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<br />AECOM Technology Corporation
<br />Consolidated Statements of Cash Flows
<br />(in thousands)
<br />
<br /> Fiscal Year Eoded
<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 />Adjustments to recorici]e net income to net cash provided by operating activities:
<br />Depreciation and amortization ]2,918 ]9,928 39,830
<br />Equity in earnings of unconsolidated joint ventures (2,517 ) (2,352 ) (6,554 )
<br />Stock match 1,811 3,214 14,779
<br />Write-off of Class D preferred stock issuance costs 2,100
<br />Interest income on notes tram stockholders (1,623 ) (2,008 ) (2.111 )
<br />Deferred income tax expense (benetit) 6,774 13,093 (12,136)
<br />Gain on tennination of inlel'est rate hedge (1,139 )
<br />Changes in operating assets and liabilities, net of effects of acquisitions:
<br />Accounts receivable 12,679 (72,407 ) (135,418 )
<br />Prepaid expenses and other assets (13,919 ) (15,418 ) (12,845 )
<br />Distribution of earnings from unconsolidated joint venlures 1,734 364 6,867
<br />Accounls payable (13,507) 18,757 47,433
<br />Accrued expenses 1,977 35,593 74,550
<br />Billings in excess of costs on uncompleted contracts (1,081 ) 24,782 14,525
<br />Other liabi]ities 10,029 34,545 (16,060 )
<br />Income taxes receivable/payable 11,372 (30,036 ) 29,822
<br />Change in deferred foreign currency translation adjusttnent (5,350 ) (8,926 ) 6,445
<br />Change in defined benefit minimum pension liability adjustment ~ (26,356 ) ]7,492
<br />. Net cash provided by operating activities 77,574 46,587 12J,266
<br />CASH FLOWS FROM INVESTING ACTIVITIES:
<br />Payments for business acquisitions, net of cash acquired (14,467 ) (158,894 ) (53,296 )
<br />(payments to) proceeds from investtnents, net (10,515 ) 60.538
<br />Deferred income tax on gain from the sale of a building (6,494 )
<br />Net investment in unconsolidated joint ventures (1,023 ) (8,249 ) (1,026 )
<br />Payments for capital expenditures (18,926 ) (31,175) (32,300 )
<br />Proceeds on sale of property and equipment 603 785 21,301
<br />Net cash used in investing activities (44,328 ) (136,995 ) (71,815 )
<br />CASH FLOWS FROM FINANCING ACTIVlTIES:
<br />Proceeds from borrowings under credit agreements 130,000 342,161
<br />Repaymenls of borrowings under credit and senior note agreements (24,482 ) (9,106 ) (442,013 )
<br />Proceeds from issuance of common stock and preferred stock, net of notes receivable 19,938 13,986 51,070
<br />Proceeds from issuance of stock upon exercise of stock options 3,908 4,914 5,754
<br />Proceeds from issuance of common and preferred stock units 6,479 23,071 11,]08
<br />Payments to repurchase of former employees' common stock and common stock units (44,373 ) (70,913 ) (58,560 )
<br />Payments to redcem stockholders' notes issued in acquisitions (1,002 ) (2,625 ) (595 )
<br />Proceeds from issuance of convertible prcferred stock 235,000
<br />Payments of issuance costs of convertible preferred stock (2,880 )
<br />Payments to redecm preferred stock (I J6,486)
<br />Proceeds from tenninating interest rale hedge 1,139
<br />Payments of dividcnds on convertible preferred stock ~) (5,250 ) (1,900 )
<br />Net cash (used in) provided by financing activities (44,782 ) 84,077 23,798
<br />EFFECT OF EXCHANGE RATE CHANGES ON CASH 2,318 196 269
<br />NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (9,2]8 ) (6,135 ) 73,518
<br />CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 69,705 60,487 54,352
<br />CASH AND CASH EQUIVALENTS AT END OF YEAR $ 60,487 $ 54,352 $ 127,870
<br />SUPPLEMENTAL CASH FLOW INFORMATION:
<br />Retirement of fully depreciated equipment (non-cash) $ 27,012 $ 11,554 $ 8,122
<br />Interesl paid $ 9,192 $ 8,788 $ 14,584
<br />Income taxes paid, net of refunds recelved $ 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 _310 12ga.... 7/5/2007
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