AFFILIATED COMPUTER SERVICES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 
The following reconciles Adjusted EBITDA to net income (in thousands): 
Year ended June 30, 
 2003 
2002 
2001 
     Adjusted EBITDA 
$        671,409 
  $       511,118 
  $          317,343 
Depreciation and amortization 
(152,128)   
(110,486) 
(93,617) 
Consolidated operating income 
519,281   
400,632  
223,726 
Interest expense 
(25,194)   
(30,619) 
(23,742) 
       Other non operating (expense) income, net 
(3,140)   
(9,557) 
21,076 
Income tax expense 
(184,105)   
(130,860) 
(86,768) 
     Net income 
$        306,842 
  $       229,596 
  $          134,292 
18.  Quarterly Results of Operations (unaudited) 
(in thousands, except per share amounts) 
Quarter ended 
Fiscal 2003 
Fiscal 2002 
 June 
30, 
Mar. 31, 
Dec. 31, 
Sept. 30, 
June 30, 
Mar. 31, 
Dec. 31, 
Sept. 30, 
2003 
2003 
2002 
2002 
2002 
2002 
2001 
2001 
Revenues as reported 
$ 1,014,178 
$  1,005,708 
$     929,164 
$      897,876 
$  856,785 
$    800,687 
$   750,427 
$    655,019 
Revenue reclassification(a) 
            
(24,075) 
(20,350) 
(15,295) 
            
            
            
            
Revenues as reclassified 
   1,014,178 
     981,633 
     908,814 
      882,581 
  856,785 
    800,687 
   750,427 
    655,019 
Operating income 
139,571 
135,089 
124,966 
    119,655  
    116,328 
  105,341 
97,421 
    81,542 
Net income 
83,892 
79,493 
74,001 
      69,456 
      68,093 
   62,030 
55,560 
      43,913 
Earnings per share   basic 
$            .63 
$             .60 
$             .56 
$             .53 
$          .52 
$       .51 
$          .47 
$            .43 
Weighted average shares 
outstanding 
132,998 
132,540 
132,175 
132,073 
 131,871 
122,795 
118,572 
101,580 
Earnings per share   diluted 
  
     
  
$            .60 
$             .57 
$             .53 
$             .50 
$          .49 
$         .46 
$           .42 
 $           .39 
Weighted average shares   
outstanding   diluted 
143,791 
143,657 
143,295 
142,984 
   143,215 
142,776 
140,692 
123,344 
(a)  During the fourth quarter of fiscal year 2003, and after considering accounting guidance and current trends in similar reporting methods by other public 
companies, which indicate gross presentation of revenue for billings of costs reimbursed under a cost reimbursable arrangement is appropriate only when 
there are sufficient elements of control over the provision of the underlying services or costs incurred, we determined that expenses under two state and 
local cost reimbursable contracts should be presented as a reduction in gross billings. We began operating these contracts in the first quarter of fiscal year 
2003. While we have certain risks, including credit risk, under these two arrangements and we are contractually the primary payment obligor, we 
concluded that we did not have sufficient control over the underlying services. As a result, fourth quarter 2003 results reflect $26.6 million of expenses 
netted against revenue. For comparability, expenses of the prior three quarters of fiscal 2003 in the amount of $59.8 million have been reclassified in the 
full year results. This reclassification has no impact on historical, current or future operating income or earnings per share. 
57




  

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