- Initiated strong fiscal 2024 financial guidance, including
adjusted EPS of $4.35 to $4.55 or 20% year-over-year growth at the
mid-point
- Exceeded mid-points of initial and increased fiscal 2023
financial guidance, driven by double-digit NSR growth in the design
business in the fourth quarter
- Delivered a record segment adjusted operating margin for the
full year
- Design contracted backlog increased 15% to an all-time
high
- Increased share repurchase authorization to $1 billion and
quarterly dividend by 22%
AECOM (NYSE:ACM), the world’s trusted infrastructure consulting
firm, today reported fourth quarter and full year fiscal 2023
results.
Fourth Quarter Fiscal
2023
Full Year Fiscal 2023
(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
$3,842
--
12%
--
$14,378
--
9%
--
Net Service Revenue (NSR)2
--
$1,727
--
8%
--
$6,703
--
8%
Operating Income
$80
$225
(56%)
15%
$324
$847
(50%)
12%
Segment Operating Margin3 (NSR)
--
15.2%
--
+60 bps
--
14.7%
--
+60 bps
Net Income
$34
$141
(71%)
21%
$114
$520
(71%)
7%
EPS (Fully Diluted)
$0.24
$1.01
(71%)
22%
$0.81
$3.71
(70%)
9%
EBITDA4
--
$252
--
10%
--
$964
--
9%
Operating Cash Flow
$285
--
(10%)
--
$696
--
(2%)
--
Free Cash Flow5
--
$263
--
2%
--
$591
--
1%
Design Backlog
$21,435
--
12%6
--
Fourth Quarter and Full Year Fiscal
2023 Highlights
- Fourth quarter revenue increased 12% to $3.8 billion, operating
income decreased by 56% to $80 million, the operating margin
decreased by 330 basis points to 2.1%, net income decreased 71% to
$34 million and diluted earnings per share decreased 71% to $0.24.
- Reported results for the fourth quarter included approximately
$138 million of costs primarily related to accelerated margin
expansion initiatives, including the optimization of office real
estate, with a benefit beginning in fiscal 2024 and beyond.
- Fourth quarter organic NSR2 in the design business increased by
10% for a second consecutive quarter and increased by 9% for the
full year.
- Growth was led by the transportation and water markets, which
account for approximately 60% of the Company’s NSR2.
- The segment adjusted1 operating margin3 was 15.2% in the fourth
quarter, an increase of 60 basis points from the prior year.
- The full year segment adjusted1 operating margin3 of 14.7%
exceeded guidance and increased 60 basis points from the prior year
to an all-time high.
- Full year adjusted1 EBITDA4 and adjusted1 EPS of $964 million
and $3.71, respectively, exceeded both the Company’s original and
increased guidance mid-points.
- Adjusted1 EPS increased by 12% compared to the prior year on a
constant-currency basis, which outperformed prior guidance for a
10% year-over-year increase.
- Backlog in the design business increased by 12%6 to a record
high, driven by strength in the Company’s global water,
transportation and environment businesses, which are benefitting
from increased investment in infrastructure, sustainability and
resilience, and the energy transition.
Fiscal 2024 Financial
Guidance
- Building on the successes of fiscal 2023, AECOM expects to
deliver another year of strong organic NSR2 growth, record segment
adjusted1 operating margins3, and double-digit adjusted1 earnings
per share growth, including:
- Organic NSR2 growth of approximately 8% to 10%.
- A segment adjusted1 operating margin3 of approximately 15.6%, a
90 basis point increase from fiscal 2023, which includes:
- Approximately two-thirds of the margin expansion from
high-returning organic growth, which alone puts the Company ahead
of its 15% target for fiscal 2024.
- Approximately one-third of the margin expansion from the
acceleration of the Company’s continuous improvement initiatives,
primarily related to real estate efficiencies.
- Adjusted1 EBITDA4 of between $1,065 million and $1,105 million,
representing a 13% increase at the mid-point over fiscal 2023.
- Adjusted1 EPS of between $4.35 and $4.55, reflecting a 20%
increase at the mid-point over fiscal 2023.
- Other assumptions incorporated into guidance:
- Reflecting the highly cash generative nature of its
Professional Services business, the Company expects 100%+ adjusted1
net income to free cash flow5 conversion.
- An average fully diluted share count of 138 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 effective tax rate of between 24% and 26%.
- The Company expects a return on invested capital7 (ROIC) of
approximately 20% in fiscal 2024, reflecting its achievement in
fiscal 2023 of its previously increased 17% target.
Cash Flow, Balance Sheet and Capital
Allocation Update
- Full year operating cash flow was $696 million and free cash
flow5 was $591 million, reflecting the achievement of the Company’s
cash flow guidance for a ninth consecutive year.
- The Company also affirmed its returns-focused capital
allocation policy, including:
- The Board of Directors approved an increase to its share
repurchase authorization to $1 billion, reflecting the Company’s
commitment to returning substantially all available cash flow to
investors after investments in accelerating organic growth.
- Increased the quarterly dividend by 22% to $0.22 per share,
marking a second consecutive year of 20%+ increases and fulfilling
the Company’s ongoing commitment to raise the dividend per share by
double-digits annually.
- Allocated approximately $475 million to stockholders in fiscal
2023 through share repurchases and dividends.
- In total, shares outstanding has declined by 19% since the
initiation of the repurchase program in September 2020.
- The Company continues to operate with a strong balance sheet
that provides a competitive advantage, with approximately 80% of
its debt fixed, swapped to fixed, or capped over the next several
years and no near-term bond maturities.
“I am proud of our performance in fiscal 2023, including
exceeding our initial and increased earnings guidance mid-points
and enhancing our long-term visibility through a record design
backlog and 20% pipeline growth,” said Troy Rudd, AECOM’s chief
executive officer. “We have focused our capital and technical
expertise on the fastest-growing markets around the globe, which
has resulted in a record win rate on the highest-returning
opportunities. As reflected in our strong fiscal 2024 guidance,
which includes 20% expected adjusted EPS growth, we have built an
enviable leadership position and competitive advantage to fully
capitalize on robust end market growth ahead.”
“Our unrivaled technical expertise and culture of collaboration
is evident in the many transformational wins of the past year that
reaffirm our leadership position in key markets including water,
transportation, and environment,” said Lara Poloni, AECOM’s
president. “The secular megatrends of global investments in
infrastructure, sustainability, resilience and the energy
transition are converging to create an undeniable growth cycle and
we are well positioned to lead. Through our Think and Act Globally
strategy, we are magnifying our competitive advantages by
collaborating to bring the best technical resources to our clients
for their most complex and challenging projects.”
“Our consistently strong financial performance is a testament to
the inherent attributes of our Professional Services business,
including high-returning, lower risk consulting activities for
well-funded clients, that result in consistently strong cash flow,”
said Gaurav Kapoor, AECOM’s chief financial officer. “Through our
returns-focused capital allocation policy, we have returned $2
billion to stockholders since 2020. We are furthering this focus
with our increased repurchase authorization and increased quarterly
dividend, which reflects our confidence in continued earnings and
cash flow growth.”
Business Segments
Americas
Revenue in the fourth quarter was $2.9 billion, a 12% increase
from the prior year. Full year revenue was $11.0 billion, a 10%
increase from the prior year.
NSR2 in the fourth quarter was $1.0 billion. This included 9%
growth in the design business, which was led by the Company’s
water, transportation, and environment markets. Full year NSR was
$3.9 billion, a 6% increase from the prior year, highlighted by 8%
growth in the design business.
Fourth quarter operating income increased by 10% over the prior
year to $186 million and increased by 9% for the full year to $715
million. On an adjusted1 basis, fourth quarter operating income
increased by 10% to $190 million and increased by 9% to $732
million for the full year. The fourth quarter adjusted operating
margin on NSR2 was 19.0% and reflected a 60 basis point increase
over the prior year, which contributed to a full year adjusted
operating margin of 18.7%, which marked a 60 basis point increase
over the prior year and included increased investments to
capitalize on organic growth opportunities.
International
Revenue in the fourth quarter was $905 million, a 12% increase
from the prior year. Full year revenue was $3.4 billion, a 6%
increase from the prior year.
NSR2 in the fourth quarter was $722 million, an 11% increase
from the prior year. Full year NSR was $2.8 billion, an 11%
increase from the prior year.
Fourth quarter operating income increased by 25% over the prior
year to $72 million and increased by 15% to $255 million for the
full year. On an adjusted basis1, operating income increased by 25%
to $72 million in the fourth quarter and increased by 15% to $256
million for the full year. The fourth quarter adjusted operating
margin on NSR2 increased by 100 basis points to 10.0%, which marked
the achievement of the Company’s target to deliver a double-digit
margin in the International business. The full year adjusted
operating margin increased by 60 basis points over the prior year
to 9.2%.
Backlog
Total backlog in the design business increased by 12%6 over the
prior year to $21.4 billion, which set a new record, and included
strong growth in both the Americas and International regions. This
performance contributed to a full year book-to-burn ratio of 1.3 in
the design business. Design backlog also included a record level of
contracted backlog that provides for significant visibility into
growth in the coming year. Total backlog of $41.2 billion marked a
2% increase over the prior year.
Balance Sheet
As of September 30, 2023, AECOM had $1.3 billion of total cash
and cash equivalents, $2.2 billion of total debt and $957 million
of net debt (total debt less cash and cash equivalents). Net
leverage8 was 0.9x.
Tax Rate
The effective tax rate was 16.2% in the fourth quarter and 26.3%
in the full year. On an adjusted1 basis, the effective tax rate was
25.2% and 25.5% in the full year. The adjusted tax rate was derived
by re-computing the quarterly effective tax rate on adjusted net
income9. 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.
4 Net income before interest expense, tax
expense, depreciation and amortization.
5 Free cash flow is defined as cash flow
from operations less capital expenditures, net of proceeds from
disposals of property and equipment.
6 On a constant-currency basis.
7 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.
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 advisory, 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 and digital
expertise, 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 $14.4 billion in fiscal year 2023. 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, 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; 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; 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 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 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. 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, 2022
Sept 30, 2023
% Change
Sept 30, 2022
Sept 30, 2023
% Change
Revenue
$
3,426,113
$
3,842,385
12.1
%
$
13,148,182
$
14,378,461
9.4
%
Cost of revenue
3,208,845
3,590,080
11.9
%
12,300,208
13,432,996
9.2
%
Gross profit
217,268
252,305
16.1
%
847,974
945,465
11.5
%
Equity in earnings (losses) of joint
ventures
26,282
6,866
(73.9
)%
53,640
(279,352
)
(620.8
)%
General and administrative expenses
(40,944
)
(40,933
)
(0.0
)%
(147,309
)
(153,575
)
4.3
%
Restructuring costs
(18,574
)
(137,857
)
642.2
%
(107,501
)
(188,404
)
75.3
%
Income from operations
184,032
80,381
(56.3
)%
646,804
324,134
(49.9
)%
Other income
1,295
2,075
60.2
%
5,942
8,357
40.6
%
Interest income
2,340
15,759
573.5
%
8,210
40,251
390.3
%
Interest expense
(33,302
)
(41,402
)
24.3
%
(110,274
)
(159,342
)
44.5
%
Income from continuing operations before
taxes
154,365
56,813
(63.2
)%
550,682
213,400
(61.2
)%
Income tax expense for continuing
operations
32,967
9,182
(72.1
)%
136,051
56,052
(58.8
)%
Income from continuing operations
121,398
47,631
(60.8
)%
414,631
157,348
(62.1
)%
Loss from discontinued operations
(8,395
)
(7,437
)
(11.4
)%
(79,929
)
(57,207
)
(28.4
)%
Net income
113,003
40,194
(64.4
)%
334,702
100,141
(70.1
)%
Net income attributable to noncontrolling
interests from continuing operations
(5,986
)
(13,700
)
128.9
%
(25,521
)
(43,262
)
69.5
%
Net (income) loss attributable to
noncontrolling interests from discontinued operations
(1,399
)
(1,021
)
(27.0
)%
1,430
(1,547
)
(208.2
)%
Net income attributable to noncontrolling
interests
(7,385
)
(14,721
)
99.3
%
(24,091
)
(44,809
)
86.0
%
Net income attributable to AECOM from
continuing operations
115,412
33,931
(70.6
)%
389,110
114,086
(70.7
)%
Net loss attributable to AECOM from
discontinued operations
(9,794
)
(8,458
)
(13.6
)%
(78,499
)
(58,754
)
(25.2
)%
Net income attributable to AECOM
$
105,618
$
25,473
(75.9
)%
$
310,611
$
55,332
(82.2
)%
Net income (loss) attributable to AECOM
per share:
Basic continuing operations per share
$
0.83
$
0.25
(69.9
)%
$
2.76
$
0.82
(70.3
)%
Basic discontinued operations per
share
(0.07
)
(0.07
)
0.0
%
(0.55
)
(0.42
)
(23.6
)%
Basic earnings per share
$
0.76
$
0.18
(76.3
)%
$
2.21
$
0.40
(81.9
)%
Diluted continuing operations per
share
$
0.82
$
0.24
(70.7
)%
$
2.73
$
0.81
(70.3
)%
Diluted discontinued operations per
share
(0.07
)
(0.06
)
(14.3
)%
(0.55
)
(0.42
)
(23.6
)%
Diluted earnings per share
$
0.75
$
0.18
(76.0
)%
$
2.18
$
0.39
(82.1
)%
Weighted average shares outstanding:
Basic
139,626
138,103
(1.1
)%
140,768
138,614
(1.5
)%
Diluted
141,344
139,418
(1.4
)%
142,696
140,109
(1.8
)%
AECOM
Balance Sheet
Information
(unaudited - in
thousands)
September 30, 2022
September 30, 2023
Balance Sheet Information:
Total cash and cash equivalents
$
1,172,209
$
1,260,206
Accounts receivable and contract assets –
net
3,723,111
4,069,504
Working capital
418,639
319,228
Total debt, excluding unamortized debt
issuance costs
2,224,602
2,217,255
Total assets
11,139,315
11,233,398
Total AECOM stockholders’ equity
2,476,654
2,212,332
AECOM
Reportable Segments
(unaudited - in
thousands)
Americas
International
AECOM Capital
Corporate
Total
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
%
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
%
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
$
18,394,732
$
4,173,690
$
-
$
-
$
22,568,422
Awarded backlog
14,896,277
2,097,917
-
-
16,994,194
Unconsolidated JV backlog
1,605,514
-
-
-
1,605,514
Total backlog
$
34,896,523
$
6,271,607
$
-
$
-
$
41,168,130
Total backlog – Design only
$
15,163,845
$
6,271,607
$
-
$
-
$
21,435,452
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
AECOM
Regulation G
Information
(in millions)
Reconciliation of
Revenue to Net Service Revenue (NSR)
Three Months Ended
Twelve Months Ended
Sep 30, 2022
Jun 30, 2023
Sep 30, 2023
Sep 30, 2022
Sep 30, 2023
Americas
Revenue
$
2,618.9
$
2,829.5
$
2,936.7
$
9,939.3
$
10,975.7
Less: Pass-through revenue
1,671.4
1,814.5
1,932.2
6,228.2
7,056.8
Net service revenue
$
947.5
$
1,015.0
$
1,004.5
$
3,711.1
$
3,918.9
International
Revenue
$
806.8
$
834.3
$
905.2
$
3,206.7
$
3,402.1
Less: Pass-through revenue
165.3
145.4
182.8
609.0
619.0
Net service revenue
$
641.5
$
688.9
$
722.4
$
2,597.7
$
2,783.1
Segment
Performance (excludes ACAP)
Revenue
$
3,425.7
$
3,663.8
$
3,841.9
$
13,146.0
$
14,377.8
Less: Pass-through revenue
1,836.7
1,959.9
2,115.0
6,837.2
7,675.8
Net service revenue
$
1,589.0
$
1,703.9
$
1,726.9
$
6,308.8
$
6,702.0
Consolidated
Revenue
$
3,426.1
$
3,663.6
$
3,842.4
$
13,148.2
$
14,378.5
Less: Pass-through revenue
1,836.7
1,959.9
2,115.0
6,837.2
7,675.8
Net service revenue
$
1,589.4
$
1,703.7
$
1,727.4
$
6,311.0
$
6,702.7
Reconciliation of
Total Debt to Net Debt
Balances at:
Sep 30, 2022
Jun 30, 2023
Sep 30, 2023
Short-term debt
$
5.0
$
3.9
$
3.1
Current portion of long-term debt
43.6
53.0
86.4
Long-term debt, excluding unamortized debt
issuance costs
2,176.0
2,162.6
2,127.8
Total debt
2,224.6
2,219.5
2,217.3
Less: Total cash and cash equivalents
1,172.2
1,257.7
1,260.2
Net debt
$
1,052.4
$
961.8
$
957.1
Reconciliation of
Net Cash Provided by Operating Activities to Free Cash
Flow
Three Months Ended
Twelve Months Ended
Sep 30, 2022
Jun 30, 2023
Sep 30, 2023
Sep 30, 2022
Sep 30, 2023
Net cash provided by operating
activities
$
315.6
$
279.3
$
285.2
$
713.7
$
696.0
Capital expenditures, net
(58.2)
(14.4)
(22.3)
(128.1)
(105.3)
Free cash flow
$
257.4
$
264.9
$
262.9
$
585.6
$
590.7
AECOM
Regulation G
Information
(in millions, except per share
data)
Three Months Ended
Twelve Months Ended
Sep 30, 2022
Jun 30, 2023
Sep 30, 2023
Sep 30, 2022
Sep 30, 2023
Reconciliation of
Income from Operations to Adjusted Income from
Operations
Income (loss) from operations
$
184.0
$
(105.4)
$
80.3
$
646.8
$
324.1
Noncore AECOM Capital (income) loss
(12.4)
311.5
1.9
(14.0)
315.8
Restructuring costs
18.5
9.1
137.9
107.5
188.4
Amortization of intangible assets
4.7
4.6
4.6
18.9
18.5
Adjusted income from operations
$
194.8
$
219.8
$
224.7
$
759.2
$
846.8
Reconciliation of
Income from Continuing Operations Before Taxes to Adjusted Income
from Continuing Operations Before Taxes
Income (loss) from continuing operations
before taxes
$
154.4
$
(133.7)
$
56.8
$
550.7
$
213.4
Noncore AECOM Capital (income) loss
(12.4)
311.5
1.9
(14.0)
315.8
Restructuring costs
18.5
9.1
137.9
107.5
188.4
Amortization of intangible assets
4.7
4.6
4.6
18.9
18.5
Financing charges in interest expense
1.3
1.2
1.2
4.9
4.8
Adjusted income from continuing operations
before taxes
$
166.5
$
192.7
$
202.4
$
668.0
$
740.9
Reconciliation of
Income Taxes for Continuing Operations to Adjusted Income Taxes for
Continuing Operations
Income tax expense for continuing
operations
$
33.0
$
(20.0)
$
9.2
$
136.1
$
56.1
Tax effect of the above adjustments(1)
3.8
90.2
38.4
21.3
142.3
Valuation allowances and other tax only
items
6.9
(21.4)
-
(0.4)
(20.8)
Adjusted income tax expense for continuing
operations
$
43.7
$
48.8
$
47.6
$
157.0
$
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
$
(6.0)
$
(11.8)
$
(13.7)
$
(25.5)
$
(43.2)
Noncore AECOM Capital, net of tax
0.1
-
-
0.1
-
Amortization of intangible assets included
in NCI, net of tax
(0.1)
(0.1)
(0.1)
(0.5)
(0.5)
Adjusted net income attributable to
noncontrolling interests from continuing operations
$
(6.0)
$
(11.9)
$
(13.8)
$
(25.9)
$
(43.7)
Reconciliation of
Net Income Attributable to AECOM from Continuing Operations to
Adjusted Net Income Attributable to AECOM from Continuing
Operations
Net income (loss) attributable to AECOM
from continuing operations
$
115.4
$
(125.5)
$
33.9
$
389.1
$
114.1
Noncore AECOM Capital (income) loss, net
of NCI
(12.3)
311.5
1.9
(13.9)
315.8
Restructuring costs
18.5
9.1
137.9
107.5
188.4
Amortization of intangible assets
4.7
4.6
4.6
18.9
18.5
Financing charges in interest expense
1.3
1.2
1.2
4.9
4.8
Tax effect of the above adjustments(1)
(3.8)
(90.2)
(38.4)
(21.3)
(142.3)
Valuation allowances and other tax only
items
(6.9)
21.4
-
0.4
20.8
Amortization of intangible assets included
in NCI, net of tax
(0.1)
(0.1)
(0.1)
(0.5)
(0.5)
Adjusted net income attributable to AECOM
from continuing operations
$
116.8
$
132.0
$
141.0
$
485.1
$
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.
AECOM
Regulation G
Information
(in millions, except per share
data)
Three Months Ended
Twelve Months Ended
Sep 30, 2022
Jun 30, 2023
Sep 30, 2023
Sep 30, 2022
Sep 30, 2023
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 (loss) attributable to AECOM
from continuing operations – per diluted share(2)
$
0.82
$
(0.90
)
$
0.24
$
2.73
$
0.81
Per diluted share adjustments:
Noncore AECOM Capital (income) loss, net
of NCI
(0.09
)
2.22
0.01
(0.10
)
2.26
Restructuring costs
0.13
0.06
0.99
0.75
1.34
Amortization of intangible assets
0.03
0.03
0.03
0.13
0.13
Financing charges in interest expense
0.01
0.01
0.01
0.03
0.03
Tax effect of the above adjustments(1)
(0.02
)
(0.63
)
(0.27
)
(0.14
)
(1.01
)
Valuation allowances and other tax only
items
(0.05
)
0.15
-
-
0.15
Adjusted net income attributable to AECOM
from continuing operations per diluted share(2)
$
0.83
$
0.94
$
1.01
$
3.40
$
3.71
Weighted average shares outstanding –
basic
139.6
138.7
138.1
140.8
138.6
Weighted average shares outstanding –
diluted
141.3
140.0
139.4
142.7
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.
(2) Q3-FY2023 basic and dilutive GAAP EPS calculations use the
same share count because of the net loss and to avoid any
antidilutive effect; however, the adjusted EPS includes the 1.3
million dilutive shares excluded in the GAAP EPS.
Reconciliation of
Net Income Attributable to AECOM from Continuing Operations to
EBITDA to Adjusted EBITDA and to Adjusted Income from
Operations
Net income (loss) attributable to AECOM
from continuing operations
$
115.4
$
(125.5
)
$
33.9
$
389.1
$
114.1
Income tax expense (benefit)
33.0
(20.0
)
9.2
136.1
56.1
Depreciation and amortization
44.1
43.1
44.6
170.2
175.1
Interest income
(2.3
)
(8.8
)
(15.8
)
(8.2
)
(40.3
)
Interest expense
33.3
38.9
41.4
110.3
159.4
Amortized bank fees included in interest
expense
(1.2
)
(1.2
)
(1.2
)
(4.8
)
(4.8
)
EBITDA
$
222.3
$
(73.5
)
$
112.1
$
792.7
$
459.6
Noncore AECOM Capital (income) loss, net
of NCI
(12.3
)
311.5
1.9
(13.9
)
315.8
Restructuring costs
18.6
9.1
137.9
107.6
188.5
Adjusted EBITDA
$
228.6
$
247.1
$
251.9
$
886.4
$
963.9
Other income
(1.5
)
(1.7
)
(2.2
)
(6.1
)
(8.4
)
Depreciation(3)
(38.3
)
(37.5
)
(38.8
)
(146.9
)
(152.4
)
Noncontrolling interests in income of
consolidated subsidiaries, net of tax
6.0
11.8
13.7
25.5
43.2
Noncore noncontrolling interests in AECOM
Capital, net of tax
(0.1
)
-
-
(0.1
)
-
Amortization of intangible assets included
in NCI, net of tax
0.1
0.1
0.1
0.4
0.5
Adjusted income from operations
$
194.8
$
219.8
$
224.7
$
759.2
$
846.8
_______________ (3) Excludes depreciation
from discontinued operations
AECOM Regulation G Information
(in millions, except per share data)
Three Months Ended
Twelve Months Ended
Sep 30, 2022
Jun 30, 2023
Sep 30, 2023
Sep 30, 2022
Sep 30, 2023
Reconciliation of
Segment Income from Operations to Adjusted Income from
Operations
Americas Segment:
Income from operations
$
169.5
$
186.4
$
186.2
$
653.8
$
714.6
Amortization of intangible assets
4.4
4.3
4.3
17.4
17.3
Adjusted income from operations
$
173.9
$
190.7
$
190.5
$
671.2
$
731.9
International Segment:
Income from operations
$
57.6
$
67.7
$
71.9
$
221.2
$
254.7
Amortization of intangible assets
0.3
0.3
0.3
1.4
1.2
Adjusted income from operations
$
57.9
$
68.0
$
72.2
$
222.6
$
255.9
Segment Performance (excludes ACAP and
G&A):
Income from operations
$
227.1
$
254.1
$
258.1
$
875.0
$
969.3
Amortization of intangible assets
4.7
4.6
4.6
18.8
18.5
Adjusted income from operations
$
231.8
$
258.7
$
262.7
$
893.8
$
987.8
FY2024 GAAP EPS Guidance based on
Adjusted EPS Guidance
(all figures approximate)
Fiscal Year End 2024
GAAP EPS guidance
$3.85 to $4.16
Adjusted EPS excludes:
Amortization of intangible assets
$0.12
Amortization of deferred financing
fees
$0.04
Restructuring expenses
$0.51 to $0.36
Tax effect of the above items
($0.17) to ($0.13)
Adjusted EPS guidance
$4.35 to $4.55
FY2024 GAAP Net
Income from Continuing Operations Guidance based on Adjusted EBITDA
Guidance
(in millions, all figures approximate)
Fiscal Year End 2024
GAAP net income from continuing operations
guidance
$591 to $624
Net income attributable to noncontrolling
interest from continuing operations
($60) to ($50)
Net income attributable to AECOM from
continuing operations
$531 to $574
Adjusted net income attributable to AECOM
from continuing operations excludes:
Amortization of intangible assets
$17
Amortization of deferred financing
fees
$5
Restructuring expenses
$70 to $50
Tax effect of the above items
($23) to ($18)
Adjusted net income attributable to AECOM
from continuing operations
$600 to $628
Adjusted EBITDA excludes:
Depreciation
$152
Adjusted interest expense, net
$115
Tax expense, including tax effect of the
above items
$198 to $210
Adjusted EBITDA guidance
$1,065 to $1,105
AECOM
Regulation G
Information
FY2024 GAAP
Interest Expense Guidance based on Adjusted Net Interest Expense
Guidance
(in millions, all figures approximate)
Fiscal Year End 2024
GAAP interest expense guidance
$155
Financing charges in interest expense
($5)
Interest income
($35)
Adjusted net interest expense guidance
$115
FY2024 GAAP Income Tax Guidance
based on Adjusted Income Tax Guidance
(in millions, all figures approximate)
Fiscal Year End 2024
GAAP income tax expense
$175 to $192
Tax effect of adjusting items
$23 to $18
Adjusted income tax expense
$198 to $210
FY2024 GAAP
Income from Operations as a % of Revenue Guidance based on Segment
Adjusted Operating Income as a % of Net Service Revenue
Guidance
(all figures approximate)
Fiscal Year End 2024
Income from operations as a % of
revenue
5.9%
Pass-through revenues
8.3%
Amortization of intangible assets
0.1%
Corporate net expenses
0.9%
Restructuring expenses*
0.4%
Segment adjusted operating income as a %
of net service revenue
15.6%
*Based on midpoint of FY2024 guidance
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231113083820/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)
過去 株価チャート
から 4 2024 まで 5 2024
AECOM (NYSE:ACM)
過去 株価チャート
から 5 2023 まで 5 2024