Financial Data and Key Metrics Changes - Adjusted EPS grew over 22% to 1.43,supportedbysolidyear−over−yearmarginexpansion[6][20]−Adjustednetrevenueroseover3287 million, representing an 8% year-over-year increase [10][19] - Backlog grew 20% to more than 22billion,anewrecord[6][20]BusinessLineDataandKeyMetricsChanges−PAConsulting′srevenuegrowthreachedmid−singledigits,drivingdouble−digitoperatingprofitgrowth[6]−AdjustednetrevenuegrowthforWaterandEnvironmentalwas2351 million in share repurchases [26] - A final distribution of Momentum shares to shareholders is expected, representing approximately $159 million in incremental capital returns [27] Q&A Session Summary Question: Can you quantify the reserve for the JV matter and discuss customer spending? - Management indicated that while the procurement cycle is extending, there are no broad cancellations or delays in execution [36] Question: What are the regional dynamics, particularly in PA and the UK? - PA is experiencing strong growth, particularly in defense and security, while the UK business is rebounding with solid growth in transportation and water [40][42] Question: How do you expect free cash flow to convert this year? - Management expects a substantial step up in Q3 cash flow, not just back-end loaded in Q4, supporting the forecast of over 100% free cash flow conversion [50] Question: What are the expectations for profit margins in the third quarter? - The company anticipates significant margin improvement in Infrastructure and Advanced Facilities, with a target of close to 14% adjusted EBITDA margin [100] Question: How is the backlog growth related to project duration? - The company maintains a balanced approach to project sizes, focusing on both longer-duration projects and quicker-turnaround jobs [101][103]