To Our
Shareholders
ACS
achieved another solid year of financial results
capitalized to take advantage of attractive investment
during fiscal 2003 with strong revenue growth, improved
opportunities in our markets.
profit margins, record cash flow, and record new business
signings. Our success is the result of dedicated service to
Expanding Our Business
our clients, a sharp focus on the best interests of our
shareholders and employees, and a relentless commitment
ACS achieved another record year of new business
to make ACS the best business process outsourcer in the
signings during FY 2003, with annualized revenue from
world. FY 2003 was a terrific year for ACS, and the future
new signings totaling $701 million. This represents a 47%
promises to be exciting as we execute new opportunities
increase in bookings versus FY 2002, and more than 
and face new challenges.
$3.6 billion in total contract value, an increase of 66%
over FY 2002.
Delivering Solid Financial Results
Our commercial and state and local segments each
had a great year, contributing more than 90% of our full
Our FY 2003 revenues totaled $3.8 billion, a
year new business signings. Our federal
24% increase over the prior year. We
segment had a relatively weak year. BPO
generated strong internal revenue growth of
services continued to dominate our new
15% with the balance resulting from
business signings, representing 77% of 
acquisitions. We improved overall operating
FY 2003 wins. Key BPO wins this year
margins a full 60 basis points over the prior
included new contracts with Motorola,
year to 13.7%. Our net income increased by
Ryder, Air France, New Century Mortgage
34% versus FY 2002 to $307 million, and
Corporation, New Jersey E ZPass, and Texas
fully diluted earnings per share increased 25%
Medicaid. Many clients expanded their scope
to $2.20 per share.
of services with us, including MetLife,
Our cash flow metrics were strong during
7 Eleven, National City Mortgage, and
FY 2003. We generated $545 million of
Darwin Deason 
Anthem. We also won IT outsourcing
operating cash flow and produced 
Founder and
contracts with Miller Brewing Company,
Chairman of the Board
$340 million of free cash
Ingram Micro, Allegheny
flow, respective increases
 15 years ago, I founded ACS and created a
Technologies, SIRVA, and
of 47% and 49% over 
culture that was dedicated to serving clients,
PacifiCare. Additionally, we
FY 2002. As a result, our
experienced a significant increase
growing the business profitably, and creating
balance sheet is in
in the number of commercial and
excellent condition with
rewarding opportunities for people who hustle.
government clients who
one of the lowest debt to 
Today, we do more and work harder for our
purchased both BPO and IT
total capitalization ratios
outsourcing solutions. Our sales
clients, which have led ACS to the great
in our history. During 
pipelines remain very robust with
success we have achieved. 
FY 2003, we paid down 
more than a billion dollars in
$219 million of debt, resulting in a debt to total
annualized revenue from qualified prospects, a reflection
capitalization ratio of 17% at June 30, 2003. We are well
of the strong demand for our BPO services.




  

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