ACM - AECOM (ACM) Q1 2024 Earnings Call Transcript
2024-02-06 15:43:05 ET
AECOM (ACM)
Q1 2024 Earnings Conference Call
February 06, 2024 08:00 AM ET
Company Participants
William Gabrielski - SVP, Finance, Treasury and IR
Troy Rudd - CEO
Lara Poloni - President
Gaurav Kapoor - CFO
Conference Call Participants
Michael Feniger - Bank of America
Sabahat Khan - RBC Capital Markets
Andy Kaplowitz - Citigroup
Sangita Jain - KeyBanc Capital Markets
Steven Fisher - UBS
Michael Dudas - Vertical Research Partners
Adam Thalhimer - Thompson Davis
Presentation
Operator
Good morning, and welcome to the AECOM's First Quarter 2024 Conference Call. I would like to inform all participants this call is being recorded at the request of AECOM. This broadcast is a copyrighted property of AECOM, and any rebroadcast of this information in whole or part without the prior written permission of AECOM is prohibited. As a reminder, AECOM is also simulcasting this presentation with slides at the Investors section at www.aeom.com. Later, we will conduct a question-and-answer session. [Operator Instructions]
I would now like to turn the conference call over to Will Gabrielski, Senior Vice President, Finance, Treasury, and Investor Relations. Please go ahead.
William Gabrielski
Thank you, operator. I would like to direct your attention to the safe harbor statement on Page 1 of today's presentation. Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the SEC. Except as required by law, we undertake no obligation to update our forward-looking statements.
We use certain non-GAAP financial measures in our presentation. The appropriate GAAP reconciliations are incorporated into our materials, which are posted to our website. Growth rates are presented on a year-over-year basis unless otherwise noted. Any references to segment margins or segment adjusted operating margins will reflect the performance for the Americas and International segments. When discussing revenue and revenue growth, we will refer to Net Service Revenue or NSR, which is defined as revenue excluding pass-through revenue. NSR and backlog growth rates are presented on a constant-currency basis unless otherwise noted.
Today's remarks will be focused on continuing operations. Our discussion excludes the results of the AECOM Capital business, which we announced our intended exit from last year. During the quarter based on current market conditions, we incurred a $29 million after-tax adjustment to the carrying value of our investments. We continue to expect positive cash recovery as we exit our investments.
On today's call Troy Rudd, our Chief Executive Officer, will review our key accomplishments, our strategy, and our outlook for the business. Lara Poloni, our President will discuss key operational successes and priorities and Gaurav Kapoor, our Chief Financial and Operations Officer will review our financial performance and outlook in greater detail. We will conclude with a question-and-answer session....
AECOM (ACM) Q1 2024 Earnings Call Transcript