the ability to continue to attract and retain
highly skilled and qualified personnel; the availability and adequacy of insurance; and general political or economic
conditions. Furthermore, market trends are subject to changes, which could adversely affect future results. See the
risk factors and additional discussion in TRC’s Annual Report on Form 10-K for the fiscal year ended June
30, 2013, Quarterly Reports on Form 10-Q, and other factors detailed from time to time in the Company’s other
filings with the Securities and Exchange Commission.
This presentation contains references to non-GAAP metrics such as EBITDA, gross margin and free cash flow. A
reconciliation of GAAP to non-GAAP metrics can be found on slide 19.
2

3. Company Profile
A pioneer in groundbreaking scientific and engineering developments since 1969,
TRC is a national engineering, consulting and construction management firm that
provides integrated services to three primary markets:
Energy | Environmental | Infrastructure


100 + U.S. offices
London office

2,900+ employees

www.trcsolutions.com
Expert problem solvers
NYSE: TRR
3

4. Investment Highlights
 Well positioned in markets with solid medium- to long-term
growth opportunities
 Executing a focused profitable growth strategy
 Large addressable market opportunity
 Diversified revenue stream with attractive customer base
 Strong balance sheet and cash position
 Stable but growing backlog
4

5. TRC’s Diversified Business Model
Net Service Revenue by Segment
Environmental 51%
Estimated Client Distribution
by Industry(1)
Power / Utility
Other
$163M
3% YOY Growth
30%
50%
$44M
2% YOY Growth
$110M
14% YOY Growth
10%
10%
Infrastructure
14%
(1) Estimates as of June 2013.
Transportation
Energy 35%
Fiscal Year 2013
Total NSR: $320.4 Million
6% YOY Growth
Oil & Gas
5

6. 51% of Total NSR
Environmental Services
Environmental
Segment
 Permitting and resource management
 Remediation and hazardous waste
management
 Air quality and air measurements
 Building sciences, industrial hygiene,
and compliance
 Solid waste
Segment Drivers
 Increasing permitting and power plant
decommissioning activities
 Greenhouse gas rules – CO2
 Continued development of upstream,
midstream and downstream oil & gas
markets
 Re-emergence of industrials and
related capital spend
Net Service Revenue (in millions)
$163.2
$159.0
+3%
FY 2012
FY 2013
Segment Profit (in millions)
$32.0
$30.8
-4%
FY 2012
FY 2013
6

7. Energy
Segment
35% of Total NSR
Energy Services
 Electrical transmission, distribution &
substation engineering
 Energy efficiency
 Communications engineering
Segment Drivers
 Greenhouse gas rule – CO2
 Expanding utility capital spend
programs on aging transmission
and distribution infrastructure
 Dynamic revolution in domestic fuel
supplies driving shifts in use of
utility assets (e.g. Coal ↓, Natural
Gas ↑, Renewables ↑, Efficiency
↑)
Net Service Revenue (in millions)
$109.8
$96.0
+14%
FY 2012
FY 2013
Segment Profit (in millions)
$23.5
$23.3
-1%
FY 2012
FY 2013
7

8. Infrastructure
Segment
14% of Total NSR
Infrastructure Services
 Transportation design services
 Civil engineering services
 Security consulting & engineering
services
 Geotechnical engineering & materials
inspection
 Construction engineering, inspection &
management
Net Service Revenue (in millions)
$44.2
$43.5
+2%
FY 2012
FY 2013
Segment Profit (in millions)
Segment Drivers
 Need to upgrade and repair aging
infrastructure, especially bridges and
roadways
 Additional state funds for capital
projects
 Expansion of transportation services
$8.7
$7.7
+12%
FY 2012
FY 2013
8

9. Why Clients Choose TRC
 Multi-disciplinary teams implement complex projects
 Nationwide network is a crucial asset that
can be integral to project success
 TRC helps clients:
 realize a higher return on investment
 manage risks
 align project solutions with
operational priorities
 integrate multiple areas of
expertise to arrive at a better solution
Concept
Delivery &
Operations
Permitting, Engi
neering, &
Construction
9

10. High-Profile Private Sector Clients
10

11. Working With All Levels of Government
State and Local
Federal
11

12. Growth Strategy
• Invest in high-margin organic growth opportunities focused on:
• Utility/Power
• Oil & Gas
• Infrastructure
• Pursue strategic acquisitions to enhance service offerings and geographic footprint of
all three segments
Total & Organic NSR Growth
Recent Acquisitions
12%
10%
8%
• Ocampo Esta Corp. (Covina operations)
Total
• GE’s Air Emissions Testing business
Organic
6%
• Heschong Mahone Group, Inc.
4%
• Utility Support Systems, Inc. (USS)
2%
0%
Q2 2013
Q3 2013
Q4 2013
Q1 2014
12

13. Significant Long Term Growth Potential
Q1 2014 v. Q1 2013
Net Service Revenue
(in millions)
Net Service Revenue
6%
(in millions)
8%
$301.8
$320.4
$75.2
$245.9
FY 2011
FY 2012
FY 2013
Q1 2013
$81.3
Q1 2014
13

14. Full Year Income Statement Highlights
FY 2012
FY 2013
Net service revenue
$301.8
Cost of services
$246.5
$268.5
Gross margin
18.3%
16.2%
General and administrative expenses
$31.0
$30.7
$(11.1)
-
Operating income
$30.0
$18.6
EBITDA
$24.4
$25.5
EBITDA as a % of NSR
8.1%
Cost of Services as % of NSR
$320.4
7.9%
(In millions, except per share data)
Arena Towers litigation reversal
Federal and state income tax benefit
$3.9
$18.0
Net income applicable to TRC Companies, Inc.
$33.6
$36.3
Diluted earnings per common share
$1.16
$320.4
$301.8
81.7%
FY 2012
83.8%
FY 2013
G&A Expenses as % of NSR
$320.4
$301.8
10.3%
9.6%
$1.23
FY 2012
FY 2013
14

15. EBITDA Reflects Leverage in Business Model
Consolidated EBITDA
(in thousands)
$24,403
$25,464
8.1%
7.9%
FY 2012
FY 2013
$14,435
5.9%
FY 2011
Consolidated EBITDA
EBITDA Margin
15

16. NSR Backlog & New Project Wins
Segment NSR Backlog
New Project Wins
(in millions)
$230
$235
$138
$131
$247
Environmental
• Sabal Trail Natural Gas Pipeline
• Alabama Department of
Environmental Management
$135
Energy
• Public Service New Hampshire
EPC Project
• NYSERDA Multifamily
$40
$60
$58
Infrastructure
$52
$44
$54
2011
2012
• Confidential Client – Waste
Water Treatment Plant
• PennDOT District 4-0
2013
16

17. Balance Sheet and Cash Flow Highlights
(In millions)
FY 2012
FY 2013
$16.6
$18.1
78 days
83 days
Cash flow from operations
$19.4
$14.4
Capital expenditures
$7.1
$3.9
Free cash flow
$12.3
$10.5
Balance Sheet Highlights
Cash and cash equivalents
Days sales outstanding (DSO)
Cash Flow Highlights
17

18. Investment Highlights
 Well positioned in markets with solid medium- to long-term
growth opportunities
 Executing a focused profitable growth strategy
 Large addressable market opportunity
 Diversified revenue stream with attractive customer base
 Strong balance sheet and cash position
 Stable but growing backlog
18

19. Reconciliation of Non-GAAP Measures
Earnings Before Interest, Taxes, Depreciation, Amortization
In millions
FY 2012
$
33.6
0.7
(3.9)
5.5
(0.1)
(0.3)
$
35.5
FY 2013
$
36.3
0.3
(18.0)
6.9
$
25.5
FY 2011
$
245.9
202.3
$
43.6
17.7%
Net income applicable to TRC Companies, Inc.'s common shareholders
Interest expense
Federal and state income tax provision
Depreciation and amortization
Net loss applicable to noncontrolling interest
Equity in earninngs from unconsolidated affiliates, net of taxes
Accretion charges on preferred stock
Consolidated EBITDA
FY 2011
$
(16.6)
0.8
1.1
4.7
(0.1)
7.3
$
(2.8)
FY 2012
$
301.8
246.5
$
55.3
18.3%
FY 2013
$
320.4
268.5
$
51.9
16.2%
FY 2011
$
12.5
(3.1)
$
9.4
FY 2012
$
19.4
(7.1)
$
12.3
FY 2013
$
14.4
(3.9)
$
10.5 19
Gross Margin and Gross Margin %
In millions
Net service revenue
Cost of services
Gross Margin
Gross Margin %
Free Cash Flow
In millions
Net cash provided by operating activities
Additions to property and equipment
Free Cash Flow