Strong finish to Fiscal Year 2024 including a
successful public market debut
GAAP Revenues of $8.4 billion, 7% growth; GAAP
Net Loss of $82 million
Pro Forma Revenues of $13.9 billion, 4%
growth
Pro Forma Net Income of $32 million; Pro Forma
Adjusted EBITDA of $1,052 million, up 7%
Amentum affirms its Fiscal Year 2025 Capital
Markets Day financial guidance
Amentum Holdings, Inc. (“Amentum” or the “Company”) (NYSE:
AMTM), a leading advanced engineering and technology company, today
announced results for the fiscal year ended September 27, 2024, and
affirmed its outlook for fiscal year 2025.
“We reported strong results for fiscal year 2024, delivering
top-line and bottom-line growth,” commented Amentum Chief Executive
Officer John Heller. “2024 was a significant year in our Company’s
history, culminating in the merger of Amentum with Jacobs’ Critical
Mission Solutions and Cyber & Intelligence businesses to create
one of the strongest advanced engineering and technology companies
in the industry. Today, over two months since the merger, we
continue to be excited about the combined strength of these two
historic businesses. We have transformed Amentum into a larger,
more diversified company with broader customer reach and
capabilities to deliver greater value to the world’s most complex
challenges. In fiscal year 2025 we already see positive momentum
and are confident in our outlook.”
Summary Operating
Results
Fiscal Year Ended
(in millions, except per share data)
September 27, 2024
September 29, 2023
% Change
GAAP Measures:
Revenues
$8,388
$7,865
7%
Operating income
$291
$57
411%
Net loss
$(82)
$(314)
74%
Diluted loss per share
$(0.90)
$(3.49)
74%
Pro Forma and Non-GAAP
Measures1:
Pro Forma Revenues
$13,858
$13,371
4%
Pro Forma Adjusted EBITDA1
$1,052
$986
7%
Pro Forma Adjusted EBITDA Margin1
7.6%
7.4%
+20 bps
Pro Forma Adjusted Net Income1
$489
$453
8%
Pro Forma Adjusted Diluted Earnings Per
Share (EPS)1
$2.01
$1.86
8%
1 – Non-GAAP financial measures should be
considered in addition to, but not as a substitute for, the
information provided in accordance with GAAP. Management believes
that these non-GAAP measures provide another measure of Amentum’s
results of operations and financial condition, including its
ability to comply with financial covenants. See Unaudited Pro Forma
Non-GAAP Financial Measures at the end of this press release for
more information and a reconciliation of our selected reported
results to these non-GAAP measures.
GAAP Results
GAAP revenues, which exclude Jacobs' Critical Mission Solutions
and Cyber & Intelligence (CMS) businesses, increased 7%
year-over-year driven by new contract awards and growth on existing
programs. GAAP operating income increased primarily as a result of
a non-cash impairment charge that was recognized during fiscal year
2023. Operating income also benefited from reduced intangible
amortization expense and the higher revenue volume. GAAP net loss
and diluted loss per share improved year-over-year due to the
higher operating income and a gain on the acquisition of a
controlling interest, partially offset by higher interest expense
and a loss on extinguishment of debt.
Pro Forma and Non-GAAP Results
Pro forma revenues, which include the results of CMS prepared in
accordance with the requirements of Article 11 of Regulation S-X,
increased 4% year-over-year driven by new contract awards and
growth on existing programs partially offset by the expected
ramp-down of other historical programs. Pro Forma Adjusted EBITDA
increased 7% year-over-year primarily due to the higher revenue
volume and improved operating performance. Pro Forma Adjusted Net
Income and Adjusted Diluted Earnings Per Share increased due to the
higher operating income partially offset by increased tax
expense.
Backlog and Contract
Awards
As of September 27, 2024, the Company had a total backlog of
$45.0 billion, compared with $26.8 billion a year ago, an increase
of $18.2 billion primarily due the addition of backlog from CMS.
Funded backlog as of September 27, 2024 was $7.6 billion.
Notable Fiscal Year 2024 Awards
- U.S. Department of Energy (DOE) Hanford Integrated Tank
Disposition Contract (HITDC) – The U.S DOE awarded HITDC, a
ten-year $45 billion single-award indefinite delivery indefinite
quantity contract, to Hanford Tank Waste Operations & Closure,
LLC, a joint venture partnership which includes Amentum that will
bring the most advanced environmental capabilities to safely clean
up the Hanford Site near Richland, Washington.
- U.S. Naval Sea Systems Command (NAVSEA) Lifecycle and
Engineering Solutions – The NAVSEA International Fleet Support
Program Office awarded Amentum a five-year $592 million contract to
deliver life-cycle support, system upgrades, systems integration
support, training, and other technical solutions to eligible allied
international naval forces.
- U.K. Ministry of Defence (MOD) Hypersonic Technologies and
Capability Development Framework (HTCDF) – Amentum secured a
position across all lots on the HTCDF framework, which is valued at
up to $1.25 Billion (£1 billion) over seven years, and was
established to accelerate development of a sovereign UK Hypersonic
Capability, while bolstering AUKUS collaboration with Australia and
the United States.
- U.S. Army Fixed Wing Aircraft Fleet Maintenance and
Modernization – The U.S. Army’s Program Executive Office –
Aviation, Fixed Wing Project Office awarded Amentum a six-year $946
million contract to provide complete system maintenance and
modernization solutions for the U.S. Army’s government-owned fixed
wing transport aircraft fleet.
- Information Analysis Center Multiple-Award Contract
(IAC-MAC) Research, Development, Test, and Evaluation (RDT&E)
Solutions – Amentum was awarded multiple five-year task orders
under IAC-MAC totaling over $350 million to deliver critical
research and development capabilities in areas such as
microelectronics, electronic warfare, and Intelligence,
Surveillance, and Reconnaissance systems.
- U.K. and Australia Awards – Amentum was awarded
contracts valued over $1 billion in fiscal year 2024 to support the
U.K. and Australian governments by providing solutions on pressing
challenges, from energy transition and environmental remediation to
cybersecurity and digital modernization.
- Commercial Awards – Amentum was awarded contracts valued
at over $1 billion in fiscal year 2024 to support a variety of
Fortune 500 customers in critical areas including: advanced product
research and development; design, deployment and optimization of 5G
networks, critical infrastructure management, and development of
clean energy solutions.
Fiscal Year 2025
Guidance
Amentum affirms its fiscal year 2025 guidance originally
presented at Capital Markets Day on August 13, 2024 and provides
Adjusted Diluted Earnings Per Share (EPS) guidance.
(in millions, except per share data)
Fiscal Year 2025
Guidance
Revenues
$13,800
-
$14,200
Adjusted EBITDA1
$1,060
-
$1,100
Adjusted Diluted EPS1
$2.00
-
$2.20
Free Cash Flow1
$475
-
$525
1 – Represents a Non-GAAP financial
measure - see the related explanations included elsewhere in this
release. Amentum does not provide a reconciliation of
forward-looking non-GAAP financial measures to the most directly
comparable GAAP measures due to the inherent difficulty in
forecasting and quantifying certain significant items. These items
are uncertain, depend on various factors and could have a material
impact on GAAP reported results for the relevant period.
Webcast Information
Amentum will host a conference call beginning at 8:30 a.m.
Eastern time on Tuesday, December 17, 2024 to discuss the results
for the fiscal year ended September 27, 2024. The conference call
will be webcast simultaneously to the public through a link on the
Investor Relations section of the Amentum website at
ir.amentum.com. After the call concludes, a replay of the webcast
can be accessed on the Investor Relations website.
About Amentum
Amentum is a global leader in advanced engineering and
innovative technology solutions, trusted by the United States and
its allies to address their most significant and complex challenges
in science, security and sustainability. Our people apply undaunted
curiosity, relentless ambition and boundless imagination to
challenge convention and drive progress. Our commitments are
underpinned by the belief that safety, inclusion and well-being are
integral to success. Headquartered in Chantilly, Virginia, we have
more than 53,000 employees in approximately 80 countries.
Visit us at amentum.com to learn how we advance the future
together.
Cautionary Note Regarding Forward
Looking Statements
This release contains or incorporates by reference statements
that relate to future events and expectations and, as such, could
be interpreted to be “forward-looking statements” as that term is
defined in the Private Securities Litigation Reform Act of 1995 and
other federal securities laws. Forward-looking statements may be
characterized by terminology such as “believe,” “project,”
“expect,” “anticipate,” “estimate,” “forecast,” “outlook,”
“target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,”
“plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will
continue,” “will likely result,” or the negative thereof or
variations thereon or similar terminology generally intended to
identify forward-looking statements. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including projections of financial
performance; statements of plans, strategies and objectives of
management for future operations; any statement concerning
developments, performance or industry rankings relating to products
or services; any statements regarding future economic conditions or
performance; any statements of assumptions underlying any of the
foregoing; and any other statements that address activities, events
or developments that the Company intends, expects, projects,
believes or anticipates will or may occur in the future.
Important factors that could cause actual results to differ
materially from such plans, estimates or expectations include,
among others: changes in U.S. or global economic, financial,
business and political conditions, including changes to
governmental budgetary priorities; our ability to comply with the
various procurement and other laws and regulations; risks
associated with contracts with governmental entities; reviews and
audits by the U.S. government and others; changes to our
professional reputation and relationship with government agencies;
the occurrence of an accident or safety incident; the ability of
the Company to control costs, meet performance requirements or
contractual schedules, compete effectively or implement its
business strategy; the ability of the Company to retain and hire
key personnel, and retain and engage key customers and suppliers;
the failure to realize the anticipated benefits of the 2024
transaction with Jacobs Solutions Inc.; potential liabilities
associated with shareholder litigation or other settlements or
investigations; evolving legal, regulatory and tax regimes; and
other factors set forth under Item 1A, Risk Factors in the annual
report on Form 10-K (the “Annual Report”), and from time to time in
documents that we file with the SEC. The above list of factors is
not exhaustive or necessarily in order of importance. For
additional information on identifying factors that may cause actual
results to vary materially from those stated in forward-looking
statements, see the discussions under the section entitled “Risk
Factors” in the Annual Report. Any forward-looking statement speaks
only as of the date on which it is made, and we assume no
obligation to update or revise such statement, whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Pro Forma and Non-GAAP
Measures
This release includes the presentation and discussion of pro
forma financial information that incorporates the results of CMS
prepared in accordance with the requirements of Article 11 of
Regulation S-X. This release also includes the presentation and
discussion of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA
Margin, Pro Forma Adjusted Net Income, Pro Forma Adjusted Diluted
Earnings Per Share, and Free Cash Flow, which are not measures of
financial performance under Generally Accepted Accounting
Principles in the United States (“GAAP”). These pro forma and
non-GAAP measures should be considered only as supplements to, and
should not be considered in isolation or used as substitutes for,
financial information prepared in accordance with GAAP. Management
of the Company believes these pro forma and non-GAAP measures, when
read in conjunction with the Company’s financial statements
prepared in accordance with GAAP and, where applicable, the
reconciliations herein to the most directly comparable GAAP
measures, provide useful information to management, investors and
other users of the Company’s financial information in evaluating
operating results and understanding operating trends by adjusting
for the effects of items we do not consider to be indicative of the
Company’s ongoing performance, the inclusion of which can obscure
underlying trends. Additionally, management of the Company uses
such measures in its evaluation of business performance,
particularly when comparing performance to past periods, and
believes these measures are useful for investors because they
facilitate a comparison of financial results from period to period.
The computation of pro forma and non-GAAP measures may not be
comparable to similarly titled measures reported by other
companies, thus limiting their use for comparability.
Definitions of applicable non-GAAP measures and reconciliations
to the most directly comparable GAAP measures are provided
elsewhere in this release.
AMENTUM HOLDINGS, INC.
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in millions, except per share
data)
Quarters Ended
Years Ended
September 27, 2024
September 29, 2023
September 27, 2024
September 29, 2023
Revenues
$
2,212
$
2,137
$
8,388
$
7,865
Cost of revenues
(2,013
)
(1,894
)
(7,590
)
(7,083
)
Selling, general, and administrative
expenses
(137
)
(99
)
(353
)
(297
)
Amortization of intangibles
(57
)
(74
)
(228
)
(298
)
Equity earnings of non-consolidated
subsidiaries
22
10
74
56
Goodwill impairment charges
—
—
—
(186
)
Operating income
27
80
291
57
Interest expense and other, net
(108
)
(112
)
(438
)
(397
)
Loss on extinguishment of debt
(42
)
—
(45
)
—
Gain on acquisition of controlling
interest
69
—
69
—
Loss before income taxes
(54
)
(32
)
(123
)
(340
)
Benefit for income taxes
76
9
40
19
Net income (loss)
22
(23
)
(83
)
(321
)
Less: net loss attributable to
non-controlling interests
4
17
1
7
Net income (loss) attributable to
common shareholders
$
26
$
(6
)
$
(82
)
$
(314
)
Basic and diluted income (loss) per
share attributable to common shareholders
$
0.28
$
(0.07
)
$
(0.90
)
$
(3.49
)
Basic and diluted weighted average
shares outstanding
92
90
91
90
AMENTUM HOLDINGS, INC.
UNAUDITED CONSOLIDATED BALANCE
SHEETS
(in millions, except per share
data)
September 27, 2024
September 29, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
452
$
305
Accounts receivable, net
2,401
1,440
Prepaid expenses and other current
assets
231
186
Total current assets
3,084
1,931
Property and equipment, net
144
85
Equity method investments
123
104
Goodwill
5,556
2,891
Intangible assets, net
2,623
988
Other long-term assets
444
414
Total assets
$
11,974
$
6,413
LIABILITIES
Current liabilities:
Current portion of long-term debt
$
36
$
45
Accounts payable
764
560
Accrued compensation and benefits
696
369
Contract liabilities
113
120
Other current liabilities
356
282
Total current liabilities
1,965
1,376
Long-term debt, net of current portion
4,643
4,067
Deferred tax liabilities
370
141
Other long-term liabilities
444
413
Total liabilities
7,422
5,997
SHAREHOLDERS' EQUITY
Common stock, $0.01 par value –
1,000,000,000 shares authorized and 243,302,173 shares issued and
outstanding at September 27, 2024; no shares authorized, issued or
outstanding at September 29, 2023.
2
—
Additional paid-in capital
4,962
772
Retained deficit
(527
)
(445
)
Accumulated other comprehensive income
23
48
Total Amentum shareholders' equity
4,460
375
Non-controlling interests
92
41
Total shareholders' equity
4,552
416
Total liabilities and shareholders'
equity
$
11,974
$
6,413
AMENTUM HOLDINGS, INC.
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in millions)
Quarters Ended
Years Ended
September 27, 2024
September 29, 2023
September 27, 2024
September 29, 2023
Cash flows from operating
activities
Net income (loss)
$
22
$
(23
)
$
(83
)
$
(321
)
Adjustments to reconcile net income (loss)
to net cash (used in) provided by operating activities:
Depreciation
6
7
23
27
Amortization of intangibles
57
74
228
298
Amortization of deferred loan costs and
original issue discount
6
5
22
21
Goodwill impairment charges
—
—
—
186
Derivative instruments
3
16
37
21
Equity earnings of non-consolidated
subsidiaries
(22
)
(10
)
(74
)
(56
)
Distributions from equity method
investments
15
7
61
49
Deferred income taxes
(98
)
(43
)
(115
)
(62
)
Equity-based compensation
15
—
18
3
Gain on acquisition of controlling
interest
(69
)
—
(69
)
—
Other
8
(1
)
14
2
Changes in assets and liabilities, net of
effects of business acquisition:
Accounts receivable, net
52
(36
)
81
(68
)
Prepaid expenses and other assets
8
49
78
56
Accounts payable, contract liabilities,
and other current liabilities
(100
)
109
(211
)
(24
)
Accrued employee compensation and
benefits
(14
)
(40
)
43
(82
)
Other long-term liabilities
(2
)
18
(6
)
17
Net cash (used in) provided by operating
activities
(113
)
132
47
67
Cash flows from investing
activities
Acquisitions, net of cash acquired
488
—
488
—
Purchase of property and equipment
(4
)
(4
)
(11
)
(12
)
Contributions to equity method
investments
(1
)
(1
)
(1
)
(17
)
Return of capital from equity method
investments
—
—
—
14
Other
—
—
(1
)
(2
)
Net cash provided by (used in) investing
activities
483
(5
)
475
(17
)
Cash flows from financing
activities
Borrowings on revolving credit
facilities
—
234
562
1,201
Payments on revolving credit
facilities
—
(234
)
(562
)
(1,201
)
Proceeds from borrowing under the term
loans
2,620
—
2,620
—
Repayments of borrowings under the credit
agreement
(4,002
)
(9
)
(4,177
)
(34
)
Proceeds from issuance of Senior Notes
1,000
—
1,000
—
Payments of debt issuance fees
(38
)
—
(38
)
—
Proceeds from borrowings under other
agreements
—
—
1
5
Repayments of borrowings under other
agreements
(3
)
(3
)
(13
)
(67
)
Capital contribution
235
—
235
—
Capital contribution from non-controlling
interest
—
—
—
13
Distributions to non-controlling
interests
(4
)
(1
)
(6
)
(24
)
Other
(1
)
(2
)
(4
)
(5
)
Net cash used in financing activities
(193
)
(15
)
(382
)
(112
)
Effect of exchange rate changes on
cash
4
(2
)
7
1
Net change in cash and cash
equivalents
181
110
147
(61
)
Cash and cash equivalents, beginning of
period
271
195
305
366
Cash and cash equivalents, end of
period
$
452
$
305
$
452
$
305
AMENTUM HOLDINGS, INC. UNAUDITED PRO
FORMA NON-GAAP FINANCIAL MEASURES
The presentation and discussion of Pro Forma Adjusted EBITDA,
Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income,
Pro Forma Adjusted Diluted EPS, and Free Cash Flow are not measures
of financial performance under Generally Accepted Accounting
Principles in the United States (“GAAP”). These non-GAAP measures
should be considered only as supplements to, and should not be
considered in isolation or used as a substitute for, financial
information prepared in accordance with GAAP. Management believes
these non-GAAP measures, when read in conjunction with our
consolidated financial statements prepared in accordance with GAAP
and the reconciliations herein to the most directly comparable GAAP
measures, provide useful information in assessing trends in our
ongoing operating performance and may provide greater visibility in
understanding the long-term financial performance of the Company.
The computation of non-GAAP measures may not be comparable to
similarly titled measures reported by other companies, thus
limiting their use for comparability.
Pro Forma Adjusted EBITDA is defined as pro forma net
(loss) income attributable to common shareholders, which
incorporates the results of CMS prepared in accordance with the
requirements of Article 11 of Regulation S-X, adjusted for pro
forma interest expense and other, net, pro forma (benefit)
provision for income taxes, pro forma depreciation and
amortization, and excludes the following discrete pro forma
items:
- Acquisition, transaction, and integration costs – Represents
acquisition, transaction and integration costs, including
severance, retention, and other adjustments related to acquisition
and integration activities.
- Amortization of intangibles – Represents the amortization of
intangible assets.
- Non-cash GAAP expense (gain) – Represents a non-cash goodwill
impairment charge and a non-cash gain on acquisition of controlling
interest.
- Loss on extinguishment of debt – Represents the write-off of
debt discount and debt issuance costs as a result of debt
modifications.
- Utilization of certain fair market value adjustments assigned
in purchase accounting – Represents the periodic utilization of the
fair market value adjustments assigned to certain equity method
investments and non-controlling interests based on the remaining
period of performance for the related contract.
- Share-based compensation – Represents non-cash compensation
expenses recognized for share based arrangements.
Pro Forma Adjusted EBITDA Margin is defined as Pro Forma
Adjusted EBITDA divided by Pro Forma Revenues.
Pro Forma Adjusted Net Income is defined as pro forma net
(loss) income attributable to common shareholders, which
incorporates the results of CMS prepared in accordance with the
requirements of Article 11 of Regulation S-X, excluding the
discrete pro forma items listed under Pro Forma Adjusted EBITDA and
the related pro forma tax impacts.
Pro Forma Adjusted Diluted EPS is defined as Pro Forma
Adjusted Net Income divided by pro forma diluted weighted average
number of common shares outstanding.
Free Cash Flow is defined as GAAP cash flow provided by
operating activities less purchases of property and equipment.
AMENTUM HOLDINGS, INC. UNAUDITED PRO
FORMA NON-GAAP FINANCIAL MEASURES (in millions, except per
share data and margin percentages)
The following table presents the unaudited pro forma combined
reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted
EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted
Diluted EPS to the most directly comparable pro forma measures for
the Company, including CMS, for the fiscal year ended September 27,
2024:
For the Year Ended September
27, 2024
Pro Forma results
Acquisition, transaction and
integration costs
Amortization of
intangibles
Loss on extinguishment of
debt
Utilization of fair market
value adjustments
Share-based
compensation
Pro Forma Non-GAAP
results
Revenues
$
13,858
$
—
$
—
$
—
$
—
$
—
$
13,858
Operating income
$
462
$
62
$
499
$
—
$
1
$
10
$
1,034
Non-operating expense, net
(390
)
—
—
45
—
—
(345
)
Income before income taxes
72
62
499
45
1
10
689
Provision for income taxes 1
(37
)
(13
)
(120
)
(11
)
—
—
(181
)
Net income
35
49
379
34
1
10
508
Less: net income attributable to
non-controlling interests
(3
)
—
—
—
(16
)
—
(19
)
Net income (loss) attributable to
common shareholders
$
32
$
49
$
379
$
34
$
(15
)
$
10
$
489
Basic and diluted income (loss) per
share attributable to common shareholders
$
0.13
$
0.20
$
1.56
$
0.14
$
(0.06
)
$
0.04
$
2.01
Basic and diluted weighted average
shares outstanding
243
243
243
243
243
243
243
Net income (loss) attributable to
common shareholders
$
32
$
49
$
379
$
34
$
(15
)
$
10
$
489
Net income margin 2
0.2
%
3.5
%
Depreciation expense
37
—
—
—
—
—
37
Amortization of intangibles
499
—
(499
)
—
—
—
—
Interest expense and other, net
345
—
—
—
—
—
345
Provision for income taxes
37
13
120
11
—
—
181
EBITDA (non-GAAP)
$
950
$
62
$
—
$
45
$
(15
)
$
10
$
1,052
EBITDA margin
6.9
%
7.6
%
1 - Calculation uses a full year estimated
statutory rate on each non-GAAP tax deductible adjustment, unless
the nature of the item requires application of specific tax
treatment for related impacts.
2 - Calculated as net loss attributable to
common shareholders divided by revenues.
AMENTUM HOLDINGS, INC. UNAUDITED PRO
FORMA NON-GAAP FINANCIAL MEASURES (in millions,
except per share data and margin percentages)
The following table presents the unaudited pro forma combined
reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted
EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted
Diluted EPS to the most directly comparable pro forma measures for
the Company, including CMS, for the fiscal year ended September 29,
2023:
For the Year Ended September
29, 2023
Pro Forma results
Acquisition, transaction and
integration costs
Amortization of
intangibles
Non-cash GAAP expense
(gain)
Utilization of fair market
value adjustments
Share-based
compensation
Pro Forma Non-GAAP
results
Revenues
$
13,371
$
—
$
—
$
—
$
—
$
—
$
13,371
Operating income
$
129
$
39
$
592
$
186
$
6
$
21
$
973
Non-operating expense, net
(279
)
—
—
(69
)
—
—
(348
)
(Loss) income before income
taxes
(150
)
39
592
117
6
21
625
(Provision) benefit for income taxes 1
(4
)
(9
)
(142
)
17
(2
)
—
(140
)
Net (loss) income
(154
)
30
450
134
4
21
485
Less: net (loss) income attributable to
non-controlling interests
9
—
—
—
(41
)
—
(32
)
Net (loss) income attributable to
common shareholders
$
(145
)
$
30
$
450
$
134
$
(37
)
$
21
$
453
Basic and diluted (loss) income per
share attributable to common shareholders
$
(0.60
)
$
0.12
$
1.85
$
0.55
$
(0.15
)
$
0.09
$
1.86
Basic and diluted weighted average
shares outstanding
243
243
243
243
243
243
243
Net (loss) income attributable to
common shareholders
$
(145
)
$
30
$
450
$
134
$
(37
)
$
21
$
453
Net (loss) income margin 2
(1.1
)%
3.4
%
Depreciation expense
45
—
—
—
—
—
45
Amortization of intangibles
592
—
(592
)
—
—
—
—
Interest expense and other, net
348
—
—
—
—
—
348
Provision (benefit) for income taxes
4
9
142
(17
)
2
—
140
EBITDA (non-GAAP)
$
844
$
39
$
—
$
117
$
(35
)
$
21
$
986
EBITDA margin
6.3
%
7.4
%
1 - Calculation uses a full year estimated
statutory rate on each non-GAAP tax deductible adjustment, unless
the nature of the item requires application of specific tax
treatment for related impacts.
2 - Calculated as net loss attributable to
common shareholders divided by revenues.
AMENTUM HOLDINGS, INC. UNAUDITED PRO
FORMA NON-GAAP FINANCIAL MEASURES (in millions, except per
share data and margin percentages)
The following table presents the unaudited pro forma combined
reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted
EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted
Diluted EPS to the most directly comparable pro forma measures for
the Company, including CMS, for the quarter ended September 27,
2024:
For the Quarter Ended
September 27, 2024
Pro Forma results
Acquisition, transaction and
integration costs
Amortization of
intangibles
Loss on extinguishment of
debt
Utilization of fair market
value adjustments
Share-based
compensation
Pro Forma Non-GAAP
results
Revenues
$
3,565
$
—
$
—
$
—
$
—
$
—
$
3,565
Operating income
$
98
$
42
$
125
$
—
$
1
$
3
$
269
Non-operating expense, net
(140
)
—
—
42
—
—
(98
)
(Loss) income before income
taxes
(42
)
42
125
42
1
3
171
Provision for income taxes 1
(11
)
(4
)
(30
)
(10
)
—
—
(55
)
Net (loss) income
(53
)
38
95
32
1
3
116
Less: net (loss) income attributable to
non-controlling interests
2
—
—
—
(3
)
—
(1
)
Net (loss) income attributable to
common shareholders
$
(51
)
$
38
$
95
$
32
$
(2
)
$
3
$
115
Basic and diluted (loss) income per
share attributable to common shareholders
$
(0.21
)
$
0.16
$
0.39
$
0.13
$
(0.01
)
$
0.01
$
0.47
Basic and diluted weighted average
shares outstanding
243
243
243
243
243
243
243
Net (loss) income attributable to
common shareholders
$
(51
)
$
38
$
95
$
32
$
(2
)
$
3
$
115
Net (loss) income margin 2
(1.4
)%
3.2
%
Depreciation expense
9
—
—
—
—
—
9
Amortization of intangibles
125
—
(125
)
—
—
—
—
Interest expense and other, net
98
—
—
—
—
—
98
Provision for income taxes
11
4
30
10
—
—
55
EBITDA (non-GAAP)
$
192
$
42
$
—
$
42
$
(2
)
$
3
$
277
EBITDA margin
5.4
%
7.8
%
1 - Calculation uses a full year estimated
statutory rate on each non-GAAP tax deductible adjustment, unless
the nature of the item requires application of specific tax
treatment for related impacts.
2 - Calculated as net loss attributable to
common shareholders divided by revenues.
AMENTUM HOLDINGS, INC. UNAUDITED PRO
FORMA NON-GAAP FINANCIAL MEASURES (in millions, except per
share data and margin percentages)
The following table presents the unaudited pro forma combined
reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted
EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted
Diluted EPS to the most directly comparable pro forma measures for
the Company, including CMS, for the quarter ended September 29,
2023:
For the Quarter Ended
September 29, 2023
Pro Forma results
Acquisition, transaction and
integration costs
Amortization of
intangibles
Utilization of fair market
value adjustments
Share-based
compensation
Pro Forma Non-GAAP
results
Revenues
$
3,597
$
—
$
—
$
—
$
—
$
3,597
Operating income
$
115
$
17
$
148
$
4
$
2
$
286
Non-operating expense, net
(91
)
—
—
—
—
(91
)
Income before income taxes
24
17
148
4
2
195
Provision for income taxes 1
(2
)
(4
)
(36
)
(1
)
—
(43
)
Net income
22
13
112
3
2
152
Less: net income attributable to
non-controlling interests
19
—
—
(28
)
—
(9
)
Net income (loss) attributable to
common shareholders
$
41
$
13
$
112
$
(25
)
$
2
$
143
Basic and diluted income (loss) per
share attributable to common shareholders
$
0.17
$
0.05
$
0.46
$
(0.10
)
$
0.01
$
0.59
Basic and diluted weighted average
shares outstanding
243
243
243
243
243
243
Net income (loss) attributable to
common shareholders
$
41
$
13
$
112
$
(25
)
$
2
$
143
Net (loss) income margin 2
1.1
%
4.0
%
Depreciation expense
11
—
—
—
—
11
Amortization of intangibles
148
—
(148
)
—
—
—
Interest expense and other, net
91
—
—
—
—
91
Provision for income taxes
2
4
36
1
—
43
EBITDA (non-GAAP)
$
293
$
17
$
—
$
(24
)
$
2
$
288
EBITDA margin
8.1
%
8.0
%
1 - Calculation uses a full year estimated
statutory rate on each non-GAAP tax deductible adjustment, unless
the nature of the item requires application of specific tax
treatment for related impacts.
2 - Calculated as net loss attributable to
common shareholders divided by revenues.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241216401951/en/
Investor Relations Contact Nathan
Rutledge IR@amentum.com
Media Contact Roela Santos
Roela.Santos@amentum.com
Amentum (NYSE:AMTM)
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