Revenues of $3.4 billion, 2.3% growth on a pro
forma basis
Net Income of $12 million; Adjusted EBITDA of
$262 million
Diluted Earnings Per Share of $0.05; Adjusted
Diluted Earnings Per Share of $0.51
Operating Cash Flow of $110 million; Free Cash
Flow of $102 million
Backlog of $45 billion; Net Bookings of $3.6
billion; 1.1x Book-to-Bill
Amentum Holdings, Inc. (“Amentum” or the “Company”) (NYSE:
AMTM), a leading advanced engineering and technology company, today
announced results for the first quarter ended December 27, 2024,
and reaffirmed its outlook for fiscal year 2025.
"We are off to a strong start as a newly combined company," said
Amentum Chief Executive Officer John Heller. "Our first quarter
results were robust and in line with our expectations across all
key financial metrics, including organic growth and free cash flow.
This solid start to the year, coupled with strong bid volume and
growing momentum, position Amentum to meet our fiscal year 2025
commitments and drive long-term value for shareholders."
Summary Operating
Results
First Quarter Ended
(in millions, except per share data)
December 27, 2024
December 29, 2023
% Change
GAAP Measures:
Revenues
$3,416
$1,983
72%
Operating income
$132
$86
53%
Net income (loss)
$12
$(41)
129%
Diluted earnings (loss) per share
$0.05
$(0.46)
111%
Pro Forma and Non-GAAP
Measures1,2:
Revenues
$3,416
$3,338
2%
Adjusted EBITDA2
$262
$255
3%
Adjusted EBITDA Margin2
7.7%
7.6%
+10 bps
Adjusted Diluted Earnings Per Share
(EPS)2
$0.51
$0.50
2%
Free Cash Flow2
$102
N/A
N/A
1 – December 29, 2023 Revenues and
Non-GAAP financial measures are presented on a pro forma basis to
include the results of CMS prepared in accordance with the
requirements of Article 11 of Regulation S-X.
2 – 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 increased 72% year-over-year primarily as a result
of revenues from the combination with Jacobs' Critical Mission
Solutions and Cyber & Intelligence (CMS) businesses. GAAP
operating income increased as a result of the contribution from
CMS, partially offset by increased intangible amortization expense.
GAAP net income and diluted earnings per share improved
year-over-year due to the higher operating income and lower
interest expense.
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 2% year-over-year driven by growth in both Digital
Solutions and Global Engineering Solutions. Pro Forma Adjusted
EBITDA increased 3% year-over-year primarily due to the higher
revenues and improved operating performance. Pro Forma Adjusted Net
Income and Adjusted Diluted Earnings Per Share increased due to the
higher operating profit partially offset by an increase in interest
expense.
Pro Forma and Non-GAAP Segment
Results
First Quarter Ended
(in millions)
December 27, 2024
December 29, 20231
% Change
Revenues
Digital Solutions
$1,286
$1,279
1%
Global Engineering Solutions
2,130
2,059
3%
Total Revenues
$3,416
$3,338
2%
Adjusted EBITDA2
Digital Solutions
$100
$99
1%
Global Engineering Solutions
162
156
4%
Total Adjusted EBITDA
$262
$255
3%
1 – December 29, 2023 Revenues and
Non-GAAP financial measures are presented on a pro forma basis.
2 – 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.
Digital Solutions revenues increased 1% year-over-year driven by
new contract awards, partially offset by the expected ramp-down of
other historical programs. Adjusted EBITDA also increased 1%
year-over-year due to the higher revenues.
Global Engineering Solutions revenues increased 3%
year-over-year driven by new contract awards and growth on existing
programs. Adjusted EBITDA increased 4% year-over-year as a result
of the higher revenues and improved operating performance.
Cash Flow Summary
During the quarter ended December 27, 2024, Amentum generated
$110 million of net cash provided by operating activities and used
$8 million and $16 million in investing and financing activities,
respectively. Net cash provided by operating activities was driven
by strong cash earnings, disciplined working capital management,
and the timing of tax and interest payments. Investing activities
included $8 million in capital expenditures, which resulted in
quarterly free cash flow of $102 million. Financing activities
consisted primarily of $13 million in distributions to
non-controlling interests. As of December 27, 2024, Amentum had
$522 million in cash and cash equivalents and $4.7 billion of
debt.
Backlog and Contract
Awards
As of December 27, 2024, the Company had total backlog of $45.2
billion, compared with $27.3 billion as of December 29, 2023, an
increase of $17.9 billion primarily due to the acquisition of CMS.
Funded backlog as of December 27, 2024 was $6.6 billion.
Notable Q1 Fiscal Year 2025
Awards
- U.S. Department of Energy (DOE) West Valley Demonstration
Project (WVDP) - The U.S. DOE awarded WVDP, a $3 billion
single-award indefinite delivery indefinite quantity contract with
a ten-year ordering period, to West Valley Cleanup Alliance, LLC
(WVCA). As a part of the joint venture partnership, Amentum will
bring advanced environmental capabilities to safely remediate the
site in western New York state.
- Air Forces Central Command Global Prepositioned Materiel
Services (GPMS) - The U.S. DOD awarded Amentum a seven-year,
$447 million contract to deliver smart asset management and
sustainment solutions.
- Global Counter Threat Finance (GCTF) - The U.S. DOD
awarded a subsidiary of Amentum an eight-year, $248 million
contract to leverage mission-driven data analytics solutions to
disrupt and degrade adversary financial networks that support
transnational criminal organizations.
- Commercial Awards - Amentum was awarded contracts valued
at over $400 million in fiscal Q1 2025 to support a variety of
Fortune 500 customers in areas including the deployment and
optimization of 5G networks and infrastructure modernization.
Fiscal Year 2025
Guidance
Amentum reaffirms its fiscal year 2025 guidance as follows:
(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 Wednesday, February 5, 2025 to discuss the results
for the first quarter of fiscal year ended December 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 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 Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net
Income, 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”), each
of which are pro forma when reporting for the fiscal quarter ended
December 29, 2023. 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.
In addition to the above non-GAAP financial measures, the
Company has included backlog, net bookings, and book-to-bill in
this release. Backlog is an operational measure representing the
estimated amount of future revenues to be recognized under
negotiated contracts, and net bookings represent the change in
backlog between reporting periods plus reported revenues for the
period. Book-to-bill represents net bookings divided by reported
revenues for the same period. We believe these metrics are useful
for investors because they are an important measure of business
development performance and are used by management to conduct and
evaluate its business during its regular review of operating
results.
AMENTUM HOLDINGS, INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share
data)
Quarters Ended
December 27, 2024
December 29, 2023
Revenues
$
3,416
$
1,983
Cost of revenues
(3,055
)
(1,789
)
Selling, general, and administrative
expenses
(130
)
(67
)
Amortization of intangibles
(120
)
(56
)
Equity earnings of non-consolidated
subsidiaries
21
15
Operating income
132
86
Interest expense and other, net
(87
)
(111
)
Income (loss) before income
taxes
45
(25
)
Provision for income taxes
(24
)
(14
)
Net income (loss)
21
(39
)
Less: net income attributable to
non-controlling interests
(9
)
(2
)
Net income (loss) attributable to
common shareholders
$
12
$
(41
)
Basic and diluted earnings (loss) per
share attributable to common shareholders
$
0.05
$
(0.46
)
Basic and diluted weighted average
shares outstanding
243
90
AMENTUM HOLDINGS, INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(in millions, except per share
data)
December 27, 2024
September 27, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
522
$
452
Accounts receivable, net
2,405
2,401
Prepaid expenses and other current
assets
213
231
Total current assets
3,140
3,084
Property and equipment, net
140
144
Equity method investments
124
123
Goodwill
5,588
5,556
Intangible assets, net
2,503
2,623
Other long-term assets
424
444
Total assets
$
11,919
$
11,974
LIABILITIES
Current liabilities:
Current portion of long-term debt
$
44
$
36
Accounts payable
726
764
Accrued compensation and benefits
691
696
Contract liabilities
143
113
Other current liabilities
367
356
Total current liabilities
1,971
1,965
Long-term debt, net of current portion
4,636
4,643
Deferred tax liabilities
347
370
Other long-term liabilities
402
444
Total liabilities
7,356
7,422
SHAREHOLDERS' EQUITY
Common stock, $0.01 par value,
1,000,000,000 shares authorized; 243,302,257 shares issued and
outstanding at December 27, 2024 and 243,302,173 shares issued and
outstanding at September 27, 2024.
2
2
Additional paid-in capital
4,965
4,962
Retained deficit
(515
)
(527
)
Accumulated other comprehensive income
23
23
Total Amentum shareholders' equity
4,475
4,460
Non-controlling interests
88
92
Total shareholders' equity
4,563
4,552
Total liabilities and shareholders'
equity
$
11,919
$
11,974
AMENTUM HOLDINGS, INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Quarters Ended
December 27, 2024
December 29, 2023
Cash flows from operating
activities
Net income (loss)
$
21
$
(39
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation
9
7
Amortization of intangibles
120
56
Amortization of deferred loan costs and
original issue discount
3
5
Derivative instruments
3
15
Equity earnings of non-consolidated
subsidiaries
(21
)
(15
)
Distributions from equity method
investments
21
17
Deferred income taxes
(15
)
(12
)
Equity-based compensation
3
1
Other
(1
)
(2
)
Changes in assets and liabilities, net of
effects of business acquisition:
Accounts receivable, net
(27
)
(103
)
Prepaid expenses and other assets
35
8
Accounts payable, contract liabilities,
and other current liabilities
(31
)
(27
)
Accrued employee compensation and
benefits
(6
)
8
Other long-term liabilities
(4
)
(2
)
Net cash provided by (used in) operating
activities
110
(83
)
Cash flows from investing
activities
Payments for property and equipment
(8
)
(2
)
Contributions to equity method
investments
(1
)
—
Other
1
(1
)
Net cash used in investing activities
(8
)
(3
)
Cash flows from financing
activities
Borrowings on revolving credit
facilities
210
200
Payments on revolving credit
facilities
(210
)
(200
)
Repayments of borrowings under the credit
agreement
—
(8
)
Repayments of borrowings under other
agreements
(2
)
(3
)
Distributions to non-controlling
interests
(13
)
(1
)
Other
(1
)
(2
)
Net cash used in financing activities
(16
)
(14
)
Effect of exchange rate changes on
cash
(16
)
6
Net change in cash and cash
equivalents
70
(94
)
Cash and cash equivalents, beginning of
period
452
305
Cash and cash equivalents, end of
period
$
522
$
211
AMENTUM HOLDINGS, INC. UNAUDITED
NON-GAAP FINANCIAL MEASURES
The presentation and discussion of Adjusted EBITDA, Adjusted
EBITDA Margin, Adjusted Net Income, 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.
Adjusted EBITDA is defined as GAAP net income
attributable to common shareholders adjusted for interest expense
and other, net, provision for income taxes, depreciation and
amortization, and excludes the following discrete 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.
Adjusted EBITDA Margin is defined as Adjusted EBITDA
divided by revenues.
Adjusted Net Income is defined as GAAP net income
attributable to common shareholders excluding the discrete items
listed under Adjusted EBITDA and the related tax impacts.
Adjusted Diluted EPS is defined as Adjusted Net Income
divided by 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
NON-GAAP FINANCIAL MEASURES (in millions, except per share
data and margin percentages)
The following table presents the reconciliation of Adjusted
EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted
Diluted EPS to the most directly comparable GAAP measures for the
quarter ended December 27, 2024:
For the Quarter Ended December
27, 2024
As reported
Acquisition, transaction and
integration costs
Amortization of
intangibles
Utilization of fair market
value adjustments
Share-based
compensation
Non-GAAP results
Revenues
$
3,416
$
—
$
—
$
—
$
—
$
3,416
Operating income
$
132
$
9
$
120
$
—
$
3
$
264
Non-operating expenses, net
(87
)
—
—
—
—
(87
)
Income before income taxes
45
9
120
—
3
177
Provision for income taxes 1
(24
)
(2
)
(17
)
—
—
(43
)
Net income
21
7
103
—
3
134
Less: net income attributable to
non-controlling interests
(9
)
—
—
(2
)
—
(11
)
Net income (loss) attributable to
common shareholders
$
12
$
7
$
103
$
(2
)
$
3
$
123
Basic and diluted income (loss) per
share attributable to common shareholders
$
0.05
$
0.03
$
0.43
$
(0.01
)
$
0.01
$
0.51
Basic and diluted weighted average
shares outstanding
243
243
243
243
243
243
Net income (loss) attributable to
common shareholders
$
12
$
7
$
103
$
(2
)
$
3
$
123
Net income (loss) margin 2
0.4
%
3.6
%
Depreciation expense
9
—
—
—
—
9
Amortization of intangibles
120
—
(120
)
—
—
—
Interest expense and other, net
87
—
—
—
—
87
Provision for income taxes
24
2
17
—
—
43
EBITDA (non-GAAP)
$
252
$
9
$
—
$
(2
)
$
3
$
262
EBITDA margin
7.4
%
7.7
%
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) income
attributable to common shareholders divided by revenues.
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,
and Pro Forma Adjusted Diluted EPS 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
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 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
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.
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 December 29,
2023:
For the Quarter Ended December
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
$
3,338
$
—
$
—
$
—
$
—
$
3,338
Operating income
$
119
$
7
$
124
$
—
$
2
$
252
Non-operating expenses, net
(82
)
—
—
—
—
(82
)
Income before income taxes
37
7
124
—
2
170
Provision for income taxes 1
(5
)
(6
)
(30
)
—
—
(41
)
Net income
32
1
94
—
2
129
Less: net income attributable to
non-controlling interests
(2
)
—
—
(5
)
—
(7
)
Net income (loss) attributable to
common shareholders
$
30
$
1
$
94
$
(5
)
$
2
$
122
Basic and diluted income (loss) per
share attributable to common shareholders
$
0.12
$
—
$
0.39
$
(0.02
)
$
0.01
$
0.50
Basic and diluted weighted average
shares outstanding
243
243
243
243
243
243
Net income (loss) attributable to
common shareholders
$
30
$
1
$
94
$
(5
)
$
2
$
122
Net income margin 2
0.9
%
3.7
%
Depreciation expense
10
—
—
—
—
10
Amortization of intangibles
124
—
(124
)
—
—
—
Interest expense and other, net
82
—
—
—
—
82
Provision for income taxes
5
6
30
—
—
41
EBITDA (non-GAAP)
$
251
$
7
$
—
$
(5
)
$
2
$
255
EBITDA margin
7.5
%
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 income (loss)
attributable to common shareholders divided by revenues.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250204910554/en/
Investor Relations Contact Nathan
Rutledge IR@amentum.com Media Contact
Roela Santos Roela.Santos@amentum.com
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