Jacobs Solutions Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Net revenue grew 8% year-over-year; double-digit growth on a constant currency basis. Prior quarter growth was slower, showing acceleration this quarter.
  • Backlog increased 10% year-over-year (13% in constant currency), indicating strong future revenue visibility.
  • PA Consulting continued strong performance with revenue up 22% in constant currency (8% in USD) and backlog up 19% year-over-year.
  • Bookings were strong with a 1.1x book-to-bill ratio, excluding the $550 million backlog impact from NASA’s JETS II contract (to be added in Q4).
  • Adjusted EPS was $1.86, up 13% year-over-year; FX negatively impacted EPS by $0.09.
  • Adjusted EBITDA was $363 million, up nearly 13% year-over-year (16% constant currency).

Operational and Strategic Highlights

  • Strong sales pipeline momentum across all divisions; notable wins expected in Q4 and beyond.
  • Major NASA Johnson JETS II contract win: $3.9 billion over 10 years, $1.8 billion larger than the prior contract.
  • Advanced Facilities revenue grew 25% year-over-year, highlighting robust semiconductor and life sciences demand.
  • Infrastructure modernization driving bookings, supported by U.S. IIJA funding and global investments in transit, water, and climate resilience.

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Ken: Operator: Good morning. My name is Rob, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the Jacobs’ Fiscal Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. Thank you. Jonathan Doros, you may begin your conference. Jonathan Doros: Thank you. Good morning to all. Our earnings announcement and 10-Q were filed this morning and we have posted a copy of the slide presentation on our website, which we will reference during the call. I’d like to refer you to Slide 2 of the presentation materials for information about our forward-looking statements, non-GAAP financial measures, and pro forma figures. For pro forma comparisons the current and prior periods include the results of recent acquisitions, including StreetLight Data and BlackLynx, as well as our strategic investment in PA Consulting for the full fiscal period. Ken: Steve will begin by reviewing our third quarter results, and then discuss our Jacobs and PA accelerating social impact. Bob will then review our performance by line of business, Ken will provide an update on PA Consulting, and Kevin will provide a more in-depth discussion about financial metrics as well as review of our balance sheet and cash flow. Finally, Steve will provide details on our updated outlook along with some closing remarks and then we’ll open the call fo

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