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AECOM Technology Corporation (ACM)

Shareholder Analyst Call

December 4, 2012, 06:30 pm ET


Lynn Tyson - Head of IR

John Dionisio - Chairman and CEO

Jane Chmielinski - COO

Fred Werner - President, EMEA

Mike Burke - President

Steve Kadenacy - CFO


Andrew Wittmann- Robert W. Baird

Andy Kaplowitz - Barclays

John Rogers - D. A. Davidson

Adam Thalhimer - BB&T Capital Markets



Welcome everybody. Hope you have been enjoying your dinner. I'm Lynn Tyson, Head of Investor Relations for AECOM. What I would like to do is share with you our very detailed Safe Harbor language, and also point you to the back of our presentation for our Reg G reconciliation. All of you here in the room have USCs that are completely loaded with our Q4 documents. The decorum today as well as the press release that we issued and other collateral materials that you've seen out in the hallway and you've also received in email with a soft copy in the events here on your tablet right now. And the deck is actually posted on the website right now. There are passcodes for the wireless here. So we've given you every opportunity to look at the deck as we go along.

So with that what I would like to do is turn the podium over to John Dionisio, our Chairman and Chief Executive Officer.

John Dionisio

Well welcome everyone and Lynn thank you very much. What I want to extend a special welcome to those of you who are joining us on the webcast, give you a little bit of background you folks on the webcast. Here we are in Manhattan and we have about 40 analysts on evenly distributed on the sell and buy side and we also have about 12 AECOM executives representing various global businesses around the world.

For those of you here in the room, we hope you enjoy the opportunity to look at some of the projects that AECOM is working on around the world and some of the exciting things that we are doing. I understand many of you went to the Barclays Center, and I heard from people that went there you excited about it and enjoyed the trip that you went to see Jay-Z’s 40/40 Club and his vault and some of the other things.

So we are very proud of the work that we did. We were brought in to pick up the project that Frank Gehry was asked to leave, and so we had to do some catch up. But from what you've seen and how we feel the one the project is well received is becoming a fantastic venue here in New York, even though they call it Brooklyn there. And also it’s significant because arenas are becoming a very important part of AECOM’s business around the globe. And I didn't realize how much CapEx is being spent on facility, sports facilities for the World Cup games, for the Olympics, for venues in universities and professional sports. So it really is a good representation of the type of work that we are doing.

What we thought we would do tonight is try to do something different. We always get together on our earnings call once a quarter, we go to investor meetings. But I said lets try to do something different, and our goal was for you folks, not just to listen to me and the speakers, but to get a chance to interact with some of the leaders that we have brought here together to sit down and chat with you. You might have met them at the reception, and afterwards hopefully you get an opportunity to chat with them and ask them some of the questions that might interest you about what AECOM is doing in different parts of the world.

So please, please go out and reach out to them, some of them are sitting at the tables you are at, and they know probably more about the business than I do. So please check with them and see if they give you the same answers that I gave you during our discussions.

With me tonight, we have as part of a prepared script, Jane Chmielinski, who is a Chief Operating Officer. I have Fred Werner, who is President of EMEA, which is Europe, Middle East and Africa. I have Mike Burke, who is the President and also who is leading up our construction services and our government services business, and we have Steve Kadenacy, our CFO.

Sitting amongst you, maybe if you could stand up and just say a wave. We have Michael Della Rocca, who is incharge of the Americas business; we have Bill Hanway, who is in charge of our Americas Buildings and places facilities. He is the one, who designed the Barclays Center and also Bill was the person who led the design, massive planning for the London Olympics and currently he is doing the Brazil Olympics.

Excuse me, Bill left. So I am sorry that you didn’t get a chance to see him. Dan McQuade, who leads our Construction Services division; Vahid Ownjazayeri, who is leading our Global Infrastructure business. Vahid is looking at me because he didn’t think I could pronounce his last name. I have the honor of having with me tonight is Dick Newman, who is our Chairman, Emeritus. Dick Newman was the brain behind creating AECOM.

And then we have Alan Krusi, who has had a strategic development and has been leading our M&A strategy, taking over from Dick, and I know many of you are interested in what we're thinking about in terms of M&A and please speak to Alan because he can get you up to speed. And in addition we have [Geoff Rush] who is in charge of (inaudible) all our healthcare, so if you are interest in what we are doing in King Khalid and throughout Saudi Arabia and in the United States, Jeff is the right person to speak to.

Our prepared remarks will walk through several significant opportunities that we have an AECOM and that we see ahead of us and which will be the driving forces behind our profitable growth, returns in our business and maximize our shareholder value. Our discussion tonight is going to focus on three areas, organic growth, balance capital allocation and disciplined financial management.

I will lead off with a review of an overview of AECOM our global footprint, and how that positions us well to capitalized on a track of long term trends in our business. Jane, will touch on how we are using our organizational structure to drive organic growth and improve client experienced. Fred will share some very specific example of the projects that we are undertaking and how our organizational structure enables us; one, to win these projects as well as to implement them profitably and successfully.

Michael will then follow on and may present our balance capital allocation strategy. He will discuss our alternative delivery system as one element of it being AECOM Capital, and then he will also discuss in some detail share repurchasing strategy. And then Steve, will cover the actions that we are taking to improve profitability cash conversion as well as discuss our outlook for 2013.

I will then come back and wrap up the presentation. As you saw from the short video, AECOM is truly a global company, back in 1990 when [Dick] put together AECOM we were made up of many different operating entities and our goal was to be a global enterprise.

Today, truly AECOM is a global enterprise with more than 50% of our work being done outside of the United States, and its spans multiple markets business sectors and geographies. We are the number one global design firm in the world. We service, our services span five end markets in over a 130 countries around the world.

This slide here indicates how all these market sectors roll up on the two reporting segments, professional technical services and management support services.

Under professional technical services is what you normally think of what we do. Its planning, design, program management, construction management, architecture and engineering operation and maintenance for facilities, environment, transportation, powered energy and then our MSS business which is approximately a $1 billion, a little bit over $1 billion is focused in on cyber support information management, logistics and operation and maintenance.

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