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 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
10-Q 2017-06-30 Filed 2017-08-09
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 2020-08-31 Leave Agreement, Exhibits
8-K 2020-08-10 Officers, Other Events, Exhibits
8-K 2020-08-04 Officers
8-K 2020-07-30 Earnings, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-07-21 Other Events, Exhibits
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 5. Other Information
Item 6. Exhibits
EX-10.1 acm-20200630xex10d1.htm
EX-10.2 acm-20200630xex10d2.htm
EX-10.3 acm-20200630xex10d3.htm
EX-31.1 acm-20200630xex31d1.htm
EX-31.2 acm-20200630xex31d2.htm
EX-32 acm-20200630xex32.htm
EX-95 acm-20200630xex95.htm

AECOM Earnings 2020-06-30

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 June 30, 2020

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

1999 Avenue of the Stars, Suite 2600

Los Angeles, California

90067

Address of Principal Executive Offices

Zip Code

(213) 593-8000

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 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 July 31, 2020, 160,388,749 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 June 30, 2020 (unaudited) and September 30, 2019 (unaudited)

1

Consolidated Statements of Operations for the Three and Nine Months Ended June 30, 2020 (unaudited) and June 30, 2019 (unaudited)

2

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended June 30, 2020 (unaudited) and June 30, 2019 (unaudited)

3

Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended June 30, 2020 (unaudited) and June 30, 2019 (unaudited)

4

Consolidated Statements of Cash Flows for the Nine Months Ended June 30, 2020 (unaudited) and June 30, 2019 (unaudited)

6

Notes to Consolidated Financial Statements (unaudited)

7

Item 2.

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

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

48

Item 4.

Controls and Procedures

49

PART II.

OTHER INFORMATION

49

Item 1.

Legal Proceedings

49

Item 1A.

Risk Factors

49

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

66

Item 4.

Mine Safety Disclosure

66

Item 5.

Other Information

66

Item 6.

Exhibits

66

SIGNATURES

68

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

AECOM

Consolidated Balance Sheets

(unaudited - in thousands, except share data)

June 30, 

September 30, 

    

2020

    

2019

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

1,229,479

$

777,476

Cash in consolidated joint ventures

 

101,789

 

108,163

Total cash and cash equivalents

 

1,331,268

 

885,639

Accounts receivable—net

 

2,811,876

 

2,869,216

Contract assets

1,679,983

1,581,806

Prepaid expenses and other current assets

 

668,739

 

515,593

Current assets held for sale

743,819

1,633,302

Income taxes receivable

 

54,677

 

49,089

TOTAL CURRENT ASSETS

 

7,290,362

 

7,534,645

PROPERTY AND EQUIPMENT—NET

 

388,864

 

405,605

DEFERRED TAX ASSETS—NET

 

382,834

 

288,949

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

 

240,525

 

256,131

GOODWILL

 

3,466,584

 

3,476,813

INTANGIBLE ASSETS—NET

 

81,995

 

99,636

OTHER NON-CURRENT ASSETS

153,173

172,134

OPERATING LEASE RIGHT-OF-USE ASSETS

645,391

NON-CURRENT ASSETS HELD FOR SALE

 

395,325

 

2,316,995

TOTAL ASSETS

$

13,045,053

$

14,550,908

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Short-term debt

$

10,437

$

47,835

Accounts payable

 

2,098,617

 

2,410,838

Accrued expenses and other current liabilities

 

2,171,389

 

1,878,319

Income taxes payable

35,966

59,541

Contract liabilities

 

945,885

 

851,040

Current liabilities held for sale

475,116

1,163,654

Current portion of long-term debt

 

14,261

 

50,527

TOTAL CURRENT LIABILITIES

 

5,751,671

 

6,461,754

OTHER LONG-TERM LIABILITIES

 

132,047

 

266,304

OPERATING LEASE LIABILITIES

737,438

LONG-TERM LIABILITIES HELD FOR SALE

96,915

313,962

DEFERRED TAX LIABILITY—NET

37,910

4,511

PENSION BENEFIT OBLIGATIONS

355,215

387,042

LONG-TERM DEBT

 

2,047,988

 

3,217,985

TOTAL LIABILITIES

 

9,159,184

 

10,651,558

COMMITMENTS AND CONTINGENCIES (Note 15)

AECOM STOCKHOLDERS’ EQUITY:

Common stock—authorized, 300,000,000 shares of $0.01 par value as of June 30, 2020 and September 30, 2019; issued and outstanding 160,213,426 and 157,482,983 shares as of June 30, 2020 and September 30, 2019, respectively

 

1,602

 

1,575

Additional paid-in capital

 

4,008,202

 

3,953,650

Accumulated other comprehensive loss

 

(805,613)

 

(864,197)

Retained earnings

 

540,703

 

599,548

TOTAL AECOM STOCKHOLDERS’ EQUITY

 

3,744,894

 

3,690,576

Noncontrolling interests

 

140,975

 

208,774

TOTAL STOCKHOLDERS’ EQUITY

 

3,885,869

 

3,899,350

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

13,045,053

$

14,550,908

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

Nine Months Ended

June 30, 

June 30, 

    

June 30, 

    

June 30, 

    

2020

    

2019

    

2020

    

2019

Revenue

$

3,189,679

$

3,360,029

$

9,671,026

$

10,128,972

Cost of revenue

 

3,004,600

 

3,206,174

 

9,151,334

 

9,706,884

Gross profit

 

185,079

 

153,855

 

519,692

 

422,088

Equity in earnings of joint ventures

 

8,573

 

9,186

 

32,006

 

32,418

General and administrative expenses

 

(54,482)

 

(37,534)

 

(139,133)

 

(110,867)

Restructuring costs

(20,300)

(96,438)

(79,170)

Income from operations

 

118,870

 

125,507

 

316,127

 

264,469

Other income

 

3,119

 

4,329

 

9,557

 

11,075

Interest expense

 

(34,925)

 

(40,497)

 

(112,413)

 

(121,329)

Income from continuing operations before taxes

 

87,064

 

89,339

 

213,271

 

154,215

Income tax (benefit) expense for continuing operations

 

(7,184)

 

27,203

 

30,326

 

(3,114)

Net income from continuing operations

 

94,248

 

62,136

 

182,945

 

157,329

Net (loss) income from discontinued operations

 

(126)

 

43,252

 

(112,695)

 

106,664

Net income

94,122

105,388

70,250

263,993

Net income attributable to noncontrolling interests from continuing operations

(3,138)

(6,092)

(12,428)

(17,930)

Net income attributable to noncontrolling interests from discontinued operations

(1,645)

(15,558)

(14,005)

(32,961)

Net income attributable to noncontrolling interests

(4,783)

(21,650)

(26,433)

(50,891)

Net income attributable to AECOM from continuing operations

91,110

56,044

170,517

139,399

Net (loss) income attributable to AECOM from discontinued operations

(1,771)

27,694

(126,700)

73,703

Net income attributable to AECOM

$

89,339

$

83,738

$

43,817

$

213,102

Net income attributable to AECOM per share:

Basic continuing operations per share

$

0.57

$

0.36

$

1.07

$

0.89

Basic discontinued operations per share

$

(0.01)

$

0.17

$

(0.79)

$

0.47

Basic earnings per share

$

0.56

$

0.53

$

0.28

$

1.36

Diluted continuing operations per share

$

0.56

$

0.35

$

1.06

$

0.88

Diluted discontinued operations per share

$

(0.01)

$

0.17

$

(0.79)

$

0.46

Diluted earnings per share

$

0.55

$

0.52

$

0.27

$

1.34

Weighted average shares outstanding:

Basic

 

160,119

 

157,429

 

158,667

 

156,822

Diluted

 

161,835

 

159,787

 

161,070

 

159,269

See accompanying Notes to Consolidated Financial Statements.

2

Table of Contents

AECOM

Consolidated Statements of Comprehensive Income

(unaudited—in thousands)

Three Months Ended

Nine Months Ended

June 30, 

June 30, 

    

June 30, 

    

June 30, 

    

2020

    

2019

    

2020

    

2019

Net income

$

94,122

$

105,388

$

70,250

$

263,993

Other comprehensive income (loss), net of tax:

Net unrealized (loss) gain on derivatives, net of tax

 

(18)

 

(3,570)

 

3,157

 

(13,926)

Foreign currency translation adjustments

 

71,595

 

(6,073)

 

28,113

 

(5,108)

Pension adjustments, net of tax

 

4,617

 

2,464

 

27,329

 

4,367

Other comprehensive income (loss), net of tax

 

76,194

 

(7,179)

 

58,599

 

(14,667)

Comprehensive income, net of tax

 

170,316

 

98,209

 

128,849

 

249,326

Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax

 

(5,016)

 

(21,846)

 

(26,448)

 

(51,290)

Comprehensive income attributable to AECOM, net of tax

$

165,300

$

76,363

$

102,401

$

198,036

See accompanying Notes to Consolidated Financial Statements.

3

Table of Contents

AECOM

Consolidated Statements of Stockholders’ Equity

(unaudited—in thousands)

    

    

Accumulated 

    

    

Total 

    

    

Additional 

Other 

AECOM 

Non-

Total 

Common 

Paid-In 

Comprehensive

Retained 

Stockholders’ 

Controlling 

Stockholders’ 

    

Stock

    

Capital

    

 Loss

    

Earnings

    

Equity

    

Interests

    

Equity

BALANCE AT MARCH 31, 2020

$

1,589

$

3,960,123

$

(881,574)

$

451,364

$

3,531,502

$

134,021

$

3,665,523

Net income

89,339

89,339

4,783

94,122

Other comprehensive income

75,961

75,961

233

76,194

Issuance of stock

13

37,859

37,872

37,872

Repurchases of stock

(280)

(280)

(280)

Stock based compensation

 

10,500

10,500

10,500

Other transactions with noncontrolling interests

3,545

3,545

Contributions from noncontrolling interests

 

  

 

 

 

 

 

2,108

 

2,108

Distributions to noncontrolling interests

 

  

 

 

 

 

 

(3,715)

 

(3,715)

BALANCE AT JUNE 30, 2020

$

1,602

$

4,008,202

 

$

(805,613)

 

$

540,703

 

$

3,744,894

 

$

140,975

 

$

3,885,869

    

Accumulated 

Total 

Additional 

Other 

AECOM 

Non-

Total 

Common 

Paid-In 

Comprehensive

Retained 

Stockholders’ 

Controlling 

Stockholders’ 

    

Stock

    

Capital

    

 Loss

    

Earnings

    

Equity

    

Interests

    

Equity

BALANCE AT SEPTEMBER 30 , 2019

$

1,575

$

3,953,650

$

(864,197)

$

599,548

$

3,690,576

$

208,774

$

3,899,350

Net income

43,817

43,817

26,433

70,250

Cumulative effect of accounting standard adoption

(87,787)

(87,787)

(87,787)

Other comprehensive income

58,584

58,584

15

58,599

Issuance of stock

40

53,106

53,146

53,146

Repurchases of stock

(13)

(35,591)

(14,875)

(50,479)

(50,479)

Stock based compensation

 

 

37,037

 

 

 

37,037

 

 

37,037

Other transactions with noncontrolling interests

 

 

 

 

 

4,361

 

4,361

Disposal of noncontrolling interest of business sold

(60,089)

(60,089)

Contributions from noncontrolling interests

 

 

 

 

 

8,289

 

8,289

Distributions to noncontrolling interests

 

 

 

 

 

(46,808)

 

(46,808)

BALANCE AT JUNE 30, 2020

$

1,602

$

4,008,202

$

(805,613)

$

540,703

$

3,744,894

$

140,975

$

3,885,869

4

Table of Contents

AECOM

Consolidated Statements of Stockholders’ Equity

(unaudited—in thousands)

    

    

Accumulated 

    

    

Total 

    

    

Additional 

Other 

AECOM 

Non-

Total 

Common 

Paid-In 

Comprehensive

Retained 

Stockholders’ 

Controlling 

Stockholders’ 

    

Stock

    

Capital

    

 Loss

    

Earnings

    

Equity

    

Interests

    

Equity

BALANCE AT MARCH 31, 2019

$

1,573

$

3,904,298

$

(711,021)

$

1,005,086

$

4,199,936

$

194,938

$

4,394,874

Net income

83,738

83,738

21,650

105,388

Other comprehensive loss

(7,375)

(7,375)

196

(7,179)

Issuance of stock

4

11,154

11,158

11,158

Repurchases of stock

(109)

(109)

(109)

Stock based compensation

15,656

15,656

15,656

Contributions from noncontrolling interests