Last10K.com

Parsons Corp (PSN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

PSN Quarterly Reports

Parsons Corp

CIK: 275880 Ticker: PSN

Exhibit 99.1

 

 

 

 

Parsons Delivers Strong First Quarter 2020 Revenue Growth

 

Q1 2020 Financial Highlights:

Revenue increases 7% year-over-year to $971 million

Strong revenue growth driven by Federal Solutions growth of 13%, including organic growth of 11%

Net income increases 33% to $13 million and net income margin increases to 1.3%

Adjusted EBITDA decreases 16% to $60 million and adjusted EBITDA margin decreases to 6.2%

Q1 2020 book-to-bill ratio of 1.0x, driven by Federal Solutions book-to-bill ratio of 1.3x

Reiterates fiscal year 2020 guidance

 

Recent Strategic Highlights:

Launched DetectWiseTM, a touchless, biometric sensing product suite

Recognized as one of the World's Most Ethical Companies for the 11th consecutive year

Named to the CIO 100 list of the world's most innovative companies

Published 2020 CSR report highlighting quest to Deliver a Better World

 

CENTREVILLE, VA – May 6, 2020, Parsons Corporation (NYSE: PSN) today announced financial results for the first quarter ended March 31, 2020.

CEO Commentary

“I would like to send our deepest sympathies to all who have been affected by the COVID-19 pandemic. These are challenging times for everyone, and we will continue to put the safety and well-being of our employees, customers and partners first,” said Chuck Harrington, Chairman and CEO of Parsons Corporation. “In what was an unprecedented first quarter, we delivered strong organic revenue growth and achieved profitability results that exceeded our internal plan. We continue to win high-end work in our Federal Solutions market and delivered revenue growth in our Critical Infrastructure segment. Our strong balance sheet, low leverage, more than $400 million of undrawn revolver capacity, and our deep backlog positions us well to weather COVID-19 uncertainties.”

First Quarter 2020 Results

Total revenue for the first quarter of 2020 increased 7% to $971 million. This increase was primarily driven by organic revenue growth of 11% in the Federal Solutions segment, along with 2.5% organic growth in the Critical Infrastructure segment. Operating income increased 3% to $24 million primarily due to organic revenue growth. Net income increased 33% over the prior year period to $13 million, and net income margin increased to 1.3%. Diluted earnings per share (EPS) attributable to Parsons was $0.13 in the first quarter of 2020 compared to $0.12 in the first quarter of 2019.

Adjusted EBITDA including noncontrolling interests for the first quarter of 2020 was $60 million, a 16% decrease from the strong prior year period. Adjusted EBITDA margin decreased to 6.2%.

 

 

 

 

 


The following information was filed by Parsons Corp (PSN) on Wednesday, May 6, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Parsons Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Parsons Corp.

Continue

Assess how Parsons Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Parsons Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Parenthetical) (Unaudited)
Consolidated Balance Sheets (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Shareholder's Equity (Deficit) (Unaudited)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Details)
Acquisitions - Schedule Of Intangible Assets Value On Purchase Price (Details)
Acquisitions - Schedule Of Supplemental Pro Forma Information (Details)
Acquisitions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed On Preliminary Purchase Price Allocation (Details)
Basis Of Presentation And Principles Of Consolidation
Basis Of Presentation And Principles Of Consolidation (Policies)
Contingencies
Contingencies - Additional Information (Details)
Contracts With Customers
Contracts With Customers (Tables)
Contracts With Customers - Additional Information (Details)
Contracts With Customers - Summary Of Accounts Receivable, Net (Details)
Contracts With Customers - Summary Of Changes In Contract Assets And Contract Liabilities (Details)
Contracts With Customers - Summary Of Contract Assets And Contract Liabilities (Details)
Contracts With Customers - Summary Of Contract Assets And Contract Liabilities (Parenthetical) (Details)
Contracts With Customers - Summary Of Disaggregation Of Revenue (Details)
Contracts With Customers - Summary Of Remaining Unsatisfied Performance Obligations Expect To Satisfy (Details)
Debt And Credit Facilities
Debt And Credit Facilities (Tables)
Debt And Credit Facilities - Additional Information (Details)
Debt And Credit Facilities - Schedule Of Aggregate Amount Of Debt (Details)
Debt And Credit Facilities - Schedule Of Long Term Debt (Details)
Description Of Operations
Description Of Operations - Additional Information (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Schedule Of Weighted Average Number Of Shares Used To Compute Basic And Diluted Eps (Details)
Fair Value Of Financial Instruments
Goodwill
Goodwill (Tables)
Goodwill - Additional Information (Details)
Goodwill - Summary Of Changes In Carrying Value Of Goodwill By Reporting Segment (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Details)
Intangible Assets - Schedule Of Estimated Amortization Expense (Details)
Intangible Assets - Schedule Of Gross Amount And Accumulated Amortization Of Intangible Assets (Details)
Investments In And Advances To Joint Ventures
Investments In And Advances To Joint Ventures (Tables)
Investments In And Advances To Joint Ventures - Additional Information (Details)
Investments In And Advances To Joint Ventures - Summary Of Financial Information For Consolidated Joint Ventures (Details)
Investments In And Advances To Joint Ventures - Summary Of Financial Information For Unconsolidated Joint Ventures (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Maturity Analysis Of Future Undiscounted Cash Flows (Details)
Leases - Schedule Of Supplemental Balance Sheet And Other Information Related To Leases (Details)
Leases - Schedule Of Supplemental Cash Flow Information Related To Leases (Details)
Leases - Summary Of Lease Costs (Details)
New Accounting Pronouncements
Property And Equipment, Net
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Details)
Related Party Transactions - Schedule Of Consolidated Balance Sheet Related To Services Provided To Unconsolidated Joint Ventures (Details)
Retirement Benefit Plan
Retirement Benefit Plan - Additional Information (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Summary Of Adjusted Ebitda Business Segment Information (Details)
Segment Information - Summary Of Business Segment Information (Details)
Segment Information - Summary Of Revenues And Property And Equipment, Net By Geographic Area (Details)
Segment Information - Summary Of Revenues By Business Lines (Details)

Material Contracts, Statements, Certifications & more

Parsons Corp provided additional information to their SEC Filing as exhibits

Ticker: PSN
CIK: 275880
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-021527
Submitted to the SEC: Wed May 06 2020 6:36:53 AM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Computer Integrated Systems Design

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/psn/0001564590-20-021527.htm