UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 7, 2012
AECOM TECHNOLOGY CORPORATION
(Exact name of Registrant as specified in its charter)
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Delaware |
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1-33447 |
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61-1088522 |
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(State or Other Jurisdiction |
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(Commission |
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(I.R.S. Employer |
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of Incorporation) |
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File Number) |
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Identification No.) |
555 South Flower Street, Suite 3700
Los Angeles, California 90071
(Address of Principal Executive Offices, including Zip Code)
Registrant’s telephone number, including area code (213) 593-8000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On August 7, 2012, AECOM Technology Corporation issued a press release announcing the financial results for its fiscal third quarter ended June 30, 2012. A copy of the press release is attached to this report as Exhibit 99.1. Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release, dated August 7, 2012, announcing AECOM’s financial results for the third quarter ended June 30, 2012.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.
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AECOM TECHNOLOGY CORPORATION | |
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Dated: August 7, 2012 |
By: |
/s/ DAVID Y. GAN |
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David Y. Gan |
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Vice President, Assistant General Counsel |
EXHIBIT INDEX
Exhibit
99.1 Press Release, dated August 7, 2012, announcing AECOM’s financial results for the third quarter ended June 30, 2012.
Exhibit 99.1
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Media Contact: |
Investor Contact: |
AECOM reports third-quarter fiscal year 2012 financial results
· Strength in Asia-Pacific, Canada, civil infrastructure, and power, energy, and mining drive $2.1 billion in revenue, EPS of $0.63.
· Improved profitability and progress on working capital initiatives produce $186 million in free cash flow.
· Company reaffirms full-year EPS guidance of $2.30 to $2.45.
LOS ANGELES (Aug. 7, 2012) — AECOM Technology Corporation (NYSE: ACM) reported third-quarter revenue of $2.1 billion, a 2.4% increase from the third quarter of fiscal year 2011. Third-quarter revenue, net of other direct costs1, was $1.3 billion. Operating income for the third quarter decreased 6.5% from last year to $103 million due to challenging year-over-year performance in the Management Support Services (MSS) segment. Net income attributable to the company declined 6% to $69 million and earnings per share (EPS) grew 1.6% to 63 cents.
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Third Quarter |
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Year-to-Date | ||||||||||||
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($ in millions, except |
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Q3 FY11 |
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Q3 FY12 |
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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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Gross Revenue |
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$2,047 |
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$2,095 |
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2.4% |
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$5,919 |
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$6,135 |
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3.6% |
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Net Service Revenue1 |
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$1,314 |
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$1,324 |
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0.7% |
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$3,821 |
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$3,844 |
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0.6% |
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Operating Income |
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$110 |
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$103 |
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(6.5%) |
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$288 |
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$253 |
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(12.1%) |
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Net Income2 |
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$74 |
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$69 |
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(6.0%) |
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$188 |
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$166 |
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(11.7%) |
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Earnings per Share2 |
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$0.62 |
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$0.63 |
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1.6% |
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$1.59 |
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$1.47 |
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(7.5%) |
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Free Cash Flow3 |
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$1 |
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$186 |
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NM |
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($29) |
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$159 |
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N-M |
All growth comparisons that follow are year over year unless noted otherwise.
“During the quarter, our organic net service revenue, on a currency-neutral basis, improved to 2% led by strength in our Asia, Australia and Canada operations with solid growth in our civil infrastructure as well as our power, energy and mining end markets,” said John M. Dionisio, AECOM chairman and chief executive officer. “In addition, we made further investments to enhance our capabilities to accelerate our growth in the future.”
As of June 30, 2012, AECOM had $398 million of total cash and cash equivalents and $1.1 billion of debt, equating to AECOM’s lowest net debt in seven quarters. In addition, AECOM reported $1.05 billion in committed bank facilities with $985 million in unused capacity. Cash flow from operations totaled $202 million in the quarter, while free cash flow totaled $186 million.
“Our strong third-quarter free cash flow generation of $186 million exceeded our expectations and illustrates the progress we are making to improve our balance of growth, profitability and liquidity. During the quarter, we completed the balance of our initial $200 million share repurchase program and repaid $175 million in debt,” said Michael S. Burke, AECOM president. “Improved execution on our margin initiatives was evident in our sequential earnings growth, and we enter our strongest quarter of the year with good momentum.”
--more--
2-2-2
New Wins and Backlog
During the third quarter, new wins totaled $2.0 billion, while backlog at June 30, 2012, was $15.8 billion. These metrics demonstrate the underlying strength of our business as clients increasingly turn to AECOM for our 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, and program and construction management services to institutional, commercial and public sector clients worldwide.
Revenue of $1.85 billion grew 4%, and revenue, net of other direct costs, declined slightly by 0.4% to $1.16 billion. Operating income increased 4.5% to $120 million reflecting the benefits of the company’s operational efficiency and margin improvement initiatives.
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 9.2% to $248.7 million, and revenue, net of other direct costs, increased 10.1% to $158.9 million. Operating income declined 80% to $4 million; however, on a sequential basis, operating income grew 92% consistent with the company’s recovery plan for the segment.
Fiscal 2012 Outlook
AECOM reaffirms its EPS outlook for fiscal year 2012 of $2.30 to $2.45 and, given its current outlook, expects to be at the low end of this range. In the fourth quarter, the company expects typical seasonal improvement in its PTS segment, margin improvement across the Americas and Europe, and continued recovery in its MSS segment. On a full-year basis, the company expects free cash flow to meet or exceed next income.
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. Those wishing to dial in to the call via telephone can do so by dialing 1-800-706-7741 or 1-617-614-3471 and entering the passcode 61587083. Interested parties also 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 gross 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 valuable perspective on its business results.
2Attributable to AECOM.
3Q1 FY11 excludes the deferred compensation plan liability termination and related excess tax benefit effect. This is a non-GAAP measure.
--more--
3-3-3
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 130 countries and had revenue of $8.3 billion during the 12 months ended June 30, 2012. 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 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 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 need 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.
--more--
4-4-4
AECOM Technology Corporation
Consolidated Statements of Income
(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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Revenue |
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$ |
2,095,138 |
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$ |
2,046,725 |
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2% |
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$ |
6,135,269 |
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$ |
5,919,329 |
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4% |
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Other direct costs |
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771,736 |
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732,599 |
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5% |
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2,291,518 |
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2,098,027 |
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9% |
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Revenue, net of other direct costs (non-GAAP) |
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1,323,402 |
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1,314,126 |
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1% |
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3,843,751 |
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3,821,302 |
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1% |
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Cost of revenue, net of other direct costs |
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1,212,164 |
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1,192,887 |
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2% |
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3,566,050 |
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3,494,993 |
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2% |
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Gross profit |
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111,238 |
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121,239 |
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(8)% |
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277,701 |
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326,309 |
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(15)% |
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Equity in earnings of joint ventures |
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12,281 |
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12,248 |
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0% |
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38,141 |
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31,675 |
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20% |
| ||||
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General and administrative expenses |
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(20,682 |
) |
(23,560 |
) |
(12)% |
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(63,150 |
) |
(70,430 |
) |
(10)% |
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Income from operations |
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102,837 |
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109,927 |
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(6)% |
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252,692 |
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287,554 |
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(12)% |
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Other income (expense) |
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1,043 |
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(1,585 |
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* |
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7,433 |
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2,159 |
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244% |
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Interest expense, net |
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(12,702 |
) |
(10,452 |
) |
22% |
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(34,520 |
) |
(30,338 |
) |
14% |
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Income from continuing operations before income tax expense |
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91,178 |
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97,890 |
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(7)% |
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225,605 |
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259,375 |
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(13)% |
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Income tax expense |
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21,323 |
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23,959 |
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(11)% |
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57,670 |
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63,701 |
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(9)% |
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Net income |
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69,855 |
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73,931 |
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(6)% |
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167,935 |
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195,674 |
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(14)% |
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Noncontrolling interests in income of consolidated subsidiaries, net of tax |
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(442 |
) |
(97 |
) |
356% |
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(1,597 |
) |
(7,257 |
) |
(78)% |
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Net income attributable to AECOM |
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$ |
69,413 |
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$ |
73,834 |
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(6)% |
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$ |
166,338 |
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$ |
188,417 |
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(12)% |
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Net income allocation: |
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Preferred stock dividend |
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$ |
— |
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$ |
— |
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0% |
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$ |
— |
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$ |
2 |
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(100)% |
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Net income available for common stockholders |
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69,413 |
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73,834 |
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(6)% |
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166,338 |
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188,415 |
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(12)% |
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Net income attributable to AECOM |
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$ |
69,413 |
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$ |
73,834 |
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(6)% |
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$ |
166,338 |
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$ |
188,417 |
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(12)% |
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Net income attributable to AECOM per share: |
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|
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Basic |
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$ |
0.63 |
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$ |
0.63 |
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0% |
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$ |
1.48 |
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$ |
1.60 |
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(8)% |
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Diluted |
|
$ |
0.63 |
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$ |
0.62 |
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2% |
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$ |
1.47 |
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$ |
1.59 |
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(8)% |
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Weighted average shares outstanding: |
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|
|
|
|
|
|
| ||||
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Basic |
|
110,221 |
|
117,932 |
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|
|
112,513 |
|
117,739 |
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|
| ||||
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Diluted |
|
110,819 |
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118,907 |
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|
|
113,233 |
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118,767 |
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|
| ||||
* Not meaningful
--more--
5-5-5
AECOM Technology Corporation
Balance Sheet and Cash Flow Information
(unaudited - in thousands)
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June 30, |
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September 30, |
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Balance Sheet Information: |
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Cash and cash equivalents |
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$ |
398,394 |
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$ |
456,940 |
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| ||
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Accounts receivable, net |
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2,483,269 |
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2,380,181 |
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Working capital |
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1,041,775 |
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1,175,620 |
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Working capital, net of cash and cash equivalents |
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643,381 |
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718,680 |
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Total debt |
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1,070,267 |
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1,162,469 |
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Total assets |
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5,863,640 |
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5,789,328 |
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Total AECOM stockholders’ equity |
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2,455,750 |
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2,339,711 |
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Three months ended |
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Nine months ended |
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June 30, 2012 |
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June 30, 2011 |
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June 30, 2012 |
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June 30, 2011 |
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Cash Flow Information: |
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|
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Net cash provided by / (used in) operating activities |
|
$ |
201,965 |
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$ |
15,911 |
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$ |
206,963 |
|
$ |
(130,124 |
) |
|
Net cash provided by / (used in) operating activities, excluding Q1 FY11 deferred compensation plan termination* |
|
$ |
201,965 |
|
$ |
15,911 |
|
$ |
206,963 |
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$ |
17,876 |
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|
Capital expenditures |
|
(15,600 |
) |
(15,176 |
) |
(47,805 |
) |
(47,283 |
) | ||||
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Free cash flow (non-GAAP)* |
|
$ |
186,365 |
|
$ |
735 |
|
$ |
159,158 |
|
$ |
(29,407 |
) |
*Nine months ended June 30, 2011, amount excludes deferred compensation plan termination ($90 million) and associated excess tax benefits ($58 million).
--more--
6-6-6
AECOM TECHNOLOGY CORPORATION
Reportable Segments
(unaudited - $ in thousands)
|
Reportable Segments: |
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Professional |
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Management |
|
Corporate |
|
Total |
| ||||
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|
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|
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Three Months Ended June 30, 2012: |
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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 |
|
¾ |
|
¾ |
|
(20,682 |
) |
(20,682 |
) | ||||
|
Operating income |
|
$ |
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 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Three Months Ended June 30, 2011: |
|
|
|
|
|
|
|
|
| ||||
|
Revenue |
|
$ |
1,772,831 |
|
$ |
273,894 |
|
$ |
— |
|
$ |
2,046,725 |
|
|
Other direct costs |
|
603,050 |
|
129,549 |
|
— |
|
732,599 |
| ||||
|
Revenue, net of other direct costs (non-GAAP) |
|
1,169,781 |
|
144,345 |
|
— |
|
1,314,126 |
| ||||
|
Cost of revenue, net of other direct costs |
|
1,059,503 |
|
133,384 |
|
— |
|
1,192,887 |
| ||||
|
Gross profit |
|
110,278 |
|
10,961 |
|
— |
|
121,239 |
| ||||
|
Equity in earnings of joint ventures |
|
4,263 |
|
7,985 |
|
— |
|
12,248 |
| ||||
|
General and administrative expenses |
|
— |
|
— |
|
(23,560 |
) |
(23,560 |
) | ||||
|
Operating income |
|
$ |
114,541 |
|
$ |
18,946 |
|
$ |
(23,560 |
) |
$ |
109,927 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Gross profit as a % of revenue |
|
6.2 |
% |
4.0 |
% |
— |
|
5.9 |
% | ||||
|
Gross profit as a % of revenue, net of other direct costs (non-GAAP) |
|
9.4 |
% |
7.6 |
% |
— |
|
9.2 |
% | ||||
--more--
7-7-7
|
|
AECOM TECHNOLOGY CORPORATION |
|
|
|
Reportable Segments |
|
|
|
(unaudited - $ in thousands) |
|
|
Reportable Segments: |
|
Professional |
|
Management |
|
Corporate |
|
Total |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
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 |
|
¾ |
|
¾ |
|
(63,150 |
) |
(63,150 |
) | ||||
|
Operating income |
|
$ |
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 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Nine Months Ended June 30, 2011: |
|
|
|
|
|
|
|
|
| ||||
|
Revenue |
|
$ |
4,994,235 |
|
$ |
925,094 |
|
$ |
— |
|
$ |
5,919,329 |
|
|
Other direct costs |
|
1,594,891 |
|
503,136 |
|
— |
|
2,098,027 |
| ||||
|
Revenue, net of other direct costs (non-GAAP) |
|
3,399,344 |
|
421,958 |
|
— |
|
3,821,302 |
| ||||
|
Cost of revenue, net of other direct costs |
|
3,111,774 |
|
383,219 |
|
— |
|
3,494,993 |
| ||||
|
Gross profit |
|
287,570 |
|
38,739 |
|
— |
|
326,309 |
| ||||
|
Equity in earnings of joint ventures |
|
10,392 |
|
21,283 |
|
— |
|
31,675 |
| ||||
|
General and administrative expenses |
|
— |
|
— |
|
(70,430 |
) |
(70,430 |
) | ||||
|
Operating income |
|
$ |
297,962 |
|
$ |
60,022 |
|
$ |
(70,430 |
) |
$ |
287,554 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Gross profit as a % of revenue |
|
5.8 |
% |
4.2 |
% |
— |
|
5.5 |
% | ||||
|
Gross profit as a % of revenue, net of other direct costs (non-GAAP) |
|
8.5 |
% |
9.2 |
% |
— |
|
8.5 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Contracted backlog |
|
$ |
7,900,596 |
|
$ |
1,145,472 |
|
$ |
— |
|
$ |
9,046,068 |
|
|
Awarded backlog |
|
5,471,906 |
|
1,518,720 |
|
— |
|
6,990,626 |
| ||||
|
Total backlog |
|
$ |
13,372,502 |
|
$ |
2,664,192 |
|
$ |
— |
|
$ |
16,036,694 |
|
--more--
|
8-8-8 |
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, 2012 |
|
June 30, 2011 |
|
June 30, 2012 |
|
June 30, 2011 |
| |||||
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Revenue |
|
$ |
2,095.2 |
|
$ |
2,010.9 |
|
$ |
2,046.7 |
|
$ |
6,135.3 |
|
$ |
5,919.3 |
|
|
Less: Other direct costs |
|
771.7 |
|
721.4 |
|
732.6 |
|
2,291.5 |
|
2,098.0 |
| |||||
|
Revenue, net of other direct costs |
|
$ |
1,323.5 |
|
$ |
1,289.5 |
|
$ |
1,314.1 |
|
$ |
3,843.8 |
|
$ |
3,821.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
PTS Segment |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Revenue |
|
$ |
1,846.5 |
|
$ |
1,801.1 |
|
$ |
1,772.8 |
|
$ |
5,455.0 |
|
$ |
4,994.2 |
|
|
Less: Other direct costs |
|
681.9 |
|
638.0 |
|
603.0 |
|
2,026.4 |
|
1,594.9 |
| |||||
|
Revenue, net of other direct costs |
|
$ |
1,164.6 |
|
$ |
1,163.1 |
|
$ |
1,169.8 |
|
$ |
3,428.6 |
|
$ |
3,399.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
MSS Segment |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Revenue |
|
$ |
248.7 |
|
$ |
209.8 |
|
$ |
273.9 |
|
$ |
680.3 |
|
$ |
925.1 |
|
|
Less: Other direct costs |
|
89.8 |
|
83.4 |
|
129.6 |
|
265.1 |
|
503.1 |
| |||||
|
Revenue, net of other direct costs |
|
$ |
158.9 |
|
$ |
126.4 |
|
$ |
144.3 |
|
$ |
415.2 |
|
$ |
422.0 |
|
Reconciliation of Amounts Provided by Acquired Companies
|
|
|
Three Months Ended June 30, 2012 |
|
Nine Months Ended June 30, 2012 |
| ||||||||||||||
|
|
|
Total |
|
Provided by |
|
Excluding Effect of |
|
Total |
|
Provided by |
|
Excluding Effect of |
| ||||||
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Revenue, net of other direct costs |
|
$ |
1,323.5 |
|
$ |
5.8 |
|
$ |
1,317.7 |
|
$ |
3,843.8 |
|
$ |
24.3 |
|
$ |
3,819.5 |
|
Reconciliation of EBITDA to Net Income Attributable to AECOM
|
|
|
Three Months Ended |
| ||||||||||||||||||||||
|
|
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
Sep 30, |
| ||||||||
|
EBITDA |
|
$ |
129.0 |
|
$ |
101.6 |
|
$ |
103.0 |
|
$ |
157.8 |
|
$ |
136.2 |
|
$ |
114.3 |
|
$ |
117.1 |
|
$ |
125.8 |
|
|
Less: Interest expense* |
|
12.1 |
|
10.6 |
|
10.0 |
|
8.9 |
|
10.4 |
|
10.0 |
|
9.9 |
|
5.3 |
| ||||||||
|
Less: Depreciation and amortization |
|
26.1 |
|
25.3 |
|
25.5 |
|
25.1 |
|
28.0 |
|
27.4 |
|
29.8 |
|
21.2 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Income from continuing operations attributable to AECOM before income taxes |
|
90.8 |
|
65.7 |
|
67.5 |
|
123.8 |
|
97.8 |
|
76.9 |
|
77.4 |
|
99.3 |
| ||||||||
|
Less: Income tax expense |
|
21.4 |
|
16.7 |
|
19.6 |
|
36.4 |
|
24.0 |
|
19.2 |
|
20.5 |
|
31.5 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Net income attributable to AECOM |
|
$ |
69.4 |
|
$ |
49.0 |
|
$ |
47.9 |
|
$ |
87.4 |
|
$ |
73.8 |
|
$ |
57.7 |
|
$ |
56.9 |
|
$ |
67.8 |
|
Reconciliation of Total Debt to Net Debt
|
|
|
June 30, 2012 |
|
March 31, 2012 |
|
June 30, 2011 |
|
|
|
|
| |||
|
Short-term debt |
|
$ |
2.9 |
|
$ |
2.2 |
|
$ |
19.0 |
|
|
|
|
|
|
Current portion of long-term debt |
|
116.8 |
|
86.5 |
|
11.6 |
|
|
|
|
| |||
|
Long-term debt |
|
950.6 |
|
1,172.3 |
|
1,165.4 |
|
|
|
|
| |||
|
Total debt |
|
1,070.3 |
|
1,261.0 |
|
1,196.0 |
|
|
|
|
| |||
|
Less: Total cash and cash equivalents |
|
398.4 |
|
465.7 |
|
381.5 |
|
|
|
|
| |||
|
Net debt |
|
$ |
671.9 |
|
$ |
795.3 |
|
$ |
814.5 |
|
|
|
|
|
Reconciliation of Net Cash Provided by / (Used In) Operating Activities to Free Cash Flow
|
|
|
Three Months Ended |
|
Nine Months Ended |
| |||||||||||
|
|
|
June 30, 2012 |
|
March 31, 2012 |
|
June 30, 2011 |
|
June 30, 2012 |
|
June 30, 2011 |
| |||||
|
Net cash provided by / (used in) operating activities |
|
$ |
202.0 |
|
$ |
11.5 |
|
$ |
15.9 |
|
$ |
207.0 |
|
$ |
(130.1 |
) |
|
Capital expenditures |
|
(15.6 |
) |
(13.9 |
) |
(15.2 |
) |
(47.8 |
) |
(47.3 |
) | |||||
|
Settlement of deferred compensation plan liability |
|
¾ |
|
¾ |
|
¾ |
|
¾ |
|
90.0 |
| |||||
|
Excess tax benefit from share-based payment (associated with DCP termination) |
|
¾ |
|
¾ |
|
¾ |
|
¾ |
|
58.0 |
| |||||
|
Free cash flow |
|
$ |
186.4 |
|
$ |
(2.4 |
) |
$ |
0.7 |
|
$ |
159.2 |
|
$ |
(29.4 |
) |
* Excluding related amortization.
***