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Asset 1logo-3Jacobs Logo_Blue_RGB
Press Release

Jacobs Reports Earnings for the Third Quarter of Fiscal 2019

Strong Top- and Bottom-Line Q3 Results; Increasing Fiscal 2019 Outlook Delivering Innovative Solutions and Disciplined Execution

DALLAS, Aug. 5, 2019 /PRNewswire/ --?Jacobs Engineering Group Inc. (NYSE: JEC) today announced its financial results for the fiscal third quarter ended June?28, 2019.

Q3 2019 Highlights:

  • Gross revenue of $3.2 billion1 grew 8.0% year-over-year; net revenue grew organically by 11.1%2
  • EPS from continuing operations of $0.65, results impacted by higher restructuring and transaction costs
  • Adjusted EPS from continuing operations of $1.40, up 13% year-over-year, including a discrete tax benefit
  • Backlog increased $2.6 billion to $22.5 billion, up 8% on an organic basis2
  • Increasing fiscal 2019 adjusted pro forma EPS outlook to $4.75 - $5.00 (excluding full year ECR)3
  • Completed $350 million of $1 billion share repurchase authorization through August 2nd

Jacobs' Chair and CEO Steve Demetriou commented, "Our strong third quarter results and increased earnings outlook are yet another example of driving an innovative culture, strengthening our execution discipline and scaling our global network of expertise. As we execute against our strategy, we are profitably?winning a greater level of business in our existing sectors, while diversifying into new high margin growth opportunities. We are creating a company like no other, putting our knowledge and imagination together to shape the next generation of innovative solutions. Our?KeyW acquisition is already delivering with a growing pipeline of new and enhanced opportunities as we bring the two organizations together."

Jacobs' CFO Kevin Berryman added, "We delivered another quarter of solid results across both lines of business with accelerating growth in our sales pipelines, during the most transformative period in our company's history. The CH2M integration has exceeded our revenue and cost targets and is on track to be completed by the end of calendar 2019. Our divestiture of ECR is moving into the final stages of separation. We are raising our fiscal 2019 outlook and now expect adjusted EBITDA in the range of $965 million - $1 billion and adjusted pro forma EPS of $4.75 - $5.00.3 From a long-term standpoint, we have created a transformed business with a stronger balance sheet."

Third Quarter Review



Fiscal 3Q 2019

Fiscal 3Q 2018

Change

Revenue

$3.2 billion

$2.9 billion

$0.3 billion

Net Revenue

$2.6 billion

$2.4 billion

$0.2 billion

GAAP Net Earnings from Continuing Operations

$89 million

$113 million

-$24 million

GAAP Earnings Per Diluted Share (EPS) from Continuing Operations

$0.65

$0.79

-$0.14

Adjusted Net Earnings from Continuing Operations

$193 million

$178 million

$15 million

Adjusted EPS from Continuing Operations

$1.40

$1.24

$0.16

The company's adjusted net earnings from continuing operations and adjusted EPS from continuing operations for the third quarter of fiscal 2019 and fiscal 2018 exclude the charges and costs set forth in the table below. For additional information regarding these adjustments and a reconciliation of adjusted net earnings and adjusted EPS to net earnings and EPS, respectively, refer to the section entitled "Non-GAAP Financial Measures" at the end of this release.


Fiscal 3Q 2019

Fiscal 3Q 2018

After-tax restructuring and other charges ($93.2 million and $30.1 million for the fiscal 2019 and 2018 periods, respectively before income taxes)

$70 million ($0.51 per share)

$22 million ($0.15 per share)

After-tax transaction costs incurred in connection with the closing of the CH2M and KeyW acquisitions ($13.3 million and $5.4 million for the fiscal 2019 and 2018 periods, respectively before income taxes)

$10 million ($0.07 per share)

$4 million ($0.03 per share)

Other adjustments include:

?(a) addback of amortization of intangible assets of $18.4 million and $19.3 million in the 2019 and 2018 periods, respectively,

?(b) the allocation to discontinued operations of estimated stranded corporate costs of $2.0 million and $6.4 million in the 2019 and 2018 periods, respectively, that will be reimbursed or otherwise eliminated in connection with the sale of the ECR business,

?(c) the allocation to discontinued operations of estimated interest expense amounts in 2019 and 2018 related to long-term debt that has been paid down in connection with the sale of the ECR business of $5.8 million and $16.1 million, respectively,

(d) the reclassification of revenues under the Company's Transition Services Agreement (TSA) with WorleyParsons of $14.1 million included in other income for U.S. GAAP reporting purposes to SG&A and the exclusion of $3.2 million in remaining unreimbursed costs associated with the TSA during the fiscal 2019 third quarter,

?(e) the add-back of charges resulting from the revaluation of certain deferred tax assets/liabilities in connection with U.S. tax reform of $5.3 million in the 2018 period and other income tax adjustments of $1.5 million in the current quarter and

?(f) associated income tax expense adjustments for the above pre-tax adjustment items.

$24 million ($0.17 per share)

$38 million ($0.27 per share)

Adjusted EPS from Continuing Operations

$193 million ($1.40 per share)

$178 million ($1.24 per share)


(note: earnings per share amounts may not add due to rounding)

Fiscal third quarter 2019 earnings per share from continuing operations reflect an adjusted effective tax rate of 22.6%, excluding discrete tax items of 16 cents per share. Fiscal third quarter 2018 included an 8 cent benefit from discrete tax items.

Jacobs is hosting a conference call at 11:00 A.M. ET on Monday August 5, 2019, which it is webcasting live at www.dingtian8.cn.

Energy, Chemicals and Resources (ECR) Sale to WorleyParsons

On April 26, 2019, Jacobs completed the previously announced sale of the Jacobs' ECR business to WorleyParsons Limited.

KeyW Acquisition

On June 12, 2019,?Jacobs completed the previously announced acquisition of The KeyW Holding Corporation.

About Jacobs

Jacobs leads the global professional services sector providing solutions for a more connected, sustainable world. With approximately $12 billion in revenue and a talent force of more than 50,000, Jacobs provides a full spectrum of services including scientific, technical, professional and construction- and program-management for business, industrial, commercial, government and infrastructure sectors. For more information, visit www.dingtian8.cn, and connect with Jacobs on www.dingtian8.cn, LinkedIn, Twitter, Facebook and Instagram.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Statements made in this press release that are not based on historical fact are forward-looking statements. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain, and you should not place undue reliance on such statements as actual results may differ materially. We caution the reader that there are a variety of risks, uncertainties and other factors that could cause actual results to differ materially from what is contained, projected or implied by our forward-looking statements. For a description of some additional factors that may occur that could cause actual results to differ from our forward-looking statements, see our Annual Report on Form 10-K for the year ended September?28, 2018, and in particular the discussions contained under Item 1 - Business; Item 1A - Risk Factors; Item 3 - Legal Proceedings; and Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, and our Quarterly Report on Form 10-Q for the quarters ended December 28, 2018 and March 29, 2019, and in particular the discussions contained under Part I, Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations; Part II, Item 1 - Legal Proceedings; and Part II, Item 1A - Risk Factors, as well as the Company's other filings with the Securities and Exchange Commission. The Company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

1Reflects continuing operations as reported in accordance with GAAP.
2Excludes $23.9 million in revenue and $1.1 billion in backlog contribution from KeyW.
3Reconciliation of the adjusted pro forma EPS outlook and adjusted EBITDA outlook for the full fiscal year to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation, including with respect to the costs and charges relating to transaction expenses, restructuring and integration to be incurred in fiscal 2019.

Financial Highlights:


Results of Operations (in thousands, except per-share data):



For the Three Months Ended


For the Nine Months Ended

Unaudited

June?28, 2019


June?29, 2018


June?28, 2019


June?29, 2018

Revenues

$

3,169,622



$

2,933,623



$

9,345,005



$

7,587,916


Direct cost of contracts

(2,543,488)



(2,325,028)



(7,533,511)



(6,035,598)


Gross profit

626,134



608,595



1,811,494



1,552,318


Selling, general and administrative expenses

(536,180)



(446,083)



(1,505,731)



(1,325,722)


Operating Profit

89,954



162,512



305,763



226,596


Other Income (Expense):








Interest income

3,398



1,277



7,172



6,896


Interest expense

(18,978)



(23,788)



(73,727)



(50,107)


Miscellaneous income (expense), net

19,025



6,632



58,211



5,195


Total other (expense) income, net

3,445



(15,879)



(8,344)



(38,016)


Earnings from Continuing Operations Before Taxes

93,399



146,633



297,419



188,580


Income Tax Benefit (Expense) for Continuing Operations

1,981



(31,174)



(12,829)



(110,230)


Net Earnings of the Group from Continuing Operations

95,380



115,459



284,590



78,350


Net Earnings of the Group from Discontinued Operations

435,684



34,612



438,837



126,215


Net Earnings of the Group

531,064



150,071



723,427



204,565


Net Earnings Attributable to Noncontrolling Interests from Continuing Operations

(6,015)



(2,123)



(15,578)



(5,539)


Net Earnings Attributable to Jacobs from Continuing Operations

89,365



113,336



269,012



72,811


Net (Earnings) Losses Attributable to Noncontrolling Interests from Discontinued Operations

(607)



2,274



(2,195)



1,946


Net Earnings Attributable to Jacobs from Discontinued Operations

$

435,077



$

36,886



$

436,642



$

128,161


Net Earnings Attributable to Jacobs

$

524,442



$

150,222



$

705,654



$

200,972


Net Earnings Per Share:








Basic Net Earnings from Continuing Operations Per Share

$

0.65



$

0.79



$

1.93



$

0.53


Basic Net Earnings from Discontinued Operations Per Share

$

3.18



$

0.26



$

3.14



$

0.94


Basic Earnings Per Share

$

3.83



$

1.05



$

5.07



$

1.47










Diluted Net Earnings from Continuing Operations Per Share

$

0.65



$

0.79



$

1.92



$

0.53


Diluted Net Earnings from Discontinued Operations Per Share

$

3.15



$

0.26



$

3.11



$

0.93


Diluted Earnings Per Share

$

3.80



$

1.05



$

5.02



$

1.46










?

Segment Information (in thousands):



For the Three Months Ended


For the Nine Months Ended

Unaudited

June?28, 2019


June?29, 2018


June?28, 2019


June?29, 2018

Revenues from External Customers:








Aerospace, Technology and Nuclear

$

1,156,488



$

1,021,523



$

3,251,024



$

2,656,303


Buildings, Infrastructure and Advanced Facilities

2,013,134



1,912,100



6,093,981



4,931,613


Pass Through Revenue

(533,935)



(583,423)



(1,840,572)



(1,603,930)


Buildings, Infrastructure and Advanced Facilities Net Revenue

$

1,479,199



$

1,328,677



$

4,253,409



$

3,327,683


Total Revenue

$

3,169,622



$

2,933,623



$

9,345,005



$

7,587,916


Net Revenue

$

2,635,687



$

2,350,200



$

7,504,433



$

5,983,986







For the Three Months Ended


For the Nine Months Ended


June?28, 2019


June?29, 2018


June?28, 2019


June?29, 2018

Segment Operating Profit:








Aerospace, Technology and Nuclear

$

76,306



$

69,085



$

222,289



$

182,609


Buildings, Infrastructure and Advanced Facilities

183,318



163,193



515,465



374,809


Total Segment Operating Profit

259,624



232,278



737,754



557,418


Other Corporate Expenses (1)

(64,525)



(34,802)



(185,674)



(131,163)


Restructuring and Other Charges

(92,407)



(30,544)



(233,579)



(122,744)


Transaction Costs

(12,738)



(4,420)



(12,738)



(76,915)


Total U.S. GAAP Operating Profit

89,954



162,512



305,763



226,596


Total Other (Expense) Income, net (2)

3,445



(15,879)



(8,344)



(38,016)


Earnings from Continuing Operations Before Taxes

$

93,399



$

146,633



$

297,419



$

188,580



(1) Other corporate expenses include costs that were previously allocated to the ECR segment prior to discontinued operations presentation in connection with the ECR sale in the approximate amounts of $2.0 million and $6.4 million for the three-month periods ended June?28, 2019 and June?29, 2018, respectively, and $14.8 million and $19.2 million for the nine-month periods ended June?28, 2019 and June?29, 2018, respectively. Other corporate expenses also include intangibles amortization of $18.4 million and $19.3 million for the three-month periods ended June?28, 2019 and June?29, 2018, respectively, and $55.7 million and $49.1 million for the nine-month periods ended June?28, 2019 and June?29, 2018, respectively.


(2)Includes gain on the settlement of the CH2M retiree medical plans of $0.0 million and $34.6 million, respectively, and the amortization of deferred financing fees related to the CH2M acquisition of $0.5 million and $1.5 million, respectively, for the three- and nine-month periods ended June?28, 2019, as well as amortization of deferred financing fees related to the CH2M acquisition of $0.5 million and $1.2 million, respectively, for the three- and nine-month periods ended June?29, 2018. Also includes revenues under the Company's TSA with WorleyParsons of $14.1 million, respectively, for the three- and nine-month periods ended June?28, 2019, for which the related costs are included in SG&A.

?

Other Operational Information (in thousands):


Unaudited

For the Nine Months Ended

Continuing Operations

June?28, 2019


June?29, 2018

Depreciation (pre-tax)

$

67,553



$

69,663


Amortization of Intangibles (pre-tax)

$

55,732



$

49,052


Pass-Through Costs Included in Revenues

$

1,840,572



$

1,603,930


Capital Expenditures

$

97,466



$

48,975


?

Balance Sheet (in thousands):


Unaudited

June?28, 2019


September 28, 2018

ASSETS




Current Assets:




Cash and cash equivalents

$

998,242



$

634,870


Receivables and contract assets

2,779,189



2,513,934


Prepaid expenses and other

695,810



171,096


Current assets held for sale

2,704



1,236,684


Total current assets

4,475,945



4,556,584


Property, Equipment and Improvements, net

305,266



257,859


Other Noncurrent Assets:




Goodwill

5,370,741



4,795,856


Intangibles, net

694,117



572,952


Miscellaneous

768,102



760,854


Noncurrent assets held for sale

27,091



1,701,690


Total other noncurrent assets

6,860,051



7,831,352



$

11,641,262



$

12,645,795


LIABILITIES AND STOCKHOLDERS' EQUITY




Current Liabilities:




Short-term debt

$

222,687



$

3,172


Accounts payable

884,992



776,189


Accrued liabilities

1,673,272



1,167,002


Contract liabilities

506,394



442,760


Current liabilities held for sale

2,103



756,570


Total current liabilities

3,289,448



3,145,693


Long-term Debt

1,025,198



2,144,167


Other Deferred Liabilities

1,218,499



1,260,977


Noncurrent Liabilities Held for Sale



150,604


Commitments and Contingencies




Stockholders' Equity:




Capital stock:




??????????????? Preferred stock, $1 par value, authorized - 1,000,000 shares; issued and outstanding - none




??????????????? Common stock, $1 par value, authorized - 240,000,000 shares; issued and outstanding—135,848,893 shares and 142,217,933 shares as of June 28, 2019 and September 28, 2018, respectively

135,849



142,218


Additional paid-in capital

2,634,177



2,708,839


Retained earnings

4,053,626



3,809,991


Accumulated other comprehensive loss

(763,589)



(806,703)


Total Jacobs stockholders' equity

6,060,063



5,854,345


Noncontrolling interests

48,054



90,009


Total Group stockholders' equity

6,108,117



5,944,354



$

11,641,262



$

12,645,795


?

Statement of Cash Flow (in thousands):



For the Three Months Ended


For the Nine Months Ended

Unaudited

June?28, 2019


June?29, 2018


June?28, 2019


June?29, 2018

Cash Flows from Operating Activities:








Net earnings attributable to the Group

$

531,064



$

150,071



$

723,427



$

204,565


Adjustments to reconcile net earnings to net cash flows provided by operations:








Depreciation and amortization:








Property, equipment and improvements

25,851



29,576



69,663



88,715


Intangible assets

18,383



22,447



56,346



58,495


(Gain) Loss on disposal of ECR business

(917,697)





(917,697)




(Gain) Loss on disposal of other businesses and investments

9,608



(444)



9,608



(444)


(Gain) Loss on investment in equity securities

(2,175)





(2,175)




Stock based compensation

18,425



14,939



47,341



61,821


Equity in earnings of operating ventures, net

(2,307)



(9,174)



(7,632)



(8,387)


(Gain) Losses on disposals of assets, net

(1,732)



6,138



1,998



10,055


Loss (Gain) on pension and retiree medical plan changes





(34,621)



3,819


Deferred income taxes

83,600



(14,173)



52,592



(7,374)


Changes in assets and liabilities, excluding the effects of businesses acquired:








Receivables and contract assets

(149,885)



(144,474)



(402,616)



(316,386)


Prepaid expenses and other current assets

(41,734)



7,981



5,999



5,620


Accounts payable

74,532



120,741



67,778



138,713


Accrued liabilities

(103,416)



28,708



(161,179)



8,083


Contract liabilities

361,881



1,096



419,762



34,695


?Other deferred liabilities

(80,707)



(3,587)



(129,468)



(21,007)


????? Other, net

11,228



4,901



(19,439)



7,967


????????? Net cash (used for) provided by operating activities

(165,081)



214,746



(220,313)



268,950


Cash Flows from Investing Activities:








Additions to property and equipment

(45,190)



(18,563)



(106,670)



(63,408)


Disposals of property and equipment and other assets

60





7,300



428


Distributions of capital from (contributions to) equity investees



15,310



(3,904)



7,614


Acquisitions of businesses, net of cash acquired

(575,110)



(3,729)



(575,110)



(1,488,546)


Disposals of investment in equity securities

64,708





64,708




Proceeds (payments) related to sales of businesses

2,796,734





2,796,734



3,403


Purchases of noncontrolling interests





(1,113)




?????????? Net cash provided by (used for) investing activities

2,241,202



(6,982)



2,181,945



(1,540,509)


Cash Flows from Financing Activities:








Net (payments) proceeds from borrowings

(1,895,959)



(159,814)



(1,200,388)



1,402,387


Debt issuance costs





(3,741)




Proceeds from issuances of common stock

20,198



6,952



46,143



33,588


Common stock repurchases

(36,183)



(31)



(524,618)



(2,982)


Taxes paid on vested restricted stock

(5,870)



(10,835)



(26,187)



(27,975)


Cash dividends, including to noncontrolling interests

(25,867)



(20,999)



(82,257)



(65,232)


Net cash provided by (used for) financing activities

(1,943,681)



(184,727)



(1,791,048)



1,339,786


Effect of Exchange Rate Changes

15,164



(34,082)



34,300



(18,008)


Net Increase (decrease) in Cash and Cash Equivalents

147,604



(11,045)



204,884



50,219


Cash and Cash Equivalents at the Beginning of the Period

850,638



835,415



793,358



774,151


Cash and Cash Equivalents at the End of the Period

998,242



824,370



998,242



824,370


Less Cash and Cash Equivalents included in Assets held for Sale



(161,666)





(161,666)


Cash and Cash Equivalents of Continuing Operations at the End of the Period

$

998,242



$

662,704



$

998,242



$

662,704


?

Backlog (in millions):



June?28, 2019


June?29, 2018

Aerospace, Technology and Nuclear

$

8,456



$

7,147


Buildings, Infrastructure and Advanced Facilities

14,011



12,693


??????????? Total

$

22,467



$

19,840


Non-GAAP Financial Measures:

In this press release, the Company has included certain non-GAAP financial measures as defined in Regulation G promulgated under the Securities Exchange Act of 1934, as amended. The non-GAAP financial measures included in this press release are net revenue, adjusted net earnings from continuing operations, adjusted EPS from continuing operations and adjusted EBITDA.

Adjusted net earnings from continuing operations and adjusted EPS from continuing operations are non-GAAP financial measures that are calculated by (i) excluding the costs related to the 2015 restructuring activities, which included involuntary terminations, the abandonment of certain leased offices, combining operational organizations and the co-location of employees into other existing offices; and charges associated with our Europe, U.K. and Middle East region, which included write-offs on contract accounts receivable and charges for statutory redundancy and severance costs (collectively, the "2015 Restructuring and other items"); (ii) excluding costs and other charges associated with restructuring activities implemented in connection with the CH2M acquisition, the ECR divestiture, the KeyW acquisition and other related cost reduction initiatives, which included involuntary terminations, costs associated with co-locating Jacobs and KeyW and CH2M offices, separating physical locations of ECR and continuing operations, costs and expenses of the Integration Management Office and Separation Management Office, including professional services and personnel costs, costs and charges associated with the divestiture of joint venture interests to resolve potential conflicts arising from the CH2M acquisition, expenses relating to certain commitments and contingencies relating to discontinued operations of the CH2M business, and similar costs and expenses (collectively referred to as the "Restructuring and other charges"); (iii) excluding transaction costs and other charges incurred in connection with closing of the KeyW and CH2M acquisitions and sale of the ECR business, including advisor fees, change in control payments, costs and expenses relating to the registration and listing of Jacobs stock issued in connection with the CH2M acquisition, and similar transaction costs and expenses (collectively referred to as "transaction costs"); (iv) excluding charges resulting from the revaluation of certain deferred tax assets/liabilities in connection with U.S. tax reform; (v) adding back depreciation and amortization relating to the ECR business of the Company that was ceased as a result of the application of held-for-sale accounting; (vi) adding back amortization of intangible assets; (vii) allocating to discontinued operations estimated stranded corporate costs that will be reimbursed or otherwise eliminated in connection with the sale of the ECR business; (viii) allocating to discontinued operations estimated interest expense relating to long-term debt that was paid down with the proceeds of the ECR sale; (ix) the reclassification of revenue under the Company's transition services agreement (TSA) included in other income for U.S. GAAP reporting purposes to SG&A and the exclusion of remaining unreimbursed costs associated with the TSA; (x) the exclusion of a one-time favorable adjustment in the fiscal 2019 period associated with a reduction of deferred income taxes for permanently reinvested earnings from non-U.S. subsidiaries in connection with the sale of the ECR business; and (xi) other income tax adjustments. Adjustments to derive adjusted net earnings from continuing operations and adjusted EPS from continuing operations are calculated on an after-tax basis. Adjusted EBITDA is calculated by adding depreciation expense to adjusted operating profit from continuing operations. Net revenue is calculated by excluding pass-through revenues of the BIAF line of business.? We believe that net revenue, adjusted net earnings from continuing operations, adjusted EPS from continuing operations and adjusted EBITDA are useful to management, investors and other users of our financial information in evaluating the Company's operating results and understanding the Company's operating trends by excluding or adding back the effects of the items described above, the inclusion or exclusion of which can obscure underlying trends. Additionally, management uses net revenue, adjusted net earnings from continuing operations, adjusted EPS from continuing operations and adjusted EBITDA in its own evaluation of the Company's performance, particularly when comparing performance to past periods, and believes these measures are useful for investors because they facilitate a comparison of our financial results from period to period.

The Company provides non-GAAP measures to supplement U.S. GAAP measures, as they provide additional insight into the Company's financial results. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation and are not in accordance with, or a substitute for, U.S. GAAP measures. In addition, other companies may define non-GAAP measures differently, which limits the ability of investors to compare non-GAAP measures of the Company to those used by our peer companies.

The following tables reconcile the components and values of U.S. GAAP revenue, net earnings from continuing operations, EPS from continuing operations to the corresponding "adjusted" amounts. For the comparable periods presented below, such adjustments consist of amounts incurred in connection with the items described above. Amounts are shown in thousands, except for per-share data (note: earnings per share amounts may not add across due to rounding). Reconciliation of the adjusted EPS and adjusted EBITDA outlook for the full fiscal year to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation.

U.S. GAAP Reconciliation for the third quarter of fiscal 2019 and 2018



Three Months Ended


June?28, 2019

Unaudited

U.S. GAAP


Effects of
Restructuring
and Other
Charges


Effects of
Transaction
Costs (1)


Other
Adjustments
(2)


Adjusted

Revenues

$

3,169,622



$



$



$



$

3,169,622


Pass through revenue







(533,935)



(533,935)


Net revenue

3,169,622







(533,935)



2,635,687


Direct cost of contracts

(2,543,488)



2,481





533,935



(2,007,072)


Gross profit

626,134



2,481







628,615


Selling, general and administrative expenses

(536,180)



89,926



12,738



37,714



(395,802)


Operating Profit

89,954



92,407



12,738



37,714



232,813


Total other (expense) income, net

3,445



831



515



(8,362)



(3,571)


Earnings from Continuing Operations Before Taxes

93,399



93,238



13,253



29,352



229,242


Income Tax Benefit (Expense) for Continuing Operations

1,981



(22,924)



(3,259)



(5,823)



(30,025)


Net Earnings of the Group from Continuing Operations

95,380



70,314



9,994



23,529



199,217


Net Earnings Attributable to Noncontrolling Interests from Continuing Operations

(6,015)









(6,015)


Net Earnings from Continuing Operations attributable to Jacobs

89,365



70,314



9,994



23,529



193,202


Net Earnings Attributable to Discontinued Operations

435,077



2,058



2,447



(7,823)



431,759


Net earnings attributable to Jacobs

$

524,442



$

72,372



$

12,441



$

15,706



$

624,961


Diluted Net Earnings from Continuing Operations Per Share

$

0.65



$

0.51



$

0.07



$

0.17



$

1.40


Diluted Net Earnings from Discontinued Operations Per Share

$

3.15



$

0.01



$

0.02



$

(0.06)



$

3.13


Diluted Earnings Per Share

$

3.80



$

0.52



$

0.09



$

0.11



$

4.53


Operating profit margin

2.84

%








8.83

%


(1) Includes after-tax CH2M transaction costs and adjustments of $0.4 million, after-tax transaction costs associated with the sale of our ECR line of business of $2.4 million and after-tax transaction costs associated with the acquisition of KeyW of $9.6 million.


(2) Includes (a) the removal of pass through revenues and costs for the BIAF line of business for the calculation of operating profit margin as a percentage of net revenue of $533.9 million, (b) the removal of amortization of intangible assets of $18.4 million, (c) the allocation to discontinued operations of estimated stranded corporate costs of $2.0 million for the month of April prior to the sale that will be reimbursed under the ECR transition services agreement (TSA) with Worley Parsons or otherwise eliminated from the ongoing operations in connection with the sale of the ECR business, (d) the allocation to discontinued operations of estimated interest expense for the month of April prior to the sale related to long-term debt that has been paid down as a result of the ECR sale of $5.8 million, (e) the add-back of depreciation relating to the ECR business that was ceased as a result of the application of held-for-sale accounting of $2.6 million, (f) the reclassification of revenues under the Company's TSA of $14.1 million included in other income for U.S. GAAP reporting purposes to SG&A and the exclusion of $3.2 million in remaining unreimbursed costs associated with this agreement, (g) other income tax adjustments of $1.5 million and (h) associated income tax expense adjustments for all the above pre-tax adjustment items.

?


Three Months Ended


June?29, 2018

Unaudited

U.S. GAAP


Effects of
Restructuring
and Other
Charges


Effects of
CH2M
Transaction
Costs


Other
?Adjustments
(1)


Adjusted

Revenues

$

2,933,623



$



$



$



$

2,933,623


Pass through revenue







(583,423)



(583,423)


Net revenue

2,933,623







(583,423)



2,350,200


Direct cost of contracts

(2,325,028)



2,576





583,423



(1,739,029)


Gross profit

608,595



2,576







611,171


Selling, general and administrative expenses

(446,083)



27,967



4,422



25,699



(387,995)


Operating Profit

162,512



30,543



4,422



25,699



223,176


Total other (expense) income, net

(15,879)



(466)



933



16,069



657


Earnings from Continuing Operations Before Taxes

146,633



30,077



5,355



41,768



223,833


Income Tax Benefit (Expense) for Continuing Operations

(31,174)



(7,433)



(1,483)



(3,478)



(43,568)


Net Earnings of the Group from Continuing Operations

115,459



22,644



3,872



38,290



180,265


Net Earnings Attributable to Noncontrolling Interests from Continuing Operations

(2,123)



(577)







(2,700)


Net Earnings from Continuing Operations attributable to Jacobs

113,336



22,067



3,872



38,290



177,565


Net Earnings Attributable to Discontinued Operations

36,886



12,683





(14,800)



34,769


Net earnings attributable to Jacobs

$

150,222



$

34,750



$

3,872



$

23,490



$

212,334


Diluted Net Earnings from Continuing Operations Per Share

$

0.79



$

0.15



$

0.03



$

0.27



$

1.24


Diluted Net Earnings from Discontinued Operations Per Share

$

0.26



$

0.09



$



$

(0.10)



$

0.24


Diluted Earnings Per Share

$

1.05



$

0.24



$

0.03



$

0.16



$

1.48


Operating profit margin

5.54

%








9.50

%


(1) Includes (a) the removal of pass through revenues and costs for the BIAF line of business for the calculation of operating profit margin as a percentage of net revenue of $583.4 million, (b) the removal of amortization of intangible assets of $22.4 million, (c) the allocation to discontinued operations of estimated stranded corporate costs of $6.4 million that would have been reimbursed under the ECR transition services agreement (TSA) with Worley Parsons or otherwise eliminated from the ongoing operations in connection with the sale of the ECR business, (d) estimated 2018 impacts of $19.2 million from overhead allocation realignments in connection with the Company's CH2M business in the first quarter of fiscal 2019 had those changes been put into effect in first quarter of fiscal 2018 (the net impact of which was zero for consolidated selling, general and administrative expenses), (e) the allocation to discontinued operations of estimated interest expense for the full period related to long-term debt that has been paid down as a result of the ECR sale of $16.1 million, (f) the add-back of charges resulting from the revaluation of certain deferred tax assets/liabilities in connection with U.S. tax reform of $5.3 million and (g) associated income tax expense adjustments for all the above pre-tax adjustment items.

?


Nine Months Ended


June?28, 2019

Unaudited

U.S. GAAP


Effects of
Restructuring
and Other
Charges


Effects of
Transaction
Costs (1)


Other
Adjustments
(2)


Adjusted

Revenues

$

9,345,005



$



$



$



$

9,345,005


Pass through revenue







(1,840,572)



(1,840,572)


Net revenue

9,345,005







(1,840,572)



7,504,433


Direct cost of contracts

(7,533,511)



1,969





1,840,572



(5,690,970)


Gross profit

1,811,494



1,969







1,813,463


Selling, general and administrative expenses

(1,505,731)



231,610



12,738



87,863



(1,173,520)


Operating Profit

305,763



233,579



12,738



87,863



639,943


Total other (expense) income, net

(8,344)



(28,460)



1,544



28,109



(7,151)


Earnings from Continuing Operations Before Taxes

297,419



205,119



14,282



115,972



632,792


Income Tax Expense for Continuing Operations

(12,829)



(44,443)



(3,509)



(53,782)



(114,563)


Net Earnings of the Group from Continuing Operations

284,590



160,676



10,773



62,190



518,229


Net (Earnings) Loss Attributable to Noncontrolling Interests from Continuing Operations

(15,578)









(15,578)


Net Earnings from Continuing Operations attributable to Jacobs

269,012



160,676



10,773



62,190



502,651


Net Earnings Attributable to Discontinued Operations

436,642



(587)



8,948



(55,622)



389,381


Net earnings attributable to Jacobs

$

705,654



$

160,089



$

19,721



$

6,568



$

892,032


Diluted Net Earnings from Continuing Operations Per Share

$

1.92



$

1.14



$

0.08



$

0.44



$

3.58


Diluted Net Earnings from Discontinued Operations Per Share

$

3.11



$



$

0.06



$

(0.40)



$

2.77


Diluted Earnings Per Share

$

5.02



$

1.14



$

0.14



$

0.05



$

6.35


Operating profit margin

3.27

%








8.53

%


(1) Includes after-tax CH2M transaction costs and adjustments of $1.2 million, after-tax transaction costs associated with the sale of our ECR line of business of $8.9 million and after-tax transaction costs associated with the acquisition of KeyW of $9.6 million.


(2) Includes (a) the removal of pass through revenues and costs for the BIAF line of business for the calculation of operating profit margin as a percentage of net revenue of $1.84 billion, (b) the removal of amortization of intangible assets of $55.7 million, (c) the allocation to discontinued operations of estimated stranded corporate costs of $14.8 million for the month of April prior to the sale that will be reimbursed under the ECR? transition services agreement (TSA) with Worley Parsons or otherwise eliminated from the ongoing operations in connection with the sale of the ECR business, (d) the allocation to discontinued operations of estimated interest expense for the month of April prior to the sale related to long-term debt that has been paid down as a result of the ECR sale of $42.3 million, (e) the exclusion of approximately $37.0 million in one-time favorable income tax adjustment from the second quarter associated with reduction of deferred income taxes for permanently reinvested earnings from non-U.S. subsidiaries in connection with the sale of the ECR business, (f) the add-back of charges resulting from the revaluation of certain deferred tax assets/liabilities in connection with U.S. tax reform from the first quarter of $11.0 million and other adjustments of $1.5 million,? (g) the add-back of depreciation relating to the ECR business that was ceased as a result of the application of held-for-sale accounting of $17.3 million, (h) the reclassification of revenues under the Company's TSA of $14.1 million included in other income for U.S. GAAP reporting purposes to SG&A and the exclusion of $3.2 million in remaining unreimbursed costs associated with this agreement and (i) associated income tax expense adjustments for all the above pre-tax adjustment items.

?


Nine Months Ended


June?29, 2018

Unaudited

U.S. GAAP


Effects of
Restructuring
and Other
Charges


Effects of
CH2M
Transaction
Costs


Other
Adjustments
(1)


Adjusted

Revenues

$

7,587,916



$



$



$



$

7,587,916


Pass through revenue







(1,603,930)



(1,603,930)


Net revenue

7,587,916







(1,603,930)



5,983,986


Direct cost of contracts

(6,035,598)



2,576





1,603,930



(4,429,092)


Gross profit

1,552,318



2,576







1,554,894


Selling, general and administrative expenses

(1,325,722)



120,168



76,915



68,252



(1,060,387)


Operating Profit

226,596



122,744



76,915



68,252



494,507


Total other (expense) income, net

(38,016)





1,189



33,205



(3,622)


Earnings from Continuing Operations Before Taxes

188,580



122,744



78,104



101,457



490,885


Income Tax Expense for Continuing Operations

(110,230)



(31,352)



(19,363)



51,210



(109,735)


Net Earnings of the Group from Continuing Operations

78,350



91,392



58,741



152,667



381,150


Net (Earnings) Loss Attributable to Noncontrolling Interests from Continuing Operations

(5,539)



(577)







(6,116)


Net Earnings from Continuing Operations attributable to Jacobs

72,811



90,815



58,741



152,667



375,034


Net Earnings Attributable to Discontinued Operations

128,161



9,794





(32,607)



105,348


Net earnings attributable to Jacobs

$

200,972



$

100,609



$

58,741



$

120,060



$

480,382


Diluted Net Earnings from Continuing Operations Per Share

$

0.53



$

0.66



$

0.43



$

1.11



$

2.72


Diluted Net Earnings from Discontinued Operations Per Share

$

0.93



$

0.07



$



$

(0.24)



$

0.76


Diluted Earnings Per Share

$

1.46



$

0.73



$

0.43



$

0.87



$

3.49


Operating profit margin

2.99

%








8.26

%


(1) Includes (a) the removal of pass through revenues and costs for the BIAF line of business for the calculation of operating profit margin as a percentage of net revenue of $1.60 billion; (b) the removal of amortization of intangible assets of $58.5 million, (c) the allocation to discontinued operations of estimated stranded corporate costs of $19.2 million that would have been reimbursed under the ECR? transition services agreement (TSA) with Worley Parsons or otherwise eliminated from the ongoing operations in connection with the sale of the ECR business, (d) estimated 2018 impacts of $51.2 million from overhead allocation realignments in connection with the Company's CH2M business in the first quarter of fiscal 2019 had those changes been put into effect in first quarter of fiscal 2018 (the net impact of which was zero for consolidated selling, general and administrative expenses), (e) the allocation to discontinued operations of estimated interest expense for the full period related to long-term debt that has been paid down as a result of the ECR sale of $33.2 million, (f) the add-back of charges resulting from the revaluation of certain deferred tax assets/liabilities in connection with U.S. tax reform of $74.7 million and (g) associated income tax expense adjustments for all the above pre-tax adjustment items.

?

Earnings Per Share:



Three Months Ended


Nine Months Ended

Unaudited

June?28, 2019


June?29, 2018


June?28, 2019


June?29, 2018

Numerator for Basic and Diluted EPS:








Net earnings (loss) attributable to Jacobs from continuing operations

$

89,365



$

113,336



$

269,012



$

72,811


Net earnings (loss) from continuing operations allocated to participating securities

(105)



(475)



(444)



(325)


Net earnings (loss) from continuing operations allocated to common stock for EPS calculation

$

89,260



$

112,861



$

268,568



$

72,486










Net earnings (loss) attributable to Jacobs from discontinued operations

$

435,077



$

36,886



436,642



128,161


Net earnings (loss) from discontinued operations allocated to participating securities

(513)



(155)



(720)



(573)


Net earnings (loss) from discontinued operations allocated to common stock for EPS calculation

$

434,564



$

36,731



$

435,922



$

127,588










Net earnings allocated to common stock for EPS calculation

$

523,824



$

149,592



$

704,490



$

200,074










Denominator for Basic and Diluted EPS:








Weighted average basic shares

136,772



142,612



139,263



136,717


Shares allocated to participating securities

(161)



(597)



(230)



(743)


Shares used for calculating basic EPS attributable to common stock

136,611



142,015



139,033



135,974










Effect of dilutive securities:








Stock compensation plans

1,212



1,014



1,206



1,028


Shares used for calculating diluted EPS attributable to common stock

137,823



143,029



140,239



137,002










Net Earnings Per Share:








Basic Net Earnings from Continuing Operations Per Share

$

0.65



$

0.79



$

1.93



$

0.53


Basic Net Earnings from Discontinued Operations Per Share

$

3.18



$

0.26



$

3.14



$

0.94


Basic EPS

$

3.83



$

1.05



$

5.07



$

1.47


Diluted Net Earnings from Continuing Operations Per Share

$

0.65



$

0.79



$

1.92



$

0.53


Diluted Net Earnings from Discontinued Operations Per Share

$

3.15



$

0.26



$

3.11



$

0.93


Diluted EPS

$

3.80



$

1.05



$

5.02



$

1.46


For additional information contact:

Investors:
Jonathan Doros, 214-583-8596
jonathan.doros@jacobs.com

Media:
Marietta Hannigan, 214-920-8035
marietta.hannigan@jacobs.com

Jacobs Logo (PRNewsfoto/Jacobs Engineering Group Inc.)

?

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SOURCE Jacobs

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