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Exhibit 99.1

 

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NR 12-1103

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 2012 results

 

Quarter Highlights

·                  $226 million in operating cash flow and $211 million in free cash flow, exceeding target.

·                  $2.1 billion in revenue, backlog of $16 billion, with strong contribution from Asia-Pacific and transportation.

·                  Company invests $62 million to repurchase 3 million shares.

·                  Company takes non-cash goodwill impairment charge of $2.88 per share, or $317 million net of tax.

·                  Reported EPS of $(2.05), $0.83 on an adjusted basis, excluding the impairment charge.

·                  Company targets full-year diluted EPS of $2.40 to $2.50 for fiscal year 2013.

 

LOS ANGELES (Nov. 13, 2012) — AECOM Technology Corporation (NYSE: ACM) today reported its financial results for the fourth quarter and full year for fiscal 2012, which ended Sept. 30, 2012.  The company reported fourth-quarter revenue of $2.1 billion.  In addition, fourth-quarter revenue, net of other direct costs1, was $1.3 billion.  Due to the $336-million impairment charge ($317 million net of tax), the company reported an operating loss of $199 million, a net loss of $225 million, and a loss per share of $2.05 for the fourth quarter.  Adjusted to exclude the goodwill impairment charge, operating income was $137 million, net income was $92 million, and diluted earnings per share was $0.83 in the fourth quarter.

 

During the fourth quarter, in connection with its annual goodwill impairment testing, the company concluded that an impairment of its goodwill existed within its Europe business and its Management Support Services (MSS) reporting unit.  As a result, the company recorded a goodwill impairment charge of $2.88 per share or $317 million net of tax.  In Europe, the impairment charge resulted primarily from the negative impact of economic trends, which drove a reduction in profit levels.  The impairment in MSS was largely driven by the loss of revenue due to the precipitous drawdown of troops in Iraq during 2012.  Based on the strong growth in profit in the second half of fiscal 2012, the company expects that both its Europe and MSS businesses will show strong growth in profitability in fiscal 2013.  The impairment did not have any impact on the company’s compliance with its debt covenants, its cash flows or its operations.

 

 

 

 

Fourth Quarter

 

 

Fiscal Year 2012

($ in millions, except EPS)

 

 

Q4 FY11

 

 

Q4 FY12

 

 

YOY %
Change

 

 

FY11

 

 

FY12

 

 

YOY %
Change

Reported Figures

Gross Revenue

 

 

$2,118

 

 

$2,083

 

 

(2%)

 

 

$8,037

 

 

$8,218

 

 

2%

Net Service Revenue1

 

 

$1,359

 

 

$1,340

 

 

(1%)

 

 

$5,181

 

 

$5,184

 

 

0%

Operating Income

 

 

$134

 

 

($199)

 

 

(249%)

 

 

$421

 

 

$54

 

 

(87%)

Net Income2

 

 

$87

 

 

($225)

 

 

(357%)

 

 

$276

 

 

($59)

 

 

(121%)

Earnings per Share2

 

 

$0.75

 

 

($2.05)

 

 

(373%)

 

 

$2.33

 

 

($0.52)

 

 

(122%)

Operating Cash Flow

 

 

$262

 

 

$226

 

 

(14%)

 

 

$132

 

 

$433

 

 

228%

Free Cash Flow3

 

 

$231

 

 

$211

 

 

(9%)

 

 

$202

 

 

$370

 

 

83%

Adjusted Figures

Operating Income

 

 

$134

 

 

$137

 

 

2%

 

 

$421

 

 

$390

 

 

(8%)

Net Income2

 

 

$87

 

 

$92

 

 

6%

 

 

$276

 

 

$259

 

 

(6%)

Earnings per Share2

 

 

$0.75

 

 

$0.83

 

 

11%

 

 

$2.33

 

 

$2.30

 

 

(1%)

 

For purposes of comparison, the discussion below of results excludes the impact of the impairment charge unless noted otherwise.  Also, all growth comparisons that follow are year over year unless noted otherwise.

 

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“I am pleased with the progress that we made sequentially in the quarter on growth and profitability,” said John M. Dionisio, AECOM chairman and chief executive officer.  “We won $2.3 billion in new wins during the quarter, driving backlog up 3% year over year to $16 billion.  Our unyielding commitment to improved profitability lifted EBITDA margins to 12% — a record level for the fourth quarter.  Our results clearly demonstrate the progress that we’ve made to drive a performance culture committed to improved growth, profitability and liquidity.  For fiscal year 2013, we are targeting earnings per share of $2.40-$2.50, which reflects continued pressure on growth as a result of the global macro-economic climate.”

 

“Our company-wide focus on improving our cash-conversion metrics allowed us to generate $211 million in free cash flow for the quarter and $370 million for the year,” said AECOM President Michael S. Burke.  “In addition, our liquidity and balanced capital allocation strategy allowed us to spend $62 million in the quarter to repurchase 3 million shares.  Since the inception of our repurchase program in 2011, we have invested over $300 million to repurchase 15 million shares, reducing our share count by 13%.”

 

New Wins and Backlog

 

During the fourth quarter, new wins totaled $2.3 billion, while backlog at Sept. 30, 2012, was $16 billion.  These metrics demonstrate the underlying strength of AECOM 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, and program and construction management services to institutional, commercial and public sector clients worldwide.

 

Fourth-quarter revenue of $1.8 billion declined 3.2%, and revenue, net of other direct costs, declined by 2.8% to $1.2 billion as double-digit growth in Asia-Pacific was offset by the challenging environment in the United States and in Europe.  Adjusted operating income increased 5.6% to $143 million, reflecting the benefits of our operational 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.

 

Fourth-quarter revenue increased 11.0% to $261 million, and revenue, net of other direct costs, increased 10.1% to $161 million, primarily due to a higher level of activity in Asia and the Middle East.  Adjusted operating income declined 34.8% to $12 million; however, on a sequential basis, adjusted operating income grew 211.2% consistent with the company’s recovery plan for the segment.

 

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Cash Flow

 

Cash flow from operations for the quarter equaled $226 million.  Free cash flow, which includes capital expenditures of $15 million, totaled $211 million.  Days sales outstanding (DSOs) improved by one day sequentially to 91 in the quarter.  For the full year, the company generated $370 million in free cash flow, meeting its target of generating free cash flow equal to or in excess of its adjusted net income.  For the full year, factoring of receivables contributed $28 million to free cash flow.

 

Balance Sheet

 

As of Sept. 30, 2012, AECOM had $594 million of total cash and cash equivalents and $1.1 billion of debt.  In addition, AECOM reported $1.05 billion in committed bank facilities with $991 million in unused capacity.

 

Fiscal 2013 Outlook

 

AECOM is targeting EPS for fiscal 2013 of $2.40 to $2.50.  At the low end of the range, the company expects flat revenue growth, and, at the high end of the range, the company expects modest revenue growth.  In addition, the company is targeting steady EBITDA margins for the year relative to fiscal 2012, a full-year tax rate of 29 percent and a full-year share count of 106 million shares.  The company expects the first quarter of fiscal 2013 to contribute roughly 12 percent to full-year earnings per share.

 

AECOM is hosting a conference call today at 10 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), which is a non-GAAP measure, also provides a meaningful perspective on its business results.

2Attributable to AECOM.

3Free cash flow is defined as cash flow from operations less capital expenditures and is a non-GAAP measure.  Q1 FY11 free cash flow excludes deferred compensation plan termination of $90 million and related excess tax benefit of $58 million.

 

 

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 $8.2 billion during the 12 months ended Sept. 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, revenue 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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The company believes that non-GAAP financial measures such as revenue, net of other direct costs, backlog, 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.

 

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.

 

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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,
2011

 

%
Change

 

September 30,
2012

 

September 30,
2011

 

%
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

2,082,911

 

$

2,118,045

 

-2%

 

$

8,218,180

 

$

8,037,374

 

2%

 

Other direct costs

 

742,785

 

758,571

 

-2%

 

3,034,303

 

2,856,598

 

6%

 

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

 

1,340,126

 

1,359,474

 

-1%

 

5,183,877

 

5,180,776

 

0%

 

Cost of revenue, net of other direct costs

 

1,195,968

 

1,219,081

 

-2%

 

4,762,018

 

4,714,074

 

1%

 

Gross profit

 

144,158

 

140,393

 

3%

 

421,859

 

466,702

 

-10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of joint ventures

 

10,509

 

13,144

 

-20%

 

48,650

 

44,819

 

9%

 

General and administrative expenses

 

(17,753)

 

(19,868)

 

-11%

 

(80,903)

 

(90,298)

 

-10%

 

Goodwill impairment

 

(336,000)

 

 

0%

 

(336,000)

 

 

0%

 

Income from operations

 

(199,086)

 

133,669

 

-249%

 

53,606

 

421,223

 

-87%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

1,540

 

1,209

 

27%

 

8,973

 

3,368

 

166%

 

Interest expense, net

 

(10,576)

 

(10,073)

 

5%

 

(45,096)

 

(40,411)

 

12%

 

(Loss) income from continuing operations before income tax expense

 

(208,122)

 

124,805

 

-267%

 

17,483

 

384,180

 

-95%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

16,746

 

36,389

 

-54%

 

74,416

 

100,090

 

-26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

(224,868)

 

88,416

 

-354%

 

(56,933)

 

284,090

 

-120%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in income of consolidated subsidiaries, net of tax

 

(37)

 

(1,033)

 

-96%

 

(1,634)

 

(8,290)

 

-80%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to AECOM

 

$

(224,905)

 

$

87,383

 

-357%

 

$

(58,567)

 

$

275,800

 

-121%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income allocation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend

 

$

 

$

 

0%

 

$

 

$

2

 

-100%

 

Net (loss) income available for common stockholders

 

(224,905)

 

87,383

 

-357%

 

(58,567)

 

275,798

 

-121%

 

Net (loss) income attributable to AECOM

 

$

(224,905)

 

$

87,383

 

-357%

 

$

(58,567)

 

$

275,800

 

-121%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to AECOM per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(2.05)

 

$

0.75

 

-373%

 

$

(0.52)

 

$

2.35

 

-122%

 

Diluted

 

$

(2.05)

 

$

0.75

 

-373%

 

$

(0.52)

 

$

2.33

 

-122%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

109,962

 

116,366

 

 

 

111,875

 

117,396

 

 

 

Diluted

 

109,962

 

117,080

 

 

 

111,875

 

118,345

 

 

 

 

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AECOM Technology Corporation

Balance Sheet and Cash Flow Information

(unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

September 30, 2012

 

 

September 30, 2011

 

Balance Sheet Information:

 

 

 

 

 

 

Cash and cash equivalents

 

$

593,776 

 

 

$

456,940 

 

Accounts receivable – net

 

2,395,881

 

 

2,380,181

 

Working capital

 

1,068,891

 

 

1,175,620

 

Working capital, net of cash and cash equivalents

 

475,115

 

 

718,680

 

Total debt

 

1,069,732

 

 

1,162,469

 

Total assets

 

5,664,568

 

 

5,789,328

 

Total AECOM stockholders’ equity

 

2,169,464

 

 

2,339,711

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

September 30,
2012

 

September 30,
2011

 

September 30,
2012

 

September 30,
2011

 

Cash Flow Information:

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

 226,389

 

$

 262,136

 

$

 433,352

 

$

 132,012

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities excluding Q1 FY11 deferred compensation plan termination*

 

$

 226,389

 

$

 262,136

 

$

 433,352

 

$

 280,012

 

Capital expenditures

 

(15,069)

 

(30,708)

 

(62,874)

 

(77,991)

 

Free cash flow*

 

$

 211,320

 

$

 231,428

 

$

 370,478

 

$

 202,021

 

 

* Twelve months ended September 30, 2011 amount excludes deferred compensation plan termination ($90) million and associated excess tax benefits ($58) million.

 

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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, 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%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2011

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,882,896

 

 

$

235,149

 

 

$

-

 

 

$

2,118,045

 

Other direct costs

 

670,049

 

 

88,522

 

 

-

 

 

758,571

 

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

 

1,212,847

 

 

146,627

 

 

-

 

 

1,359,474

 

Cost of revenue, net of other direct costs

 

1,082,698

 

 

136,383

 

 

-

 

 

1,219,081

 

Gross profit

 

130,149

 

 

10,244

 

 

-

 

 

140,393

 

Equity in earnings of joint ventures

 

4,943

 

 

8,201

 

 

-

 

 

13,144

 

General and administrative expenses

 

-

 

 

-

 

 

(19,868

)

 

(19,868

)

Goodwill impairment

 

-

 

 

-

 

 

-

 

 

-

 

Income from operations

 

$

135,092

 

 

$

18,445

 

 

$

(19,868

)

 

$

133,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit as a % of revenue

 

6.9%

 

 

4.4%

 

 

-

 

 

6.6%

 

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

 

10.7%

 

 

7.0%

 

 

-

 

 

10.3%

 

 

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AECOM Technology Corporation

Reportable Segments

(in thousands)

 

 

 

Professional
Technical
Services

 

Management
Support
Services

 

Corporate

 

Total

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(1)

 

$

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended September 30, 2011

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

6,877,131

 

 

$

1,160,243

 

 

$

-

 

 

$

8,037,374

 

Other direct costs

 

2,264,940

 

 

591,658

 

 

-

 

 

2,856,598

 

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

 

4,612,191

 

 

568,585

 

 

-

 

 

5,180,776

 

Cost of revenue, net of other direct costs

 

4,194,472

 

 

519,602

 

 

-

 

 

4,714,074

 

Gross profit

 

417,719

 

 

48,983

 

 

-

 

 

466,702

 

Equity in earnings of joint ventures

 

15,335

 

 

29,484

 

 

-

 

 

44,819

 

General and administrative expenses

 

-

 

 

-

 

 

(90,298

)

 

(90,298

)

Goodwill impairment

 

-

 

 

-

 

 

-

 

 

-

 

Income from operations

 

$

433,054

 

 

$

78,467

 

 

$

(90,298

)

 

$

421,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit as a % of revenue

 

6.1%

 

 

4.2%

 

 

-

 

 

5.8%

 

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

 

9.1%

 

 

8.6%

 

 

-

 

 

9.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment assets(1)

 

$

5,296,695

 

 

$

740,409

 

 

$

(247,777

)

 

$

5,789,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracted backlog

 

$

7,920,239

 

 

$

960,539

 

 

$

-

 

 

$

8,880,778

 

Awarded backlog

 

5,723,540

 

 

999,555

 

 

-

 

 

6,723,095

 

Total backlog

 

$

13,643,779

 

 

$

1,960,094

 

 

$

-

 

 

$

15,603,873

 

 

(1)             Corporate assets include intercompany eliminations.

 

--more--

 


 


 

GRAPHIC

 

 

9-9-9

 

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, 2012

 

Sep 30, 2011

 

Sep 30, 2012

 

Sep 30, 2011

Consolidated

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

2,082.9

 

$

2,095.2

 

$

2,118.1

 

$

8,218.2

 

$

8,037.4

Less: Other direct costs

 

742.8

 

771.7

 

758.6

 

3,034.3

 

2,856.6

Revenue, net of other direct costs

 

$

1,340.1

 

$

1,323.5

 

$

1,359.5

 

$

5,183.9

 

$

5,180.8

 

 

 

 

 

 

 

 

 

 

 

PTS Segment

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,821.8

 

$

1,846.5

 

$

1,882.9

 

$

7,276.9

 

$

6,877.1

Less: Other direct costs

 

643.1

 

681.9

 

670.1

 

2,669.6

 

2,264.9

Revenue, net of other direct costs

 

$

1,178.7

 

$

1,164.6

 

$

1,212.8

 

$

4,607.3

 

$

4,612.2

 

 

 

 

 

 

 

 

 

 

 

MSS Segment

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

261.1

 

$

248.7

 

$

235.2

 

$

 941.3

 

$

1,160.3

Less: Other direct costs

 

99.7

 

89.8

 

88.5

 

364.7

 

591.7

Revenue, net of other direct costs

 

$

161.4

 

$

158.9

 

$

146.7

 

$

576.6

 

$

568.6

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months
Ended
Sep 30, 2012

 

Twelve Months
Ended
Sep 30, 2012

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

Income from operations before goodwill impairment

 

$

136.9

 

$

389.6

 

 

 

 

Goodwill impairment

 

(336.0)

 

(336.0)

 

 

 

 

(Loss) income from operations

 

$

(199.1)

 

$

 53.6

 

 

 

 

 

 

 

 

 

 

 

 

 

PTS Segment

 

 

 

 

 

 

 

 

Income from operations before goodwill impairment

 

$

142.6

 

$

440.6

 

 

 

 

Goodwill impairment

 

(155.0)

 

(155.0)

 

 

 

 

(Loss) income from operations

 

$

(12.4)

 

$

285.6

 

 

 

 

 

 

 

 

 

 

 

 

 

MSS Segment

 

 

 

 

 

 

 

 

Income from operations before goodwill impairment

 

$

 12.0

 

$

 29.9

 

 

 

 

Goodwill impairment

 

(181.0)

 

(181.0)

 

 

 

 

Loss from operations

 

$

(169.0)

 

$

(151.1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

Income from operations before goodwill impairment

 

$

(17.7)

 

$

(80.9)

 

 

 

 

Goodwill impairment

 

-

 

-

 

 

 

 

Loss from operations

 

$

(17.7)

 

$

(80.9)

 

 

 

 

 

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(1)

 

Diluted EPS

 

Net Income(1)

 

Diluted EPS

 

 

 

 

 

 

 

 

 

Amount before goodwill impairment

 

$

 92.3

 

$

0.83

 

$

258.6

 

$

2.30

Goodwill impairment, net of tax

 

(317.2)

 

(2.88)

 

(317.2)

 

(2.82)

Amount including goodwill impairment

 

$

(224.9)

 

$

(2.05)

 

$

(58.6)

 

$

(0.52)

 

(1)  Attributable to AECOM

 

--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

 

 

Sep 30,
2012

 

Jun 30,
2012

 

Mar 31,
2012

 

Dec 31,
2011

 

Sep 30,
2011

 

Jun 30,
2011

 

Mar 31,
2011

 

Dec 31,
2010

EBITDA before goodwill impairment

 

$

163.9

 

$

129.0

 

$

101.6

 

$

103.0

 

$

157.8

 

$

136.2

 

$

114.3

 

$

117.1

Less: Goodwill impairment

 

336.0

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

(172.1)

 

129.0

 

101.6

 

103.0

 

157.8

 

136.2

 

114.3

 

117.1

Less: Interest expense*

 

10.0

 

12.1

 

10.6

 

10.0

 

8.9

 

10.4

 

10.0

 

9.9

Less: Depreciation and amortization

 

26.1

 

26.1

 

25.3

 

25.5

 

25.1

 

28.0

 

27.4

 

29.8

Income from continuing operations attributable to AECOM before income taxes

 

(208.2)

 

90.8

 

65.7

 

67.5

 

123.8

 

97.8

 

76.9

 

77.4

Less: Income tax expense

 

16.7

 

21.4

 

16.7

 

19.6

 

36.4

 

24.0

 

19.2

 

20.5

Net (loss) income attributable to AECOM

 

$

(224.9)

 

$

69.4

 

$

49.0

 

$

47.9

 

$

87.4

 

$

73.8

 

$

57.7

 

$

56.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Years Ended September 30,

 

 

 

 

 

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

 

 

 

 

 

EBITDA before goodwill impairment

 

$

497.5

 

$

525.4

 

$

417.5

 

$

358.5

 

$

284.5

 

 

 

 

 

 

Less: Goodwill impairment

 

336.0

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

161.5

 

525.4

 

417.5

 

358.5

 

284.5

 

 

 

 

 

 

Less: Interest (income)/expense*

 

42.7

 

39.2

 

9.9

 

10.7

 

(1.3)

 

 

 

 

 

 

Less: Depreciation and amortization

 

103.0

 

110.3

 

78.9

 

84.1

 

62.8

 

 

 

 

 

 

Income from continuing operations attributable to AECOM before income taxes

 

15.8

 

375.9

 

328.7

 

263.7

 

223.0

 

 

 

 

 

 

Less: Income tax expense

 

74.4

 

100.1

 

91.7

 

77.0

 

76.5

 

 

 

 

 

 

(Loss) income from continuing operations attributable to AECOM

 

(58.6)

 

275.8

 

237.0

 

186.7

 

146.5

 

 

 

 

 

 

Discontinued operations, net of tax

 

-

 

-

 

(0.1)

 

3.0

 

0.7

 

 

 

 

 

 

Net (loss) income attributable to AECOM

 

$

(58.6)

 

$

275.8

 

$

236.9

 

$

189.7

 

$

147.2

 

 

 

 

 

 

* Excluding related amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total Debt to Net Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at

 

 

 

 

 

 

 

 

 

 

 

 

Sep 30, 2012

 

Jun 30, 2012

 

Sep 30, 2011

 

 

 

 

 

 

 

 

 

 

Short-term debt

 

$

1.6

 

$

2.9

 

$

6.6

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

161.0

 

116.8

 

11.2

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

907.1

 

950.6

 

1,144.7

 

 

 

 

 

 

 

 

 

 

Total debt

 

1,069.7

 

1,070.3

 

1,162.5

 

 

 

 

 

 

 

 

 

 

Less: Total cash and cash equivalents

 

593.8

 

398.4

 

456.9

 

 

 

 

 

 

 

 

 

 

Net Debt

 

$

475.9

 

$

671.9

 

$

705.6

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Three Months Ended

 

 

Sep 30,
2012

 

Jun 30,
2012

 

Mar 31,
2012

 

Dec 31,
2011

 

Sep 30,
2011

 

Jun 30,
2011

 

Mar 31,
2011

 

Dec 31,
2010

Net cash provided by / (used in) operating activities

 

$

226.4

 

$

202.0

 

$

 11.4

 

$

(6.4)

 

$

262.1

 

$

 15.9

 

$

 33.3

 

$

(179.3)

Capital expenditures

 

(15.1)

 

(15.6)

 

(13.9)

 

(18.3)

 

(30.7)

 

(15.2)

 

(16.1)

 

(16.0)

Settlement of deferred compensation plan liability

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

90.0

Excess tax benefit from share-based payment (associated with DCP termination)

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

58.0

Free Cash Flow

 

$

211.3

 

$

186.4

 

$

(2.5)

 

$

(24.7)

 

$

231.4

 

$

0.7

 

$

17.2

 

$

(47.3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Years Ended September 30,

 

 

 

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

2007

 

 

 

 

Net cash provided by operating activities

 

$

433.4

 

$

132.0

 

$

158.6

 

$

228.6

 

$

169.0

 

$

137.5

 

 

 

 

Capital expenditures

 

(62.9)

 

(78.0)

 

(68.5)

 

(62.9)

 

(69.1)

 

(43.2)

 

 

 

 

Settlement of deferred compensation plan liability

 

-

 

90.0

 

-

 

-

 

-

 

-

 

 

 

 

Excess tax benefit from share-based payment (associated with DCP termination)

 

-

 

58.0

 

-

 

-

 

-

 

-

 

 

 

 

Free Cash Flow

 

$

370.5

 

$

202.0

 

$

 90.1

 

$

165.7

 

$

99.9

 

$

94.3

 

 

 

 

 

###