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<br />AECOM Technology Corporation
<br />Consolidated Statements of Cash Flows
<br />(in thousands)
<br />
<br /> Fiscal Year Ended
<br /> September 30, September 30, September 30,
<br />~ 2004 2005 2006
<br />CASH FLOWS FROM OPERATING ACTIVITIES:
<br />Net income $ 50,436 $ 53,814 .$ 53,686
<br />Adjushnents to recon.cile net income to net cash provided by operating activities:
<br />Depreciation and amortizatiDn 12,918 19.928 39,830
<br />Equity in earnings Df unconSDlidated jDint ventures (2,517 ) (2,352 ) (6,554 )
<br />StDck match 1.811 3,214 14.779
<br />Write-off of Class D preferred stock issuance CDSts 2,100
<br />Interest incDme Dn notes frDm stockholders (1,623 ) (2,008 ) (2,111)
<br />Deterred income lax expense (benefit) 6,774 13,093 (12,136 )
<br />Gain on tennination of interest rate hedge (1,139 )
<br />Changes in operating assels and liabilities, net of effects of acquisitions:
<br />AccDunts receivable 12,679 (72,407 ) (135,418 )
<br />Prepaid expenses and Dther assels (13,919 ) (15,418) (12,845 )
<br />Distribution of earnings from unconSDlidated joint ventures 1,734 364 6,867
<br />Accounts payable (13,507 ) 18,757 47,433
<br />Accrued expenses 1,977 35,593 74,550
<br />Billings in excess of cosls Dn uncompleted contracts (1,081 ) 24,782 14,525
<br />Other liabilities 10,029 34,545 (16,060 )
<br />Income taxes receivable/payable It,372 (30,036 ) 29,822
<br />Change in deferred foreign currency translation adjustment (5,350 ) (8,926 ) 6,445
<br />Change in defined benefit minimum pension liability adjustment ~ (26,356 ) t7,492
<br />Net cash prDvided by operating activities 77,574 46,587 121,266
<br />CASH FLOWS FROM INVESTING ACTIVITIES:
<br />Payments for business acquisitions, net Df cash acquired (t4,467 ) (158,894 ) (53,296 )
<br />(payments tD) proceeds frDm investments. net (10,515) 60,538
<br />Deferred income tal( Dn gain frDm the sale of a building (6,494 )
<br />Net investment in unconsolidated joint ventures (],023 ) (8,249 ) (1,026 )
<br />Payments fDr capilal expenditures (18,926 ) (3],175) (32,300 )
<br />Proceeds on sale of prDperty and equipment 603 785 21,301
<br />Net cash used in investing activilies (44,328 ) (136.995 ) (71.815 )
<br />CASH FLOWS FROM FINANCING ACTIVITIES:
<br />PrDceeds from borrowings under credit agreements 130,000 342,t61
<br />Repaymenls DfbolTowings under credit and senior note agreements (24,482 ) (9,lO6 ) {442,0 13 }
<br />Proceeds from issuance Df common stock and preferred stock, net of notes receivable 19,938 13,986 51,070
<br />Proceeds frDm issuance 0 f stock upon exercise of stock optiDns 3,908 4,914 5,754
<br />Proceeds from issuance Df commDn and preferred stock units 6,479 23,07] 11,108
<br />Payments to repurchase Df former employees' CDmmon stock and commDn stock units (44,373 ) (70,913 ) (58,560 )
<br />Payments to redeem stockholders' notes issued in acquisitions (1,002 ) (2,625 ) (595 )
<br />Proceeds from issuance of convertible preferred stDck 235,000
<br />Payments Dfissuance costs of convertible preferred stock (2,880 )
<br />Paymenls tD redeem preferred stock (116,486 )
<br />Proceeds from terminating interest rate hedge 1,139
<br />Payments Df dividends on convertible preferred stDck ~) (5,250 ) (1,900 )
<br />Net cash (used in) prDvided by finanCing activities (44,782 ) 84,077 23.798
<br />EFFECT OF EXCHANGE RA iE CHANGES ON CASH 2,318 196 269
<br />NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (9,218 ) (6,135 ) 73,518
<br />CASH AND CASH EQUIVALENTS AT BEGINNING or YEAR 69.705 60,487 54,352
<br />CASH AND CASH EQUIVALENTS AT END or YEAR $ 60,487 $ 54,352 .$ 127,870
<br />SUPPLEMENTAL CASH FLOW INFORMATION:
<br />Retirement Df fully depreciated equipment (non-cash) $ 27,012 .$ 11,554 .$ 8,122
<br />Interest paid L2.ill. $ 8,788 .$ 14,584
<br />Income taxes paid, net of rcfunds received $ 16,142 $ 20,182 $ 16,366
<br />
<br />See accompanying Notes to Consolidated Financial Statements.
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<br />F-7
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<br />http://www.sec.gov/Archives/edgar/data/868857/00011 0465907052146/a07-2309 _31 012ga.... 7/5/2007
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