Financial Highlights - Total revenue reached $1.6 billion[8], with a net income of $55 million[8] - Adjusted EBITDA stood at $149 million[8], reflecting a margin expansion of 40 basis points to 9.4%[7, 11] - Cash flow from operations amounted to $160 million[8], resulting in a trailing twelve-month (TTM) free cash flow (FCF) conversion of 125%[7, 8] - The book-to-bill ratio was 1.0x for both the quarter and the trailing twelve months[7, 8] - Funded backlog increased by $111 million to $8.9 billion, marking the highest level since the IPO, with 70% being funded[11] Revenue Analysis - Q2 2025 total revenue was $1,584 million[13], a decrease of 5% compared to Q2 2024[13, 17] - Excluding the confidential contract, total revenue increased by 13% and organic revenue grew by 8%[7, 17] Segment Performance - Federal Solutions revenue reached $805 million[19], a decrease of 19% from the prior year period[19, 22], but grew by 11% excluding the confidential contract[19, 22] - Critical Infrastructure revenue increased by 14% to $779 million[21] - Federal Solutions adjusted EBITDA was $67 million[19], while Critical Infrastructure adjusted EBITDA was $82 million[21], a 73% increase from the prior year period[21, 22] Strategic Initiatives - Parsons acquired Chesapeake Technology International (CTI) for $89 million[31, 33], enhancing its position in electronic warfare, cyber, and autonomous systems[7, 11] - The company secured approximately $11 billion worth of contract wins that have not yet been booked into backlog[11] FY25 Guidance - The company increased its FY25 revenue guidance to $6.48 billion - $6.68 billion[37] - Adjusted EBITDA guidance was raised to $595 million - $635 million[37] - Cash flow from operations guidance was increased to $400 million - $440 million[37]