AECOM reports fourth-quarter, full-year fiscal 2012 results

  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.

Business Wire

LOS ANGELES -- November 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 $2.1billion. In
addition, fourth-quarter revenue, net of other direct costs^1, was
$1.3billion. 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
                                        YOY %                    YOY %
($ in millions,        Q4 FY11  Q4 FY12  Change  FY11    FY12     Change
except EPS)
Reported Figures
Gross Revenue          $2,118   $2,083   (2%)    $8,037  $8,218   2%
Net Service Revenue^1  $1,359   $1,340   (1%)    $5,181  $5,184   0%
Operating Income       $134     ($199)   (249%)  $421    $54      (87%)
Net Income^2           $87      ($225)   (357%)  $276    ($59)    (121%)
Earnings per Share^2   $0.75    ($2.05)  (373%)  $2.33   ($0.52)  (122%)
Operating Cash Flow    $262     $226     (14%)   $132    $433     228%
Free Cash Flow^3       $231     $211     (9%)    $202    $370     83%
Adjusted Figures
Operating Income       $134     $137     2%      $421    $390     (8%)
Net Income^2           $87      $92      6%      $276    $259     (6%)
Earnings per Share^2   $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.

“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 $16billion. 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 $1.2billion 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 $143million,
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 $261million, and revenue, net of
other direct costs, increased 10.1% to $161million, primarily due to a higher
level of activity in Asia and the Middle East. Adjusted operating income
declined 34.8% to $12million; however, on a sequential basis, adjusted
operating income grew 211.2% consistent with the company’s recovery plan for
the segment.

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
$1.05billion 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
$8.2billion 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.

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            %         2012            2011            %      
                                                 Change                                     Change
                                                                                            
Revenue          $ 2,082,911     $ 2,118,045     -2     %   $ 8,218,180     $ 8,037,374     2      %
Other direct      742,785       758,571      -2     %    3,034,303     2,856,598    6      %
costs
Revenue, net
of other           1,340,126       1,359,474     -1     %     5,183,877       5,180,776     0      %
direct costs
(non-GAAP)
Cost of
revenue, net      1,195,968     1,219,081    -2     %    4,762,018     4,714,074    1      %
of other
direct costs
Gross profit       144,158         140,393       3      %     421,859         466,702       -10    %
                                                                                            
Equity in
earnings of        10,509          13,144        -20    %     48,650          44,819        9      %
joint ventures
General and
administrative     (17,753   )     (19,868   )   -11    %     (80,903   )     (90,298   )   -10    %
expenses
Goodwill          (336,000  )    –            0      %    (336,000  )    –            0      %
impairment
Income from        (199,086  )     133,669       -249   %     53,606          421,223       -87    %
operations
                                                                                            
Other income       1,540           1,209         27     %     8,973           3,368         166    %
Interest          (10,576   )    (10,073   )   5      %    (45,096   )    (40,411   )   12     %
expense, net
(Loss) income
from
continuing         (208,122  )     124,805       -267   %     17,483          384,180       -95    %
operations
before income
tax expense
                                                                                            
Income tax        16,746        36,389       -54    %    74,416        100,090      -26    %
expense
                                                                                            
Net (loss)         (224,868  )     88,416        -354   %     (56,933   )     284,090       -120   %
income
                                                                                            
Noncontrolling
interest in
income of          (37       )     (1,033    )   -96    %     (1,634    )     (8,290    )   -80    %
consolidated
subsidiaries,
net of tax
                                                                         
Net (loss)
income           $ (224,905  )   $ 87,383       -357   %   $ (58,567   )   $ 275,800      -121   %
attributable
to AECOM
                                                                                            
Net (loss)
income
allocation:
Preferred        $ –             $ –             0      %   $ –             $ 2             -100   %
stock dividend
Net (loss)
income
available for     (224,905  )    87,383       -357   %    (58,567   )    275,798      -121   %
common
stockholders
Net (loss)
income           $ (224,905  )   $ 87,383       -357   %   $ (58,567   )   $ 275,800      -121   %
attributable
to AECOM
                                                                                            
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             475,115              718,680
cash equivalents
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      $  226,389     $  262,136     $  433,352     $  132,012  
operating
activities
                                                                 
Net cash
provided by
operating
activities
excluding
Q1 FY11
deferred
compensation     $  226,389      $  262,136      $  433,352      $  280,012
plan
termination*
Capital            (15,069  )     (30,708  )     (62,874  )     (77,991  )
expenditures
Free cash        $  211,320     $  231,428     $  370,478     $  202,021  
flow*

* 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         643,074       99,711       -           742,785   
costs
Revenue, net of
other direct          1,178,748       161,378        -             1,340,126
costs
(non-GAAP)
Cost of
revenue, net of      1,040,333     155,635      -           1,195,968 
other direct
costs
Gross profit          138,415         5,743          -             144,158
Equity in
earnings of           4,224           6,285          -             10,509
joint ventures
General and
administrative        -               -              (17,753 )     (17,753   )
expenses
Goodwill             (155,000  )    (181,000 )    -           (336,000  )
impairment
Loss from           $ (12,361   )   $ (168,972 )   $ (17,753 )   $ (199,086  )
operations
                                                                 
Gross profit as       7.6       %     2.2      %     -             6.9       %
a % of revenue
Gross profit as
a % of revenue,
net of other          11.7      %     3.6      %     -             10.8      %
direct costs
(non-GAAP)
                                                                 
                                                                 
Three Months
Ended September
30, 2011
Revenue             $ 1,882,896     $ 235,149      $ -           $ 2,118,045
Other direct         670,049       88,522       -           758,571   
costs
Revenue, net of
other direct          1,212,847       146,627        -             1,359,474
costs
(non-GAAP)
Cost of
revenue, net of      1,082,698     136,383      -           1,219,081 
other direct
costs
Gross profit          130,149         10,244         -             140,393
Equity in
earnings of           4,943           8,201          -             13,144
joint ventures
General and
administrative        -               -              (19,868 )     (19,868   )
expenses
Goodwill             -             -            -           -         
impairment
Income from         $ 135,092      $ 18,445      $ (19,868 )   $ 133,669   
operations
                                                                 
Gross profit as       6.9       %     4.4      %     -             6.6       %
a % of revenue
Gross profit as
a % of revenue,
net of other          10.7      %     7.0      %     -             10.3      %
direct costs
(non-GAAP)


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      2,669,534      364,769       -            3,034,303  
costs
Revenue, net
of other           4,607,324        576,553         -              5,183,877
direct costs
(non-GAAP)
Cost of
revenue, net      4,183,552      578,466       -            4,762,018  
of other
direct costs
Gross profit       423,772          (1,913    )     -              421,859
Equity in
earnings of        16,771           31,879          -              48,650
joint ventures
General and
administrative     -                -               (80,903  )     (80,903    )
expenses
Goodwill          (155,000   )    (181,000  )    -            (336,000   )
impairment
Income (loss)
from             $ 285,543       $ (151,034  )   $ (80,903  )   $ 53,606     
operations
                                                                 
Gross profit
as a % of          5.8        %     -0.2      %     -              5.1        %
revenue
Gross profit
as a % of
revenue, net       9.2        %     -0.3      %     -              8.1        %
of other
direct costs
(non-GAAP)
                                                                 
Segment          $ 5,557,153      $ 564,834       $ (457,419 )   $ 5,664,568
assets^(1)
Contracted       $ 7,661,021      $ 838,146       $ -            $ 8,499,167
backlog
Awarded           6,323,970      1,194,748     -            7,518,718  
backlog
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      2,264,940      591,658       -            2,856,598  
costs
Revenue, net
of other           4,612,191        568,585         -              5,180,776
direct costs
(non-GAAP)
Cost of
revenue, net      4,194,472      519,602       -            4,714,074  
of other
direct costs
Gross profit       417,719          48,983          -              466,702
Equity in
earnings of        15,335           29,484          -              44,819
joint ventures
General and
administrative     -                -               (90,298  )     (90,298    )
expenses
Goodwill          -              -             -            -          
impairment
Income from      $ 433,054       $ 78,467       $ ( 90,298 )   $ 421,223    
operations
                                                                 
Gross profit
as a % of          6.1        %     4.2       %     -              5.8        %
revenue
Gross profit
as a % of
revenue, net       9.1        %     8.6       %     -              9.0        %
of other
direct costs
(non-GAAP)
                                                                 
Segment          $ 5,296,695      $ 740,409       $ (247,777 )   $ 5,789,327
assets^(1)
Contracted       $ 7,920,239      $ 960,539       $ -            $ 8,880,778
backlog
Awarded           5,723,540      999,555       -            6,723,095  
backlog
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,      Jun 30,      Sep 30,      Sep 30,    Sep 30,
                2012          2012          2011         2012        2011
Consolidated
Revenue         $  2,082.9    $  2,095.2    $  2,118.1   $ 8,218.2   $ 8,037.4
Less: Other       742.8        771.7        758.6      3,034.3    2,856.6
direct costs
Revenue, net
of other        $  1,340.1    $  1,323.5    $  1,359.5   $ 5,183.9   $ 5,180.8
direct costs
                                                                     
PTS Segment
Revenue         $  1,821.8    $  1,846.5    $  1,882.9   $ 7,276.9   $ 6,877.1
Less: Other       643.1        681.9        670.1      2,669.6    2,264.9
direct costs
Revenue, net
of other        $  1,178.7    $  1,164.6    $  1,212.8   $ 4,607.3   $ 4,612.2
direct costs
                                                                     
MSS Segment
Revenue         $  261.1      $  248.7      $  235.2     $ 941.3     $ 1,160.3
Less: Other       99.7         89.8         88.5       364.7      591.7
direct costs
Revenue, net
of other        $  161.4      $  158.9      $  146.7     $ 576.6     $ 568.6
direct costs

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           $     136.9           $   389.6
goodwill impairment
Goodwill impairment                          (336.0    )        (336.0   )
(Loss) income from operations           $     (199.1    )     $   53.6     
                                                              
PTS Segment
Income from operations before           $     142.6           $   440.6
goodwill impairment
Goodwill impairment                          (155.0    )        (155.0   )
(Loss) income from operations           $     (12.4     )     $   285.6    
                                                              
MSS Segment
Income from operations before           $     12.0            $   29.9
goodwill impairment
Goodwill impairment                          (181.0    )        (181.0   )
Loss from operations                    $     (169.0    )     $   (151.1   )
                                                              
Corporate
Income from operations before           $     (17.7     )     $   (80.9    )
goodwill impairment
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             Twelve Months Ended
                                                
                    Sep 30, 2012                   Sep 30, 2012
                    Net Income^(1)  Diluted EPS   Net            Diluted EPS
                                                   Income^(1)
                                                                   
Amount before
goodwill            $   92.3         $  0.83       $  258.6        $  2.30
impairment
Goodwill
impairment, net        (317.2  )      (2.88  )     (317.2  )      (2.82  )
of tax
Amount including
goodwill            $   (224.9  )    $  (2.05  )   $  (58.6   )    $  (0.52  )
impairment
(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            $ 163.9      $ 129.0   $ 101.6     $ 103.0   $ 157.8     $ 136.2   $ 114.3   $ 117.1
impairment
Less: Goodwill       336.0      -        -         -        -         -        -        -
impairment
                                                                                                 
EBITDA                (172.1 )     129.0     101.6       103.0     157.8       136.2     114.3     117.1
Less: Interest        10.0         12.1      10.6        10.0      8.9         10.4      10.0      9.9
expense*
Less:
Depreciation and     26.1       26.1     25.3      25.5     25.1      28.0     27.4     29.8
amortization
Income from
continuing
operations
attributable to
AECOM before          (208.2 )     90.8      65.7        67.5      123.8       97.8      76.9      77.4
income taxes
Less: Income tax     16.7       21.4     16.7      19.6     36.4      24.0     19.2     20.5
expense
Net (loss) income
attributable to     $ (224.9 )   $ 69.4    $ 49.0     $ 47.9    $ 87.4     $ 73.8    $ 57.7    $ 56.9
AECOM
                                                                                                 
                    Fiscal Years Ended September 30,
                     2012       2011     2010      2009     2008  
EBITDA before
goodwill            $ 497.5      $ 525.4   $ 417.5     $ 358.5   $ 284.5
impairment
Less: Goodwill       336.0      -        -         -        -     
impairment
                                                                                                 
EBITDA                161.5        525.4     417.5       358.5     284.5
Less: Interest        42.7         39.2      9.9         10.7      (1.3  )
(income)/expense*
Less:
Depreciation and     103.0      110.3    78.9      84.1     62.8  
amortization
Income from
continuing
operations
attributable to
AECOM before          15.8         375.9     328.7       263.7     223.0
income taxes
Less: Income tax     74.4       100.1    91.7      77.0     76.5  
expense
(Loss) income
from continuing
operations            (58.6  )     275.8     237.0       186.7     146.5
attributable to
AECOM
Discontinued
operations, net      -          -        (0.1  )    3.0      0.7   
of tax
Net (loss) income
attributable to     $ (58.6  )   $ 275.8   $ 236.9    $ 189.7   $ 147.2 
AECOM
* 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              593.8         398.4         456.9
equivalents
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)    $ 226.4     $ 202.0     $ 11.4      $ (6.4  )   $ 262.1     $ 15.9      $ 33.3      $ (179.3 )
operating
activities
Capital          (15.1 )     (15.6 )     (13.9 )     (18.3 )     (30.7 )     (15.2 )     (16.1 )     (16.0  )
expenditures
Settlement
of deferred
compensation     -           -           -           -           -           -           -           90.0
plan
liability
Excess tax
benefit from
share-based
payment         -         -         -         -         -         -         -         58.0   
(associated
with DCP
termination)
Free Cash      $ 211.3    $ 186.4    $ (2.5  )   $ (24.7 )   $ 231.4    $ 0.7      $ 17.2     $ (47.3  )
Flow
                                                                                                   
               Fiscal Years Ended September 30,
                2012      2011      2010      2009      2008      2007  
Net cash
provided by    $ 433.4     $ 132.0     $ 158.6     $ 228.6     $ 169.0     $ 137.5
operating
activities
Capital          (62.9 )     (78.0 )     (68.5 )     (62.9 )     (69.1 )     (43.2 )
expenditures
Settlement
of deferred
compensation     -           90.0        -           -           -           -
plan
liability
Excess tax
benefit from
share-based
payment         -         58.0      -         -         -         -     
(associated
with DCP
termination)
Free Cash      $ 370.5    $ 202.0    $ 90.1     $ 165.7    $ 99.9     $ 94.3  
Flow

NR 12-1104

Contact:

Media:
AECOM
Paul Gennaro, 212-973-3167
SVP & Chief Communications Officer
Paul.Gennaro@aecom.com
or
Investors:
AECOM
Lynn Antipas Tyson, 646-432-8428
SVP, Investor Relations
Lynn.Tyson@aecom.com
 
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