Slide 1: Jacobs Fiscal 2024 Fourth Quarter & Full Year Results
Jacobs Fiscal 2024 Fourth Quarter & Full Year Results November 19, 2024
Slide 2: Forward-Looking Statement Disclaimer
DISCLAIMER Forward-Looking Statement Disclaimer Certain statements contained in this presentation constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to a
Slide 3: Today's agenda
Today’s agenda Overview Separation transaction update Performance overview Recent notable project wins Financial review Q4 and Fiscal 2024 results Q4 FY 2024 end market and segment review Balance sheet and cash flow Outlook & Summary Q&A 3 ©Jacobs 2024
Slide 4: Separation transaction closed in September
Separation transaction closed in September ▪ Critical Mission Solutions and parts of Divergent Solutions, including Cyber & Intelligence, merged with Amentum through a Reverse Morris Save the date Trust transaction, which closed on September 27, 2024. Jacobs Investor Day ▪ Jacobs received approximat
Slide 5: Q4 and FY 2024 Results from Continuing Operations
Q4 and FY 2024 Results from Continuing Operations Q4 FY 2024 Results FY 2024 Results ▪ GAAP revenue of $3.0B (+4.4% y/y) and ▪ GAAP revenue of $11.5B (+6.0% y/y) and 1 1 adjusted net revenue of $2.1B (+4.3% y/y) adjusted net revenue of $8.3B (+5.1% y/y) ▪ GAAP net income of $309M (+333.1% y/y) and ▪
Slide 6: Delivering sustainable solutions
Delivering sustainable solutions Donald C. Tillman Advanced CG Semiconductor Assembly UK Carbon Capture, Usage and King Salman International Water Equalization Basins and Test Facility Storage Airport Los Angeles, Calif., United States Sanand, Gujrat, India United Kingdom Riyadh, Saudi Arabia Servic
Slide 7: Q4 FY 2024 Results
1 Q4 FY 2024 Results 1 1 Adj. Net Revenue Adj. EBITDA 1 1 Adj. EPS Backlog $1.37 $21.8B $2.1B $289M $2.0B $257M $1.07 $17.8B Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 +4.3% y/y +12.5% y/y +28.0% y/y +22.5% y/y 1 See Use of Non-GAAP financial measures and operating metrics at th
Slide 8: FY 2024 Results
1 FY 2024 Results 1 Adj. Net Revenue 1 Adj. EBITDA 1 1 Adj. EPS Backlog $5.28 $21.8B $8.3B $1,059M $XX $7.9B $972M $4.56 $17.8B $XX 2023 2024 2023 2024 2023 2024 2023 2024 +5.1% y/y +8.9% y/y +15.8% y/y +22.5% y/y 1 See Use of Non-GAAP financial measures and operating metrics at the end of this pres
Slide 9: Q4 Infrastructure and Advanced Facilities end market performance
Q4 Infrastructure and Advanced Facilities end market performance Life Sciences and 2 Water and Environmental Advanced Manufacturing Critical Infrastructure End Market Exposure Strong performance across Q4 growth impacted by EV Solid NA results partially Gross Revenue the end market with good custome
Slide 10: Segment financials
Segment financials $’s in millions for fiscal quarters Q4 2023 Q4 2024 Y/Y Y/Y CC Infrastructure and Advanced Facilities Adj. Operating Profit 195 219 12.0% 12.4% as a % of adj. net revenue 11.2% 12.0% 75 bps 87 bps PA Consulting Operating Profit 59 62 3.8% (0.5)% as a % of revenue 20.6% 21.3% 69 bp
Slide 11: Balance sheet and cash flow
Balance sheet and cash flow Strong cash flow generation from continuing operations Q4 FY 2024 leverage metrics FY24 cash flow from operations (CFFO) FIXED DEBT % OF TOTAL $826M 65% 63% 63% 58% FY24 free cash flow (FCF¹) $718M Balance sheet strength affords prudent capital deployment Q1’24 Q2’24 Q3’2
Slide 12: FY 2025 Financial Targets
FY 2025 Financial Targets Fiscal Year 2025 Assumptions Adjusted Net Revenue % Growth mid-to-high single digits y/y FULLY DILUTED AVERAGE SHARE COUNT: ~125M NET INTEREST EXPENSE: $90-105M Adjusted EBITDA Margin 13.8-14.0% DEPRECIATION: $93-99M Adjusted EPS $5.80-$6.20 FY ADJUSTED EFFECTIVE TAX RATE:
Slide 13: Appendix
_ Appendix
Slide 14: Simplified Jacobs Structure — Post Separation
Simplified Jacobs Structure — Post Separation Jacobs As Reported Infrastructure & Advanced Facilities PA Consulting Results End Market Revenue Performance Water and Life Sciences and Critical Infrastructure Environmental Advanced (Transportation, Cities & Places, Energy, and National Security Manufa
Slide 15: Debt and interest overview
Debt and interest overview Debt Breakdown Fixed vs Floating Debt Trend As of September 27, 2024 Tranche Balance Last Year Rate This Year Rate USD Revolver $65M 6.7% 6.6% USD Term Loans $— 6.7% —% GBP Term Loans $859M 6.5% 6.3% $37.2 $36.2 $36.6 $35.8 $35.5 $36.1 Total Floating $924M 6.5% 6.3% $33.1
Slide 16: Selected financial data
Selected financial data Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY $’s in millions (unaudited) 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 Infrastructure and Advanced Facilities Backlog 17,423 17,731 17,649 17,526 17,526 18,031 18,130 19,489 21,472 21,472 Revenue 2,267 2,376 2,505 2,546 9,693 2,504 2,553 2
Slide 17: Environmental, Social & Governance (ESG) at Jacobs
Environmental, Social & Governance (ESG) at Jacobs In support of the United Nations Sustainable Development Goals, Jacobs is focused on creating positive social and economic impact while protecting our environment and improving resilience. – Since 2019 we have voluntarily reported on a wide range of
Slide 18: Use of Non-GAAP financial measures and operating metrics
Use of Non-GAAP financial measures and operating metrics In this presentation, the Company has included certain non-GAAP financial measures as defined in Regulation G promulgated under the Securities Exchange Act of 1934, as amended. These non-GAAP measures are described below. As a result of the Se
Slide 19: Use of Non-GAAP financial measures and operating metrics (cont.)
Use of Non-GAAP financial measures and operating metrics (cont.) We eliminate the impact of “Restructuring, integration, separation and other charges” because we do not consider these to be indicative of ongoing operating performance. Actions taken by the Company to enhance efficiencies are subject
Slide 20: Reconciliation of Earnings from Continuing Operations Before Taxes
Reconciliation of Earnings from Continuing Operations Before Taxes to Adjusted Earnings from Continuing Operations Before Taxes (in thousands) Three Months Ended For the Years Ended September 27, September 29, September September 2024 2023 27, 2024 29, 2023 Earnings from Continuing Operations Before
Slide 21: Reconciliation of Operating Profit to Adjusted Operating Profit
Reconciliation of Operating Profit to Adjusted Operating Profit (in thousands) Twelve Months Twelve Months Three Months Ended Ended Three Months Ended Ended December 30, March 31, June 30, September 29, September 29, December 29, March 29, June 28, September 27, September 27, 2022 2023 2023 2023 202
Slide 22: Reconciliation of Net Earnings to Adjusted Net Earnings
Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted Net Earnings Attributable to Jacobs from Continuing Operations (in thousands): Three Months Ended For the Years Ended September 27, September 29, September 27, September 29, 2024 2023 2024 2023 Net Earnings
Slide 23: Reconciliation of Diluted EPS from Continuing Operations
Reconciliation of Diluted Net Earnings from Continuing Operations Per Share to Adjusted Diluted Net Earnings from Continuing Operations Per Share: Three Months Ended For the Years Ended September 27, September 29, September 27, September 29, 2024 2023 2024 2023 Diluted Net Earnings from Continuing O
Slide 24: Reconciliation of Diluted EPS from Discontinued Operations
Reconciliation of Diluted Net Earnings from Discontinued Operations Per Share to Adjusted Diluted Net Earnings from Discontinued Operations Per Share Three Months Ended For the Years Ended September 27, September 29, September 27, September 29, 2024 2023 2024 2023 Diluted Net Earnings from Discontin
Slide 25: Reconciliation of Net Earnings to Adjusted EBITDA
Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) Three Months Ended For the Years Ended September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Net Earnings Attributable to Jacobs from Continuing Operations $ 309,2
Slide 26: Reconciliation of Noncontrolling Interests
Reconciliation of Noncontrolling Interests from Continuing Operations to Adjusted Noncontrolling Interests from Continuing Operations (in thousands) Three Months Ended Twelve Months Ended September 27, September 29, September 27, September 29, 2024 2023 2024 2023 Noncontrolling Interests from Contin
Slide 27: Reconciliation of Miscellaneous Expense
Reconciliation of Miscellaneous Expense from Continuing Operations to Adjusted Miscellaneous Expense from Continuing Operations (in thousands) Three Months Ended For the Years Ended September 27, September 29, September 27, September 29, 2024 2023 2024 2023 Miscellaneous Expense from Continuing Oper
Slide 28: Reconciliation of Free Cash Flow from Continuing Operations
Reconciliation of Free Cash Flow from Continuing Operations (in thousands) Three Months Ended For the Years Ended September 27, September 29, September 27, September 29, 2024 2023 2024 2023 Net cash provided by operating activities 255,880 128,748 825,728 689,544 Additions to property and equipment
Slide 29: Reconciliation of GAAP Revenue to Adjusted Net Revenue
Reconciliation of GAAP Revenue to Adjusted Net Revenue (in thousands) Three Months Ended September 27, September 29, 2024 2023 Critical Infrastructure Revenue $ 1,131,364 $ 1,111,435 Pass Through Revenue (225,455) (213,411) Adjusted Net Revenue $ 905,909 $ 898,024 Water and Environmental Revenue $ 8
Slide 30: Reconciliation of Constant Currency Adjusted Net Revenue
Reconciliation of Jacobs Constant Currency Adjusted Net Revenue $’s in millions Net Revenue impact of Constant Currency Jacobs Infrastructure and Advanced PA Consulting Facilities Q4'24 Adj. Net Revenue 2,119 1,829 289 Currency Impact (18) (10) (8) Adj. Net Revenue in Constant Currency 2,101 1,820 2
Slide 31: Reconciliation of Constant Currency Adjusted Operating Profit
Reconciliation of Jacobs Constant Currency Adjusted Operating Profit $’s in millions Adj. OP impact of Constant Currency Jacobs Infrastructure and Advanced PA Consulting Facilities Q4'24 Adj. Operating Profit 280 219 62 Currency Impact (2) 1 (3) Adj. Operating Profit in Constant Currency 279 220 59
Slide 32: Reconciliation of Operating Profit to Adjusted Earnings Per Share
Reconciliation of Operating Profit to Adjusted Earnings Per Share (in thousands) Three Months Ended Twelve Months Ended September 27, September 29, September 27, September 29, 2024 2023 2024 2023 Operating Profit $ 196,205 $ 168,358 $ 692,436 $ 676,484 Restructuring, Transaction and Other Charges 43
Slide 33: Challenging today. Jacobs
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