Jacobs Solutions Inc. (NYSE:J) Q3 2023 Earnings Conference Call August 8, 2023 10:00 AM ET
Company Participants
Jonathan Evans - VP, Corporate Development and Investor Relations
Robert Pragada - CEO
Kevin Berryman - Chief Financial Officer
Claudia Jaramillo - EVP, Strategy and Corporate Development
Conference Call Participants
Michael Dudas - Vertical Research
Andrew Kaplowitz - Citigroup
Jamie Cook - Credit Suisse
Jerry Revich - Goldman Sachs
Bert Subin - Stifel
Sean Eastman - KeyBanc Capital Markets
Chad Dillard - AllianceBernstein
Steven Fisher - UBS
Andrew Wittmann - Baird
Sabahat Khan - RBC Capital Markets
Operator
Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Jacobs Fiscal Third Quarter 2023 Earnings Call and Webcast. [Operator Instructions].
It is now my pleasure to turn today's call over to Mr. Jonathan Evans, Vice President of Corporate Development and Investor Relations. Sir, please go ahead.
Jonathan Evans
Thank you. Good morning. Our earnings announcement and 10-Q were filed this morning, and we have posted a slide presentation on our website, which we'll reference during the call. I would like to refer you to Slide two of the presentation material for information about our forward-looking statements and non-GAAP financial measures.
Turning to the agenda. Speaking on today's call will be Jacobs' CEO, Bob Pragada; and CFO, Kevin Berryman. We are also joined by our incoming CFO, Bob will begin by providing an overview of recent activities and summarizing highlights from our third quarter results. Kevin will provide a more in-depth discussion of our financial metrics as well as a review of our balance sheet and cash flow. And Claudia will provide an overview of separation-related activities.
Finally, Bob will provide details on our updated outlook along with closing remarks, and then we'll open up the call for questions. Before I hand it over to Bob, I want to address some reporting changes that were made in the quarter. We consistently review our reporting practices to be aligned with best practices for our industry and SEC guidelines. After review, we have decided to amend our name and convention for revenue, excluding pass-through costs from net revenue to adjusted net rent revenue. Note, this is simply a name change intended to make the non-GAAP nature of this measure more prominent and does not impact measurement.
In addition, after an internal review, we have made certain minor adjustments to pass-through revenues in certain prior periods to properly reflect amounts that had not been previously included. As a result, in the materials that we have included in the appendix to this presentation, we have adjusted People & Places adjusted net revenue for fiscal 2022 and fiscal 2023. Note, this change has been deemed as immaterial has no impact on our reported earnings, operating income or cash flow.