Exactly, if you've been bulking up (or not) and you want to drop bodyfat %, then 70% (roughly) is diet. Don't just cut your cals in half, that will cause you to lose muscle and strength, but do it gradually. You should be eating 5-6 smaller meals each day, of good clean food, this helps, as well. Cut about 300-500 cals per day for a week or so, then do it again for another week or so, etc. Eating 10-12 times your bodyweight in cals per day is usually to maintain your weight. To lose, you must eat below that. If the intake of cals is more than you burn - weight gain and vice versa. Safe weight loss is 2-4 pounds per week. Lift weights hard during this time so you don't lose too much strength.
Hope this helps.