Parsons Corporation (NYSE:PSN) Q1 2023 Earnings Conference Call May 3, 2023 8:00 AM ET

Company Participants

Dave Spille - SVP, IR

Carey Smith - Chair, President & CEO

Matt Ofilos - CFO

Conference Call Participants

Greg Konrad - Jefferies

Bert Subin - Stifel

Tobey Sommer - Truist Securities

Andy Wittmann - Baird

Josh Sullivan - The Benchmark Company

Cai von Rumohr - Cowen

Louie DiPalma - William Blair

Noah Poponak - Goldman Sachs

Operator

Good morning, and welcome to the Parsons Corporation First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Dave Spille, Senior Vice President of Investor Relations. Please go ahead.

Dave Spille

Thank you. Good morning and thank you for joining us today to discuss our first quarter 2023 financial results. Please note that we provided presentation slides on the Investor Relations section of our website.

On the call with me today are Carey Smith, Chair, President and CEO; and Matt Ofilos, CFO. Today, Carey will discuss our corporate strategy and operational highlights, and then Matt will provide an overview of our first quarter financial results and a review of our 2023 guidance. We then will close with a question-and-answer session.

Management may also make forward-looking statements, during the call, regarding future events, anticipated future trends, and the anticipated future performance of the company. We caution you that, such statements are not guarantees of future performance, and involve risks, and uncertainties that are difficult to predict.

Actual results may differ materially from those projected in the forward-looking statements, due to a variety of factors. These Risk Factors are described in our Form 10-K for fiscal year ended December 31, 2022, and other SEC filings. Please refer to our earnings press release for Parsons complete forward-looking statement disclosure. We do not undertake any obligation to update forward-looking statements.

Management will also make reference to non-GAAP financial measures during this call. And we remind you that these non-GAAP financial measures are not a substitute for their comparable GAAP measures.

And now, I'll turn the call over to Carey.

Carey Smith

Thank you, Dave. Good morning, and welcome to Parsons first quarter 2023 earnings call.

We had an excellent start to the year. We delivered all-time records for revenue of $1.2 billion and year-over-year organic revenue growth of 12%. We also delivered first quarter records for adjusted EBITDA and cash flow. In addition, our year-over-year contract awards increased by approximately 50% in both our Federal Solutions and Critical Infrastructure segments. We continued our hiring and retention momentum, and we acquired a strategic company that enhances Parsons Critical Infrastructure protection capabilities in both of our business segments.