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 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 |
|
Twelve Months Ended |
|
||||||||||||||||||
|
|
Sept 30, 2022 |
|
Sept 30, 2023 |
|
% Change |
|
Sept 30, 2022 |
|
Sept 30, 2023 |
|
% Change |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
$ |
3,426,113 |
|
|
$ |
3,842,385 |
|
|
12.1 |
% |
|
$ |
13,148,182 |
|
|
$ |
14,378,461 |
|
|
9.4 |
% |
|
Cost of revenue |
|
3,208,845 |
|
|
3,590,080 |
|
|
11.9 |
% |
|
12,300,208 |
|
|
13,432,996 |
|
|
9.2 |
% |
|
||||
Gross profit |
|
217,268 |
|
|
252,305 |
|
|
16.1 |
% |
|
847,974 |
|
|
945,465 |
|
|
11.5 |
% |
|
||||
| Equity in earnings (losses) of joint ventures |
|
26,282 |
|
|
6,866 |
|
|
(73.9 |
)% |
|
53,640 |
|
|
(279,352 |
) |
|
(620.8 |
)% |
|
||||
| General and administrative expenses |
|
(40,944 |
) |
|
(40,933 |
) |
|
(0.0 |
)% |
|
(147,309 |
) |
|
(153,575 |
) |
|
4.3 |
% |
|
||||
| Restructuring costs |
|
(18,574 |
) |
|
(137,857 |
) |
|
642.2 |
% |
|
(107,501 |
) |
|
(188,404 |
) |
|
75.3 |
% |
|
||||
| Income from operations |
|
184,032 |
|
|
80,381 |
|
|
(56.3 |
)% |
|
646,804 |
|
|
324,134 |
|
|
(49.9 |
)% |
|
||||
| Other income |
|
1,295 |
|
|
2,075 |
|
|
60.2 |
% |
|
5,942 |
|
|
8,357 |
|
|
40.6 |
% |
|
||||
| Interest income |
|
2,340 |
|
|
15,759 |
|
|
573.5 |
% |
|
8,210 |
|
|
40,251 |
|
|
390.3 |
% |
|
||||
| Interest expense |
|
(33,302 |
) |
|
(41,402 |
) |
|
24.3 |
% |
|
(110,274 |
) |
|
(159,342 |
) |
|
44.5 |
% |
|
||||
| Income from continuing operations before taxes |
|
154,365 |
|
|
56,813 |
|
|
(63.2 |
)% |
|
550,682 |
|
|
213,400 |
|
|
(61.2 |
)% |
|
||||
| Income tax expense for continuing operations |
|
32,967 |
|
|
9,182 |
|
|
(72.1 |
)% |
|
136,051 |
|
|
56,052 |
|
|
(58.8 |
)% |
|
||||
| Income from continuing operations |
|
121,398 |
|
|
47,631 |
|
|
(60.8 |
)% |
|
414,631 |
|
|
157,348 |
|
|
(62.1 |
)% |
|
||||
| Loss from discontinued operations |
|
(8,395 |
) |
|
(7,437 |
) |
|
(11.4 |
)% |
|
(79,929 |
) |
|
(57,207 |
) |
|
(28.4 |
)% |
|
||||
| Net income |
|
113,003 |
|
|
40,194 |
|
|
(64.4 |
)% |
|
334,702 |
|
|
100,141 |
|
|
(70.1 |
)% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income attributable to noncontrolling interests
|
|
(5,986 |
) |
|
(13,700 |
) |
|
128.9 |
% |
|
(25,521 |
) |
|
(43,262 |
) |
|
69.5 |
% |
|
||||
| Net (income) loss attributable to noncontrolling interests from discontinued operations |
|
(1,399 |
) |
|
(1,021 |
) |
|
(27.0 |
)% |
|
1,430 |
|
|
(1,547 |
) |
|
(208.2 |
)% |
|
||||
| Net income attributable to noncontrolling interests |
|
(7,385 |
) |
|
(14,721 |
) |
|
99.3 |
% |
|
(24,091 |
) |
|
(44,809 |
) |
|
86.0 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Net income attributable to AECOM from continuing operations |
|
115,412 |
|
|
33,931 |
|
|
(70.6 |
)% |
|
389,110 |
|
|
114,086 |
|
|
(70.7 |
)% |
|
||||
| Net loss attributable to AECOM from discontinued operations |
|
(9,794 |
) |
|
(8,458 |
) |
|
(13.6 |
)% |
|
(78,499 |
) |
|
(58,754 |
) |
|
(25.2 |
)% |
|
||||
| Net income attributable to AECOM |
|
$ |
105,618 |
|
|
$ |
25,473 |
|
|
(75.9 |
)% |
|
$ |
310,611 |
|
|
$ |
55,332 |
|
|
(82.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income (loss) attributable to AECOM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Basic continuing operations per share |
|
$ |
0.83 |
|
|
$ |
0.25 |
|
|
(69.9 |
)% |
|
$ |
2.76 |
|
|
$ |
0.82 |
|
|
(70.3 |
)% |
|
| Basic discontinued operations per share |
|
|
(0.07 |
) |
|
|
(0.07 |
) |
|
0.0 |
% |
|
|
(0.55 |
) |
|
|
(0.42 |
) |
|
(23.6 |
)% |
|
| Basic earnings per share |
|
$ |
0.76 |
|
|
$ |
0.18 |
|
|
(76.3 |
)% |
|
$ |
2.21 |
|
|
$ |
0.40 |
|
|
(81.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
| Diluted continuing operations per share |
|
$ |
0.82 |
|
|
$ |
0.24 |
|
|
(70.7 |
)% |
|
$ |
2.73 |
|
|
$ |
0.81 |
|
|
(70.3 |
)% |
|
| Diluted discontinued operations per share |
|
|
(0.07 |
) |
|
|
(0.06 |
) |
|
(14.3 |
)% |
|
|
(0.55 |
) |
|
|
(0.42 |
) |
|
(23.6 |
)% |
|
| Diluted earnings per share |
|
$ |
0.75 |
|
|
$ |
0.18 |
|
|
(76.0 |
)% |
|
$ |
2.18 |
|
|
$ |
0.39 |
|
|
(82.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Basic |
|
139,626 |
|
|
138,103 |
|
|
(1.1 |
)% |
|
140,768 |
|
|
138,614 |
|
|
(1.5 |
)% |
|
||||
| Diluted |
|
141,344 |
|
|
139,418 |
|
|
(1.4 |
)% |
|
142,696 |
|
|
140,109 |
|
|
(1.8 |
)% |
|
||||
| AECOM Balance Sheet Information (unaudited - in thousands) |
||||||
|
|
September 30, 2022 |
|
September 30, 2023 |
|
||
| Balance Sheet Information: |
|
|
|
|
||
| Total cash and cash equivalents |
$ |
1,172,209 |
|
$ |
1,260,206 |
|
| Accounts receivable and contract assets – net |
|
3,723,111 |
|
|
4,069,504 |
|
| Working capital |
|
418,639 |
|
|
319,228 |
|
| Total debt, excluding unamortized debt issuance costs |
|
2,224,602 |
|
|
2,217,255 |
|
| Total assets |
|
11,139,315 |
|
|
11,233,398 |
|
| Total AECOM stockholders’ equity |
|
2,476,654 |
|
|
2,212,332 |
|
| AECOM Reportable Segments (unaudited - in thousands) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Americas |
|
International |
|
AECOM
|
|
Corporate |
|
Total |
|
||||||||||
| 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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Three Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Revenue |
|
$ |
2,618,964 |
|
|
$ |
806,724 |
|
|
$ |
425 |
|
|
$ |
- |
|
|
$ |
3,426,113 |
|
|
| Cost of revenue |
|
|
2,454,144 |
|
|
|
754,701 |
|
|
|
- |
|
|
|
- |
|
|
|
3,208,845 |
|
|
| Gross profit |
|
|
164,820 |
|
|
|
52,023 |
|
|
|
425 |
|
|
|
- |
|
|
|
217,268 |
|
|
| Equity in earnings of joint ventures |
|
|
4,647 |
|
|
|
5,585 |
|
|
|
16,050 |
|
|
|
- |
|
|
|
26,282 |
|
|
| General and administrative expenses |
|
|
- |
|
|
|
- |
|
|
|
(4,005 |
) |
|
|
(36,939 |
) |
|
|
(40,944 |
) |
|
| Restructuring costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(18,574 |
) |
|
|
(18,574 |
) |
|
| Income from operations |
|
$ |
169,467 |
|
|
$ |
57,608 |
|
|
$ |
12,470 |
|
|
$ |
(55,513 |
) |
|
$ |
184,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Gross profit as a % of revenue |
|
|
6.3 |
% |
|
|
6.4 |
% |
|
|
- |
|
|
|
- |
|
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| 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 |
|
$ |
18,394,732 |
|
|
$ |
4,173,690 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
22,568,422 |
|
|
| Awarded backlog |
|
|
14,896,277 |
|
|
|
2,097,917 |
|
|
|
- |
|
|
|
- |
|
|
|
16,994,194 |
|
|
| Unconsolidated JV backlog |
|
|
1,605,514 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,605,514 |
|
|
| Total backlog |
|
$ |
34,896,523 |
|
|
$ |
6,271,607 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
41,168,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Total backlog – Design only |
|
$ |
15,163,845 |
|
|
$ |
6,271,607 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
21,435,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Twelve Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Revenue |
|
$ |
9,939,333 |
|
|
$ |
3,206,625 |
|
|
$ |
2,224 |
|
|
$ |
- |
|
|
$ |
13,148,182 |
|
|
| Cost of revenue |
|
|
9,299,436 |
|
|
|
3,000,772 |
|
|
|
- |
|
|
|
- |
|
|
|
12,300,208 |
|
|
| Gross profit |
|
|
639,897 |
|
|
|
205,853 |
|
|
|
2,224 |
|
|
|
- |
|
|
|
847,974 |
|
|
| Equity in earnings of joint ventures |
|
|
13,871 |
|
|
|
15,313 |
|
|
|
24,456 |
|
|
|
- |
|
|
|
53,640 |
|
|
| General and administrative expenses |
|
|
- |
|
|
|
- |
|
|
|
(12,649 |
) |
|
|
(134,660 |
) |
|
|
(147,309 |
) |
|
| Restructuring costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(107,501 |
) |
|
|
(107,501 |
) |
|
| Income from operations |
|
$ |
653,768 |
|
|
$ |
221,166 |
|
|
$ |
14,031 |
|
|
$ |
(242,161 |
) |
|
$ |
646,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Gross profit as a % of revenue |
|
|
6.4 |
% |
|
|
6.4 |
% |
|
|
- |
|
|
|
- |
|
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Contracted backlog |
|
$ |
17,507,944 |
|
|
$ |
3,855,488 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
21,363,432 |
|
|
| Awarded backlog |
|
|
17,355,035 |
|
|
|
1,215,786 |
|
|
|
- |
|
|
|
- |
|
|
|
18,570,821 |
|
|
| Unconsolidated JV backlog |
|
|
249,492 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
249,492 |
|
|
| Total backlog |
|
$ |
35,112,471 |
|
|
$ |
5,071,274 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
40,183,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Total backlog – Design only |
|
$ |
13,954,382 |
|
|
$ |
5,071,274 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
19,025,656 |
|
|
|
|
AECOM |
||||||||||||||||
|
|
Regulation G Information |
||||||||||||||||
|
|
(in millions) |
||||||||||||||||
| Reconciliation of Revenue to Net Service Revenue (NSR) |
|||||||||||||||||
| Three Months Ended |
|
Twelve Months Ended |
|
|
|||||||||||||
| Sep 30, 2022 |
|
Jun 30, 2023 |
|
Sep 30, 2023 |
|
Sep 30, 2022 |
|
Sep 30, 2023 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
2,618.9 |
|
$ |
2,829.5 |
|
$ |
2,936.7 |
|
$ |
9,939.3 |
|
$ |
10,975.7 |
|
|
|
| Less: Pass-through revenue |
|
1,671.4 |
|
|
1,814.5 |
|
|
1,932.2 |
|
|
6,228.2 |
|
|
7,056.8 |
|
|
|
| Net service revenue |
$ |
947.5 |
|
$ |
1,015.0 |
|
$ |
1,004.5 |
|
$ |
3,711.1 |
|
$ |
3,918.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
806.8 |
|
$ |
834.3 |
|
$ |
905.2 |
|
$ |
3,206.7 |
|
$ |
3,402.1 |
|
|
|
| Less: Pass-through revenue |
|
165.3 |
|
|
145.4 |
|
|
182.8 |
|
|
609.0 |
|
|
619.0 |
|
|
|
| Net service revenue |
$ |
641.5 |
|
$ |
688.9 |
|
$ |
722.4 |
|
$ |
2,597.7 |
|
$ |
2,783.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Segment Performance (excludes ACAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
3,425.7 |
|
$ |
3,663.8 |
|
$ |
3,841.9 |
|
$ |
13,146.0 |
|
$ |
14,377.8 |
|
|
|
| Less: Pass-through revenue |
|
1,836.7 |
|
|
1,959.9 |
|
|
2,115.0 |
|
|
6,837.2 |
|
|
7,675.8 |
|
|
|
| Net service revenue |
$ |
1,589.0 |
|
$ |
1,703.9 |
|
$ |
1,726.9 |
|
$ |
6,308.8 |
|
$ |
6,702.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
3,426.1 |
|
$ |
3,663.6 |
|
$ |
3,842.4 |
|
$ |
13,148.2 |
|
$ |
14,378.5 |
|
|
|
| Less: Pass-through revenue |
|
1,836.7 |
|
|
1,959.9 |
|
|
2,115.0 |
|
|
6,837.2 |
|
|
7,675.8 |
|
|
|
| Net service revenue |
$ |
1,589.4 |
|
$ |
1,703.7 |
|
$ |
1,727.4 |
|
$ |
6,311.0 |
|
$ |
6,702.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Total Debt to Net Debt |
|
|||||||||
|
|
|
Balances at: |
|
|||||||
|
|
Sep 30, 2022 |
|
Jun 30, 2023 |
|
Sep 30, 2023 |
|
||||
| Short-term debt |
$ |
5.0 |
|
$ |
3.9 |
|
$ |
3.1 |
|
|
| Current portion of long-term debt |
|
43.6 |
|
|
53.0 |
|
|
86.4 |
|
|
| Long-term debt, excluding unamortized debt issuance costs |
|
2,176.0 |
|
|
2,162.6 |
|
|
2,127.8 |
|
|
| Total debt |
|
2,224.6 |
|
|
2,219.5 |
|
|
2,217.3 |
|
|
| Less: Total cash and cash equivalents |
|
1,172.2 |
|
|
1,257.7 |
|
|
1,260.2 |
|
|
| Net debt |
$ |
1,052.4 |
|
$ |
961.8 |
|
$ |
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 |
$ |
315.6 |
|
$ |
279.3 |
|
$ |
285.2 |
|
$ |
713.7 |
|
$ |
696.0 |
|
| Capital expenditures, net |
|
(58.2) |
|
|
(14.4) |
|
|
(22.3) |
|
|
(128.1) |
|
|
(105.3) |
|
| Free cash flow |
$ |
257.4 |
|
$ |
264.9 |
|
$ |
262.9 |
|
$ |
585.6 |
|
$ |
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 |
|
||||||||||||||
| Income (loss) from operations |
$ |
184.0 |
|
$ |
(105.4) |
|
$ |
80.3 |
|
$ |
646.8 |
|
$ |
324.1 |
|
| Noncore AECOM Capital (income) loss |
|
(12.4) |
|
|
311.5 |
|
|
1.9 |
|
|
(14.0) |
|
|
315.8 |
|
| Restructuring costs |
|
18.5 |
|
|
9.1 |
|
|
137.9 |
|
|
107.5 |
|
|
188.4 |
|
| Amortization of intangible assets |
|
4.7 |
|
|
4.6 |
|
|
4.6 |
|
|
18.9 |
|
|
18.5 |
|
| Adjusted income from operations |
$ |
194.8 |
|
$ |
219.8 |
|
$ |
224.7 |
|
$ |
759.2 |
|
$ |
846.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Income from Continuing Operations Before Taxes to Adjusted Income from Continuing Operations Before Taxes |
|
||||||||||||||
| Income (loss) from continuing operations before taxes |
$ |
154.4 |
|
$ |
(133.7) |
|
$ |
56.8 |
|
$ |
550.7 |
|
$ |
213.4 |
|
| Noncore AECOM Capital (income) loss |
|
(12.4) |
|
|
311.5 |
|
|
1.9 |
|
|
(14.0) |
|
|
315.8 |
|
| Restructuring costs |
|
18.5 |
|
|
9.1 |
|
|
137.9 |
|
|
107.5 |
|
|
188.4 |
|
| Amortization of intangible assets |
|
4.7 |
|
|
4.6 |
|
|
4.6 |
|
|
18.9 |
|
|
18.5 |
|
| Financing charges in interest expense |
|
1.3 |
|
|
1.2 |
|
|
1.2 |
|
|
4.9 |
|
|
4.8 |
|
| Adjusted income from continuing operations before taxes |
$ |
166.5 |
|
$ |
192.7 |
|
$ |
202.4 |
|
$ |
668.0 |
|
$ |
740.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Income Taxes for Continuing Operations to Adjusted Income Taxes for Continuing Operations |
|
||||||||||||||
| Income tax expense for continuing operations |
$ |
33.0 |
|
$ |
(20.0) |
|
$ |
9.2 |
|
$ |
136.1 |
|
$ |
56.1 |
|
| Tax effect of the above adjustments (1) |
|
3.8 |
|
|
90.2 |
|
|
38.4 |
|
|
21.3 |
|
|
142.3 |
|
| Valuation allowances and other tax only items |
|
6.9 |
|
|
(21.4) |
|
|
- |
|
|
(0.4) |
|
|
(20.8) |
|
| Adjusted income tax expense for continuing operations |
$ |
43.7 |
|
$ |
48.8 |
|
$ |
47.6 |
|
$ |
157.0 |
|
$ |
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 |
$ |
(6.0) |
|
$ |
(11.8) |
|
$ |
(13.7) |
|
$ |
(25.5) |
|
$ |
(43.2) |
|
| Noncore AECOM Capital, net of tax |
|
0.1 |
|
|
- |
|
|
- |
|
|
0.1 |
|
|
- |
|
| Amortization of intangible assets included in NCI, net of tax |
|
(0.1) |
|
|
(0.1) |
|
|
(0.1) |
|
|
(0.5) |
|
|
(0.5) |
|
| Adjusted net income attributable to noncontrolling interests from continuing operations |
$ |
(6.0) |
|
$ |
(11.9) |
|
$ |
(13.8) |
|
$ |
(25.9) |
|
$ |
(43.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Net Income Attributable to AECOM from Continuing Operations to Adjusted Net Income Attributable to AECOM from Continuing Operations |
|
||||||||||||||
| Net income (loss) attributable to AECOM from continuing operations |
$ |
115.4 |
|
$ |
(125.5) |
|
$ |
33.9 |
|
$ |
389.1 |
|
$ |
114.1 |
|
| Noncore AECOM Capital (income) loss, net of NCI |
|
(12.3) |
|
|
311.5 |
|
|
1.9 |
|
|
(13.9) |
|
|
315.8 |
|
| Restructuring costs |
|
18.5 |
|
|
9.1 |
|
|
137.9 |
|
|
107.5 |
|
|
188.4 |
|
| Amortization of intangible assets |
|
4.7 |
|
|
4.6 |
|
|
4.6 |
|
|
18.9 |
|
|
18.5 |
|
| Financing charges in interest expense |
|
1.3 |
|
|
1.2 |
|
|
1.2 |
|
|
4.9 |
|
|
4.8 |
|
| Tax effect of the above adjustments (1) |
|
(3.8) |
|
|
(90.2) |
|
|
(38.4) |
|
|
(21.3) |
|
|
(142.3) |
|
| Valuation allowances and other tax only items |
|
(6.9) |
|
|
21.4 |
|
|
- |
|
|
0.4 |
|
|
20.8 |
|
| Amortization of intangible assets included in NCI, net of tax |
|
(0.1) |
|
|
(0.1) |
|
|
(0.1) |
|
|
(0.5) |
|
|
(0.5) |
|
| Adjusted net income attributable to AECOM from continuing operations |
$ |
116.8 |
|
$ |
132.0 |
|
$ |
141.0 |
|
$ |
485.1 |
|
$ |
519.6 |
|
|
_______________
|
|
||||||||||||||
| 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 per Diluted Share to
|
||||||||||||||||||||
| Net income (loss) attributable to AECOM from continuing operations – per diluted share (2) |
$ |
0.82 |
|
$ |
(0.90 |
) |
$ |
0.24 |
|
$ |
2.73 |
|
$ |
0.81 |
|
|||||
| Per diluted share adjustments: |
|
|
|
|
|
|
|
|
|
|
||||||||||
| Noncore AECOM Capital (income) loss, net of NCI |
|
(0.09 |
) |
|
2.22 |
|
|
0.01 |
|
|
(0.10 |
) |
|
2.26 |
|
|||||
| Restructuring costs |
|
0.13 |
|
|
0.06 |
|
|
0.99 |
|
|
0.75 |
|
|
1.34 |
|
|||||
| Amortization of intangible assets |
|
0.03 |
|
|
0.03 |
|
|
0.03 |
|
|
0.13 |
|
|
0.13 |
|
|||||
| Financing charges in interest expense |
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
0.03 |
|
|
0.03 |
|
|||||
| Tax effect of the above adjustments (1) |
|
(0.02 |
) |
|
(0.63 |
) |
|
(0.27 |
) |
|
(0.14 |
) |
|
(1.01 |
) |
|||||
| Valuation allowances and other tax only items |
|
(0.05 |
) |
|
0.15 |
|
|
- |
|
|
- |
|
|
0.15 |
|
|||||
| Adjusted net income attributable to AECOM from continuing operations per diluted share (2) |
$ |
0.83 |
|
$ |
0.94 |
|
$ |
1.01 |
|
$ |
3.40 |
|
$ |
3.71 |
|
|||||
| Weighted average shares outstanding – basic |
|
139.6 |
|
|
138.7 |
|
|
138.1 |
|
|
140.8 |
|
|
138.6 |
|
|||||
| Weighted average shares outstanding – diluted |
|
141.3 |
|
|
140.0 |
|
|
139.4 |
|
|
142.7 |
|
|
140.1 |
|
|||||
|
_______________
(2) Q3-FY2023 basic and dilutive GAAP EPS calculations use the same share count because of the net loss and to avoid any antidilutive effect; however, the adjusted EPS includes the 1.3 million dilutive shares excluded in the GAAP EPS. |
||||||||||||||||||||
|
|
||||||||||||||||||||
|
Reconciliation of Net Income Attributable to AECOM from Continuing Operations to EBITDA to
|
||||||||||||||||||||
| Net income (loss) attributable to AECOM from continuing operations |
$ |
115.4 |
|
$ |
(125.5 |
) |
$ |
33.9 |
|
$ |
389.1 |
|
$ |
114.1 |
|
|||||
| Income tax expense (benefit) |
|
33.0 |
|
|
(20.0 |
) |
|
9.2 |
|
|
136.1 |
|
|
56.1 |
|
|||||
| Depreciation and amortization |
|
44.1 |
|
|
43.1 |
|
|
44.6 |
|
|
170.2 |
|
|
175.1 |
|
|||||
| Interest income |
|
(2.3 |
) |
|
(8.8 |
) |
|
(15.8 |
) |
|
(8.2 |
) |
|
(40.3 |
) |
|||||
| Interest expense |
|
33.3 |
|
|
38.9 |
|
|
41.4 |
|
|
110.3 |
|
|
159.4 |
|
|||||
| Amortized bank fees included in interest expense |
|
(1.2 |
) |
|
(1.2 |
) |
|
(1.2 |
) |
|
(4.8 |
) |
|
(4.8 |
) |
|||||
| EBITDA |
$ |
222.3 |
|
$ |
(73.5 |
) |
$ |
112.1 |
|
$ |
792.7 |
|
$ |
459.6 |
|
|||||
| Noncore AECOM Capital (income) loss, net of NCI |
|
(12.3 |
) |
|
311.5 |
|
|
1.9 |
|
|
(13.9 |
) |
|
315.8 |
|
|||||
| Restructuring costs |
|
18.6 |
|
|
9.1 |
|
|
137.9 |
|
|
107.6 |
|
|
188.5 |
|
|||||
| Adjusted EBITDA |
$ |
228.6 |
|
$ |
247.1 |
|
$ |
251.9 |
|
$ |
886.4 |
|
$ |
963.9 |
|
|||||
| Other income |
|
(1.5 |
) |
|
(1.7 |
) |
|
(2.2 |
) |
|
(6.1 |
) |
|
(8.4 |
) |
|||||
| Depreciation (3) |
|
(38.3 |
) |
|
(37.5 |
) |
|
(38.8 |
) |
|
(146.9 |
) |
|
(152.4 |
) |
|||||
| Noncontrolling interests in income of consolidated subsidiaries, net of tax |
|
6.0 |
|
|
11.8 |
|
|
13.7 |
|
|
25.5 |
|
|
43.2 |
|
|||||
| Noncore noncontrolling interests in AECOM Capital, net of tax |
|
(0.1 |
) |
|
- |
|
|
- |
|
|
(0.1 |
) |
|
- |
|
|||||
| Amortization of intangible assets included in NCI, net of tax |
|
0.1 |
|
|
0.1 |
|
|
0.1 |
|
|
0.4 |
|
|
0.5 |
|
|||||
| Adjusted income from operations |
$ |
194.8 |
|
$ |
219.8 |
|
$ |
224.7 |
|
$ |
759.2 |
|
$ |
846.8 |
|
|||||
|
_______________
|
||||||||||||||||||||
|
AECOM
|
|||||||||||||||
|
|
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: |
|
|
|
|
|
||||||||||
| Income from operations |
$ |
169.5 |
|
$ |
186.4 |
|
$ |
186.2 |
|
$ |
653.8 |
|
$ |
714.6 |
|
| Amortization of intangible assets |
|
4.4 |
|
|
4.3 |
|
|
4.3 |
|
|
17.4 |
|
|
17.3 |
|
| Adjusted income from operations |
$ |
173.9 |
|
$ |
190.7 |
|
$ |
190.5 |
|
$ |
671.2 |
|
$ |
731.9 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
| International Segment: |
|
|
|
|
|
|
|
|
|
||||||
| Income from operations |
$ |
57.6 |
|
$ |
67.7 |
|
$ |
71.9 |
|
$ |
221.2 |
|
$ |
254.7 |
|
| Amortization of intangible assets |
|
0.3 |
|
|
0.3 |
|
|
0.3 |
|
|
1.4 |
|
|
1.2 |
|
| Adjusted income from operations |
$ |
57.9 |
|
$ |
68.0 |
|
$ |
72.2 |
|
$ |
222.6 |
|
$ |
255.9 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
| Segment Performance (excludes ACAP and G&A): |
|
|
|
|
|
|
|
|
|
||||||
| Income from operations |
$ |
227.1 |
|
$ |
254.1 |
|
$ |
258.1 |
|
$ |
875.0 |
|
$ |
969.3 |
|
| Amortization of intangible assets |
|
4.7 |
|
|
4.6 |
|
|
4.6 |
|
|
18.8 |
|
|
18.5 |
|
| Adjusted income from operations |
$ |
231.8 |
|
$ |
258.7 |
|
$ |
262.7 |
|
$ |
893.8 |
|
$ |
987.8 |
|
|
|
|
|
|
|
|
||||||||||
| FY2024 GAAP EPS Guidance based on Adjusted EPS Guidance | |||
| (all figures approximate) |
Fiscal Year End 2024 |
|
|
| GAAP EPS guidance |
|
$3.85 to $4.16 |
|
| Adjusted EPS excludes: |
|
|
|
| Amortization of intangible assets |
|
$0.12 |
|
| Amortization of deferred financing fees |
|
$0.04 |
|
| Restructuring expenses |
|
$0.51 to $0.36 |
|
| Tax effect of the above items |
|
($0.17) to ($0.13) |
|
| Adjusted EPS guidance |
|
$4.35 to $4.55 |
|
|
|
|
||
|
FY2024 GAAP Net Income from Continuing Operations Guidance
|
||
| (in millions, all figures approximate) |
Fiscal Year End 2024 |
|
| GAAP net income from continuing operations guidance |
$591 to $624 |
|
| Net income attributable to noncontrolling interest from continuing operations |
($60) to ($50) |
|
| Net income attributable to AECOM from continuing operations |
$531 to $574 |
|
| Adjusted net income attributable to AECOM from continuing operations excludes: |
|
|
| Amortization of intangible assets |
$17 |
|
| Amortization of deferred financing fees |
$5 |
|
| Restructuring expenses |
$70 to $50 |
|
| Tax effect of the above items |
($23) to ($18) |
|
| Adjusted net income attributable to AECOM from continuing operations |
$600 to $628 |
|
| Adjusted EBITDA excludes: |
|
|
| Depreciation |
$152 |
|
| Adjusted interest expense, net |
$115 |
|
| Tax expense, including tax effect of the above items |
$198 to $210 |
|
| Adjusted EBITDA guidance |
$1,065 to $1,105 |
|
|
|
||
| AECOM Regulation G Information |
|
| FY2024 GAAP Interest Expense Guidance based on Adjusted Net Interest Expense Guidance |
|
| (in millions, all figures approximate) |
Fiscal Year End 2024 |
| GAAP interest expense guidance |
$155 |
| Financing charges in interest expense |
($5) |
| Interest income |
($35) |
| Adjusted net interest expense guidance |
$115 |
| FY2024 GAAP Income Tax Guidance based on Adjusted Income Tax Guidance | ||
| (in millions, all figures approximate) |
Fiscal Year End 2024 |
|
| GAAP income tax expense |
|
$175 to $192 |
| Tax effect of adjusting items |
|
$23 to $18 |
| Adjusted income tax expense |
|
$198 to $210 |
|
FY2024 GAAP Income from Operations as a % of Revenue Guidance based on
|
|
| (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 expenses |
0.9% |
| Restructuring expenses* |
0.4% |
| Segment adjusted operating income as a % of net service revenue |
15.6% |
|
|
|
| *Based on midpoint of FY2024 guidance |
|
