AECOM reports fourth quarter and full year fiscal year 2019 results

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.

When we provide our long term projections for organic revenue growth, adjusted EBITDA, pro forma Professional Services adjusted EBITDA, adjusted EPS and free cash flow on a forward-looking basis, the closest corresponding GAAP measure and a reconciliation of the differences between the non-GAAP expectation and the corresponding GAAP measure generally is not available without unreasonable effort due to the length, high variability, complexity and low visibility associated with the non-GAAP expectation projected against the multi-year forecast which could significantly impact the GAAP measure.

AECOM

Consolidated Statements of Income

(in thousands, except per share data)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

Sep 30,
2018

 

Sep 30,
2019

 

%
Change

 

Sep 30,
2018

 

Sep 30,
2019

 

%
Change

 

Revenue

 

$

 

5,305,850

 

$

 

5,115,608

 

(3.6

)%

 

$

 

20,155,512

 

$

 

20,173,329

 

0.1

%

 

Cost of revenue

 

 

5,117,804

 

 

4,877,382

 

(4.7

)%

 

 

19,504,863

 

 

19,359,884

 

(0.7

)%

 

Gross profit

 

 

188,046

 

 

238,226

 

26.7

%

 

 

650,649

 

 

813,445

 

25.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of joint ventures

 

 

25,512

 

 

13,960

 

(45.3

)%

 

 

81,133

 

 

80,990

 

(0.2

)%

 

General and administrative expenses

 

 

(35,741

)

 

(37,256

)

4.2

%

 

 

(135,787

)

 

(148,123

)

9.1

%

 

Restructuring costs

 

 

 

(16,276

)

NM*

 

 

 

 

(95,446

)

NM

 

 

Loss on disposal activities

 

 

(800

)

 

(2,977

)

272.1

%

 

 

(2,949

)

 

(10,381

)

252.0

%

 

Impairment of long-lived assets, including goodwill

 

 

 

(615,400

)

NM

 

 

 

(168,178

)

 

(615,400

)

265.9

%

 

Income (loss) from operations

 

 

177,017

 

 

(419,723

)

(337.1

)%

 

 

424,868

 

 

25,085

 

(94.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

2,593

 

 

4,040

 

55.8

%

 

 

20,135

 

 

16,789

 

(16.6

)%

 

Interest expense

 

 

(55,564

)

 

(56,376

)

1.5

%

 

 

(267,519

)

 

(225,994

)

(15.5

)%

 

Income (loss) before income tax expense (benefit)

 

 

124,046

 

 

(472,059

)

(480.6

)%

 

 

177,484

 

 

(184,120

)

(203.7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

18,719

 

 

(24,076

)

(228.6

)%

 

 

(19,643

)

 

(130

)

(99.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

105,327

 

 

(447,983

)

(525.3

)%

 

 

197,127

 

 

(183,990

)

(193.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interests in income of consolidated subsidiaries, net of tax

 

 

(21,350

)

 

(26,169

)

22.6

%

 

 

(60,659

)

 

(77,060

)

27.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to AECOM

 

$

 

83,977

 

$

 

(474,152

)

(664.6

)%

 

$

 

136,468

 

$

 

(261,050

)

(291.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to AECOM per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

0.53

 

$

 

(3.01

)

(667.9

)%

 

$

 

0.86

 

$

 

(1.66

)

(293.0

)%

 

Diluted

 

$

 

0.52

 

$

 

(3.01

)

(678.8

)%

 

$

 

0.84

 

$

 

(1.66

)

(297.6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

158,605

 

 

157,709

 

(0.6

)%

 

 

159,101

 

 

157,044

 

(1.3

)%

 

Diluted

 

 

161,765

 

 

157,709

 

(2.5

)%

 

 

162,261

 

 

157,044

 

(3.2

)%

 

* NM — Not Meaningful

 

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