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1、INTUIT DOMEUnited StatesAECOM served as lead designer and construction manager of Intuit Dome,home of the LA Clippers.The iconic new arena opened in August and raised the bar for every major sports franchise in the world with regard to sustainability through design and fan experience.Forward-Looking
2、 StatementsAll statements in this communication other than statements of historical fact are“forward-looking statements”for purposes of federal and state securities laws,including any statements of the plans,strategies and objectives for future operations,profitability,strategic value creation,capit
3、al allocation strategy including stock repurchases,risk profile and investment strategies,and any statements regarding future economic conditions or performance,and the expected financial and operational results of AECOM.Although we believe that the expectations reflected in our forward-looking stat
4、ements are reasonable,actual results could differ materially from those projected or assumed in any of our forward-looking statements.Important factors that could cause our actual results,performance and achievements,or industry results to differ materially from estimates or projections contained in
5、 our forward-looking statements include,but are not limited to,the following:our business is cyclical and vulnerable to economic downturns and client spending reductions;potential government shutdowns or other funding circumstances that may cause governmental agencies to modify,curtail or terminate
6、our contracts;losses under fixed-price contracts;limited control over operations that run through our joint venture entities;liability for misconduct by our employees or consultants;failure to comply with laws or regulations applicable to our business;maintaining adequate surety and financial capaci
7、ty;potential high leverage and inability to service our debt and guarantees;ability to continue payment of dividends;exposure to political and economic risks in different countries,including tariffs,geopolitical events,and conflicts;currency exchange rate and interest fluctuations;retaining and recr
8、uiting key technical and management personnel;legal claims;inadequate insurance coverage;environmental law compliance and adequate nuclear indemnification;unexpected adjustments and cancellations related to our backlog;partners and third parties who may fail to satisfy their legal obligations;managi
9、ng pension costs;AECOM Capital real estate development projects;cybersecurity issues,IT outages and data privacy;risks associated with the benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure,power construction and oil and gas businesses,including t
10、he risk that any purchase adjustments from those transactions could be unfavorable and result in any future proceeds owed to us as part of the transactions could be lower than we expect;as well as other additional risks and factors that could cause actual results to differ materially from our forwar
11、d-looking statements set forth in our reports filed with the Securities and Exchange Commission.Any forward-looking statements are made as of the date hereof.We do not intend,and undertake no obligation,to update any forward-looking statement.Non-GAAP Financial InformationThis press release contains
12、 financial information calculated other than in accordance with U.S.generally accepted accounting principles(“GAAP”).The Company believes that non-GAAP financial measures such as adjusted EPS,adjusted EBITDA,adjusted net/operating income,segment adjusted operating margin,adjusted tax rate,net servic
13、e revenue and free cash flow provide a meaningful perspective on its business results as the Company utilizes this information to evaluate and manage the business.We use adjusted operating income,adjusted net income,adjusted EBITDA and adjusted EPS to exclude the impact of certain items,such as amor
14、tization expense and taxes to aid investors in better understanding our core performance results.We use free cash flow to present the cash generated from operations after capital expenditures to maintain our business.We present net service revenue(NSR)to exclude pass-through subcontractor costs from
15、 revenue to provide investors with a better understanding of our operational performance.We present segment adjusted operating margin to reflect segment operating performance of our Americas and International segments,excluding AECOM Capital.We present adjusted tax rate to reflect the tax rate on ad
16、justed earnings.We also use constant-currency growth rates where appropriate,which are calculated by conforming the current period results to the comparable period exchange rates.Our non-GAAP disclosure has limitations as an analytical tool,should not be viewed as a substitute for financial informat
17、ion determined in accordance with GAAP,and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP,nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.A reconciliation of these non-GAAP measure
18、s is found in the Regulation G Information tables at the back of this release.The Company is unable to reconcile certain of its non-GAAP financial guidance and long-term financial targets due to uncertainties in these non-operating items as well as other adjustments to net income.The Company is unab
19、le to provide a reconciliation of its guidance for NSR to GAAP revenue because it is unable to predict with reasonable certainty its pass-through revenue.DisclosuresPage 2Todays ParticipantsTroy RuddLara PoloniGaurav KapoorChief Executive OfficerPresidentChief Financial&Operations OfficerPage 3Fourt
20、h Quarter and Fiscal 2024 HighlightsPage 4AECOM:The Leader Across Every Market ServedExceeded GuidanceRecord Backlog and PipelineValue Creation+5%design backlog5 growth1.2 book-to-burn6 ratio in the design business in Q4Pipeline increased by 10%to a record highGreater than 1.0 book-to-burn6 ratio fo
21、r 16 consecutive quartersReturned$560 million to shareholders through repurchases and dividends in fiscal 2024Increased share repurchase authorization to$1 billionAnnounced+18%dividend increase as part of January 2025 payment;grown per share dividend at a 20%CAGR since inceptionInitial GuidanceMost
22、Recent GuidanceActual YoY ChangeSegment Adj.1 Operating Margin215.6%15.6%15.8%+110 bpsAdj.1 EBITDA3$1,085M$1,090M$1,095M+14%Adj.1 EPS$4.45$4.50$4.52+22%Free Cash Flow4$615M+$615M+$708M+20%Actual YoY ChangeSegment Adj.1 Operating Margin216.7%+150 bpsAdj.1 EBITDA3$290M+15%Adj.1 EPS$1.27+26%Free Cash F
23、low4$275M+4%Fiscal 2024Q4 2024Note:guidance is based on the mid-point where applicable.Free cash flow guidance is implied based on 100%conversion of the mid-point of the respective adjusted net income guidance.#1 WaterTransportationFacilitiesEnvironmental EngineeringFiscal 2025 Guidance:Expecting An
24、other Record YearPage 5Expect fiscal 2025 to be a record year for all key financial metricsRecord backlog and pipeline support our growth expectations1.2 book-to-burn6 ratio in the design business in Q4 20247%contracted backlog5 growth in the design business10%pipeline growth further extends visibil
25、ityFY25 GuidanceYoY ChangeNet Service Revenue7 Growth5 8%-Adj.EBITDA Margin816.3%+30 bpsAdj.1 EBITDA3$1,170-$1,210 million+9%Adj.1 EPS$5.00-$5.20+13%Free Cash Flow4 Conversion100%+-Assumptions incorporated into guidance:An average diluted share count of 134 million,which does not incorporate increme
26、ntal share repurchases during the year even though we intend to repurchase stock that would provide a benefit to per share earnings and cash flow.An adjusted effective tax rate of approximately 24%.Strategic AccomplishmentsDelivering on Our CommitmentsExpanding Our Addressable MarketGaining Market S
27、hareWinning What MattersExceeded financial guidance in FY24,contributing to 21%adjusted EPS CAGR since FY20Investing in key initiatives to extend competitive advantage and long-term earnings powerRecord backlog positionWin rate of 50%remains at an all-time highWin rate on larger,higher value pursuit
28、s is even greaterWon 90%of our recompetes in our largest marketsProgram Management net service revenue increased 20%in fiscal 2024,contributing to 26%CAGR since 2021Created our next$1 billion higher-margin growth platform with the new Water and Environment Advisory business#1 in Water by ENR(up from
29、#2)#2 in Program Management by ENR(up from#4)Reaffirmed#1 rankings in Transportation,Facilities and Environment designPage 6$2.15$2.81$3.40$3.71$4.52 FY20FY21FY22FY23FY24Free Cash Flow4 Per Share Growth$2.11$3.90$4.10$4.22$5.19 FY20FY21FY22FY23FY24Adjusted1 EPSProgram Management&Advisory,50%Design,5
30、0%Program Management&Advisory,20%Design,80%Expanding Advisory Services:Environment&Water Advisory BusinessCreated a new Water and Environment Advisory organic growth platformLed by Jill Hudkins,former President of Tetra TechPursuing a white space growth opportunity while building on domain expertise
31、 and client relationship moatHigher-margin,faster-growing Advisory services focused on infrastructureExpands the digital opportunityCurrentFuturePage 7Market DriversCurrent NSR$200 million3 Years2x GrowthLong-Term NSR Goal$1 billionBusiness Mix$70 BillionDigital Water Spend through 2030$55 BillionAd
32、ditional 5-year U.S.Water Infrastructure Funding88 BillionEst.U.K.Water 5-year AMP8 2025-2030 Investments$300 BillionEmerging Contaminant Global Market Spend through 2040$120 BillionEnvironmental Remediation Spend through 2030$150 BillionEnvironmental Consulting through 2030EnvironmentWaterRobust En
33、d Markets Supported by Long-Term Growth DriversPage 8Secular DriverU.S.and CanadaIIJA is still ramping upStrong state and local budgetsCanadas national and provincial funding commitments for infrastructure remain strongRecord backlogU.K.and IrelandAustraliaMiddle EastGlobal Infrastructure Investment
34、Increasing Energy DemandAutumn Budget creates certainty and includes 170 billion across our largest markets,and key phases of HS2 are advancing AMP8 is set to accelerate mid-yearWe are well positioned with frameworks to capitalize on overall infrastructure investment$120 billion,10-year infrastructu
35、re plan26%backlog growth to record high,driven by large T&D winsGrowth drivers include FIFA World Cup and World Expo-related investmentNine-figure major program win in Q4Near record backlog positionIncreased Share Repurchase Authorization and Dividend0.9x0.8xFY23FY24Net Leverage9Free Cash Flow4/NSRP
36、age 9Record Free Cash FlowFree cash flow4 increased 20%in fiscal 2024 to a new recordFree cash flow4 per share increased 23%Executing on Our Returns-Based Capital Allocation PolicyReturned$560 million to investors through share repurchases and dividends in fiscal 2024Repurchased$325 million of stock
37、 in the fourth quarterRepurchased$450 million of stock for the full yearRepurchased$2.2 billion since 2020Represents more than one-third of our initial market capitalization20%+IRR on repurchases to dateBoard of Directors approved the following in November 2024:$1 billion share repurchase authorizat
38、ion18%quarterly dividend increase to$0.26 per shareIndicative yield is now at the top of our peer group20%average annual dividend increase over the last three yearsConsistent with our commitment to increase the value of our per share dividend by double digits annually9%10%FY23FY24161M134MFY20FY25EDi
39、luted Shares OutstandingMargin Reconciliation BridgePage 10EBITDA Margin BridgeQ424FY24FY25ENet Service Revenue(NSR)$1,812.2$7,165.0$7,630.0Segment AOI$302.6$1,130.7$1,227.0Adjusted EBITDA$289.9$1,094.8$1,190.0NCI net of NCI Interest Income$13.2$53.5$55.0Adj.EBITDA Incl.NCI$303.1$1,148.3$1,245.0Segm
40、ent AOI Margin16.7%15.8%16.1%Adj.EBITDA Incl.NCI/NSR Margin16.7%16.0%16.3%Note:FY25 assumes NSR growth at the midpoint of our guided 5%-8%growth range,EBITDA at the midpoint of our guided$1,170M to$1,210M range,and NCI at the midpoint of our guided$50M to$60M range.DeliveringDouble-Digit Annual Adju
41、sted EPS and Free Cash Flow Per Share GrowthOur Long-Term Targets:Adjusted EBITDA Margin817%+Return on Invested Capital10(ROIC)25%+Long-Term Algorithm for Double-Digit Profit GrowthPage 115 8%Annual Organic NSR7 GrowthMinimum 20 30+bps of Annual Margin ExpansionHighly Cash-Generative Business Conver
42、ting 100%+of Adj.Net Income to Free Cash Flow4Returns-Focused Capital Allocation1234Consistent performance delivered by an industry-leading professional services infrastructure consulting firmPerformance Update9.2%11.5%Q424 and FY24 Financial Performance by SegmentAmericas SegmentInternational Segme
43、ntDelivering Growth:NSR7 up 6%in Q4 and up 7%in FY24 Margin Expansion:Adj.1 operating margin of 19.6%in Q4 and 18.8%in FY24 to a new recordWinning What Matters:Book-to-burn6 ratio of 1.2 in the design business Delivering Growth:NSR7 up 4%in Q4 and 6%in FY24Margin Expansion:Adj.1 operating margin in
44、Q4 up 260 basis points to 12.6%,up 230 basis points to 11.5%in FY24,both new recordsWinning What Matters:Backlog remains near an all-time high and the book-to-burn6 ratio was 1.2 in Q4NSR GrowthAdj.Operating MarginNSR GrowthAdj.Operating Margin6%7%18.7%18.8%FY24FY23FY24FY23FY24FY23Page 1311%6%FY24FY
45、23$16.3$16.9$16.9$16.9$17.0$17.4$17.4$17.4$5.7$6.1$6.3$6.3$6.4$6.4$6.0$6.4$22.0$23.0$23.2$23.2$23.3$23.8$23.4$23.9Q123Q223Q323Q423Q124Q224Q324Q424AmericasInternationalHistorical Backlog and Book-to-Burn PerformancePage 14Quarterly Enterprise Book-to-Burn61.3x1.4x1.1x1.0 x1.0 x1.2x1.0 x1.1xEnterprise
46、 TTM Book-to-Burn6Americas Book-to-Burn1.2x1.4x0.9x1.1x1.0 x1.3x1.1x1.0 xInternational Book-to-Burn1.5x1.4x1.2x1.0 x1.0 x1.1x0.8x1.2xBacklog5(in billions)1.2x1.1x1.1x1.1x1.1x15.0%15.4%15.4%16.5%16.7%FY23Q124Q224Q324Q424We Are Outperforming Our SectorLEADING PROFITABILITY VS.PEERSSUBSTANTIAL VALUATIO
47、N GAP Page 15Note:Some peer data may not match public reporting due to estimates and calculations used in the analysis to create comparability.Adjusted EBITDA Margin8(on Net Service Revenue7)EV/EBITDA(FY24E)11Peer Avg11:13.5%14.2x18.4xACMPeersAppendix55%38%7%42%17%12%10%19%52%24%18%6%As a Profession
48、al Services Business,AECOM Is Poised to ThriveFocused on our core higher-returning and lower-risk businessesLeader in key transportation,water and environment markets and ideally positioned to advise clients on their sustainable and resilience priorities Strengthened financial profile with transform
49、ed balance sheet and returning capital to shareholdersCapitalizing on market leading positions,substantial backlog and ongoing continuous improvement initiatives to drive long-term profitable growthAttractive Exposure to Key End MarketsBalanced Geographic ExposureDiverse Funding SourcesDeep Technica
50、l ExpertiseLower-Risk Business ModelU.S.Europe,Middle East&IndiaAsia PacificCanadaCost-Plus DesignFixed-Price DesignConstruction ManagementEngineersProgram Managers/Project ManagersConsultants/PlannersScientistsDesign,Digital&OtherPage 17All financial information is presented as a percentage of FY24
51、 Net Service Revenue7.33%27%9%31%Non-U.S.GovernmentsState&LocalGovernmentsFederal U.S.GovernmentPrivate26%36%28%10%WaterTransportationFacilitiesEnvironment/New Energy27%19%18%19%8%9%23%35%34%8%88%10%2%28%37%24%11%Business Segment MixWaterTransportationFacilitiesEnvironment/New EnergyU.S.CanadaLatin
52、America%of FY24 Segment Net Service Revenue7%of FY24 Segment Net Service Revenue7WaterTransportationFacilitiesEnvironment/New Energy U.K.&IrelandAustralia-New ZealandHong KongMiddle EastContinental EuropeOtherAmericas SegmentInternational SegmentFootnotesPage 191 Excludes the impact of certain items
53、,such as restructuring costs,amortization of intangible assets,non-core AECOM Capital and other items.See Regulation G Information for a reconciliation of non-GAAP measures to the comparable GAAP measures.2 Reflects segment operating performance,excluding AECOM Capital and G&A,and margins are presen
54、ted on a net service revenue basis.3 Net income before interest expense,tax expense,depreciation and amortization.4 Free cash flow is defined as cash flow from operations less capital expenditures,net of proceeds from disposals of property and equipment;free cash flow conversion is defined as free c
55、ash flow divided by adjusted net income attributable to AECOM.5Backlog represents the total value of work for which AECOM has been selected that is expected to be completed by consolidated subsidiaries and includes the proportionate share of work expected to be performed by unconsolidated joint vent
56、ures.6Book-to-burn ratio is defined as the dollar amount of wins divided by revenue recognized during the period,including revenue related to work performed in unconsolidated joint ventures.7 Revenue,less pass-through revenue;growth rates are presented on a constant-currency basis.8 Adjusted EBITDA
57、margin includes non-controlling interests in EBITDA and is on a net service revenue basis.9 Net leverage is comprised of EBITDA as defined in the Companys credit agreement dated October 17,2014,as amended,and total debt on the Companys financial statements,net of total cash and cash equivalents.10Re
58、turn on invested capital,or ROIC,reflects continuing operations and is calculated as the sum of adjusted net income as presented in the Companys Regulation G Information and adjusted interest expense,net of interest income,divided by average quarterly invested capital as defined as the sum of attributable shareholders equity and total debt,less cash and cash equivalents.11 AEC peers consist of Jacobs,Tetra Tech,Stantec and WSP.Regulation G InformationPage 20Regulation G InformationPage 21