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 |
|
Twelve Months Ended |
|
||||||||||||||||||
|
|
Sept 30,
|
|
Sept 30,
|
|
%
|
|
Sept 30,
|
|
Sept 30,
|
|
%
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
$ |
3,353,767 |
|
|
$ |
3,426,113 |
|
|
2.2 |
% |
|
$ |
13,340,852 |
|
|
$ |
13,148,182 |
|
|
(1.4 |
)% |
|
Cost of revenue |
|
3,136,509 |
|
|
3,208,845 |
|
|
2.3 |
% |
|
12,542,431 |
|
|
12,300,208 |
|
|
(1.9 |
)% |
|
||||
Gross profit |
|
217,258 |
|
|
217,268 |
|
|
0.0 |
% |
|
798,421 |
|
|
847,974 |
|
|
6.2 |
% |
|
||||
| Equity in earnings of joint ventures |
|
11,416 |
|
|
26,282 |
|
|
130.2 |
% |
|
35,044 |
|
|
53,640 |
|
|
53.1 |
% |
|
||||
| General and administrative expenses |
|
(44,365 |
) |
|
(40,944 |
) |
|
(7.7 |
)% |
|
(155,072 |
) |
|
(147,309 |
) |
|
(5.0 |
)% |
|
||||
| Restructuring costs |
|
(14,085 |
) |
|
(18,574 |
) |
|
31.9 |
% |
|
(48,840 |
) |
|
(107,501 |
) |
|
120.1 |
% |
|
||||
| Income from operations |
|
170,224 |
|
|
184,032 |
|
|
8.1 |
% |
|
629,553 |
|
|
646,804 |
|
|
2.7 |
% |
|
||||
| Other income |
|
5,791 |
|
|
3,635 |
|
|
(37.2 |
)% |
|
17,603 |
|
|
14,152 |
|
|
(19.6 |
)% |
|
||||
| Interest expense |
|
(25,863 |
) |
|
(33,302 |
) |
|
28.8 |
% |
|
(238,352 |
) |
|
(110,274 |
) |
|
(53.7 |
)% |
|
||||
| Income from continuing operations before taxes |
|
150,152 |
|
|
154,365 |
|
|
2.8 |
% |
|
408,804 |
|
|
550,682 |
|
|
34.7 |
% |
|
||||
| Income tax expense for continuing operations |
|
46,200 |
|
|
32,967 |
|
|
(28.6 |
)% |
|
89,011 |
|
|
136,051 |
|
|
52.8 |
% |
|
||||
| Income from continuing operations |
|
103,952 |
|
|
121,398 |
|
|
16.8 |
% |
|
319,793 |
|
|
414,631 |
|
|
29.7 |
% |
|
||||
| Income (loss) from discontinued operations |
|
2,355 |
|
|
(8,395 |
) |
|
(456.5 |
)% |
|
(116,813 |
) |
|
(79,929 |
) |
|
(31.6 |
)% |
|
||||
| Net income |
|
106,307 |
|
|
113,003 |
|
|
6.3 |
% |
|
202,980 |
|
|
334,702 |
|
|
64.9 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income attributable to noncontrolling interests
|
|
(8,949 |
) |
|
(5,986 |
) |
|
(33.1 |
)% |
|
(25,109 |
) |
|
(25,521 |
) |
|
1.6 |
% |
|
||||
| Net (income) loss attributable to noncontrolling interests from discontinued operations |
|
(1,191 |
) |
|
(1,399 |
) |
|
17.5 |
% |
|
(4,686 |
) |
|
1,430 |
|
|
(130.5 |
)% |
|
||||
| Net (income) loss attributable to noncontrolling interests |
|
(10,140 |
) |
|
(7,385 |
) |
|
(27.2 |
)% |
|
(29,795 |
) |
|
(24,091 |
) |
|
(19.1 |
)% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Net income attributable to AECOM from continuing operations |
|
95,003 |
|
|
115,412 |
|
|
21.5 |
% |
|
294,684 |
|
|
389,110 |
|
|
32.0 |
% |
|
||||
| Net income (loss) attributable to AECOM from discontinued operations |
|
1,164 |
|
|
(9,794 |
) |
|
(941.4 |
)% |
|
(121,499 |
) |
|
(78,499 |
) |
|
(35.4 |
)% |
|
||||
| Net income attributable to AECOM |
|
$ |
96,167 |
|
|
$ |
105,618 |
|
|
9.8 |
% |
|
$ |
173,185 |
|
|
$ |
310,611 |
|
|
79.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income (loss) attributable to AECOM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
| Continuing operations |
|
$ |
0.66 |
|
|
$ |
0.83 |
|
|
25.8 |
% |
|
$ |
2.00 |
|
|
$ |
2.76 |
|
|
38.0 |
% |
|
| Discontinued operations |
|
|
0.01 |
|
|
|
(0.07 |
) |
|
(800.0 |
)% |
|
|
(0.82 |
) |
|
|
(0.55 |
) |
|
(32.9 |
)% |
|
| Basic earnings per share |
|
$ |
0.67 |
|
|
$ |
0.76 |
|
|
13.4 |
% |
|
$ |
1.18 |
|
|
$ |
2.21 |
|
|
87.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
| Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
| Continuing operations |
|
$ |
0.65 |
|
|
$ |
0.82 |
|
|
26.2 |
% |
|
$ |
1.97 |
|
|
$ |
2.73 |
|
|
38.6 |
% |
|
| Discontinued operations |
|
|
0.01 |
|
|
|
(0.07 |
) |
|
(800.0 |
)% |
|
|
(0.81 |
) |
|
|
(0.55 |
) |
|
(32.1 |
)% |
|
| Diluted earnings per share |
|
$ |
0.66 |
|
|
$ |
0.75 |
|
|
13.6 |
% |
|
$ |
1.16 |
|
|
$ |
2.18 |
|
|
87.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Basic |
|
143,812 |
|
|
139,626 |
|
|
(2.9 |
)% |
|
147,279 |
|
|
140,768 |
|
|
(4.4 |
)% |
|
||||
| Diluted |
|
146,581 |
|
|
141,344 |
|
|
(3.6 |
)% |
|
149,676 |
|
|
142,696 |
|
|
(4.7 |
)% |
|
||||
| AECOM Balance Sheet Information (unaudited - in thousands) |
||||||
|
|
September 30, 2021 |
|
September 30, 2022 |
|
||
| Balance Sheet Information: |
|
|
|
|
||
| Total cash and cash equivalents |
$ |
1,229,196 |
|
$ |
1,172,209 |
|
| Accounts receivable and contract assets – net |
|
3,988,522 |
|
|
3,723,111 |
|
| Working capital |
|
651,828 |
|
|
418,639 |
|
| Total debt, excluding unamortized debt issuance costs |
|
2,235,661 |
|
|
2,224,602 |
|
| Total assets |
|
11,733,954 |
|
|
11,139,315 |
|
| Total AECOM stockholders’ equity |
|
2,712,470 |
|
|
2,476,654 |
|
| AECOM Reportable Segments (unaudited - in thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||
|
|
Americas |
International |
AECOM
|
Corporate |
Total |
|||||||||||||||
| Three Months Ended September 30, 2022 |
|
|
|
|
||||||||||||||||
| Revenue |
$ |
2,618,964 |
|
$ |
806,724 |
|
$ |
425 |
|
$ |
- |
|
$ |
3,426,113 |
|
|||||
| Cost of revenue |
|
2,454,144 |
|
|
754,701 |
|
|
- |
|
|
- |
|
|
3,208,845 |
|
|||||
| Gross profit |
|
164,820 |
|
|
52,023 |
|
|
425 |
|
|
- |
|
|
217,268 |
|
|||||
| Equity in earnings of joint ventures |
|
4,647 |
|
|
5,585 |
|
|
16,050 |
|
|
- |
|
|
26,282 |
|
|||||
| General and administrative expenses |
|
- |
|
|
- |
|
|
(4,005 |
) |
|
(36,939 |
) |
|
(40,944 |
) |
|||||
| Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(18,574 |
) |
|
(18,574 |
) |
|||||
| Income from operations |
$ |
169,467 |
|
$ |
57,608 |
|
$ |
12,470 |
|
$ |
(55,513 |
) |
$ |
184,032 |
|
|||||
|
|
|
|
|
|
|
|||||||||||||||
| Gross profit as a % of revenue |
|
6.3 |
% |
|
6.4 |
% |
|
- |
|
|
- |
|
|
6.3 |
% |
|||||
|
|
|
|
|
|
|
|||||||||||||||
| Three Months Ended September 30, 2021 |
|
|
|
|
|
|||||||||||||||
| Revenue |
$ |
2,582,233 |
|
$ |
771,175 |
|
$ |
359 |
|
$ |
- |
|
$ |
3,353,767 |
|
|||||
| Cost of revenue |
|
2,407,903 |
|
|
728,606 |
|
|
- |
|
|
- |
|
|
3,136,509 |
|
|||||
| Gross profit |
|
174,330 |
|
|
42,569 |
|
|
359 |
|
|
- |
|
|
217,258 |
|
|||||
| Equity in earnings of joint ventures |
|
3,819 |
|
|
1,044 |
|
|
6,553 |
|
|
- |
|
|
11,416 |
|
|||||
| General and administrative expenses |
|
- |
|
|
- |
|
|
(5,342 |
) |
|
(39,023 |
) |
|
(44,365 |
) |
|||||
| Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(14,085 |
) |
|
(14,085 |
) |
|||||
| Income from operations |
$ |
178,149 |
|
$ |
43,613 |
|
$ |
1,570 |
|
$ |
(53,108 |
) |
$ |
170,224 |
|
|||||
|
|
|
|
|
|
|
|||||||||||||||
| Gross profit as a % of revenue |
|
6.8 |
% |
|
5.5 |
% |
|
- |
|
|
- |
|
|
6.5 |
% |
|||||
|
|
|
|
|
|
|
|||||||||||||||
| Twelve Months Ended September 30, 2022 |
|
|
|
|
|
|||||||||||||||
| Revenue |
$ |
9,939,333 |
|
$ |
3,206,625 |
|
$ |
2,224 |
|
$ |
- |
|
$ |
13,148,182 |
|
|||||
| Cost of revenue |
|
9,299,436 |
|
|
3,000,772 |
|
|
- |
|
|
- |
|
|
12,300,208 |
|
|||||
| Gross profit |
|
639,897 |
|
|
205,853 |
|
|
2,224 |
|
|
- |
|
|
847,974 |
|
|||||
| Equity in earnings of joint ventures |
|
13,871 |
|
|
15,313 |
|
|
24,456 |
|
|
- |
|
|
53,640 |
|
|||||
| General and administrative expenses |
|
- |
|
|
- |
|
|
(12,649 |
) |
|
(134,660 |
) |
|
(147,309 |
) |
|||||
| Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(107,501 |
) |
|
(107,501 |
) |
|||||
| Income from operations |
$ |
653,768 |
|
$ |
221,166 |
|
$ |
14,031 |
|
$ |
(242,161 |
) |
$ |
646,804 |
|
|||||
|
|
|
|
|
|
|
|||||||||||||||
| Gross profit as a % of revenue |
|
6.4 |
% |
|
6.4 |
% |
|
- |
|
|
- |
|
|
6.4 |
% |
|||||
|
|
|
|
|
|
|
|||||||||||||||
| Contracted backlog |
$ |
17,507,944 |
|
$ |
3,855,488 |
|
$ |
- |
|
$ |
- |
|
$ |
21,363,432 |
|
|||||
| Awarded backlog |
|
17,355,035 |
|
|
1,215,786 |
|
|
- |
|
|
- |
|
|
18,570,821 |
|
|||||
| Unconsolidated JV backlog |
|
249,492 |
|
|
- |
|
|
- |
|
|
- |
|
|
249,492 |
|
|||||
| Total backlog |
$ |
35,112,471 |
|
$ |
5,071,274 |
|
$ |
- |
|
$ |
- |
|
$ |
40,183,745 |
|
|||||
|
|
|
|
|
|
|
|||||||||||||||
| Total backlog – Design only |
$ |
13,954,382 |
|
$ |
5,071,274 |
|
$ |
- |
|
$ |
- |
|
$ |
19,025,656 |
|
|||||
|
|
|
|
|
|
|
|||||||||||||||
| Twelve Months Ended September 30, 2021 |
|
|
|
|
|
|||||||||||||||
| Revenue |
$ |
10,226,287 |
|
$ |
3,112,566 |
|
$ |
1,999 |
|
$ |
- |
|
$ |
13,340,852 |
|
|||||
| Cost of revenue |
|
9,594,675 |
|
|
2,947,756 |
|
|
- |
|
|
- |
|
|
12,542,431 |
|
|||||
| Gross profit |
|
631,612 |
|
|
164,810 |
|
|
1,999 |
|
|
- |
|
|
798,421 |
|
|||||
| Equity in earnings of joint ventures |
|
11,443 |
|
|
12,192 |
|
|
11,409 |
|
|
- |
|
|
35,044 |
|
|||||
| General and administrative expenses |
|
- |
|
|
- |
|
|
(11,112 |
) |
|
(143,960 |
) |
|
(155,072 |
) |
|||||
| Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
(48,840 |
) |
|
(48,840 |
) |
|||||
| Income from operations |
$ |
643,055 |
|
$ |
177,002 |
|
$ |
2,296 |
|
$ |
(192,800 |
) |
$ |
629,553 |
|
|||||
|
|
|
|
|
|
|
|||||||||||||||
| Gross profit as a % of revenue |
|
6.2 |
% |
|
5.3 |
% |
|
- |
|
|
- |
|
|
6.0 |
% |
|||||
|
|
|
|
|
|
|
|||||||||||||||
| Contracted backlog |
$ |
19,085,092 |
|
$ |
4,019,846 |
|
$ |
- |
|
$ |
- |
|
$ |
23,104,938 |
|
|||||
| Awarded backlog |
|
14,036,004 |
|
|
1,189,016 |
|
|
- |
|
|
- |
|
|
15,225,020 |
|
|||||
| Unconsolidated JV backlog |
|
248,098 |
|
|
- |
|
|
- |
|
|
- |
|
|
248,098 |
|
|||||
| Total backlog |
$ |
33,369,194 |
|
$ |
5,208,862 |
|
$ |
- |
|
$ |
- |
|
$ |
38,578,056 |
|
|||||
|
|
|
|
|
|
|
|||||||||||||||
| Total backlog – Design only |
$ |
12,907,085 |
|
$ |
5,208,862 |
|
$ |
- |
|
$ |
- |
|
$ |
18,115,947 |
||||||
| AECOM Regulation G Information (in millions) |
|||||||||||||||||||
| Reconciliation of Revenue to Net Service Revenue (NSR) |
|||||||||||||||||||
| Three Months Ended |
|
Twelve Months Ended |
|
|
|||||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| Revenue |
$ |
2,582.2 |
|
$ |
2,457.0 |
|
$ |
2,618.9 |
|
$ |
10,226.3 |
|
$ |
9,939.3 |
|
|
|||
| Less: Pass-through revenue |
|
1,662.4 |
|
|
1,530.7 |
|
|
1,671.4 |
|
|
6,629.4 |
|
|
6,228.2 |
|
|
|||
| Net service revenue |
$ |
919.8 |
|
$ |
926.3 |
|
$ |
947.5 |
|
$ |
3,596.9 |
|
$ |
3,711.1 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| Revenue |
$ |
771.2 |
|
$ |
784.2 |
|
$ |
806.8 |
|
$ |
3,112.6 |
|
$ |
3,206.7 |
|
|
|||
| Less: Pass-through revenue |
|
152.3 |
|
|
146.4 |
|
|
165.3 |
|
|
603.1 |
|
|
609.0 |
|
|
|||
| Net service revenue |
$ |
618.9 |
|
$ |
637.8 |
|
$ |
641.5 |
|
$ |
2,509.5 |
|
$ |
2,597.7 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| Segment Performance (excludes ACAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| Revenue |
$ |
3,353.4 |
|
$ |
3,241.2 |
|
$ |
3,425.7 |
|
$ |
13,338.9 |
|
$ |
13,146.0 |
|
|
|||
| Less: Pass-through revenue |
|
1,814.7 |
|
|
1,677.1 |
|
|
1,836.7 |
|
|
7,232.5 |
|
|
6,837.2 |
|
|
|||
| Net service revenue |
$ |
1,538.7 |
|
$ |
1,564.1 |
|
$ |
1,589.0 |
|
$ |
6,106.4 |
|
$ |
6,308.8 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| Revenue |
$ |
3,353.8 |
|
$ |
3,241.7 |
|
$ |
3,426.1 |
|
$ |
13,340.9 |
|
$ |
13,148.2 |
|
|
|||
| Less: Pass-through revenue |
|
1,814.7 |
|
|
1,677.1 |
|
|
1,836.7 |
|
|
7,232.5 |
|
|
6,837.2 |
|
|
|||
| Net service revenue |
$ |
1,539.1 |
|
$ |
1,564.6 |
|
$ |
1,589.4 |
|
$ |
6,108.4 |
|
$ |
6,311.0 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| Reconciliation of Total Debt to Net Debt |
|
|||||||||
|
|
Balances at: |
|||||||||
|
|
Sep 30, 2021 |
|
Jun 30, 2022 |
|
Sep 30, 2022 |
|
||||
| Short-term debt |
$ |
4.4 |
|
$ |
2.3 |
|
$ |
5.0 |
|
|
| Current portion of long-term debt |
|
49.5 |
|
|
42.3 |
|
|
43.6 |
|
|
| Long-term debt, excluding unamortized debt issuance costs |
|
2,181.8 |
|
|
2,182.8 |
|
|
2,176.0 |
|
|
| Total debt |
|
2,235.7 |
|
|
2,227.4 |
|
|
2,224.6 |
|
|
| Less: Total cash and cash equivalents |
|
1,229.2 |
|
|
1,010.7 |
|
|
1,172.2 |
|
|
| Net debt |
$ |
1,006.5 |
|
$ |
1,216.7 |
|
$ |
1,052.4 |
|
|
|
|
|
|
|
|
|
|
||||
| Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow |
|
|||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
|
||||||||||||||||||
|
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
| Net cash provided by operating activities |
$ |
318.1 |
|
|
$ |
204.9 |
|
|
$ |
315.6 |
|
|
$ |
704.7 |
|
|
$ |
713.7 |
|
|
||
| Capital expenditures, net |
|
(19.1 |
) |
|
|
(22.0 |
) |
|
|
(58.2 |
) |
|
|
(121.5 |
) |
|
|
(128.1 |
) |
|
||
| Free cash flow |
$ |
299.0 |
|
|
$ |
182.9 |
|
|
$ |
257.4 |
|
|
$ |
583.2 |
|
|
$ |
585.6 |
|
|
||
| AECOM Regulation G Information (in millions, except per share data) |
|||||||||||||||||||||
|
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||
|
|
Sep 30,
|
Jun 30,
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Reconciliation of Income from Operations to Adjusted Income from Operations |
|||||||||||||||||||||
| Income from operations |
$ |
170.3 |
|
$ |
183.0 |
|
$ |
184.0 |
|
$ |
629.6 |
|
$ |
646.8 |
|
||||||
| Restructuring costs |
|
14.0 |
|
|
12.3 |
|
|
18.5 |
|
|
48.8 |
|
|
107.5 |
|
||||||
| Amortization of intangible assets |
|
6.7 |
|
|
4.7 |
|
|
4.7 |
|
|
22.6 |
|
|
18.9 |
|
||||||
| Adjusted income from operations |
$ |
191.0 |
|
$ |
200.0 |
|
$ |
207.2 |
|
$ |
701.0 |
|
$ |
773.2 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Reconciliation of Income from Continuing Operations Before Taxes to
|
|||||||||||||||||||||
| Income from continuing operations before taxes |
$ |
150.1 |
|
$ |
159.9 |
|
$ |
154.4 |
|
$ |
408.8 |
|
$ |
550.7 |
|
||||||
| Restructuring costs |
|
14.0 |
|
|
12.3 |
|
|
18.5 |
|
|
48.8 |
|
|
107.5 |
|
||||||
| Amortization of intangible assets |
|
6.7 |
|
|
4.7 |
|
|
4.7 |
|
|
22.6 |
|
|
18.9 |
|
||||||
| Prepayment premium on debt |
|
- |
|
|
- |
|
|
- |
|
|
117.5 |
|
|
- |
|
||||||
| Financing charges in interest expense |
|
1.3 |
|
|
1.2 |
|
|
1.3 |
|
|
11.4 |
|
|
4.9 |
|
||||||
| Adjusted income from continuing operations before taxes |
$ |
172.1 |
|
$ |
178.1 |
|
$ |
178.9 |
|
$ |
609.1 |
|
$ |
682.0 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Reconciliation of Income Taxes for Continuing Operations to
|
|||||||||||||||||||||
| Income tax expense for continuing operations |
$ |
46.1 |
|
$ |
44.5 |
|
$ |
33.0 |
|
$ |
89.0 |
|
$ |
136.1 |
|
||||||
| Tax effect of the above adjustments* |
|
6.0 |
|
|
4.6 |
|
|
7.2 |
|
|
50.6 |
|
|
25.2 |
|
||||||
| Valuation allowances and other tax only items |
|
(7.3 |
) |
|
(1.6 |
) |
|
6.9 |
|
|
22.0 |
|
|
(0.4 |
) |
||||||
| Adjusted income tax expense for continuing operations |
$ |
44.8 |
|
$ |
47.5 |
|
$ |
47.1 |
|
$ |
161.6 |
|
$ |
160.9 |
|
||||||
| * 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 |
$ |
(8.9 |
) |
$ |
(8.5 |
) |
$ |
(6.0 |
) |
$ |
(25.1 |
) |
$ |
(25.5 |
) |
||||||
| Amortization of intangible assets included in NCI, net of tax |
|
(0.2 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.6 |
) |
|
(0.5 |
) |
||||||
| Adjusted net income attributable to noncontrolling interests from continuing operations |
$ |
(9.1 |
) |
$ |
(8.6 |
) |
$ |
(6.1 |
) |
$ |
(25.7 |
) |
$ |
(26.0 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Reconciliation of Net Income Attributable to AECOM from Continuing Operations to
|
|||||||||||||||||||||
| Net income attributable to AECOM from continuing operations |
$ |
95.1 |
|
$ |
106.9 |
|
$ |
115.4 |
|
$ |
294.7 |
|
$ |
389.1 |
|
||||||
| Restructuring costs |
|
14.0 |
|
|
12.3 |
|
|
18.5 |
|
|
48.8 |
|
|
107.5 |
|
||||||
| Amortization of intangible assets |
|
6.7 |
|
|
4.7 |
|
|
4.7 |
|
|
22.6 |
|
|
18.9 |
|
||||||
| Prepayment premium on debt |
|
- |
|
|
- |
|
|
- |
|
|
117.5 |
|
|
- |
|
||||||
| Financing charges in interest expense |
|
1.3 |
|
|
1.2 |
|
|
1.3 |
|
|
11.4 |
|
|
4.9 |
|
||||||
| Tax effect of the above adjustments* |
|
(6.0 |
) |
|
(4.6 |
) |
|
(7.2 |
) |
|
(50.6 |
) |
|
(25.2 |
) |
||||||
| Valuation allowances and other tax only items |
|
7.3 |
|
|
1.6 |
|
|
(6.9 |
) |
|
(22.0 |
) |
|
0.4 |
|
||||||
| Amortization of intangible assets included in NCI, net of tax |
|
(0.2 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.6 |
) |
|
(0.5 |
) |
||||||
| Adjusted net income attributable to AECOM from continuing operations |
$ |
118.2 |
|
$ |
122.0 |
|
$ |
125.7 |
|
$ |
421.8 |
|
$ |
495.1 |
|
||||||
| * Adjusts the income taxes 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 |
Twelve Months Ended |
|||||||||||||||||||
|
|
Sep 30,
|
Jun 30,
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
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 |
$ |
0.65 |
|
$ |
0.75 |
|
$ |
0.82 |
|
$ |
1.97 |
|
$ |
2.73 |
|
||||||
| Per diluted share adjustments: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Restructuring costs |
|
0.09 |
|
|
0.09 |
|
|
0.13 |
|
|
0.33 |
|
|
0.75 |
|
||||||
| Amortization of intangible assets |
|
0.05 |
|
|
0.03 |
|
|
0.03 |
|
|
0.15 |
|
|
0.13 |
|
||||||
| Prepayment premium on debt |
|
- |
|
|
- |
|
|
- |
|
|
0.79 |
|
|
- |
|
||||||
| Financing charges in interest expense |
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
0.08 |
|
|
0.03 |
|
||||||
| Tax effect of the above adjustments* |
|
(0.04 |
) |
|
(0.03 |
) |
|
(0.05 |
) |
|
(0.35 |
) |
|
(0.17 |
) |
||||||
| Valuation allowances and other tax only items |
|
0.05 |
|
|
0.01 |
|
|
(0.05 |
) |
|
(0.15 |
) |
|
- |
|
||||||
| Adjusted net income attributable to AECOM from continuing operations per diluted share |
$ |
0.81 |
|
$ |
0.86 |
|
$ |
0.89 |
|
$ |
2.82 |
|
$ |
3.47 |
|
||||||
| Weighted average shares outstanding – basic |
|
143.8 |
|
|
140.6 |
|
|
139.6 |
|
|
147.3 |
|
|
140.8 |
|
||||||
| Weighted average shares outstanding – diluted |
|
146.6 |
|
|
142.2 |
|
|
141.3 |
|
|
149.7 |
|
|
142.7 |
|
||||||
| * 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 EBITDA to
|
|||||||||||||||||||||
| Net income attributable to AECOM from continuing operations |
$ |
95.1 |
|
$ |
106.9 |
|
$ |
115.4 |
|
$ |
294.7 |
|
$ |
389.1 |
|
||||||
| Income tax expense |
|
46.1 |
|
|
44.5 |
|
|
33.0 |
|
|
89.0 |
|
|
136.1 |
|
||||||
| Depreciation and amortization |
|
46.9 |
|
|
41.3 |
|
|
44.1 |
|
|
176.9 |
|
|
170.2 |
|
||||||
| Interest income 2 |
|
(2.0 |
) |
|
(2.8 |
) |
|
(2.3 |
) |
|
(6.7 |
) |
|
(8.2 |
) |
||||||
| Interest expense |
|
25.8 |
|
|
27.4 |
|
|
33.3 |
|
|
238.3 |
|
|
110.3 |
|
||||||
| Amortized bank fees included in interest expense |
|
(1.2 |
) |
|
(1.2 |
) |
|
(1.2 |
) |
|
(11.4 |
) |
|
(4.8 |
) |
||||||
| EBITDA |
$ |
210.7 |
|
$ |
216.1 |
|
$ |
222.3 |
|
$ |
780.8 |
|
$ |
792.7 |
|
||||||
| Restructuring costs |
|
14.1 |
|
|
12.3 |
|
|
18.6 |
|
|
48.9 |
|
|
107.6 |
|
||||||
| Adjusted EBITDA |
$ |
224.8 |
|
$ |
228.4 |
|
$ |
240.9 |
|
$ |
829.7 |
|
$ |
900.3 |
|
||||||
| Other income |
|
(5.8 |
) |
|
(4.3 |
) |
|
(3.7 |
) |
|
(17.6 |
) |
|
(14.2 |
) |
||||||
| Depreciation 1 |
|
(39.1 |
) |
|
(35.5 |
) |
|
(38.3 |
) |
|
(143.4 |
) |
|
(146.9 |
) |
||||||
| Interest income 2 |
|
2.0 |
|
|
2.8 |
|
|
2.2 |
|
|
6.7 |
|
|
8.1 |
|
||||||
| Noncontrolling interests in income of consolidated subsidiaries, net of tax |
|
8.9 |
|
|
8.5 |
|
|
6.0 |
|
|
25.0 |
|
|
25.5 |
|
||||||
|
Amortization of intangible assets included in NCI,
|
|
0.2 |
|
|
0.1 |
|
|
0.1 |
|
|
0.6 |
|
|
0.4 |
|
||||||
| Adjusted income from operations |
$ |
191.0 |
|
$ |
200.0 |
|
$ |
207.2 |
|
$ |
701.0 |
|
$ |
773.2 |
|
||||||
|
1 Excludes depreciation from discontinued operations
|
|||||||||||||||||||||
|
AECOM
|
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||||
|
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|||||||
| Reconciliation of Segment Income from Operations to Adjusted Income from Operations |
||||||||||||||||
| Americas Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Income from operations |
$ |
178.1 |
|
$ |
167.5 |
|
$ |
169.5 |
|
$ |
643.0 |
|
$ |
653.8 |
||
| Amortization of intangible assets |
|
4.4 |
|
|
4.3 |
|
|
4.4 |
|
|
17.4 |
|
|
17.4 |
||
| Adjusted income from operations |
$ |
182.5 |
|
$ |
171.8 |
|
$ |
173.9 |
|
$ |
660.4 |
|
$ |
671.2 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| International Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Income from operations |
$ |
43.6 |
|
$ |
55.8 |
|
$ |
57.6 |
|
$ |
177.0 |
|
$ |
221.2 |
||
| Amortization of intangible assets |
|
2.3 |
|
|
0.3 |
|
|
0.3 |
|
|
5.2 |
|
|
1.4 |
||
| Adjusted income from operations |
$ |
45.9 |
|
$ |
56.1 |
|
$ |
57.9 |
|
$ |
182.2 |
|
$ |
222.6 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Segment Performance (excludes ACAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Income from operations |
$ |
221.7 |
|
$ |
223.3 |
|
$ |
227.1 |
|
$ |
820.0 |
|
$ |
875.0 |
||
| Amortization of intangible assets |
|
6.7 |
|
|
4.6 |
|
|
4.7 |
|
|
22.6 |
|
|
18.8 |
||
| Adjusted income from operations |
$ |
228.4 |
|
$ |
227.9 |
|
$ |
231.8 |
|
$ |
842.6 |
|
$ |
893.8 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| FY2023 GAAP EPS Guidance based on Adjusted EPS Guidance |
||
| (all figures approximate) |
Fiscal Year End 2023 |
|
| GAAP EPS Guidance |
$3.21 to $3.47 |
|
| Adjusted EPS excludes: |
|
|
| Amortization of intangible assets |
$0.12 |
|
| Amortization of deferred financing fees |
$0.04 |
|
| Restructuring expenses |
$0.28 to $0.21 |
|
| Tax effect of the above items |
($0.11) to ($0.09) |
|
| Adjusted EPS Guidance |
$3.55 to $3.75 |
|
|
|
||
|
FY2023 GAAP Net Income Attributable to AECOM from Continuing Operations Guidance
|
||
| (in millions, all figures approximate) |
Fiscal Year End 2023 |
|
| GAAP net income attributable to AECOM from continuing operations guidance* |
$453 to $490 |
|
| Adjusted net income attributable to AECOM from continuing operations excludes: |
|
|
| Amortization of intangible assets |
$17 |
|
| Amortization of deferred financing fees |
$5 |
|
| Restructuring expenses |
$40 to $30 |
|
| Tax effect of the above items |
($15) to ($13) |
|
| Adjusted net income attributable to AECOM from continuing operations |
$500 to $529 |
|
| Adjusted EBITDA excludes: |
|
|
| Depreciation |
$152 |
|
| Adjusted interest expense, net |
$120 |
|
| Tax expense, including tax effect of above items |
$163 to $174 |
|
| Adjusted EBITDA Guidance |
$935 to $975 |
|
| * Calculated based on the mid-point of AECOM’s fiscal year 2023 EPS guidance |
||
| AECOM Regulation G Information |
||
| FY2023 GAAP Interest Expense Guidance based on Adjusted Interest Expense Guidance |
||
| ( in millions, all figures approximate) |
Fiscal Year End 2023 |
|
| GAAP Interest Expense Guidance |
$135 |
|
| Finance charges in interest expense |
($5) |
|
| Interest income |
($10) |
|
| Adjusted Net Interest Expense Guidance |
$120 |
|
| FY2023 GAAP Income Tax Guidance based on Adjusted Income Tax Guidance |
||
| (i n millions, all figures approximate) |
Fiscal Year End 2023 |
|
| GAAP Income tax expense |
$148 to $161 |
|
| Tax effect of adjusting items |
$15 to $13 |
|
| Adjusted income tax expense |
$163 to $174 |
|
| FY2023 GAAP Operating Cash Flow Guidance based on Free Cash Flow Guidance |
||
| (in millions, all figures approximate) |
Fiscal Year End 2023 |
|
| Operating cash flow guidance |
$575 to $775 |
|
| Capital expenditures, net of proceeds from equipment disposals |
($100) |
|
| Free cash flow guidance |
$475 to $675 |
|
|
|
||
|
FY2023 GAAP Income from Operations as a % of Revenue Guidance based on
|
||
| ( all figures approximate) |
Fiscal Year End 2023 |
|
| Income from operations as a % of revenue |
5.6% |
|
| Pass-through revenues |
7.8% |
|
| Amortization of intangible assets |
0.1% |
|
| AECOM Capital income from operations |
(0.1)% |
|
| Corporate net expense |
1.0% |
|
| Restructuring expenses |
0.2% |
|
| Segment adjusted operating income as a % of net service revenue |
14.6% |
|
|
|
|
|
