AECOM reports third-quarter fiscal year 2015 results
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AECOM reports third-quarter fiscal year 2015 results

Financial Highlights

LOS ANGELES — (BUSINESS WIRE) — August 11, 2015 — AECOM (NYSE: ACM), the world’s #1-ranked engineering design firm, reported third-quarter revenue of $4.5 billion today. The net loss4 and loss per share5 were $17 million and $0.11, respectively. On an adjusted basis, diluted earnings per share2 were $0.74 for the quarter. As discussed below, normal profit contributed $0.02 to adjusted EPS, which is $0.09 lower than the company anticipated.

               
          Third Quarter
($ in millions,

except EPS)

        Q3 FY14       Q3 FY15      

YOY %
Change

Revenue         $1,968       $4,550       131%
Operating Income         $92       $41       (55%)
Net Income (Loss)4         $69       ($17)       NM
Adjusted EPS2         $0.79       $0.74       (6%)
Free Cash Flow3         $63       $150       137%

Note: All comparisons are year over year unless otherwise noted.

“We delivered $4.8 billion in wins and made substantial progress on our integration efforts,” said Michael S. Burke, AECOM’s chairman and chief executive officer. “Additionally, we entered the final quarter of our fiscal year with strong momentum in our pipeline, which reflects the breadth of our capabilities as well as our broad geographic and end-market exposure.”

“We continue to execute well against the priorities we set at the beginning of the year,” said Stephen M. Kadenacy, AECOM’s president and chief financial officer. “This marks the third consecutive quarter of strong cash flow and debt reduction and keeps us on track with our capital allocation priorities.”

Wins and Backlog

Wins in the quarter of $4.8 billion were driven by growth in the design business in the Americas region, which had a book-to-burn ratio1 of 1.5. After adjusting for acquisitions, total backlog grew two percent. The company’s total book-to-burn ratio1 was 1.1 for the quarter, with total backlog at June 30, 2015, of $40.4 billion.

Business Segments

In addition to providing consolidated financial results, AECOM reports separate financial information for its three segments: Design & Consulting Services (DCS), Construction Services (CS), and Management Services (MS).

Design & Consulting Services (DCS)

The DCS segment delivers planning, consulting, architectural and engineering design services to commercial and government clients worldwide in major end markets such as transportation, facilities, environmental, energy, water and government.

Revenue of $2.0 billion increased 49 percent. Constant-currency6 organic revenue decreased four percent. Adjusted operating income7 was $145 million, an increase of 48 percent.

Construction Services (CS)

The CS segment provides construction services for energy, commercial, industrial and public and private infrastructure clients.

Revenue in the quarter was $1.7 billion. On an organic basis, revenue increased 54 percent. Adjusted operating income7 was $11 million. Results were favorably impacted by strong performance in the building construction business.

Management Services (MS)

The MS segment provides program and facilities management and maintenance, training, logistics, consulting, technical assistance and systems-integration services, primarily for agencies of the U.S. government, national governments around the world, and commercial customers.

Revenue increased 296 percent to $852 million. Adjusted operating income7 was $93 million, benefiting from the strength of acquired operations and strong project execution.

Tax Rate

Inclusive of the non-controlling interest deduction — and excluding acquisition and integration related expenses, financing charges in interest expense, and amortization of intangible assets — the effective adjusted tax rate was 26.9 percent.

Impact of Acquisition-Related Accounting Items

AECOM continues to evaluate the accounting impact of recently completed acquisitions. Due to further analysis, the positive full-year adjusted EPS impact from acquisition-related accounting items is now expected to total $0.19, which is $0.11 below the company’s prior expectation. Non-cash normal profit contributed $0.02 to fiscal third quarter adjusted earnings, which is $0.09 below the company’s prior expectation. AECOM expects to recognize an $0.08 benefit from non-cash normal profit during the fiscal fourth quarter. The company’s 2015 adjusted earnings per share guidance reflect these impacts.

Cash Flow

Free cash flow3 for the quarter was $150 million. In the first nine months of the fiscal year, AECOM generated free cash flow of $427 million.

Balance Sheet

As of June 30, 2015, AECOM had $606 million of total cash and cash equivalents, $4.77 billion of debt and $976 million in unused capacity under the $1.05-billion revolving credit facility.

Fiscal 2015 Outlook

AECOM is modifying its adjusted EPS2 guidance for fiscal year 2015, which is estimated to be $3.05 to $3.45. The change reflects lower non-cash normal profit estimates. Business trends underlying updated adjusted earnings guidance remain consistent with the firm’s prior outlook. The mid-point of the range assumes approximately $110 million of realized cost-synergy benefits from the URS combination.

In addition, the company continues to expect full-year interest expense of approximately $220 million, an adjusted tax rate8 of approximately 30%, and a full-year share count of 151 million. Capital expenditures9 are now forecast at approximately $110 million, down from the prior forecast of approximately $160 million. Depreciation expense is expected to be approximately $200 million.

Adjusted EPS guidance for fiscal year 2015 excludes the amortization of intangible assets, financing charges in interest expense, and acquisition and integration expenses. In total, these items are expected to result in a pre-tax expense of approximately $790 million10 for the year.

AECOM is hosting a conference call today at 12 p.m. EDT, during which management will make a brief presentation focusing on the company's results, strategies and operating trends. Interested parties can listen to the conference call and view accompanying slides via webcast at www.aecom.com. The webcast will be available for replay following the call.

1 Book-to-burn ratio is defined as the amount of wins divided by revenue recognized during the period.
2 Defined as attributable to AECOM, excluding acquisition and integration related expenses, financing charges in interest expense, and the amortization of intangible assets.
3 Free cash flow is defined as cash flow from operations less capital expenditures net of proceeds from disposals, and is a non-GAAP measure.
4 Defined as attributable to AECOM.
5 Defined as attributable to AECOM, basic.
6 Results expressed in constant currency are presented excluding the impact from changes in currency exchange rates.
7 Excluding intangible amortization.
8 Inclusive of the non-controlling interest deduction and excluding acquisition and integration related expenses, financing charges in interest expense, amortization of intangible assets, and unusual discrete items.
9 Capital expenditures, net of proceeds from disposals.

10 Amortization of intangible assets expense includes the impact of amortization included in equity in earnings of joint ventures and non-controlling interests.

 

About AECOM

AECOM is a premier, fully integrated professional and technical services firm positioned to design, build, finance and operate infrastructure assets around the world for public- and private-sector clients. The firm’s global staff — including architects, engineers, designers, planners, scientists and management and construction services professionals — serves clients in over 150 countries around the world, AECOM is ranked as the #1 engineering design firm by revenue in Engineering News-Record magazine’s annual industry rankings, and has been recognized by Fortune magazine as a World’s Most Admired Company. The firm is a leader in all of the key markets that it serves, including transportation, facilities, environmental, energy, oil and gas, water, high-rise buildings and government. AECOM provides a blend of global reach, local knowledge, innovation and technical excellence in delivering customized and creative solutions that meet the needs of clients’ projects. A Fortune 500 firm, AECOM companies, including URS Corporation and Hunt Construction Group, had revenue of approximately $19 billion during the 12 months ended June 30, 2015. More information on AECOM and its services can be found at www.aecom.com.

Forward-Looking Statements: All statements in this press release other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue, cash flows, tax rate, share count, amortization, acquisition and integration costs, or other financial items; any statements of the plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance. 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: demand for our services is cyclical; uncertainties related to government contract appropriations; governmental agencies may modify, curtail or terminate our contracts; government contracts are subject to audits and adjustments of contractual terms; losses under fixed-price contracts; limited control over operations run through our joint venture entities; misconduct by our employees or consultants or our failure to comply with laws or regulations applicable to our business; our leveraged position and ability to service our debt; exposure to legal, political and economic risks in different countries as well as currency exchange rate fluctuations; the failure to retain and recruit key technical and management personnel; our insurance policies may not provide adequate coverage; unexpected adjustments and cancellations related to our backlog; dependence on third party contractors who fail to satisfy their obligations; systems and information technology interruption; and changing client preferences/demands, fiscal positions and payment patterns. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in our reports filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.

This press release contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). In particular, the company believes that non-GAAP financial measures such as adjusted EPS, adjusted operating income, adjusted tax rate, organic revenue, and free cash flow also provide a meaningful perspective on its business results as the company utilizes this information to evaluate and manage the business. We are also providing additional non-GAAP financial measures to reflect the impact of the URS acquisition. 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.

 
AECOM
Consolidated Statements of Income
(unaudited - in thousands, except per share data)
 
        Three Months Ended       Nine Months Ended
June 30,
2014 		    June 30,
2015 		    %
Change 		June 30,
2014 		    June 30,
2015 		    %
Change
 
Revenue $   1,968,155 $   4,549,578 131.2 % $   5,794,254 $ 13,266,243 129.0 %
Cost of revenue 1,859,615 4,423,060 137.8 % 5,520,109 12,901,683 133.7 %
Gross profit 108,540 126,518 16.6 % 274,145 364,560 33.0 %
 
Equity in earnings of joint ventures 5,896 27,776 371.1 % 49,415 76,328 54.5 %
General and administrative expenses (15,067 ) (24,418 ) 62.1 % (65,361 ) (88,553 ) 35.5 %
Acquisition and integration expenses (7,837 ) (88,495 ) n/m (7,837 ) (318,557 ) n/m
Income from operations 91,532 41,381 (54.8)% 250,362 33,778 (86.5)%
 
Other income 1,034 10,128 879.5 % 856 11,669 n/m
Interest expense (9,797 ) (60,220 ) 514.7 % (30,722 ) (239,581 ) 679.8 %
Income (loss) before income tax expense 82,769 (8,711 ) (110.5)% 220,496 (194,134 ) (188.0)%
 
Income tax expense (benefit) 13,677 (8,464 ) (161.9)% 52,367 (96,424 ) (284.1)%
 
Net income (loss) 69,092 (247 ) (100.4)% 168,129 (97,710 ) (158.1)%
 
Noncontrolling interests in income of consolidated subsidiaries, net of tax 148 (16,945 ) n/m (2,301 ) (58,191 ) n/m
 
Net income (loss) attributable to AECOM $   69,240 $   (17,192 ) (124.8)% $   165,828 $ (155,901 ) (194.0)%
 
Net income (loss) attributable to AECOM per share:
Basic $   0.71 $   (0.11 ) (115.5)% $   1.71 $ (1.05 ) (161.4)%
Diluted $   0.70 $   (0.11 ) (115.7)% $   1.69 $ (1.05 ) (162.1)%
 
Weighted average shares outstanding:
Basic 97,483 151,697 55.6 % 96,933 148,214 52.9 %
Diluted 98,956 151,697 53.3 % 98,295 148,214 50.8 %
 
 
AECOM
Balance Sheet and Cash Flow Information
(unaudited - in thousands)
 
       

September 30,
2014

    June 30,
2015 		       
Balance Sheet Information:
Total cash and cash equivalents $   574,188 $   605,900
Accounts receivable – net 2,654,976 4,985,309
Working capital 978,344 1,460,163
Total debt 1,003,978 4,773,058
Total assets 6,123,377 14,236,126
Total AECOM stockholders’ equity 2,186,517 3,474,924
 
 
 
 
Three Months Ended Nine Months Ended  
June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015  
Cash Flow Information:
Net cash provided by operating activities $ 79,713 $ 153,802 $   185,709 $   486,404
Capital expenditures, net     (16,411

)

 

    (3,669 )     (49,578 )     (59,256 )
Free cash flow $   63,302 $   150,133 $   136,131 $   427,148
 
 
AECOM
Reportable Segments
(unaudited - in thousands)
                             
Design &
Consulting
Services 		Construction
Services 		Management
Services 		Corporate Total
Three Months Ended June 30, 2015
Revenue $   1,993,491 $   1,704,409 $   851,678 $   - $   4,549,578
Cost of revenue     1,892,413       1,714,791       815,856       -       4,423,060  
Gross profit 101,078 (10,382 ) 35,822 - 126,518
Equity in earnings of joint ventures 3,035 6,413 18,328 - 27,776
General and administrative expenses - - - (24,418 ) (24,418 )
Acquisition and integration expenses     -       -       -       (88,495 )     (88,495 )
Income (loss) from operations $   104,113   $   (3,969 ) $   54,150   $   (112,913 ) $   41,381  
 
Gross profit as a % of revenue 5.1 % (0.6 )% 4.2 % - 2.8 %
 
 
Three Months Ended June 30, 2014
Revenue $ 1,339,766 $ 413,578 $ 214,811 $ - $ 1,968,155
Cost of revenue     1,247,074       409,174       203,367       -       1,859,615  
Gross profit 92,692 4,404 11,444 - 108,540
Equity in earnings of joint ventures 1,050 1,181 3,665 - 5,896
General and administrative expenses - - - (15,067 ) (15,067 )
Acquisition and integration expenses     -       -       -       (7,837 )     (7,837 )
Income (loss) from operations $   93,742   $   5,585   $   15,109   $   (22,904 ) $   91,532  
 
Gross profit as a % of revenue 6.9 % 1.1 % 5.3 % - 5.5 %
 
 
AECOM
Reportable Segments
(unaudited - in thousands)
                               
Design &
Consulting
Services 		Construction
Services 		Management
Services 		Corporate Total
Nine Months Ended June 30, 2015
Revenue $   5,921,107 $   4,879,626 $   2,465,510 $   - $   13,266,243
Cost of revenue     5,720,671       4,852,173       2,328,839       -       12,901,683  
Gross profit 200,436 27,453 136,671 - 364,560
Equity in earnings of joint ventures 3,094 16,983 56,251 - 76,328
General and administrative expenses - - - (88,553 ) (88,553 )
Acquisition and integration expenses     -       -       -       (318,557 )     (318,557 )
Income (loss) from operations $   203,530   $   44,436   $   192,922   $   (407,110 ) $   33,778  
 
Gross profit as a % of revenue 3.4 % 0.6 % 5.5 % - 2.7 %
 
Segment assets $ 7,232,673 $ 3,182,175 $ 3,186,745 $ 634,532 $ 14,236,125
 
Contracted backlog $ 8,508,279 $ 9,942,134 $ 4,271,229 $ - $ 22,721,642
Awarded backlog     5,414,059       7,696,625       4,586,571       -       17,697,255  
Total backlog $   13,922,338   $   17,638,759   $   8,857,800   $   -   $   40,418,897  
 
 
Nine Months Ended June 30, 2014
Revenue $ 3,948,054 $ 1,181,189 $ 665,011 $ - $ 5,794,254
Cost of revenue     3,725,050       1,165,754       629,305       -       5,520,109  
Gross profit 223,004 15,435 35,706 - 274,145
Equity in earnings of joint ventures 33,368 3,274 12,773 - 49,415
General and administrative expenses - - - (65,361 ) (65,361 )
Acquisition and integration expenses     -       -       -       (7,837 )     (7,837 )
Income (loss) from operations $   256,372   $   18,709   $   48,479   $   (73,198 ) $   250,362  
 
Gross profit as a % of revenue 5.6 % 1.3 % 5.4 % - 4.7 %
 
Segment assets $ 4,166,640 $ 833,344 $ 455,134 $ 298,625 $ 5,753,743
 
Contracted backlog $ 6,253,109 $ 2,442,976 $ 861,415 $ - $ 9,557,500
Awarded backlog     3,728,474       5,513,650       1,687,552       -       10,929,676  
Total backlog $   9,981,583   $   7,956,626   $   2,548,967   $   -   $   20,487,176  
 
 
AECOM
Regulation G Information
($ in millions)
 

Reconciliation of Amounts Provided by Acquired Companies

             
Three Months Ended
June 30, 2015 		Nine Months Ended
June 30, 2015
Total      

Provided by
Acquired
Companies

     

Excluding
Effect of
Acquired
Companies

Total      

Provided by
Acquired
Companies

     

Excluding
Effect of
Acquired
Companies

 
Revenue
AECOM Consolidated $   4,549.6 $   2,509.0 $   2,040.6 $   13,266.2 $   7,256.7 $   6,009.5
Design & Consulting Services 1,993.5 777.0 1,216.5 5,921.1 2,216.8 3,704.3
Construction Services 1,704.4 1,068.2 636.2 4,879.6 3,159.1 1,720.5
Management Services 851.7 663.8 187.9 2,465.5 1,880.8 584.7
 

Reconciliation of EBITDA to Net Income Attributable to AECOM

       
Three Months Ended

Sep 30,
2013

     

Dec 31,
2013

     

Mar 31,
2014

     

Jun 30,
2014

     

Sep 30,
2014

     

Dec 31,
2014

     

Mar 31,
2015

     

Jun 30,
2015

EBITDA $   144.5 $   111.5 $   89.0 $   115.9 $   127.2 $   116.8 $   143.4 $   167.7
Less: Interest expense1 (9.6 ) (9.8 ) (10.0 ) (9.2 ) (9.5 ) (115.4 ) (56.7 ) (56.2 )
Add: Interest income2 0.4 0.4 0.3 0.6 0.9 1.6 1.2 1.0
Less: Depreciation and amortization3     (23.0 )     (22.2 )     (23.9 )     (24.4 )   (24.9 )     (154.2 )     (163.4 )     (138.1 )
 
Income (loss) attributable to AECOM before income taxes 112.3 79.9 55.4 82.9 93.7 (151.2 ) (75.5 ) (25.6 )
Less: Income tax expense (benefit)     35.8       23.5       15.2       13.7       29.6       (12.2 )     (75.8 )     (8.4 )
 

Net income (loss) attributable to AECOM

$   76.5   $   56.4   $   40.2   $   69.2   $   64.1   $   (139.0 ) $   0.3   $   (17.2 )

_________________________

1 Excludes related amortization         2 Included in other income        3 Includes the amount for noncontrolling interests in consolidated subsidiaries

 

Reconciliation of Total Debt to Net Debt

        Balances at:

Jun 30, 2014

      Mar 31, 2015       Jun 30, 2015
Short-term debt $     27.9 $     11.7 $     8.2
Current portion of long-term debt 38.5 164.6 162.4
Long-term debt       977.0       4,691.6       4,602.5
Total debt 1,043.4 4,867.9 4,773.1
Less: Total cash and cash equivalents       510.1       612.6       605.9
Net debt $     533.3 $     4,255.3 $     4,167.2
 

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

             
Three Months Ended Nine Months Ended

Jun 30,
2014

     

Mar 31,
2015

     

Jun 30,
2015

Jun 30,
2014

     

Jun 30,
2015

Net cash provided by operating activities $     79.70 $     50.00 $     153.80 $     185.70 $     486.40
Capital expenditures, net      

(16.4

)

     

(30.6

)

     

(3.7

)

     

(49.6

)

     

(59.3

)

Free cash flow $     63.30   $     19.40   $     150.10   $     136.10   $     427.10  
 
Fiscal Years Ended Sep 30,
2012 2013 2014
Net cash provided by operating activities $ 433.40 $ 408.60 $ 360.60
Capital expenditures, net      

(62.9

)

     

(52.1

)

     

(62.8

)

Free cash flow $     370.50   $     356.50   $     297.80  
 
 

AECOM

Regulation G Information

(in millions, except per share data)

 

Reconciliation of reported amounts to adjusted amounts excluding acquisition and integration
expenses, amortization of intangible assets and financing charges in interest expense

 
 
 
        Three Months Ended       Nine Months Ended
Jun 30,
2014 		    Mar 31,
2015 		    Jun 30,
2015 		Jun 30,
2014 		    Jun 30,
2015
                   
Income from operations $ 91.6 $ 6.5 $ 41.3 $ 250.4 $ 33.6
Acquisition and integration expenses 7.8 91.6 88.5 7.8 318.6
Amortization of intangible assets       5.9       111.7       94.1       17.4       320.0
Adjusted income from operations $     105.3 $     209.8 $     223.9 $     275.6 $     672.2
 
Income (loss) before income tax expense $ 82.8 $ (55.2 ) $ (8.7 ) $ 220.5 $ (194.2 )
Acquisition and integration expenses 7.8 91.6 88.5 7.8 318.6
Amortization of intangible assets 5.9 111.7 94.1 17.4 320.0
Financing charges in interest expense       -       4.0       3.9       -       75.9
Adjusted income before income tax expense $     96.5 $     152.1 $     177.8 $     245.7 $     520.3
 
Income tax expense (benefit) $ 13.8 $ (75.8 ) $ (8.5 ) $ 52.5 $ (96.5 )
Tax effect of the above adjustments       4.0       112.7       50.3       7.3       221.9
Adjusted income tax expense $     17.8 $     36.9 $     41.8 $     59.8 $     125.4
 

Noncontrolling interests in income of consolidated

subsidiaries, net of tax

$ 0.2 $ (20.4 ) $ (16.9 ) $ (2.2 ) $ (58.2 )

Amortization of intangible assets included in NCI,

net of tax       (0.8 )       (5.6 )       (5.6 )       (1.6 )       (18.6 )

Adjusted noncontrolling interests in income of

consolidated subsidiaries, net of tax

$     (0.6 ) $     (26.0 ) $     (22.5 ) $     (3.8 ) $     (76.8 )
 
Net income (loss) attributable to AECOM $ 69.2 $ 0.2 $ (17.1 ) $ 165.8 $ (155.9 )
Acquisition and integration expenses 7.8 91.6 88.5 7.8 318.6
Amortization of intangible assets 5.9 111.7 94.1 17.4 320.0
Financing charges in interest expense - 4.0 3.9 - 75.9
Tax effect of the above adjustments (4.0 ) (112.7 ) (50.3 ) (7.3 ) (221.9 )

Amortization of intangible assets included in NCI,

net of tax       (0.8 )       (5.6 )       (5.6 )       (1.6 )       (18.6 )
Adjusted net income attributable to AECOM $     78.1 $     89.2 $     113.5 $     182.1 $     318.1
 
Net income (loss) attributable to AECOM – per diluted share $ 0.70 $ - $ (0.11 ) $ 1.69 $ (1.05 )
Per diluted share adjustments:
Acquisition and integration expenses 0.08 0.60 0.58 0.08 2.12
Amortization of intangible assets 0.06 0.73 0.61 0.18 2.13
Financing charges in interest expense - 0.03 0.03 - 0.52
Tax effect of the above adjustments (0.04 ) (0.74 ) (0.33 ) (0.08 ) (1.48 )

Amortization of intangible assets included in NCI,

net of tax       (0.01 )       (0.04 )       (0.04 )       (0.02 )       (0.12 )
Adjusted net income attributable to AECOM – per diluted share $     0.79 $     0.58 $     0.74 $     1.85 $     2.12
 
*   Basic and dilutive GAAP EPS calcutions use the same share count because of a net loss to avoid any antidilutive effect; however, the adjusted EPS includes dilutive shares excluded in the GAAP EPS.
 
 
AECOM
Regulation G Information
($ in millions)
 

Reconciliation of reported amounts to adjusted amounts excluding acquisition and integration
expenses, amortization of intangible assets and financing charges in interest expense

 

 
        Three Months Ended     Nine Months Ended
Jun 30,
2014 		      Mar 31,
2015 		    Jun 30,
2015 		Jun 30,
2014 		      Jun 30,
2015
                   
EBITDA $ 11.9 $ 143.4 $ 167.7 $ 212.4 $ 427.9
Acquisition and integration expenses 111.8 91.6 88.5 111.8 318.6

Depreciation expense included in acquisition and

integration expense line above

      -       (8.3 )       (6.0 )       -       (14.3 )
Adjusted EBITDA $     123.7 $     226.7 $     250.2 $     324.2 $     732.2
 
Design & Consulting Services Segment:
Income from operations $ 93.7 $ 51.6 $ 104.1 $ 256.4 $ 203.5
Amortization of intangible assets       4.6       56.6       40.9       13.1       147.4
Adjusted income from operations $     98.3 $     108.2 $     145.0 $     269.5 $     350.9
 
Construction Services Segment:
Income (loss) from operations $ 5.6 $ 7.2 $ (4.0 ) $ 18.8 $ 44.4
Amortization of intangible assets       0.8       19.0       14.8       2.4       65.7
Adjusted income from operations $     6.4 $     26.2 $     10.8 $     21.2 $     110.1
 
Management Services Segment:
Income from operations $ 15.1 $ 69.2 $ 54.2 $ 48.4 $ 193.0
Amortization of intangible assets       0.6       36.1       38.4       1.9       106.9
Adjusted income from operations $     15.7 $     105.3 $     92.6 $     50.3 $     299.9
 

NR 15-0801


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