Jacobs Solutions Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Strategic Transformation

  • Jacobs completed the separation of its Critical Mission Solutions (CMS) and Cyber & Intelligence (C&I) businesses in September 2024.
  • The transaction resulted in Amentum listing on the NYSE under the ticker AMTM.
  • Jacobs received USD 911 million in proceeds and a 7.5% equity stake (potentially rising to 8%) in Amentum. Jacobs shareholders now own 51% of Amentum.
  • Proceeds were used to repay debt, contributing to a stronger balance sheet and simplified operating structure.

Q4 2024 Performance (Continuing Operations)

  • Gross revenue up 4% year-over-year.
  • Adjusted net revenue up 4% year-over-year.
  • Adjusted EBITDA USD 289 million, up 12% versus Q4 2023.
  • Adjusted EBITDA margin 13.6%, expanding ~100 bps from Q4 2023.
  • Adjusted EPS USD 1.37, up 28% from the prior year.
  • GAAP EPS USD 2.38, including a USD 1.20 benefit from mark-to-market gains on the Amentum stake.
  • Continued strength in backlog: consolidated backlog up 23% year-over-year to USD 21.8 billion.
  • Q4 book‑to‑bill 1.67x, reflecting significant multi-year project wins.

FY2024 Full-Year Performance (Continuing Operations)

  • Gross revenue up 6% year-over-year.
  • Adjusted net revenue up 5% year-over-year.
  • Adjusted EBITDA USD 1.06 billion, up 9% from FY2023.

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Operator: Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Jacobs Solutions Fourth Quarter and Full Year 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. And after the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. And I would now like to turn the conference over to Bert Subin, Senior Vice President of Investor Relations. Bert, you may begin. Bert Subin: Thank you, Krista, and good morning, everyone. Our earnings announcement was filed earlier this morning, and we have posted a slide presentation on our website, which we'll reference during this call. Please note, our 10-K will be filed by no later than our due date of November 26. I would like to refer you to Slide 2 of the presentation material for information about our forward-looking statements, non-GAAP financial measures and operating metrics. Turning to the agenda on Slide 3. Speaking on today's call will be Jacob's Chair and CEO, Bob Pragada; and CFO, Venk Nathamuni. Bob will begin by providing an overview of recent activities and highlights from our fourth quarter and fiscal year results. Venk will then provide a detailed review of our financial performance, including commentary on end market trends, cash flows, balance sheet data and our FY '25 outlook. Finally, Bob will provide closing remarks, and the

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