Company Quick10K Filing
AECOM
Price37.45 EPS-1
Shares158 P/E-32
MCap5,906 P/FCF8
Net Debt2,205 EBIT-184
TEV8,111 TEV/EBIT-44
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-12
10-Q 2020-12-31 Filed 2021-02-10
10-K 2020-09-30 Filed 2020-11-19
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-06
10-Q 2019-12-31 Filed 2020-02-05
10-K 2019-09-30 Filed 2019-11-13
10-Q 2019-06-28 Filed 2019-08-07
10-Q 2019-03-29 Filed 2019-05-08
10-Q 2018-12-28 Filed 2019-02-06
10-K 2018-09-28 Filed 2018-11-13
10-Q 2018-06-29 Filed 2018-08-08
10-Q 2018-03-30 Filed 2018-05-09
10-Q 2017-12-29 Filed 2018-02-07
10-K 2017-09-29 Filed 2017-11-14
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10-Q 2017-03-31 Filed 2017-05-10
10-Q 2016-12-30 Filed 2017-02-08
10-K 2016-09-30 Filed 2016-11-16
10-Q 2016-07-01 Filed 2016-08-10
10-Q 2016-04-01 Filed 2016-05-11
10-Q 2016-01-01 Filed 2016-02-10
10-K 2015-10-02 Filed 2015-11-25
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-04-03 Filed 2015-05-13
10-Q 2015-01-02 Filed 2015-02-11
10-K 2014-09-30 Filed 2014-11-17
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-Q 2013-12-31 Filed 2014-02-05
10-K 2013-09-30 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-Q 2012-12-31 Filed 2013-02-06
10-K 2012-09-30 Filed 2012-11-19
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-07
10-Q 2011-12-31 Filed 2012-02-06
10-K 2011-09-30 Filed 2011-11-21
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-12-31 Filed 2011-02-09
10-K 2010-09-30 Filed 2010-11-22
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-Q 2009-12-31 Filed 2010-02-10
8-K 2021-02-16
8-K 2021-02-08
8-K 2020-12-07
8-K 2020-11-18
8-K 2020-11-16
8-K 2020-11-03
8-K 2020-10-02
8-K 2020-10-02
8-K 2020-09-22
8-K 2020-09-09
8-K 2020-08-31
8-K 2020-08-10
8-K 2020-08-04
8-K 2020-07-30
8-K 2020-07-21
8-K 2020-06-16
8-K 2020-06-15
8-K 2020-05-26
8-K 2020-05-19
8-K 2020-05-05
8-K 2020-04-03
8-K 2020-03-10
8-K 2020-01-28
8-K 2019-12-10
8-K 2019-11-27
8-K 2019-11-22
8-K 2019-11-18
8-K 2019-11-12
8-K 2019-10-12
8-K 2019-08-23
8-K 2019-08-06
8-K 2019-06-17
8-K 2019-05-08
8-K 2019-03-06
8-K 2019-02-04
8-K 2018-11-14
8-K 2018-11-12
8-K 2018-08-09
8-K 2018-08-07
8-K 2018-05-08
8-K 2018-03-13
8-K 2018-02-28
8-K 2018-02-14
8-K 2018-02-06

ACM 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II.Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosure
Item 6. Exhibits
EX-31.1 acm-20210331xex31d1.htm
EX-31.2 acm-20210331xex31d2.htm
EX-32 acm-20210331xex32.htm

AECOM Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
10.07.95.83.71.6-0.52012201420172020
Rev, G Profit, Net Income
3.32.00.6-0.7-2.1-3.42012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 10-Q

(Mark One)

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to           

Commission File Number 0-52423

AECOM

(Exact name of registrant as specified in its charter)

Delaware

    

61-1088522

State or Other Jurisdiction Of

Incorporation or Organization

I.R.S. Employer Identification Number

300 South Grand Avenue, Suite 900

Los Angeles, California

90071

Address of Principal Executive Offices

Zip Code

(213) 593-8100

Registrant’s Telephone Number, Including Area Code

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

 

Common Stock, $0.01 par value

ACM

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of May 6, 2021, 146,392,928 shares of the registrant’s common stock were outstanding.

Table of Contents

AECOM

INDEX

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements

1

Consolidated Balance Sheets as of March 31, 2021 (unaudited) and September 30, 2020

1

Consolidated Statements of Operations for the Three and Six Months Ended March 31, 2021 (unaudited) and March 31, 2020 (unaudited)

2

Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended March 31, 2021 (unaudited) and March 31, 2020 (unaudited)

3

Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended March 31, 2021 (unaudited) and March 31, 2020 (unaudited)

4

Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2021 (unaudited) and March 31, 2020 (unaudited)

6

Notes to Consolidated Financial Statements (unaudited)

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

50

Item 4.

Controls and Procedures

50

PART II.

OTHER INFORMATION

51

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 4.

Mine Safety Disclosure

52

Item 6.

Exhibits

53

SIGNATURES

54

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

AECOM

Consolidated Balance Sheets

(unaudited - in thousands, except share data)

March 31,

September 30, 

    

2021

    

2020

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

815,569

$

1,599,688

Cash in consolidated joint ventures

 

119,337

 

108,644

Total cash and cash equivalents

 

934,906

 

1,708,332

Accounts receivable—net

 

2,793,212

 

2,920,730

Contract assets

1,517,663

1,611,525

Prepaid expenses and other current assets

 

870,962

 

691,707

Current assets held for sale

102,859

562,435

Income taxes receivable

 

38,824

 

35,637

TOTAL CURRENT ASSETS

 

6,258,426

 

7,530,366

PROPERTY AND EQUIPMENT—NET

 

408,168

 

381,672

DEFERRED TAX ASSETS—NET

 

380,686

 

361,675

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

 

326,958

 

297,595

GOODWILL

 

3,512,839

 

3,484,221

INTANGIBLE ASSETS—NET

 

66,791

 

76,917

OTHER NON-CURRENT ASSETS

 

313,158

 

160,036

OPERATING LEASE RIGHT-OF-USE ASSETS

657,978

652,115

NON-CURRENT ASSETS HELD FOR SALE

 

58,829

 

54,354

TOTAL ASSETS

$

11,983,833

$

12,998,951

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Short-term debt

$

4,667

$

223

Accounts payable

 

2,115,110

 

2,358,228

Accrued expenses and other current liabilities

 

2,342,285

 

2,249,704

Income taxes payable

38,457

47,103

Contract liabilities

 

985,043

 

996,922

Current liabilities held for sale

74,103

417,623

Current portion of long-term debt

42,232

 

20,651

TOTAL CURRENT LIABILITIES

 

5,601,897

 

6,090,454

OTHER LONG-TERM LIABILITIES

 

146,225

 

162,784

OPERATING LEASE LIABILITIES, NON-CURRENT

734,218

745,287

LONG-TERM LIABILITIES HELD FOR SALE

60,263

79,254

DEFERRED TAX LIABILITY-NET

5,966

3,491

PENSION BENEFIT OBLIGATIONS

451,836

463,001

LONG-TERM DEBT

2,056,728

 

2,041,136

TOTAL LIABILITIES

 

9,057,133

 

9,585,407

COMMITMENTS AND CONTINGENCIES (Note 15)

AECOM STOCKHOLDERS’ EQUITY:

Common stock—authorized, 300,000,000 shares of $0.01 par value as of March 31, 2021 and September 30, 2020; issued and outstanding 146,751,065 and 157,044,687 shares as of March 31, 2021 and September 30, 2020, respectively

 

1,468

 

1,570

Additional paid-in capital

 

4,054,089

 

4,035,414

Accumulated other comprehensive loss

 

(895,736)

 

(918,674)

(Accumulated deficits) Retained earnings

 

(336,852)

 

174,248

TOTAL AECOM STOCKHOLDERS’ EQUITY

 

2,822,969

 

3,292,558

Noncontrolling interests

 

103,731

 

120,986

TOTAL STOCKHOLDERS’ EQUITY

 

2,926,700

 

3,413,544

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

11,983,833

$

12,998,951

See accompanying Notes to Consolidated Financial Statements.

1

Table of Contents

AECOM

Consolidated Statements of Operations

(unaudited - in thousands, except per share data)

Three Months Ended

Six Months Ended

    

March 31,

March 31,

    

March 31,

    

March 31,

2021

    

2020

    

2021

    

2020

Revenue

$

3,265,573

$

3,245,737

$

6,578,728

$

6,481,347

Cost of revenue

 

3,070,314

 

3,076,924

 

6,199,099

 

6,146,734

Gross profit

 

195,259

 

168,813

 

379,629

 

334,613

Equity in earnings of joint ventures

 

7,157

 

13,505

 

15,358

 

23,433

General and administrative expenses

 

(36,007)

 

(41,037)

 

(74,367)

 

(84,651)

Restructuring costs

(8,746)

(31,213)

(21,784)

(76,138)

Income from operations

 

157,663

110,068

298,836

 

197,257

Other income

 

3,477

 

2,430

7,330

 

6,438

Interest expense

 

(32,800)

 

(37,111)

(63,451)

 

(77,488)

Income from continuing operations before taxes

 

128,340

 

75,387

242,715

 

126,207

Income tax expense for continuing operations

 

35,148

 

21,604

60,749

 

37,510

Net income from continuing operations

 

93,192

 

53,783

181,966

 

88,697

Net loss from discontinued operations

 

(47,914)

 

(130,749)

(103,666)

 

(112,569)

Net income (loss)

 

45,278

 

(76,966)

78,300

(23,872)

Net income attributable to noncontrolling interests from continuing operations

(4,845)

(5,243)

(10,259)

(9,290)

Net income attributable to noncontrolling interests from discontinued operations

(1,074)

(3,917)

(2,554)

(12,360)

Net income attributable to noncontrolling interests

(5,919)

(9,160)

(12,813)

(21,650)

Net income attributable to AECOM from continuing operations

88,347

48,540

171,707

79,407

Net loss attributable to AECOM from discontinued operations

(48,988)

(134,666)

(106,220)

(124,929)

Net income (loss) attributable to AECOM

$

39,359

$

(86,126)

$

65,487

$

(45,522)

Net income (loss) attributable to AECOM per share:

Basic continuing operations per share

$

0.60

$

0.31

$

1.15

$

0.50

Basic discontinued operations per share

$

(0.33)

$

(0.85)

$

(0.71)

$

(0.79)

Basic earnings per share

$

0.27

$

(0.54)

$

0.44

$

(0.29)

Diluted continuing operations per share

$

0.59

$

0.30

$

1.13

$

0.49

Diluted discontinued operations per share

$

(0.33)

$

(0.84)

$

(0.70)

$

(0.77)

Diluted earnings per share

$

0.26

$

(0.54)

$

0.43

$

(0.28)

Weighted average shares outstanding:

Basic

 

147,770

 

158,550

149,597

 

157,941

Diluted

 

149,519

 

160,718

151,632

 

160,687

See accompanying Notes to Consolidated Financial Statements.

2

Table of Contents

AECOM

Consolidated Statements of Comprehensive Income (Loss)

(unaudited—in thousands)

Three Months Ended

Six Months Ended

    

March 31,

March 31,

    

March 31,

    

March 31,

2021

    

2020

    

2021

    

2020

Net income (loss)

$

45,278

$

(76,966)

$

78,300

$

(23,872)

Other comprehensive income (loss), net of tax:

Net unrealized gain on derivatives, net of tax

 

1,064

144

1,953

3,175

Foreign currency translation adjustments

 

(20,065)

(91,688)

31,886

(43,482)

Pension adjustments, net of tax

 

42

32,311

(10,711)

22,712

Other comprehensive income (loss), net of tax

 

(18,959)

(59,233)

23,128

(17,595)

Comprehensive income (loss), net of tax

 

26,319

(136,199)

101,428

(41,467)

Noncontrolling interests in comprehensive income (loss) of consolidated subsidiaries, net of tax

 

(5,904)

(8,835)

(13,003)

(21,432)

Comprehensive income (loss) attributable to AECOM, net of tax

$

20,415

$

(145,034)

$

88,425

$

(62,899)

See accompanying Notes to Consolidated Financial Statements.

3

Table of Contents

AECOM

Consolidated Statements of Stockholders’ Equity

(unaudited—in thousands)

    

    

Accumulated 

    

    

Total 

    

    

Additional 

Other 

Retained 

AECOM 

Non-

Total 

Common 

Paid-In 

Comprehensive

Earnings

Stockholders’ 

Controlling 

Stockholders’ 

    

Stock

    

Capital

    

 Loss

    

(Deficits)

    

Equity

    

Interests

    

Equity

BALANCE AT DECEMBER 31, 2020

$

1,486

$

4,038,149

$

(876,792)

$

(254,639)

$

2,908,204

$

111,973

$

3,020,177

Net income

39,359

39,359

5,919

45,278

Other comprehensive loss

(18,944)

(18,944)

(15)

(18,959)

Issuance of stock

4

7,901

7,905

7,905

Repurchases of stock

(22)

(1,220)

(121,572)

(122,814)

(122,814)

Stock based compensation

 

9,259

9,259

9,259

Other transactions with noncontrolling interests

(1,727)

(1,727)

Disposal of noncontrolling interest of business sold

(10,969)

(10,969)

Contributions from noncontrolling interests

 

  

 

 

 

 

 

147

 

147

Distributions to noncontrolling interests

 

  

 

 

 

 

 

(1,597)

 

(1,597)

BALANCE AT MARCH 31, 2021

$

1,468

$

4,054,089

 

$

(895,736)

 

$

(336,852)

 

$

2,822,969

 

$

103,731

 

$

2,926,700

    

    

Accumulated 

    

    

Total 

    

    

Additional 

Other 

Retained 

AECOM 

Non-

Total 

Common 

Paid-In 

Comprehensive

Earnings

Stockholders’ 

Controlling 

Stockholders’ 

    

Stock

    

Capital

    

 Loss

    

(Deficits)

    

Equity

    

Interests

    

Equity

BALANCE AT DECEMBER 31, 2019

$

1,582

$

3,956,596

$

(822,666)

$

537,490

$

3,673,002

$

186,402

$

3,859,404

Net loss

(86,126)

(86,126)

9,160

(76,966)

Other comprehensive loss

(58,908)

(58,908)

(325)

(59,233)

Issuance of stock

10

9,931

9,941

9,941

Repurchases of stock

(3)

(11,686)

(11,689)

(11,689)

Stock based compensation

5,282

5,282

5,282

Other transactions with noncontrolling interests

1,002

1,002

Disposal of noncontrolling interest of business sold

(60,089)

(60,089)

Contributions from noncontrolling interests

3,368

3,368

Distributions to noncontrolling interests

(5,497)

(5,497)

BALANCE AT MARCH 31, 2020

$

1,589

$

3,960,123

 

$

(881,574)

 

$

451,364

 

$

3,531,502

 

$

134,021

 

$

3,665,523

4

Table of Contents

    

Accumulated 

Total 

Additional 

Other 

Retained 

AECOM 

Non-

Total 

Common 

Paid-In 

Comprehensive

Earnings

Stockholders’ 

Controlling 

Stockholders’ 

    

Stock

    

Capital

    

 Loss

    

(Deficits)

    

Equity

    

Interests

    

Equity

BALANCE AT SEPTEMBER 30, 2020

$

1,570

$

4,035,414

$

(918,674)

$

174,248

$

3,292,558

$

120,986

$

3,413,544

Net income

65,487

65,487

12,813

78,300

Cumulative effect of accounting standard adoption

(7,979)

(7,979)

(7,979)

Other comprehensive income

22,938

22,938

190

23,128

Issuance of stock

19

16,995

17,014

17,014

Repurchases of stock

(121)

(22,942)

(568,608)

(591,671)

(591,671)

Stock based compensation