News Release
|
|
Fourth Quarter Fiscal 2020 |
|
Full Year Fiscal 2020 |
||||||
|
(from Continuing Operations; $ in millions, except EPS) |
As |
Adjusted1 |
As |
Adjusted |
|
As |
Adjusted1 |
As |
Adjusted |
|
Revenue |
|
-- |
2% |
-- |
|
|
-- |
(3%) |
-- |
|
Net Service Revenue (NSR)2 |
-- |
|
-- |
(8%3) |
|
-- |
|
-- |
(2%3) |
|
Operating Income |
|
|
(50%) |
(2%) |
|
|
|
(4%) |
16% |
|
Segment Operating Margin4 (NSR) |
-- |
12.7% |
-- |
-10 bps |
|
-- |
12.3% |
-- |
+160 bps |
|
Net Income |
|
|
NM |
(7%) |
|
|
|
(19%) |
17% |
|
EPS (Fully Diluted) |
|
|
NM |
(8%) |
|
|
|
(20%) |
16% |
|
EBITDA5 |
-- |
|
-- |
0% |
|
-- |
|
-- |
14% |
|
Operating Cash Flow |
|
-- |
(18%) |
-- |
|
|
-- |
(58%) |
-- |
|
Free Cash Flow6 |
-- |
|
-- |
(21%) |
|
-- |
|
-- |
(51%) |
|
Backlog |
|
-- |
13%7 |
-- |
|
|
|
|
|
Full Year Fiscal 2020 Accomplishments
- Revenue was
$13.2 billion , and net service revenue2 of$6.2 billion declined by 2% compared to the prior year on an organic basis3. - Operating income was
$381 million and net income decreased by 19% to$170 million ; diluted earnings per share was$1.06 and adjusted1 diluted earnings per share was$2.15 . - Adjusted1 EBITDA5 exceeded the Company’s guidance, increasing by 14% to
$746 million , marking a new high for the Professional Services business;
- The operating income margin decreased by 190 basis points to 1.8% in the fourth quarter and was unchanged with the prior year at 2.9% for the full year.
- The segment adjusted1 operating margin4 on NSR2 increased by 160 basis points to 12.3%, also a new high for the Professional Services business and 60 basis points above the Company’s prior guidance.
- Operating cash flow was
$330 million and free cash flow6 was$341 million , which exceeded the Company’s guidance range and included$619 million of free cash flow in fourth quarter. - The Company expects to a deliver 9% adjusted EBITDA1 growth and 23% adjusted EPS1 growth in fiscal 2021 at the mid-point of its respective guidance ranges.
- The Company has executed
$455 million of stock repurchases since the beginning ofSeptember 2020 , which reduced the diluted share count by approximately 6.5% to date. - Consistent with its plan to return substantially all available cash and free cash flow to shareholders, the Company announced today an increase to the existing remaining Board repurchase authorization from
$305 million to$1 billion , positioning the Company to continue repurchase substantial stock in fiscal 2021. - In
October 2020 , the Company continued its transformation to a higher-margin and lower-risk Professional Services business with the completed disposition of the Power construction business and inJanuary 2020 the completed sale of the Management Services business. - The Company also announced today its Think and Act Globally strategy aimed at setting a new standard of excellence for the Professional Services industry by extending its global expertise to each of its projects and clients around the world through enhanced collaboration, transforming the way it delivers work through technology and digital platforms, and enhancing its position as a leading ESG company.
Fiscal 2021 Financial Guidance
- The Company expects in fiscal 2021 adjusted net income1 of between
$390 million and$420 million , adjusted EPS1 of between$2.55 and$2.75 , and adjusted1 EBITDA5 of between$790 million and$830 million .
– At the mid-point of its respective ranges, the Company is forecasting 9% adjusted EBITDA growth and 23% adjusted EPS growth over fiscal 2020.
– This guidance includes an expected additional 90 basis point improvement in the segment adjusted1 operating margin4 to 13.2%, reflecting the benefits from restructuring actions taken in FY’20 that are expected to contribute to improved margins in both the Company’sAmericas and International segments.
– The Company’s adjusted EPS guidance assumes an average diluted share count of 153 million, which is inclusive of shares repurchased throughNovember 13, 2020 .
- The Company also provided guidance for fiscal 2021 free cash flow6 of between
$425 million and$625 million , which is consistent with the highly cash generative nature of the Professional Services business. The guidance is based on anticipated cash flow from operations of$535 million to$735 million less capital expenditures, net of proceeds from equipment disposals, of approximately$110 million . - Underlying the Company’s confidence in fiscal 2021 and beyond are several favorable attributes inherent in its Professional Services business that allow for consistent performance through periods of uncertainty, including an agile workforce with a proven ability to remain productive while working remotely, a consolidated design business under one global organization, a highly variable cost structure, a substantial backlog with several years of visibility and a highly cash generative business profile.
“I am incredibly proud of how our teams responded to the unprecedented challenges of the past year to deliver for our clients and communities and to position the business for continued success in 2021 and beyond,” said
“Our teams are energized by our achievements in fiscal 2020 and in the opportunities that lay ahead,” said
“We delivered strong EBITDA growth and free cash flow, which, along with the sale of the Management Services, contributed to a substantial debt reduction and the commencement of share repurchases,” said
Wins and Backlog
Full year wins of
Business Segments
In addition, the Management Services (MS) business, which was sold in
Revenue in the fourth quarter was
Net service revenue2 was
Fourth quarter operating income was
International
Revenue in the fourth quarter was
Net service revenue2 was
Fourth quarter operating income was
Discontinued Operations
Following the close of the fourth quarter,
Cash Flow
Operating cash flow for the fourth quarter was
Balance Sheet & Capital Allocation
As of
With the expected continued strong cash generation in the business and substantial access to liquidity, the Company has executed
Tax Rate
The effective tax rate was 79.8% in the fourth quarter and 19.7% in the full year. The fourth quarter effective tax rate was influenced by non-deductible expenses and foreign earnings taxed in
Restructuring Update
Conference Call
1 Excludes the impact of non-operating items, such as non-core operating losses and transaction-related expenses, restructuring costs and other items. See Regulation G Information for a complete reconciliation of non-GAAP measures to the comparable GAAP measures.
2 Revenue, net of subcontractor and other direct costs.
3 Organic growth is calculated at constant currency, reflects revenue associated with continuing operations and excludes the impact of the 53rd week in the fourth quarter of fiscal 2020. Results expressed in constant currency are presented excluding the impact from changes in currency exchange rates.
4 Reflects segment operating performance, excluding
5 Net income before interest expense, tax expense, depreciation and amortization.
6 Free cash flow is defined as cash flow from operations less capital expenditures net of proceeds from disposals and includes the receipt of a favorable
7 On a constant-currency basis.
8 Book-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.
9 Gross leverage is comprised of EBITDA as defined in the Company’s credit agreement dated
10 Inclusive of non-controlling interest deduction and adjusted for financing charges in interest expense, the amortization of intangible assets and is based on continuing operations.
About
Forward-Looking Statements
All 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, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of
Non-GAAP Financial Information
This press release contains financial information calculated other than in accordance with
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. A reconciliation of these non-GAAP measures is found in the Regulation G Information tables at the back of this release.
|
Consolidated Statements of Income (in thousands, except per share data) |
|||||||||||||||||||||
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
% |
|
||||
|
Revenue |
|
$ |
3,513,483 |
|
$ |
3,568,950 |
|
1.6% |
|
$ |
13,642,455 |
|
$ |
13,239,976 |
|
(3.0)% |
|
||||
|
Cost of revenue |
|
3,323,916 |
|
3,379,082 |
|
1.7% |
|
13,030,800 |
|
12,530,416 |
|
(3.8)% |
|
||||||||
|
Gross profit |
|
189,567 |
|
189,868 |
|
0.2 % |
|
611,655 |
|
709,560 |
|
16.0 % |
|
||||||||
|
Equity in earnings of joint ventures |
|
16,902 |
|
16,775 |
|
(0.8)% |
|
49,320 |
|
48,781 |
|
(1.1)% |
|
||||||||
|
General and administrative expenses |
|
(37,256 |
) |
(49,402 |
) |
32.6 % |
|
(148,123 |
) |
(188,535 |
) |
27.3 % |
|
||||||||
|
Restructuring costs |
|
(16,276 |
) |
(91,907 |
) |
464.7 % |
|
(95,446 |
) |
(188,345 |
) |
97.3 % |
|
||||||||
|
Gain on disposal activities |
|
3,590 |
|
— |
|
(100.0)% |
|
3,590 |
|
— |
|
(100.0)% |
|
||||||||
|
Impairment of long-lived assets |
|
(24,900 |
) |
— |
|
(100.0)% |
|
(24,900 |
) |
— |
|
(100.0)% |
|
||||||||
|
Income from operations |
|
131,627 |
|
65,334 |
|
(50.4)% |
|
396,096 |
|
381,461 |
|
(3.7)% |
|
||||||||
|
Other income |
|
3,481 |
|
1,499 |
|
(56.9)% |
|
14,556 |
|
11,056 |
|
(24.0)% |
|
||||||||
|
Interest expense |
|
(40,153 |
) |
(47,501 |
) |
18.3 % |
|
(161,482 |
) |
(159,914 |
) |
(1.0)% |
|
||||||||
|
Income from continuing operations before taxes |
|
94,955 |
|
19,332 |
|
(79.6)% |
|
249,170 |
|
232,603 |
|
(6.6)% |
|
||||||||
|
Income tax expense for continuing operations |
|
16,612 |
|
15,427 |
|
(7.1)% |
|
13,498 |
|
45,753 |
|
239.0 % |
|
||||||||
|
Net income from continuing operations |
|
78,343 |
|
3,905 |
|
(95.0)% |
|
235,672 |
|
186,850 |
|
(20.7)% |
|
||||||||
|
Net loss from discontinued operations |
|
(526,326 |
) |
(227,896 |
) |
(56.7)% |
|
(419,662 |
) |
(340,591 |
) |
(18.8)% |
|
||||||||
|
Net loss |
|
(447,983 |
) |
(223,991 |
) |
(50.0)% |
|
(183,990 |
) |
(153,741 |
) |
(16.4)% |
|
||||||||
|
Net income attributable to noncontrolling interest from continuing operations |
|
(6,780 |
) |
(3,970 |
) |
(41.4)% |
|
(24,710 |
) |
(16,398 |
) |
(33.6)% |
|
||||||||
|
Net income attributable to noncontrolling interest from discontinued operations |
|
(19,389 |
) |
(2,226 |
) |
(88.5)% |
|
(52,350 |
) |
(16,231 |
) |
(69.0)% |
|
||||||||
|
Net income attributable to noncontrolling interest |
|
(26,169 |
) |
(6,196 |
) |
(76.3)% |
|
(77,060 |
) |
(32,629 |
) |
(57.7)% |
|
||||||||
|
Net income (loss) attributable to |
|
71,563 |
|
(65 |
) |
(100.1)% |
|
210,962 |
|
170,452 |
|
(19.2)% |
|
||||||||
|
Net loss attributable to |
|
(545,715 |
) |
(230,122 |
) |
(57.8)% |
|
(472,012 |
) |
(356,822 |
) |
(24.4)% |
|
||||||||
|
Net loss attributable to |
|
$ |
(474,152 |
) |
$ |
(230,187 |
) |
(51.5)% |
|
$ |
(261,050 |
) |
$ |
(186,370 |
) |
(28.6)% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss) attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Continuing operations |
|
$ |
0.45 |
|
$ |
— |
|
(100.0)% |
|
$ |
1.34 |
|
$ |
1.07 |
|
(20.1)% |
|
||||
|
Discontinued operations |
|
|
(3.46 |
) |
|
(1.44 |
) |
(58.4)% |
|
|
(3.00 |
) |
|
(2.24 |
) |
(25.3)% |
|
||||
|
Basic earnings per share |
|
$ |
(3.01 |
) |
$ |
(1.44 |
) |
(52.2)% |
|
|
(1.66 |
) |
|
(1.17 |
) |
(29.5)% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Continuing operations |
|
$ |
0.44 |
|
$ |
— |
|
(100.0)% |
|
$ |
1.32 |
|
$ |
1.06 |
|
(19.7)% |
|
||||
|
Discontinued operations |
|
(3.39 |
) |
(1.44 |
) |
(57.5)% |
|
(2.95 |
) |
(2.22 |
) |
(24.7)% |
|
||||||||
|
Diluted earnings (loss) per share |
|
$ |
(2.95 |
) |
$ |
(1.44 |
) |
(51.2)% |
|
$ |
(1.63 |
) |
$ |
(1.16 |
) |
(28.8)% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
157,709 |
|
160,020 |
|
1.5 % |
|
157,044 |
|
159,005 |
|
1.2 % |
|
||||||||
|
Diluted |
|
160,929 |
|
160,020 |
|
(0.6)% |
|
159,684 |
|
161,292 |
|
1.0 % |
|
||||||||
|
Balance Sheet Information (in thousands) |
|||||||||
|
|
|
|
|
|
|
|
|||
|
Balance Sheet Information: |
|
|
|
|
|
|
|||
|
Total cash and cash equivalents |
$ |
885,639 |
|
|
$ |
1,708,332 |
|
|
|
|
Accounts receivable and contract assets – net |
|
4,451,022 |
|
|
|
4,402,277 |
|
|
|
|
Working capital |
|
1,072,891 |
|
|
|
1,439,912 |
|
|
|
|
Total debt, excluding unamortized debt issuance costs |
|
3,352,464 |
|
|
|
2,085,017 |
|
|
|
|
Total assets |
|
14,550,908 |
|
|
|
12,998,951 |
|
|
|
|
Total |
|
3,690,576 |
|
|
|
3,292,558 |
|
|
|
|
|
|
|||||||||||||||||||
|
Reportable Segments |
|
|||||||||||||||||||
|
(in thousands) |
|
|||||||||||||||||||
|
|
|
|
|
International |
|
|
|
Corporate |
|
Total |
|
|||||||||
| Three Months Ended |
||||||||||||||||||||
|
Revenue |
|
$ |
2,732,266 |
|
$ |
831,105 |
|
$ |
5,579 |
|
$ |
— |
|
$ |
3,568,950 |
|
||||
|
Cost of revenue |
|
|
2,582,081 |
|
|
797,001 |
|
|
— |
|
|
— |
|
|
3,379,082 |
|
||||
|
Gross profit |
|
|
150,185 |
|
|
34,104 |
|
|
5,579 |
|
|
— |
|
|
189,868 |
|
||||
|
Equity in earnings of joint ventures |
|
|
2,493 |
|
|
5,597 |
|
|
8,685 |
|
|
— |
|
|
16,775 |
|
||||
|
General and administrative expenses |
|
|
— |
|
|
— |
|
|
(3,239 |
) |
|
(46,163 |
) |
|
(49,402 |
) |
||||
|
Restructuring costs |
|
|
— |
|
|
— |
|
|
— |
|
|
(91,907 |
) |
|
(91,907 |
) |
||||
|
Income (loss) from operations |
|
$ |
152,678 |
|
$ |
39,701 |
|
$ |
11,025 |
|
$ |
(138,070 |
) |
$ |
65,334 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gross profit as a % of revenue |
|
|
5.5% |
|
|
4.1% |
|
|
— |
|
|
— |
|
|
5.3% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
| Three Months Ended |
||||||||||||||||||||
|
Revenue |
|
$ |
2,681,902 |
|
$ |
830,245 |
|
$ |
1,336 |
|
$ |
— |
|
$ |
3,513,483 |
|
||||
|
Cost of revenue |
|
|
2,527,292 |
|
|
796,624 |
|
|
— |
|
|
— |
|
|
3,323,916 |
|
||||
|
Gross profit |
|
|
154,610 |
|
|
33,621 |
|
|
1,336 |
|
|
— |
|
|
189,567 |
|
||||
|
Equity in earnings of joint ventures |
|
|
4,915 |
|
|
2,245 |
|
|
9,742 |
|
|
— |
|
|
16,902 |
|
||||
|
General and administrative expenses |
|
|
— |
|
|
— |
|
|
(26 |
) |
|
(37,230 |
) |
|
(37,256 |
) |
||||
|
Restructuring costs |
|
|
— |
|
|
— |
|
|
— |
|
|
(16,276 |
) |
|
(16,276 |
) |
||||
|
Gain on disposal activities |
|
|
— |
|
|
3,590 |
|
|
— |
|
|
— |
|
|
3,590 |
|
||||
|
Impairment of long-lived assets |
|
|
(10,800 |
) |
|
(4,400 |
) |
|
— |
|
|
(9,700 |
) |
|
(24,900 |
) |
||||
|
Income (loss) from operations |
|
$ |
148,725 |
|
$ |
35,056 |
|
$ |
11,052 |
|
$ |
(63,206 |
) |
$ |
131,627 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gross profit as a % of revenue |
|
|
5.8% |
|
|
4.0% |
|
|
— |
|
|
— |
|
|
5.4% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|||||||||||||||||||
|
Reportable Segments |
|
|||||||||||||||||||
|
(in thousands) |
|
|||||||||||||||||||
|
|
|
|
|
|
International |
|
|
|
|
|
Corporate |
|
|
Total |
|
|||||
| Twelve Months Ended |
||||||||||||||||||||
|
Revenue |
|
$ |
10,131,479 |
|
$ |
3,101,682 |
|
$ |
6,815 |
|
$ |
— |
|
$ |
13,239,976 |
|
||||
|
Cost of revenue |
|
|
9,550,978 |
|
|
2,979,438 |
|
|
— |
|
|
— |
|
|
12,530,416 |
|
||||
|
Gross profit |
|
|
580,501 |
|
|
122,244 |
|
|
6,815 |
|
|
— |
|
|
709,560 |
|
||||
|
Equity in earnings of joint ventures |
|
|
19,816 |
|
|
14,269 |
|
|
14,696 |
|
|
— |
|
|
48,781 |
|
||||
|
General and administrative expenses |
|
|
— |
|
|
— |
|
|
(8,511 |
) |
|
(180,024 |
) |
|
(188,535 |
) |
||||
|
Restructuring costs |
|
|
— |
|
|
— |
|
|
— |
|
|
(188,345 |
) |
|
(188,345 |
) |
||||
|
Income (loss) from operations |
|
$ |
600,317 |
|
$ |
136,513 |
|
$ |
13,000 |
|
$ |
(368,369 |
) |
$ |
381,461 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gross profit as a % of revenue |
|
|
5.7% |
|
|
3.9% |
|
|
— |
|
|
— |
|
|
5.4% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Contracted backlog |
|
$ |
15,796,146 |
|
$ |
3,745,064 |
|
|
— |
|
|
— |
|
$ |
19,541,210 |
|
||||
|
Awarded backlog |
|
|
20,108,489 |
|
|
982,591 |
|
|
— |
|
|
— |
|
|
21,091,080 |
|
||||
|
Unconsolidated JV backlog |
|
|
540,605 |
|
|
— |
|
|
— |
|
|
— |
|
|
540,605 |
|
||||
|
Total backlog |
|
$ |
36,445,240 |
|
$ |
4,727,655 |
|
|
— |
|
|
— |
|
$ |
41,172,895 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
| Twelve Months Ended |
||||||||||||||||||||
|
Revenue |
|
$ |
10,382,605 |
|
$ |
3,251,651 |
|
$ |
8,199 |
|
$ |
— |
|
$ |
13,642,455 |
|
||||
|
Cost of revenue |
|
|
9,871,090 |
|
|
3,159,710 |
|
|
— |
|
|
— |
|
|
13,030,800 |
|
||||
|
Gross profit |
|
|
511,515 |
|
|
91,941 |
|
|
8,199 |
|
|
— |
|
|
611,655 |
|
||||
|
Equity in earnings of joint ventures |
|
|
17,677 |
|
|
13,903 |
|
|
17,740 |
|
|
— |
|
|
49,320 |
|
||||
|
General and administrative expenses |
|
|
— |
|
|
— |
|
|
(4,926 |
) |
|
(143,197 |
) |
|
(148,123 |
) |
||||
|
Restructuring costs |
|
|
— |
|
|
— |
|
|
— |
|
|
(95,446 |
) |
|
(95,446 |
) |
||||
|
Gain on disposal activities |
|
|
— |
|
|
3,590 |
|
|
— |
|
|
— |
|
|
3,590 |
|
||||
|
Impairment of long-lived assets |
|
|
(10,800 |
) |
|
(4,400 |
) |
|
— |
|
|
(9,700 |
) |
|
(24,900 |
) |
||||
|
Income (loss) from operations |
|
$ |
518,392 |
|
$ |
105,034 |
|
$ |
21,013 |
|
$ |
(248,343 |
) |
$ |
396,096 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gross profit as a % of revenue |
|
|
4.9% |
|
|
2.8% |
|
|
— |
|
|
— |
|
|
4.5% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Contracted backlog |
|
$ |
13,854,420 |
|
$ |
3,645,322 |
|
|
— |
|
|
— |
|
$ |
17,499,742 |
|
||||
|
Awarded backlog |
|
|
17,216,081 |
|
|
818,964 |
|
|
— |
|
|
— |
|
|
18,035,045 |
|
||||
|
Unconsolidated JV backlog |
|
|
993,204 |
|
|
— |
|
|
— |
|
|
— |
|
|
993,204 |
|
||||
|
Total backlog |
|
$ |
32,063,705 |
|
$ |
4,464,286 |
|
|
— |
|
|
— |
|
$ |
36,527,991 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Regulation G Information (in millions) |
||||||||||||||||
|
Reconciliation of Revenue to Revenue, Net of Subcontractor and Other Direct Costs (NSR) |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Revenue |
$ |
2,681.9 |
|
$ |
2,471.5 |
|
$ |
2,732.3 |
|
$ |
10,382.6 |
|
$ |
10,131.5 |
|
|
|
Less: subcontractor and other direct costs |
|
1,761.3 |
|
|
1,548.5 |
|
|
1,803.2 |
|
|
6,737.9 |
|
|
6,440.6 |
|
|
|
Revenue, net of subcontractor and other direct costs |
$ |
920.6 |
|
$ |
923.0 |
|
$ |
929.1 |
|
$ |
3,644.7 |
|
$ |
3,690.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
International |
|
|
|
|
|
|
|
|
|
|
||||||
|
Revenue |
$ |
830.2 |
|
$ |
718.0 |
|
$ |
831.1 |
|
$ |
3,251.7 |
|
$ |
3,101.7 |
|
|
|
Less: subcontractor and other direct costs |
|
184.7 |
|
|
128.5 |
|
|
201.3 |
|
|
682.0 |
|
|
622.5 |
|
|
|
Revenue, net of subcontractor and other direct costs |
$ |
645.5 |
|
$ |
589.5 |
|
$ |
629.8 |
|
$ |
2,569.7 |
|
$ |
2,479.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Segment Performance (excludes ACAP) |
|
|
|
|
|
|
|
|
|
|
||||||
|
Revenue |
$ |
3,512.1 |
|
$ |
3,189.5 |
|
$ |
3,563.4 |
|
$ |
13,634.3 |
|
$ |
13,233.2 |
|
|
|
Less: subcontractor and other direct costs |
|
1,946.0 |
|
|
1,677.0 |
|
|
2,004.5 |
|
|
7,419.9 |
|
|
7,063.1 |
|
|
|
Revenue, net of subcontractor and other direct costs |
$ |
1,566.1 |
|
$ |
1,512.5 |
|
$ |
1,558.9 |
|
$ |
6,214.4 |
|
$ |
6,170.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
||||||
|
Revenue |
$ |
3,513.4 |
|
$ |
3,189.7 |
|
$ |
3,569.0 |
|
$ |
13,642.5 |
|
$ |
13,240.0 |
|
|
|
Less: subcontractor and other direct costs |
|
1,946.0 |
|
|
1,677.0 |
|
|
2,004.5 |
|
|
7,419.9 |
|
|
7,063.1 |
|
|
|
Revenue, net of subcontractor and other direct costs |
$ |
1,567.4 |
|
$ |
1,512.7 |
|
$ |
1,564.5 |
|
$ |
6,222.6 |
|
$ |
6,176.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Total Debt to Net Debt |
||||||||||
|
|
Balances at: |
|
||||||||
|
|
|
|
|
|
|
|
||||
|
Short-term debt |
$ |
47.9 |
|
$ |
10.4 |
|
$ |
0.2 |
|
|
|
Current portion of long-term debt |
|
50.5 |
|
|
14.3 |
|
|
20.7 |
|
|
|
Long-term debt, gross |
|
3,254.1 |
|
|
2,071.6 |
|
|
2,064.1 |
|
|
|
Total debt, excluding unamortized debt issuance costs |
|
3,352.5 |
|
|
2,096.3 |
|
|
2,085.0 |
|
|
|
Less: Total cash and cash equivalents |
|
885.6 |
|
|
1,331.3 |
|
|
1,708.3 |
|
|
|
Net debt |
$ |
2,466.9 |
|
$ |
765.0 |
|
$ |
376.7 |
|
|
|
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow |
||||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net cash provided by operating activities |
$ |
793.7 |
|
|
$ |
186.3 |
|
|
$ |
649.3 |
|
$ |
777.6 |
|
|
$ |
329.6 |
|
||||
|
Capital expenditures, net |
|
(14.3 |
) |
|
|
(36.3 |
) |
|
|
(30.0 |
) |
|
(83.4 |
) |
|
|
(110.8 |
) |
||||
|
Working capital adjustment from sale of Management Services business |
|
— |
|
|
|
122.0 |
|
|
|
— |
|
|
— |
|
|
|
122.0 |
|
||||
|
Free cash flow |
$ |
779.4 |
|
|
$ |
272.0 |
|
|
$ |
619.3 |
|
$ |
694.2 |
|
|
$ |
340.8 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Note: Variances within tables are due to rounding. |
||||||||||||||||||||||
|
Regulation G Information (in millions, except per share data) |
||||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Reconciliation of Income from Operations to Adjusted Income from Operations |
||||||||||||||||||||
|
Income from operations |
$ |
131.6 |
|
$ |
118.9 |
|
$ |
65.3 |
|
$ |
396.1 |
|
$ |
381.5 |
|
|||||
|
Noncore operating losses & transaction related expenses |
|
(1.2 |
) |
|
– |
|
|
– |
|
|
4.5 |
|
|
5.6 |
|
|||||
|
Accelerated depreciation of project management tool |
|
– |
|
|
11.3 |
|
|
6.9 |
|
|
– |
|
|
29.5 |
|
|||||
|
Impairment of long-lived assets |
|
24.9 |
|
|
– |
|
|
– |
|
|
24.9 |
|
|
– |
|
|||||
|
Restructuring costs |
|
16.2 |
|
|
20.3 |
|
|
91.9 |
|
|
95.4 |
|
|
188.3 |
|
|||||
|
Gain on disposal activities |
|
(3.6 |
) |
|
– |
|
|
– |
|
|
(3.6 |
) |
|
– |
|
|||||
|
Amortization of intangible assets |
|
6.2 |
|
|
5.9 |
|
|
5.8 |
|
|
25.2 |
|
|
24.0 |
|
|||||
|
Adjusted income from operations |
$ |
174.1 |
|
$ |
156.4 |
|
$ |
169.9 |
|
$ |
542.5 |
|
$ |
628.9 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Reconciliation of Income from Continuing Operations Before Taxes to Adjusted Income from Continuing Operations Before Taxes |
||||||||||||||||||||
|
Income from continuing operations before taxes |
$ |
94.9 |
|
$ |
87.1 |
|
$ |
19.3 |
|
$ |
249.1 |
|
$ |
232.6 |
|
|||||
|
Noncore operating losses & transaction related expenses |
|
(1.2 |
) |
|
– |
|
|
– |
|
|
4.5 |
|
|
5.6 |
|
|||||
|
Accelerated depreciation of project management tool |
|
– |
|
|
11.3 |
|
|
6.9 |
|
|
– |
|
|
29.5 |
|
|||||
|
Impairment of long-lived assets |
|
24.9 |
|
|
– |
|
|
– |
|
|
24.9 |
|
|
– |
|
|||||
|
Restructuring costs |
|
16.2 |
|
|
20.3 |
|
|
91.9 |
|
|
95.4 |
|
|
188.3 |
|
|||||
|
Gain on disposal activities |
|
(3.6 |
) |
|
– |
|
|
– |
|
|
(3.6 |
) |
|
– |
|
|||||
|
Amortization of intangible assets |
|
6.2 |
|
|
5.9 |
|
|
5.8 |
|
|
25.2 |
|
|
24.0 |
|
|||||
|
Financing charges in interest expense |
|
3.4 |
|
|
1.3 |
|
|
18.6 |
|
|
10.7 |
|
|
22.8 |
|
|||||
|
Adjusted income from continuing operations before taxes |
$ |
140.8 |
|
$ |
125.9 |
|
$ |
142.5 |
|
$ |
406.2 |
|
$ |
502.8 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Reconciliation of Income Taxes for Continuing Operations to Adjusted Income Taxes for Continuing Operations |
||||||||||||||||||||
|
Income tax expense (benefit) for continuing operations |
$ |
16.6 |
|
$ |
(7.2 |
) |
$ |
15.5 |
|
$ |
13.5 |
|
$ |
45.8 |
|
|||||
|
Tax effect of the above adjustments* |
|
9.6 |
|
|
9.9 |
|
|
32.7 |
|
|
39.6 |
|
|
69.2 |
|
|||||
|
Valuation allowances and other tax only items |
|
3.6 |
|
|
31.7 |
|
|
(6.7 |
) |
|
30.2 |
|
|
23.5 |
|
|||||
|
Adjusted income tax expense for continuing operations |
$ |
29.8 |
|
$ |
34.4 |
|
$ |
41.5 |
|
$ |
83.3 |
|
$ |
138.5 |
|
|||||
|
____________________ *Adjusts the income tax expense (benefit) during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above. |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Reconciliation of Net Income Attributable to Noncontrolling Interest from Continuing Operations to Adjusted Net Income Attributable to Noncontrolling Interests from Continuing Operations |
||||||||||||||||||||
|
Net income attributable to noncontrolling interests from continuing operations |
$ |
(6.8 |
) |
$ |
(3.1 |
) |
$ |
(4.0 |
) |
$ |
(24.7 |
) |
$ |
(16.4 |
) |
|||||
|
Amortization of intangible assets included in NCI, net of tax |
|
(0.2 |
) |
|
(0.1 |
) |
|
(0.2 |
) |
|
(0.6 |
) |
|
(0.5 |
) |
|||||
|
Adjusted net income attributable to noncontrolling interests from continuing operations |
$ |
(7.0 |
) |
$ |
(3.2 |
) |
$ |
(4.2 |
) |
$ |
(25.3 |
) |
$ |
(16.9 |
) |
|||||
|
Reconciliation of Net Income (Loss) Attributable to |
||||||||||||||||||||
|
Net income (loss) attributable to |
$ |
71.5 |
|
$ |
91.1 |
|
$ |
(0.1 |
) |
$ |
210.9 |
|
$ |
170.4 |
|
|||||
|
Noncore operating losses & transaction related expenses |
|
(1.2 |
) |
|
– |
|
|
– |
|
|
4.5 |
|
|
5.6 |
|
|||||
|
Accelerated depreciation of project management tool |
|
– |
|
|
11.3 |
|
|
6.9 |
|
|
– |
|
|
29.5 |
|
|||||
|
Impairment of long-lived assets |
|
24.9 |
|
|
– |
|
|
– |
|
|
24.9 |
|
|
– |
|
|||||
|
Restructuring costs |
|
16.2 |
|
|
20.3 |
|
|
91.9 |
|
|
95.4 |
|
|
188.3 |
|
|||||
|
Gain on disposal activities |
|
(3.6 |
) |
|
– |
|
|
– |
|
|
(3.6 |
) |
|
– |
|
|||||
|
Amortization of intangible assets |
|
6.2 |
|
|
5.9 |
|
|
5.8 |
|
|
25.2 |
|
|
24.0 |
|
|||||
|
Financing charges in interest expense |
|
3.4 |
|
|
1.3 |
|
|
18.6 |
|
|
10.7 |
|
|
22.8 |
|
|||||
|
Tax effect of the above adjustments* |
|
(9.6 |
) |
|
(9.8 |
) |
|
(32.7 |
) |
|
(39.7 |
) |
|
(69.2 |
) |
|||||
|
Valuation allowances and other tax only items |
|
(3.6 |
) |
|
(31.7 |
) |
|
6.7 |
|
|
(30.2 |
) |
|
(23.5 |
) |
|||||
|
Amortization of intangible assets included in NCI, net of tax |
|
(0.2 |
) |
|
(0.1 |
) |
|
(0.2 |
) |
|
(0.6 |
) |
|
(0.5 |
) |
|||||
|
Adjusted net income attributable to |
$ |
104.0 |
|
$ |
88.3 |
|
$ |
96.9 |
|
$ |
297.5 |
|
$ |
347.4 |
|
|||||
|
____________________ * Adjusts the income tax expense (benefit) during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above. |
||||||||||||||||||||
|
Note: Variances within tables are due to rounding. |
||||||||||||||||||||
|
Regulation G Information (in millions, except per share data) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Net Income Attributable to |
||||||||||||||||||||
|
Net income attributable to |
$ |
0.44 |
|
$ |
0.56 |
|
$ |
– |
|
$ |
1.32 |
|
$ |
1.06 |
|
|||||
|
Per diluted share adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Noncore operating losses & transaction related expenses |
|
– |
|
|
– |
|
|
– |
|
|
0.02 |
|
|
0.03 |
|
|||||
|
Accelerated depreciation of project management tool |
|
– |
|
|
0.07 |
|
|
0.04 |
|
|
– |
|
|
0.18 |
|
|||||
|
Impairment of long-lived assets |
|
0.15 |
|
|
– |
|
|
– |
|
|
0.16 |
|
|
– |
|
|||||
|
Restructuring costs |
|
0.10 |
|
|
0.13 |
|
|
0.57 |
|
|
0.60 |
|
|
1.17 |
|
|||||
|
Gain on disposal activities |
|
(0.02 |
) |
|
– |
|
|
– |
|
|
(0.02 |
) |
|
– |
|
|||||
|
Amortization of intangible assets |
|
0.04 |
|
|
0.04 |
|
|
0.04 |
|
|
0.16 |
|
|
0.15 |
|
|||||
|
Financing charges in interest expense |
|
0.02 |
|
|
0.01 |
|
|
0.11 |
|
|
0.07 |
|
|
0.14 |
|
|||||
|
Tax effect of the above adjustments* |
|
(0.06 |
) |
|
(0.06 |
) |
|
(0.20 |
) |
|
(0.25 |
) |
|
(0.43 |
) |
|||||
|
Valuation allowances and other tax only items |
|
(0.02 |
) |
|
(0.20 |
) |
|
0.04 |
|
|
(0.19 |
) |
|
(0.15 |
) |
|||||
|
Amortization of intangible assets included in NCI, net of tax |
|
– |
|
|
– |
|
|
– |
|
|
(0.01 |
) |
|
– |
|
|||||
|
Adjusted net income attributable to |
$ |
0.65 |
|
$ |
0.55 |
|
$ |
0.60 |
|
$ |
1.86 |
|
$ |
2.15 |
|
|||||
|
Weighted average shares outstanding – basic |
|
157.7 |
|
|
160.1 |
|
|
160.0 |
|
|
157.0 |
|
|
159.0 |
|
|||||
|
Weighted average shares outstanding – diluted |
|
160.9 |
|
|
161.8 |
|
|
162.0 |
|
|
159.7 |
|
|
161.3 |
|
|||||
|
____________________ * Adjusts the income tax expense (benefit) during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above. |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Reconciliation of Net Income Attributable to |
||||||||||||||||||||
|
Net income attributable to |
$ |
71.5 |
|
$ |
91.1 |
|
$ |
(0.1 |
) |
$ |
210.9 |
|
$ |
170.4 |
|
|||||
|
Income tax expense (benefit) |
|
16.6 |
|
|
(7.2 |
) |
|
15.5 |
|
|
13.5 |
|
|
45.8 |
|
|||||
|
Income attributable to |
|
88.1 |
|
|
83.9 |
|
|
15.4 |
|
|
224.4 |
|
|
216.2 |
|
|||||
|
Depreciation and amortization expense1 |
|
70.6 |
|
|
51.3 |
|
|
51.6 |
|
|
196.5 |
|
|
192.7 |
|
|||||
|
Interest income2 |
|
(3.0 |
) |
|
(2.6 |
) |
|
(0.8 |
) |
|
(11.1 |
) |
|
(10.4 |
) |
|||||
|
Interest expense |
|
40.2 |
|
|
34.9 |
|
|
47.5 |
|
|
161.6 |
|
|
159.8 |
|
|||||
|
Amortized bank fees included in interest expense |
|
(3.4 |
) |
|
(1.3 |
) |
|
(1.6 |
) |
|
(10.7 |
) |
|
(6.2 |
) |
|||||
|
EBITDA |
|
192.5 |
|
|
166.2 |
|
|
112.1 |
|
|
560.7 |
|
|
552.1 |
|
|||||
|
Noncore operating losses & transaction related expenses |
|
(1.2 |
) |
|
– |
|
|
– |
|
|
4.5 |
|
|
5.6 |
|
|||||
|
Impairment of long-lived assets |
|
24.9 |
|
|
– |
|
|
– |
|
|
24.9 |
|
|
– |
|
|||||
|
Restructuring costs |
|
16.2 |
|
|
20.3 |
|
|
91.9 |
|
|
95.4 |
|
|
188.4 |
|
|||||
|
Gain on disposal activities |
|
(3.6 |
) |
|
– |
|
|
– |
|
|
(3.6 |
) |
|
– |
|
|||||
|
Depreciation expense included in above adjustments |
|
(24.9 |
) |
|
– |
|
|
– |
|
|
(24.9 |
) |
|
– |
|
|||||
|
Adjusted EBITDA |
|
203.9 |
|
|
186.5 |
|
|
204.0 |
|
|
657.0 |
|
|
746.1 |
|
|||||
|
Other income |
|
(3.5 |
) |
|
(3.1 |
) |
|
(1.5 |
) |
|
(14.7 |
) |
|
(11.0 |
) |
|||||
|
Depreciation expense1 |
|
(36.3 |
) |
|
(32.8 |
) |
|
(37.6 |
) |
|
(136.4 |
) |
|
(133.5 |
) |
|||||
|
Interest income2 |
|
3.0 |
|
|
2.6 |
|
|
0.8 |
|
|
11.2 |
|
|
10.4 |
|
|||||
|
Noncontrolling interest in income of consolidated subsidiaries, net of tax |
|
6.8 |
|
|
3.1 |
|
|
4.0 |
|
|
24.9 |
|
|
16.5 |
|
|||||
|
Amortization of intangible assets included in NCI |
|
0.2 |
|
|
0.1 |
|
|
0.2 |
|
|
0.5 |
|
|
0.4 |
|
|||||
|
Adjusted income from operations |
$ |
174.1 |
|
$ |
156.4 |
|
$ |
169.9 |
|
$ |
542.5 |
|
$ |
628.9 |
|
|||||
|
____________________ 1 Excludes depreciation from noncore operating losses and accelerated depreciation of project management tool 2 Included in other income |
||||||||||||||||||||
|
Note: Variances within tables are due to rounding. |
||||||||||||||||||||
|
Regulation G Information (in millions, except per share data) |
||||||||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reconciliation of Segment Income from Operations to Adjusted Income from Operations |
||||||||||||||||||||||||
|
Americas Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Income from operations |
$ |
148.7 |
|
$ |
160.8 |
|
$ |
152.6 |
|
$ |
518.4 |
|
$ |
600.3 |
|
|||||||||
|
Noncore operating losses & transaction related expenses |
|
(0.9 |
) |
|
– |
|
|
– |
|
|
6.6 |
|
|
– |
|
|||||||||
|
Impairment of long-lived assets |
|
10.8 |
|
|
– |
|
|
– |
|
|
10.8 |
|
|
– |
|
|||||||||
|
Amortization of intangible assets |
|
4.8 |
|
|
4.5 |
|
|
4.4 |
|
|
19.2 |
|
|
18.4 |
|
|||||||||
|
Adjusted income from operations |
$ |
163.4 |
|
$ |
165.3 |
|
$ |
157.0 |
|
$ |
555.0 |
|
$ |
618.7 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
International Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Income from operations |
$ |
35.0 |
|
$ |
32.3 |
|
$ |
39.7 |
|
$ |
105.0 |
|
$ |
136.5 |
|
|||||||||
|
Noncore operating losses & transaction related expenses |
|
(0.3 |
) |
|
– |
|
|
– |
|
|
(2.1 |
) |
|
(0.1 |
) |
|||||||||
|
Impairment of long-lived assets |
|
4.4 |
|
|
– |
|
|
– |
|
|
4.4 |
|
|
– |
|
|||||||||
|
Gain on disposal activities |
|
(3.6 |
) |
|
– |
|
|
– |
|
|
(3.6 |
) |
|
– |
|
|||||||||
|
Amortization of intangible assets |
|
1.4 |
|
|
1.4 |
|
|
1.4 |
|
|
6.0 |
|
|
5.6 |
|
|||||||||
|
Adjusted income from operations |
$ |
36.9 |
|
$ |
33.7 |
|
$ |
41.1 |
|
$ |
109.7 |
|
$ |
142.0 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Segment Performance (excludes ACAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Income from operations |
$ |
183.7 |
|
$ |
193.1 |
|
$ |
192.3 |
|
$ |
623.4 |
|
$ |
736.8 |
|
|||||||||
|
Noncore operating losses & transaction related expenses |
|
(1.2 |
) |
|
– |
|
|
– |
|
|
4.5 |
|
|
(0.1 |
) |
|||||||||
|
Impairment of long-lived assets |
|
15.2 |
|
|
– |
|
|
– |
|
|
15.2 |
|
|
– |
|
|||||||||
|
Gain on disposal activities |
|
(3.6 |
) |
|
– |
|
|
– |
|
|
(3.6 |
) |
|
– |
|
|||||||||
|
Amortization of intangible assets |
|
6.2 |
|
|
5.9 |
|
|
5.8 |
|
|
25.2 |
|
|
24.0 |
|
|||||||||
|
Adjusted income from operations |
$ |
200.3 |
|
$ |
199.0 |
|
$ |
198.1 |
|
$ |
664.7 |
|
$ |
760.7 |
|
|||||||||
|
Note: Variances within tables are due to rounding. |
||||||||||||||||||||||||
Regulation G Information
|
Reconciliation of FY21 GAAP EPS Guidance based on Adjusted EPS Guidance |
||||
|
(all figures approximate) |
Fiscal Year End 2021 |
|||
|
|
|
|
|
|
|
GAAP EPS Guidance |
|
|
|
|
|
Adjusted EPS Excludes: |
|
|
|
|
|
Amortization of intangible assets |
|
|
|
|
|
Amortization of deferred financing fees |
|
|
|
|
|
Restructuring |
|
|
|
|
|
Tax effect of the above items |
|
( |
|
|
|
Adjusted EPS Guidance |
|
|
|
|
|
Reconciliation of FY21 GAAP Net Income Attributable to |
||||
|
(in millions, all figures approximate) |
Fiscal Year End 2021 |
|||
|
|
|
|
||
|
GAAP net income attributable to |
|
|||
|
Adjusted net income attributable to |
|
|||
|
Amortization of intangible assets |
|
|||
|
Amortization of deferred financing fees |
|
|||
|
Restructuring* |
|
|||
|
Tax effect of the above items |
( |
|||
|
Adjusted net income attributable to |
|
|||
|
Adjusted EBITDA excludes: |
|
|||
|
Adjusted interest expense, net |
|
|||
|
Depreciation |
|
|||
|
Income tax expense |
|
|||
|
Adjusted EBITDA Guidance |
|
|||
|
____________________ *Calculated based on the mid-point of AECOM’s fiscal year 2021 guidance. |
||||
|
Reconciliation of FY21 GAAP Interest Expense Guidance based on Adjusted Interest Expense Guidance |
||||
|
(in millions, all figures approximate) |
Fiscal Year End 2021 |
|||
|
|
|
|
|
|
|
GAAP Interest Expense Guidance |
|
|
|
|
|
Financing charges in interest expense |
|
( |
|
|
|
Interest income |
|
( |
|
|
|
Adjusted Interest Expense Guidance |
|
|
|
|
|
Reconciliation of FY21 Operating Cash Flow Guidance based on Free Cash Flow Guidance |
||||
|
(in millions, all figures approximate) |
Fiscal Year End 2021 |
|||
|
|
|
|
|
|
|
Operating Cash Flow Guidance |
|
|
|
|
|
Capital expenditures, net of proceeds from disposals |
( |
|
||
|
Free Cash Flow Guidance |
|
|
|
|
|
Reconciliation of Income from Operations as a % of Revenue to Segment Adjusted Operating Income as a % of Net Service Revenue |
||||
|
|
Fiscal Year End 2021 |
|||
|
|
|
|
|
|
|
Income from operations as a % of revenue |
|
4.7% |
|
|
|
ACAP income from operations |
|
(0.1%) |
|
|
|
Corporate net expenses |
|
1.1% |
|
|
|
Restructuring expenses |
|
0.3% |
|
|
|
Subcontractor and other direct costs |
|
7.0% |
|
|
|
Amortization of intangibles assets |
|
0.2% |
|
|
|
Segment adjusted operating income as a % of net service revenue |
|
13.2% |
|
|
|
____________________ Note: Variances within tables are due to rounding. |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005431/en/
Investor Contact:
Senior Vice President, Finance, Investor Relations
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