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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):
February 3, 2025
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 February 3, 2025, AECOM issued a press release announcing its financial
results for the quarter ended December 31, 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 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: February 3, 2025 |
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 first quarter fiscal 2025 results
| · | Delivered
strong performance on all key financial metrics |
| · | Net
service revenue growth accelerated |
| · | Margins
set a first quarter record |
| · | Adjusted
EPS increased by 25% |
| · | Achieved
the 17th consecutive quarter with a greater than 1.0x book-to-burn ratio, driven
by a 1.2x book-to-burn in the design business; backlog and pipeline are at all-time highs |
| · | Increased
fiscal 2025 guidance |
DALLAS (February 3, 2025)
— AECOM (NYSE: ACM), the trusted global infrastructure leader, today reported first quarter fiscal 2025 results.
(from Continuing Operations;
$ in millions, except EPS) |
|
As Reported |
|
|
YoY %
Change |
|
|
Adjusted1 (Non-GAAP) |
|
|
YoY %
Change |
|
| Revenue |
|
$ |
4,014 |
|
|
|
3 |
% |
|
|
-- |
|
|
|
-- |
|
| Net Service Revenue (NSR)2 |
|
|
-- |
|
|
|
-- |
|
|
$ |
1,801 |
|
|
|
5.5 |
% |
| Operating Income |
|
$ |
237 |
|
|
|
46 |
% |
|
$ |
240 |
|
|
|
7 |
% |
| Segment Operating Margin3 |
|
|
-- |
|
|
|
-- |
|
|
|
15.4 |
% |
|
|
+40 bps |
|
| Net Income |
|
$ |
177 |
|
|
|
83 |
% |
|
$ |
175 |
|
|
|
22 |
% |
| EPS (Fully Diluted) |
|
$ |
1.33 |
|
|
|
87 |
% |
|
$ |
1.31 |
|
|
|
25 |
% |
| EBITDA4 |
|
|
-- |
|
|
|
-- |
|
|
$ |
271 |
|
|
|
8 |
% |
| EBITDA Margin5 |
|
|
-- |
|
|
|
-- |
|
|
|
15.6 |
% |
|
|
+20 bps |
|
| Operating Cash Flow |
|
$ |
151 |
|
|
|
6 |
% |
|
|
-- |
|
|
|
-- |
|
| Free Cash Flow6 |
|
|
-- |
|
|
|
-- |
|
|
$ |
111 |
|
|
|
28 |
% |
| Total Backlog7 |
|
$ |
23,877 |
|
|
|
4 |
% |
|
|
-- |
|
|
|
-- |
|
“Trends across our markets remain robust, and our backlog and
pipeline are at record levels, characterized by a highly diverse mix of clients and sectors,” said Troy Rudd, AECOM’s chief
executive officer. “As a result, we delivered strong performance in the first quarter and raised our guidance for the full year.
Importantly, we are investing to extend our advantages. This includes key hires and growth investments to support the Water &
Environment Advisory business as we continue to expand our addressable market of higher-value infrastructure professional services.”
“The benefits of our Think and Act Globally strategy
are evident in our high win rates and record backlog,” said Lara Poloni, AECOM’s president. “We are seeing positive
proof points that reinforce our investment in our new Water and Environment Advisory business. We have already made several key hires,
and as the number one water, environment, facilities and transportation firm as ranked by ENR, we are confident that we will achieve
our goal of doubling the $200 million of net service revenue in this business over the next three years.”
“We are off to a strong start in fiscal 2025 with first quarter
results that exceeded our expectations,” said Gaurav Kapoor, AECOM’s chief financial and operations officer. “This
includes accelerating NSR growth, record first quarter margins and double-digit adjusted EPS growth. As we look ahead, continued expected
growth and the high return on our strategic investments underpin our confidence in delivering a 17% margin exit rate by the end of fiscal
2026 and even higher margins over time. Importantly, our balance sheet remains strong and we delivered a 28% increase in free cash flow,
which supported continued returns of capital to our shareholders under our returns-based capital allocation policy.”
First Quarter Highlights
| · | Revenue
increased by 3%; net service revenue2 increased by 5.5%, highlighted by 9% growth
in the Americas design business. |
| · | Operating
income increased by 46%; the segment adjusted1 operating margin3 increased
by 40 basis points to 15.4% and the adjusted1 EBITDA margin5 increased
by 20 basis points to 15.6%, both of which set first quarter records. |
| · | Net
income increased by 83%; adjusted1 EBITDA4 increased by 8% and adjusted1
EPS increased by 25%. |
| · | Free
cash flow increased by 28%, and the Company returned $55 million to shareholders through
repurchases and dividends in the quarter. |
| · | Total
backlog7 increased by 4% to a record high, driven by a 1.2x book-to-burn8
ratio in each of the Americas and International design businesses, contributing to
a 1.1x book-to-burn ratio enterprise wide. |
| - | The
Company’s pipeline of opportunities increased to a new record and included double-digit
growth in later stage opportunities with award decisions over the next several quarters. |
| - | Americas
design backlog increased by 7% and is also at a record high. |
Financial Guidance
| · | AECOM
raised its adjusted EBITDA and adjusted EPS guidance for fiscal 2025, which includes expectations to deliver record
net service revenue and profitability, margins and continued strong cash flow conversion
in fiscal 2025; the Company expects: |
| - | Organic
NSR2 growth of 5% to 8%. |
| - | Adjusted1
EBITDA4 of between $1,175 million and $1,210 million, up 9% at the mid-point. |
| - | Adjusted1
EPS of between $5.05 and $5.20, up 13% at the mid-point. |
| - | 30
basis points of both segment adjusted1 operating margin3 and adjusted
EBITDA margin5 expansion to 16.1% and 16.3%, respectively. |
| - | 100%+
free cash flow6 conversion. |
| · | Other
assumptions incorporated into fiscal 2025 guidance: |
| - | An
average fully diluted share count of 134 million, which reflects only shares repurchased
to-date. |
| - | An
adjusted effective tax rate of approximately 24% for the full year. |
| · | 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. |
Business Segments
Americas
Revenue in the first quarter was $3.1 billion, a 2% increase from
the prior year. Net service revenue2 was $1.1 billion, an 8% increase from the prior year. This performance was driven by
9% growth in the design business and reflected strong growth in both the U.S. and Canada, resulting from the ongoing multi-decade secular
growth drivers of investments in infrastructure, sustainability, resilience and energy.
Operating income increased by 12% to $196 million and on an adjusted1
basis increased by 10% to $197 million. The adjusted operating margin on net service revenue increased by 40 basis points over
the prior year to 18.7%, a new first quarter high, reflecting high-returning organic growth initiatives and strong execution. Expanding
margins continue to enable growing investments in AI, digital and new growth platforms, including the Water & Environment Advisory
business.
Backlog in the Americas segment is at a record high, driven by strong
wins in the quarter that resulted in a 1.1x book-to-burn ratio8, including a 1.2x book-to-burn ratio in the design business.
International
Revenue in the first quarter was $902 million, a 5% increase from
the prior year. Net service revenue2 was $750 million, a 2% increase from the prior year. Growth was driven by the U.K. and
Middle East markets, supported by a strong backlog and leading positions on key frameworks. However, this growth was partially offset
by a decline in Australia.
Both operating income and adjusted1 operating income increased
by 5% to $81 million. The adjusted operating margin on net service revenue increased by 20 basis points over the prior year to 10.8%,
which reflected strong execution and the Company’s focus on high-returning markets and opportunities across its largest geographies.
Backlog in the International segment remains near a record high, reflecting
a 1.2x book-to-burn ratio8 in the quarter.
Balance Sheet and Capital Allocation Update
The Company ended the quarter with a strong balance sheet, including
net leverage9 of 0.8x. During the quarter, the Company returned $55 million to shareholders through stock repurchases and
dividend payments. Since the initiation of its repurchase program in September 2020, the Company has repurchased more than $2.2
billion of stock, which represents approximately one-third of the Company’s market capitalization at the time it began repurchases.
Tax Rate
The effective tax rate was 13.4% in the first quarter. On an adjusted1
basis, the effective tax rate was 14.3%. The lower tax rate primarily related to the timing of the realization of deferred tax
assets in the first quarter. The Company continues to expect a full year adjusted tax rate of approximately 24%. The adjusted tax rate
was derived by re-computing the quarterly effective tax rate on adjusted net income10. 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; growth rates are presented on a constant-currency
basis.
8 Book-to-burn ratio is defined as the dollar amount of
wins divided by revenue recognized during the period.
9 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.
10 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. The
adjusted tax rate was derived by re-computing the quarterly effective tax rate on adjusted net income. 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.
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, changes in administration
or other funding directives and 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; changes in government laws, regulations and policies, including 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 and trade policies, geopolitical events, and conflicts; inflation, currency exchange rates and interest rate fluctuations; changes
in capital markets and stock market volatility; retaining and recruiting key technical and management personnel; legal claims and litigation;
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 communication 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 communication. 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 Statement of Income |
| (unaudited - in thousands, except per
share data) |
| |
| | |
Three
Months Ended | |
| | |
December 31,
2024 | | |
December 31,
2023 | | |
% Change | |
| Revenue | |
$ | 4,014,152 | | |
$ | 3,899,920 | | |
| 2.9 | % |
| Cost of revenue | |
| 3,745,748 | | |
| 3,655,950 | | |
| 2.5 | % |
| Gross profit | |
| 268,404 | | |
| 243,970 | | |
| 10.0 | % |
| Equity in earnings (losses) of joint ventures | |
| 9,553 | | |
| (28,941 | ) | |
| (133.0 | )% |
| General and administrative expenses | |
| (40,459 | ) | |
| (35,724 | ) | |
| 13.3 | % |
| Restructuring costs | |
| — | | |
| (16,180 | ) | |
| (100.0 | )% |
| Income from operations | |
| 237,498 | | |
| 163,125 | | |
| 45.6 | % |
| Other income | |
| 6,924 | | |
| 2,569 | | |
| 169.5 | % |
| Interest income | |
| 16,564 | | |
| 12,102 | | |
| 36.9 | % |
| Interest expense | |
| (43,034 | ) | |
| (41,257 | ) | |
| 4.3 | % |
| Income from continuing operations before
taxes | |
| 217,952 | | |
| 136,539 | | |
| 59.6 | % |
| Income tax expense for continuing operations | |
| 29,232 | | |
| 26,658 | | |
| 9.7 | % |
| Income from continuing operations | |
| 188,720 | | |
| 109,881 | | |
| 71.7 | % |
| Loss from discontinued operations | |
| (9,516 | ) | |
| (1,287 | ) | |
| 639.4 | % |
| Net income | |
| 179,204 | | |
| 108,594 | | |
| 65.0 | % |
| Net income attributable to noncontrolling interests from continuing
operations | |
| (11,370 | ) | |
| (13,117 | ) | |
| (13.3 | )% |
| Net income attributable to noncontrolling interests from discontinued
operations | |
| (792 | ) | |
| (1,039 | ) | |
| (23.8 | )% |
| Net income attributable to noncontrolling
interests | |
| (12,162 | ) | |
| (14,156 | ) | |
| (14.1 | )% |
| Net income attributable to AECOM from continuing operations | |
| 177,350 | | |
| 96,764 | | |
| 83.3 | % |
| Net loss attributable to AECOM from discontinued operations | |
| (10,308 | ) | |
| (2,326 | ) | |
| 343.2 | % |
| Net income attributable to AECOM | |
$ | 167,042 | | |
$ | 94,438 | | |
| 76.9 | % |
| | |
| | | |
| | | |
| | |
| Net income (loss) attributable to AECOM per share: | |
| | | |
| | | |
| | |
| Basic continuing operations per share | |
$ | 1.34 | | |
$ | 0.71 | | |
| 88.7 | % |
| Basic discontinued operations per share | |
| (0.08 | ) | |
| (0.02 | ) | |
| 300.0 | % |
| Basic earnings per share | |
$ | 1.26 | | |
$ | 0.69 | | |
| 82.6 | % |
| | |
| | | |
| | | |
| | |
| Diluted continuing operations per share | |
$ | 1.33 | | |
$ | 0.71 | | |
| 87.3 | % |
| Diluted discontinued operations per share | |
| (0.08 | ) | |
| (0.02 | ) | |
| 300.0 | % |
| Diluted earnings per share | |
$ | 1.25 | | |
$ | 0.69 | | |
| 81.2 | % |
| | |
| | | |
| | | |
| | |
| Weighted average shares outstanding: | |
| | | |
| | | |
| | |
| Basic | |
| 132,500 | | |
| 135,897 | | |
| (2.5 | )% |
| Diluted | |
| 133,625 | | |
| 137,101 | | |
| (2.5 | )% |
| AECOM |
| Balance Sheet Information |
| (unaudited - in thousands) |
| | |
| | |
| |
| | |
December 31,
2024 | | |
September 30, 2024 | |
| Balance Sheet Information: | |
| | | |
| | |
| Total cash and cash equivalents | |
$ | 1,580,656 | | |
$ | 1,580,877 | |
| Accounts receivable and contract assets,
net | |
| 4,449,662 | | |
| 4,599,765 | |
| Working capital | |
| 859,803 | | |
| 801,978 | |
| Total debt, excluding unamortized debt
issuance costs | |
| 2,547,092 | | |
| 2,539,811 | |
| Total assets | |
| 11,818,827 | | |
| 12,061,669 | |
| Total AECOM stockholders’ equity | |
| 2,204,010 | | |
| 2,184,205 | |
| AECOM |
| Reportable Segments |
| (unaudited - in thousands) |
| |
| | |
Americas | | |
International | | |
AECOM
Capital | | |
Corporate | | |
Total | |
| Three Months Ended December 31, 2024: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Revenue | |
$ | 3,111,955 | | |
$ | 902,010 | | |
$ | 187 | | |
$ | — | | |
$ | 4,014,152 | |
| Cost of revenue | |
| 2,921,695 | | |
| 824,053 | | |
| — | | |
| — | | |
| 3,745,748 | |
| Gross profit | |
| 190,260 | | |
| 77,957 | | |
| 187 | | |
| — | | |
| 268,404 | |
| Equity in earnings of joint ventures | |
| 5,512 | | |
| 2,881 | | |
| 1,160 | | |
| — | | |
| 9,553 | |
| General and administrative expenses | |
| — | | |
| — | | |
| (2,395 | ) | |
| (38,064 | ) | |
| (40,459 | ) |
| Income (loss) from operations | |
$ | 195,772 | | |
$ | 80,838 | | |
$ | (1,048 | ) | |
$ | (38,064 | ) | |
$ | 237,498 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gross profit as a % of revenue | |
| 6.1 | % | |
| 8.6 | % | |
| | | |
| | | |
| 6.7 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Contracted backlog | |
$ | 8,818,924 | | |
$ | 4,352,692 | | |
$ | — | | |
$ | — | | |
$ | 13,171,616 | |
| Awarded backlog | |
| 8,689,812 | | |
| 2,015,736 | | |
| — | | |
| — | | |
| 10,705,548 | |
| Total backlog | |
$ | 17,508,736 | | |
$ | 6,368,428 | | |
$ | — | | |
$ | — | | |
$ | 23,877,164 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total backlog – Design only | |
$ | 16,241,174 | | |
$ | 6,368,428 | | |
$ | — | | |
$ | — | | |
$ | 22,609,602 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Three Months Ended December 31, 2023: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Revenue | |
$ | 3,038,683 | | |
$ | 861,041 | | |
$ | 196 | | |
$ | — | | |
$ | 3,899,920 | |
| Cost of revenue | |
| 2,867,708 | | |
| 788,242 | | |
| — | | |
| — | | |
| 3,655,950 | |
| Gross profit | |
| 170,975 | | |
| 72,799 | | |
| 196 | | |
| — | | |
| 243,970 | |
| Equity in earnings (losses) of joint ventures | |
| 3,658 | | |
| 4,282 | | |
| (36,881 | ) | |
| — | | |
| (28,941 | ) |
| General and administrative expenses | |
| — | | |
| — | | |
| (2,451 | ) | |
| (33,273 | ) | |
| (35,724 | ) |
| Restructuring costs | |
| — | | |
| — | | |
| — | | |
| (16,180 | ) | |
| (16,180 | ) |
| Income (loss) from operations | |
$ | 174,633 | | |
$ | 77,081 | | |
$ | (39,136 | ) | |
$ | (49,453 | ) | |
$ | 163,125 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gross profit as a % of revenue | |
| 5.6 | % | |
| 8.5 | % | |
| | | |
| | | |
| 6.3 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Contracted backlog | |
$ | 8,712,193 | | |
$ | 4,306,154 | | |
$ | — | | |
$ | — | | |
$ | 13,018,347 | |
| Awarded backlog | |
| 8,241,111 | | |
| 2,061,613 | | |
| — | | |
| — | | |
| 10,302,724 | |
| Total backlog | |
$ | 16,953,304 | | |
$ | 6,367,767 | | |
$ | — | | |
$ | — | | |
$ | 23,321,071 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total backlog – Design only | |
$ | 15,478,792 | | |
$ | 6,367,767 | | |
$ | — | | |
$ | — | | |
$ | 21,846,559 | |
| AECOM |
| Regulation
G Information |
| (in
millions) |
Reconciliation of Revenue to Net Service Revenue (NSR)
| | |
Three
Months Ended | |
| | |
December 31,
2024 | | |
September 30,
2024 | | |
December 31,
2023 | |
| Americas | |
| | | |
| | | |
| | |
| Revenue | |
$ | 3,112.0 | | |
$ | 3,161.5 | | |
$ | 3,038.7 | |
| Less: Pass-through
revenue | |
| 2,061.1 | | |
| 2,104.1 | | |
| 2,061.0 | |
| Net service revenue | |
$ | 1,050.9 | | |
$ | 1,057.4 | | |
$ | 977.7 | |
| | |
| | | |
| | | |
| | |
| International | |
| | | |
| | | |
| | |
| Revenue | |
$ | 902.0 | | |
$ | 948.4 | | |
$ | 861.0 | |
| Less: Pass-through
revenue | |
| 151.8 | | |
| 194.3 | | |
| 131.1 | |
| Net service revenue | |
$ | 750.2 | | |
$ | 754.1 | | |
$ | 729.9 | |
| | |
| | | |
| | | |
| | |
| Segment Performance (excludes
ACAP) | |
| | | |
| | | |
| | |
| Revenue | |
$ | 4,014.0 | | |
$ | 4,109.9 | | |
$ | 3,899.7 | |
| Less: Pass-through
revenue | |
| 2,212.9 | | |
| 2,298.4 | | |
| 2,192.1 | |
| Net service revenue | |
$ | 1,801.1 | | |
$ | 1,811.5 | | |
$ | 1,707.6 | |
| | |
| | | |
| | | |
| | |
| Consolidated | |
| | | |
| | | |
| | |
| Revenue | |
$ | 4,014.2 | | |
$ | 4,110.5 | | |
$ | 3,899.9 | |
| Less: Pass-through
revenue | |
| 2,212.9 | | |
| 2,298.4 | | |
| 2,192.1 | |
| Net service revenue | |
$ | 1,801.3 | | |
$ | 1,812.1 | | |
$ | 1,707.8 | |
Reconciliation of Total Debt to Net Debt
| |
|
Balances
at |
|
| |
|
December 31,
2024 |
|
|
September 30,
2024 |
|
|
December 31,
2023 |
|
| Short-term
debt |
|
$ |
3.5 |
|
|
$ |
3.1 |
|
|
$ |
3.2 |
|
| Current portion of long-term
debt |
|
|
65.9 |
|
|
|
63.8 |
|
|
|
88.4 |
|
| Long-term debt, excluding
unamortized debt issuance costs |
|
|
2,477.7 |
|
|
|
2,473.0 |
|
|
|
2,123.4 |
|
| Total debt |
|
|
2,547.1 |
|
|
|
2,539.9 |
|
|
|
2,215.0 |
|
| Less: Total cash and cash
equivalents |
|
|
1,580.7 |
|
|
|
1,580.9 |
|
|
|
1,192.3 |
|
| Net debt |
|
$ |
966.4 |
|
|
$ |
959.0 |
|
|
$ |
1,022.7 |
|
Reconciliation of Net Cash Provided by Operating Activities
to Free Cash Flow
| | |
Three
Months Ended | |
| | |
December 31,
2024 | | |
September 30,
2024 | | |
December 31,
2023 | |
| Net cash provided by operating activities | |
$ | 151.1 | | |
$ | 298.8 | | |
$ | 143.1 | |
| Capital expenditures, net | |
| (40.1 | ) | |
| (24.2 | ) | |
| (56.2 | ) |
| Free cash flow | |
$ | 111.0 | | |
$ | 274.6 | | |
$ | 86.9 | |
| AECOM |
| Regulation
G Information |
| (in
millions, except per share data) |
| | |
Three
Months Ended | |
| | |
Dec 31,
2024 | | |
Sep 30,
2024 | | |
Dec 31,
2023 | |
| Reconciliation
of Income from Operations to Adjusted Income from Operations to Adjusted EBITDA with Noncontrolling Interests (NCI) to Adjusted EBITDA | |
| | | |
| | | |
| | |
| Income from operations | |
$ | 237.5 | | |
$ | 236.3 | | |
$ | 163.1 | |
| Noncore AECOM Capital loss | |
| 1.0 | | |
| 2.2 | | |
| 39.1 | |
| Restructuring costs | |
| — | | |
| 18.3 | | |
| 16.2 | |
| Amortization of intangible assets | |
| 1.1 | | |
| 4.7 | | |
| 4.6 | |
| Adjusted income from operations | |
$ | 239.6 | | |
$ | 261.5 | | |
$ | 223.0 | |
| Other income | |
| 6.9 | | |
| 11.4 | | |
| 2.6 | |
| Fair value adjustment included in other
income | |
| (5.0 | ) | |
| (8.8 | ) | |
| — | |
| Depreciation | |
| 39.8 | | |
| 39.0 | | |
| 37.5 | |
| Adjusted EBITDA with noncontrolling
interests (NCI) | |
$ | 281.3 | | |
$ | 303.1 | | |
$ | 263.1 | |
| Net income attributable
to NCI from continuing operations excluding interest income included in NCI | |
| (9.9 | ) | |
| (13.2 | ) | |
| (11.7 | ) |
| Amortization of intangible assets included
in NCI | |
| — | | |
| — | | |
| (0.2 | ) |
| Adjusted EBITDA | |
$ | 271.4 | | |
$ | 289.9 | | |
$ | 251.2 | |
| | |
| | | |
| | | |
| | |
| Reconciliation
of Income from Continuing Operations Before Taxes to Adjusted Income from Continuing Operations Before Taxes | |
| | | |
| | | |
| | |
| Income from continuing operations before
taxes | |
$ | 218.0 | | |
$ | 218.0 | | |
$ | 136.5 | |
| Noncore AECOM Capital loss | |
| 1.0 | | |
| 2.2 | | |
| 39.1 | |
| Fair value adjustment | |
| (5.6 | ) | |
| (9.2 | ) | |
| — | |
| Restructuring costs | |
| — | | |
| 18.2 | | |
| 16.2 | |
| Amortization of intangible assets | |
| 1.1 | | |
| 4.7 | | |
| 4.6 | |
| Financing charges in interest expense | |
| 1.4 | | |
| 1.2 | | |
| 1.3 | |
| Adjusted income from continuing operations
before taxes | |
$ | 215.9 | | |
$ | 235.1 | | |
$ | 197.7 | |
| | |
| | | |
| | | |
| | |
| Reconciliation
of Income Taxes for Continuing Operations to Adjusted Income Taxes for Continuing Operations | |
| | | |
| | | |
| | |
| Income tax expense for continuing operations | |
$ | 29.3 | | |
$ | 34.9 | | |
$ | 26.6 | |
| Tax
effect of the above adjustments(1) | |
| (0.5 | ) | |
| 2.3 | | |
| 14.0 | |
| Valuation allowances and other tax only
items | |
| 0.5 | | |
| 10.9 | | |
| — | |
| Adjusted income tax expense for continuing
operations | |
$ | 29.3 | | |
$ | 48.1 | | |
$ | 40.6 | |
(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 | |
$ | (11.4 | ) | |
$ | (14.7 | ) | |
$ | (13.1 | ) |
| Amortization of intangible assets included
in NCI | |
| — | | |
| — | | |
| (0.2 | ) |
| Adjusted net income attributable to
noncontrolling interests from continuing operations | |
$ | (11.4 | ) | |
$ | (14.7 | ) | |
$ | (13.3 | ) |
| AECOM |
| Regulation
G Information |
| (in
millions, except per share data) |
| | |
Three
Months Ended | |
| | |
Dec 31,
2024 | | |
Sep 30,
2024 | | |
Dec 31,
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 | |
$ | 177.3 | | |
$ | 168.4 | | |
$ | 96.8 | |
| Noncore AECOM Capital
loss, net of NCI | |
| 1.0 | | |
| 2.2 | | |
| 39.1 | |
| Fair value adjustment | |
| (5.6 | ) | |
| (9.2 | ) | |
| — | |
| Restructuring costs | |
| — | | |
| 18.3 | | |
| 16.2 | |
| Amortization of
intangible assets | |
| 1.1 | | |
| 4.7 | | |
| 4.6 | |
| Financing charges
in interest expense | |
| 1.4 | | |
| 1.2 | | |
| 1.3 | |
| Tax
effect of the above adjustments(1) | |
| 0.5 | | |
| (2.4 | ) | |
| (14.0 | ) |
| Valuation allowances
and other tax only items | |
| (0.5 | ) | |
| (10.9 | ) | |
| — | |
| Amortization
of intangible assets included in NCI | |
| — | | |
| — | | |
| (0.2 | ) |
| Adjusted net
income attributable to AECOM from continuing operations | |
$ | 175.2 | | |
$ | 172.3 | | |
$ | 143.8 | |
(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 | |
$ | 1.33 | | |
$ | 1.25 | | |
$ | 0.71 | |
| Per diluted share adjustments: | |
| | | |
| | | |
| | |
| Noncore AECOM Capital loss, net of NCI | |
| 0.01 | | |
| 0.02 | | |
| 0.29 | |
| Fair value adjustment included in other
income | |
| (0.04 | ) | |
| (0.07 | ) | |
| — | |
| Restructuring costs | |
| — | | |
| 0.14 | | |
| 0.12 | |
| Amortization of intangible assets | |
| 0.01 | | |
| 0.03 | | |
| 0.03 | |
| Financing charges in interest expense | |
| 0.01 | | |
| 0.01 | | |
| 0.01 | |
| Tax
effect of the above adjustments(1) | |
| (0.01 | ) | |
| (0.03 | ) | |
| (0.11 | ) |
| Valuation allowances
and other tax only items | |
| — | | |
| (0.08 | ) | |
| — | |
| Adjusted net
income attributable to AECOM from continuing operations per diluted share | |
$ | 1.31 | | |
$ | 1.27 | | |
$ | 1.05 | |
| Weighted average shares outstanding – basic | |
| 132.5 | | |
| 134.2 | | |
| 135.9 | |
| Weighted average shares outstanding – diluted | |
| 133.6 | | |
| 135.2 | | |
| 137.1 | |
(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 | |
$ | 177.3 | | |
$ | 168.4 | | |
$ | 96.8 | |
| Income tax expense | |
| 29.3 | | |
| 34.9 | | |
| 26.6 | |
| Depreciation and amortization | |
| 42.3 | | |
| 45.0 | | |
| 43.1 | |
| Interest income, net of NCI | |
| (15.2 | ) | |
| (13.7 | ) | |
| (10.7 | ) |
| Interest expense | |
| 43.0 | | |
| 45.0 | | |
| 41.3 | |
| Amortized bank fees included in interest
expense | |
| (1.4 | ) | |
| (1.3 | ) | |
| (1.2 | ) |
| Noncore AECOM Capital loss, net of NCI | |
| 1.0 | | |
| 2.2 | | |
| 39.1 | |
| Fair value adjustment included in other
income | |
| (4.9 | ) | |
| (8.9 | ) | |
| — | |
| Restructuring costs | |
| — | | |
| 18.3 | | |
| 16.2 | |
| Adjusted EBITDA | |
$ | 271.4 | | |
$ | 289.9 | | |
$ | 251.2 | |
| AECOM |
| Regulation
G Information |
| (in
millions, except per share data) |
| | |
Three
Months Ended | |
| | |
Dec 31,
2024 | | |
Sep 30,
2024 | | |
Dec 31,
2023 | |
| Reconciliation
of Segment Income from Operations to Adjusted Segment Income from Operations | |
| | | |
| | | |
| | |
| Americas Segment: | |
| | | |
| | | |
| | |
| Segment Income from operations | |
$ | 195.8 | | |
$ | 203.4 | | |
$ | 174.6 | |
| Amortization of
intangible assets | |
| 1.1 | | |
| 4.3 | | |
| 4.3 | |
| Adjusted segment
income from operations | |
$ | 196.9 | | |
$ | 207.7 | | |
$ | 178.9 | |
| | |
| | | |
| | | |
| | |
| International Segment: | |
| | | |
| | | |
| | |
| Segment Income from operations | |
$ | 80.8 | | |
$ | 94.5 | | |
$ | 77.1 | |
| Amortization of
intangible assets | |
| — | | |
| 0.4 | | |
| 0.3 | |
| Adjusted segment
income from operations | |
$ | 80.8 | | |
$ | 94.9 | | |
$ | 77.4 | |
| | |
| | | |
| | | |
| | |
| Segment Performance (excludes ACAP and G&A): | |
| | | |
| | | |
| | |
| Segment Income from operations | |
$ | 276.6 | | |
$ | 297.9 | | |
$ | 251.7 | |
| Amortization of
intangible assets | |
| 1.1 | | |
| 4.7 | | |
| 4.6 | |
| Adjusted segment
income from operations | |
$ | 277.7 | | |
$ | 302.6 | | |
$ | 256.3 | |
| AECOM |
| Regulation
G Information |
|
| FY2025 GAAP EPS Guidance based on Adjusted EPS Guidance | |
| |
| (all figures approximate) | |
Fiscal Year End 2025 | |
| GAAP EPS guidance | |
$5.03
to $5.19 | |
| Adjusted EPS excludes: | |
| |
| Amortization of intangible
assets | |
$0.01 | |
| Amortization of deferred financing
fees | |
$0.04 | |
| Noncore AECOM Capital | |
$0.01 | |
| Fair value adjustment | |
($0.04) | |
| Tax effect of
the above items | |
$0.00
to ($0.01) | |
| Adjusted EPS guidance | |
$5.05
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 | |
$735
to $746 | |
| Net income attributable to noncontrolling
interest from continuing operations | |
($60)
to ($50) | |
| Net
income attributable to AECOM from continuing operations | |
$675
to $696 | |
| Adjusted net income
attributable to AECOM from continuing operations excludes: | |
| |
| Amortization of intangible
assets | |
$2 | |
| Amortization of deferred financing
fees | |
$5 | |
| Noncore AECOM Capital | |
$1 | |
| Fair value adjustment | |
($6) | |
| Tax effect of
the above items | |
$0
to ($1) | |
| Adjusted net income attributable to AECOM
from continuing operations | |
$677
to $697 | |
| Adjusted EBITDA excludes: | |
| |
| Depreciation | |
$160 | |
| Adjusted interest expense, net | |
$125
to $129 | |
| Tax expense, including
tax effect of above items | |
$213
to $224 | |
| Adjusted EBITDA guidance | |
$1,175
to $1,210 | |
| FY2025 GAAP Interest Expense Guidance based on
Adjusted Interest Expense Guidance | |
| |
| (in millions, all figures approximate) | |
Fiscal Year End 2025 | |
| GAAP interest expense guidance | |
$170
to $174 | |
| Finance charges in interest expense | |
($5) | |
| Interest income, net of NCI | |
($40) | |
| Adjusted net interest expense guidance | |
$125
to $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 | |
$213
to $223 | |
| Tax effect of adjusting items | |
$0
to $1 | |
| Adjusted income tax expense guidance | |
$213
to $224 | |
Note: Variances in tables are due to rounding.
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