URS 2010 Annual Report
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  • 1. URS Corporation600 Montgomery Street, 26th FloorSan Francisco, CA 94111-2728www.urs.com A WORLD OF EXPERIENCE URS CORPORATION 2010 ANNUAL REPORT
  • 2. THE COMPANY TABLE OF CONTENTS CORPORATE INFORMATIONURS Corporation is a leading provider of FINANCIAL HIGHLIGHTS 1 CORPORATE OFFICE ANNUAL MEETING CHAIRMAN’S LETTER TO STOCKHOLDERS 2engineering, construction and technical ser- 600 Montgomery Street, 26th Floor The Annual Meeting of Stockholders of URS Corporation will be A WORLD OF OPPORTUNITY 4vices for public agencies and private sector A WORLD OF TALENT 9 San Francisco, CA 94111-2728 Tel: 415.774.2700 held at 9:00 A.M. on Thursday, May 26, 2011, at the offices of Cooley LLP, 101 California Street, 5th Floor, San Francisco, California.companies around the world. The Company A WORLD OF EXPERTISE 19 Fax: 415.398.1905 E-mail: investor.relations@urs.com STOCK LISTINGoffers a full range of program management; A WORLD OF SUCCESS 30 Web site: www.urs.com The shares of our common stock are listed on the New Yorkplanning, design and engineering; systems SUMMARY OF CONDENSED CONSOLIDATED Stock Exchange under the symbol URS. As of April 4, 2011, we had FINANCIAL STATEMENTS 30 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMengineering and technical assistance; con- SELECTED FINANCIAL DATA 31 PricewaterhouseCoopers LLP approximately 3,100 stockholders of record. The following table sets forth the low and high sale prices of our common stock, asstruction and construction management; MANAGEMENT’S ANNUAL REPORT reported by The Wall Street Journal, for the periods indicated. REGISTRAR AND TRANSFER AGENToperations and maintenance; and decom- ON INTERNAL CONTROL OVER FINANCIAL REPORTING 36 BNY Mellon Shareowner Servicesmissioning and closure services. P.O. Box 358015 PERFORMANCE MEASUREMENT COMPARISON 37 Market Price Pittsburgh, PA 15252-8015 Low High REPORT OF INDEPENDENT REGISTEREDOur business is focused on four key mar- PUBLIC ACCOUNTING FIRM 38 or 480 Washington Boulevard FISCAL PERIOD:ket sectors: infrastructure, federal, power, OFFICE LOCATIONS WORLDWIDE 39 Jersey City, NJ 07310-1900 2009: 800.874.1991and industrial and commercial. We have CORPORATE DIRECTORY 40 First Quarter  $27.66 $44.80 Second Quarter  $38.67 $53.12approximately 47,000 employees in a net- CORPORATE INFORMATION IBC TDD for Hearing Impaired: 800.231.5469 Third Quarter  $41.05 $51.58 Foreign Stockholders: 201.680.6578work of offices in more than 40 countries. TDD for Foreign Stockholders: 201.680.6610 Fourth Quarter  2010: $38.03 $45.83 www.bnymellon.com/shareowner/equityaccess First Quarter  $42.67 $50.47Headquartered in San Francisco, URS CORPORATE COUNSEL Second Quarter  $37.49 $53.25 Third Quarter  $35.09 $43.26is a publicly held company listed on the Cooley LLP Fourth Quarter  $37.65 $43.92New York Stock Exchange under the FORM 10-K 2011: First Quarter  $39.61 $48.32symbol URS. Copies of our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, as filed with the Securities and Exchange Commission, may be obtained by our stockholders without We have not paid cash dividends since 1986, and, at the present charge. Requests should be sent to Sreeram (Sam) Ramraj in our time, we do not anticipate paying dividends on our outstanding Investor Relations Department at our corporate office address common stock in the near future. In addition, we are precluded (above), via e-mail at investor.relations@urs.com, or by calling by provisions in our 2007 Credit Facility from paying cash divi- 877.877.8970. The Form 10-K also can be accessed on our Web dends on our outstanding common stock until our Consolidated site at www.urs.com. Leverage Ratio 1 is equal to or less than 1.00:1.00. Please refer to Note 9, “Indebtedness” and Note 14, “Stockholders’ Equity” Supplementary financial information and selected financial to our “Consolidated Financial Statements and Supplementary data required by Rule 14a-3(b) of Regulation 14A of the Securities Data,” included in our Annual Report on Form 10-K for the fiscal Exchange Act of 1934, as amended, is included in our Annual year ended December 31, 2010. Report on Form 10-K for the fiscal year ended December 31, 2010, which accompanies this Annual Report to Stockholders. 1 Consolidated Leverage Ratio is as defined in Note 9, “Indebtedness” to our “Consolidated Financial Statements and Supplementary Data” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2010. URS Corporation’s 2010 Annual Report to Stockholders contains statements that are not historical fact and that may constitute forward-looking statements involving risks and uncertainties, © URS Corporation 2011 Design and illustration: including statements about our future growth and future eco- Unless otherwise indicated, all trademarks appearing in this Annual Report are OTTO NY ottony.com nomic and business conditions. Our actual results could differ owned by URS Corporation and its affiliates. Photo credits:COVER materially from those discussed in this Annual Report. Factors Pages 10-18, photos by John Madere; Page 20, top left photo by Bob Hughes, top middle, top right and large photos courtesy of the U.S. Department of Defense; that might cause such a difference include, but are not limited Page 22, top middle photo courtesy of California High-Speed Rail Authority/ to, those discussed under “Risk Factors” in URS Corporation’s NC3D, large photo by David Nightingale; Page 24, photos courtesy of PhotographicCalifornia High-Speed Rail; Sellafield Nuclear Complex; Port Annual Report on Form  10-K, which accompanies this Annual Services, Shell International Ltd.; Page 26, top left photo by Tim Shaw, large photo by David Lawrence; Page 28, top right photo and large photo by David Lawrence.Washington Power Plant; Bridge of Honor spanning the Ohio River; Report and also was filed with the Securities and ExchangeShell Master Services Alliance; Reaper Unmanned Aircraft System. Commission on February 28, 2011.
  • 3. Financial Highlights Financial data for the past five fiscal years are summarized below. This financial data should be read in conjunction with theinformation contained in our financial statements and accompanying notes, and in the section entitled “Management’s Discussionand Analysis of Financial Condition and Results of Operations,” included in our Annual Report on Form 10-K for the fiscal year endedDecember 31, 2010. URS’ Form 10-K, which was filed with the Securities and Exchange Commission on February 28, 2011, accompaniesthis Annual Report to Stockholders. Year ended Year ended Year ended Year ended Year ended  December 31, January 1, January 2, December 28, December 29,(In millions, except per share data) 2010  1,2 2010 1 2009 1 2007 1,3 2006 1Income Statement Data:Revenues  $ 9,177.1  $ 9,249.1 $10,086.3 $ 5,383.0 $ 4,222.9Cost of revenues  (8,609.5)  (8,772.4) (9,608.8) (5,095.2) (3,978.1)General and administrative expenses  (71.0)  (75.8) (78.7) (56.5) (43.3)Acquisition-related expenses 2  (11.9)  — — — —Restructuring costs 4  (10.6)  — — — —Impairment of an intangible asset 5  —  (32.8) — — —Equity in income of unconsolidated joint ventures 6  70.3  100.9 106.3 31.5 17.3Operating income  544.4  469.0 505.1 262.8 218.8Interest expense  (30.6)  (48.4)  (90.7) (27.7) (19.8)Other income, net 7  —  47.9 —   —​  —Income before income tax  513.8  468.5 414.4 235.1 199.0Net income attributable to URS   287.9  269.1 219.8 132.2 113.0Diluted earnings per share   $    3.54  $    3.29 $    2.59 $    2.30 $    2.15Balance Sheet Data(As of the end of period):Cash and cash equivalents  $   573.3  $   720.6 $   224.0 $   256.5 $    89.5Total assets  $ 7,351.4  $ 6,904.4 $ 7,001.2 $ 6,930.0 $ 2,581.0Total indebtedness  $   701.8  $   805.0 $ 1,108.0 $ 1,306.8 $   168.6Total URS stockholders’ equity 8 $ 4,117.2   $ 3,905.8 $ 3,624.6 $ 3,478.6 $ 1,506.7Corresponding footnotes are presented on page 31 of this Annual Report to Stockholders. Net Income Total URS Revenues Attributable to URS Stockholders’ Equity Backlog in millions in millions in millions in millions $10,086.3 $287.9 $4,117.2 $17,659* $17,309* $17,282* $3,905.8 $16,608* $269.1 $9,249.1 $9,177.1 $3,624.6 $3,478.6 $219.8 $5,383.0 $132.2 $4,222.9 $113.0 $1,506.7 $4,637** Unaudited 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10
  • 4. Chairman’s Letter TO OUR STOCKHOLDERS: In fiscal 2010, URS performed well, while continuing to position the Company for growth as the economy recovers. The strategic diversification of our business and our competitive position in the markets we serve enabled us to deliver strong financial results, despite the ongoing economic challenges. Our federal and infrastructure businesses continued to grow, and we are encouraged by signs of improvement in our power and industrial and commercial businesses. As a result of our solid performance and ability to generate high levels of cash, we made strategic investments to expand the Company’s operations in growing interna- tional markets. Financially and competitively, URS remains strong. For diversification to succeed throughout the business cycle. the 2010 fiscal year, we reported revenues of $9.2 billion and For more than a decade, we have focused on broadening net income of $288 million. Earnings per share (EPS) were our business in stable, long-term markets, expanding our $3.54, a 7.6% increase from 2009 and our sixth consecutive resources and technical capabilities, and extending our year of EPS growth. We generated $528 million in net cash geographic reach. Through the careful and deliberate execu- from operating activities, ending the year with $574 million tion of this strategy, we have built a diversified business in cash and short-term investments. During 2010, we repaid that we believe can weather almost any economic climate. $150 million in debt, reducing our net debt at the end of Our balanced business mix has enabled us to deliver con- 2010 to just $128 million. We also used approximately $292 sistent results, achieve EPS growth and generate strong million in cash to complete the acquisition of Scott Wilson cash flow—during the longest recession since the Great Group plc, a UK-based engineering and design firm with Depression. It also has enabled us to outperform many of more than 5,500 employees in offices worldwide. our competitors throughout the economic downturn. The acquisition of Scott Wilson has significantly expanded our business outside of North America—a long- The acquisition of Scott Wilson term goal for URS. Scott Wilson adds critical scale to our international operations, creating new opportunities in adds critical scale to our strategically important markets and geographies. URS international operations, creating now is ranked among the top ten engineering firms in the new opportunities in strategically United Kingdom by revenue, and we have expanded our important markets and geographies. presence in Continental Europe, as well as in India and China—two of the world’s fastest growing economies. We also have enhanced our global capabilities in key infrastruc- In the past year, increased public sector spending by ture markets, including mass transit, high-speed rail, roads clients in our federal and infrastructure market sectors and bridges, airports, and ports and harbors. helped to offset declines in capital expenditures by our pri- Acquiring Scott Wilson was an important develop- vate sector clients in the power and industrial and commer- ment in our long-term strategy to build a large engineering, cial market sectors. We have built a large and growing federal construction and technical services organization with the business, and we continued to benefit from outsourcing by U.S. federal agencies and national governments outside the United States for the specialized engineering, construc- tion and technical services we provide. In addition, despite2
  • 5. the budget challenges facing many of our state and local Our results would not have been possible without thegovernment clients, our infrastructure business also had dedication of our 47,000 employees worldwide, and I shoulda successful year—driven largely by the diversity of fund- like to thank them for their hard work in the past year.ing sources that were available to finance infrastructure Their commitment to delivering technically superior ser-improvement programs. vices to our clients in the safest possible manner—and to conducting our business according to the highest ethical standards—is the foundation of our success. I also thankOur balanced business mix has enabled our stockholders and clients for their continued support andUS to deliver consistent results, confidence in URS.achieve EPS growth and generatestrong cash flow—during the longest our employees’ commitment torecession since the Great Depression. delivering technically superior services to our clients in the As anticipated, our power and industrial and com- safest possible manner ismercial businesses were affected by the continuing weak the foundation of our success.economy in 2010. However, with the economic recoverygaining momentum, we expect improved results in thesesectors in the year ahead. The pace of procurement activity Finally, I should like to extend my sincere gratitude toand contract awards among our power clients has started Armen Der Marderosian and William Walsh, both of whomto improve, and our backlog of work is growing. Similarly, in will be retiring after many years of distinguished servicethe industrial and commercial sector, many of our clients are as members of the URS Board of Directors. Mr. Walsh hasincreasing their capital expenditures and restarting projects served on the Board of Directors since 1988, and Mr. Derthat previously had been delayed or deferred. With our Marderosian joined the Board in 1994. Their leadership andexpanded international resources and capabilities, we are astute business perspectives have been invaluable to URSbetter positioned to serve the needs of our FORTUNE 500 as we have grown.clients and other large, multinational corporations across I look forward to updating you on our progress in 2011.their global operations. Although we recognize that thereare still challenges ahead, we believe URS is poised for evenstronger performance as the economy recovers. Because of our international expansion in the past year,we selected A World of Experience as the theme for our2010 Annual Report. The report highlights the wider scopeof URS’ worldwide operations, as well as our expandedinternational capabilities and project experience. It also Martin M. Koffelcaptures our optimism about our long-term potential, includ- Chairman and Chief Executive Officering new opportunities available to us with the addition ofScott Wilson. 3
  • 6. A World of Opportunity Today’s global economy offers companies like URS significant opportunities. Developed nations around the world face the need to upgrade and rehabilitate their infrastructure, public buildings, industrial facilities and power systems, while developing regions are under increased pressure to build new facilities in order to compete in the global marketplace. URS has built a diversified business in our four key markets, and we have expanded our geographic presence, particularly in rapidly growing economies outside of the United States.4
  • 7. Infrastructure The American Society of Civil Engineers estimates that $2.2 trillion in investment is needed to reverse$1.9 the deteriorating condition of public infrastructure in the United States.Billion India’s new five-year infrastructure plan, currently being developed, is expected to double investment to $1 trillion.FY 2010 Revenue In Australia, more than $34 billion in rail infrastructure projects currently are under construction, in planning or proposed.Revenues from our infrastructure China’s five-year infrastructure 14%sector business plan totals $1 trillion and focuses increased on urban transportation, includ- ing high-speed rail between major population centers and urban-rural rail links. in 2010. Modern and reliable infrastructure is an essential With the addition of Scott Wilson in September 2010,component of a strong, vital economy. Overburdened we have broadened our global footprint to pursue infra-or obsolete roads, bridges, airports, rail transportation structure opportunities in key regions around the globe.systems, and ports and harbors hinder the efficient move- URS now is ranked among the top ten engineering firmsment of people and goods—resulting in lost time and in the United Kingdom by revenue, and we have expandedproductivity. From North America and Europe to Asia and our presence in Continental Europe and the Middle East,Australia, governments around the world face major chal- as well as in the rapidly growing economies of India andlenges to expand and modernize infrastructure to ensure China. We also have enhanced our capabilities in high-their competitive advantage in the global economy. growth infrastructure markets—including rail and transit, For more than a century, URS has been at the fore- roads and bridges, and ports and harbors.front of efforts to improve critical infrastructure through-out the United States. We are one of the few firms in theindustry with the in-house capabilities to support everystage of large-scale infrastructure projects, from plan-ning and design through construction and constructionmanagement to operations and maintenance. Although many U.S. states face serious budget defi-cits, they are successfully financing infrastructure pro-grams through alternative sources. These sources includebonds, dedicated tax measures, users’ fees, federal stimu-lus funding and public-private partnerships. 5
  • 8. Federal URS has built a large, diversified and growing busi- The DOD’s budget request for the federal government’s ness in the federal sector. Today, we provide engineering, 2012 fiscal year, which begins October 1, 2011, includes construction, operations and maintenance, and special- $204 billion for operations and maintenance and $75 billion ized technical services to the Department of Defense for research, development, test and evaluation—budget (DOD), the Department of Energy (DOE) and more than line items that are important to our federal business. 25 other U.S. federal departments and agencies, as well As the largest environmental management con- as to agencies of other national governments. As a lead- tractor to the DOE, URS provides environmental and ing federal contractor, we assist our clients in fulfilling nuclear management services at some of the most com- their most critical missions—often through large, bundled plex sites and facilities across the United States. And, in contracts that allow them to procure our services easily the United Kingdom, a URS-led consortium manages the and without delay. operations and cleanup of the Sellafield nuclear complex, URS supports the DOD at virtually every stage of one of the world’s largest nuclear sites, for the Nuclear its operations—from developing new weapons systems Decommissioning Authority. and refurbishing military vehicles and aircraft to man­ We expect to continue to benefit from sustained aging complex installations and providing decommission- funding for these programs. The UK Coalition Government ing and closure services for facilities no longer in use. has provided $2.4 billion for the Sellafield site for each of We also design and construct infrastructure at military the next four years. In addition, the proposed DOE budget installations worldwide. for 2012 includes $6.1  billion for environmental manage- The diversity of our federal business means we are ment programs. This funding should support much of our less susceptible to budget uncertainties or funding for DOE work in the year ahead. any single program. In the year ahead, proposed funding for much of our DOD work is expected to remain stable. $4.5 URS REVENUE BY MARKET Power Billion Federal 12% Industrial & Commercial 18% 49% 21% FY 2010 Revenue Infrastructure Revenues from our federal The DOD’s 2012 budget sector business request includes increased $204 billion 9% for operations and maintenance, an 11% increase from 2011 levels. in 2010.6
  • 9. Power Electricity Net Generation Other$1.1 By Source Coal 5% Natural Gas Source: U.S. Energy Information 23%Billion Administration, Annual 45% Energy Review, 2009 7% Hydroelectric 20%FY 2010 Revenue Nuclear In the United States, electricity 65% generation from renewable energy sources of the new generating capacity added increased 33% to the U.S. power grid since the between 2008 and 2010. 1990s has been from gas-fired power plants. The power industry is shaped by economic trends, The dramatic growth in renewable energy is creatingregulations and technical advances that interact to new demands to modernize and extend transmission andcreate growth cycles for our power business. When the distribution systems so that electricity from alternativeeconomy slowed and demand for electricity fell, capital sources—such as remotely located wind or solar farms—spending by our power clients declined. But, as economic can be transported to major population centers.conditions improve and new environmental mandates As a leader in nuclear power, URS also is helping utili-take effect, there are signs that the power sector is poised ties maintain the viability and efficiency of their nuclearfor a recovery. fleets. More than 100 nuclear generating units operate Increasingly stringent restrictions on the emissions in the United States today, accounting for 20 percent offrom coal-fired power plants are creating new opportu- the country’s electricity production. URS is one of onlynities for our air quality control business. Today, coal- a few contractors with the expertise to perform majorfired plants are the largest source of electricity in the capital improvement projects—including the replacementUnited  States, but many facilities have inadequate pol- of steam generators and other major components—tolution controls to meet a 2015 federal deadline for addi- increase the output, efficiency and reliability of existingtional emissions reductions. URS is a leader in this market, nuclear power plants.having installed air quality control systems at more than200 power plants. With demand for electricity projected to rise, thereis renewed interest in natural gas as a cleaner burning,readily available alternative to coal-fired generation. Wehave designed or constructed nearly 100 gas-fired powerplants, and we anticipate increased demand for the ser-vices we provide to develop or expand gas facilities. 7
  • 10. Industrial & Commercial URS has built long-standing business relationships As URS has grown and extended its geographic reach, with FORTUNE 500 and other multinational corpora- we have expanded our work and the services we provide tions around the world by providing complete life-cycle to many of our largest industrial and commercial clients. services to meet their engineering, construction and Today, much of this work is performed under long-term environmental needs. As demand for oil and gas, manu- Master Services Agreements—multi-year contracts that factured goods and mineral resources declined during the cover a broad range of engineering and environmental recession, many of our clients delayed or curtailed capital services at sites around the world. spending. However, as the economy recovers, activity in With the addition of Scott Wilson to URS, we have the industrial and commercial sector is increasing, creat- expanded our global resources and are better positioned ing new opportunities for our business. to support the needs of these clients throughout their In the oil and gas industry, rising oil prices have led worldwide operations. several of our clients to move forward with projects that were previously suspended—including oil sands proj- ects in Alberta, Canada, oil shale projects in Colorado’s Piceance Basin and gas pipeline projects in Alaska. Higher commodity prices for base and precious met- als, fueled by strong demand from China and India, have accelerated our work on mining projects in Australia. In the manufacturing market, growing consumer spending is leading to increased production, resulting in new demand for the engineering, construction and facility manage- ment services we provide. Oil Prices $/Barrel $1.6 140 100 60 Billion FY 2010 Revenue 20 1/06 1/07 1/08 1/09 1/10 1/11 Rising oil prices are leading to increased global capital spending in oil and gas production and exploration. In 2011, spending is expected to reach $490 billion, an 11% increase from 2010. Sources: U.S. Energy Information Administration, March 2011 Barclays Capital, December 2010 According to a survey of senior executives and consultants in the mining industry, global mining expenditures are expected to reach 6% $120 billion U.S. industrial production increased $115 to in the last year, following nearly two years of decline. in 2011, above the peak of $110 billion set in 2008. Source: U.S. Federal Reserve Source: Financial Times, December 20108
  • 11. A WorldofTalentWhat differentiates URS from our competitors is our people. With some of themost talented professionals in the industry, URS has the skills and resourcesto complete the most challenging projects in the infrastructure, federal, power,and industrial and commercial markets—anywhere in the world. Our employeesalso embrace the opportunity to “give back,” volunteering their time and expertisein support of charities, and community outreach and mentoring programs. 9
  • 12. London Office With more than 500 employees, URS’ London office is Our staff is engaged in some of London’s most pres- one of our largest in Europe. Previously the headquarters of tigious projects, including Crossrail, Europe’s largest civil Scott Wilson, it remains an important hub for URS’ opera- engineering construction project, and the Brent Civic tions in the region. Centre, designed to be the United Kingdom’s “greenest” With a full complement of civil and structural engineers, civic building. Our UK operations also have won several environmental scientists, sustainability experts and con- highly regarded awards from professional societies and struction specialists, our London office provides services government organizations, including the Queen’s Award for across the full life cycle of projects. Working together as Enterprise: International Trade. members of multi-disciplinary project teams, URS employees In addition to undertaking projects locally, staff in plan, design and manage the rehabilitation and construction London support multinational clients on projects around of highways, bridges, mass transit systems and major facili- the world, often in collaboration with colleagues from other ties, such as schools, hospitals, hotels and stadiums. international offices. 10 9 11 13 14 8 12 4 6 5 3 2 110
  • 13. German Roadway Olympic London’s flagship stations. is at the cutting edge ofImprovements Delivery Authority / 9–14 / Darren Brooke, sustainable development. Johnny Adaime, Alison NISP develops mutuallySince 2005, URS has served URS has been working with the Argust, Howard Augustus, profitable links betweenas the Lenders’ Technical Olympic Delivery Authority Ka-Ho Li, Robert Duffy companies so that under-Advisor on five public- on the Planning Framework used resources, such asprivate partnership roadway for the London 2012 Games Thames Tunnel energy, water and materials,improvement projects in since 2006. / 4–8 / from one business canGermany. URS has supported Thomas Smith, Annabel Through its appointment be reused or reprocessedthe bidding consortia to a Buralli, Gareth Wilson, Lesley to a Planning Studies by another. / 20–21 / Jamessuccessful financial closing Keable, Martin Herbert Framework, URS is support- Bisco, Caroline Brockon two of the projects, ing the delivery of theand currently is supporting Crossrail Thames Tunnel. The project Brent Civic CentRea bidding consortium for involves building a tunnelthe widening of a section of Crossrail is a new east-west under London to stop com- URS, in partnership withthe Federal Motorway. / 1–3 / rail route across London. URS bined sewer overflows Hopkins Architects, isAnandan Kumar, Wendy is providing a wide range of and improve water quality in providing engineering andChung How, James Kyritsis civil, structural and electrical the River Thames. / 15–19 / environmental services, engineering services for Shibani Bose, James Allan, including significant sustain- both above- and below-ground Eleanor Cole, Julia Ryan, able design advice, for tracks and stations, includ- Charlotte Cook the design of Brent Council’s ing the design for Paddington new civic centre, which is and Farringdon, two of central National Industrial expected to be the United Symbiosis Programme Kingdom’s “greenest” civic building. / 22–27 / Jason Lee, URS is a key partner for Chris Gaskell, Karl Walker, 17 15 the award-winning National Rick Hilton, Christina 18 Industrial Symbiosis Petrides, Mike Pauley 16 Programme (NISP), which 19 21 7 24 20 GREENCOAT PLACE HISTORY URS’ London office is located at Greencoat Place, which 23 25 was constructed between 22 1883 and 1885 by J. Bull. It was originally used as a warehouse by the Army and Navy stores (a UK depart- ment store group). Damaged during World War II, the structure was rebuilt in stages, which is reflected in its more modern façade and mix of architectural styles. As shown in the photo, the building’s glazed rooms, previously used as meat and 27 fish trading halls, display original Victorian detailing. The glazed halls were restored when the building 26 was renovated prior to Scott Wilson’s occupation. The result is a unique office space with generous natural light. 11
  • 14. China Operations URS’ China operations comprise 1,100  employees in a companies also rely on the skills of URS’ environmental and network of 12 offices. With the addition of Scott Wilson, health and safety experts to help them comply with China’s we now provide a diverse range of planning, design, environ- new, more stringent regulations. mental, engineering and construction services that can URS teams are working on important projects through- meet the needs of clients in this rapidly growing economy. out China, such as overseeing the fast-track construction of Our engineers, architects, planners, scientists, landscape the Wuxi Integrated Transportation Hub—the second larg- designers and construction management specialists work on est development of its kind in China. The new hub will link a range of transportation and urban infrastructure, as well high-speed intercity railways with metro stations for local as manufacturing plants, hotels and mixed-use commercial underground and above-ground rail lines. It also includes a and residential complexes. Many local and multinational large shopping mall, hotel, bus terminal and parking facilities. 5 3 6 11 2 9 12 4 10 8 1 7S enior Project C ost Management D esign Management C onstruction Management Management We are responsible for To ensure that design qualityURS provides overall project procurement, advising on and project standards are We deliver on-site manage- management, including qualified contractor met, URS manages the design ment of construction managing relationships with selection and managing of architects, design insti- processes, including techni- client teams and project project costs during tutes and other consultants; cal review and quality and stakeholders, to ensure that the planning, design and on-site design revisions; safety management, to ensure the project is delivered construction stages. and site installation work. that project delivery is in in accordance with contract / 3–4 / Qian Xinsheng, / 5–7 / Samuel Yu, Johnson line with client scope, budget requirements and client Wendy Xiang Liu, Alina Zhao and schedule. / 8–12 / Ren expectations. / 1–2 / C L Lau, Zhongqin, Tao Jinbing, ZengYang Xianhua Gewen, Ma Yafeng, Wu Hao12
  • 15. Dam and Levee Engineering Australia URS has extensive experience in the design and reha- Australia, exemplifies the broad skills and geographic bilitation of thousands of dams, levees and other hydraulic breadth of URS’ dam and levee practice. Our Australia-based structures. We are one of the largest dam and levee design- team was supported by nearly 200  URS water resources ers in both Australia and the United States, and one of staff from Colorado, California and New Zealand during the the leading dam and levee designers worldwide. Our staff course of the project. includes the full range of professionals in the specialized The technically complex project involved raising the dam technical disciplines needed for dam design and construc- from 93.5 meters to 108.5 meters in order to increase water tion projects, including engineering geologists; geotechnical, supply to a full capacity of 310  billion liters. The URS team structural, mechanical, electrical, environmental and earth- employed many design innovations to increase the dam’s quake engineers; and hydrologists. storage capacity, while reducing downstream flood risk. The design team for the upgrade of the Hinze Dam, which provides much of the water to the Gold Coast in Queensland, 5 3 6 7 10 4 8 11 1 12 2 9S pillway Design E mbankment Design I nfrastructure M anagement Design & SupportT he new spillway design U RS assessed the complex optimized the flood mitiga- foundation conditions at the Infrastructure across the site A s the design lead of the tion benefits downstream site and designed a 15-meter was upgraded, including highly successful Hinze of the dam and increased raise of the existing earth a recreation area, internal Dam Alliance project team, maximum potential flood and rockfill embankment. The roads, drainage, power, URS’ role was to oversee capacity. A key challenge was work included a 700-meter- water and communications the technical aspects surpassing the capacity of long extension of the saddle systems. The work also of the design. Managing the the original spillway structure, dam across the right bank to included mechanical and project also included close which had been designed for accommodate the increased electrical design to upgrade collaboration with URS’ less than half the flood flow of level of the reservoir. / 3–6 / the outlet facility, pump Alliance partners and other the new structure. / 1–2 / James Toose, Mark Foster, station, and electrical and stakeholders, including Steve O’Brien, Mike Phillips Gavan Hunter, Rob Campbell control systems. The dam the owner, dam operations, remained in full operation regulatory agencies and during construction of these community members. / 10–12 / improvements. / 7–9 / Jared Bob McGowan, Chris Dann, Weir, Rob Myers, Anna Hams Melanie Preston 13
  • 16. Power CAPABILITIES Princeton, New Jersey With more than 100 years of experience serving the For the commercial nuclear market, we have engineered power industry, URS’ expertise encompasses virtually every or constructed 49 power plants worldwide, and our SGT, type of power generation, including fossil fuel, nuclear and LLC joint venture provides steam generator and large com- alternative energy. We have engineered and/or constructed ponent replacement services to improve the efficiency and power plants generating more than 250,000 megawatts of extend the life of existing nuclear plants. electricity and have worked on hundreds of transmission Our power professionals are located around the world, and distribution, and substation projects. including Princeton, New Jersey, where, in addition to nuclear, URS provides a full range of engineering, procurement civil, mechanical, electrical and process engineers, URS and construction services for natural gas-fired power plants. employs architects, environmental and project controls spe- Our experience includes more than 32,000 megawatts of new cialists. Many of our highly skilled staff also have achieved generation and covers every combustion turbine technology. safety trained supervisor certification. URS also is a leader in clean-air modifications. We have With a full complement of disciplines, URS serves the installed air quality control systems in more than 200 plants entire life cycle of power projects—from planning, engineer- to reduce sulfur dioxide, sulfur trioxide, nitrous oxides, mer- ing, procurement and construction to start-up, operations cury and other emissions. and maintenance, and decommissioning and closure. 7 5 6 3 4 12 2 10 1 11 8 9 New Generation Air Quality Combined Cycle Gas Control Systems U RS provides life-cycle Our engineering, procure- services to ensure that new ment and construction generation combined-cycle expertise is used to retrofit gas plants are constructed existing fossil fuel plants cost-effectively and oper- with clean-air emissions ate at the highest levels of technologies. / 8–12 / Ed safety, efficiency and Ventura, Cathy Schmitt, reliability. / 1–7 / John Moore, Jeremy Moore, Steve Bob Schad, Andrea Kelman, Pizzimenti, Harold Fletcher Minanka Ray, Joe Zachowski, Bob Thibodeau, Danny Chung14
  • 17. 21 16 18 22 17 19 25 15 20 26 24 14 13 23Tr ansmission & Solar Nu clear Generation Distribution In addition to providing pro­- URS provides engineering,We offer consulting, project gram management and procurement, construction management, engineering, support services to utilities and start-up services for design, construction, for solar panel installa­- both nuclear plant modifica- start-up and maintenance tions, URS provides consult- tions and the development support for transmission ing services for solar power of new generation facilities. and distribu­tion systems, as installations on buildings. We are playing an integral well as substations. / 13–16 / / 17–22 / Darlene Schrock, role in the next generation Dianne Forman, Sunil Mital, Mike Lazar, Jeffery Krenski, of nuclear power plants. Zachary Riley, Jack Jolly Shanna Pfau, Mark Feldman, / 23–26 / Isamar Blumberg, Jim Aquilino Bryan Freeman, Peter Abate, Thomas Powell 15
  • 18. India Operations The New Delhi office is URS’ headquarters for our South over the next five  years. Such investment is evident in the Asia operations. Through the addition of Scott Wilson, we roads sector, where the National Highways Authority of now have more than 850 employees in offices in Bangalore, India has commissioned an ambitious project to upgrade, Chennai, Kolkata, Mumbai and Patna, and at numerous rehabilitate and widen India’s major highways. The National project sites. Highways Development Program (NHDP) is the largest Although traditionally known for providing planning, highways program in India’s history, covering more than engineering and construction services for highways and 70,000 kilometers. bridges in the region, our work has expanded into ports, URS’ experienced highways team in New Delhi com- railways, airports, power, water and urban infrastructure. prises structural, geotechnical and civil engineers, pavement Our New Delhi staff represents the full range of design and experts and construction specialists who provide complete engineering disciplines, from urban planners and architects project life-cycle services. The team, which has provided to hydrologists and transportation engineers. services for NHDP projects for many years, currently is To keep pace with its rapidly growing economy, India is working on more than ten assignments. expected to invest one trillion dollars in its infra­structure 7 2 8 3 4 9 5 6 1 U pper Ganga Canal J ammu Udhampur Expressway Section of NH-1A This unique project integrates U RS developed innovative a roadway design with structural solutions and a canal rehabilitation, new cost-optimization plans for hydroelectric power the design of a 64-kilometer stations and adjacent land section of National Highway-1A development. URS’ feasibility through a highly mountainous, study received the presti- ecologically sensitive area. gious British Expertise The project included numer- International Awards 2010/11 ous bridges, viaducts and Consultancy Project of the a twin tunnel. / 5–9 / Sajid Year. / 1–4 / B K Basu, Khan, Uma Shankar Rawat, D P Kala, Debargha Datta, Ganesh Chatrad, A K Dubey, Ranadeep Basu Brig C D Puri16
  • 19. 10 17 23 13 15 24 22 11 25 18 14 16 19 20 12 21Sone River Bridge L ong-Span Bridge C entral India State NH -36 and NH-54 Over River GodAvari Road Development CarriagewayU RS provided design and project management services URS provided engineering For a state road development A URS construction supervi- for a 1,980-meter bridge on services for the design, project in central India, URS sion team supported the River Sone in the state construction, and operations provided construction supervi- upgrade of the NH-36 and of Bihar. The bridge features and maintenance for a major sion for the rehabilitation NH-54 into a single, four- continuous prestressed bridge across the Godavari of approximately 800 kilome- lane divided carriageway. concrete box girders, each River, as part of a Build, ters of state highways. The Located in the extreme spanning 60 meters. / 10–16 / Operate, Transfer/Public- project was spread over northeastern region of the H S Sharma, A K Padhy, Private Partnership. / 17–18 / eight districts of the highly country, the project tra- Priyanka Jain, Shrey Kumar S S Negi, K S Shiny mountainous Madhya verses a dense forest area Jain, Kamlesh Mishra, Sanjeev Pradesh State. / 19–21 / with very heavy rainfall. Gahir, Vikram Singh P B Ratnakumar, R K Pathak, / 22–25 / Jayasree Meenakshi Agarwal Ratnakumar, Neeraj Mallik, R N Chaddha, T Naresh 17
  • 20. Veteran Mentoring United States URS’ support of the military extends beyond our con- nation—it defines who we are as a company. Marian Hyder, tracts. Whether it’s helping a soldier obtain a position after Vice President of Talent Management for our Federal Services serving in the Army, pairing a veteran with a mentor to ease business, says, “Nothing brings us greater satisfaction than the transition to his or her first corporate job, sending care reaching out to our veterans. So many URS employees are packages to deployed soldiers or helping a wounded vet- former military—they’ve been there and understand the eran find fulfilling work, URS and our employees embrace importance of the support we provide.” the opportunity to give back to those who have served the 6 3 4 5 2 1W ounded Ad opt A merican Corporate Partnership for WarriorS a Platoon Partners (ACP) Youth Success Program (PaYS)Dozens of disabled veterans Ensuring that U.S. service In 2010, 70 URS employees from all branches of the members are not forgotten served as mentors to Pairing U.S. Army veterans military are supported by during their deployment, returning veterans as part with civilian jobs ensures URS mentors who provide URS employees send weekly of the ACP program. They that companies like URS hire advice and encouragement cards and follow up with provided coaching, mentoring employees with a strong about how to reintegrate into monthly care packages contain- and networking support work ethic and highly special- the workplace. “There is nothing ing books, food and other to help their protégés secure ized skills. URS recently hired we wouldn’t do for our items. According to Human civilian jobs. Dennis Hunt, our first veteran through PaYS veterans,” says Jesse Barber, Resources Manager Pat Falls, Capture Manager, National and, according to Ken Reese, a Program Manager in the “URS has adopted dozens Security and Defense, is a URS Staffing Manager and Global Security Group. “We of platoons since 2007 and, a mentor to Bill Cuartas, retired Army recruiter, he also served, and now we want to date, several tons of and was recently named an is the first of many. Ken says, to help them begin the next packages have been sent by ACP Mentor of the Month. “PaYS will be a vital part of phase of their lives.” During our volunteers to deployed According to Bill, “Dennis URS’ hiring program for years the past 12 months, URS has soldiers.” To spread cheer during has been there for me every to come.” / 6 / Kenneth Reese hired 343 disabled veterans. the 2010 holiday season, step of the way. I would still / 1 / Jesse Barber 15 URS locations sent more be worried and unsure about than 1,300 stockings my transition without his to our troops. / 2 / Pat Falls help.” / 3–5 / Dennis Hunt, Bill Cuartas, Marian Hyder18
  • 21. A WorldofExpertiseWith a presence in more than 40 countries around the world, URS has the localresources to meet our clients’ needs on a variety of projects, regardless of locationor type of service required. Whether it’s an environmental assessment for one ofthe largest retail centers in Belgium, the expansion of a power plant in Detroit, thedesign of a high-speed rail network in the United Kingdom, the construction of atailings dam in Australia or the maintenance of military equipment returning fromthe Middle East, URS has the experience to get the job done. 19
  • 22. URS provides design, engineering and As the U.S. military has increased its For the Predator and other unmannedconstruction services for beddown facilities use of intelligence and surveillance aircraft systems, URS supportsto support several unmanned aircraft systems, URS has been called upon to command and control and IT operations,systems (UAS). At Beale Air Force Base in provide engineering for communi- as well as maintenance and training.California, URS designed and constructed cations systems for the Reaper UAS.new hangars to house the Global Hawk UAS.UnmannedAircraftSystemsIn support of the DOD’s acceleratingdeployment of unmanned aircraftsystems, URS provides wide-rangingprogram management, design,systems engineering, training,construction, and operations andmaintenance services.20
  • 23. The role of unmanned aircraft systems (UAS) has UAS SITESexpanded dramatically during the last decade, as thesesophisticated systems have demonstrated their value where URS currentlyin the War on Terror. In support of military operations inIraq and Afghanistan, UAS have flown long missions and is workingcollected critical intelligence —all while being “piloted” South Dakota:by personnel thousands of miles from the combat zone. Ellsworth AFBIn some cases, the intelligence obtained from a UAS istransmitted directly to soldiers on the battlefield usingremote video terminals. Nevada: Missouri: Creech AFB, Whiteman AFB Used by the U.S. Air Force, Army and Navy, UAS Nellis AFBrange in size from radio-controlled devices as smallas a model airplane to more complex aircraft as largeas a Boeing 737. The systems consist of the aircraft,sensors/payloads, command and control datalinks, theoperator station, and the ground support equipment Virginia:required for launch and recovery, and operations and Dahlgren New Mexico: Naval Basemaintenance. As technology has advanced and the sys- Holloman AFBtems have become more useful, UAS programs have Maryland:expanded, as have the services required to support Texas: Patuxent Rivertheir development and day-to-day operations. Naval Air Station Fort Hood URS has been involved in UAS programs since theirinception. Today, we are one of the leading contractorsin the UAS market and provide the services required to 10design, build, test and fly unmanned systems. Our exper-tise also includes evaluating UAS, providing operational The U.S. Air Force has increased UAS factor ofsupport from ground stations, training pilots, providing deployment by amaintenance services, and designing and building bed-down facilities. A current contract involves supportingthe systems that provide command and control data, over the last five years.voice interconnectivity and video relays. These criticalsystems enable personnel to fly and control unmannedsystems, such as the Predator and Reaper, worldwide. Longer term, the non-military applications for For the years 2010 Combined, the U.S.UAS are limitless. For instance, there is increasing through 2015, the Air Force, Armyinterest in using UAS to monitor borders and ports, DOD has requested and Navy forecast UASto perform aerial photography and land surveying, tomonitor forest fires and environmental conditions, andto support municipal law enforcement. $25 expenditures billion of more than for UAS development and $4.1 billion procurement. in the coming year. 21
  • 24. URS is providing quality control and We are providing design ser- During the development of the newsafety services for the new Yunnan vices for a section of California’s Perpignan-Figueras rail line, URS providedsection of the Yunnan to Guangxi high-speed rail system, the technical assistance services. Currently,high-speed rail line in China. The line is largest public works project we are providing operations and monitor-part of the strategically important in the United States since the ing services for the line, which travelsTrans-Asian Railway that will extend construction of the Interstate through the Pyrenees and serves as a linkto Southeast Asia. Highway System. between France and Spain.In the United Kingdom, URS provideddesign services for the West Coast RouteModernisation program—a majorupgrade of the principal railway linkingLondon, Birmingham, the North Westand Glasgow.High-SpeedRail22
  • 25. With its convenience, comfort and speed, traveling The European Union’s URS’by high-speed rail is gaining in popularity around the goal is to create a High-Speed Trans-world. The length of the global high-speed rail networkis expected to double in the next four years, increas- Railing from about 14,000 kilometers last year to nearly26,000 kilometers by 2015. European Experience: high-speed 39 Much of this growth is expected in China and theUnited States, where robust funding is making high-speedtravel a reality. As a key player in this emerging market, rail networkURS is performing preliminary studies for proposed newsystems in Illinois and Texas. In California, we recentlycompleted the conceptual engineering and environmental to connect the entire region. projects 17impact studies for the 115-mile (185-kilometer) Fresnoto Bakersfield section of the California High-Speed RailProject between San Francisco and Los Angeles. Our acquisition of Scott Wilson has significantly The United Statesexpanded our high-speed project port folio, which now has awarded countriesincludes ongoing assignments in the United Kingdom,China, India, Continental Europe and the Middle East. $10.5 billion nearly 16,900For example, in Saudi Arabia, we are providing programand project management for the first high-speed railnetwork in the region. And, in the United Kingdom, we in high-speedare providing planning and engineering services for a rail funding kilometers.new high-speed rail network between Birmingham, to date, and anManchester and Leeds. additional As the world’s high-speed rail networks continueto expand, URS’ decades of experience in the planning,design and construction of innovative rail transit sys- $61 billiontems makes us an important resource for high-speed has been proposed.projects across the globe.PROJECTS NETHERLANDS: HSL ZUID—AMSTERDAMWorldwide TO ANTWERP UNITED KINGDOM: HS2; POLAND: E65 CTRL HS1; EAST COAST WARSZAWA TO GDYNIA ROUTE; WEST COAST ROUTE; CROSSRAIL CHINA: YUNNAN UKRAINE: UKRAINIAN TO GUANGXI HIGH- RAILWAYS UZ SPEED RAIL LINE FRANCE: LGV SEA; SAUDI LGV BPL; LGV ARABIA: CNM; LYON-TURIN HAR AMAIN THAILAND: KORAT HSR HIGH-SPEED LINE SPAIN: PERPIGNAN- FIGUERAS TAIWAN: HIGH-SPEED UNITED STATES: CALIFORNIA HIGH-SPEED LINK RAIL VIADUCTS HSR—BAKERSFIELD TO FRESNO; ITALY: TRENO ILLINOIS DOT HSR—CHICAGO ALTA VELOCITÀ TO ST. LOUIS; TEXAS HSR— SPA MALAYSIA: STATEWIDE; DESERT LIGHTNING EXPRESS RAIL LINK PROJECT—LOS ANGELES, LAS VEGAS, PHOENIX SOUTH AFRICA: GAUTRAIN RAPID RAIL LINK 23
  • 26. URS helps Shell meet air, At hundreds of Shell retail For proposed projects to explore, recoverwater and waste regula- gasoline stations and gasoline and produce crude oil and natural gas,tions by providing environ- bulk terminals across the URS performs studies for Shell on poten-mental assessment world, URS is assessing tial environmental impacts.services at its refineries. environmental conditions and systems integrity. SHELL MASTER SERVICES ALLIANCEURS provided process engineeringservices at the Shell Chemicals Geismarfacility in Louisiana—a leading producerof ethylene-based industrial chemicalswith a variety of end uses.24
  • 27. As URS has grown over the past decade, we have By using the latest innovativesignificantly expanded the services we provide tonearly half of the FORTUNE 500, including Shell, The technologies,Dow Chemical Company, DuPont, Pfizer and UnitedTechnologies, as well as to other multinational corpo-rations. The depth of URS’ engineering, environmen-tal and construction resources, and our geographic URS has partnered with Shell to help reduce thebreadth are valued assets to our clients. Our MasterServices Alliance with Shell, a global group of energy impact of its operations on the environment.and petrochemical companies, is a prime example ofthe value we add for our multinational clients. Over the past 15 years, our business relationship URS supports a We have receivedwith Shell has grown from providing environmental and wide range of active several safetyengineering services to its U.S. refineries and chemicalplants, to serving Shell’s motor fuel marketing outlets, Shell projects—product terminals, and oil and gas exploration, produc- from service stationtion and pipeline facilities on five con­t inents and in work to large, recognition complex awardsnearly 30 countries. Working side by side with Shell’s staff, URS’ multi­disciplinary global team helps support the full life cycleof its operating facilities with planning and regulatory multi-yearcompliance assistance, engineering, and decommis-sioning and closure services. We also help manage refinery from Shell in the Americas,legacy environmental issues and restore propertiesfor reuse and redevelopment. Today, URS is proud programs. Europe,to be Shell’s largest global supplier of environmental and Asia-Pacific.engineering and consulting services.Countriesin which we have servedShell in the last 5 years Sweden Norway Russia Finland Netherlands Canada United Kingdom Denmark Kazakhstan Belgium Germany United states PoRtugal Luxembourg Spain Italy Puerto Rico France Austria Qatar Switzerland Brazil Australia Argentina New Zealand 25
  • 28. Our innovative design for Scotland’s URS provided construction The expansion and upgrade of I-215 and1,200-meter-long Clackmannanshire supervision for a section of the connecting highways in Riverside,Bridge—the second longest launched Golden Quadrilateral project— California, included designs to upgradebridge in the world—has led the first phase of an upgrade to a “cloverleaf” style interchange, expandto seven major industry awards. more than 5,000 kilometers the freeway from six to eight lanes, of highway. and construct, replace or widen 20 bridges.The cable-stayed Bridge of Honor,spanning the Ohio River betweenPomeroy, Ohio, and Mason, West Virginia,provided a simple yet elegant solutionto a crossing with difficult geological andhydraulic conditions. Designed by URS,the bridge is dedicated to local WWII andVietnam veterans.Roads andBridges26
  • 29. Repairing and improving aging roadways and With abridges has become a top priority for many developedcountries. And, in fast-growing economies like China and worldwide reputationIndia, constructing up-to-date roadway infrastructure isa necessity for continued economic advancement. URS for bridge design,has more than 100 years of experience in the planning,design and construction of highway networks, from the URS’ expertise encompassesupgrade of a multi-level interchange in Florida to the girder, arch, truss, bascule, cable-stayed,design of a new suspension bridge in Turkey. fixed and suspension bridges. URS is one of the largest transportation designfirms in the United States, and we provide services forDepartment of Transportation agencies in every state.Now, with the acquisition of Scott Wilson, we have sig- URS has designed Many of ournificantly expanded our transportation capabilities in and built projects are goingthe United Kingdom, Continental Europe, China and India. thousands forward with Currently, we are involved in a large number of innovativeroadway design and construction projects in theUnited Kingdom, Lithuania, Greece, Serbia and Sweden. of miles contractingOur growing portfolio of projects in Poland, where ofthe roadway infrastructure is underdeveloped byEuropean Union standards, includes providing design highways financing andservices for approximately 20 highway projects alongthree major motorways. and nearly every alternatives, Our innovative design for the new Pearl Harbor kind of bridge,Memorial Bridge in New Haven, Connecticut, demon- tunnel and complex includingstrates URS’ international reputation for bridge design. urban interchange. design-build andThe first of its kind in the United States, the bridge public-privateincorporates an “extradosed” structure—a combinationbox girder and cable-stayed bridge. partnerships.REPRESENTATIVE The new S69 Expressway URS is providing constructionProjects The M1, a heavily traveled route con- in Poland replaces supervision services for the upgrade of approximately necting London with the Midlands and 27 kilometers of road from 70 kilometers of the Belgrade the North in the UNITED KINGDOM, Poland to Slovakia andWorldwide is being upgraded by URS to provide includes the first bored to Novi Sad Motorway in SERBIA, which is part of the additional capacity and reduce con- road tunnel in Poland. E75 European route connect- gestion along a 25-kilometer section. ing Norway with Greece. URS identified the land use and infrastructure requirements for a planned 1,483-kilometer URS is providing a variety of industrial corridor from URS was the Delhi to Mumbai, INDIA, planning, design and construc- lead designer for which will accelerate tion services for both the the $189 million growth and increase U.S. and Canadian approaches improvement employment in the area. to the planned Detroit River of State Route 202, International Crossing between from Phoenix to Michigan and Ontario. Mesa, Arizona, Designed by URS, the Newmarket which included Viaduct, a crucial transportation widening a mile-long connection to Auckland, is consid- viaduct over the ered one of New Zealand’s most Salt River. distinctive engineering projects. 27
  • 30. The Cold Test Facility, operated Managed and operated by a URS employees transport empty high-by a URS-led joint venture for URS-led consortium, the level waste canisters to the Savannahthe Department of Energy, is an Sellafield site’s complex decom- River Site’s vitrification plant. More thaninnovative, full-scale replica of missioning and cleanup program 3,000 high-level waste canistersstorage tanks at Hanford, which takes place next to ongoing have been filled at this facility since 1996.allows workers to test new cleanup commercial reprocessing andtechnologies in a safe setting. manufacturing activities.URS employees at the SavannahRiver Site’s Defense WasteProcessing Facility use a roboticarm to safely manipulatehigh-level waste canisters at thevitrification plant.High-LevelNuclearWaste Management28
  • 31. One of the legacies of the Cold War is the vastcomplex of nuclear reactors, weapons production Projectsplants and other facilities that once produced materi- URS has been working at theals for nuclear weapons. Many of these sites contain Worldwide 586-square-mile Hanford sitemillions of gallons of high-level radioactive waste, as in southeastern Washingtonwell as thousands of cubic meters of low-level and since 2000. The former pluto-intermediate-level waste. All of this waste must be nium manufacturing complexmanaged and disposed of so that it is permanently left behind 53 million gallons of high-level radioactive waste.isolated from the environment. In 2008, a URS-led consortium was selectedby the United Kingdom’s Nuclear DecommissioningAuthority (NDA) to manage and operate the Sellafield URS is leading a consortium at thenuclear site in North West England. Sellafield is one Savannah River Site in Southof the most complex nuclear sites in the world and the Carolina, the only site in the U.S. DOElargest nuclear decommissioning project in the United complex to process and dispose of high-level radioactive waste. The site’sKingdom. The site contains more than 1,000  facilities Defense Waste Processing Facilityassociated with the decommissioning of the United currently is the largest radioactiveKingdom’s nuclear legacy. The work includes recycling waste vitrification plant in the nation.used fuel from nuclear power stations, manufacturingmixed oxide fuel, managing and storing radioactivematerials, and processing and storing low-, intermedi-ate- and high-level nuclear waste. At the Sellafield site in URS is a leading contractor in the management of the United Kingdom,radioactive waste cleanup operations for the U.S. URS oversees all site operations, includingDepartment of Energy (DOE). This work includes the operation of a vitrificationmanagement and disposal of all high-level liquid complex that is one ofnuclear waste at DOE sites near Richland, Washington, the largest in the world.and Aiken, South Carolina. The composition of the liq-uid waste varies from tank to tank, requiring a varietyof treatment technologies. Prior to disposal, the wasteundergoes a vitrification process. During vitrification,radioactive waste is converted to glass to obtain astable form and stored in stainless steel containersthat are suitable for ultimate disposal in a permanentgeologic repository. At the Savannah River Site, URS is managing, treat- URS is the largesting and disposing of 37 million gallons of waste in environmental management contractor49 underground tanks. Our work includes managementof the Defense Waste Processing Facility, currentlythe largest plant performing nuclear vitrification in the for the DOE and the NDA.United States. A URS-led team at the Hanford site is managing only53 million gallons of radioactive and chemical waste in We are the URS manages and all177 underground tanks and is preparing to move it to a disposes of nearlynew $13  billion Waste Treatment and ImmobilizationPlant at the 586-square-mile Hanford site. Upon com-pletion, the plant will be the world’s largest vitrifi- company in thecation facility. United States of the DOE’s At the Sellafield, Savannah River and Hanford sites,new and innovative technologies are developed and to operate high-level liquidimplemented to help safely increase production rates, nuclear nuclear wasteshorten schedules and further eliminate risk to human vitrification plants.health and the environment. in the United States. 29
  • 32. A World of Success Selected Financial Data 31 Condensed Consolidated Balance Sheets 32 Condensed Consolidated Statements of Operations 33 Condensed Consolidated Statements of Cash Flows 34 Management’s Annual Report on Internal Control Over Financial Reporting 36 Performance Measurement Comparison 37 Report of Independent Registered Public Accounting Firm 38 Office Locations Worldwide 39 Corporate Directory 40 Corporate Information IBC Summary of Condensed Consolidated Financial Statements The following pages contain summary financial data for our fiscal year ended December 31, 2010. Complete financial information can be found in our latest Annual Report on Form 10-K, which accompanies this Annual Report to Stockholders and was filed with the Securities and Exchange Commission on February 28, 2011.30
  • 33. Selected Financial Data The following selected financial data was derived from our consolidated financial statements. You should read the selected financial data presented below in conjunction with the information contained in Item  7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our consolidated financial statements and the notes thereto contained in Item 8, “Consolidated Financial Statements and Supplementary Data,” included in our Annual Report on Form  10-K for the fiscal year ended December 31, 2010, which accompanies this Annual Report to Stockholders.  Year ended Year ended Year ended Year ended Year ended  December 31,  anuary 1, J January 2, December 28, December 29, (In millions, except per share data)  2010  1,2  2010  1 2009 1 2007 1,3 2006 1 Income Statement Data: Revenues  $ 9,177.1  $ 9,249.1 $10,086.3 $ 5,383.0 $ 4,222.9 Cost of revenues  (8,609.5)  (8,772.4) (9,608.8) (5,095.2) (3,978.1) General and administrative expenses  (71.0)  (75.8) (78.7) (56.5) (43.3) Acquisition-related expenses 2  (11.9)  — — — — Restructuring costs 4  (10.6)  — — — — Impairment of an intangible asset 5  —  (32.8) — — — Equity in income of unconsolidated joint ventures 6  70.3  100.9 106.3 31.5 17.3 Operating income  544.4  469.0 505.1 262.8 218.8 Other income, net 7  —  47.9 — — — Net income attributable to URS  287.9  269.1 219.8 132.2 113.0 Earnings per share: Basic  $    3.56  $    3.31 $    2.61 $    2.33 $    2.19 Diluted  $    3.54  $    3.29 $    2.59 $    2.30 $    2.15 Balance Sheet Data: (As of the end of period) Total assets  $ 7,351.4  $ 6,904.4 $ 7,001.2 $ 6,930.0 $ 2,581.0 Total long-term debt  $   641.3  $   689.7 $ 1,091.5 $ 1,288.8 $   149.5 Total URS stockholders’ equity 8  $ 4,117.2  $ 3,905.8 $ 3,624.6 $ 3,478.6 $ 1,506.7 Total noncontrolling interests  $    83.8  $    44.7 $    31.1 $    25.1 $     3.5 Total stockholders’ equity $ 4,200.9  $ 3,950.5 $ 3,655.8 $ 3,503.7 $ 1,510.21 5 Our fiscal year is the 52/53-week period ending on the Friday closest to For the year ended January 1, 2010, we recorded a $32.8 million charge for the December  31. The fiscal year that ended on January  2, 2009 contained impairment of our intangible asset related to the “Washington” trade name. On a 53 weeks. net, after-tax basis, this transaction resulted in decreases to net income and diluted2 earnings per share (“EPS”) of $19.6 million and $0.24, respectively, for the year ended In September 2010, we completed the acquisition of Scott Wilson. The oper- January 1, 2010. For further discussion, see Note 8, “Goodwill and Intangible Assets” ating results of Scott Wilson from the acquisition date through December 31, to our “Consolidated Financial Statements and Supplementary Data” included under 2010 are included in our consolidated financial statements under the Item 8 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2010. Infrastructure & Environment business. The total purchase consideration for 6 this acquisition was $343  million. During the year ended December 31, 2010, For the year ended December 31, 2010, we recorded a pre-tax noncash asset we incurred acquisition-related expenses of $11.9 million. For further discus- impairment charge of $25.0 million or $0.18 per share on an after-tax basis on the sion, see Note  7, “Acquisition,” to our “Consolidated Financial Statements SR-125 road project in California as a result of an adverse legal ruling. For further and Supplementary Data” included under Item  8 in our Annual Report on discussion, see Note 16, “Commitments and Contingencies,” to our “Consolidated Form 10-K for the fiscal year ended December 31, 2010. Financial Statements and Supplementary Data” included under Item  8 in our3 Annual Report on Form 10-K for the fiscal year ended December 31, 2010. In November 2007, we acquired Washington Group International, Inc. (“WGI”), 7 resulting in the inclusion of WGI’s results of operations for the six-week period During fiscal year 2009, we recorded $47.9  million of other income, net, from November 16, 2007, the effective date of the acquisition for financial report- consisting of a $75.6  million gain associated with the sale of our equity ing purposes, through December 28, 2007, in our 2007 results of operations. investment in MIBRAG mbH (“MIBRAG”), net of $5.2  million of sale-related costs. This gain was partially offset by a $27.7  million loss on the settle- In connection with the WGI acquisition, we issued approximately 29.5  million ment of a foreign currency forward contract, which primarily hedged our shares of common stock valued at $1.8 billion and borrowed $1.4 billion under net investment in MIBRAG. On a net, after-tax basis, these two transactions the 2007 Credit Facility. The 2007 Credit Facility provides for two term loan resulted in increases to net income and diluted EPS of $30.6  million and facilities in the aggregate amount of $1.4 billion and a revolving credit facility $0.37, respectively, for the year ended January 1, 2010. For further discussion, in the amount of $700.0 million. see Note  5, “Joint Ventures” and Note  9, “Indebtedness” to our “Consolidated4 For the year ended December 31, 2010, we recorded restructuring costs in our Financial Statements and Supplementary Data” included under Item  8 in our international businesses. For further discussion, see Note  16, “Commitments Annual Report on Form  10-K for the fiscal year ended December  31, 2010. and Contingencies,” to our “Consolidated Financial Statements and 8 We have not paid cash dividends to our stockholders since 1986, and we are Supplementary Data” included under Item  8 in our Annual Report on precluded from paying cash dividends to our stockholders on outstanding Form 10-K for the fiscal year ended December 31, 2010. common stock under the provisions of our  2007 Credit Facility until our Consolidated Leverage Ratio is equal to or less than 1.00:1.00. 31
  • 34. URS Corporation and Subsidiaries Condensed Consolidated Balance Sheets  December 31,  January 1, (In thousands, except per share data)  2010  010 2 Assets Current assets: Cash and cash equivalents  $  573,266  $  720,621 Short-term investments  450  30,682 Accounts receivable, including retentions of $70,718 and $41,771, respectively  1,102,762  924,271 Costs and accrued earnings in excess of billings on contracts  1,157,117  1,024,215 Less receivable allowances  (42,802)  (47,651) Net accounts receivable  2,217,077  1,900,835 Deferred tax assets  83,270  98,198 Other current assets  134,963  130,484 Total current assets  3,009,026  2,880,820 Investments in and advances to unconsolidated joint ventures  65,509  93,874 Property and equipment at cost, net  266,136  258,950 Intangible assets, net  514,125  425,860 Goodwill  3,393,198  3,170,031 Other assets  103,361  74,881 Total assets $7,351,355  $6,904,416 Liabilities and Equity Current liabilities: Current portion of long-term debt  $   60,534  $  115,261 Accounts payable and subcontractors payable, including retentions of $46,548 and $51,475, respectively  673,854  586,783 Accrued salaries and employee benefits  420,559  435,456 Billings in excess of costs and accrued earnings on contracts  275,815  235,268 Other current liabilities  214,323  156,746 Total current liabilities  1,645,085  1,529,514 Long-term debt  641,283  689,725 Deferred tax liabilities  326,946  324,711 Self-insurance reserves  105,938  101,338 Pension and post-retirement benefit obligations  245,896  172,248 Other long-term liabilities  185,270  136,415 Total liabilities  3,150,418  2,953,951 Commitments and contingencies URS stockholders’ equity: Preferred stock, authorized 3,000 shares; no shares outstanding  —  — Common shares, par value $.01; authorized 200,000 shares; 86,907 and 86,071 shares issued, respectively; and 81,855 and 84,019 shares outstanding, respectively  869  860 Treasury stock, 5,052 and 2,052 shares at cost, respectively  (212,059)  (83,810) Additional paid-in capital  2,924,345  2,884,941 Accumulated other comprehensive loss  (36,932)  (49,239) Retained earnings  1,440,951  1,153,062 Total URS stockholders’ equity  4,117,174  3,905,814 Noncontrolling interests  83,763  44,651 Total stockholders’ equity  4,200,937  3,950,465 Total liabilities and stockholders’ equity $7,351,355  6,904,416 $ Refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, accompanying this Annual Report to Stockholders, for a complete set of consolidated financial statements and their accompanying notes, which are an integral part of the above condensed financial statements.32
  • 35. URS Corporation and SubsidiariesCondensed Consolidated Statements of Operations  December 31,  anuary 1, J January 2,(In thousands, except per share data)  2010  010 2 2009Revenues  $ 9,177,051  $ 9,249,088 $10,086,289Cost of revenues  (8,609,492)  (8,772,416) (9,608,779)General and administrative expenses  (70,987)  (75,826) (78,654)Acquisition-related expenses  (11,900)  — —Restructuring costs  (10,577)  — —Impairment of an intangible asset  —  (32,825) —Equity in income of unconsolidated joint ventures  70,262  100,933 106,277 Operating income  544,357  468,954 505,133Interest expense  (30,548)  (48,393) (90,763)Other income, net  —  47,914 — Income before income taxes  513,809  468,475 414,370Income tax expense  (154,884)  (177,556) (172,813) Net income including noncontrolling interests  358,925  290,919 241,557Noncontrolling interests in income of consolidated subsidiaries, net of tax  (71,036)  (21,799) (21,766) Net income attributable to URS  $   287,889  $   269,120 $   219,791Earnings per share: Basic  $      3.56  $      3.31 $       2.61 Diluted  $      3.54  $      3.29 $       2.59Weighted-average shares outstanding: Basic  80,951  81,401 81,878 Diluted  81,291  81,842 82,376Refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, accompanying this Annual Report to Stockholders, for a complete set ofconsolidated financial statements and their accompanying notes, which are an integral part of the above condensed financial statements. 33
  • 36. URS Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows  Year ended  Year ended Year ended  December 31,  January 1, January 2, (In thousands) 2010   2010 2009 Cash flows from operating activities: Net income including noncontrolling interests $ 358,925   $ 290,919 $ 241,557 Adjustments to reconcile net income to net cash from operating activities: Depreciation 84,250  86,937 89,984 Amortization of intangible assets  49,172  52,823 52,640 Amortization of debt issuance costs 9,218   7,820 8,455 Loss on settlement of foreign currency forward contract —  27,675 — Net gain on sale of investment in unconsolidated joint venture —  (75,589) — Impairment of an intangible asset —  32,825 — Restructuring costs 10,577  — — Normal profit 1,188   (10,969) (7,219) Provision for doubtful accounts 6,727  5,781 5,046 Deferred income taxes 10,876   107,646 107,601 Stock-based compensation 43,983   41,209 30,325 Excess tax benefits from stock-based compensation (1,306)  (1,532) (4,491) Equity in income of unconsolidated joint ventures (70,262)   (100,933) (106,277) Dividends received from unconsolidated joint ventures 92,537  85,555 96,141 Changes in operating assets, liabilities and other, net of effects of consolidation and/or deconsolidation of joint ventures and acquisitions: Accounts receivable and costs and accrued earnings in excess of billings on contracts (46,358)   214,199 (100,366) Other current assets 29,750  30,700 (12,012) Advances to unconsolidated joint ventures (1,644)  10,387 (15,932) Accounts payable, accrued salaries and employee benefits, and other current liabilities (40,332)   (144,503) (80,650) Billings in excess of costs and accrued earnings on contracts (30,208)  (11,966) 17,625 Other long-term liabilities 22,482  (6,589) 37,278 Other assets, net (2,071)   9,210 14,518 Total adjustments and changes 168,579  360,686 132,666 Net cash from operating activities 527,504  651,605 374,223 Cash flows from investing activities: Payments for business acquisitions, net of cash acquired (291,667)  (14,228) (26,383) Changes in cash related to consolidation and/or deconsolidation of joint ventures 20,696   — — Proceeds from disposal of property and equipment 8,247   54,473 17,442 Proceeds from sale of investment in unconsolidated joint venture, net of related selling costs  —  282,584 — Payment in settlement of foreign currency forward contract  —  (273,773) — Receipt in settlement of foreign currency forward contract  —  246,098 — Investments in unconsolidated joint ventures (6,052)   (16,301) (34,299) Changes in restricted cash (16,062)   (1,551) 1,611 Capital expenditures, less equipment purchased through capital leases and equipment notes (45,168)  (41,569) (91,658) Purchases of short-term investments  —  (195,682) — Maturities of short-term investments 30,232   165,000 — Net cash from investing activities (299,774)  205,051 (133,287) Refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, accompanying this Annual Report to Stockholders, for a complete set of consolidated financial statements and their accompanying notes, which are an integral part of the above condensed financial statements.34
  • 37. URS Corporation and SubsidiariesCondensed Consolidated Statements of Cash Flows (Cont.)  Year ended  Year ended Year ended  December 31,  anuary 1, J January 2,(In thousands)  2010  2010 2009Cash flows from financing activities: Payments on long-term debt  (159,588)  (310,519) (209,286) Net payments under lines of credit and short-term notes  (7,607)  (597) (261) Net change in overdrafts  14,400  4,376 (15,200) Payments on capital lease obligations  (7,497)  (6,415) (7,713) Excess tax benefits from stock-based compensation  1,306  1,532 4,491 Proceeds from employee stock purchases and exercises of stock options  11,269  15,654 27,186 Distributions to noncontrolling interests  (107,239)  (41,414) (30,997) Contributions and advances from noncontrolling interests  8,120  18,575 638 Repurchases of common stock  (128,249)  (41,225) (42,298) Net cash from financing activities  (375,085)  (360,033) (273,440)Net increase (decrease) in cash and cash equivalents  (147,355)  496,623 (32,504)Cash and cash equivalents at beginning of period  720,621  223,998 256,502Cash and cash equivalents at end of period  $ 573,266 $ 720,621 $ 223,998Supplemental information: Interest paid  $  23,971 $  40,316 $  81,588 Taxes paid  $  79,315 $  58,850 $  58,716 Taxes refunded  $       — $  31,244 $       —Supplemental schedule of noncash investing and financing activities: Loan Notes issued and estimated consideration for vested shares exercisable in connection with an acquisition  $  30,903 $        — $        — Equipment acquired with capital lease obligations and equipment note obligations  $  12,914 $   8,640 $  12,429Refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, accompanying this Annual Report to Stockholders, for a complete set ofconsolidated financial statements and their accompanying notes, which are an integral part of the above condensed financial statements. 35
  • 38. Management’s Annual Report on Internal Control over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting.  Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted account- ing principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of manage- ment and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.  Management’s conclusion regarding the effectiveness of internal control over financial reporting as of December 31, 2010 does not include any internal control over financial reporting at Scott Wilson.  Management has elected to exclude Scott Wilson from its assessment of internal control over financial reporting because management was unable to assess Scott Wilson’s internal control over financial reporting in the period between the Scott Wilson acquisition on September 10, 2010 and management’s assessment of internal control over financial reporting as of December 31, 2010. Scott Wilson is a wholly-owned subsidiary of URS, whose total assets and total revenues represented 7.9% and 1.6%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2010. Based on management’s assessment, management has concluded that our internal control over financial reporting was effec- tive as of December 31, 2010. Management communicated the results of management’s assessment to the Audit Committee of our Board of Directors. Our independent registered public accounting firm, PricewaterhouseCoopers LLP, audited the effectiveness of the company’s internal control over financial reporting at December 31, 2010 as stated in their report appearing under Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, which accompanies this Annual Report to Stockholders. Inherent Limitations on Effectiveness of Controls The company’s management, including the CEO and CFO, has designed our disclosure controls and procedures and our internal control over financial reporting to provide reasonable assurances that the controls’ objectives will be met. However, management does not expect that disclosure controls and procedures or our internal control over financial reporting will prevent or detect all error and all fraud.  A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of simple error or mistake.  Controls also can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based, in part, on certain assumptions about the likelihood of future events, and there can be no assurance that any system’s design will succeed in achieving its stated goals under all potential future conditions.  Projections of any evaluation of a system’s control effectiveness into future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.36
  • 39. Performance Measurement Comparison 1 The following chart compares the cumulative total stockholder returns from a $100 investment in our common stockfor the last five fiscal years with the cumulative return of the Standard & Poor’s MidCap 400 Index (the “MidCap Index”) andthe Standard & Poor’s 1500 SuperComposite Construction & Engineering Component Index (the “Engineering Index”)². We believethat the MidCap Index is an appropriate independent broad market index because it measures the performance of companies withmid-cap market capitalizations. In addition, we believe that the Engineering Index is an appropriate independent industry indexbecause it measures the performance of construction and engineering companies.Comparison of Five-Year Cumulative Total Return Among URS Corporation, S&P MidCap 400 Index, and S&P 1500 SuperCompositeConstruction & Engineering Component Index (Total cumulative return – dollars) 400 300 200 S&P 1500 SuperComposite Cons & Eng S&P MidCap 400 100 URS 0 December 30, December 29, December 28, January 2, January 1, December 31, 2005 2006 2007 2009 2010 20101 This section is not “soliciting material,” is not deemed “filed” with the SEC and is not to be incorporated by reference in any of our filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.2 The Engineering Index contains the following public companies: AECOM Technology Corporation; Comfort Systems USA, Inc.; Dycom Industries, Inc.; EMCOR Group, Inc.; Fluor Corporation; Granite Construction Inc.; Insituform Technologies, Inc.; Jacobs Engineering Group Inc.; KBR, Inc.; Orion Marine Group, Inc.; Quanta Services, Inc.; The Shaw Group Inc.; and URS Corporation. 37
  • 40. Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of URS Corporation: We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consoli- dated balance sheets of URS Corporation and its subsidiaries as of December 31, 2010 and January 1, 2010, and the related consolidated statements of operations, of comprehensive income, of changes in stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2010 (not presented herein) appearing in URS Corporation’s Annual Report on Form 10-K for the year ended December 31, 2010; and in our report dated February 28, 2011, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated financial statements appearing on pages 32 through 35 is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived. /s/ PricewaterhouseCoopers LLP San Francisco, California February 28, 201138
  • 41. Office Locations Worldwideunited states americas europe middle east asia/pacificAlabama Missouri Argentina Belgium Azerbaijan AustraliaAlaska Montana Bolivia Finland Bahrain ChinaArizona Nebraska Brazil France Kuwait Hong KongArkansas Nevada Canada Germany Qatar IndiaCalifornia New Hampshire Jamaica Greece Saudi Arabia JapanColorado New Jersey Mexico Ireland United Arab MalaysiaConnecticut New Mexico Panama Italy Emirates New ZealandDelaware New York Kazakhstan South KoreaDistrict of Columbia North Carolina Lithuania Africa TaiwanFlorida North Dakota Poland ThailandGeorgia Ohio Romania Angola VietnamHawaii Oklahoma Russia EgyptIdaho Oregon Serbia EthiopiaIllinois Pennsylvania Spain MoroccoIndiana Puerto Rico Sweden MozambiqueIowa Rhode Island Ukraine ZambiaKansas South Carolina United Kentucky South Dakota KingdomLouisiana TennesseeMaine TexasMaryland UtahMassachusetts VirginiaMichigan WashingtonMinnesota West VirginiaMississippi Wisconsin Wyoming 39
  • 42. Corporate Directory Directors Corporate Executive Infrastructure Energy & Construction Officers & Environment Management Management Martin M. Koffel Martin M. Koffel Gary V. Jandegian Thomas H. Zarges Chairman of the Board and  hairman of the Board and C  resident P  resident P Chief Executive Officer Chief Executive Officer Thomas W. Bishop Robert W. Zaist Armen Der Marderosian H . Thomas Hicks  enior Vice President S  enior Executive S President and CEO,  ice President and V Vice President, GTE Government Systems Chief Financial Officer Hugh Blackwood Business Development Corporation (Ret.)  roup General Manager, G Thomas W. Bishop International Operations Frank C. Gross, Jr. Mickey P. Foret  ice President, V  roup General Manager, G E xecutive Vice President and Strategy Dhamo S. Dhamotharan Industrial/Process Chief Financial Officer,  xecutive Vice President, E Northwest Airlines, Inc. (Ret.) Hugh Blackwood Private Sector George L. Nash  ice President V Business Development  roup General Manager, G Senator William H. Frist, M.D. President, Power Partner, Cressey & Company LP Reed N. Brimhall E . Steven Pearson  (Private investment firm)  ice President, V  roup General Manager, G David A. Pethick Corporate Controller and Americas West  roup General Manager, G Lydia H. Kennard Chief Accounting Officer Global Management & Principal, Sarabjit Singh Operations Services Airport Property Ventures Gary V. Jandegian  roup General Manager, G (Development and operation of  ice President V Americas East Chris L. Phillips general aviation facilities)  resident, P Susan B. Kilgannon Martin S. Tanzer Rust Constructors Inc. Donald R. Knauss  ice President, V  xecutive Vice President, E Chairman and Corporate Communications Public Sector Eugene R. Recher Chief Executive Officer, Business Development  roup General Manager, G Thomas J. Lynch Project Services The Clorox Company  ice President, V  (Consumer products Corporate Information Greg P. Therrien manufacturer) Technology  roup General Manager, G Federal Services Civil Construction & Mining Joseph W. Ralston Joseph Masters Management General, U.S. Air Force (Ret.)  ice President, V Vice Chairman, General Counsel and Randall A. Wotring The Cohen Group Secretary  resident P  (International business Government Relations consulting services) Olga Perkovi´c Edward A. Katkic  ice President, V  ice President, V Cynthia Stinger John D. Roach Corporate Planning Plans and Programs  ice President V Chairman and Chief Executive Officer, Sreeram Ramraj Wade H. McManus, Jr. Stonegate International  ice President, V  ajor General, M  (Private investment and Investor Relations U.S. Army (Ret.) advisory services) Group General Manager, Judy L. Rodgers Defense Maintenance Sabrina L. Simmons*  ice President, V & Logistics E xecutive Vice President and Corporate Treasurer Chief Financial Officer, Gap Inc. Guy W. Stevenson Randall A. Wotring  roup General Manager, G (International specialty retailer)  ice President V Global Security Douglas W. Stotlar Robert W. Zaist President and David W. Swindle, Jr. Vice President  xecutive Vice President, E Chief Executive Officer, Con-way Inc. Thomas H. Zarges Mission Assurance  (Transportation and logistics)  ice President V John C. Vollmer William P. Sullivan  roup General Manager, G President and Systems Engineering Chief Executive Officer, & Technology Agilent Technologies, Inc. Thomas T. Wrenn  (Scientific and  ice President, V technical instruments) Marketing and Development William D. Walsh Chairman, Sequoia Associates, LLC  (Private investment firm) * Director since January 201140
  • 43. THE COMPANY TABLE OF CONTENTS CORPORATE INFORMATIONURS Corporation is a leading provider of FINANCIAL HIGHLIGHTS 1 CORPORATE OFFICE ANNUAL MEETING CHAIRMAN’S LETTER TO STOCKHOLDERS 2engineering, construction and technical ser- 600 Montgomery Street, 26th Floor The Annual Meeting of Stockholders of URS Corporation will be A WORLD OF OPPORTUNITY 4vices for public agencies and private sector A WORLD OF TALENT 9 San Francisco, CA 94111-2728 Tel: 415.774.2700 held at 9:00 A.M. on Thursday, May 26, 2011, at the offices of Cooley LLP, 101 California Street, 5th Floor, San Francisco, California.companies around the world. The Company A WORLD OF EXPERTISE 19 Fax: 415.398.1905 E-mail: investor.relations@urs.com STOCK LISTINGoffers a full range of program management; A WORLD OF SUCCESS 30 Web site: www.urs.com The shares of our common stock are listed on the New Yorkplanning, design and engineering; systems SUMMARY OF CONDENSED CONSOLIDATED Stock Exchange under the symbol URS. As of April 4, 2011, we had FINANCIAL STATEMENTS 30 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMengineering and technical assistance; con- SELECTED FINANCIAL DATA 31 PricewaterhouseCoopers LLP approximately 3,100 stockholders of record. The following table sets forth the low and high sale prices of our common stock, asstruction and construction management; MANAGEMENT’S ANNUAL REPORT reported by The Wall Street Journal, for the periods indicated. REGISTRAR AND TRANSFER AGENToperations and maintenance; and decom- ON INTERNAL CONTROL OVER FINANCIAL REPORTING 36 BNY Mellon Shareowner Servicesmissioning and closure services. P.O. Box 358015 PERFORMANCE MEASUREMENT COMPARISON 37 Market Price Pittsburgh, PA 15252-8015 Low High REPORT OF INDEPENDENT REGISTEREDOur business is focused on four key mar- PUBLIC ACCOUNTING FIRM 38 or 480 Washington Boulevard FISCAL PERIOD:ket sectors: infrastructure, federal, power, OFFICE LOCATIONS WORLDWIDE 39 Jersey City, NJ 07310-1900 2009: 800.874.1991and industrial and commercial. We have CORPORATE DIRECTORY 40 First Quarter  $27.66 $44.80 Second Quarter  $38.67 $53.12approximately 47,000 employees in a net- CORPORATE INFORMATION IBC TDD for Hearing Impaired: 800.231.5469 Third Quarter  $41.05 $51.58 Foreign Stockholders: 201.680.6578work of offices in more than 40 countries. TDD for Foreign Stockholders: 201.680.6610 Fourth Quarter  2010: $38.03 $45.83 www.bnymellon.com/shareowner/equityaccess First Quarter  $42.67 $50.47Headquartered in San Francisco, URS CORPORATE COUNSEL Second Quarter  $37.49 $53.25 Third Quarter  $35.09 $43.26is a publicly held company listed on the Cooley LLP Fourth Quarter  $37.65 $43.92New York Stock Exchange under the FORM 10-K 2011: First Quarter  $39.61 $48.32symbol URS. Copies of our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, as filed with the Securities and Exchange Commission, may be obtained by our stockholders without We have not paid cash dividends since 1986, and, at the present charge. Requests should be sent to Sreeram (Sam) Ramraj in our time, we do not anticipate paying dividends on our outstanding Investor Relations Department at our corporate office address common stock in the near future. In addition, we are precluded (above), via e-mail at investor.relations@urs.com, or by calling by provisions in our 2007 Credit Facility from paying cash divi- 877.877.8970. The Form 10-K also can be accessed on our Web dends on our outstanding common stock until our Consolidated site at www.urs.com. Leverage Ratio 1 is equal to or less than 1.00:1.00. Please refer to Note 9, “Indebtedness” and Note 14, “Stockholders’ Equity” Supplementary financial information and selected financial to our “Consolidated Financial Statements and Supplementary data required by Rule 14a-3(b) of Regulation 14A of the Securities Data,” included in our Annual Report on Form 10-K for the fiscal Exchange Act of 1934, as amended, is included in our Annual year ended December 31, 2010. Report on Form 10-K for the fiscal year ended December 31, 2010, which accompanies this Annual Report to Stockholders. 1 Consolidated Leverage Ratio is as defined in Note 9, “Indebtedness” to our “Consolidated Financial Statements and Supplementary Data” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2010. URS Corporation’s 2010 Annual Report to Stockholders contains statements that are not historical fact and that may constitute forward-looking statements involving risks and uncertainties, © URS Corporation 2011 Design and illustration: including statements about our future growth and future eco- Unless otherwise indicated, all trademarks appearing in this Annual Report are OTTO NY ottony.com nomic and business conditions. Our actual results could differ owned by URS Corporation and its affiliates. Photo credits:COVER materially from those discussed in this Annual Report. Factors Pages 10-18, photos by John Madere; Page 20, top left photo by Bob Hughes, top middle, top right and large photos courtesy of the U.S. Department of Defense; that might cause such a difference include, but are not limited Page 22, top middle photo courtesy of California High-Speed Rail Authority/ to, those discussed under “Risk Factors” in URS Corporation’s NC3D, large photo by David Nightingale; Page 24, photos courtesy of PhotographicCalifornia High-Speed Rail; Sellafield Nuclear Complex; Port Annual Report on Form  10-K, which accompanies this Annual Services, Shell International Ltd.; Page 26, top left photo by Tim Shaw, large photo by David Lawrence; Page 28, top right photo and large photo by David Lawrence.Washington Power Plant; Bridge of Honor spanning the Ohio River; Report and also was filed with the Securities and ExchangeShell Master Services Alliance; Reaper Unmanned Aircraft System. Commission on February 28, 2011.
  • 44. URS Corporation600 Montgomery Street, 26th FloorSan Francisco, CA 94111-2728www.urs.com A WORLD OF EXPERIENCE URS CORPORATION 2010 ANNUAL REPORT