AECOM reports fourth quarter and full year fiscal 2024 results
AECOM (NYSE:ACM) reported strong Q4 and full year fiscal 2024 results, exceeding previously increased guidance. Q4 revenue grew 7% to $4.1B, with net income up 396% to $168M. Full-year revenue increased 12% to $16.1B, with net income rising 343% to $506M. The company achieved record margins with adjusted EBITDA margin at 16.7% in Q4 and 16.0% for the full year.
Total backlog reached a new record with a 3% increase, while design backlog grew 5%. Free cash flow hit a record $708M, up 20% YoY. For fiscal 2025, AECOM expects organic NSR growth of 5-8% and adjusted EPS of $5.00-$5.20. The company increased its share repurchase authorization to $1B and quarterly dividend by 18%.
AECOM (NYSE:ACM) ha riportato risultati forti nel quarto trimestre e per l'intero anno fiscale 2024, superando le previsioni precedentemente aumentate. Le entrate del quarto trimestre sono aumentate del 7% a $4,1 miliardi, con un utile netto aumentato del 396% a $168 milioni. Le entrate dell'intero anno sono aumentate del 12% a $16,1 miliardi, con un utile netto in crescita del 343% a $506 milioni. L'azienda ha raggiunto margini record con un margine EBITDA rettificato del 16,7% nel quarto trimestre e del 16,0% per l'intero anno.
Il backlog totale ha raggiunto un nuovo record con un incremento del 3%, mentre il backlog di design è cresciuto del 5%. Il flusso di cassa libero ha toccato un record di $708 milioni, in aumento del 20% rispetto all'anno precedente. Per l'anno fiscale 2025, AECOM prevede una crescita organica del NSR tra il 5% e l'8% e un EPS rettificato tra $5,00 e $5,20. L'azienda ha aumentato la propria autorizzazione per il riacquisto di azioni a $1 miliardo e il dividendo trimestrale del 18%.
AECOM (NYSE:ACM) reportó fuertes resultados en el cuarto trimestre y en el año fiscal 2024, superando la guía previamente incrementada. Los ingresos del cuarto trimestre crecieron un 7% a $4.1 mil millones, con un ingreso neto que aumentó un 396% a $168 millones. Los ingresos del año completo aumentaron un 12% a $16.1 mil millones, con un ingreso neto que subió un 343% a $506 millones. La compañía alcanzó márgenes récord con un margen EBITDA ajustado del 16.7% en el cuarto trimestre y del 16.0% en todo el año.
El backlog total alcanzó un nuevo récord con un aumento del 3%, mientras que el backlog de diseño creció un 5%. El flujo de caja libre alcanzó un récord de $708 millones, un 20% más año tras año. Para el año fiscal 2025, AECOM espera un crecimiento orgánico de NSR del 5% al 8% y un EPS ajustado de entre $5.00 y $5.20. La compañía aumentó su autorización para la recompra de acciones a $1 mil millones y el dividendo trimestral en un 18%.
AECOM (NYSE:ACM)은 2024 회계연도 4분기 및 전체 연도 실적을 발표했으며, 이전에 증가된 가이던스를 초과 달성했습니다. 4분기 수익은 7% 증가하여 41억 달러에 도달했으며, 순이익은 396% 증가하여 1억 6,800만 달러에 달했습니다. 전체 연도 수익은 12% 증가하여 161억 달러에 도달했으며, 순이익은 343% 증가하여 5억 6,000만 달러에 도달했습니다. 회사는 4분기와 전체 연도에 대해 각각 16.7% 및 16.0%의 조정 EBITDA 마진과 함께 기록적인 마진을 달성했습니다.
총 백로그는 3% 증가하여 새로운 기록을 세웠으며, 디자인 백로그는 5% 증가했습니다. 자유 현금 흐름은 7억 8백만 달러로 증가하여 전년 대비 20% 증가했습니다. 2025 회계연도를 위해 AECOM은 유기적 NSR 성장률을 5-8%로 예상하며, 조정 EPS는 5.00-5.20 달러로 예상하고 있습니다. 회사는 자사주 매입 권한을 10억 달러로 늘리고 분기 배당금을 18% 인상했습니다.
AECOM (NYSE:ACM) a annoncé de solides résultats pour le quatrième trimestre et pour l'année fiscale 2024, dépassant les prévisions précédemment augmentées. Les recettes du quatrième trimestre ont augmenté de 7% pour atteindre 4,1 milliards de dollars, tandis que le bénéfice net a grimpé de 396% pour atteindre 168 millions de dollars. Les recettes de l'année entière ont augmenté de 12% pour atteindre 16,1 milliards de dollars, avec un bénéfice net en hausse de 343% à 506 millions de dollars. L'entreprise a atteint des marges record, avec une marge EBITDA ajustée de 16,7 % au quatrième trimestre et de 16,0 % pour l'année complète.
Le carnet de commandes total a atteint un nouveau record avec une augmentation de 3%, tandis que le carnet de commandes de conception a augmenté de 5%. Le flux de trésorerie disponible a atteint un record de 708 millions de dollars, en hausse de 20% par rapport à l'année précédente. Pour l'année fiscale 2025, AECOM prévoit une croissance organique du NSR de 5 à 8 % et un BPA ajusté de 5,00 à 5,20 dollars. L'entreprise a augmenté son autorisation de rachat d'actions à 1 milliard de dollars et son dividende trimestriel de 18 %.
AECOM (NYSE:ACM) berichtete von starken Ergebnissen im vierten Quartal und im gesamten Geschäftsjahr 2024, die die zuvor erhöhten Prognosen übertrafen. Der Umsatz im vierten Quartal stieg um 7% auf 4,1 Milliarden US-Dollar, während der Nettoertrag um 396% auf 168 Millionen US-Dollar anstieg. Der Gesamterlös für das Jahr stieg um 12% auf 16,1 Milliarden US-Dollar, wobei der Nettoertrag um 343% auf 506 Millionen US-Dollar zunahm. Das Unternehmen erreichte Rekordmargen mit einer bereinigten EBITDA-Marge von 16,7% im vierten Quartal und 16,0% für das gesamte Jahr.
Der Gesamtauftragsbestand erreichte mit einem Anstieg von 3% einen neuen Rekord, während der Designauftragsbestand um 5% wuchs. Der freie Cashflow erreichte mit 708 Millionen US-Dollar einen Rekordwert, was einem Anstieg von 20% im Vergleich zum Vorjahr entspricht. Für das Geschäftsjahr 2025 erwartet AECOM ein organisches NSR-Wachstum von 5-8% und einen bereinigten EPS von 5,00-5,20 US-Dollar. Das Unternehmen hat die Genehmigung zum Rückkauf von Aktien auf 1 Milliarde US-Dollar erhöht und die vierteljährliche Dividende um 18% angehoben.
- Revenue increased 12% to $16.1B for full year 2024
- Net income grew 343% to $506M in FY2024
- Record free cash flow of $708M, up 20% YoY
- Total backlog increased 3% to new record levels
- 18% increase in quarterly dividend
- Share repurchase authorization increased to $1B
- None.
Insights
The Q4 and FY2024 results showcase strong financial performance with several notable achievements. Revenue increased 7% to
- Record-setting net service revenue with
8% growth in design business - Adjusted EBITDA margin expansion to
16.7% in Q4 - Free cash flow reached
$708 million , up20% YoY - Total backlog increased
3% to a new record
The FY2025 guidance is particularly promising, projecting
The infrastructure sector outlook appears highly favorable for AECOM's growth trajectory. The company's strategic positioning is evident in several metrics:
- Design win rate maintaining at
50% with even higher success on larger projects - Pipeline growth of
10% reaching new highs - Strong presence across diverse markets with increasing funding availability
The creation of the Water and Environment Advisory business opens new high-margin opportunities. The company's focus on technical excellence and business development investments, combined with record backlog levels, suggests sustainable long-term growth potential. The commitment to achieve
- Fiscal 2025 guidance includes record net service revenue, margins and earnings
- Fiscal 2024 earnings exceeded previously-increased guidance
- Total backlog and pipeline are at all-time highs
-
Increased the share repurchase authorization to
$1 billion 18%
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Fourth Quarter Fiscal 2024 |
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Full Year Fiscal 2024 |
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(from Continuing Operations;
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As
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Adjusted1
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As
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Adjusted
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As
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Adjusted1
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As
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Adjusted
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Revenue |
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-- |
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-- |
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-- |
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-- |
Net Service Revenue (NSR)2 |
-- |
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-- |
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-- |
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-- |
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Operating Income |
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Segment Operating Margin3 |
-- |
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-- |
+150 bps |
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-- |
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-- |
+100 bps |
Net Income |
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EPS (Fully Diluted) |
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EBITDA4 |
-- |
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-- |
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-- |
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-- |
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EBITDA Margin5 |
-- |
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-- |
+140 bps |
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-- |
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-- |
+100 bps |
Operating Cash Flow |
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-- |
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-- |
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-- |
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-- |
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Free Cash Flow6 |
-- |
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-- |
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-- |
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-- |
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Total Backlog7 |
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-- |
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-- |
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Fourth Quarter and Full Year Fiscal 2024 Highlights:
-
Reflecting as reported performance from continuing operations, fourth quarter revenue increased
7% to$4.1 billion 194% to$236 million 396% to$168 million 421% to$1.25 12% to$16.1 billion 155% to$827 million 343% to$506 million 358% to$3.71 -
Full year net service revenue2 (NSR) reached an all-time high and included strength across the Company’s largest end markets and geographies.
-
Delivered
8% growth in the design business, driven by9% growth in theAmericas .
-
Delivered
-
Earnings exceeded previously-increased guidance and set new records.
-
Fourth quarter adjusted1 EBITDA4 and adjusted1 EPS increased by
15% and26% , respectively. -
For the full year, adjusted1 EBTDA4 and adjusted1 EPS increased
14% and22% , respectively.
-
Fourth quarter adjusted1 EBITDA4 and adjusted1 EPS increased by
-
Delivered record margins that exceeded guidance as the Company realized the benefits of its ongoing investments in high-margin organic growth and its continuous improvement initiatives.
-
The adjusted EBITDA margin5 was
16.7% in the fourth quarter and16.0% for the full year, reflecting an increase of 140 basis points and 100 basis points, respectively. -
The segment adjusted1 operating margin3 was
16.7% in the fourth quarter; for the full year, the margin was15.8% , which exceeded guidance of15.6% .
-
The adjusted EBITDA margin5 was
-
Design backlog7 increased by
5% and total backlog increased3% to a new record.-
Design book-to-burn8 in the fourth quarter was 1.2x, including 1.2x in both the
Americas and International segments. -
The Company’s pipeline of opportunities increased by
10% and achieved a new high, driven by robust funding across all of its largest markets. -
The Company’s design win rate of
50% remains at an all-time high and was even higher on larger pursuits.
-
Design book-to-burn8 in the fourth quarter was 1.2x, including 1.2x in both the
-
Free cash flow6 exceeded prior guidance and achieved a new high of
$708 million 20% increase from the prior year-
Free cash flow represented
10% of net service revenue.
-
Free cash flow represented
Fiscal 2025 Financial Guidance
-
AECOM expects to deliver record net service revenue and profitability, margins and continued strong cash flow conversion, including:
-
Organic NSR2 growth of
5% to8% .- Expect phasing to follow a normal seasonal pattern with accelerating growth as the year progresses.
-
Adjusted1 EBITDA4 of between
$1,170 million $1,210 million 9% at the mid-point over fiscal 2024. -
An adjusted EBITDA margin5 of
16.3% , representing a 30 basis point increase from fiscal 2024. -
Adjusted1 EPS of between
$5.00 $5.20 13% at the mid-point compared to fiscal 2024. -
100% + free cash flow6 conversion.
-
Organic NSR2 growth of
-
Other assumptions incorporated into guidance:
- An average fully diluted share count of 134 million, which reflects only shares repurchased to-date, though the Company intends to continue repurchasing stock that would provide a benefit to per share earnings.
-
An adjusted effective tax rate of approximately
24% for the full year.-
The Company expects to maintain an approximately
24% tax rate for the next several years.
-
The Company expects to maintain an approximately
- 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.
Long-Term Financial Framework for Value Creation
-
The Company’s long-term financial framework includes expectations to deliver annually:
-
Organic NSR2 growth of
5% to8% . - At least 20 to 30 basis points of adjusted EBITDA margin5 expansion.
-
At least
100% conversion of adjusted net income to free cash flow6. - Double-digit adjusted EPS1 and free cash flow6 per share growth.
-
Organic NSR2 growth of
-
The Company also expects to achieve an at least
17% adjusted EBITDA margin5 exiting fiscal year 2025 and an at least25% ROIC9 over the long term.
Cash Flow, Balance Sheet and Capital Allocation Update
-
Fourth quarter operating cash flow of
$299 million $275 million $708 20% from the prior year.-
Full year free cash flow represented
10% of net service revenue, reflecting the high quality of the Company’s earnings.
-
Full year free cash flow represented
-
The Company returned approximately
$560 million -
The Board of Directors approved an increase to its share repurchases authorization to
$1 billion 18% increase to its quarterly dividend program to$0.26 -
The Company has increased its annual dividend by an average of
20% over the last three years, delivering on its commitment to increase the value of its per share dividend by double digits annually. -
Since the initiation of its repurchase program in September 2020, the Company has repurchased
$2.2 billion
“We delivered strong results that reflect the strength of our strategy and our competitive advantage, including exceeding the mid-points of our previously-increased EBITDA and EPS guidance and generating record free cash flow,” said Troy Rudd, AECOM’s chief executive officer. “As our largest markets now have certainty following recent elections, several growth opportunities are emerging. In the
“By winning what matters and creating record visibility through our backlog and pipeline, we are in an advantaged position to capitalize on the tremendous growth opportunities in front of us,” said Lara Poloni, AECOM’s president. “The newly-created Water and Environment Advisory business expands our addressable market in the high-value and higher-margin white space between our existing technical services and traditional consulting and advisory services, creating another path for competitive differentiation and value creation.”
“With our strong 2024 results, we have compounded earnings per share by
Business Segments
Revenue in the fourth quarter was
Net service revenue2 in the fourth quarter was
Fourth quarter operating income increased by
International
Revenue in the fourth quarter was
Net service revenue2 in the fourth quarter was
Fourth quarter operating income increased by
Balance Sheet
As of September 30, 2024, AECOM had
Tax Rate
The effective tax rate was
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. |
8 Book-to-burn ratio is defined as the dollar amount of wins divided by revenue recognized during the period, including revenue related to work performed in unconsolidated joint ventures. |
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 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
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 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
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 |
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Consolidated Statements of Income |
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(unaudited - in thousands, except per share data) |
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|
Three Months Ended |
|
Twelve Months Ended |
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|
Sept 30,
|
|
Sept 30,
|
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%
|
|
Sept 30,
|
|
Sept 30,
|
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%
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||||||||||
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|
|
|
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|
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||||||||||
Revenue |
|
$ |
4,110,494 |
|
|
$ |
3,842,385 |
|
|
7.0 |
% |
|
$ |
16,105,498 |
|
|
$ |
14,378,461 |
|
|
12.0 |
% |
Cost of revenue |
|
3,816,341 |
|
|
3,590,080 |
|
|
6.3 |
% |
|
15,021,157 |
|
|
13,432,996 |
|
|
11.8 |
% |
||||
Gross profit |
|
294,153 |
|
|
252,305 |
|
|
16.6 |
% |
|
1,084,341 |
|
|
945,465 |
|
|
14.7 |
% |
||||
Equity in earnings (losses) of joint ventures |
|
3,959 |
|
|
6,866 |
|
|
(42.3 |
)% |
|
2,124 |
|
|
(279,352 |
) |
|
(100.8 |
)% |
||||
General and administrative expenses |
|
(43,486 |
) |
|
(40,933 |
) |
|
6.2 |
% |
|
(160,105 |
) |
|
(153,575 |
) |
|
4.3 |
% |
||||
Restructuring costs |
|
(18,248 |
) |
|
(137,857 |
) |
|
(86.8 |
)% |
|
(98,918 |
) |
|
(188,404 |
) |
|
(47.5 |
)% |
||||
Income from operations |
|
236,378 |
|
|
80,381 |
|
|
194.1 |
% |
|
827,442 |
|
|
324,134 |
|
|
155.3 |
% |
||||
Other income |
|
11,416 |
|
|
2,075 |
|
|
450.2 |
% |
|
17,570 |
|
|
8,357 |
|
|
110.2 |
% |
||||
Interest income |
|
15,219 |
|
|
15,759 |
|
|
(3.4 |
)% |
|
58,560 |
|
|
40,251 |
|
|
45.5 |
% |
||||
Interest expense |
|
(45,070 |
) |
|
(41,402 |
) |
|
8.9 |
% |
|
(185,420 |
) |
|
(159,342 |
) |
|
16.4 |
% |
||||
Income from continuing operations before taxes |
|
217,943 |
|
|
56,813 |
|
|
283.6 |
% |
|
718,152 |
|
|
213,400 |
|
|
236.5 |
% |
||||
Income tax expense for continuing operations |
|
34,822 |
|
|
9,182 |
|
|
279.2 |
% |
|
152,900 |
|
|
56,052 |
|
|
172.8 |
% |
||||
Income from continuing operations |
|
183,121 |
|
|
47,631 |
|
|
284.5 |
% |
|
565,252 |
|
|
157,348 |
|
|
259.2 |
% |
||||
Income (loss) from discontinued operations |
|
1 |
|
|
(7,437 |
) |
|
(100.0 |
)% |
|
(104,997 |
) |
|
(57,207 |
) |
|
83.5 |
% |
||||
Net income |
|
183,122 |
|
|
40,194 |
|
|
355.6 |
% |
|
460,255 |
|
|
100,141 |
|
|
359.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to noncontrolling interests from continuing operations |
|
(14,737 |
) |
|
(13,700 |
) |
|
7.6 |
% |
|
(59,322 |
) |
|
(43,262 |
) |
|
37.1 |
% |
||||
Net loss (income) attributable to noncontrolling interests from discontinued operations |
|
4,163 |
|
|
(1,021 |
) |
|
(507.7 |
)% |
|
1,333 |
|
|
(1,547 |
) |
|
(186.2 |
)% |
||||
Net income attributable to noncontrolling interests |
|
(10,574 |
) |
|
(14,721 |
) |
|
(28.2 |
)% |
|
(57,989 |
) |
|
(44,809 |
) |
|
29.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to AECOM from continuing operations |
|
168,384 |
|
|
33,931 |
|
|
396.3 |
% |
|
505,930 |
|
|
114,086 |
|
|
343.5 |
% |
||||
Net income (loss) attributable to AECOM from discontinued operations |
|
4,164 |
|
|
(8,458 |
) |
|
(149.2 |
)% |
|
(103,664 |
) |
|
(58,754 |
) |
|
76.4 |
% |
||||
Net income attributable to AECOM |
|
$ |
172,548 |
|
|
$ |
25,473 |
|
|
577.4 |
% |
|
$ |
402,266 |
|
|
$ |
55,332 |
|
|
627.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to AECOM
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic continuing operations per share |
|
$ |
1.25 |
|
|
$ |
0.25 |
|
|
400.0 |
% |
|
$ |
3.73 |
|
|
$ |
0.82 |
|
|
354.9 |
% |
Basic discontinued operations per share |
|
|
0.04 |
|
|
|
(0.07 |
) |
|
(157.1 |
)% |
|
|
(0.76 |
) |
|
|
(0.42 |
) |
|
81.0 |
% |
Basic earnings per share |
|
$ |
1.29 |
|
|
$ |
0.18 |
|
|
616.7 |
% |
|
$ |
2.97 |
|
|
$ |
0.40 |
|
|
642.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted continuing operations per share |
|
$ |
1.25 |
|
|
$ |
0.24 |
|
|
420.8 |
% |
|
$ |
3.71 |
|
|
$ |
0.81 |
|
|
358.0 |
% |
Diluted discontinued operations per share |
|
|
0.03 |
|
|
|
(0.06 |
) |
|
(150.0 |
)% |
|
|
(0.76 |
) |
|
|
(0.42 |
) |
|
81.0 |
% |
Diluted earnings per share |
|
$ |
1.28 |
|
|
$ |
0.18 |
|
|
611.1 |
% |
|
$ |
2.95 |
|
|
$ |
0.39 |
|
|
656.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
134,247 |
|
|
138,103 |
|
|
(2.8 |
)% |
|
135,544 |
|
|
138,614 |
|
|
(2.2 |
)% |
||||
Diluted |
|
135,209 |
|
|
139,418 |
|
|
(3.0 |
)% |
|
136,453 |
|
|
140,109 |
|
|
(2.6 |
)% |
||||
AECOM |
||||||
Balance Sheet Information |
||||||
(unaudited - in thousands) |
||||||
|
September 30, 2024 |
|
September 30, 2023 |
|
||
Balance Sheet Information: |
|
|
|
|
||
Total cash and cash equivalents |
$ |
1,580,877 |
|
$ |
1,260,206 |
|
Accounts receivable and contract assets – net |
|
4,599,765 |
|
|
4,069,504 |
|
Working capital |
|
801,978 |
|
|
319,228 |
|
Total debt, excluding unamortized debt issuance costs |
|
2,539,811 |
|
|
2,217,255 |
|
Total assets |
|
12,061,669 |
|
|
11,233,398 |
|
Total AECOM stockholders’ equity |
|
2,184,205 |
|
|
2,212,332 |
|
AECOM |
|||||||||||||||||||
Reportable Segments |
|||||||||||||||||||
(unaudited - in thousands) |
|||||||||||||||||||
|
|
|
|
|
|
||||||||||||||
|
|
International |
AECOM
|
Corporate |
Total |
||||||||||||||
Three Months Ended September 30, 2024 |
|
|
|
|
|
||||||||||||||
Revenue |
$ |
3,161,547 |
|
$ |
948,422 |
|
$ |
525 |
|
$ |
- |
|
$ |
4,110,494 |
|
||||
Cost of revenue |
|
2,961,766 |
|
|
854,575 |
|
|
- |
|
|
- |
|
|
3,816,341 |
|
||||
Gross profit |
|
199,781 |
|
|
93,847 |
|
|
525 |
|
|
- |
|
|
294,153 |
|
||||
Equity in earnings (losses) of joint ventures |
|
3,639 |
|
|
663 |
|
|
(343 |
) |
|
- |
|
|
3,959 |
|
||||
General and administrative expenses |
|
- |
|
|
- |
|
|
(2,333 |
) |
|
(41,153 |
) |
|
(43,486 |
) |
||||
Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(18,248 |
) |
|
(18,248 |
) |
||||
Income (loss) from operations |
$ |
203,420 |
|
$ |
94,510 |
|
$ |
(2,151 |
) |
$ |
(59,401 |
) |
$ |
236,378 |
|
||||
|
|
|
|
|
|
||||||||||||||
Gross profit as a % of revenue |
|
6.3 |
% |
|
9.9 |
% |
|
- |
|
|
- |
|
|
7.2 |
% |
||||
|
|
|
|
|
|
||||||||||||||
Three Months Ended September 30, 2023 |
|
|
|
|
|
||||||||||||||
Revenue |
$ |
2,936,616 |
|
$ |
905,231 |
|
$ |
538 |
|
$ |
- |
|
$ |
3,842,385 |
|
||||
Cost of revenue |
|
2,756,041 |
|
|
834,039 |
|
|
- |
|
|
- |
|
|
3,590,080 |
|
||||
Gross profit |
|
180,575 |
|
|
71,192 |
|
|
538 |
|
|
- |
|
|
252,305 |
|
||||
Equity in earnings of joint ventures |
|
5,612 |
|
|
718 |
|
|
536 |
|
|
- |
|
|
6,866 |
|
||||
General and administrative expenses |
|
- |
|
|
- |
|
|
(2,993 |
) |
|
(37,940 |
) |
|
(40,933 |
) |
||||
Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(137,857 |
) |
|
(137,857 |
) |
||||
Income (loss) from operations |
$ |
186,187 |
|
$ |
71,910 |
|
$ |
(1,919 |
) |
$ |
(175,797 |
) |
$ |
80,381 |
|
||||
|
|
|
|
|
|
||||||||||||||
Gross profit as a % of revenue |
|
6.1 |
% |
|
7.9 |
% |
|
- |
|
|
- |
|
|
6.6 |
% |
||||
|
|
|
|
|
|
||||||||||||||
Twelve Months Ended September 30, 2024 |
|
|
|
|
|
||||||||||||||
Revenue |
$ |
12,485,687 |
|
$ |
3,618,456 |
|
$ |
1,355 |
|
$ |
- |
|
$ |
16,105,498 |
|
||||
Cost of revenue |
|
11,726,629 |
|
|
3,294,528 |
|
|
- |
|
|
- |
|
|
15,021,157 |
|
||||
Gross profit |
|
759,058 |
|
|
323,928 |
|
|
1,355 |
|
|
- |
|
|
1,084,341 |
|
||||
Equity in earnings (losses) of joint ventures |
|
15,505 |
|
|
13,510 |
|
|
(26,891 |
) |
|
- |
|
|
2,124 |
|
||||
General and administrative expenses |
|
- |
|
|
- |
|
|
(15,000 |
) |
|
(145,105 |
) |
|
(160,105 |
) |
||||
Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(98,918 |
) |
|
(98,918 |
) |
||||
Income (loss) from operations |
$ |
774,563 |
|
$ |
337,438 |
|
$ |
(40,536 |
) |
$ |
(244,023 |
) |
$ |
827,442 |
|
||||
|
|
|
|
|
|
||||||||||||||
Gross profit as a % of revenue |
|
6.1 |
% |
|
9.0 |
% |
|
- |
|
|
- |
|
|
6.7 |
% |
||||
|
|
|
|
|
|
||||||||||||||
Contracted backlog |
$ |
8,853,977 |
|
$ |
4,481,765 |
|
$ |
- |
|
$ |
- |
|
$ |
13,335,742 |
|
||||
Awarded backlog |
|
8,582,289 |
|
|
1,945,012 |
|
|
- |
|
|
- |
|
|
10,527,301 |
|
||||
Total backlog |
$ |
17,436,266 |
|
$ |
6,426,777 |
|
$ |
- |
|
$ |
- |
|
$ |
23,863,043 |
|
||||
|
|
|
|
|
|
||||||||||||||
Total backlog – Design only |
$ |
16,130,139 |
|
$ |
6,426,777 |
|
$ |
- |
|
$ |
- |
|
$ |
22,556,916 |
|
||||
|
|
|
|
|
|
||||||||||||||
Twelve Months Ended September 30, 2023 |
|
|
|
|
|
||||||||||||||
Revenue |
$ |
10,975,616 |
|
$ |
3,402,110 |
|
$ |
735 |
|
$ |
- |
|
$ |
14,378,461 |
|
||||
Cost of revenue |
|
10,275,939 |
|
|
3,157,057 |
|
|
- |
|
|
- |
|
|
13,432,996 |
|
||||
Gross profit |
|
699,677 |
|
|
245,053 |
|
|
735 |
|
|
- |
|
|
945,465 |
|
||||
Equity in earnings (losses) of joint ventures |
|
14,890 |
|
|
9,661 |
|
|
(303,903 |
) |
|
- |
|
|
(279,352 |
) |
||||
General and administrative expenses |
|
- |
|
|
- |
|
|
(12,598 |
) |
|
(140,977 |
) |
|
(153,575 |
) |
||||
Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(188,404 |
) |
|
(188,404 |
) |
||||
Income (loss) from operations |
$ |
714,567 |
|
$ |
254,714 |
|
$ |
(315,766 |
) |
$ |
(329,381 |
) |
$ |
324,134 |
|
||||
|
|
|
|
|
|
||||||||||||||
Gross profit as a % of revenue |
|
6.4 |
% |
|
7.2 |
% |
|
- |
|
|
- |
|
|
6.6 |
% |
||||
|
|
|
|
|
|
||||||||||||||
Contracted backlog |
$ |
8,647,795 |
|
$ |
4,173,690 |
|
$ |
- |
|
$ |
- |
|
$ |
12,821,485 |
|
||||
Awarded backlog |
|
8,241,889 |
|
|
2,097,917 |
|
|
- |
|
|
- |
|
|
10,339,806 |
|
||||
Total backlog |
$ |
16,889,684 |
|
$ |
6,271,607 |
|
$ |
- |
|
$ |
- |
|
$ |
23,161,291 |
|
||||
|
|
|
|
|
|
||||||||||||||
Total backlog – Design only |
$ |
15,163,845 |
|
$ |
6,271,607 |
|
$ |
- |
|
$ |
- |
|
$ |
21,435,452 |
|
||||
AECOM |
|||||||||||||||
Regulation G Information |
|||||||||||||||
(in millions) |
|||||||||||||||
Reconciliation of Revenue to Net Service Revenue (NSR) |
|||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
|||||||||||||
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,161.5 |
|
$ |
3,246.9 |
|
$ |
2,936.7 |
|
$ |
12,485.7 |
|
$ |
10,975.7 |
|
Less: Pass-through revenue |
|
2,104.1 |
|
|
2,150.6 |
|
|
1,932.2 |
|
|
8,281.1 |
|
|
7,056.8 |
|
Net service revenue |
$ |
1,057.4 |
|
$ |
1,096.3 |
|
$ |
1,004.5 |
|
$ |
4,204.6 |
|
$ |
3,918.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
948.4 |
|
$ |
904.2 |
|
$ |
905.2 |
|
$ |
3,618.4 |
|
$ |
3,402.1 |
|
Less: Pass-through revenue |
|
194.3 |
|
|
175.0 |
|
|
182.8 |
|
|
659.4 |
|
|
619.0 |
|
Net service revenue |
$ |
754.1 |
|
$ |
729.2 |
|
$ |
722.4 |
|
$ |
2,959.0 |
|
$ |
2,783.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Performance (excludes ACAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,109.9 |
|
$ |
4,151.1 |
|
$ |
3,841.9 |
|
$ |
16,104.1 |
|
$ |
14,377.8 |
|
Less: Pass-through revenue |
|
2,298.4 |
|
|
2,325.6 |
|
|
2,115.0 |
|
|
8,940.5 |
|
|
7,675.8 |
|
Net service revenue |
$ |
1,811.5 |
|
$ |
1,825.5 |
|
$ |
1,726.9 |
|
$ |
7,163.6 |
|
$ |
6,702.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,110.5 |
|
$ |
4,151.2 |
|
$ |
3,842.4 |
|
$ |
16,105.5 |
|
$ |
14,378.5 |
|
Less: Pass-through revenue |
|
2,298.4 |
|
|
2,325.6 |
|
|
2,115.0 |
|
|
8,940.5 |
|
|
7,675.8 |
|
Net service revenue |
$ |
1,812.1 |
|
$ |
1,825.6 |
|
$ |
1,727.4 |
|
$ |
7,165.0 |
|
$ |
6,702.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Debt to Net Debt |
|
|||||||||
|
Balances at: |
|
||||||||
|
Sep 30, 2024 |
|
Jun 30, 2024 |
|
Sep 30, 2023 |
|
||||
Short-term debt |
$ |
3.1 |
|
$ |
2.5 |
|
$ |
3.1 |
|
|
Current portion of long-term debt |
|
63.8 |
|
|
63.6 |
|
|
86.4 |
|
|
Long-term debt, excluding unamortized debt issuance costs |
|
2,473.0 |
|
|
2,475.4 |
|
|
2,127.8 |
|
|
Total debt |
|
2,539.9 |
|
|
2,541.5 |
|
|
2,217.3 |
|
|
Less: Total cash and cash equivalents |
|
1,580.9 |
|
|
1,644.8 |
|
|
1,260.2 |
|
|
Net debt |
$ |
959.0 |
|
$ |
896.7 |
|
$ |
957.1 |
|
|
|
|
|
|
|
|
|
||||
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow |
|
|||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|
||||||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash provided by operating activities |
$ |
298.8 |
|
|
$ |
291.3 |
|
|
$ |
285.2 |
|
|
$ |
827.5 |
|
|
$ |
696.0 |
|
|
Capital expenditures, net |
|
(24.2 |
) |
|
|
(18.4 |
) |
|
|
(22.3 |
) |
|
|
(119.1 |
) |
|
|
(105.3 |
) |
|
Free cash flow |
$ |
274.6 |
|
|
$ |
272.9 |
|
|
$ |
262.9 |
|
|
$ |
708.4 |
|
|
$ |
590.7 |
|
|
AECOM |
|||||||||||||||||||
Regulation G Information |
|||||||||||||||||||
(in millions, except per share data) |
|||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of Income from Operations to Adjusted Income from Operations to Adjusted EBITDA with Noncontrolling Interests (NCI) to Adjusted EBITDA |
|||||||||||||||||||
Income from operations |
$ |
236.3 |
|
|
$ |
227.5 |
|
|
$ |
80.3 |
|
|
$ |
827.4 |
|
|
$ |
324.1 |
|
Noncore AECOM Capital loss (income) |
|
2.2 |
|
|
|
(0.2 |
) |
|
|
1.9 |
|
|
|
40.5 |
|
|
|
315.8 |
|
Restructuring costs |
|
18.3 |
|
|
|
29.0 |
|
|
|
137.9 |
|
|
|
99.0 |
|
|
|
188.4 |
|
Amortization of intangible assets |
|
4.7 |
|
|
|
4.7 |
|
|
|
4.6 |
|
|
|
18.7 |
|
|
|
18.5 |
|
Adjusted income from operations |
$ |
261.5 |
|
|
$ |
261.0 |
|
|
$ |
224.7 |
|
|
$ |
985.6 |
|
|
$ |
846.8 |
|
Other income |
|
11.4 |
|
|
|
1.1 |
|
|
|
2.2 |
|
|
|
17.6 |
|
|
|
8.4 |
|
Fair value adjustment included in other income |
|
(8.8 |
) |
|
|
1.6 |
|
|
|
- |
|
|
|
(7.2 |
) |
|
|
- |
|
Depreciation |
|
39.0 |
|
|
|
37.7 |
|
|
|
38.8 |
|
|
|
152.5 |
|
|
|
152.4 |
|
Adjusted EBITDA with noncontrolling interests (NCI) |
$ |
303.1 |
|
|
$ |
301.4 |
|
|
$ |
265.7 |
|
|
$ |
1,148.5 |
|
|
$ |
1,007.6 |
|
Net income attributable to NCI from continuing operations excluding interest income included in NCI |
|
(13.2 |
) |
|
|
(15.9 |
) |
|
|
(13.7 |
) |
|
|
(53.5 |
) |
|
|
(43.2 |
) |
Amortization of intangible assets included in NCI |
|
- |
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
Adjusted EBITDA |
$ |
289.9 |
|
|
$ |
285.5 |
|
|
$ |
251.9 |
|
|
$ |
1,094.8 |
|
|
$ |
963.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of Income from Continuing Operations Before Taxes to Adjusted Income from Continuing Operations Before Taxes |
|||||||||||||||||||
Income from continuing operations before taxes |
$ |
218.0 |
|
|
$ |
192.9 |
|
|
$ |
56.8 |
|
|
$ |
718.2 |
|
|
$ |
213.4 |
|
Noncore AECOM Capital loss (income) |
|
2.2 |
|
|
|
(0.2 |
) |
|
|
1.9 |
|
|
|
40.5 |
|
|
|
315.8 |
|
Fair value adjustment included in other income |
|
(9.2 |
) |
|
|
1.6 |
|
|
|
- |
|
|
|
(7.6 |
) |
|
|
- |
|
Restructuring costs |
|
18.2 |
|
|
|
29.0 |
|
|
|
137.9 |
|
|
|
98.9 |
|
|
|
188.4 |
|
Amortization of intangible assets |
|
4.7 |
|
|
|
4.7 |
|
|
|
4.6 |
|
|
|
18.7 |
|
|
|
18.5 |
|
Financing charges in interest expense |
|
1.2 |
|
|
|
7.0 |
|
|
|
1.2 |
|
|
|
10.7 |
|
|
|
4.8 |
|
Adjusted income from continuing operations before taxes |
$ |
235.1 |
|
|
$ |
235.0 |
|
|
$ |
202.4 |
|
|
$ |
879.4 |
|
|
$ |
740.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of Income Taxes for Continuing Operations to Adjusted Income Taxes for Continuing Operations |
|||||||||||||||||||
Income tax expense for continuing operations |
$ |
34.9 |
|
|
$ |
46.1 |
|
|
$ |
9.2 |
|
|
$ |
153.0 |
|
|
$ |
56.1 |
|
Tax effect of the above adjustments(1) |
|
2.3 |
|
|
|
11.6 |
|
|
|
38.4 |
|
|
|
38.3 |
|
|
|
142.3 |
|
Valuation allowances and other tax only items |
|
10.9 |
|
|
|
0.8 |
|
|
|
- |
|
|
|
11.7 |
|
|
|
(20.8 |
) |
Adjusted income tax expense for continuing operations |
$ |
48.1 |
|
|
$ |
58.5 |
|
|
$ |
47.6 |
|
|
$ |
203.0 |
|
|
$ |
177.6 |
|
_________________________
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
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 |
$ |
(14.7 |
) |
|
$ |
(17.4 |
) |
|
$ |
(13.7 |
) |
|
$ |
(59.3 |
) |
|
$ |
(43.2 |
) |
Amortization of intangible assets included in NCI |
|
- |
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
Adjusted net income attributable to noncontrolling interests from continuing operations |
$ |
(14.7 |
) |
|
$ |
(17.4 |
) |
|
$ |
(13.8 |
) |
|
$ |
(59.5 |
) |
|
$ |
(43.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
AECOM |
|||||||||||||||||||
Regulation G Information |
|||||||||||||||||||
(in millions, except per share data) |
|||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
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 |
$ |
168.4 |
|
|
$ |
129.4 |
|
|
$ |
33.9 |
|
|
$ |
505.9 |
|
|
$ |
114.1 |
|
Noncore AECOM Capital loss (income), net of NCI |
|
2.2 |
|
|
|
(0.2 |
) |
|
|
1.9 |
|
|
|
40.5 |
|
|
|
315.8 |
|
Fair value adjustment included in other income |
|
(9.2 |
) |
|
|
1.6 |
|
|
|
- |
|
|
|
(7.6 |
) |
|
|
- |
|
Restructuring costs |
|
18.3 |
|
|
|
29.0 |
|
|
|
137.9 |
|
|
|
99.0 |
|
|
|
188.4 |
|
Amortization of intangible assets |
|
4.7 |
|
|
|
4.7 |
|
|
|
4.6 |
|
|
|
18.7 |
|
|
|
18.5 |
|
Financing charges in interest expense |
|
1.2 |
|
|
|
7.0 |
|
|
|
1.2 |
|
|
|
10.7 |
|
|
|
4.8 |
|
Tax effect of the above adjustments(1) |
|
(2.4 |
) |
|
|
(11.6 |
) |
|
|
(38.4 |
) |
|
|
(38.4 |
) |
|
|
(142.3 |
) |
Valuation allowances and other tax only items |
|
(10.9 |
) |
|
|
(0.8 |
) |
|
|
- |
|
|
|
(11.7 |
) |
|
|
20.8 |
|
Amortization of intangible assets included in NCI |
|
- |
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
Adjusted net income attributable to AECOM from continuing operations |
$ |
172.3 |
|
|
$ |
159.1 |
|
|
$ |
141.0 |
|
|
$ |
616.9 |
|
|
$ |
519.6 |
|
_________________________
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
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 |
$ |
1.25 |
|
|
$ |
0.95 |
|
|
$ |
0.24 |
|
|
$ |
3.71 |
|
|
$ |
0.81 |
|
Per diluted share adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noncore AECOM Capital loss, net of NCI |
|
0.02 |
|
|
|
- |
|
|
|
0.01 |
|
|
|
0.30 |
|
|
|
2.26 |
|
Fair value adjustment included in other income |
|
(0.07 |
) |
|
|
0.01 |
|
|
|
- |
|
|
|
(0.06 |
) |
|
|
- |
|
Restructuring costs |
|
0.14 |
|
|
|
0.21 |
|
|
|
0.99 |
|
|
|
0.73 |
|
|
|
1.34 |
|
Amortization of intangible assets |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.14 |
|
|
|
0.13 |
|
Financing charges in interest expense |
|
0.01 |
|
|
|
0.05 |
|
|
|
0.01 |
|
|
|
0.07 |
|
|
|
0.03 |
|
Tax effect of the above adjustments(1) |
|
(0.03 |
) |
|
|
(0.08 |
) |
|
|
(0.27 |
) |
|
|
(0.28 |
) |
|
|
(1.01 |
) |
Valuation allowances and other tax only items |
|
(0.08 |
) |
|
|
(0.01 |
) |
|
|
- |
|
|
|
(0.09 |
) |
|
|
0.15 |
|
Adjusted net income attributable to AECOM from continuing operations per diluted share |
$ |
1.27 |
|
|
$ |
1.16 |
|
|
$ |
1.01 |
|
|
$ |
4.52 |
|
|
$ |
3.71 |
|
Weighted average shares outstanding – basic |
|
134.2 |
|
|
|
136.0 |
|
|
|
138.1 |
|
|
|
135.5 |
|
|
|
138.6 |
|
Weighted average shares outstanding – diluted |
|
135.2 |
|
|
|
136.8 |
|
|
|
139.4 |
|
|
|
136.5 |
|
|
|
140.1 |
|
_________________________
|
|||||||||||||||||||
|
|||||||||||||||||||
Reconciliation of Net Income Attributable to AECOM from Continuing Operations to Adjusted EBITDA |
|||||||||||||||||||
Net income attributable to AECOM from continuing operations |
$ |
168.4 |
|
|
$ |
129.4 |
|
|
$ |
33.9 |
|
|
$ |
505.9 |
|
|
$ |
114.1 |
|
Income tax expense |
|
34.9 |
|
|
|
46.1 |
|
|
|
9.2 |
|
|
|
153.0 |
|
|
|
56.1 |
|
Depreciation and amortization |
|
45.0 |
|
|
|
46.4 |
|
|
|
44.6 |
|
|
|
178.7 |
|
|
|
175.1 |
|
Interest income, net of NCI |
|
(13.7 |
) |
|
|
(14.3 |
) |
|
|
(15.8 |
) |
|
|
(52.8 |
) |
|
|
(40.3 |
) |
Interest expense |
|
45.0 |
|
|
|
51.4 |
|
|
|
41.4 |
|
|
|
185.4 |
|
|
|
159.4 |
|
Amortized bank fees included in interest expense |
|
(1.3 |
) |
|
|
(4.0 |
) |
|
|
(1.2 |
) |
|
|
(7.7 |
) |
|
|
(4.8 |
) |
Noncore AECOM Capital loss (income), net of NCI |
|
2.2 |
|
|
|
(0.2 |
) |
|
|
1.9 |
|
|
|
40.5 |
|
|
|
315.8 |
|
Fair value adjustment included in other income |
|
(8.9 |
) |
|
|
1.7 |
|
|
|
- |
|
|
|
(7.2 |
) |
|
|
- |
|
Restructuring costs |
|
18.3 |
|
|
|
29.0 |
|
|
|
137.9 |
|
|
|
99.0 |
|
|
|
188.5 |
|
Adjusted EBITDA |
$ |
289.9 |
|
|
$ |
285.5 |
|
|
$ |
251.9 |
|
|
$ |
1,094.8 |
|
|
$ |
963.9 |
|
AECOM |
||||||||||||||
Regulation G Information |
||||||||||||||
(in millions, except per share data) |
||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
||||||||||||
|
Sep 30,
|
Jun 30,
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of Segment Income from Operations to Adjusted Income from Operations |
|
|
|
|
||||||||||
Americas Segment: |
|
|
|
|
|
|
|
|
|
|
||||
Segment income from operations |
$ |
203.4 |
$ |
207.4 |
$ |
186.2 |
$ |
774.6 |
$ |
714.6 |
||||
Amortization of intangible assets |
|
4.3 |
|
4.4 |
|
4.3 |
|
17.3 |
|
17.3 |
||||
Adjusted segment income from operations |
$ |
207.7 |
$ |
211.8 |
$ |
190.5 |
$ |
791.9 |
$ |
731.9 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
International Segment: |
|
|
|
|
|
|
|
|
|
|
||||
Segment income from operations |
$ |
94.5 |
$ |
84.6 |
$ |
71.9 |
$ |
337.4 |
$ |
254.7 |
||||
Amortization of intangible assets |
|
0.4 |
|
0.3 |
|
0.3 |
|
1.4 |
|
1.2 |
||||
Adjusted segment income from operations |
$ |
94.9 |
$ |
84.9 |
$ |
72.2 |
$ |
338.8 |
$ |
255.9 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Segment Performance (excludes ACAP and G&A): |
|
|
|
|
|
|
|
|
|
|
||||
Segment income from operations |
$ |
297.9 |
$ |
292.0 |
$ |
258.1 |
$ |
1,112.0 |
$ |
969.3 |
||||
Amortization of intangible assets |
|
4.7 |
|
4.7 |
|
4.6 |
|
18.7 |
|
18.5 |
||||
Adjusted segment income from operations |
$ |
302.6 |
$ |
296.7 |
$ |
262.7 |
$ |
1,130.7 |
$ |
987.8 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
FY2025 GAAP EPS Guidance based on Adjusted EPS Guidance |
|||
(all figures approximate) |
Fiscal Year End 2025 |
|
|
GAAP EPS guidance |
|
|
|
Adjusted EPS excludes: |
|
|
|
Amortization of intangible assets |
|
|
|
Amortization of deferred financing fees |
|
|
|
Tax effect of the above items |
|
( |
|
Adjusted EPS guidance |
|
|
|
|
|
||
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 |
|
|
|
Net income attributable to noncontrolling interest from continuing operations |
|
( |
|
Net income attributable to AECOM from continuing operations |
|
|
|
Adjusted net income attributable to AECOM from continuing operations excludes: |
|
|
|
Amortization of intangible assets |
|
|
|
Amortization of deferred financing fees |
|
|
|
Tax effect of the above items |
|
( |
|
Adjusted net income attributable to AECOM from continuing operations |
|
|
|
Adjusted EBITDA excludes: |
|
|
|
Depreciation |
|
|
|
Adjusted interest expense, net |
|
|
|
Tax expense, including tax effect of above items |
|
|
|
Adjusted EBITDA guidance |
|
|
|
Note: Variances in tables are due to rounding. |
AECOM |
|||
Regulation G Information |
|||
FY2025 GAAP Interest Expense Guidance based on Adjusted Interest Expense Guidance |
|||
(in millions, all figures approximate) |
|
Fiscal Year End 2025 |
|
GAAP interest expense guidance |
|
|
|
Finance charges in interest expense |
|
( |
|
Interest income, net of NCI |
|
( |
|
Adjusted net interest expense guidance |
|
|
|
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 |
|
|
|
Tax effect of adjusting items |
|
|
|
Adjusted income tax expense guidance |
|
|
|
Note: Variances in tables are due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241118226785/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
Source: AECOM
FAQ
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