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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION
13 OR 15(d) OF THE
SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date of earliest event reported):
November 18, 2024
AECOM
(Exact name of Registrant as specified in its charter)
| Delaware |
|
0-52423 |
|
61-1088522 |
| (State or Other Jurisdiction |
|
(Commission |
|
(I.R.S. Employer |
| of Incorporation) |
|
File Number) |
|
Identification No.) |
| 13355 Noel Road |
|
|
| Dallas, Texas
75240 |
|
75240 |
(Address of Principal
Executive Offices) |
|
(Zip
Code) |
Registrant’s telephone number, including
area code: (972) 788-1000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions ( see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-(b) under the Exchange
Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Securities registered
pursuant to Section 12(b) of the Act:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
| Common Stock, $0.01 par value |
|
ACM |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
Growth Company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨
Item 2.02 Results of Operations and Financial Condition.
On November 18, 2024, AECOM (the “Company”) issued
a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is attached
to this report as Exhibit 99.1. Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18
of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended.
AECOM reports its results of operations based on 52 or 53-week periods
ending on the Friday nearest September 30, December 31, March 31, and June 30. For clarity of presentation, all periods
are presented as if the periods ended on September 30, December 31, March 31, and June 30.
Item 8.01 Other Events
On November 18, 2024, AECOM announced that its Board of Directors
(the “Board”) has declared a quarterly cash dividend of $0.26 per share as part of the Company’s ongoing quarterly dividend
program. The dividend is payable on January 17, 2025 to stockholders of record as of the close of business on January 2, 2025.
The per share dividend of $0.26 represents a 18% increase from the
previous quarterly dividend of $0.22 per share. The declaration and payment of future dividends are subject to the sole discretion of
the Board.
The press release announcing the declaration of a cash dividend is
attached hereto as Exhibit 99.2 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.
| |
AECOM |
| |
|
| Dated: November 18, 2024 |
By: |
/s/ David Y. Gan |
|
|
David Y. Gan |
|
|
Executive Vice President, Chief Legal Officer |
Exhibit 99.1
 |
|
|
| |
|
|
Press
Release
|
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 |
AECOM reports fourth quarter and
full year fiscal 2024 results
| · | 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 and the quarterly dividend by 18% |
DALLAS (November 18, 2024)
— AECOM (NYSE:ACM), the trusted global infrastructure leader, today reported fourth quarter and full year fiscal 2024 results.
| | |
Fourth
Quarter Fiscal 2024 | | |
Full
Year Fiscal 2024 | |
(from
Continuing Operations; $
in millions, except EPS) | |
As
Reported | | |
Adjusted1 (Non-
GAAP) | | |
As
Reported
YoY %
Change | | |
Adjusted
YoY %
Change | | |
As
Reported | | |
Adjusted1
(Non-
GAAP) | | |
As
Reported
YoY %
Change | | |
Adjusted
YoY %
Change | |
| Revenue | |
$ | 4,110 | | |
| -- | | |
| 7 | % | |
| -- | | |
$ | 16,105 | | |
| -- | | |
| 12 | % | |
| -- | |
| Net
Service Revenue (NSR)2 | |
| -- | | |
$ | 1,812 | | |
| -- | | |
| 5 | % | |
| -- | | |
$ | 7,165 | | |
| -- | | |
| 7 | % |
| Operating Income | |
$ | 236 | | |
$ | 261 | | |
| 194 | % | |
| 16 | % | |
$ | 827 | | |
$ | 986 | | |
| 155 | % | |
| 16 | % |
| Segment
Operating Margin3 | |
| -- | | |
| 16.7 | % | |
| -- | | |
| +150 | bps | |
| -- | | |
| 15.8 | % | |
| -- | | |
| +100 | bps |
| Net Income | |
$ | 168 | | |
$ | 172 | | |
| 396 | % | |
| 22 | % | |
$ | 506 | | |
$ | 617 | | |
| 343 | % | |
| 19 | % |
| EPS (Fully Diluted) | |
$ | 1.25 | | |
$ | 1.27 | | |
| 421 | % | |
| 26 | % | |
$ | 3.71 | | |
$ | 4.52 | | |
| 358 | % | |
| 22 | % |
| EBITDA4 | |
| -- | | |
$ | 290 | | |
| -- | | |
| 15 | % | |
| -- | | |
$ | 1,095 | | |
| -- | | |
| 14 | % |
| EBITDA
Margin5 | |
| -- | | |
| 16.7 | % | |
| -- | | |
| +140 | bps | |
| -- | | |
| 16.0 | % | |
| -- | | |
| +100 | bps |
| Operating Cash Flow | |
$ | 299 | | |
| -- | | |
| 5 | % | |
| -- | | |
| -- | | |
$ | 827 | | |
| -- | | |
| 19 | % |
| Free
Cash Flow6 | |
| -- | | |
$ | 275 | | |
| -- | | |
| 4 | % | |
| -- | | |
$ | 708 | | |
| -- | | |
| 20 | % |
| Total
Backlog7 | |
$ | 23,863 | | |
| -- | | |
| 3 | % | |
| -- | | |
| | | |
| | | |
| | | |
| | |
Fourth Quarter and Full Year Fiscal
2024 Highlights:
| · | Reflecting
as reported performance from continuing operations, fourth quarter revenue increased
7% to $4.1 billion, operating income increased 194% to $236 million, net income increased
396% to $168 million and diluted earnings per share increased 421% to $1.25. Full
year revenue increased 12% to $16.1 billion, operating income increased 155% to $827
million, net income increased 343% to $506 million and diluted earnings per
share increased 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 by 9% growth in the Americas. |
| · | Earnings
exceeded previously-increased guidance and set new records. |
| ‒ | Fourth
quarter adjusted1 EBITDA4 and adjusted1 EPS increased by
15% and 26%, respectively. |
| ‒ | For
the full year, adjusted1 EBTDA4 and adjusted1 EPS increased
14% and 22%, respectively. |
| · | 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 and 16.0% 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 was 15.8%, which exceeded guidance of 15.6%. |
| · | Design
backlog7 increased by 5% and total backlog increased 3% 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. |
| · | Free
cash flow6 exceeded prior guidance and achieved a new high of $708 million, a
20% increase from the prior year |
| ‒ | Free
cash flow represented 10% of net service revenue. |
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% to 8%. |
| § | Expect
phasing to follow a normal seasonal pattern with accelerating growth as the year progresses. |
| - | Adjusted1
EBITDA4 of between $1,170 million and $1,210 million, reflecting an increase
of 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 and $5.20, reflecting an increase of 13% at the mid-point compared
to fiscal 2024. |
| - | 100%+
free cash flow6 conversion. |
| · | 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. |
| · | 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% to 8%. |
| - | 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. |
| · | The
Company also expects to achieve an at least 17% adjusted EBITDA margin5 exiting
fiscal year 2025 and an at least 25% ROIC9 over the long term. |
Cash Flow, Balance Sheet and Capital
Allocation Update
| · | Fourth
quarter operating cash flow of $299 million and free cash flow6 of $275 million,
contributed to full year free cash flow6 of $708 million, an increase of 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. |
| · | The
Company returned approximately $560 million to shareholders through repurchases and dividends
in the year. |
| · | The
Board of Directors approved an increase to its share repurchases authorization to $1 billion
and an 18% increase to its quarterly dividend program to $0.26 per share. |
| · | 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 of stock, which represents approximately one-third of the Company’s
market capitalization at the time it began repurchases. |
“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 U.S., our largest market, the
incoming Trump Administration’s emphasis on a strong economy requires a foundation of world-class infrastructure, which plays to
our strengths. Importantly, we are investing at record levels to create new higher-margin platforms, in business development and in technical
excellence, which positions us for continued success. This is evident in our consistently high win rate, record backlog and pipeline,
as well as our expectation for another year of strong financial performance, including double-digit EPS growth.”
“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 21% annually since fiscal 2020, including 22% growth in fiscal 2024,” said Gaurav Kapoor,
AECOM’s chief financial and operations officer. “Our record backlog and pipeline, including a 1.2x book-to-burn in the design
business in the fourth quarter, gives us confidence in delivering on our 2025 guidance. When coupled with our disciplined capital allocation
and the Board approved increases to our share repurchase authorization and dividend program, we are committed to delivering continued
strong earnings growth, cash flow and return on invested capital over the long term.”
Business Segments
Americas
Revenue in the fourth quarter was $3.2
billion, an 8% increase from the prior year. Full year revenue was $12.5 billion, a 14% increase from the prior year.
Net service revenue2 in the
fourth quarter was $1.1 billion and included 8% growth in design revenue. Full year net service revenue2 was $4.2 billion.
The fourth quarter growth rate included a 50 basis point headwind due to the impacts from Hurricane Helene in September.
Fourth quarter operating income increased
by 9% over the prior year to $203 million and increased by 8% for the full year to $775 million. On an adjusted1 basis, fourth
quarter operating income increased by 9% to $208 million and increased by 8% to $792 million for the full year. The fourth quarter adjusted
operating margin on net service revenue increased by 70 basis points to 19.6%. The full year adjusted operating margin on net service
revenue increased by 20 basis points over the prior year to 18.8%, a new record that reflects the ongoing execution of initiatives to
deliver operating efficiencies, as well as strong execution and growth.
International
Revenue in the fourth quarter was $948
million, a 5% increase from the prior year. Full year revenue was $3.6 billion, a 6% increase from the prior year.
Net service revenue2 in the
fourth quarter was $754 million, a 4% increase from the prior year. Full year net service revenue2 was $3.0 billion, a 6%
increase from the prior year.
Fourth quarter operating income increased
by 31% over the prior year to $95 million and increased by 32% to $337 million for the full year. On an adjusted1 basis, operating
income increased by 31% to $95 million in the fourth quarter and increased by 32% to $339 million for the full year. The fourth quarter
adjusted operating margin on net service revenue increased by 260 basis points to 12.6%. The full year adjusted operating margin on net
service revenue increased by 230 basis points over the prior year to 11.5%, which reflected continued strong execution and the benefits
of actions taken to narrow the Company’s focus on high-returning opportunities across its largest geographies.
Balance Sheet
As of September 30, 2024, AECOM
had $1.6 billion of total cash and cash equivalents, $2.5 billion of total debt and $959 million of net debt (total debt less cash and
cash equivalents). Net leverage10 was 0.8x.
Tax Rate
The effective tax rate was 16.0% in
the fourth quarter and 21.3% in the full year. On an adjusted1 basis, the effective tax rate was 21.8% in the fourth quarter
and 24.8% in the full year, which was consistent with the Company’s guidance. The adjusted tax rate was derived by re-computing
the quarterly effective tax rate on adjusted net income11. The adjusted tax expense differs from the GAAP tax expense based
on the taxability or deductibility and tax rate applied to each of the adjustments.
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 $16.1 billion
in fiscal year 2024. Learn more at aecom.com.
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 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,
2024 | | |
Sept 30,
2023 | | |
%
Change | | |
Sept 30,
2024 | | |
Sept 30,
2023 | | |
%
Change | |
| 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
per share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 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
Capital |
|
|
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,
2024 | | |
Jun
30,
2024 | | |
Sep
30,
2023 | | |
Sep
30,
2024 | | |
Sep
30,
2023 | |
| 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,
2024 | | |
Jun
30,
2024 | | |
Sep
30,
2023 | | |
Sep
30,
2024 | | |
Sep
30,
2023 | |
| 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,
2024 | | |
Jun
30,
2024 | | |
Sep
30,
2023 | | |
Sep
30,
2024 | | |
Sep
30,
2023 | |
| 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 | |
(1)
Adjusts income taxes during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above.
| 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,
2024 | | |
Jun
30,
2024 | | |
Sep
30,
2023 | | |
Sep
30,
2024 | | |
Sep
30,
2023 | |
| 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 | |
(1)
Adjusts the income taxes during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above.
| 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 | |
(1)
Adjusts the income taxes during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above.
| 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,
2024 | | |
Jun
30,
2024 | | |
Sep
30,
2023 | | |
Sep
30,
2024 | | |
Sep
30,
2023 | |
| 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 | |
| $4.96
to $5.16 | |
| Adjusted EPS excludes: | |
| | |
| 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 | |
|
| 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 | |
| $724
to $743 | |
| Net
income attributable to noncontrolling interest from continuing operations | |
| ($60)
to ($50) | |
| Net income
attributable to AECOM from continuing operations | |
| $664
to $693 | |
| 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 | |
| Adjusted EBITDA excludes: | |
| | |
| 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
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 | |
| $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. | |
| | |
Exhibit 99.2
| |
|
|
| |
|
|
Press
Release
|
Media Contact:
Brendan Ranson-Walsh
Senior Vice President, Global Communications
213.996.2367
Brendan.Ranson-Walsh@aecom.com |
Investor Contact:
Will Gabrielski
Senior Vice President, Finance, Treasurer
213.593.8208
William.Gabrielski@aecom.com |
AECOM reiterates its capital allocation
policy, increases its share repurchase authorization to $1 billion and increases its quarterly dividend by 18%
DALLAS
(November 18, 2024) — AECOM (NYSE: ACM), the trusted global infrastructure leader, today affirmed the priorities of its returns-based
capital allocation policy. Accordingly, the Company announced that its Board of Directors has approved an increase to its share repurchase
authorization to $1 billion and an increase to its quarterly dividend by 18% to $0.26 per share.
“The increases
to our share repurchase authorization and quarterly dividend payment reflect our confidence in delivering strong earnings and cash flow
growth, as well as the strength of our balance sheet,” said Troy Rudd, AECOM’s chief executive officer. “Through this
announcement, we are affirming our returns-driven capital allocation policy focused on high-returning investments in accelerating organic
growth and margin expansion, as well as capital returns to shareholders. This includes returning $2.5 billion to shareholders since 2020,
primarily through share repurchases.”
AECOM’s
Returns-Focused Capital Allocation Policy
AECOM prioritizes
its capital allocation based on returns, including:
| - | Investments
in organic growth |
| - | Share
repurchases |
| - | Dividend
payments |
Consistent with
these priorities, the Company has bought back $2.2 billion of stock since the initiation of its repurchase program in September 2020,
which has reduced its shares outstanding by 21%. In addition, the Company remains committed to increasing the per share value of its
dividend by double-digits annually, as reflected in the 20% average annual increase it has delivered over the last three years.
The increased
dividend as declared by the Board will be reflected in its next dividend payment on January 17, 2025, to stockholders of record
on January 2, 2025.
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 $16.1 billion
in fiscal year 2024. Learn more at aecom.com.
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.
###
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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