Parsons Corp Files 10-Q for Period Ending March 31, 2024
Ticker: PSN · Form: 10-Q · Filed: May 1, 2024 · CIK: 275880
Sentiment: neutral
Topics: 10-Q, Parsons Corp, Financial Report, Convertible Notes, Legal Risk
TL;DR
<b>Parsons Corp filed its Q1 2024 10-Q, detailing financial positions and specific transactions.</b>
AI Summary
PARSONS CORP (PSN) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Parsons Corp filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and liabilities, such as Convertible Senior Notes Due Two Thousand Twenty-Five and Earnout Liability. Key dates mentioned include 2024-03-31 for financial reporting and 2023-08-23 related to Sealing Technologies Inc. The company's business address is 5875 Trinity Pkwy #300, Centreville, VA 20120. The SIC code for Parsons Corp is 7373, indicating services in computer integrated systems design.
Why It Matters
For investors and stakeholders tracking PARSONS CORP, this filing contains several important signals. This 10-Q filing provides stakeholders with the latest financial performance and operational details for Parsons Corp, crucial for investment decisions. The inclusion of specific financial instruments and liabilities like convertible notes and earnout liabilities offers insight into the company's financial structure and potential future obligations.
Risk Assessment
Risk Level: medium — PARSONS CORP shows moderate risk based on this filing. The filing contains references to potential legal issues such as 'Alleged Violation of False Claims Act', indicating potential financial and reputational risks.
Analyst Insight
Monitor the 'Alleged Violation of False Claims Act' for further developments and potential financial impact.
Key Numbers
- 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
- 2024-05-01 — Filing Date (FILED AS OF DATE)
- 7373 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
Key Players & Entities
- PARSONS CORP (company) — FILER
- 0000275880 (company) — CENTRAL INDEX KEY
- 7373 (regulator) — STANDARD INDUSTRIAL CLASSIFICATION
- 5875 TRINITY PKWY #300 (company) — BUSINESS ADDRESS STREET 1
- CENTREVILLE (company) — BUSINESS ADDRESS CITY
- VA (company) — BUSINESS ADDRESS STATE
- 20120 (company) — BUSINESS ADDRESS ZIP
- 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
FAQ
When did PARSONS CORP file this 10-Q?
PARSONS CORP filed this Quarterly Report (10-Q) with the SEC on May 1, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by PARSONS CORP (PSN).
Where can I read the original 10-Q filing from PARSONS CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by PARSONS CORP.
What are the key takeaways from PARSONS CORP's 10-Q?
PARSONS CORP filed this 10-Q on May 1, 2024. Key takeaways: Parsons Corp filed a 10-Q report for the period ending March 31, 2024.. The filing includes data related to various financial instruments and liabilities, such as Convertible Senior Notes Due Two Thousand Twenty-Five and Earnout Liability.. Key dates mentioned include 2024-03-31 for financial reporting and 2023-08-23 related to Sealing Technologies Inc..
Is PARSONS CORP a risky investment based on this filing?
Based on this 10-Q, PARSONS CORP presents a moderate-risk profile. The filing contains references to potential legal issues such as 'Alleged Violation of False Claims Act', indicating potential financial and reputational risks.
What should investors do after reading PARSONS CORP's 10-Q?
Monitor the 'Alleged Violation of False Claims Act' for further developments and potential financial impact. The overall sentiment from this filing is neutral.
Risk Factors
- Alleged Violation of False Claims Act [medium — legal]: The company is involved in litigation concerning an alleged violation of the False Claims Act.
Key Dates
- 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
- 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.
Glossary
- 10-Q
- A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial condition between annual reports.)
- Convertible Senior Notes
- Debt securities that can be converted into a predetermined amount of the issuer's equity. (Indicates a form of financing with potential equity dilution for shareholders.)
- Earnout Liability
- A liability recorded when a company acquires another business and agrees to pay additional consideration based on future performance. (Represents a potential future cash outflow contingent on specific performance metrics.)
Filing Stats: 4,336 words · 17 min read · ~14 pages · Grade level 17.4 · Accepted 2024-05-01 06:34:01
Key Financial Figures
- $1 — nge on which registered Common Stock, $1 par value PSN New York Stock Exchan
- $1.00 — had 146,747,745 shares of common stock, $1.00 par value per share, outstanding. Tab
Filing Documents
- psn-20240331.htm (10-Q) — 2458KB
- psn-ex4_1.htm (EX-4.1) — 904KB
- psn-ex10_1.htm (EX-10.1) — 321KB
- 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) — 9KB
- img91640163_0.jpg (GRAPHIC) — 12KB
- img91640163_1.jpg (GRAPHIC) — 107KB
- img226758980_0.jpg (GRAPHIC) — 2KB
- img226758980_1.jpg (GRAPHIC) — 2KB
- img226758980_2.jpg (GRAPHIC) — 2KB
- img226758980_3.jpg (GRAPHIC) — 2KB
- img226758980_4.jpg (GRAPHIC) — 2KB
- img226758980_5.jpg (GRAPHIC) — 3KB
- 0000950170-24-050876.txt ( ) — 13807KB
- psn-20240331.xsd (EX-101.SCH) — 1653KB
- psn-20240331_htm.xml (XML) — 2374KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Income (Loss) 2 Consolidated Statements of Comprehensive Income (Loss) 3 Consolidated Statements of Cash Flows 4 Consolidated Statements of Shareholders' Equity 5 Notes to Unaudited Consolidated Financial Statements 6 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.
Controls and Procedures
Controls and Procedures 41 PART II. OTHER INFORMATION 42 Item 1.
Legal Proceedings
Legal Proceedings 42 Item 1A.
Risk Factors
Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43
—FINANCI AL INFORMATION
PART I—FINANCI AL INFORMATION
Financi al Statements
Item 1. Financi al Statements. PARSONS CORPORATION AND SUBSIDIARIES Consolidated B alance Sheets (in thousands, except share information) March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents (including $ 84,810 and $ 128,761 Cash of consolidated joint ventures) $ 423,120 $ 272,943 Accounts receivable, net (including $ 332,308 and $ 274,846 Accounts receivable of consolidated joint ventures, net) 1,023,463 915,638 Contract assets (including $ 8,521 and $ 11,096 Contract assets of consolidated joint ventures) 768,007 757,515 Prepaid expenses and other current assets (including $ 15,808 and $ 11,929 Prepaid expenses and other current assets of consolidated joint ventures) 212,664 191,430 Total current assets 2,427,254 2,137,526 Property and equipment, net (including $ 3,565 and $ 3,274 Property and equipment of consolidated joint ventures, net) 98,499 98,957 Right of use assets, operating leases (including $ 8,656 and $ 9,885 Right of use assets, operating leases of consolidated joint ventures) 145,803 159,211 Goodwill 1,791,443 1,792,665 Investments in and advances to unconsolidated joint ventures 145,043 128,204 Intangible assets, net 261,856 275,566 Deferred tax assets 157,547 140,162 Other noncurrent assets 70,998 71,770 Total assets $ 5,098,443 $ 4,804,061 Liabilities and Shareholders' Equity Current liabilities: Accounts payable (including $ 33,339 and $ 49,234 Accounts payable of consolidated joint ventures) $ 274,140 $ 242,821 Accrued expenses and other current liabilities (including $ 165,434 and $ 145,040 Accrued expenses and other current liabilities of consolidated joint ventures) 739,211 801,423 Contract liabilities (including $ 60,374 and $ 61,234 Contract liabilities of consolidated joint ventures) 282,962 301,107 Short-term lease liabilities, operating leases (including $ 4,445 and $ 4