AECOM

Previous wording

In November 2023, the Board approved an increase in our stock repurchase authorization to $1.0 billion. At March 31, 2024, we have approximately $928.9 million remaining of the Board’s repurchase authorization. We intend to deploy future available cash towards dividends and stock repurchases consistent with our return driven capital allocation policy.

Current wording

In November 2023, the Board approved an increase in our stock repurchase authorization to $1.0 billion. At June 30, 2024, we have approximately $878.6 million remaining of the Board’s repurchase authorization. We intend to deploy future available cash towards dividends and stock repurchases consistent with our return driven capital allocation policy.

Previous wording

Consistent with our focus on our professional services business, we previously announced that we initiated a process to explore strategic options for the AECOM Capital business. Following the end of the second quarter of fiscal year 2024, we completed a transaction that transitioned the AECOM Capital team to a new platform. The team will continue to support AECOM Capital’s investment vehicles in a manner consistent with their current obligations.

Current wording

Consistent with our focus on our professional services business, we completed a transaction that transitioned the AECOM Capital team to a new platform in the third quarter of fiscal year 2024. The team will continue to support AECOM Capital’s investment vehicles in a manner consistent with their current obligations.

Previous wording

We expect to incur restructuring costs of approximately $50 million to $70 million in fiscal 2024, primarily related to ongoing actions that are expected to deliver continued efficiencies and margin improvement. Our estimated restructuring costs include the ongoing optimization of our office real estate portfolio and exit of certain countries in Southeast Asia, subject to applicable laws, as part of our ongoing plan to evaluate our geographic exposure and reduce our risk profile.

Current wording

We expect to incur restructuring costs of approximately $80 million to $100 million in fiscal 2024, primarily related to ongoing actions that are expected to deliver continued efficiencies and margin improvement. Our estimated restructuring costs include the ongoing optimization of our office real estate portfolio and exit of certain countries in Southeast Asia, subject to applicable laws, as part of our ongoing plan to evaluate our geographic exposure and reduce our risk profile.

Previous wording

In the course of providing our services, we routinely subcontract for services and incur other direct costs on behalf of our clients. These costs are passed through to clients and, in accordance with industry practice and GAAP, are included in our revenue and cost of revenue. Because these pass-through revenues can change significantly from project to project and period to period, changes in revenue may not be indicative of business trends. Pass-through revenues for the quarters ended March 31, 2024 and 2023 were $2.1 billion and $1.8 billion, respectively. Pass-through revenues for the six months ended March 31, 2024 and 2023 were $4.3 billion and $3.6 billion, respectively. Pass-through revenue as a percentage of revenue was 54% and 52% during the three months ended March 31, 2024 and 2023, respectively. Pass-through revenue as a percentage of revenue was 55% and 52% during the six months ended March 31, 2024 and 2023, respectively.

Current wording

In the course of providing our services, we routinely subcontract for services and incur other direct costs on behalf of our clients. These costs are passed through to clients and, in accordance with industry practice and GAAP, are included in our revenue and cost of revenue. Because these pass-through revenues can change significantly from project to project and period to period, changes in revenue may not be indicative of business trends. Pass-through revenues for the quarters ended June 30, 2024 and 2023 were $2.3 billion and $2.0 billion, respectively. Pass-through revenues for the nine months ended June 30, 2024 and 2023 were $6.6 billion and $5.6 billion, respectively. Pass-through revenue as a percentage of revenue was 56% and 54% during the three months ended June 30, 2024 and 2023, respectively. Pass-through revenue as a percentage of revenue was 55% and 53% during the nine months ended June 30, 2024 and 2023, respectively.

Previous wording

Our cost of revenue increased to $3,682.8 million for the three months ended March 31, 2024 compared to $3,262.0 million for the corresponding period last year, an increase of $420.8 million, or 12.9%.

Current wording

Our cost of revenue increased to $3,866.1 million for the three months ended June 30, 2024 compared to $3,413.5 million for the corresponding period last year, an increase of $452.6 million, or 13.3%.

Previous wording

Our cost of revenue increased to $7,338.7 million for the six months ended March 31, 2024 compared to $6,429.4 million in for the corresponding period last year, an increase of $909.3 million, or 14.1%.

Current wording

Our cost of revenue increased to $11,204.8 million for the nine months ended June 30, 2024 compared to $9,842.9 million in for the corresponding period last year, an increase of $1,361.9 million, or 13.8%.

Previous wording

Substantially all of the change in our cost of revenue for the three and six months ended March 31, 2024 occurred in our Americas and International reportable segments, which is discussed in more detail below.

Current wording

Substantially all of the change in our cost of revenue for the three and nine months ended June 30, 2024 occurred in our Americas and International reportable segments, which is discussed in more detail below.

Previous wording

Our gross profit for the three months ended March 31, 2024 increased $33.0 million, or 14.5%, to $261.1 million as compared to $228.1 million for the corresponding period last year. For the three months ended March 31, 2024, gross profit, as a percentage of revenue, increased to 6.6% from 6.5% in the corresponding period last year.

Current wording

Our gross profit for the three months ended June 30, 2024 increased $35.0 million, or 14.0%, to $285.1 million as compared to $250.1 million for the corresponding period last year. For the three months ended June 30, 2024, gross profit, as a percentage of revenue, increased to 6.9% from 6.8% in the corresponding period last year.

Previous wording

Our gross profit for the six months ended March 31, 2024 increased $62.0 million, or 14.0%, to $505.1 million as compared to $443.1 million for the corresponding period last year. For the six months ended March 31, 2024, gross profit, as a percentage of revenue, remained unchanged from 6.4% in the corresponding period last year.

Current wording

Our gross profit for the nine months ended June 30, 2024 increased $97.0 million, or 14.0%, to $790.2 million as compared to $693.2 million for the corresponding period last year. For the nine months ended June 30, 2024 and 2023, gross profit, as a percentage of revenue, remained unchanged at 6.6%.

Previous wording

Gross profit changes were due to the reasons noted in Americas and International reportable segments below.

Current wording

Gross profit changes were due to the reasons noted in our Americas and International reportable segments below.

Previous wording

Our equity in losses of joint ventures for the six months ended March 31, 2024 was $9.5 million as compared to equity in earnings of $17.3 million in the corresponding period last year. The increase in equity losses of joint ventures was primarily due to impairment losses recorded by our AECOM Capital segment in fiscal year 2024 as a result of continued volatility in the commercial real estate market caused by higher interest rates and lack of liquidity.

Current wording

Our equity in earnings of joint ventures for the three months ended June 30, 2024 was $7.7 million as compared to equity in losses of $303.5 million in the corresponding period last year. The increase in equity earnings was primarily due to impairment losses recorded in our AECOM Capital segment during the third quarter of fiscal 2023 that did not repeat in 2024.

Previous wording

Our general and administrative expenses for the three months ended March 31, 2024 increased $10.5 million, or 30.7%, to $44.7 million as compared to $34.2 million for the corresponding period last year. For the three months ended March 31, 2024, general and administrative expenses, as a percentage of revenue, was 1.1% as compared to 0.9% in the corresponding period last year.

Current wording

Our general and administrative expenses for the three months ended June 30, 2024 decreased $6.7 million, or 15.6%, to $36.2 million as compared to $42.9 million for the corresponding period last year. For the three months ended June 30, 2024, general and administrative expenses, as a percentage of revenue, was 0.9% as compared to 1.2% in the corresponding period last year.

Previous wording

Our general and administrative expenses for the six months ended March 31, 2024 increased $10.6 million, or 15.2%, to $80.4 million as compared to $69.8 million for the corresponding period last year. For the six months ended March 31, 2024, general and administrative expenses, as a percentage of revenue, remain unchanged at 1.0% from the corresponding period last year.

Current wording

Our general and administrative expenses for the nine months ended June 30, 2024 increased $3.9 million, or 3.5%, to $116.6 million as compared to $112.7 million for the corresponding period last year. For the nine months ended June 30, 2024, general and administrative expenses, as a percentage of revenue, was 1.0% as compared to 1.1% from the corresponding period last year.

Previous wording

The increase in general and administrative expenses for the three and six months ended March 31, 2024 compared to the comparable period in the prior year was primarily due to nonrecurring expenses in the AECOM Capital reportable segment.

Current wording

The decrease in general and administrative expenses for the three months ended June 30, 2024 compared to the comparable period in the prior year was primarily due to lower expenses in the AECOM Capital reportable segment.

Previous wording

Restructuring expenses are comprised of personnel costs, real estate costs, and costs associated with business exits. During the three and six months ended March 31, 2024, we incurred total restructuring expenses of $35.4 million and $51.6 million, respectively, primarily related to costs incurred to align our real estate portfolio with our employee flexibility initiatives, continue our exit of certain countries in Southeast Asia, drive support function efficiency, and reduce our risk profile. During the three and six months ended March 31, 2023, we incurred total restructuring expenses of $3.9 million and $41.4 million, respectively, primarily related to costs incurred in preparation for the exit of specific countries in Southeast Asia.

Current wording

Restructuring expenses are comprised of personnel costs, real estate costs, and costs associated with business exits. During the three and nine months ended June 30, 2024, we incurred total restructuring expenses of $29.1 million and $80.7 million, respectively, primarily related to costs incurred to align our real estate portfolio with our employee flexibility initiatives, continue our exit of certain countries in Southeast Asia, drive support function efficiency, and reduce our risk profile. During the three and nine months ended June 30, 2023, we incurred total restructuring expenses of $9.1 million and $50.5 million, respectively, primarily related to costs incurred in preparation for the exit of specific countries in Southeast Asia.

Previous wording

Our other income for the three months ended March 31, 2024 increased to $2.6 million from $2.5 million for the corresponding period last year.

Current wording

Our other income for the three months ended June 30, 2024 decreased to $1.0 million from $1.7 million for the corresponding period last year.

Previous wording

Our other income for the six months ended March 31, 2024 increased to $5.2 million from $4.6 million for the corresponding period last year.

Current wording

Our other income for the nine months ended June 30, 2024 decreased to $6.2 million from $6.3 million for the corresponding period last year.

Previous wording

The increases in interest income for the three and six months ended March 31, 2024 were primarily due to an increase in interest rates on our interest-bearing assets.

Current wording

The increases in interest income for the three and nine months ended June 30, 2024 were primarily due to an increase in interest rates on our interest-bearing assets.

Previous wording

The increases in interest expense for the three and six months ended March 31, 2024 were primarily due to an increase in interest rates on the variable component of our debt.

Current wording

The increases in interest expense for the three and nine months ended June 30, 2024 were primarily due to an increase in interest rates on the variable component of our debt as well as $5.8 million in financing charges recorded in the three months ended June 30, 2024 related to the New Credit Facilities, defined below.

Previous wording

Our income tax expense for the three months ended March 31, 2024 was $45.4 million as compared to $41.1 million in the corresponding period last year. The increase in tax expense for the current period compared to the corresponding period last year was due primarily to an increase in tax expense of $4.4 million related to foreign residual income, an increase in tax expense of $2.0 million related to state income taxes, and an increase in tax benefit of $1.4 million related to income tax credits and incentives.

Current wording

Our income tax expense for the three months ended June 30, 2024 was $46.1 million as compared to a tax benefit of $20.0 million in the corresponding period last year. The increase in tax expense for the current period compared to the corresponding period last year was due primarily to a tax benefit recorded in the third quarter of fiscal 2023 of $65.0 million related to the AECOM Capital impairment charge.

Previous wording

Our income tax expense for the six months ended March 31, 2024 was $72.0 million as compared to $66.9 million in the corresponding period last year. The increase in tax expense for the current period compared to the corresponding period last year was due primarily to the tax impact of an increase in pre-tax income of $17.0 million, a tax benefit of $6.9 million related to an audit settlement, an increase in tax expense of $7.2 million related to foreign residual income, an increase in tax benefit of $5.8 million related to income tax credits and incentives, an increase in tax expense of $3.3 million related to state income taxes, and an increase in tax expense of $2.9 million related to excess tax benefits.

Current wording

Our income tax expense for the nine months ended June 30, 2024 was $118.1 million as compared to $46.9 million in the corresponding period last year. The increase in tax expense for the current period compared to the corresponding period last year was due primarily to a tax benefit recorded in the third quarter of fiscal 2023 of $65.0 million related to the AECOM Capital impairment charge, an increase in tax benefit of $10.4 million related to income tax credits and incentives, an increase in tax expense of $7.5 million related to foreign residual income, a tax benefit of $6.9 million related to an audit settlement, and an increase in tax expense of $3.6 million related to foreign tax rate differential.

Previous wording

The increase in net loss from discontinued operations was primarily due to revisions of estimated contingent consideration related to the sale of our civil infrastructure construction business.

Current wording

Net loss from discontinued operations was $105.0 million for the nine months ended June 30, 2024 and was $49.8 million for the nine months ended June 30, 2023, an increase of $55.2 million. The increase in net loss from discontinued operations was primarily due to revisions of estimated contingent consideration related to the sale of our civil infrastructure construction business.

Previous wording

The factors described above resulted in net income attributable to AECOM of $1.0 million and $95.4 million for the three and six months ended March 31, 2024 as compared to net income attributable to AECOM of $76.7 million and $164.6 million for the three and six months ended March 31, 2023.

Current wording

The factors described above resulted in net income attributable to AECOM of $134.3 million and $229.7 million for the three and nine months ended June 30, 2024 as compared to net (loss) income attributable to AECOM of $(134.7) million and $29.9 million for the three and nine months ended June 30, 2023.

Previous wording

Revenue for our Americas segment for the three months ended March 31, 2024 increased $408.4 million, or 15.5%, to $3,038.6 million as compared to $2,630.2 million for the corresponding period last year. The increase in revenue for the three months ended March 31, 2024 was driven by organic growth and an increase in pass-through revenues of $310.8 million due to a higher proportion of contracts requiring us to subcontract work on behalf of our clients and revenue from increased project activity in the Americas, including growth in our Water end market of $21.8 million, growth in our Transportation end market of $75.8 million, and growth in our Environment end market of $51.4 million compared to the corresponding period last year, which have benefited from the end market trends discussed in the consolidated revenue section above.

Current wording

Revenue for our Americas segment for the three months ended June 30, 2024 increased $417.4 million, or 14.8%, to $3,246.9 million as compared to $2,829.5 million for the corresponding period last year. The increase in revenue for the three months ended June 30, 2024 was driven by organic growth and an increase in pass-through revenues of $336.1 million due to a higher proportion of contracts requiring us to subcontract work on behalf of our clients and revenue from growth in the Americas, including growth in our Transportation end market of $64.1 million, or 12.6%, and growth in our Water and Environment end markets of $33.4 million, or 6.7%, compared to the corresponding period last year, which have benefited from the end market trends discussed in the consolidated revenue section above.

Previous wording

Revenue for our Americas segment for the six months ended March 31, 2024 increased $867.8 million, or 16.7%, to $6,077.3 million as compared to $5,209.5 million for the corresponding period last year. The increase in revenue for the six months ended March 31, 2024 was driven by organic growth and an increase in pass-through revenues of $716.2 million due to a higher proportion of contracts requiring us to subcontract work on behalf of our clients and revenue from increased project activity in the Americas, including growth in our Water end market of $57.5 million, growth in our Transportation end market of $124.5 million, and growth in our Environment end market of $62.7 million compared to the corresponding period last year, which have benefited from the end market trends discussed in the consolidated revenue section above.

Current wording

Revenue for our Americas segment for the nine months ended June 30, 2024 increased $1,285.2 million, or 16.0%, to $9,324.2 million as compared to $8,039.0 million for the corresponding period last year. The increase in revenue for the nine months ended June 30, 2024 was driven by organic growth and an increase in pass-through revenues of $1,052.4 million due to a higher proportion of contracts requiring us to subcontract work on behalf of our clients and revenue from increased project activity in the Americas, including growth in our Water and Environment end markets of $154.9 million, or 10.9%, and growth in our Transportation end market of $189.0 million, or 12.9%, compared to the corresponding period last year, which have benefited from the end market trends discussed in the consolidated revenue section above.

Previous wording

The increases in cost of revenue for the three and six months ended March 31, 2024 were consistent with the increases in revenue. The increases in cost of revenue for the three and six months ended March 31, 2024 were due to an increase in subcontractor and other direct costs of $310.8 million and $716.2 million, respectively, due to a higher proportion of contracts requiring us to subcontract work on behalf of our clients, with the balance of the increases due to higher labor costs compared to the same periods in the prior year.

Current wording

The increases in cost of revenue for the three and nine months ended June 30, 2024 were consistent with the increases in revenue. The increases in cost of revenue for the three and nine months ended June 30, 2024 were due to an increase in subcontractor and other direct costs of $336.1 million and $1,052.4 million, respectively, due to a higher proportion of contracts requiring us to subcontract work on behalf of our clients, with the balance of the increases due to higher labor costs compared to the same periods in the prior year.

Previous wording

Gross profit for our Americas segment for the six months ended March 31, 2024 increased $19.2 million, or 5.7%, to $355.4 million as compared to $336.2 million for the corresponding period last year. As a percentage of revenue, gross profit decreased to 5.8% of revenue for the six months ended March 31, 2024 from 6.5% in the corresponding period last year.

Current wording

Gross profit for our Americas segment for the three months ended June 30, 2024 increased $21.0 million, or 11.5%, to $203.9 million as compared to $182.9 million for the corresponding period last year. As a percentage of revenue, gross profit decreased to 6.3% of revenue for the three months ended June 30, 2024 from 6.5% in the corresponding period last year.

Previous wording

The increases in gross profit for the three and six months ended March 31, 2024 were primarily due to revenue growth and execution efficiencies realized from restructuring actions. In addition, underlying revenue, excluding pass-through revenues, increased as noted above. The decrease in gross profit as a percentage of revenue was due to an increase in pass-through revenues for the three and six months ended March 31, 2024 as compared to last year.

Current wording

The increases in gross profit for the three and nine months ended June 30, 2024 were primarily due to revenue growth and execution efficiencies realized from restructuring actions. In addition, underlying revenue, excluding pass-through revenues, increased as noted above. The decrease in gross profit as a percentage of revenue was due to an increase in pass-through revenues for the three and nine months ended June 30, 2024 as compared to last year.

Previous wording

Revenue for our International segment for the six months ended March 31, 2024 increased $103.2 million, or 6.2%, to $1,765.8 million as compared to $1,662.6 million for the corresponding period last year. The increase in revenue for the six months ended March 31, 2024 was primarily due to increased growth in Europe of $61.8 million and Middle East of $43.1 million compared to the corresponding period last year. Growth was led by our Transportation, Facilities, and Environment end markets, which increased $19.7 million, $49.7 million, and $21.1 million, respectively, compared to the corresponding period last year, which have benefited from the end market trends discussed in the consolidated revenue section above.

Current wording

Revenue for our International segment for the nine months ended June 30, 2024 increased $173.1 million, or 6.9%, to $2,670.0 million as compared to $2,496.9 million for the corresponding period last year. The increase in revenue for the nine months ended June 30, 2024 was primarily due to increased growth in Europe of $86.7 million and the Middle East of $74.0 million compared to the corresponding period last year. Growth was led by our Facilities, Water and Environment, and Transportation end markets, which increased $87.2 million, or 9.0%, $41.7 million, or 8.0%, and $33.9 million, or 3.7%, respectively, compared to the corresponding period last year, which have benefited from the end market trends discussed in the consolidated revenue section above.

Previous wording

Cost of revenue for the three months ended March 31, 2024 increased $23.5 million, or 2.9%, to $828.6 million as compared to $805.1 million for the corresponding period last year. The increase in cost of revenue for the three months ended March 31, 2024 was due to an increase in labor expenses of $21.3 million. Headcount growth in other regions was offset by a 40% headcount decrease in Mainland China compared with the corresponding period last year.

Current wording

Cost of revenue for the nine months ended June 30, 2024 increased $116.9 million, or 5.0%, to $2,439.9 million as compared to $2,323.0 million for the corresponding period last year. The increase in cost of revenue for the nine months ended June 30, 2024 was due to an increase in labor expenses of $87.9 million.

Previous wording

Cost of revenue for the three and six months ended March 31, 2024 decreased as a percentage of revenue compared to the same periods in the prior year.

Current wording

Cost of revenue for the three and nine months ended June 30, 2024 decreased as a percentage of revenue compared to the same periods in the prior year.

Previous wording

The increases in gross profit and gross profit as a percentage of revenue for the three and six months ended March 31, 2024 were primarily due to an increase in revenue and reduced costs resulting from ongoing exiting of lower margin countries, ongoing investments in enterprise capability centers, shared service centers, and delivery efficiencies.

Current wording

The increases in gross profit and gross profit as a percentage of revenue for the three and nine months ended June 30, 2024 were primarily due to an increase in revenue and reduced costs resulting from ongoing exiting of lower margin countries, ongoing investments in enterprise capability centers, shared service centers, and delivery efficiencies.

Previous wording

Equity in earnings of joint ventures for the three months ended March 31, 2024 increased $12.5 million, or 446.4%, to $9.7 million compared to a loss of $2.8 million for the corresponding period last year. The increase in equity earnings was primarily due to a favorable close out of an investment. Equity in earnings of joint ventures for the six months ended March 31, 2024 decreased $30.0 million, or 1,071.4%, to a loss of $27.2 million compared to earnings of $2.8 million for the corresponding period last year. The change in equity of earnings in joint ventures for the six months ended March 31, 2024 was primarily due to impairment losses recognized in the first quarter of fiscal 2024. The increases of $6.8 million and $6.5 million in general and administrative expenses for the three and six months ended March 31, 2024, respectively, compared to the corresponding period last year was due to nonrecurring expenses related to the transition of the AECOM Capital team and realization of strategic options around the AECOM Capital business.

Current wording

Equity in earnings of joint ventures for the three months ended June 30, 2024 increased $307.9 million, or 100.2%, to $0.7 million compared to a loss of $307.2 million for the corresponding period last year. The increase in equity in earnings of joint ventures was primarily due to an impairment loss recorded in fiscal year 2023 that did not repeat. Equity in losses of joint ventures for the nine months ended June 30, 2024 decreased $277.9 million, or 91.3%, to a loss of $26.5 million compared to a loss of $304.4 million for the corresponding period last year. The change in equity in earnings of joint ventures for the nine months ended June 30, 2024 was primarily due to impairment losses recognized in the fiscal 2023 that did not repeat to the same extent in fiscal 2024. The decrease of $3.4 million in general and administrative expenses for the three months ended June 30, 2024 compared to the corresponding period last year was due to lower continuing expenses related to the transition of the AECOM Capital team. The increase of $3.1 million in general and administrative expenses for the nine months ended June 30, 2024 compared to the corresponding period last year was due to nonrecurring expenses related to the transition and realization of strategic options around the AECOM Capital business.

Previous wording

At March 31, 2024, cash and cash equivalents, including cash and cash equivalents included in current assets held for sale, were $1,189.1 million, a decrease of $73.1 million, or 5.8%, from $1,262.2 million at September 30, 2023. The decrease in cash and cash equivalents was primarily attributable to $113.1 million of cash used to repurchase common stock, of which $90.8 million was related to repurchases under the existing Board repurchase authorization.

Current wording

At June 30, 2024, cash and cash equivalents, including cash and cash equivalents included in current assets held for sale, were $1,648.2 million, an increase of $386.0 million, or 30.6%, from $1,262.2 million at September 30, 2023. The increase in cash and cash equivalents was primarily attributable to $320.1 million in net cash proceeds pursuant to Amendment No. 14 of the Credit Agreement.

Previous wording

Net cash provided by operating activities was $237.4 million for the six months ended March 31, 2024 as compared to $131.5 million for the six months ended March 31, 2023. The change was primarily attributable to an increase in cash provided by working capital of approximately $81.2 million and an increase in adjustments for non-cash items of approximately $81.3 million, offset by a decrease in net income of approximately $56.6 million. The sale of trade receivables to financial institutions included in operating cash flows increased $49.2 million during the six months ended March 31, 2024 compared to the six months ended March 31, 2023. We expect to continue to sell trade receivables in the future as long as the terms continue to remain favorable to us.

Current wording

Net cash provided by operating activities was $528.7 million for the nine months ended June 30, 2024 as compared to $410.8 million for the nine months ended June 30, 2023. The change was primarily attributable to an increase in cash provided by working capital of approximately $146.7 million and an increase in net income of approximately $217.2 million, offset by a decrease in adjustments for non-cash items of approximately $246.0 million. The sale of trade receivables to financial institutions included in operating cash flows increased $39.0 million during the nine months ended June 30, 2024 compared to the nine months ended June 30, 2023. We expect to continue to sell trade receivables in the future as long as the terms continue to remain favorable to us.

Previous wording

Net cash used in investing activities was $121.9 million for the six months ended March 31, 2024, as compared to $83.6 million for the six months ended March 31, 2023. The change was primarily attributable to an increase in cash payments for capital expenditures of approximately $7.9 million and cash paid for a business acquisition, net of cash acquired of $18.7 million.

Current wording

Net cash used in investing activities was $185.9 million for the nine months ended June 30, 2024, as compared to $106.5 million for the nine months ended June 30, 2023. The change was primarily attributable to an increase in cash payments for capital expenditures of approximately $12.0 million, cash paid for a business acquisition, net of cash acquired of $18.7 million, and $27.1 million cash funded pursuant to the revolving credit facility with the counterparty to our sale of the civil infrastructure construction business.

Previous wording

Net cash used in financing activities was $188.4 million for the six months ended March 31, 2024 as compared to $147.4 million for the six months ended March 31, 2023. The change from prior year was primarily attributable to a $15.8 million increase in stock repurchases under our stock repurchase program and a $9.2 million increase in dividends paid. Total borrowings under our Credit Agreement may vary during the period as we regularly draw and repay amounts to fund working capital.

Current wording

Net cash provided by financing activities was $44.4 million for the nine months ended June 30, 2024 as compared to $204.0 million net cash used by financing activities for the nine months ended June 30, 2023. The change from prior year was primarily attributable to a $15.8 million increase in stock repurchases under our stock repurchase program, a $14.1 million increase in dividends paid, offset by $320.1 million in net cash proceeds pursuant to Amendment No. 14 of the Credit Agreement. Total borrowings under our Credit Agreement may vary during the period as we regularly draw and repay amounts to fund working capital.

Previous wording

Working capital, or current assets less current liabilities, increased $42.5 million, or 13.3%, to $361.7 million at March 31, 2024 from $319.2 million at September 30, 2023. Net accounts receivable and contract assets, net of contract liabilities, increased to $3,185.3 million at March 31, 2024 from $2,880.8 million at September 30, 2023.

Current wording

Working capital, or current assets less current liabilities, increased $509.8 million, or 159.7%, to $829.0 million at June 30, 2024 from $319.2 million at September 30, 2023. Net accounts receivable and contract assets, net of contract liabilities, increased to $3,283.3 million at June 30, 2024 from $2,880.8 million at September 30, 2023.

Previous wording

Days Sales Outstanding (DSO), which includes net accounts receivable and contract assets, net of contract liabilities, was 71 days at March 31, 2024 compared to 65 days at September 30, 2023.

Current wording

Days Sales Outstanding (DSO), which includes net accounts receivable and contract assets, net of contract liabilities, was 69 days at June 30, 2024 compared to 65 days at September 30, 2023.

Previous wording

Borrowings under (a) the New Revolving Credit Facility (in U.S. dollars) and the New Term A Facility will bear interest at a rate per annum equal to, at our option, (i) a Term SOFR rate (with a 0% floor and SOFR adjustment of 0.10%) or (ii) a base rate (with a 0% floor), in each case, plus an applicable margin of 1.25% in the case of the Term SOFR rate and 0.25% in the case of the base rate, and (b) the New Revolving Credit Facility in currencies other U.S. dollars will bear interest at a rate per annum equal to the applicable reference rate for such currency (including any related adjustments), plus an applicable margin of 1.25%. The applicable margin is subject, in each case, to adjustment based on our consolidated leverage ratio from time to time.

Current wording

Borrowings under (a) the New Revolving Credit Facility (in U.S. dollars) and the New Term A Facility bear interest at a rate per annum equal to, at our option, (i) a Term SOFR rate (with a 0% floor and SOFR adjustment of 0.10%) or (ii) a base rate (with a 0% floor), in each case, plus an applicable margin of 1.225% in the case of the Term SOFR rate and 0.25% in the case of the base rate, and (b) the New Revolving Credit Facility in currencies other than U.S. dollars bear interest at a rate per annum equal to the applicable reference rate for such currency (including any related adjustments), plus an applicable margin of 1.225%. The applicable margin is subject, in each case, to adjustment based on our consolidated leverage ratio from time to time.