Capital Markets Overview & Strategic Monetization Transactions
Q3 2023 Financial Results Excluding Legacy Projects,
Property Sales and Business Dispositions
$ Millions
Three Months Ended
September 30
Twelve Months Ended
September 30
2023
2022
Change+
2023
2022
Revenue
1,240
1,321
6%
4,781
4,518
Change+
6%
Legacy Projects
(176)
(199)
(785)
(754)
ATE Results Pre-Sale
(126)
(150)
(296)
Pro Forma Revenue
1,064
995
7%
3,845
3,468
A
11%
Operating Profit
Legacy Projects Loss / (Profit)
Property Dispositions (Gain on Sale)
ATE Results Pre-Sale Loss/ (Profit)
ATE Disposition Loss / (Gain on Sale)^
Skyport Minority Sale (Gain on Sale)
Pro Forma Operating Profit
Adjusted EBITDAⓇ
Adjusted EBITDA Margin %*
Legacy Projects Loss / (Profit)
ATE Results Pre-Sale Loss / (Profit)
Pro Forma Adjusted EBITDA
Pro Forma Adjusted EBITDA Margin %*
140.1
61.0
▲ 130%
242.0
87.2
▲ 178%
91.1
30.2
234.2
105.2
(43.4)
(10.2)
1.5
5.5
(36.5)
(6.4)
(139.0)
(139.0)
93.7
81.0
16%
262.8
186.0
41%
32.0
92.6
65%
140.8
213.0
34%
2.6%
7.0%
440 bps
2.9%
4.7%
180 bps
91.1
30.2
234.2
105.2
(14.8)
(3.8)
(22.9)
123.1
108.0
14%
371.2
295.4
26%
11.6%
10.9%
▲ 70 bps
9.7%
8.5%
120 bps
* 100% sale of Aecon Transportation East Business ("ATE") to Green Infrastructure Partners Inc. ("GIP"), which closed in Q2 2023 (May 1, 2023).
* CC&L Infrastructure acquired a 49.9% interest in the concessionaire, which closed in Q3 2023 (September 20, 2023). Aecon Concessions retains the management contract for the airport and joint control of Skyport with a 50.1% retained interest.
+bps basis point
ACCON
This is a non-GAAP financial measure. Refer to page 2 in this presentation.
*This is a non-GAAP financial ratio. Refer to page 2 in this presentation.
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