Jacobs Solutions Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Financial Performance

  • Q4 net revenue increased 7% year-over-year (compared to Q4 2020). Adjusting for an extra week in the prior year, pro forma growth was 6%.
  • Adjusted EBITDA grew 12% in Q4 and 18% for the full fiscal year.
  • Backlog rose 12% year-over-year (7% pro forma), signaling strong forward demand.
  • Adjusted EPS for FY21 was $6.29, above prior guidance midpoint. PA Consulting contributed $0.48.
  • PA Consulting continued exceptional performance: 41% revenue growth in Q4 and surpassing $1B in full-year revenue.

Strategic Direction

  • Jacobs is completing a new multi-year strategy to be presented at their March investor event.
  • Three long-term investment pillars:
    • Global infrastructure modernization
    • Climate response and sustainability
    • Digitization and technology-enabled services
  • Management expects strong demand tailwinds from the U.S. Infrastructure Investment and Jobs Act, climate initiatives, cybersecurity spending, and semiconductor manufacturing expansion.

Line of Business Performance

Critical Mission Solutions (CMS)
  • Backlog up 16% year-over-year (7% pro forma) to $10.6B.
  • Cyber, intelligence, commercial space, and 5G remain key growth markets.

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Operator: Good day and thank you for standing by. Welcome to the Jacobs’ Fiscal Fourth Quarter 2021 Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Mr. Jonathan Doros of Investor Relations. Thank you. Please go ahead. Jonathan Doros: Thank you. Good morning to all. Our earnings announcement and 10-K were filed this morning. And we have posted a copy of the slide presentation on our website, which we will reference during the call. During the presentation, we will be making forward-looking statements, including the anticipated timing of the impact of the recently signed U.S. Infrastructure Bill, benefits of our strategic investments in PA Consulting and our financial outlook, among others. I would like to refer you to our forward-looking statements disclaimer, which is included on slide two regarding these and other forward-looking statements. During this presentation, we will be referring to certain non-GAAP financial measures. Please refer to slide two of the presentation for more information on these figures. In addition, during the presentation, we will discuss comparisons of current results to prior periods on a pro forma basis. See slide two for more information on the calculation of these pro forma measures. For pro forma comparisons current and prior periods include the results of recent acquis

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