SAN DIEGO, Feb. 6, 2018 /PRNewswire/ -- Cubic
Corporation (NYSE: CUB) today announced its financial results for
the first fiscal quarter ended December 31, 2017.
"We are pleased by the strong momentum in our business. The New
York MTA and Boston MBTA wins, coupled with T2C2 full rate
production, solidifies our path to Goal 2020," said Bradley H. Feldmann, president and chief
executive officer. "I am very proud of our team's accomplishments
as they drive value for our customers, shareholders and
employees."
Financial Results Comparison
|
Three Months
Ended
|
|
December
31,
|
|
2017
|
|
2016
|
|
(in millions, except
per share data)
|
Sales
|
$
|
340.7
|
|
$
|
334.7
|
Operating income
(loss)
|
|
(7.0)
|
|
|
(4.1)
|
Adjusted EBITDA
(1)
|
|
17.0
|
|
|
20.1
|
Net income
(loss)
|
|
(9.8)
|
|
|
(2.9)
|
Earnings (loss) per
share
|
|
(0.36)
|
|
|
(0.11)
|
|
|
|
|
|
|
Acquisition-related
costs (excluding amortization) (2)
|
$
|
1.4
|
|
$
|
0.8
|
Strategic and IT
system resource planning expenses (2)
|
|
8.1
|
|
|
8.7
|
Depreciation and
amortization expense
|
|
13.1
|
|
|
13.5
|
Research and
development expense
|
|
12.0
|
|
|
9.0
|
Income tax provision
(benefit)
|
|
0.5
|
|
|
(5.1)
|
____________________
|
(1)
|
Adjusted EBITDA is a
non-GAAP financial measure - see the section titled "Use of
Non-GAAP Financial Information" for additional information
regarding this non-GAAP financial measure.
|
(2)
|
See the section below
titled "Use of Non-GAAP Financial Information" for a description of
these items.
|
Sales increased 2% to $340.7
million in the first quarter. Growth in Transportation and
Defense Services were primarily offset by lower sales in Defense
Systems. Foreign currency translation had a favorable impact of
$4.8 million.
Operating loss was $7.0 million
compared to $4.1 million in the first
quarter of last year, driven by an increase in research and
development expense of $3.0 million.
Foreign currency translation had a favorable impact of $0.5 million.
Non-GAAP adjusted EBITDA was $17.0
million compared to $20.1
million in the first quarter of last year. The decrease was
primarily attributable to the same matters noted above. Foreign
currency translation had a favorable impact of $0.6 million.
Net loss was $9.8 million, or
36 cents per share, compared to
$2.9 million, or 11 cents per share last year. The most
significant item contributing to the decrease in earnings per share
was a change in the Company's tax provision. In the first
quarter of 2017, the annual effective tax rate was computed using a
worldwide blended methodology, resulting in a tax benefit of
$5.1 million against a pre-tax loss
of $7.9 million. In the first quarter
of 2018, discrete domestic and foreign annual effective rates were
computed to arrive at a total projected rate for the year,
resulting in a tax expense of $0.5
million on a pre-tax loss of $9.3
million. The difference in methodology only impacts the
timing of the tax provision within the fiscal year.
Cash from operations was negative $26.9
million, in which it was negatively impacted by the timing
of collections in the Middle East,
higher unbilled accounts receivable in Defense Services, timing of
the mobilization payment for New
York and an increase in inventory at Transportation Systems
for upcoming scheduled deliveries.
Reportable Segment Results
|
Three Months
Ended
|
|
December
31,
|
|
2017
|
|
2016
|
Sales:
|
(in
millions)
|
Cubic Transportation
Systems
|
$
|
146.5
|
|
$
|
131.9
|
Cubic Global Defense
Systems
|
|
68.8
|
|
|
78.6
|
Cubic Mission
Solutions
|
|
33.1
|
|
|
33.9
|
Cubic Global Defense
Services
|
|
92.3
|
|
|
90.3
|
Total
sales
|
$
|
340.7
|
|
$
|
334.7
|
|
|
|
|
|
|
Operating income
(loss):
|
|
|
|
|
|
Cubic Transportation
Systems
|
$
|
9.9
|
|
$
|
9.7
|
Cubic Global Defense
Systems
|
|
1.4
|
|
|
3.3
|
Cubic Mission
Solutions
|
|
(8.9)
|
|
|
(3.8)
|
Cubic Global Defense
Services
|
|
2.9
|
|
|
(0.4)
|
Unallocated corporate
expenses
|
|
(12.3)
|
|
|
(12.9)
|
Total operating
income (loss)
|
$
|
(7.0)
|
|
$
|
(4.1)
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
Cubic Transportation
Systems
|
$
|
13.4
|
|
$
|
12.0
|
Cubic Global Defense
Systems
|
|
4.2
|
|
|
6.1
|
Cubic Mission
Solutions
|
|
(1.7)
|
|
|
3.8
|
Cubic Global Defense
Services
|
|
3.6
|
|
|
0.6
|
Unallocated corporate
expenses
|
|
(2.5)
|
|
|
(2.4)
|
Total adjusted
EBITDA
|
$
|
17.0
|
|
$
|
20.1
|
Cubic Transportation Systems (CTS):
CTS sales increased 11% to $146.5
million compared to $131.9
million last year. The increase in sales was primarily
driven by system development on the New York New Fare Payment
System contract, partially offset by slightly lower sales in
Sydney and London. Foreign
currency translation had a favorable impact of $4.6 million.
CTS adjusted EBITDA increased 11% to $13.4 million compared to $12.0 million last year. Foreign currency
translation had a favorable impact of $0.7
million.
Cubic Global Defense Systems (CGD Systems):
CGD Systems sales were $68.8
million compared to $78.6
million last year. The decrease was primarily due to lower
sales of air combat training systems which were impacted by the
timing of shipments.
CGD Systems adjusted EBITDA was $4.2
million compared to $6.1
million last year. The decrease was driven by increased
research and development expense of $2.3
million related to innovative training technologies.
Cubic Mission Solutions (CMS):
CMS sales were $33.1 million
compared to $33.9 million last year.
Sales of expeditionary satellite communication products decreased
compared to the prior year due to timing, partially offset by
increased sales of wideband communications and tactical networking
products.
CMS adjusted EBITDA was negative $1.7
million compared to positive $3.8
million last year. The decrease reflects increased
research and development expense related to next-generation
protected communications solutions and a change in mix due to the
timing of higher-margin product shipments.
Cubic Global Defense Services (CGD Services):
CGD Services sales increased 2% to $92.3
million compared to $90.3
million last year, primarily due to additional training
rotations for the U.S. Army's Joint Readiness Training Center.
CGD Services adjusted EBITDA increased to $3.6 million compared to $0.6 million last year, driven by improved
performance and business realignment efficiencies.
Fiscal 2018 Full Year Guidance
constant currency
basis with 2017
- Sales guidance: $1.51 billion to
$1.56 billion
- Adjusted EBITDA: $110 million to
$135 million
Conference Call and Webcast
Cubic management will host a conference call to discuss the
company's first quarter fiscal 2018 results today, Tuesday, February 6 at
4:30 p.m. EST/1:30 p.m.
PST.
Live webcast:
https://event.webcasts.com/starthere.jsp?ei=1177472&tp_key=a4e027b0c3
An archive of the webcast will be made available in the News and
Events section of Cubic's Investor Relations page at
https://www.cubic.com/Investor-Relations/News-and-Events.
Please allow at least 15 minutes prior to the call in order to
register, download and install any streaming media software needed
to listen to the webcast.
Dial-In Information
Financial analysts and institutional investors are invited to
dial:
- 877-407-9708
- 201-689-8259 (international)
To avoid a delay in start time, please dial in beginning
4:20 p.m. EST/1:20 p.m. PST.
About Cubic Corporation
Cubic is a market-leading, technology provider of integrated
solutions that increase situational understanding for
transportation, defense C4ISR and training customers worldwide to
decrease urban congestion and improve the militaries' effectiveness
and operational readiness. Cubic Transportation Systems is a
leading integrator of payment and information technology and
services to create intelligent travel solutions for transportation
authorities and operators. Cubic Mission Solutions provides
networked Command, Control, Communications, Computers,
Intelligence, Surveillance and Reconnaissance (C4ISR) capabilities
for defense, intelligence, security and commercial missions. Cubic
Global Defense is a leading provider of live, virtual, constructive
and game-based training solutions, special operations and
intelligence for the U.S. and allied forces. For more information
about Cubic, please visit the company's website at www.cubic.com or
on Twitter @CubicCorp.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are subject to the safe harbor created by such Act.
Forward-looking statements include, among others, statements about
our expectations regarding future events or our future financial
and/or operating performance; our expectations regarding organic
growth; and the use of our technologies on a transportation
contract that was awarded early fiscal 2018. These statements are
often, but not always, made through the use of words or phrases
such as "may," "will," "anticipate," "estimate," "plan," "project,"
"continuing," "ongoing," "expect," "believe," "intend," "predict,"
"potential," "opportunity" and similar words or phrases or the
negatives of these words or phrases. These statements involve
risks, estimates, assumptions and uncertainties that could cause
actual results to differ materially from those expressed in these
statements, including, among others: our dependence on U.S. and
foreign government contracts; delays in approving U.S. and foreign
government budgets and cuts in U.S. and foreign government defense
expenditures; the ability of certain government agencies to
unilaterally terminate or modify our contracts with them; the
effect of sequestration on our contracts; our assumptions
concerning behavior by public transit authorities; our ability to
successfully integrate new companies into our business and to
properly assess the effects of such integration on our financial
condition; the U.S. government's increased emphasis on awarding
contracts to small businesses, and our ability to retain existing
contracts or win new contracts under competitive bidding processes;
negative audits by the U.S. government; the effects of politics and
economic conditions on negotiations and business dealings in the
various countries in which we do business or intend to do business;
risks associated with the restatement of our prior consolidated
financial statements, including our identification of material
weaknesses in our internal control over financial reporting;
competition and technology changes in the defense and
transportation industries; the change in the way transit agencies
pay for transit systems; our ability to accurately estimate the
time and resources necessary to satisfy obligations under our
contracts; the effect of adverse regulatory changes on our ability
to sell products and services; our ability to identify, attract and
retain qualified employees; our failure to properly implement our
ERP system; unforeseen problems with the implementation and
maintenance of our information systems; business disruptions due to
cyber security threats, physical threats, terrorist acts, acts of
nature and public health crises; our involvement in litigation,
including litigation related to patents, proprietary rights and
employee misconduct; our reliance on subcontractors and on a
limited number of third parties to manufacture and supply our
products; our ability to comply with our development contracts and
to successfully develop, introduce and sell new products, systems
and services in current and future markets; defects in, or a lack
of adequate coverage by insurance or indemnity for, our products
and systems; and changes in U.S. and foreign tax laws, exchange
rates or our economic assumptions regarding our pension plans. In
addition, please refer to the risk factors contained in our SEC
filings available at www.sec.gov, including our most recent Annual
Report on Form 10‑K and Quarterly Reports on Form 10‑Q.
Because the risks, estimates, assumptions and uncertainties
referred to above could cause actual results or outcomes to differ
materially from those expressed in any forward-looking statements,
you should not place undue reliance on any forward-looking
statements. Any forward-looking statement speaks only as of the
date hereof, and, except as required by law, we undertake no
obligation to update any forward-looking statement to reflect
events or circumstances after the date hereof.
Use of Non-GAAP Financial Information
We believe that the presentation of Earnings before interest,
taxes, depreciation, and amortization (EBITDA) and Adjusted EBITDA
included in this report provides useful information to investors
with which to analyze our operating trends and performance and
ability to service and incur debt. Also, we believe EBITDA
facilitates company-to-company operating performance comparisons by
backing out potential differences caused by variations in capital
structures (affecting net interest expense), taxation, variations
in organic vs. inorganic growth (affecting amortization expense)
and the age and book depreciation of property, plant and equipment
(affecting relative depreciation expense). We believe Adjusted
EBITDA further facilitates company-to-company operating comparisons
by backing out items that we believe are not part of our core
operating performance. Items backed out of Adjusted EBITDA are
comprised of expenses incurred in the development of our ERP system
and the redesign of our supply chain which include internal labor
costs and external costs of materials and services that do not
qualify for capitalization, business acquisition expenses including
retention bonus expenses, due diligence and consulting costs
incurred in connection with the acquisitions, expenses recognized
related to the change in the fair value of contingent consideration
for acquisitions, restructuring costs, gains and losses on
disposals of fixed assets, and income and expenses classified as
other non-operating income and expenses which may vary for
different companies for reasons unrelated to operating
performance.
EBITDA and Adjusted EBITDA are not measurements of financial
performance under GAAP and should not be considered as measures of
discretionary cash available to the company or as alternatives to
net income as a measure of performance. In addition, other
companies may define EBITDA and Adjusted EBITDA differently and, as
a result, our measures of EBITDA and Adjusted EBITDA may not be
directly comparable to EBITDA and Adjusted EBITDA of other
companies. Furthermore, EBITDA and Adjusted EBITDA have limitations
as analytical tools, and you should not consider either of them in
isolation, or as a substitute for analysis of our results as
reported under GAAP.
The following table reconciles EBITDA and Adjusted EBITDA to net
income (loss), which we consider to be the most directly comparable
GAAP financial measure.
GAAP to Non-GAAP
Reconciliation
|
Earnings before
interest, taxes, depreciation and amortization (EBITDA) and
Adjusted EBITDA
|
|
In
Millions
|
Consolidated
|
|
CTS
|
|
CMS
|
|
CGD
Systems
|
|
CGD
Services
|
Three Months Ended
Dec 31, 2017
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Cubic
|
$
(9.8)
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
0.5
|
|
|
|
|
|
|
|
|
Interest expense
(income), net
|
2.2
|
|
|
|
|
|
|
|
|
Other non-operating
(expense) income, net
|
0.1
|
|
|
|
|
|
|
|
|
Operating Income
(loss)
|
$
(7.0)
|
|
$
9.9
|
|
$
(8.9)
|
|
$
1.4
|
|
$
2.9
|
Depreciation and
amortization
|
13.1
|
|
3.2
|
|
5.9
|
|
2.1
|
|
0.7
|
Other non-operating
expense (income), net
|
(0.1)
|
|
(0.7)
|
|
-
|
|
0.4
|
|
-
|
EBITDA
|
$
6.0
|
|
$
12.4
|
|
$
(3.0)
|
|
$
3.9
|
|
$
3.6
|
|
|
|
|
|
|
|
|
|
|
Acquisition related
expenses, excluding amortization
|
1.4
|
|
-
|
|
1.3
|
|
0.1
|
|
-
|
ERP/Supply Chain
Initiatives
|
8.0
|
|
-
|
|
-
|
|
-
|
|
-
|
Restructuring
costs
|
1.5
|
|
0.3
|
|
-
|
|
0.6
|
|
-
|
Other non-operating
(expense) income, net
|
0.1
|
|
0.7
|
|
-
|
|
(0.4)
|
|
-
|
Adjusted
EBITDA
|
$
17.0
|
|
$
13.4
|
|
$
(1.7)
|
|
$
4.2
|
|
$
3.6
|
|
|
In
Millions
|
Consolidated
|
|
CTS
|
|
CMS
|
|
CGD
Systems
|
|
CGD
Services
|
Three Months Ended
Dec 31, 2016
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Cubic
|
$
(2.8)
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
(5.1)
|
|
|
|
|
|
|
|
|
Interest expense
(income), net
|
3.3
|
|
|
|
|
|
|
|
|
Other non-operating
(expense) income, net
|
0.5
|
|
|
|
|
|
|
|
|
Operating Income
(loss)
|
$
(4.1)
|
|
$
9.6
|
|
$
(3.8)
|
|
$
3.3
|
|
$
(0.4)
|
Depreciation and
amortization
|
13.4
|
|
2.4
|
|
6.8
|
|
2.0
|
|
1.0
|
Other non-operating
expense (income), net
|
(0.5)
|
|
(0.4)
|
|
-
|
|
(1.2)
|
|
-
|
EBITDA
|
$
8.8
|
|
$
11.6
|
|
$
3.0
|
|
$
4.1
|
|
$
0.6
|
|
|
|
|
|
|
|
|
|
|
Acquisition related
expenses, excluding amortization
|
0.8
|
|
-
|
|
0.8
|
|
-
|
|
-
|
ERP/Supply Chain
Initiatives
|
8.7
|
|
-
|
|
-
|
|
-
|
|
-
|
Restructuring
costs
|
0.9
|
|
-
|
|
-
|
|
0.8
|
|
-
|
Loss of sale of fixed
assets
|
0.4
|
|
-
|
|
-
|
|
-
|
|
-
|
Other non-operating
(expense) income, net
|
0.5
|
|
0.4
|
|
-
|
|
1.2
|
|
-
|
Adjusted
EBITDA
|
$
20.1
|
|
$
12.0
|
|
$
3.8
|
|
$
6.1
|
|
$
0.6
|
Financial Statements
CUBIC
CORPORATION
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(amounts in
thousands, except per share data)
|
|
|
Three Months
Ended
|
|
December
31,
|
|
2017
|
|
2016
|
Net sales:
|
|
|
|
|
|
Products
|
$
|
131,743
|
|
$
|
144,760
|
Services
|
|
208,941
|
|
|
189,917
|
|
|
340,684
|
|
|
334,677
|
Costs and
expenses:
|
|
|
|
|
|
Products
|
|
91,573
|
|
|
104,612
|
Services
|
|
169,337
|
|
|
151,142
|
Selling, general and
administrative expenses
|
|
65,347
|
|
|
63,758
|
Research and
development
|
|
11,977
|
|
|
9,020
|
Amortization of
purchased intangibles
|
|
7,959
|
|
|
9,355
|
Restructuring
costs
|
|
1,495
|
|
|
891
|
|
|
347,688
|
|
|
338,778
|
|
|
|
|
|
|
Operating
loss
|
|
(7,004)
|
|
|
(4,101)
|
|
|
|
|
|
|
Other income
(expenses):
|
|
|
|
|
|
Interest and dividend
income
|
|
485
|
|
|
247
|
Interest
expense
|
|
(2,674)
|
|
|
(3,540)
|
Other income
(expense), net
|
|
(76)
|
|
|
(547)
|
|
|
|
|
|
|
Loss before income
taxes
|
|
(9,269)
|
|
|
(7,941)
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
|
517
|
|
|
(5,073)
|
|
|
|
|
|
|
Net loss
|
$
|
(9,786)
|
|
$
|
(2,868)
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
Basic
|
$
|
(0.36)
|
|
$
|
(0.11)
|
Diluted
|
$
|
(0.36)
|
|
$
|
(0.11)
|
|
|
|
|
|
|
Weighted average
shares used in per share calculations:
|
|
|
|
|
|
Basic
|
|
27,207
|
|
|
27,086
|
Diluted
|
|
27,207
|
|
|
27,086
|
CUBIC
CORPORATION
|
CONSOLIDATED BALANCE
SHEETS
|
(in
thousands)
|
|
|
December
31,
|
|
September
30,
|
|
2017
|
|
2017
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
48,995
|
|
$
|
60,143
|
Restricted
cash
|
|
11,770
|
|
|
8,434
|
Accounts
receivable:
|
|
|
|
|
|
Trade and other
receivables
|
|
12,182
|
|
|
12,378
|
Long-term
contracts
|
|
390,916
|
|
|
416,808
|
Allowance for
doubtful accounts
|
|
(429)
|
|
|
(436)
|
|
|
402,669
|
|
|
428,750
|
|
|
|
|
|
|
Recoverable income
taxes
|
|
2,156
|
|
|
5,360
|
Inventories
|
|
101,395
|
|
|
87,715
|
Other current
assets
|
|
39,137
|
|
|
31,141
|
Total current
assets
|
|
606,122
|
|
|
621,543
|
|
|
|
|
|
|
Long-term contract
receivables
|
|
17,328
|
|
|
17,457
|
Long-term capitalized
contract costs
|
|
54,491
|
|
|
56,471
|
Property, plant and
equipment, net
|
|
114,714
|
|
|
113,686
|
Deferred income
taxes
|
|
4,647
|
|
|
2,206
|
Goodwill
|
|
416,284
|
|
|
415,912
|
Purchased
intangibles, net
|
|
90,713
|
|
|
98,495
|
Other
assets
|
|
12,766
|
|
|
10,515
|
Total
assets
|
$
|
1,317,065
|
|
$
|
1,336,285
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
borrowings
|
$
|
88,000
|
|
$
|
55,000
|
Trade accounts
payable
|
|
104,707
|
|
|
95,837
|
Customer
advances
|
|
54,446
|
|
|
57,477
|
Accrued compensation
and other current liabilities
|
|
111,979
|
|
|
158,327
|
Income taxes
payable
|
|
8,942
|
|
|
9,838
|
Total current
liabilities
|
|
368,074
|
|
|
376,479
|
|
|
|
|
|
|
Long-term
debt
|
|
199,769
|
|
|
199,761
|
Other long-term
liabilities
|
|
70,099
|
|
|
70,414
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
Common
stock
|
|
36,789
|
|
|
37,850
|
Retained
earnings
|
|
784,699
|
|
|
794,485
|
Accumulated other
comprehensive loss
|
|
(106,287)
|
|
|
(106,626)
|
Treasury stock at
cost
|
|
(36,078)
|
|
|
(36,078)
|
Total shareholders'
equity
|
|
679,123
|
|
|
689,631
|
Total liabilities and
shareholders' equity
|
$
|
1,317,065
|
|
$
|
1,336,285
|
CUBIC
CORPORATION
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
Three Months
Ended
|
|
December
31,
|
|
2017
|
|
2016
|
Operating
Activities:
|
|
|
|
|
|
Net loss
|
$
|
(9,786)
|
|
$
|
(2,868)
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
13,109
|
|
|
13,444
|
Share-based
compensation expense
|
|
1,581
|
|
|
2,314
|
Change in fair value
of contingent consideration
|
|
298
|
|
|
(1,314)
|
Changes in operating
assets and liabilities, net of effects from
acquisitions:
|
|
(32,140)
|
|
|
(4,478)
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
|
(26,938)
|
|
|
7,098
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
Acquisition of
businesses, net of cash acquired
|
|
(4,650)
|
|
|
(12,924)
|
Purchases of
property, plant and equipment
|
|
(6,318)
|
|
|
(6,674)
|
Purchases of
marketable securities
|
|
—
|
|
|
(6,246)
|
Proceeds from sales
or maturities of marketable securities
|
|
—
|
|
|
6,246
|
Purchase of
non-marketable debt and equity securities
|
|
(671)
|
|
|
—
|
Sale of other
assets
|
|
—
|
|
|
1,233
|
NET CASH USED IN
INVESTING ACTIVITIES
|
|
(11,639)
|
|
|
(18,365)
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
Proceeds from
short-term borrowings
|
|
82,000
|
|
|
36,800
|
Principal payments on
short-term borrowings
|
|
(49,000)
|
|
|
(35,000)
|
Principal payments on
long-term debt
|
|
—
|
|
|
(107)
|
Purchase of common
stock
|
|
(2,256)
|
|
|
(2,334)
|
Contingent
consideration payments related to acquisitions of
businesses
|
|
(656)
|
|
|
(1,988)
|
Net change in
restricted cash
|
|
(3,243)
|
|
|
(4,226)
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
|
26,845
|
|
|
(6,855)
|
|
|
|
|
|
|
Effect of exchange
rates on cash
|
|
584
|
|
|
(12,666)
|
|
|
|
|
|
|
NET DECREASE IN CASH
AND CASH EQUIVALENTS
|
|
(11,148)
|
|
|
(30,788)
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the period
|
|
60,143
|
|
|
197,127
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT THE END OF THE PERIOD
|
$
|
48,995
|
|
$
|
166,339
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing and financing
activities:
|
|
|
|
|
|
Liability incurred to
acquire Vocality, net
|
$
|
—
|
|
$
|
1,093
|
CUBIC
CORPORATION
|
BACKLOG
|
|
|
December
31,
|
|
September
30,
|
|
2017
|
|
2017
|
|
(in millions)
|
Total
backlog
|
|
|
|
|
|
Transportation
Systems
|
$
|
2,581.9
|
|
$
|
2,043.9
|
Cubic Global Defense
Systems
|
|
394.9
|
|
|
420.3
|
Cubic Mission
Solutions
|
|
59.0
|
|
|
72.3
|
Cubic Global Defense
Services
|
|
601.0
|
|
|
567.1
|
Total
|
$
|
3,636.8
|
|
$
|
3,103.6
|
|
|
|
|
|
|
Funded
backlog
|
|
|
|
|
|
Transportation
Systems
|
$
|
2,581.9
|
|
$
|
2,043.9
|
Cubic Global Defense
Systems
|
|
394.9
|
|
|
420.3
|
Cubic Mission
Solutions
|
|
59.0
|
|
|
72.3
|
Cubic Global Defense
Services
|
|
116.4
|
|
|
119.6
|
Total
|
$
|
3,152.2
|
|
$
|
2,656.1
|
Backlog:
Total backlog increased by $533.2
million from September 30,
2017 to December 31, 2017
primarily due to the October 2017
award of the New York New Fare Payment System contract to CTS. This
contract award added $554 million to
backlog during the quarter. Changes in exchange rates between the
prevailing currency in our foreign operations and the U.S. dollar
as of the end of the quarter increased backlog by $5.1 million compared to September 30, 2017.
View original content with
multimedia:http://www.prnewswire.com/news-releases/cubic-reports-first-quarter-fiscal-2018-results-achieves-record-backlog-of-364-billion-300594510.html
SOURCE Cubic Corporation