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<br /> AECOM Technology Corporation
<br />. Consolidated Statements of Cash Flows
<br />(in thousands)
<br /> Fiscal Year Eoded
<br /> ~ September 30, September 30, September 30,
<br /> 2004 2005 2006
<br /> CASH FLOWS FROM OPERATING ACT[VITIES:
<br /> Net income $ 50,436 $ 53,814 $ 53,686
<br /> Adjustments to reconcile net income to net cash providcd by operating activities:
<br /> Depreciation and amortization 12,918 19,928 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 0 preferred stock issuance costs 2,100
<br /> Interest income on notes Irom stockholders (1,623 ) (2,008 ) (2,111 )
<br /> Deferred income tax expense (bene lit) 6,774 13,093 (12,136)
<br /> Gain on tennination of interest 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 eamings from unconsolidated 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 costs on uncompleted contracts (1,081 ) 24,782 14,525
<br /> Other liabilities 10,029 34,545 (16,060 )
<br /> Income taxes receivable/payable 11,372 (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 ) 17,492
<br /> . Net cash provided by operating activities 77,574 46,587 [21,266
<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 investments, 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 ) (7[,815 )
<br /> CASH FLOWS FROM FINANCING ACTIVITIES:
<br /> Proceeds from borrowings under credit agreements 130,000 342,16\
<br /> Repayments 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 frolll issuance of common and preferred stock units 6,479 23,071 11,108
<br /> Payments to repurchase of former employees' common stock and common 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 stock 235,000
<br /> Payments of issuance costs of convertible preferred stock (2,880 )
<br /> Payments to redeem preferred stock (116,486 )
<br /> Proceeds from tenninating interest rate hedge \,139
<br /> Payments of dividends on convertible preferred stock _J2d~Q) (5,250 ) (1,900 )
<br /> Net eash (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 [N CASH AND CASH EQUIVAl.ENTS (9.218 ) (6,135 ) 73,518
<br /> CASH AND CASH EQUIVAl.ENTS AT REG[NN]NG OF YEAR 69,705 60,487 54,352
<br /> CASH AND CASH EQU[VAl.ENTS AT END OF YEAR $ 60,487 $ 54,352 $ 127,870
<br /> SUPPLEMENTAL CASH FLOW IN I'ORMA T[ON:
<br /> Retiremenl of fully depreciated equipment (nun.cash) $ 27,012 $ 11,554 $ 8,122
<br /> Interest paid $ 9,192 $ 8,788 $ ]4,584
<br /> Income taxes paid, net of refunds rccelved $ 16,142 $ 20,182 $ 16,366
<br /> See accompanying Notes to Consolidated Financial Statements.
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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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