Company Quick10K Filing
Jacobs Engineering Group
Price-0.00 EPS6
Shares139 P/E-0
MCap-0 P/FCF0
Net Debt570 EBIT950
TEV570 TEV/EBIT1
TTM 2019-09-27, in MM, except price, ratios
10-Q 2021-01-01 Filed 2021-02-09
10-K 2020-10-02 Filed 2020-11-24
10-Q 2020-03-27 Filed 2020-05-06
10-Q 2019-12-27 Filed 2020-02-04
8-K 2020-11-27
8-K 2020-11-24
8-K 2020-08-14
8-K 2020-05-06
8-K 2020-05-06
8-K 2020-03-25
8-K 2020-02-04
8-K 2020-01-14

J 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 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosure.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 exhibit311q2fy2020.htm
EX-31.2 exhibit312q2fy2020.htm
EX-32.1 exhibit321q2fy2020.htm
EX-32.2 exhibit322q2fy2020.htm

Jacobs Engineering Group Earnings 2020-03-27

Balance SheetIncome StatementCash Flow
151296302018201820192020
Assets, Equity
3.42.72.01.40.70.02018201820192020
Rev, G Profit, Net Income
2.31.40.6-0.3-1.1-2.02018201820192020
Ops, Inv, Fin

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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 27, 2020
 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 1-7463
JACOBS ENGINEERING GROUP INC.
(Exact name of registrant as specified in its charter)

Delaware95-4081636
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
1999 Bryan StreetSuite 1200DallasTexas75201
(Address of principal executive offices)(Zip Code)

(214) 583 – 8500
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
_________________________________________________________________
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock$1 par valueJNew 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
Page 1


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 filerAccelerated filer
Non-accelerated filerSmaller 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. o
Indicate by check-mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes   ☒  No
Number of shares of common stock outstanding at April 27, 2020: 130,102,663
Page 2


JACOBS ENGINEERING GROUP INC.
INDEX TO FORM 10-Q

Page No.
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


Page 2


Part I - FINANCIAL INFORMATION
Item 1. Financial Statements.

Page 3


JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)
(Unaudited)
March 27, 2020September 27, 2019
ASSETS
Current Assets:
Cash and cash equivalents$1,655,879  $631,068  
Receivables and contract assets3,178,580  2,840,209  
Prepaid expenses and other332,395  639,539  
Current assets held for sale  952  
Total current assets5,166,854  4,111,768  
Property, Equipment and Improvements, net330,505  308,143  
Other Noncurrent Assets:
Goodwill5,596,156  5,432,544  
Intangibles, net689,795  665,076  
Miscellaneous1,351,303  918,202  
Noncurrent assets held for sale  26,978  
Total other noncurrent assets7,637,254  7,042,800  
$13,134,613  $11,462,711  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt$  $199,901  
Accounts payable1,030,263  1,072,645  
Accrued liabilities1,178,612  1,384,379  
Contract liabilities416,009  414,208  
Current liabilities held for sale  2,573  
Total current liabilities2,624,884  3,073,706  
Long-term Debt3,099,456  1,201,245  
Other Deferred Liabilities1,797,290  1,419,005  
Noncurrent Liabilities Held for Sale  97  
Commitments and Contingencies
Stockholders’ Equity:
Capital stock:
                Preferred stock, $1 par value, authorized - 1,000,000 shares; issued and
outstanding - none
    
                Common stock, $1 par value, authorized - 240,000,000 shares;
issued and outstanding—129,984,887 shares and 132,879,395
shares as of March 27, 2020 and September 27, 2019, respectively
129,985  132,879  
Additional paid-in capital2,569,417  2,559,450  
Retained earnings3,808,698  3,939,174  
Accumulated other comprehensive loss(946,317) (916,812) 
Total Jacobs stockholders’ equity5,561,783  5,714,691  
Noncontrolling interests51,200  53,967  
Total Group stockholders’ equity5,612,983  5,768,658  
$13,134,613  $11,462,711  
See the accompanying Notes to Consolidated Financial Statements – Unaudited.

Page 4


JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
Three and Six Months Ended March 27, 2020 and March 29, 2019
(In thousands, except per share information)
(Unaudited)
For the Three Months EndedFor the Six Months Ended
March 27, 2020March 29, 2019March 27, 2020March 29, 2019
Revenues$3,427,180  $3,091,596  $6,787,229  $6,175,384  
Direct cost of contracts(2,779,045) (2,474,755) (5,494,522) (4,990,023) 
Gross profit648,135  616,841  1,292,707  1,185,361  
Selling, general and administrative expenses(480,357) (514,160) (973,582) (969,551) 
Operating Profit167,778  102,681  319,125  215,810  
Other (Expense) Income:
Interest income985  1,670  1,931  3,774  
Interest expense(15,154) (29,423) (29,971) (54,749) 
Miscellaneous (expense) income, net(330,414) 36,904  (213,719) 39,186  
Total other (expense) income, net(344,583) 9,151  (241,759) (11,789) 
(Loss) Earnings from Continuing Operations Before Taxes(176,805) 111,832  77,366  204,021  
Income Tax Benefit (Expense) for Continuing Operations61,122  7,947  (7,368) (14,811) 
Net (Loss) Earnings of the Group from Continuing Operations(115,683) 119,779  69,998  189,210  
Net Earnings (Loss) of the Group from Discontinued Operations29,880  (57,006) 107,468  3,153  
Net (Loss) Earnings of the Group(85,803) 62,773  177,466  192,363  
Net Earnings Attributable to Noncontrolling Interests from Continuing Operations(6,284) (5,024) (12,540) (9,562) 
Net (Loss) Earnings Attributable to Jacobs from Continuing Operations(121,967) 114,755  57,458  179,648  
Net Earnings Attributable to Noncontrolling Interests from Discontinued Operations  (832)   (1,588) 
Net Earnings (Loss) Attributable to Jacobs from Discontinued Operations29,880  (57,838) 107,468  1,565  
Net (Loss) Earnings Attributable to Jacobs$(92,087) $56,917  $164,926  $181,213  
Net (Loss) Earnings Per Share:
Basic Net (Loss) Earnings from Continuing Operations Per Share$(0.92) $0.83  $0.43  $1.28  
Basic Net Earnings (Loss) from Discontinued Operations Per Share$0.23  $(0.42) $0.81  $0.01  
Basic (Loss) Earnings Per Share$(0.69) $0.41  $1.24  $1.29  
Diluted Net (Loss) Earnings from Continuing Operations Per Share$(0.92) $0.82  $0.43  $1.27  
Diluted Net Earnings (Loss) from Discontinued Operations Per Share$0.23  $(0.41) $0.80  $0.01  
Diluted (Loss) Earnings Per Share$(0.69) $0.41  $1.23  $1.28  
See the accompanying Notes to Consolidated Financial Statements - Unaudited.

Page 5


JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three and Six Months Ended March 27, 2020 and March 29, 2019
(In thousands)
(Unaudited)
For the Three Months EndedFor the Six Months Ended
March 27, 2020March 29, 2019March 27, 2020March 29, 2019
Net (Loss) Earnings of the Group$(85,803) $62,773  $177,466  $192,363  
Other Comprehensive (Loss) Income:
Foreign currency translation adjustment(116,575) 31,352  (64,278) (21,048) 
Gain (loss) on cash flow hedges  348  18  2,138  
Change in pension and retiree medical plan liabilities28,717  (43,835) 12,466  (42,010) 
Other comprehensive (loss) income before taxes(87,858) (12,135) (51,794) (60,920) 
Income Tax (Expense) Benefit:
Foreign currency translation adjustment18,429    18,429    
Cash flow hedges  10    (533) 
Change in pension and retiree medical plan liabilities3,278  8,417  3,860  7,896  
Income Tax (Expense) Benefit:21,707  8,427  22,289  7,363  
Net other comprehensive income (loss)(66,151) (3,708) (29,505) (53,557) 
Net Comprehensive (Loss) Income of the Group(151,954) 59,065  147,961  138,806  
Net (Earnings) Loss Attributable to Noncontrolling Interests(6,284) (5,856) (12,540) (11,150) 
Net Comprehensive (Loss) Income Attributable to Jacobs$(158,238) $53,209  $135,421  $127,656  
See the accompanying Notes to Consolidated Financial Statements - Unaudited.

Page 6


JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Three Months Ended March 27, 2020 and March 29, 2019
(In thousands)
(Unaudited)
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Jacobs Stockholders’ EquityNoncontrolling InterestsTotal Group Stockholders’ Equity
Balances at December 28, 2018$140,400  $2,672,390  $3,796,864  $(856,552) $5,753,102  $87,932  $5,841,034  
Net earnings—  —  56,917  —  56,917  5,856  62,773  
Foreign currency translation adjustments—  —  —  31,352  31,352  —  31,352  
Pension and retiree medical plan liability, net of deferred taxes of $(8,417)
—  —  —  (35,418) (35,418) —  (35,418) 
Gain on derivatives, net of deferred taxes of $(10)
—  —  —  358  358  —  358  
Dividends—  —  (23,696) —  (23,696) —  (23,696) 
Distributions to noncontrolling interests—  —  —  —  —  (4,061) (4,061) 
Stock based compensation —  13,322  —  —  13,322  —  13,322  
Issuances of equity securities including shares withheld for taxes407  16,362  (216) —  16,553  —  16,553  
Repurchases of equity securities(4,375) (133,265) (208,996) —  (346,636) —  (346,636) 
Balances at March 29, 2019
$136,432  $2,568,809  $3,620,873  $(860,260) $5,465,854  $89,727  $5,555,581  
Balances at December 27, 2019$133,001  $2,605,765  $4,145,825  $(880,166) $6,004,425  $57,746  $6,062,171  
Net (loss) earnings—  —  (92,087) —  (92,087) 6,284  (85,803) 
Foreign currency translation adjustments, net of deferred taxes of $(18,429)
—  —  —  (98,146) (98,146) —  (98,146) 
Pension liability, net of deferred taxes of $(3,278)
—  —  —  31,995  31,995  —  31,995  
Dividends—  —  (25,453) —  (25,453) (25,453) 
Noncontrolling interests - distributions and other—  5,002  —  —  5,002  (12,830) (7,828) 
Stock based compensation —  9,533  24  —  9,557  —  9,557  
Issuances of equity securities including shares withheld for taxes208  12,294  (190) —  12,312  —  12,312  
Repurchases of equity securities(3,224) (63,177) (219,421) —  (285,822) —  (285,822) 
Balances at March 27, 2020$129,985  $2,569,417  $3,808,698  $(946,317) $5,561,783  $51,200  $5,612,983  
See the accompanying Notes to Consolidated Financial Statements – Unaudited.

Page 7



JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Six Months Ended March 27, 2020 and March 29, 2019
(In thousands)
(Unaudited)
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Jacobs Stockholders’ EquityNoncontrolling InterestsTotal Group Stockholders’ Equity
Balances at September 28, 2018$142,218  $2,708,839  $3,809,991  $(806,703) $5,854,345  $90,009  $5,944,354  
Net earnings—  —  181,213  —  181,213  11,150  192,363  
Adoption of ASC 606, net of deferred taxes of $(10,285)
(37,209) (37,209) (37,209) 
Foreign currency translation adjustments—  —  —  (21,048) (21,048) —  (21,048) 
Pension and retiree medical plan liability, net of deferred taxes of $(7,896)
—  —  —  (34,114) (34,114) —  (34,114) 
Gain on derivatives, net of deferred taxes of $533
—  —  —  1,605  1,605  —  1,605  
Noncontrolling interest acquired / consolidated—  (1,113) —  —  (1,113) —  (1,113) 
Dividends—  —  (23,929) —  (23,929) (23,929) 
Distributions to noncontrolling interests—  —  —  —  —  (11,432) (11,432) 
Stock based compensation —  28,910  6—  28,916  —  28,916  
Issuances of equity securities including shares withheld for taxes913  9,854  (5,144) —  5,623  —  5,623  
Repurchases of equity securities(6,699) (177,681) (304,055) —  (488,435) —  (488,435) 
Balances at March 29, 2019$136,432  $2,568,809  $3,620,873  $(860,260) $5,465,854  $89,727  $5,555,581  
Balances at September 27, 2019$