LOS ANGELES — (BUSINESS WIRE) — November 12, 2019 — AECOM (NYSE: ACM), the world’s premier infrastructure firm, today reported fourth quarter and full year fiscal year 2019 results.
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Full Year Fiscal 2019 |
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As Reported |
Adjusted1
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As Reported YoY
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Adjusted YoY
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Revenue |
$20,173 |
|
-- |
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0% |
|
-- |
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|
Operating Income |
$25 |
|
$868 |
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(94%) |
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15% |
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Net Income |
($261) |
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$440 |
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NM |
|
1% |
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EPS (Fully Diluted) |
($1.66) |
|
$2.75 |
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NM |
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3% |
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EBITDA |
-- |
|
$948 |
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-- |
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13% |
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Operating Cash Flow |
$778 |
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-- |
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0% |
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-- |
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Free Cash Flow |
-- |
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$6942 |
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-- |
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1% |
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Backlog |
59,657 |
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-- |
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11%3 |
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-- |
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Fourth Quarter and Full Year Fiscal 2019 Accomplishments:
- Full year revenue of $20.2 billion increased slightly from the prior year and set a new record for the Company; full year revenue increased by 2% on an organic4 basis, primarily driven by continued growth in the Americas design and Management Services businesses.
- Full year net loss and diluted loss per share were $261 million and $1.66, respectively, and included a $588 million non-cash impairment to goodwill related to the Company’s at-risk, self-perform construction businesses, which the Company intends to exit; on an adjusted1 basis, diluted earnings per share was $2.75, which was consistent with the Company’s expectations.
- Fourth quarter adjusted EBITDA1 increased by 12% over the prior year to $261 million and full year adjusted EBITDA increased by 13% to $948 million due primarily to higher margins and profitability in the DCS segment, as well as higher profitability in the MS segment.
- The fourth quarter DCS operating margin and adjusted operating margin1 of 7.2% and 8.0%, respectively, set new records, and resulted in 120 basis point increase for the full year record DCS adjusted operating margin to 7.1%.
- The Company reiterated guidance for an adjusted operating margin 1 in the DCS segment in excess of 8.0% in fiscal 2020, which would translate to an approximately 11.5% adjusted operating margin on a net service revenue 5 (NSR) basis.
- Fourth quarter operating cash flow of $794 million and free cash flow 2 of $779 million set new records for the Company and enabled $413 million of debt reduction and resulted in net leverage 6 of 2.2x, which is within the Company’s 2.0x - 2.5x target range.
- Full year free cash flow 2 of $694 million marked the fifth consecutive year of free cash flow generation in excess of $600 million; the Company has now generated $3.4 billion of cumulative free cash flow since fiscal 2015.
