AECOM reports first quarter fiscal year 2020 results

LOS ANGELES — (BUSINESS WIRE) — February 3, 2020 — AECOM (NYSE: ACM), the world’s premier infrastructure firm, today reported first quarter fiscal year 2020 results.

(from Continuing Operations
$ in millions, except EPS)

As Reported

Adjusted1
(Non-GAAP)

As Reported YoY
% Change

Adjusted YoY
% Change

 

 

Revenue

$3,236

--

(4%)

--

 

 

Net Service Revenue (NSR)2

--

$1,540

--

1%3

 

 

Operating Income

$87

$144

183%

31%

 

 

Net Income

$31

$75

(4%)

30%

 

 

Segment Operating Margin4 (NSR)

--

11.7%

--

+230 bps

 

 

EBITDA

--

$173

--

27%

 

 

EPS (Fully Diluted)

$0.19

$0.46

(5%)

30%

 

 

Backlog

36,518

--

2%5

--

 

 

First Quarter Accomplishments and Financial Outlook:

  • On January 31st, AECOM completed the sale of its Management Services (MS) business at a premium valuation.
  • Revenue was $3.2 billion, and net service revenue2 increased by 1% on an organic basis3, reflecting growth in the Americas segment and stable performance in the International segment.
  • Net income was $31 million and diluted earnings per share was $0.19; on an adjusted1 basis, diluted earnings per share was $0.46.
  • Adjusted EBITDA1 increased by 27% over the prior year to $173 million, reflecting the benefits of the Company’s strategic actions that focused on increasing profitability and margins and capitalizing on a near-record level of backlog.
  • The segment adjusted operating margin1, 4 on NSR2 was 11.7%, which was a 230 basis point improvement over the prior year and was consistent with the Company’s full year margin guidance.
  • Underlying free cash flow6 in the quarter was consistent with expectations after adjusting for timing-related impacts in MS; nearly all of these delayed collections were recovered prior to the closing of the MS sale in January.
  • AECOM reiterated its fiscal 2020 financial guidance, including its expectation for adjusted EBITDA1 between $720 million and $760 million and for free cash flow6 between $100 million and $300 million.
  • The Company expects to utilize the proceeds from the MS sale to reduce debt in the second quarter, including the immediate repayment of substantially all of its pre-payable debt, and to repurchase stock while maintaining its long-term net leverage7 target of 2.0-2.5x.

“The strategic actions we have taken and continue to take to simplify our operating structure and transform into a higher-returning and lower-risk Professional Services business have delivered a substantial increase in shareholder value,” said Michael S. Burke, AECOM’s chairman and chief executive officer. “I am proud of the many successes we have achieved as an organization over the last several years and AECOM is better positioned than ever to continue this momentum into the future.”

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