Non-GAAP Financial Information
This press release contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes that non-GAAP financial measures such as adjusted EPS, adjusted EBITDA, adjusted net/operating income, segment adjusted operating margin, adjusted tax rate, net service revenue and free cash flow provide a meaningful perspective on its business results as the Company utilizes this information to evaluate and manage the business. We use adjusted operating income, adjusted net income, adjusted EBITDA and adjusted EPS to exclude the impact of certain items, such as amortization expense and taxes to aid investors in better understanding our core performance results. We use free cash flow to present the cash generated from operations after capital expenditures to maintain our business. We present net service revenue (NSR) to exclude pass-through subcontractor costs from revenue to provide investors with a better understanding of our operational performance. We present segment adjusted operating margin to reflect segment operating performance of our Americas and International segments, excluding AECOM Capital. We present adjusted tax rate to reflect the tax rate on adjusted earnings. We also use constant-currency growth rates where appropriate, which are calculated by conforming the current period results to the comparable period exchange rates.
Our non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of these non-GAAP measures is found in the Regulation G Information tables at the back of this release. The Company is unable to reconcile certain of its non-GAAP financial guidance and long-term financial targets due to uncertainties in these non-operating items as well as other adjustments to net income. The Company is unable to provide a reconciliation of its guidance for NSR to GAAP revenue because it is unable to predict with reasonable certainty its pass-through revenue.
AECOM |
||||||||||||||||||||||
Consolidated Statements of Income |
||||||||||||||||||||||
(unaudited - in thousands, except per share data) |
||||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||
|
|
Sept 30,
|
|
Sept 30,
|
|
%
|
|
Sept 30,
|
|
Sept 30,
|
|
%
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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) |
|||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
Americas |
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,
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
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| Regulation G Information |
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| (in millions, except per share data) |
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Three Months Ended |
Twelve Months Ended |
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Sep 30,
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Jun 30,
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
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| Reconciliation of Segment Income from Operations to Adjusted Income from Operations |
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| Americas Segment: |
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|
|
|
|
|
|
|
|
|
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| Segment income from operations |
$ |
203.4 |
$ |
207.4 |
$ |
186.2 |
$ |
774.6 |
$ |
714.6 |
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| Amortization of intangible assets |
|
4.3 |
|
4.4 |
|
4.3 |
|
17.3 |
|
17.3 |
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| Adjusted segment income from operations |
$ |
207.7 |
$ |
211.8 |
$ |
190.5 |
$ |
791.9 |
$ |
731.9 |
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| International Segment: |
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|
|
|
|
|
|
|
|
|
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| Segment income from operations |
$ |
94.5 |
$ |
84.6 |
$ |
71.9 |
$ |
337.4 |
$ |
254.7 |
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| Amortization of intangible assets |
|
0.4 |
|
0.3 |
|
0.3 |
|
1.4 |
|
1.2 |
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| Adjusted segment income from operations |
$ |
94.9 |
$ |
84.9 |
$ |
72.2 |
$ |
338.8 |
$ |
255.9 |
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|
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| Segment Performance (excludes ACAP and G&A): |
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|
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|
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|
|
|
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| Segment income from operations |
$ |
297.9 |
$ |
292.0 |
$ |
258.1 |
$ |
1,112.0 |
$ |
969.3 |
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| Amortization of intangible assets |
|
4.7 |
|
4.7 |
|
4.6 |
|
18.7 |
|
18.5 |
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| Adjusted segment income from operations |
$ |
302.6 |
$ |
296.7 |
$ |
262.7 |
$ |
1,130.7 |
$ |
987.8 |
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| FY2025 GAAP EPS Guidance based on Adjusted EPS Guidance |
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| (all figures approximate) |
Fiscal Year End 2025 |
|
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| GAAP EPS guidance |
|
$4.96 to $5.16 |
|
| Adjusted EPS excludes: |
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|
|
| Amortization of intangible assets |
|
$0.01 |
|
| Amortization of deferred financing fees |
|
$0.04 |
|
| Tax effect of the above items |
|
($0.01) |
|
| Adjusted EPS guidance |
|
$5.00 to $5.20 |
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|
|
|
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| FY2025 GAAP Net Income from Continuing Operations Guidance based on Adjusted EBITDA Guidance |
|
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| (in millions, all figures approximate) |
|
Fiscal Year End 2025 |
|
| GAAP net income from continuing operations guidance |
|
$724 to $743 |
|
| Net income attributable to noncontrolling interest from continuing operations |
|
($60) to ($50) |
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| Net income attributable to AECOM from continuing operations |
|
$664 to $693 |
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| Adjusted net income attributable to AECOM from continuing operations excludes: |
|
|
|
| Amortization of intangible assets |
|
$2 |
|
| Amortization of deferred financing fees |
|
$5 |
|
| Tax effect of the above items |
|
($1) to ($2) |
|
| Adjusted net income attributable to AECOM from continuing operations |
|
$670 to $698 |
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| Adjusted EBITDA excludes: |
|
|
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| Depreciation |
|
$160 |
|
| Adjusted interest expense, net |
|
$129 |
|
| Tax expense, including tax effect of above items |
|
$211 to $223 |
|
| Adjusted EBITDA guidance |
|
$1,170 to $1,210 |
|
| Note: Variances in tables are due to rounding. |
| AECOM |
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| Regulation G Information |
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| FY2025 GAAP Interest Expense Guidance based on Adjusted Interest Expense Guidance |
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| (in millions, all figures approximate) |
|
Fiscal Year End 2025 |
|
| GAAP interest expense guidance |
|
$169 |
|
| Finance charges in interest expense |
|
($5) |
|
| Interest income, net of NCI |
|
($35) |
|
| Adjusted net interest expense guidance |
|
$129 |
|
| 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 |
|
$210 to $221 |
|
| Tax effect of adjusting items |
|
$1 to $2 |
|
| Adjusted income tax expense guidance |
|
$211 to $223 |
|
| Note: Variances in tables are due to rounding. |
