Parsons Corporation (NYSE:PSN) Q3 2023 Earnings Conference Call November 1, 2023 8:00 AM ET

Company Participants

Dave Spille - Senior Vice President of Investor Relations

Carey Smith - Chair, President and Chief Executive Officer

Matt Ofilos - Chief Financial Officer

Conference Call Participants

Bert Subin - Stifel

Tobey Sommer - Truist

Cai von Rumohr - TD Cowen

Louie DiPalma - William Blair

Josh Sullivan - The Benchmark Company

Noah Poponak - Goldman Sachs

Sheila Kahyaoglu - Jefferies

Mariana Perez Mora - Bank of America

Operator

Good morning, and thank you for standing by. Welcome to the Third Quarter 2023 Parsons Corporation Earnings Conference Call. [Operator Instructions] Please be advised that today's conference 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 third 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 third 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. 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' third quarter 2023 earnings call.

I'm very pleased with our team's performance and our ability to capitalize on the positive tailwinds in both our Critical Infrastructure and Federal Solutions segments. We delivered record quarterly results in total revenue, organic revenue growth, adjusted EBITDA and operating cash flow. We also achieved over 20% organic revenue growth in both segments for the second consecutive quarter, adjusted EBITDA growth of nearly 25%, a double-digit increase in contract awards, and over $200 million in quarterly cash flow for the first time in our company's history.