Company Quick10K Filing
Quick10K
Aecom
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$33.86 157 $5,330
10-Q 2019-06-28 Quarter: 2019-06-28
10-Q 2019-03-29 Quarter: 2019-03-29
10-Q 2018-12-28 Quarter: 2018-12-28
10-K 2018-09-28 Annual: 2018-09-28
10-Q 2018-06-29 Quarter: 2018-06-29
10-Q 2018-03-30 Quarter: 2018-03-30
10-Q 2017-12-29 Quarter: 2017-12-29
10-K 2017-09-29 Annual: 2017-09-29
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-30 Quarter: 2016-12-30
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-07-01 Quarter: 2016-07-01
10-Q 2016-04-01 Quarter: 2016-04-01
10-Q 2016-01-01 Quarter: 2016-01-01
10-K 2015-10-02 Annual: 2015-10-02
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-04-03 Quarter: 2015-04-03
10-Q 2015-01-02 Quarter: 2015-01-02
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-06-17 Regulation FD, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-03-06 Shareholder Vote
8-K 2019-02-04 Earnings, Exhibits
8-K 2018-11-14 Amend Bylaw, Exhibits
8-K 2018-11-12 Earnings, Exhibits
8-K 2018-08-09 Regulation FD, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-03-13 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-02-28 Shareholder Vote
8-K 2018-02-14 Regulation FD
8-K 2018-02-06 Earnings, Exhibits
INDB Independent Bank 2,740
BECN Beacon Roofing Supply 2,690
BRY Berry Petroleum 937
AVRO Avrobio 472
DNBF DNB Financial 170
EDUC Educational Development 68
SCPH Scpharmaceuticals 66
ZZHJC Atel Capital Equipment Fund Ix 0
BNKL Bionik Laboratories 0
NYB New York Community Bancorp 0
ACM 2019-06-28
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 Disclosures
Item 6. Exhibits
EX-31.1 acm-20190630ex311dff2fb.htm
EX-31.2 acm-20190630ex3125206f1.htm
EX-32 acm-20190630xex32.htm
EX-95 acm-20190630xex95.htm

Aecom Earnings 2019-06-28

ACM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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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, 2019

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, 2019, 157,726,729 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, 2019 (unaudited) and September 30, 2018

1

Consolidated Statements of Operations for the Three and Nine Months Ended June 30, 2019 (unaudited) and June 30, 2018 (unaudited)

2

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended June 30, 2019 (unaudited) and June 30, 2018 (unaudited)

3

Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended June 30, 2019 (unaudited) and June 30, 2018 (unaudited)

4

Consolidated Statements of Cash Flows for the Nine Months Ended June 30, 2019 (unaudited) and June 30, 2018 (unaudited)

6

Notes to Consolidated Financial Statements (unaudited)

7

Item 2.

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

36

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

53

Item 4.

Controls and Procedures

54

PART II.

OTHER INFORMATION

54

Item 1.

Legal Proceedings

54

Item 1A.

Risk Factors

54

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

72

Item 4.

Mine Safety Disclosures

72

Item 6.

Exhibits

73

SIGNATURES

74

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

AECOM

Consolidated Balance Sheets

(in thousands, except share data)

June 30, 

September 30, 

    

2019

    

2018

(Unaudited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

592,784

$

642,168

Cash in consolidated joint ventures

 

200,783

 

244,565

Total cash and cash equivalents

 

793,567

 

886,733

Accounts receivable—net

 

3,373,361

 

3,307,851

Contract assets

2,454,757

2,160,970

Prepaid expenses and other current assets

 

607,511

 

585,152

Current assets held for sale

59,800

Income taxes receivable

 

42,629

 

126,816

TOTAL CURRENT ASSETS

 

7,271,825

 

7,127,322

PROPERTY AND EQUIPMENT—NET

 

603,480

 

614,062

DEFERRED TAX ASSETS—NET

 

160,289

 

159,396

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

 

391,520

 

310,661

GOODWILL

 

5,906,484

 

5,921,116

INTANGIBLE ASSETS—NET

 

255,213

 

319,892

OTHER NON-CURRENT ASSETS

 

206,401

 

228,682

TOTAL ASSETS

$

14,795,212

$

14,681,131

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Short-term debt

$

44,886

$

8,353

Accounts payable

 

2,609,905

 

2,726,047

Accrued expenses and other current liabilities

 

2,157,870

 

2,267,046

Income taxes payable

43,351

39,802

Contract liabilities

 

969,944

 

931,431

Current liabilities held for sale

22,300

Current portion of long-term debt

 

114,749

 

134,698

TOTAL CURRENT LIABILITIES

 

5,940,705

 

6,129,677

OTHER LONG-TERM LIABILITIES

 

326,588

 

329,457

DEFERRED TAX LIABILITY—NET

5,168

47,273

PENSION BENEFIT OBLIGATIONS

372,448

412,604

LONG-TERM DEBT

 

3,653,291

 

3,483,746

TOTAL LIABILITIES

 

10,298,200

 

10,402,757

COMMITMENTS AND CONTINGENCIES (Note 14)

AECOM STOCKHOLDERS’ EQUITY:

Common stock—authorized, 300,000,000 shares of $0.01 par value as of June 30, 2019 and September 30, 2018; issued and outstanding 157,659,181 and 156,983,356 shares as of June 30, 2019 and September 30, 2018, respectively

 

1,577

 

1,570

Additional paid-in capital

 

3,930,999

 

3,846,392

Accumulated other comprehensive loss

 

(718,396)

 

(703,330)

Retained earnings

 

1,088,824

 

948,148

TOTAL AECOM STOCKHOLDERS’ EQUITY

 

4,303,004

 

4,092,780

Noncontrolling interests

 

194,008

 

185,594

TOTAL STOCKHOLDERS’ EQUITY

 

4,497,012

 

4,278,374

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

14,795,212

$

14,681,131

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, 

    

2019

    

2018

    

2019

    

2018

Revenue

$

4,980,204

$

5,147,920

$

15,057,721

$

14,849,662

Cost of revenue

 

4,770,960

 

4,962,741

 

14,482,502

 

14,387,059

Gross profit

 

209,244

 

185,179

 

575,219

 

462,603

Equity in earnings of joint ventures

 

28,563

 

12,863

 

67,030

 

55,621

General and administrative expenses

 

(37,534)

 

(35,159)

 

(110,867)

 

(100,046)

Restructuring costs

(79,170)

Loss on disposal activities

(7,404)

(2,149)

(7,404)

(2,149)

Impairment of assets held for sale, including goodwill

(168,178)

Income from operations

 

192,869

 

160,734

 

444,808

 

247,851

Other income

 

4,886

 

2,752

 

12,749

 

17,542

Interest expense

 

(55,764)

 

(55,213)

 

(169,618)

 

(211,955)

Income before income tax expense (benefit)

 

141,991

 

108,273

 

287,939

 

53,438

Income tax expense (benefit)

 

36,603

 

33,131

 

23,946

 

(38,362)

Net income

 

105,388

 

75,142

 

263,993

 

91,800

Noncontrolling interests in income of consolidated subsidiaries, net of tax

 

(21,650)

 

(14,232)

 

(50,891)

(39,309)

Net income attributable to AECOM

$

83,738

$

60,910

$

213,102

$

52,491

Net income attributable to AECOM per share:

Basic

$

0.53

$

0.38

$

1.36

$

0.33

Diluted

$

0.52

$

0.37

$

1.34

$

0.32

Weighted average shares outstanding:

Basic

 

157,429

 

160,395

 

156,822

 

159,266

Diluted

 

159,787

 

163,213

 

159,269

 

162,426

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, 

    

2019

    

2018

    

2019

    

2018

Net income

$

105,388

$

75,142

$

263,993

$

91,800

Other comprehensive loss, net of tax:

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

 

(3,570)

 

626

 

(13,926)

 

(214)

Foreign currency translation adjustments

 

(6,073)

 

(67,255)

 

(5,108)

 

(57,742)

Pension adjustments, net of tax

 

2,464

 

15,188

 

4,367

 

1,553

Other comprehensive loss, net of tax

 

(7,179)

 

(51,441)

 

(14,667)

 

(56,403)

Comprehensive income, net of tax

 

98,209

 

23,701

 

249,326

 

35,397

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

 

(21,846)

 

(14,078)

 

(51,290)

 

(40,532)

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

$

76,363

$

9,623

$

198,036

$

(5,135)

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, 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

 

  

 

 

 

 

 

30

 

30

Distributions to noncontrolling interests

 

  

 

 

 

 

 

(22,806)

 

(22,806)

BALANCE AT JUNE 30, 2019

$

1,577

$

3,930,999

 

$

(718,396)

 

$

1,088,824

 

$

4,303,004

 

$

194,008

 

$

4,497,012

    

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, 2018

$

1,602

$

3,792,929

$

(707,000)

$

953,221

$

4,040,752

$

223,873

$

4,264,625

Net income

60,910

60,910

14,232

75,142

Other comprehensive loss

(51,287)

(51,287)

(154)

(51,441)

Issuance of stock

5

12,311

12,316

12,316

Repurchases of stock

(2,104)

(2,104)

(2,104)

Stock based compensation

 

 

17,145

 

 

 

17,145

 

 

17,145

Other transactions with noncontrolling interests

 

 

 

 

 

(6,871)

 

(6,871)

Contributions from noncontrolling interests

 

 

 

 

 

189

 

189

Distributions to noncontrolling interests

 

 

 

 

 

(48,867)

 

(48,867)

BALANCE AT JUNE 30, 2018

$

1,607

$

3,820,281

$

(758,287)

$

1,014,131

$

4,077,732

$

182,402

$

4,260,134

See accompanying Notes to Consolidated Financial Statements.

4

Table of Contents

AECOM

Consolidated Statements of Stockholders’ Equity

(unaudited—in thousands)

Accumulated

Total 

Additional

Other

AECOM

Total

Common

Paid-In

Comprehensive

Retained

Stockholders’

Non-Controlling

Stockholders’

    

Stock

    

Capital

    

Loss

    

Earnings

    

Equity

    

Interests

    

Equity

BALANCE AT SEPTEMBER 30, 2018

$

1,570

$

3,846,392

$

(703,330)

$

948,148

$

4,092,780

$

185,594

$

4,278,374

Net income

213,102

213,102

50,891

263,993

Cumulative effect of accounting standard adoption

(12,453)

(12,453)

(12,453)

Other comprehensive loss

(15,066)

(15,066)

399

(14,667)

Issuance of stock

42

59,833

59,875

59,875

Repurchases of stock

(35)

(22,675)

(59,973)

(82,683)

(82,683)

Stock based compensation

47,449

47,449

47,449

Other transactions with noncontrolling interests

15,922

15,922

Contributions from noncontrolling interests

3,180

3,180

Distributions to noncontrolling interests

(61,978)

(61,978)

BALANCE AT JUNE 30, 2019

$

1,577

$

3,930,999

$

(718,396)

$

1,088,824

$

4,303,004

$

194,008

$

4,497,012

    

    

    

Accumulated

    

    

Total 

    

    

Additional

Other

AECOM

Total

Common

Paid-In

Comprehensive

Retained

Stockholders’

Non-Controlling

Stockholders’

Stock

Capital

Loss

Earnings

Equity

Interests

Equity

BALANCE AT SEPTEMBER 30, 2017

$

1,575

$

3,733,572

$

(700,661)

$

961,640

$

3,996,126

$

218,560

$

4,214,686

Net income

 

 

 

 

52,491

 

52,491

 

39,309

 

91,800

Other comprehensive loss

 

 

 

(57,626)

 

 

(57,626)

 

1,223

 

(56,403)

Issuance of stock

 

39

 

60,588

 

 

 

60,627

 

 

60,627

Repurchases of stock

 

(8)

 

(30,969)

 

 

 

(30,977)

 

 

(30,977)

Proceeds from exercise of options

 

1

 

2,749

 

 

 

2,750

 

 

2,750

Stock based compensation

 

 

54,341

 

 

 

54,341

 

 

54,341

Other transactions with noncontrolling interests

 

 

 

 

 

 

(3,954)

 

(3,954)

Contributions from noncontrolling interests

 

 

 

 

 

 

7,730

 

7,730

Distributions to noncontrolling interests

 

 

 

 

 

 

(80,466)

 

(80,466)

BALANCE AT JUNE 30, 2018

$

1,607

$

3,820,281

$

(758,287)

$

1,014,131

$

4,077,732

$

182,402

$

4,260,134

See accompanying Notes to Consolidated Financial Statements.

5

Table of Contents

AECOM

Consolidated Statements of Cash Flows

(unaudited - in thousands)

Nine Months Ended June 30, 

    

2019

    

2018

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

263,993

$

91,800

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

 

193,484

 

200,141

Equity in earnings of unconsolidated joint ventures

 

(67,030)

 

(55,621)

Distribution of earnings from unconsolidated joint ventures

 

41,195

 

86,367

Non-cash stock compensation

 

47,449

 

54,341

Prepayment premium on redemption of unsecured senior notes

34,504

Impairment of assets held for sale, including goodwill

168,178

Foreign currency translation

 

(180)

 

(49,687)

Write-off of debt issuance costs

7,048

Loss on disposal activities

7,404

2,149

Other

 

4,835

 

115

Changes in operating assets and liabilities, net of effects of acquisitions:

Accounts receivable and contract assets

 

(340,445)

 

(365,608)

Prepaid expenses and other assets

 

11,554

 

(32,375)

Accounts payable

 

(103,962)

 

258,349

Accrued expenses and other current liabilities

 

(30,082)

 

(94,533)

Contract liabilities

37,612

 

41,662

Other long-term liabilities

 

(81,914)

 

(104,163)

Net cash (used in) provided by operating activities

 

(16,087)

 

242,667

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from purchase price adjustment on business acquisition

 

 

2,203

Cash acquired from consolidation of joint venture

7,630

Proceeds from disposal of business, net of cash disposed

37,412

19,537

Investment in unconsolidated joint ventures

(117,251)

(75,992)

Return of investment in unconsolidated joint ventures