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AECOM Reports Fourth-quarter, Full-year Fiscal 2012 Results

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.
 
AECOM Technology Corporation
Consolidated Statement of Income
(unaudited - in thousands, except per share data)
 
  Three Months Ended   Twelve Months Ended

September 30,
 

September 30,
 

September 30,
 

September 30,
 

2012

2011
% Change  

2012

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 continuingoperations 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 ofconsolidated 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
 
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,
  September 30,

September 30,
  September 30,
 

2012
    2011    

2012
    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.
 

AECOM Technology Corporation
Reportable Segments
(unaudited - in thousands)
                 
Professional Management
Technical Support
Services 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 %
 

AECOM Technology Corporation
Reportable Segments
(in thousands)
               
Professional Management
Technical Support
Services 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.
 

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  

Twelve Months
Ended

Ended
Sep 30, 2012 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

 
 

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,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
2012 2012 2012 2011 2011 2011 2011 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,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
  2012     2012     2012     2011     2011     2011     2011     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  

NR 12-1104

Copyright Business Wire 2010
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