Adjusted EBITDA grew by 8% and cash flow from operations was $89 million for the quarter. For the full year, we exceeded $4 billion of revenue and $350 million in adjusted EBITDA for the first-time in our company's history. We also delivered operating cash flow growth of 16%. We achieved organic revenue growth of 9% for the full year, driven by strong hiring and retention, on contract growth and our ability to win and ramp new contracts. As a result, we were one of the organic growth leaders in both of our business segments in 2022. In addition, we maintained a robust balance sheet while completing our largest acquisition since our IPO. We ended the year with a 1.4 times net leverage ratio and Xator continues to win significant contracts and is making meaningful contributions to our results.

For both the fourth quarter and for the full year, we have achieved a book-to-bill ratio of 1.0 times on an enterprise basis. In our Critical Infrastructure segment, we achieved a book-to-bill ratio of 1.3 times, which is the ninth consecutive quarter we exceeded 1.0 times. During the fourth quarter, we were awarded three contracts that exceeded $100 million, bringing our total to 11 contracts worth $100 million or more in 2022. Significant fourth quarter single award contract wins included a 12-year follow-on contract from environmental remediation on the Giant Mine program in Canada, which is one of the largest mine reclamation projects in the world. The expected value of this program to Parsons is approximately $2 billion, of which, we booked $270 million in the fourth quarter.

This is the third largest contract win in Parsons' history, and a significant ESG accomplishment that reinforces our commitment to protecting human health and safety, restoring the environment and maximizing socioeconomic benefits. Additionally, we were awarded a $122 million option year contract for C5ISR exercises, operations and information services by the General Services Administration. Under this contract, we booked $40 million in the fourth quarter of 2022. Parsons is pleased to support the Intelligence Community by providing critical global cyber and intelligence technologies. Xator's Overseas Security Installation Services program received its second of five potential award years valued at $119 million. On this contract Xator provides the Department of State with technical security installation, operation centers and Counter Unmanned Aerial Systems worldwide.

Xator also won two task orders totaling approximately $80 million on the Integrated Base Defense Security System contract to provide the United States Air Force with a platform that seamlessly integrates computing power, communications and tools for situational awareness. We were awarded a sole-source contract with the chemicals customer to develop and implement innovative and sustainable solutions for environmental remediation, including emerging contaminants at both active and inactive manufacturing sites across North America. The contract value is $75 million over five years. In addition, we won prime positions on three multiple award IDIQ contracts, a $900 million ceiling contract with the Air Force for 10 years to deliver systems in synthetic environmental development solutions; a $95 million ceiling value contract over five years with the Navy to provide engineering services; and a $58 million ceiling value over three years for the Toronto Transit Commission's renewable energy program.

And finally, after the fourth quarter of €˜22 ended, we were awarded a $94 million recompete single-award contract from a classified customer for cyber capabilities, development and support services. We continue to build on our long-standing ESG commitment. During the fourth quarter, we received three military veteran employment awards. Additionally, in 2022, we were named one of the World's Most Ethical Companies by Ethisphere for the 13th consecutive year honored by the Human Rights Campaign as the 2022 Best Place to Work for the LGBTQ+ community and were recognized by numerous other institutions for our STEM and diversity hiring practices. As I mentioned in my opening remarks, we delivered on our objectives for 2022, which included four priorities to drive growth and profitability.

Priority one was to capture new high quality projects with increased global infrastructure spend, and we won three significant contracts in 2022. Two were giga projects to support the development of major Middle East industrial cities, and the third contract was $148 million Riyadh Metro program management contract. Domestically, we also captured funds from the Infrastructure Bill on federal aviation and rail and transit programs, and we expect to see increased opportunities in 2023 and beyond as additional programs are allocated funds from the Infrastructure Investment and Jobs Act. Priority two was to ramp up staffing on new business and task order wins and I'm extremely pleased with our performance. During 2022, our ability to win new contracts, retain our recompetes, grow existing contracts, increased hiring by 42% and maintain employee retention ahead of industry benchmarks were all key contributors to our strong organic growth.

Priority three was to continue to move up the solutions integration value chain. Our differentiated and complementary portfolio in Federal Solutions and Critical Infrastructure has enabled us to solve emerging customer priorities such as PFOS, PFAS emerging contaminant removal. Xator was a financially accretive acquisition to our top and bottom line and brought strong capabilities in security and surveillance systems, biometrics and counter unmanned aerial systems. Xator enhances our position in both the Federal Solutions and Critical Infrastructure markets. Our last goal was to make continued progress in completing remaining legacy Critical Infrastructure programs. During 2022, we made progress against all three projects. One project reached substantial completion, and the other two programs advanced to more than 90% and 70% complete.

Although, we have more work to do on these programs, I am pleased with our team's progress. Thanks to the hard work and dedication of our talented employees. 2022 was a successful year for Parsons with record revenue and profitability. We substantially increased hiring and continue to have retention rates above industry benchmarks. One is significant amount of new business, acquired an accretive company that enhanced our strategic position in both the Critical Infrastructure and Federal Solutions segments, and we maintained our strong balance sheet. Looking forward to 2023, we entered the year with a strong macro environment backdrop supporting our business with an increasing defense budget, unprecedented global infrastructure spending and continued geopolitical tensions, including cyber threats.

Our 2023 priorities are to win new projects associated with increased global infrastructure funds, capture Federal Solutions strategic contract pursuits, expand Critical Infrastructure margins and acquire accretive assets. I am very excited about our future. Over the last year and half, we made significant changes to our business by moving up the solutions integration value chain and hiring key executives. These changes enabled us to achieve record revenue and profits in 2022 and become one of the organic revenue growth leaders in both of our business segments. We are well positioned in two complementary and growing markets, and we will continue to invest in our people, technology, business development initiatives and strategic M&A to maintain our momentum and drive shareholder value.

Most importantly, we will continue to deliver on our customers' missions, which are experiencing increasing demand in both national security and Critical Infrastructure. With that, I will turn the call over to Matt to provide more details on our 2022 financial results and our guidance for 2023. Matt?

Matt Ofilos: Thank you, Carey. As Carey indicated, fourth quarter and fiscal year 2022 results were highlighted by record revenue and adjusted EBITDA, as well as solid cash flow. Total revenue of $1.1 billion for the fourth quarter of 2022, increased 16% from the prior year period and was up 9% on an organic basis. Organic growth was driven primarily by the strength of our Critical Infrastructure operations. Our Xator acquisition contributed approximately $67 million of revenue for the fourth quarter. Adjusted EBITDA of $98 million, increased 8% from the fourth quarter of 2021 and adjusted EBITDA margin decreased 70 basis points to 8.9%.The adjusted EBITDA increase was driven primarily by Xator and the ramp-up of new contract awards.

The year-over-year margin decrease to 8.9%, was driven by unfavorable indirect rate impacts, higher incentive compensation cost given the company's performance in 2022 and volume on the lower-margin Federal Solutions program. Total revenue for the fiscal year 2022 increased 15% from the prior year and was up 9% on an organic basis. The strong organic growth throughout the year was driven by hiring and execution in both segments. Acquisitions contributed approximately $205 million of revenue for the full year. SG&A expenses for the full year were 18.5% of total revenue compared to 20.7% in 2021, due to the efficient growth across the portfolio. Fiscal year adjusted EBITDA of $353 million increased 14% from 2021, and adjusted EBITDA margin decreased 5 basis points to 8.4%.

The adjusted EBITDA increase was driven primarily by improved program performance and accretive acquisitions. The margin rate decrease was driven by lower equity and earnings from joint ventures. I'll turn now to our operating segments, starting first with Federal Solutions, where fourth quarter revenue increased by $69 million, or 14% from the fourth quarter of 2021. This increase was driven by organic growth of 1% and approximately $67 million from Xator. Organic growth was impacted by the completion of our SWPF contract and expected seasonality on specific programs. Federal Solutions adjusted EBITDA decreased $4 million or 8% from the fourth quarter of 2021, and adjusted EBITDA margin decreased 200 basis points to 8.5%. These decreases were driven primarily by unfavorable year-over-year indirect rate impacts, higher incentive compensation and volume on a lower-margin Federal Solutions program.

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I would note that our adjusted EBITDA margin of 9% for the fiscal year 2022 was in line with plan and is representative of future annual expectations. For the full year, Federal Solutions revenue increased $325 million or 17% from 2021. This increase was driven by organic growth of 6% and approximately $205 million from acquisitions. Organic growth was driven by the ramp-up of work on existing federal transportation and cyber contracts. Federal Solutions adjusted EBITDA for the full year increased $36 million or 22% from 2021, and adjusted EBITDA margin increased 40 basis points from 8.6% to 9%. These increases were driven primarily by acquisitions and improved program performance. Moving now to our Critical Infrastructure segment. Fourth quarter revenue increased by $83 million, or 18% from the fourth quarter of 2021, all of which was organic.

This strong growth was driven primarily by the ramp-up of hiring on new and existing contracts in the Middle East. Critical Infrastructure adjusted EBITDA increased by $12 million or 30% from the fourth quarter of 2021, and adjusted EBITDA margin increased 80 basis points to 9.4%. The adjusted EBITDA increases were also driven by the ramp-up of accretive new contracts and existing contracts and improved operating performance. For the full year, Critical Infrastructure's revenue increased $210 million or 12% from 2021, all of which was organic. This strong growth was driven by the ramp-up of new urban development, transportation and environmental remediation contracts. Critical Infrastructure's adjusted EBITDA for the full year increased by $7 million or 5% from 2021, and adjusted EBITDA margin decreased 60 basis points to 7.7%.

The adjusted EBITDA increase was driven primarily by improved program performance and the ramp-up of new and existing contracts. Margins were impacted by lower equity and earnings from minority joint ventures and as previously discussed, investments to support growth. Next, I'll discuss cash flow and balance sheet metrics. Our net DSO at the end of Q4 2022 was 69 days, up one day from the prior year period. Our fourth quarter operating cash flow totaled $89 million. Operating cash flow for the full year increased 16% to $238 million as compared to $206 million in 2021. Although, we generated significant cash flow growth, we were below our expectations as a result of timing of a few international receipts. We expect receipts to recover from these delays in the first half of 2023.

Capital expenditures totaled $11 million in the fourth quarter of 2022 and $31 million for the full year. CapEx continues to be well controlled and remains below our planned spend of less than 1% of annual revenue. Our balance sheet remains strong as we ended the quarter with a net debt leverage ratio of below 1.4 times. Our low leverage and undrawn borrowing capacity will enable us to continue to make internal investments and accretive acquisitions to drive additional growth. Turning to bookings for the fourth quarter. Year-over-year contract award activity increased 34% to $1.1 billion, driven by growth of 52% in Federal Solutions and 26% in our Critical Infrastructure segment. Our book-to-bill ratio for both the fourth quarter and the full year was 1.0 times.

Our backlog at the end of the fourth quarter totaled $8.2 billion, in line with the third quarter of 2022, and total backlog continues to represent approximately two years of annual revenue. Now let's turn to our 2023 guidance. We've taken a measured approach in developing our 2023 guidance and are confident in our ability to achieve results within these ranges. For 2023, we expect revenue to be between $4.375 billion and $4.575 billion. This represents 7% growth at the midpoint of the range and 4% growth on an organic basis. Organic growth is expected to be led by Critical Infrastructure segment. Federal Solutions revenue is also expected to grow in 2023. However, the growth is tempered by lower volume on our Quadrant (ph) contract and SWPF's completion.

Our adjusted EBITDA is expected to be between $365 million and $405 million, with a margin of approximately 8.6% at the midpoint of our revenue and adjusted EBITDA guidance ranges. This represents margin expansion of approximately 20 basis points from 2022. The growth in adjusted EBITDA and associated margin is expected to be driven by improved program performance and operating leverage. Our cash flow from operating activities is expected to be between $270 million and $330 million. At the midpoint of the guidance range, we expect free cash flow conversion to be greater than 105% of adjusted net income. From a timing perspective, we expect Q1 revenue to be our lowest quarter of the year, but up 11% from Q1 of 2022. From Q1 onwards, we expect sequential improvement through Q3 and then down sequentially in Q4.

We anticipate first quarter 2023 adjusted EBITDA to be up approximately 6% from Q1 of 2022. From Q1 onwards, we expect sequential improvements through Q3 and then down slightly in Q4. From an operating cash flow perspective, we expect typical seasonality with negative operating cash flow in Q1 of approximately $70 million and then positive cash flow with sequential improvements throughout the year. Other key assumptions in connection with our 2023 guidance are outlined on Slide 13 in today's PowerPoint presentation located on our Investor Relations website. With that, I'll turn the call back over to Carey.

Carey Smith: Thank you, Matt. In closing, I'm very pleased with our 2022 results. We delivered on our 2022 commitments, resulting in record revenue and adjusted EBITDA, along with strong cash flow growth. Looking forward to 2023 and beyond, we will benefit from tailwinds in both our Federal Solutions and Critical Infrastructure segments, with all six of our end markets simultaneously growing: cyber, space and missile defense; critical infrastructure protection; transportation; environmental remediation; and urban development. We have a leading national security portfolio positioned to deliver solutions that outpace near peer threats, and we're a pioneer in exploiting digital technology to upgrade our global infrastructure at a time of hype and spend.

And as a collective company, we are uniquely positioned to capitalize on areas that cross over between Federal Solutions and Critical Infrastructure. Before we begin the Q&A session, I'm pleased to announce that we will be conducting our Investor Day on March 15 at the New York Stock Exchange. This will be a great opportunity to learn more about our strategic vision here from business unit leaders and participate in Q&A sessions. We hope you would join us for this event. With that, we will now open the line for questions.

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