- Fiscal 2025 guidance includes record net service revenue,
margins and earnings
- Fiscal 2024 earnings exceeded previously-increased
guidance
- Total backlog and pipeline are at all-time highs
- Increased the share repurchase authorization to $1 billion
and the quarterly dividend by 18%
AECOM (NYSE:ACM), the trusted global infrastructure leader,
today reported fourth quarter and full year fiscal 2024
results.
Fourth Quarter Fiscal
2024
Full Year Fiscal 2024
(from Continuing Operations; $
in millions, except EPS)
As Reported
Adjusted1 (Non-
GAAP)
As Reported YoY %
Change
Adjusted YoY % Change
As Reported
Adjusted1 (Non-
GAAP)
As Reported YoY %
Change
Adjusted YoY % Change
Revenue
$4,110
--
7%
--
$16,105
--
12%
--
Net Service Revenue (NSR)2
--
$1,812
--
5%
--
$7,165
--
7%
Operating Income
$236
$261
194%
16%
$827
$986
155%
16%
Segment Operating Margin3
--
16.7%
--
+150 bps
--
15.8%
--
+100 bps
Net Income
$168
$172
396%
22%
$506
$617
343%
19%
EPS (Fully Diluted)
$1.25
$1.27
421%
26%
$3.71
$4.52
358%
22%
EBITDA4
--
$290
--
15%
--
$1,095
--
14%
EBITDA Margin5
--
16.7%
--
+140 bps
--
16.0%
--
+100 bps
Operating Cash Flow
$299
--
5%
--
--
$827
--
19%
Free Cash Flow6
--
$275
--
4%
--
$708
--
20%
Total Backlog7
$23,863
--
3%
--
Fourth Quarter and Full Year Fiscal
2024 Highlights:
- Reflecting as reported performance from continuing operations,
fourth quarter revenue increased 7% to $4.1 billion, operating
income increased 194% to $236 million, net income increased 396% to
$168 million and diluted earnings per share increased 421% to
$1.25. Full year revenue increased 12% to $16.1 billion, operating
income increased 155% to $827 million, net income increased 343% to
$506 million and diluted earnings per share increased 358% to
$3.71.
- Full year net service revenue2 (NSR) reached an all-time high
and included strength across the Company’s largest end markets and
geographies.
- Delivered 8% growth in the design business, driven by 9% growth
in the Americas.
- Earnings exceeded previously-increased guidance and set new
records.
- Fourth quarter adjusted1 EBITDA4 and adjusted1 EPS increased by
15% and 26%, respectively.
- For the full year, adjusted1 EBTDA4 and adjusted1 EPS increased
14% and 22%, respectively.
- Delivered record margins that exceeded guidance as the Company
realized the benefits of its ongoing investments in high-margin
organic growth and its continuous improvement initiatives.
- The adjusted EBITDA margin5 was 16.7% in the fourth quarter and
16.0% for the full year, reflecting an increase of 140 basis points
and 100 basis points, respectively.
- The segment adjusted1 operating margin3 was 16.7% in the fourth
quarter; for the full year, the margin was 15.8%, which exceeded
guidance of 15.6%.
- Design backlog7 increased by 5% and total backlog increased 3%
to a new record.
- Design book-to-burn8 in the fourth quarter was 1.2x, including
1.2x in both the Americas and International segments.
- The Company’s pipeline of opportunities increased by 10% and
achieved a new high, driven by robust funding across all of its
largest markets.
- The Company’s design win rate of 50% remains at an all-time
high and was even higher on larger pursuits.
- Free cash flow6 exceeded prior guidance and achieved a new high
of $708 million, a 20% increase from the prior year
- Free cash flow represented 10% of net service revenue.
Fiscal 2025 Financial
Guidance
- AECOM expects to deliver record net service revenue and
profitability, margins and continued strong cash flow conversion,
including:
- Organic NSR2 growth of 5% to 8%.
- Expect phasing to follow a normal seasonal pattern with
accelerating growth as the year progresses.
- Adjusted1 EBITDA4 of between $1,170 million and $1,210 million,
reflecting an increase of 9% at the mid-point over fiscal
2024.
- An adjusted EBITDA margin5 of 16.3%, representing a 30 basis
point increase from fiscal 2024.
- Adjusted1 EPS of between $5.00 and $5.20, reflecting an
increase of 13% at the mid-point compared to fiscal 2024.
- 100%+ free cash flow6 conversion.
- Other assumptions incorporated into guidance:
- An average fully diluted share count of 134 million, which
reflects only shares repurchased to-date, though the Company
intends to continue repurchasing stock that would provide a benefit
to per share earnings.
- An adjusted effective tax rate of approximately 24% for the
full year.
- The Company expects to maintain an approximately 24% tax rate
for the next several years.
- See the Regulation G Information tables at the end of this
release for a reconciliation of non-GAAP measures to the most
directly comparable GAAP measures.
Long-Term Financial Framework for Value
Creation
- The Company’s long-term financial framework includes
expectations to deliver annually:
- Organic NSR2 growth of 5% to 8%.
- At least 20 to 30 basis points of adjusted EBITDA margin5
expansion.
- At least 100% conversion of adjusted net income to free cash
flow6.
- Double-digit adjusted EPS1 and free cash flow6 per share
growth.
- The Company also expects to achieve an at least 17% adjusted
EBITDA margin5 exiting fiscal year 2025 and an at least 25% ROIC9
over the long term.
Cash Flow, Balance Sheet and Capital
Allocation Update
- Fourth quarter operating cash flow of $299 million and free
cash flow6 of $275 million, contributed to full year free cash
flow6 of $708 million, an increase of 20% from the prior year.
- Full year free cash flow represented 10% of net service
revenue, reflecting the high quality of the Company’s
earnings.
- The Company returned approximately $560 million to shareholders
through repurchases and dividends in the year.
- The Board of Directors approved an increase to its share
repurchases authorization to $1 billion and an 18% increase to its
quarterly dividend program to $0.26 per share.
- The Company has increased its annual dividend by an average of
20% over the last three years, delivering on its commitment to
increase the value of its per share dividend by double digits
annually.
- Since the initiation of its repurchase program in September
2020, the Company has repurchased $2.2 billion of stock, which
represents approximately one-third of the Company’s market
capitalization at the time it began repurchases.
“We delivered strong results that reflect the strength of our
strategy and our competitive advantage, including exceeding the
mid-points of our previously-increased EBITDA and EPS guidance and
generating record free cash flow,” said Troy Rudd, AECOM’s chief
executive officer. “As our largest markets now have certainty
following recent elections, several growth opportunities are
emerging. In the U.S., our largest market, the incoming Trump
Administration’s emphasis on a strong economy requires a foundation
of world-class infrastructure, which plays to our strengths.
Importantly, we are investing at record levels to create new
higher-margin platforms, in business development and in technical
excellence, which positions us for continued success. This is
evident in our consistently high win rate, record backlog and
pipeline, as well as our expectation for another year of strong
financial performance, including double-digit EPS growth.”
“By winning what matters and creating record visibility through
our backlog and pipeline, we are in an advantaged position to
capitalize on the tremendous growth opportunities in front of us,”
said Lara Poloni, AECOM’s president. “The newly-created Water and
Environment Advisory business expands our addressable market in the
high-value and higher-margin white space between our existing
technical services and traditional consulting and advisory
services, creating another path for competitive differentiation and
value creation.”
“With our strong 2024 results, we have compounded earnings per
share by 21% annually since fiscal 2020, including 22% growth in
fiscal 2024,” said Gaurav Kapoor, AECOM’s chief financial and
operations officer. “Our record backlog and pipeline, including a
1.2x book-to-burn in the design business in the fourth quarter,
gives us confidence in delivering on our 2025 guidance. When
coupled with our disciplined capital allocation and the Board
approved increases to our share repurchase authorization and
dividend program, we are committed to delivering continued strong
earnings growth, cash flow and return on invested capital over the
long term.”
Business Segments
Americas
Revenue in the fourth quarter was $3.2 billion, an 8% increase
from the prior year. Full year revenue was $12.5 billion, a 14%
increase from the prior year.
Net service revenue2 in the fourth quarter was $1.1 billion and
included 8% growth in design revenue. Full year net service
revenue2 was $4.2 billion. The fourth quarter growth rate included
a 50 basis point headwind due to the impacts from Hurricane Helene
in September.
Fourth quarter operating income increased by 9% over the prior
year to $203 million and increased by 8% for the full year to $775
million. On an adjusted1 basis, fourth quarter operating income
increased by 9% to $208 million and increased by 8% to $792 million
for the full year. The fourth quarter adjusted operating margin on
net service revenue increased by 70 basis points to 19.6%. The full
year adjusted operating margin on net service revenue increased by
20 basis points over the prior year to 18.8%, a new record that
reflects the ongoing execution of initiatives to deliver operating
efficiencies, as well as strong execution and growth.
International
Revenue in the fourth quarter was $948 million, a 5% increase
from the prior year. Full year revenue was $3.6 billion, a 6%
increase from the prior year.
Net service revenue2 in the fourth quarter was $754 million, a
4% increase from the prior year. Full year net service revenue2 was
$3.0 billion, a 6% increase from the prior year.
Fourth quarter operating income increased by 31% over the prior
year to $95 million and increased by 32% to $337 million for the
full year. On an adjusted1 basis, operating income increased by 31%
to $95 million in the fourth quarter and increased by 32% to $339
million for the full year. The fourth quarter adjusted operating
margin on net service revenue increased by 260 basis points to
12.6%. The full year adjusted operating margin on net service
revenue increased by 230 basis points over the prior year to 11.5%,
which reflected continued strong execution and the benefits of
actions taken to narrow the Company’s focus on high-returning
opportunities across its largest geographies.
Balance Sheet
As of September 30, 2024, AECOM had $1.6 billion of total cash
and cash equivalents, $2.5 billion of total debt and $959 million
of net debt (total debt less cash and cash equivalents). Net
leverage10 was 0.8x.
Tax Rate
The effective tax rate was 16.0% in the fourth quarter and 21.3%
in the full year. On an adjusted1 basis, the effective tax rate was
21.8% in the fourth quarter and 24.8% in the full year, which was
consistent with the Company’s guidance. The adjusted tax rate was
derived by re-computing the quarterly effective tax rate on
adjusted net income11. The adjusted tax expense differs from the
GAAP tax expense based on the taxability or deductibility and tax
rate applied to each of the adjustments.
Conference Call
AECOM is hosting a conference call tomorrow at 8 a.m. Eastern
Time, during which management will make a brief presentation
focusing on the Company's results, strategy and operating trends,
and outlook. Interested parties can listen to the conference call
and view accompanying slides via webcast at
https://investors.aecom.com. The webcast will be available for
replay following the call.
1 Excludes the impact of certain items,
such as restructuring costs, amortization of intangible assets,
non-core AECOM Capital and other items. See Regulation G
Information for a reconciliation of non-GAAP measures to the
comparable GAAP measures.
2 Revenue, less pass-through revenue;
growth rates are presented on a constant-currency basis.
3 Reflects segment operating performance,
excluding AECOM Capital and G&A, and margins are presented on a
net service revenue basis.
4 Net income before interest expense, tax
expense, depreciation and amortization.
5 Adjusted EBITDA margin includes
non-controlling interests in EBITDA and is on a net service revenue
basis.
6 Free cash flow is defined as cash flow
from operations less capital expenditures, net of proceeds from
disposals of property and equipment; free cash flow conversion is
defined as free cash flow divided by adjusted net income
attributable to AECOM.
7 Backlog represents the total value of
work for which AECOM has been selected that is expected to be
completed by consolidated subsidiaries and includes the
proportionate share of work expected to be performed by
unconsolidated joint ventures.
8 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.
9 Return on invested capital, or ROIC,
reflects continuing operations and is calculated as the sum of
adjusted net income as presented in the Company’s Regulation G
Information and adjusted interest expense, net of interest income,
divided by average quarterly invested capital as defined as the sum
of attributable shareholder’s equity and total debt, less cash and
cash equivalents.
10 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.
11 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 global infrastructure leader, committed
to delivering a better world. As a trusted professional services
firm powered by deep technical abilities, we solve our clients’
complex challenges in water, environment, energy, transportation
and buildings. Our teams partner with public- and private-sector
clients to create innovative, sustainable and resilient solutions
throughout the project lifecycle – from advisory, planning, design
and engineering to program and construction management. AECOM is a
Fortune 500 firm that had revenue of $16.1 billion in fiscal year
2024. Learn more at aecom.com.
Forward-Looking Statements
All statements in this communication other than statements of
historical fact are “forward-looking statements” for purposes of
federal and state securities laws, including any statements of the
plans, strategies and objectives for future operations,
profitability, strategic value creation, capital allocation
strategy including stock repurchases, risk profile and investment
strategies, and any statements regarding future economic conditions
or performance, and the expected financial and operational results
of AECOM. Although we believe that the expectations reflected in
our forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed in any of our
forward-looking statements. Important factors that could cause our
actual results, performance and achievements, or industry results
to differ materially from estimates or projections contained in our
forward-looking statements include, but are not limited to, the
following: our business is cyclical and vulnerable to economic
downturns and client spending reductions; potential government
shutdowns or other funding circumstances that may cause
governmental agencies to modify, curtail or terminate our
contracts; losses under fixed-price contracts; limited control over
operations that run through our joint venture entities; liability
for misconduct by our employees or consultants; 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, geopolitical events, and
conflicts; 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;
managing pension costs; AECOM Capital real estate development
projects; cybersecurity issues, IT outages and data privacy; risks
associated with the benefits and costs of the sale of our
Management Services and self-perform at-risk civil infrastructure,
power construction and oil and gas businesses, including the risk
that any purchase adjustments from those transactions could be
unfavorable and result in any future proceeds owed to us as part of
the transactions could be lower than we expect; as well as other
additional risks and factors that could cause actual results to
differ materially from our forward-looking statements set forth in
our reports filed with the Securities and Exchange Commission. Any
forward-looking statements are made as of the date hereof. We do
not intend, and undertake no obligation, to update any
forward-looking statement.
Non-GAAP Financial Information
This 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, segment adjusted operating margin, adjusted
tax rate, net service revenue and free cash flow provide a
meaningful perspective on its business results as the Company
utilizes this information to evaluate and manage the business. We
use adjusted operating income, adjusted net income, adjusted EBITDA
and adjusted EPS to exclude the impact of certain items, such as
amortization expense and taxes to aid investors in better
understanding our core performance results. We use free cash flow
to present the cash generated from operations after capital
expenditures to maintain our business. We present net service
revenue (NSR) to exclude pass-through subcontractor costs from
revenue to provide investors with a better understanding of our
operational performance. We present segment adjusted operating
margin to reflect segment operating performance of our Americas and
International segments, excluding AECOM Capital. We present
adjusted tax rate to reflect the tax rate on adjusted earnings. We
also use constant-currency growth rates where appropriate, which
are calculated by conforming the current period results to the
comparable period exchange rates.
Our non-GAAP disclosure has limitations as an analytical tool,
should not be viewed as a substitute for financial information
determined in accordance with GAAP, and should not be considered in
isolation or as a substitute for analysis of our results as
reported under GAAP, nor is it necessarily comparable to non-GAAP
performance measures that may be presented by other companies. A
reconciliation of these non-GAAP measures is found in the
Regulation G Information tables at the back of this release. The
Company is unable to reconcile certain of its non-GAAP financial
guidance and long-term financial targets due to uncertainties in
these non-operating items as well as other adjustments to net
income. The Company is unable to provide a reconciliation of its
guidance for NSR to GAAP revenue because it is unable to predict
with reasonable certainty its pass-through revenue.
AECOM
Consolidated Statements of
Income
(unaudited - in thousands,
except per share data)
Three Months Ended
Twelve Months Ended
Sept 30, 2024
Sept 30, 2023
% Change
Sept 30, 2024
Sept 30, 2023
% Change
Revenue
$
4,110,494
$
3,842,385
7.0
%
$
16,105,498
$
14,378,461
12.0
%
Cost of revenue
3,816,341
3,590,080
6.3
%
15,021,157
13,432,996
11.8
%
Gross profit
294,153
252,305
16.6
%
1,084,341
945,465
14.7
%
Equity in earnings (losses) of joint
ventures
3,959
6,866
(42.3
)%
2,124
(279,352
)
(100.8
)%
General and administrative expenses
(43,486
)
(40,933
)
6.2
%
(160,105
)
(153,575
)
4.3
%
Restructuring costs
(18,248
)
(137,857
)
(86.8
)%
(98,918
)
(188,404
)
(47.5
)%
Income from operations
236,378
80,381
194.1
%
827,442
324,134
155.3
%
Other income
11,416
2,075
450.2
%
17,570
8,357
110.2
%
Interest income
15,219
15,759
(3.4
)%
58,560
40,251
45.5
%
Interest expense
(45,070
)
(41,402
)
8.9
%
(185,420
)
(159,342
)
16.4
%
Income from continuing operations before
taxes
217,943
56,813
283.6
%
718,152
213,400
236.5
%
Income tax expense for continuing
operations
34,822
9,182
279.2
%
152,900
56,052
172.8
%
Income from continuing operations
183,121
47,631
284.5
%
565,252
157,348
259.2
%
Income (loss) from discontinued
operations
1
(7,437
)
(100.0
)%
(104,997
)
(57,207
)
83.5
%
Net income
183,122
40,194
355.6
%
460,255
100,141
359.6
%
Net income attributable to noncontrolling
interests from continuing operations
(14,737
)
(13,700
)
7.6
%
(59,322
)
(43,262
)
37.1
%
Net loss (income) attributable to
noncontrolling interests from discontinued operations
4,163
(1,021
)
(507.7
)%
1,333
(1,547
)
(186.2
)%
Net income attributable to noncontrolling
interests
(10,574
)
(14,721
)
(28.2
)%
(57,989
)
(44,809
)
29.4
%
Net income attributable to AECOM from
continuing operations
168,384
33,931
396.3
%
505,930
114,086
343.5
%
Net income (loss) attributable to AECOM
from discontinued operations
4,164
(8,458
)
(149.2
)%
(103,664
)
(58,754
)
76.4
%
Net income attributable to AECOM
$
172,548
$
25,473
577.4
%
$
402,266
$
55,332
627.0
%
Net income (loss) attributable to AECOM
per share:
Basic continuing operations per share
$
1.25
$
0.25
400.0
%
$
3.73
$
0.82
354.9
%
Basic discontinued operations per
share
0.04
(0.07
)
(157.1
)%
(0.76
)
(0.42
)
81.0
%
Basic earnings per share
$
1.29
$
0.18
616.7
%
$
2.97
$
0.40
642.5
%
Diluted continuing operations per
share
$
1.25
$
0.24
420.8
%
$
3.71
$
0.81
358.0
%
Diluted discontinued operations per
share
0.03
(0.06
)
(150.0
)%
(0.76
)
(0.42
)
81.0
%
Diluted earnings per share
$
1.28
$
0.18
611.1
%
$
2.95
$
0.39
656.4
%
Weighted average shares outstanding:
Basic
134,247
138,103
(2.8
)%
135,544
138,614
(2.2
)%
Diluted
135,209
139,418
(3.0
)%
136,453
140,109
(2.6
)%
AECOM
Balance Sheet
Information
(unaudited - in
thousands)
September 30, 2024
September 30, 2023
Balance Sheet Information:
Total cash and cash equivalents
$
1,580,877
$
1,260,206
Accounts receivable and contract assets –
net
4,599,765
4,069,504
Working capital
801,978
319,228
Total debt, excluding unamortized debt
issuance costs
2,539,811
2,217,255
Total assets
12,061,669
11,233,398
Total AECOM stockholders’ equity
2,184,205
2,212,332
AECOM
Reportable Segments
(unaudited - in
thousands)
Americas
International
AECOM Capital
Corporate
Total
Three Months Ended September 30,
2024
Revenue
$
3,161,547
$
948,422
$
525
$
-
$
4,110,494
Cost of revenue
2,961,766
854,575
-
-
3,816,341
Gross profit
199,781
93,847
525
-
294,153
Equity in earnings (losses) of joint
ventures
3,639
663
(343
)
-
3,959
General and administrative expenses
-
-
(2,333
)
(41,153
)
(43,486
)
Restructuring costs
-
-
-
(18,248
)
(18,248
)
Income (loss) from operations
$
203,420
$
94,510
$
(2,151
)
$
(59,401
)
$
236,378
Gross profit as a % of revenue
6.3
%
9.9
%
-
-
7.2
%
Three Months Ended September 30,
2023
Revenue
$
2,936,616
$
905,231
$
538
$
-
$
3,842,385
Cost of revenue
2,756,041
834,039
-
-
3,590,080
Gross profit
180,575
71,192
538
-
252,305
Equity in earnings of joint ventures
5,612
718
536
-
6,866
General and administrative expenses
-
-
(2,993
)
(37,940
)
(40,933
)
Restructuring costs
-
-
-
(137,857
)
(137,857
)
Income (loss) from operations
$
186,187
$
71,910
$
(1,919
)
$
(175,797
)
$
80,381
Gross profit as a % of revenue
6.1
%
7.9
%
-
-
6.6
%
Twelve Months Ended September 30,
2024
Revenue
$
12,485,687
$
3,618,456
$
1,355
$
-
$
16,105,498
Cost of revenue
11,726,629
3,294,528
-
-
15,021,157
Gross profit
759,058
323,928
1,355
-
1,084,341
Equity in earnings (losses) of joint
ventures
15,505
13,510
(26,891
)
-
2,124
General and administrative expenses
-
-
(15,000
)
(145,105
)
(160,105
)
Restructuring costs
-
-
-
(98,918
)
(98,918
)
Income (loss) from operations
$
774,563
$
337,438
$
(40,536
)
$
(244,023
)
$
827,442
Gross profit as a % of revenue
6.1
%
9.0
%
-
-
6.7
%
Contracted backlog
$
8,853,977
$
4,481,765
$
-
$
-
$
13,335,742
Awarded backlog
8,582,289
1,945,012
-
-
10,527,301
Total backlog
$
17,436,266
$
6,426,777
$
-
$
-
$
23,863,043
Total backlog – Design only
$
16,130,139
$
6,426,777
$
-
$
-
$
22,556,916
Twelve Months Ended September 30,
2023
Revenue
$
10,975,616
$
3,402,110
$
735
$
-
$
14,378,461
Cost of revenue
10,275,939
3,157,057
-
-
13,432,996
Gross profit
699,677
245,053
735
-
945,465
Equity in earnings (losses) of joint
ventures
14,890
9,661
(303,903
)
-
(279,352
)
General and administrative expenses
-
-
(12,598
)
(140,977
)
(153,575
)
Restructuring costs
-
-
-
(188,404
)
(188,404
)
Income (loss) from operations
$
714,567
$
254,714
$
(315,766
)
$
(329,381
)
$
324,134
Gross profit as a % of revenue
6.4
%
7.2
%
-
-
6.6
%
Contracted backlog
$
8,647,795
$
4,173,690
$
-
$
-
$
12,821,485
Awarded backlog
8,241,889
2,097,917
-
-
10,339,806
Total backlog
$
16,889,684
$
6,271,607
$
-
$
-
$
23,161,291
Total backlog – Design only
$
15,163,845
$
6,271,607
$
-
$
-
$
21,435,452
AECOM
Regulation G
Information
(in millions)
Reconciliation of
Revenue to Net Service Revenue (NSR)
Three Months Ended
Twelve Months Ended
Sep 30, 2024
Jun 30, 2024
Sep 30, 2023
Sep 30, 2024
Sep 30, 2023
Americas
Revenue
$
3,161.5
$
3,246.9
$
2,936.7
$
12,485.7
$
10,975.7
Less: Pass-through revenue
2,104.1
2,150.6
1,932.2
8,281.1
7,056.8
Net service revenue
$
1,057.4
$
1,096.3
$
1,004.5
$
4,204.6
$
3,918.9
International
Revenue
$
948.4
$
904.2
$
905.2
$
3,618.4
$
3,402.1
Less: Pass-through revenue
194.3
175.0
182.8
659.4
619.0
Net service revenue
$
754.1
$
729.2
$
722.4
$
2,959.0
$
2,783.1
Segment
Performance (excludes ACAP)
Revenue
$
4,109.9
$
4,151.1
$
3,841.9
$
16,104.1
$
14,377.8
Less: Pass-through revenue
2,298.4
2,325.6
2,115.0
8,940.5
7,675.8
Net service revenue
$
1,811.5
$
1,825.5
$
1,726.9
$
7,163.6
$
6,702.0
Consolidated
Revenue
$
4,110.5
$
4,151.2
$
3,842.4
$
16,105.5
$
14,378.5
Less: Pass-through revenue
2,298.4
2,325.6
2,115.0
8,940.5
7,675.8
Net service revenue
$
1,812.1
$
1,825.6
$
1,727.4
$
7,165.0
$
6,702.7
Reconciliation of
Total Debt to Net Debt
Balances at:
Sep 30, 2024
Jun 30, 2024
Sep 30, 2023
Short-term debt
$
3.1
$
2.5
$
3.1
Current portion of long-term debt
63.8
63.6
86.4
Long-term debt, excluding unamortized debt
issuance costs
2,473.0
2,475.4
2,127.8
Total debt
2,539.9
2,541.5
2,217.3
Less: Total cash and cash equivalents
1,580.9
1,644.8
1,260.2
Net debt
$
959.0
$
896.7
$
957.1
Reconciliation of
Net Cash Provided by Operating Activities to Free Cash
Flow
Three Months Ended
Twelve Months Ended
Sep 30, 2024
Jun 30, 2024
Sep 30, 2023
Sep 30, 2024
Sep 30, 2023
Net cash provided by operating
activities
$
298.8
$
291.3
$
285.2
$
827.5
$
696.0
Capital expenditures, net
(24.2
)
(18.4
)
(22.3
)
(119.1
)
(105.3
)
Free cash flow
$
274.6
$
272.9
$
262.9
$
708.4
$
590.7
AECOM
Regulation G
Information
(in millions, except per share
data)
Three Months Ended
Twelve Months Ended
Sep 30, 2024
Jun 30, 2024
Sep 30, 2023
Sep 30, 2024
Sep 30, 2023
Reconciliation of
Income from Operations to Adjusted Income from Operations to
Adjusted EBITDA with Noncontrolling Interests (NCI) to Adjusted
EBITDA
Income from operations
$
236.3
$
227.5
$
80.3
$
827.4
$
324.1
Noncore AECOM Capital loss (income)
2.2
(0.2
)
1.9
40.5
315.8
Restructuring costs
18.3
29.0
137.9
99.0
188.4
Amortization of intangible assets
4.7
4.7
4.6
18.7
18.5
Adjusted income from operations
$
261.5
$
261.0
$
224.7
$
985.6
$
846.8
Other income
11.4
1.1
2.2
17.6
8.4
Fair value adjustment included in other
income
(8.8
)
1.6
-
(7.2
)
-
Depreciation
39.0
37.7
38.8
152.5
152.4
Adjusted EBITDA with noncontrolling
interests (NCI)
$
303.1
$
301.4
$
265.7
$
1,148.5
$
1,007.6
Net income attributable to NCI from
continuing operations excluding interest income included in NCI
(13.2
)
(15.9
)
(13.7
)
(53.5
)
(43.2
)
Amortization of intangible assets included
in NCI
-
-
(0.1
)
(0.2
)
(0.5
)
Adjusted EBITDA
$
289.9
$
285.5
$
251.9
$
1,094.8
$
963.9
Reconciliation of
Income from Continuing Operations Before Taxes to Adjusted Income
from Continuing Operations Before Taxes
Income from continuing operations before
taxes
$
218.0
$
192.9
$
56.8
$
718.2
$
213.4
Noncore AECOM Capital loss (income)
2.2
(0.2
)
1.9
40.5
315.8
Fair value adjustment included in other
income
(9.2
)
1.6
-
(7.6
)
-
Restructuring costs
18.2
29.0
137.9
98.9
188.4
Amortization of intangible assets
4.7
4.7
4.6
18.7
18.5
Financing charges in interest expense
1.2
7.0
1.2
10.7
4.8
Adjusted income from continuing operations
before taxes
$
235.1
$
235.0
$
202.4
$
879.4
$
740.9
Reconciliation of
Income Taxes for Continuing Operations to Adjusted Income Taxes for
Continuing Operations
Income tax expense for continuing
operations
$
34.9
$
46.1
$
9.2
$
153.0
$
56.1
Tax effect of the above adjustments(1)
2.3
11.6
38.4
38.3
142.3
Valuation allowances and other tax only
items
10.9
0.8
-
11.7
(20.8
)
Adjusted income tax expense for continuing
operations
$
48.1
$
58.5
$
47.6
$
203.0
$
177.6
_________________________ (1) Adjusts
income taxes during the period to exclude the impact on our
effective tax rate of the pre-tax adjustments shown above.
Reconciliation of
Net Income Attributable to Noncontrolling Interests (NCI) from
Continuing Operations to Adjusted Net Income Attributable to
Noncontrolling Interests from Continuing Operations
Net income attributable to noncontrolling
interests from continuing operations
$
(14.7
)
$
(17.4
)
$
(13.7
)
$
(59.3
)
$
(43.2
)
Amortization of intangible assets included
in NCI
-
-
(0.1
)
(0.2
)
(0.5
)
Adjusted net income attributable to
noncontrolling interests from continuing operations
$
(14.7
)
$
(17.4
)
$
(13.8
)
$
(59.5
)
$
(43.7
)
AECOM
Regulation G
Information
(in millions, except per share
data)
Three Months Ended
Twelve Months Ended
Sep 30, 2024
Jun 30, 2024
Sep 30, 2023
Sep 30, 2024
Sep 30, 2023
Reconciliation of
Net Income Attributable to AECOM from Continuing Operations to
Adjusted Net Income Attributable to AECOM from Continuing
Operations
Net income attributable to AECOM from
continuing operations
$
168.4
$
129.4
$
33.9
$
505.9
$
114.1
Noncore AECOM Capital loss (income), net
of NCI
2.2
(0.2
)
1.9
40.5
315.8
Fair value adjustment included in other
income
(9.2
)
1.6
-
(7.6
)
-
Restructuring costs
18.3
29.0
137.9
99.0
188.4
Amortization of intangible assets
4.7
4.7
4.6
18.7
18.5
Financing charges in interest expense
1.2
7.0
1.2
10.7
4.8
Tax effect of the above adjustments(1)
(2.4
)
(11.6
)
(38.4
)
(38.4
)
(142.3
)
Valuation allowances and other tax only
items
(10.9
)
(0.8
)
-
(11.7
)
20.8
Amortization of intangible assets included
in NCI
-
-
(0.1
)
(0.2
)
(0.5
)
Adjusted net income attributable to AECOM
from continuing operations
$
172.3
$
159.1
$
141.0
$
616.9
$
519.6
_________________________ (1) Adjusts the
income taxes during the period to exclude the impact on our
effective tax rate of the pre-tax adjustments shown above.
Reconciliation of
Net Income Attributable to AECOM from Continuing Operations per
Diluted Share to Adjusted Net Income Attributable to AECOM from
Continuing Operations per Diluted Share
Net income attributable to AECOM from
continuing operations – per diluted share
$
1.25
$
0.95
$
0.24
$
3.71
$
0.81
Per diluted share adjustments:
Noncore AECOM Capital loss, net of NCI
0.02
-
0.01
0.30
2.26
Fair value adjustment included in other
income
(0.07
)
0.01
-
(0.06
)
-
Restructuring costs
0.14
0.21
0.99
0.73
1.34
Amortization of intangible assets
0.03
0.03
0.03
0.14
0.13
Financing charges in interest expense
0.01
0.05
0.01
0.07
0.03
Tax effect of the above adjustments(1)
(0.03
)
(0.08
)
(0.27
)
(0.28
)
(1.01
)
Valuation allowances and other tax only
items
(0.08
)
(0.01
)
-
(0.09
)
0.15
Adjusted net income attributable to AECOM
from continuing operations per diluted share
$
1.27
$
1.16
$
1.01
$
4.52
$
3.71
Weighted average shares outstanding –
basic
134.2
136.0
138.1
135.5
138.6
Weighted average shares outstanding –
diluted
135.2
136.8
139.4
136.5
140.1
_________________________ (1)
Adjusts the income taxes during the period to exclude the impact on
our effective tax rate of the pre-tax adjustments shown above.
Reconciliation of
Net Income Attributable to AECOM from Continuing Operations to
Adjusted EBITDA
Net income attributable to AECOM from
continuing operations
$
168.4
$
129.4
$
33.9
$
505.9
$
114.1
Income tax expense
34.9
46.1
9.2
153.0
56.1
Depreciation and amortization
45.0
46.4
44.6
178.7
175.1
Interest income, net of NCI
(13.7
)
(14.3
)
(15.8
)
(52.8
)
(40.3
)
Interest expense
45.0
51.4
41.4
185.4
159.4
Amortized bank fees included in interest
expense
(1.3
)
(4.0
)
(1.2
)
(7.7
)
(4.8
)
Noncore AECOM Capital loss (income), net
of NCI
2.2
(0.2
)
1.9
40.5
315.8
Fair value adjustment included in other
income
(8.9
)
1.7
-
(7.2
)
-
Restructuring costs
18.3
29.0
137.9
99.0
188.5
Adjusted EBITDA
$
289.9
$
285.5
$
251.9
$
1,094.8
$
963.9
AECOM
Regulation G
Information
(in millions, except per share
data)
Three Months Ended
Twelve Months Ended
Sep 30, 2024
Jun 30, 2024
Sep 30, 2023
Sep 30, 2024
Sep 30, 2023
Reconciliation of
Segment Income from Operations to Adjusted Income from
Operations
Americas Segment:
Segment income from operations
$
203.4
$
207.4
$
186.2
$
774.6
$
714.6
Amortization of intangible assets
4.3
4.4
4.3
17.3
17.3
Adjusted segment income from
operations
$
207.7
$
211.8
$
190.5
$
791.9
$
731.9
International Segment:
Segment income from operations
$
94.5
$
84.6
$
71.9
$
337.4
$
254.7
Amortization of intangible assets
0.4
0.3
0.3
1.4
1.2
Adjusted segment income from
operations
$
94.9
$
84.9
$
72.2
$
338.8
$
255.9
Segment Performance (excludes ACAP and
G&A):
Segment income from operations
$
297.9
$
292.0
$
258.1
$
1,112.0
$
969.3
Amortization of intangible assets
4.7
4.7
4.6
18.7
18.5
Adjusted segment income from
operations
$
302.6
$
296.7
$
262.7
$
1,130.7
$
987.8
FY2025 GAAP EPS
Guidance based on Adjusted EPS Guidance
(all figures approximate)
Fiscal Year End 2025
GAAP EPS guidance
$4.96 to $5.16
Adjusted EPS excludes:
Amortization of intangible assets
$0.01
Amortization of deferred financing
fees
$0.04
Tax effect of the above items
($0.01)
Adjusted EPS guidance
$5.00 to $5.20
FY2025 GAAP Net
Income from Continuing Operations Guidance based on Adjusted EBITDA
Guidance
(in millions, all figures approximate)
Fiscal Year End 2025
GAAP net income from continuing operations
guidance
$724 to $743
Net income attributable to noncontrolling
interest from continuing operations
($60) to ($50)
Net income attributable to AECOM from
continuing operations
$664 to $693
Adjusted net income attributable to AECOM
from continuing operations excludes:
Amortization of intangible assets
$2
Amortization of deferred financing
fees
$5
Tax effect of the above items
($1) to ($2)
Adjusted net income attributable to AECOM
from continuing operations
$670 to $698
Adjusted EBITDA excludes:
Depreciation
$160
Adjusted interest expense, net
$129
Tax expense, including tax effect of above
items
$211 to $223
Adjusted EBITDA guidance
$1,170 to $1,210
Note: Variances in tables are due to
rounding.
AECOM
Regulation G
Information
FY2025 GAAP
Interest Expense Guidance based on Adjusted Interest Expense
Guidance
(in millions, all figures approximate)
Fiscal Year End 2025
GAAP interest expense guidance
$169
Finance charges in interest expense
($5)
Interest income, net of NCI
($35)
Adjusted net interest expense guidance
$129
FY2025 GAAP
Income Tax Guidance based on Adjusted Income Tax
Guidance
(in millions, all figures approximate)
Fiscal Year End 2025
GAAP income tax expense guidance
$210 to $221
Tax effect of adjusting items
$1 to $2
Adjusted income tax expense guidance
$211 to $223
Note: Variances in tables are due to
rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241118226785/en/
Investor Contact: Will Gabrielski Senior Vice President,
Finance, Treasurer 213.593.8208 William.Gabrielski@aecom.com
Media Contact: Brendan Ranson-Walsh Senior Vice
President, Global Communications 213.996.2367
Brendan.Ranson-Walsh@aecom.com
AECOM (NYSE:ACM)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
AECOM (NYSE:ACM)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
