《艾奕康AECOM（ACM）2025財年第二季度業績展示報告「NYSE」（英文版）（22頁）.pdf》由會員分享，可在線閱讀，更多相關《艾奕康AECOM（ACM）2025財年第二季度業績展示報告「NYSE」（英文版）（22頁）.pdf（22頁珍藏版）》請在三個皮匠報告上搜索。

1、Second Quarter Fiscal 2025LA28 OLYMPIC AND PARALYMPIC GAMESUnited StatesAECOM has been named the Official Venue Infrastructure Partner for the LA28 Games,with an unprecedented scope that includes architecture,engineering,planning,program management,and construction management.Forward-Looking Stateme

2、nts 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,capital allo

3、cation 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 statements

4、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 fo

5、rward-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,changes in administration or other funding directives and circumstances that may cause governmental agenci

6、es to modify,curtail or terminate 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;changes in government laws,regulations and policies,including failure to comply with

7、 laws or regulations applicable to our business;maintaining adequate surety and financial capacity;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 and t

8、rade policies,geopolitical events,and conflicts;inflation,currency exchange rates and interest rate fluctuations;changes in capital markets and stock market volatility;retaining and recruiting key technical and management personnel;legal claims and litigation;inadequate insurance coverage;environmen

9、tal 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;managing pension costs;AECOM Capital real estate development projects;cybersecurity issues,IT outages and

10、 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 the risk that any purchase adjustments from those transactions could be unfavorable and result in an

11、y 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 forward-looking statements set forth in our reports filed with the Securities and Exchange Commission.Any

12、 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 Information This communication contains financial information calculated other than in accordance with U.S.generally accepted accounting

13、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 service revenue and free cash flow provide a meaningful perspective on its business results as the Compa

14、ny 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 amortization expense and taxes to aid investors in better understanding our core performance results.W

15、e 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 revenue to provide investors with a better understanding of our operational performance.We presen

16、t 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 adjusted earnings.We also use constant-currency growth rates where appropriate,which are calculated

17、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 information determined in accordance with GAAP,and should not be considered in isolation or as a substitut

18、e 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 communication.The Company is

19、 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 unable to provide a reconciliation of its guidance for NSR to GAAP revenue because it is unable

20、to predict with reasonable certainty its pass-through revenue.DisclosuresPage 2Todays ParticipantsTroy RuddLara PoloniGaurav KapoorChairman&Chief Executive OfficerPresidentChief Financial&Operations OfficerPage 3$23.7$24.3Second Quarter Fiscal 2025 HighlightsPage 41Raised financial guidance for fisc

21、al 2025Raised guidance for the second consecutive quarterContinue to expect record NSR,margins,profitability and cash flowExpect another year of double-digit adj.EPS growth2Delivered strong performance on key financial metricsStrong NSR1 growth driven by the Americas,our largest and most profitable

22、marketMargins set new second quarter records8%adj.2 EBITDA3 growth and 20%adj.2 EPS growth141%free cash flow4 growth in Q2;up 80%in H1253Continued long-term visibility afforded by record backlog and pipelineTotal backlog grew quarter-over-quarter to a new recordDesign backlog5 up 4%to a record high,

23、incl.5%contracted backlog growth18th straight quarter with enterprise book-to-burn6 1.0 xPipeline also at a record high,including strongest growth in early-stage pursuitsQ224Q225Total Backlog(billions)(Record Total Backlog)$4.52$5.10-$5.20FY24FY25EAdjusted2 EPS(Record Expected Adj.EPS)(Record Q2 Adj

24、.EPS)Adjusted2 EPSQ224Q225$1.04$1.25Increased Fiscal 2025 Guidance:Expecting Another Record YearPage 5Increased guidance reflects outperformance year-to-date,and record backlog and pipeline support our growth expectations1.1 book-to-burn6 ratio in Q2 led by 1.2 book-to-burn in the Americas.Record de

25、sign backlogRecord pipeline further extends visibilityContinue to expect fiscal 2025 to be a record year for all key financial metricsSecular megatrends remain firmly intactOriginal FY25 GuidanceNew FY25 GuidanceYoY ChangeNet Service Revenue1 Growth5 8%5 8%-Segment Adj.2 Operating Margin716.1%16.1%+

26、30 bpsAdj.EBITDA Margin816.3%16.3%+30 bpsAdj.2 EBITDA3$1,170$1,210 million$1,180$1,210 million+9%Adj.2 EPS$5.00$5.20$5.10$5.20+14%Free Cash Flow4 Conversion100%+100%+-Assumptions incorporated into guidance:An average diluted share count of 134 million,which does not incorporate incremental share rep

27、urchases 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 AccomplishmentsLeading the IndustryDelivering on Returns to ShareholdersInvesting in the BusinessWinning a

28、t Record RatesDelivered strong results on all key financial metrics and increased guidance Ranked#1 overall design firm by ENR and remained#1 firm in all ENR end market rankingsSelected Official Venue Infrastructure Partner for LA28 at unprecedented scopeTotal backlog hit a new record,including 5%in

29、crease in contracted backlog80%win rate on largest and most critical pursuits in the first quarterContinued record-high win rate better than 50%enterprise-wideGenerated another strong quarter of free cash flow,up 141%in Q225 and up 80%in H125Returned more than$110 million to shareholders in Q225 thr

30、ough repurchases and dividendsIndustry-leading margins expanded 90 bpsInvested at a record rate in organic growth initiatives,including in business development and AIContinued to expand our addressable market through advisory and program management and made several key hires across these teamsPage 6

31、19%CAGRFree Cash Flow4 Per Share Growth25%CAGRAdjusted2 EPSNote:Fiscal 2025 guidance reflects the mid-point of the respective ranges$2.11$3.90$4.10$4.22$5.19FY20FY21FY22FY23FY24$2.15$2.81$3.40$3.71$4.52$5.15FY20FY21FY22FY23FY24FY25EStrong End Markets Supported by Long-Term Growth DriversPage 7Secula

32、r Drivers Remain Firmly IntactU.S.and CanadaRecord Americas backlog,driven by a 1.2 book-to-burn ratioLess than 35%of IIJA funding has been spent;nearly all has been appropriatedPipeline of DOD opportunities up by double-digits over prior quarterState and local clients growing fastest Canada funding

33、 remains strongU.K.and IrelandAustralia and New ZealandMiddle EastOur largest markets account for 90%+of our revenue and profitGlobal Infrastructure InvestmentIncreasing Energy Demand13U.K.backlog at an all-time highAMP8 water investment to more than double in the coming years;we have secured 150%mo

34、re framework capacity than AMP7Strong growth in energy,including ongoing work on Great Grid Upgrade program,and emerging nuclear power opportunitiesBacklog increased by double-digits and pipeline remains strongSelection as Design Delivery Partner for Sydney Waters capital investment plan highlights

35、strong growth in water sectorDelivered continued growth in the first half of the yearBacklog remains near an all-time high,supporting industry-leading positionReprioritization to projects for World Cup and Expo creates new growth opportunitiesSustainability&Resilience Investments2Capital Allocation

36、UpdateNet Leverage9Page 8Strong Cash Flow&Balance SheetFree cash flow4 increased 141%to$178 million in Q2Continue to expect to convert 100%of income to free cash flow in FY25Net leverage9 of 0.7x and certainty on the low cost of our debt.Executing on Our Returns-Based Capital Allocation PolicyReturn

37、ed$165 million to investors through share repurchases and dividends in the first half of the year Have now repurchased more than$2.3 billion since 2020Represents more than one-third of our initial market capitalization20%+IRR on repurchases to date$900 million of capacity remains under our current B

38、oard repurchase authorizationIndustry-leading 20%annual growth in our dividend over the past three yearsDiluted Shares Outstanding0.9x0.7xQ224Q225161M134MFY20FY25EjDeliveringDouble-Digit Annual Adjusted EPS and Free Cash Flow Per Share GrowthOur Long-Term Targets:Adjusted EBITDA Margin8Return on Inv

39、ested Capital10(ROIC)Long-Term Algorithm for Double-Digit Profit GrowthPage 95 8%Annual Organic NSR1 GrowthMinimum 20 30+bps of Annual Margin ExpansionHighly Cash-Generative Business Converting 100%+of Adj.Net Income to Free Cash Flow4Returns-Focused Capital AllocationConsistent performance delivere

40、d by an industry-leading professional services infrastructure consulting firmPerformance UpdateQ225 Financial Performance by SegmentAmericas SegmentInternational SegmentDelivering Growth:NSR1 increased 6%Margin Expansion:Adj.2 operating margin increased 130 bps to 19.4%,a second quarter recordWinnin

41、g What Matters:Book-to-burn6 ratio of 1.2 driving record backlogDelivering Growth:NSR1 increased 1%Margin Expansion:Adj.2 operating margin increased 10 bps to 11.1%Winning What Matters:Backlog is at a record high,driven by a 1.1 book-to-burn6 ratioNSR GrowthAdj.Operating MarginNSR GrowthAdj.Operatin

42、g MarginQ225Q224H125H124Q225Q224Page 11H125H1247%8%19.4%18.0%1%7%11.1%10.9%Historical Backlog and Book-to-Burn PerformancePage 12Enterprise Book-to-Burn61.3x1.4x1.1x1.0 x1.0 x1.2x1.0 x1.1x1.1x1.1xEnterprise TTM Book-to-BurnAmericas Book-to-Burn1.2x1.4x0.9x1.1x1.0 x1.3x1.1x1.0 x1.1x1.2xInternational

43、Book-to-Burn1.5x1.4x1.3x1.0 x1.0 x1.1x0.7x1.2x1.2x1.1xBacklog5(in billions)$5.7$6.1$6.3$6.3$6.4$6.4$6.0$6.4$6.4$6.5$16.3$16.9$16.9$16.9$17.0$17.4$17.4$17.4$17.5$17.8$22.0$23.0$23.2$23.2$23.3$23.8$23.4$23.9$23.9$24.3Q123Q223Q323Q423Q124Q224Q324Q424Q125Q225InternationalAmericas1.2x1.1x1.1x1.1x1.1x1.1x

44、1.1x12.1x15.0 xACMPeers14.7%15.0%15.1%15.4%15.8%15.9%16.1%FY23Q124 TTMQ224 TTMQ324 TTMFY24Q125 TTMQ225 TTMWe Are Outperforming Our SectorLEADING PROFITABILITY VS.PEERSSUBSTANTIAL VALUATION GAP Page 13Note:Some peer data may not match public reporting due to estimates and calculations used in the ana

45、lysis to create comparability.Generating superior profitability and returns,while trading at a substantial discountSegment Adjusted2 Operating Margin7(on Net Service Revenue1)EV/Adj.EBITDA(FY25E)as of May 1 11Peer Avg11:13.5%Margin Reconciliation BridgePage 14EBITDA Margin BridgeQ225FY25ENet Service

46、 Revenue(NSR)$1,867.1$7,630.0Segment AOI$299.9$1,231.5Adjusted EBITDA$289.7$1,195.0NCI net of NCI Interest Income$14.7$50.0Adj.EBITDA Incl.NCI$304.4$1,245.0Segment AOI Margin16.1%16.1%Adj.EBITDA Incl.NCI/NSR Margin16.3%16.3%Note:FY25 assumes NSR growth at the midpoint of our guided 5%-8%growth range

47、 and EBITDA at the midpoint of our guided$1,180M to$1,210M range.Guidance reflects foreign exchange rates consistent with what was incorporated in fiscal 2025 guidance as initially provided.AppendixFeatured on FortunesWorlds Most Admired Companies 11 yearsin a row,including#1 in our industry in 2025

48、Recognized with the Equality 100 Award by the Human Rights Campaign Foundations Corporate Equality IndexRanked as a Military Friendly Employer 18 years in a rowRoSPA Presidents Award winners have achieved a very high level of performance,demonstrating well developed occupational health and safety ma

49、nagement systemsNamed by Ethisphere one of 2025 Worlds Most Ethical Companies for the ninth yearNamed TIME magazines Best Companies for Future LeadersFortunes Worlds Most Admired Companiesof the industrys best technical expertsShare of profit from our 4 key geographiesRevenue in FY24$16B51K90%11YRDe

50、sign FirmWaterTransportationGeneral BuildingEnvironmental EngineeringGreen Design#1#2#3Program ManagementEnvironmental FirmWater Transmission Lines and AqueductsWater Treatment and DesalinationWastewater Treatment PlantsEducationGreen ContractorBridgesMarine and PortsWho We AreWe are the trusted glo

51、bal infrastructure leader.Across the globe,we partner with our clients in the public and private sectors to solve their most complex challenges and pioneer innovative solutions.As a Professional Services Business,AECOM Is Poised to ThriveFocused on our core higher-returning and lower-risk businesses

52、Leader in key transportation,water and environment markets and ideally positioned to advise clients on their sustainable and resilience priorities Strengthened financial profile with transformed balance sheet and returning capital to shareholdersCapitalizing on market leading positions,substantial b

53、acklog and ongoing continuous improvement initiatives to drive long-term profitable growthAttractive Exposure to Key End MarketsBalanced Geographic ExposureDiverse Funding SourcesDeep Technical ExpertiseLower-Risk Business ModelU.S.Europe,Middle East&IndiaAsia PacificCanadaCost-Plus DesignFixed-Pric

54、e DesignConstruction ManagementEngineersProgram Managers/Project ManagersConsultants/PlannersScientistsDesign,Digital&OtherPage 17All financial information is presented as a percentage of TTM Net Service Revenue1(as of Q225)26%36%28%10%Water TransportationFacilitiesEnvironment&EnergyNon-U.S.Governme

55、ntsState&Local GovernmentsFederal U.S.GovernmentPrivate Sector42%17%12%10%19%32%30%9%29%54%39%7%52%24%17%7%Business Segment MixWaterTransportationFacilitiesEnvironment/EnergyU.S.CanadaLatin America%of TTM Segment Net Service Revenue1(as of Q225)%of TTM Segment Net Service Revenue1(as of Q225)WaterTr

56、ansportationFacilitiesEnvironment/Energy U.K.&IrelandMiddle EastAustralia-New ZealandHong KongContinental EuropeOtherAmericas SegmentInternational Segment87%11%2%29%38%22%11%29%20%19%18%6%8%23%34%35%8%FootnotesPage 191 Revenue,less pass-through revenue;growth rates are presented on a constant-curren

57、cy basis.2 Excludes the impact of certain items,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.3 Net income before interest expense,tax expense

58、,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 cash flow divided by adjusted net income attributable to AECOM.5Backlog represents t

59、he 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 ventures.6Book-to-burn ratio is defined as the dollar amount of wins divided by revenue

60、 recognized during the period,including revenue related to work performed in unconsolidated joint ventures.7 Reflects segment operating performance,excluding AECOM Capital and G&A,and margins are presented on a net service revenue basis.8 Adjusted EBITDA margin includes non-controlling interests in

61、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.10Return on invested capital,or ROIC,reflects con

62、tinuing 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