1 Excludes the impact of non-operating items, such as non-core operating losses and transaction-related expenses, restructuring costs 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 On a constant-currency basis. |
4 Reflects segment operating performance, excluding AECOM Capital and G&A. |
5 Net income before interest expense, tax expense, depreciation and amortization. |
6 Free cash flow is defined as cash flow from operations less capital expenditures, net of proceeds from equipment disposals. |
7 Book-to-burn ratio is defined as the dollar amount of wins divided by revenue recognized during the period, including revenue related to work performed in unconsolidated joint ventures. |
8 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. |
9 Inclusive of non-controlling interest deduction and adjusted for financing charges in interest expense, the amortization of intangible assets and is based on continuing operations. |
About AECOM
AECOM (NYSE:
ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
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, coronavirus impacts, 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; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs; currency exchange rate and interest fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the expected benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure, power construction and oil and gas construction businesses, including the risk that any contingent purchase price adjustments from those transactions could be unfavorable and result in lower aggregate cash proceeds and any future proceeds owed to us under those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
Non-GAAP Financial Information
This press release contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes that non-GAAP financial measures such as adjusted EPS, adjusted EBITDA, adjusted net/operating income, 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 EBITDA and adjusted EPS to exclude the impact of non-operating items, such as amortization expense, taxes and non-core operating losses to aid investors in better understanding our core performance results. We use free cash flow to represent the cash generated after capital expenditures to maintain our business. We present net service revenue to exclude subcontractor costs from revenue to provide investors with a better understanding of our operational performance. We present adjusted operating margin to reflect segment operating performance of our Americas and International segments, excluding AECOM Capital.
Our non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of these non-GAAP measures is found in the Regulation G Information tables at the back of this release. The Company is unable to reconcile 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.
AECOM |
|||||||||||||||||||||||
Consolidated Statements of Income |
|||||||||||||||||||||||
(unaudited - in thousands, except per share data) |
|||||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||||||||||||
|
|
March 31,
|
|
March 31,
|
|
%
|
|
March 31,
|
|
March 31,
|
|
%
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Revenue |
|
$ |
3,265,573 |
|
|
$ |
3,213,658 |
|
|
(1.6 |
)% |
|
$ |
6,578,728 |
|
|
$ |
6,480,374 |
|
|
(1.5 |
)% |
|
| Cost of revenue |
|
3,070,314 |
|
|
3,003,706 |
|
|
(2.2 |
)% |
|
6,199,099 |
|
|
6,070,218 |
|
|
(2.1 |
)% |
|
||||
| Gross profit |
|
195,259 |
|
|
209,952 |
|
|
7.5 |
% |
|
379,629 |
|
|
410,156 |
|
|
8.0 |
% |
|
||||
| Equity in earnings of joint ventures |
|
7,157 |
|
|
11,919 |
|
|
66.5 |
% |
|
15,358 |
|
|
19,869 |
|
|
29.4 |
% |
|
||||
| General and administrative expenses |
|
(36,007 |
) |
|
(37,098 |
) |
|
3.0 |
% |
|
(74,367 |
) |
|
(73,599 |
) |
|
(1.0 |
)% |
|
||||
| Restructuring costs |
|
(8,746 |
) |
|
(73,292 |
) |
|
738.0 |
% |
|
(21,784 |
) |
|
(76,663 |
) |
|
251.9 |
% |
|
||||
| Income from operations |
|
157,663 |
|
|
111,481 |
|
|
(29.3 |
)% |
|
298,836 |
|
|
279,763 |
|
|
(6.4 |
)% |
|
||||
| Other income |
|
3,477 |
|
|
3,329 |
|
|
(4.3 |
)% |
|
7,330 |
|
|
6,203 |
|
|
(15.4 |
)% |
|
||||
| Interest expense |
|
(32,800 |
) |
|
(24,173 |
) |
|
(26.3 |
)% |
|
(63,451 |
) |
|
(49,556 |
) |
|
(21.9 |
)% |
|
||||
| Income from continuing operations before taxes |
|
128,340 |
|
|
90,637 |
|
|
(29.4 |
)% |
|
242,715 |
|
|
236,410 |
|
|
(2.6 |
)% |
|
||||
| Income tax expense for continuing operations |
|
35,148 |
|
|
36,011 |
|
|
2.5 |
% |
|
60,749 |
|
|
58,567 |
|
|
(3.6 |
)% |
|
||||
| Income from continuing operations |
|
93,192 |
|
|
54,626 |
|
|
(41.4 |
)% |
|
181,966 |
|
|
177,843 |
|
|
(2.3 |
)% |
|
||||
| Loss from discontinued operations |
|
(47,914 |
) |
|
(6,113 |
) |
|
(87.2 |
)% |
|
(103,666 |
) |
|
(68,053 |
) |
|
(34.4 |
)% |
|
||||
| Net income |
|
45,278 |
|
|
48,513 |
|
|
7.1 |
% |
|
78,300 |
|
|
109,790 |
|
|
40.2 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Net income attributable to noncontrolling interests from continuing operations |
|
(4,845 |
) |
|
(5,592 |
) |
|
15.4 |
% |
|
(10,259 |
) |
|
(11,048 |
) |
|
7.7 |
% |
|
||||
| Net (income) loss attributable to noncontrolling interests from discontinued operations |
|
(1,074 |
) |
|
(1,364 |
) |
|
27.0 |
% |
|
(2,554 |
) |
|
4,363 |
|
|
(270.8 |
)% |
|
||||
| Net income attributable to noncontrolling interests |
|
(5,919 |
) |
|
(6,956 |
) |
|
17.5 |
% |
|
(12,813 |
) |
|
(6,685 |
) |
|
(47.8 |
)% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Net income attributable to AECOM from continuing operations |
|
88,347 |
|
|
49,034 |
|
|
(44.5 |
)% |
|
171,707 |
|
|
166,795 |
|
|
(2.9 |
)% |
|
||||
| Net loss attributable to AECOM from discontinued operations |
|
(48,988 |
) |
|
(7,477 |
) |
|
(84.7 |
)% |
|
(106,220 |
) |
|
(63,690 |
) |
|
(40.0 |
)% |
|
||||
| Net income attributable to AECOM |
|
$ |
39,359 |
|
|
$ |
41,557 |
|
|
5.6 |
% |
|
$ |
65,487 |
|
|
$ |
103,105 |
|
|
57.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Net income (loss) attributable to AECOM per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Basic continuing operations per share |
|
$ |
0.60 |
|
|
$ |
0.35 |
|
|
(41.7 |
)% |
|
$ |
1.15 |
|
|
$ |
1.18 |
|
|
2.6 |
% |
|
| Basic discontinued operations per share |
|
|
(0.33 |
) |
|
|
(0.06 |
) |
|
(81.8 |
)% |
|
|
(0.71 |
) |
|
|
(0.45 |
) |
|
(36.6 |
)% |
|
| Basic earnings per share |
|
$ |
0.27 |
|
|
$ |
0.29 |
|
|
7.4 |
% |
|
$ |
0.44 |
|
|
$ |
0.73 |
|
|
65.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
| Diluted continuing operations per share |
|
$ |
0.59 |
|
|
$ |
0.34 |
|
|
(42.4 |
)% |
|
$ |
1.13 |
|
|
$ |
1.16 |
|
|
2.7 |
% |
|
| Diluted discontinued operations per share |
|
|
(0.33 |
) |
|
|
(0.05 |
) |
|
(84.8 |
)% |
|
|
(0.70 |
) |
|
|
(0.44 |
) |
|
(37.1 |
)% |
|
| Diluted earnings per share |
|
$ |
0.26 |
|
|
$ |
0.29 |
|
|
11.5 |
% |
|
$ |
0.43 |
|
|
$ |
0.72 |
|
|
67.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Basic |
|
147,770 |
|
|
141,060 |
|
|
(4.5 |
)% |
|
149,597 |
|
|
141,419 |
|
|
(5.5 |
)% |
|
||||
| Diluted |
|
149,519 |
|
|
142,626 |
|
|
(4.6 |
)% |
|
151,632 |
|
|
143,631 |
|
|
(5.3 |
)% |
|
||||
| AECOM |
||||||
| Balance Sheet Information |
||||||
| (unaudited - in thousands) |
||||||
|
|
September 30, 2021 |
|
March 31, 2022 |
|
||
| Balance Sheet Information: |
|
|
|
|
||
| Total cash and cash equivalents |
$ |
1,229,196 |
|
$ |
965,070 |
|
| Accounts receivable and contract assets – net |
|
3,988,522 |
|
|
3,841,465 |
|
| Working capital |
|
651,828 |
|
|
413,698 |
|
| Total debt, excluding unamortized debt issuance costs |
|
2,235,661 |
|
|
2,230,874 |
|
| Total assets |
|
11,733,954 |
|
|
11,196,063 |
|
| Total AECOM stockholders’ equity |
|
2,712,470 |
|
|
2,531,442 |
|
| AECOM |
|||||||||||||||||||
| Reportable Segments |
|||||||||||||||||||
| (unaudited - in thousands) |
|||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
Americas |
International |
AECOM
|
Corporate |
Total |
||||||||||||||
| Three Months Ended March 31, 2022
|
|
|
|
|
|
||||||||||||||
| Revenue |
$ |
2,399,938 |
|
$ |
813,271 |
|
$ |
449 |
|
$ |
- |
|
$ |
3,213,658 |
|
||||
| Cost of revenue |
|
2,239,472 |
|
|
764,234 |
|
|
- |
|
|
- |
|
|
3,003,706 |
|
||||
| Gross profit |
|
160,466 |
|
|
49,037 |
|
|
449 |
|
|
- |
|
|
209,952 |
|
||||
| Equity in earnings of joint ventures |
|
3,096 |
|
|
5,743 |
|
|
3,080 |
|
|
- |
|
|
11,919 |
|
||||
| General and administrative expenses |
|
- |
|
|
- |
|
|
(2,639 |
) |
|
(34,459 |
) |
|
(37,098 |
) |
||||
| Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(73,292 |
) |
|
(73,292 |
) |
||||
| Income from operations |
$ |
163,562 |
|
$ |
54,780 |
|
$ |
890 |
|
$ |
(107,751 |
) |
$ |
111,481 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
| Gross profit as a % of revenue |
|
6.7 |
% |
|
6.0 |
% |
|
- |
|
|
- |
|
|
6.5 |
% |
||||
|
|
|
|
|
|
|
||||||||||||||
| Three Months Ended March 31, 2021
|
|
|
|
|
|
||||||||||||||
| Revenue |
$ |
2,468,401 |
|
$ |
796,442 |
|
$ |
730 |
|
$ |
- |
|
$ |
3,265,573 |
|
||||
| Cost of revenue |
|
2,316,726 |
|
|
753,588 |
|
|
- |
|
|
- |
|
|
3,070,314 |
|
||||
| Gross profit |
|
151,675 |
|
|
42,854 |
|
|
730 |
|
|
- |
|
|
195,259 |
|
||||
| Equity in earnings of joint ventures |
|
2,978 |
|
|
3,003 |
|
|
1,176 |
|
|
- |
|
|
7,157 |
|
||||
| General and administrative expenses |
|
- |
|
|
- |
|
|
(1,432 |
) |
|
(34,575 |
) |
|
(36,007 |
) |
||||
| Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(8,746 |
) |
|
(8,746 |
) |
||||
| Income from operations |
$ |
154,653 |
|
$ |
45,857 |
|
$ |
474 |
|
$ |
(43,321 |
) |
$ |
157,663 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
| Gross profit as a % of revenue |
|
6.1 |
% |
|
5.4 |
% |
|
- |
|
|
- |
|
|
6.0 |
% |
||||
|
|
|
|
|
|
|
||||||||||||||
| Six Months Ended March 31, 2022
|
|
|
|
|
|
||||||||||||||
| Revenue |
$ |
4,863,415 |
|
$ |
1,615,732 |
|
$ |
1,227 |
|
$ |
- |
|
$ |
6,480,374 |
|
||||
| Cost of revenue |
|
4,553,001 |
|
|
1,517,217 |
|
|
- |
|
|
- |
|
|
6,070,218 |
|
||||
| Gross profit |
|
310,414 |
|
|
98,515 |
|
|
1,227 |
|
|
- |
|
|
410,156 |
|
||||
| Equity in earnings of joint ventures |
|
6,365 |
|
|
9,328 |
|
|
4,176 |
|
|
- |
|
|
19,869 |
|
||||
| General and administrative expenses |
|
- |
|
|
- |
|
|
(5,638 |
) |
|
(67,961 |
) |
|
(73,599 |
) |
||||
| Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(76,663 |
) |
|
(76,663 |
) |
||||
| Income (loss) from operations |
$ |
316,779 |
|
$ |
107,843 |
|
$ |
(235 |
) |
$ |
(144,624 |
) |
$ |
279,763 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
| Gross profit as a % of revenue |
|
6.4 |
% |
|
6.1 |
% |
|
- |
|
|
- |
|
|
6.3 |
% |
||||
|
|
|
|
|
|
|
||||||||||||||
| Contracted backlog |
$ |
18,743,007 |
|
$ |
4,126,815 |
|
$ |
- |
|
$ |
- |
|
$ |
22,869,822 |
|
||||
| Awarded backlog |
|
16,180,320 |
|
|
1,422,115 |
|
|
- |
|
|
- |
|
|
17,602,435 |
|
||||
| Unconsolidated JV backlog |
|
324,021 |
|
|
- |
|
|
- |
|
|
- |
|
|
324,021 |
|
||||
| Total backlog |
$ |
35,247,348 |
|
$ |
5,548,930 |
|
$ |
- |
|
$ |
- |
|
$ |
40,796,278 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
| Six Months Ended March 31, 2021
|
|
|
|
|
|
||||||||||||||
| Revenue |
$ |
5,025,661 |
|
$ |
1,552,053 |
|
$ |
1,014 |
|
$ |
- |
|
$ |
6,578,728 |
|
||||
| Cost of revenue |
|
4,728,954 |
|
|
1,470,145 |
|
|
- |
|
|
- |
|
|
6,199,099 |
|
||||
| Gross profit |
|
296,707 |
|
|
81,908 |
|
|
1,014 |
|
|
- |
|
|
379,629 |
|
||||
| Equity in earnings of joint ventures |
|
4,385 |
|
|
6,011 |
|
|
4,962 |
|
|
- |
|
|
15,358 |
|
||||
| General and administrative expenses |
|
- |
|
|
- |
|
|
(3,361 |
) |
|
(71,006 |
) |
|
(74,367 |
) |
||||
| Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(21,784 |
) |
|
(21,784 |
) |
||||
| Income from operations |
$ |
301,092 |
|
$ |
87,919 |
|
$ |
2,615 |
|
$ |
(92,790 |
) |
$ |
298,836 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
| Gross profit as a % of revenue |
5.9 |
% |
|
5.3 |
% |
|
- |
|
|
- |
|
|
5.8 |
% |
|||||
|
|
|
|
|
|
|
||||||||||||||
| Contracted backlog |
$ |
15,138,981 |
|
$ |
4,038,385 |
|
$ |
- |
|
$ |
- |
|
$ |
19,177,366 |
|
||||
| Awarded backlog |
|
18,779,481 |
|
|
1,084,276 |
|
|
- |
|
|
- |
|
|
19,863,757 |
|
||||
| Unconsolidated JV backlog |
|
386,302 |
|
|
- |
|
|
- |
|
|
- |
|
|
386,302 |
|
||||
| Total backlog |
$ |
34,304,764 |
|
$ |
5,122,661 |
|
$ |
- |
|
$ |
- |
|
$ |
39,427,425 |
|
||||
| AECOM |
|||||||||||||||
| Regulation G Information |
|||||||||||||||
| (in millions) |
|||||||||||||||
| Reconciliation of Revenue to Net Service Revenue (NSR) |
|||||||||||||||
|
|
|||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
2,468.3 |
|
$ |
2,463.5 |
|
$ |
2,399.9 |
|
$ |
5,025.6 |
|
$ |
4,863.4 |
|
| Less: Pass-through revenue |
|
1,544.7 |
|
|
1,575.8 |
|
|
1,450.4 |
|
|
3,239.0 |
|
|
3,026.1 |
|
| Net service revenue |
$ |
923.6 |
|
$ |
887.7 |
|
$ |
949.5 |
|
$ |
1,786.6 |
|
$ |
1,837.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
796.5 |
|
$ |
802.4 |
|
$ |
813.3 |
|
$ |
1,552.1 |
|
$ |
1,615.7 |
|
| Less: Pass-through revenue |
|
151.8 |
|
|
148.0 |
|
|
149.2 |
|
|
294.4 |
|
|
297.3 |
|
| Net service revenue |
$ |
644.7 |
|
$ |
654.4 |
|
$ |
664.1 |
|
$ |
1,257.7 |
|
$ |
1,318.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Segment Performance (excludes ACAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
3,264.8 |
|
$ |
3,265.9 |
|
$ |
3,213.2 |
|
$ |
6,577.7 |
|
$ |
6,479.1 |
|
| Less: Pass-through revenue |
|
1,696.5 |
|
|
1,723.8 |
|
|
1,599.6 |
|
|
3,533.4 |
|
|
3,323.4 |
|
| Net service revenue |
$ |
1,568.3 |
|
$ |
1,542.1 |
|
$ |
1,613.6 |
|
$ |
3,044.3 |
|
$ |
3,155.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
3,265.5 |
|
$ |
3,266.7 |
|
$ |
3,213.7 |
|
$ |
6,578.7 |
|
$ |
6,480.4 |
|
| Less: Pass-through revenue |
|
1,696.5 |
|
|
1,723.8 |
|
|
1,599.6 |
|
|
3,533.4 |
|
|
3,323.4 |
|
| Net service revenue |
$ |
1,569.0 |
|
$ |
1,542.9 |
|
$ |
1,614.1 |
|
$ |
3,045.3 |
|
$ |
3,157.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Total Debt to Net Debt |
|
||||||||||
|
|
|
Balances at: |
|||||||||
|
|
Mar 31, 2021 |
|
Dec 31, 2021 |
|
Mar 31, 2022 |
|
|||||
| Short-term debt |
$ |
4.7 |
|
$ |
6.7 |
|
$ |
3.4 |
|
||
| Current portion of long-term debt |
|
42.2 |
|
|
41.4 |
|
|
39.4 |
|
||
| Long-term debt, excluding unamortized debt issuance costs |
|
2,079.7 |
|
|
2,180.9 |
|
|
2,188.1 |
|
||
| Total debt |
|
2,126.6 |
|
|
2,229.0 |
|
|
2,230.9 |
|
||
| Less: Total cash and cash equivalents |
|
934.9 |
|
|
1,082.4 |
|
|
965.1 |
|
||
| Net debt |
$ |
1,191.7 |
|
$ |
1,146.6 |
|
$ |
1,265.8 |
|
||
|
|
|
|
|
|
|
|
|||||
| Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow |
|
|||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||||||||||
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Net cash provided by (used in) operating activities |
$ |
59.2 |
|
|
$ |
194.9 |
|
|
$ |
(1.7 |
) |
|
$ |
66.3 |
|
|
$ |
193.2 |
|
|
| Capital expenditures, net |
|
(55.9 |
) |
|
|
(32.2 |
) |
|
|
(15.7 |
) |
|
|
(77.2 |
) |
|
|
(47.9 |
) |
|
| Free cash flow |
$ |
3.3 |
|
|
$ |
162.7 |
|
|
$ |
(17.4 |
) |
|
$ |
(10.9 |
) |
|
$ |
145.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| AECOM |
||||||||||||||||||||
| Regulation G Information |
||||||||||||||||||||
| (in millions, except per share data) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||||||||||
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Reconciliation of Income from Operations to Adjusted Income from Operations |
|
|||||||||||||||||||
| Income from operations |
$ |
157.6 |
|
|
$ |
168.3 |
|
|
$ |
111.5 |
|
|
$ |
298.8 |
|
|
$ |
279.8 |
|
|
| Restructuring costs |
|
8.8 |
|
|
|
3.4 |
|
|
|
73.3 |
|
|
|
21.8 |
|
|
|
76.7 |
|
|
| Amortization of intangible assets |
|
5.4 |
|
|
|
4.7 |
|
|
|
4.8 |
|
|
|
10.7 |
|
|
|
9.5 |
|
|
| Adjusted income from operations |
$ |
171.8 |
|
|
$ |
176.4 |
|
|
$ |
189.6 |
|
|
$ |
331.3 |
|
|
$ |
366.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Reconciliation of Income from Continuing Operations Before Taxes to
|
||||||||||||||||||||
| Income from continuing operations before tax expense |
$ |
128.3 |
|
|
$ |
145.8 |
|
|
$ |
90.6 |
|
|
$ |
242.7 |
|
|
$ |
236.4 |
|
|
| Restructuring costs |
|
8.8 |
|
|
|
3.4 |
|
|
|
73.3 |
|
|
|
21.8 |
|
|
|
76.7 |
|
|
| Amortization of intangible assets |
|
5.4 |
|
|
|
4.7 |
|
|
|
4.8 |
|
|
|
10.7 |
|
|
|
9.5 |
|
|
| Financing charges in interest expense |
|
2.6 |
|
|
|
1.2 |
|
|
|
1.2 |
|
|
|
4.4 |
|
|
|
2.4 |
|
|
| Adjusted income from continuing operations before tax expense |
$ |
145.1 |
|
|
$ |
155.1 |
|
|
$ |
169.9 |
|
|
$ |
279.6 |
|
|
$ |
325.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Reconciliation of Income Taxes for Continuing Operations to
|
||||||||||||||||||||
| Income tax expense for continuing operations |
$ |
35.1 |
|
|
$ |
22.6 |
|
|
$ |
36.0 |
|
|
$ |
60.7 |
|
|
$ |
58.6 |
|
|
| Tax effect of the above adjustments* |
|
4.6 |
|
|
|
2.3 |
|
|
|
11.1 |
|
|
|
10.1 |
|
|
|
13.4 |
|
|
| Valuation allowances and other tax only items |
|
0.1 |
|
|
|
(4.2 |
) |
|
|
(1.5 |
) |
|
|
2.8 |
|
|
|
(5.7 |
) |
|
| Adjusted income tax expense for continuing operations |
$ |
39.8 |
|
|
$ |
20.7 |
|
|
$ |
45.6 |
|
|
$ |
73.6 |
|
|
$ |
66.3 |
|
|
| * 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 from Continuing Operations to
|
||||||||||||||||||||
| Net income attributable to noncontrolling interests from continuing operations |
$ |
(4.9 |
) |
|
$ |
(5.4 |
) |
|
$ |
(5.6 |
) |
|
$ |
(10.3 |
) |
|
$ |
(11.0 |
) |
|
| Amortization of intangible assets included in NCI, net of tax |
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
|
| Adjusted net income attributable to noncontrolling interests from continuing operations |
$ |
(5.1 |
) |
|
$ |
(5.5 |
) |
|
$ |
(5.8 |
) |
|
$ |
(10.6 |
) |
|
$ |
(11.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Reconciliation of Net Income Attributable to AECOM from Continuing Operations to
|
||||||||||||||||||||
| Net income attributable to AECOM from continuing operations |
$ |
88.3 |
|
|
$ |
117.8 |
|
|
$ |
49.0 |
|
|
$ |
171.7 |
|
|
$ |
166.8 |
|
|
| Restructuring costs |
|
8.8 |
|
|
|
3.4 |
|
|
|
73.3 |
|
|
|
21.8 |
|
|
|
76.7 |
|
|
| Amortization of intangible assets |
|
5.4 |
|
|
|
4.7 |
|
|
|
4.8 |
|
|
|
10.7 |
|
|
|
9.5 |
|
|
| Financing charges in interest expense |
|
2.6 |
|
|
|
1.2 |
|
|
|
1.2 |
|
|
|
4.4 |
|
|
|
2.4 |
|
|
| Tax effect of the above adjustments * |
|
(4.6 |
) |
|
|
(2.3 |
) |
|
|
(11.1 |
) |
|
|
(10.1 |
) |
|
|
(13.4 |
) |
|
| Valuation allowances and other tax only items |
|
(0.1 |
) |
|
|
4.2 |
|
|
|
1.5 |
|
|
|
(2.8 |
) |
|
|
5.7 |
|
|
| Amortization of intangible assets included in NCI, net of tax |
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
|
| Adjusted net income attributable to AECOM from continuing operations |
$ |
100.2 |
|
|
$ |
128.9 |
|
|
$ |
118.5 |
|
|
$ |
195.4 |
|
|
$ |
247.4 |
|
|
| * Adjusts the income tax expense (benefit) during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above.
|
||||||||||||||||||||
| AECOM |
||||||||||||||||||||||||||||||||||||||
| Regulation G Information |
||||||||||||||||||||||||||||||||||||||
| (in millions, except per share data) |
||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||||||||||||||||||||||||||||
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
Reconciliation of Net Income Attributable to AECOM from Continuing Operations per Diluted Share to
|
|
|||||||||||||||||||||||||||||||||||||
| Net income attributable to AECOM from continuing operations per diluted share |
$ |
0.59 |
|
|
|
|
$ |
0.81 |
|
|
|
$ |
0.34 |
|
|
|
|
$ |
1.13 |
|
|
|
$ |
1.16 |
|
|
|
|
||||||||||
| Per diluted share adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Restructuring costs |
|
0.06 |
|
|
|
|
|
0.02 |
|
|
|
|
0.51 |
|
|
|
|
|
0.14 |
|
|
|
|
0.53 |
|
|
|
|
||||||||||
| Amortization of intangible assets |
|
0.04 |
|
|
|
|
|
0.03 |
|
|
|
|
0.03 |
|
|
|
|
|
0.07 |
|
|
|
|
0.07 |
|
|
|
|
||||||||||
| Financing charges in interest expense |
|
0.02 |
|
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
|
|
0.03 |
|
|
|
|
0.02 |
|
|
|
|
||||||||||
| Tax effect of the above adjustments * |
|
(0.04 |
) |
|
|
|
(0.01 |
) |
|
|
(0.07 |
) |
|
|
|
(0.06 |
) |
|
|
(0.10 |
) |
|
|
|||||||||||||||
| Valuation allowances and other tax only items |
|
- |
|
|
|
|
|
0.03 |
|
|
|
|
0.01 |
|
|
|
|
|
(0.02 |
) |
|
|
0.04 |
|
|
|
|
|||||||||||
| Adjusted net income attributable to AECOM from continuing operations per diluted share |
$ |
0.67 |
|
|
|
|
$ |
0.89 |
|
|
|
$ |
0.83 |
|
|
|
|
$ |
1.29 |
|
|
|
$ |
1.72 |
|
|
|
|
||||||||||
| Weighted average shares outstanding – basic |
|
147.8 |
|
|
|
|
|
141.8 |
|
|
|
|
141.1 |
|
|
|
|
|
149.6 |
|
|
|
|
141.4 |
|
|
|
|
||||||||||
| Weighted average shares outstanding – diluted |
|
149.5 |
|
|
|
|
|
144.6 |
|
|
|
|
142.6 |
|
|
|
|
|
151.6 |
|
|
|
|
143.6 |
|
|
|
|
||||||||||
| * 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 AECOM from Continuing Operations to EBITDA to
|
|
|||||||||||||||||||||||||||||||||||||
| Net income attributable to AECOM from continuing operations |
$ |
88.3 |
|
|
$ |
117.8 |
|
|
|
$ |
49.0 |
|
|
$ |
171.7 |
|
|
|
$ |
166.8 |
|
|
|
|||||||||||||||
| Income tax expense |
|
35.1 |
|
|
|
22.6 |
|
|
|
|
36.0 |
|
|
|
60.7 |
|
|
|
|
58.6 |
|
|
|
|||||||||||||||
| Depreciation and amortization 1 |
|
41.1 |
|
|
|
41.1 |
|
|
|
|
43.7 |
|
|
|
80.5 |
|
|
|
|
84.8 |
|
|
|
|||||||||||||||
| Interest income 2 |
|
(1.2 |
) |
|
|
(1.3 |
|
) |
|
|
(1.8 |
) |
|
|
(2.5 |
|
) |
|
|
(3.1 |
) |
|
|
|||||||||||||||
| Interest expense |
|
32.8 |
|
|
|
25.4 |
|
|
|
|
24.2 |
|
|
|
63.5 |
|
|
|
|
49.6 |
|
|
|
|||||||||||||||
| Amortized bank fees included in interest expense |
|
(2.6 |
) |
|
|
(1.2 |
|
) |
|
|
(1.2 |
) |
|
|
(4.4 |
|
) |
|
|
(2.4 |
) |
|
|
|||||||||||||||
| EBITDA |
$ |
193.5 |
|
|
$ |
204.4 |
|
|
|
$ |
149.9 |
|
|
$ |
369.5 |
|
|
|
$ |
354.3 |
|
|
|
|||||||||||||||
| Restructuring costs |
|
8.8 |
|
|
|
3.4 |
|
|
|
|
73.3 |
|
|
|
21.8 |
|
|
|
|
76.7 |
|
|
|
|||||||||||||||
| Adjusted EBITDA |
$ |
202.3 |
|
|
$ |
207.8 |
|
|
|
$ |
223.2 |
|
|
$ |
391.3 |
|
|
|
$ |
431.0 |
|
|
|
|||||||||||||||
| Other income |
|
(3.4 |
) |
|
|
(2.9 |
|
) |
|
|
(3.3 |
) |
|
|
(7.3 |
|
) |
|
|
(6.2 |
) |
|
|
|||||||||||||||
| Depreciation 1 |
|
(33.3 |
) |
|
|
(35.3 |
|
) |
|
|
(37.8 |
) |
|
|
(65.7 |
|
) |
|
|
(73.1 |
) |
|
|
|||||||||||||||
| Interest income 2 |
|
1.2 |
|
|
|
1.3 |
|
|
|
|
1.8 |
|
|
|
2.5 |
|
|
|
|
3.1 |
|
|
|
|||||||||||||||
| Noncontrolling interests in income of consolidated subsidiaries, net of tax |
|
4.8 |
|
|
|
5.4 |
|
|
|
|
5.6 |
|
|
|
10.2 |
|
|
|
|
11.0 |
|
|
|
|||||||||||||||
| Amortization of intangible assets included in NCI, net of tax |
|
0.2 |
|
|
|
0.1 |
|
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
|
0.2 |
|
|
|
|||||||||||||||
| Adjusted income from operations |
$ |
171.8 |
|
|
$ |
176.4 |
|
|
|
$ |
189.6 |
|
|
$ |
331.3 |
|
|
|
$ |
366.0 |
|
|
|
|||||||||||||||
|
1 Excludes depreciation from discontinued operations.
|
|
|||||||||||||||||||||||||||||||||||||
|
AECOM
|
|
||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||||||||||||||||||
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
Mar 31,
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
| Reconciliation of Segment Income from Operations to Adjusted Income from Operations |
|
|
|
|
|
|
|
||||||||||||||||||||||||
| Americas Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Income from operations |
$ |
154.7 |
|
$ |
153.2 |
|
$ |
163.6 |
|
$ |
301.1 |
|
$ |
316.8 |
|
|
|||||||||||||||
| Amortization of intangible assets |
|
4.4 |
|
|
4.3 |
|
|
4.4 |
|
|
8.7 |
|
|
8.7 |
|
|
|||||||||||||||
| Adjusted income from operations |
$ |
159.1 |
|
$ |
157.5 |
|
$ |
168.0 |
|
$ |
309.8 |
|
$ |
325.5 |
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| International Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Income from operations |
$ |
45.8 |
|
$ |
53.0 |
|
$ |
54.8 |
|
$ |
87.9 |
|
$ |
107.8 |
|
|
|||||||||||||||
| Amortization of intangible assets |
|
1.0 |
|
|
0.4 |
|
|
0.4 |
|
|
2.0 |
|
|
0.8 |
|
|
|||||||||||||||
| Adjusted income from operations |
$ |
46.8 |
|
$ |
53.4 |
|
$ |
55.2 |
|
$ |
89.9 |
|
$ |
108.6 |
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Segment Performance (excludes ACAP & G&A): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Income from operations |
$ |
200.5 |
|
$ |
206.2 |
|
$ |
218.4 |
|
$ |
389.0 |
|
$ |
424.6 |
|
|
|||||||||||||||
| Amortization of intangible assets |
|
5.4 |
|
|
4.7 |
|
|
4.8 |
|
|
10.7 |
|
|
9.5 |
|
|
|||||||||||||||
| Adjusted income from operations |
$ |
205.9 |
|
$ |
210.9 |
|
$ |
223.2 |
|
$ |
399.7 |
|
$ |
434.1 |
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| FY2022 GAAP EPS Guidance based on Adjusted EPS Guidance |
||||
|
|
(all figures approximate) |
Fiscal Year End 2022 |
|
|
|
|
GAAP EPS Guidance |
|
$2.55 to $2.85 |
|
|
|
Adjusted EPS excludes: |
|
|
|
|
|
Amortization of intangible assets |
|
$0.13 |
|
|
|
Amortization of deferred financing fees |
|
$0.03 |
|
|
|
Restructuring expenses ǂ |
|
$0.77 to $0.63 |
|
|
|
Tax effect of the above items |
|
($0.18) to ($0.14) |
|
|
|
Adjusted EPS Guidance |
|
$3.30 to $3.50 |
|
|
FY2022 GAAP Net Income Attributable to AECOM from Continuing Operations Guidance
|
||||||
|
|
(in millions, all figures approximate) |
Fiscal Year End 2022 |
|
|||
|
|
GAAP net income attributable to AECOM from continuing operations guidance* |
|
$367 to $411 |
|
||
|
|
Adjusted net income attributable to AECOM from continuing operations excludes: |
|
|
|
||
|
|
Amortization of intangible assets |
|
$19 |
|
||
|
|
Amortization of deferred financing fees |
|
$5 |
|
||
|
|
Restructuring expenses ǂ |
|
$110 to $90 |
|
||
|
|
Tax effect of the above items |
|
($26) to ($20) |
|
||
|
|
Adjusted net income attributable to AECOM from continuing operations |
|
$475 to $505 |
|
||
|
|
Adjusted EBITDA excludes: |
|
|
|
||
|
|
Depreciation |
|
$155 |
|
||
|
|
Adjusted interest expense, net |
|
$90 |
|
||
|
|
Tax expense, including tax effect of above items |
|
$160 to $170 |
|
||
|
|
Adjusted EBITDA Guidance |
|
$880 to $920 |
|
||
|
|
* Calculated based on the mid-point of AECOM’s fiscal year 2022 EPS guidance. ǂ Includes the Russia-related exit costs and a reiterated expectation for $20-30 million of restructuring costs in fiscal 2022. |
|
||||
| AECOM Regulation G Information |
||||
| FY2022 GAAP Interest Expense Guidance based on Adjusted Interest Expense Guidance |
||||
|
|
(in millions, all figures approximate) |
Fiscal Year End 2022 |
|
|
|
|
GAAP Interest Expense Guidance |
|
$103 |
|
|
|
Financing charges in interest expense |
|
($5) |
|
|
|
Interest income |
|
($8) |
|
|
|
Adjusted Net Interest Expense Guidance |
|
$ 90 |
|
| FY2022 GAAP Income Tax Guidance based on Adjusted Income Tax Guidance |
| (in millions, all figures approximate) |
Fiscal Year End 2022 |
|
| GAAP income tax expense |
|
$134 to $150 |
| Tax effect of adjusting items |
|
$26 to $20 |
| Adjusted income tax expense |
|
$160 to $170 |
| FY2022 GAAP Operating Cash Flow Guidance based on Free Cash Flow Guidance |
| (in millions, all figures approximate) |
Fiscal Year End 2022 |
|
||
| Operating cash flow guidance |
|
$610 to $810 |
|
|
| Capital expenditures, net of proceeds from equipment disposals |
|
($160) |
|
|
| Free cash flow guidance |
|
$450 to $650 |
|
|
|
|
|
|||
|
FY2022 GAAP Income from Operations as a % of Revenue Guidance based on
|
|||||||
|
|
(all figures approximate) |
Fiscal Year End 2022 |
|
||||
|
|
Income from operations as a % of revenue |
|
4.8 |
% |
|
||
|
|
Pass-through revenues |
|
7.6 |
% |
|
||
|
|
Amortization of intangible assets |
|
0.1 |
% |
|
||
|
|
AECOM Capital income from operations |
|
(0.1 |
)% |
|
||
|
|
Corporate net expense |
|
1.0 |
% |
|
||
|
|
Restructuring expenses |
|
0.7 |
% |
|
||
|
|
Segment adjusted operating income as a % of net service revenue |
|
14.1 |
% |
|
||
|
|
|
|
|||||
