美國
證券交易委員會
華盛頓特區20549
表格
（標記一）
截至季度結束日期的財務報告
或者
過渡期從 到 。
委託文件編號：001-39866
（依據其憲章指定的註冊名稱）
（國家或其他管轄區的 公司成立或組織） |
（IRS僱主 唯一識別號碼） |
|
|
，（主要行政辦公地址） |
(郵政編碼) |
公司電話號碼，包括區號：（
在法案第12(b)條的規定下注冊的證券：
每一類的名稱 |
|
交易 符號: |
|
在其上註冊的交易所的名稱 |
|
|
請在以下複選框中打勾，指示註冊人：(1)在前12個月(或註冊人被要求提交這些報告的更短期間內)已經提交了1934年證券交易法第13或15(d)條規定需要提交的所有報告；以及(2)在過去的90天內一直受到了此類文件提交要求的限制。
請在勾選標誌處表示註冊人是否已經在過去12個月內（或者在註冊人要求提交這些文件的較短時期內）按照規則405 of協議S-T（本章節的§232.405）提交了每個交互式數據文件。 ☒ 沒有 ☐
勾選以下選框，指示申報人是大型加速評估提交人、加速評估提交人、非加速評估提交人、小型報告公司或新興成長型公司。關於「大型加速評估提交人」、「加速評估提交人」、「小型報告公司」和「新興成長型公司」的定義，請參見《交易所法規》第12億.2條。
☒ |
|
加速文件提交人 |
☐ |
|
非加速文件提交人 |
☐ |
|
較小的報告公司 |
|
新興成長公司 |
|
|
|
如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐
請勾選以下方框以指示申報人是否爲外殼公司（如證券交易所法規則120.2所定義）。是☐ 否
截至2024年10月21日，註冊人持有
目錄
|
|
|
|
第I部分 |
|
1 |
|
項目1。 |
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
3 |
|
|
|
4 |
|
|
|
5 |
|
|
|
7 |
|
事項二 |
|
33 |
|
第3項。 |
|
48 |
|
事項4。 |
|
48 |
|
第二部分 |
|
49 |
|
項目1。 |
|
49 |
|
項目1A。 |
|
49 |
|
事項二 |
|
49 |
|
第3項。 |
|
49 |
|
事項4。 |
|
49 |
|
項目5。 |
|
50 |
|
項目6。 |
|
50 |
|
|
|
51 |
i
第一部分—財政財務信息
第一條. 財務報表。
parsons公司和子公司
合併後B資產負債表
（以千爲單位，除股份信息外）
|
|
|
2024年9月30日 |
|
|
2023 年 12 月 31 日 |
|
||
|
|
|
（未經審計） |
|
|
|
|
||
資產 |
|
|
|
|
|
|
|||
流動資產： |
|
|
|
|
|
|
|||
|
現金和現金等價物（包括 $ |
|
$ |
|
|
$ |
|
||
|
應收賬款，淨額（包括美元） |
|
|
|
|
|
|
||
|
合約資產（包括 $ |
|
|
|
|
|
|
||
|
預付費用和其他流動資產（包括 $ |
|
|
|
|
|
|
||
|
流動資產總額 |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
財產和設備，淨額（包括美元） |
|
|
|
|
|
|
||
|
使用權資產、經營租賃（包括 $ |
|
|
|
|
|
|
||
|
善意 |
|
|
|
|
|
|
||
|
對未合併合資企業的投資和預付款 |
|
|
|
|
|
|
||
|
無形資產，淨額 |
|
|
|
|
|
|
||
|
遞延所得稅資產 |
|
|
|
|
|
|
||
|
其他非流動資產 |
|
|
|
|
|
|
||
|
總資產 |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
|
||
負債和股東權益 |
|
|
|
|
|
|
|||
流動負債： |
|
|
|
|
|
|
|||
|
應付賬款（包括 $ |
|
$ |
|
|
$ |
|
||
|
應計費用和其他流動負債（包括美元） |
|
|
|
|
|
|
||
|
合同負債（包括 $ |
|
|
|
|
|
|
||
|
短期租賃負債，經營租賃（包括美元 |
|
|
|
|
|
|
||
|
應繳所得稅 |
|
|
|
|
|
|
||
|
短期債務 |
|
|
|
|
|
|
||
|
流動負債總額 |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
長期員工激勵措施 |
|
|
|
|
|
|
||
|
長期債務 |
|
|
|
|
|
|
||
|
長期租賃負債、經營租賃（包括 $ |
|
|
|
|
|
|
||
|
遞延所得稅負債 |
|
|
|
|
|
|
||
|
其他長期負債 |
|
|
|
|
|
|
||
|
負債總額 |
|
|
|
|
|
|
||
|
|
|
|
|
|
||||
股東權益： |
|
|
|
|
|
|
|||
|
普通股，$ |
|
|
|
|
|
|
||
|
庫存股， |
|
|
( |
) |
|
|
( |
) |
|
額外的實收資本 |
|
|
|
|
|
|
||
|
留存收益 |
|
|
|
|
|
|
||
|
累計其他綜合虧損 |
|
|
( |
) |
|
|
( |
) |
|
帕森斯公司股東權益總額 |
|
|
|
|
|
|
||
|
非控股權益 |
|
|
|
|
|
|
||
|
股東權益總額 |
|
|
|
|
|
|
||
|
負債和股東權益總額 |
|
|
|
|
|
|
||
附註是這些合併財務報表的一部分。
1
parsons公司和子公司
綜合收入（虧損）陳列綜合收入（虧損）陳列
（以千爲單位，除每股信息外）
(未經審計)
|
|
三個月之內結束 |
|
|
九個月結束 |
|
||||||||||
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
||||
營業收入 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
合同的直接成本 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
未合併聯營公司損益權益 |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
銷售，總務及管理費用 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
營業利潤 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
利息收入 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
利息支出 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
債務清償損失 |
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
其他收入（費用）淨額 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
||
其他收入（支出）總額 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
稅前收入 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
所得稅費用 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
淨利潤（包括非控制權益） |
|
|
|
|
|
|
|
|
|
|
|
|
||||
歸屬於非控股權益的淨收入 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
歸屬於Parsons公司的淨利潤 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
每股收益: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
基本 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
稀釋的 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
附註是這些合併財務報表的一部分。
2
parsons公司和子公司
綜合報表 綜合收益（損失）
（以千爲單位）
(未經審計)
|
|
三個月之內結束 |
|
|
九個月結束 |
|
||||||||||
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
||||
淨利潤（包括非控制權益） |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
其他綜合收益，扣除稅後 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
外幣兌換損益，扣除稅金 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
||
養老金調整，淨稅影響 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
||
包括非控股權益的綜合收益，扣除稅後淨利潤 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
歸屬於非控股權益的綜合收益（淨稅影響） |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
歸屬於parsons公司的綜合收益，扣除稅後淨利潤 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
附註是這些合併財務報表的一部分。
3
parsons公司和子公司
合併股東權益表現金流量表
（以千爲單位）
(未經審計)
|
|
|
截至九個月的營業收入 |
|
|||||
|
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
||
經營活動現金流量： |
|
|
|
|
|
|
|||
|
淨利潤（包括非控制權益） |
|
$ |
|
|
$ |
|
||
|
調整淨（虧損）收益項目，以實現在經營活動中使用的現金淨額 |
|
|
|
|
|
|
||
|
折舊和攤銷 |
|
|
|
|
|
|
||
|
債務發行成本的攤銷 |
|
|
|
|
|
|
||
|
處置固定資產的損益 |
|
|
|
|
|
( |
) |
|
|
債務清償損失 |
|
|
|
|
|
|
||
|
應收賬款減值準備 |
|
|
|
|
|
|
||
|
遞延所得稅 |
|
|
( |
) |
|
|
( |
) |
|
外匯交易損益 |
|
|
|
|
|
|
||
|
未納入合併財務報表的合營企業利潤（虧損） |
|
|
|
|
|
( |
) |
|
|
對未合併聯營公司的投資回報 |
|
|
|
|
|
|
||
|
以股票爲基礎的報酬計劃 |
|
|
|
|
|
|
||
|
向庫存股的捐款 |
|
|
|
|
|
|
||
|
資產和負債變動，扣除收購和合並，以及聯營公司： |
|
|
|
|
|
|
||
|
應收賬款 |
|
|
( |
) |
|
|
( |
) |
|
合同資產 |
|
|
( |
) |
|
|
( |
) |
|
預付款項和其他資產 |
|
|
|
|
|
( |
) |
|
|
應付賬款 |
|
|
|
|
|
|
||
|
應計費用及其他流動負債 |
|
|
|
|
|
|
||
|
合同負債 |
|
|
|
|
|
|
||
|
所得稅 |
|
|
( |
) |
|
|
|
|
|
其他長期負債 |
|
|
( |
) |
|
|
|
|
|
經營活動產生的現金流量淨額 |
|
|
|
|
|
|
||
投資活動現金流量： |
|
|
|
|
|
|
|||
|
資本支出 |
|
|
( |
) |
|
|
( |
) |
|
出售固定資產的收益 |
|
|
|
|
|
|
||
|
支付收購款項，淨現金收購額 |
|
|
( |
) |
|
|
( |
) |
|
非控制合營投資 |
|
|
( |
) |
|
|
( |
) |
|
對非合併聯營企業的投資回報 |
|
|
|
|
|
|
||
|
從取消的合營企業中出售投資獲得的收益 |
|
|
|
|
|
|
||
|
投資活動產生的淨現金流出 |
|
|
( |
) |
|
|
( |
) |
籌集資金的現金流量： |
|
|
|
|
|
|
|||
|
信貸協議下的借款 |
|
|
|
|
|
|
||
|
信貸協議下的還款 |
|
|
( |
) |
|
|
( |
) |
|
發行於2029年可轉換債券的發行收益 |
|
|
|
|
|
|
||
|
回購於2025年到期的可轉換債券 |
|
|
( |
) |
|
|
|
|
|
支付債務發行成本 |
|
|
( |
) |
|
|
|
|
|
非控股權益貢獻 |
|
|
|
|
|
|
||
|
對非控股權益的分配 |
|
|
( |
) |
|
|
( |
) |
|
購回普通股 |
|
|
( |
) |
|
|
( |
) |
|
歸屬已成熟的股票的稅款 |
|
|
( |
) |
|
|
( |
) |
|
2020年2月，公司與某些金融機構達成了私下協商的限價看漲交易（「限價看漲交易」）。限價看漲交易最初涉及公司普通股約 |
|
|
( |
) |
|
|
|
|
|
債券型對沖終止 |
|
|
|
|
|
|
||
|
行使認股權的金額 |
|
|
( |
) |
|
|
|
|
|
普通股的發行收益 |
|
|
|
|
|
|
||
|
籌資活動產生的現金淨額 |
|
|
|
|
|
|
||
|
匯率變動影響 |
|
|
( |
) |
|
|
|
|
|
現金、現金等價物和受限制的現金的淨增加（減少） |
|
|
|
|
|
( |
) |
|
|
現金、現金等價物和受限制現金： |
|
|
|
|
|
|
||
|
年初 |
|
|
|
|
|
|
||
|
期末 |
|
$ |
|
|
$ |
|
||
附註是這些合併財務報表的一部分。
4
parsons公司和子公司
截至2024年9月30日和2023年9月30日三個月的結束
（以千爲單位）
(未經審計)
|
|
常見 |
|
|
財政部 |
|
|
額外 |
|
|
已保留 |
|
|
累積 |
|
|
總計 |
|
|
非控制性 |
|
|
總計 |
|
||||||||
截至 2024 年 6 月 30 日的餘額 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
||||||
綜合收益 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
淨收入 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
||||
外幣折算 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
養老金調整數，淨額 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|||
捐款 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||
分佈 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
發行股權證券， |
|
|
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
基於股票的薪酬 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|||
截至 2024 年 9 月 30 日的餘額 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
截至 2023 年 6 月 30 日的餘額 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
||||||
綜合收益 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
淨收入 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
||||
外幣折算 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
養老金調整數，淨額 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
分佈 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
發行股權證券， |
|
|
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
基於股票的薪酬 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|||
截至 2023 年 9 月 30 日的餘額 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
||||||
附註是這些合併財務報表的一部分。
5
parsons公司和子公司
股東權益合併報表
截至2024年9月30日和2023年9月30日的九個月
（以千爲單位）
(未經審計)
|
|
普通股 |
|
|
國庫 |
|
|
額外的 |
|
|
留存收益 |
|
|
累積的 |
|
|
總費用 |
|
|
非控制權益 |
|
|
總費用 |
|
||||||||
2023年12月31日結餘爲 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
||||||
綜合收益 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
淨收入 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
外幣翻譯收益，淨利潤 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|||
養老金調整，淨額 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|||
捐款 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|||||
分佈。在根據本收據條款的規定結束本收據所體現的協議之前，託管人將在確定餘額之後以某種方式在底定時間向持有人分配或提供有關本美國存託憑證所體現的存入證券的任何現金股利、其他現金分派、股票分派、認購或其他權利或任何其他有關性質的分派，經過託管人在第十九條中描述的費用和支出的扣除或者付款，並扣除任何相關稅款； ，不過需要指出，託管人不會分配可能會違反1933年證券法或任何其他適用法律的分配，並且對於任何可能違反此類法律的情況，該人不會收到相應的保證。對於這種情況，託管人可以售出這樣的股份、認購或其他權利、證券或其他財產。如果託管人選擇不進行任何此類分配，則託管人只需要通知持有人有關其處置的事宜及任何此類銷售的收益，而任何以現金形式以外的方式通過託管人收到的任何現金股息或其他分配的，不受本第十二條的限制。託管人可以自行決定不分配任何分銷或者認購權，證券或者其他財產在行使時，託管人授權此類發行人可能不得在法律上向任何持有人或者處置此類權利，以及使任何發售此類權利且在託管人處出售這類權利的淨收益對這樣的持有人可用。任何由託管人出售的認購權、證券或者其他財產的銷售可能在託管人認爲適當的時間和方式進行，並且在這種情況下，託管人應將在第十九條中描述的費用和支出扣除後分配給持有人該淨收益以及在相應的代扣稅或其他政府收費中將，。 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
|||
2020年2月，公司與某些金融機構達成了私下協商的限價看漲交易（「限價看漲交易」）。限價看漲交易最初涉及公司普通股約 |
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|||
回購權證 |
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|||
債券型對沖終止 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
發行股票，淨退休後 |
|
|
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|||
購回普通股 |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|||
以股票爲基礎的報酬計劃 |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2024年9月30日的餘額 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2022年12月31日結存餘額 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
||||||
綜合收益 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
淨收入 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
||||
外幣翻譯虧損，淨利潤 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|||
養老金調整，淨額 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|||
捐款 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||
分佈。在根據本收據條款的規定結束本收據所體現的協議之前，託管人將在確定餘額之後以某種方式在底定時間向持有人分配或提供有關本美國存託憑證所體現的存入證券的任何現金股利、其他現金分派、股票分派、認購或其他權利或任何其他有關性質的分派，經過託管人在第十九條中描述的費用和支出的扣除或者付款，並扣除任何相關稅款； ，不過需要指出，託管人不會分配可能會違反1933年證券法或任何其他適用法律的分配，並且對於任何可能違反此類法律的情況，該人不會收到相應的保證。對於這種情況，託管人可以售出這樣的股份、認購或其他權利、證券或其他財產。如果託管人選擇不進行任何此類分配，則託管人只需要通知持有人有關其處置的事宜及任何此類銷售的收益，而任何以現金形式以外的方式通過託管人收到的任何現金股息或其他分配的，不受本第十二條的限制。託管人可以自行決定不分配任何分銷或者認購權，證券或者其他財產在行使時，託管人授權此類發行人可能不得在法律上向任何持有人或者處置此類權利，以及使任何發售此類權利且在託管人處出售這類權利的淨收益對這樣的持有人可用。任何由託管人出售的認購權、證券或者其他財產的銷售可能在託管人認爲適當的時間和方式進行，並且在這種情況下，託管人應將在第十九條中描述的費用和支出扣除後分配給持有人該淨收益以及在相應的代扣稅或其他政府收費中將，。 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
發行股票，淨髮行退休 |
|
|
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
購回普通股 |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
以股票爲基礎的報酬計劃 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|||
2023年9月30日結餘 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
||||||
6
Parsons公司及附屬公司
財務合併報表註釋（未經審計）財務報表附註（未經審計）
組織形式
本公司的伴隨未經審計的合併財務報表及相關附註，已根據美國通用會計準則（「GAAP」）和Form 10-Q的中期報告要求進行編制。它們不包括GAAP所要求的關於完整財務報表的所有信息和附註，因此，應與我們在公司年度報告Form 10-K的合併財務報表和相應附註一起閱讀。 信貸協議包含習慣條款，限制我們從事某些活動，包括但不限於償還債務、在資產上設立限制、出售資產和進行受限制的付款，每種情況的限制均應符合信貸協議的規定。
根據管理層意見，合併財務報表反映了對中期期間的財務狀況、經營結果和現金流量的公正陳述所必需的所有正常循環調整。任何中期期間的經營結果和現金流量並不一定能反映全年或未來年度的結果。
該Form 10-Q季度報告包括Parsons公司及其子公司和附屬公司的帳戶，這些公司都是由它控制的。公司控制的聯營企業或被視爲主要受益人的聯營企業被合併。對於公司沒有控制權但具有重要影響力的聯營企業，公司採用權益法會計處理（詳見「附註14——對聯營企業的投資和預付款」的進一步討論）。在合併中，內部往來帳戶和交易被消除。由於取整原因，一些金額可能不勻齊。 根據GAAP編制合併財務報表需要管理層進行估計和假設，這些估計和假設會影響財務報表日期的資產和負債的報告金額以及報告期間的收入和費用的報告金額。實際金額可能與這些估計有所不同。公司最重要的估計和判斷涉及與決定合同完成成本和交易價格有關的營業收入確認；確定自保險準備金；確定財產和設備以及無形資產的使用壽命；計算遞延所得稅資產和不確定稅務事項的價值，等等。請參閱我們公司Form 10-K年報的「管理層對公司的財務狀況和經營成果的討論與分析——重要會計政策和估計」的相關內容和「附註2——重要會計政策摘要」。
使用估計
2023年第四季度，財務會計準則委員會（"FASB"）發佈了《會計準則更新（「ASU」）2023年09號，"所得稅（主題740）" （"ASU 2023-09"）. ASU 2023-09提高了所得稅披露的透明度和決策有用性。ASU 2023-09的修訂旨在滿足投資者對有關所得稅信息更多透明度的要求，主要通過改進與利潤率調整和所繳所得稅信息相關的所得稅披露。ASU 2023-09還包括某些其他修訂，以提高所得稅披露的有效性。ASU 2023-09適用於在其後開始的財政年度。
7
提前認購
在2023年7月，財務會計準則委員會（FASB）發佈了會計準則更新（ASU）2023-03。ASU 2023-03將SEC段落的修訂併入某些會計準則，根據SEC工作人員會計準則指引第120號、2022年3月24日EITF會議的SEC工作人員公告以及會計系列釋放280-適用於普通股的應計所得或虧損中進行修訂。這些規則立即生效。採用這一ASU不會對公司的合併財務報表產生實質性影響。
I.S. Engineers, LLC
BlackSignal 科技有限責任公司。
2024 年 8 月 16 日，公司收購了一家
下表彙總了根據截至收購之日的收購價格分配而承擔的資產和負債的估計公允價值（以千計）：
|
|
金額 |
|
|
現金和現金等價物 |
|
$ |
|
|
應收賬款 |
|
|
|
|
合同資產 |
|
|
|
|
應收所得稅 |
|
|
|
|
預付費用和其他流動資產 |
|
|
|
|
使用權資產、經營租賃 |
|
|
|
|
財產和設備 |
|
|
|
|
善意 |
|
|
|
|
無形資產 |
|
|
|
|
其他資產 |
|
|
|
|
應付賬款 |
|
|
( |
) |
應計費用和其他流動負債 |
|
|
( |
) |
短期租賃負債、經營租賃 |
|
|
( |
) |
遞延所得稅 |
|
|
( |
) |
長期租賃負債、經營租賃 |
|
|
( |
) |
收購的淨資產 |
|
$ |
|
|
8
總購買價格中，以下值初步分配給無形資產（以千爲單位，除年份外）：
|
|
毛利 |
|
|
攤銷 |
|
|
|
|
|
|
（年） |
|
客戶關係 |
|
$ |
|
|
||
未完成訂單 |
|
|
|
|
||
截至當前擁有總數 相關限制爲： |
|
|
|
|
||
競業禁止協議 |
|
|
|
|
||
其他 |
|
$ |
|
|
||
與這些無形資產相關的攤銷費用爲2024年6月30日及2024年6月30日，分別爲850萬美元和1700萬美元，在淨收入的銷售、一般管理費用中記錄了220萬美元和440萬美元，2023年6月30日的三個月和六個月均爲220萬美元和440萬美元。全部的商譽價值被分配給了關鍵基礎設施報告單元，並代表預計從此業務組合中實現的協同效應。商譽價值爲4000萬美元，可作爲稅務扣除。
BlackSignal生成的營業收入金額併入合併營業收入中爲$
補充臨時財務信息
未經審計的假設BlackSignal收購於2023財年初即已完成的業務運營結果補充信息如下（以千爲單位）：
|
|
三個月之內結束 |
|
|
九個月結束 |
|
||||||||||
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
||||
假設情況下的營業收入 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
假設情況下的淨利潤，包括非控制權益 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
未經審計的補充資料依據公司認爲合理的估計和假設，反映了由於收購無形資產公允價值的額外攤銷、員工留任以及反映收購成本的潛在影響，包括法律、諮詢和盡職調查費用和支出。 截至假定收購日期此附加的財務數據是爲了信息目的而編制的，並不意味着如果收購在呈現財務數據的期間完成，會發生什麼。
I.S.工程師有限責任公司
2023年10月31日，公司簽署了一份成員權益購買協議，以收購一家
Sealing Technologies, Inc.
2023年8月23日，公司以現金支付1,000萬美元並可再支付高達1,000萬美元的附加款項，以收購私人公司Sealing Technologies，Inc.（「SealingTech」）的
9
這個公司在2014年6月30日和2023年6月30日結束的三個月內，對
高達1,000萬美元的附加款項，如果實現掙得收入目標爲4,000萬美元。
以下表格總結了購買考慮的收購日公允價值（以千美元爲單位）：
|
|
數量 |
|
|
現金支付總額 |
|
$ |
|
|
實現的可變報酬公允價值 |
|
|
|
|
總購買價格 |
|
$ |
|
|
2024年9月30日，SealingTech待定條件考慮的預估公允價值爲$
以下表格總結了根據購買價格分配基礎上收購的資產和負債的預估公允價值（以千爲單位）：
|
|
數量 |
|
|
現金及現金等價物 |
|
$ |
|
|
應收賬款 |
|
|
|
|
合同資產 |
|
|
|
|
預付費用和其他流動資產 |
|
|
|
|
固定資產 |
|
|
|
|
使用權資產，經營租賃 |
|
|
|
|
遞延所得稅資產 |
|
|
|
|
商譽 |
|
|
|
|
無形資產 |
|
|
|
|
應付賬款 |
|
|
( |
) |
應計費用及其他流動負債 |
|
|
( |
) |
合同負債 |
|
|
( |
) |
短期租賃負債，經營租賃 |
|
|
( |
) |
長期租賃負債，經營租賃 |
|
|
( |
) |
已獲得淨資產 |
|
$ |
|
|
收購價格的以下價值分配給了無形資產（以千爲單位，除年份外）:
|
|
毛利 |
|
|
攤銷 |
|
|
|
|
|
|
（年） |
|
客戶關係 |
|
$ |
|
|
||
未完成訂單 |
|
|
|
|
||
截至當前擁有總數 相關限制爲： |
|
|
|
|
||
其他 |
|
$ |
|
|
||
10
與這些無形資產相關的攤銷費用爲2024年6月30日及2024年6月30日，分別爲850萬美元和1700萬美元，在淨收入的銷售、一般管理費用中記錄了220萬美元和440萬美元，2023年6月30日的三個月和六個月均爲220萬美元和440萬美元。全部的商譽價值被分配給了關鍵基礎設施報告單元，並代表預計從此業務組合中實現的協同效應。商譽價值爲4000萬美元，可作爲稅務扣除。
補充資料（未經審計的）
補充臨時財務信息
假設SealingTech收購自2022年財政年度開始時已完成的未經審計的假設性營業結果補充信息（以千爲單位）如下：
|
|
三個月之內結束 |
|
|
九個月結束 |
|
||
|
|
2023年9月30日 |
|
|
2023年9月30日 |
|
||
假設情況下的營業收入 |
|
$ |
|
|
$ |
|
||
假設情況下的淨利潤，包括非控制權益 |
|
|
|
|
|
|
||
未經審計的新增額外攤銷信息基於公司認爲合理的估計和假設，並反映了與收購無形資產公允價值相關的額外攤銷、員工留任、反映收購成本的專項攤銷影響（包括法律、諮詢和盡職調查費用和支出、員工留任）、以及反映承擔的貸款利息費用的額外專項利息開支，日期爲假定收購日。此專項未經審計信息僅供參考，不意味着表明，如果收購在呈獻專項信息的期間發生，會發生什麼情況。
IPKeys電力合夥公司
2023年4月13日，公司簽訂了一份合併協議，以現金方式斥資1,000萬美元收購了IPKeys Power Partners（「IPKeys」）私有公司的10%股權。合併 brings IPKeys' established customer base，將擴大「parsons」在兩個具有快速增長的細分市場——現代化電網和關鍵基礎設施的網絡安全性）的業務市場的存在。總部位於新澤西州廷頓福爾斯的IPKeys是一家值得信賴的企業軟件平台解決方案提供商，正在向北美的數百家電力、水務和燃氣公用事業提供網絡和運營安全。
11
分別爲 包括與收購相關的法律費用、諮詢費用和其他雜項直接費用。
以下表格總結了根據收購價格分配確定的資產獲取的預計公允價值和負債承擔情況（單位：千元），截至收購日。
|
|
數量 |
|
|
現金及現金等價物 |
|
$ |
|
|
應收賬款 |
|
|
|
|
合同資產 |
|
|
|
|
預付費用和其他流動資產 |
|
|
|
|
固定資產 |
|
|
|
|
使用權資產，經營租賃 |
|
|
|
|
其他非流動資產 |
|
|
|
|
商譽 |
|
|
|
|
無形資產 |
|
|
|
|
應付賬款 |
|
|
( |
) |
應計費用及其他流動負債 |
|
|
( |
) |
合同負債 |
|
|
( |
) |
短期租賃負債，經營租賃 |
|
|
( |
) |
遞延稅款負債 |
|
|
( |
) |
長期租賃負債，經營租賃 |
|
|
( |
) |
已獲得淨資產 |
|
$ |
|
|
收購價格的以下價值分配給了無形資產（以千爲單位，除年份外）:
|
|
毛利 |
|
|
攤銷 |
|
|
|
|
|
|
（年） |
|
客戶關係(1) |
|
$ |
|
|
||
截至當前擁有總數 相關限制爲： |
|
|
|
|
||
其他 |
|
$ |
|
|
||
(1)
與這些無形資產相關的攤銷費用爲2024年6月30日及2024年6月30日，分別爲850萬美元和1700萬美元，在淨收入的銷售、一般管理費用中記錄了220萬美元和440萬美元，2023年6月30日的三個月和六個月均爲220萬美元和440萬美元。全部的商譽價值被分配給了關鍵基礎設施報告單元，並代表預計從此業務組合中實現的協同效應。商譽價值爲4000萬美元，可作爲稅務扣除。
IPKeys 產生的營業收入金額爲
補充臨時財務信息
假設IPKeys收購發生在2022財年初的未經審計的補充信息的用千元表示的經營業績如下：
|
|
三個月之內結束 |
|
|
九個月結束 |
|
||
|
|
2023年9月30日 |
|
|
2023年9月30日 |
|
||
假設情況下的營業收入 |
|
$ |
|
|
$ |
|
||
假設情況下的淨利潤，包括非控制權益 |
|
|
|
|
|
|
||
本基金尋求於東歐地區註冊的主要權益關聯發行人的長期升值投資。未經審計的專項補充信息基於公司認爲合理的估計和假設，反映了與收購相關的公允價值額外攤銷的專項影響
12
無形資產資產減值 資產，反映收購成本的財務影響，包括法律、諮詢和盡職調查費用以及相關信貸協議下借款的額外財務利息支出，截至假定收購日期。這份補充財務資料已經準備出來供信息參考，並不意味着反映如果交易在呈現財務資料的期間完成將會發生的情況。
訂閱和支持收入包括以下內容（以百萬美元爲單位）：
公司的合同包括固定價格和成本報銷元件。合同類型基於代表合同大部分的元件。以下表格顯示按合同類型分解的營業收入（單位：千美元）：
|
|
三個月之內結束 |
|
|
九個月結束 |
|
||||||||||
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
||||
固定價格 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
工時與材料 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
成本加成 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
總費用 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
請參閱「注18 - 分部信息」以了解公司按業務線劃分的營業收入。
合同資產和合同負債
2024年3月31日和2023年12月31日的合同資產和合同負債餘額如下（以千爲單位）： 2024年9月30日和2023年12月31日如下（以千爲單位）：
|
|
2024年9月30日 |
|
|
2023年12月31日 |
|
|
貨幣變化 |
|
|
％變化 |
|
||||
合同資產 |
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
||||
合同負債 |
|
|
|
|
|
|
|
|
( |
) |
|
|
- |
% |
||
淨合同資產（負債）（1） |
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
||||
2024年9月30日和2013年9月30日結束的三個月內，公司在2023年12月31日和2022年12月31日的相應合同負債餘額中確認了營業收入$
|
|
2024年9月30日 |
|
|
2023年12月31日 |
|
||
已獲取合同資產 |
|
$ |
|
|
$ |
|
||
已獲取合同負債 |
|
|
|
|
|
|
||
有的。
13
以下表格呈現了估計的修改，比如與之前部分實現的績效義務相關的估計索賠或激勵的變化，這些修改對營業收入產生了影響，每個修改對營業收入的影響超過了100萬美元。
|
|
三個月之內結束 |
|
|
九個月結束 |
|
||||||||||
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
||||
營業收入影響，淨利潤 |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
由於估計值修訂造成的特定財務報表影響如下（單位：千美元）：
|
|
三個月之內結束 |
|
|
九個月結束 |
|
||||||||||
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
||||
業務利潤（虧損） |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
每股攤薄收益（虧損） |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
上表中的金額包括與截至2024年9月30日的三個月和九個月的合同直接成本相關的估計變更$
應收賬款淨額
Accounts receivable, net consisted of the following as of 2024年9月30日和2023年12月31日（單位：千美元）：
|
|
2024 |
|
|
2023 |
|
||
已開票 |
|
$ |
|
|
$ |
|
||
未開票 |
|
|
|
|
|
|
||
總應收賬款，毛額 |
|
|
|
|
|
|
||
壞賬準備金 |
|
|
( |
) |
|
|
( |
) |
總應收賬款，淨額 |
|
$ |
|
|
$ |
|
||
已開票應收賬款代表向未收回的客戶開具的賬單金額。未開票應收賬款代表公司具有當前合同權利計費但尚未向客戶發出發票的金額。與美國聯邦政府及其機構訂立的合同所涉及的應收賬款分別佔截至2024年6月30日和2023年12月31日的總應收賬款的百分之
壞賬準備金是根據客戶實際和預測的信用質量趨勢進行確定的，包括拖欠和付款歷史、客戶類型（如政府部門或商業領域客戶）、總體經濟狀況以及可能影響客戶償付能力的行業狀況考慮而確定的。
14
交易價格分配給未滿足的履行義務
截至2024年9月30日，公司尚未履行完畢的履約義務（RUPO）代表了在已獲獎和進行中的合同上執行的總金額。截至2024年9月30日，公司有 $
隨着新合同的授予，RUPO將增加，隨着公司履行工作並在現有合同上確認收入，RUPO將減少。項目在RUPO中包括當項目被授予並且就合同條款達成協議的時候。RUPO與積壓訂單之間的差異與包括在積壓訂單中的未行使的期權年限以及包括在積壓訂單中尚未發出交付訂單的無限制提貨/無限數量（「IDIQ」）合同的價值有關。
RUPO由以下組成：（a）原始交易價格，（b）已收到客戶書面確認的變更訂單，（c）公司預計將在業務常規過程中收到確認的待定變更訂單，以及（d）公司根據現有合同安排認爲具有法律依據且不可能發生重大收入逆轉的對客戶提出的索賠金額，減去截至目前已確認的收入。
公司預計會在2024年3月31日之前履行其RUPO，預計時間段如下（以千美元爲單位）： 2024年9月30日在以下時段內（以千爲單位）：
滿足RUPO的時間 |
|
在 |
|
|
在 到 |
|
|
|
||||
製造行業解決方案 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
重要基礎設施 |
|
|
|
|
|
|
|
|
|
|||
總計 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
截至2024年9月30日和2023年9月30日的租賃成本元件如下 2024年9月30日和2023年9月30日的租賃成本如下（以千爲單位）
|
|
三個月之內結束 |
|
|
九個月結束 |
|
||||||||||
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
||||
營業租賃成本 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
短期租賃成本 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
攤銷租賃權資產 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
租賃負債利息 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
轉租收入 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
總租金成本 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
與截至2024年9月30日和2023年9月30日九個月的租賃相關的補充現金流信息如下 2024年9月30日和2023年9月30日之間的資料如下（單位：千美元）
|
|
九個月結束 |
|
|||||
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
||
經營租約的經營現金流量 |
|
$ |
|
|
$ |
|
||
融資租賃的經營活動現金流量 |
|
|
|
|
|
|
||
融資租賃的籌資活動現金流量 |
|
|
|
|
|
|
||
新的資產租賃負債所獲得的租賃權資產 |
|
|
|
|
|
|
||
以新融資租賃負債換取的資產的使用權 |
|
$ |
|
|
$ |
|
||
15
補充資產負債表和截至日期相關的其他信息如下 2024年9月30日和2023年12月31日如下（單位：千美元）：
|
|
2024年9月30日 |
|
|
2023年12月31日 |
|
||
經營租賃： |
|
|
|
|
|
|
||
租賃資產 |
|
$ |
|
|
$ |
|
||
租賃負債： |
|
|
|
|
|
|
||
當前 |
|
|
|
|
|
|
||
開多 |
|
|
|
|
|
|
||
3,582,475 |
|
$ |
|
|
$ |
|
||
融資租賃： |
|
|
|
|
|
|
||
其他非流動資產 |
|
$ |
|
|
$ |
|
||
|
$ |
|
|
$ |
|
|||
|
$ |
|
|
$ |
|
|||
|
|
|
|
|
|
|
||
加權平均剩餘租約期限: |
|
|
|
|
|
|
||
經營租賃 |
|
|
|
|
||||
融資租賃 |
|
|
|
|
||||
加權平均折扣率： |
|
|
|
|
|
|
||
經營租賃 |
|
|
% |
|
|
% |
||
融資租賃 |
|
|
% |
|
|
% |
||
截至2024年9月30日目前
截至2024年3月31日，與公司經營和融資租賃負債相關的未折現現金流的到期分析如下： 2024年9月30日如下（單位：千）：
|
|
營業租賃 |
|
|
融資租賃 |
|
||
2024（剩餘） |
|
$ |
|
|
$ |
|
||
2025 |
|
|
|
|
|
|
||
2026 |
|
|
|
|
|
|
||
2027 |
|
|
|
|
|
|
||
2028 |
|
|
|
|
|
|
||
此後 |
|
|
|
|
|
|
||
總租賃支付 |
|
|
|
|
|
|
||
減：隱含利息 |
|
|
( |
) |
|
|
( |
) |
租約負債現值合計 |
|
$ |
|
|
$ |
|
||
The following table summarizes the changes in the carrying value of goodwill by reporting segment from December 31, 2023 to September 30, 2024 (in thousands):
|
|
December 31, 2023 |
|
|
Acquisitions |
|
|
Foreign Exchange |
|
|
September 30, 2024 |
|
||||
Federal Solutions |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Critical Infrastructure |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Total |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
The Company performed a triggering analysis and determined there was no triggering event indicating a potential impairment to the carrying value of its goodwill at September 30, 2024 and concluded there has
16
The gross amount and accumulated amortization of intangible assets with finite useful lives included in “Intangible assets, net” on the consolidated balance sheets are as follows (in thousands except for years):
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|
Weighted |
|
|||||||||||||||||||
|
|
Gross |
|
|
Accumulated |
|
|
Net |
|
|
Gross |
|
|
Accumulated |
|
|
Net |
|
|
Amortization |
|
|||||||
Backlog |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
|
|
|||||
Customer relationships |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
||||||
Developed technology |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Trade name |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Non-compete agreements |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
In process research and development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a |
|
|||||||
Other intangibles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
n/a |
|
||||||
Total intangible assets |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
|
|
|||||
The aggregate amortization expense of intangible assets for the three months ended September 30, 2024 and September 30, 2023 was $
Estimated amortization expense for the remainder of the current fiscal year and in each of the next four years and beyond is as follows (in thousands):
|
|
September 30, 2024 |
|
|
2024 |
|
$ |
|
|
2025 |
|
|
|
|
2026 |
|
|
|
|
2027 |
|
|
|
|
2028 |
|
|
|
|
Thereafter |
|
|
|
|
Total |
|
$ |
|
|
Property and equipment consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|
Useful life |
||
Buildings and leasehold improvements |
|
$ |
|
|
$ |
|
|
|||
Furniture and equipment |
|
|
|
|
|
|
|
|||
Computer systems and equipment |
|
|
|
|
|
|
|
|||
Construction equipment |
|
|
|
|
|
|
|
|||
Construction in progress |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Accumulated depreciation |
|
|
( |
) |
|
|
( |
) |
|
|
Property and equipment, net |
|
$ |
|
|
$ |
|
|
|
||
Depreciation expense for the three months ended September 30, 2024 and September 30, 2023 was $
17
Debt consisted of the following (in thousands):
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Short-Term Debt: |
|
|
|
|
|
|
||
Convertible senior notes due 2025 |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Long-Term Debt: |
|
|
|
|
|
|
||
Delayed draw term loan |
|
|
|
|
|
|
||
Convertible senior notes due 2025 |
|
|
|
|
|
|
||
Convertible senior notes due 2029 |
|
|
|
|
|
|
||
Revolving credit facility |
|
|
|
|
|
|
||
Debt issuance costs |
|
|
( |
) |
|
|
( |
) |
Total Long-Term Debt |
|
|
|
|
|
|
||
Total Debt |
|
$ |
|
|
$ |
|
||
Delayed Draw Term Loan
In , the Company entered into a $
The 2022 Delayed Draw Term Loan has a
Convertible Senior Notes due 2025
In August 2020, the Company issued an aggregate $
The Convertible Senior Notes are the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness, to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries
18
Each $
Prior to the close of business on the business day immediately preceding March 15, 2025, the Notes will be convertible at the option of the holders thereof only under the following circumstances:
The Company may redeem all or any portion of the Convertible Senior Notes for cash, at its option, on or after August 21, 2023 and before the
Upon the occurrence of a fundamental change prior to the maturity date of the Convertible Senior Notes, holders of the Convertible Senior Notes may require the Company to repurchase all or a portion of the Convertible Senior Notes for cash at a price equal to
Upon conversion, the Company may settle the Convertible Senior Notes for cash, shares of the Company’s common stock, or a combination thereof, at the Company’s option. If the Company satisfies its conversion obligation solely in cash or through payment and delivery of a combination of cash and shares of the Company’s common stock, the amount of cash and shares of common stock due upon conversion will be based on a daily conversion value calculated on a proportionate basis for each trading day in a 50-trading day observation period.
The Company recognized interest expense of $
See the discussion of the partial repurchase of Convertible Senior Notes due 2025 and the unwind of the related note hedge and warrants below.
Note Hedge and Warrant - Convertible Senior Notes due 2025
In connection with the sale of the Convertible Senior Notes, the Company purchased a bond hedge designed to mitigate the potential dilution from the conversion of the Convertible Senior Notes. Under the
19
conversion of the Convertible Senior Notes is approximately
The cost of the convertible note hedge was partially offset by the Company’s sale of warrants to acquire approximately
The bond hedge and warrant transactions effectively increased the conversion price associated with the Convertible Senior Notes during the term of these transactions from
The bond hedges and warrants are indexed to, and potentially settled in, shares of the Company’s common stock. The net cost of $
At issuance, the Company recorded a deferred tax liability of $
Convertible Senior Notes due 2029
In February 2024, the Company issued an aggregate $
The 2029 Convertible Notes are the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2029 Convertible Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness, including borrowings under the Company’s revolving credit facility and delayed draw term loan credit facility, to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.
Each $
Prior to the close of business on the business day immediately preceding October 1, 2028, the 2029 Convertible Notes will be convertible at the option of the holders thereof only under the following circumstances:
20
The Company may redeem all or any portion of the 2029 Convertible Notes for cash, at its option, on or after March 8, 2027 and before the
Upon the occurrence of a fundamental change prior to the maturity date of the 2029 Convertible Notes, holders of the 2029 Convertible Notes may require the Company to repurchase all or a portion of the 2029 Convertible Notes for cash at a price equal to
Upon conversion, the Company will settle the principal amount of the 2029 Convertible Notes converted in cash and will settle the remainder of the consideration owed upon conversion in cash, shares of the Company’s common stock, or a combination thereof, at the Company’s option, with such amount of cash and, if applicable, shares of common stock due upon conversion based on a daily conversion value calculated on a proportionate basis for each trading day in a 50-trading day observation period.
The Company recognized interest expense with respect to the 2029 Convertible Notes of $
Capped Call Transactions - Convertible Senior Notes due 2029
In February 2024, in connection with the offering of the 2029 Convertible Notes, the Company entered into capped call transactions (the “Capped Call Transactions”) with certain financial institutions. The Capped Call Transactions are expected generally to reduce the potential dilution to the Company’s common stock upon any conversion of the Convertible Senior Notes due 2029 and/or offset any cash payments the Company is required to make in excess of the principal amount of any converted Convertible Senior Notes due 2029, as the case may be. If, however, the market price per share of the Company’s common stock, as measured under the terms of the Capped Call Transactions, exceeds the cap price of the Capped Call Transactions, there would nevertheless be dilution and/or there would not be an offset of such cash payments, in each case, to the extent that such market price exceeds the cap price of the Capped Call Transactions.
The cap price of the Capped Call Transactions is initially $
At issuance, the Company recorded a deferred tax asset of $
Convertible Senior Notes due 2025 Partial Repurchase and Note Hedge and Warrants Partial Unwind
In connection with the issuance of the Convertible Senior Notes due 2029, during the first quarter of 2024, we used $
21
our Convertible Senior Notes due 2025 concurrently with the offering in separate and individually negotiated transactions. In addition, we used $
The partial repurchase, during the nine months ended September 30, 2024, resulted in a $
Revolving Credit Facility
In , the Company entered into a $
The Credit Agreement includes various covenants, including restrictions on indebtedness, liens, acquisitions, investments or dispositions, payment of dividends and maintenance of certain financial ratios and conditions. The Company was in compliance with these covenants at September 30, 2024 and December 31, 2023.
Letters of Credit
The Company also has in place several secondary bank credit lines for issuing letters of credit, principally for foreign contracts, to support performance and completion guarantees. Letters of credit commitments outstanding under these bank lines aggregated approximately $
In 2021 the Organization for Economic Co-operation and Development (OECD) announced an inclusive Framework on Base Erosion and Profit Shifting (BEPS) including Pillar Two Model Rules defining the global minimum tax, also known as the Global Anti-Base Erosion (GloBE), which aims to ensure that multinational enterprises (MNEs) pay a
The Company’s effective tax rate was
22
remeasurement of its U.S. deferred tax assets and liabilities due to a change in state tax rate, a net increase of uncertain tax positions, and an increase in executive compensation subject to Section 162(m), offset by an increase in the foreign-derived intangible income (FDII) deduction and an increase in equity-based compensation. The Company’s effective tax rate was
As of September 30, 2024, the Company’s deferred tax assets were subject to a valuation allowance of $
As of September 30, 2024 and December 31, 2023, the liability for income taxes associated with uncertain tax positions was $
Although the Company believes its reserves for its tax positions are reasonable, the final outcome of tax audits could be materially different, both favorably and unfavorably. It is reasonably possible that certain audits may conclude in the next 12 months and that the unrecognized tax benefits the Company has recorded in relation to these tax years may change compared to the liabilities recorded for these periods.
The Company is subject to certain lawsuits, claims and assessments that arise in the ordinary course of business. Additionally, the Company has been named as a defendant in lawsuits alleging personal injuries as a result of contact with asbestos products at various project sites. Management believes that any significant costs relating to these claims will be reimbursed by applicable insurance and, although there can be no assurance that these matters will be resolved favorably, management believes that the ultimate resolution of any of these claims will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. A liability is recorded when it is both probable that a loss has been incurred and the amount of loss or range of loss can be reasonably estimated. When using a range of loss estimate, the Company records the liability using the low end of the range unless some amount within the range of loss appears at that time to be a better estimate than any other amount in the range. The Company records a corresponding receivable for costs covered under its insurance policies. Management judgment is required to determine the outcome and the estimated amount of a loss related to such matters. Management believes that there are
In September 2015, a former Parsons employee filed an action in the United States District Court for the Northern District of Alabama against us as a qui tam relator on behalf of the United States (the “Relator”) alleging violation of the False Claims Act. The plaintiff alleges that, as a result of these actions, the United States paid in excess of $
23
On July 1, 2024, a final judgment was filed with the clerk of the Superior Court of the State of California In and For the County of San Mateo with an award of damages in the total amount of approximately $
At this time, the Company is unable to determine the probability of the outcome of the litigation.
Federal government contracts are subject to audits, which are performed for the most part by the Defense Contract Audit Agency (“DCAA”). Audits by the DCAA and other agencies consist of reviews of our overhead rates, operating systems and cost proposals to ensure that we account for such costs in accordance with the Cost Accounting Standards (“CAS”). If the DCAA determines we have not accounted for such costs in accordance with the CAS, the DCAA may disallow these costs. The disallowance of such costs may result in a reduction of revenue and additional liability for the Company. Historically, the Company has not experienced any material disallowed costs as a result of government audits. However, the Company can provide no assurance that the DCAA or other government audits will not result in material disallowances for incurred costs in the future. All audits of costs incurred on work performed through 2018 have been closed, and years thereafter remain open.
Although there can be no assurance that these matters will be resolved favorably, management believes that their ultimate resolution will not have a material adverse impact on the Company’s consolidated financial position, results of operations, or cash flows.
The Company’s principal retirement benefit plan is the Parsons Employee Stock Ownership Plan (“ESOP”), a stock bonus plan, established in 1975 to cover eligible employees of the Company and certain affiliated companies. Contributions of treasury stock to the ESOP are made annually in amounts determined by the Company’s board of directors and are held in trust for the sole benefit of the participants.
A participant’s interest in their ESOP account is redeemable upon certain events, including retirement, death, termination due to permanent disability, a severe financial hardship following termination of employment, certain conflicts of interest following termination of employment, or the exercise of diversification rights. Distributions from the ESOP of participants’ interests are made in the Company’s common stock based on quoted prices of a share of the Company’s common stock on the NYSE. A participant will be able to sell such shares of common stock in the market, subject to any requirements of the federal securities laws.
Total ESOP contribution expense was $
The Company participates in joint ventures to bid, negotiate and complete specific projects. The Company is required to consolidate these joint ventures if it holds the majority voting interest or if the Company meets the criteria under the consolidation model, as described below.
The Company performs an analysis to determine whether its variable interests give the Company a controlling financial interest in a Variable Interest Entity (“VIE”) for which the Company is the primary beneficiary and should,
24
therefore, be consolidated. Such analysis requires the Company to assess whether it has the power to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.
The Company analyzed all of its joint ventures and classified them into two groups: (1) joint ventures that must be consolidated because they are either not VIEs and the Company holds the majority voting interest, or because they are VIEs and the Company is the primary beneficiary; and (2) joint ventures that do not need to be consolidated because they are either not VIEs and the Company holds a minority voting interest, or because they are VIEs and the Company is not the primary beneficiary.
Many of the Company’s joint venture agreements provide for capital calls to fund operations, as necessary; however, such funding is infrequent and is not anticipated to be material.
Letters of credit outstanding described in “Note 10 – Debt and Credit Facilities” that relate to project ventures are $
In the table below, aggregated financial information relating to the Company’s joint ventures is provided because their nature, risk and reward characteristics are similar. None of the Company’s current joint ventures that meet the characteristics of a VIE are individually significant to the consolidated financial statements.
Consolidated Joint Ventures
The following represents financial information for consolidated joint ventures included in the consolidated financial statements (in thousands):
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Current assets |
|
$ |
|
|
$ |
|
||
Noncurrent assets |
|
|
|
|
|
|
||
Total assets |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Noncurrent liabilities |
|
|
|
|
|
|
||
Total liabilities |
|
|
|
|
|
|
||
Total joint venture equity |
|
$ |
|
|
$ |
|
||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Costs |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net income attributable to noncontrolling interests |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
The assets of the consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the Company’s general operations.
25
Unconsolidated Joint Ventures
The Company accounts for its unconsolidated joint ventures using the equity method of accounting. Under this method, the Company recognizes its proportionate share of the net earnings of these joint ventures as “Equity in (losses) earnings of unconsolidated joint ventures” in the consolidated statements of income. The Company’s maximum exposure to loss as a result of its investments in unconsolidated joint ventures is typically limited to the aggregate of the carrying value of the investment and future funding commitments.
The following represents the financial information of the Company’s unconsolidated joint ventures as presented in their unaudited financial statements (in thousands):
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Current assets |
|
$ |
|
|
$ |
|
||
Noncurrent assets |
|
|
|
|
|
|
||
Total assets |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Noncurrent liabilities |
|
|
|
|
|
|
||
Total liabilities |
|
|
|
|
|
|
||
Total joint venture equity |
|
$ |
|
|
$ |
|
||
Investments in and advances to unconsolidated joint ventures |
|
$ |
|
|
$ |
|
||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Costs |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Equity in losses of unconsolidated joint ventures |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
The Company had net contributions to its unconsolidated joint ventures for the three months ended September 30, 2024 and September 30, 2023 of $
The following table presents certain financial statement impacts from changes in estimates which resulted in a write-down in a design build joint venture in the Critical Infrastructure segment (in thousands):
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Operating income (loss) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
Net income (loss) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
Diluted income (loss) per share |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
The Company often provides services to unconsolidated joint ventures and revenues include amounts related to recovering costs for these services. Revenues related to services the Company provided to unconsolidated joint ventures for the three months ended September 30, 2024 and September 30, 2023 were $
For the three months ended September 30, 2024 and September 30, 2023, the Company incurred $
26
Amounts included in the consolidated balance sheets related to services the Company provided to unconsolidated joint ventures are as follows (in thousands):
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Accounts receivable |
|
$ |
|
|
$ |
|
||
Contract assets |
|
|
|
|
|
|
||
Contract liabilities |
|
|
|
|
|
|
||
The authoritative guidance on fair value measurement defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (referred to as an “exit price”). At September 30, 2024 and December 31, 2023, the Company’s financial instruments include cash, cash equivalents, accounts receivable, accounts payable, and other liabilities. The fair values of these financial instruments approximate their carrying values due to their short-term maturities.
Investments measured at fair value are based on one or more of the following three valuation techniques:
In addition, the guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are:
Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities;
Level 2 Pricing inputs that include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument; and
Level 3 Prices or valuations that require inputs that are both significant to the fair value measurements and unobservable.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
Financial assets and liabilities measured at fair value on a quarterly basis are as follows:
Fair value as of September 30, 2024 (in thousands):
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Contingent consideration |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnout liability |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Total liabilities at fair value |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
27
Fair value as of December 31, 2023 (in thousands):
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Contingent consideration |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnout liability |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Total liabilities at fair value |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Contingent consideration is recorded at its fair value, using a Black-Scholes model, within other liabilities or other long-term liabilities, as appropriate. The fair value of contingent consideration involves the use of significant estimates and
assumptions related to risks associated with earnout, i.e. risk in the underlying metric, risk in the earnout structure, counterparty credit risk, projected revenue, the revenue discount rate, the revenue volatility, and the Company's credit adjusted discount rate. Subsequent adjustments to these assumptions can cause changes to the measure of contingent consideration.
Refer to Notes to Consolidated Financial Statements included in the Company’s Form 10-K for the year ended December 31, 2023 for a more complete discussion of the various items within the consolidated financial statements measured at fair value and the methods used to determine fair value.
The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in our consolidated balance sheets, on the basis of Level 1 inputs for the Company's convertible notes and Level 2 inputs for the delayed draw term loan, were as follows (in thousands):
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||||||||||
|
|
Carrying Value |
|
|
Fair Value |
|
|
Carrying Value |
|
|
Fair Value |
|
||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Convertible senior notes due 2025 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Convertible senior notes due 2029 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Delayed draw term loan |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Basic earnings per share (“EPS”) is computed using the weighted average number of shares outstanding during the period and income available to shareholders. Diluted EPS includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued using the if-converted method for Convertible Debt and the treasury stock method for all other instruments.
Under the treasury stock method, the weighted average number of shares outstanding is adjusted to reflect the dilutive effects of stock-based awards and shares underlying the warrants related to the convertible senior notes due 2025.
Under the if-converted method:
28
The following tables reconcile the denominator and numerator used to compute basic EPS to the denominator and numerator used to compute diluted EPS for the three and nine months ended September 30, 2024 and September 30, 2023 (in thousands):
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Numerator for Basic and Diluted EPS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to Parsons Corporation - basic |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Convertible senior notes if-converted method interest adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to Parsons Corporation - diluted |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Denominator for Basic and Diluted EPS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic weighted average number of shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dilutive effect of stock-based awards |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dilutive effect of warrants |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Dilutive effect of convertible senior notes due 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted weighted average number of shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Diluted |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three months ended September 30, 2024 and September 30, 2023 were
If-converted interest adjustment of $
Share Repurchases
On August 9, 2021, the Company’s Board of Directors authorized the Company to acquire a number of shares of Common Stock having an aggregate market value of not greater than $
At the time of the February 2024 authorization, the Company had repurchased shares with an aggregated market value (including fees) of $
As of September 30, 2024, the Company has $
Repurchased shares of common stock are retired and included in “Repurchases of common stock” in cash flows from financing activities in the Consolidated Statements of Cash Flows. The primary purpose of the Company’s share repurchase program is to reduce the dilutive effect of shares issued under the Company’s ESOP and other stock benefit plans. The timing, amount and manner of share repurchases may depend upon market conditions and economic
29
circumstances, availability of investment opportunities, the availability and costs of financing, the market price of the Company's common stock, other uses of capital and other factors.
The following table summarizes the repurchase activity under the stock repurchase program:
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Total shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total shares retired |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average price paid per share |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
The Company operates in
The Federal Solutions segment provides advanced technical solutions to the U.S. government, delivering timely, cost-effective hardware, software and services for mission-critical projects. The segment provides advanced technologies, supporting national security missions in cybersecurity, missile defense, and military facility modernization, logistics support, hazardous material remediation and engineering services.
The Critical Infrastructure segment provides integrated engineering and management services for complex physical and digital infrastructure around the globe. The Critical Infrastructure segment is a technology innovator focused on next generation digital systems and complex structures. Industry leading capabilities in engineering and project management allow the Company to deliver significant value to customers by employing cutting-edge technologies, improving timelines and reducing costs.
The Company defines its reportable segments based on the way the chief operating decision maker (“CODM”), its Chief Executive Officer, evaluates the performance of each segment and manages the operations of the Company for purposes of allocating resources among the segments. The CODM evaluates segment operating performance using segment Revenue and segment Adjusted EBITDA attributable to Parsons Corporation.
The following table summarizes business segment revenue for the periods presented (in thousands):
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Federal Solutions revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Critical Infrastructure revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Equity in (losses) earnings of unconsolidated joint ventures: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Federal Solutions |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Critical Infrastructure |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
$ |
|
||
Total equity in (losses) earnings of unconsolidated joint ventures |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
The Company defines Adjusted EBITDA attributable to Parsons Corporation as Adjusted EBITDA excluding Adjusted EBITDA attributable to noncontrolling interests. The Company defines Adjusted EBITDA as net income (loss) attributable to Parsons Corporation, adjusted to include net income (loss) attributable to noncontrolling interests and to exclude interest expense (net of interest income), provision for income taxes, depreciation and amortization and certain other items that are not considered in the evaluation of ongoing operating performance. These other items include net income (loss) attributable to noncontrolling interests, asset impairment charges, equity-based compensation, income and expense recognized on litigation matters, expenses incurred in connection with acquisitions and other non-recurring transaction costs and expenses related to our prior restructuring.
30
Adjusted EBITDA attributable to Parsons Corporation to Net Income attributable to Parsons Corporation for the periods presented (in thousands):
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
Adjusted EBITDA attributable to Parsons Corporation |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Federal Solutions |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Critical Infrastructure |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA attributable to Parsons Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Interest expense, net |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Income tax benefit (expense) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Equity-based compensation expense |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Loss on extinguishment of debt |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Transaction-related costs (a) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Restructuring expense (b) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||
Other (c) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
Net (loss) income including noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net (loss) income attributable to Parsons Corporation |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Asset information by segment is not a key measure of performance used by the CODM.
The following tables present revenues and property and equipment, net by geographic area (in thousands):
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
North America |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Middle East |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rest of World |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
The geographic location of revenue is determined by the location of the customer.
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Property and Equipment, Net |
|
|
|
|
|
|
||
North America |
|
$ |
|
|
$ |
|
||
Middle East |
|
|
|
|
|
|
||
Total Property and Equipment, Net |
|
$ |
|
|
$ |
|
||
North America includes revenue in the United States for the three months ended September 30, 2024 and September 30, 2023 of $
31
The following table presents revenues by business units (in thousands):
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Defense and Intelligence |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Engineered Systems |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Federal Solutions revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Infrastructure – North America |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Infrastructure – Europe, Middle East and Africa |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Critical Infrastructure revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Effective October 1, 2023, the Company reorganized its Critical Infrastructure business units from Mobility Solutions and Connected Communities to Infrastructure – North America and Infrastructure – Europe, Middle East and Africa. The prior year information in the table above has been reclassified to conform to the business unit changes.
After the end of the quarter ended September 30, 2024, the Company entered into a merger agreement to acquire a
32
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis is intended to help investors understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion together with our consolidated financial statements and related notes thereto included elsewhere in this Form 10-Q and in conjunction with the Company’s Form 10-K for the year ended December 31, 2023. Certain amounts may not foot due to rounding.
The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in “Risk Factors” and “Special Note Regarding Forward-Looking Statements” in the Company’s Form 10-K for the year ended December 31, 2023. We undertake no obligation to revise publicly any forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements.
PARSONS CORPORATION Enabling a safer, smarter, and more interconnected world. Engineered solutions for complex physical and digital infrastructure challenges SEGMENTS KEY FACTS AND FIGURES Technology-driven solutions for defense and intelligence customers FINANCIAL SNAPSHOT $4B Total Revenue Trailing 12-Months (Q2 2020) $4B Contract Awards Trailing 12-Months (Q2 2020) 75+ Years Of History Federal Solutions 49% Critical Infrastructure 51% Federal Solutions 58% Critical Infrastructure 42% Federal Solutions Critical Infrastructure ~16K Employees 6% Revenue Growth Trailing 12-Months (Q2 2020) 1.0X Book-To-Bill Ratio Trailing 12-Months (Q2 2020) $7.7B Backlog As Of 6/30/2020 PARSONS CORPORATION.
Overview
We are a leading provider of the integrated solutions and services required in today’s complex security environment and a world of digital transformation. We deliver innovative technology-driven solutions to customers worldwide. We have developed significant expertise and differentiated capabilities in key areas of cybersecurity, intelligence, missile defense, C5ISR, space, transportation, water/wastewater and environmental remediation. By combining our talented team of professionals and advanced technology, we solve complex technical challenges to enable a safer, smarter, more secure and more connected world.
We operate in two reporting segments, Federal Solutions and Critical Infrastructure. Our Federal Solutions business provides advanced technical solutions to the U.S. government. Our Critical Infrastructure business provides integrated engineering and management services for complex physical and digital infrastructure to state and local governments and large companies.
Our employees provide services pursuant to contracts that we are awarded by the customer and specific task orders relating to such contracts. These contracts are often multi-year, which provides us backlog and visibility on our revenues for future periods. Many of our contracts and task orders are subject to renewal and rebidding at the end of their term, and some are subject to the exercise of contract options and issuance of task orders by the applicable government
33
entity. In addition to focusing on increasing our revenues through increased contract awards and backlog, we focus our financial performance on margin expansion and cash flow.
Key Metrics
We manage and assess the performance of our business by evaluating a variety of metrics. The following table sets forth selected key metrics (in thousands, except Book-to-Bill):
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||
Awards (year to date) |
|
$ |
5,367,109 |
|
|
$ |
4,748,320 |
|
Backlog (1) |
|
$ |
8,784,047 |
|
|
$ |
8,815,561 |
|
Book-to-Bill (year to date) |
|
|
1.1 |
|
|
|
1.2 |
|
Awards
Awards generally represent the amount of revenue expected to be earned in the future from funded and unfunded contract awards received during the period. Contract awards include both new and re-compete contracts and task orders. Given that new contract awards generate growth, we closely track our new awards each year.
The following table summarizes the year to-date value of new awards for the periods presented below (in thousands):
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Federal Solutions |
|
$ |
1,012,432 |
|
|
$ |
764,531 |
|
|
$ |
3,100,242 |
|
|
$ |
2,642,302 |
|
Critical Infrastructure |
|
|
772,304 |
|
|
|
670,398 |
|
|
|
2,266,867 |
|
|
|
2,106,018 |
|
Total Awards |
|
$ |
1,784,736 |
|
|
$ |
1,434,929 |
|
|
$ |
5,367,109 |
|
|
$ |
4,748,320 |
|
The change in new awards from year to year is primarily due to ordinary course fluctuations in our business. The volume of contract awards can fluctuate in any given period due to win rate and the timing and size of the awards issued by our customers.
The increase in awards for the three months ended September 30, 2024 compared to the corresponding period last year was primarily due to two significant awards in our Federal Solutions segment and a design award in our Critical Infrastructure segment.
The increase in awards for the nine months ended September 30, 2024 when compared to the corresponding period last year was primarily due to significant option period awards from a customer in our Federal Solutions segment offset by significant awards in our Federal Solutions segment from the Federal Aviation Administration and the General Services Administration for the nine months ended September 30, 2023.
Backlog
We define backlog to include the following two components:
Backlog includes (i) unissued task orders and unexercised option years, to the extent their issuance or exercise is probable, as well as (ii) contract awards, to the extent we believe contract execution and funding is probable.
34
The following table summarizes the value of our backlog at the respective dates presented below (in thousands):
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||
Federal Solutions: |
|
|
|
|
|
|
||
Funded |
|
$ |
1,982,336 |
|
|
$ |
1,625,475 |
|
Unfunded |
|
|
2,936,109 |
|
|
|
3,565,223 |
|
Total Federal Solutions |
|
|
4,918,445 |
|
|
|
5,190,698 |
|
Critical Infrastructure: |
|
|
|
|
|
|
||
Funded |
|
|
3,811,638 |
|
|
|
3,554,754 |
|
Unfunded |
|
|
53,964 |
|
|
|
70,109 |
|
Total Critical Infrastructure |
|
|
3,865,602 |
|
|
|
3,624,863 |
|
Total Backlog (1) |
|
$ |
8,784,047 |
|
|
$ |
8,815,561 |
|
Our backlog includes orders under contracts that in some cases extend for several years. For example, the U.S. Congress generally appropriates funds for our U.S. federal government customers on a yearly basis, even though their contracts with us may call for performance that is expected to take a number of years to complete. As a result, our federal contracts typically are only partially funded at any point during their term. All or some of the work to be performed under the contracts may remain unfunded unless and until the U.S. Congress makes subsequent appropriations and the procuring agency allocates funding to the contract.
We expect to recognize $3.9 billion of our funded backlog at September 30, 2024 as revenues in the following twelve months. However, our U.S. federal government customers may cancel their contracts with us at any time through a termination for convenience or may elect to not exercise option periods under such contracts. In the case of a termination for convenience, we would not receive anticipated future revenues, but would generally be permitted to recover all or a portion of our incurred costs and fees for work performed. See “Risk Factors—Risk Relating to Our Business—We may not realize the full value of our backlog, which may result in lower than expected revenue” in the Company’s Form 10-K for the year ended December 31, 2023.
The changes in backlog in both the Federal Solutions and Critical Infrastructure segments were primarily from ordinary course fluctuations in our business and the impacts related to the Company’s awards discussed above.
Book-to-Bill
Book-to-bill is the ratio of total awards to total revenue recorded in the same period. Our management believes our book-to-bill ratio is a useful indicator of our potential future revenue growth in that it measures the rate at which we are generating new awards compared to the Company’s current revenue. To drive future revenue growth, our goal is for the level of awards in a given period to exceed the revenue booked. A book-to-bill ratio greater than 1.0 indicates that awards generated in a given period exceeded the revenue recognized in the same period, while a book-to-bill ratio of less than 1.0 indicates that awards generated in such period were less than the revenue recognized in such period. The following table sets forth the book-to-bill ratio for the periods presented below:
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Federal Solutions |
|
|
0.9 |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
1.2 |
|
Critical Infrastructure |
|
|
1.1 |
|
|
|
1.1 |
|
|
|
1.1 |
|
|
|
1.2 |
|
Overall |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
1.1 |
|
|
|
1.2 |
|
Factors and Trends Affecting Our Results of Operations
We believe that the financial performance of our business and our future success are dependent upon many factors, including those highlighted in this section. Our operating performance will depend upon many variables, including the success of our growth strategies and the timing and size of investments and expenditures that we choose to undertake, as well as market growth and other factors that are not within our control.
35
Government Spending
Changes in the relative mix of government spending and areas of spending growth, with shifts in priorities on homeland security, intelligence, defense-related programs, infrastructure and urbanization, and continued increased spending on technology and innovation, including cybersecurity, artificial intelligence, connected communities and physical infrastructure, could impact our business and results of operations. Cost-cutting and efficiency initiatives, current and future budget restrictions, spending cuts and other efforts to reduce government spending could cause our government customers to reduce or delay funding or invest appropriated funds on a less consistent basis or not at all, and demand for our solutions or services could diminish. Furthermore, any disruption in the functioning of government agencies, including as a result of government closures and shutdowns, could have a negative impact on our operations and cause us to lose revenue or incur additional costs due to, among other things, our inability to deploy our staff to customer locations or facilities as a result of such disruptions.
Federal Budget Uncertainty
There is uncertainty around the timing, extent, nature and effect of Congressional and other U.S. government actions to address budgetary constraints, caps on the discretionary budget for defense and non-defense departments and agencies, and the ability of Congress to determine how to allocate the available budget authority and pass appropriations bills to fund both U.S. government departments and agencies that are, and those that are not, subject to the caps. Additionally, budget deficits and the growing U.S. national debt increase pressure on the U.S. government to reduce federal spending across all federal agencies, with uncertainty about the size and timing of those reductions. Furthermore, delays in the completion of future U.S. government budgets could in the future delay procurement of the federal government services we provide. A reduction in the amount of, or delays, or cancellations of funding for, services that we are contracted to provide to the U.S. government as a result of any of these impacts or related initiatives, legislation or otherwise could have a material adverse effect on our business and results of operations.
Regulations
Increased audit, review, investigation and general scrutiny by government agencies of performance under government contracts and compliance with the terms of those contracts and applicable laws could affect our operating results. Negative publicity and increased scrutiny of government contractors in general, including us, relating to government expenditures for contractor services and incidents involving the mishandling of sensitive or classified information, as well as the increasingly complex requirements of the U.S. Department of Defense and the U.S. Intelligence Community, including those related to cybersecurity, could impact our ability to perform in the markets we serve.
Competitive Markets
The industries we operate in consist of a large number of enterprises ranging from small, niche-oriented companies to multi-billion-dollar corporations that serve many government and commercial customers. We compete on the basis of our technical expertise, technological innovation, our ability to deliver cost-effective multi-faceted services in a timely manner, our reputation and relationships with our customers, qualified and/or security-clearance personnel, and pricing. We believe that we are uniquely positioned to take advantage of the markets in which we operate because of our proven track record, long-term customer relationships, technology innovation, scalable and agile business offerings and world class talent. Our ability to effectively deliver on project engagements and successfully assist our customers affects our ability to win new contracts and drives our financial performance.
Acquired Operations
BlackSignal Technologies, LLC
On August 16, 2024, the Company acquired a 100% ownership interest in BlackSignal Technologies, LLC, ("BlackSignal") a privately-owned company, for $203.8 million from cash on hand. Headquartered in Chantilly, Virginia, BlackSignal is a next-generation digital signal processing, electronic warfare, and cyber security provider built to counter near peer threats. Parsons believes that the acquisition will expand Parsons' customer base across the Department of Defense and Intelligence Community and significantly strengthen Parsons' positioning within cyber warfare, while adding new capabilities in the counterspace radio frequency domain. The financial results of BlackSignal have been included in our consolidated results of operations from August 16, 2024 onward.
36
I.S. Engineers, LLC
On October 31, 2023, the Company entered into a Membership Interest Purchase Agreement to acquire a 100% ownership interest in I.S. Engineers, LLC, a privately-owned company, for $12.2 million, subject to certain adjustments. Headquartered in Texas, I.S. Engineers, LLC provides full-service consulting specializing in transportation engineering, including roads and highways, and program management. The financial results of I.S. Engineers have been included in our consolidated results of operations from October 31, 2023 onward.
Sealing Technologies, Inc.
On August 23, 2023, the Company acquired a 100% ownership interest in Sealing Technologies, Inc (“SealingTech”), a privately-owned company, for $176.0 million and up to an additional $25 million in the event an earn out revenue target is exceeded. Headquartered in Maryland, SealingTech expands Parsons’ customer base across the Department of Defense and Intelligence Community, and further enhances the company’s capabilities in defensive cyber operations; integrated mission-solutions powered by artificial intelligence (AI) and machine learning (ML); edge computing and edge access modernization; critical infrastructure protection; and secure data management. The financial results of SealingTech have been included in our consolidated results of operations from August 23, 2023 onward.
IPKeys Power Partners
On April 13, 2023, the Company entered into a merger agreement to acquire a 100% ownership interest in IPKeys Power Partners (“IPKeys”), a privately-owned company, for $43.0 million. The merger brings IPKeys' established customer base, expanding Parsons' presence in two rapidly growing end markets: grid modernization and cyber resiliency for critical infrastructure. Headquartered in Tinton Falls, New Jersey, IPKeys is a trusted provider of enterprise software platform solutions that is actively delivering cyber and operational security to hundreds of electric, water, and gas utilities across North America. The financial results of IPKeys have been included in our consolidated results of operations from April 13, 2023 onward.
Seasonality
Our results may be affected by variances as a result of weather conditions and contract award seasonality impacts that we experience across our businesses. The latter issue is typically driven by the U.S. federal government fiscal year-end, September 30. While not certain, it is not uncommon for U.S. government agencies to award task orders or complete other contract actions in the weeks before the end of the U.S. federal government fiscal year in order to avoid the loss of unexpended U.S. federal government fiscal year funds. In addition, we have also historically experienced higher bid and proposal costs in the months leading up to the U.S. federal government fiscal year-end as we pursue new contract opportunities expected to be awarded early in the following U.S. federal government fiscal year as a result of funding appropriated for that U.S. federal government fiscal year. Furthermore, many U.S. state governments with fiscal years ending on June 30 tend to accelerate spending during their first quarter, when new funding becomes available. We may continue to experience this seasonality in future periods, and our results of operations may be affected by it.
Results of Operations
Revenue
Our revenue consists of both services provided by our employees and pass-through fees from subcontractors and other direct costs. Our Federal Solutions segment derives revenue primarily from the U.S. federal government and our Critical Infrastructure segment derives revenue primarily from government and commercial customers.
We enter into the following types of contracts with our customers:
37
Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” and “Note 2—Summary of Significant Accounting Policies” in the notes to our consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2023 for a description of our policies on revenue recognition.
The table below presents the percentage of total revenue for each type of contract.
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
Fixed-price |
|
43.7% |
|
31.9% |
|
42.4% |
|
31.2% |
Time-and-materials |
|
19.6% |
|
25.1% |
|
21.0% |
|
25.3% |
Cost-plus |
|
36.7% |
|
43.0% |
|
36.6% |
|
43.5% |
The amount of risk and potential reward varies under each type of contract. Under cost-plus contracts, there is limited financial risk, because we are reimbursed for all allowable costs up to a ceiling. However, profit margins on this type of contract tend to be lower than on time-and-materials and fixed-price contracts. Under time-and-materials contracts, we are reimbursed for the hours worked using the predetermined hourly rates for each labor category. In addition, we are typically reimbursed for other direct contract costs and expenses at cost. We assume financial risk on time-and-materials contracts because our labor costs may exceed the negotiated billing rates. Profit margins on well-managed time-and-materials contracts tend to be higher than profit margins on cost-plus contracts as long as we are able to staff those contracts with people who have an appropriate skill set. Under fixed-price contracts, we are required to deliver the objectives under the contract for a pre-determined price. Compared to time-and-materials and cost-plus contracts, fixed-price contracts generally offer higher profit margin opportunities because we receive the full benefit of any cost savings, but they also generally involve greater financial risk because we bear the risk of any cost overruns. In the aggregate, the contract type mix in our revenue for any given period will affect that period’s profitability. Over time, we have generally experienced a relatively stable contract mix.
The significant change in the contract mix for the three and nine months ended September 30, 2024 compared to the corresponding period last year relates to increased business volume from a significant fixed price contract in our Federal Solutions segment.
Our recognition of profit on long-term contracts requires the use of assumptions related to transaction price and total cost of completion. Estimates are continually evaluated as work progresses and are revised when necessary. When a change in estimated cost or transaction price is determined to have an impact on contract profit, we record a positive or negative adjustment to the consolidated statement of income.
Joint Ventures
We conduct a portion of our business through joint ventures or similar partnership arrangements. For the joint ventures we control, we consolidate all the revenues and expenses in our consolidated statements of income (including revenues and expenses attributable to noncontrolling interests). For the joint ventures we do not control, we recognize equity in (losses) earnings of unconsolidated joint ventures. Our revenues included amounts related to services we provided to our unconsolidated joint ventures for the three months ended September 30, 2024 and September 30, 2023 of $47.6 million and $57.3 million, respectively, and $144.9 million and $164.8 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.
Operating costs and expenses
Operating costs and expenses primarily include direct costs of contracts and selling, general and administrative expenses. Costs associated with compensation-related expenses for our people and facilities, which includes ESOP contribution expenses, are the most significant component of our operating expenses. Total ESOP contribution expense for the three months ended September 30, 2024 and September 30, 2023 was $13.2 million and $14.9 million, respectively, and $43.4 million and $44.1 million for the nine months ended September 30, 2024 and September 30, 2023, respectively and is recorded in “Direct cost of contracts” and “Selling, general and administrative expenses.”
Direct costs of contracts consist of direct labor and associated fringe benefits, indirect overhead, subcontractor and materials (“pass-through costs”), travel expenses and other expenses incurred to perform on contracts.
Selling, general and administrative expenses (“SG&A”) include salaries and wages and fringe benefits of our employees not performing work directly for customers, facility costs and other costs related to these indirect functions.
38
Other income and expenses
Other income and expenses primarily consist of interest income, interest expense and other income, net.
Interest income primarily consists of interest earned on U.S. government money market funds.
Interest expense consists of interest expense incurred under our Senior Notes, Convertible Senior Notes, and Credit Agreement.
Other income, net primarily consists of gain or loss on sale of assets, sublease income and transaction gain or loss related to movements in foreign currency exchange rates.
Adjusted EBITDA
The following table sets forth Adjusted EBITDA, Net Income Margin, and Adjusted EBITDA Margin for the three and nine months ended September 30, 2024 and September 30, 2023.
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Adjusted EBITDA (1) |
|
$ |
167,011 |
|
|
$ |
127,833 |
|
|
$ |
458,334 |
|
|
$ |
336,530 |
|
Net Income Margin (2) |
|
|
4.7 |
% |
|
|
4.2 |
% |
|
|
1.5 |
% |
|
|
3.8 |
% |
Adjusted EBITDA Margin (3) |
|
|
9.2 |
% |
|
|
9.0 |
% |
|
|
9.1 |
% |
|
|
8.5 |
% |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Net income (loss) attributable to Parsons Corporation |
|
$ |
71,951 |
|
|
$ |
47,447 |
|
|
$ |
33,768 |
|
|
$ |
116,241 |
|
Interest expense, net |
|
|
8,802 |
|
|
|
8,120 |
|
|
|
29,831 |
|
|
|
20,778 |
|
Income tax expense |
|
|
22,518 |
|
|
|
15,218 |
|
|
|
12,699 |
|
|
|
41,944 |
|
Depreciation and amortization |
|
|
24,542 |
|
|
|
30,154 |
|
|
|
73,513 |
|
|
|
87,202 |
|
Net income attributable to noncontrolling interests |
|
|
13,638 |
|
|
|
12,364 |
|
|
|
40,428 |
|
|
|
33,617 |
|
Equity-based compensation |
|
|
21,251 |
|
|
|
9,075 |
|
|
|
44,554 |
|
|
|
25,092 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
211,018 |
|
|
|
- |
|
Transaction-related costs (a) |
|
|
3,770 |
|
|
|
5,493 |
|
|
|
8,958 |
|
|
|
9,028 |
|
Restructuring (b) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
546 |
|
Other (c) |
|
|
539 |
|
|
|
(38 |
) |
|
|
3,565 |
|
|
|
2,082 |
|
Adjusted EBITDA |
|
$ |
167,011 |
|
|
$ |
127,833 |
|
|
$ |
458,334 |
|
|
$ |
336,530 |
|
39
Adjusted EBITDA is a supplemental measure of our operating performance used by management and our board of directors to assess our financial performance both on a segment and on a consolidated basis. We discuss Adjusted EBITDA because our management uses this measure for business planning purposes, including to manage the business against internal projected results of operations and measure the performance of the business generally. Adjusted EBITDA is frequently used by analysts, investors and other interested parties to evaluate companies in our industry.
Adjusted EBITDA is not a GAAP measure of our financial performance or liquidity and should not be considered as an alternative to net income as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. We define Adjusted EBITDA as net income (loss) attributable to Parsons Corporation, adjusted to include net income (loss) attributable to noncontrolling interests and to exclude interest expense (net of interest income), provision for income taxes, depreciation and amortization and certain other items that we do not consider in our evaluation of ongoing operating performance. These other items include, among other things, impairment of goodwill, intangible and other assets, interest and other expenses recognized on litigation matters, expenses incurred in connection with acquisitions and other non-recurring transaction costs and expenses related to our corporate restructuring initiatives. Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future, including, among other things, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. Management compensates for these limitations by relying on our GAAP results in addition to using Adjusted EBITDA supplementally. Our measure of Adjusted EBITDA is not necessarily comparable to similarly titled captions of other companies due to different methods of calculation.
The following table shows Adjusted EBITDA attributable to Parsons Corporation for each of our reportable segments and Adjusted EBITDA attributable to noncontrolling interests (in thousands):
|
|
Three Months Ended |
|
|
Variance |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Federal Solutions Adjusted EBITDA attributable to Parsons Corporation |
|
$ |
120,091 |
|
|
$ |
65,039 |
|
|
$ |
55,052 |
|
|
|
84.6 |
% |
Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation |
|
|
33,007 |
|
|
|
50,188 |
|
|
|
(17,181 |
) |
|
|
-34.2 |
% |
Adjusted EBITDA attributable to noncontrolling interests |
|
|
13,913 |
|
|
|
12,606 |
|
|
|
1,307 |
|
|
|
10.4 |
% |
Total Adjusted EBITDA |
|
$ |
167,011 |
|
|
$ |
127,833 |
|
|
$ |
39,178 |
|
|
|
30.6 |
% |
|
|
Nine Months Ended |
|
|
Variance |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Federal Solutions Adjusted EBITDA attributable to Parsons Corporation |
|
$ |
315,413 |
|
|
$ |
206,827 |
|
|
$ |
108,586 |
|
|
|
52.5 |
% |
Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation |
|
|
101,582 |
|
|
|
95,481 |
|
|
|
6,101 |
|
|
|
6.4 |
% |
Adjusted EBITDA attributable to noncontrolling interests |
|
|
41,339 |
|
|
|
34,222 |
|
|
|
7,117 |
|
|
|
20.8 |
% |
Total Adjusted EBITDA |
|
$ |
458,334 |
|
|
$ |
336,530 |
|
|
$ |
121,804 |
|
|
|
36.2 |
% |
40
The following table sets forth our results of operations for the three and nine months ended September 30, 2024 and September 30, 2023 as a percentage of revenue.
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Revenues |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
Direct costs of contracts |
|
|
80.1 |
% |
|
|
79.3 |
% |
|
|
79.3 |
% |
|
|
78.8 |
% |
Equity in (losses) earnings of unconsolidated joint ventures |
|
|
0.0 |
% |
|
|
0.7 |
% |
|
|
-0.4 |
% |
|
|
0.1 |
% |
Selling, general and administrative expenses |
|
|
13.6 |
% |
|
|
15.6 |
% |
|
|
13.8 |
% |
|
|
16.0 |
% |
Operating income |
|
|
6.4 |
% |
|
|
5.9 |
% |
|
|
6.5 |
% |
|
|
5.3 |
% |
Interest income |
|
|
0.2 |
% |
|
|
0.0 |
% |
|
|
0.2 |
% |
|
|
0.0 |
% |
Interest expense |
|
|
-0.7 |
% |
|
|
-0.6 |
% |
|
|
-0.8 |
% |
|
|
-0.6 |
% |
Loss on extinguishment of debt |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
-4.2 |
% |
|
|
0.0 |
% |
Other income, net |
|
|
0.1 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Total other income (expense) |
|
|
-0.4 |
% |
|
|
-0.6 |
% |
|
|
-4.8 |
% |
|
|
-0.5 |
% |
Income before income tax expense |
|
|
6.0 |
% |
|
|
5.3 |
% |
|
|
1.7 |
% |
|
|
4.9 |
% |
Income tax expense |
|
|
-1.2 |
% |
|
|
-1.1 |
% |
|
|
-0.3 |
% |
|
|
-1.1 |
% |
Net income including noncontrolling interests |
|
|
4.7 |
% |
|
|
4.2 |
% |
|
|
1.5 |
% |
|
|
3.8 |
% |
Net income attributable to noncontrolling interests |
|
|
-0.8 |
% |
|
|
-0.9 |
% |
|
|
-0.8 |
% |
|
|
-0.9 |
% |
Net income attributable to Parsons Corporation |
|
|
4.0 |
% |
|
|
3.3 |
% |
|
|
0.7 |
% |
|
|
2.9 |
% |
Revenue
|
|
Three Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Revenue |
|
$ |
1,810,116 |
|
|
$ |
1,418,571 |
|
|
$ |
391,545 |
|
|
|
27.6 |
% |
Revenue increased $391.5 million for the three months ended September 30, 2024 when compared to the corresponding period last year, due to increases in revenue in both our Federal Solutions and Critical Infrastructure segments of $325.5 million and $66.1 million, respectively.
|
|
Nine Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Revenue |
|
$ |
5,016,259 |
|
|
$ |
3,948,523 |
|
|
$ |
1,067,736 |
|
|
|
27.0 |
% |
The increase in revenue for the nine months ended September 30, 2024 when compared to the corresponding period last year, was due to increases in both our Federal Solutions and Critical Infrastructure segments of $826.3 million and $241.4 million, respectively.
See “Segment Results” below for a further discussion of the changes in the Company's revenue.
Direct costs of contracts
|
|
Three Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Direct costs of contracts |
|
$ |
1,449,831 |
|
|
$ |
1,124,305 |
|
|
$ |
325,526 |
|
|
|
29.0 |
% |
41
Direct cost of contracts increased $325.5 million for the three months ended September 30, 2024 when compared to the corresponding period last year, primarily due to an increase of $256.1 million in our Federal Solutions segment and $69.4 million in our Critical Infrastructure segment. The increase in direct costs of contracts in both the Federal Solutions and Critical Infrastructure segments was primarily related to increased volume from new and existing contracts.
|
|
Nine Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Direct costs of contracts |
|
$ |
3,979,589 |
|
|
$ |
3,109,713 |
|
|
$ |
869,876 |
|
|
|
28.0 |
% |
The increase in direct cost of contracts for the nine months ended September 30, 2024 when compared to the corresponding period last year, was primarily due to an increase of $682.0 million in our Federal Solutions segment and $187.9 million in our Critical Infrastructure segment. The increase for the nine months ended September 30, 2024 compared to the corresponding period last year was primarily impacted by the factors noted above for both segments for the three months ended September 30, 2024.
Equity in (losses) earnings of unconsolidated joint ventures
|
|
Three Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Equity in earnings of unconsolidated joint ventures |
|
$ |
872 |
|
|
$ |
10,262 |
|
|
$ |
(9,390 |
) |
|
|
-91.5 |
% |
Equity in earnings of unconsolidated joint ventures decreased $9.4 million for the three months ended September 30, 2024 compared to the corresponding period last year. Impacting equity in earnings of unconsolidated joint ventures for the three months ended September 30, 2024 was a write-down of $6.7 million related to Parsons' participation in a design build joint venture. Equity in earnings of unconsolidated joint ventures for the three months ended September 30, 2023 included earnings on higher margin change orders which did not reoccur for the three months ended September 30, 2024. Joint venture volume has decreased year-over-year as we move away from our participation in construction joint ventures.
|
|
Nine Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Equity in (losses) earnings of unconsolidated joint ventures |
|
$ |
(18,025 |
) |
|
$ |
4,497 |
|
|
$ |
(22,522 |
) |
|
|
-500.8 |
% |
Equity in losses of unconsolidated joint ventures for the nine months ended September 30, 2024 was $18.0 million compared to equity in earnings of consolidated joint ventures of $4.5 million for the nine months ended September 30, 2023, resulting in a decrease in equity in earnings of unconsolidated joint ventures of $22.5 million for the nine months ended September 20, 2024. The decrease in equity in earnings of unconsolidated joint ventures was primarily due to write-downs of $37.5 million during the nine months ended September 30, 2024 related to the joint venture discussed above. Equity in earnings of unconsolidated joint ventures for the nine months ended September 30, 2023 included earnings on higher margin change orders which did not reoccur for the nine months ended September 30, 2024. Joint venture volume has decreased year-over-year as we move away from our participation in construction joint ventures.
Selling, general and administrative expenses
|
|
Three Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Selling, general and administrative expenses |
|
$ |
246,169 |
|
|
$ |
221,188 |
|
|
$ |
24,981 |
|
|
|
11.3 |
% |
As a percentage of revenue, SG&A decreased by 2.0% to 13.6% for the three months ended September 30, 2024 compared to 15.6% for the corresponding period last year.
42
|
|
Nine Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Selling, general and administrative expenses |
|
$ |
690,391 |
|
|
$ |
632,393 |
|
|
$ |
57,998 |
|
|
|
9.2 |
% |
As a percentage of revenue, SG&A decreased by 2.3% to 13.8% for the nine months ended September 30, 2024 compared to 16.0% for the corresponding period last year.
Total other income (expense)
|
|
Three Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Interest income |
|
$ |
4,232 |
|
|
$ |
492 |
|
|
$ |
3,740 |
|
|
|
760.2 |
% |
Interest expense |
|
|
(13,034 |
) |
|
|
(8,612 |
) |
|
|
(4,422 |
) |
|
|
51.3 |
% |
Other income (expense), net |
|
|
1,921 |
|
|
|
(191 |
) |
|
|
2,112 |
|
|
|
-1105.8 |
% |
Total other income (expense) |
|
$ |
(6,881 |
) |
|
$ |
(8,311 |
) |
|
$ |
1,430 |
|
|
|
-17.2 |
% |
|
|
Nine Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Interest income |
|
$ |
9,209 |
|
|
$ |
1,591 |
|
|
$ |
7,618 |
|
|
|
478.8 |
% |
Interest expense |
|
|
(39,040 |
) |
|
|
(22,369 |
) |
|
|
(16,671 |
) |
|
|
74.5 |
% |
Loss on extinguishment of debt |
|
|
(211,018 |
) |
|
|
- |
|
|
|
(211,018 |
) |
|
|
- |
|
Other income (expense), net |
|
|
(510 |
) |
|
|
1,666 |
|
|
|
(2,176 |
) |
|
|
-130.6 |
% |
Total other income (expense) |
|
$ |
(241,359 |
) |
|
$ |
(19,112 |
) |
|
$ |
(222,247 |
) |
|
|
1162.9 |
% |
During the nine months ended September 30, 2024, we paid $495.6 million in cash to repurchase $284.6 million aggregate principal amount of our Convertible Senior Notes due 2025 (the "Repurchase Transaction") concurrently with the offering of 2.625% Convertible Senior Notes due 2029. As a result of the Repurchase Transaction, we incurred a $211.0 million loss on debt extinguishment. The Repurchase Transaction is a partial repurchase of our Convertible Senior Notes due 2025. See “Note 10 – Debt and Credit Facilities,” for a further discussion of this transaction.
Interest income is related to interest earned on investments in government money funds. The increase in interest income for the three and nine months ended September 30, 2024 is from higher cash balances held and increased interest rates compared to the corresponding periods last year.
Interest expense for the three and nine months ended September 30, 2024 is primarily due to debt related to our Convertible Senior Notes and Delayed Draw Term Loan. The increase in interest expense during the three months ended September 30, 2024 compared to the corresponding periods last year is primarily related to an increase in debt balances. The increase in interest expense for the nine months ended September 30, 2024, compared to the corresponding period last year is primarily related to an increase in debt balances and a $3.2 million charge from the acceleration of the amortization of debt issuance costs associated with the partial repurchase of the 0.25% Convertible Senior Notes due 2025 discussed above.
The amounts in other income (expense), net for the three months ended September 30, 2024 are primarily related to transaction gains and losses on foreign currency transactions and sublease income and for the nine months ended September 30, 2024 are primarily related to transaction gains and losses on foreign currency transactions, sublease income, and a change in the estimated fair value of contingent consideration.
Income tax expense
|
|
Three Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Income tax expense |
|
$ |
22,518 |
|
|
$ |
15,218 |
|
|
$ |
7,300 |
|
|
|
48.0 |
% |
43
The Company’s effective tax rate was 20.8% and 20.3% and income tax expense was $22.5 million and $15.2 million for the three months ended September 30, 2024 and September 30, 2023, respectively. The increase in tax expense for the three months ended September 30, 2024 compared to the corresponding period last year was due primarily to the tax impact of an increase in pre-tax income, a remeasurement of its U.S. deferred tax assets and liabilities due to a change in state tax rate, a net increase of uncertain tax positions, and an increase in executive compensation subject to Section 162(m), partially offset by the increases in the foreign-derived intangible income (FDII) deduction and equity-based compensation.
|
|
Nine Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Income tax expense |
|
$ |
12,699 |
|
|
$ |
41,944 |
|
|
$ |
(29,245 |
) |
|
|
-69.7 |
% |
The Company’s effective income tax rate was 14.6% and 21.9% for the nine months ended September 30, 2024 and September 30, 2023, respectively. Income tax expense was $12.7 million and $41.9 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. The decrease in tax expense for the nine months ended September 30, 2024 compared to the corresponding period last year was due primarily to the tax benefit resulting from the $211 million loss in partially unwinding Convertible Senior Notes during the first quarter 2024.
Segment Results
We evaluate segment operating performance using segment revenue and segment Adjusted EBITDA attributable to Parsons Corporation. Adjusted EBITDA attributable to Parsons Corporation is Adjusted EBITDA excluding Adjusted EBITDA attributable to noncontrolling interests. Presented above, in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, is a discussion of our definition of Adjusted EBITDA, how we use this metric, why we present this metric and the material limitations on the usefulness of this metric. See “Note 18—Segments Information” in the notes to the consolidated financial statements in this Form 10-Q for further discussion regarding our segment Adjusted EBITDA attributable to Parsons Corporation.
The following table shows Adjusted EBITDA attributable to Parsons Corporation for each of our reportable segments and Adjusted EBITDA attributable to noncontrolling interests:
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Federal Solutions Adjusted EBITDA attributable to Parsons Corporation |
|
$ |
120,091 |
|
|
$ |
65,039 |
|
|
$ |
315,413 |
|
|
$ |
206,827 |
|
Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation |
|
|
33,007 |
|
|
|
50,188 |
|
|
|
101,582 |
|
|
|
95,481 |
|
Adjusted EBITDA attributable to noncontrolling interests |
|
|
13,913 |
|
|
|
12,606 |
|
|
|
41,339 |
|
|
|
34,222 |
|
Total Adjusted EBITDA |
|
$ |
167,011 |
|
|
$ |
127,833 |
|
|
$ |
458,334 |
|
|
$ |
336,530 |
|
Federal Solutions
|
|
Three Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Revenue |
|
$ |
1,105,580 |
|
|
$ |
780,114 |
|
|
$ |
325,466 |
|
|
|
41.7 |
% |
Adjusted EBITDA attributable to Parsons Corporation |
|
$ |
120,091 |
|
|
$ |
65,039 |
|
|
$ |
55,052 |
|
|
|
84.6 |
% |
The increase in Federal Solutions revenue for the three months ended September 30, 2024 compared to the corresponding period last year was primarily related to organic growth of 39% and $23.8 million from business acquisitions. Organic growth was primarily due to the ramp up of recent awards and growth on a significant contract, partially offset by the winding down of certain contracts.
The increase in Federal Solutions Adjusted EBITDA attributable to Parsons Corporation for the three months ended September 30, 2024 compared to the corresponding period last year was primarily due to the factors impacting
44
revenue discussed above and a reduction in selling general, and administrative expenses as a percentage of revenue for the three months ended September 30, 2024 compared to the corresponding period last year.
|
|
Nine Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Revenue |
|
$ |
3,003,791 |
|
|
$ |
2,177,457 |
|
|
$ |
826,334 |
|
|
|
37.9 |
% |
Adjusted EBITDA attributable to Parsons Corporation |
|
$ |
315,413 |
|
|
$ |
206,827 |
|
|
$ |
108,586 |
|
|
|
52.5 |
% |
The increase in Federal Solutions revenue for the nine months ended September 30, 2024 compared to the corresponding period last year was primarily related to organic growth of 35% and $57.6 million from business acquisitions. The increase in organic revenue for the nine months ended September 30, 2024 compared to the corresponding period last year was primarily due to the factors impacting revenue discussed above for the three months ended September 30, 2024. Revenue for the nine months ended September 30, 2023 included incentive fees on two contracts of approximately $20 million that did not reoccur for the nine months ended September 30, 2024.
The increase in Federal Solutions Adjusted EBITDA attributable to Parsons Corporation for the nine months ended September 30, 2024 compared to the corresponding period last year was primarily due to the factors discussed above for Adjusted EBITDA attributable to Parsons Corporation for the three months ended September 30, 2024 and the incentive fees on two contracts of approximately $20 million that did not reoccur for the nine months ended September 30, 2024.
Critical Infrastructure
|
|
Three Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Revenue |
|
$ |
704,536 |
|
|
$ |
638,457 |
|
|
$ |
66,079 |
|
|
|
10.3 |
% |
Adjusted EBITDA attributable to Parsons Corporation |
|
$ |
33,007 |
|
|
$ |
50,188 |
|
|
$ |
(17,181 |
) |
|
|
-34.2 |
% |
The increase in Critical Infrastructure revenue for the three months ended September 30, 2024 compared to the corresponding period last year was primarily related to organic growth of 10%. Organic growth was primarily due to an increase in business volume from existing contracts and ramping up of recent awards offset by the winding down of certain contracts and a write down on a contract of $21.6 million.
The decrease in Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation for the three months ended September 30, 2024 compared to the corresponding period last year was primarily due to a contract write-down along with the write-down in equity in losses from unconsolidated joint ventures discussed above. These decreases were offset by the increase in organic revenue and a reduction in selling general, and administrative expenses as a percentage of revenue for the three months ended September 30, 2024 compared to the corresponding period last year. Also impacting Adjusted EBITDA were higher margin change orders on an unconsolidated joint venture for the three months ended September 30, 2023 which did not reoccur in the three months ended September 30, 2024.
|
|
Nine Months Ended |
|
|
Variance |
|
||||||||||
(U.S. dollars in thousands) |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
Dollar |
|
|
Percent |
|
||||
Revenue |
|
$ |
2,012,468 |
|
|
$ |
1,771,066 |
|
|
$ |
241,402 |
|
|
|
13.6 |
% |
Adjusted EBITDA attributable to Parsons Corporation |
|
$ |
101,582 |
|
|
$ |
95,481 |
|
|
$ |
6,101 |
|
|
|
6.4 |
% |
The increase in Critical Infrastructure revenue for the nine months ended September 30, 2024 compared to the corresponding period last year was primarily related to organic growth of 13%. The increase in organic growth was primarily due to the factors noted above for the three months ended September 30, 2024.
45
The increase in Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation for the nine months ended September 30, 2024 compared to the corresponding period last year was primarily due to the increase in organic revenue noted above and a reduction in selling general, and administrative expenses as a percentage of revenue for the nine months ended September 30, 2024. These increases were offset by a contract write-down and the write-down in equity in losses from unconsolidated joint ventures discussed above. Equity in earnings of unconsolidated joint ventures for the three months ended September 30, 2023 included earnings on higher margin change orders which did not reoccur for the three months ended September 30, 2024.
Liquidity and Capital Resources
We currently finance our operations and capital expenditures through a combination of internally generated cash from operations, our Convertible Senior Notes, Delayed Draw Term Loan and periodic borrowings under our Revolving Credit Facility.
Generally, cash provided by operating activities has been adequate to fund our operations. Due to fluctuations in our cash flows and growth in our operations, it may be necessary from time to time in the future to borrow under our Credit Agreement to meet cash demands. Our management regularly monitors certain liquidity measures to monitor performance. We calculate our available liquidity as a sum of cash and cash equivalents from our consolidated balance sheet plus the amount available and unutilized on our Credit Agreement.
As of September 30, 2024, we believe we have adequate liquidity and capital resources to fund our operations, support our debt service and our ongoing acquisition strategy for at least the next twelve months based on the liquidity from cash provided by our operating activities, cash and cash equivalents on-hand and our borrowing capacity under our Revolving Credit Facility. Management continually monitors debt maturities to strategically execute optimal terms and ensure appropriate levels of working capital liquidity are maintained for the Company.
Cash Flows
來自客戶的現金收入是我們主要的現金來源，可以是支付業務開展的發票款項，也可以是超過認可收入的預付款項。通常情況下，我們只有在獲得客戶撥款後才開始開展合同工作。我們的合同賬單時間表和付款條件因多種因素而異，包括合同類型是成本加、計時材料還是固定價格。在成本加和計時材料合同下，我們通常會更頻繁地開具發票並收回現金，因爲我們有權在費用發生或工作完成時開具賬單。相比之下，對於特定的固定價格合同，我們可能只能在實現特定的里程碑，包括交貨，時才能開具發票。我們的一些合同可能提供基於績效的付款，即在完成工作之前我們可以開具發票並收取現金。
已開票應收款項表示尚未收妥的已向客戶開具發票的款項。未開票應收款項表示公司擁有現有合同權利開具發票，但在期末日期未向客戶開具發票的款項。
應收賬款是我們營運資本的主要組成部分，包括已開具和未開具的金額。我們的應收賬款總額可能會隨時間而顯著變化，但通常對營業收入水平較爲敏感。我們不時從中東客戶那裏經歷收款延遲。淨應收賬款賬期，我們稱之爲淨DSO，是通過將（i）（應收賬款加合同資產）減去（合同負債加應付賬款）除以（ii）平均每日營收（通過將過去十二個月營業收入除以該期間的天數來計算）來計算的。我們專注於收集未清款項以減少淨DSO和營運資本。2024年9月30日的淨DSO爲51天，低於2023年9月30日的65天。我們的營運資本（流動資產減流動負債）於2024年9月30日爲$90510萬，2023年12月31日爲$72660萬。
我們的現金及現金等價物於2024年9月30日增加了28590萬美元，從2023年12月31日的27290萬美元增至55880萬美元。
46
以下表格總結了我們在給定期間的現金來源和使用情況（以千美元爲單位）：
|
|
九個月已結束 |
|
|||||
|
|
2024年9月30日 |
|
|
2023年9月30日 |
|
||
經營活動提供的淨現金 |
|
$ |
396,840 |
|
|
$ |
217,566 |
|
用於投資活動的淨現金 |
|
|
(344,614 |
) |
|
|
(327,245 |
) |
融資活動提供的淨現金 |
|
|
233,966 |
|
|
|
52,380 |
|
匯率變動的影響 |
|
|
(312 |
) |
|
|
166 |
|
現金和現金等價物的淨增加（減少） |
|
$ |
285,880 |
|
|
$ |
(57,133 |
) |
經營活動
經營活動產生的淨現金主要由淨利潤調整非現金項目組成，例如：對非合併控制下合營企業的損益（收益）、庫存股份的增加、固定資產和無形資產的折舊及攤銷以及對壞賬的準備金。我們的應收賬款和未開票應收款轉換爲客戶支付現金與向員工和供應商支付的時間差是我們營運資本變動的主要驅動因素。我們的經營現金流主要受到以下因素影響：我們及時開具發票並向客戶收款的能力，我們管理供應商付款的能力以及我們合同的整體盈利能力。
截至2024年9月30日的九個月，經營活動產生的淨現金流量比2023年9月30日的九個月增加了17930萬元。影響經營活動現金流量增加的主要原因是，除非列出非現金項目和債務還清的淨利潤增加17260萬元，減少了來自我們營運資金帳戶的現金流出3000萬元（主要來自應收賬款、合同資產、預付費用和其他資產以及應付賬款減少，合同負債、所得稅、應計費用和其他流動負債抵消），再減少用於其他長期負債的現金支出23.3億元。
投資活動
投資活動中使用的淨現金主要包括與資本開支、合資企業和業務收購相關的現金流量。
截至2024年9月30日的九個月，用於投資活動的淨現金流出增加了1740萬美元，相比2023年9月30日的九個月。主要與未綜合合併的合資企業投資增加了3380萬美元有關，部分抵消了收購支付減少1660萬美元，扣除取得現金。
籌資活動
籌資活動所提供的淨現金主要與債務的收入、償還和非控制權益的分配有關。
截至2024年9月30日的九個月，籌資活動提供的淨現金較截至2023年9月30日的九個月增加了18160萬美元。籌資活動現金流量的變化主要受到可轉換債券交易帶來的淨現金流入的推動，這些交易產生了28740萬美元的現金。進一步討論這些交易，請參閱「附註10-債務和信貸設施」。這種增長在一定程度上被信貸協議下借款的淨償還7500萬美元抵消。
信用證
我們已經爲發行信用證建立了幾條次級銀行信貸額度，主要用於外國合同的履約和竣工擔保。截至2024年9月30日，這些銀行信貸額度下的信用證承諾累計達30910萬美元。根據信貸協議，截至2024年9月30日，信用證總額爲4300萬美元。
最近的會計聲明
請參閱我們在本季度10-Q表中的財務報表附註中列出的有關「注3-新會計準則」的信息。
47
不設爲資產負債表賬目之離線安排
截至2024年9月30日，我們沒有任何可能對我們的財務狀況、財務狀況變化、營業收入或費用、經營業績、流動性、資本支出或資本資源產生重大當前或未來影響的資產負債表之外的安排。
項目3.市場風險的定量和定性披露市場風險披露。
利率風險
我們面臨與公司的循環信貸設施和延遲提款相關的利率風險。
長期貸款融資性質。
截至2024年9月30日，循環信貸設施下沒有任何未償金額。2021年6月生效的信貸設施下的借款利率爲Term SOFR利率加上1.0%至1.625%的差額，或者基礎利率（根據信貸協議定義）加上0%至0.625%的差額，兩者皆基於公司每個季度末的槓桿比率。 2024年9月30日和2023年12月31日的利率分別爲6.2%和6.7%。
截至2024年9月30日，拖延額度短期貸款協議下尚有35000萬美元未償還。2022年拖延額度短期貸款將按照調整後的Term SOFR基準利率加上0.875%至1.500%的利差或基準利率加上0%至0.500%的利差計息，初始利率將位於該區間的中間。公司將支付未使用的額度貸款承諾的費用以0.175%的利率，自結束日期後90天起算。截至2024年9月30日和2023年12月31日，利率分別爲6.1%和6.6%。
外匯兌換風險
我們在美國以外的業務中面臨外匯匯率風險。我們通過要求客戶支付與費用發生貨幣相對應的貨幣的規定，來限制大部分合同中的外匯波動風險。由於這種自然對沖，通常我們不需要對履行合同工作的外幣現金流進行對沖。
第4條. 控制措施 和程序。
披露控制和程序評估
截至2024年9月30日，我們的管理層，在我們的首席執行官和致富金融(臨時代碼)的參與下，對我們的披露控制和程序的有效性進行了評估（如《1934年修正案下證券交易法》第13a-15(e)條和第15d-15(e)條中定義的）。根據該評估，我們的首席執行官和首席財務官得出結論稱，截至2024年9月30日，我們的披露控制和程序有效地提供合理的保證，確保我們在依據SEC規則和表格提交的報告中需要披露的重要信息被記錄、處理、總結和報告，並且按照規定時間內進行，我們需要在依據《交易法》提交的報告中需要披露的信息被積累和及時傳達給我們的管理層，包括我們的首席執行官和首席財務官，以便及時做出關於所需披露的決策。
關於財務報告內控的變化
在2024年第三季度，我們的財務報告內部控制沒有發生任何實質影響或可能實質影響我們的財務報告內部控制的變化。
48
其他信息
第1項. 法律訴訟。 進行中。
本項目1所需的信息已包括在本表格10-Q第I部分第1項下的合併財務報表注中的「注12-事項」中，並已通過引用併入本文。
第1A項。風險因素sk因素。
我們在公司2023年12月31日結束的10-k表格中披露了一項風險因素。新增的風險因素如下:
風險因素：
parsons政府服務公司已與一家保密的聯邦政府客戶簽訂合同，構成我們聯邦解決方案業務部門的重要營業收入。 該保密客戶建議，儘管parsons在該項目上有良好表現，但他們正在考慮是否行使延長parsons現有合同至2026年第一季度的第二個選擇年，或者重新競標合同。如果客戶重新競標合同，parsons打算提交提案繼續履行其工作。如果合同重新競爭，並且未授予給parsons，可能會產生重大不利影響。
正如10-k表格所述，美國聯邦政府是我們最大的客戶，預計將佔到我們2024年總營業收入的60%。聯邦政府內的兩個客戶群體預計將超過20%的營業收入，鑑於最近的增長。
項目2. 未註冊的股權銷售 及所得資金的用途。
發行人購買股權證券
2021年8月9日，公司董事會授權公司隨時從2021年8月12日開始，收購總市值不超過$10000萬的普通股數量。董事會於2022年8月修改此授權，移除之前的到期日期，並授予執行領導層判斷此類股票回購價格的自由裁量權。董事會於2024年2月進一步修改此授權，將回購容量恢復爲$10000萬，並取消了對此類回購的$2500萬季度上限。
在2024年2月的授權時間，公司已經回購了具有累計市值（包括費用）5470萬美元的股份。公司有權從2021年8月和2024年2月的授權中獲取的普通股的累計市值不超過15470萬美元。
截至2024年9月30日，公司股票回購計劃剩餘9000萬美元。
公司回購的普通股被註銷，幷包含在「來自籌資活動的現金流量表中的普通股回購」中。公司股票回購計劃的主要目的是減少公司股票期權計劃和其他股票福利計劃下發的股票所造成的稀釋效應。股票回購的時間、數量和方式可能取決於市場條件和經濟形勢、投資機會的可用性、融資的可用性和成本、公司普通股的市場價格、資本的其他用途和其他因素。
截至2024年9月30日，公司已經花費6470萬美元（其中包括支付的3.12萬美元佣金）回購了1,557,529股普通股（所有這些股票均已被註銷），平均每股價格爲41.54美元。
2024年9月30日結束的三個月內未進行股票回購。
第三條。 違約。 高級證券。
無
第4條.礦山安全收益披露。
不適用
49
第五條。其他 信息。
內幕交易關係與政策
爲符合更新的SEC法規要求，公司已經修改了內部交易政策和程序，監管公司董事、高管、員工或公司本身購買、出售其他處置公司證券的行爲，以合理設計以符合內幕交易法律、規則和規定以及紐約證券交易所的標準。
項目6. E展覽品。
展示文件 數量 |
|
Description |
|
|
|
31.1* |
|
根據《證券交易法》第13a-14(a)和15d-14(a)條的規定，信安金融首席財務官的認證書，該規定根據2002年《薩班斯-奧克斯利法》第302條的規定採納。 |
|
|
|
31.2* |
|
根據《證券交易法》第13a-14(a)條和第15d-14(a)條規定文件，信安金融主要財務負責人的認證，根據《薩班斯-奧克斯利法案》第302條通過。 |
|
|
|
32.1* |
|
根據2002年薩班斯 - 豪利法案第906條，主要執行官的認證（根據18 U.S.C. Section 1350進行），豪利奧克斯利應用第32.1(a)項（第906條）的採納。 |
|
|
|
32.2* |
|
|
|
|
|
101 |
|
本公司截至2024年9月30日的季度報告第10-Q表中包含以下基本報表：(i)合併資產負債表，(ii)合併收益表，(iii)合併綜合收益（損失）表，(iv)合併股東權益變動表，(v)合併現金流量表以及(vi)合併基本報表附註，已採用內聯XBRL格式進行排版，作爲文本塊標記，幷包含詳細標記。 |
|
|
|
104 |
|
封面頁交互式數據文件（格式爲帶有適用的分類擴展信息的內聯XBRL，包含在展覽品101中）。 |
*隨此提交。
50
簽名紋樣
根據1934年的證券交易法的要求，註冊人已經指定代表簽署本報告。
|
parsons公司。 |
|
|
|
|
日期：2024年10月30日 |
通過： |
/s/ Matthew m. Ofilos |
|
|
Matthew m. Ofilos |
|
|
首席財務官 |
|
|
（財務總監） |
51