AECOM Technology Corporation (NYSE:ACM) reported second-quarter revenue
of $1.9 billion and net service revenue1 of $1.2 billion.
Operating income equaled $68 million, reported net income2
was $40 million, and diluted earnings per share2 equaled
$0.41.
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Second Quarter
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Year to Date
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($ in millions, except EPS)
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Q2 FY13
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Q2 FY14
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YOY %
Change
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Q2 YTD
FY13
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Q2 YTD
FY14
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YOY %
Change
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Gross Revenue
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$1,990
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$1,872
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(5.9%)
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$4,007
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$3,826
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(4.5%)
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Net Service Revenue1
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$1,252
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$1,180
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(5.7%)
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$2,497
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$2,332
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(6.6%)
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Operating Income
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$80
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$68
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(15.0%)
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$142
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$159
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11.6%
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Net Income2
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$54
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$40
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(25.3%)
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$92
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$97
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5.1%
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Diluted Earnings per Share2
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$0.53
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$0.41
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(22.6%)
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$0.88
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$0.99
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12.5%
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Operating Cash Flow
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$85
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($31)
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(136.8%)
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$152
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$106
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(30.4%)
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Free Cash Flow3
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$74
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($44)
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(159.5%)
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$128
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$73
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(43.0%)
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Note: All comparisons are year over year unless noted otherwise.
“New wins of $3.7 billion in the quarter contributed to record backlog
of $20.2 billion, an 18-percent year-over-year increase,” said Michael
S. Burke, AECOM president and chief executive officer. “We had backlog
increase in our construction services, Middle East, Europe, Africa, Asia
and Management Support Services businesses during the quarter,
demonstrating the progress we are making in our strategy to become the
premier fully integrated infrastructure firm. In the quarter, we
continued to see strong momentum in our growth markets.”
“Year to date, we generated free cash flow of $73 million, and we are on
track to achieve our full year goal of free cash flow equal to net
income,” added Stephen M. Kadenacy, AECOM chief financial officer. “Our
balance sheet remains strong, providing us ample flexibility to continue
to execute on our disciplined capital-allocation strategy.”
New Wins and Backlog
New wins in the quarter of $3.7 billion were driven by strength in the
company’s construction services business and its Management Support
Services segment. The company’s book-to-burn ratio4 was 2.0x
for the quarter, with total backlog at March 31, 2014, of $20.2 billion,
up 18 percent compared to the same period last year. These results
demonstrate the underlying strength of AECOM’s business as clients
increasingly turn to the company for its integrated service platform and
global expertise.
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 $1.7 billion was down 4.7 percent compared to the second
quarter of fiscal year 2013, and net service revenue (NSR) declined 2.0
percent to $1.1 billion, driven by declines in the Americas design
business and Australia. On a constant currency basis, organic net
service revenue was flat. The company had growth in EMEA, Asia and its
global construction services business. Operating income decreased 11.2
percent in the quarter.
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 15.7 percent to $189 million compared to the same
period last year, and net service revenue declined 34.9 percent to
$92 million. Declines in revenue and NSR were primarily due to the
migration of operations away from Afghanistan. Recent wins in the MSS
segment reflect the successful growth of this business towards
higher-margin non-Department of Defense work. Operating income decreased
18.2 percent.
Tax Rate
The company’s second-quarter effective tax rate was 27.4 percent,
inclusive of a non-controlling interest deduction.
Cash Flow
Cash flow from operations for the quarter was -$31 million. Free cash
flow, which includes capital expenditures of $13 million, totaled -$44
million. Cash flow was negatively impacted by the timing of payments
within the construction services business line. Additionally, days sales
outstanding (DSO) increased by six days to 97 days in the quarter
compared to the second quarter of last year. This increase was driven
primarily by lower revenue in the quarter and a greater portion of
revenue from the Middle East — a region that traditionally has high DSO.
The company reconfirmed that it is well positioned to meet its fiscal
2014 target of generating free cash flow roughly equal to its net income.
Share Repurchase
There were no share repurchases made in the quarter. However, $340
million remained in the company’s current share repurchase authorization
at the end of the second quarter of fiscal year 2014.
Balance Sheet
As of March 31, 2014, AECOM had $503 million of total cash and cash
equivalents, $1.1 billion of debt and $1.05 billion in committed bank
facilities with $986.3 million in unused capacity.
Fiscal 2014 Outlook
The company expects that full-year EPS will be at the low end of the
previous guidance range of $2.50 to $2.60. This guidance assumes
slightly lower NSR from the previous year and higher EBITDA margin.
Five-Year Free Cash Flow Target
AECOM reaffirms its five-year cumulative free cash flow target of $1.3
billion to $1.8 billion, which includes fiscal years 2013 through 2017.
AECOM is hosting a conference call today at 12 p.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, or NSR), 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 150 countries and had revenue of
$8.0 billion during the 12 months ended March 31, 2014. 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, free cash flows,
targeted diluted earnings per share, 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 (NSR), 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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Six Months Ended
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March 31,
2013
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March 31,
2014
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%
Change
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March 31,
2013
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March 31,
2014
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%
Change
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Revenue
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$
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1,989,646
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$
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1,872,224
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(5.9
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)%
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$
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4,006,918
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$
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3,826,099
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(4.5
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)%
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Other direct costs
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737,807
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692,012
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(6.2
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)%
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1,510,061
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1,494,409
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(1.0
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)%
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Revenue, net of other direct costs (non-GAAP)
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1,251,839
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1,180,212
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(5.7
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)%
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2,496,857
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2,331,690
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(6.6
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)%
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Cost of revenue, net of other direct costs
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1,151,996
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1,092,805
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(5.1
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)%
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2,318,896
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2,166,085
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(6.6
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)%
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Gross profit
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99,843
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87,407
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(12.5
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)%
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177,961
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165,605
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(6.9
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)%
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Equity in earnings of joint ventures
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7,846
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7,436
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(5.2
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)%
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13,761
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43,519
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216.2
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%
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General and administrative expenses
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(27,253
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)
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(26,449
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(3.0
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)%
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(49,355
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)
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(50,294
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)
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1.9
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%
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Income from operations
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80,436
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68,394
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(15.0
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)%
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142,367
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158,830
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11.6
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%
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Other income (expense)
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156
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(195
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)
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(225.0
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)%
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827
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(178
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)
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(121.5
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)%
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Interest expense
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(11,855
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)
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(10,498
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)
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(11.4
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)%
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(22,776
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)
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(20,925
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)
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(8.1
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)%
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Income before income tax expense
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|
68,737
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|
57,701
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(16.1
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)%
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120,418
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|
137,727
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14.4
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%
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Income tax expense
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|
13,961
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|
|
15,205
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|
8.9
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%
|
|
26,664
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|
38,690
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45.1
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%
|
|
Net income
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|
54,776
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|
|
42,496
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(22.4
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)%
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|
93,754
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|
|
99,037
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|
|
5.6
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%
|
|
Noncontrolling interests in income of
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|
|
|
|
|
|
|
|
|
|
|
consolidated subsidiaries, net of tax
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|
|
(965
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)
|
|
(2,304
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)
|
|
138.8
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%
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(1,834
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)
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|
(2,449
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)
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33.5
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%
|
|
Net income attributable to AECOM
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$
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53,811
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$
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40,192
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(25.3
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)%
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$
|
91,920
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$
|
96,588
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5.1
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%
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Net income attributable to AECOM per share:
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Basic
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|
$
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0.54
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|
$
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0.41
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|
(24.1
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)%
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|
$
|
0.89
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|
$
|
1.00
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|
|
12.4
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%
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|
Diluted
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|
|
|
$
|
0.53
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|
$
|
0.41
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(22.6
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)%
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|
$
|
0.88
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|
|
$
|
0.99
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|
|
12.5
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%
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Weighted average shares outstanding:
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Basic
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|
|
100,430
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|
|
97,012
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(3.4
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)%
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|
102,791
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|
|
96,657
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|
(6.0
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)%
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|
Diluted
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|
|
101,818
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|
98,337
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(3.4
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)%
|
|
103,875
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|
|
97,964
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(5.7
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)%
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AECOM Technology Corporation
Balance Sheet and Cash Flow
Information
(unaudited - in thousands)
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|
|
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|
|
September 30,
2013
|
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|
March 31,
2014
|
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|
|
|
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|
|
Balance Sheet Information:
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|
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|
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|
|
Total cash and cash equivalents
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|
|
|
$
|
600,677
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|
|
$
|
502,543
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
2,342,262
|
|
|
|
2,341,025
|
|
|
|
|
|
|
|
|
Working capital
|
|
|
|
|
1,078,053
|
|
|
|
1,022,216
|
|
|
|
|
|
|
|
|
Working capital, net of cash and cash equivalents
|
|
|
|
|
477,376
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|
|
|
519,673
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
1,173,325
|
|
|
|
1,091,177
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
5,665,623
|
|
|
|
5,645,278
|
|
|
|
|
|
|
|
|
Total AECOM stockholders’ equity
|
|
|
|
|
2,021,443
|
|
|
|
2,100,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
|
March 31, 2013
|
|
|
March 31, 2014
|
|
March 31, 2013
|
|
March 31, 2014
|
|
Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided / (used in) operating activities
|
|
|
|
$
|
85,245
|
|
|
$
|
(31,391
|
)
|
|
$
|
152,334
|
|
|
$
|
105,996
|
|
|
Capital expenditures
|
|
|
|
|
(11,707
|
)
|
|
|
(12,396
|
)
|
|
|
(24,632
|
)
|
|
|
(33,167
|
)
|
|
Free cash flow (non-GAAP)
|
|
|
|
$
|
73,538
|
|
|
$
|
(43,787
|
)
|
|
$
|
127,702
|
|
|
$
|
72,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AECOM TECHNOLOGY CORPORATION
|
|
Reportable Segments
|
|
(unaudited - $ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional
Technical
Services
|
|
Management
Support
Services
|
|
Corporate
|
|
Total
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
1,683,610
|
|
|
$
|
188,614
|
|
|
$
|
—
|
|
|
$
|
1,872,224
|
|
|
Other direct costs
|
|
|
|
595,525
|
|
|
96,487
|
|
|
—
|
|
|
692,012
|
|
|
Revenue, net of other direct costs (non-GAAP)
|
|
|
|
1,088,085
|
|
|
92,127
|
|
|
—
|
|
|
1,180,212
|
|
|
Cost of revenue, net of other direct costs
|
|
|
|
1,002,800
|
|
|
90,005
|
|
|
—
|
|
|
1,092,805
|
|
|
Gross profit
|
|
|
|
85,285
|
|
|
2,122
|
|
|
—
|
|
|
87,407
|
|
|
Equity in earnings of joint ventures
|
|
|
|
270
|
|
|
7,166
|
|
|
—
|
|
|
7,436
|
|
|
General and administrative expenses
|
|
|
|
--
|
|
|
--
|
|
|
(26,449
|
)
|
|
(26,449
|
)
|
|
Operating income (loss)
|
|
|
|
$
|
85,555
|
|
|
$
|
9,288
|
|
|
$
|
(26,449
|
)
|
|
$
|
68,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue
|
|
|
|
5.1
|
%
|
|
1.1
|
%
|
|
—
|
|
|
4.7
|
%
|
|
Gross profit as a % of revenue, net of other direct costs (non-GAAP)
|
|
|
|
7.8
|
%
|
|
2.3
|
%
|
|
—
|
|
|
7.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
1,765,889
|
|
|
$
|
223,757
|
|
|
$
|
—
|
|
|
$
|
1,989,646
|
|
|
Other direct costs
|
|
|
|
655,577
|
|
|
82,230
|
|
|
—
|
|
|
737,807
|
|
|
Revenue, net of other direct costs (non-GAAP)
|
|
|
|
1,110,312
|
|
|
141,527
|
|
|
—
|
|
|
1,251,839
|
|
|
Cost of revenue, net of other direct costs
|
|
|
|
1,018,148
|
|
|
133,848
|
|
|
—
|
|
|
1,151,996
|
|
|
Gross profit
|
|
|
|
92,164
|
|
|
7,679
|
|
|
—
|
|
|
99,843
|
|
|
Equity in earnings of joint ventures
|
|
|
|
4,174
|
|
|
3,672
|
|
|
—
|
|
|
7,846
|
|
|
General and administrative expenses
|
|
|
|
--
|
|
|
--
|
|
|
(27,253
|
)
|
|
(27,253
|
)
|
|
Operating income (loss)
|
|
|
|
$
|
96,338
|
|
|
$
|
11,351
|
|
|
$
|
(27,253
|
)
|
|
$
|
80,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue
|
|
|
|
5.2
|
%
|
|
3.4
|
%
|
|
—
|
|
|
5.0
|
%
|
|
Gross profit as a % of revenue, net of other direct costs (non-GAAP)
|
|
|
|
8.3
|
%
|
|
5.4
|
%
|
|
—
|
|
|
8.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AECOM TECHNOLOGY CORPORATION
|
|
Reportable Segments
|
|
(unaudited - $ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional
Technical
Services
|
|
Management
Support
Services
|
|
Corporate
|
|
Total
|
|
|
|
|
|
|
|
Six Months Ended March 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
3,453,775
|
|
|
$
|
372,324
|
|
|
$
|
—
|
|
|
$
|
3,826,099
|
|
|
Other direct costs
|
|
|
|
1,324,043
|
|
|
170,366
|
|
|
—
|
|
|
1,494,409
|
|
|
Revenue, net of other direct costs (non-GAAP)
|
|
|
|
2,129,732
|
|
|
201,958
|
|
|
—
|
|
|
2,331,690
|
|
|
Cost of revenue, net of other direct costs
|
|
|
|
1,984,486
|
|
|
181,599
|
|
|
—
|
|
|
2,166,085
|
|
|
Gross profit
|
|
|
|
145,246
|
|
|
20,359
|
|
|
—
|
|
|
165,605
|
|
|
Equity in earnings of joint ventures
|
|
|
|
34,413
|
|
|
9,106
|
|
|
—
|
|
|
43,519
|
|
|
General and administrative expenses
|
|
|
|
--
|
|
|
--
|
|
|
(50,294
|
)
|
|
(50,294
|
)
|
|
Operating income (loss)
|
|
|
|
$
|
179,659
|
|
|
$
|
29,465
|
|
|
$
|
(50,294
|
)
|
|
$
|
158,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue
|
|
|
|
4.2
|
%
|
|
5.5
|
%
|
|
—
|
|
|
4.3
|
%
|
|
Gross profit as a % of revenue, net of other direct costs (non-GAAP)
|
|
|
|
6.8
|
%
|
|
10.1
|
%
|
|
—
|
|
|
7.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted backlog
|
|
|
|
$
|
9,111,875
|
|
|
$
|
940,261
|
|
|
$
|
—
|
|
|
$
|
10,052,136
|
|
|
Awarded backlog
|
|
|
|
|
8,717,293
|
|
|
|
1,468,410
|
|
|
|
—
|
|
|
|
10,185,703
|
|
|
Total backlog
|
|
|
|
$
|
17,829,168
|
|
|
$
|
2,408,671
|
|
|
$
|
—
|
|
|
$
|
20,237,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
3,537,110
|
|
|
$
|
469,808
|
|
|
$
|
—
|
|
|
$
|
4,006,918
|
|
|
Other direct costs
|
|
|
|
1,333,032
|
|
|
177,029
|
|
|
—
|
|
|
1,510,061
|
|
|
Revenue, net of other direct costs (non-GAAP)
|
|
|
|
2,204,078
|
|
|
292,779
|
|
|
—
|
|
|
2,496,857
|
|
|
Cost of revenue, net of other direct costs
|
|
|
|
2,042,638
|
|
|
276,258
|
|
|
—
|
|
|
2,318,896
|
|
|
Gross profit
|
|
|
|
161,440
|
|
|
16,521
|
|
|
—
|
|
|
177,961
|
|
|
Equity in earnings of joint ventures
|
|
|
|
9,312
|
|
|
4,449
|
|
|
—
|
|
|
13,761
|
|
|
General and administrative expenses
|
|
|
|
--
|
|
|
--
|
|
|
(49,355
|
)
|
|
(49,355
|
)
|
|
Operating income (loss)
|
|
|
|
$
|
170,752
|
|
|
$
|
20,970
|
|
|
$
|
(49,355
|
)
|
|
$
|
142,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue
|
|
|
|
4.6
|
%
|
|
3.5
|
%
|
|
—
|
|
|
4.4
|
%
|
|
Gross profit as a % of revenue, net of other direct costs (non-GAAP)
|
|
|
|
7.3
|
%
|
|
5.6
|
%
|
|
—
|
|
|
7.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted backlog
|
|
|
|
$
|
8,358,468
|
|
|
$
|
1,123,759
|
|
|
$
|
—
|
|
|
$
|
9,482,227
|
|
|
Awarded backlog
|
|
|
|
|
7,110,133
|
|
|
|
501,892
|
|
|
|
—
|
|
|
|
7,612,025
|
|
|
Total backlog
|
|
|
|
$
|
15,468,601
|
|
|
$
|
1,625,651
|
|
|
$
|
—
|
|
|
$
|
17,094,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AECOM Technology Corporation
|
|
Regulation G Information
|
|
($ in millions)
|
|
|
|
Reconciliation of Revenue to Revenue, Net
of Other Direct Costs
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
Mar 31, 2013
|
|
Dec 31, 2013
|
|
Mar 31, 2014
|
|
|
Mar 31, 2013
|
|
Mar 31, 2014
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
1,989.6
|
|
$
|
1,953.9
|
|
$
|
1,872.2
|
|
|
$
|
4,006.9
|
|
$
|
3,826.1
|
|
Less: Other direct costs
|
|
|
|
|
737.7
|
|
|
802.4
|
|
|
692.0
|
|
|
|
1,510.0
|
|
|
1,494.4
|
|
Revenue, net of other direct costs
|
|
|
|
$
|
1,251.9
|
|
$
|
1,151.5
|
|
$
|
1,180.2
|
|
|
$
|
2,496.9
|
|
$
|
2,331.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTS Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
1,765.9
|
|
$
|
1,770.2
|
|
$
|
1,683.6
|
|
|
$
|
3,537.1
|
|
$
|
3,453.8
|
|
Less: Other direct costs
|
|
|
|
|
655.6
|
|
|
728.6
|
|
|
595.5
|
|
|
|
1,333.0
|
|
|
1,324.1
|
|
Revenue, net of other direct costs
|
|
|
|
$
|
1,110.3
|
|
$
|
1,041.6
|
|
$
|
1,088.1
|
|
|
$
|
2,204.1
|
|
$
|
2,129.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MSS Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
223.7
|
|
$
|
183.7
|
|
$
|
188.6
|
|
|
$
|
469.8
|
|
$
|
372.3
|
|
Less: Other direct costs
|
|
|
|
|
82.1
|
|
|
73.8
|
|
|
96.5
|
|
|
|
177.0
|
|
|
170.3
|
|
Revenue, net of other direct costs
|
|
|
|
$
|
141.6
|
|
$
|
109.9
|
|
$
|
92.1
|
|
|
$
|
292.8
|
|
$
|
202.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Sep 30,
2013
|
|
Dec 31,
2013
|
|
Mar 31,
2014
|
|
EBITDA before goodwill impairment
|
|
|
|
$
|
129.0
|
|
|
$
|
163.9
|
|
|
$
|
84.7
|
|
|
$
|
102.5
|
|
|
$
|
135.1
|
|
|
$
|
144.5
|
|
|
$
|
111.5
|
|
|
$
|
89.0
|
|
|
Less: Goodwill impairment
|
|
|
|
|
–
|
|
|
|
(336.0
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
EBITDA
|
|
|
|
|
129.0
|
|
|
|
(172.1
|
)
|
|
|
84.7
|
|
|
|
102.5
|
|
|
|
135.1
|
|
|
|
144.5
|
|
|
|
111.5
|
|
|
|
89.0
|
|
|
Less: Interest expense1
|
|
|
|
|
(12.5
|
)
|
|
|
(10.4
|
)
|
|
|
(10.4
|
)
|
|
|
(11.3
|
)
|
|
|
(11.0
|
)
|
|
|
(9.6
|
)
|
|
|
(9.8
|
)
|
|
|
(10.0
|
)
|
|
Add: Interest income2
|
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.5
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.3
|
|
|
Less: Depreciation and amortization3
|
|
|
|
|
(26.1
|
)
|
|
|
(26.1
|
)
|
|
|
(23.9
|
)
|
|
|
(23.9
|
)
|
|
|
(23.6
|
)
|
|
|
(23.0
|
)
|
|
|
(22.2
|
)
|
|
|
(23.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to AECOM before income taxes
|
|
|
|
|
90.8
|
|
|
|
(208.2
|
)
|
|
|
50.8
|
|
|
|
67.8
|
|
|
|
100.9
|
|
|
|
112.3
|
|
|
|
79.9
|
|
|
|
55.4
|
|
|
Less: Income tax expense
|
|
|
|
|
21.4
|
|
|
|
16.7
|
|
|
|
12.7
|
|
|
|
14.0
|
|
|
|
30.1
|
|
|
|
35.8
|
|
|
|
23.5
|
|
|
|
15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to AECOM
|
|
|
|
$
|
69.4
|
|
|
$
|
(224.9
|
)
|
|
$
|
38.1
|
|
|
$
|
53.8
|
|
|
$
|
70.8
|
|
|
$
|
76.5
|
|
|
$
|
56.4
|
|
|
$
|
40.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
Excludes related amortization
|
|
|
2
|
|
Included in other income
|
|
|
3
|
|
Includes the amount for noncontrolling interests in consolidated
subsidiaries
|
|
AECOM Technology Corporation
|
|
Regulation G Information
|
|
($ in millions)
|
|
|
|
Reconciliation of Total Debt to Net Debt
|
|
|
|
|
|
Balances at:
|
|
|
|
|
|
Mar 31, 2013
|
|
Dec 31, 2013
|
|
Mar 31, 2014
|
|
Short-term debt
|
|
|
|
$
|
14.8
|
|
$
|
33.5
|
|
$
|
26.0
|
|
Current portion of long-term debt
|
|
|
|
|
152.8
|
|
|
57.1
|
|
|
56.2
|
|
Long-term debt
|
|
|
|
|
1,123.4
|
|
|
1,113.4
|
|
|
1,008.9
|
|
Total debt
|
|
|
|
|
1,291.0
|
|
|
1,204.0
|
|
|
1,091.1
|
|
Less: Total cash and cash equivalents
|
|
|
|
|
627.7
|
|
|
681.7
|
|
|
502.5
|
|
Net debt
|
|
|
|
$
|
663.3
|
|
$
|
522.3
|
|
$
|
588.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Cash Provided by
Operating Activities to Free Cash Flow
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Mar 31, 2013
|
|
Dec 31, 2013
|
|
Mar 31, 2014
|
|
Net cash provided by / (used in) operating activities
|
|
|
|
$
|
85.2
|
|
|
$
|
137.4
|
|
|
$
|
(31.4
|
)
|
|
Capital expenditures
|
|
|
|
|
(11.7
|
)
|
|
|
(20.8
|
)
|
|
|
(12.4
|
)
|
|
Free cash flow
|
|
|
|
$
|
73.5
|
|
|
$
|
116.6
|
|
|
$
|
(43.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Years Ended Sept 30,
|
|
|
|
|
|
2011
|
|
2012
|
|
2013
|
|
Net cash provided by operating activities
|
|
|
|
$
|
132.0
|
|
|
$
|
433.4
|
|
|
$
|
408.6
|
|
|
Capital expenditures
|
|
|
|
|
(78.0
|
)
|
|
|
(62.9
|
)
|
|
|
(52.1
|
)
|
|
Settlement of deferred compensation plan liability
|
|
|
|
|
90.0
|
|
|
|
–
|
|
|
|
–
|
|
Excess tax benefit from share-based payment
(associated with
DCP termination)
|
|
|
|
|
58.0
|
|
|
|
–
|
|
|
|
–
|
|
|
Free cash flow
|
|
|
|
$
|
202.0
|
|
|
$
|
370.5
|
|
|
$
|
356.5
|
|
|
|
|
|
|
|
|
|
|
|
***
NR 14-0501
Copyright Business Wire 2014