Balance Sheet and Cash Flow Information |
|||||||||
(in thousands) |
|||||||||
|
|||||||||
|
September 30,
|
|
|
September 30,
|
|
|
|||
Balance Sheet Information: |
|
|
|
|
|
|
|||
Total cash and cash equivalents |
$ |
886,733 |
|
|
$ |
1,080,354 |
|
|
|
Accounts receivable and contract assets – net |
|
5,468,821 |
|
|
|
5,777,652 |
|
|
|
Working capital |
|
997,645 |
|
|
|
1,072,891 |
|
|
|
Total debt, excluding unamortized debt issuance costs |
|
3,673,463 |
|
|
|
3,439,057 |
|
|
|
Total assets |
|
14,681,131 |
|
|
|
14,461,591 |
|
|
|
Total AECOM stockholders’ equity |
|
4,092,780 |
|
|
|
3,690,576 |
|
|
AECOM |
||||||||||||||||||||||||
Reportable Segments |
||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Design &
|
|
Construction
|
|
Management
|
|
AECOM
|
|
Corporate |
|
Total |
||||||||||||
Three Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
2,082,474 |
|
|
$ |
1,948,268 |
|
|
$ |
1,083,530 |
|
|
$ |
1,336 |
|
|
$ |
- |
|
|
$ |
5,115,608 |
|
Cost of revenue |
|
|
1,924,483 |
|
|
|
1,929,090 |
|
|
|
1,023,809 |
|
|
|
- |
|
|
|
- |
|
|
|
4,877,382 |
|
Gross profit |
|
|
157,991 |
|
|
|
19,178 |
|
|
|
59,721 |
|
|
|
1,336 |
|
|
|
- |
|
|
|
238,226 |
|
Equity in earnings of joint ventures |
|
|
3,930 |
|
|
|
2,211 |
|
|
|
(1,924 |
) |
|
|
9,743 |
|
|
|
- |
|
|
|
13,960 |
|
General and administrative expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(27 |
) |
|
|
(37,229 |
) |
|
|
(37,256 |
) |
Restructuring costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(16,276 |
) |
|
|
(16,276 |
) |
Gain (loss) on disposal activities |
|
|
3,589 |
|
|
|
- |
|
|
|
(6,566 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,977 |
) |
Impairment of long-lived assets, including goodwill |
|
|
(15,200 |
) |
|
|
(590,500 |
) |
|
|
- |
|
|
|
- |
|
|
|
(9,700 |
) |
|
|
(615,400 |
) |
Income (loss) from operations |
|
$ |
150,310 |
|
|
$ |
(569,111 |
) |
|
$ |
51,231 |
|
|
$ |
11,052 |
|
|
$ |
(63,205 |
) |
|
$ |
(419,723 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross profit as a % of revenue |
|
|
7.6 |
% |
|
|
1.0 |
% |
|
|
5.5 |
% |
|
|
- |
|
|
|
- |
|
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended September 30, 2018 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
2,171,310 |
|
|
$ |
2,118,303 |
|
|
$ |
1,016,237 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
5,305,850 |
|
Cost of revenue |
|
|
2,046,205 |
|
|
|
2,100,849 |
|
|
|
970,750 |
|
|
|
- |
|
|
|
- |
|
|
|
5,117,804 |
|
Gross profit |
|
|
125,105 |
|
|
|
17,454 |
|
|
|
45,487 |
|
|
|
- |
|
|
|
- |
|
|
|
188,046 |
|
Equity in earnings of joint ventures |
|
|
1,311 |
|
|
|
4,644 |
|
|
|
4,357 |
|
|
|
15,200 |
|
|
|
- |
|
|
|
25,512 |
|
General and administrative expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,059 |
) |
|
|
(33,682 |
) |
|
|
(35,741 |
) |
Loss on disposal activities |
|
|
- |
|
|
|
(800 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(800 |
) |
Income (loss) from operations |
|
$ |
126,416 |
|
|
$ |
21,298 |
|
|
$ |
49,844 |
|
|
$ |
13,141 |
|
|
$ |
(33,682 |
) |
|
$ |
177,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross profit as a % of revenue |
|
|
5.8 |
% |
|
|
0.8 |
% |
|
|
4.5 |
% |
|
|
- |
|
|
|
- |
|
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AECOM |
||||||||||||||||||||||||
Reportable Segments |
||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Design &
|
|
Construction
|
|
Management
|
|
AECOM
|
|
Corporate |
|
Total |
||||||||||||
Twelve Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
8,268,231 |
|
|
$ |
7,778,791 |
|
|
$ |
4,118,108 |
|
|
$ |
8,199 |
|
|
$ |
- |
|
|
$ |
20,173,329 |
|
Cost of revenue |
|
|
7,722,266 |
|
|
|
7,723,376 |
|
|
|
3,914,242 |
|
|
|
- |
|
|
|
- |
|
|
|
19,359,884 |
|
Gross profit |
|
|
545,965 |
|
|
|
55,415 |
|
|
|
203,866 |
|
|
|
8,199 |
|
|
|
- |
|
|
|
813,445 |
|
Equity in earnings of joint ventures |
|
|
17,953 |
|
|
|
36,501 |
|
|
|
8,796 |
|
|
|
17,740 |
|
|
|
- |
|
|
|
80,990 |
|
General and administrative expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,926 |
) |
|
|
(143,197 |
) |
|
|
(148,123 |
) |
Restructuring costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(95,446 |
) |
|
|
(95,446 |
) |
Gain (loss) on disposal activities |
|
|
3,589 |
|
|
|
(7,404 |
) |
|
|
(6,566 |
) |
|
|
- |
|
|
|
- |
|
|
|
(10,381 |
) |
Impairment of long-lived assets, including goodwill |
|
|
(15,200 |
) |
|
|
(590,500 |
) |
|
|
- |
|
|
|
- |
|
|
|
(9,700 |
) |
|
|
(615,400 |
) |
Income (loss) from operations |
|
$ |
552,307 |
|
|
$ |
(505,988 |
) |
|
$ |
206,096 |
|
|
$ |
21,013 |
|
|
$ |
(248,343 |
) |
|
$ |
25,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross profit as a % of revenue |
|
|
6.6 |
% |
|
|
0.7 |
% |
|
|
5.0 |
% |
|
|
- |
|
|
|
- |
|
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contracted backlog |
|
$ |
9,682,492 |
|
|
$ |
10,547,558 |
|
|
$ |
4,066,106 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
24,296,156 |
|
Awarded backlog |
|
|
6,560,308 |
|
|
|
12,470,263 |
|
|
|
13,999,036 |
|
|
|
- |
|
|
|
- |
|
|
|
33,029,607 |
|
Unconsolidated JV backlog |
|
|
- |
|
|
|
1,309,825 |
|
|
|
1,021,595 |
|
|
|
- |
|
|
|
- |
|
|
|
2,331,420 |
|
Total backlog |
|
$ |
16,242,800 |
|
|
$ |
24,327,646 |
|
|
$ |
19,086,737 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
59,657,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Twelve Months Ended September 30, 2018 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
8,223,174 |
|
|
$ |
8,238,852 |
|
|
$ |
3,693,486 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
20,155,512 |
|
Cost of revenue |
|
|
7,783,863 |
|
|
|
8,198,480 |
|
|
|
3,522,520 |
|
|
|
- |
|
|
|
- |
|
|
|
19,504,863 |
|
Gross profit |
|
|
439,311 |
|
|
|
40,372 |
|
|
|
170,966 |
|
|
|
- |
|
|
|
- |
|
|
|
650,649 |
|
Equity in earnings of joint ventures |
|
|
15,811 |
|
|
|
21,534 |
|
|
|
28,588 |
|
|
|
15,200 |
|
|
|
- |
|
|
|
81,133 |
|
General and administrative expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(11,228 |
) |
|
|
(124,559 |
) |
|
|
(135,787 |
) |
Loss on disposal activities |
|
|
- |
|
|
|
(2,949 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,949 |
) |
Impairment of assets held for sale, including goodwill |
|
|
- |
|
|
|
(168,178 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(168,178 |
) |
Income (loss) from operations |
|
$ |
455,122 |
|
|
$ |
(109,221 |
) |
|
$ |
199,554 |
|
|
$ |
3,972 |
|
|
$ |
(124,559 |
) |
|
$ |
424,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross profit as a % of revenue |
|
|
5.3 |
% |
|
|
0.5 |
% |
|
|
4.6 |
% |
|
|
- |
|
|
|
- |
|
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contracted backlog |
|
$ |
9,133,465 |
|
|
$ |
9,333,822 |
|
|
$ |
3,395,460 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
21,862,747 |
|
Awarded backlog |
|
|
7,525,817 |
|
|
|
7,144,572 |
|
|
|
14,577,130 |
|
|
|
- |
|
|
|
- |
|
|
|
29,247,519 |
|
Unconsolidated JV backlog |
|
|
- |
|
|
|
2,025,269 |
|
|
|
934,147 |
|
|
|
- |
|
|
|
- |
|
|
|
2,959,416 |
|
Total backlog |
|
$ |
16,659,282 |
|
|
$ |
18,503,663 |
|
|
$ |
18,906,737 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
54,069,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AECOM |
|||||||||||||||||||||
Regulation G Information |
|||||||||||||||||||||
(in millions) |
|||||||||||||||||||||
|
|||||||||||||||||||||
Reconciliation of Revenue to Amounts Provided by Acquired Companies |
|
||||||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|||||||||||||||||
|
Total |
|
Provided by
|
|
Excluding
|
|
Total |
|
Provided by
|
|
Excluding
|
|
|||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
AECOM Consolidated |
$ |
5,115.6 |
|
$ |
- |
|
$ |
5,115.6 |
|
$ |
20,173.3 |
|
$ |
35.8 |
|
$ |
20,137.5 |
|
|||
Design & Consulting Services |
|
2,082.5 |
|
|
- |
|
|
2,082.5 |
|
|
8,268.2 |
|
|
- |
|
|
8,268.2 |
|
|||
Construction Services |
|
1,948.3 |
|
|
- |
|
|
1,948.3 |
|
|
7,778.8 |
|
|
35.8 |
|
|
7,743.0 |
|
|||
Management Services |
|
1,083.5 |
|
|
- |
|
|
1,083.5 |
|
|
4,118.1 |
|
|
- |
|
|
4,118.1 |
|
|||
AECOM Capital |
|
1.3 |
|
|
- |
|
|
1.3 |
|
|
8.2 |
|
|
- |
|
|
8.2 |
|
|||
Reconciliation of Revenue to Net Service Revenue, Net of Other Direct Costs |
|
|||||||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|||||||||||||||||||
|
Sep 30, 2018 |
|
Sep 30, 2019 |
|
Sep 30, 2018 |
|
Sep 30, 2019 |
|
|
|||||||||||||||
Design & Consulting Services |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Revenue |
$ |
2,171.3 |
|
$ |
2,082.5 |
|
$ |
8,223.2 |
|
$ |
8,268.2 |
|
|
|||||||||||
Less: subcontract costs |
755.5 |
|
671.8 |
|
2,519.3 |
|
2,598.0 |
|
|
|||||||||||||||
Net service revenue |
$ |
1,415.8 |
|
$ |
1,410.7 |
|
$ |
5,703.9 |
|
$ |
5,670.2 |
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Construction Management |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Revenue |
$ |
1,392.4 |
|
$ |
1,429.7 |
|
$ |
5,656.1 |
|
$ |
5,366.0 |
|
|
|||||||||||
Less: subcontract costs |
1,277.2 |
|
1,274.3 |
|
5,158.2 |
|
4,818.8 |
|
|
|||||||||||||||
Net service revenue |
$ |
115.2 |
|
$ |
155.4 |
|
$ |
497.9 |
|
$ |
547.2 |
|
|
|||||||||||
Reconciliation of Net Income Attributable to AECOM to EBITDA, Adjusted EBITDA and Pro Forma Professional Services Adjusted EBITDA |
||||||||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|
||||||||||||||||||||
|
Sep 30,
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income (loss) attributable to AECOM |
$ 84.0 |
|
$ 83.7 |
|
$ (474.2 |
) |
$ 136.5 |
|
$ (261.1 |
) |
||||||||||||||
Income tax expense (benefit) |
18.8 |
|
36.6 |
|
(24.0 |
) |
(19.6 |
) |
(0.1 |
) |
||||||||||||||
Income (loss) attributable to AECOM before income taxes |
102.8 |
|
120.3 |
|
(498.2 |
) |
116.9 |
|
(261.2 |
) |
||||||||||||||
Depreciation and amortization expense 1 |
68.5 |
|
66.1 |
|
95.3 |
|
281.0 |
|
292.1 |
|
||||||||||||||
Interest income 2 |
(2.1 |
) |
(3.5 |
) |
(3.2 |
) |
(9.6 |
) |
(12.4 |
) |
||||||||||||||
Interest expense 3 |
52.5 |
|
53.3 |
|
53.0 |
|
249.4 |
|
215.2 |
|
||||||||||||||
EBITDA |
221.7 |
|
236.2 |
|
(353.1 |
) |
637.7 |
|
233.7 |
|
||||||||||||||
Noncore operating losses & transaction related expenses |
17.5 |
|
4.6 |
|
10.7 |
|
57.4 |
|
35.8 |
|
||||||||||||||
Impairment of long-lived assets, including goodwill |
- |
|
- |
|
615.4 |
|
168.2 |
|
615.4 |
|
||||||||||||||
Acquisition and integration-related items |
(4.4 |
) |
(3.8 |
) |
(3.9 |
) |
(10.9 |
) |
(15.3 |
) |
||||||||||||||
Restructuring costs |
- |
|
- |
|
16.2 |
|
- |
|
95.4 |
|
||||||||||||||
Loss on disposal activities |
0.8 |
|
7.4 |
|
3.0 |
|
2.9 |
|
10.4 |
|
||||||||||||||
FX gain from forward currency contract |
- |
|
- |
|
- |
|
(9.1 |
) |
- |
|
||||||||||||||
Depreciation expense included in noncore operating losses and acquisition and integration-related items |
(2.2 |
) |
(0.2 |
) |
(27.2 |
) |
(9.7 |
) |
(27.8 |
) |
||||||||||||||
Adjusted EBITDA |
$ 233.4 |
|
$ 244.2 |
|
$ 261.1 |
|
836.5 |
|
947.6 |
|
||||||||||||||
MS & at-risk, self-perform construction |
|
|
|
|
|
|
308.8 |
|
286.1 |
|
||||||||||||||
Pro forma Professional Services adjusted EBITDA |
|
|
|
|
|
|
$ |
527.7 |
|
$ |
661.5 |
|
||||||||||||
1 Includes the amount for noncontrolling interests in consolidated subsidiaries 2 Included in other income 3 Excludes related amortization |
|
|
|
|
|
AECOM |
|||||||
Regulation G Information |
|||||||
(in millions) |
|||||||
|
|||||||
Reconciliation of Total Debt to Net Debt |
|
||||||
|
Balances at: |
|
|||||
|
Sep 30, 2018 |
|
Jun 30, 2019 |
|
Sep 30, 2019 |
|
|
Short-term debt |
$ 8.4 |
|
$ 44.9 |
|
$ 47.8 |
|
|
Current portion of long-term debt |
134.7 |
|
114.7 |
|
69.4 |
|
|
Long-term debt, gross |
3,530.4 |
|
3,692.9 |
|
3,321.9 |
|
|
Total debt, excluding unamortized debt issuance costs |
3,673.5 |
|
3,852.5 |
|
3,439.1 |
|
|
Less: Total cash and cash equivalents |
886.7 |
|
793.6 |
|
1,080.4 |
|
|
Net debt |
$ 2,786.8 |
|
$ 3,058.9 |
|
$ 2,358.7 |
|
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow |
|||||||||||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|
|||||||||||||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
Sep 30,
|
|
||||||||||||||||||
Net cash provided by operating activities |
$ |
531.9 |
|
$ |
76.9 |
|
$ |
793.7 |
|
$ |
774.6 |
$ |
777.6 |
|
|||||||||||||
Capital expenditures, net |
|
(21.2 |
) |
|
(24.7 |
) |
|
(14.3 |
) |
|
|
(86.9 |
) |
|
(83.4 |
) |
|||||||||||
Free cash flow |
$ |
510.7 |
|
$ |
52.2 |
|
$ |
779.4 |
|
$ |
687.7 |
$ |
694.2 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Fiscal Years Ended Sep 30, |
|
|||||||||||||||||||||||||
|
2015 |
|
2016 |
2017 |
|
2018 |
2019 |
|
|||||||||||||||||||
Net cash provided by operating activities |
$ |
764.4 |
|
$ |
814.2 |
|
$ |
696.7 |
|
$ |
774.6 |
$ |
777.6 |
|
|||||||||||||
Capital expenditures, net |
|
|
(69.4 |
) |
|
(136.8 |
) |
|
(78.5 |
) |
|
(86.9 |
) |
|
|
(83.4 |
) |
||||||||||
Free cash flow |
$ |
695.0 |
|
$ |
677.4 |
|
$ |
618.2 |
|
$ |
687.7 |
$ |
694.2 |
|
AECOM |
|||||||||||||||||
Regulation G Information |
|||||||||||||||||
(in millions, except per share data) |
|||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|
|||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
|||||||
Reconciliation of Income from Operations to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Income (loss) from operations |
$ |
177.0 |
|
$ |
192.9 |
|
$ |
(419.7 |
) |
$ |
424.9 |
|
$ |
25.1 |
|
||
Noncore operating losses & transaction related expenses |
|
17.5 |
|
|
4.6 |
|
|
10.7 |
|
|
57.2 |
|
|
35.8 |
|
||
Impairment of long-lived assets, including goodwill |
|
- |
|
|
- |
|
|
615.4 |
|
|
168.2 |
|
|
615.4 |
|
||
Acquisition and integration-related items |
|
(4.8 |
) |
|
(4.2 |
) |
|
(4.2 |
) |
|
(12.7 |
) |
|
(16.8 |
) |
||
Restructuring costs |
|
- |
|
|
- |
|
|
16.2 |
|
|
- |
|
|
95.4 |
|
||
Loss on disposal activities |
|
0.8 |
|
|
7.4 |
|
|
3.0 |
|
|
2.9 |
|
|
10.4 |
|
||
Amortization of intangible assets |
|
27.4 |
|
|
25.7 |
|
|
25.1 |
|
|
116.4 |
|
|
102.3 |
|
||
Adjusted income from operations |
$ |
217.9 |
|
$ |
226.4 |
|
$ |
246.5 |
|
$ |
756.9 |
|
$ |
867.6 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Reconciliation of Income Before Income Taxes to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Income (loss) before income tax expense (benefit) |
$ |
124.1 |
|
$ |
142.0 |
|
$ |
(472.0 |
) |
$ |
177.5 |
|
$ |
(184.1 |
) |
||
Noncore operating losses & transaction related expenses |
|
17.4 |
|
|
4.6 |
|
|
10.7 |
|
|
57.2 |
|
|
35.8 |
|
||
Impairment of long-lived assets, including goodwill |
|
- |
|
|
- |
|
|
615.4 |
|
|
168.2 |
|
|
615.4 |
|
||
Acquisition and integration-related items |
|
(4.8 |
) |
|
(4.2 |
) |
|
(4.2 |
) |
|
(12.7 |
) |
|
(16.8 |
) |
||
Restructuring costs |
|
- |
|
|
- |
|
|
16.2 |
|
|
- |
|
|
95.4 |
|
||
Loss on disposal activities |
|
0.8 |
|
|
7.4 |
|
|
3.0 |
|
|
2.9 |
|
|
10.4 |
|
||
Amortization of intangible assets |
|
27.4 |
|
|
25.7 |
|
|
25.1 |
|
|
116.4 |
|
|
102.3 |
|
||
FX gain from forward currency contract |
|
- |
|
|
- |
|
|
- |
|
|
(9.1 |
) |
|
- |
|
||
Financing charges in interest expense |
|
2.9 |
|
|
2.4 |
|
|
3.4 |
|
|
52.6 |
|
|
10.6 |
|
||
Adjusted income before income tax expense |
$ |
167.8 |
|
$ |
177.9 |
|
$ |
197.6 |
|
$ |
553.0 |
|
$ |
669.0 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AECOM |
||||||||||||||||
Regulation G Information |
||||||||||||||||
(in millions, except per share data) |
||||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
Sep 30,
|
Jun 30,
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
||||||||||||
Reconciliation of Income Taxes to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
$ |
18.7 |
|
$ |
36.6 |
|
$ |
(24.0 |
) |
$ |
(19.7 |
) |
$ |
(0.1 |
) |
|
Tax effect of the above adjustments* |
|
9.4 |
|
|
5.8 |
|
|
70.5 |
|
|
43.7 |
|
|
117.8 |
|
|
Revaluation of deferred taxes and one-time tax repatriation charges associated with U.S. tax reform |
|
6.1 |
|
|
- |
|
|
- |
|
|
47.8 |
|
|
- |
|
|
Valuation allowances and other tax only items |
|
(25.0 |
) |
|
(4.0 |
) |
|
(4.3 |
) |
|
(25.0 |
) |
|
24.0 |
|
|
Adjusted income tax expense |
$ |
9.2 |
|
$ |
38.4 |
|
$ |
42.2 |
|
$ |
46.8 |
|
$ |
141.7 |
|
|
*Adjusts the income tax expense (benefit) during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above. |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Noncontrolling Interest to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests in income of consolidated subsidiaries, net of tax |
$ |
(21.4 |
) |
$ |
(21.7 |
) |
$ |
(26.2 |
) |
$ |
(60.7 |
) |
$ |
(77.1 |
) |
|
Acquisition and integration-related items, net of tax |
|
0.4 |
|
|
0.4 |
|
|
0.3 |
|
|
1.8 |
|
|
1.5 |
|
|
Amortization of intangible assets included in NCI, net of tax |
|
(3.3 |
) |
|
(2.9 |
) |
|
(3.1 |
) |
|
(11.9 |
) |
|
(12.2 |
) |
|
Adjusted noncontrolling interests in income of consolidated subsidiaries, net of tax |
$ |
(24.3 |
) |
$ |
(24.2 |
) |
$ |
(29.0 |
) |
$ |
(70.8 |
) |
$ |
(87.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Attributable to AECOM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net income (loss) attributable to AECOM |
$ |
84.0 |
|
$ |
83.7 |
|
$ |
(474.2 |
) |
$ |
136.5 |
|
$ |
(261.1 |
) |
|
Noncore operating losses & transaction related expenses |
|
17.5 |
|
|
4.6 |
|
|
10.7 |
|
|
57.2 |
|
|
35.8 |
|
|
Impairment of long-lived assets, including goodwill |
|
- |
|
|
- |
|
|
615.4 |
|
|
168.2 |
|
|
615.4 |
|
|
Acquisition and integration-related items |
|
(4.4 |
) |
|
(3.8 |
) |
|
(3.9 |
) |
|
(10.9 |
) |
|
(15.3 |
) |
|
Restructuring costs |
|
- |
|
|
- |
|
|
16.2 |
|
|
- |
|
|
95.4 |
|
|
Loss on disposal activities |
|
0.8 |
|
|
7.4 |
|
|
3.0 |
|
|
2.9 |
|
|
10.4 |
|
|
Amortization of intangible assets |
|
27.4 |
|
|
25.7 |
|
|
25.1 |
|
|
116.4 |
|
|
102.3 |
|
|
FX gain from forward currency contract |
|
- |
|
|
- |
|
|
- |
|
|
(9.1 |
) |
|
- |
|
|
Financing charges in interest expense |
|
2.9 |
|
|
2.4 |
|
|
3.4 |
|
|
52.6 |
|
|
10.6 |
|
|
Tax effect of the above adjustments * |
|
(9.4 |
) |
|
(5.8 |
) |
|
(70.5 |
) |
|
(43.7 |
) |
|
(117.8 |
) |
|
Revaluation of deferred taxes and one-time tax repatriation charges associated with U.S. tax reform |
|
(6.1 |
) |
|
- |
|
|
- |
|
|
(47.8 |
) |
|
- |
|
|
Valuation allowances and other tax only items |
|
25.0 |
|
|
4.0 |
|
|
4.3 |
|
|
25.0 |
|
|
(24.0 |
) |
|
Amortization of intangible assets included in NCI,
|
|
(3.3 |
) |
|
(2.9 |
) |
|
(3.0 |
) |
|
(11.9 |
) |
|
(12.1 |
) |
|
Adjusted net income attributable to AECOM |
$ |
134.4 |
|
$ |
115.3 |
|
$ |
126.5 |
|
$ |
435.4 |
|
$ |
439.6 |
|
|
* Adjusts the income tax expense (benefit) during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above. |
|
|
|
|
|
|
AECOM |
||||||||||||||||||||||||||||
Regulation G Information |
||||||||||||||||||||||||||||
(in millions, except per share data) |
||||||||||||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|||||||||||||||||||||||
|
Sep 30,
|
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
|
||||||||||||||||
Reconciliation of Net Income per Diluted Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to AECOM – per diluted share |
$ |
0.52 |
|
$ |
0.52 |
|
$ |
(3.01 |
) |
$ |
0.86 |
|
$ |
(1.66 |
) |
|
||||||||||||
Per diluted share adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncore operating losses & transaction related expenses |
|
0.11 |
|
|
0.03 |
|
|
0.07 |
|
|
0.35 |
|
|
0.22 |
|
|
||||||||||||
Impairment of long-lived assets, including goodwill |
|
- |
|
|
- |
|
|
3.82 |
|
|
1.04 |
|
|
3.85 |
|
|
||||||||||||
Acquisition and integration-related items |
|
(0.03 |
) |
|
(0.02 |
) |
|
(0.02 |
) |
|
(0.07 |
) |
|
(0.10 |
) |
|
||||||||||||
Restructuring costs |
|
- |
|
|
- |
|
|
0.10 |
|
|
- |
|
|
0.60 |
|
|
||||||||||||
Loss on disposal activities |
|
- |
|
|
0.05 |
|
|
0.02 |
|
|
0.02 |
|
|
0.07 |
|
|
||||||||||||
Amortization of intangible assets |
|
0.17 |
|
|
0.16 |
|
|
0.16 |
|
|
0.72 |
|
|
0.64 |
|
|
||||||||||||
FX gain from forward currency contract |
|
- |
|
|
- |
|
|
- |
|
|
(0.06 |
) |
|
- |
|
|
||||||||||||
Financing charges in interest expense |
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|
0.32 |
|
|
0.07 |
|
|
||||||||||||
Tax effect of the above adjustments * |
|
(0.06 |
) |
|
(0.05 |
) |
|
(0.38 |
) |
|
(0.29 |
) |
|
(0.71 |
) |
|
||||||||||||
Revaluation of deferred taxes and one-time tax repatriation charges associated with U.S. tax reform |
|
(0.03 |
) |
|
- |
|
|
- |
|
|
(0.29 |
) |
|
- |
|
|
||||||||||||
Valuation allowances and other tax only items |
|
0.15 |
|
|
0.03 |
|
|
0.03 |
|
|
0.15 |
|
|
(0.15 |
) |
|
||||||||||||
Amortization of intangible assets included in NCI, net of tax |
|
(0.02 |
) |
|
(0.02 |
) |
|
(0.02 |
) |
|
(0.07 |
) |
|
(0.08 |
) |
|
||||||||||||
Adjusted net income attributable to AECOM – per diluted share |
$ |
0.83 |
|
$ |
0.72 |
|
$ |
0.79 |
|
$ |
2.68 |
|
$ |
2.75 |
|
|
||||||||||||
Weighted average shares outstanding – diluted |
|
161.8 |
|
|
159.8 |
|
|
160.9 |
|
|
162.3 |
|
|
159.7 |
|
|
||||||||||||
* Adjusts the income tax expense (benefit) during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above. |
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation of EBITDA to Adjusted Income from Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA (1) |
$ |
221.7 |
|
$ |
236.2 |
|
$ |
(353.1 |
) |
$ |
637.7 |
|
$ |
233.7 |
|
|
||||||||||||
Noncore operating losses & transaction related expenses |
|
17.5 |
|
|
4.6 |
|
|
10.7 |
|
|
57.4 |
|
|
35.8 |
|
|
||||||||||||
Impairment of long-lived assets, including goodwill |
|
- |
|
|
- |
|
|
615.4 |
|
|
168.2 |
|
|
615.4 |
|
|
||||||||||||
Acquisition and integration-related items |
|
(4.4 |
) |
|
(3.8 |
) |
|
(3.9 |
) |
|
(10.9 |
) |
|
(15.3 |
) |
|
||||||||||||
Restructuring costs |
|
- |
|
|
- |
|
|
16.2 |
|
|
- |
|
|
95.4 |
|
|
||||||||||||
Loss on disposal activities |
|
0.8 |
|
|
7.4 |
|
|
3.0 |
|
|
2.9 |
|
|
10.4 |
|
|
||||||||||||
FX gain from forward currency contract |
|
- |
|
|
- |
|
|
- |
|
|
(9.1 |
) |
|
- |
|
|
||||||||||||
Depreciation expense included in noncore operating losses, acquisition and integration expenses above |
|
(2.2 |
) |
|
(0.2 |
) |
|
(27.2 |
) |
|
(9.7 |
) |
|
(27.8 |
) |
|
||||||||||||
Adjusted EBITDA |
$ |
233.4 |
|
$ |
244.2 |
|
$ |
261.1 |
|
$ |
836.5 |
|
$ |
947.6 |
|
|
||||||||||||
Other income |
|
(2.6 |
) |
|
(4.8 |
) |
|
(4.1 |
) |
|
(20.1 |
) |
|
(16.8 |
) |
|
||||||||||||
FX gain from forward currency contract |
|
- |
|
|
- |
|
|
- |
|
|
9.1 |
|
|
- |
|
|
||||||||||||
Interest income (2) |
|
2.1 |
|
|
3.5 |
|
|
3.2 |
|
|
9.6 |
|
|
12.4 |
|
|
||||||||||||
Depreciation (3) |
|
(39.3 |
) |
|
(40.5 |
) |
|
(42.7 |
) |
|
(149.0 |
) |
|
(163.4 |
) |
|
||||||||||||
Noncontrolling interests in income of consolidated subsidiaries, net of tax |
|
21.4 |
|
|
21.6 |
|
|
26.2 |
|
|
60.7 |
|
|
77.1 |
|
|
||||||||||||
Acquisition and integration-related items included in NCI, net of tax |
|
(0.4 |
) |
|
(0.4 |
) |
|
(0.3 |
) |
|
(1.8 |
) |
|
(1.5 |
) |
|
||||||||||||
Amortization of intangible assets included in NCI, net of tax |
|
3.3 |
|
|
2.8 |
|
|
3.1 |
|
|
11.9 |
|
|
12.2 |
|
|
||||||||||||
Adjusted income from operations |
$ |
217.9 |
|
$ |
226.4 |
|
$ |
246.5 |
|
$ |
756.9 |
|
$ |
867.6 |
|
|
||||||||||||
1 See Reconciliation of Net Income Attributable to AECOM to EBITDA and to Adjusted EBITDA 2 Included in other income 3 Excludes depreciation from noncore operating losses and acquisition and integration-related items |
|
|
AECOM |
||||||||||||||||
Regulation G Information |
||||||||||||||||
(in millions, except per share data) |
||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|
||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Segment Income from Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Design & Consulting Services Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
$ |
126.4 |
|
$ |
147.2 |
|
$ |
150.3 |
|
$ |
455.1 |
|
$ |
552.3 |
|
|
Noncore operating losses & transaction related expenses |
|
0.9 |
|
|
(2.0 |
) |
|
(1.6 |
) |
|
2.8 |
|
|
(3.9 |
) |
|
Impairment of long-lived assets, including goodwill |
|
- |
|
|
- |
|
|
15.2 |
|
|
- |
|
|
15.2 |
|
|
Gain on disposal activities |
|
- |
|
|
- |
|
|
(3.6 |
) |
|
- |
|
|
(3.6 |
) |
|
Amortization of intangible assets |
|
5.8 |
|
|
6.0 |
|
|
6.0 |
|
|
24.6 |
|
|
24.1 |
|
|
Adjusted income from operations |
$ |
133.1 |
|
$ |
151.2 |
|
$ |
166.3 |
|
$ |
482.5 |
|
$ |
584.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Services Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
$ |
21.3 |
|
$ |
28.5 |
|
$ |
(569.1 |
) |
$ |
(109.2 |
) |
$ |
(506.0 |
) |
|
Acquisition and integration-related items |
|
(4.8 |
) |
|
(4.2 |
) |
|
(4.2 |
) |
|
(12.7 |
) |
|
(16.8 |
) |
|
Noncore operating losses & transaction related expenses |
|
16.6 |
|
|
7.0 |
|
|
9.3 |
|
|
54.5 |
|
|
37.1 |
|
|
Impairment of long-lived assets, including goodwill |
|
- |
|
|
- |
|
|
590.5 |
|
|
168.2 |
|
|
590.5 |
|
|
Loss on disposal activities |
|
0.8 |
|
|
7.4 |
|
|
- |
|
|
2.9 |
|
|
7.4 |
|
|
Amortization of intangible assets |
|
11.7 |
|
|
10.3 |
|
|
9.6 |
|
|
52.6 |
|
|
40.3 |
|
|
Adjusted income from operations |
$ |
45.6 |
|
$ |
49.0 |
|
$ |
36.1 |
|
$ |
156.3 |
|
$ |
152.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management Services Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
$ |
49.9 |
|
$ |
52.5 |
|
$ |
51.2 |
|
$ |
199.6 |
|
$ |
206.1 |
|
|
Noncore operating losses & transaction related expenses |
|
- |
|
|
(0.4 |
) |
|
3.0 |
|
|
- |
|
|
2.6 |
|
|
Loss on disposal activities |
|
- |
|
|
- |
|
|
6.6 |
|
|
- |
|
|
6.6 |
|
|
Amortization of intangible assets |
|
9.9 |
|
|
9.4 |
|
|
9.5 |
|
|
39.2 |
|
|
37.9 |
|
|
Adjusted income from operations |
$ |
59.8 |
|
$ |
61.5 |
|
$ |
70.3 |
|
$ |
238.8 |
|
$ |
253.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|