PSN - Parsons Corporation (PSN) Q1 2024 Earnings Call Transcript

2024-05-01 14:49:09 ET

Parsons Corporation (PSN)

Q1 2024 Earnings Conference Call

May 1, 2024 08:00 ET

Company Participants

Dave Spille - Senior Vice President of Investor Relations

Carey Smith - Chairman, President & Chief Executive Officer

Matt Ofilos - Chief Financial Officer

Conference Call Participants

Sheila Kahyaoglu - Jefferies

Bert Subin - Stifel

Andrew Wittmann - Baird

Alex Dwyer - KeyBanc Capital Markets

Mariana Perez Mora - Bank of America

Josh Sullivan - The Benchmark Company

Louie DiPalma - William Blair

Presentation

Operator

Good day and thank you for standing by. Welcome to First Quarter 2024 Parsons Corporation Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Dave Spille, Senior Vice President, Investor Relations. Please go ahead.

Dave Spille

Thank you. Good morning and thank you for joining us today to discuss our first quarter 2024 financial results. Please note that we provided presentation slides on the Investor Relations section of our website. On the call with me today are Carey Smith, Chair, President and CEO; and Matt Ofilos, CFO. Today, Carey will discuss our corporate strategy and operational highlights, and then Matt will provide an overview of our first quarter financial results, as well as a review of our increased 2024 guidance. We then will close with a question-and-answer session.

Management may also make forward-looking statements during the call regarding future events, anticipated future trends and the anticipated future performance of the company. We caution you that such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Actual results may differ materially from those projected in the forward-looking statements due to a variety of factors. These risk factors are described in our Form 10-K for fiscal year ended December 31, 2023, and other SEC filings. Please refer to our earnings press release for Parsons' complete forward-looking statement disclosure. We do not undertake any obligation to update forward-looking statements. Management will also make reference to non-GAAP financial measures during this call but we remind you that these non-GAAP financial measures are not a substitute for their comparable GAAP measures.

And now, I'll turn the call over to Carey.

Carey Smith

Thank you, Dave. Good morning and welcome to Parsons first quarter 2024 earnings call. We had a great start to 2024 after reporting record financial results on fiscal years 2022 and 2023. For the first quarter of 2024, our momentum continued with record quarterly results for revenue, adjusted EBITDA, adjusted EBITDA margin, contract awards, and total backlog. Our ability to leverage our strong balance sheet to invest in software and integrated solutions, as well as to acquire companies with differentiated technologies is enabling Parsons to move up the value chain and win larger and more profitable contracts....

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