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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION
13 OR 15(d) OF THE
SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date of earliest event reported):
May 6, 2024
AECOM
(Exact name of Registrant as specified in its charter)
Delaware |
|
0-52423 |
|
61-1088522 |
(State or Other Jurisdiction |
|
(Commission |
|
(I.R.S. Employer |
of Incorporation) |
|
File Number) |
|
Identification No.) |
13355 Noel Road |
|
|
Dallas, Texas
75240 |
|
75240 |
(Address of Principal
Executive Offices) |
|
(Zip
Code) |
Registrant’s telephone number, including
area code: (972) 788-1000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions ( see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-(b) under the Exchange
Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Securities registered
pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.01 par value |
|
ACM |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
Growth Company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨
Item 2.02 |
Results of Operations and Financial Condition. |
On
May 6, 2024, AECOM issued a press release announcing its financial results for the quarter ended March 31, 2024. A copy
of the press release is attached to this report as Exhibit 99.1. Exhibit 99.1 attached hereto shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933, as amended.
AECOM reports its results of operations based on 52 or 53-week periods
ending on the Friday nearest September 30, December 31, March 31, and June 30. For clarity of presentation, all periods
are presented as if the periods ended on September 30, December 31, March 31, and June 30.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
99.1 Press Release, dated May 6, 2024 entitled “AECOM reports second quarter fiscal 2024 results”.
104 Cover Page Interactive Data File (embedded within the
Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.
|
AECOM |
|
|
|
Dated: May 6, 2024 |
By: |
/s/ David Y. Gan |
|
|
David Y. Gan |
|
|
Executive Vice President, Chief Legal Officer |
Exhibit 99.1
Press Release
|
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 |
AECOM reports second quarter fiscal
2024 results
| · | Delivered
strong second quarter and first half financial performance |
| · | Increased
financial guidance based on year-to-date operational outperformance and confidence in the
second half of the year |
| · | Backlog
reached an all-time high, driven by a continued near record win rate and strength in nearly
all end markets |
| · | Strong
cash flow enabled the return of $145 million to shareholders in the first half of the year
through share repurchases and dividends, consistent with the Company’s returns-focused
capital allocation policy |
DALLAS (May 6, 2024) —
AECOM (NYSE:ACM), the world’s trusted infrastructure consulting firm, today reported second quarter fiscal 2024 results.
| |
Second
Quarter Fiscal 2024 | |
(from
Continuing Operations; $
in millions, except EPS) | |
As
Reported | |
Adjusted1 (Non-GAAP) | |
As
Reported
YoY %
Change | |
Adjusted
YoY %
Change | |
Revenue | |
$ | 3,944 | |
| -- | |
| 13 | % |
| -- | |
Net
Service Revenue (NSR)2 | |
| -- | |
$ | 1,820 | |
| -- | |
| 8 | % |
Operating Income | |
$ | 200 | |
$ | 240 | |
| 2 | % |
| 13 | % |
Segment
Operating Margin3 | |
| -- | |
| 15.1 | % |
| -- | |
| +70 | bps |
Net Income | |
$ | 111 | |
$ | 142 | |
| (6 | )% |
| 10 | % |
EPS (Fully Diluted) | |
$ | 0.81 | |
$ | 1.04 | |
| (4 | )% |
| 13 | % |
EBITDA4
| |
| -- | |
$ | 268 | |
| -- | |
| 10 | % |
EBITDA
Margin5 | |
| -- | |
| 15.4 | % |
| -- | |
| +40 | bps |
Operating Cash Flow | |
$ | 94 | |
| -- | |
| 725 | % |
| -- | |
Free
Cash Flow6 | |
| -- | |
$ | 74 | |
| -- | |
| NM | |
Total Backlog | |
$ | 23,745 | |
| -- | |
| 3 | %7 |
| -- | |
Second Quarter Fiscal 2024 Highlights
| · | Reflecting
as reported performance from continuing operations, revenue increased 13% to $3.9 billion,
operating income increased 2% to $200 million, the operating margin decreased 60 basis
points to 5.1% due to restructuring-related expenses, net income decreased 6% to
$111 million, and diluted earnings per share decreased 4% to $0.81. |
| · | Net
service revenue2 increased by 8%, driven by the Water, Transportation and Environment
end markets, where AECOM is ranked #1 by ENR, and a growing contribution from larger wins. |
| o | The
net service revenue growth rate included an approximately 100 basis point headwind from fewer
working days compared to the prior year period. |
| · | The
segment adjusted1 operating margin3 increased by 70 basis points to
15.1% and the adjusted EBITDA margin5 increased by 40 basis points to 15.4%; both
metrics set a new second quarter record driven by the benefits of growth, operating efficiencies,
and strong execution, while enabling strong investments in business development. |
| · | Adjusted1
EBITDA4 increased by 10% to a new record and adjusted1 EPS increased
by 13%; adjusted1 EPS increased by 17% on an operational basis8, which
was partially offset by a higher tax rate compared to the prior year. |
| · | Total
backlog increased by 3%7 to a record level driven by a continued high win rate
and a growing contribution from larger wins that enhance long-term earnings visibility. |
| ‒ | Program
Management backlog increased by 45% to a record high, with strength driven by large Transportation,
Water, and energy transition related wins. |
| ‒ | Through
ongoing investments in Program Management and Advisory, the Company has extended its competitive
advantages, expanded its addressable share of the high value global infrastructure cycle,
and elevated its value proposition for clients. |
Fiscal 2024 Financial Guidance
| · | The
Company raised its fiscal 2024 adjusted EBITDA4 guidance to between $1,070 million
and $1,105 million, reflecting strong operational performance to date and confidence in the
second half of the fiscal year, supported by a record backlog position. |
| · | The
Company’s guidance also includes expectations for: |
| ‒ | Organic
NSR2 growth of approximately 8% to 10%. |
| ‒ | A
segment adjusted1 operating income margin3 of approximately 15.6%,
representing a 90 basis point increase from fiscal 2023. |
| ‒ | Adjusted1
EPS of between $4.35 and $4.55, representing a 20% increase at the mid-point over fiscal
2023. |
| · | Other
assumptions incorporated into guidance: |
| ‒ | 100%+
free cash flow6 conversion, reflecting the highly cash generative nature of the
Company’s Professional Services business. |
| ‒ | An
average fully diluted share count of 137 million, which reflects only shares repurchased
to-date, though the Company intends to continue repurchasing stock which would provide a
benefit to per share earnings. |
| ‒ | An
adjusted effective tax rate of between 24% and 26% for the full year; this includes an expected
tax rate in the high 20%’s in the third fiscal quarter, consistent with last year’s
phasing. |
| · | The
Company expects to deliver a return on invested capital9 (ROIC) of approximately
20% in fiscal 2024. |
| · | See
the Regulation G Information tables at the back of this release for a reconciliation of non-GAAP
measures to the most directly comparable GAAP measures. |
Cash Flow, Balance Sheet and Capital
Allocation Update
| · | Operating
cash flow in the second quarter was $94 million and free cash flow6 was $74 million,
which contributed to a 156% increase in free cash flow in the first half of the fiscal year
as compared to the prior year period. |
| · | The
Company’s returns-focused capital allocation policy prioritizes investments in organic
growth followed by share repurchases and dividends. |
| – | Returned
$145 million to shareholders through share repurchases and dividends in the first half of
the fiscal year, consistent with the Company’s free cash flow phasing. |
| – | In
total, the Company has returned nearly $2.1 billion of capital to shareholders through share
repurchases and dividends since September 2020. |
| · | In
April, the Company completed a strategic refinancing of its revolving credit facility, Term
Loan A and Term Loan B to lock in historically attractive pricing and extend the maturity
of its debt, with no material change to expected annual net interest expense. This transaction
enhanced the Company’s ability to operate with greater certainty, invest in organic
growth, and return capital to shareholders. |
“We delivered strong second quarter
and first half financial performance, and as a result we are increasing the mid-point of our adjusted EBITDA guidance for the full year,”
said Troy Rudd, AECOM’s chief executive officer. “Across our performance, our strong revenue growth, record profitability,
and a record backlog and pipeline demonstrate the competitive advantage we have built. Our Program Management and Advisory services are
a key element of our success as we leverage the strength of our 52,000 technical experts, elevate the value of our capabilities and capture
a greater share of the profit opportunity on our pursuits. Our Program Management backlog increased 45% year-over-year in the quarter
and continues to represent an increasing share of our work, which provides us with greater visibility as the secular mega trends of global
infrastructure investment, sustainability and resilience, and the energy transition accelerate.”
“We are investing in our technical
expertise and in global collaboration, and as a result, we continue to win at a high rate, which is evident in our record backlog and
pipeline,” said Lara Poloni, AECOM’s president. “To build on this momentum, we recently launched our TechEx initiative
aimed at elevating our culture through an unrivaled commitment to technical and professional development programs for our teams. When
combined with our focus on our highest-returning markets and largest clients, we have created a platform that allows us to consistently
bring our best resources to our clients’ most challenging infrastructure investments. As a result, on all of our largest wins,
it is the strength of our technical proposal and expertise that have led to our successes.”
“Our strong second quarter and
year-to-date results underpin our confidence in the full year, including in delivering on the increase to the mid-point of our adjusted
EBITDA guidance,” said Gaurav Kapoor, AECOM’s chief financial and operations officer. “Building on the strength of
our financial performance, after the quarter ended, we successfully amended and extended our credit facility, creating greater certainty
around our cost of capital and maintaining a prudent mix of approximately 70% fixed and 30% floating rate debt. Importantly, even in
the current higher interest rate environment, we maintained our historically low cost of debt and are able to continue to execute on
our returns-focused capital allocation policy with confidence.”
Business Segments
Americas
Revenue in the second quarter was $3.0
billion. Net service revenue2 was $1.1 billion, a 10% increase from the prior year.
Operating income increased by 6% over
the prior year to $189 million. On an adjusted1 basis, operating income increased by 6% to $194 million. The adjusted operating
margin on net service revenue was 18.0%, which remains at the top of our industry, and includes the positive impacts of growth and enables
investments to enhance the Company’s technical and digital capabilities and to pursue a record volume of opportunities.
International
Revenue in the second quarter was $905
million. Net service revenue2 was $746 million, a 6% increase from the prior year. The Company had fewer working days compared
to the prior year period, which resulted in an approximately 200 basis point headwind to net service revenue growth.
Operating income and adjusted1
operating income both increased by 35% over the prior year to $81 million and $82 million, respectively. The adjusted operating
margin on net service revenue increased by 240 basis points over the prior year to 10.9%, which is driven by the Company’s narrowed
geographic focus, reduced real estate footprint, and ongoing operational efficiencies.
AECOM Capital
After the quarter ended, the Company
completed a transaction that transitioned the AECOM Capital team to a new platform and enabled the team to continue to support AECOM
Capital’s existing investments and investment vehicles in a manner consistent with its current obligations, while capping expected
future G&A costs associated with the wind-down of activities.
Discontinued Operations
The Company recorded a $103 million
loss related to revisions of estimated contingent consideration receivables recognized at the time of sale related to the 2021 sale of
the Company’s civil construction business.
Balance Sheet
As of March 31, 2024, AECOM had
$1.2 billion of total cash and cash equivalents, $2.2 billion of total debt and $1.0 billion of net debt (total debt less cash and cash
equivalents). Net leverage10 was 0.9x.
Tax Rate
The effective tax rate was 26.6% in
the second quarter. On an adjusted1 basis, the effective tax rate was 28.2%. The adjusted tax rate was derived by re-computing
the quarterly effective tax rate on adjusted net income11. 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 and includes the
proportionate share of work expected to be performed by unconsolidated joint ventures. Backlog in the construction management business
is included on a net service revenue basis. Growth rates are presented on a constant-currency basis.
8 Includes the impact from
net service revenue growth, margin expansion and lower share count.
9 Return on invested capital,
or ROIC, reflects continuing operations and is calculated as the sum of adjusted net income as presented in the Company’s Regulation
G Information and adjusted interest expense, net of interest income, divided by average quarterly invested capital as defined as the
sum of attributable shareholder’s equity and total debt, less cash and cash equivalents.
10 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.
11 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.
About AECOM
AECOM (NYSE: ACM) is the world’s
trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning,
design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy, and
the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common
purpose to deliver a better world through our unrivaled technical and digital expertise, a culture of equity, diversity and inclusion,
and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business
had revenue of $14.4 billion in fiscal year 2023. See how we are delivering sustainable legacies for generations to come at aecom.com
and @AECOM.
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, 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 or other funding 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; 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, geopolitical events, and conflicts; currency exchange rate and interest fluctuations; retaining and recruiting key technical
and management personnel; legal claims; 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 press release 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 release. 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
Statements of Income
(unaudited
- in thousands, except per share data)
| |
Three Months Ended |
|
|
Six Months Ended | |
| |
|
|
|
| |
| |
March 31, 2023 | |
March 31, 2024 | |
% Change | | |
March 31, 2023 | |
March 31, 2024 | |
% Change | |
| |
| |
| |
| | |
| |
| |
| |
Revenue | |
$ | 3,490,172 | |
$ | 3,943,833 | |
| 13.0 | % | |
$ | 6,872,527 | |
$ | 7,843,753 | |
| 14.1 | % |
Cost of revenue | |
| 3,262,078 | |
| 3,682,659 | |
| 12.9 | % | |
| 6,429,445 | |
| 7,338,609 | |
| 14.1 | % |
Gross profit | |
| 228,094 | |
| 261,174 | |
| 14.5 | % | |
| 443,082 | |
| 505,144 | |
| 14.0 | % |
Equity in earnings (losses) of joint ventures | |
| 7,456 | |
| 19,459 | |
| 161.0 | % | |
| 17,285 | |
| (9,482 | ) |
| (154.9 | )% |
General and administrative expenses | |
| (34,147 | ) |
| (44,686 | ) |
| 30.9 | % | |
| (69,759 | ) |
| (80,410 | ) |
| 15.3 | % |
Restructuring costs | |
| (3,973 | ) |
| (35,465 | ) |
| 792.7 | % | |
| (41,432 | ) |
| (51,645 | ) |
| 24.7 | % |
Income from operations | |
| 197,430 | |
| 200,482 | |
| 1.5 | % | |
| 349,176 | |
| 363,607 | |
| 4.1 | % |
Other income | |
| 2,501 | |
| 2,622 | |
| 4.8 | % | |
| 4,485 | |
| 5,191 | |
| 15.7 | % |
Interest income | |
| 9,804 | |
| 15,422 | |
| 57.3 | % | |
| 15,690 | |
| 27,524 | |
| 75.4 | % |
Interest expense | |
| (42,372 | ) |
| (47,723 | ) |
| 12.6 | % | |
| (79,072 | ) |
| (88,980 | ) |
| 12.5 | % |
Income from continuing operations before taxes | |
| 167,363 | |
| 170,803 | |
| 2.1 | % | |
| 290,279 | |
| 307,342 | |
| 5.9 | % |
Income tax expense for continuing operations | |
| 41,105 | |
| 45,385 | |
| 10.4 | % | |
| 66,870 | |
| 72,043 | |
| 7.7 | % |
Income from continuing operations | |
| 126,258 | |
| 125,418 | |
| (0.7 | )% | |
| 223,409 | |
| 235,299 | |
| 5.3 | % |
Loss from discontinued operations | |
| (41,775 | ) |
| (109,388 | ) |
| 161.9 | % | |
| (42,163 | ) |
| (110,675 | ) |
| 162.5 | % |
Net income | |
| 84,483 | |
| 16,030 | |
| (81.0 | )% | |
| 181,246 | |
| 124,624 | |
| (31.2 | )% |
| |
| | |
| | |
| | | |
| | |
| | |
| | |
Net income attributable to noncontrolling interests from continuing operations | |
| (8,089 | ) |
| (14,113 | ) |
| 74.5 | % | |
| (17,733 | ) |
| (27,230 | ) |
| 53.6 | % |
Net loss (income) attributable to noncontrolling interests from discontinued operations | |
| 221 | |
| (910 | ) |
| (511.8 | )% | |
| 1,047 | |
| (1,949 | ) |
| (286.2 | )% |
Net income attributable to noncontrolling interests | |
| (7,868 | ) |
| (15,023 | ) |
| 90.9 | % | |
| (16,686 | ) |
| (29,179 | ) |
| 74.9 | % |
| |
| | |
| | |
| | | |
| | |
| | |
| | |
Net income attributable to AECOM from continuing operations | |
| 118,169 | |
| 111,305 | |
| (5.8 | )% | |
| 205,676 | |
| 208,069 | |
| 1.2 | % |
Net loss attributable to AECOM from discontinued operations | |
| (41,554 | ) |
| (110,298 | ) |
| 165.4 | % | |
| (41,116 | ) |
| (112,624 | ) |
| 173.9 | % |
Net income attributable to AECOM | |
$ | 76,615 | |
$ | 1,007 | |
| (98.7 | )% | |
$ | 164,560 | |
$ | 95,445 | |
| (42.0 | )% |
| |
| | |
| | |
| | | |
| | |
| | |
| | |
Net income (loss) attributable to AECOM per share: | |
| | |
| | |
| | | |
| | |
| | |
| | |
Basic continuing operations per share | |
$ | 0.85 | |
$ | 0.82 | |
| (3.5 | )% | |
$ | 1.48 | |
$ | 1.53 | |
| 3.4 | % |
Basic discontinued operations per share | |
| (0.30 | ) |
| (0.81 | ) |
| 170.0 | % | |
| (0.29 | ) |
| (0.83 | ) |
| 186.2 | % |
Basic earnings per share | |
$ | 0.55 | |
$ | 0.01 | |
| (98.2 | )% | |
$ | 1.19 | |
$ | 0.70 | |
| (41.2 | )% |
| |
| | |
| | |
| | | |
| | |
| | |
| | |
Diluted continuing operations per share | |
$ | 0.84 | |
$ | 0.81 | |
| (3.6 | )% | |
$ | 1.46 | |
$ | 1.52 | |
| 4.1 | % |
Diluted discontinued operations per share | |
| (0.29 | ) |
| (0.80 | ) |
| 175.9 | % | |
| (0.29 | ) |
| (0.82 | ) |
| 182.8 | % |
Diluted earnings per share | |
$ | 0.55 | |
$ | 0.01 | |
| (98.2 | )% | |
$ | 1.17 | |
$ | 0.70 | |
| (40.2 | )% |
| |
| | |
| | |
| | | |
| | |
| | |
| | |
Weighted average shares outstanding: | |
| | |
| | |
| | | |
| | |
| | |
| | |
Basic | |
| 138,927 | |
| 136,006 | |
| (2.1 | )% | |
| 138,807 | |
| 135,952 | |
| (2.1 | )% |
Diluted | |
| 140,335 | |
| 136,712 | |
| (2.6 | )% | |
| 140,489 | |
| 136,907 | |
| (2.5 | )% |
AECOM
Balance Sheet
Information
(unaudited -
in thousands)
| |
September 30,
2023 | | |
March 31,
2024 | |
Balance Sheet
Information: | |
| | | |
| | |
Total
cash and cash equivalents | |
$ | 1,260,206 | | |
$ | 1,185,806 | |
Accounts
receivable and contract assets – net | |
| 4,069,504 | | |
| 4,452,344 | |
Working
capital | |
| 319,228 | | |
| 361,671 | |
Total
debt, excluding unamortized debt issuance costs | |
| 2,217,255 | | |
| 2,205,837 | |
Total
assets | |
| 11,233,398 | | |
| 11,457,393 | |
Total
AECOM stockholders’ equity | |
| 2,212,332 | | |
| 2,198,667 | |
AECOM
Reportable
Segments
(unaudited
- in thousands)
| |
Americas | | |
International | | |
AECOM
Capital | | |
Corporate | | |
Total | |
Three
Months Ended March 31, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 3,038,575 | | |
$ | 904,787 | | |
$ | 471 | | |
$ | - | | |
$ | 3,943,833 | |
Cost of revenue | |
| 2,854,102 | | |
| 828,557 | | |
| - | | |
| - | | |
| 3,682,659 | |
Gross profit | |
| 184,473 | | |
| 76,230 | | |
| 471 | | |
| - | | |
| 261,174 | |
Equity in earnings of joint
ventures | |
| 4,730 | | |
| 4,948 | | |
| 9,781 | | |
| - | | |
| 19,459 | |
General and administrative expenses | |
| - | | |
| - | | |
| (9,676 | ) | |
| (35,010 | ) | |
| (44,686 | ) |
Restructuring
costs | |
| - | | |
| - | | |
| - | | |
| (35,465 | ) | |
| (35,465 | ) |
Income
from operations | |
$ | 189,203 | | |
$ | 81,178 | | |
$ | 576 | | |
$ | (70,475 | ) | |
$ | 200,482 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Gross profit as a % of revenue | |
| 6.1 | % | |
| 8.4 | % | |
| - | | |
| - | | |
| 6.6 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Three
Months Ended March 31, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 2,630,170 | | |
$ | 859,821 | | |
$ | 181 | | |
$ | - | | |
$ | 3,490,172 | |
Cost of revenue | |
| 2,456,859 | | |
| 805,219 | | |
| - | | |
| - | | |
| 3,262,078 | |
Gross profit | |
| 173,311 | | |
| 54,602 | | |
| 181 | | |
| - | | |
| 228,094 | |
Equity in earnings (losses)
of joint ventures | |
| 4,878 | | |
| 5,411 | | |
| (2,833 | ) | |
| - | | |
| 7,456 | |
General and administrative expenses | |
| - | | |
| - | | |
| (2,917 | ) | |
| (31,230 | ) | |
| (34,147 | ) |
Restructuring
costs | |
| - | | |
| - | | |
| - | | |
| (3,973 | ) | |
| (3,973 | ) |
Income
(loss) from operations | |
$ | 178,189 | | |
$ | 60,013 | | |
$ | (5,569 | ) | |
$ | (35,203 | ) | |
$ | 197,430 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Gross profit as a % of revenue | |
| 6.6 | % | |
| 6.4 | % | |
| - | | |
| - | | |
| 6.5 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended March 31, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 6,077,258 | | |
$ | 1,765,828 | | |
$ | 667 | | |
$ | - | | |
$ | 7,843,753 | |
Cost of revenue | |
| 5,721,810 | | |
| 1,616,799 | | |
| - | | |
| - | | |
| 7,338,609 | |
Gross profit | |
| 355,448 | | |
| 149,029 | | |
| 667 | | |
| - | | |
| 505,144 | |
Equity in earnings (losses)
of joint ventures | |
| 8,388 | | |
| 9,230 | | |
| (27,100 | ) | |
| - | | |
| (9,482 | ) |
General and administrative expenses | |
| - | | |
| - | | |
| (12,127 | ) | |
| (68,283 | ) | |
| (80,410 | ) |
Restructuring
costs | |
| - | | |
| - | | |
| - | | |
| (51,645 | ) | |
| (51,645 | ) |
Income
(loss) from operations | |
$ | 363,836 | | |
$ | 158,259 | | |
$ | (38,560 | ) | |
$ | (119,928 | ) | |
$ | 363,607 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Gross profit as a % of revenue | |
| 5.8 | % | |
| 8.4 | % | |
| - | | |
| - | | |
| 6.4 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Contracted backlog | |
$ | 8,760,619 | | |
$ | 4,261,367 | | |
$ | - | | |
$ | - | | |
$ | 13,021,986 | |
Awarded
backlog | |
| 8,616,783 | | |
| 2,105,750 | | |
| - | | |
| - | | |
| 10,722,533 | |
Total
backlog | |
$ | 17,377,402 | | |
$ | 6,367,117 | | |
$ | - | | |
$ | - | | |
$ | 23,744,519 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total backlog – Design
only | |
$ | 15,924,738 | | |
$ | 6,367,117 | | |
$ | - | | |
$ | - | | |
$ | 22,291,855 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended March 31, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 5,209,481 | | |
$ | 1,662,617 | | |
$ | 429 | | |
$ | - | | |
$ | 6,872,527 | |
Cost of revenue | |
| 4,873,265 | | |
| 1,556,180 | | |
| - | | |
| - | | |
| 6,429,445 | |
Gross profit | |
| 336,216 | | |
| 106,437 | | |
| 429 | | |
| - | | |
| 443,082 | |
Equity in earnings of joint
ventures | |
| 5,761 | | |
| 8,709 | | |
| 2,815 | | |
| - | | |
| 17,285 | |
General and administrative expenses | |
| - | | |
| - | | |
| (5,595 | ) | |
| (64,164 | ) | |
| (69,759 | ) |
Restructuring
costs | |
| - | | |
| - | | |
| - | | |
| (41,432 | ) | |
| (41,432 | ) |
Income
(loss) from operations | |
$ | 341,977 | | |
$ | 115,146 | | |
$ | (2,351 | ) | |
$ | (105,596 | ) | |
$ | 349,176 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Gross profit as a % of revenue | |
| 6.5 | % | |
| 6.4 | % | |
| - | | |
| - | | |
| 6.4 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Contracted backlog | |
$ | 7,887,466 | | |
$ | 4,097,400 | | |
$ | - | | |
$ | - | | |
$ | 11,984,866 | |
Awarded
backlog | |
| 8,999,950 | | |
| 1,996,188 | | |
| - | | |
| - | | |
| 10,996,138 | |
Total backlog | |
$ | 16,887,416 | | |
$ | 6,093,588 | | |
$ | - | | |
$ | - | | |
$ | 22,981,004 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total backlog – Design
only | |
$ | 14,865,535 | | |
$ | 6,093,588 | | |
$ | - | | |
$ | - | | |
$ | 20,959,123 | |
AECOM
Regulation
G Information
(in
millions)
Reconciliation
of Revenue to Net Service Revenue (NSR)
| |
Three
Months Ended | | |
Six
Months Ended | |
| |
Mar
31, 2023 | | |
Dec
31,
2023 | | |
Mar
31, 2024 | | |
Mar
31, 2023 | | |
Mar
31, 2024 | |
Americas | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 2,630.2 | | |
$ | 3,038.7 | | |
$ | 3,038.6 | | |
$ | 5,209.5 | | |
$ | 6,077.3 | |
Less:
Pass-through revenue | |
| 1,654.5 | | |
| 2,061.0 | | |
| 1,965.4 | | |
| 3,310.1 | | |
| 4,026.4 | |
Net service
revenue | |
$ | 975.7 | | |
$ | 977.7 | | |
$ | 1,073.2 | | |
$ | 1,899.4 | | |
$ | 2,050.9 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
International | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 859.8 | | |
$ | 861.0 | | |
$ | 904.8 | | |
$ | 1,662.6 | | |
$ | 1,765.8 | |
Less:
Pass-through revenue | |
| 156.9 | | |
| 131.1 | | |
| 159.0 | | |
| 290.8 | | |
| 290.1 | |
Net service
revenue | |
$ | 702.9 | | |
$ | 729.9 | | |
$ | 745.8 | | |
$ | 1,371.8 | | |
$ | 1,475.7 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Segment
Performance (excludes ACAP) | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 3,490.0 | | |
$ | 3,899.7 | | |
$ | 3,943.4 | | |
$ | 6,872.1 | | |
$ | 7,843.1 | |
Less:
Pass-through revenue | |
| 1,811.4 | | |
| 2,192.1 | | |
| 2,124.4 | | |
| 3,600.9 | | |
| 4,316.5 | |
Net service
revenue | |
$ | 1,678.6 | | |
$ | 1,707.6 | | |
$ | 1,819.0 | | |
$ | 3,271.2 | | |
$ | 3,526.6 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Consolidated | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 3,490.1 | | |
$ | 3,899.9 | | |
$ | 3,943.9 | | |
$ | 6,872.5 | | |
$ | 7,843.8 | |
Less:
Pass-through revenue | |
| 1,811.4 | | |
| 2,192.1 | | |
| 2,124.4 | | |
| 3,600.9 | | |
| 4,316.5 | |
Net service
revenue | |
$ | 1,678.7 | | |
$ | 1,707.8 | | |
$ | 1,819.5 | | |
$ | 3,271.6 | | |
$ | 3,527.3 | |
Reconciliation
of Total Debt to Net Debt
| |
Balances
at: | |
| |
Mar
31, 2023 | |
Dec
31, 2023 | |
Mar
31, 2024 | |
Short-term debt | |
$ | 4.7 | |
$ | 3.2 | |
$ | 2.9 | |
Current portion of long-term
debt | |
| 52.3 | |
| 88.4 | |
| 88.6 | |
Long-term
debt, excluding unamortized debt issuance costs | |
| 2,169.1 | |
| 2,123.4 | |
| 2,114.4 | |
Total debt | |
| 2,226.1 | |
| 2,215.0 | |
| 2,205.9 | |
Less:
Total cash and cash equivalents | |
| 1,073.5 | |
| 1,192.3 | |
| 1,185.8 | |
Net debt | |
$ | 1,152.6 | |
$ | 1,022.7 | |
$ | 1,020.1 | |
Reconciliation
of Net Cash Provided by Operating Activities to Free Cash Flow
| |
Three
Months Ended | | |
Six
Months Ended | |
| |
Mar
31,
2023 | | |
Dec
31,
2023 | | |
Mar
31,
2024 | | |
Mar
31,
2023 | | |
Mar
31,
2024 | |
Net cash provided
by operating activities | |
$ | 11.5 | | |
$ | 143.1 | | |
$ | 94.3 | | |
$ | 131.5 | | |
$ | 237.4 | |
Capital
expenditures, net | |
| (32.3 | ) | |
| (56.2 | ) | |
| (20.3 | ) | |
| (68.6 | ) | |
| (76.5 | ) |
Free cash flow | |
$ | (20.8 | ) | |
$ | 86.9 | | |
$ | 74.0 | | |
$ | 62.9 | | |
$ | 160.9 | |
AECOM
Regulation
G Information
(in
millions, except per share data)
| |
Three
Months Ended | | |
Six
Months Ended | |
| |
| Mar
31, 2023 | | |
| Dec
31, 2023 | | |
| Mar
31, 2024 | | |
| Mar
31, 2023 | | |
| Mar
31, 2024 | |
Reconciliation
of Income from Operations to Adjusted Income from Operations to Adjusted
EBITDA with Noncontrolling Interests (NCI) to Adjusted EBITDA |
| | | |
| | | |
| | |
Income from operations | |
$ | 197.5 | | |
$ | 163.1 | | |
$ | 200.5 | | |
$ | 349.2 | | |
$ | 363.6 | |
Noncore
AECOM Capital loss (income) | |
| 5.6 | | |
| 39.1 | | |
| (0.6 | ) | |
| 2.4 | | |
| 38.5 | |
Restructuring
costs | |
| 3.9 | | |
| 16.2 | | |
| 35.5 | | |
| 41.4 | | |
| 51.7 | |
Amortization
of intangible assets | |
| 4.6 | | |
| 4.6 | | |
| 4.7 | | |
| 9.3 | | |
| 9.3 | |
Adjusted income from operations | |
$ | 211.6 | | |
$ | 223.0 | | |
$ | 240.1 | | |
$ | 402.3 | | |
$ | 463.1 | |
Other
income | |
| 2.5 | | |
| 2.6 | | |
| 2.5 | | |
| 4.5 | | |
| 5.1 | |
Depreciation | |
| 38.4 | | |
| 37.5 | | |
| 38.3 | | |
| 76.1 | | |
| 75.8 | |
Adjusted EBITDA with NCI | |
$ | 252.5 | | |
$ | 263.1 | | |
$ | 280.9 | | |
$ | 482.9 | | |
$ | 544.0 | |
Net income
attributable to NCI from continuing operations excluding interest income included in NCI | |
| (8.1 | ) | |
| (11.7 | ) | |
| (12.7 | ) | |
| (17.7 | ) | |
| (24.4 | ) |
Amortization
of intangible assets included in NCI | |
| (0.1 | ) | |
| (0.2 | ) | |
| - | | |
| (0.3 | ) | |
| (0.2 | ) |
Adjusted
EBITDA | |
$ | 244.3 | | |
$ | 251.2 | | |
$ | 268.2 | | |
$ | 464.9 | | |
$ | 519.4 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Reconciliation
of Income from Continuing Operations Before Taxes to Adjusted Income from Continuing Operations Before Taxes | |
| | | |
| | | |
| | | |
| | | |
| | |
Income from continuing operations
before taxes | |
$ | 167.4 | | |
$ | 136.5 | | |
$ | 170.8 | | |
$ | 290.3 | | |
$ | 307.3 | |
Noncore
AECOM Capital loss (income) | |
| 5.6 | | |
| 39.1 | | |
| (0.6 | ) | |
| 2.4 | | |
| 38.5 | |
Restructuring
costs | |
| 3.9 | | |
| 16.2 | | |
| 35.5 | | |
| 41.4 | | |
| 51.7 | |
Amortization
of intangible assets | |
| 4.6 | | |
| 4.6 | | |
| 4.7 | | |
| 9.3 | | |
| 9.3 | |
Financing
charges in interest expense | |
| 1.2 | | |
| 1.3 | | |
| 1.2 | | |
| 2.4 | | |
| 2.5 | |
Adjusted
income from continuing operations before taxes | |
$ | 182.7 | | |
$ | 197.7 | | |
$ | 211.6 | | |
$ | 345.8 | | |
$ | 409.3 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Reconciliation
of Income Taxes for Continuing Operations to Adjusted Income Taxes for Continuing Operations | |
| | | |
| | | |
| | | |
| | | |
| | |
Income tax expense for continuing
operations | |
$ | 41.1 | | |
$ | 26.6 | | |
$ | 45.4 | | |
$ | 66.9 | | |
$ | 72.0 | |
Tax
effect of the above adjustments(1) | |
| 4.3 | | |
| 14.0 | | |
| 10.4 | | |
| 13.7 | | |
| 24.4 | |
Valuation
allowances and other tax only items | |
| 0.6 | | |
| - | | |
| - | | |
| 0.6 | | |
| - | |
Adjusted
income tax expense for continuing operations | |
$ | 46.0 | | |
$ | 40.6 | | |
$ | 55.8 | | |
$ | 81.2 | | |
$ | 96.4 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
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 | |
$ | (8.1 | ) | |
$ | (13.1 | ) | |
$ | (14.1 | ) | |
$ | (17.7 | ) | |
$ | (27.2 | ) |
Amortization
of intangible assets included in NCI | |
| (0.1 | ) | |
| (0.2 | ) | |
| - | | |
| (0.3 | ) | |
| (0.2 | ) |
Adjusted
net income attributable to noncontrolling interests from continuing operations | |
$ | (8.2 | ) | |
$ | (13.3 | ) | |
$ | (14.1 | ) | |
$ | (18.0 | ) | |
$ | (27.4 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
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 | |
$ | 118.2 | | |
$ | 96.8 | | |
$ | 111.3 | | |
$ | 205.7 | | |
$ | 208.1 | |
Noncore
AECOM Capital loss (income), net of NCI | |
| 5.6 | | |
| 39.1 | | |
| (0.6 | ) | |
| 2.4 | | |
| 38.5 | |
Restructuring
costs | |
| 3.9 | | |
| 16.2 | | |
| 35.5 | | |
| 41.4 | | |
| 51.7 | |
Amortization
of intangible assets | |
| 4.6 | | |
| 4.6 | | |
| 4.7 | | |
| 9.3 | | |
| 9.3 | |
Financing
charges in interest expense | |
| 1.2 | | |
| 1.3 | | |
| 1.2 | | |
| 2.4 | | |
| 2.5 | |
Tax
effect of the above adjustments(1) | |
| (4.3 | ) | |
| (14.0 | ) | |
| (10.4 | ) | |
| (13.7 | ) | |
| (24.4 | ) |
Valuation
allowances and other tax only items | |
| (0.6 | ) | |
| - | | |
| - | | |
| (0.6 | ) | |
| - | |
Amortization
of intangible assets included in NCI | |
| (0.1 | ) | |
| (0.2 | ) | |
| - | | |
| (0.3 | ) | |
| (0.2 | ) |
Adjusted
net income attributable to AECOM from continuing operations | |
$ | 128.5 | | |
$ | 143.8 | | |
$ | 141.7 | | |
$ | 246.6 | | |
$ | 285.5 | |
(1) Adjusts the income taxes during the period to
exclude the impact on our effective tax rate of the pre-tax adjustments shown above
AECOM
Regulation
G Information
(in
millions, except per share data)
|
|
Three
Months Ended |
|
Six
Months Ended |
|
|
|
Mar
31,
2023 |
|
Dec
31,
2023 |
|
Mar
31,
2024 |
|
Mar
31,
2023 |
|
Mar
31,
2024 |
|
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 |
|
$ |
0.84 |
|
$ |
0.71 |
|
$ |
0.81 |
|
$ |
1.46 |
|
$ |
1.52 |
|
Per diluted share adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncore AECOM Capital
loss, net of NCI |
|
|
0.04 |
|
|
0.29 |
|
|
- |
|
|
0.02 |
|
|
0.28 |
|
Restructuring costs |
|
|
0.03 |
|
|
0.12 |
|
|
0.26 |
|
|
0.29 |
|
|
0.38 |
|
Amortization of intangible
assets |
|
|
0.03 |
|
|
0.03 |
|
|
0.03 |
|
|
0.07 |
|
|
0.07 |
|
Financing charges in interest
expense |
|
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
0.02 |
|
|
0.02 |
|
Tax
effect of the above adjustments(1) |
|
|
(0.03 |
) |
|
(0.11 |
) |
|
(0.07 |
) |
|
(0.11 |
) |
|
(0.18 |
) |
Adjusted net income attributable to AECOM from continuing
operations per diluted share |
|
$ |
0.92 |
|
$ |
1.05 |
|
$ |
1.04 |
|
$ |
1.75 |
|
$ |
2.09 |
|
Weighted average shares outstanding – basic |
|
|
138.9 |
|
|
135.9 |
|
|
136.0 |
|
|
138.8 |
|
|
136.0 |
|
Weighted average shares outstanding – diluted |
|
|
140.3 |
|
|
137.1 |
|
|
136.7 |
|
|
140.5 |
|
|
136.9 |
|
(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 | |
$ | 118.2 | |
$ | 96.8 | |
$ | 111.3 | |
$ | 205.7 | |
$ | 208.1 | |
Income
tax expense | |
| 41.1 | |
| 26.6 | |
| 45.4 | |
| 66.9 | |
| 72.0 | |
Depreciation
and amortization | |
| 44.0 | |
| 43.1 | |
| 44.2 | |
| 87.4 | |
| 87.3 | |
Interest
income, net of NCI | |
| (9.8 | ) |
| (10.7 | ) |
| (14.1 | ) |
| (15.7 | ) |
| (24.8 | ) |
Interest
expense | |
| 42.4 | |
| 41.3 | |
| 47.7 | |
| 79.1 | |
| 89.0 | |
Amortized
bank fees included in interest expense | |
| (1.2 | ) |
| (1.2 | ) |
| (1.2 | ) |
| (2.4 | ) |
| (2.4 | ) |
Noncore
AECOM Capital (income) loss, net of NCI | |
| 5.6 | |
| 39.1 | |
| (0.6 | ) |
| 2.4 | |
| 38.5 | |
Restructuring
costs | |
| 4.0 | |
| 16.2 | |
| 35.5 | |
| 41.5 | |
| 51.7 | |
Adjusted EBITDA | |
$ | 244.3 | |
$ | 251.2 | |
$ | 268.2 | |
$ | 464.9 | |
$ | 519.4 | |
Reconciliation of Segment Income from
Operations to Adjusted Segment Income from Operations |
|
|
| |
|
|
|
Americas Segment: | |
| | |
| | |
| |
|
| | |
|
|
|
Segment
Income from operations | |
$ | 178.2 | |
$ | 174.6 | |
$ | 189.2 |
|
$ | 342.0 | |
$ |
363.8 |
|
Amortization
of intangible assets | |
| 4.3 | |
| 4.3 | |
| 4.3 |
|
| 8.7 | |
|
8.6 |
|
Adjusted
segment income from operations | |
$ | 182.5 | |
$ | 178.9 | |
$ | 193.5 |
|
$ | 350.7 | |
$ |
372.4 |
|
| |
| | |
| | |
| |
|
| | |
|
|
|
International Segment: | |
| | |
| | |
| |
|
| | |
|
|
|
Segment Income
from operations | |
$ | 60.0 | |
$ | 77.1 | |
$ | 81.2 |
|
$ | 115.1 | |
$ |
158.3 |
|
Amortization
of intangible assets | |
| 0.3 | |
| 0.3 | |
| 0.4 |
|
| 0.6 | |
|
0.7 |
|
Adjusted
segment income from operations | |
$ | 60.3 | |
$ | 77.4 | |
$ | 81.6 |
|
$ | 115.7 | |
$ |
159.0 |
|
| |
| | |
| | |
| |
|
| | |
|
|
|
Segment Performance (excludes
ACAP & G&A): | |
| | |
| | |
| |
|
| | |
|
|
|
Segment Income
from operations | |
$ | 238.2 | |
$ | 251.7 | |
$ | 270.4 |
|
$ | 457.1 | |
$ |
522.1 |
|
Amortization
of intangible assets | |
| 4.6 | |
| 4.6 | |
| 4.7 |
|
| 9.3 | |
|
9.3 |
|
Adjusted
segment income from operations | |
$ | 242.8 | |
$ | 256.3 | |
$ | 275.1 |
|
$ | 466.4 | |
$ |
531.4 |
|
AECOM
Regulation G Information
FY2024
GAAP EPS Guidance based on Adjusted EPS Guidance |
(all
figures approximate) |
| |
Fiscal Year End 2024 | |
GAAP EPS Guidance | |
| $3.63
to $3.95 | |
Adjusted EPS excludes: | |
| | |
Amortization
of intangible assets | |
| $0.13 | |
Amortization
of deferred financing fees | |
| $0.04 | |
Noncore
AECOM Capital | |
| $0.28 | |
Restructuring
expenses | |
| $0.51
to $0.36 | |
Tax
effect of the above items | |
| ($0.24)
to ($0.21) | |
Adjusted
EPS Guidance | |
| $4.35
to $4.55 | |
FY2024
GAAP Net Income from Continuing Operations Guidance based on Adjusted EBITDA Guidance | |
| | |
(in
millions, all figures approximate) | |
| | |
| |
Fiscal Year End 2024 | |
GAAP net income from continuing
operations guidance | |
| $558
to $589 | |
Net income
attributable to noncontrolling interest from continuing operations | |
| ($60)
to ($50) | |
Net income
attributable to AECOM from continuing operations | |
| $498
to $539 | |
Adjusted net income attributable
to AECOM from continuing operations excludes: | |
| | |
Amortization
of intangible assets | |
| $18 | |
Amortization
of deferred financing fees | |
| $5 | |
Noncore
AECOM Capital | |
| $39 | |
Restructuring
expenses | |
| $70
to $50 | |
Tax
effect of the above items | |
| ($33)
to ($28) | |
Adjusted
net income attributable to AECOM from continuing operations | |
| $597
to $623 | |
Adjusted
EBITDA excludes: | |
| | |
Depreciation | |
| $152 | |
Adjusted
interest expense, net | |
| $120 | |
Tax
expense, including tax effect of above items | |
| $201
to $210 | |
Adjusted
EBITDA Guidance | |
| $1,070
to $1,105 | |
FY2024
GAAP Interest Expense Guidance based on Adjusted Interest Expense Guidance | |
| | |
(in
millions, all figures approximate) | |
| | |
| |
Fiscal Year End 2024 | |
GAAP interest expense
guidance | |
$ | 170 | |
Finance charges in interest
expense | |
$ | (5 | ) |
Interest
income, net of NCI | |
$ | (45 | ) |
Adjusted
net interest expense guidance | |
$ | 120 | |
FY2024
GAAP Income Tax Guidance based on Adjusted Income Tax Guidance |
|
(in
millions, all figures approximate) |
|
| |
Fiscal Year End 2024 |
|
GAAP income tax expense guidance | |
|
$168 to $182 |
|
Tax effect
of adjusting items | |
|
$33 to
$28 |
|
Adjusted
income tax expense guidance | |
|
$201
to $210 |
|
FY2024
GAAP Income from Operations as a % of Revenue Guidance based on Segment Adjusted Operating Income as a % of Net Service Revenue
Guidance |
|
(all
figures approximate) |
| |
Fiscal
Year End 2024 | |
Income from operations
as a % of revenue | |
| 5.9 | % |
Pass-through revenues | |
| 8.3 | % |
Amortization of intangible assets | |
| 0.1 | % |
Corporate net expense | |
| 0.9 | % |
Restructuring
expenses* | |
| 0.4 | % |
Segment
adjusted operating income as a % of net service revenue | |
| 15.6 | % |
*Based
on midpoint of FY2024 guidance
Note: Variances in tables are due to
rounding.
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