AECOM reports fourth quarter and full year fiscal year 2019 results

Balance Sheet and Cash Flow Information

(in thousands)

 

 

 

September 30,
2018

 

 

September 30,
2019

 

 

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 &
Consulting
Services

 

Construction
Services

 

Management
Services

 

AECOM
Capital

 

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 &
Consulting
Services

 

Construction
Services

 

Management
Services

 

AECOM
Capital

 

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
September 30, 2019

 

 

Twelve Months Ended
September 30, 2019

 

 

 

Total

 

Provided by
Acquired
Companies

 

Excluding
Effect of
Acquired
Companies

 

 

Total

 

Provided by
Acquired
Companies

 

Excluding
Effect of
Acquired
Companies

 

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,
2018

 

Jun 30,
2019

 

Sep 30,
2019

 

Sep 30,
2018

 

Sep 30,
2019

 

 

 

 

 

 

 

 

 

 

 

 

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,
2018

 

Jun 30,
2019

 

 

Sep 30,
2019

 

 

 

Sep 30,
2018

 

Sep 30,
2019

 

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,
2018

 

Jun 30,
2019

 

Sep 30,
2019

 

Sep 30,
2018

 

Sep 30,
2019

 

Reconciliation of Income from Operations to
Adjusted Income from Operations

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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
Adjusted Income Before Income Taxes

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,
2018

 

Jun 30,
2019

 

Sep 30,
2019

 

Sep 30,
2018

 

Sep 30,
2019

 
                                 

Reconciliation of Income Taxes to
Adjusted Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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
Adjusted Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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
to Adjusted 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,
net of tax

 

 

(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,
2018

 

 

Jun 30,
2019

 

Sep 30,
2019

 

Sep 30,
2018

 

Sep 30,
2019

 

 

Reconciliation of Net Income per Diluted Share
to Adjusted 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,
2018

 

Jun 30,
2019

 

Sep 30,
2019

 

Sep 30,
2018

 

Sep 30,
2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Segment Income from Operations
to Adjusted 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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