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Burke, cc'd to Board, signed by Peter A. Feld (Managing Member, Starboard). Addressed the day after AECOM announced intent to spin off its Management Services segment — Starboard frames the spin as a positive first step but argues for broader action (outright MS sale, CS divestiture, Jacobs-style DCS operational overhaul). Tone is analytical and nominally constructive ('actively engage in a constructive manner') but clearly challenging. Quotes management's own language ('transformational combination', 'was better positioned to win and execute projects', 'expected to begin impacting results in Fiscal 2017') to highlight broken promises without naming Burke as the villain. Jacobs Engineering is the central playbook analogue. Letter format with 9 embedded institutional-style charts (margin decay, consensus misses, TSR underperformance, peer EBITDA gap bars, Jacobs 190bps arrow, implied SOTP multiple).", "kpisCited": [ { "detail": "approximately 4.0% of outstanding", "metric": "Starboard ownership of AECOM common stock" }, { "detail": "~$7.7bn, 92% of pre-MS-spin enterprise value", "metric": "Cumulative acquisition spend through URS" }, { "detail": "$5.1bn in October 2014", "metric": "URS acquisition price" }, { "detail": "raised from $250M to $325M, 'expected to begin impacting results in Fiscal 2017'", "metric": "URS synergy target" }, { "detail": "6.3% (2015) → 5.9% (2018) → 6.3% LTM Mar '19 — flat", "metric": "DCS operating income margin" }, { "detail": "12.4% (2015) → 6.5% (2018) — nearly halved", "metric": "MS operating income margin" }, { "detail": "FY16 (14%), FY17 (15%), FY18 (13%)", "metric": "Consensus Adjusted EBITDA miss" }, { "detail": "(57%)", "metric": "TSR underperformance vs S&P 500 since URS acquisition" }, { "detail": "(80%)", "metric": "TSR underperformance vs Design-Oriented E&C peers since URS acquisition" }, { "detail": "7% vs peer range 4%-18%", "metric": "AECOM MS segment EBITDA margin vs federal contractor peers" }, { "detail": "5.4% vs 8.5% peer average — 310bps gap", "metric": "AECOM DCS EBITDA margin gap to peers" }, { "detail": "~30bps decline FY15-FY18 on $8.2bn revenue; ~$25M FY18 loss", "metric": "CS segment adjusted operating margin decline" }, { "detail": "190bps, with ~$260M annual net cost savings", "metric": "Jacobs margin expansion post-reorganization" }, { "detail": "JEC +83% vs ACM +17% vs S&P +49%", "metric": "Jacobs TSR since August 2015 vs AECOM vs S&P 500" }, { "detail": "$225M gross / $140M net of 'leakage and reinvestments' by FY21 — ~70bps of costs", "metric": "Company G&A Reduction Plan" }, { "detail": "7.5x EBITDA vs 12.8x peer average (5.3x discount)", "metric": "Implied valuation multiple for pro forma DCS+MS" }, { "detail": "$1.0bn at 6.0x EBITDA", "metric": "Assumed CS sale proceeds" } ], "closingAsk": "Engage urgently with Starboard and the Board to pursue deeper operational change and a broader strategic review beyond the announced MS spin-off.", "extraction": { "at": "2026-04-22 15:24:49+00", "model": "unknown-legacy", "runId": null, "seconds": 114.756935, "promptVersion": null }, "scqaReward": "Pro forma DCS+MS trades at 7.5x EBITDA versus a 12.8x design-oriented and federal-contractor peer multiple — a 5.3-turn discount Starboard believes is fully closable through execution.", "thesisTypes": [ "operational_turnaround", "breakup_spinoff", "undervaluation", "multiple_rerating" ], "top3Reasons": [ "Since URS acquisition, AECOM shares underperformed S&P 500 by 57% and peers by 80%", "DCS runs 5.4% EBITDA margin vs 8.5% peer average — a 310bps self-inflicted gap", "Jacobs Engineering's 190bps margin expansion offers a proven turnaround template for AECOM" ], "scqaSituation": "AECOM operates three market-leading franchises — Design & Consulting (DCS), Management Services (MS), and Construction Services (CS) — built through roughly $7.7bn of acquisitions, most notably the $5.1bn URS deal in 2014.", "thesisSummary": "Starboard, owning ~4.0% of AECOM, argues the company's three franchises — Design & Consulting, Management Services, and Construction Services — are market-leading but deeply undervalued because a decade of roll-up acquisitions, capped by the $5.1bn URS deal, was never operationally integrated. Margins have stagnated or halved since FY2015, AECOM has missed consensus EBITDA three years running, and the stock has underperformed the S&P 500 by 57% and design-oriented E&C peers by 80% since URS closed. Starboard points to Jacobs Engineering's 190bps margin expansion as a template and urges management to pursue deeper G&A cuts, an outright sale rather than spin of MS, and a divestiture of CS. At current prices the pro forma DCS+MS business implies 7.5x EBITDA versus a 12.8x peer multiple, a 5.3-turn discount the letter argues is fully closable.", "primaryDemands": [ "Pursue Jacobs-style operational reorganization across DCS to close 310bps peer margin gap", "Evaluate outright sale of MS instead of spin-off to capture certainty of value", "Sell the CS segment to eliminate valuation overhang and simplify the portfolio", "Go beyond the $140M net G&A Reduction Plan with deeper structural organizational changes", "Conduct a comprehensive strategic review of the portfolio with an open mind" ], "scqaResolution": "Run a Jacobs-style operational overhaul on DCS, pursue an outright sale (not spin) of MS, divest CS at ~6x EBITDA, and go well beyond the announced $140M net G&A plan.", "thesisOneLiner": "AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.", "precedentsCited": [ "Jacobs Engineering operational turnaround under Steven Demetriou (since August 2015)", "AECOM's URS acquisition (October 2014) as a failed integration benchmark" ], "scqaComplication": "Those acquisitions were never integrated: DCS margins are flat, MS margins have halved, the company has missed consensus EBITDA three years running, and shares have underperformed peers by 80% since URS closed.", "narrativeInterest": 4, "notableSlidePages": [ 3, 4, 6, 7, 9 ], "peerCompaniesCited": [ "Jacobs Engineering (JEC)", "WSP Global (WSP)", "Tetra Tech (TTEK)", "Stantec (STN)", "Vectrus (VEC)", "Parsons (PSN)", "Fluor (FS)", "ManTech (MANT)", "CACI", "KeyW (KEYW)", "Booz Allen Hamilton (BAH)", "Leidos (LDOS)", "General Dynamics IT (GD IT)", "ManTech / MMS", "Perspecta (PRSP)", "SAIC" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This is a formal activist investor letter.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/pfuxnUoJ1uzUqSnsOeUCw-2PLpT3ZQUPHVVfJ6v2IK8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mZjBlMzNmNjkxYzYvcDAwMS5qcGc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 5, "textChars": 595, "nDataPoints": 1, "notes": "This is a formal activist investor letter.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:05:56.096+00", "seconds": 3.001, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-f8722a61aad1/1", "deck": "/decks/019dd923-622b-71dc-a6d9-f8722a61aad1", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-f8722a61aad1#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6d9-f8722a61aad1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.3, "x": 0.35, "y": 0.05 }, "kind": "image", "text": "Starboard Value", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:56.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cd76eab-e89e-4aa5-9406-e9b3d187ca94", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.62 }, "kind": "list", "text": "DCS: Engineering and planning. 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CS: Building and civil construction.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:56.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d75cb02-ce83-4fe8-b988-8696c0f6602a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.45 }, "kind": "paragraph", "text": "Starboard is an investment management firm that seeks to invest in deeply undervalued public companies where there is an opportunity to unlock value for all stakeholders.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:56.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13255adc-9b0a-4069-a0aa-358f8063c72b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.85 }, "kind": "paragraph", "text": "We believe that AECOM’s market leading franchises are deeply undervalued and that significant opportunities exist within the control of management and the Board of Directors to unlock value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:56.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21a60073-a21c-4dd4-b5e2-6cad71a23f4b", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "paragraph", "text": "June 20, 2019. Michael S. Burke, Chairman and CEO, AECOM. 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This is potentially a positive development. 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The synergy target was subsequently raised to $325 million... However, the reality is that the Company's performance has not met management's or investors' expectations. 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A comparison of DCS with its peers illustrates the extent of the margin opportunity. 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"canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:02.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86ebaf78-82fc-43df-a9b0-0f65e207a912", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.48 }, "kind": "paragraph", "text": "We believe there is no structural reason for the Company to operate at such a significant margin disparity with its peers especially given the advantages of larger scale over most of its competitors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": 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null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:03.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f15f9c5a-218b-456c-a5e9-922db28a7a47", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.82, "x": 0.09, "y": 0.57 }, "kind": "paragraph", "text": "As shown in the chart below, over this time frame, Jacobs materially outperformed AECOM and the broader market as shareholders began to appreciate the magnitude of the opportunity to improve 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While growing organically in line with the market, Jacobs delivered annual net cost savings of approximately $260 million. Adjusted EBITDA margins increased by approximately 190 basis points and are projected to continue to expand.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:03.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "765d891f-10ea-4575-9dee-f2e1f5093551", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.82, "x": 0.09, "y": 0.06 }, "kind": "paragraph", "text": "profitability hurdles. Hard cost savings were achieved by eliminating or downsizing 33% of the office locations and reducing over 8% of the total employee base.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:03.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1c70038-492d-4dcc-ae6d-f6d054cd36c6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.82, "x": 0.09, "y": 0.91 }, "kind": "source-note", "text": "Source: CapitalIQ. (1) Total returns since August 2015 include dividends; performance measured as of June 14, 2019 (closing price before announcement of MS spin-out). Steven Demetriou started as CEO of Jacobs Engineering on August 17, 2015.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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In an environment where peers have been expanding margins and are projected to continue to do so, we believe the advertised $225 million improvement in profitability across DCS and MS should be the starting point for the Company, and ultimately we believe the opportunity is likely to be much greater.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:09.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "342f0a9c-4c11-4063-b87e-f7c3d1ff866e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.1, "y": 0.16 }, "kind": "paragraph", "text": "As shown below, assuming CS is separated for after-tax proceeds of $1.0 billion or 6x EBITDA – a valuation in line with peer multiples – and the Company is conservatively able to achieve $225 million in profitability improvements across DCS and MS, current market prices would imply the pro forma DCS and MS businesses are valued at 7.5x EBITDA, an approximately 5.3x discount to their peer set.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:09.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6871dc11-50d1-4fd5-a8e4-b5aaea563515", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.54 }, "kind": "source-note", "text": "Source: Wall Street consensus estimates, Company filings, Starboard estimates.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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