Jacobs Solutions Inc.

telephone keypad. And if you'd like to withdraw your question, press the star one again. Thank you. And I would now like to turn the conference over to Bert Supin, Senior Vice President, Investor Relations. Bert, you may begin.

Thank you, Krista, and good morning, everyone. Our earnings announcement and 10Q 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, non-GAAP financial measures, and operating measures. Now let's turn to the agenda on slide three. Speaking on today's call will be Jacobs Chair and CEO Bob Pergata and CFO of Bank, Nathan Muni. Bob will begin by providing comments on the business as well as highlights from our second quarter results and a recap of notable awards. Bank will then provide a detailed review of our financial performance, including commentary on end market trends, cash flows, and balance sheet data. Finally, Bob will provide closing remarks, and then we'll open up the call for questions. With that, I'll turn it over to our chair and CEO, Bob Vergata.

Good day, everyone, and thank you for joining us to discuss our second quarter 2025 business performance. I'm pleased to begin today's call by highlighting several key milestones we achieved in the separation of our former CMS and CNI businesses during March and April. This includes completing the planned equity for debt exchange and finalizing the remaining post-closing adjustments. These actions enabled us to exit our retained stake, reduce outstanding indebtedness, and on May 30th, we will make a final distribution of Momentum shares to our shareholders. While we will continue to provide transition services to Momentum for the next few months, we view the primary aspects of the transaction as now complete. We delivered strong operating performance during Q2, and I'd like to highlight a few key points. First, our adjusted EPS grew over 22% to $1.43, supported by solid year-over-year margin expansion. Second, PA Consulting's revenue growth inflected positively, reaching mid-single digits and driving double-digit operating profit growth. And third, our backlog grew 20% to more than $22 billion, a new record. Overall, we are very pleased with our Q2 results. A good start to the first half, paired with strong bookings momentum, enables us to reaffirm our full-year guidance metrics. As noted in our earnings press release, We recorded a reserve during the quarter as a result of a legal matter involving a consolidated JV in which we have a 50% interest. The impact to adjusted net revenue and adjusted operating profit was meaningful. The associated project falls within our water and environmental end market in INAF and has been ongoing since 2016, but is now over 97% complete. The fact that we were able to absorb this impact in Q2 Grow adjusted EBITDA, adjusted EBITDA margin, and particularly adjusted EPS by 22% year over year is a testament to our strong operating performance and capital return strategy. Before I get into more details on the quarter, I'd like to briefly touch on the current geopolitical backdrop. Overall, our business remains well positioned with infrastructure and consulting services in high demand, and opportunities to capitalize on secular growth trends in front of us. The impact related to the rollout of the Department of Government Efficiency, or DOGE, has so far been de minimis, and we continue to anticipate growth opportunities with the U.S. Department of Defense. As a reminder, approximately 9% of our total revenue comes from U.S. federal infrastructure and related services, most of which are tied to DOD engagements. Regarding tariffs, We remain focused on supporting our clients as they assess potential supply chain challenges. Our client-centric model built on redefining the asset lifecycle will create opportunities to add value as our clients navigate this period of uncertainty. Turning to slide four and focusing on our results. Adjusted net revenue rose over 3% in Q2. Revenue growth during Q2 was adversely impacted by the JV matter I noted earlier as well as FX. On a constant currency basis alone, we would have grown 80 basis points faster or approximately 4% year-on-year. Adjusted EBITDA for Q2 was $287 million, representing an 8% year-on-year increase. We are seeing very good traction on adjusted EBITDA margin improvement with solid underlying business performance. Excluding the mark-to-mark impact from our investment in momentum stock and other items, Q2 adjusted EPS was $1.43, a robust 22% increase compared to previous year. Our trailing 12-month book-to-bill was 1.3 times, with consolidated backlog of 20% year-over-year in Q2. Gross profit and backlog increased 15% year-over-year, reflecting another strong quarter for bookings. Our backlog growth and bookings momentum remain positive, and we are currently forecasting sequential growth in our second half results, which Venk will walk through in more detail shortly. Turning to slide five, I'd like to highlight a few notable INAF project awards from Q2. As we discussed on our investor day in February, the core pillar of our strategy is to redefine the asset lifecycle for our clients. Today and going forward, we'll highlight how our awards align with our five-year strategy. In water and environmental, we continue to see strong underlying revenue growth, especially in water, where global demand remains high, among the highest in our portfolio. Our differentiation in water stems from our full lifecycle coverage and proprietary technology suite. In Q2, we secured an OT cybersecurity contract with Hampton Road Sanitation District. one of the largest in the U.S. water sector. This project provides end-to-end cybersecurity for wastewater treatment operations, serving 1.9 million people in Southeast Virginia. Another key area of focus for our water clients is emerging contaminants. PFAS and other contaminants present major challenges, and we are at the forefront of providing early-stage solutions for our clients. In Q2, we were selected by the City of Boynton Beach, Florida, to design upgrades at two water treatment plants to remove PFAS from groundwater. Beyond addressing emerging contaminants regulations, these upgrades will modernize aging infrastructure and meet the region's growing demand for clean drinking water. In life sciences and advanced manufacturing, we continue to deliver strong results. Life sciences and data centers were the primary drivers of end market revenue growth, both seeing double-digit increases during the quarter. Life sciences growth is being driven by broad-based investments, including a new engineering procurement and program management work for Merck's $1 billion oncology products facility in Delaware. The facility will have the capability to manufacture drugs like Keytruda, and we expect to see backlog spend continue through the facility's estimated completion in 2028. Focusing on data centers, where we offer holistic cross-sector solutions that span advanced facilities, energy and power, water, environmental, and digital, We were selected by PsyQuantum as the owner engineer for one of the world's first utility scale quantum computing facilities in Brisbane, Australia. Backed by our number one E&R ranking in data centers, we're proud to help bring this next generation computing capability to life and see a great opportunity to expand our global data center footprint in the coming quarters. Turning to critical infrastructure, rising global travel demand, transportation modernization, and energy security requirements are reshaping client priorities. We see global aviation investment as a durable growth driver for our transportation segment and one where we can leverage our core competencies in consulting and program management. Notably, in Q2, we were selected as the owner-engineer for Denver International Airport's continued expansion of its transportation system. This is a prime example of Jacobs helping cities prepare for future growth with smarter, more connected infrastructure. In summary, our significant awards this quarter reinforce our alignment to high-growth markets. We remain focused on delivering sustainable, profitable growth by providing differentiated, digitally-enabled solutions to the world's most complex challenges. Now, I'll turn the call over to Venk to review our financial results in further detail.