AECOM reports fourth quarter and full year fiscal year 2019 results

LOS ANGELES — (BUSINESS WIRE) — November 12, 2019 — AECOM (NYSE: ACM), the world’s premier infrastructure firm, today reported fourth quarter and full year fiscal year 2019 results.

 

 

Full Year Fiscal 2019

 

 

As Reported

 

Adjusted1
(Non-GAAP)

 

As Reported YoY
% Change

 

Adjusted YoY
% Change

Revenue

 

$20,173

 

--

 

0%

 

--

Operating Income

 

$25

 

$868

 

(94%)

 

15%

Net Income

 

($261)

 

$440

 

NM

 

1%

EPS (Fully Diluted)

 

($1.66)

 

$2.75

 

NM

 

3%

EBITDA

 

--

 

$948

 

--

 

13%

Operating Cash Flow

 

$778

 

--

 

0%

 

--

Free Cash Flow

 

--

 

$6942

 

--

 

1%

Backlog

 

59,657

 

--

 

11%3

 

--

Fourth Quarter and Full Year Fiscal 2019 Accomplishments:

  • Full year revenue of $20.2 billion increased slightly from the prior year and set a new record for the Company; full year revenue increased by 2% on an organic4 basis, primarily driven by continued growth in the Americas design and Management Services businesses.
  • Full year net loss and diluted loss per share were $261 million and $1.66, respectively, and included a $588 million non-cash impairment to goodwill related to the Company’s at-risk, self-perform construction businesses, which the Company intends to exit; on an adjusted1 basis, diluted earnings per share was $2.75, which was consistent with the Company’s expectations.
  • Fourth quarter adjusted EBITDA1 increased by 12% over the prior year to $261 million and full year adjusted EBITDA increased by 13% to $948 million due primarily to higher margins and profitability in the DCS segment, as well as higher profitability in the MS segment.
  • The fourth quarter DCS operating margin and adjusted operating margin1 of 7.2% and 8.0%, respectively, set new records, and resulted in 120 basis point increase for the full year record DCS adjusted operating margin to 7.1%.
  • The Company reiterated guidance for an adjusted operating margin 1 in the DCS segment in excess of 8.0% in fiscal 2020, which would translate to an approximately 11.5% adjusted operating margin on a net service revenue 5 (NSR) basis.
  • Fourth quarter operating cash flow of $794 million and free cash flow 2 of $779 million set new records for the Company and enabled $413 million of debt reduction and resulted in net leverage 6 of 2.2x, which is within the Company’s 2.0x - 2.5x target range.
  • Full year free cash flow 2 of $694 million marked the fifth consecutive year of free cash flow generation in excess of $600 million; the Company has now generated $3.4 billion of cumulative free cash flow since fiscal 2015.

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