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.
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
. The webcast will be available for replay following the call.
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), which is a non-GAAP measure, also provides a meaningful perspective on its business results.
Attributable to AECOM.
Free 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.
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
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
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.