Parsons Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Parsons Corp has submitted its comprehensive 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

PARSONS CORP (PSN) filed a Annual Report (10-K) with the SEC on February 14, 2024. Parsons Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key dates mentioned include various periods within 2021, 2022, and 2023. The company is classified under SIC code 7373 for Services-Computer Integrated Systems Design. The filing includes references to specific segments like Critical Infrastructure and entities such as Black Horse Solutions Inc.

Why It Matters

For investors and stakeholders tracking PARSONS CORP, this filing contains several important signals. This 10-K filing provides a detailed overview of Parsons Corp's financial health, operational performance, and strategic initiatives for the fiscal year 2023, offering insights into its market position and future outlook. The extensive data within the filing, including segment performance and various financial metrics, allows investors and analysts to assess the company's growth trajectory, risk factors, and overall value.

Risk Assessment

Risk Level: medium — PARSONS CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the typical reporting cycle, thus warranting a medium risk assessment.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Parsons Corp's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-14 — Filing Date (Date of submission)
• 131 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• PARSONS CORP (company) — Filer name
• PSN (company) — Ticker symbol
• Centreville, VA (company) — Business address city and state
• Black Horse Solutions Inc (company) — Mentioned entity
• Critical Infrastructure Segment (company) — Business segment
• 7373 (company) — Standard Industrial Classification code

FAQ

Risk Factors

• Alleged Violation of False Claims Act [medium — financial]: The company faces potential financial impact from an alleged violation of the False Claims Act, with a minimum impact considered for the period.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-14: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, providing the core financial and operational data for the fiscal year.)

SIC Code 7373

Services-Computer Integrated Systems Design. (Classifies Parsons Corp's primary business activity within the industry.)

Key Financial Figures

• $1 — nge on which registered Common Stock, $1 par value PSN New York Stock Exchan
• $5.4 b — n fiscal 2023, we generated revenues of $5.4 billion, net income attributable to Parso
• $161.1 million — attributable to Parsons Corporation of $161.1 million and Adjusted EBITDA of $464.7 million.
• $464.7 million — f $161.1 million and Adjusted EBITDA of $464.7 million. For a definition of Adjusted EBITDA an
• $8.6 b — ecember 31, 2023, our total backlog was $8.6 billion, an increase of 5.0% from Decembe

Filing Documents

• psn-20231231.htm (10-K) — 4750KB
• psn-ex19_3.htm (EX-19.3) — 173KB
• psn-ex21_1.htm (EX-21.1) — 100KB
• psn-ex23_1.htm (EX-23.1) — 3KB
• psn-ex31_1.htm (EX-31.1) — 14KB
• psn-ex31_2.htm (EX-31.2) — 14KB
• psn-ex32_1.htm (EX-32.1) — 8KB
• psn-ex32_2.htm (EX-32.2) — 8KB
• img90745472_0.jpg (GRAPHIC) — 25KB
• img90745472_1.jpg (GRAPHIC) — 1082KB
• img90745472_2.jpg (GRAPHIC) — 106KB
• 0000950170-24-014927.txt (&nbsp;) — 22749KB
• psn-20231231.xsd (EX-101.SCH) — 2288KB
• psn-20231231_htm.xml (XML) — 4196KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 50 Item 1C. Cybersecurity 50 Item 2.

Properties

Properties 51 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 52 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 53 Item 6. Reserved 55 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 56 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 80 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 81 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 81 Item 9A.

Controls and Procedures

Controls and Procedures 81 Item 9B. Other Information 82 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 82 PART III Item 10. Directors, Executive Officers and Corporate Governance 83 Item 11.

Executive Compensation

Executive Compensation 83 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 83 Item 13. Certain Relationships and Related Transactions, and Director Independence 83 Item 14. Principal Accounting Fees and Services 83 PART IV Item 15. Exhibits, Financial Statement Schedules 84 Item 16 Form 10-K Summary 84 Exhibit Index 85

Signatures

Signatures 89 Index to Consolidated Financial Statements and Report of Independent Registered Public Accounting Firm F- 1 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This annual report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may", "will", "should", "expects", "plans", "anticipates", "could", "intends", "target", "projects", "contemplates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We believe that these factors include, but are not limited to, the following: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government's budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, cont

Bu siness

Item 1. Bu siness. Overview Parsons is a leading provider of the solutions and services required to support the complex security environment, unprecedented global infrastructure demand and a world of digital transformation effecting our customers. For 80 years, we have solved our customers' most challenging problems and enabled a safer, smarter, more secure, and more connected world thanks to a culture of innovation, a focus on delivery, and a mission-focused workforce. Across those eight decades, we've established ourselves as a leading provider of integrated solutions and services that solve emerging customer challenges leveraging our depth of experience and expertise in the markets where we operate. Today, that legacy of success has never been more true or more important, with Parsons uniquely positioned to solve our customer's most critical challenges. We have developed significant expertise and differentiated capabilities in key end markets including cybersecurity and intelligence, space and missile defense, critical infrastructure protection, transportation, environmental remediation and urban development. Whether a first-of-a-kind sustainable, industrial city that runs on 100% renewable energy, security-as-a-service platform that uses advanced analytics and artificial intelligence/machine learning to defend against utility and water cyber threats, or elimination of emerging contaminants from the environment, we deliver integrated solutions that our customers need and the world demands. Across those programs, we have developed longstanding relationships with a diverse global customer set that includes intelligence agencies, the U.S. military, state and local governments, and international clients; all of whom know Parsons as a trusted partner sought out for our commitment to their success. We've further differentiated ourselves with those customers by delivering solutions through our One Parsons approach, bringing together capabilities from across our ma

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View this 10-K filing on SEC EDGAR