AECOM Historical Professional Services Financial Results
($ in millions) | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | |
Americas | ||||||||
Backlog | 31,243 | 32,029 | 31,184 | 32,064 | 32,064 | 32,064 | 37,195 | |
Revenue | 2,560 | 2,576 | 2,564 | 2,682 | 10,383 | 2,452 | 2,476 | |
Net Service Revenue (NSR)1 | 875 | 941 | 909 | 921 | 3,645 | 906 | 933 | |
Operating Income | 113 | 129 | 128 | 149 | 518 | 146 | 141 | |
Adjusted Operating Income2 | 128 | 132 | 132 | 163 | 555 | 151 | 146 | |
% of NSR | 14.4% | 14.1% | 14.5% | 17.8% | 15.2% | 16.6% | 15.6% | |
International | ||||||||
Backlog | 4,668 | 4,722 | 4,565 | 4,464 | 4,464 | 4,454 | 4,416 | |
Revenue | 792 | 835 | 795 | 830 | 3,252 | 783 | 770 | |
Net Service Revenue (NSR)1 | 637 | 654 | 633 | 646 | 2,570 | 634 | 626 | |
Operating Income | 15 | 22 | 33 | 35 | 105 | 29 | 36 | |
Adjusted Operating Income2 | 17 | 23 | 33 | 37 | 110 | 30 | 37 | |
% of NSR | 2.6% | 3.6% | 5.2% | 5.7% | 4.3% | 4.7% | 5.9% | |
Unallocated Corporate G&A | (34) | (36) | (36) | (37) | (143) | (35) | (28) | |
AECOM Capital Operating Income (Loss) | (0) | 10 | 1 | 11 | 21 | (1) | 4 | |
Continuing Operations Adjusted Operating Income2 | 110 | 129 | 129 | 174 | 543 | 144 | 159 | |
Depreciation | 31 | 35 | 34 | 36 | 136 | 33 | 30 | |
Non-Controlling Interests | (5) | (7) | (6) | (7) | (25) | (4) | (5) | |
Other Income (ex. Interest Income) | 1 | 1 | 1 | 1 | 4 | 1 | (1) | |
Continuing Operations Adjusted EBITDA2 | 137 | 158 | 159 | 204 | 657 | 173 | 182 |
1 Revenue, net of subcontract costs.
2 Excludes the impact of non-operating items, such as acquisition and integration-related items, transaction-related expenses and restructuring costs and other items. See following pages for a complete reconciliation of Non-GAAP measures.
* Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely
reflect the absolute figures.
Page 1
Non-GAAP Financial Measures
Reconciliation of Segment Income from Operations to Adjusted Income from Operations | ||||||||||||||||
Three Months Ended | Twelve Months Ended | Three Months Ended | ||||||||||||||
Americas Segment | 31-Dec-1831-Mar-1930-Jun-1930-Sep-19 | 30-Sep-19 | 31-Dec-1931-Mar-20 | |||||||||||||
Income from operations | $ | 113.5 | $ | 128.5 | $ | 127.7 | $ | 148.7 | $ | 518.4 | $ | 145.9 | $ | 141.0 | ||
Noncore operating losses & transition related expenses | 9.4 | (1.2) | (0.7) | (0.9) | 6.6 | 0.0 | 0.0 | |||||||||
Impairment of long-lived assets | 0.0 | 0.0 | 0.0 | 10.8 | 10.8 | 0.0 | 0.0 | |||||||||
Amortization of intangible assets | 4.8 | 4.8 | 4.8 | 4.8 | 19.2 | 4.7 | 4.8 | |||||||||
Adjusted income from operations | $ | 127.7 | $ | 132.1 | $ | 131.8 | $ | 163.4 | $ | 555.0 | $ | 150.6 | $ | 145.8 |
Three Months Ended | Twelve Months Ended | Three Months Ended | |||||||||||||||
International Segment | 31-Dec-18 | 31-Mar-1930-Jun-1930-Sep-19 | 30-Sep-19 | 31-Dec-1931-Mar-20 | |||||||||||||
Income from operations | $ | 15.1 | $ | 21.7 | $ | 33.1 | $ | 35.1 | $ | 105.0 | $ | 28.7 | $ | 35.8 | |||
Noncore operating losses & transition related expenses | 0.0 | 0.0 | (1.8) | (0.3) | (2.1) | (0.1) | 0.0 | ||||||||||
Impairment of long-lived assets | 0.0 | 0.0 | 0.0 | 4.4 | 4.4 | 0.0 | 0.0 | ||||||||||
Gain on disposal activities | 0.0 | 0.0 | 0.0 | (3.6) | (3.6) | 0.0 | 0.0 | ||||||||||
Amortization of intangible assets | 1.5 | 1.6 | 1.5 | 1.4 | 6.0 | 1.4 | 1.4 | ||||||||||
Adjusted income from operations | $ | 16.6 | $ | 23.3 | $ | 32.8 | $ | 37.0 | $ | 109.7 | $ | 30.0 | $ | 37.2 | |||
Reconciliation of Income from Operations to Adjusted Income from Operations | |||||||||||||||||
Three Months Ended | Twelve Months Ended | Three Months Ended | |||||||||||||||
Continuing Operations | 31-Dec-18 | 31-Mar-1930-Jun-1930-Sep-19 | 30-Sep-19 | 31-Dec-1931-Mar-20 | |||||||||||||
Income from operations | $ | 30.8 | $ | 108.2 | $ | 125.5 | $ | 131.6 | $ | 396.1 | $ | 87.2 | $ | 110.1 | |||
Noncore operating losses & transition related expenses | 9.4 | (1.2) | (2.5) | (1.2) | 4.5 | 5.6 | 0.0 | ||||||||||
Impairment of long-lived assets | 0.0 | 0.0 | 0.0 | 24.9 | 24.9 | 0.0 | 0.0 | ||||||||||
Accelerated depreciation of project management tool | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 11.3 | ||||||||||
Restructuring costs | 63.3 | 15.9 | 0.0 | 16.2 | 95.4 | 44.9 | 31.2 | ||||||||||
Gain on disposal activities | 0.0 | 0.0 | 0.0 | (3.6) | (3.6) | 0.0 | 0.0 | ||||||||||
Amortization of intangible assets | 6.3 | 6.3 | 6.4 | 6.2 | 25.2 | 6.1 | 6.2 | ||||||||||
Adjusted income from operations | $ | 109.8 | $ | 129.2 | $ | 129.4 | $ | 174.1 | $ | 542.5 | $ | 143.8 | $ | 158.8 |
Page 2
Non-GAAP Financial Measures
Reconciliation of Adjusted Income from Operations to Adjusted EBITDA | ||||||||||||||||
Three Months Ended | Twelve Months Ended | Three Months Ended | ||||||||||||||
Continuing Operations | 31-Dec-1831-Mar-1930-Jun-1930-Sep-19 | 30-Sep-19 | 31-Dec-1931-Mar-20 | |||||||||||||
Adjusted income from operations | $ | 109.8 | $ | 129.2 | $ | 129.4 | $ | 174.1 | $ | 542.5 | $ | 143.8 | $ | 158.8 | ||
Depreciation | 31.4 | 34.7 | 34.0 | 36.3 | 136.4 | 33.1 | 30.0 | |||||||||
Noncontrolling interests in income of consolidated subsidiaries, net of tax | (5.0) | (7.2) | (6.2) | (7.0) | (25.4) | (4.1) | (5.4) | |||||||||
Other Income (ex. Interest Income) | 0.8 | 0.9 | 1.3 | 0.5 | 3.5 | 0.6 | (1.2) | |||||||||
Adjusted EBITDA | $ | 137.0 | $ | 157.6 | $ | 158.5 | $ | 203.9 | $ | 657.0 | $ | 173.4 | $ | 182.2 |
Reconciliation of Revenue to Revenue, Net of Subcontractor and Other Direct Costs (NSR)
Three Months Ended | Twelve Months Ended | Three Months Ended | |||||||||||||||
31-Dec-18 | 31-Mar-19 | 30-Jun-1930-Sep-19 | 30-Sep-19 | 31-Dec-19 | 31-Mar-20 | ||||||||||||
Americas | |||||||||||||||||
Revenue | $ | 2,560.4 | $ | 2,576.5 | $ | 2,563.8 | $ | 2,681.9 | $ | 10,382.6 | $ | 2,452.0 | $ | 2,475.7 | |||
Less: Subcontractor and other direct costs | 1,685.4 | 1,636.0 | 1,655.2 | 1,761.3 | 6,737.9 | 1,546.4 | 1,542.5 | ||||||||||
Revenue, net of subcontractor and other direct costs | $ | 875.0 | $ | 940.5 | $ | 908.6 | $ | 920.6 | $ | 3,644.7 | $ | 905.6 | $ | 933.2 | |||
International | |||||||||||||||||
Revenue | $ | 792.0 | $ | 834.6 | $ | 794.8 | $ | 830.2 | $ | 3,251.7 | $ | 783.1 | $ | 769.5 | |||
Less: Subcontractor and other direct costs | 155.0 | 180.4 | 161.8 | 184.7 | 681.9 | 149.5 | 143.2 | ||||||||||
Revenue, net of subcontractor and other direct costs | $ | 637.0 | $ | 654.3 | $ | 633.0 | $ | 645.5 | $ | 2,569.8 | $ | 633.6 | $ | 626.3 | |||
ACAP | |||||||||||||||||
Revenue | $ | 3.9 | $ | 1.5 | $ | 1.4 | $ | 1.3 | $ | 8.2 | $ | 0.5 | $ | 0.5 | |||
Revenue, net of subcontractor and other direct costs | $ | 3.9 | $ | 1.5 | $ | 1.4 | $ | 1.3 | $ | 8.2 | $ | 0.5 | $ | 0.5 | |||
PageConsolidated | |||||||||||||||||
Revenue | $ | 3,356.3 | $ | 3,412.6 | $ | 3,360.0 | $ | 3,513.5 | $ | 13,642.5 | $ | 3,235.6 | $ | 3,245.7 |
Additional Information
Adjusted Income from Operations to Adjusted Net Income from Continuing Operations | |||||||||||||||||
Three Months Ended | Twelve Months Ended | Three Months Ended | |||||||||||||||
Continuing Operations | 31-Dec-18 | 31-Mar-1930-Jun-1930-Sep-19 | 30-Sep-19 | 31-Dec-1931-Mar-20 | |||||||||||||
Adjusted income from Operations | $ | 109.8 | $ | 129.2 | $ | 129.4 | $ | 174.1 | $ | 542.5 | $ | 143.8 | $ | 158.8 | |||
Other income | 3.0 | 3.6 | 4.5 | 3.5 | 14.6 | 4.0 | 2.4 | ||||||||||
Interest expense | (39.4) | (41.3) | (40.7) | (40.2) | (161.6) | (40.4) | (37.1) | ||||||||||
Interest expense related to deferred financing fees | 2.4 | 2.4 | 2.5 | 3.4 | 10.7 | 2.0 | 0.9 | ||||||||||
Income before tax (Excl restruct, amort, noncore & trans costs) | $ | 75.8 | $ | 93.9 | $ | 95.7 | $ | 140.8 | $ | 406.2 | $ | 109.4 | $ | 125.0 | |||
Income tax expense (Excl impact of restruct, amort, noncore & trans costs) | (13.5) | (19.8) | (20.2) | (29.8) | (83.3) | (30.7) | (31.9) | ||||||||||
Net income from continuing operations (Excl all adjusting items) | $ | 62.3 | $ | 74.1 | $ | 75.5 | $ | 111.0 | $ | 322.9 | $ | 78.7 | $ | 93.1 | |||
Income from Operations to Net Income Attributable to AECOM from Continuing Operations | |||||||||||||||||
Three Months Ended | Twelve Months Ended | Three Months Ended | |||||||||||||||
Continuing Operations | 31-Dec-18 | 31-Mar-1930-Jun-1930-Sep-19 | 30-Sep-19 | 31-Dec-1931-Mar-20 | |||||||||||||
Income from operations | $ | 30.8 | $ | 108.1 | $ | 125.6 | $ | 131.6 | $ | 396.1 | $ | 87.2 | $ | 110.1 | |||
Other income | 3.0 | 3.8 | 4.2 | 3.6 | 14.6 | 4.0 | 2.4 | ||||||||||
Interest expense | (39.4) | (41.4) | (40.5) | (40.2) | (161.5) | (40.4) | (37.1) | ||||||||||
(Loss) income before tax | $ | (5.6) | $ | 70.5 | $ | 89.3 | $ | 95.0 | $ | 249.2 | $ | 50.8 | $ | 75.4 | |||
Income tax benefit (expense) | 42.5 | (12.2) | (27.2) | (16.6) | (13.5) | (15.9) | (21.6) | ||||||||||
Net income from continuing operations | $ | 36.9 | $ | 58.3 | $ | 62.1 | $ | 78.4 | $ | 235.7 | $ | 34.9 | $ | 53.8 | |||
NCI from continuing operations | (4.9) | (6.9) | (6.1) | (6.8) | (24.7) | (4.0) | (5.3) | ||||||||||
Net income attributable to AECOM from continuing operations | $ | 32.0 | $ | 51.4 | $ | 56.0 | $ | 71.6 | $ | 211.0 | $ | 30.9 | $ | 48.5 |
Page 4
Non-GAAP Financial Information
This presentation 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 EBITDA, adjusted net/operating income, and net service revenue provide a meaningful perspective on its business results as the Company utilizes this information to evaluate and manage the business. We use adjusted EBITDA and adjusted net/operating income to exclude the impact of non-operating items, such as amortization expense, taxes and non-cash fixed asset impairment to aid investors in better understanding our core performance results. We present net service revenue to exclude subcontractor costs from revenue to provide investors with a better understanding of our operational performance.
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 above.
Page 5
Attachments
- Original document
- Permalink
Disclaimer
AECOM published this content on 18 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2020 12:42:03 UTC
