ACM Shareholder/Stockholder Letter Transcript:
Leading
with Purpose,
Delivering
with Excellence
2024
ANN UAL RE PORT
INTUIT DOME
United States
Contents
02
08
04
10
Letter
from the CEO
Fiscal 2024
Financial
Performance
05
Accolades
06
Work Highlights
Our Think and Act
Globally Strategy
Investing in
Our People
14
Transforming
How We Work
18
Extending Client
Relationships
22
Delivering
Sustainable
Legacies
28
Corporate
Governance
Our Purpose
Delivering
a Better
World
Our Vision
Our Mission
A world where
infrastructure creates
opportunity for
everyone.
By bringing together the best people,
ideas and technical expertise, we
partner with clients to turn their
ambitions into action.
Our Values
Deliver
We grow our business through
relentless client focus,
operational excellence, and
exceptional project execution.
Sustain
We take action to make a positive
impact on the planet, enrich the
communities we touch and build
legacies for future generations.
Collaborate
We connect unrivaled expertise
from around the world to
anticipate and solve our clients
most pressing challenges.
Thrive
We build diverse teams, create an
inclusive workplace, and provide
opportunities where each one of our
people can reach their full potential.
Innovate
We think without limits and
embrace new ideas, shaping digital
solutions to help clients address
current and future challenges.
Safeguard
We operate ethically and with
integrity, while prioritizing safety
and security in all that we do.
2024 Annual Report
1
Dear
stockholders:
Fiscal 2024 was a year of many
accomplishments. In addition to the
new records we set across several
of our key financial metrics, we made
substantial investments that enabled
us to grow our team of professionals,
expand our key growth markets, further
strengthen partnerships with our
clients, and elevate our culture. Our
commitment to delivering technical
excellence what we call our TechEx
factor is a core element of our Think
and Act Globally strategy and allowed
us to extend our competitive advantage
and reach significant milestones
throughout the year:
O
ur financial performance set several new records, including
for net service revenue, margins, earnings and cash flow. We
delivered strong organic growth while also further expanding
our industry-leading margins, which has unlocked additional
capital to invest in our teams and capabilities. As a result of our
strong performance, we have compounded the value of both
our per-share earnings and cash flow by more than 20% over
the last four fiscal years.
W
e are winning what matters, and particularly on large pursuits
that align with our global, multidisciplinary capabilities and that
enhance our long-term visibility. In addition to our win rate that
remains at a record high of 50%, we ended the fiscal year with
a record backlog and a record pipeline of opportunities, all of
which combined are positioning us for continued growth.
W
e have transformed our service offering through our
investments in organic growth and complementary highreturning businesses. For example, our world-class program
management and advisory businesses have elevated the value
of our technical expertise as our clients projects and programs
increase in size and complexity. As part of this investment
strategy, we recently launched our new Water and Environment
Advisory global business line that will address demand in highgrowth areas, and expand the advisory services we provide our
clients who are increasingly advancing challenging, multidecade initiatives.
W
e gained market share as the number one ranked Water firm by
Engineering News-Record and now hold the number one position
in all of our key markets including water, transportation,
environment, and facilities. Throughout the year, we also took a
step forward to become the leading global program management
firm and achieved the number two ranking.
2
AECOM
W
e advanced the implementation of our digital strategy, driving
adoption of new technologies, tools and approaches to deliver
projects more efficiently and to the highest quality, while providing
consulting services to our clients to assist with their own digital
transformations. We are also committed to responsibly leveraging
AI to transform professional services delivery, for example, by
integrating our generative AI tool Oscar to enhance bid quality, win
more work, and reallocate time to higher-value tasks.
O
ur teams remain our greatest asset, and we are investing to create
workplaces where all our people can thrive. We are also continuing to
further strengthen our employee value proposition, as evidenced by
record employee satisfaction scores and low attrition. I am confident
that AECOM remains the best place in the industry to start and grow a
rewarding career.
To ensure we fully capitalize on the value creation opportunity for our
stockholders, we remain focused on executing our disciplined capital
allocation policy focused on share repurchases and dividends. Since
the initiation of our repurchase program in September 2020, we have
repurchased more than $2.2 billion of stock, representing more than
one-third of the Company s market capitalization at the time we began
repurchases. To that end, in November, our Board of Directors approved
an increase to our share repurchase authorization to $1 billion and an 18%
increase to the quarterly dividend, fulfilling our commitment to increase
the value of our per share dividend by a double-digit percentage annually.
We have built an
enviable position
in the industry and
are well positioned
to capitalize on
the strong longterm outlook for
infrastructure.
Troy Rudd
Taken together, we have built an enviable position in the industry
and are well positioned to capitalize on the strong long-term outlook
for infrastructure. The secular growth drivers of investments in
infrastructure and in energy remain firmly intact and are set to support
decades of growth.
Troy Rudd
Chief Executive Officer
2024 Annual Report
3
1/17/2025 Letter Continued (Full PDF)