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The drop was mainly because of a $115 million nonrecurring charge for legal costs tied to a lawsuit Tetra Tech settled with the federal government that accused the company of a fraudulent cleanup at the former Hunters Point Naval Shipyard in San Francisco, according to a regulatory filing.

The featured speakers were Peter Laugharn, president and CEO of the Conrad N. Hilton Foundation, and Elise Buik, president and CEO of United Way of Greater Los Angeles, both fervent believers that homelessness in L.A. can be, “rare, brief and nonrecurring” — a catchphrase among philanthropists deeply involved in housing issues.

The Hilton Foundation has provided more than $270 million for housing in Los Angeles over the last decade, with a commitment to spend an additional $35 million a year until “rare, brief and nonrecurring” reflects reality, says Laugharn, adding: “We’re not in this to provide perpetual palliative care.”

She also said the partners had agreed that all companies would be taxed an effective 15% rate on their accounting profit, rather than the underlying profit, which seeks to eliminate the impact of nonrecurring items.

Purdue reported in a court filing that as of March 31, it had spent about $900 million on nonrecurring legal fees since it filed for bankruptcy in 2019 as part of an effort to settle its lawsuits.