And it became clear that we were able to almost overnight shift 90% of our workforce to a remote working environment. We sold our Production Services and Oil & Gas business. So that characteristic remains unchanged. Can you just help me understand what the free cash flow you think you can generate from that $700 million next year? ET. I guess then, and my second question, Mike, any color you can give in terms of what's going on with the CEO search? And even with this significant ramp that we've seen, with more than 90% of our employees, almost overnight, working remotely, our IT systems not only performed well but, as Mike said, provided us with a differentiator in the marketplace. The discussion of adjusted operating margins reflects segment-level performance for the Americas and international segments. Have you observed the pickup in April on working cap phasing in collections to give you that confidence as well? Just trying to get comfortable on the second half ramp, and you guys had mentioned there would be some tailwinds there. So the stimulus money that might be brought to bear on the states in later in the year will just support the outlook for 2021 and forward. As a result, with very favorable funding conditions in our largest international markets, we are poised to capitalize on a growing opportunity set that is well suited for our leading capabilities. And second one for me is just trying to get as comfortable as we can on the swing back in free cash flow to hit the impact outlook for the full year. 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. We support change in infrastructure, and that is coming and will be accelerated by the impact of the pandemic. Thank you, Will. Joining me today are Troy Rudd, our Chief Financial Officer; and Randy Wotring, our Chief Operating Officer. AECOM is a Fortune 500 firm with revenue of approximately $20.2 billion during fiscal year 2018. And when we look back to '07, '08 and '09, we saw that stimulus activity coming into the market, and we certainly experienced the double-digit organic growth in '07, '08 and '09 as stimulus activity came into the market. Second, when conditions normalize, we will look to return substantially all available excess capital to our stockholders. And then beyond that, there are the normal things that we typically see in the business. So we worked through that. As you know in that space, it's rare that once you get started with a construction project, it's very, very rare that it stops, the reason being is we've got financing in place that requires you to finish it. But we've learned at scale there, and we've deployed those learnings around the world, which are helping us maintain productivity in other markets that have gone to remote workforce. Thanks, good morning guys. And the transformation that we've been undertaken to convert to a Professional Services business has a lot of advantages that could position us quite well to consistently deliver on the financial performance we're talking about. Sure. I will begin today's discussion with a review of our financial and strategic accomplishments. Before concluding my remarks, I'd like to thank our employees for their tireless commitment to our success and to delivering for our clients during these challenging times. In fact, we've got 50,000 projects going on at any one point in time around the world. Just help me understand like the sensitivity of your business with the high variable cost structure. With that, operator, we're now ready for questions. Our commitment to achieving these targets marks a major milestone on our continued journey to deliver a better world. Published Nov 12, 2009. In Asia, nearly half of our offices were closed, and 90% of our workforce was working remotely at peak. We did that just at the right time coming into this pandemic, which gives us a lot of flexibility on capital allocation with a lot of liquidity. But I certainly don't want to leave anyone with the impression that's we believe that the subsequent year will look like. [Operator Instructions] Your first question comes from the line of Sean Eastman with KeyBanc Capital Markets. 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. I appreciate it. We've certainly won a lot of work during the last few months, and that has supported our April results. These investments have enabled a relatively seamless transition to remote working, and our ever-expanding digital solutions are deepening our client engagement as well. Lara Poloni - President. And then in terms of what we're seeing as a result of the pandemic and government stimulus, we haven't planned any of the stimulus into our guidance. As a global company, COVID-19 has been a part of our daily routine since the beginning of the year. The construction company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. Any rebroadcast of this information in whole or part without the prior written permission of AECOM is prohibited. So people are enjoying the additional flexibility of working from home, which could in the future allow us to have a lower real estate footprint. Obviously, 70% to 75% of the business is New York and L.A., as well as you have a big focus on sports. Is that still active? Yes. It also provides benefit or think about it as a lever that has an impact on ultimately our results. Troy? Mike, can you give us more color on your construction management business? Our backlog in the Americas increased by 16% and set a new record. Randall A. Wotring -- Chief Operating Officer. This is largely due to having nearly 60% of our NSR from public sector clients where spending is often inversely correlated to GDP due to government stimulus investment in infrastructure that increases during periods of weaker economic activity. Because of this and our agility in repositioning our workforce, we have retained nearly 99% of our employees, which positions us even better to respond directly as economic trends recover and client demand accelerates. And to date, we've already been working with clients, utilizing these technologies and are now selling them to numerous federal, state and local as well as international government and private sector clients. Our updated guidance balances the near-term uncertainties posed by COVID-19 against the strong backlog growth and underlying momentum in the business. Please turn to slide six. Half of that comes from five states that had come into this with very strong stabilization and rainy day funds. In addition, our guidance includes an expected $15 million headwind from currency fluctuations. The CARES Act provides for more than $2 trillion of stabilization spending, and the Federal Reserve has created a $500 billion direct lending program for our state and local clients. And our agility as an organization has proven to be a key competitive advantage as we quickly mobilized contingency plans for our people to support our clients in the face of unprecedented change. And again, as we reach a point where we start to see there'd be some more stability in the marketplace, it becomes just, as I said, a matter of timing where we will return and start buying back stock. There's typically money set aside. 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. Your next question comes from the line of Andrew Wittmann with Baird. This broadcast is the copyrighted property of AECOM. AECOM last released its quarterly earnings data on November 15th, 2020. We have 150 different employees around the world working remotely on a project in Florida to get an unemployment center up and running as quickly as possible. So that is a piece of the business we feel very confident in because of the backlog and because of the diversity. For instance, we now recognize how productive our employees can remain while working remotely. It's also helpful remembering that people that are traveling are also billable to clients. The construction management business, first of all, it's more diversified today than it's ever been. So we're highly confident that we'll be back up to full steam very quickly. Your line is open. One, the margins on the international business improved, but not at the targeted range, but it improved nicely sequentially, I guess, year-over-year. Although we encountered challenges as we close out the Alliant combined cycle power plant that has increased the cost to complete, the plant is now generating power and is moving through the MISO certification, which is expected to be completed over the next several days. So maybe, Randy, you could give us a little overview on what we've done on the IT side. So there may be an impetus to accelerate some of the infrastructure work in the New York area. And what would you expect to see moving forward? Got it. How do you think about that versus the hope for something over the next few months? One of the significant items that has an impact on that obviously is compensation. It's all being done in a collaborative way. Event Details. And one of those is, again, remote working and rethinking your real estate portfolio. Again, it's I would describe it as being comfortable today, but it will improve. But we have modeled it, of course, as we do a lot of modeling these days. We have consistently exceeded our financial targets over the past six quarters while delivering 300 basis points of margin improvement since fiscal 2018. Mike, so that all sounds pretty good. Except as required by law, we undertake no obligation to update our forward-looking statements. Q3 2019 AECOM Earnings Conference Call. Your next question comes from the line of Andy Kaplowitz with Citi. First question for me is, you guys came into this crisis with a focus on cost and returns. Contents: Prepared Remarks. Okay. And also, there is quite a bit of momentum in Washington for infrastructure stimulus. So all told, we see there being potentially up to $100 million tailwind just from government programs that would support our view of being within that guidance range. 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. We do make accruals during the course of the year for some of our compensation that gets paid out the following the first quarter of the following year. We will continue to prioritize maintaining excess liquidity and reiterate our long-term net leverage target range of two to 2.5 times. Sean Eastman -- KeyBanc Capital Markets -- Analyst. So that's the piece that we have to pay a little more attention to as we work through Q3 and Q4. In the Americas, organic NSR was effectively unchanged with the prior year. Well, thank you, everybody, for joining today. If for some reason, we did see some of the backlog get canceled and revenue for this Professional Services business was down 10%, how does that flow through to what percent change to your operating profit since you do have a capital-light and high variable cost structure? And so we think there will be additional economic relief through CARES Act, too. Your line is open. As such, we have reiterated our guidance for full year free cash flow of $100 million to $300 million. We are delivering on our commitments to simplify and derisk our business and expand our margins. We are still evaluating potential candidates. [Operator Instructions]. So we don't think there's a negative impact there, the reason being the projects that you're working on are typically funded. And that was built upon the actions that we are taking to improve the efficiency of the business. AECOM Q2 2010 Earnings Conference Call Transcript – 2010-05-06 – US$ 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 And we're certainly delighted to see the agility that our employees have displayed over the past few months by converting to a remote work environment by providing new services to new clients in new ways that the pandemic has required. However, we expect to recover this timing-related impact in the third quarter through a favorable net working capital purchase price adjustment. 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? Date / Time. Sean, was your question relative to stimulus limited to cash flow or was it a broader question? L.A. construction is still continuing. That's probably more like a June or July time frame. Great. Yes, great. One is the second round of the CARES Act, the economic relief that we're expecting is probably more like a May, June time frame where the governors are asking for an additional $500 billion in aid. AECOM Technology (NYSE: ACM) Q1 2019 Earnings Conference Call Feb. 5, 2019 12:00 p.m. And it's driven by, first of all, just the earnings performance in the second half of the year. 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. For the first half of the year, adjusted EBITDA increased by 21%. Importantly, we have built significant momentum across the business, including a sixth consecutive quarter of double-digit adjusted EBITDA growth and substantial margin improvement. We are working closely with federal, state and local clients to respond to the immediate needs created by COVID-19, including temporary hospitals. So and that work is widely various. 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 guess first of all, Andy, just in terms of our guidance, when we look forward, typically, we have six months under our belt and we're forecasting the next six months of the year. Contents: Prepared Remarks. So Sean, let me start off with that, and then I'll let Troy kick off any further color on the guidance. I would like to inform all participants this call is being recorded at the request of AECOM. Questions and Answers. Please turn to slide three. 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. 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. This was a global initiative that involved hundreds of key operational and finance leaders across the organization. In fact, in Asia, despite the challenges presented, we achieved our profitability target and exceeded our cash flow target for the quarter. Good morning, and welcome to the AECOM's Third Quarter 2019 Earnings Conference Call. And so we feel a great sense of confidence for FY 2020 and FY 2021. AECOM (ACM) CEO Troy Rudd on Q4 2020 Results - Earnings Call Transcript 3:18PM ET 11/16/2020 Seeking Alpha. We do have that record backlog. 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. Q2 2020 AECOM Earnings Call LOS ANGELES May 6, 2020 (Thomson StreetEvents) -- Edited Transcript of AECOM earnings conference call or presentation Tuesday, May 5, 2020 at 4:00:00pm GMT TEXT version of Transcript ===== Corporate Participants ===== * Michael S. Burke AECOM - Chairman of the Board & CEO * Randall A. Wotring AECOM - COO * W. Troy Rudd AECOM - Executive VP & CFO * Will … Just you asked about what are the positives that we are seeing coming out of COVID-related work or what are the plus-ups. We've got a lot of confidence in next year based on the backlog we have, the continued very high win rates and the expanse of that backlog. So we believe that there'll be opportunities as the market and infrastructure spend starts happening. W. Troy Rudd -- Executive Vice President and Chief Financial Officer. And so we see 75% of the earnings in 2021 converting to unlevered free cash flow for use in the business. So one of the the one way to look at it is there's about 10 working days lost in Asia. Wall Street Breakfast: The Week Ahead 6:46AM ET 11/15/2020 Seeking Alpha. You saw our backlog up double digit to $42 billion in the quarter. Secondly, the projects that as you heard us say, 80-plus percent of our projects are still operating today. 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? There are no further questions at this time. I am very pleased with our performance in both the second quarter and the first half of the year, which reflects the benefits of the many actions we have taken over the past two and half years toward achieving our long-term financial and strategic objectives. So the impact, I would classify it as in the bundle of travel costs and other types of out-of-pocket amounts that we spend in the business. Our confidence is supported by the highly cash-generative nature of our business, which remains unchanged, as well as the normal second half weighted phasing of our free cash flow. Please turn to slide 10. AECOM supports U.S. Army Corps of Engineers' project to deliver an alternate care facility in Colorado to aid the region’s coronavirus pandemic response Yahoo 05/07 06:55 ET Edited Transcript of ACM earnings conference call or presentation 5-May-20 4:00pm GMT And so even back in the '08 financial crisis, I could think of less than a handful of projects around the world that literally shut down for good. You just talked about the very small percentage of deferrals and cancellations. AECOM (ACM) Q2 2020 Earnings Call Transcript ACM earnings call for the period ending March 31, 2020. Looking at opportunities where there could be factoring into that New developments that the... Into this crisis with a high degree of certainty against a rapidly evolving landscape have had some sort deferral. Aecom are yet ahead by our clients the activities of people being focused on collections their! 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