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Exhibit 99.1

 

GRAPHIC

 

 

Media Contact:
Paul Gennaro

SVP & Chief Communications Officer

212.973.3167

Paul.Gennaro@aecom.com

Investor Contact:
Paul Cyril

SVP, Investor Relations

213.593.8322

Paul.Cyril@ecom.com

 

NR 14-1101

 

AECOM reports fourth-quarter, full-year fiscal year 2014 results

 

Quarter and Full-Year Highlights

 

·                  Wins of $4.2 billion in the quarter; backlog of $25.1 billion, including $3 billion acquired from Hunt Construction Group.

·                  Free cash flow of $162 million; $298 million for full-year fiscal 2014.

·                  Quarterly EPS of $0.79; full-year EPS of $2.53, excluding acquisition and integration expenses.

·                  Company targets fiscal year 2015 adjusted EPS of $2.75 to $3.35, including 50 weeks of URS contribution.

·                  Company completed acquisition of URS Corporation on Oct. 17, 2014, as previously announced.

 

LOS ANGELES (Nov. 11, 2014) — AECOM Technology Corporation (NYSE: ACM), the world’s #1-ranked engineering design firm, reported fourth-quarter revenue of $2.6 billion and net service revenue(1), of $1.3 billion.  Operating income equaled $103 million, net income(2) was $64 million, and diluted earnings per share(2) equaled $0.64. After adjusting for acquisition and integration expenses, diluted earnings per share(3) were $0.79 for the quarter and $2.53 for the fiscal year.

 

 

 

Fourth Quarter

 

Fiscal Year

 

($ in millions, except EPS)

 

Q4 FY13

 

Q4 FY14

 

YOY % 
Change

 

FY13

 

FY14

 

YOY %
Change

 

Gross Revenue

 

$

2,079

 

$

2,563

 

23

 

$

8,153

 

$

8,357

 

3

 

Net Service Revenue(1)

 

1,244

 

1,319

 

6

 

4,977

 

4,856

 

(2

)

Operating Income

 

123

 

103

 

(17

)

377

 

353

 

(6

)

Net Income(2)

 

77

 

64

 

(16

)

239

 

230

 

(4

)

EPS(2)

 

0.77

 

0.64

 

(17

)

2.35

 

2.33

 

(1

)

EPS (exc. acquisition/integration expenses)(3)

 

0.77

 

0.79

 

3

 

2.35

 

2.53

 

8

 

Operating Cash Flow

 

160

 

175

 

9

 

409

 

361

 

(12

)

Free Cash Flow(5)

 

145

 

162

 

11

 

356

 

298

 

(17

)

 

Note: All comparisons are year over year unless otherwise noted.

 

“AECOM delivered strong new wins of $4.2 billion in the quarter, and ended the year with total backlog of $25.1 billion, including $3 billion from the addition of Hunt Construction Group,” said Michael S. Burke, AECOM’s chief executive officer.  “Our construction services business benefited from continued private sector spending growth and strong execution, while strength in our international design business and improved MSS profitability underscored our leading position in the markets we serve.”

 

Burke added, “With the URS transaction closed, AECOM is focused on integrating two world-class organizations and executing on our strategy to become the premier fully integrated infrastructure firm.”

 

“We are pleased to report another strong quarter and fiscal year of free cash flow,” added President and Chief Financial Officer Stephen M. Kadenacy.  “We have already begun integrating the two companies and are focused on delivering our targeted synergies.”

 

—more—

 



 

2-2-2

 

New Wins and Backlog

 

New wins in the quarter of $4.2 billion were driven by strength in the company’s construction services business, which continues to benefit from strong spending growth in AECOM’s core metropolitan markets.  Hunt Construction Group, which AECOM acquired during the fourth quarter, contributed $3 billion of acquired backlog.  The company’s book-to-burn ratio(6) was 1.6x for the quarter, with total backlog at Sept. 30, 2014, of $25.1 billion, representing 52 percent total growth and 33 percent organic growth. These results demonstrate the underlying competitive strength of AECOM’s diversified capabilities as clients increasingly seek to partner with contractors that offer integrated services with global execution capabilities.

 

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 $2.4 billion in the quarter increased 27 percent, and net service revenue (NSR) grew 10 percent to $1.2 billion.  Growth in construction services and continued strength in Europe, the Middle East, Africa, and Asia helped offset a lower-than-anticipated contribution from the company’s design business in the Americas.  For the fiscal fourth quarter and the full year, operating income was $125 million and $407 million, respectively.

 

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 percent in the quarter to $201 million, and net service revenue declined 27 percent to $98 million.  For the fiscal fourth quarter and the full year, operating income increased $3 million and $9 million, respectively. MSS’s diversification strategy has allowed for margin improvement despite the decline in revenue.

 

Tax Rate

 

Inclusive of the non-controlling interest deduction and excluding acquisition and integration expenses incurred during the fourth quarter, the tax rate was 30.1 percent, with a full-year rate of 26.4 percent.  Inclusive of the impact of acquisition and integration expenses, the company’s tax rate for the fourth quarter and full year was 31.7 percent and 26.3 percent, respectively.

 

—more—

 



 

3-3-3

 

Cash Flow

 

Cash flow from operations for the quarter was $175 million and $361 million for the full year.  Free cash flow, which includes capital expenditures of $13 million in the quarter and $63 million for the full year, was $162 million and $298 million, respectively.

 

Balance Sheet

 

As of Sept. 30, 2014, AECOM had $574 million of total cash and cash equivalents, $1.0 billion of debt and $1.05 billion in committed bank facilities with $1.04 billion in unused capacity.

 

Fiscal 2015 Outlook

 

AECOM is targeting adjusted EPS(4) for fiscal year 2015 of $2.75 to $3.35.  The mid-point of the guidance range assumes approximately $110 million of realized synergies from the acquisition of URS.

 

In addition, the company expects full-year interest expense of approximately $225 million, a tax rate of 32 percent, excluding acquisition and integration expenses and the amortization of intangibles assets, and a full-year share count of 155 million shares.

 

Adjusted EPS guidance excludes the amortization of intangible assets and acquisition and integration expenses.  In total, these items are expected to result in a pre-tax expense of approximately $540 million.

 

AECOM is hosting a conference call today at 12 p.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.

 


(1)AECOM’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.

(2)Defined as attributable to AECOM.

(3)Defined as attributable to AECOM, excluding acquisition and integration expenses.

(4)Defined as attributable to AECOM, excluding intangible amortization, and acquisition and integration expenses.

(5)Free 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.

(6)Book-to-burn ratio is defined as the amount of gross revenue wins divided by gross revenue recognized during the period.

 

more—

 



 

4-4-4

 

About AECOM

 

With nearly 100,000 employees — including architects, engineers, designers, planners, scientists and management and construction services professionals — serving clients in more than 150 countries around the world following the acquisition of URS, AECOM is a premier, fully integrated infrastructure and support services firm.  AECOM is ranked as the #1 engineering design firm by revenue in Engineering News-Record magazine’s annual industry rankings.  The company is a leader in all of the key markets that it serves, including transportation, facilities, environmental, energy, oil and gas, water, high-rise buildings and government. 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 companies, including URS Corporation and Hunt Construction Group, had revenue of approximately $19.5 billion during the 12 months ended Sept. 30, 2014.  More information on AECOM and its services can be found at www.aecom.com.

 

Forward-Looking Statements: All statements in this press release other than statements of historical fact are “forward looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue, profit margins, cash flows, share count or other financial items; any statements of the plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance.  Although we believe that the expectations reflected in our forward looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward looking statements.

 

Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in forward-looking statements include: uncertainties related to global economic conditions and funding, audits, modifications and termination of long-term government contracts; losses under fixed-price contracts; limited control over operations run through our joint venture entities; misconduct by our employees or consultants or our failure to comply with laws or regulations; failure to successfully execute our merger and acquisition strategy; the failure to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog.  Additional factors that could cause actual results to differ materially from our forward looking statements are set forth in our reports filed with the Securities and Exchange Commission.  We do not intend, and undertake no obligation, to update any forward looking statement.

 

This press release contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”).  In particular, the company believes that non-GAAP financial measures such as revenue, net of other direct costs, and free cash flow also provide a meaningful perspective on its business results as the company utilizes this information to evaluate and manage the business.  This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the company’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

 

—more—

 



 

5-5-5

 

AECOM Technology Corporation

Consolidated Statement of Income

(in thousands, except per share data)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

September 30,
2013

 

September 30,
2014

 

% Change

 

September 30,
2013

 

September 30,
2014

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

2,079,087

 

$

2,562,529

 

23.3

%

$

8,153,495

 

$

8,356,783

 

2.5

%

Other direct costs

 

834,968

 

1,243,294

 

48.9

%

3,176,520

 

3,501,156

 

10.2

%

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

 

1,244,119

 

1,319,235

 

6.0

%

4,976,975

 

4,855,627

 

(2.4

)%

Cost of revenue, net of other direct costs

 

1,103,906

 

1,190,204

 

7.8

%

4,526,987

 

4,452,451

 

(1.6

)%

Gross profit

 

140,213

 

129,031

 

(8.0

)%

449,988

 

403,176

 

(10.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of joint ventures

 

6,464

 

8,509

 

31.6

%

24,319

 

57,924

 

138.2

%

General and administrative expenses

 

(23,953

)

(15,547

)

(35.1

)%

(97,318

)

(80,908

)

(16.9

)%

Acquisition and integration expenses

 

 

(19,473

)

0.0

%

 

(27,310

)

0.0

%

Income from operations

 

122,724

 

102,520

 

(16.5

)%

376,989

 

352,882

 

(6.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

1,480

 

1,892

 

27.8

%

3,522

 

2,748

 

(22.0

)%

Interest expense

 

(10,242

)

(10,120

)

(1.2

)%

(44,737

)

(40,842

)

(8.7

)%

Income before income tax expense

 

113,962

 

94,292

 

(17.3

)%

335,774

 

314,788

 

(6.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

35,735

 

29,657

 

(17.0

)%

92,578

 

82,024

 

(11.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

78,227

 

64,635

 

(17.4

)%

243,196

 

232,764

 

(4.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in income of consolidated subsidiaries, net of tax

 

(1,659

)

(609

)

(63.3

)%

(3,953

)

(2,910

)

(26.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to AECOM

 

$

76,568

 

$

64,026

 

(16.4

)%

$

239,243

 

$

229,854

 

(3.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to AECOM per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.78

 

$

0.65

 

(16.7

)%

$

2.38

 

$

2.36

 

(0.8

)%

Diluted

 

$

0.77

 

$

0.64

 

(16.9

)%

$

2.35

 

$

2.33

 

(0.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

98,028

 

98,107

 

0.1

%

100,618

 

97,226

 

(3.4

)%

Diluted

 

99,652

 

99,743

 

0.1

%

101,942

 

98,657

 

(3.2

)%

 

—more—

 



 

6-6-6

 

AECOM Technology Corporation

Balance Sheet and Cash Flow Information

(in thousands)

 

 

 

September 30, 2013

 

September 30, 2014

 

Balance Sheet Information:

 

 

 

 

 

Total cash and cash equivalents

 

$

600,677

 

$

574,188

 

Accounts receivable — net

 

2,342,262

 

2,654,976

 

Working capital

 

1,078,053

 

978,344

 

Working capital, net of cash and cash equivalents

 

477,376

 

404,156

 

Total debt

 

1,173,325

 

1,003,978

 

Total assets

 

5,665,623

 

6,121,777

 

Total AECOM stockholders’ equity

 

2,021,443

 

2,188,817

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

September 30,
2013

 

September 30,
2014

 

September 30,
2013

 

September 30,
2014

 

Cash Flow Information:

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

160,147

 

$

174,916

 

$

408,598

 

$

360,625

 

Payments for capital expenditures

 

(15,050

)

(13,274

)

(52,117

)

(62,852

)

Free cash flow

 

$

145,097

 

$

161,642

 

$

356,481

 

$

297,773

 

 

—more—

 



 

7-7-7

 

AECOM Technology Corporation

Reportable Segments

(in thousands)

 

 

 

Professional
Technical
Services

 

Management
Support
Services

 

Corporate

 

Total

 

Three Months Ended September 30, 2014

 

 

 

 

 

 

 

 

 

Revenue

 

$

2,361,534

 

$

200,995

 

$

 

$

2,562,529

 

Other direct costs

 

1,140,575

 

102,719

 

 

1,243,294

 

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

 

1,220,959

 

98,276

 

 

1,319,235

 

Cost of revenue, net of other direct costs

 

1,100,501

 

89,703

 

 

1,190,204

 

Gross profit

 

120,458

 

8,573

 

 

129,031

 

Equity in earnings of joint ventures

 

4,917

 

3,592

 

 

8,509

 

General and administrative expenses

 

 

 

(15,547

)

(15,547

)

Acquisition and integration expenses

 

 

 

(19,473

)

(19,473

)

Income (loss) from operations

 

$

125,375

 

$

12,165

 

$

(35,020

)

$

102,520

 

 

 

 

 

 

 

 

 

 

 

Gross profit as a % of revenue

 

5.1

%

4.3

%

 

5.0

%

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

 

9.9

%

8.7

%

 

9.8

%

 

 

 

 

 

 

 

 

 

 

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

%

 

—more—

 



 

8-8-8

 

AECOM Technology Corporation

Reportable Segments

(in thousands)

 

 

 

Professional
Technical
Services

 

Management
Support
Services

 

Corporate

 

Total

 

Twelve Months Ended Sept. 30, 2014

 

 

 

 

 

 

 

 

 

Revenue

 

$

7,609,921

 

$

746,862

 

$

 

$

8,356,783

 

Other direct costs

 

3,147,222

 

353,934

 

 

3,501,156

 

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

 

4,462,699

 

392,928

 

 

4,855,627

 

Cost of revenue, net of other direct costs

 

4,097,497

 

354,954

 

 

4,452,451

 

Gross profit

 

365,202

 

37,974

 

 

403,176

 

Equity in earnings of joint ventures

 

41,405

 

16,519

 

 

57,924

 

General and administrative expenses

 

 

 

(80,908

)

(80,908

)

Acquisition and integration expenses

 

 

 

(27,310

)

(27,310

)

Income (loss) from operations

 

$

406,607

 

$

54,493

 

$

(108,218

)

$

352,882

 

 

 

 

 

 

 

 

 

 

 

Gross profit as a % of revenue

 

4.8

%

5.1

%

 

4.8

%

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

 

8.2

%

9.7

%

 

8.3

%

 

 

 

 

 

 

 

 

 

 

Contracted backlog

 

$

10,740,108

 

$

608,895

 

$

 

$

11,349,003

 

Awarded backlog

 

12,391,080

 

1,343,071

 

 

13,734,151

 

Total backlog

 

$

23,131,188

 

$

1,951,966

 

$

 

$

25,083,154

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended Sept. 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

%

 

 

 

 

 

 

 

 

 

 

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

 

 

more—

 



 

9-9-9

 

AECOM Technology Corporation

Regulation G Information

(in millions)

 

Reconciliation of Revenue to Revenue, Net of Other Direct Costs

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

Sep 30, 2013

 

Jun 30, 2014

 

Sep 30, 2014

 

Sep 30, 2013

 

Sep 30, 2014

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

2,079.1

 

$

1,968.2

 

$

2,562.5

 

$

8,153.5

 

$

8,356.8

 

Less: Other direct costs

 

835.0

 

763.5

 

1,243.3

 

3,176.5

 

3,501.2

 

Revenue, net of other direct costs

 

$

1,244.1

 

$

1,204.7

 

$

1,319.2

 

$

4,977.0

 

$

4,855.6

 

 

 

 

 

 

 

 

 

 

 

 

 

PTS Segment

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,858.7

 

$

1,794.6

 

$

2,361.5

 

$

7,242.9

 

$

7,609.9

 

Less: Other direct costs

 

748.4

 

682.6

 

1,140.5

 

2,826.5

 

3,147.2

 

Revenue, net of other direct costs

 

$

1,110.3

 

$

1,112.0

 

$

1,221.0

 

$

4,416.4

 

$

4,462.7

 

 

 

 

 

 

 

 

 

 

 

 

 

MSS Segment

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

220.4

 

$

173.6

 

$

201.0

 

$

910.6

 

$

746.9

 

Less: Other direct costs

 

86.6

 

80.9

 

102.8

 

350.0

 

354.0

 

Revenue, net of other direct costs

 

$

133.8

 

$

92.7

 

$

98.2

 

$

560.6

 

$

392.9

 

 

Reconciliation of Amounts Provided by Acquired Companies

 

 

 

Three Months Ended
Sep 30, 2014

 

Twelve Months Ended
Sep 30, 2014

 

 

 

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

 

$

1,319.2

 

$

20.0

 

$

1,299.2

 

$

4,855.6

 

$

38.6

 

$

4,817.0

 

Revenue, net of other direct costs – PTS Segment

 

1,221.0

 

20.0

 

1,201.0

 

4,462.7

 

38.6

 

4,424.1

 

 

Reconciliation of EBITDA to Net Income Attributable to AECOM

 

 

 

Three Months Ended

 

 

 

Dec 31,
2012

 

Mar 31,
2013

 

Jun 30,
2013

 

Sep 30,
2013

 

Dec 31,
2013

 

Mar 31,
2014

 

Jun 30,
2014

 

Sep 30,
2014

 

EBITDA

 

$

84.7

 

$

102.5

 

$

135.1

 

$

144.5

 

$

111.5

 

$

89.0

 

$

115.9

 

$

127.2

 

Less: Interest expense(1)

 

(10.4

)

(11.3

)

(11.0

)

(9.6

)

(9.8

)

(10.0

)

(9.2

)

(9.5

)

Add: Interest income(2)

 

0.4

 

0.5

 

0.4

 

0.4

 

0.4

 

0.3

 

0.6

 

0.9

 

Less: Depreciation and amortization(3)

 

(23.9

)

(23.9

)

(23.6

)

(23.0

)

(22.2

)

(23.9

)

(24.4

)

(24.9

)

Income attributable to AECOM before income taxes

 

50.8

 

67.8

 

100.9

 

112.3

 

79.9

 

55.4

 

82.9

 

93.7

 

Less: Income tax expense

 

12.7

 

14.0

 

30.1

 

35.8

 

23.5

 

15.2

 

13.7

 

29.6

 

Net income attributable to AECOM

 

$

38.1

 

$

53.8

 

$

70.8

 

$

76.5

 

$

56.4

 

$

40.2

 

$

69.2

 

$

64.1

 

 

 

 

Fiscal Years Ended

 

 

 

2007

 

2008

 

2009

 

2010

 

2011

 

2012

 

2013

 

2014

 

EBITDA before goodwill impairment

 

$

195.9

 

$

284.5

 

$

358.5

 

$

417.5

 

$

525.4

 

$

497.5

 

$

466.8

 

$

443.6

 

Less: Goodwill impairment

 

 

 

 

 

 

(336.0

)

 

 

EBITDA

 

195.9

 

284.5

 

358.5

 

417.5

 

525.4

 

161.5

 

466.8

 

443.6

 

Less: Interest expense(1)

 

(9.0

)

(5.8

)

(11.9

)

(10.7

)

(40.8

)

(44.3

)

(42.3

)

(38.5

)

Add: Interest income(2)

 

5.7

 

7.1

 

1.2

 

0.8

 

1.6

 

1.6

 

1.7

 

2.2

 

Less: Depreciation and amortization(3)

 

(45.1

)

(62.8

)

(84.1

)

(78.9

)

(110.3

)

(103.0

)

(94.4

)

(95.4

)

Income from continuing operations attributable to AECOM before income taxes

 

147.5

 

223.0

 

263.7

 

328.7

 

375.9

 

15.8

 

331.8

 

311.9

 

Less: Income tax expense

 

47.2

 

76.5

 

77.0

 

91.7

 

100.1

 

74.4

 

92.6

 

82.0

 

Income (loss) from continuing operations attributable to AECOM

 

100.3

 

146.5

 

186.7

 

237.0

 

275.8

 

(58.6

)

239.2

 

229.9

 

Discontinued operations, net of tax

 

 

0.7

 

3.0

 

(0.1

)

 

 

 

 

Net income (loss) attributable to AECOM

 

$

100.3

 

$

147.2

 

$

189.7

 

$

236.9

 

$

275.8

 

$

(58.6

)

$

239.2

 

$

229.9

 

 


(1) Excludes related amortization

(2) Included in other income

(3) Includes the amount for noncontrolling interests in consolidated subsidiaries

 

–more–

 



 

10-10-10

 

AECOM Technology Corporation

Regulation G Information

(in millions, except per share data)

 

Reconciliation of Total Debt to Net Debt

 

 

 

Balances at

 

 

 

Sep 30, 2013

 

Jun 30, 2014

 

Sep 30, 2014

 

Short-term debt

 

$

29.6

 

$

27.9

 

$

23.9

 

Current portion of long-term debt

 

54.6

 

38.5

 

40.5

 

Long-term debt

 

1,089.1

 

977.0

 

939.6

 

Total debt

 

1,173.3

 

1,043.4

 

1,004.0

 

Less: Total cash and cash equivalents

 

600.7

 

510.1

 

574.2

 

Net Debt

 

$

572.6

 

$

533.3

 

$

429.8

 

 

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

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

Sep 30,
2013

 

Jun 30,
2014

 

Sep 30,
2014

 

Sep 30,
2011

 

Sep 30,
2012

 

Sep 30,
2013

 

Sep 30,
2014

 

Net cash provided by operating activities

 

$

160.2

 

$

79.7

 

$

174.9

 

$

132.0

 

$

433.4

 

$

408.6

 

$

360.6

 

Capital expenditures

 

(15.1

)

(16.4

)

(13.2

)

(78.0

)

(62.9

)

(52.1

)

(62.8

)

Settlement of deferred compensation plan liability

 

 

 

 

90.0

 

 

 

 

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

 

 

 

 

58.0

 

 

 

 

Free Cash Flow

 

$

145.1

 

$

63.3

 

$

161.7

 

$

202.0

 

$

370.5

 

$

356.5

 

$

297.8

 

 

Reconciliation of Reported Amounts to Reported Amounts, Excluding Acquisition and Integration Expenses

 

 

 

Three Months
Ended

 

Twelve
Months
Ended

 

 

 

Jun 30,
2014

 

Sep 30,
2014

 

Sep 30,
 2014

 

Income from operations

 

$

91.5

 

$

102.5

 

$

352.9

 

Acquisition and Integration (A&I) expenses

 

7.8

 

19.5

 

27.3

 

Income from operations excluding A&I expenses

 

$

99.3

 

$

122.0

 

$

380.2

 

 

 

 

 

 

 

 

 

EBITDA

 

$

115.9

 

$

127.2

 

$

443.6

 

Acquisition and Integration expenses

 

7.8

 

19.5

 

27.3

 

EBITDA excluding A&I expenses

 

$

123.7

 

$

146.7

 

$

470.9

 

 

 

 

 

 

 

 

 

Income tax expense

 

$

13.7

 

$

29.7

 

$

82.0

 

Acquisition and Integration tax impact

 

3.1

 

4.4

 

7.5

 

Income tax expense excluding A&I tax impact

 

$

16.8

 

$

34.1

 

$

89.5

 

 

 

 

 

 

 

 

 

Net income attributable to AECOM

 

$

69.2

 

$

64.0

 

$

229.9

 

Acquisition and Integration expenses, net of tax

 

4.7

 

15.1

 

19.8

 

Net income attributable to AECOM excluding A&I expenses, net of tax

 

$

73.9

 

$

79.1

 

$

249.7

 

 

 

 

 

 

 

 

 

Net income attributable to AECOM – per diluted share

 

$

0.70

 

$

0.64

 

$

2.33

 

Acquisition and Integration expenses, net of tax – per diluted share

 

0.05

 

0.15

 

0.20

 

Net income attributable to AECOM – per diluted share, excluding A&I expenses, net of tax – per diluted share

 

$

0.75

 

$

0.79

 

$

2.53

 

 

###