News Release

Financial Highlights

• Increasing synergy savings target to $325 million from $275 million.
• Free cash flow¹ of $268 million in the fourth quarter; full-year free cash flow of $695 million.
• Company affirms fiscal 2016 and 2017 annual $600 million to $800 million free cash flow target.
• Q4 debt reduction of $166 million; $720 million in FY15 since the close of the URS transaction.
• Adjusted EPS² of $0.95 in Q4 and $3.08 in FY15.
• Wins of $4.7 billion in Q4 and $18.7 billion in FY15; full-year book-to-burn³ of 1.04x.
• Company initiates fiscal year 2016 adjusted EPS⁴ guidance of $3.00 to $3.40.

LOS ANGELES--(BUSINESS WIRE)--Nov. 10, 2015-- AECOM (NYSE:ACM), a premier, fully integrated global infrastructure firm, reported fourth-quarter revenue of $4.7 billion and fiscal-year revenue of $18.0 billion today. Net income⁵ and earnings per share⁵ were $1.1 million and $0.01 in the fourth quarter, respectively. The net loss⁵ and loss per share⁶ were $154.8 million and $1.04 for the full year. On an adjusted basis, diluted earnings per share² were $0.95 for the fourth quarter and $3.08 for the fiscal year.

			Fourth Quarter							Fiscal Year
($ in millions, except EPS)			Q4 FY14		Q4 FY15		YOY % Change			FY14		FY15		YOY % Change
Revenue			$2,563		$4,724		84%			$8,357		$17,990		115%
Operating Income			$103		$95		(7%)			$353		$129		(63%)
Net Income (Loss)5			$64		$1		(98%)			$230		($155)		NM
Adjusted EPS2			$0.83		$0.95		15%			$2.69		$3.08		15%
Free Cash Flow1			$162		$268		66%			$298		$695		133%
Backlog										$25,083		$40,199		60%

Note: All comparisons are year over year unless otherwise noted. FY14 results included an extra week in the fourth quarter, which negatively impacts year-over-year growth rates.

“Fiscal 2015 was a remarkable year for AECOM,” said Michael S. Burke, AECOM’s chairman and chief executive officer. “We completed the largest combination in our industry’s history. Despite the attention to integration and uneven global economic trends, our results and outlook reflect the benefits of our diversification.”

“We are reiterating our annual free cash flow target of $600 million to $800 million and increasing our synergy target to $325 million,” said Stephen M. Kadenacy, AECOM’s president. “This is a sign of our increasing confidence in the combined business.”

Wins and Backlog

Wins in the quarter of $4.7 billion were driven primarily by the Design & Consulting Services business in the Americas and the Management Services segment. The book-to-burn ratio³ was 1.0. After adjusting for acquisitions, total backlog declined slightly from the previous quarter. The company’s total backlog was $40.2 billion on September 30, 2015.

Business Segments

In addition to providing consolidated financial results, AECOM reports separate financial information for its three segments: Design & Consulting Services (DCS), Construction Services (CS), and Management Services (MS).

Design & Consulting Services (DCS)

The DCS segment delivers planning, consulting, architectural and engineering design services to commercial and government clients worldwide in markets such as transportation, facilities, environmental, energy, water, and government.

Revenue in the fourth quarter was $2.0 billion. Constant-currency⁷ organic revenue declined 11 percent. Full-year revenue of $8.0 billion increased 46 percent and constant-currency⁷ organic revenue decreased 4 percent. Adjusted operating income⁸ was $153 million and $504 million in the fourth quarter and fiscal year, respectively.

Construction Services (CS)

The CS segment provides construction services for energy, commercial, industrial and public and private infrastructure clients.

Revenue in the fourth quarter was $1.8 billion, an increase of 118 percent. Organic revenue increased 21 percent. Full-year revenue of $6.7 billion increased 233 percent and organic revenue increased 32 percent. Adjusted operating income⁸ was $42 million and $152 million in the fourth quarter and fiscal year, respectively.

Management Services (MS)

The MS segment provides program and facilities management and maintenance, training, logistics, consulting, technical assistance and systems-integration services, primarily for agencies of the U.S. government, national governments around the world, and commercial customers.

Revenue in the fourth quarter was $885 million, an increase of 262 percent. Full-year revenue of $3.4 billion increased 268 percent and organic revenue decreased 16 percent. Adjusted operating income⁸ was $114 million and $414 million in the fourth quarter and fiscal year, respectively.

Tax Rate

Inclusive of the non-controlling interest deduction — and excluding acquisition and integration related expenses, financing charges in interest expense, and amortization of intangible assets — the effective adjusted tax rate was 25.5 percent and 27.4 percent in the fourth quarter and fiscal year, respectively.

Cash Flow

Free cash flow¹ for the fourth quarter was $268 million. For the fiscal year, AECOM generated free cash flow of $695 million, which was within the company’s target of $600 million to $800 million.

Balance Sheet

As of September 30, 2015, AECOM had $684 million of total cash and cash equivalents, $4.6 billion of debt and $948 million in unused capacity under its $1.05 billion revolving credit facility.

Financial Outlook

AECOM is providing adjusted EPS⁴ guidance for fiscal year 2016 of $3.00 to $3.40, which assumes an expected contribution from the monetization of a portion of AECOM Capital investments.

The company expects to exit fiscal 2016 at a synergy savings run-rate of $275 million. In addition, the company is increasing its expected total synergy savings target to $325 million, due primarily to additional real estate savings opportunities. Benefits are expected to begin impacting results in fiscal 2017.

The company expects to incur approximately $200 million of acquisition and integration expenses in fiscal 2016.

In addition, the company expects 2016 full-year interest expense, excluding acquisition-related amortization, of approximately $210 million and a full-year share count of 156 million. The company also expects an adjusted effective tax rate⁹ of approximately 28%, which includes the anticipated retroactive extension of U.S. R&D tax credits and other incentives.

The company expects fiscal year 2016 capital expenditures¹⁰ to be approximately $150 million, depreciation of approximately $165 million, and amortization of intangible assets¹¹ of approximately $195 million.

AECOM is hosting a conference call today at 12 p.m. EST, during which management will make a brief presentation focusing on the company's results, strategies and operating trends. Interested parties can listen to the conference call and view accompanying slides via webcast at www.aecom.com. The webcast will be available for replay following the call.

¹ Free cash flow is defined as cash flow from operations less capital expenditures net of proceeds from disposals, and is a non-GAAP measure.

² Defined as attributable to AECOM, excluding acquisition and integration related expenses, financing charges in interest expense, and the amortization of intangible assets.

³ Book-to-burn ratio is defined as the amount of wins divided by revenue recognized during the period.

⁴ Defined as attributable to AECOM, excluding acquisition and integration related expenses, financing charges in interest expense, the amortization of intangible assets, and financial impacts associated with expected dispositions of non-core businesses or assets.

⁵ Defined as attributable to AECOM.

⁶ Defined as attributable to AECOM, basic.

⁷ Results expressed in constant currency are presented excluding the impact from changes in currency exchange rates.

⁸ Excluding intangible amortization.

⁹ Inclusive of the non-controlling interest deduction and excluding acquisition and integration related expenses, financing charges in interest expense, and the amortization of intangible assets.

¹⁰ Capital expenditures, net of proceeds from disposals.

¹¹ Amortization of intangible assets expense includes the impact of amortization included in equity in earnings of joint ventures and non-controlling interests.

About AECOM

AECOM (NYSE: ACM) is built to deliver a better world. We design, build, finance and operate infrastructure assets for governments, businesses and organizations in more than 150 countries. As a fully integrated firm, we connect knowledge and experience across our global network of experts to help clients solve their most complex challenges. From high-performance buildings and infrastructure, to resilient communities and environments, to stable and secure nations, our work is transformative, differentiated and vital. A Fortune 500 firm, AECOM companies had revenue of approximately $18 billion during the 12 months ended September 30, 2015. See how we deliver what others can only imagine at aecom.com and @AECOM.

Forward-Looking Statements: All statements in this press release other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue, cash flows, tax rate, share count, interest expense, amortization of intangible assets, AECOM Capital contributions, synergy costs, acquisition and integration costs, or other financial items; any statements of the plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance. Although we believe that the expectations reflected in our forward-looking statements 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 our forward looking statements include, but are not limited to, the following: demand for our services is cyclical; uncertainties related to government contract appropriations; governmental agencies may modify, curtail or terminate our contracts; government contracts are subject to audits and adjustments of contractual terms; losses under fixed-price contracts; limited control over operations run through our joint venture entities; misconduct by our employees or consultants or our failure to comply with laws or regulations applicable to our business; our leveraged position and ability to service our debt; exposure to legal, political and economic risks in different countries as well as currency exchange rate fluctuations; the failure to retain and recruit key technical and management personnel; our insurance policies may not provide adequate coverage; unexpected adjustments and cancellations related to our backlog; dependence on third party contractors who fail to satisfy their obligations; systems and information technology interruption; and changing client preferences/demands, fiscal positions and payment patterns. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in our reports filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.

This press release contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). In particular, the company believes that non-GAAP financial measures such as adjusted EPS, adjusted operating income, adjusted tax rate, organic revenue, and free cash flow also provide a meaningful perspective on its business results as the company utilizes this information to evaluate and manage the business. We are also providing additional non-GAAP financial measures to reflect the impact of the URS acquisition, including expected acquisition and integration expenses. Our non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information 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.

AECOM Consolidated Statements of Income (unaudited - in thousands, except per share data)
			Three Months Ended											Twelve Months Ended
			Sep 30, 2014				Sep 30, 2015				% Change			Sep 30, 2014				Sep 30, 2015				% Change
Revenue			$	2,562,529			$	4,723,637			84.3 %			$	8,356,783			$	17,989,880			115.3 %
Cost of revenue			2,433,498				4,553,009				87.1 %			7,953,607				17,454,692				119.5 %
Gross profit			129,031				170,628				32.2 %			403,176				535,188				32.7 %
Equity in earnings of joint ventures			8,509				29,917				251.6 %			57,924				106,245				83.4 %
General and administrative expenses			(15,547			)	(25,422		)		63.5 %			(80,908		)		(113,975		)		40.9 %
Acquisition and integration expenses			(19,473			)	(79,883		)		310.2 %			(27,310		)		(398,440		)		NM
Income from operations			102,520				95,240				(7.1)%			352,882				129,018				(63.4)%
Other income			1,892				7,470				294.8 %			2,748				19,139				596.5 %
Interest expense			(10,120			)	(60,046		)		493.3 %			(40,842		)		(299,627		)		633.6 %
Income (loss) before income tax expense			94,292				42,664				(54.8)%			314,788				(151,470		)		(148.1)%
Income tax expense (benefit)			29,657				16,187				(45.4)%			82,024				(80,237		)		(197.8)%
Net income (loss)			64,635				26,477				(59.0)%			232,764				(71,233		)		(130.6)%
Noncontrolling interests in income of consolidated subsidiaries, net of tax			(609			)	(25,421		)		NM			(2,910		)		(83,612		)		NM
Net income (loss) attributable to AECOM			$	64,026			$	1,056			(98.4)%			$	229,854			$	(154,845	)		(167.4)%
Net income (loss) attributable to AECOM per share:
Basic			$	0.65			$	0.01			(98.5)%			$	2.36			$	(1.04	)		(144.1)%
Diluted			$	0.64			$	0.01			(98.4)%			$	2.33			$	(1.04	)		(144.6)%
Weighted average shares outstanding:
Basic			98,107				153,779				56.7 %			97,226				149,605				53.9 %
Diluted			99,743				155,231				55.6 %			98,657				149,605				51.6 %

AECOM
Reportable Segments
(unaudited - in thousands)
		Design & Consulting Services				Construction Services				Management Services				Corporate				Total
Three Months Ended September 30, 2015
Revenue		$	2,041,749			$	1,797,115			$	884,773			$	-			$	4,723,637
Cost of revenue			1,942,894				1,781,734				828,381				-				4,553,009
Gross profit			98,855				15,381				56,392				-				170,628
Equity in earnings of joint ventures			3,532				5,967				20,418				-				29,917
General and administrative expenses			-				-				-				(25,422	)			(25,422	)
Acquisition and integration expenses			-				-				-				(79,883	)			(79,883	)
Income (loss) from operations		$	102,387			$	21,348			$	76,810			$	(105,305	)		$	95,240
Gross profit as a % of revenue			4.8	%			0.9	%			6.4	%			-				3.6	%
Three Months Ended September 30, 2014
Revenue		$	1,494,990			$	823,123			$	244,416			$	-			$	2,562,529
Cost of revenue			1,387,736				809,233				236,529				-				2,433,498
Gross profit			107,254				13,890				7,887				-				129,031
Equity in earnings of joint ventures			2,237				2,680				3,592				-				8,509
General and administrative expenses			-				-				-				(15,547	)			(15,547	)
Acquisition and integration expenses			-				-				-				(19,473	)			(19,473	)
Income (loss) from operations		$	109,491			$	16,570			$	11,479			$	(35,020	)		$	102,520
Gross profit as a % of revenue			7.2	%			1.7	%			3.2	%			-				5.0	%

AECOM
Reportable Segments
(unaudited - in thousands)
		Design & Consulting Services				Construction Services				Management Services				Corporate				Total
Twelve Ended September 30, 2015
Revenue		$	7,962,856			$	6,676,741			$	3,350,283			$	-			$	17,989,880
Cost of revenue			7,663,565				6,633,907				3,157,220				-				17,454,692
Gross profit			299,291				42,834				193,063				-				535,188
Equity in earnings of joint ventures			6,626				22,950				76,669				-				106,245
General and administrative expenses			-				-				-				(113,975	)			(113,975	)
Acquisition and integration expenses			-				-				-				(398,440	)			(398,440	)
Income (loss) from operations		$	305,917			$	65,784			$	269,732			$	(512,415	)		$	129,018
Gross profit as a % of revenue			3.8	%			0.6	%			5.8	%			-				3.0	%
Contracted backlog		$	8,573,471			$	11,190,214			$	4,703,981			$	-			$	24,467,666
Awarded backlog			5,732,258				5,559,938				4,439,463				-				15,731,659
Total backlog		$	14,305,729			$	16,750,152			$	9,143,444			$	-			$	40,199,325
Twelve Months Ended September 30, 2014
Revenue		$	5,443,044			$	2,004,312			$	909,427			$	-			$	8,356,783
Cost of revenue			5,112,786				1,974,987				865,834				-				7,953,607
Gross profit			330,258				29,325				43,593				-				403,176
Equity in earnings of joint ventures			35,605				5,954				16,365				-				57,924
General and administrative expenses			-				-				-				(80,908	)			(80,908	)
Acquisition and integration expenses			-				-				-				(27,310	)			(27,310	)
Income (loss) from operations		$	365,863			$	35,279			$	59,958			$	(108,218	)		$	352,882
Gross profit as a % of revenue			6.1	%			1.5	%			4.8	%			-				4.8	%
Contracted backlog		$	6,004,646			$	4,586,986			$	757,371			$	-			$	11,349,003
Awarded backlog			3,370,663				8,687,488				1,676,001				-				13,734,152
Total backlog		$	9,375,309			$	13,274,474			$	2,433,372			$	-			$	25,083,155

AECOM Regulation G Information ($ in millions)
Reconciliation of Amounts Provided by Acquired Companies
	Three Months Ended September 30, 2015									Twelve Months Ended September 30, 2015
	Total			Provided by Acquired Companies			Excluding Effect of Acquired Companies			Total			Provided by Acquired Companies			Excluding Effect of Acquired Companies
Revenue
AECOM Consolidated	$	4,723.6		$	2,309.7		$	2,413.9		$	17,989.9		$	9,635.4		$	8,354.5
Design & Consulting Services		2,041.7			795.7			1,246.0			7,962.9			3,012.7			4,950.2
Construction Services		1,797.1			804.9			992.2			6,676.7			4,033.0			2,643.7
Management Services		884.8			709.1			175.7			3,350.3			2,589.7			760.6

Reconciliation of EBITDA to Net Income Attributable to AECOM
	Three Months Ended
	Dec 31, 2013				Mar 31, 2014				Jun 30, 2014				Sep 30, 2014				Dec 31, 2014				Mar 31, 2015				Jun 30, 2015				Sep 30, 2015
EBITDA	$	111.5			$	89.0			$	115.9			$	127.2			$	116.8			$	143.4			$	167.7			$	221.8
Less: Interest expense1		(9.8	)			(10.0	)			(9.2	)			(9.5	)			(115.4	)			(56.7	)			(56.2	)			(54.2	)
Add: Interest income2		0.4				0.3				0.6				0.9				1.6				1.2				1.0				1.0
Less: Depreciation and amortization3		(22.2	)			(23.9	)			(24.4	)			(24.9	)			(154.2	)			(163.4	)			(138.1	)			(151.3	)
Income (loss) attributable to AECOM before income taxes		79.9				55.4				82.9				93.7				(151.2	)			(75.5	)			(25.6	)			17.3
Less: Income tax expense (benefit)		23.5				15.2				13.7				29.6				(12.2	)			(75.8	)			(8.4	)			16.2
Net income (loss) attributable to AECOM	$	56.4			$	40.2			$	69.2			$	64.1			$	(139.0	)		$	0.3			$	(17.2	)		$	1.1

			Twelve Months Ended
			Sep 30, 2014				Sep 30, 2015
EBITDA			$	443.6			$	649.7
Less: Interest expense1				(38.5	)			(282.5	)
Add: Interest income2				2.2				4.8
Less: Depreciation and amortization3				(95.4	)			(607.0	)
Income (loss) attributable to AECOM before income taxes				311.9				(235.0	)
Less: Income tax expense (benefit)				82.0				(80.2	)
Net income (loss) attributable to AECOM			$	229.9			$	(154.8	)

¹ Excludes related amortization ² Included in other income ³ Includes the amount for noncontrolling interests in consolidated subsidiaries

Reconciliation of Organic Revenue Growth at Constant Currency Excluding the Impact of an Extra Week in the Prior Period to Revenue Growth
			Three Months Ended Sep 30, 2015		Twelve Months Ended Sep 30, 2015
Organic revenue growth at constant currency adjusted to exclude the impact of an extra week in the prior period			5.3%		5.1%
Organic revenue growth at constant currency			(2.2)%		3.1%
Organic revenue growth			(5.8)%		0.0%
Revenue growth			84.3%		115.3%

Reconciliation of Total Debt to Net Debt
			Balances at:
			Sep 30, 2014			Jun 30, 2015			Sep 30, 2015
Short-term debt			$	23.9		$	8.2		$	2.8
Current portion of long-term debt				40.5			162.4			157.6
Long-term debt				939.6			4,602.5			4,446.5
Total debt				1,004.0			4,773.1			4,606.9
Less: Total cash and cash equivalents				574.2			605.9			683.9
Net debt			$	429.8		$	4,167.2		$	3,923.0

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
			Three Months Ended															Twelve Months Ended
			Sep 30, 2014				Jun 30, 2015				Sep 30, 2015							Sep 30, 2012				Sep 30, 2013					Sep 30, 2014				Sep 30, 2015
Net cash provided by operating activities			$	174.9			$	153.8			$	278.0						$	433.4			$	408.6				$ 360.6				$	764.4
Capital expenditures, net				(13.2	)			(3.7	)			(10.1	)						(62.9	)			(52.1	)			(62.8		)			(69.4	)
Free cash flow			$	161.7			$	150.1			$	267.9						$	370.5			$	356.5				$ 297.8				$	695.0

AECOM Regulation G Information ($ in millions, except per share data)
Reconciliation of Reported Amounts to Adjusted Amounts Excluding Acquisition and Integration Expenses, Amortization of Intangible Assets, Adjusted Tax Rate and Financing Charges in Interest Expense
			Three Months Ended										Twelve Months Ended
			Sep 30, 2014			Jun 30, 2015			Sep 30, 2015				Sep 30, 2014			Sep 30, 2015
Income from operations			$	102.5		$	41.3		$	95.4			$	352.9		$	129.0
Acquisition and integration expenses				19.5			88.5			79.9				27.3			398.5
Amortization of intangible assets				6.6			94.1			108.3				24.0			428.3
Adjusted income from operations			$	128.6		$	223.9		$	283.6			$	404.2		$	955.8
Income (loss) before income tax expense			$	94.3		$	(8.7	)	$	42.7			$	314.8		$	(151.5	)
Acquisition and integration expenses				19.5			88.5			79.9				27.3			398.5
Amortization of intangible assets				6.6			94.1			108.3				24.0			428.3
Financing charges in interest expense				-			3.9			3.9				-			79.8
Adjusted income before income tax expense			$	120.4		$	177.8		$	234.8			$	366.1		$	755.1
Income tax expense (benefit)			$	29.7		$	(8.5	)	$	16.3			$	82.2		$	(80.2	)
Tax effect of the above adjustments				6.4			50.3			34.2				13.7			256.1
Adjusted income tax expense			$	36.1		$	41.8		$	50.5			$	95.9		$	175.9
Noncontrolling interests in income of consolidated subsidiaries, net of tax			$	(0.6	)	$	(16.9	)	$	(25.4		)	$	(2.8	)	$	(83.6	)
Amortization of intangible assets included in NCI, net of tax				(0.7	)		(5.6	)		(11.0		)		(2.3	)		(29.6	)
Adjusted noncontrolling interests in income of consolidated subsidiaries, net of tax			$	(1.3	)	$	(22.5	)	$	(36.4		)	$	(5.1	)	$	(113.2	)
Net income (loss) attributable to AECOM			$	64.0		$	(17.1	)	$	1.1			$	229.8		$	(154.8	)
Acquisition and integration expenses				19.5			88.5			79.9				27.3			398.5
Amortization of intangible assets				6.6			94.1			108.3				24.0			428.3
Financing charges in interest expense				-			3.9			3.9				-			79.8
Tax effect of the above adjustments				(6.4	)		( 50.3	)		(34.3		)		(13.7	)		(256.2	)
Amortization of intangible assets included in NCI, net of tax				(0.7	)		(5.6	)		(11.0		)		(2.3	)		(29.6	)
Adjusted net income attributable to AECOM			$	83.0		$	113.5		$	147.9			$	265.1		$	466.0
Net income (loss) attributable to AECOM – per diluted share*			$	0.64		$	(0.11	)*	$	0.01			$	2.33		$	(1.04	)*
Per diluted share adjustments:
Acquisition and integration expenses				0.19			0.58			0.51				0.28			2.63
Amortization of intangible assets				0.07			0.61			0.70				0.24			2.83
Financing charges in interest expense				-			0.03			0.03				-			0.54
Tax effect of the above adjustments				(0.06	)		(0.33	)		(0.23		)		(0.14	)		(1.68	)
Amortization of intangible assets included in NCI, net of tax				(0.01	)		(0.04	)		(0.07		)		(0.02	)		(0.20	)
Adjusted net income attributable to AECOM – per diluted share			$	0.83		$	0.74		$	0.95			$	2.69		$	3.08

*Basic and dilutive GAAP EPS calculations use the same share count in the event of a net loss to avoid any antidilutive effect; however, the adjusted EPS includes the dilutive shares excluded in the GAAP EPS.

AECOM Regulation G Information ($ in millions)
Reconciliation of Reported Amounts to Adjusted Amounts Excluding Acquisition and Integration Expenses, Amortization of Intangible Assets, Adjusted Tax Rate and Financ ing Charges in Interest Expense
			Three Months Ended										Twelve Months Ended
			Sep 30, 2014			Jun 30, 2015			Sep 30, 2015				Sep 30, 2014				Sep 30, 2015
EBITDA			$	127.2		$	167.7		$	221.8			$	443.6		$	649.7
Acquisition and integration expenses				19.5			88.5			79.8				27.3			398.4
Depreciation expense included in acquisition and integration expense line above				-			(6.0	)		(6.6		)		-			(20.9	)
Adjusted EBITDA			$	146.7		$	250.2		$	295.0			$	470.9		$	1,027.2
Design & Consulting Services Segment:
Income from operations			$	109.5		$	104.1		$	102.4			$	365.9		$	305.9
Amortization of intangible assets				4.5			40.9			50.3				17.5			197.7
Adjusted income from operations			$	114.0		$	145.0		$	152.7			$	383.4		$	503.6
Construction Services Segment:
Income (loss) from operations			$	16.6		$	(4.0	)	$	21.4			$	35.3		$	65.8
Amortization of intangible assets				1.6			14.8			20.4				4.1			86.1
Adjusted income from operations			$	18.2		$	10.8		$	41.8			$	39.4		$	151.9
Management Services Segment:
Income from operations			$	11.5		$	54.2		$	76.7			$	60.0		$	269.7
Amortization of intangible assets				0.5			38.4			37.6				2.3			144.5
Adjusted income from operations			$	12.0		$	92.6		$	114.3			$	62.3		$	414.2

NR 15-1102

View source version on businesswire.com: http://www.businesswire.com/news/home/20151110005597/en/

Source: AECOM

AECOM
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