EX-99.1 2 a13-24112_1ex99d1.htm EX-99.1

Exhibit 99.1

 

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NR 13-1101

 

 

Media Contact:
Paul Gennaro
SVP & Chief Communications Officer
212.973.3167
Paul.Gennaro@aecom.com

Investor Contact:
Lynn Antipas Tyson
SVP, Investor Relations
646.432.8428
Lynn.Tyson@aecom.com

 

 

AECOM reports fourth-quarter, full-year fiscal year 2013 results

 

Quarter and Full-Year Highlights*

·                  Free cash flow of $145 million; $356 million for full-year fiscal 2013.

·                  Backlog of $16.6 billion with $1.8 billion in new wins in the quarter.

·                  EBITDA margin of 11.6 percent, 9.4 percent for full-year fiscal 2013.

·                  Full-year company invests $373 million to repurchase 14.4 million shares.

·                  Reported EPS of $0.77, full-year fiscal 2013 EPS of $2.35.

·                  Company targets full-year diluted EPS of $2.35 to $2.45 for fiscal year 2014.

 

LOS ANGELES (Nov. 12, 2013) — AECOM Technology Corporation (NYSE: ACM) reported fourth-quarter revenue of $2.1 billion and net service revenue1, of $1.2 billion.  Operating income equaled $123 million, reported net income2 was $77 million, and diluted earnings per share equaled $0.77.

 

 

Fourth Quarter

Fiscal Year

($ in millions, except EPS)

Q4 FY12

Q4 FY13

YOY %
Change

FY12

FY13

YOY % Change

Reported Figures

Gross Revenue

2,083

2,079

-

8,218

8,153

(1)

Net Service Revenue (NSR)1

1,340

1,244

(7)

5,184

4,977

(4)

Operating Income

(199)

123

NM

54

377

603

Net Income2

(225)

77

NM

(59)

239

NM

Earnings per Share2

(2.05)

0.77

NM

(0.52)

2.35

NM

Operating Cash Flow

226

160

(29)

433

409

(6)

Free Cash Flow3

211

145

(31)

370

356

(4)

Adjusted Figures for FY12

Operating Income

137

123

(10)

390

377

(3)

Net Income2

92

77

(17)

259

239

(7)

Earnings per Share2

0.83

0.77

(7)

2.30

2.35

2

 

* In the fourth quarter of fiscal 2012, the company recorded a goodwill impairment charge of $2.88 per share or $317 million net of tax.  All growth comparisons that follow in the text of the release are adjusted to exclude the impact of the goodwill charge; all comparisons are also year over year unless noted otherwise.

 

 

“During fiscal year 2013, we increased our mix of revenue and profits from emerging markets, enhanced our technical and leadership capabilities in high-growth end markets, and implemented strategic account management teams to better serve our multinational clients,” said John M. Dionisio, AECOM chairman and chief executive officer.  “Our diverse geographic footprint allows us to manage through various macroeconomic conditions around the globe.”

 

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“Our commitment to deploying capital to its best and highest use supported our investment of $373 million to repurchase 14.4 million shares of our stock in fiscal year 2013,” said AECOM President Michael S. Burke.  “We also invested $82 million in niche acquisitions that expanded our geographic reach in key emerging geographies.  Lastly, we launched AECOM Capital, a platform that allows us to play an important role in providing financing as well as design and construction services to our clients.”

 

New Wins and Backlog
New wins in the quarter of $1.8 billion were driven by strength in the company’s transportation and water businesses.  From a geographic perspective, new wins were led by Europe, Asia and the Americas.  The company’s book-to-burn ratio4 was 0.9X for the quarter, with total backlog at Sept. 30, 2013, of $16.6 billion, up three percent.  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 $1.9 billion was up 2 percent, and net service revenue (NSR), declined 5.8 percent to $1.1 billion as declines in the Americas and Australia on an NSR basis were only partially offset by double-digit gains in emerging geographies, such as the Middle East and Asia, as well as solid growth in Europe.  Construction services also posted gains in the quarter.  Operating income declined 3.5 percent in the quarter, however, operating income margin increased on both a sequential and year-over-year basis, aided by improved cost 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 15.6 percent to $220 million, and net service revenue declined 17.1 percent to $134 million.  As expected, these results reflect actions to reposition away from lower-margin projects to new, higher-margin services – and these actions have improved MSS segment margins throughout the year.  Operating profit declined 25.1 percent in the quarter; however, on a full-year basis, operating profit increased 50.4 percent aided by a 284-basis-point increase in operating income margin, consistent with the company’s strategy to improve the profitability of this segment.

 

Tax Rate

The company’s fourth-quarter effective tax rate was 31.8 percent, with a full-year rate of 27.9 percent, inclusive of non-controlling interest deduction.

 

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Cash Flow

Cash flow from operations for the quarter was $160 million and $409 million for the full year.  Free cash flow, which includes capital expenditures of $15 million in the quarter and $52 million for the full year, was $145 million and $356 million, respectively. Days sales outstanding (DSO) improved by three days to 88 in the quarter.

 

Share Repurchase

During the quarter, the company invested $61.6 million to repurchase 2 million shares.  On a full-year basis, the company invested $373 million to repurchase 14.4 million shares.  $365 million remains in the company’s current share repurchase authorization as of the end of the company’s fiscal 2013 year.

 

Balance Sheet

As of Sept. 30, 2013, AECOM had $601 million of total cash and cash equivalents, $1.2 billion of debt and $1.05 billion in committed bank facilities with $899.8 million in unused capacity.

 

Fiscal 2014 Outlook

AECOM is targeting EPS for fiscal year 2014 of $2.35 to $2.45.  The mid-point of the guidance range assumes flat NSR growth and stable EBITDA margin.  In addition, the company is targeting a full-year tax rate of 29 percent and a full-year share count of 99 million shares.  The company expects the first quarter of fiscal 2014 to be similar to last year as a percentage of our full-year earnings.

 

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 fiscal 2017.

 

AECOM is hosting a conference call today at 11 a.m. EST, 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 140 countries and had revenue of $8.2 billion during the 12 months ended Sept. 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.

 

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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

Consolidated Statement of Income

(unaudited - in thousands, except per share data)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

September 30,
2012

 

September 30,
2013

 

% Change

 

September 30,
2012

 

September 30,
2013

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

2,082,911

 

$

2,079,087

 

(0.2%)

 

$

8,218,180

 

$

8,153,495

 

(0.8%)

 

Other direct costs

 

742,785

 

834,968

 

12.4%

 

3,034,303

 

3,176,520

 

4.7%

 

Revenue, net of other direct costs (non-GAAP)

 

1,340,126

 

1,244,119

 

(7.2%)

 

5,183,877

 

4,976,975

 

(4.0%)

 

Cost of revenue, net of other direct costs

 

1,195,968

 

1,103,906

 

(7.7%)

 

4,762,018

 

4,526,987

 

(4.9%)

 

Gross profit

 

144,158

 

140,213

 

(2.7%)

 

421,859

 

449,988

 

6.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of joint ventures

 

10,509

 

6,464

 

(38.5%)

 

48,650

 

24,319

 

(50.0%)

 

General and administrative expenses

 

(17,753)

 

(23,953)

 

34.9%

 

(80,903)

 

(97,318)

 

20.3%

 

Goodwill impairment

 

(336,000)

 

–

 

(100.0%)

 

(336,000)

 

–

 

(100.0%)

 

Income from operations

 

(199,086)

 

122,724

 

NM

 

53,606

 

376,989

 

603.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

1,963

 

1,480

 

(24.6%)

 

10,603

 

3,522

 

(66.8%)

 

Interest (expense)

 

(10,999)

 

(10,242)

 

(6.9%)

 

(46,726)

 

(44,737)

 

(4.3%)

 

Income (loss) before income tax expense

 

(208,122)

 

113,962

 

NM

 

17,483

 

335,774

 

1820.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

16,746

 

35,735

 

113.4%

 

74,416

 

92,578

 

24.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(224,868)

 

78,227

 

NM

 

(56,933)

 

243,196

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in income of consolidated subsidiaries, net of tax

 

(37)

 

(1,659)

 

4383.8%

 

(1,634)

 

(3,953)

 

141.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to AECOM

 

$

(224,905)

 

$

76,568

 

NM

 

$

(58,567)

 

$

239,243

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to AECOM per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(2.05)

 

$

0.78

 

NM

 

$

(0.52)

 

$

2.38

 

NM

 

Diluted

 

$

(2.05)

 

$

0.77

 

NM

 

$

(0.52)

 

$

2.35

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

109,962

 

98,028

 

(10.9%)

 

111,875

 

100,618

 

(10.1%)

 

Diluted

 

109,962

 

99,652

 

(9.4%)

 

111,875

 

101,942

 

(8.9%)

 

 

NM – Not meaningful

 

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AECOM Technology Corporation

Balance Sheet and Cash Flow Information

 

(unaudited - in thousands)

 

 

 

September 30, 2012

 

September 30, 2013

Balance Sheet Information:

 

 

 

 

Total cash and cash equivalents

 

$

593,776

 

$

600,677

Accounts receivable – net

 

2,395,881

 

2,342,262

Working capital

 

1,068,891

 

1,078,053

Working capital, net of cash and cash equivalents

 

475,115

 

477,376

Total debt

 

1,069,732

 

1,173,325

Total assets

 

5,664,568

 

5,665,623

Total AECOM stockholders’ equity

 

2,169,464

 

2,021,443

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

September 30, 2012

 

September 30, 2013

 

September 30, 2012

 

September 30, 2013

 

Cash Flow Information:

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

226,389

 

$

160,147

 

$

433,352

 

$

408,598

 

Payments for capital expenditures

 

(15,069)

 

(15,050)

 

(62,874)

 

(52,117)

 

Free cash flow

 

$

211,320

 

$

145,097

 

$

370,478

 

$

356,481

 

 

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AECOM Technology Corporation

Reportable Segments

(unaudited - in thousands)

 

 

 

Professional
Technical
Services

 

Management
Support
Services

 

Corporate

 

Total

 

Three Months Ended September 30, 2013

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,858,660

 

$

220,427

 

$

-

 

$

2,079,087

 

Other direct costs

 

748,363

 

86,605

 

-

 

834,968

 

Revenue, net of other direct costs (non-GAAP)

 

1,110,297

 

133,822

 

-

 

1,244,119

 

Cost of revenue, net of other direct costs

 

974,677

 

129,229

 

-

 

1,103,906

 

Gross profit

 

135,620

 

4,593

 

-

 

140,213

 

Equity in earnings of joint ventures

 

2,051

 

4,413

 

-

 

6,464

 

General and administrative expenses

 

-

 

-

 

(23,953)

 

(23,953)

 

Income (loss) from operations

 

$

137,671

 

$

9,006

 

$

(23,953)

 

$

122,724

 

 

 

 

 

 

 

 

 

 

 

Gross profit as a % of revenue

 

7.3%

 

2.1%

 

-

 

6.7%

 

Gross profit as a % of revenue, net of other direct costs (non-GAAP)

 

12.2%

 

3.4%

 

-

 

11.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2012

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,821,822

 

$

261,089

 

$

-

 

$

2,082,911

 

Other direct costs

 

643,074

 

99,711

 

-

 

742,785

 

Revenue, net of other direct costs (non-GAAP)

 

1,178,748

 

161,378

 

-

 

1,340,126

 

Cost of revenue, net of other direct costs

 

1,040,333

 

155,635

 

-

 

1,195,968

 

Gross profit

 

138,415

 

5,743

 

-

 

144,158

 

Equity in earnings of joint ventures

 

4,224

 

6,285

 

-

 

10,509

 

General and administrative expenses

 

-

 

-

 

(17,753)

 

(17,753)

 

Goodwill impairment

 

(155,000)

 

(181,000)

 

-

 

(336,000)

 

(Loss) from operations

 

$

(12,361)

 

$

(168,972)

 

$

(17,753)

 

$

(199,086)

 

 

 

 

 

 

 

 

 

 

 

Gross profit as a % of revenue

 

7.6%

 

2.2%

 

-

 

6.9%

 

Gross profit as a % of revenue, net of other direct costs (non-GAAP)

 

11.7%

 

3.6%

 

-

 

10.8%

 

 

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AECOM Technology Corporation

 

Reportable Segments

 

(unaudited - in thousands)

 

 

 

Professional
Technical
Services

 

Management
Support
Services

 

Corporate

 

Total

 

Twelve Months Ended September 30, 2013

 

 

 

 

 

 

 

 

 

Revenue

 

$

7,242,859

 

$

910,636

 

$

-

 

$

8,153,495

 

Other direct costs

 

2,826,452

 

350,068

 

-

 

3,176,520

 

Revenue, net of other direct costs (non-GAAP)

 

4,416,407

 

560,568

 

-

 

4,976,975

 

Cost of revenue, net of other direct costs

 

3,999,523

 

527,464

 

-

 

4,526,987

 

Gross profit

 

416,884

 

33,104

 

-

 

449,988

 

Equity in earnings of joint ventures

 

12,356

 

11,963

 

-

 

24,319

 

General and administrative expenses

 

-

 

-

 

(97,318)

 

(97,318)

 

Income (loss) from operations

 

$

429,240

 

$

45,067

 

$

(97,318)

 

$

376,989

 

 

 

 

 

 

 

 

 

 

 

Gross profit as a % of revenue

 

5.8%

 

3.6%

 

-

 

5.5%

 

Gross profit as a % of revenue, net of other direct costs (non-GAAP)

 

9.4%

 

5.9%

 

-

 

9.0%

 

 

 

 

 

 

 

 

 

 

 

Segment assets

 

$

5,761,057

 

$

541,887

 

$

(637,321)

 

$

5,665,623

 

 

 

 

 

 

 

 

 

 

 

Contracted backlog

 

$

8,378,426

 

$

374,871

 

$

-

 

$

8,753,297

 

Awarded backlog

 

6,886,068

 

914,011

 

-

 

7,800,079

 

Total backlog

 

$

15,264,494

 

$

1,288,882

 

$

-

 

$

16,553,376

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended September 30, 2012

 

 

 

 

 

 

 

 

 

Revenue

 

$

7,276,858

 

$

941,322

 

$

-

 

$

8,218,180

 

Other direct costs

 

2,669,534

 

364,769

 

-

 

3,034,303

 

Revenue, net of other direct costs (non-GAAP)

 

4,607,324

 

576,553

 

-

 

5,183,877

 

Cost of revenue, net of other direct costs

 

4,183,552

 

578,466

 

-

 

4,762,018

 

Gross profit

 

423,772

 

(1,913)

 

-

 

421,859

 

Equity in earnings of joint ventures

 

16,771

 

31,879

 

-

 

48,650

 

General and administrative expenses

 

-

 

-

 

(80,903)

 

(80,903)

 

Goodwill impairment

 

(155,000)

 

(181,000)

 

-

 

(336,000)

 

Income (loss) from operations

 

$

285,543

 

$

(151,034)

 

$

(80,903)

 

$

53,606

 

 

 

 

 

 

 

 

 

 

 

Gross profit as a % of revenue

 

5.8%

 

-0.2%

 

-

 

5.1%

 

Gross profit as a % of revenue, net of other direct costs (non-GAAP)

 

9.2%

 

-0.3%

 

-

 

8.1%

 

 

 

 

 

 

 

 

 

 

 

Segment assets

 

$

5,557,153

 

$

564,834

 

$

(457,419)

 

$

5,664,568

 

 

 

 

 

 

 

 

 

 

 

Contracted backlog

 

$

7,661,021

 

$

838,146

 

$

-

 

$

8,499,167

 

Awarded backlog

 

6,323,970

 

1,194,748

 

-

 

7,518,718

 

Total backlog

 

$

13,984,991

 

$

2,032,894

 

$

-

 

$

16,017,885

 

 

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AECOM Technology Corporation

Regulation G Information

($ in millions, except per share data)

 

Reconciliation of Revenue to Revenue, Net of Other Direct Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

Sep 30, 2012

 

Jun 30, 2013

 

Sep 30, 2013

 

Sep 30, 2012

 

Sep 30, 2013

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

2,082.9

 

$

2,067.5

 

$

2,079.1

 

$

8,218.2

 

$

8,153.5

 

Less: Other direct costs

 

742.8

 

831.5

 

835.0

 

3,034.3

 

3,176.5

 

Revenue, net of other direct costs

 

$

1,340.1

 

$

1,236.0

 

$

1,244.1

 

$

5,183.9

 

$

4,977.0

 

 

 

 

 

 

 

 

 

 

 

 

 

PTS Segment

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,821.8

 

$

1,847.1

 

$

1,858.7

 

$

7,276.9

 

$

7,242.9

 

Less: Other direct costs

 

643.1

 

745.1

 

748.4

 

2,669.6

 

2,826.5

 

Revenue, net of other direct costs

 

$

1,178.7

 

$

1,102.0

 

$

1,110.3

 

$

4,607.3

 

$

4,416.4

 

 

 

 

 

 

 

 

 

 

 

 

 

MSS Segment

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

261.1

 

$

220.4

 

$

220.4

 

$

941.3

 

$

910.6

 

Less: Other direct costs

 

99.7

 

86.4

 

86.6

 

364.7

 

350.0

 

Revenue, net of other direct costs

 

$

161.4

 

$

134.0

 

$

133.8

 

$

576.6

 

$

560.6

 

 

Reconciliation of Income from Operations Before Goodwill Impairment to Income from Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended Sep 30, 2012

 

 

 

 

 

Consolidated

 

PTS

 

MSS

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations before goodwill impairment

 

$

136.9

 

$

142.6

 

$

12.0

 

$

(17.7)

 

Goodwill impairment

 

 

 

(336.0)

 

(155.0)

 

(181.0)

 

-

 

Loss from operations

 

 

 

$

(199.1)

 

$

(12.4)

 

$

(169.0)

 

$

(17.7)

 

 

Reconciliation of Net Income and Diluted EPS Before Goodwill Impairment to Net Income and Diluted EPS

 

 

 

Three Months Ended
Sep 30, 2012

 

Twelve Months Ended
Sep 30, 2012

 

 

 

Net Income

 

Net Income
Attributable
to AECOM

 

Diluted EPS

 

Net Income

 

Net Income
Attributable
to AECOM

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount before goodwill impairment

 

$

92.3

 

$

92.3

 

$

0.83

 

$

260.3

 

$

258.6

 

$

2.30

 

Goodwill impairment, net of tax

 

(317.2)

 

(317.2)

 

(2.88)

 

(317.2)

 

(317.2)

 

(2.82)

 

Amount including goodwill impairment

 

$

(224.9)

 

$

(224.9)

 

$

(2.05)

 

$

(56.9)

 

$

(58.6)

 

$

(0.52)

 

 

Reconciliation of Amounts Provided by Acquired Companies

 

 

 

Three Months Ended
Sep 30, 2013

 

Twelve Months Ended
Sep 30, 2013

 

 

 

Total

 

Provided by
Acquired
Companies

 

Excluding Effect
of Acquired
Companies

 

Total

 

Provided by
Acquired
Companies

 

Excluding Effect
of Acquired
Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue, net of other direct costs - Consolidated

 

$

1,244.1

 

$

38.0

 

$

1,206.1

 

$

4,977.0

 

$

128.3

 

$

4,848.7

 

Revenue, net of other direct costs - PTS Segment

 

1,110.3

 

38.0

 

1,072.3

 

4,416.4

 

128.3

 

4,288.1

 

 

--more--

 


 

GRAPHIC

 

10-10-10

AECOM Technology Corporation

Regulation G Information

($ in millions, except per share data)

 

Reconciliation of EBITDA Before Goodwill Impairment to Net Income Attributable to AECOM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Dec 31,
2011

 

Mar 31,
2012

 

Jun 30,
2012

 

Sep 30,
2012

 

Dec 31,
2012

 

Mar 31,
2013

 

Jun 30,
2013

 

Sep 30,
2013

EBITDA before goodwill impairment

 

$

103.0

 

$

101.6

 

$

129.0

 

$

163.9

 

$

84.7

 

$

102.5

 

$

135.1

 

$

144.5

Less: Goodwill impairment

 

-

 

-

 

-

 

(336.0)

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

103.0

 

101.6

 

129.0

 

(172.1)

 

84.7

 

102.5

 

135.1

 

144.5

Less: Interest expense1

 

(10.4)

 

(11.0)

 

(12.5)

 

(10.4)

 

(10.4)

 

(11.3)

 

(11.0)

 

(9.6)

Add: Interest income2

 

0.4

 

0.4

 

0.4

 

0.4

 

0.4

 

0.5

 

0.4

 

0.4

Less: Depreciation and amortization

 

(25.5)

 

(25.3)

 

(26.1)

 

(26.1)

 

(23.9)

 

(23.9)

 

(23.6)

 

(23.0)

Income (loss) attributable to AECOM before income taxes

 

67.5

 

65.7

 

90.8

 

(208.2)

 

50.8

 

67.8

 

100.9

 

112.3

Less: Income tax expense

 

19.6

 

16.7

 

21.4

 

16.7

 

12.7

 

14.0

 

30.1

 

35.8

Net income (loss) attributable to AECOM

 

$

47.9

 

$

49.0

 

$

69.4

 

$

(224.9)

 

$

38.1

 

$

53.8

 

$

70.8

 

$

76.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Years Ended September 30,

 

 

 

 

 

 

 

 

2009

 

2010

 

2011

 

2012

 

2013

 

 

 

 

 

 

EBITDA before goodwill impairment

 

$

358.5

 

$

417.5

 

$

525.4

 

$

497.5

 

$

466.8

 

 

 

 

 

 

Less: Goodwill impairment

 

-

 

-

 

-

 

(336.0)

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

358.5

 

417.5

 

525.4

 

161.5

 

466.8

 

 

 

 

 

 

Less: Interest expense1

 

(11.9)

 

(10.7)

 

(40.8)

 

(44.3)

 

(42.3)

 

 

 

 

 

 

Add: Interest income2

 

1.2

 

0.8

 

1.6

 

1.6

 

1.7

 

 

 

 

 

 

Less: Depreciation and amortization

 

(84.1)

 

(78.9)

 

(110.3)

 

(103.0)

 

(94.4)

 

 

 

 

 

 

Income from continuing operations attributable to AECOM before income taxes

 

263.7

 

328.7

 

375.9

 

15.8

 

331.8

 

 

 

 

 

 

Less: Income tax expense

 

77.0

 

91.7

 

100.1

 

74.4

 

92.6

 

 

 

 

 

 

Income (loss) from continuing operations attributable to AECOM

 

186.7

 

237.0

 

275.8

 

(58.6)

 

239.2

 

 

 

 

 

 

Discontinued operations, net of tax

 

3.0

 

(0.1)

 

-

 

-

 

-

 

 

 

 

 

 

Net income (loss) attributable to AECOM

 

$

189.7

 

$

236.9

 

$

275.8

 

$

(58.6)

 

$

239.2

 

 

 

 

 

 

 

1  Excluding related amortization
2  Included in other income

 

Reconciliation of Total Debt to Net Debt

 

 

 

Balances at

 

 

Sep 30, 2012

 

Jun 30, 2013

 

Sep 30, 2013

Short-term debt

 

$

1.6

 

$

12.0

 

$

29.6

Current portion of long-term debt

 

161.0

 

1.5

 

54.7

Long-term debt

 

907.1

 

1,135.2

 

1,089.0

Total debt

 

1,069.7

 

1,148.7

 

1,173.3

Less: Total cash and cash equivalents

 

593.8

 

507.6

 

600.7

Net Debt

 

$

475.9

 

$

641.1

 

$

572.6

 

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Dec 31,
2011

 

Mar 31,
2012

 

Jun 30,
2012

 

Sep 30,
2012

 

Dec 31,
2012

 

Mar 31,
2013

 

Jun 30,
2013

 

Sep 30,
2013

Net cash provided by/(used in) operating activities

 

$

(6.4)

 

$

11.4

 

$

202.0

 

$

226.4

 

$

67.1

 

$

85.2

 

$

96.1

 

$

160.2

Capital expenditures

 

(18.3)

 

(13.9)

 

(15.6)

 

(15.1)

 

(12.9)

 

(11.7)

 

(12.4)

 

(15.1)

Free Cash Flow

 

$

(24.7)

 

$

(2.5)

 

$

186.4

 

$

211.3

 

$

54.2

 

$

73.5

 

$

83.7

 

$

145.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Years Ended September 30,

 

 

 

 

 

 

 

 

2009

 

2010

 

2011

 

2012

 

2013

 

 

 

 

 

 

Net cash provided by operating activities

 

$

228.6

 

$

158.6

 

$

132.0

 

$

433.4

 

$

408.6

 

 

 

 

 

 

Capital expenditures

 

(62.9)

 

(68.5)

 

(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

 

$

165.7

 

$

90.1

 

$

202.0

 

$

370.5

 

$

356.5

 

 

 

 

 

 

 

###