AECOM reports fourth quarter and full year fiscal 2022 results

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.

AECOM

Consolidated Statements of Income

(unaudited - in thousands, except per share data)

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

Sept 30,
2021

 

Sept 30,
2022

 

%
Change

 

Sept 30,
2021

 

Sept 30,
2022

 

%
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

3,353,767

 

 

$

3,426,113

 

 

2.2

%

 

$

13,340,852

 

 

$

13,148,182

 

 

(1.4

)%

 

Cost of revenue

 

3,136,509

 

 

3,208,845

 

 

2.3

%

 

12,542,431

 

 

12,300,208

 

 

(1.9

)%

 

Gross profit

 

217,258

 

 

217,268

 

 

0.0

%

 

798,421

 

 

847,974

 

 

6.2

%

 

Equity in earnings of joint ventures

 

11,416

 

 

26,282

 

 

130.2

%

 

35,044

 

 

53,640

 

 

53.1

%

 

General and administrative expenses

 

(44,365

)

 

(40,944

)

 

(7.7

)%

 

(155,072

)

 

(147,309

)

 

(5.0

)%

 

Restructuring costs

 

(14,085

)

 

(18,574

)

 

31.9

%

 

(48,840

)

 

(107,501

)

 

120.1

%

 

Income from operations

 

170,224

 

 

184,032

 

 

8.1

%

 

629,553

 

 

646,804

 

 

2.7

%

 

Other income

 

5,791

 

 

3,635

 

 

(37.2

)%

 

17,603

 

 

14,152

 

 

(19.6

)%

 

Interest expense

 

(25,863

)

 

(33,302

)

 

28.8

%

 

(238,352

)

 

(110,274

)

 

(53.7

)%

 

Income from continuing operations before taxes

 

150,152

 

 

154,365

 

 

2.8

%

 

408,804

 

 

550,682

 

 

34.7

%

 

Income tax expense for continuing operations

 

46,200

 

 

32,967

 

 

(28.6

)%

 

89,011

 

 

136,051

 

 

52.8

%

 

Income from continuing operations

 

103,952

 

 

121,398

 

 

16.8

%

 

319,793

 

 

414,631

 

 

29.7

%

 

Income (loss) from discontinued operations

 

2,355

 

 

(8,395

)

 

(456.5

)%

 

(116,813

)

 

(79,929

)

 

(31.6

)%

 

Net income

 

106,307

 

 

113,003

 

 

6.3

%

 

202,980

 

 

334,702

 

 

64.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests
from continuing operations

 

(8,949

)

 

(5,986

)

 

(33.1

)%

 

(25,109

)

 

(25,521

)

 

1.6

%

 

Net (income) loss attributable to noncontrolling interests from discontinued operations

 

(1,191

)

 

(1,399

)

 

17.5

%

 

(4,686

)

 

1,430

 

 

(130.5

)%

 

Net (income) loss attributable to noncontrolling interests

 

(10,140

)

 

(7,385

)

 

(27.2

)%

 

(29,795

)

 

(24,091

)

 

(19.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to AECOM from continuing operations

 

95,003

 

 

115,412

 

 

21.5

%

 

294,684

 

 

389,110

 

 

32.0

%

 

Net income (loss) attributable to AECOM from discontinued operations

 

1,164

 

 

(9,794

)

 

(941.4

)%

 

(121,499

)

 

(78,499

)

 

(35.4

)%

 

Net income attributable to AECOM

 

$

96,167

 

 

$

105,618

 

 

9.8

%

 

$

173,185

 

 

$

310,611

 

 

79.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to AECOM
per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.66

 

 

$

0.83

 

 

25.8

%

 

$

2.00

 

 

$

2.76

 

 

38.0

%

 

Discontinued operations

 

 

0.01

 

 

 

(0.07

)

 

(800.0

)%

 

 

(0.82

)

 

 

(0.55

)

 

(32.9

)%

 

Basic earnings per share

 

$

0.67

 

 

$

0.76

 

 

13.4

%

 

$

1.18

 

 

$

2.21

 

 

87.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.65

 

 

$

0.82

 

 

26.2

%

 

$

1.97

 

 

$

2.73

 

 

38.6

%

 

Discontinued operations

 

 

0.01

 

 

 

(0.07

)

 

(800.0

)%

 

 

(0.81

)

 

 

(0.55

)

 

(32.1

)%

 

Diluted earnings per share

 

$

0.66

 

 

$

0.75

 

 

13.6

%

 

$

1.16

 

 

$

2.18

 

 

87.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

143,812

 

 

139,626

 

 

(2.9

)%

 

147,279

 

 

140,768

 

 

(4.4

)%

 

Diluted

 

146,581

 

 

141,344

 

 

(3.6

)%

 

149,676

 

 

142,696

 

 

(4.7

)%

 

AECOM

Balance Sheet Information

(unaudited - in thousands)

 

September 30, 2021

 

September 30, 2022

 

Balance Sheet Information:

 

 

 

 

Total cash and cash equivalents

$

1,229,196

 

$

1,172,209

 

Accounts receivable and contract assets – net

 

3,988,522

 

 

3,723,111

 

Working capital

 

651,828

 

 

418,639

 

Total debt, excluding unamortized debt issuance costs

 

2,235,661

 

 

2,224,602

Total assets

 

11,733,954

 

 

11,139,315

 

Total AECOM stockholders’ equity

 

2,712,470

 

 

2,476,654

 

AECOM

Reportable Segments

(unaudited - in thousands)

 

 

 

 

 

 

 

 

Americas

International

AECOM
Capital

Corporate

Total

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

%

 

 

 

 

 

 

Three Months Ended September 30, 2021

 

 

 

 

 

Revenue

$

2,582,233

 

$

771,175

 

$

359

 

$

-

 

$

3,353,767

 

Cost of revenue

 

2,407,903

 

 

728,606

 

 

-

 

 

-

 

 

3,136,509

 

Gross profit

 

174,330

 

 

42,569

 

 

359

 

 

-

 

 

217,258

 

Equity in earnings of joint ventures

 

3,819

 

 

1,044

 

 

6,553

 

 

-

 

 

11,416

 

General and administrative expenses

 

-

 

 

-

 

 

(5,342

)

 

(39,023

)

 

(44,365

)

Restructuring costs

 

-

 

 

-

 

 

-

 

 

(14,085

)

 

(14,085

)

Income from operations

$

178,149

 

$

43,613

 

$

1,570

 

$

(53,108

)

$

170,224

 

 

 

 

 

 

 

Gross profit as a % of revenue

 

6.8

%

 

5.5

%

 

-

 

 

-

 

 

6.5

%

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Twelve Months Ended September 30, 2021

 

 

 

 

 

Revenue

$

10,226,287

 

$

3,112,566

 

$

1,999

 

$

-

 

$

13,340,852

 

Cost of revenue

 

9,594,675

 

 

2,947,756

 

 

-

 

 

-

 

 

12,542,431

 

Gross profit

 

631,612

 

 

164,810

 

 

1,999

 

 

-

 

 

798,421

 

Equity in earnings of joint ventures

 

11,443

 

 

12,192

 

 

11,409

 

 

-

 

 

35,044

 

General and administrative expenses

 

-

 

 

-

 

 

(11,112

)

 

(143,960

)

 

(155,072

)

Restructuring costs

 

-

 

 

-

 

 

-

 

 

(48,840

)

 

(48,840

)

Income from operations

$

643,055

 

$

177,002

 

$

2,296

 

$

(192,800

)

$

629,553

 

 

 

 

 

 

 

Gross profit as a % of revenue

 

6.2

%

 

5.3

%

 

-

 

 

-

 

 

6.0

%

 

 

 

 

 

 

Contracted backlog

$

19,085,092

 

$

4,019,846

 

$

-

 

$

-

 

$

23,104,938

 

Awarded backlog

 

14,036,004

 

 

1,189,016

 

 

-

 

 

-

 

 

15,225,020

 

Unconsolidated JV backlog

 

248,098

 

 

-

 

 

-

 

 

-

 

 

248,098

 

Total backlog

$

33,369,194

 

$

5,208,862

 

$

-

 

$

-

 

$

38,578,056

 

 

 

 

 

 

 

Total backlog – Design only

$

12,907,085

 

$

5,208,862

 

$

-

 

$

-

 

$

18,115,947

AECOM

Regulation G Information

(in millions)

Reconciliation of Revenue to Net Service Revenue (NSR)

Three Months Ended

 

Twelve Months Ended

 

 

Sep 30,
2021

 

Jun 30,
2022

 

Sep 30,
2022

 

Sep 30,
2021

 

Sep 30,
2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

2,582.2

 

$

2,457.0

 

$

2,618.9

 

$

10,226.3

 

$

9,939.3

 

 

Less: Pass-through revenue

 

1,662.4

 

 

1,530.7

 

 

1,671.4

 

 

6,629.4

 

 

6,228.2

 

 

Net service revenue

$

919.8

 

$

926.3

 

$

947.5

 

$

3,596.9

 

$

3,711.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

771.2

 

$

784.2

 

$

806.8

 

$

3,112.6

 

$

3,206.7

 

 

Less: Pass-through revenue

 

152.3

 

 

146.4

 

 

165.3

 

 

603.1

 

 

609.0

 

 

Net service revenue

$

618.9

 

$

637.8

 

$

641.5

 

$

2,509.5

 

$

2,597.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Performance (excludes ACAP)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

3,353.4

 

$

3,241.2

 

$

3,425.7

 

$

13,338.9

 

$

13,146.0

 

 

Less: Pass-through revenue

 

1,814.7

 

 

1,677.1

 

 

1,836.7

 

 

7,232.5

 

 

6,837.2

 

 

Net service revenue

$

1,538.7

 

$

1,564.1

 

$

1,589.0

 

$

6,106.4

 

$

6,308.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

3,353.8

 

$

3,241.7

 

$

3,426.1

 

$

13,340.9

 

$

13,148.2

 

 

Less: Pass-through revenue

 

1,814.7

 

 

1,677.1

 

 

1,836.7

 

 

7,232.5

 

 

6,837.2

 

 

Net service revenue

$

1,539.1

 

$

1,564.6

 

$

1,589.4

 

$

6,108.4

 

$

6,311.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total Debt to Net Debt

 

 

Balances at:

 

Sep 30, 2021

 

Jun 30, 2022

 

Sep 30, 2022

 

Short-term debt

$

4.4

 

$

2.3

 

$

5.0

 

Current portion of long-term debt

 

49.5

 

 

42.3

 

 

43.6

 

Long-term debt, excluding unamortized debt issuance costs

 

2,181.8

 

 

2,182.8

 

 

2,176.0

 

Total debt

 

2,235.7

 

 

2,227.4

 

 

2,224.6

 

Less: Total cash and cash equivalents

 

1,229.2

 

 

1,010.7

 

 

1,172.2

 

Net debt

$

1,006.5

 

$

1,216.7

 

$

1,052.4

 

 

 

 

 

 

 

 

 

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

 

 

Three Months Ended

 

Twelve Months Ended

 

 

Sep 30,
2021

 

Jun 30,
2022

 

Sep 30,
2022

 

Sep 30,
2021

 

Sep 30,
2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

$

318.1

 

 

$

204.9

 

 

$

315.6

 

 

$

704.7

 

 

$

713.7

 

 

Capital expenditures, net

 

(19.1

)

 

 

(22.0

)

 

 

(58.2

)

 

 

(121.5

)

 

 

(128.1

)

 

Free cash flow

$

299.0

 

 

$

182.9

 

 

$

257.4

 

 

$

583.2

 

 

$

585.6

 

 

AECOM

Regulation G Information

(in millions, except per share data)

 

Three Months Ended

Twelve Months Ended

 

Sep 30,
2021

Jun 30,
2022

Sep 30,
2022

Sep 30,
2021

Sep 30,
2022

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Income from Operations to Adjusted Income from Operations

Income from operations

$

170.3

 

$

183.0

 

$

184.0

 

$

629.6

 

$

646.8

 

Restructuring costs

 

14.0

 

 

12.3

 

 

18.5

 

 

48.8

 

 

107.5

 

Amortization of intangible assets

 

6.7

 

 

4.7

 

 

4.7

 

 

22.6

 

 

18.9

 

Adjusted income from operations

$

191.0

 

$

200.0

 

$

207.2

 

$

701.0

 

$

773.2

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Income from Continuing Operations Before Taxes to
Adjusted Income from Continuing Operations Before Taxes

Income from continuing operations before taxes

$

150.1

 

$

159.9

 

$

154.4

 

$

408.8

 

$

550.7

 

Restructuring costs

 

14.0

 

 

12.3

 

 

18.5

 

 

48.8

 

 

107.5

 

Amortization of intangible assets

 

6.7

 

 

4.7

 

 

4.7

 

 

22.6

 

 

18.9

 

Prepayment premium on debt

 

-

 

 

-

 

 

-

 

 

117.5

 

 

-

 

Financing charges in interest expense

 

1.3

 

 

1.2

 

 

1.3

 

 

11.4

 

 

4.9

 

Adjusted income from continuing operations before taxes

$

172.1

 

$

178.1

 

$

178.9

 

$

609.1

 

$

682.0

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Income Taxes for Continuing Operations to
Adjusted Income Taxes for Continuing Operations

Income tax expense for continuing operations

$

46.1

 

$

44.5

 

$

33.0

 

$

89.0

 

$

136.1

 

Tax effect of the above adjustments*

 

6.0

 

 

4.6

 

 

7.2

 

 

50.6

 

 

25.2

 

Valuation allowances and other tax only items

 

(7.3

)

 

(1.6

)

 

6.9

 

 

22.0

 

 

(0.4

)

Adjusted income tax expense for continuing operations

$

44.8

 

$

47.5

 

$

47.1

 

$

161.6

 

$

160.9

 

* 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 from Continuing Operations to
Adjusted Net Income Attributable to Noncontrolling Interests from Continuing Operations

Net income attributable to noncontrolling interests from continuing operations

$

(8.9

)

$

(8.5

)

$

(6.0

)

$

(25.1

)

$

(25.5

)

Amortization of intangible assets included in NCI, net of tax

 

(0.2

)

 

(0.1

)

 

(0.1

)

 

(0.6

)

 

(0.5

)

Adjusted net income attributable to noncontrolling interests from continuing operations

$

(9.1

)

$

(8.6

)

$

(6.1

)

$

(25.7

)

$

(26.0

)

 

 

 

 

 

 

 

 

 

 

 

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

$

95.1

 

$

106.9

 

$

115.4

 

$

294.7

 

$

389.1

 

Restructuring costs

 

14.0

 

 

12.3

 

 

18.5

 

 

48.8

 

 

107.5

 

Amortization of intangible assets

 

6.7

 

 

4.7

 

 

4.7

 

 

22.6

 

 

18.9

 

Prepayment premium on debt

 

-

 

 

-

 

 

-

 

 

117.5

 

 

-

 

Financing charges in interest expense

 

1.3

 

 

1.2

 

 

1.3

 

 

11.4

 

 

4.9

 

Tax effect of the above adjustments*

 

(6.0

)

 

(4.6

)

 

(7.2

)

 

(50.6

)

 

(25.2

)

Valuation allowances and other tax only items

 

7.3

 

 

1.6

 

 

(6.9

)

 

(22.0

)

 

0.4

 

Amortization of intangible assets included in NCI, net of tax

 

(0.2

)

 

(0.1

)

 

(0.1

)

 

(0.6

)

 

(0.5

)

Adjusted net income attributable to AECOM from continuing operations

$

118.2

 

$

122.0

 

$

125.7

 

$

421.8

 

$

495.1

 

* 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,
2021

Jun 30,
2022

Sep 30,
2022

Sep 30,
2021

Sep 30,
2022

 

 

 

 

 

 

 

 

 

 

 

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

$

0.65

 

$

0.75

 

$

0.82

 

$

1.97

 

$

2.73

 

Per diluted share adjustments:

 

 

 

 

 

 

 

 

 

 

Restructuring costs

 

0.09

 

 

0.09

 

 

0.13

 

 

0.33

 

 

0.75

 

Amortization of intangible assets

 

0.05

 

 

0.03

 

 

0.03

 

 

0.15

 

 

0.13

 

Prepayment premium on debt

 

-

 

 

-

 

 

-

 

 

0.79

 

 

-

 

Financing charges in interest expense

 

0.01

 

 

0.01

 

 

0.01

 

 

0.08

 

 

0.03

 

Tax effect of the above adjustments*

 

(0.04

)

 

(0.03

)

 

(0.05

)

 

(0.35

)

 

(0.17

)

Valuation allowances and other tax only items

 

0.05

 

 

0.01

 

 

(0.05

)

 

(0.15

)

 

-

 

Adjusted net income attributable to AECOM from continuing operations per diluted share

$

0.81

 

$

0.86

 

$

0.89

 

$

2.82

 

$

3.47

 

Weighted average shares outstanding – basic

 

143.8

 

 

140.6

 

 

139.6

 

 

147.3

 

 

140.8

 

Weighted average shares outstanding – diluted

 

146.6

 

 

142.2

 

 

141.3

 

 

149.7

 

 

142.7

 

* 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 to
Adjusted EBITDA and to Adjusted Income from Operations

Net income attributable to AECOM from continuing operations

$

95.1

 

$

106.9

 

$

115.4

 

$

294.7

 

$

389.1

 

Income tax expense

 

46.1

 

 

44.5

 

 

33.0

 

 

89.0

 

 

136.1

 

Depreciation and amortization

 

46.9

 

 

41.3

 

 

44.1

 

 

176.9

 

 

170.2

 

Interest income 2

 

(2.0

)

 

(2.8

)

 

(2.3

)

 

(6.7

)

 

(8.2

)

Interest expense

 

25.8

 

 

27.4

 

 

33.3

 

 

238.3

 

 

110.3

 

Amortized bank fees included in interest expense

 

(1.2

)

 

(1.2

)

 

(1.2

)

 

(11.4

)

 

(4.8

)

EBITDA

$

210.7

 

$

216.1

 

$

222.3

 

$

780.8

 

$

792.7

 

Restructuring costs

 

14.1

 

 

12.3

 

 

18.6

 

 

48.9

 

 

107.6

 

Adjusted EBITDA

$

224.8

 

$

228.4

 

$

240.9

 

$

829.7

 

$

900.3

 

Other income

 

(5.8

)

 

(4.3

)

 

(3.7

)

 

(17.6

)

 

(14.2

)

Depreciation 1

 

(39.1

)

 

(35.5

)

 

(38.3

)

 

(143.4

)

 

(146.9

)

Interest income 2

 

2.0

 

 

2.8

 

 

2.2

 

 

6.7

 

 

8.1

 

Noncontrolling interests in income of consolidated subsidiaries, net of tax

 

8.9

 

 

8.5

 

 

6.0

 

 

25.0

 

 

25.5

 

Amortization of intangible assets included in NCI,
net of tax

 

0.2

 

 

0.1

 

 

0.1

 

 

0.6

 

 

0.4

 

Adjusted income from operations

$

191.0

 

$

200.0

 

$

207.2

 

$

701.0

 

$

773.2

 

1 Excludes depreciation from discontinued operations
2 Included in other income

AECOM
Regulation G Information
(in millions, except per share data)

 

Three Months Ended

 

Twelve Months Ended

 

Sep 30,
2021

 

Jun 30,
2022

 

Sep 30,
2022

 

Sep 30,
2021

 

Sep 30,
2022

Reconciliation of Segment Income from Operations to Adjusted Income from Operations

Americas Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

$

178.1

 

$

167.5

 

$

169.5

 

$

643.0

 

$

653.8

Amortization of intangible assets

 

4.4

 

 

4.3

 

 

4.4

 

 

17.4

 

 

17.4

Adjusted income from operations

$

182.5

 

$

171.8

 

$

173.9

 

$

660.4

 

$

671.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

$

43.6

 

$

55.8

 

$

57.6

 

$

177.0

 

$

221.2

Amortization of intangible assets

 

2.3

 

 

0.3

 

 

0.3

 

 

5.2

 

 

1.4

Adjusted income from operations

$

45.9

 

$

56.1

 

$

57.9

 

$

182.2

 

$

222.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Performance (excludes ACAP):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

$

221.7

 

$

223.3

 

$

227.1

 

$

820.0

 

$

875.0

Amortization of intangible assets

 

6.7

 

 

4.6

 

 

4.7

 

 

22.6

 

 

18.8

Adjusted income from operations

$

228.4

 

$

227.9

 

$

231.8

 

$

842.6

 

$

893.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FY2023 GAAP EPS Guidance based on Adjusted EPS Guidance

(all figures approximate)

Fiscal Year End 2023

GAAP EPS Guidance

$3.21 to $3.47

Adjusted EPS excludes:

 

Amortization of intangible assets

$0.12

Amortization of deferred financing fees

$0.04

Restructuring expenses

$0.28 to $0.21

Tax effect of the above items

($0.11) to ($0.09)

Adjusted EPS Guidance

$3.55 to $3.75

 

 

FY2023 GAAP Net Income Attributable to AECOM from Continuing Operations Guidance
based on Adjusted EBITDA Guidance

(in millions, all figures approximate)

Fiscal Year End 2023

GAAP net income attributable to AECOM from continuing operations guidance*

$453 to $490

Adjusted net income attributable to AECOM from continuing operations excludes:

 

Amortization of intangible assets

$17

Amortization of deferred financing fees

$5

Restructuring expenses

$40 to $30

Tax effect of the above items

($15) to ($13)

Adjusted net income attributable to AECOM from continuing operations

$500 to $529

Adjusted EBITDA excludes:

 

Depreciation

$152

Adjusted interest expense, net

$120

Tax expense, including tax effect of above items

$163 to $174

Adjusted EBITDA Guidance

$935 to $975

* Calculated based on the mid-point of AECOM’s fiscal year 2023 EPS guidance

 

AECOM

Regulation G Information

FY2023 GAAP Interest Expense Guidance based on Adjusted Interest Expense Guidance

( in millions, all figures approximate)

Fiscal Year End 2023

GAAP Interest Expense Guidance

$135

Finance charges in interest expense

($5)

Interest income

($10)

Adjusted Net Interest Expense Guidance

$120

 

FY2023 GAAP Income Tax Guidance based on Adjusted Income Tax Guidance

(i n millions, all figures approximate)

Fiscal Year End 2023

GAAP Income tax expense

$148 to $161

Tax effect of adjusting items

$15 to $13

Adjusted income tax expense

$163 to $174

 

FY2023 GAAP Operating Cash Flow Guidance based on Free Cash Flow Guidance

(in millions, all figures approximate)

Fiscal Year End 2023

Operating cash flow guidance

$575 to $775

Capital expenditures, net of proceeds from equipment disposals

($100)

Free cash flow guidance

$475 to $675

 

 

FY2023 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 2023

Income from operations as a % of revenue

5.6%

Pass-through revenues

7.8%

Amortization of intangible assets

0.1%

AECOM Capital income from operations

(0.1)%

Corporate net expense

1.0%

Restructuring expenses

0.2%

Segment adjusted operating income as a % of net service revenue

14.6%

 

 


« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »
Featured Video
Jobs
Principal Engineer for Autodesk at San Francisco, California
Senior Principal Software Engineer for Autodesk at San Francisco, California
Machine Learning Engineer 3D Geometry/ Multi-Modal for Autodesk at San Francisco, California
Business Development Manager for Berntsen International, Inc. at Madison, Wisconsin
Mechanical Manufacturing Engineering Manager for Google at Sunnyvale, California
Senior Principal Mechanical Engineer for General Dynamics Mission Systems at Canonsburg, Pennsylvania
Upcoming Events
Digital Twins 2024 at the Gaylord National Resort & Convention Center in, MD. National Harbor MD - Dec 9 - 11, 2024
Commercial UAV Expo 2025 at Amsterdam Netherlands - Apr 8 - 10, 2025
Commercial UAV Expo 2025 at RAI Amsterdam Amsterdam Netherlands - Apr 8 - 11, 2025
BI2025 - 13th Annual Building Innovation Conference at Ritz-Carlton Tysons Corner McLean VA - May 19 - 21, 2025



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise