AECOM reports fiscal fourth-quarter and full-year 2015 results


AECOM Consolidated Statements of Income (unaudited - in thousands, except per share data)

	Three Months Ended							Twelve Months Ended
	Sep 30, 2014			Sep 30, 2015			% Change	Sep 30, 2014			Sep 30, 2015			% Change

Revenue	$	2,562,529		$	4,723,637		84.3 %	$	8,356,783		$	17,989,880		115.3 %
Cost of revenue	2,433,498			4,553,009			87.1 %	7,953,607			17,454,692			119.5 %
Gross profit	129,031			170,628			32.2 %	403,176			535,188			32.7 %

Equity in earnings of joint ventures	8,509			29,917			251.6 %	57,924			106,245			83.4 %
General and administrative expenses	(15,547		)	(25,422		)	63.5 %	(80,908		)	(113,975		)	40.9 %
Acquisition and integration expenses	(19,473		)	(79,883		)	310.2 %	(27,310		)	(398,440		)	NM
Income from operations	102,520			95,240			(7.1)%	352,882			129,018			(63.4)%

Other income	1,892			7,470			294.8 %	2,748			19,139			596.5 %
Interest expense	(10,120		)	(60,046		)	493.3 %	(40,842		)	(299,627		)	633.6 %
Income (loss) before income tax expense	94,292			42,664			(54.8)%	314,788			(151,470		)	(148.1)%

Income tax expense (benefit)	29,657			16,187			(45.4)%	82,024			(80,237		)	(197.8)%

Net income (loss)	64,635			26,477			(59.0)%	232,764			(71,233		)	(130.6)%

Noncontrolling interests in income of consolidated subsidiaries, net of tax	(609		)	(25,421		)	NM	(2,910		)	(83,612		)	NM

Net income (loss) attributable to AECOM	$	64,026		$	1,056		(98.4)%	$	229,854		$	(154,845	)	(167.4)%

Net income (loss) attributable to AECOM per share:
Basic	$	0.65		$	0.01		(98.5)%	$	2.36		$	(1.04	)	(144.1)%
Diluted	$	0.64		$	0.01		(98.4)%	$	2.33		$	(1.04	)	(144.6)%

Weighted average shares outstanding:
Basic	98,107			153,779			56.7 %	97,226			149,605			53.9 %
Diluted	99,743			155,231			55.6 %	98,657			149,605			51.6 %


AECOM
Reportable Segments
(unaudited - in thousands)

	Design & Consulting Services			Construction Services			Management Services			Corporate			Total
Three Months Ended September 30, 2015
Revenue	$	2,041,749		$	1,797,115		$	884,773		$	-		$	4,723,637
Cost of revenue		1,942,894			1,781,734			828,381			-			4,553,009
Gross profit		98,855			15,381			56,392			-			170,628
Equity in earnings of joint ventures		3,532			5,967			20,418			-			29,917
General and administrative expenses		-			-			-			(25,422	)		(25,422	)
Acquisition and integration expenses		-			-			-			(79,883	)		(79,883	)
Income (loss) from operations	$	102,387		$	21,348		$	76,810		$	(105,305	)	$	95,240

Gross profit as a % of revenue		4.8	%		0.9	%		6.4	%		-			3.6	%


Three Months Ended September 30, 2014
Revenue	$	1,494,990		$	823,123		$	244,416		$	-		$	2,562,529
Cost of revenue		1,387,736			809,233			236,529			-			2,433,498
Gross profit		107,254			13,890			7,887			-			129,031
Equity in earnings of joint ventures		2,237			2,680			3,592			-			8,509
General and administrative expenses		-			-			-			(15,547	)		(15,547	)
Acquisition and integration expenses		-			-			-			(19,473	)		(19,473	)
Income (loss) from operations	$	109,491		$	16,570		$	11,479		$	(35,020	)	$	102,520

Gross profit as a % of revenue		7.2	%		1.7	%		3.2	%		-			5.0	%


AECOM
Reportable Segments
(unaudited - in thousands)

	Design & Consulting Services			Construction Services			Management Services			Corporate			Total
Twelve Ended September 30, 2015
Revenue	$	7,962,856		$	6,676,741		$	3,350,283		$	-		$	17,989,880
Cost of revenue		7,663,565			6,633,907			3,157,220			-			17,454,692
Gross profit		299,291			42,834			193,063			-			535,188
Equity in earnings of joint ventures		6,626			22,950			76,669			-			106,245
General and administrative expenses		-			-			-			(113,975	)		(113,975	)
Acquisition and integration expenses		-			-			-			(398,440	)		(398,440	)
Income (loss) from operations	$	305,917		$	65,784		$	269,732		$	(512,415	)	$	129,018

Gross profit as a % of revenue		3.8	%		0.6	%		5.8	%		-			3.0	%

Contracted backlog	$	8,573,471		$	11,190,214		$	4,703,981		$	-		$	24,467,666
Awarded backlog		5,732,258			5,559,938			4,439,463			-			15,731,659
Total backlog	$	14,305,729		$	16,750,152		$	9,143,444		$	-		$	40,199,325


Twelve Months Ended September 30, 2014
Revenue	$	5,443,044		$	2,004,312		$	909,427		$	-		$	8,356,783
Cost of revenue		5,112,786			1,974,987			865,834			-			7,953,607
Gross profit		330,258			29,325			43,593			-			403,176
Equity in earnings of joint ventures		35,605			5,954			16,365			-			57,924
General and administrative expenses		-			-			-			(80,908	)		(80,908	)
Acquisition and integration expenses		-			-			-			(27,310	)		(27,310	)
Income (loss) from operations	$	365,863		$	35,279		$	59,958		$	(108,218	)	$	352,882

Gross profit as a % of revenue		6.1	%		1.5	%		4.8	%		-			4.8	%

Contracted backlog	$	6,004,646		$	4,586,986		$	757,371		$	-		$	11,349,003
Awarded backlog		3,370,663			8,687,488			1,676,001			-			13,734,152
Total backlog	$	9,375,309		$	13,274,474		$	2,433,372		$	-		$	25,083,155


AECOM Regulation G Information ($ in millions)

Reconciliation of Amounts Provided by Acquired Companies
	Three Months Ended September 30, 2015						Twelve Months Ended September 30, 2015
	Total		Provided by Acquired Companies		Excluding Effect of Acquired Companies		Total		Provided by Acquired Companies		Excluding Effect of Acquired Companies

Revenue
AECOM Consolidated	$	4,723.6	$	2,309.7	$	2,413.9	$	17,989.9	$	9,635.4	$	8,354.5
Design & Consulting Services		2,041.7		795.7		1,246.0		7,962.9		3,012.7		4,950.2
Construction Services		1,797.1		804.9		992.2		6,676.7		4,033.0		2,643.7
Management Services		884.8		709.1		175.7		3,350.3		2,589.7		760.6

Reconciliation of EBITDA to Net Income Attributable to AECOM
	Three Months Ended
	Dec 31, 2013			Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014			Mar 31, 2015			Jun 30, 2015			Sep 30, 2015
EBITDA	$	111.5		$	89.0		$	115.9		$	127.2		$	116.8		$	143.4		$	167.7		$	221.8
Less: Interest expense ¹		(9.8	)		(10.0	)		(9.2	)		(9.5	)		(115.4	)		(56.7	)		(56.2	)		(54.2	)
Add: Interest income ²		0.4			0.3			0.6			0.9			1.6			1.2			1.0			1.0
Less: Depreciation and amortization ³		(22.2	)		(23.9	)		(24.4	)		(24.9	)		(154.2	)		(163.4	)		(138.1	)		(151.3	)

Income (loss) attributable to AECOM before income taxes		79.9			55.4			82.9			93.7			(151.2	)		(75.5	)		(25.6	)		17.3
Less: Income tax expense (benefit)		23.5			15.2			13.7			29.6			(12.2	)		(75.8	)		(8.4	)		16.2

Net income (loss) attributable to AECOM	$	56.4		$	40.2		$	69.2		$	64.1		$	(139.0	)	$	0.3		$	(17.2	)	$	1.1

	Twelve Months Ended
	Sep 30, 2014			Sep 30, 2015
EBITDA	$	443.6		$	649.7
Less: Interest expense ¹		(38.5	)		(282.5	)
Add: Interest income ²		2.2			4.8
Less: Depreciation and amortization ³		(95.4	)		(607.0	)

Income (loss) attributable to AECOM before income taxes		311.9			(235.0	)
Less: Income tax expense (benefit)		82.0			(80.2	)

Net income (loss) attributable to AECOM	$	229.9		$	(154.8	)