AECOM(ACM) - 2024 Q3 - Quarterly Report

Revenue Growth - Total revenue for the three months ended June 30, 2024, was $4,151,251, an increase of 13.4$3,663,549 for the same period in 2023[6] - Total revenue for the nine months ended June 30, 2024, was $11,995.0 million, an increase from$10,536.1 million for the same period in 2023, representing a growth of approximately 13.8%[38] - Revenue for the three months ended June 30, 2024 increased by $487.6 million, or 13.3$4,151.2 million compared to $3,663.6 million for the same period last year[132] - Revenue for the nine months ended June 30, 2024 increased by$1,458.9 million, or 13.8%, to $11,995.0 million compared to$10,536.1 million for the same period last year[132] - Revenue from discontinued operations for the nine months ended June 30, 2024, was $138.4 million, down from$169.6 million in the same period of 2023, reflecting a decline of approximately 18%[28] Profitability - Gross profit for the nine months ended June 30, 2024, was $790,188, representing a 14.0$693,160 in the prior year[6] - The company reported a net income of $152,509 for the three months ended June 30, 2024, compared to a loss of$121,299 in the same period last year[6] - Net income for the three months ended June 30, 2024, was $152,509, compared to a net loss of$121,299 for the same period in 2023, representing a significant turnaround[9] - For the nine months ended June 30, 2024, net income was $277,133, a substantial increase from$59,947 in the same period of 2023[9] - Basic earnings per share for the nine months ended June 30, 2024, was $1.69, up from$0.22 in the prior year[6] Assets and Liabilities - Total assets as of June 30, 2024, were $12,046,598, up from$11,233,398 as of September 30, 2023, reflecting a growth of 7.3%[5] - Current liabilities increased to $6,289,644 as of June 30, 2024, from$5,850,283 as of September 30, 2023, marking a rise of 7.5%[5] - Total liabilities increased to $9,547,922 as of June 30, 2024, from$8,849,687 as of September 30, 2023, reflecting a rise of 7.9%[5] - Total stockholders' equity as of June 30, 2024, was $2,498,676, an increase from$2,622,325 as of June 30, 2023[12] - Total debt increased to $2,541.5 million as of June 30, 2024, compared to$2,217.3 million as of September 30, 2023, reflecting a rise of 14.6%[58] Cash Flow - Net cash provided by operating activities increased to $528.7 million for the nine months ended June 30, 2024, compared to$410.8 million in the prior year, reflecting a rise of about 29%[15] - Cash and cash equivalents increased to $1,644,812 as of June 30, 2024, compared to$1,260,206 as of September 30, 2023, indicating a growth of 30.4%[5] - Net cash used in investing activities was $185.9 million for the nine months ended June 30, 2024, compared to$106.5 million for the same period in 2023[173] - Cash and cash equivalents at the end of the period were $1.6 billion, up from$1.3 billion at the end of the previous year, representing an increase of approximately 29%[15] Restructuring and Costs - The company reported restructuring costs of $29,025 for the three months ended June 30, 2024, compared to$9,115 in the same period last year[6] - The company expects to incur restructuring costs of approximately $80 million to$100 million in fiscal 2024, aimed at improving efficiencies and margin[128] - The Company incurred restructuring expenses of $80.7 million during the first nine months of fiscal 2024, compared to$50.5 million in the same period of fiscal 2023[105] Segment Performance - Revenue for the Americas segment for the three months ended June 30, 2024, increased by $417.4 million, or 14.8$3,246.9 million compared to $2,829.5 million in the prior year[154] - Revenue for the International segment for the three months ended June 30, 2024, increased by$69.9 million, or 8.4%, to $904.2 million, driven by growth in the Middle East and Europe[161] - Gross profit for the International segment increased by$13.7 million, or 20.3%, to $81.1 million for the three months ended June 30, 2024, compared to$67.4 million for the same period last year[164] Financial Obligations and Credit Facilities - The company entered into a new $1,500 million revolving credit facility and a$750 million term loan A facility on April 19, 2024, to refinance existing credit facilities and for general corporate purposes[64] - As of June 30, 2024, the Company had $1,495.6 million available under its New Revolving Credit Facility, an increase from$1,145.6 million as of September 30, 2023[69] - The Company had outstanding standby letters of credit totaling $909.4 million as of June 30, 2024, compared to$878.9 million as of September 30, 2023[73] Tax and Compliance - The Company's effective tax rate decreased to 23.6% for the nine months ended June 30, 2024, from 29.9% in the same period of 2023[86] - The Company is currently undergoing tax audits in several jurisdictions, including the U.S., with federal income tax returns for fiscal years 2017 through 2020 being examined by the IRS[89] - The Company expects potential adjustments to its tax liabilities related to uncertain tax positions within the next twelve months due to ongoing audits[89]