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Built to Deliver a Better World We Imagine It. and Then, We FISCAL YEAR 2016 ANNUAL FINANCIAL REPORT AND STOCKHOLDER LETTER We imagine it. And then, we make it. Built to deliver a better world Letter from Michael S. Burke Chairman & Chief Executive Officer AECOM Dear Stockholders, FY’16 was an important, successful year for AECOM as we progress on our journey to become the world’s premier fully integrated infrastructure firm. We demonstrated that our diverse business and integrated solutions are providing us with significant competitive advantages as infrastructure investment takes on a greater prominence globally. –– We delivered on our commitment to return the Americas design business to positive growth in the second half of the year. –– Building Construction experienced its second consecutive year of double-digit growth and 15% growth in contracted backlog in the year. –– Our Management Services group, in successfully repositioning to deliver larger and more technically complex projects, enters the year with $25 billion in bids awaiting client decisions. –– We delivered strong free cash flow1 of $677 million for the full year – driving a substantial $1.2 billion in debt reduction since closing the URS transaction two years ago. –– We exited the fiscal year with $290 million in run-rate synergy savings, exceeding our $275 million target – a sign of improved performance and execution in our combined business. Importantly, our significant investments are gaining traction as we capitalize on the sizable long- term market tailwinds intact across our business. In the fourth quarter alone, we delivered a record $6.3 billion in wins, driven by a 1.6 book-to-burn ratio in Americas design, the highest in company history for that business. Our portfolio of truly iconic project wins speaks to our leading role in driving innovation, improving communities and shaping skylines. Highlights include our selection to build the NFL Rams’ expansive new stadium in Los Angeles, our work on transformative transportation infrastructure projects like Hyperloop, and our selection to build New York City’s newest skyscraper – the $1 billion One Vanderbilt tower. We also continue to successfully diversify our business into attractive new markets, with more than $2 billion in key power, energy and industrial wins in the year, and the expansion of our Construction Services and Management Services businesses into new global markets. AECOM 1 But our financial performance only represents a portion of our accomplishments as a company. We have set a course to become a truly integrated infrastructure firm with the ability to design, build, finance and operate infrastructure assets around the world. In 2016, our performance demonstrated that our diverse business model is resilient and strong, and poised to capture future opportunities. These accomplishments provide significant momentum as we entered FY’17 with an approximately $43 billion backlog and a robust project pipeline. We began FY’17 with substantial wins, highlighted by our selection for the sizable decommissioning of the San Onofre Nuclear Generating Station in Southern California, one of the largest nuclear decommissioning projects ever undertaken in the United States. Our integrated capabilities across our three business segments proved to be a distinguishing advantage in this win – further substantiating our value proposition both within the growing global nuclear market and beyond. In addition, we are beginning to convert on our nearly $50 billion qualified pipeline of pursuits in Management Services, and we are seeing a significant increase in bid and proposal activity reflective of our growing pipeline across our enterprise. This momentum is a byproduct of our efforts through 2016 to focus on our People, Clients and Values. Our People We believe that our company will best succeed when it is able to bring the full strength of AECOM to bear on a project – and in 2016 we made significant investments in our people to further enhance collaboration across the entire enterprise. In addition, we conducted a global employee survey as part of continual efforts to engage with our workforce where we collected over 70,000 written comments both validating our approach and offering suggestions, ideas and opportunities for improvement. In response, we are updating and improving the tools and resources necessary to drive business development and project delivery across the globe. Through the year, we continued to integrate our technology systems, bringing our over 87,000 employees on common architecture for improved efficiency and safety. Additionally, we are standardizing the use of disruptive technologies, such as virtual / augmented reality and 3D printing, and exposing all of our teams to best practices developed across our entire company. Through these investments, we are fostering greater collaboration among our people to drive innovation, further differentiate ourselves with our clients and firmly establish AECOM as the employer of choice in our industry. As part of our Diversity and Inclusion activities, we made significant progress on promoting gender diversity at all levels. In 2016, we increased the number of women leaders by nearly 30 percent, an accomplishment that puts us on track to achieve our goal of increasing our women leadership over the coming years. Our Clients We remain committed to providing industry-leading service and delivery for our clients. To ensure we reach this standard, we continually measure AECOM on client satisfaction, and in 2016, we achieved Net Promoter Scores consistently above our goal. In delivering innovative services to our clients, we also strive to do so with best-in-class safety. Significantly, we achieved a total recordable injury rate (TRIR) in 2016 that was more than 8% lower than the prior year. 1 Free cash flow is defined as cash flow from operations less capital expenditures net of proceeds from disposals, and is a non-GAAP measure. See Annex A, Reconciliation of Non- GAAP Items in our most recent Definitive Proxy Statement on Form DEF 14A filed with the Securities and Exchange Commission. 2 AECOM Our Values We believe in leading by example, establishing core values that set the standard for what we do and how we do it. To put our company in best position to lead our industry, we worked across our enterprise throughout 2016 to redefi ne the core values that guide AECOM: Safeguard We operate ethically and with integrity, while prioritizing safety and security in all that we do. Collaborate We build diverse teams that connect expertise to create innovative solutions. Inspire We develop and celebrate our people, and elevate the communities we touch. Anticipate We understand the complexity of our clients’ challenges and help them see further. Deliver We grow our business through operational excellence and fl awless execution. Dream We transcend the industry by reimagining what is possible – and realizing it. By investing in our culture, we continue building a workplace befi tting a company that was named a Fortune World’s Most Admired Company for the second consecutive year. Built to Deliver a Better World Over the past two years, we have built a strong foundation to capitalize on the many signifi cant opportunities ahead of us. We have the people, tools and resources that best position AECOM to lead our industry and deliver innovative solutions and growth. We are proud of what we have accomplished to date, and we are even more excited about the future. On behalf of all our AECOM professionals, I thank you for your continued support. Best Regards, Mike Burke Chairman & Chief Executive Offi cer January 19, 2017 AECOM 3 AECOM Board of Directors Michael S. Burke Dr. Robert J. Routs Chairman of the Board and Chief Executive Director (Retired), U.S. Executive Offi cer, AECOM Downstream Operations, Royal Dutch Shell plc James H. Fordyce Co-Founder and Co-Chief Clarence T. Schmitz Executive Offi cer, Stone Canyon Co-Founder and Former Chief Industries LLC Executive Offi cer, Outsource Partners International Inc. Senator William H. Frist Partner, Cressey & Company Douglas W. Stotlar Former President and Chief Linda Griego Executive Offi cer, Con-way Inc. President and Chief Executive Offi cer, Griego Enterprises Inc. Daniel R. Tishman Vice Chairman, AECOM David W. Joos Former Chairman, CMS Energy; General Janet C. Wolfenbarger Chairman, Consumers Energy General (Retired), United States Corporation Air Force 4 AECOM AECOM Executive Officers Michael S. Burke W. Troy Rudd Chairman of the Board and Chief Executive Vice President, Executive Officer Chief Financial Officer Carla J. Christofferson Daniel R. Tishman Executive Vice President, Director, Vice Chairman General Counsel Frederick W. Werner Mary E. Finch Group President, Design and Executive Vice President, Chief Consulting Services – Americas Human Resources Officer Randall A. Wotring Stephen M. Kadenacy President, Technical and President, Chief Operating Officer Operational Services Daniel P. McQuade Group President, Construction Services AECOM on NYSE AECOM’s common stock trades on the New York Stock Exchange under the symbol ACM. Investor materials AECOM’s Investor Relations website contains background on our company and our services, financial information, frequently asked questions and our online annual report, as well as other useful information. For investor information, including additional copies of our annual report/10-K, 10- Qs or other financial literature, please visit our website at investors.aecom.com. Copies of AECOM’s Annual Report on Form 10-K may be obtained
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