- First quarter performance exceeded the Company’s
expectations
- FY’24 financial guidance reiterated, highlighted by 20%
adjusted EPS growth at the mid-point
- Design backlog increased by 9% to a record high, including
all-time highs across the largest markets
- Segment adjusted operating margin set a first quarter
record, driven by high-returning organic NSR growth
- Strong cash flow enabled nearly $100 million of capital
returns to shareholders
AECOM (NYSE:ACM), the world’s trusted infrastructure consulting
firm, today reported first quarter fiscal 2024 results.
First Quarter Fiscal
2024
(from Continuing Operations;
$ in millions, except EPS)
As Reported
Adjusted1
(Non-GAAP)
As Reported YoY %
Change
Adjusted YoY % Change
Revenue
$3,900
--
15%
--
Net Service Revenue (NSR)2
--
$1,708
--
7%
Operating Income
$163
$223
7%
17%
Segment Operating Margin3 (NSR)
--
15.0%
--
+100 bps
Net Income
$97
$144
11%
22%
EPS (Fully Diluted)
$0.71
$1.05
15%
25%
EBITDA4
--
$251
--
14%
Operating Cash Flow
$143
--
19%
--
Free Cash Flow5
--
$87
--
4%
Design Backlog
$21,847
--
9%6
--
First Quarter Fiscal 2024
Highlights
- Revenue increased 15% to $3.9 billion, operating income
increased 7% to $163 million, the operating margin decreased 30
basis points to 4.2%, net income increased 11% to $97 million and
diluted earnings per share increased 15% to $0.71; results included
a ($29) million after-tax adjustment to the fair value of AECOM
Capital investments.
- Organic net service revenue2 in the design business increased
by 9% in the Americas and 8% overall.
- The segment adjusted1 operating margin3 on an NSR basis
increased by 100 basis points to 15.0%, which marked a new first
quarter high.
- Margin expansion was driven by high-returning organic growth;
the Company reaffirmed its 17% long-term margin goal.
- Adjusted1 EBITDA4 and adjusted1 EPS increased by 14% and 25%,
reflecting the benefits from high-returning organic growth
initiatives, expanding profitability and a returns-focused capital
allocation policy.
- Total design backlog increased by 9%6 to a new record, driven
by a near record win rate and continued strong end market trends.
- Contracted backlog in the design business increased by 17%6,
which is supported by funding strength across the Company’s key
geographies.
- The share of trailing twelve-month wins valued at $25 million
or greater expanded further and remains at an all-time high, which
reflects the benefits of the Company’s strategy that has expanded
its addressable market and contributed to high win rates on larger
pursuits.
Cash Flow, Balance Sheet and Capital
Allocation Update
- Operating cash flow was $143 million and free cash flow5 was
$87 million, which enabled the return of nearly $100 million to
shareholders in the first quarter through repurchases and dividend
payments.
- Including share repurchases executed through March 2024, the
Company has repurchased $1.8 billion of stock since the program
commenced in September 2020.
- The Company affirmed its commitment to its returns-focused
capital allocation policy, which includes prioritizing investments
in organic growth followed by share repurchases and dividends.
- This includes continued share repurchases under the $1 billion
share repurchase authorization that was approved by its Board of
Directors in November 2023.
- This also included the 22% increase in the Company’s quarterly
dividend payment in January, consistent with its long-term
commitment to double-digit annual increases.
Fiscal 2024 Financial
Guidance
- Building on a strong first quarter and positive momentum across
the Company’s end markets, AECOM reiterated its financial guidance
for fiscal 2024, which includes expectations for strong organic
NSR2 growth, a record segment adjusted1 operating margin3, and
double-digit adjusted1 earnings per share growth. The Company’s
guidance also includes expectations for:
- Organic NSR2 growth of approximately 8% to 10%.
- A segment adjusted1 operating margin3 of approximately 15.6%,
representing a 90 basis point increase from fiscal 2023.
- 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, representing 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 adjusted effective tax rate of between 24% and 26% for the
full year.
- This includes an expected adjusted effective tax rate in the
high 20%’s in the second and third fiscal quarters, consistent with
last year’s phasing.
- The Company expects to deliver a return on invested capital7
(ROIC) of approximately 20% in fiscal 2024.
“Our strong first quarter performance reflects the strength of
our strategy and culture, which is focused on winning what matters
and collaborating to bring the best of our technical resources to
our clients globally,” said Troy Rudd, AECOM’s chief executive
officer. “We delivered a record design backlog, strong organic NSR
growth, record first quarter margins and strong free cash flow.
Importantly, funding growth in our largest markets is accelerating,
we are organically gaining market share as evident in our near
record high win rates, and we are expanding our addressable share
of the highest-value elements of our clients’ most critical
investments through our Program Management and advisory business.
All of this positions us to deliver on both our financial guidance
for fiscal 2024 and on our long-term financial framework to outgrow
the market organically and deliver double-digit annual compounding
of per share earnings and cash flow.”
“Through our Think and Act Globally strategy, we have created a
competitive advantage at a time when investments are increasing
across our largest and most profitable markets,” said Lara Poloni,
AECOM’s president. “The megatrends of global infrastructure
investment, sustainability and resilience, and the energy
transition are firmly intact and through our culture of
collaboration and innovation, along with the benefits of our Day 1,
Day 2, and Day 3 strategy, our teams are ideally suited to continue
to gain organic market share and outperform the overall
market.”
“We have created an algorithm for superior shareholder value
creation by focusing our time and capital on high-returning organic
growth opportunities, investing in innovation, and executing on our
disciplined returns-focused capital allocation policy,” said Gaurav
Kapoor, AECOM’s chief financial and operations officer. “As our
recently authorized $1 billion share repurchase program
demonstrates, we believe there is a substantial value creation
opportunity ahead as we execute on our strategy.”
Business Segments
Americas Revenue in the first
quarter was $3.0 billion. Net service revenue2 was $978 million and
included 9% growth in the design business, driven primarily by
growth in the Company’s transportation, water and program
management businesses.
Operating income increased by 7% over the prior year to $175
million. On an adjusted1 basis, operating income increased by 6% to
$179 million. The adjusted operating margin on an NSR2 basis of
18.3% included a 10 basis point increase over the prior year and a
new first quarter record, reflecting the underlying strength of the
business, positive impacts of growth, and ongoing reinvestment in
long-term organic growth initiatives including our teams, key
hires, business development and digital innovation.
International Revenue in the first
quarter was $861 million. Net service revenue2 was $730 million, an
8% increase from the prior year, which included growth across all
of the Company’s largest geographies.
Operating income increased by 40% over the prior year to $77
million. On an adjusted1 basis, operating income increased by 40%
to $77 million. The adjusted operating margin on an NSR2 basis
increased by 230 basis points over the prior year to 10.6%, which
set a new quarterly record for the International segment as the
Company executes on its continuous improvement initiatives.
Backlog Backlog in the
design business increased by 9%6 to $21.8 billion to a new record
and included strong growth in both the Americas and International
segments, which reflected a continued near all-time high win rate.
Contracted backlog in the design business increased by 17%6, and
when combined with continued strong pipeline growth, provides for
substantial visibility.
Balance Sheet As of December
31, 2023, AECOM had $1.2 billion of total cash and cash
equivalents, $2.2 billion of total debt and $1.0 billion of net
debt (total debt less cash and cash equivalents). Net leverage8 was
0.9x.
Tax Rate The effective tax
rate was 19.5% in the first quarter. On an adjusted1 basis, the
effective tax rate was 22.0%. 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; 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 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 Statement of
Income
(unaudited - in thousands,
except per share data)
Three Months Ended
December 31, 2022
December 31, 2023
% Change
Revenue
$
3,382,355
$
3,899,920
15.3
%
Cost of revenue
3,167,367
3,655,950
15.4
%
Gross profit
214,988
243,970
13.5
%
Equity in earnings (losses) of joint
ventures
9,829
(28,941
)
(394.4
)%
General and administrative expenses
(35,612
)
(35,724
)
0.3
%
Restructuring costs
(37,459
)
(16,180
)
(56.8
)%
Income from operations
151,746
163,125
7.5
%
Other income
1,984
2,569
29.5
%
Interest income
5,886
12,102
105.6
%
Interest expense
(36,700
)
(41,257
)
12.4
%
Income from continuing operations before
taxes
122,916
136,539
11.1
%
Income tax expense for continuing
operations
25,765
26,658
3.5
%
Income from continuing operations
97,151
109,881
13.1
%
Loss from discontinued operations
(388
)
(1,287
)
231.7
%
Net income
96,763
108,594
12.2
%
Net income attributable to noncontrolling
interests from continuing operations
(9,644
)
(13,117
)
36.0
%
Net loss (income) attributable to
noncontrolling interests from discontinued operations
826
(1,039
)
(225.8
)%
Net income attributable to noncontrolling
interests
(8,818
)
(14,156
)
60.5
%
Net income attributable to AECOM from
continuing operations
87,507
96,764
10.6
%
Net income (loss) attributable to AECOM
from discontinued operations
438
(2,326
)
(631.1
)%
Net income attributable to AECOM
$
87,945
$
94,438
7.4
%
Net income (loss) attributable to AECOM
per share:
Basic continuing operations per share
$
0.63
$
0.71
12.7
%
Basic discontinued operations per
share
—
(0.02
)
NM
Basic earnings per share
$
0.63
$
0.69
9.5
%
Diluted continuing operations per
share
$
0.62
$
0.71
14.5
%
Diluted discontinued operations per
share
0.01
(0.02
)
(300.0
)%
Diluted earnings per share
$
0.63
$
0.69
9.5
%
Weighted average shares outstanding:
Basic
138,687
135,897
(2.0
)%
Diluted
140,642
137,101
(2.5
)%
AECOM
Balance Sheet
Information
(unaudited - in
thousands)
September 30, 2023
December 31, 2023
Balance Sheet Information:
Total cash and cash equivalents
$
1,260,206
$
1,192,260
Accounts receivable and contract assets,
net
4,069,504
4,269,023
Working capital
319,228
279,546
Total debt, excluding unamortized debt
issuance costs
2,217,255
2,214,970
Total assets
11,233,398
11,389,921
Total AECOM stockholders’ equity
2,212,332
2,247,296
AECOM
Reportable Segments
(unaudited - in
thousands)
Americas
International
AECOM Capital
Corporate
Total
Three Months Ended December 31,
2023:
Revenue
$
3,038,683
$
861,041
$
196
$
—
$
3,899,920
Cost of revenue
2,867,708
788,242
—
—
3,655,950
Gross profit
170,975
72,799
196
—
243,970
Equity in earnings (losses) of joint
ventures
3,658
4,282
(36,881)
—
(28,941)
General and administrative expenses
—
—
(2,451)
(33,273)
(35,724)
Restructuring costs
—
—
—
(16,180)
(16,180)
Income (loss) from operations
$
174,633
$
77,081
$
(39,136)
$
(49,453)
$
163,125
Gross profit as a % of revenue
5.6%
8.5%
6.3%
Contracted backlog
$
18,196,458
$
4,306,154
$
—
$
—
$
22,502,612
Awarded backlog
13,643,939
2,061,613
—
—
15,705,552
Unconsolidated JV backlog
1,599,860
—
—
—
1,599,860
Total backlog
$
33,440,257
$
6,367,767
$
—
$
—
$
39,808,024
Total backlog – Design only
$
15,478,792
$
6,367,767
$
—
$
—
$
21,846,559
Three Months Ended December 31,
2022:
Revenue
$
2,579,311
$
802,796
$
248
$
—
$
3,382,355
Cost of revenue
2,416,406
750,961
—
—
3,167,367
Gross profit
162,905
51,835
248
—
214,988
Equity in earnings of joint ventures
883
3,298
5,648
—
9,829
General and administrative expenses
—
—
(2,678)
(32,934)
(35,612)
Restructuring costs
—
—
—
(37,459)
(37,459)
Income from operations
$
163,788
$
55,133
$
3,218
$
(70,393)
$
151,746
Gross profit as a % of revenue
6.3%
6.5%
6.4%
Contracted backlog
$
19,238,125
$
3,930,046
$
—
$
—
$
23,168,171
Awarded backlog
15,680,479
1,751,686
—
—
17,432,165
Unconsolidated JV backlog
224,259
—
—
—
224,259
Total backlog
$
35,142,863
$
5,681,732
$
—
$
—
$
40,824,595
Total backlog – Design only
$
14,218,518
$
5,681,732
$
—
$
—
$
19,900,250
AECOM
Regulation G
Information
(in millions)
Reconciliation of Revenue to Net
Service Revenue (NSR)
Three Months Ended
December 31, 2022
September 30, 2023
December 31, 2023
Americas
Revenue
$
2,579.3
$
2,936.7
$
3,038.7
Less: Pass-through revenue
1,655.6
1,932.2
2,061.0
Net service revenue
$
923.7
$
1,004.5
$
977.7
International
Revenue
$
802.8
$
905.2
$
861.0
Less: Pass-through revenue
133.9
182.8
131.1
Net service revenue
$
668.9
$
722.4
$
729.9
Segment Performance (excludes ACAP)
Revenue
$
3,382.1
$
3,841.9
$
3,899.7
Less: Pass-through revenue
1,789.5
2,115.0
2,192.1
Net service revenue
$
1,592.6
$
1,726.9
$
1,707.6
Consolidated
Revenue
$
3,382.4
$
3,842.4
$
3,899.9
Less: Pass-through revenue
1,789.5
2,115.0
2,192.1
Net service revenue
$
1,592.9
$
1,727.4
$
1,707.8
Reconciliation of Total Debt to Net
Debt
Balances at
December 31, 2022
September 30, 2023
December 31, 2023
Short-term debt
$
4.6
$
3.1
$
3.2
Current portion of long-term debt
48.4
86.4
88.4
Long-term debt, excluding unamortized debt
issuance costs
2,172.8
2,127.8
2,123.4
Total debt
2,225.8
2,217.3
2,215.0
Less: Total cash and cash equivalents
1,160.4
1,260.2
1,192.3
Net debt
$
1,065.4
$
957.1
$
1,022.7
Reconciliation of Net Cash Provided by
Operating Activities to Free Cash Flow
Three Months Ended
December 31, 2022
September 30, 2023
December 31, 2023
Net cash provided by operating
activities
$
120.0
$
285.2
$
143.1
Capital expenditures, net
(36.3
)
(22.3
)
(56.2
)
Free cash flow
$
83.7
$
262.9
$
86.9
AECOM
Regulation G
Information
(in millions, except per share
data)
Three Months Ended
Dec 31, 2022
Sep 30, 2023
Dec 31, 2023
Reconciliation of Income from
Operations to Adjusted Income from Operations
Income from operations
$
151.7
$
80.3
$
163.1
Noncore AECOM Capital (income) loss
(3.2
)
1.9
39.1
Restructuring costs
37.5
137.9
16.2
Amortization of intangible assets
4.7
4.6
4.6
Adjusted income from operations
$
190.7
$
224.7
$
223.0
Reconciliation of Income from
Continuing Operations Before Taxes to Adjusted Income from
Continuing Operations Before Taxes
Income from continuing operations before
taxes
$
122.9
$
56.8
$
136.5
Noncore AECOM Capital (income) loss
(3.2
)
1.9
39.1
Restructuring costs
37.5
137.9
16.2
Amortization of intangible assets
4.7
4.6
4.6
Financing charges in interest expense
1.2
1.2
1.3
Adjusted income from continuing operations
before taxes
$
163.1
$
202.4
$
197.7
Reconciliation of Income Taxes for
Continuing Operations to Adjusted Income Taxes for Continuing
Operations
Income tax expense for continuing
operations
$
25.8
$
9.2
$
26.6
Tax effect of the above adjustments(1)
9.4
38.4
14.0
Adjusted income tax expense for continuing
operations
$
35.2
$
47.6
$
40.6
(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
$
(9.6
)
$
(13.7
)
$
(13.1
)
Amortization of intangible assets included
in NCI
(0.2
)
(0.1
)
(0.2
)
Adjusted net income attributable to
noncontrolling interests from continuing operations
$
(9.8
)
$
(13.8
)
$
(13.3
)
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
$
87.5
$
33.9
$
96.8
Noncore AECOM Capital (income) loss
(3.2
)
1.9
39.1
Restructuring costs
37.5
137.9
16.2
Amortization of intangible assets
4.7
4.6
4.6
Financing charges in interest expense
1.2
1.2
1.3
Tax effect of the above adjustments(1)
(9.4
)
(38.4
)
(14.0
)
Amortization of intangible assets included
in NCI
(0.2
)
(0.1
)
(0.2
)
Adjusted net income attributable to AECOM
from continuing operations
$
118.1
$
141.0
$
143.8
(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
Dec 31, 2022
Sep 30, 2023
Dec 31, 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 attributable to AECOM from
continuing operations per diluted share
$
0.62
$
0.24
$
0.71
Per diluted share adjustments:
Noncore AECOM Capital (income) loss, net
of NCI
(0.02
)
0.01
0.29
Restructuring costs
0.27
0.99
0.12
Amortization of intangible assets
0.03
0.03
0.03
Financing charges in interest expense
0.01
0.01
0.01
Tax effect of the above adjustments(1)
(0.07
)
(0.27
)
(0.11
)
Adjusted net income attributable to AECOM
from continuing operations per diluted share
$
0.84
$
1.01
$
1.05
Weighted average shares outstanding –
basic
138.7
138.1
135.9
Weighted average shares outstanding –
diluted
140.6
139.4
137.1
(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 EBITDA and to
Adjusted EBITDA and to Adjusted Income from Operations
Net income attributable to AECOM from
continuing operations
$
87.5
$
33.9
$
96.8
Income tax expense
25.8
9.2
26.6
Depreciation and amortization
43.4
44.6
43.1
Interest income, net of NCI
(5.9
)
(15.8
)
(10.7
)
Interest expense
36.7
41.4
41.3
Amortized bank fees included in interest
expense
(1.2
)
(1.2
)
(1.2
)
EBITDA
$
186.3
$
112.1
$
195.9
Noncore AECOM Capital (income) loss, net
of NCI
(3.2
)
1.9
39.1
Restructuring costs
37.5
137.9
16.2
Adjusted EBITDA
$
220.6
$
251.9
$
251.2
Other income
(2.0
)
(2.2
)
(2.6
)
Depreciation
(37.7
)
(38.8
)
(37.5
)
Noncontrolling interests in income of
consolidated subsidiaries
9.6
13.7
13.1
Interest income included in NCI
—
—
(1.4
)
Amortization of intangible assets included
in NCI
0.2
0.1
0.2
Adjusted income from operations
$
190.7
$
224.7
$
223.0
Reconciliation of Segment Income from
Operations to Adjusted Income from Operations
Americas Segment:
Income from operations
$
163.8
$
186.2
$
174.6
Amortization of intangible assets
4.4
4.3
4.3
Adjusted income from operations
$
168.2
$
190.5
$
178.9
International Segment:
Income from operations
$
55.1
$
71.9
$
77.1
Amortization of intangible assets
0.3
0.3
0.3
Adjusted income from operations
$
55.4
$
72.2
$
77.4
Segment Performance (excludes ACAP and
G&A):
Income from operations
$
218.9
$
258.1
$
251.7
Amortization of intangible assets
4.7
4.6
4.6
Adjusted income from operations
$
223.6
$
262.7
$
256.3
AECOM
Regulation G
Information
FY2024 GAAP EPS Guidance based on
Adjusted EPS Guidance
(all figures approximate)
Fiscal Year End 2024
GAAP EPS guidance
$3.63 to $3.95
Adjusted EPS excludes:
Amortization of intangible assets
$0.13
Amortization of deferred financing
fees
$0.04
Noncore AECOM Capital
$0.28
Restructuring expenses
$0.51 to $0.36
Tax effect of the above items
($0.24) to ($0.21)
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
$561 to $595
Net income attributable to noncontrolling
interest from continuing operations
($60) to ($50)
Net income attributable to AECOM from
continuing operations
$501 to $545
Adjusted net income attributable to AECOM
from continuing operations excludes:
Amortization of intangible assets
$18
Amortization of deferred financing
fees
$5
Noncore AECOM Capital
$39
Restructuring expenses
$70 to $50
Tax effect of the above items
($33) to ($29)
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 above
items
$198 to $210
Adjusted EBITDA guidance
$1,065 to $1,105
FY2024 GAAP Interest Expense Guidance
based on Adjusted Interest Expense Guidance
(in millions, all figures approximate)
Fiscal Year End 2024
GAAP interest expense guidance
$155
Finance charges in interest expense
($5)
Interest income, net of NCI
($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 guidance
$165 to $181
Tax effect of adjusting items
$33 to $29
Adjusted income tax expense guidance
$198 to $210
AECOM
Regulation G
Information
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 expense
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/20240205272134/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)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
AECOM (NYSE:ACM)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024