AECOM 10-Q

Item 1. Financial Statements AECOM Consolidated Balance Sheets (unaudited - in thousands, except share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, ​ 2024 2023 ASSETS ​ ​ ​ ​ ​ ​ CURRENT ASSETS: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,349,172 ​ $ 1,030,447 Cash in consolidated joint ventures ​ 295,640 ​ ​ 229,759 Total cash and cash equivalents ​ 1,644,812 ​ ​ 1,260,206 Accounts receivable—net ​ 2,660,421 ​ ​ 2,544,453 Contract assets ​ ​ 1,884,755 ​ ​ 1,525,051 Prepaid expenses and other current assets ​ 732,455 ​ ​ 730,145 Current assets held for sale ​ ​ 135,970 ​ ​ 95,221 Income taxes receivable ​ 60,251 ​ ​ 14,435 TOTAL CURRENT ASSETS ​ 7,118,664 ​ ​ 6,169,511 PROPERTY AND EQUIPMENT—NET ​ 356,878 ​ ​ 382,638 DEFERRED TAX ASSETS—NET ​ 398,871 ​ ​ 439,604 INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES ​ 140,629 ​ ​ 139,236 GOODWILL ​ 3,448,160 ​ ​ 3,418,930 INTANGIBLE ASSETS—NET ​ 11,515 ​ ​ 17,769 OTHER NON-CURRENT ASSETS ​ 151,590 ​ ​ 218,666 OPERATING LEASE RIGHT-OF-USE ASSETS ​ ​ 420,291 ​ ​ 447,044 TOTAL ASSETS ​ $ 12,046,598 ​ $ 11,233,398 LIABILITIES AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ ​ ​ CURRENT LIABILITIES: ​ ​ ​ ​ ​ ​ Short-term debt ​ $ 2,522 ​ $ 3,085 Accounts payable ​ 2,436,736 ​ ​ 2,190,755 Accrued expenses and other current liabilities ​ 2,414,250 ​ ​ 2,287,546 Income taxes payable ​ ​ 44,893 ​ ​ 48,161 Contract liabilities ​ 1,261,853 ​ ​ 1,188,742 Current liabilities held for sale ​ ​ 65,762 ​ ​ 45,625 Current portion of long-term debt ​ ​ 63,628 ​ ​ 86,369 TOTAL CURRENT LIABILITIES ​ 6,289,644 ​ ​ 5,850,283 OTHER LONG-TERM LIABILITIES ​ 123,402 ​ ​ 123,846 OPERATING LEASE LIABILITIES, NON-CURRENT ​ ​ 496,681 ​ ​ 548,851 LONG-TERM LIABILITIES HELD FOR SALE ​ ​ 782 ​ ​ 792 DEFERRED TAX LIABILITY-NET ​ ​ 17,784 ​ ​ 16,960 PENSION BENEFIT OBLIGATIONS ​ ​ 168,085 ​ ​ 195,586 LONG-TERM DEBT ​ ​ 2,451,544 ​ ​ 2,113,369 TOTAL LIABILITIES ​ 9,547,922 ​ ​ 8,849,687 ​ ​ ​ ​ ​ ​ ​ COMMITMENTS AND CONTINGENCIES (Note 15) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AECOM STOCKHOLDERS’ EQUITY: ​ ​ ​ ​ ​ ​ Common stock-authorized, 300,000,000 shares of $ 0.01 par value as of June 30, 2024 and September 30, 2023; issued and outstanding 135,702,623 and 136,210,883 shares as of June 30, 2024 and September 30, 2023, respectively ​ 1,357 ​ ​ 1,362 Additional paid-in capital ​ 4,318,755 ​ ​ 4,241,523 Accumulated other comprehensive loss ​ ( 914,989 ) ​ ​ ( 926,577 ) Accumulated deficits ​ ( 1,106,797 ) ​ ​ ( 1,103,976 ) TOTAL AECOM STOCKHOLDERS’ EQUITY ​ 2,298,326 ​ ​ 2,212,332 Noncontrolling interests ​ 200,350 ​ ​ 171,379 TOTAL STOCKHOLDERS’ EQUITY ​ 2,498,676 ​ ​ 2,383,711 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY ​ $ 12,046,598 ​ $ 11,233,398 ​ See accompanying Notes to Consolidated Financial Statements. ​ 1 Table of Contents AECOM Consolidated Statements of Operations (unaudited - in thousands, except per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ June 30, ​ June 30, June 30, June 30, ​ 2024 2023 2024 2023 Revenue ​ $ 4,151,251 ​ $ 3,663,549 ​ $ 11,995,004 ​ $ 10,536,076 Cost of revenue ​ ​ 3,866,207 ​ ​ 3,413,471 ​ ​ 11,204,816 ​ ​ 9,842,916 Gross profit ​ ​ 285,044 ​ ​ 250,078 ​ ​ 790,188 ​ ​ 693,160 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings (losses) of joint ventures ​ ​ 7,647 ​ ​ ( 303,503 ) ​ ​ ( 1,835 ) ​ ​ ( 286,218 ) General and administrative expenses ​ ​ ( 36,209 ) ​ ​ ( 42,883 ) ​ ​ ( 116,619 ) ​ ​ ( 112,642 ) Restructuring costs ​ ​ ( 29,025 ) ​ ​ ( 9,115 ) ​ ​ ( 80,670 ) ​ ​ ( 50,547 ) Income (loss) from operations ​ ​ 227,457 ​ ​ ( 105,423 ) ​ ​ 591,064 ​ ​ 243,753 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income ​ ​ 963 ​ ​ 1,797 ​ ​ 6,154 ​ ​ 6,282 Interest income ​ ​ 15,817 ​ ​ 8,802 ​ ​ 43,341 ​ ​ 24,492 Interest expense ​ ​ ( 51,370 ) ​ ​ ( 38,868 ) ​ ​ ( 140,350 ) ​ ​ ( 117,940 ) Income (loss) from continuing operations before taxes ​ ​ 192,867 ​ ​ ( 133,692 ) ​ ​ 500,209 ​ ​ 156,587 Income tax expense (benefit) for continuing operations ​ ​ 46,035 ​ ​ ( 20,000 ) ​ ​ 118,078 ​ ​ 46,870 Net income (loss) from continuing operations ​ ​ 146,832 ​ ​ ( 113,692 ) ​ ​ 382,131 ​ ​ 109,717 Net income (loss) from discontinued operations ​ ​ 5,677 ​ ​ ( 7,607 ) ​ ​ ( 104,998 ) ​ ​ ( 49,770 ) Net income (loss) ​ ​ 152,509 ​ ​ ( 121,299 ) ​ ​ 277,133 ​ ​ 59,947 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interests from continuing operations ​ ​ ( 17,355 ) ​ ​ ( 11,829 ) ​ ​ ( 44,585 ) ​ ​ ( 29,562 ) Net income attributable to noncontrolling interests from discontinued operations ​ ​ ( 881 ) ​ ​ ( 1,573 ) ​ ​ ( 2,830 ) ​ ​ ( 526 ) Net income attributable to noncontrolling interests ​ ​ ( 18,236 ) ​ ​ ( 13,402 ) ​ ​ ( 47,415 ) ​ ​ ( 30,088 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to AECOM from continuing operations ​ ​ 129,477 ​ ​ ( 125,521 ) ​ ​ 337,546 ​ ​ 80,155 Net income (loss) attributable to AECOM from discontinued operations ​ ​ 4,796 ​ ​ ( 9,180 ) ​ ​ ( 107,828 ) ​ ​ ( 50,296 ) Net income (loss) attributable to AECOM ​ $ 134,273 ​ $ ( 134,701 ) ​ $ 229,718 ​ $ 29,859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to AECOM per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic continuing operations per share ​ $ 0.95 ​ $ ( 0.90 ) ​ $ 2.48 ​ $ 0.58 Basic discontinued operations per share ​ $ 0.04 ​ $ ( 0.07 ) ​ $ ( 0.79 ) ​ $ ( 0.36 ) Basic earnings per share ​ $ 0.99 ​ $ ( 0.97 ) ​ $ 1.69 ​ $ 0.22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted continuing operations per share ​ $ 0.95 ​ $ ( 0.90 ) ​ $ 2.47 ​ $ 0.57 Diluted discontinued operations per share ​ $ 0.03 ​ $ ( 0.07 ) ​ $ ( 0.79 ) ​ $ ( 0.36 ) Diluted earnings per share ​ $ 0.98 ​ $ ( 0.97 ) ​ $ 1.68 ​ $ 0.21 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 136,025 ​ ​ 138,741 ​ ​ 135,976 ​ ​ 138,785 Diluted ​ ​ 136,790 ​ ​ 138,741 ​ ​ 136,868 ​ ​ 140,339 ​ See accompanying Notes to Consolidated Financial Statements. ​ ​ 2 Table of Contents AECOM Consolidated Statements of Comprehensive Income (unaudited—in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ June 30, ​ June 30, June 30, June 30, ​ 2024 2023 2024 2023 Net income (loss) ​ $ 152,509 ​ $ ( 121,299 ) ​ $ 277,133 ​ $ 59,947 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income, net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized (loss) gain on derivatives, net of tax ​ ​ ( 375 ) ​ ​ 7,234 ​ ​ ( 9,776 ) ​ ​ ( 2,147 ) Foreign currency translation adjustments ​ ​ ( 4,422 ) ​ ​ 18,274 ​ ​ 28,613 ​ ​ 105,025 Pension adjustments, net of tax ​ ​ ( 260 ) ​ ​ ( 5,404 ) ​ ​ ( 7,250 ) ​ ​ ( 23,923 ) Other comprehensive income, net of tax ​ ​ ( 5,057 ) ​ ​ 20,104 ​ ​ 11,587 ​ ​ 78,955 Comprehensive income (loss), net of tax ​ ​ 147,452 ​ ​ ( 101,195 ) ​ ​ 288,720 ​ ​ 138,902 Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax ​ ​ ( 18,198 ) ​ ​ ( 13,234 ) ​ ​ ( 47,414 ) ​ ​ ( 30,183 ) Comprehensive income (loss) attributable to AECOM, net of tax ​ $ 129,254 ​ $ ( 114,429 ) ​ $ 241,306 ​ $ 108,719 ​ See accompanying Notes to Consolidated Financial Statements. ​ ​ 3 Table of Contents AECOM Consolidated Statements of Stockholders’ Equity (unaudited—in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ Other ​ ​ ​ AECOM ​ Non- ​ Total ​ ​ Common ​ Paid-In ​ Comprehensive ​ Accumulated ​ Stockholders’ ​ Controlling ​ Stockholders’ ​ Stock Capital Loss Deficits Equity Interests Equity BALANCE AT MARCH 31, 2024 ​ $ 1,359 ​ $ 4,267,719 ​ $ ( 909,970 ) ​ $ ( 1,160,441 ) ​ $ 2,198,667 ​ $ 195,688 ​ $ 2,394,355 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ 134,273 ​ ​ 134,273 ​ ​ 18,236 ​ ​ 152,509 Dividends declared ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 30,338 ) ​ ​ ( 30,338 ) ​ ​ — ​ ​ ( 30,338 ) Other comprehensive loss ​ ​ — ​ ​ — ​ ​ ( 5,019 ) ​ ​ — ​ ​ ( 5,019 ) ​ ​ ( 38 ) ​ ​ ( 5,057 ) Issuance of stock ​ ​ 3 ​ ​ 36,887 ​ ​ — ​ ​ — ​ ​ 36,890 ​ ​ — ​ ​ 36,890 Repurchases of stock ​ ​ ( 5 ) ​ ​ ( 54 ) ​ ​ — ​ ​ ( 50,291 ) ​ ​ ( 50,350 ) ​ ​ — ​ ​ ( 50,350 ) Stock-based compensation ​ ​ — ​ ​ 14,203 ​ ​ — ​ ​ — ​ ​ 14,203 ​ ​ — ​ ​ 14,203 Contributions from noncontrolling interests ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,037 ​ ​ 3,037 Distributions to noncontrolling interests ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 16,573 ) ​ ​ ( 16,573 ) BALANCE AT JUNE 31, 2024 ​ $ 1,357 ​ $ 4,318,755 ​ $ ( 914,989 ) ​ $ ( 1,106,797 ) ​ $ 2,298,326 ​ $ 200,350 ​ $ 2,498,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ Other ​ ​ ​ AECOM ​ Non- ​ Total ​ ​ Common ​ Paid-In ​ Comprehensive ​ Accumulated ​ Stockholders’ ​ Controlling ​ Stockholders’ ​ Stock Capital Loss Deficits Equity Interests Equity BALANCE AT MARCH 31, 2023 ​ $ 1,387 ​ $ 4,176,931 ​ $ ( 921,087 ) ​ $ ( 662,891 ) ​ $ 2,594,340 ​ $ 142,535 ​ $ 2,736,875 Net loss ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 134,701 ) ​ ​ ( 134,701 ) ​ ​ 13,402 ​ ​ ( 121,299 ) Dividends declared ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 25,236 ) ​ ​ ( 25,236 ) ​ ​ — ​ ​ ( 25,236 ) Other comprehensive income ​ ​ — ​ ​ — ​ ​ 20,272 ​ ​ — ​ ​ 20,272 ​ ​ ( 168 ) ​ ​ 20,104 Issuance of stock ​ ​ 4 ​ ​ 33,821 ​ ​ — ​ ​ — ​ ​ 33,825 ​ ​ — ​ ​ 33,825 Repurchases of stock ​ ​ ( 6 ) ​ ​ ( 10 ) ​ ​ — ​ ​ ( 50,004 ) ​ ​ ( 50,020 ) ​ ​ — ​ ​ ( 50,020 ) Stock-based compensation ​ ​ — ​ ​ 16,285 ​ ​ — ​ ​ — ​ ​ 16,285 ​ ​ — ​ ​ 16,285 Contributions from noncontrolling interests ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,539 ​ ​ 14,539 Distributions to noncontrolling interests ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 2,748 ) ​ ​ ( 2,748 ) BALANCE AT JUNE 30, 2023 ​ $ 1,385 ​ $ 4,227,027 ​ $ ( 900,815 ) ​ $ ( 872,832 ) ​ $ 2,454,765 ​ $ 167,560 ​ $ 2,622,325 ​ ​ 4 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ Other ​ ​ ​ AECOM ​ Non- ​ Total ​ ​ Common ​ Paid-In ​ Comprehensive ​ Accumulated ​ Stockholders’ ​ Controlling ​ Stockholders’ ​ Stock Capital Loss Deficits Equity Interests Equity BALANCE AT SEPTEMBER 30, 2023 ​ $ 1,362 ​ $ 4,241,523 ​ $ ( 926,577 ) ​ $ ( 1,103,976 ) ​ $ 2,212,332 ​ $ 171,379 ​ $ 2,383,711 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ 229,718 ​ ​ 229,718 ​ ​ 47,415 ​ ​ 277,133 Dividends declared ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 91,194 ) ​ ​ ( 91,194 ) ​ ​ — ​ ​ ( 91,194 ) Other comprehensive income ​ ​ — ​ ​ — ​ ​ 11,588 ​ ​ — ​ ​ 11,588 ​ ​ ( 1 ) ​ ​ 11,587 Issuance of stock ​ ​ 13 ​ ​ 53,597 ​ ​ — ​ ​ — ​ ​ 53,610 ​ ​ — ​ ​ 53,610 Repurchases of stock ​ ​ ( 18 ) ​ ​ ( 21,179 ) ​ ​ — ​ ​ ( 141,345 ) ​ ​ ( 162,542 ) ​ ​ — ​ ​ ( 162,542 ) Stock-based compensation ​ ​ — ​ ​ 44,814 ​ ​ — ​ ​ — ​ ​ 44,814 ​ ​ — ​ ​ 44,814 Contributions from noncontrolling interests ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,529 ​ ​ 8,529 Distributions to noncontrolling interests ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 26,972 ) ​ ​ ( 26,972 ) BALANCE AT JUNE 30, 2024 ​ $ 1,357 ​ $ 4,318,755 ​ $ ( 914,989 ) ​ $ ( 1,106,797 ) ​ $ 2,298,326 ​ $ 200,350 ​ $ 2,498,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ Other ​ ​ ​ AECOM ​ Non- ​ Total ​ ​ Common ​ Paid-In ​ Comprehensive ​ Accumulated ​ Stockholders’ ​ Controlling ​ Stockholders’ ​ Stock Capital Loss Deficits Equity Interests Equity BALANCE AT SEPTEMBER 30, 2022 ​ $ 1,389 ​ $ 4,156,594 ​ $ ( 979,675 ) ​ $ ( 701,654 ) ​ $ 2,476,654 ​ $ 128,725 ​ $ 2,605,379 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ 29,859 ​ ​ 29,859 ​ ​ 30,088 ​ ​ 59,947 Dividends declared ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 76,028 ) ​ ​ ( 76,028 ) ​ ​ — ​ ​ ( 76,028 ) Other comprehensive income ​ ​ — ​ ​ — ​ ​ 78,860 ​ ​ — ​ ​ 78,860 ​ ​ 95 ​ ​ 78,955 Issuance of stock ​ ​ 15 ​ ​ 51,435 ​ ​ — ​ ​ — ​ ​ 51,450 ​ ​ — ​ ​ 51,450 Repurchases of stock ​ ​ ( 19 ) ​ ​ ( 21,882 ) ​ ​ — ​ ​ ( 125,009 ) ​ ​ ( 146,910 ) ​ ​ — ​ ​ ( 146,910 ) Stock-based compensation ​ ​ — ​ ​ 40,880 ​ ​ — ​ ​ — ​ ​ 40,880 ​ ​ — ​ ​ 40,880 Contributions from noncontrolling interests ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,215 ​ ​ 15,215 Distributions to noncontrolling interests ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 6,563 ) ​ ​ ( 6,563 ) BALANCE AT JUNE 30, 2023 ​ $ 1,385 ​ $ 4,227,027 ​ $ ( 900,815 ) ​ $ ( 872,832 ) ​ $ 2,454,765 ​ $ 167,560 ​ $ 2,622,325 ​ See accompanying Notes to Consolidated Financial Statements. ​ ​ ​ 5 Table of Contents AECOM Consolidated Statements of Cash Flows (unaudited - in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, ​ 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ ​ ​ ​ ​ Net income ​ $ 277,133 ​ $ 59,947 Adjustments to reconcile net income (loss) to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 133,873 ​ ​ 131,047 Equity in losses of unconsolidated joint ventures ​ 5,235 ​ ​ 287,958 Distribution of earnings from unconsolidated joint ventures ​ 15,141 ​ ​ 31,878 Non-cash stock compensation ​ ​ 44,814 ​ ​ 40,880 Loss on sale of discontinued operations ​ ​ 90,412 ​ ​ 40,160 Foreign currency translation ​ ​ 3,670 ​ ​ 7,187 Other ​ ​ 4,652 ​ ​ 4,644 Changes in operating assets and liabilities, net of effects of acquisitions: ​ ​ ​ ​ ​ ​ Accounts receivable and contract assets ​ ( 514,407 ) ​ ​ ( 452,702 ) Prepaid expenses and other assets ​ 20,613 ​ ​ ( 4,127 ) Accounts payable ​ 290,587 ​ ​ 96,033 Accrued expenses and other current liabilities ​ 164,926 ​ ​ 32,109 Contract liabilities ​ ​ 72,917 ​ ​ 171,892 Other long-term liabilities ​ ( 80,852 ) ​ ​ ( 36,111 ) Net cash provided by operating activities ​ ​ 528,714 ​ ​ 410,795 ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM INVESTING ACTIVITIES: ​ ​ ​ ​ ​ ​ Payments for business acquisition, net of cash acquired ​ ​ ( 18,686 ) ​ ​ — Investment in unconsolidated joint ventures ​ ​ ( 48,352 ) ​ ​ ( 44,844 ) Return of investment in unconsolidated joint ventures ​ ​ — ​ ​ 15,419 Proceeds from sale of investments ​ ​ 3,180 ​ ​ 5,977 Other investing activities ​ ​ ( 27,100 ) ​ ​ — Proceeds from disposal of property and equipment ​ ​ 343 ​ ​ 288 Payments for capital expenditures ​ ​ ( 95,280 ) ​ ​ ( 83,293 ) Net cash used in investing activities ​ ​ ( 185,895 ) ​ ​ ( 106,453 ) ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ ​ ​ Proceeds from borrowings under credit agreements ​ ​ 5,319,563 ​ ​ 2,500,070 Repayments of borrowings under credit agreements ​ ( 5,017,837 ) ​ ​ ( 2,534,373 ) Cash paid for debt issuance costs ​ ​ ( 16,573 ) ​ ​ — Dividends paid ​ ​ ( 85,391 ) ​ ​ ( 71,248 ) Proceeds from issuance of common stock ​ ​ 25,629 ​ ​ 21,975 Proceeds from exercise of stock options ​ ​ — ​ ​ 4,112 Payments to repurchase common stock ​ ​ ( 163,147 ) ​ ​ ( 145,209 ) Net (distributions) contributions to noncontrolling interests ​ ​ ( 18,443 ) ​ ​ 8,652 Other financing activities ​ ​ 573 ​ ​ 12,048 Net cash provided by (used in) financing activities ​ ​ 44,374 ​ ​ ( 203,973 ) ​ ​ ​ ​ ​ ​ ​ EFFECT OF EXCHANGE RATE CHANGES ON CASH ​ ​ ( 1,154 ) ​ ​ 3,001 NET INCREASE IN CASH AND CASH EQUIVALENTS ​ 386,039 ​ ​ 103,370 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD ​ 1,262,152 ​ ​ 1,176,772 CASH AND CASH EQUIVALENTS AT END OF PERIOD ​ ​ 1,648,191 ​ ​ 1,280,142 LESS CASH AND CASH EQUIVALENTS INCLUDED IN CURRENT ASSETS HELD FOR SALE ​ ​ ( 3,379 ) ​ ​ ( 22,412 ) CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS AT END OF PERIOD ​ $ 1,644,812 ​ $ 1,257,730 ​ See accompanying Notes to Consolidated Financial Statements. ​ 6 Table of Contents AECOM Notes to Consolidated Financial Statements (unaudited) ​ 1. Basis of Presentation ​ The accompanying consolidated financial statements of AECOM (the Company) are unaudited and, in the opinion of management, include all adjustments, including all normal recurring items necessary for a fair statement of the Company’s financial position and results of operations for the periods presented. All intercompany balances and transactions are eliminated in consolidation. ​ The consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended September 30, 2023 (the Annual Report). The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. ​ The consolidated financial statements included in this report have been prepared consistently with the accounting policies described in the Annual Report, except as noted, and should be read together with the Annual Report. ​ The results of operations for the three and nine months ended June 30, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2024. ​ As discussed in more detail in Note 3, the Company concluded that its self-perform at-risk construction businesses met the criteria for held for sale beginning in the first quarter of fiscal 2020 and met the criteria for discontinued operation classification. As a result, the self-perform at-risk construction businesses are presented in the consolidated statements of operations as discontinued operations for all periods presented. Current and non-current assets and liabilities of these businesses are presented in the consolidated balance sheets as assets and liabilities held for sale. ​ The Company reports its annual results of operations based on 52 or 53 -week periods ending on the Friday nearest September 30. The Company reports its quarterly results of operations based on periods ending on the Friday nearest December 31, March 31, and June 30. For clarity of presentation, all periods are presented as if the periods ended on September 30, December 31, March 31, and June 30. ​ 2. New Accounting Pronouncements and Changes in Accounting ​ In November 2023, the Financial Accounting Standards Board (FASB) amended the guidance of Accounting Standards Codification (ASC) 280, Segment Reporting , requiring public entities to disclose significant segment expenses and other segment items on an annual and interim basis. The new guidance is effective for the Company for its interim period ending December 31, 2025, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial statement presentation. ​ In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance the income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. The update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments are effective for the Company’s annual periods beginning October 1, 2025, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial statement presentation. ​ 7 Table of Contents 3. Discontinued Operations, Goodwill and Intangible Assets ​ In the first quarter of fiscal 2020, management approved a plan to dispose of via sale the Company’s self-perform at-risk construction businesses. These businesses include the Company’s civil infrastructure, power, and oil and gas construction businesses that were previously reported in the Company’s Construction Services segment. After consideration of the relevant facts, the Company concluded the assets and liabilities of its self-perform at-risk construction businesses met the criteria for classification as held for sale. The Company concluded the actual and proposed disposal activities represented a strategic shift that would have a major effect on the Company’s operations and financial results and qualified for presentation as discontinued operations in accordance with FASB ASC 205-20. Accordingly, the financial results of the self-perform at-risk construction businesses are presented in the Consolidated Statement of Operations as discontinued operations for all periods presented. Current and non-current assets and liabilities of these businesses not sold as of the balance sheet date are presented in the Consolidated Balance Sheets as assets and liabilities held for sale for both periods presented. ​ The Company completed the sale of its power and oil and gas construction businesses in fiscal 2021 and fiscal 2022, respectively. The Company completed the sale of its civil infrastructure construction business to affiliates of Oroco Capital in the second quarter of fiscal 2021. In the second quarter of fiscal 2024 and 2023, the Company recorded losses related to revised estimates of its contingent consideration receivable recognized in its civil infrastructure construction business of $ 103.1 million and $ 38.9 million, respectively. ​ During the third quarter of fiscal 2024, the Company resolved contingencies related to the sale of its civil infrastructure construction business and received equity in the counterparty, and the Company recorded a $ 12.7 million gain based on the fair value of the equity received. Concurrently, the Company participated as a member of a lending group in a revolving credit facility for the counterparty, committing to fund $ 30 million that matures in May 2029. As of June 30, 2024, the Company has funded $ 27.1 million, all of which was classified as a cash outflow in other investing activities and outstanding. ​ The following table represents summarized balance sheet information of assets and liabilities held for sale (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, ​ 2024 2023 ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 3.4 ​ $ 1.9 Receivables and contract assets ​ 132.6 ​ ​ 93.3 Other ​ — ​ ​ — Current assets held for sale ​ $ 136.0 ​ $ 95.2 ​ ​ ​ ​ ​ ​ ​ Property and equipment, net ​ $ 16.6 ​ $ 14.2 Write-down of assets to fair value less cost to sell ​ ​ ( 16.6 ) ​ ​ ( 14.2 ) Non-current assets held for sale ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued expenses ​ $ 65.8 ​ ​ 45.6 Current liabilities held for sale ​ $ 65.8 ​ $ 45.6 ​ ​ ​ ​ ​ ​ ​ Long-term liabilities held for sale ​ $ 0.8 ​ $ 0.8 ​ 8 Table of Contents The following table represents summarized income statement information of discontinued operations (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ June 30, ​ June 30, June 30, ​ June 30, ​ 2024 2023 2024 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 37.3 ​ $ 69.1 ​ $ 138.4 ​ $ 169.6 Cost of revenue ​ 41.8 ​ ​ 76.0 ​ ​ 139.5 ​ ​ 178.4 Gross loss ​ ( 4.5 ) ​ ​ ( 6.9 ) ​ ​ ( 1.1 ) ​ ​ ( 8.8 ) Equity in earnings of joint ventures ​ — ​ ​ — ​ ​ ( 3.4 ) ​ ​ ( 1.7 ) Income (loss) on disposal activities ​ ​ 12.7 ​ ​ ( 2.6 ) ​ ​ ( 100.4 ) ​ ​ ( 42.8 ) Transaction costs ​ ​ — ​ ​ — ​ ​ ( 0.2 ) ​ ​ ( 0.2 ) Income (loss) from operations ​ 8.2 ​ ​ ( 9.5 ) ​ ​ ( 105.1 ) ​ ​ ( 53.5 ) Other expense ​ ( 0.6 ) ​ ​ ( 0.5 ) ​ ​ ( 1.7 ) ​ ​ ( 0.5 ) Income (loss) before taxes ​ 7.6 ​ ​ ( 10.0 ) ​ ​ ( 106.8 ) ​ ​ ( 54.0 ) Income tax expense (benefit) ​ 1.9 ​ ​ ( 2.4 ) ​ ​ ( 1.8 ) ​ ​ ( 4.2 ) Net income (loss) from discontinuing operations ​ $ 5.7 ​ $ ( 7.6 ) ​ $ ( 105.0 ) ​ $ ( 49.8 ) ​ The significant components included in our Consolidated Statement of Cash Flows for the discontinued operations are as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ June 30, June 30, ​ June 30, June 30, ​ 2024 ​ 2023 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments for capital expenditures ​ $ ( 0.3 ) ​ $ ( 0.6 ) ​ $ ( 2.4 ) ​ $ ( 5.1 ) ​ The Company completed one acquisition in the first quarter of fiscal 2024. The changes in the carrying value of goodwill by reportable segment for the nine months ended June 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ Exchange ​ ​ ​ ​ June 30, ​ 2023 Impact Acquired 2024 ​ ​ (in millions) Americas ​ $ 2,614.0 ​ $ ( 1.5 ) ​ $ 12.1 ​ $ 2,624.6 International ​ 804.9 ​ ​ 18.7 ​ ​ — ​ ​ 823.6 Total ​ $ 3,418.9 ​ $ 17.2 ​ $ 12.1 ​ $ 3,448.2 ​ The gross amounts and accumulated amortization of the Company’s acquired identifiable intangible assets with finite useful lives as of June 30, 2024 and September 30, 2023, included in intangible assets—net, in the accompanying consolidated balance sheets, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ September 30, 2023 ​ ​ ​ ​ Gross ​ Accumulated ​ Intangible ​ Gross ​ Accumulated ​ Intangible ​ Amortization ​ Amount Amortization Assets, Net Amount Amortization Assets, Net Period ​ ​ (in millions) ​ (years) Backlog and Customer relationships ​ $ 671.6 ​ $ ( 660.1 ) ​ $ 11.5 ​ $ 663.8 ​ $ ( 646.0 ) ​ $ 17.8 ​ 1 - 11 ​ 9 Table of Contents Amortization expense of acquired intangible assets included within cost of revenue was $ 14.1 million and $ 13.9 million for the nine months ended June 30, 2024 and 2023, respectively. The following table presents estimated amortization expense of existing intangible assets for the remainder of fiscal 2024 and for the succeeding years: ​ ​ ​ ​ ​ Fiscal Year (in millions) 2024 (three months remaining) ​ $ 4.6 2025 ​ 2.1 2026 ​ 1.5 2027 ​ 1.5 2028 ​ ​ 1.5 Thereafter ​ 0.3 Total ​ $ 11.5 ​ ​ 4. Revenue Recognition ​ The Company follows accounting principles for recognizing revenue upon the transfer of control of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. The Company generally recognizes revenues over time as performance obligations are satisfied. The Company generally measures its progress to completion using an input measure of total costs incurred divided by total costs expected to be incurred, which it believes to be the best measure of progress towards completion of the performance obligation. In the course of providing its services, the Company routinely subcontracts for services and incurs other direct costs on behalf of its clients. These costs are passed through to clients and, in accordance with GAAP, are included in the Company’s revenue and cost of revenue. These pass-through revenues for the nine months ended June 30, 2024 and 2023 were $ 6.6 billion and $ 5.6 billion, respectively. ​ Recognition of revenue and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet date, such as engineering progress, material quantities, the achievement of milestones, penalty provisions, labor productivity and cost estimates. Additionally, the Company is required to make estimates for the amount of consideration to be received, including bonuses, awards, incentive fees, claims, unpriced change orders, penalties, and liquidated damages. Variable consideration is included in the estimate of the transaction price only to the extent that a significant reversal would not be probable. Management continuously monitors factors that may affect the quality of its estimates, and material changes in estimates are disclosed accordingly. Costs attributable to claims are treated as costs of contract performance as incurred. ​ The following summarizes the Company’s major contract types: ​ Cost Reimbursable Contracts ​ Cost reimbursable contracts include cost-plus fixed fee, cost-plus fixed rate, and time-and-materials price contracts. Under cost-plus contracts, the Company charges clients for its costs, including both direct and indirect costs, plus a negotiated fee or rate. The Company recognizes revenue based on actual direct costs incurred and the applicable fixed rate or portion of the fixed fee earned as of the balance sheet date. Under time-and-materials price contracts, the Company negotiates hourly billing rates and charges its clients based on the actual time that it expends on a project. In addition, clients reimburse the Company for materials and other direct incidental expenditures incurred in connection with its performance under the contract. The Company may apply a practical expedient to recognize revenue in the amount in which it has the right to invoice if its right to consideration is equal to the value of performance completed to date. ​ Guaranteed Maximum Price Contracts (GMP) ​ GMP contracts share many of the same contract provisions as cost-plus and fixed-price contracts. As with cost-plus contracts, clients are provided a disclosure of all the project costs, and a lump sum or percentage fee is separately identified. The Company provides clients with a guaranteed price for the overall project (adjusted for change orders issued by clients) and a schedule including the expected completion date. Cost overruns or costs associated with project delays in completion could generally be the Company’s responsibility. For many of the Company’s commercial or residential GMP contracts, the final price is generally not established until the Company has subcontracted a substantial percentage of the trade contracts with terms consistent with the master contract, and it has negotiated additional contractual limitations, such as waivers of consequential damages as well as aggregate caps on liabilities and liquidated damages. Revenue is recognized for GMP contracts as project costs are incurred relative to total estimated project costs. ​ 10 Table of Contents Fixed-Price Contracts ​ Fixed-price contracts include both lump-sum and fixed-unit price contracts. Under lump-sum contracts, the Company performs all the work under the contract for a specified fee. Lump-sum contracts are typically subject to price adjustments if the scope of the project changes or unforeseen conditions arise. Under fixed-unit price contracts, the Company performs a number of units of work at an agreed price per unit with the total payment under the contract determined by the actual number of units delivered. Revenue is recognized for fixed-price contracts using the input method measured on a cost-to-cost basis as the Company believes this is the best measure of progress towards completion. ​ The following tables present the Company’s revenues disaggregated by revenue sources: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2024 2023 2024 2023 ​ (in millions) Cost reimbursable ​ $ 1,594.7 ​ $ 1,500.2 ​ $ 4,817.0 ​ $ 4,526.4 Guaranteed maximum price ​ ​ 1,597.5 ​ ​ 1,325.5 ​ ​ 4,433.1 ​ ​ 3,564.7 Fixed-price ​ ​ 959.0 ​ ​ 837.9 ​ ​ 2,744.9 ​ ​ 2,445.0 Total revenue ​ $ 4,151.2 ​ $ 3,663.6 ​ $ 11,995.0 ​ $ 10,536.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2024 2023 2024 2023 ​ (in millions) Americas ​ $ 3,247.0 ​ $ 2,829.4 ​ $ 9,325.0 ​ $ 8,039.3 Europe, Middle East, India, Africa ​ ​ 530.1 ​ ​ 476.0 ​ ​ 1,645.3 ​ ​ 1,418.1 Asia-Australia-Pacific ​ ​ 374.1 ​ ​ 358.2 ​ ​ 1,024.7 ​ ​ 1,078.7 Total revenue ​ $ 4,151.2 ​ $ 3,663.6 ​ $ 11,995.0 ​ $ 10,536.1 ​ As of June 30, 2024, the Company had allocated $ 20.7 billion of transaction price to unsatisfied or partially satisfied performance obligations, of which approximately 58 % is expected to be satisfied within the next twelve months . The majority of remaining performance obligation after the first 12 months are expected to be recognized over a two-year period. ​ Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. The Company recognized revenue of $ 764.7 million and $ 869.5 million during the nine months ended June 30, 2024 and 2023, respectively, that was included in contract liabilities as of September 30, 2023 and 2022, respectively. ​ The Company’s timing of revenue recognition may not be consistent with its rights to bill and collect cash from its clients. Those rights are generally dependent upon advance billing terms, milestone billings based on the completion of certain phases of work or when services are performed. The Company’s accounts receivables represent amounts billed to clients that have yet to be collected and represent an unconditional right to cash from its clients. Contract assets represent the amount of contract revenue recognized but not yet billed pursuant to contract terms or accounts billed after the balance sheet date. Contract liabilities represent billings as of the balance sheet date, as allowed under the terms of a contract, but not yet recognized as contract revenue pursuant to the Company’s revenue recognition policy. ​ Net accounts receivable consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, ​ ​ 2024 2023 ​ ​ (in millions) Billed ​ $ 2,101.5 ​ $ 2,122.2 Contract retentions ​ 644.8 ​ ​ 516.5 Total accounts receivable—gross ​ 2,746.3 ​ ​ 2,638.7 Allowance for doubtful accounts and credit losses ​ ( 85.9 ) ​ ​ ( 94.2 ) Total accounts receivable—net ​ $ 2,660.4 ​ $ 2,544.5 ​ 11 Table of Contents Substantially all contract assets as of June 30, 2024 and September 30, 2023 are expected to be billed and collected within twelve months , except for claims. Significant claims recorded in contract assets and other non-current assets were approximately $ 170 million and $ 160 million as of June 30, 2024 and September 30, 2023, respectively. The asset related to the Deactivation, Demolition, and Removal Project retained from the MS Purchaser as defined in and discussed in Note 15 is presented in prepaid expense and other current assets from continuing operations in the Consolidated Balance Sheet. Contract retentions represent amounts invoiced to clients where payments have been withheld from progress payments until the contracted work has been completed and approved by the client but nonetheless represent an unconditional right to cash. ​ The Company considers a broad range of information to estimate expected credit losses including the related ages of past due balances, projections of credit losses based on historical trends, and collection history and credit quality of its clients. Negative macroeconomic trends or delays in payment of outstanding receivables could result in an increase in the estimated credit losses. ​ No single client accounted for more than 10 % of the Company’s outstanding receivables at June 30, 2024 and September 30, 2023. ​ The Company sold trade receivables to financial institutions, of which $ 305.7 million and $ 291.0 million were outstanding as of June 30, 2024 and September 30, 2023, respectively. The Company does not retain financial or legal obligations for these receivables that would result in material losses. The Company’s ongoing involvement is limited to the remittance of customer payments to the financial institutions with respect to the sold trade receivables. ​ 5. Joint Ventures and Variable Interest Entities ​ The Company’s joint ventures provide architecture, engineering, program management, construction management, and manages investments in real estate projects. Joint ventures, the combination of two or more partners, are generally formed for a specific project. Management of the joint venture is typically controlled by a joint venture executive committee, comprised of representatives from the joint venture partners. The joint venture executive committee normally provides management oversight and controls decisions which could have a significant impact on the joint venture. ​ Some of the Company’s joint ventures have no employees and minimal operating expenses. For these joint ventures, the Company’s employees perform work for the joint venture, which is then billed to a third-party customer by the joint venture. These joint ventures function as pass-through entities to bill the third-party customer. For consolidated joint ventures of this type, the Company records the entire amount of the services performed and the costs associated with these services, including the services provided by the other joint venture partners, in the Company’s result of operations. For certain of these joint ventures where a fee is added by an unconsolidated joint venture to client billings, the Company’s portion of that fee is recorded in equity in earnings of joint ventures. ​ The Company also has joint ventures that have their own employees and operating expenses, and to which the Company generally makes a capital contribution. The Company accounts for these joint ventures either as consolidated entities or equity method investments based on the criteria further discussed below. ​ The Company follows guidance on the consolidation of variable interest entities (VIEs) that requires companies to utilize a qualitative approach to determine whether it is the primary beneficiary of a VIE. The process for identifying the primary beneficiary of a VIE requires consideration of the factors that indicate a party has the power to direct the activities that most significantly impact the joint venture’s economic performance, including powers granted to the joint venture’s program manager, powers contained in the joint venture governing board and, to a certain extent, a company’s economic interest in the joint venture. The Company analyzes its joint ventures and classifies them as either: ​ ● a VIE that must be consolidated because the Company is the primary beneficiary or the joint venture is not a VIE and the Company holds the majority voting interest with no significant participative rights available to the other partners; or ​ ● a VIE that does not require consolidation and is treated as an equity method investment because the Company is not the primary beneficiary or the joint venture is not a VIE and the Company does not hold the majority voting interest. ​ As part of the above analysis, if it is determined that the Company has the power to direct the activities that most significantly impact the joint venture’s economic performance, the Company considers whether or not it has the obligation to absorb losses or rights to receive benefits of the VIE that could potentially be significant to the VIE. ​ 12 Table of Contents Contractually required support provided to the Company’s joint ventures is further discussed in Note 15. ​ Summary of financial information of the consolidated joint ventures is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ 2024 ​ September 30, ​ ​ (unaudited) ​ 2023 ​ ​ (in millions) Current assets ​ $ 916.9 ​ $ 806.3 Non-current assets ​ 83.0 ​ ​ 75.9 Total assets ​ $ 999.9 ​ $ 882.2 ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ 866.2 ​ $ 779.6 Non-current liabilities ​ 1.5 ​ ​ 1.5 Total liabilities ​ 867.7 ​ ​ 781.1 Total AECOM deficit ​ ( 49.9 ) ​ ​ ( 54.9 ) Noncontrolling interests ​ 182.1 ​ ​ 156.0 Total owners’ equity ​ 132.2 ​ ​ 101.1 Total liabilities and owners’ equity ​ $ 999.9 ​ $ 882.2 ​ Total revenue of the consolidated joint ventures was $ 1,799.2 million and $ 1,441.9 million for the nine months ended June 30, 2024 and 2023, respectively. The assets of the Company’s consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the general operations of the Company. ​ Summary of unaudited financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, ​ 2024 2023 ​ ​ (in millions) Current assets ​ $ 1,477.3 ​ $ 1,177.4 Non-current assets ​ 1,208.2 ​ ​ 996.3 Total assets ​ $ 2,685.5 ​ $ 2,173.7 ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ 878.3 ​ $ 605.9 Non-current liabilities ​ 505.8 ​ ​ 441.7 Total liabilities ​ 1,384.1 ​ ​ 1,047.6 Joint ventures’ equity ​ 1,301.4 ​ ​ 1,126.1 Total liabilities and joint ventures’ equity ​ $ 2,685.5 ​ $ 2,173.7 ​ ​ ​ ​ ​ ​ AECOM’s investment in unconsolidated joint ventures ​ $ 140.6 ​ $ 139.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ June 30, ​ June 30, ​ 2024 2023 ​ ​ (in millions) Revenue ​ $ 1,562.8 ​ $ 944.3 Cost of revenue ​ 1,495.3 ​ ​ 881.9 Gross profit ​ $ 67.5 ​ $ 62.4 Net income ​ $ 63.9 ​ $ 57.9 ​ 13 Table of Contents Summary of AECOM’s equity in earnings of unconsolidated joint ventures is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ June 30, June 30, ​ 2024 2023 ​ (in millions) Pass-through joint ventures ​ $ 24.7 ​ $ 18.2 Other joint ventures ​ ( 26.5 ) ​ ​ ( 304.4 ) Total ​ $ ( 1.8 ) ​ $ ( 286.2 ) ​ ​ 6. Pension Benefit Obligations ​ In the U.S., the Company sponsors various qualified defined benefit pension plans. Benefits under these plans generally are based on the employee’s years of creditable service and compensation; however, all U.S. defined benefit plans are closed to new participants and have frozen accruals. ​ The Company also sponsors various non-qualified plans in the U.S.; all of these plans are frozen. Outside the U.S., the Company sponsors various pension plans, which are appropriate to the country in which the Company operates, some of which are government mandated. ​ The components of net periodic benefit cost other than the service cost component are included in other income in the consolidated statement of operations. The following table details the components of net periodic benefit cost for the Company’s pension plans for the three and nine months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ June 30, 2024 ​ June 30, 2023 ​ June 30, 2024 ​ June 30, 2023 ​ U.S. Int’l U.S. Int’l U.S. Int’l U.S. Int’l ​ ​ (in millions) Components of net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service costs ​ $ — ​ $ 0.1 ​ $ — ​ $ — ​ $ — ​ $ 0.2 ​ $ — ​ $ 0.2 Interest cost on projected benefit obligation ​ 2.4 ​ ​ 10.8 ​ ​ 2.4 ​ ​ 12.1 ​ ​ 7.3 ​ ​ 32.4 ​ ​ 7.3 ​ ​ 35.5 Expected return on plan assets ​ ( 1.3 ) ​ ​ ( 14.3 ) ​ ​ ( 1.4 ) ​ ​ ( 15.5 ) ​ ​ ( 4.1 ) ​ ​ ( 42.6 ) ​ ​ ( 4.3 ) ​ ​ ( 45.3 ) Amortization of prior service cost ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 0.1 Amortization of net loss (gain) ​ 0.8 ​ ​ ( 0.6 ) ​ ​ 0.9 ​ ​ ( 0.1 ) ​ ​ 2.3 ​ ​ ( 1.8 ) ​ ​ 2.6 ​ ​ ( 0.4 ) Settlement loss recognized ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 Net periodic benefit cost (credit) ​ $ 1.9 ​ $ ( 3.9 ) ​ $ 1.9 ​ $ ( 3.1 ) ​ $ 5.5 ​ $ ( 11.7 ) ​ $ 5.6 ​ $ ( 9.6 ) ​ The total amounts of employer contributions paid for the nine months ended June 30, 2024 were $ 8.6 million for U.S. plans and $ 19.0 million for non-U.S. plans. The expected remaining scheduled annual employer contributions for the fiscal year ending September 30, 2024 are $ 4.4 million for U.S. plans and $ 8.5 million for non-U.S. plans. ​ 14 Table of Contents 7. Debt Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, ​ 2024 2023 ​ ​ (in millions) Credit Agreement ​ $ 1,448.3 ​ $ 1,119.8 2027 Senior Notes ​ ​ 997.3 ​ ​ 997.3 Other debt ​ 95.9 ​ ​ 100.2 Total debt ​ 2,541.5 ​ ​ 2,217.3 Less: Current portion of debt and short-term borrowings ​ ( 66.2 ) ​ ​ ( 89.5 ) Less: Unamortized debt issuance costs ​ ​ ( 23.8 ) ​ ​ ( 14.4 ) Long-term debt ​ $ 2,451.5 ​ $ 2,113.4 ​ The following table presents, in millions, scheduled maturities of the Company’s debt as of June 30, 2024: ​ ​ ​ ​ ​ Fiscal Year ​ ​ 2024 (three months remaining) ​ $ 18.9 2025 ​ ​ 53.9 2026 ​ ​ 25.6 2027 ​ ​ 1,015.0 2028 ​ ​ 8.4 Thereafter ​ 1,419.7 Total ​ $ 2,541.5 ​ Credit Agreement ​ On February 8, 2021, the Company entered into the 2021 Refinancing Amendment to Credit Agreement (as amended, modified or otherwise supplemented, the “Credit Agreement”), pursuant to which the Company amended and restated its Syndicated Facility Agreement, dated as of October 17, 2014 (as amended prior to February 8, 2021, the “Original Credit Agreement”), between the Company, as borrower, Bank of America, N.A., as administrative agent, and other parties thereto. At the time of amendment, the Credit Agreement consisted of a $ 1,150,000,000 revolving credit facility (the “Original Revolving Credit Facility”) and a $ 246,968,737.50 term loan A facility (the “Original Term A Facility,”), each of which would have matured on February 8, 2026. The proceeds of the Original Revolving Credit Facility and the Original Term A Loan facility borrowed on February 8, 2021 were used to refinance the existing revolving credit facility and the existing term loan facility under the Original Credit Agreement and to pay related fees and expenses. ​ On April 13, 2021, the Company entered into Amendment No. 10 to Credit Agreement, pursuant to which the lenders thereunder provided a secured term B credit facility (the “Original Term B Facility,” and together with the Original Term A Facility and Original Revolving Credit Facility, the “Original Credit Facilities”) to the Company in an aggregate principal amount of $ 700,000,000 . The Original Term B Facility would have matured on April 13, 2028. The proceeds of the Original Term B Facility were used to fund the purchase price, fees and expenses in connection with the Company’s cash tender offer to purchase up to $ 700,000,000 aggregate purchase price (not including any accrued and unpaid interest) of its outstanding 5.875 % Senior Notes due 2024. ​ On June 25, 2021, the Company entered into Amendment No. 11 to Credit Agreement, pursuant to which lenders thereunder provided the Company an additional $ 215,000,000 in aggregate principal amount under the Original Term A Facility. The Company used the net proceeds from the increase in the Original Term A Facility (together with cash on hand), to (i) redeem all of the Company’s remaining 5.875 % Senior Notes due 2024 and (ii) pay fees and expenses related to such redemption. ​ On May 23, 2023, the Company entered into Amendment No. 12 to Credit Agreement, pursuant to which LIBOR as a benchmark rate of interest was replaced by, in the case of U.S. dollar-denominated loans, a secured overnight financing rate subject to a spread adjustment, and, in the case of loans denominated in other currencies, other customary successor rates, subject in certain cases to a spread adjustment. On May 23, 2023, the Company entered into Amendment No. 13 to Credit Agreement, pursuant to which the spread adjustments with respect to the Original Revolving Credit Facility and the Original Term A Facility were amended. ​ 15 Table of Contents On April 19, 2024, the Company entered into Amendment No. 14 to Syndicated Facility Agreement, pursuant to which the Company obtained a new $ 1,500,000,000 revolving credit facility (the “New Revolving Credit Facility”), a new $ 750,000,000 term loan A facility (the “New Term A Facility” and, together with the New Revolving Credit Facility, the “New Pro Rata Facilities”) and a new $ 700,000,000 term loan B facility (the “New Term B Facility” and, together with the New Pro Rata Facilities, the “New Credit Facilities”). The New Revolving Credit Facility and the New Term A Facility mature on April 19, 2029. The New Term B Facility matures on April 19, 2031. The New Term A Facility and the New Term B Facility were borrowed in full on April 19, 2024 in U.S. dollars. Loans under the New Revolving Credit Facility may be borrowed, and letters of credit thereunder may be issued, in U.S. dollars or in certain foreign currencies. The New Credit Facilities replace in full the Original Revolving Credit Facility, the Original Term A Facility and the Original Term B Facility, and borrowings under the New Credit Facilities were used to refinance in full the Original Credit Facilities and for general corporate purposes. The Credit Agreement permits the Company to designate certain of its subsidiaries as additional co-borrowers from time to time. Currently, there are no co-borrowers under the New Credit Facilities. ​ Borrowings under (a) the New Revolving Credit Facility (in U.S. dollars) and the New Term A Facility bear interest at a rate per annum equal to, at the Company’s option, (i) a Term SOFR rate (with a 0 % floor and SOFR adjustment of 0.10 %) or (ii) a base rate (with a 0 % floor), in each case, plus an applicable margin of 1.225 % in the case of the Term SOFR rate and 0.25 % in the case of the base rate, and (b) the New Revolving Credit Facility in currencies other than U.S. dollars bear interest at a rate per annum equal to the applicable reference rate for such currency (including any related adjustments), plus an applicable margin of 1.225 %. The applicable margin is subject, in each case, to adjustment based on the Company’s consolidated leverage ratio from time to time. ​ Borrowings under the New Term B Facility bear interest at a rate per annum equal to, at the Company’s option, (a) a Term SOFR rate (with a 0 % floor and a SOFR adjustment of 0 %) or (b) a base rate (with a 0 % floor), in each case, plus an applicable margin of 1.875 % in the case of the Term SOFR rate and 0.875 % in the case of the base rate. ​ Certain of the Company’s material subsidiaries (the “Guarantors”) have guaranteed the Company’s obligations of the borrowers under the Credit Agreement, subject to certain exceptions. The borrowers’ obligations under the Credit Agreement are secured by a lien on substantially all of the Company’s assets and its Guarantors’ assets, subject to certain exceptions. ​ The Credit Agreement contains customary negative covenants that include, among other things, limitations on the ability of the Company and certain of its subsidiaries, subject to certain exceptions, to incur liens and debt, make investments, dispositions, and restricted payments, change the nature of their business, consummate mergers, consolidations and the sale of all or substantially all of their respective assets and transact with affiliates. The Company is also required to maintain a consolidated leverage ratio of less than or equal to 4.00 to 1.00 (subject to certain adjustments in connection with permitted acquisitions), tested on a quarterly basis (the “Financial Covenant”). The Financial Covenant does not apply to the New Term B Facility. As of June 30, 2024, the Company was in compliance with the covenants of the Credit Agreement. ​ The Credit Agreement contains customary affirmative covenants, including, among other things, compliance with applicable law, preservation of existence, maintenance of properties and of insurance, and keeping proper books and records. The Credit Agreement contains customary events of default, including, among other things, nonpayment of principal, interest or fees, cross-defaults to other debt, inaccuracies of representations and warranties, failure to perform covenants, events of bankruptcy and insolvency, change of control and unsatisfied judgments, subject in certain cases to notice and cure periods and other exceptions. ​ At June 30, 2024 and September 30, 2023, letters of credit totaled $ 4.4 million and $ 4.4 million, respectively, under the Company’s New Revolving Credit Facility and Original Revolving Credit Facility, respectively. As of June 30, 2024 and September 30, 2023, the Company had $ 1,495.6 million and $ 1,145.6 million, respectively, available under its New Revolving Credit Facility and Original Revolving Credit Facility, respectively . ​ 2027 Senior Notes ​ On February 21, 2017, the Company completed a private placement offering of $ 1,000,000,000 aggregate principal amount of its unsecured 5.125 % Senior Notes due 2027 (the “2027 Senior Notes”). On June 30, 2017, the Company completed an exchange offer to exchange the unregistered 2027 Senior Notes for registered notes, as well as related guarantees. ​ As of June 30, 2024, the estimated fair value of the 2027 Senior Notes was approximately $ 974.9 million. The fair value of the 2027 Senior Notes as of June 30, 2024 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of the 2027 Senior Notes. Interest is payable on the 2027 Senior Notes at a rate of 5.125 % per annum. Interest on the 2027 Senior Notes is payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2017. The 2027 Senior Notes will mature on March 15, 2027. 16 Table of Contents ​ At any time and from time to time prior to December 15, 2026, the Company may redeem all or part of the 2027 Senior Notes, at a redemption price equal to 100 % of their principal amount, plus a “make whole” premium as of the redemption date, and accrued and unpaid interest to the redemption date. On or after December 15, 2026, the Company may redeem all or part of the 2027 Senior Notes at a redemption price equal to 100 % of their principal amount, plus accrued and unpaid interest on the redemption date. ​ The indenture pursuant to which the 2027 Senior Notes were issued contains customary events of default, including, among other things, payment default, exchange default, failure to provide notices thereunder and provisions related to bankruptcy events. The indenture also contains customary negative covenants. ​ The Company was in compliance with the covenants relating to the 2027 Senior Notes as of June 30, 2024. ​ Other Debt and Other Items ​ Other debt consists primarily of obligations under capital leases and loans, and unsecured credit facilities. The Company’s unsecured credit facilities are primarily used for standby letters of credit issued in connection with general and professional liability insurance programs and for contract performance guarantees. At June 30, 2024 and September 30, 2023, these outstanding standby letters of credit totaled $ 909.4 million and $ 878.9 million, respectively. As of June 30, 2024, the Company had $ 407.1 million available under these unsecured credit facilities. ​ Effective Interest Rate ​ The Company’s average effective interest rate on its total debt, including the effects of the interest rate swap and interest rate cap agreements, during the nine months ended June 30, 2024 and 2023 was 5.5 % and 5.3 %, respectively. ​ Interest expense in the consolidated statements of operations included amortization of deferred debt issuance costs for the three and nine months ended June 30, 2024 of $ 4.0 million and $ 6.4 million, respectively, and for the three and nine months ended June 30, 2023 of $ 1.2 million and $ 3.7 million, respectively. ​ 8. Derivative Financial Instruments and Fair Value Measurements ​ The Company uses interest rate derivative contracts to hedge interest rate exposures on the Company’s variable rate debt. The Company enters into foreign currency derivative contracts with financial institutions to reduce the risk that its cash flows and earnings will be adversely affected by foreign currency exchange rate fluctuations. The Company’s hedging program is not designated for trading or speculative purposes. ​ The Company recognizes derivative instruments as either assets or liabilities on the accompanying consolidated balance sheets at fair value. The Company records changes in the fair value (i.e., gains or losses) of the derivatives that have been designated as accounting hedges in the accompanying consolidated statements of operations as cost of revenue, interest expense or to accumulated other comprehensive loss in the accompanying consolidated balance sheets. ​ Cash Flow Hedges ​ The Company uses interest rate swap and interest rate cap agreements designated as cash flow hedges to limit exposure to variable interest rates on portions of the Company’s debt. The Company initially reports any gain on the effective portion of a cash flow hedge as a component of accumulated other comprehensive loss. Depending on the type of cash flow hedge, the gain is subsequently reclassified against interest expense when the interest expense on the variable rate debt is recognized. If the hedged transaction becomes probable of not occurring, any gain or loss related to interest rate swap or interest rate cap agreements would be recognized in other income. ​ During the third quarter of fiscal 2023, the hedged debt index was changed from LIBOR to SOFR. The notional principal, fixed rates and related effective and expiration dates of the Company’s outstanding interest rate swap agreements were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 Notional Amount ​ Notional Amount ​ Fixed ​ Effective ​ Expiration Currency (in millions) Rate Date Date USD ​ 400.0 ​ 1.283 % ​ February 2023 ​ March 2028 ​ 17 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 Notional Amount ​ Notional Amount ​ Fixed ​ Effective ​ Expiration Currency (in millions) Rate Date Date USD ​ 400.0 1.283 % ​ February 2023 ​ March 2028 ​ In the fourth quarter of fiscal 2021, the Company entered into interest rate swap agreements with a notional value of $ 400.0 million to manage the interest rate exposure of its variable rate loans. These swaps became effective February 2023 and terminate in March 2028. By entering into the swap agreements, the Company converted a portion of the SOFR rate-based liability into a fixed rate liability. The Company will pay a fixed rate of 1.283 % and receive payment at the prevailing one-month SOFR. In the third quarter of fiscal 2022, the Company purchased interest rate cap agreements with a notional value of $ 300.0 million to manage interest rate exposure of its variable rate loans. The caps became effective on June 30, 2022 and terminate in March 2028. The caps reduce the Company’s exposure to one-month SOFR. In the event one-month SOFR exceeds 3.465 %, the Company will receive the spread between prevailing one-month SOFR and 3.465 %. ​ Other Foreign Currency Forward Contracts ​ The Company uses foreign currency forward contracts which are not designated as accounting hedges to hedge intercompany transactions and other monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary. Gains and losses on these contracts were not material for the nine months ended June 30, 2024 and 2023. ​ Fair Value Measurements ​ The Company’s non-pension financial assets and liabilities recorded at fair value relate to the interest rate swap and interest rate cap agreements, as well as equity and participation in a revolving credit facility with the civil infrastructure construction business buyer included in other current assets, other non-current assets, and other non-current liabilities on June 30, 2024 were $ 15.3 million, $ 67.1 million and $ 0.1 million, respectively. The fair values of the interest rate swap and interest rate cap agreements included in other current assets and other non-current assets on September 30, 2023 were $ 17.2 million and $ 37.5 million, respectively. The fair values of the interest rate swap and interest rate cap agreements were derived by taking the net present value of the expected cash flows using observable market inputs (Level 2) such as SOFR rate curves, futures, volatilities and basis spreads (when applicable). ​ The Company elected the fair value option for its equity method investment in the civil infrastructure construction business buyer due to the availability of quoted prices of identical assets. The fair value options was also elected for the credit facility. Both instruments are classified on the consolidated balance sheets as other non-current assets, and changes in fair value of both instruments are classified within other income on the consolidated statements of operations. The Company records interest income at the stated coupon rate of the credit facility and also classifies it within other income. Fair value for the equity instruments is determined using Level 1 inputs, and fair value of the credit facility is determined using Level 3 inputs, such as discounted cash flows and estimated discount rates. The Company recorded a loss of $ 1.6 million in other income in the third quarter of fiscal 2024 representing the decrease in fair value of these instruments. As of June 30, 2024, the fair value of the equity and revolving credit facility were $ 12.0 million and $ 26.3 million, respectively. See Note 14 for accumulated balances and reporting period activities of derivatives related to reclassifications out of accumulated other comprehensive loss for the nine months ended June 30, 2024 and 2023. Additionally, there were no material losses recognized in income due to amounts excluded from effectiveness testing from the Company’s interest rate swap and interest rate cap agreements. ​ 9. Share-based Payments ​ The Company grants stock units to employees under its Performance Earnings Program (PEP), whereby units are earned and issued dependent upon meeting established cumulative performance objectives and vest over a three-year service period. Additionally, the Company issues restricted stock units to employees and directors which are earned based on service conditions. The grant date fair value of PEP awards and restricted stock unit awards is primarily based on that day’s closing market price of the Company’s common stock. 18 Table of Contents Restricted stock units and PEP units activity for the nine months ended June 30 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ ​ Weighted ​ Weighted ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ ​ Restricted ​ Grant-Date ​ ​ ​ Grant-Date ​ Restricted ​ Grant-Date ​ ​ ​ Grant-Date ​ ​ Stock Units ​ Fair Value ​ PEP Units ​ Fair Value ​ Stock Units ​ Fair Value ​ PEP Units ​ Fair Value ​ ​ (in millions) ​ ​ ​ ​ (in millions) ​ ​ ​ ​ (in millions) ​ ​ ​ ​ (in millions) ​ ​ ​ Outstanding at September 30, ​ 0.8 ​ $ 68.34 ​ 0.7 ​ $ 75.54 ​ 1.0 ​ $ 53.05 ​ 0.7 ​ $ 60.60 Granted ​ 0.3 ​ $ 92.30 ​ 0.2 ​ $ 104.82 ​ 0.3 ​ $ 83.64 ​ 0.2 ​ $ 94.64 PEP units earned — ​ $ — ​ 0.2 ​ $ 52.49 ​ — ​ $ — ​ 0.2 ​ $ 43.19 Vested ( 0.3 ) ​ $ 50.04 ​ ( 0.4 ) ​ $ 52.49 ​ ( 0.4 ) ​ $ 45.01 ​ ( 0.4 ) ​ $ 43.19 Outstanding at June 30, 0.8 ​ $ 83.95 ​ 0.7 ​ $ 95.37 ​ 0.9 ​ $ 65.96 ​ 0.7 ​ $ 75.67 ​ Total compensation expense related to these share-based payments including stock options was $ 44.8 million and $ 40.9 million during the nine months ended June 30, 2024 and 2023, respectively. Unrecognized compensation expense related to total share-based payments outstanding as of June 30, 2024 and September 30, 2023 was $ 70.3 million and $ 48.3 million, respectively, to be recognized on a straight-line basis over the awards’ respective vesting periods which are generally three years . ​ 10. Income Taxes ​ The Company’s effective tax rate was 23.6 % and 29.9 % for the nine months ended June 30, 2024 and 2023, respectively. The most significant items contributing to the difference between the statutory U.S. federal corporate tax rate of 21.0 % and the Company’s effective tax rate for the nine-month period ended June 30, 2024 were a tax benefit of $ 46.1 million related to income tax credits and incentives, tax expense of $ 39.7 million related to foreign residual income, tax expense of $ 18.2 million related to state income taxes, a tax benefit of $ 8.4 million related to the exclusion of tax on non - controlling interests, tax expense of $ 7.4 million related to changes in valuation allowances, a tax benefit of $ 6.9 million related to an audit settlement, and tax expense of $ 5.6 million related to nondeductible costs. All these items, except for the audit settlement, are expected to have a continuing impact on the effective tax rate for the remainder of the fiscal year. ​ The most significant items contributing to the difference between the statutory U.S. federal corporate tax rate of 21.0 % and the Company’s effective tax rate for the nine-month period ended June 30, 2023 were a tax benefit of $ 35.7 million related to income tax credits and incentives, tax expense of $ 32.2 million related to foreign residual income, and tax expense of $ 21.0 million related to valuation allowances established in the third quarter of fiscal 2023 due to the AECOM Capital impairment charge. ​ During the first quarter of fiscal 2024, the Company settled its tax audit in Hong Kong for fiscal year 2011 through fiscal year 2021 and recorded a tax benefit of $ 6.9 million due primarily to changes in uncertain tax positions. ​ The Company is utilizing the annual effective tax rate method under ASC 740 to compute its interim tax provision. The Company’s effective tax rate fluctuates from quarter to quarter due to various factors including the change in the mix of global income and expenses, outcomes of administrative audits, changes in the assessment of valuation allowances due to management’s consideration of new positive or negative evidence during the quarter, and changes in enacted tax laws. The U.S.and many international legislative and regulatory bodies have proposed legislation that could significantly impact how our business activities are taxed. These proposed changes could have a material impact on the Company’s income tax expense and deferred tax balances. ​ The Company is currently under tax audit in several jurisdictions including the U.S. where its federal income tax returns for fiscal 2017 through 2020 are being examined by the IRS. Disputes can arise with tax authorities involving issues related to the timing of deductions, the calculation and use of credits, and the taxation of income in various tax jurisdictions because of differing interpretations or application of tax laws, regulations, and relevant facts. The IRS is currently auditing certain tax credits and the methodology for calculating the credits. While the Company has historically been able to sustain the credits in previous audit cycles without adjustment, the Company believes it’s reasonably possible there could be an adjustment to the liability for uncertain tax positions within the next twelve months related to this issue. However, given the early stages of the audit of these credits, the Company is not able to reasonably estimate the range of potential outcomes. ​ Generally, the Company does not provide for U.S. taxes or foreign withholding taxes on gross book-tax differences in its non-U.S. subsidiaries because such basis differences of approximately $ 1.3 billion are able to and intended to be reinvested indefinitely. If these basis differences were distributed, foreign tax credits could become available under current law to partially or fully reduce the resulting U.S. income tax liability. There may also be additional U.S. or foreign income tax liability upon repatriation, although the calculation of such additional taxes is not practicable. 19 Table of Contents 11. Earnings Per Share ​ Basic earnings per share (EPS) excludes dilution and is computed by dividing net income attributable to AECOM by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income attributable to AECOM by the weighted average number of common shares outstanding and potential common shares for the period. The Company includes as potential common shares the weighted average dilutive effects of equity awards using the treasury stock method. For the three months ended June 30, 2024 and for the nine months ended June 30, 2024 and 2023, equity awards excluded from the calculation of potential common shares were not significant. The computation of diluted loss per share for the three months ended June 30, 2023 excludes 1.3 million potential common shares due to their antidilutive effect. ​ The following table sets forth a reconciliation of the denominators for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ June 30, ​ June 30, June 30, June 30, ​ 2024 2023 2024 2023 ​ ​ (in millions) Denominator for basic earnings per share ​ 136.0 ​ 138.7 ​ 136.0 ​ 138.8 Potential common shares ​ 0.8 ​ — ​ 0.9 ​ 1.5 Denominator for diluted earnings per share ​ 136.8 ​ 138.7 ​ 136.9 ​ 140.3 ​ ​ 12. Leases ​ The Company and its subsidiaries are lessees in non-cancelable leasing agreements for office buildings and equipment. Substantially all of the Company’s office building leases are operating leases, and its equipment leases are both operating and finance leases. The Company groups lease and non-lease components for its equipment leases into a single lease component but separates lease and non-lease components for its office building leases. ​ The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company’s incremental secured borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company’s incremental secured borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease. ​ The related lease payments are expensed on a straight-line basis over the lease term, including, as applicable, any free-rent period during which the Company has the right to use the asset. For leases with renewal options where the renewal is reasonably assured, the lease term, including the renewal period, is used to determine the appropriate lease classification and to compute periodic rental expense. Leases with initial terms shorter than 12 months are not recognized on the balance sheet, and lease expense is recognized on a straight-line basis. ​ The components of lease expenses are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 ​ ​ (in millions) Operating lease cost ​ $ 37.1 ​ $ 40.8 ​ $ 112.2 ​ $ 123.9 Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ 7.2 ​ ​ 6.1 ​ ​ 21.3 ​ ​ 16.9 Interest on lease liabilities ​ 0.7 ​ ​ 0.7 ​ ​ 2.2 ​ ​ 1.9 Variable lease cost ​ 8.6 ​ ​ 9.2 ​ ​ 26.1 ​ ​ 25.7 Total lease cost ​ $ 53.6 ​ $ 56.8 ​ $ 161.8 ​ $ 168.4 ​ 20 Table of Contents Additional balance sheet information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (in millions except as noted) Balance Sheet Classification June 30, 2024 September 30, 2023 Assets: ​ ​ ​ ​ Operating lease assets Operating lease right-of-use assets ​ $ 420.3 ​ $ 447.0 Finance lease assets Property and equipment – net ​ ​ 65.0 ​ ​ 64.8 Total lease assets ​ $ 485.3 ​ $ 511.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ Operating lease liabilities Accrued expenses and other current liabilities ​ $ 139.9 ​ $ 139.8 Finance lease liabilities Current portion of long-term debt ​ ​ 24.8 ​ ​ 25.0 Total current lease liabilities ​ ​ 164.7 ​ ​ 164.8 Non-current: ​ ​ ​ ​ ​ ​ Operating lease liabilities Operating lease liabilities, noncurrent ​ ​ 496.7 ​ ​ 548.9 Finance lease liabilities Long-term debt ​ ​ 36.8 ​ ​ 39.8 Total non-current lease liabilities ​ $ 533.5 ​ $ 588.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, 2024 September 30, 2023 ​ Weighted average remaining lease term (in years): ​ ​ ​ Operating leases 6.1 ​ 6.4 ​ Finance leases 2.7 ​ 2.9 ​ Weighted average discount rates: ​ ​ ​ ​ Operating leases 5.1 % 4.3 % Finance leases 4.3 % 4.1 % ​ Additional cash flow information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ June 30, ​ June 30, ​ 2024 2023 ​ ​ (in millions) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 140.8 ​ $ 141.7 Operating cash flows from finance leases ​ ​ 2.3 ​ ​ 1.9 Financing cash flows from finance leases ​ ​ 22.3 ​ ​ 17.8 Right-of-use assets obtained in exchange for new operating leases ​ ​ 60.7 ​ ​ 84.2 Right-of-use assets obtained in exchange for new finance leases ​ ​ 21.3 ​ ​ 26.7 ​ ​ 21 Table of Contents Total remaining lease payments under both the Company’s operating and finance leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Finance Leases Fiscal Year ​ (in millions) 2024 (three months remaining) ​ $ 44.9 ​ $ 7.2 2025 ​ 159.1 ​ ​ 25.7 2026 ​ 126.5 ​ ​ 19.8 2027 ​ 96.7 ​ ​ 11.2 2028 ​ ​ 83.4 ​ ​ 1.7 Thereafter ​ 234.1 ​ ​ — Total lease payments ​ $ 744.7 ​ $ 65.6 Less: Amounts representing interest ​ $ ( 108.1 ) ​ $ ( 4.0 ) Total lease liabilities ​ $ 636.6 ​ $ 61.6 ​ ​ 13. Other Financial Information ​ Accrued expenses and other current liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, September 30, ​ ​ 2024 ​ 2023 ​ ​ (in millions) Accrued salaries and benefits ​ $ 640.4 ​ $ 599.8 Accrued contract costs ​ 1,389.7 ​ ​ 1,340.4 Other accrued expenses ​ 384.2 ​ ​ 347.3 Total ​ $ 2,414.3 ​ $ 2,287.5 ​ Accrued contract costs above include balances related to professional liability accruals of $ 824.1 million and $ 809.6 million as of June 30, 2024 and September 30, 2023, respectively. The remaining accrued contract costs primarily relate to costs for services provided by subcontractors and other non-employees. Liabilities recorded related to accrued contract losses were not material as of June 30, 2024 and September 30, 2023. The Company did not have material revisions to estimates for contracts where revenue is recognized using the input method during the nine months ended June 30, 2024 and 2023. During the first nine months of fiscal 2024, the Company incurred restructuring expenses of $ 80.7 million, including labor-related costs of $ 15.1 million and non-labor costs of $ 65.6 million, of which $ 22.4 million was accrued and unpaid at June 30, 2024. During the first nine months of fiscal 2023, the Company incurred restructuring expenses of $ 50.5 million, including labor-related costs of $ 20.3 million and non-labor costs of $ 30.2 million, of which $ 28.3 million was accrued and unpaid at June 30, 2023. On June 5, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.22 per share, which was payable on July 19, 2024 to stockholders of record as of July 3, 2024. As of June 30, 2024, accrued and unpaid dividends totaled $ 32.5 million and were classified within other accrued expenses on the consolidated balance sheet. ​ 22 Table of Contents 14. Reclassifications out of Accumulated Other Comprehensive Loss ​ The accumulated balances and reporting period activities for the three and nine months ended June 30, 2024 and 2023 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ Accumulated ​ ​ Pension ​ Currency ​ Gain/(Loss) on ​ Other ​ Related Translation Derivative Comprehensive ​ Adjustments Adjustments Instruments Loss Balances at March 31, 2024 ​ $ ( 233.0 ) ​ $ ( 706.7 ) ​ $ 29.7 ​ $ ( 910.0 ) Other comprehensive income before reclassification ​ ( 0.4 ) ​ ​ ( 4.4 ) ​ ​ 3.0 ​ ​ ( 1.8 ) Amounts reclassified from accumulated other comprehensive income ​ 0.2 ​ ​ — ​ ​ ( 3.4 ) ​ ​ ( 3.2 ) Balances at June 30, 2024 ​ $ ( 233.2 ) ​ $ ( 711.1 ) ​ $ 29.3 ​ $ ( 915.0 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ Accumulated ​ ​ Pension ​ Currency ​ Gain/(Loss) on ​ Other ​ ​ Related ​ Translation ​ Derivative ​ Comprehensive ​ Adjustments Adjustments Instruments Loss Balances at March 31, 2023 ​ $ ( 235.8 ) ​ $ ( 712.9 ) ​ $ 27.6 ​ $ ( 921.1 ) Other comprehensive (loss) income before reclassification ​ ​ ( 6.1 ) ​ ​ 18.5 ​ ​ 10.2 ​ ​ 22.6 Amounts reclassified from accumulated other comprehensive income (loss) ​ 0.7 ​ ​ — ​ ​ ( 3.0 ) ​ ​ ( 2.3 ) Balances at June 30, 2023 ​ $ ( 241.2 ) ​ $ ( 694.4 ) ​ $ 34.8 ​ $ ( 900.8 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ Accumulated ​ ​ Pension ​ Currency ​ Gain/(Loss) on ​ Other ​ ​ Related ​ Translation ​ Derivative ​ Comprehensive ​ Adjustments Adjustments Instruments Loss Balances at September 30, 2023 ​ $ ( 226.0 ) ​ $ ( 739.7 ) ​ $ 39.1 ​ $ ( 926.6 ) Other comprehensive (loss) income before reclassification ​ ​ ( 7.6 ) ​ ​ 28.6 ​ ​ 0.7 ​ ​ 21.7 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ 0.4 ​ ​ — ​ ​ ( 10.5 ) ​ ​ ( 10.1 ) Balances at June 30, 2024 ​ $ ( 233.2 ) ​ $ ( 711.1 ) ​ $ 29.3 ​ $ ( 915.0 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ Accumulated ​ ​ Pension ​ Currency ​ Gain/(Loss) on ​ Other ​ ​ Related ​ Translation ​ Derivative ​ Comprehensive ​ Adjustments Adjustments Instruments Loss Balances at September 30, 2022 ​ $ ( 217.3 ) ​ $ ( 799.3 ) ​ $ 36.9 ​ $ ( 979.7 ) Other comprehensive (loss) income before reclassification ​ ( 25.7 ) ​ ​ 104.9 ​ ​ 2.8 ​ ​ 82.0 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ 1.8 ​ ​ — ​ ​ ( 4.9 ) ​ ​ ( 3.1 ) Balances at June 30, 2023 ​ $ ( 241.2 ) ​ $ ( 694.4 ) ​ $ 34.8 ​ $ ( 900.8 ) ​ ​ ​ 15. Commitments and Contingencies ​ The Company records amounts representing its probable estimated liabilities relating to claims, guarantees, litigation, audits and investigations. The Company relies in part on qualified actuaries to assist it in determining the level of reserves to establish for insurance-related claims that are known and have been asserted against it, and for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to the Company’s claims administrators as of the respective balance sheet dates. The Company includes any adjustments to such insurance reserves in its consolidated results of operations. The Company’s reasonably possible loss disclosures are presented on a gross basis prior to the consideration of insurance recoveries. The Company does not record gain contingencies until they are realized. In the ordinary course of business, the Company may not be aware that it or its affiliates are under investigation and may not be aware of whether or not a known investigation has been concluded. ​ 23 Table of Contents In the ordinary course of business, the Company may enter into various arrangements providing financial or performance assurance to clients, lenders, or partners. Such arrangements include standby letters of credit, surety bonds, and corporate guarantees to support the creditworthiness or the project execution commitments of its affiliates, partnerships and joint ventures. The Company’s unsecured credit arrangements are used for standby letters of credit issued in connection with general and professional liability insurance programs and for contract performance guarantees. At June 30, 2024 and September 30, 2023, these outstanding standby letters of credit totaled $ 909.4 million and $ 878.9 million, respectively. As of June 30, 2024, the Company had $ 407.1 million available under these unsecured credit facilities. Performance arrangements typically have various expiration dates ranging from the completion of the project contract and extending beyond contract completion in some circumstances such as for warranties. The Company may also guarantee that a project, when complete, will achieve specified performance standards. If the project subsequently fails to meet guaranteed performance standards, the Company may incur additional costs, pay liquidated damages or be held responsible for the costs incurred by the client to achieve the required performance standards. The potential payment amount of an outstanding performance arrangement is typically the remaining cost of work to be performed by or on behalf of third parties. Generally, under joint venture arrangements, if a partner is financially unable to complete its share of the contract, the other partner(s) may be required to complete those activities. ​ At June 30, 2024, the Company was contingently liable in the amount of approximately $ 913.8 million in issued standby letters of credit and $ 5.3 billion in issued surety bonds primarily to support project execution. ​ In the ordinary course of business, the Company enters into various agreements providing financial or performance assurances to clients on behalf of certain unconsolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support the project execution commitments of these entities. ​ The Company’s investment adviser jointly manages and sponsors the AECOM-Canyon Equity Fund, L.P. (the “Fund”), in which the Company indirectly holds an equity interest and has an ongoing capital commitment to fund investments. At June 30, 2024, the Company has capital commitments of $ 6.3 million to the Fund over the next 4 years . ​ In addition, in connection with the investment activities of AECOM Capital, the Company provides guarantees of certain contractual obligations, including guarantees for completion of projects, limited debt repayment, environmental indemnity obligations and other lender required guarantees. ​ In February 2024, the Company was informed of a potential liability as one of the indemnitors on a divested business’ surety bonds. The Company does not have sufficient information to determine the range of potential impacts, however, it is reasonably possible that the Company may incur additional costs related to these bonds. ​ In connection with the resolution of contingencies related to the sale of the civil infrastructure construction business, the Company agreed to act as an additional guarantor on the counterparty’s existing debt, which matures on September 30, 2024. ​ Department of Energy Deactivation, Demolition, and Removal Project ​ A former affiliate of the Company, Amentum Environment & Energy, Inc., f/k/a AECOM Energy and Construction, Inc. (“Former Affiliate”), executed a cost-reimbursable task order with the Department of Energy (DOE) in 2007 to provide deactivation, demolition and removal services at a New York State project site that, during 2010, experienced contamination and performance issues. In February 2011, the Former Affiliate and the DOE executed a Task Order Modification that changed some cost-reimbursable contract provisions to at-risk. The Task Order Modification, including subsequent amendments, required the DOE to pay all project costs up to $ 106 million, required the Former Affiliate and the DOE to equally share in all project costs incurred from $ 106 million to $ 146 million, and required the Former Affiliate to pay all project costs exceeding $ 146 million. ​ Due to unanticipated requirements and permitting delays by federal and state agencies, as well as delays and related ground stabilization activities caused by Hurricane Irene in 2011, the Former Affiliate was required to perform work outside the scope of the Task Order Modification. In December 2014, the Former Affiliate submitted an initial set of claims against the DOE pursuant to the Contracts Disputes Acts seeking recovery of $ 103 million, including additional fees on changed work scope (the “2014 Claims”). On December 6, 2019, the Former Affiliate submitted a second set of claims against the DOE seeking recovery of an additional $ 60.4 million, including additional project costs and delays outside the scope of the contract as a result of differing site and ground conditions (the “2019 Claims”). The Former Affiliate also submitted three alternative breach of contract claims to the 2014 and 2019 Claims that may entitle the Former Affiliate to recovery of $ 148.5 million to $ 329.4 million. On December 30, 2019, the DOE denied the Former Affiliate’s 2014 Claims. On September 25, 2020, the DOE denied the Former Affiliate’s 2019 Claims. The Company filed an appeal of these decisions on December 20, 2020 in the Court of Federal Claims. Deconstruction, decommissioning and site restoration activities are complete. ​ 24 Table of Contents On January 31, 2020, the Company completed the sale of its Management Services business, including the Former Affiliate who worked on the DOE project, to Maverick Purchaser Sub LLC (“MS Purchaser”), an affiliate of American Securities LLC and Lindsay Goldberg LLC. The Company and the MS Purchaser agreed that all future DOE project claim recoveries and costs will be split 10 % to the MS Purchaser and 90 % to the Company with the Company retaining control of all future strategic legal decisions. ​ The Company intends to vigorously pursue all claimed amounts but can provide no certainty that the Company will recover 2014 Claims and 2019 Claims submitted against the DOE, or any additional incurred claims or costs, which could have a material adverse effect on the Company’s results of operations. Refinery Turnaround Project ​ The Former Affiliate of the Company entered into an agreement to perform turnaround maintenance services during a planned shutdown at a refinery in Montana in December 2017. The turnaround project was completed in February 2019. Due to circumstances outside of the Company’s Former Affiliate’s control, including client directed changes and delays and the refinery’s condition, the Company’s Former Affiliate performed additional work outside of the original contract of over $ 90 million and is entitled to payment from the refinery owner of approximately $ 144 million. In March 2019, the refinery owner sent a letter to the Company’s Former Affiliate alleging it incurred approximately $ 79 million in damages due to the Company’s Former Affiliate’s project performance. In April 2019, the Company’s Former Affiliate filed and perfected a $ 132 million construction lien against the refinery for unpaid labor and materials costs. In August 2019, following a subcontractor complaint filed in the Thirteenth Judicial District Court of Montana asserting claims against the refinery owner and the Company’s Former Affiliate, the refinery owner crossclaimed against the Company’s Former Affiliate and the subcontractor. In October 2019, following the subcontractor’s dismissal of its claims, the Company’s Former Affiliate removed the matter to federal court and cross claimed against the refinery owner. In December 2019, the refinery owner claimed $ 93.0 million in damages and offsets against the Company’s Former Affiliate. ​ On January 31, 2020, the Company completed the sale of its Management Services business, including the Former Affiliate, to the MS Purchaser; however, the Refinery Turnaround Project, including related claims and liabilities, has been retained by the Company. Trial is expected to begin in the second quarter of fiscal year 2025. The Company intends to vigorously prosecute and defend this matter; however, the Company cannot provide assurance that the Company will be successful in these efforts. The resolution of this matter and any potential range of loss cannot be reasonably determined or estimated at this time, primarily because the matter raises complex legal issues that the Company is continuing to assess. ​ 16. Reportable Segments ​ The Company manages its operations under three reportable segments according to their geographic regions and business activities. In identifying its reportable segments, the Company considered the financial information provided to its chief operating decision maker (CODM), who is the chief executive officer. The financial data is organized by geographic region and global business lines. The CODM uses this information to allocate resources and assess the performance of the segments primarily based on revenue less pass - through revenue and attributable earnings before interest, tax, and amortization expense. After considering various factors, including the development and utilization of financial data to the CODM, the Company concluded that identifying its operating segments by geography was consistent with the objectives of ASC 280 - 10. Certain operating segments have been aggregated based on similar characteristics, including long-term financial performance, the nature of services provided, internal process for delivering those services, and types of customers, to arrive at the Company’s reportable segments. The Company’s Americas reportable segment provides planning, consulting, architectural and engineering design services, and construction management services to public and private clients in the United States, Canada, and Latin America and is comprised of the Design and Consulting Services Americas and Construction Management operating segments. The Company’s International reportable segment provides similar professional services to public and private clients in Europe and India, the Middle East and Africa, Asia, and Australia and New Zealand and is comprised of the operating segments in those geographic regions. The Company’s AECOM Capital (ACAP) operating segment is its own reportable segment and primarily invests in and develops real estate projects. Certain expenses that are determined to be related to the Company as a whole are not deemed to be part of an operating segment but are reported within Corporate. ​ 25 Table of Contents The following tables set forth summarized financial information concerning the Company’s reportable segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AECOM ​ ​ ​ ​ ​ ​ ​ Reportable Segments: Americas International Capital Corporate Total ​ ​ ​ ($ in millions) Three Months Ended June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 3,246.9 ​ $ 904.2 ​ $ 0.1 ​ $ — ​ $ 4,151.2 ​ Gross profit ​ ​ 203.9 ​ ​ 81.1 ​ ​ 0.1 ​ ​ — ​ ​ 285.1 ​ Equity in earnings of joint ventures ​ ​ 3.5 ​ ​ 3.5 ​ ​ 0.7 ​ ​ — ​ ​ 7.7 ​ General and administrative expenses ​ ​ — ​ ​ — ​ ​ ( 0.6 ) ​ ​ ( 35.6 ) ​ ​ ( 36.2 ) ​ Restructuring costs ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 29.1 ) ​ ​ ( 29.1 ) ​ Operating income ​ ​ 207.4 ​ ​ 84.6 ​ ​ 0.2 ​ ​ ( 64.7 ) ​ ​ 227.5 ​ Gross profit as a % of revenue ​ 6.3 % ​ 9.0 % ​ — ​ ​ — ​ ​ 6.9 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 2,829.5 ​ $ 834.3 ​ $ ( 0.2 ) ​ $ — ​ $ 3,663.6 ​ Gross profit ​ ​ 182.9 ​ ​ 67.4 ​ ​ ( 0.2 ) ​ ​ — ​ ​ 250.1 ​ Equity in earnings (losses) of joint ventures ​ ​ 3.5 ​ ​ 0.2 ​ ​ ( 307.2 ) ​ ​ — ​ ​ ( 303.5 ) ​ General and administrative expenses ​ ​ — ​ ​ — ​ ​ ( 4.0 ) ​ ​ ( 38.9 ) ​ ​ ( 42.9 ) ​ Restructuring costs ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 9.1 ) ​ ​ ( 9.1 ) ​ Operating income (loss) ​ ​ 186.4 ​ ​ 67.6 ​ ​ ( 311.4 ) ​ ​ ( 48.0 ) ​ ​ ( 105.4 ) ​ Gross profit as a % of revenue ​ 6.5 % ​ 8.1 % ​ — ​ ​ — ​ ​ 6.8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 9,324.2 ​ $ 2,670.0 ​ $ 0.8 ​ $ — ​ $ 11,995.0 ​ Gross profit ​ ​ 559.3 ​ ​ 230.1 ​ ​ 0.8 ​ ​ — ​ ​ 790.2 ​ Equity in earnings (losses) of joint ventures ​ ​ 11.9 ​ ​ 12.8 ​ ​ ( 26.5 ) ​ ​ — ​ ​ ( 1.8 ) ​ General and administrative expenses ​ ​ — ​ ​ — ​ ​ ( 12.7 ) ​ ​ ( 103.9 ) ​ ​ ( 116.6 ) ​ Restructuring costs ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 80.7 ) ​ ​ ( 80.7 ) ​ Operating income (loss) ​ ​ 571.2 ​ ​ 242.9 ​ ​ ( 38.4 ) ​ ​ ( 184.6 ) ​ ​ 591.1 ​ Gross profit as a % of revenue ​ ​ 6.0 % ​ 8.6 % ​ — ​ ​ — ​ ​ 6.6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 8,039.0 ​ $ 2,496.9 ​ $ 0.2 ​ $ — ​ $ 10,536.1 ​ Gross profit ​ ​ 519.1 ​ ​ 173.9 ​ ​ 0.2 ​ ​ — ​ ​ 693.2 ​ Equity in earnings (losses) of joint ventures ​ ​ 9.3 ​ ​ 8.9 ​ ​ ( 304.4 ) ​ ​ — ​ ​ ( 286.2 ) ​ General and administrative expenses ​ ​ — ​ ​ — ​ ​ ( 9.6 ) ​ ​ ( 103.1 ) ​ ​ ( 112.7 ) ​ Restructuring costs ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 50.5 ) ​ ​ ( 50.5 ) ​ Operating income (loss) ​ ​ 528.4 ​ ​ 182.8 ​ ​ ( 313.8 ) ​ ​ ( 153.6 ) ​ ​ 243.8 ​ Gross profit as a % of revenue ​ 6.5 % ​ 7.0 % ​ — ​ ​ — ​ ​ 6.6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ $ 7,862.3 ​ $ 2,650.0 ​ $ 54.7 ​ $ 1,343.6 ​ ​ ​ ​ September 30, 2023 ​ $ 7,433.1 ​ $ 2,536.2 ​ $ 64.5 ​ $ 1,104.4 ​ ​ ​ ​ ​ ​ ​ 26 Table of Contents ​ ​