Good. In fact, we are ranked number one in our industry in terms of work won for the U.S. federal government for COVID-19. So AECOM has really been strategically investing in IT infrastructure and digital tools for a lot of years but specifically over the last three years. Wins for the quarter totaled nearly $9 billion, a record for the Professional Services business. Yes, yes. And so when we look at all of those together, it starts to look a little bit like what we saw after the global financial crisis in '07, '08 and '09. Your next question comes from the line of Steven Fisher with UBS. Trying to understand what, besides being overly conservative, the liquidity could be factoring into that. Yes, great. There's not a pinpoint there's not a point in time we could say that's exactly when it's going to happen nor would it be appropriate for us to do that. AECOM (ACM) CEO Troy Rudd on Q4 2020 Results - Earnings Call Transcript Seeking Alpha Nov 16, 2020 Stocks To Watch: Spotlight On Nvidia, Walmart, JD.com And Nio Seeking Alpha Nov 14, 2020 Thanks gentlemen and stay healthy. For the first half of the year, adjusted EBITDA increased by 21%. Will Gabrielski -- Vice President of Investor Relations. And my follow-up for you, Mike or Troy, is that, can you maybe share a little bit how your customer base is adapting toward the new world that we're in, especially with working remotely and being able to engage from plans that you're sending or in your conference calls or getting documents to your clients in an efficient manner so they can continue to work on their front? Will Gabrielski - SVP, IR. Troy, you want to give some guidance on that? Our updated guidance balances the near-term uncertainties posed by COVID-19 against the strong backlog growth and underlying momentum in the business. And then along came the pandemic, and the Board asked and I agreed to stay on and lead us through the crisis and making a rapid change during the crisis was not a good idea. Our commitment to achieving these targets marks a major milestone on our continued journey to deliver a better world. And I think it may be the way of working in the future. Our adjusted operating margin for the second quarter was 5.9%, a 240 basis point increase over the prior year. And if we take just the low end of your ranges this year, the $100 million of free cash flow and the $700 million of EBITDA, let's say you don't grow EBITDA next year and you hold the line at $700 million. Adam Thalhimer -- Thompson, Davis -- Analyst. Corrected Transcript 16-Nov-2020 AECOM Q4 2020 Earnings Call ... | January 12, 2021 Motley Fool Transcribers, The Motley Fool. In most cases, these services can be delivered uninterrupted while working remotely, supported by our long-running investments in technology and innovation. And that turned out to be an incredible differentiator in the market. AECOM had a positive return on equity of 9.13% and a negative net margin of 1.41%. Okay. And it's driven by, first of all, just the earnings performance in the second half of the year. But we certainly have continued with the CEO search process. As a result, we have transformed our balance sheet and capital structure. Not at all. Feb 06, 2020 @ 18:22. So and that work is widely various. Good morning, and welcome to AECOM Fourth Quarter 2018 Earnings Conference Call. Edited Transcript of ACM earnings conference call or presentation 5-May-20 4:00pm GMT fool. And at least according to the Bloomberg Government report, we've captured about 25% of all the COVID-related federal dollars within our industry, and we're the number one in our industry in winning COVID-related work. As such, we have reiterated our guidance for full year free cash flow of $100 million to $300 million. As we look ahead, there is uncertainty in the world, but we have a lot of confidence in our outlook for the year. Corporate News Date Title . And what would you expect to see moving forward? Fourth, we have built a record $42 billion backlog, which provides all-time high levels of visibility with more than three years of trailing 12-month revenue in backlog. Third, most of our work has continued unabated. We sold our Production Services and Oil & Gas business. This is a timing-only impact, and our full year free cash flow guidance includes this collection. August 6, 2019, 8:24 PM. And as you probably know, we spend almost $400 million a year on rent. Your next question comes from the line of Andy Kaplowitz with Citi. Thanks for squeezing me in. You do have the luxury of having a very robust backlog. Sure. Call Participants. Your line is open. Troy Rudd - CEO. Good morning guys, hope you're well. Yes, sorry, I got confused. Most of the states have a June year-end. And they were built around real estate improvements, design centers, built around use of our shared service center. AECOM reports second quarter fiscal year 2020 results Montag, 4 Mai 2020 markets.ft. Disaster response work, it's field hospitals, treatment centers, medical stockpile facilities, global supply chain-type activity. The last few months have impacted all of us in profound ways, and the resilience of our people inspires a great deal of pride. In that market, we went into this year expecting a double-digit decline in revenue going into the year because of some of the challenges and protests in Hong Kong. AECOM Q2 2010 Earnings Conference Call Transcript – 2010-05-06 – US$ 54.00 – Final Transcript of ACM earnings conference call or presentation, 6-May-10 11:00am ET AECOM at Bank of America Securities Merrill Lynch Industrials Conference Transcript – 2009-12-08 – US$ 54.00 – Final Transcript of ACM presentation, 8-Dec-09 9:00am ET In Asia, nearly half of our offices were closed, and 90% of our workforce was working remotely at peak. Today's discussion contains forward-looking statements about future business and financial expectations, including expected and potential impacts of the COVID-19 pandemic. You saw our backlog up double digit to $42 billion in the quarter. As I look across the company, our strategic and financial position has never been stronger. So we have a high degree of confidence in guidance where we sit today because of the seven months of the results and our the proven agility of the business and what we still can see as market opportunities. I guess two questions. I should note that excluding the impact of elevated levels of storm recovery work from the prior year, organic NSR in our design business increased by 2%. But I can't give you a specific time line on that, but the process is continuing. So there may be an impetus to accelerate some of the infrastructure work in the New York area. It's actually you replace some travel downtime with productive billable time while they're not traveling. Your line is open. Let me walk through the details of our cash flow. We have repaid all of our secured debt, and we exited the second quarter with a $1.3 billion cash balance and net leverage of 1.2 times. Finally, I should note that our results in our discontinued operations in the quarter included an approximately $89 million noncash impairment of goodwill and intangible assets on certain oil and gas-related businesses as a result of the dramatic fall in oil prices. I think the $700 million was I was talking about the EBITDA figure with which you can convert to free cash flow. Now the vast majority of our projects where work has been suspended, we continue to have our general conditions paid for by our clients, which covers our costs. Again, as we said, we see economic activity bottoming out in Q3, so we might not see the impact we typically see. But there's a few additional points I want to emphasize from today's discussion before we close out here. Yes. So that's what gives us comfort ultimately in the guidance range even with a wide range of outcomes. Our team's efforts, combined with acting quickly to react to the impact of COVID-19, underscores our confidence in our updated range. AECOM (ACM) CEO Troy Rudd on Q4 2020 Results - Earnings Call Transcript 3:18PM ET 11/16/2020 Seeking Alpha. We've certainly transformed our balance sheet after the sale of the Management Services business. This includes a more than $700 billion infrastructure investment program in the U.K., along with approximately $100 billion of stimulus funding in Australia and Hong Kong. The construction management business, first of all, it's more diversified today than it's ever been. Read full article. Let me hear your thoughts on general stimulus, what comes out. The Management Services business, along with our at-risk, self-perform construction businesses that we intend to exit, are classified as discontinued operations in our financial statements. So taking even a 20% reduction in that as we move to a slightly larger remote workforce could be additional opportunities for margin improvement going forward. We've had less than 1% of our projects have had some sort of deferral during the COVID crisis. So let me kick that off, and then I'll ask Randy to talk about the IT investments we've made because it's been such a big facilitator of this. Troy will take the first part of that. Edited Transcript of ACM earnings conference call or presentation 5-May-20 4:00pm GMT fool. And right now, when I look at the pipeline of opportunities, the number of projects in our pipeline is up double digits. Look, I think I don't believe at this point in time, you can be overly conservative in terms of liquidity. So again, supporting that bridge, in fact, is having us actually collect beyond what we expected in April, so supporting an improvement in working capital in the second half of the year. Your next question comes from the line of Michael Feniger with Bank of America. And just to the point you made a little bit earlier, I don't know where you came up with the $700 million number. One, the margins on the international business improved, but not at the targeted range, but it improved nicely sequentially, I guess, year-over-year. Now it's about 13% of our year-to-date NSR and about 1/3 of our backlog. Can you just talk historically, like maybe what percentage of either gross or net revenue your travel cost has represented over the period of time just so we can have some context as to how much that's benefiting you? [Operator Instructions] Your first question comes from the line of Sean Eastman with KeyBanc Capital Markets. We support change in infrastructure, and that is coming and will be accelerated by the impact of the pandemic. And then maybe you can drill down a little bit more in your historic work you've done in New York City. Secondly, the projects that as you heard us say, 80-plus percent of our projects are still operating today. Just help me understand like the sensitivity of your business with the high variable cost structure. And then with that work, we've also developed a significant number of trigger points or levers, the adjustments that we make to react to what we might find, either it might be on a client basis or a project basis or even an office basis. Contents: Prepared Remarks. Please turn to slide nine. AECOM Technology's CEO Discusses Q2 2012 Results - Earnings Call Transcript Log In Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. News. And so that gives you a sense of what we saw. And that is again just due to the activities of people being focused on collections with their clients. More. Logo of jester cap with thought bubble. And the good news about those states is those states coming into this had significant stabilization and rainy day funds. So we do see that as a fairly significant opportunity to layer on top of the things that we have already executed on and have planned for the remainder of this year that will benefit this year and into 2021. And within our Professional Services business, even as we move forward in the subsequent years, we don't see that changing. Okay. Your next question comes from the line of Jamie Cook with Credit Suisse. One additional item there. Maybe as an addendum on that, you guys have talked about these dispositions that are in discontinued operations today, either oil and gas, certainly the civil, power. The number of programs that we see around the world in terms of payroll tax deferrals, acceleration of government payments, we have a number of our government clients, particularly in Australia and the U.K., that have accelerated payments to us and have a plan of continuing to do that through the year. Latest media insights on AECOM Stock, (ACM) with headlines and news There is certainly a run rate impact. ET on Seeking Alpha AECOM 2020 Q3 - Results - Earnings Call Presentation Half of that comes from five states that had come into this with very strong stabilization and rainy day funds. And how does it impact on what you do and how those agencies use AECOM to work through that? So instead of being stuck in an airport, they're at their home office doing work that's billable to clients. Michael Feniger -- Bank of America -- Analyst. And then beyond that, there are the normal things that we typically see in the business. There's a benefit in the year but an additional run rate impact in subsequent years. Importantly, though, much of our work is of a critical nature for clients and has been deemed essential. Your next question comes from the line of Michael Dudas with Vertical Research. Your line is open. Second, we incurred cash restructuring costs of approximately $40 million in the quarter as part of our strategic actions that resulted in substantial margin improvement for six consecutive quarters. US stock market today: stock quotes, stock screener, stock charts, insiders trading, market news, portfolio tracking, and cryptocurrencies. Q3 2019 AECOM Earnings Conference Call. We began aggressively stress-testing and developing mitigation plans in early February. Yes. So they were in the best position coming into the pandemic. So the first round of the CARES Act provided quite a bit of access to capital to the state governments through mostly through lending-type activity. Tuesday, Aug 6, 2019 at 12:00 PM EDT Webcast Presentation. We're highly confident. Clearly, our financial performance over the past six quarters has been clear that we're delivering on our strategy and we're exceeding all the targets that we've set. I guess then, and my second question, Mike, any color you can give in terms of what's going on with the CEO search? These accomplishments are the result of strategic actions we have taken over the past two and half years. This allows us to operate with a high degree of certainty against a rapidly evolving landscape. Please turn to slide four. This is the last quarter of material headwinds to growth related to our storm recovery work. One of the significant items that has an impact on that obviously is compensation. Glad you guys are healthy and well great. As we move into the second half of the year, we've got again a clear line of sight to that range of cash flow. With the completion of the line, we will and removing two combined cycle jobs from our backlog, we'll have exited the combined cycle business. Based on our global experience with COVID-19, we expect that shelter-in-place orders and construction shutdowns in the Americas and EMEA regions will begin to ease in the third quarter. With that, operator, we're now ready for questions. How does that play through? And then secondly, we have a digital environmental impact assessment software. So maybe, Randy, you could give us a little overview on what we've done on the IT side. And we'll update you as soon as we have information to provide. AECOM last released its quarterly earnings data on November 15th, 2020. AECOM (ACM) Q3 2019 Earnings Call Transcript. Organic NSR declined by 2%. I know you mentioned that 85% of your work has continued. If you went back six years ago, our commercial and residential real estate was about 80% of our business. Your line is open. ET. And we are have made good progress over the last couple of years in getting rid of we got rid of our International Development business. I would like to inform all participants this call is being recorded at the request of AECOM. With 10 million square feet of real estate, we are developing a workplace of the future strategy, which is targeted at enhancing productivity while further optimizing our operating costs. And again, one of the things that we spend a lot of time on in February, and we still continue to do this almost on a weekly basis, is making sure that we keep updating and stress-testing what we think is the range of outcomes for the business. Most major global metros have instituted shelter-in-place orders and halted nonessential activities, including nonessential construction. Cumulative Growth of a $10,000 Investment in Stock Advisor, AECOM (ACM) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $ACM, AECOM (ACM) Q3 2020 Earnings Call Transcript, AECOM (ACM) Q1 2020 Earnings Call Transcript, AECOM (ACM) Q4 2019 Earnings Call Transcript, AECOM (ACM) Q3 2019 Earnings Call Transcript, Copyright, Trademark and Patent Information. And it was focused on the conversion of our earnings, EBITDA, to unlevered free cash flow. Okay, great, thanks. And how confident are you in the backlog that you have in getting there? We are still evaluating potential candidates. Echoing Mike's sentiments, we are really proud of the organization's response to the challenges presented by COVID-19. And our April results have exceeded our expectations in terms of NSR, earnings and cash. Digital tools like Autodesk and Bentley for design purposes, digital libraries, design anomaly detectors and other tools reside in the cloud, which made it much easier for our employees to work. Strength was broad-based and included a greater than one book-to-burn ratio in both segments, led by several large multiyear wins in the Americas. Thanks for taking my questions. Lara Poloni - President. And there's significant momentum to direct that toward infrastructure activity that we will benefit from. In addition, AECOM brought to the market two proprietary software packages built in EMEA but imported and tailored to U.S. requirements. Compliments on the quarter, a strong first half and a really resilient outlook for the year. But I don't know how to handicap, but I'd hate to put odds on it, but I just feel it's more likely than not we're going to see stimulus activity deployed toward infrastructure. I appreciate it. As a result, our guidance assumes that economic activity bottoms in the third quarter and that there are no material project delays or deferrals in the fourth quarter. Good morning, afternoon, everybody. But more importantly, as we learned from that experience very quickly and we are learning at scale because we're talking about 10,000 employees across China, so we had an opportunity to learn from that and use that experience elsewhere as we move through a remote work environment. Michael Dudas -- Vertical Research -- Analyst. That will mean that you only have maybe a couple of hundred million dollars of net debt, plus you have a U.S. Virgin Islands big receivable that's getting paid, albeit slowly that's on there. Great. I'm just curious whether there's been a reassessment on the potential for those programs, whether some of those actions can be accelerated or expanded and just to what extent a weaker macro backdrop extends the time line to achieve the financial targets you outlined. So we believe that there'll be opportunities as the market and infrastructure spend starts happening. First, we deliver primarily knowledge-based critical and essential services. But maybe, Troy, you want to just touch on some of the variable cost levers that we pull in those scenarios? We've come to the end of our April results, and so where we sit today is we actually have seven months of results. Finally, AECOM has a proven track record of delivering through periods of slower and negative economic activity as evidenced by our strong organic growth during the global financial crisis. So I look forward to speaking to everyone again soon. That allowed us to complete the first U.S. ever digital EIS for the U.S. Army Corps of Engineers. I mean it seems like there could be an option to do more share repurchase as there's cash that's coming in even this fiscal year. Is that still active? But the House Democrats are moving forward on a 5-year $760 billion stimulus program. And so what you end up having is you've gained some productivity time. 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