Parsons Reports Record Results Since IPO for the Second Quarter of 2024

Financial Performance - Total revenue for Q2 2024 increased by $314 million, or 23%, to $1.7 billion, driven by organic growth of 22% from recent contract awards and backlog execution [4][14] - Operating income rose 46% to $111 million, while net income increased 60% to $69 million, with GAAP diluted EPS at $0.63 compared to $0.38 in the prior year [4][14] - Adjusted EBITDA for Q2 2024 was $150 million, a 27% increase year-over-year, with an adjusted EBITDA margin of 9.0% [16][14] Segment Performance - Federal Solutions revenue increased by $226 million, or 30%, driven by organic growth of 27% and contributions from the SealingTech acquisition [6] - Critical Infrastructure revenue grew by $88 million, or 15%, with organic growth attributed to higher volumes in the Middle East and North American markets [7][20] Key Contracts and Acquisitions - The company won two contracts worth over $100 million each during Q2 2024, and awarded over $160 million in contracts in Saudi Arabia [9][10] - A definitive agreement was made to acquire BlackSignal Technologies for approximately $200 million, enhancing capabilities in cyber operations and electronic warfare [11][15] Awards and Recognition - Parsons was recognized as one of the top three global companies in various professional services categories by Engineering News-Record [11] - The company received multiple awards for sustainability and was recognized as a top employer for new graduates by Forbes [11] Guidance and Outlook - The fiscal year 2024 guidance for revenue is increased to a range of $6.35 billion to $6.55 billion, reflecting strong Q2 performance [24][25]