- Delivered strong performance on all key financial
metrics
- Net service revenue growth accelerated
- Margins set a first quarter record
- Adjusted EPS increased by 25%
- Achieved the 17th consecutive quarter with a greater than
1.0x book-to-burn ratio, driven by a 1.2x book-to-burn in the
design business; backlog and pipeline are at all-time
highs
- Increased fiscal 2025 guidance
AECOM (NYSE: ACM), the trusted global infrastructure leader,
today reported first quarter fiscal 2025 results.
(from Continuing Operations;
$ in millions, except EPS)
As Reported
YoY %
Change
Adjusted1
(Non-GAAP)
YoY %
Change
Revenue
$4,014
3%
--
--
Net Service Revenue (NSR)2
--
--
$1,801
5.5%
Operating Income
$237
46%
$240
7%
Segment Operating Margin3
--
--
15.4%
+40 bps
Net Income
$177
83%
$175
22%
EPS (Fully Diluted)
$1.33
87%
$1.31
25%
EBITDA4
--
--
$271
8%
EBITDA Margin5
--
--
15.6%
+20 bps
Operating Cash Flow
$151
6%
--
--
Free Cash Flow6
--
--
$111
28%
Total Backlog7
$23,877
4%
--
--
“Trends across our markets remain robust, and our backlog and
pipeline are at record levels, characterized by a highly diverse
mix of clients and sectors,” said Troy Rudd, AECOM’s chief
executive officer. “As a result, we delivered strong performance in
the first quarter and raised our guidance for the full year.
Importantly, we are investing to extend our advantages. This
includes key hires and growth investments to support the Water
& Environment Advisory business as we continue to expand our
addressable market of higher-value infrastructure professional
services.”
“The benefits of our Think and Act Globally strategy are evident
in our high win rates and record backlog,” said Lara Poloni,
AECOM’s president. “We are seeing positive proof points that
reinforce our investment in our new Water and Environment Advisory
business. We have already made several key hires, and as the number
one water, environment, facilities and transportation firm as
ranked by ENR, we are confident that we will achieve our goal of
doubling the $200 million of net service revenue in this business
over the next three years.”
“We are off to a strong start in fiscal 2025 with first quarter
results that exceeded our expectations,” said Gaurav Kapoor,
AECOM’s chief financial and operations officer. “This includes
accelerating NSR growth, record first quarter margins and
double-digit adjusted EPS growth. As we look ahead, continued
expected growth and the high return on our strategic investments
underpin our confidence in delivering a 17% margin exit rate by the
end of fiscal 2026 and even higher margins over time. Importantly,
our balance sheet remains strong and we delivered a 28% increase in
free cash flow, which supported continued returns of capital to our
shareholders under our returns-based capital allocation
policy.”
First Quarter Highlights
- Revenue increased by 3%; net service revenue2 increased by
5.5%, highlighted by 9% growth in the Americas design
business.
- Operating income increased by 46%; the segment adjusted1
operating margin3 increased by 40 basis points to 15.4% and the
adjusted1 EBITDA margin5 increased by 20 basis points to 15.6%,
both of which set first quarter records.
- Net income increased by 83%; adjusted1 EBITDA4 increased by 8%
and adjusted1 EPS increased by 25%.
- Free cash flow increased by 28%, and the Company returned $55
million to shareholders through repurchases and dividends in the
quarter.
- Total backlog7 increased by 4% to a record high, driven by a
1.2x book-to-burn8 ratio in each of the Americas and International
design businesses, contributing to a 1.1x book-to-burn ratio
enterprise wide.
- The Company’s pipeline of opportunities increased to a new
record and included double-digit growth in later stage
opportunities with award decisions over the next several
quarters.
- Americas design backlog increased by 7% and is also at a record
high.
Financial Guidance
- AECOM raised its adjusted EBITDA and adjusted EPS guidance
for fiscal 2025, which includes expectations to deliver record net
service revenue and profitability, margins and continued strong
cash flow conversion in fiscal 2025; the Company expects:
- Organic NSR2 growth of 5% to 8%.
- Adjusted1 EBITDA4 of between $1,175 million and $1,210 million,
up 9% at the mid-point.
- Adjusted1 EPS of between $5.05 and $5.20, up 13% at the
mid-point.
- 30 basis points of both segment adjusted1 operating margin3 and
adjusted EBITDA margin5 expansion to 16.1% and 16.3%,
respectively.
- 100%+ free cash flow6 conversion.
- Other assumptions incorporated into fiscal 2025 guidance:
- An average fully diluted share count of 134 million, which
reflects only shares repurchased to-date.
- An adjusted effective tax rate of approximately 24% for the
full year.
- See the Regulation G Information tables at the end of this
release for a reconciliation of non-GAAP measures to the most
directly comparable GAAP measures.
Business Segments
Americas
Revenue in the first quarter was $3.1 billion, a 2% increase
from the prior year. Net service revenue2 was $1.1 billion, an 8%
increase from the prior year. This performance was driven by 9%
growth in the design business and reflected strong growth in both
the U.S. and Canada, resulting from the ongoing multi-decade
secular growth drivers of investments in infrastructure,
sustainability, resilience and energy.
Operating income increased by 12% to $196 million and on an
adjusted1 basis increased by 10% to $197 million. The adjusted
operating margin on net service revenue increased by 40 basis
points over the prior year to 18.7%, a new first quarter high,
reflecting high-returning organic growth initiatives and strong
execution. Expanding margins continue to enable growing investments
in AI, digital and new growth platforms, including the Water &
Environment Advisory business.
Backlog in the Americas segment is at a record high, driven by
strong wins in the quarter that resulted in a 1.1x book-to-burn
ratio8, including a 1.2x book-to-burn ratio in the design
business.
International
Revenue in the first quarter was $902 million, a 5% increase
from the prior year. Net service revenue2 was $750 million, a 2%
increase from the prior year. Growth was driven by the U.K. and
Middle East markets, supported by a strong backlog and leading
positions on key frameworks. However, this growth was partially
offset by a decline in Australia.
Both operating income and adjusted1 operating income increased
by 5% to $81 million. The adjusted operating margin on net service
revenue increased by 20 basis points over the prior year to 10.8%,
which reflected strong execution and the Company’s focus on
high-returning markets and opportunities across its largest
geographies.
Backlog in the International segment remains near a record high,
reflecting a 1.2x book-to-burn ratio8 in the quarter.
Balance Sheet and Capital Allocation
Update
The Company ended the quarter with a strong balance sheet,
including net leverage9 of 0.8x. During the quarter, the Company
returned $55 million to shareholders through stock repurchases and
dividend payments. Since the initiation of its repurchase program
in September 2020, the Company has repurchased more than $2.2
billion of stock, which represents approximately one-third of the
Company’s market capitalization at the time it began
repurchases.
Tax Rate
The effective tax rate was 13.4% in the first quarter. On an
adjusted1 basis, the effective tax rate was 14.3%. The lower tax
rate primarily related to the timing of the realization of deferred
tax assets in the first quarter. The Company continues to expect a
full year adjusted tax rate of approximately 24%. The adjusted tax
rate was derived by re-computing the quarterly effective tax rate
on adjusted net income10. The adjusted tax expense differs from the
GAAP tax expense based on the taxability or deductibility and tax
rate applied to each of the adjustments.
Conference Call
AECOM is hosting a conference call tomorrow at 8 a.m. Eastern
Time, during which management will make a brief presentation
focusing on the Company's results, strategy and operating trends,
and outlook. Interested parties can listen to the conference call
and view accompanying slides via webcast at
https://investors.aecom.com. The webcast will be available for
replay following the call.
1 Excludes the impact of certain items, such as restructuring
costs, amortization of intangible assets, non-core AECOM Capital
and other items. See Regulation G Information for a reconciliation
of non-GAAP measures to the comparable GAAP measures. 2 Revenue,
less pass-through revenue; growth rates are presented on a
constant-currency basis. 3 Reflects segment operating performance,
excluding AECOM Capital and G&A, and margins are presented on a
net service revenue basis. 4 Net income before interest expense,
tax expense, depreciation and amortization. 5 Adjusted EBITDA
margin includes non-controlling interests in EBITDA and is on a net
service revenue basis. 6 Free cash flow is defined as cash flow
from operations less capital expenditures, net of proceeds from
disposals of property and equipment; free cash flow conversion is
defined as free cash flow divided by adjusted net income
attributable to AECOM. 7 Backlog represents the total value of work
for which AECOM has been selected that is expected to be completed
by consolidated subsidiaries; growth rates are presented on a
constant-currency basis. 8 Book-to-burn ratio is defined as the
dollar amount of wins divided by revenue recognized during the
period. 9 Net leverage is comprised of EBITDA as defined in the
Company’s credit agreement dated October 17, 2014, as amended, and
total debt on the Company’s financial statements, net of total cash
and cash equivalents. 10 Inclusive of non-controlling interest
deduction and adjusted for financing charges in interest expense,
the amortization of intangible assets and is based on continuing
operations. The adjusted tax rate was derived by re-computing the
quarterly effective tax rate on adjusted net income. The adjusted
tax expense differs from the GAAP tax expense based on the
taxability or deductibility and tax rate applied to each of the
adjustments.
About AECOM
AECOM (NYSE: ACM) is the global infrastructure leader, committed
to delivering a better world. As a trusted professional services
firm powered by deep technical abilities, we solve our clients’
complex challenges in water, environment, energy, transportation
and buildings. Our teams partner with public- and private-sector
clients to create innovative, sustainable and resilient solutions
throughout the project lifecycle – from advisory, planning, design
and engineering to program and construction management. AECOM is a
Fortune 500 firm that had revenue of $16.1 billion in fiscal year
2024. Learn more at aecom.com.
Forward-Looking Statements
All statements in this communication other than statements of
historical fact are “forward-looking statements” for purposes of
federal and state securities laws, including any statements of the
plans, strategies and objectives for future operations,
profitability, strategic value creation, capital allocation
strategy including stock repurchases, risk profile and investment
strategies, and any statements regarding future economic conditions
or performance, and the expected financial and operational results
of AECOM. Although we believe that the expectations reflected in
our forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed in any of our
forward-looking statements. Important factors that could cause our
actual results, performance and achievements, or industry results
to differ materially from estimates or projections contained in our
forward-looking statements include, but are not limited to, the
following: our business is cyclical and vulnerable to economic
downturns and client spending reductions; potential government
shutdowns, changes in administration or other funding directives
and circumstances that may cause governmental agencies to modify,
curtail or terminate our contracts; losses under fixed-price
contracts; limited control over operations that run through our
joint venture entities; liability for misconduct by our employees
or consultants; changes in government laws, regulations and
policies, including failure to comply with laws or regulations
applicable to our business; maintaining adequate surety and
financial capacity; potential high leverage and inability to
service our debt and guarantees; ability to continue payment of
dividends; exposure to political and economic risks in different
countries, including tariffs and trade policies, geopolitical
events, and conflicts; inflation, currency exchange rates and
interest rate fluctuations; changes in capital markets and stock
market volatility; retaining and recruiting key technical and
management personnel; legal claims and litigation; inadequate
insurance coverage; environmental law compliance and adequate
nuclear indemnification; unexpected adjustments and cancellations
related to our backlog; partners and third parties who may fail to
satisfy their legal obligations; managing pension costs; AECOM
Capital real estate development projects; cybersecurity issues, IT
outages and data privacy; risks associated with the benefits and
costs of the sale of our Management Services and self-perform
at-risk civil infrastructure, power construction and oil and gas
businesses, including the risk that any purchase adjustments from
those transactions could be unfavorable and result in any future
proceeds owed to us as part of the transactions could be lower than
we expect; as well as other additional risks and factors that could
cause actual results to differ materially from our forward-looking
statements set forth in our reports filed with the Securities and
Exchange Commission. Any forward-looking statements are made as of
the date hereof. We do not intend, and undertake no obligation, to
update any forward-looking statement.
Non-GAAP Financial Information
This communication contains financial information calculated
other than in accordance with U.S. generally accepted accounting
principles (“GAAP”). The Company believes that non-GAAP financial
measures such as adjusted EPS, adjusted EBITDA, adjusted
net/operating income, segment adjusted operating margin, adjusted
tax rate, net service revenue and free cash flow provide a
meaningful perspective on its business results as the Company
utilizes this information to evaluate and manage the business. We
use adjusted operating income, adjusted net income, adjusted EBITDA
and adjusted EPS to exclude the impact of certain items, such as
amortization expense and taxes to aid investors in better
understanding our core performance results. We use free cash flow
to present the cash generated from operations after capital
expenditures to maintain our business. We present net service
revenue (NSR) to exclude pass-through subcontractor costs from
revenue to provide investors with a better understanding of our
operational performance. We present segment adjusted operating
margin to reflect segment operating performance of our Americas and
International segments, excluding AECOM Capital. We present
adjusted tax rate to reflect the tax rate on adjusted earnings. We
also use constant-currency growth rates where appropriate, which
are calculated by conforming the current period results to the
comparable period exchange rates.
Our non-GAAP disclosure has limitations as an analytical tool,
should not be viewed as a substitute for financial information
determined in accordance with GAAP, and should not be considered in
isolation or as a substitute for analysis of our results as
reported under GAAP, nor is it necessarily comparable to non-GAAP
performance measures that may be presented by other companies. A
reconciliation of these non-GAAP measures is found in the
Regulation G Information tables at the back of this communication.
The Company is unable to reconcile certain of its non-GAAP
financial guidance and long-term financial targets due to
uncertainties in these non-operating items as well as other
adjustments to net income. The Company is unable to provide a
reconciliation of its guidance for NSR to GAAP revenue because it
is unable to predict with reasonable certainty its pass-through
revenue.
AECOM
Consolidated Statement of
Income
(unaudited - in thousands,
except per share data)
Three Months Ended
December 31, 2024
December 31, 2023
% Change
Revenue
$
4,014,152
$
3,899,920
2.9
%
Cost of revenue
3,745,748
3,655,950
2.5
%
Gross profit
268,404
243,970
10.0
%
Equity in earnings (losses) of joint
ventures
9,553
(28,941
)
(133.0
)%
General and administrative expenses
(40,459
)
(35,724
)
13.3
%
Restructuring costs
—
(16,180
)
(100.0
)%
Income from operations
237,498
163,125
45.6
%
Other income
6,924
2,569
169.5
%
Interest income
16,564
12,102
36.9
%
Interest expense
(43,034
)
(41,257
)
4.3
%
Income from continuing operations before
taxes
217,952
136,539
59.6
%
Income tax expense for continuing
operations
29,232
26,658
9.7
%
Income from continuing operations
188,720
109,881
71.7
%
Loss from discontinued operations
(9,516
)
(1,287
)
639.4
%
Net income
179,204
108,594
65.0
%
Net income attributable to noncontrolling
interests from continuing operations
(11,370
)
(13,117
)
(13.3
)%
Net income attributable to noncontrolling
interests from discontinued operations
(792
)
(1,039
)
(23.8
)%
Net income attributable to noncontrolling
interests
(12,162
)
(14,156
)
(14.1
)%
Net income attributable to AECOM from
continuing operations
177,350
96,764
83.3
%
Net loss attributable to AECOM from
discontinued operations
(10,308
)
(2,326
)
343.2
%
Net income attributable to AECOM
$
167,042
$
94,438
76.9
%
Net income (loss) attributable to AECOM
per share:
Basic continuing operations per share
$
1.34
$
0.71
88.7
%
Basic discontinued operations per
share
(0.08
)
(0.02
)
300.0
%
Basic earnings per share
$
1.26
$
0.69
82.6
%
Diluted continuing operations per
share
$
1.33
$
0.71
87.3
%
Diluted discontinued operations per
share
(0.08
)
(0.02
)
300.0
%
Diluted earnings per share
$
1.25
$
0.69
81.2
%
Weighted average shares outstanding:
Basic
132,500
135,897
(2.5
)%
Diluted
133,625
137,101
(2.5
)%
AECOM
Balance Sheet
Information
(unaudited - in
thousands)
December 31, 2024
September 30, 2024
Balance Sheet Information:
Total cash and cash equivalents
$
1,580,656
$
1,580,877
Accounts receivable and contract assets,
net
4,449,662
4,599,765
Working capital
859,803
801,978
Total debt, excluding unamortized debt
issuance costs
2,547,092
2,539,811
Total assets
11,818,827
12,061,669
Total AECOM stockholders’ equity
2,204,010
2,184,205
AECOM
Reportable Segments
(unaudited - in
thousands)
Americas
International
AECOM
Capital
Corporate
Total
Three Months Ended December 31,
2024:
Revenue
$
3,111,955
$
902,010
$
187
$
—
$
4,014,152
Cost of revenue
2,921,695
824,053
—
—
3,745,748
Gross profit
190,260
77,957
187
—
268,404
Equity in earnings of joint ventures
5,512
2,881
1,160
—
9,553
General and administrative expenses
—
—
(2,395
)
(38,064
)
(40,459
)
Income (loss) from operations
$
195,772
$
80,838
$
(1,048
)
$
(38,064
)
$
237,498
Gross profit as a % of revenue
6.1
%
8.6
%
6.7
%
Contracted backlog
$
8,818,924
$
4,352,692
$
—
$
—
$
13,171,616
Awarded backlog
8,689,812
2,015,736
—
—
10,705,548
Total backlog
$
17,508,736
$
6,368,428
$
—
$
—
$
23,877,164
Total backlog – Design only
$
16,241,174
$
6,368,428
$
—
$
—
$
22,609,602
Three Months Ended December 31,
2023:
Revenue
$
3,038,683
$
861,041
$
196
$
—
$
3,899,920
Cost of revenue
2,867,708
788,242
—
—
3,655,950
Gross profit
170,975
72,799
196
—
243,970
Equity in earnings (losses) of joint
ventures
3,658
4,282
(36,881
)
—
(28,941
)
General and administrative expenses
—
—
(2,451
)
(33,273
)
(35,724
)
Restructuring costs
—
—
—
(16,180
)
(16,180
)
Income (loss) from operations
$
174,633
$
77,081
$
(39,136
)
$
(49,453
)
$
163,125
Gross profit as a % of revenue
5.6
%
8.5
%
6.3
%
Contracted backlog
$
8,712,193
$
4,306,154
$
—
$
—
$
13,018,347
Awarded backlog
8,241,111
2,061,613
—
—
10,302,724
Total backlog
$
16,953,304
$
6,367,767
$
—
$
—
$
23,321,071
Total backlog – Design only
$
15,478,792
$
6,367,767
$
—
$
—
$
21,846,559
AECOM
Regulation G
Information
(in millions)
Reconciliation of
Revenue to Net Service Revenue (NSR)
Three Months Ended
December 31,
2024
September 30,
2024
December 31,
2023
Americas
Revenue
$
3,112.0
$
3,161.5
$
3,038.7
Less: Pass-through revenue
2,061.1
2,104.1
2,061.0
Net service revenue
$
1,050.9
$
1,057.4
$
977.7
International
Revenue
$
902.0
$
948.4
$
861.0
Less: Pass-through revenue
151.8
194.3
131.1
Net service revenue
$
750.2
$
754.1
$
729.9
Segment Performance
(excludes ACAP)
Revenue
$
4,014.0
$
4,109.9
$
3,899.7
Less: Pass-through revenue
2,212.9
2,298.4
2,192.1
Net service revenue
$
1,801.1
$
1,811.5
$
1,707.6
Consolidated
Revenue
$
4,014.2
$
4,110.5
$
3,899.9
Less: Pass-through revenue
2,212.9
2,298.4
2,192.1
Net service revenue
$
1,801.3
$
1,812.1
$
1,707.8
Reconciliation of
Total Debt to Net Debt
Balances at
December 31,
2024
September 30,
2024
December 31,
2023
Short-term debt
$
3.5
$
3.1
$
3.2
Current portion of long-term debt
65.9
63.8
88.4
Long-term debt, excluding unamortized debt
issuance costs
2,477.7
2,473.0
2,123.4
Total debt
2,547.1
2,539.9
2,215.0
Less: Total cash and cash equivalents
1,580.7
1,580.9
1,192.3
Net debt
$
966.4
$
959.0
$
1,022.7
Reconciliation of
Net Cash Provided by Operating Activities to Free Cash
Flow
Three Months Ended
December 31,
2024
September 30,
2024
December 31,
2023
Net cash provided by operating
activities
$
151.1
$
298.8
$
143.1
Capital expenditures, net
(40.1
)
(24.2
)
(56.2
)
Free cash flow
$
111.0
$
274.6
$
86.9
AECOM
Regulation G
Information
(in millions, except per share
data)
Three Months Ended
Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Reconciliation of
Income from Operations to Adjusted Income from
Operations
to Adjusted
EBITDA with Noncontrolling Interests (NCI) to Adjusted
EBITDA
Income from operations
$
237.5
$
236.3
$
163.1
Noncore AECOM Capital loss
1.0
2.2
39.1
Restructuring costs
—
18.3
16.2
Amortization of intangible assets
1.1
4.7
4.6
Adjusted income from operations
$
239.6
$
261.5
$
223.0
Other income
6.9
11.4
2.6
Fair value adjustment included in other
income
(5.0
)
(8.8
)
—
Depreciation
39.8
39.0
37.5
Adjusted EBITDA with noncontrolling
interests (NCI)
$
281.3
$
303.1
$
263.1
Net income attributable to NCI from
continuing operations excluding interest income included in NCI
(9.9
)
(13.2
)
(11.7
)
Amortization of intangible assets included
in NCI
—
—
(0.2
)
Adjusted EBITDA
$
271.4
$
289.9
$
251.2
Reconciliation of
Income from Continuing Operations Before Taxes to
Adjusted Income
from Continuing Operations Before Taxes
Income from continuing operations before
taxes
$
218.0
$
218.0
$
136.5
Noncore AECOM Capital loss
1.0
2.2
39.1
Fair value adjustment
(5.6
)
(9.2
)
—
Restructuring costs
—
18.2
16.2
Amortization of intangible assets
1.1
4.7
4.6
Financing charges in interest expense
1.4
1.2
1.3
Adjusted income from continuing operations
before taxes
$
215.9
$
235.1
$
197.7
Reconciliation of
Income Taxes for Continuing Operations to
Adjusted Income
Taxes for Continuing Operations
Income tax expense for continuing
operations
$
29.3
$
34.9
$
26.6
Tax effect of the above adjustments(1)
(0.5
)
2.3
14.0
Valuation allowances and other tax only
items
0.5
10.9
—
Adjusted income tax expense for continuing
operations
$
29.3
$
48.1
$
40.6
(1) Adjusts income taxes during the period
to exclude the impact on our effective tax rate of the pre-tax
adjustments shown above.
Reconciliation of
Net Income Attributable to Noncontrolling Interests (NCI) from
Continuing Operations to
Adjusted Net
Income Attributable to Noncontrolling Interests from Continuing
Operations
Net income attributable to noncontrolling
interests from continuing operations
$
(11.4
)
$
(14.7
)
$
(13.1
)
Amortization of intangible assets included
in NCI
—
—
(0.2
)
Adjusted net income attributable to
noncontrolling interests from continuing operations
$
(11.4
)
$
(14.7
)
$
(13.3
)
AECOM
Regulation G
Information
(in millions, except per share
data)
Three Months Ended
Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Reconciliation of
Net Income Attributable to AECOM from Continuing Operations
to
Adjusted Net
Income Attributable to AECOM from Continuing
Operations
Net income attributable to AECOM from
continuing operations
$
177.3
$
168.4
$
96.8
Noncore AECOM Capital loss, net of NCI
1.0
2.2
39.1
Fair value adjustment
(5.6
)
(9.2
)
—
Restructuring costs
—
18.3
16.2
Amortization of intangible assets
1.1
4.7
4.6
Financing charges in interest expense
1.4
1.2
1.3
Tax effect of the above adjustments(1)
0.5
(2.4
)
(14.0
)
Valuation allowances and other tax only
items
(0.5
)
(10.9
)
—
Amortization of intangible assets included
in NCI
—
—
(0.2
)
Adjusted net income attributable to AECOM
from continuing operations
$
175.2
$
172.3
$
143.8
(1) Adjusts the income taxes during the
period to exclude the impact on our effective tax rate of the
pre-tax adjustments shown above.
Reconciliation of
Net Income Attributable to AECOM from Continuing Operations per
Diluted Share to
Adjusted Net
Income Attributable to AECOM from Continuing Operations per Diluted
Share
Net income attributable to AECOM from
continuing operations per diluted share
$
1.33
$
1.25
$
0.71
Per diluted share adjustments:
Noncore AECOM Capital loss, net of NCI
0.01
0.02
0.29
Fair value adjustment included in other
income
(0.04
)
(0.07
)
—
Restructuring costs
—
0.14
0.12
Amortization of intangible assets
0.01
0.03
0.03
Financing charges in interest expense
0.01
0.01
0.01
Tax effect of the above adjustments(1)
(0.01
)
(0.03
)
(0.11
)
Valuation allowances and other tax only
items
—
(0.08
)
—
Adjusted net income attributable to AECOM
from continuing operations per diluted share
$
1.31
$
1.27
$
1.05
Weighted average shares outstanding –
basic
132.5
134.2
135.9
Weighted average shares outstanding –
diluted
133.6
135.2
137.1
(1) Adjusts the income taxes during the
period to exclude the impact on our effective tax rate of the
pre-tax adjustments shown above.
Reconciliation of
Net Income Attributable to AECOM from Continuing Operations to
Adjusted EBITDA
Net income attributable to AECOM from
continuing operations
$
177.3
$
168.4
$
96.8
Income tax expense
29.3
34.9
26.6
Depreciation and amortization
42.3
45.0
43.1
Interest income, net of NCI
(15.2
)
(13.7
)
(10.7
)
Interest expense
43.0
45.0
41.3
Amortized bank fees included in interest
expense
(1.4
)
(1.3
)
(1.2
)
Noncore AECOM Capital loss, net of NCI
1.0
2.2
39.1
Fair value adjustment included in other
income
(4.9
)
(8.9
)
—
Restructuring costs
—
18.3
16.2
Adjusted EBITDA
$
271.4
$
289.9
$
251.2
AECOM
Regulation G
Information
(in millions, except per share
data)
Three Months Ended
Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Reconciliation of
Segment Income from Operations to Adjusted Segment Income from
Operations
Americas Segment:
Segment Income from operations
$
195.8
$
203.4
$
174.6
Amortization of intangible assets
1.1
4.3
4.3
Adjusted segment income from
operations
$
196.9
$
207.7
$
178.9
International Segment:
Segment Income from operations
$
80.8
$
94.5
$
77.1
Amortization of intangible assets
—
0.4
0.3
Adjusted segment income from
operations
$
80.8
$
94.9
$
77.4
Segment Performance (excludes ACAP and
G&A):
Segment Income from operations
$
276.6
$
297.9
$
251.7
Amortization of intangible assets
1.1
4.7
4.6
Adjusted segment income from
operations
$
277.7
$
302.6
$
256.3
AECOM
Regulation G
Information
FY2025
GAAP EPS Guidance based on Adjusted EPS Guidance
(all figures approximate)
Fiscal Year End 2025
GAAP EPS guidance
$5.03 to $5.19
Adjusted EPS excludes:
Amortization of intangible assets
$0.01
Amortization of deferred financing
fees
$0.04
Noncore AECOM Capital
$0.01
Fair value adjustment
($0.04)
Tax effect of the above items
$0.00 to ($0.01)
Adjusted EPS guidance
$5.05 to $5.20
FY2025
GAAP Net Income from Continuing Operations Guidance
based on
Adjusted EBITDA Guidance
(in millions, all figures approximate)
Fiscal Year End 2025
GAAP net income from continuing operations
guidance
$735 to $746
Net income attributable to noncontrolling
interest from continuing operations
($60) to ($50)
Net income attributable to AECOM from
continuing operations
$675 to $696
Adjusted net income attributable to AECOM
from continuing operations excludes:
Amortization of intangible assets
$2
Amortization of deferred financing
fees
$5
Noncore AECOM Capital
$1
Fair value adjustment
($6)
Tax effect of the above items
$0 to ($1)
Adjusted net income attributable to AECOM
from continuing operations
$677 to $697
Adjusted EBITDA excludes:
Depreciation
$160
Adjusted interest expense, net
$125 to $129
Tax expense, including tax effect of above
items
$213 to $224
Adjusted EBITDA guidance
$1,175 to $1,210
FY2025
GAAP Interest Expense Guidance based on Adjusted Interest Expense
Guidance
(in millions, all figures approximate)
Fiscal Year End 2025
GAAP interest expense guidance
$170 to $174
Finance charges in interest expense
($5)
Interest income, net of NCI
($40)
Adjusted net interest expense guidance
$125 to $129
FY2025 GAAP
Income Tax Guidance based on Adjusted Income Tax
Guidance
(in millions, all figures approximate)
Fiscal Year End 2025
GAAP income tax expense guidance
$213 to $223
Tax effect of adjusting items
$0 to $1
Adjusted income tax expense guidance
$213 to $224
Note: Variances in tables are due to
rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250203622056/en/
Investor Contact: Will Gabrielski Senior Vice President,
Finance, Treasurer 213.593.8208 William.Gabrielski@aecom.com
Media Contact: Brendan Ranson-Walsh Senior Vice
President, Global Communications 213.996.2367
Brendan.Ranson-Walsh@aecom.com
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