Parsons Corp. Files Q2 2024 10-Q
Ticker: PSN · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 275880
Sentiment: neutral
Topics: 10-Q, financials, SEC filing
TL;DR
Parsons Corp. Q2 10-Q is in: financials and ops updated for investors.
AI Summary
Parsons Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in its primary markets.
Why It Matters
This filing provides investors and analysts with the latest financial health and operational performance of Parsons Corp., crucial for understanding its current market position and future outlook.
Risk Assessment
Risk Level: medium — The filing contains standard financial disclosures for a public company, but the complexity of its business segments and potential market shifts introduce inherent risks.
Key Numbers
- 20240630 — Period End Date (Reporting period for the 10-Q filing.)
- 20240731 — Filing Date (Date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- PARSONS CORP (company) — Filer
- 20240630 (date) — Period of Report
- 20240731 (date) — Filing Date
- 703-988-8500 (phone_number) — Business Phone
- SealingTechnologiesIncMember (company) — Subsidiary/Segment Identifier
- UnconsolidatedJointVenturesMember (company) — Segment Identifier
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, meaning the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
The filing date (FILED AS OF DATE) is 20240731.
What is the company's primary business address?
The business address is 5875 TRINITY PKWY #300, CENTREVILLE, VA 20120.
What is the company's phone number?
The business phone number is 703-988-8500.
What SIC code is associated with Parsons Corp?
The Standard Industrial Classification (SIC) code is 7373, which corresponds to SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN.
Filing Stats: 4,365 words · 17 min read · ~15 pages · Grade level 17.8 · Accepted 2024-07-31 06:33:30
Key Financial Figures
- $1 — nge on which registered Common Stock, $1 par value PSN New York Stock Exchan
- $1.00 — had 106,185,132 shares of common stock, $1.00 par value per share, outstanding. Tab
Filing Documents
- psn-20240630.htm (10-Q) — 3406KB
- psn-ex10_1.htm (EX-10.1) — 12KB
- psn-ex10_2.htm (EX-10.2) — 10KB
- psn-ex31_1.htm (EX-31.1) — 14KB
- psn-ex31_2.htm (EX-31.2) — 14KB
- psn-ex32_1.htm (EX-32.1) — 9KB
- psn-ex32_2.htm (EX-32.2) — 9KB
- img91643045_0.jpg (GRAPHIC) — 12KB
- img91643045_1.jpg (GRAPHIC) — 107KB
- 0000950170-24-088219.txt ( ) — 14738KB
- psn-20240630.xsd (EX-101.SCH) — 1675KB
- psn-20240630_htm.xml (XML) — 3092KB
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 7 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 31 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.
Controls and Procedures
Controls and Procedures 46 PART II. OTHER INFORMATION 47 Item 1.
Legal Proceedings
Legal Proceedings 47 Item 1A.
Risk Factors
Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 48
—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) June 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents (including $ 128,259 and $ 128,761 Cash of consolidated joint ventures) $ 528,462 $ 272,943 Accounts receivable, net (including $ 278,869 and $ 274,846 Accounts receivable of consolidated joint ventures, net) 1,042,936 915,638 Contract assets (including $ 41,963 and $ 11,096 Contract assets of consolidated joint ventures) 803,685 757,515 Prepaid expenses and other current assets (including $ 15,220 and $ 11,929 Prepaid expenses and other current assets of consolidated joint ventures) 198,619 191,430 Total current assets 2,573,702 2,137,526 Property and equipment, net (including $ 3,207 and $ 3,274 Property and equipment of consolidated joint ventures, net) 98,217 98,957 Right of use assets, operating leases (including $ 7,423 and $ 9,885 Right of use assets, operating leases of consolidated joint ventures) 136,169 159,211 Goodwill 1,790,903 1,792,665 Investments in and advances to unconsolidated joint ventures 157,243 128,204 Intangible assets, net 248,079 275,566 Deferred tax assets 162,669 140,162 Other noncurrent assets 71,748 71,770 Total assets $ 5,238,730 $ 4,804,061 Liabilities and Shareholders' Equity Current liabilities: Accounts payable (including $ 55,621 and $ 49,234 Accounts payable of consolidated joint ventures) $ 252,838 $ 242,821 Accrued expenses and other current liabilities (including $ 150,734 and $ 145,040 Accrued expenses and other current liabilities of consolidated joint ventures) 822,124 801,423 Contract liabilities (including $ 66,042 and $ 61,234 Contract liabilities of consolidated joint ventures) 298,104 301,107 Short-term lease liabilities, operating leases (including $ 4,123 and $