AECOM Technology Corporation (NYSE: ACM) reported third-quarter revenue
of $2.1 billion, and revenue, net of other direct costs1, of
$1.2 billion. Operating income of $112 million and reported net income2
of $71 million were up 8.8 percent and 1.9 percent, respectively.
Diluted earnings per share of $0.70 were up 11.1 percent.
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Third Quarter
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Year to Date
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YOY %
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Q3 YTD
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Q3 YTD
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YOY %
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($ in millions, except EPS)
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Q3 FY12
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Q3 FY13
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Change
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FY12
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FY13
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Change
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Gross Revenue
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2,095
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2,067
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(1)
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6,135
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6,074
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(1)
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Net Service Revenue1 |
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1,323
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1,236
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(7)
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3,844
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3,733
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(3)
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Operating Income
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103
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112
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9
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253
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254
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1
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Net Income2 |
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69
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71
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2
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166
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163
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(2)
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Earnings per Share2 |
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0.63
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0.70
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11
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1.47
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1.58
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7
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Operating Cash Flow
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202
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96
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(52)
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207
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248
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20
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Free Cash Flow3 |
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186
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84
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(55)
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159
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211
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33
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*All comparisons are year over year unless noted otherwise.
“We continued to execute well against our long-term objectives,
including the extension of our competitive advantage through our global
footprint and portfolio of offerings, which are aligned well with our
clients’ evolving needs as well as industry trends,” said John M.
Dionisio, AECOM chairman and chief executive officer. “In a challenging
growth environment, we booked $1.9 billion in new wins, which
contributed to our $16.8 billion in backlog. We also saw on-going
strength in emerging markets — such as Asia, Africa and the Middle East.
Despite our strong execution this quarter, further deterioration in our
mining business in Australia, and slower conversion of backlog in the
Americas, is negatively impacting our topline growth. As a result, we
are lowering our full-year fiscal 2013 earnings per share guidance range
to $2.30 to $2.40.”
“Year to date, we generated $211 million in free cash flow and invested
$312 million to repurchase our shares,” said Michael S. Burke, AECOM
president. “This puts us well ahead of our target to return at least 50
percent of our free cash flow to shareholders in fiscal 2013 and 2014,
and we are on track to deliver our five-year cumulative free cash flow
objective of between $1.3 and $1.8 billion.”
New Wins and Backlog
New wins of $1.9 billion were driven by strength in the company’s
construction services business as well as in emerging geographies such
as Africa and the Middle East. The company’s book-to-burn ratio4
was 0.9 for the quarter, maintaining total backlog at June 30, 2013, of
$16.8 billion. These metrics demonstrate the underlying strength of
AECOM’s business as clients increasingly turn to the company for its
integrated service platform and global expertise.
Tax Rate
The company’s third-quarter effective tax rate of 29.9 percent,
inclusive of non-controlling interest deduction, includes tax expense
related to a restructuring that resulted in the return of $148 million
of foreign cash. The company now expects its full-year effective tax
rate to be 28 percent.
Cash Flow
Cash flow from operations for the quarter was $96 million. Free cash
flow, which includes capital expenditures of $12 million, totaled $84
million. Days sales outstanding (DSOs) improved by 3 days to 89 in the
quarter. The company reconfirmed that it is well positioned to meet its
fiscal 2013 target of generating free cash flow equal to or in excess of
its net income.
Balance Sheet
As of June 30, 2013, AECOM had $508 million of total cash and cash
equivalents, $1.1 billion of debt and $1.05 billion in committed bank
facilities with $906.5 million in unused capacity.
Business Segments
In addition to providing consolidated financial results, AECOM reports
separate financial information for its two segments: Professional
Technical Services (PTS) and Management Support Services (MSS).
Professional Technical Services
The PTS segment delivers planning, consulting, architecture and
engineering design, as well as program and construction management
services to institutional, commercial and public sector clients
worldwide.
Revenue of $1.8 billion was flat, and revenue, net of other direct
costs, declined 5.4 percent to $1.1 billion as declines in Australia and
the Americas were only partially offset by growth in Asia. Despite the
decline in revenue, net of other costs, operating profit increased by
one percent aided by improved costs and efficiencies.
Management Support Services
The MSS segment provides program and facilities management and
maintenance, training, logistics, consulting, technical assistance and
systems integration services, primarily for agencies of the U.S.
government.
Revenue declined 11.4 percent to $220 million, and revenue, net of other
direct costs, declined 15.6 percent to $134 million. The decline in
revenue and revenue, net of other directs costs, was primarily due to
the closeout of certain low-margin projects, which advanced the
company’s diversification strategy in the segment and helped to drive a
nearly threefold increase in operating income to $15 million.
Fiscal 2013 Outlook
AECOM’s target EPS range for fiscal 2013 is now $2.30 to $2.40. EPS
guidance is based on a full-year diluted share count of 102 million
shares, which reflects the impact of shares repurchased through the end
of the third fiscal quarter. The company now expects its full-year
effective tax rate to be 28 percent.
Five-Year Free Cash Flow Target
AECOM reaffirms its five-year free cash flow target of $1.3 billion to
$1.8 billion.
AECOM is hosting a conference call today at 11 a.m. EDT, during which
management will make a brief presentation focusing on the company's
results, strategies and operating trends. Interested parties can listen
to the conference call and view accompanying slides via webcast at www.aecom.com.
The webcast will be available for replay following the call.
1AECOM’s revenue includes a significant amount of
pass-through costs and, therefore, the company believes that revenue,
net of other direct costs (net service revenue), which is a non-GAAP
measure, also provides a meaningful perspective on its business results.
See the accompanying reconciliation of revenue, net of other direct
costs, to revenue, the closest comparable GAAP measure.
2Attributable to AECOM.
3Free cash flow is defined as cash flow from operations less
capital expenditures and is a non-GAAP measure. See the accompanying
reconciliation of free cash flow from operations, to cash flow from
operations, the closest comparable GAAP measure.
4Book-to-burn ratio is defined as the amount of gross revenue
wins divided by gross revenue recognized during the period.
About AECOM
AECOM is a global provider of professional technical and management
support services to a broad range of markets, including transportation,
facilities, environmental, energy, water and government. With
approximately 45,000 employees around the world, AECOM is a leader in
all of the key markets that it serves. AECOM provides a blend of global
reach, local knowledge, innovation and technical excellence in
delivering solutions that create, enhance and sustain the world's built,
natural, and social environments. A Fortune 500 company, AECOM
serves clients in more than 140 countries and had revenue of
$8.2 billion during the 12 months ended June 30, 2013. More information
on AECOM and its services can be found at www.aecom.com.
Forward-Looking Statements: All statements in this press release other
than statements of historical fact are “forward-looking statements” for
purposes of federal and state securities laws, including any projections
of earnings, revenue, profit margins, cash flows, share count or other
financial items; any statements of the plans, strategies and objectives
for future operations; and any statements regarding future economic
conditions or performance. Although we believe that the expectations
reflected in our forward-looking statements are reasonable, actual
results could differ materially from those projected or assumed in any
of our forward-looking statements.
Important factors that could cause our actual results, performance and
achievements, or industry results to differ materially from estimates or
projections contained in forward-looking statements include:
uncertainties related to global economic conditions and funding, audits,
modifications and termination of long-term government contracts; losses
under fixed-price contracts; limited control over operations run through
our joint venture entities; misconduct by our employees or consultants
or our failure to comply with laws or regulations; failure to
successfully execute our merger and acquisition strategy; the failure to
retain and recruit key technical and management personnel; and
unexpected adjustments and cancellations related to our backlog.
Additional factors that could cause actual results to differ materially
from our forward-looking statements are set forth in our reports filed
with the Securities and Exchange Commission. We do not intend, and
undertake no obligation, to update any forward-looking statement.
This press release contains financial information calculated other than
in accordance with U.S. generally accepted accounting principles
(“GAAP”). In particular, the company believes that non-GAAP financial
measures such as revenue, net of other direct costs, and free cash flow
also provide a meaningful perspective on its business results as the
company utilizes this information to evaluate and manage the business.
This non-GAAP disclosure has limitations as an analytical tool, should
not be viewed as a substitute for financial information determined in
accordance with GAAP, and should not be considered in isolation or as a
substitute for analysis of the company’s results as reported under GAAP,
nor is it necessarily comparable to non-GAAP performance measures that
may be presented by other companies.
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AECOM Technology Corporation
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Consolidated Statements of Income
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(unaudited - in thousands, except per share data)
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Three Months Ended
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Nine Months Ended
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June 30,
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June 30,
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%
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June 30,
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June 30,
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%
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2012
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2013
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Change
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2012
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2013
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Change
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Revenue
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$
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2,095,138
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$
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2,067,490
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(1.3
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)%
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$
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6,135,269
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$
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6,074,408
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(1.0
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)%
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Other direct costs
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771,736
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831,491
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7.7
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%
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2,291,518
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2,341,552
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2.2
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%
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|
Revenue, net of other direct costs (non-GAAP)
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1,323,402
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1,235,999
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(6.6
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)%
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|
3,843,751
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|
3,732,856
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(2.9
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)%
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Cost of revenue, net of other direct costs
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|
1,212,164
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|
1,104,185
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(8.9
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)%
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|
3,566,050
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3,423,081
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(4.0
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)%
|
|
Gross profit
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|
111,238
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|
131,814
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18.5
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%
|
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|
277,701
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|
309,775
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11.5
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%
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Equity in earnings of joint ventures
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12,281
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|
4,094
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(66.7
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)%
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|
|
38,141
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|
17,855
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(53.2
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)%
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General and administrative expenses
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|
(20,682
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)
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|
(24,010
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)
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|
16.1
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%
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|
(63,150
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)
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|
(73,365
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)
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16.2
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%
|
|
Income from operations
|
|
102,837
|
|
|
111,898
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|
|
8.8
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%
|
|
|
252,692
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|
|
254,265
|
|
|
0.6
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%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Other income
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|
1,519
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|
|
1,215
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|
|
(20.0
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)%
|
|
|
8,640
|
|
|
2,042
|
|
|
(76.4
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)%
|
|
Interest expense
|
|
(13,178
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)
|
|
(11,719
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)
|
|
(11.1
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)%
|
|
|
(35,727
|
)
|
|
(34,495
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)
|
|
(3.4
|
)%
|
|
Income before income tax expense
|
|
91,178
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|
|
101,394
|
|
|
11.2
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%
|
|
|
225,605
|
|
|
221,812
|
|
|
(1.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
21,323
|
|
|
30,179
|
|
|
41.5
|
%
|
|
|
57,670
|
|
|
56,843
|
|
|
(1.4
|
)%
|
|
Net income
|
|
69,855
|
|
|
71,215
|
|
|
1.9
|
%
|
|
|
167,935
|
|
|
164,969
|
|
|
(1.8
|
)%
|
|
Noncontrolling interests in income of consolidated subsidiaries, net
of tax
|
|
(442
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)
|
|
(460
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)
|
|
4.1
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%
|
|
|
(1,597
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)
|
|
(2,294
|
)
|
|
43.6
|
%
|
|
Net income attributable to AECOM
|
|
$
|
69,413
|
|
|
$
|
70,755
|
|
|
1.9
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%
|
|
|
$
|
166,338
|
|
|
$
|
162,675
|
|
|
(2.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to AECOM per share:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.63
|
|
|
$
|
0.71
|
|
|
12.7
|
%
|
|
|
$
|
1.48
|
|
|
$
|
1.60
|
|
|
8.1
|
%
|
|
Diluted
|
|
$
|
0.63
|
|
|
$
|
0.70
|
|
|
11.1
|
%
|
|
|
$
|
1.47
|
|
|
$
|
1.58
|
|
|
7.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
110,221
|
|
|
99,257
|
|
|
(9.9
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)%
|
|
|
112,513
|
|
|
101,482
|
|
|
(9.8
|
)%
|
|
Diluted
|
|
110,819
|
|
|
100,761
|
|
|
(9.1
|
)%
|
|
|
113,233
|
|
|
102,706
|
|
|
(9.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AECOM Technology Corporation
|
|
|
Balance Sheet and Cash Flow Information
|
|
|
(unaudited - in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2013
|
|
|
|
|
|
|
|
|
Balance Sheet Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents
|
|
$
|
593,776
|
|
|
$
|
507,591
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
2,395,881
|
|
|
|
2,341,146
|
|
|
|
|
|
|
|
|
Working capital
|
|
|
1,068,891
|
|
|
|
1,108,128
|
|
|
|
|
|
|
|
|
Working capital, net of cash and cash equivalents
|
|
|
475,115
|
|
|
|
600,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
1,069,732
|
|
|
|
1,148,719
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
5,664,568
|
|
|
|
5,539,368
|
|
|
|
|
|
|
|
|
Total AECOM stockholders’ equity
|
|
|
2,169,464
|
|
|
|
1,985,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Nine months ended
|
|
|
|
|
June 30, 2012
|
|
|
June 30, 2013
|
|
|
June 30, 2012
|
|
|
June 30, 2013
|
|
|
Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
201,965
|
|
|
$
|
96,117
|
|
|
$
|
206,963
|
|
|
$
|
248,451
|
|
|
Capital expenditures
|
|
|
(15,600
|
)
|
|
|
(12,435
|
)
|
|
|
(47,805
|
)
|
|
|
(37,067
|
)
|
|
Free cash flow
|
|
$
|
186,365
|
|
|
$
|
83,682
|
|
|
$
|
159,158
|
|
|
$
|
211,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AECOM Technology Corporation
|
|
|
Reportable Segments
|
|
|
(unaudited - $ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional
|
|
|
Management
|
|
|
|
|
|
|
|
|
|
|
|
Technical
|
|
|
Support
|
|
|
|
|
|
|
|
|
Reportable Segments:
|
|
|
Services
|
|
|
Services
|
|
|
Corporate
|
|
|
Total
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
1,847,089
|
|
|
$
|
220,401
|
|
|
|
$
|
—
|
|
|
$
|
2,067,490
|
|
|
Other direct costs
|
|
|
745,057
|
|
|
86,434
|
|
|
|
—
|
|
|
831,491
|
|
|
Revenue, net of other direct costs (non-GAAP)
|
|
|
1,102,032
|
|
|
133,967
|
|
|
|
—
|
|
|
1,235,999
|
|
|
Cost of revenue, net of other direct costs
|
|
|
982,208
|
|
|
121,977
|
|
|
|
—
|
|
|
1,104,185
|
|
|
Gross profit
|
|
|
119,824
|
|
|
11,990
|
|
|
|
—
|
|
|
131,814
|
|
|
Equity in earnings of joint ventures
|
|
|
993
|
|
|
3,101
|
|
|
|
—
|
|
|
4,094
|
|
|
General and administrative expenses
|
|
|
--
|
|
|
--
|
|
|
|
(24,010
|
)
|
|
(24,010
|
)
|
|
Income from operations
|
|
|
$
|
120,817
|
|
|
$
|
15,091
|
|
|
|
$
|
(24,010
|
)
|
|
$
|
111,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue
|
|
|
6.5
|
%
|
|
5.4
|
|
%
|
|
—
|
|
|
6.4
|
%
|
|
Gross profit as a % of revenue, net of other direct costs (non-GAAP)
|
|
|
10.9
|
%
|
|
8.9
|
|
%
|
|
—
|
|
|
10.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
1,846,487
|
|
|
$
|
248,651
|
|
|
|
$
|
—
|
|
|
$
|
2,095,138
|
|
|
Other direct costs
|
|
|
681,894
|
|
|
89,842
|
|
|
|
—
|
|
|
771,736
|
|
|
Revenue, net of other direct costs (non-GAAP)
|
|
|
1,164,593
|
|
|
158,809
|
|
|
|
—
|
|
|
1,323,402
|
|
|
Cost of revenue, net of other direct costs
|
|
|
1,050,438
|
|
|
161,726
|
|
|
|
—
|
|
|
1,212,164
|
|
|
Gross profit
|
|
|
114,155
|
|
|
(2,917
|
|
)
|
|
—
|
|
|
111,238
|
|
|
Equity in earnings of joint ventures
|
|
|
5,499
|
|
|
6,782
|
|
|
|
—
|
|
|
12,281
|
|
|
General and administrative expenses
|
|
|
--
|
|
|
--
|
|
|
|
(20,682
|
)
|
|
(20,682
|
)
|
|
Income from operations
|
|
|
$
|
119,654
|
|
|
$
|
3,865
|
|
|
|
$
|
(20,682
|
)
|
|
$
|
102,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue
|
|
|
6.2
|
%
|
|
(1.2
|
)
|
%
|
|
—
|
|
|
5.3
|
%
|
|
Gross profit as a % of revenue, net of other direct costs (non-GAAP)
|
|
|
9.8
|
%
|
|
(1.8
|
)
|
%
|
|
—
|
|
|
8.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AECOM Technology Corporation
|
|
|
Reportable Segments
|
|
|
(unaudited - $ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional
|
|
|
Management
|
|
|
|
|
|
|
|
|
|
|
|
Technical
|
|
|
Support
|
|
|
|
|
|
|
|
|
Reportable Segments:
|
|
|
Services
|
|
|
Services
|
|
|
Corporate
|
|
|
Total
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
5,384,199
|
|
|
$
|
690,209
|
|
|
|
$
|
—
|
|
|
$
|
6,074,408
|
|
|
Other direct costs
|
|
|
2,078,089
|
|
|
263,463
|
|
|
|
—
|
|
|
2,341,552
|
|
|
Revenue, net of other direct costs (non-GAAP)
|
|
|
3,306,110
|
|
|
426,746
|
|
|
|
—
|
|
|
3,732,856
|
|
|
Cost of revenue, net of other direct costs
|
|
|
3,024,846
|
|
|
398,235
|
|
|
|
—
|
|
|
3,423,081
|
|
|
Gross profit
|
|
|
281,264
|
|
|
28,511
|
|
|
|
—
|
|
|
309,775
|
|
|
Equity in earnings of joint ventures
|
|
|
10,305
|
|
|
7,550
|
|
|
|
—
|
|
|
17,855
|
|
|
General and administrative expenses
|
|
|
--
|
|
|
--
|
|
|
|
(73,365
|
)
|
|
(73,365
|
)
|
|
Income from operations
|
|
|
$
|
291,569
|
|
|
$
|
36,061
|
|
|
|
$
|
(73,365
|
)
|
|
$
|
254,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue
|
|
|
5.2
|
%
|
|
4.1
|
|
%
|
|
—
|
|
|
5.1
|
%
|
|
Gross profit as a % of revenue, net of other direct costs (non-GAAP)
|
|
|
8.5
|
%
|
|
6.7
|
|
%
|
|
—
|
|
|
8.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted backlog
|
|
|
$
|
8,147,121
|
|
|
$
|
491,530
|
|
|
|
$
|
—
|
|
|
$
|
8,638,651
|
|
|
Awarded backlog
|
|
|
|
7,138,389
|
|
|
|
1,014,374
|
|
|
|
|
—
|
|
|
|
8,152,763
|
|
|
Total backlog
|
|
|
$
|
15,285,510
|
|
|
$
|
1,505,904
|
|
|
|
$
|
—
|
|
|
$
|
16,791,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
5,455,036
|
|
|
$
|
680,233
|
|
|
|
$
|
—
|
|
|
$
|
6,135,269
|
|
|
Other direct costs
|
|
|
2,026,460
|
|
|
265,058
|
|
|
|
—
|
|
|
2,291,518
|
|
|
Revenue, net of other direct costs (non-GAAP)
|
|
|
3,428,576
|
|
|
415,175
|
|
|
|
—
|
|
|
3,843,751
|
|
|
Cost of revenue, net of other direct costs
|
|
|
3,143,219
|
|
|
422,831
|
|
|
|
—
|
|
|
3,566,050
|
|
|
Gross profit
|
|
|
285,357
|
|
|
(7,656
|
|
)
|
|
—
|
|
|
277,701
|
|
|
Equity in earnings of joint ventures
|
|
|
12,547
|
|
|
25,594
|
|
|
|
—
|
|
|
38,141
|
|
|
General and administrative expenses
|
|
|
--
|
|
|
--
|
|
|
|
(63,150
|
)
|
|
(63,150
|
)
|
|
Income from operations
|
|
|
$
|
297,904
|
|
|
$
|
17,938
|
|
|
|
$
|
(63,150
|
)
|
|
$
|
252,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue
|
|
|
5.2
|
%
|
|
(1.1
|
)
|
%
|
|
—
|
|
|
4.5
|
%
|
|
Gross profit as a % of revenue, net of other direct costs (non-GAAP)
|
|
|
8.3
|
%
|
|
(1.8
|
)
|
%
|
|
—
|
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted backlog
|
|
|
$
|
7,495,374
|
|
|
$
|
856,560
|
|
|
|
$
|
—
|
|
|
$
|
8,351,934
|
|
|
Awarded backlog
|
|
|
|
6,050,922
|
|
|
|
1,429,864
|
|
|
|
|
—
|
|
|
|
7,480,786
|
|
|
Total backlog
|
|
|
$
|
13,546,296
|
|
|
$
|
2,286,424
|
|
|
|
$
|
—
|
|
|
$
|
15,832,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AECOM Technology Corporation
|
|
Regulation G Information
|
|
($ in millions)
|
|
|
|
Reconciliation of Revenue to Revenue, Net
of Other Direct Costs
|
|
|
|
Three Months Ended
|
|
|
|
|
Nine Months Ended
|
|
|
|
June 30, 2012
|
|
March 31, 2013
|
|
June 30, 2013
|
|
|
|
|
June 30, 2012
|
|
June 30, 2013
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
2,095.2
|
|
$
|
1,989.6
|
|
$
|
2,067.5
|
|
|
|
|
$
|
6,135.3
|
|
$
|
6,074.4
|
|
Less: Other direct costs
|
|
|
771.7
|
|
|
737.7
|
|
|
831.5
|
|
|
|
|
|
2,291.5
|
|
|
2,341.5
|
|
Revenue, net of other direct costs
|
|
$
|
1,323.5
|
|
$
|
1,251.9
|
|
$
|
1,236.0
|
|
|
|
|
$
|
3,843.8
|
|
$
|
3,732.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTS Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
1,846.5
|
|
$
|
1,765.9
|
|
$
|
1,847.1
|
|
|
|
|
$
|
5,455.0
|
|
$
|
5,384.2
|
|
Less: Other direct costs
|
|
|
681.9
|
|
|
655.6
|
|
|
745.1
|
|
|
|
|
|
2,026.4
|
|
|
2,078.1
|
|
Revenue, net of other direct costs
|
|
$
|
1,164.6
|
|
$
|
1,110.3
|
|
$
|
1,102.0
|
|
|
|
|
$
|
3,428.6
|
|
$
|
3,306.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MSS Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
248.7
|
|
$
|
223.7
|
|
$
|
220.4
|
|
|
|
|
$
|
680.3
|
|
$
|
690.2
|
|
Less: Other direct costs
|
|
|
89.8
|
|
|
82.1
|
|
|
86.4
|
|
|
|
|
|
265.1
|
|
|
263.4
|
|
Revenue, net of other direct costs
|
|
$
|
158.9
|
|
$
|
141.6
|
|
$
|
134.0
|
|
|
|
|
$
|
415.2
|
|
$
|
426.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA Before Goodwill
Impairment to Net Income Attributable to AECOM
|
|
|
Three Months Ended
|
|
|
|
Jun 30, 2012
|
|
Sep 30, 2012
|
|
Dec 31, 2012
|
|
Mar 31, 2013
|
|
Jun 30, 2013
|
|
EBITDA before goodwill impairment
|
|
$
|
129.0
|
|
|
$
|
163.9
|
|
|
$
|
84.7
|
|
|
$
|
102.5
|
|
|
$
|
135.1
|
|
|
Less: Goodwill impairment
|
|
|
--
|
|
|
|
336.0
|
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
EBITDA
|
|
|
129.0
|
|
|
|
(172.1
|
)
|
|
|
84.7
|
|
|
|
102.5
|
|
|
|
135.1
|
|
|
Less: Interest expense1 |
|
|
(12.5
|
)
|
|
|
(10.4
|
)
|
|
|
(10.4
|
)
|
|
|
(11.3
|
)
|
|
|
(11.0
|
)
|
|
Add: Interest income2 |
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.5
|
|
|
|
0.4
|
|
|
Less: Depreciation and amortization
|
|
|
(26.1
|
)
|
|
|
(26.1
|
)
|
|
|
(23.9
|
)
|
|
|
(23.9
|
)
|
|
|
(23.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to AECOM before income taxes
|
|
|
90.8
|
|
|
|
(208.2
|
)
|
|
|
50.8
|
|
|
|
67.8
|
|
|
|
100.9
|
|
|
Less: Income tax expense
|
|
|
21.4
|
|
|
|
16.7
|
|
|
|
12.7
|
|
|
|
14.0
|
|
|
|
30.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to AECOM
|
|
$
|
69.4
|
|
|
$
|
(224.9
|
)
|
|
$
|
38.1
|
|
|
$
|
53.8
|
|
|
$
|
70.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Excluding related amortization
2 Included in other income
|
Reconciliation of Total Debt to Net Debt
|
|
|
|
Balances at:
|
|
|
|
June 30, 2012
|
|
March 31, 2013
|
|
June 30, 2013
|
|
Short-term debt
|
|
$
|
2.9
|
|
$
|
14.8
|
|
$
|
12.0
|
|
Current portion of long-term debt
|
|
|
116.8
|
|
|
152.8
|
|
|
1.5
|
|
Long-term debt
|
|
|
950.6
|
|
|
1,123.4
|
|
|
1,135.2
|
|
Total debt
|
|
|
1,070.3
|
|
|
1,291.0
|
|
|
1,148.7
|
|
Less: Total cash and cash equivalents
|
|
|
398.4
|
|
|
627.7
|
|
|
507.6
|
|
Net debt
|
|
$
|
671.9
|
|
$
|
663.3
|
|
$
|
641.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Cash Provided by
Operating Activities to Free Cash Flow
|
|
|
|
Three Months Ended
|
|
|
|
Jun 30, 2012
|
|
Sep 30, 2012
|
|
Dec 31, 2012
|
|
Mar 31, 2013
|
|
Jun 30, 2013
|
|
Net cash provided by operating activities
|
|
$
|
202.0
|
|
|
$
|
226.4
|
|
|
$
|
67.1
|
|
|
$
|
85.2
|
|
|
$
|
96.1
|
|
|
Capital expenditures
|
|
|
(15.6
|
)
|
|
|
(15.1
|
)
|
|
|
(12.9
|
)
|
|
|
(11.7
|
)
|
|
|
(12.4
|
)
|
|
Free cash flow
|
|
$
|
186.4
|
|
|
$
|
211.3
|
|
|
$
|
54.2
|
|
|
$
|
73.5
|
|
|
$
|
83.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NR 13-0802
Copyright Business Wire 2013