Parsons Q2 revenue up 15% to $1.01B; raises FY2022 guidance

PARSONS CORP

2022-Q2 EPS reported $0.35 revenue$1,957,790,000

Revenue $1,009M (+15% YoY, 9% organic); GAAP EPS $0.17 vs $0.06; adjusted EPS $0.41 vs $0.32.
Adjusted EBITDA $77M (+18%); Fed Solutions margin 8.9% (+150bps), Critical Infrastructure margin 6.3% (-130bps).
Completed Xator acquisition for $388M, funded by cash and revolver; expands national security and critical infrastructure.
FY2022 guidance raised: revenue $3.95B-$4.15B; adj. EBITDA $330M-$360M; cash flow from ops reiterated at $240M-$280M.
Book-to-bill 1.0x; total backlog $8.2B; Q2 operating cash flow $51M (incl. $8M Xator transaction costs).

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