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Aecom ACM shares are trading up Friday, after gaining around 5% during the week.The company “high-graded its portfolio" by increasingly focusing on larger and more complex design projects, where it has the greatest competitive advantage, and is moving further towards program management and advisory, according to Goldman Sachs.Analyst Adam Bubes initiated coverage of Aecom with a Buy rating and price target of $130.The Aecom Thesis: Engineering News-Record's market data shows that the company has industry-le ...

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Revenue and Profit Growth - Revenue for fiscal 2024 increased to $16.105 billion, up from $14.378 billion in fiscal 2023, representing a growth of approximately 12%[260] - Gross profit for fiscal 2024 was $1.084 billion, compared to $945 million in fiscal 2023, reflecting a 14.7% increase[260] - Revenue increased by $1,727.0 million (12.0%) to $16,105.5 million in fiscal year 2024 compared to $14,378.5 million in fiscal year 2023[300] - Gross profit rose by $138.8 million (14.7%) to $1,084.3 million in fiscal year 2024 from $945.5 million in fiscal year 2023[300] - Income from operations surged by $503.3 million (155.3%) to $827.4 million in fiscal year 2024 compared to $324.1 million in fiscal year 2023[300] - Net income attributable to AECOM increased by $347.0 million (627.5%) to $402.3 million in fiscal year 2024 from $55.3 million in fiscal year 2023[300] Segment Operations - The Americas segment provides services in transportation, water, government, facilities, environmental, and energy markets, generating significant revenue from public and private clients[250] - The International segment operates in Europe, the Middle East, India, Africa, and the Asia-Australia-Pacific regions, focusing on similar end markets as the Americas[251] Capital and Investments - The company completed a transaction transitioning the AECOM Capital team to a new third-party platform in Q3 of fiscal 2024[257] - AECOM Capital (ACAP) primarily invests in and develops real estate projects, contributing to the company's diversified income streams[252] - At September 30, 2024, the company had approximately $560.5 million remaining in its stock repurchase authorization, with an increase to $1.0 billion approved on November 13, 2024[255] - The company has capital commitments of $5.9 million to the AECOM-Canyon Equity Fund over the next 4 years[392] Operational Efficiency and Restructuring - The company exited substantially all of its former self-perform at-risk construction businesses to improve profitability and reduce risk[256] - Restructuring costs for fiscal 2024 decreased to $99 million from $188 million in fiscal 2023, reflecting ongoing efforts to enhance operational efficiency[260] - Restructuring costs decreased by $89.5 million (47.5%) to $98.9 million in fiscal year 2024 from $188.4 million in fiscal year 2023[300] Expenses and Taxes - General and administrative expenses for fiscal 2024 were $160 million, slightly higher than the $154 million recorded in fiscal 2023[260] - Income tax expense from continuing operations increased by $96.9 million (172.7%) to $153.0 million in fiscal year 2024 from $56.1 million in fiscal year 2023[300] - No deferred taxes have been provided on the undistributed gross book-tax basis differences of non-U.S. operations of approximately $1.2 billion[286] Pension and Employee Benefits - The company expects to contribute $24.2 million to international pension plans and $11.2 million to U.S. plans in fiscal 2025[294] - The aggregate worldwide pension deficit decreased from $165.3 million to $134.0 million between September 30, 2023, and September 30, 2024[297] - The company's defined benefit pension plans had an aggregate deficit of approximately $134.0 million as of September 30, 2024[379] Debt and Credit Facilities - Borrowings under the New Revolving Credit Facility and New Term A Facility bear interest at a rate per annum equal to Term SOFR rate plus 1.225% or base rate plus 0.25%[361] - Borrowings under the New Term B Facility bear interest at a rate per annum equal to Term SOFR rate plus 1.75% or base rate plus 0.75%[362] - As of September 30, 2024, letters of credit totaled $4.4 million under the New Revolving Credit Facility[366] - As of September 30, 2024, the company had $1,495.6 million available under the New Revolving Credit Facility[366] - The estimated fair value of the 2027 Senior Notes was approximately $997.3 million as of September 30, 2024[369] - The average effective interest rate on total debt was 5.6% for the year ended September 30, 2024[374] - At September 30, 2024, the company had $389.8 million available under unsecured credit facilities[373] - The company's outstanding borrowings under term credit agreements and revolving credit facility were $1,446.6 million as of September 30, 2024, with a weighted average floating rate of $1,662.9 million[412] Legal and Contractual Obligations - The Former Affiliate submitted claims against the DOE seeking recovery of $103 million in 2014 and an additional $60.4 million in 2019, with potential recovery ranging from $148.5 million to $329.4 million[398] - The Company completed the sale of its Management Services business, including the Former Affiliate, with future DOE project claim recoveries and costs split 10% to the MS Purchaser and 90% to the Company[399] - The Company's Former Affiliate performed additional work outside of the original contract over $90 million and is entitled to payment of approximately $144 million for the Refinery Turnaround Project[401] - The Company retained the Refinery Turnaround Project, including related claims and liabilities, with trial expected to begin in the second quarter of fiscal year 2025[402] - The Company's total contractual obligations and commitments as of September 30, 2024, amounted to $4,132.7 million, including debt, interest, operating leases, and pension funding obligations[405] Financial Reporting and Compliance - The Company is evaluating the impact of new FASB guidance on segment reporting and income tax disclosures, effective for interim periods ending December 31, 2025, and annual periods beginning October 1, 2025, respectively[406][407] Equity and Joint Ventures - Equity in earnings of joint ventures improved by $281.5 million (100.8%) to $2.1 million in fiscal year 2024 from a loss of $279.4 million in fiscal year 2023[300] Contract Revenues - The Company recognized $16.1 billion in contract revenues for the year ended September 30, 2024, including $3.7 billion from fixed price contracts and $6.0 billion from guaranteed maximum price contracts[424]

AECOM (NYSE:ACM) Q4 2024 Earnings Conference Call November 19, 2024 8:00 AM ET Company Participants Will Gabrielski - Senior Vice President, Finance, Treasury & Investor Relations Troy Rudd - Chief Executive Officer Lara Poloni - President Gaurav Kapoor - Chief Financial Officer & Chief Operations Officer Conference Call Participants Andrew Wittmann - Baird Sangita Jain - KeyBanc Capital Markets Natalia Bak - Citigroup Michael Feniger - Bank of America Steven Fisher - UBS Michael Dudas - Vertical Research K ...

Core Insights - AECOM reported strong fourth-quarter fiscal 2024 results, with earnings exceeding estimates and showing year-over-year growth, driven by solid organic net service revenue growth in its design business [1][4][5] Financial Performance - Adjusted earnings per share (EPS) reached $1.27, surpassing the consensus estimate of $1.22 by 4.1% and increasing 25.7% from $1.01 in the prior-year quarter [4] - Revenues totaled $4.11 billion, reflecting a 7% year-over-year increase, while adjusted net service revenues (NSR) rose 5% to $1.81 billion [5] - Adjusted operating income was $207.7 million, up 9% year over year, with an adjusted operating margin expanding 70 basis points to 19.6% [7] Segment Performance - Americas' revenues were $3.16 billion, an 8% increase from the prior year, with NSR growing 6% to $1.06 billion, supported by an 8% growth in the design business [6] - International revenues increased 5% year over year to $948.4 million, with NSR rising 4% to $754.1 million [8] Dividend and Share Repurchase - AECOM announced an 18% increase in its quarterly dividend payout to 26 cents, payable on January 17, 2025, to stockholders of record on January 2 [3] - The company increased its share repurchase authorization to $1 billion [3] Backlog and Opportunities - Total backlog at the end of fiscal 2024 was $23.86 billion, up from $23.16 billion a year ago, with a 5% increase in the design business backlog [13] - The pipeline of opportunities grew by 10%, driven by robust funding across major markets [13] Fiscal 2024 Highlights - For the full year, AECOM reported revenues of $16.1 billion, a 12% increase from the previous year, with NSR reaching an all-time high [14] - Adjusted EPS increased 22% to $4.52, with adjusted EBITDA margins rising 100 basis points to 16% [15] Liquidity and Cash Flow - Cash and cash equivalents at fiscal 2024-end totaled $1.58 billion, up from $1.26 billion a year earlier, while total debt increased to $2.54 billion [16] - Adjusted operating cash flow rose 19% year over year to $827 million, and adjusted free cash flow increased 20% to $708 million [16] Fiscal 2025 Guidance - AECOM anticipates 5-8% organic NSR growth in fiscal 2025, with adjusted EPS expected in the range of $5.00-$5.20, indicating a 13% improvement from fiscal 2024 [17] - Adjusted EBITDA is projected to be between $1.17 billion and $1.21 billion, reflecting a 9% year-over-year growth at the midpoint [17] Long-Term Outlook - The company expects to achieve 5-8% organic NSR growth, at least 20-30 basis points adjusted EBITDA margin expansion, and double-digit adjusted EPS growth annually [19] - AECOM aims for at least 17% adjusted EBITDA margin by the end of fiscal 2026 and approximately 100% conversion of adjusted net income to free cash flow [19]

Financial Highlights - AECOM's Segment Adjusted EBITDA reached $290 million, a 15% year-over-year increase[8] - The company's Adjusted EPS was $1.27, representing a 26% year-over-year growth[8] - Free Cash Flow amounted to $275 million, a 4% increase compared to the previous year[8] - AECOM returned approximately $560 million to shareholders through repurchases and dividends in fiscal year 2024[10,30] Guidance and Growth - The company anticipates Net Service Revenue growth of 5-8% for fiscal year 2025[13] - AECOM projects Adjusted EBITDA to be between $1.17 billion and $1.21 billion, a 9% increase[14] - Adjusted EPS is expected to be in the range of $5.00 to $5.20, reflecting a 13% growth[15] - The company expects Free Cash Flow conversion to exceed 100% in fiscal year 2025[16] Strategic Achievements - AECOM's design backlog grew by 5%[10] - The company's pipeline increased by 10% to reach a record high[10] - Program Management net service revenue increased 20% in fiscal year 2024[21]

Core Viewpoint - AECOM is expected to report strong earnings growth in its upcoming fourth quarter results, with analysts projecting an increase in both earnings per share and revenue compared to the previous year [2]. Financial Performance - Analysts anticipate AECOM will report quarterly earnings of $1.25 per share, up from $1.01 per share in the same period last year [2]. - The company is projected to report quarterly revenue of $4.12 billion, compared to $3.84 billion a year earlier [2]. Recent Developments - On October 31, AECOM was awarded a $90 million single-award task order for the G7 Partnership for Global Infrastructure and Investment [2]. - AECOM shares experienced a slight decline of 0.3%, closing at $106.93 on Friday [2]. Analyst Ratings - Keybanc analyst Sangita Jain maintained an Overweight rating and raised the price target from $115 to $122 on November 7 [2]. - Citigroup analyst Andrew Kaplowitz maintained a Buy rating and increased the price target from $110 to $128 on October 22 [2]. - Truist Securities analyst Jamie Cook maintained a Buy rating and raised the price target from $108 to $119 on October 4 [2]. - Baird analyst Andrew Wittmann maintained an Outperform rating and boosted the price target from $96 to $100 on August 7 [2]. - RBC Capital analyst Arthur Nagorny maintained an Outperform rating and increased the price target from $112 to $113 on August 7 [2]. Consensus Price Target - AECOM has a consensus price target of $106.08 based on the ratings of 11 analysts, with the highest target being $128 from Citigroup on October 22, 2024 [2].

Financial Performance - Fourth quarter revenue increased 7% to $4.1 billion, operating income increased 194% to $236 million, net income increased 396% to $168 million, and diluted earnings per share increased 421% to $1.25[4] - Full year revenue increased 12% to $16.1 billion, operating income increased 155% to $827 million, net income increased 343% to $506 million, and diluted earnings per share increased 358% to $3.71[4] - Full year net service revenue (NSR) reached an all-time high of $7.165 billion, with 7% growth year-over-year[3][4] - Adjusted EBITDA margin was 16.7% in the fourth quarter and 16.0% for the full year, reflecting increases of 140 basis points and 100 basis points, respectively[4] - Free cash flow for the full year reached a new high of $708 million, a 20% increase from the prior year, representing 10% of net service revenue[8][11] - AECOM's revenue for fiscal year 2024 was $16.1 billion, representing a 12.0% increase compared to the previous year[26][33] - Net income attributable to AECOM for the twelve months ended September 30, 2024, was $402.3 million, a 627.0% increase year-over-year[33] - Gross profit for the twelve months ended September 30, 2024, was $1.08 billion, up 14.7% from the previous year[33] - Income from continuing operations before taxes for the twelve months ended September 30, 2024, was $718.2 million, a 236.5% increase year-over-year[33] - Basic earnings per share for the twelve months ended September 30, 2024, were $2.97, a 642.5% increase year-over-year[33] - Diluted earnings per share for the twelve months ended September 30, 2024, were $2.95, a 656.4% increase year-over-year[33] - Revenue for the three months ended September 30, 2024, totaled $4,110.5 million, with Americas contributing $3,161.5 million and International contributing $948.4 million[38] - Gross profit for the three months ended September 30, 2024, was $294.2 million, with a gross profit margin of 7.2%[38] - Net service revenue for the three months ended September 30, 2024, was $1,812.1 million, with Americas contributing $1,057.4 million and International contributing $754.1 million[41] - Revenue for the twelve months ended September 30, 2024, totaled $16,105.5 million, with Americas contributing $12,485.7 million and International contributing $3,618.4 million[38] - Gross profit for the twelve months ended September 30, 2024, was $1,084.3 million, with a gross profit margin of 6.7%[38] - Net service revenue for the twelve months ended September 30, 2024, was $7,165.0 million, with Americas contributing $4,204.6 million and International contributing $2,959.0 million[41] - Income from operations for the three months ended September 30, 2024, was $236.4 million, with Americas contributing $203.4 million and International contributing $94.5 million[38] - Income from operations for the twelve months ended September 30, 2024, was $827.4 million, with Americas contributing $774.6 million and International contributing $337.4 million[38] - Net income attributable to AECOM from continuing operations for the twelve months ended Sep 30, 2024 was $505.9 million, compared to $114.1 million for the same period in 2023[53] - Adjusted net income attributable to AECOM from continuing operations for the twelve months ended Sep 30, 2024 was $616.9 million, compared to $519.6 million for the same period in 2023[53] - Adjusted EBITDA for the twelve months ended Sep 30, 2024 was $1,094.8 million, compared to $963.9 million for the same period in 2023[54] - Americas segment income from operations for the twelve months ended Sep 30, 2024 was $774.6 million, compared to $714.6 million for the same period in 2023[57] - International segment income from operations for the twelve months ended Sep 30, 2024 was $337.4 million, compared to $254.7 million for the same period in 2023[57] - Total segment income from operations (excluding ACAP and G&A) for the twelve months ended Sep 30, 2024 was $1,112.0 million, compared to $969.3 million for the same period in 2023[57] Backlog and Cash Flow - Total backlog increased 3% to a new record of $23.863 billion, with design backlog increasing by 5%[3][4] - Total backlog as of September 30, 2024, was $23,863.0 million, with Americas contributing $17,436.3 million and International contributing $6,426.8 million[38] - Total backlog – Design only as of September 30, 2024, was $22,556.9 million, with Americas contributing $16,130.1 million and International contributing $6,426.8 million[38] - Free cash flow for the three months ended September 30, 2024, was $274.6 million, up from $262.9 million in the same period last year[42] Financial Position - Total cash and cash equivalents as of September 30, 2024, were $1.58 billion, up from $1.26 billion the previous year[35] - Accounts receivable and contract assets – net increased to $4.60 billion as of September 30, 2024, from $4.07 billion the previous year[35] - Total debt, excluding unamortized debt issuance costs, was $2.54 billion as of September 30, 2024, compared to $2.22 billion the previous year[35] - Working capital significantly increased to $802.0 million as of September 30, 2024, from $319.2 million the previous year[35] - Total debt increased to $2,539.9 million as of September 30, 2024, compared to $2,217.3 million in the same period last year[42] - Net debt stood at $959.0 million as of September 30, 2024, slightly higher than $957.1 million in the previous year[42] Guidance and Forecast - Fiscal 2025 guidance includes organic NSR growth of 5% to 8%, adjusted EBITDA of $1.170 billion to $1.210 billion, and adjusted EPS of $5.00 to $5.20[9] - GAAP EPS guidance for 2025 is $4.96 to $5.16[59] - Adjusted EPS guidance for 2025 is $5.00 to $5.20, excluding amortization of intangible assets ($0.01), deferred financing fees ($0.04), and tax effects ($0.01)[59] - GAAP net income from continuing operations guidance for 2025 is $724M to $743M[59] - Adjusted net income attributable to AECOM from continuing operations for 2025 is $670M to $698M, excluding amortization of intangible assets ($2M), deferred financing fees ($5M), and tax effects ($1M to $2M)[59] - Adjusted EBITDA guidance for 2025 is $1,170M to $1,210M, excluding depreciation ($160M), adjusted interest expense ($129M), and tax expense ($211M to $223M)[59] - GAAP interest expense guidance for 2025 is $169M, with adjusted net interest expense guidance at $129M after excluding finance charges ($5M) and interest income ($35M)[62] - GAAP income tax expense guidance for 2025 is $210M to $221M, with adjusted income tax expense guidance at $211M to $223M after including tax effects of adjusting items ($1M to $2M)[62] Segment Performance - The Americas segment revenue increased 8% to $3.2 billion in the fourth quarter, with full-year revenue up 14% to $12.5 billion[15] - International segment revenue increased 5% to $948 million in the fourth quarter, with full-year revenue up 6% to $3.6 billion[17] Shareholder Returns - The company increased its share repurchase authorization to $1 billion and raised its quarterly dividend by 18% to $0.26 per share[5][11] Adjustments and Non-Core Items - Adjusted income from operations for the three months ended September 30, 2024, was $261.5 million, compared to $224.7 million in the same period last year[47] - Adjusted EBITDA with noncontrolling interests (NCI) for the three months ended September 30, 2024, was $303.1 million, up from $265.7 million in the same period last year[47] - Adjusted income from continuing operations before taxes for the three months ended September 30, 2024, was $235.1 million, compared to $202.4 million in the same period last year[47] - Adjusted income tax expense for continuing operations for the three months ended September 30, 2024, was $48.1 million, compared to $47.6 million in the same period last year[46] - Adjusted net income attributable to noncontrolling interests from continuing operations for the three months ended September 30, 2024, was $(14.7) million, compared to $(13.8) million in the same period last year[48] - Restructuring costs for the twelve months ended Sep 30, 2024 were $99.0 million, compared to $188.5 million for the same period in 2023[54] - Amortization of intangible assets for the twelve months ended Sep 30, 2024 was $18.7 million, compared to $18.5 million for the same period in 2023[57] - Noncore AECOM Capital loss (income), net of NCI for the twelve months ended Sep 30, 2024 was $40.5 million, compared to $315.8 million for the same period in 2023[54] - Weighted average shares outstanding - diluted for the twelve months ended Sep 30, 2024 was 136.5 million, compared to 140.1 million for the same period in 2023[53]

Core Insights - Acoramidis shows significant early and sustained clinical benefits in patients with ATTR-CM, with a 36% reduction in All-Cause Mortality (ACM) at Month 36 and 46% reduction in composite ACM and recurrent cardiovascular-related hospitalizations (CVH) at Month 36 [1][2][5] Group 1: Clinical Study Results - The ATTRibute-CM study demonstrated the earliest known time to separation in cardiovascular outcomes at 3 months, with a 36% risk reduction in ACM at Month 36 [1][2] - Continuous treatment with acoramidis resulted in a statistically significant 34% reduction in ACM by Month 42 and a 50% reduction in cumulative frequency of CVH at Month 30 [2][4] - Evidence suggests early intervention with acoramidis leads to sustained benefits, with significant reductions in composite ACM and CVH of 46% at Month 36 and 48% at Month 42 [1][2] Group 2: Regulatory and Market Developments - A New Drug Application for acoramidis is under review by the FDA, with a PDUFA action date set for November 29, 2024 [1][5] - BridgeBio has also submitted a Marketing Authorization Application to the European Medicines Agency, with a decision expected in 2025 [5] - The company has granted exclusive rights to Bayer for the commercialization of acoramidis in Europe [5] Group 3: Company Overview - BridgeBio Pharma focuses on developing transformative medicines for genetic diseases, with a commitment to applying advances in genetic medicine [6] - The company was founded in 2015 and aims to deliver innovative treatments as quickly as possible [6]