Jacobs Solutions delivered a solid QQ3 2024 performance characterized by modest revenue growth, meaningful margin expansion driven by a favorable mix toward higher-value science-based consulting and backlog strength, and robust cash flow generation. The quarter showcased a strategic shift toward higher-margin services within People & Places Solutions (P&PS) and PA Consulting, contributing to an 11.5% adjusted EBITDA margin and a 15.3% adjusted operating margin in P&PS. Backlog rose 6% year over year, with a record backlog and a book‑to‑bill ratio of 1.29x, underscoring the durability of the firm’s pipeline as it progresses through a portfolio simplification and separation plan. Management reiterated confidence in exceeding 100% free cash flow conversion for fiscal 2024, highlighted ongoing margin expansion, and outlined the company’s plan to monetize the separated entities while maintaining investment-grade balance sheet metrics. Looking ahead, the company expects to provide full-year 2025 guidance at the November earnings call, with an Investor Day slated for February 18, 2025, signaling a clear transition to a higher-growth, higher-margin standalone Jacobs post-separation. Specifically, Q3 results show: revenue of $4.231B, GAAP net income of $147M ($1.17 per share), and strong operating cash flow of $483M, complemented by free cash flow of $445M. The consolidated adjusted EBITDA of $392M (11.5% margin) supports a constructive view on profitability as the company moves toward the separation and a higher-margin growth profile in 2025.