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 2020-03-31 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 2020-05-19 Regulation FD, Exhibits
8-K 2020-05-05 Earnings, Exhibits
8-K 2020-04-03 Regulation FD, Exhibits
8-K 2020-03-10 Officers, Shareholder Vote
8-K 2020-01-28 Enter Agreement, M&A, Earnings, Regulation FD, Exhibits
8-K 2019-12-10 Regulation FD, Exhibits
8-K 2019-11-27 Officers, Exhibits
8-K 2019-11-22 Officers, Exhibits
8-K 2019-11-18 Enter Agreement, Officers, Other Events, Exhibits
8-K 2019-11-12 Earnings, Exhibits
8-K 2019-10-12
8-K 2019-08-23 Officers, Exhibits
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

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-20200331xex10d1.htm
EX-10.2 acm-20200331xex10d2.htm
EX-10.3 acm-20200331xex10d3.htm
EX-10.4 acm-20200331xex10d4.htm
EX-31.1 acm-20200331xex31d1.htm
EX-31.2 acm-20200331xex31d2.htm
EX-32 acm-20200331xex32.htm
EX-95 acm-20200331xex95.htm

AECOM Earnings 2020-03-31

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, 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 May 1, 2020, 160,085,842 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, 2020 (unaudited) and September 30, 2019 (unaudited)

1

Consolidated Statements of Operations for the Three and Six Months Ended March 31, 2020 (unaudited) and March 31, 2019 (unaudited)

2

Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended March 31, 2020 (unaudited) and March 31, 2019 (unaudited)

3

Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended March 31, 2020 (unaudited) and March 31, 2019 (unaudited)

4

Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2020 (unaudited) and March 31, 2019 (unaudited)

6

Notes to Consolidated Financial Statements (unaudited)

7

Item 2.

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

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47

Item 4.

Controls and Procedures

48

PART II.

OTHER INFORMATION

48

Item 1.

Legal Proceedings

48

Item 1A.

Risk Factors

48

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

65

Item 4.

Mine Safety Disclosure

65

Item 5.

Other Information

65

Item 6.

Exhibits

66

SIGNATURES

68

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

AECOM

Consolidated Balance Sheets

(unaudited - in thousands, except share data)

March 31, 

September 30, 

    

2020

    

2019

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

1,033,266

$

777,476

Cash in consolidated joint ventures

 

101,795

 

108,163

Total cash and cash equivalents

 

1,135,061

 

885,639

Accounts receivable—net

 

2,888,939

 

2,869,216

Contract assets

1,766,376

1,581,806

Prepaid expenses and other current assets

 

726,643

 

515,593

Current assets held for sale

799,818

1,633,302

Income taxes receivable

 

61,420

 

49,089

TOTAL CURRENT ASSETS

 

7,378,257

 

7,534,645

PROPERTY AND EQUIPMENT—NET

 

383,871

 

405,605

DEFERRED TAX ASSETS—NET

 

409,566

 

288,949

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

 

256,932

 

256,131

GOODWILL

 

3,446,939

 

3,476,813

INTANGIBLE ASSETS—NET

 

87,591

 

99,636

OTHER NON-CURRENT ASSETS

164,875

172,134

OPERATING LEASE RIGHT-OF-USE ASSETS

648,642

NON-CURRENT ASSETS HELD FOR SALE

 

338,673

 

2,316,995

TOTAL ASSETS

$

13,115,346

$

14,550,908

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Short-term debt

$

27,220

$

47,835

Accounts payable

 

2,184,346

 

2,410,838

Accrued expenses and other current liabilities

 

2,204,433

 

1,878,319

Income taxes payable

31,478

59,541

Contract liabilities

 

962,999

 

851,040

Current liabilities held for sale

551,913

1,163,654

Current portion of long-term debt

 

25,152

 

50,527

TOTAL CURRENT LIABILITIES

 

5,987,541

 

6,461,754

OTHER LONG-TERM LIABILITIES

 

102,980

 

266,304

OPERATING LEASE LIABILITIES

738,032

LONG-TERM LIABILITIES HELD FOR SALE

97,062

313,962

DEFERRED TAX LIABILITY—NET

76,117

4,511

PENSION BENEFIT OBLIGATIONS

368,963

387,042

LONG-TERM DEBT

 

2,079,128

 

3,217,985

TOTAL LIABILITIES

 

9,449,823

 

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 March 31, 2020 and September 30, 2019; issued and outstanding 158,908,063 and 157,482,983 shares as of March 31, 2020 and September 30, 2019, respectively

 

1,589

 

1,575

Additional paid-in capital

 

3,960,123

 

3,953,650

Accumulated other comprehensive loss

 

(881,574)

 

(864,197)

Retained earnings

 

451,364

 

599,548

TOTAL AECOM STOCKHOLDERS’ EQUITY

 

3,531,502

 

3,690,576

Noncontrolling interests

 

134,021

 

208,774

TOTAL STOCKHOLDERS’ EQUITY

 

3,665,523

 

3,899,350

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

13,115,346

$

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

Six Months Ended

March 31, 

March 31, 

    

March 31, 

    

March 31, 

    

2020

    

2019

    

2020

    

2019

Revenue

$

3,245,737

$

3,412,605

$

6,481,347

$

6,768,943

Cost of revenue

 

3,076,924

 

3,267,768

 

6,146,734

 

6,500,710

Gross profit

 

168,813

 

144,837

 

334,613

 

268,233

Equity in earnings of joint ventures

 

13,505

 

16,600

 

23,433

 

23,232

General and administrative expenses

 

(41,037)

 

(37,426)

 

(84,651)

 

(73,333)

Restructuring costs

(31,213)

(15,875)

(76,138)

(79,170)

Income from operations

 

110,068

 

108,136

 

197,257

 

138,962

Other income

 

2,430

 

3,761

 

6,438

 

6,746

Interest expense

 

(37,111)

 

(41,407)

 

(77,488)

 

(80,832)

Income from continuing operations before taxes

 

75,387

 

70,490

 

126,207

 

64,876

Income tax expense (benefit) for continuing operations

 

21,604

 

12,218

 

37,510

 

(30,317)

Net income from continuing operations

 

53,783

 

58,272

 

88,697

 

95,193

Net (loss) income from discontinued operations

 

(130,749)

 

35,247

 

(112,569)

 

63,412

Net (loss) income

(76,966)

93,519

(23,872)

158,605

Net income attributable to noncontrolling interests from continuing operations

(5,243)

(6,898)

(9,290)

(11,838)

Net income attributable to noncontrolling interests from discontinued operations

(3,917)

(8,776)

(12,360)

(17,403)

Net income attributable to noncontrolling interests

(9,160)

(15,674)

(21,650)

(29,241)

Net income attributable to AECOM from continuing operations

48,540

51,374

79,407

83,355

Net (loss) income attributable to AECOM from discontinued operations

(134,666)

26,471

(124,929)

46,009

Net (loss) income attributable to AECOM

$

(86,126)

$

77,845

$

(45,522)

$

129,364

Net income (loss) attributable to AECOM per share:

Basic continuing operations per share

$

0.31

$

0.33

$

0.50

$

0.53

Basic discontinued operations per share

$

(0.85)

$

0.17

$

(0.79)

$

0.30

Basic earnings per share

$

(0.54)

$

0.50

$

(0.29)

$

0.83

Diluted continuing operations per share

$

0.30

$

0.32

$

0.49

$

0.52

Diluted discontinued operations per share

$

(0.84)

$

0.17

$

(0.77)

$

0.29

Diluted earnings per share

$

(0.54)

$

0.49

$

(0.28)

$

0.81

Weighted average shares outstanding:

Basic

 

158,550

 

156,621

 

157,941

 

156,519

Diluted

 

160,718

 

158,416

 

160,687

 

159,010

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, 

    

2020

    

2019

    

2020

    

2019

Net (loss) income

$

(76,966)

$

93,519

$

(23,872)

$

158,605

Other comprehensive income (loss), net of tax:

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

 

144

 

(4,058)

 

3,175

 

(10,356)

Foreign currency translation adjustments

 

(91,688)

 

22,754

 

(43,482)

 

965

Pension adjustments, net of tax

 

32,311

 

(3,427)

 

22,712

 

1,903

Other comprehensive (loss) income, net of tax

 

(59,233)

 

15,269

 

(17,595)

 

(7,488)

Comprehensive (loss) income, net of tax

 

(136,199)

 

108,788

 

(41,467)

 

151,117

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

 

(8,835)

 

(15,819)

 

(21,432)

 

(29,444)

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

$

(145,034)

$

92,969

$

(62,899)

$

121,673

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 DECEMBER 31, 2019

$

1,582

$

3,956,596

$

(822,666)

$

537,490

$

3,673,002

$

186,402

$

3,859,404

Net (loss) income

(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

    

Accumulated 

Total 

Additional 

Other 

AECOM 

Non-

Total 

Common 

Paid-In 

Comprehensive

Retained 

Stockholders’ 

Controlling 

Stockholders’ 

    

Stock

    

Capital

    

 Loss

    

Earnings

    

Equity

    

Interests

    

Equity

BALANCE AT DECEMBER 31, 2018

$

1,570

$

3,845,145

$

(726,145)

$

957,230

$

4,077,800

$

172,629

$

4,250,429

Net income

77,845

77,845

15,674

93,519

Other comprehensive income

15,124

15,124

145

15,269

Issuance of stock

14

43,218

43,232

43,232

Repurchases of stock

(11)

(227)

(29,989)

(30,227)

(30,227)

Stock based compensation

 

 

16,162

 

 

 

16,162

 

 

16,162

Other transactions with noncontrolling interests

 

 

 

 

 

13,735

 

13,735

Distributions to noncontrolling interests

 

 

 

 

 

(7,245)

 

(7,245)

BALANCE AT MARCH 31, 2019

$

1,573

$

3,904,298

$

(711,021)

$

1,005,086

$

4,199,936

$

194,938

$

4,394,874

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 SEPTEMBER 30, 2019

$

1,575

$

3,953,650

$

(864,197)

$

599,548

$

3,690,576

$

208,774

$

3,899,350

Net (loss) income

(45,522)

(45,522)

21,650

(23,872)

Cumulative effect of accounting standard adoption

(87,787)

(87,787)

(87,787)

Other comprehensive income

(17,377)

(17,377)

(218)

(17,595)

Issuance of stock

27

15,247

15,274

15,274

Repurchases of stock

(13)

(35,311)

(14,875)

(50,199)

(50,199)

Stock based compensation

 

  

 

26,537

 

 

 

26,537

 

 

26,537

Other transactions with noncontrolling interests

816

816

Disposal of noncontrolling interest of business sold

(60,089)

(60,089)

Contributions from noncontrolling interests

 

  

 

 

 

 

 

6,181

 

6,181

Distributions to noncontrolling interests

 

  

 

 

 

 

 

(43,093)

 

(43,093)

BALANCE AT MARCH 31, 2020

$

1,589

$

3,960,123

 

$

(881,574)

 

$

451,364

 

$

3,531,502

 

$

134,021

 

$

3,665,523

    

Accumulated 

Total 

Additional 

Other 

AECOM 

Non-