Parsons Corp Files Q3 2024 10-Q
Ticker: PSN · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 275880
Sentiment: neutral
Topics: 10-Q, financials, Parsons Corp, quarterly-report
TL;DR
Parsons Corp dropped its Q3 10-Q. Check financials.
AI Summary
Parsons Corp filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and segment performance, including Federal Solutions and Critical Infrastructure, are presented. The company's financial position and any material changes are disclosed.
Why It Matters
This filing provides investors and analysts with the latest financial results and operational insights for Parsons Corp, crucial for understanding the company's current performance and future outlook.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health or operational risks.
Key Numbers
- 2024-09-30 — As of Date (End of reporting period)
- 2024-01-01 to 2024-09-30 — Reporting Period (Nine months ended)
- 2023-07-01 to 2023-09-30 — Prior Year Period (Third quarter ended)
Key Players & Entities
- PARSONS CORP (company) — Filer
- 20240930 (date) — Period of Report
- 20241030 (date) — Filing Date
- Centreville, VA (location) — Business Address
- Federal Solution Segment (segment) — Business Segment
- Critical Infrastructure Segment (segment) — Business Segment
- Sealing Technologies Inc (company) — Acquired Entity
FAQ
What is the reporting period for this 10-Q filing?
The reporting period is for the quarter ended September 30, 2024.
What are the main business segments mentioned in the filing?
The filing mentions the Federal Solutions Segment and the Critical Infrastructure Segment.
Does the filing mention any acquisitions or specific subsidiaries?
Yes, the filing references 'psn:SealingTechnologiesIncMember', indicating a focus on Sealing Technologies Inc.
What is the company's primary business classification?
Parsons Corp is classified under 'SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]'.
When was the company incorporated?
The company was incorporated in Delaware (DE).
Filing Stats: 4,275 words · 17 min read · ~14 pages · Grade level 18.3 · Accepted 2024-10-30 06:33:29
Key Financial Figures
- $1 — nge on which registered Common Stock, $1 par value PSN New York Stock Exchan
- $1.00 — had 106,189,949 shares of common stock, $1.00 par value per share, outstanding. Tab
Filing Documents
- psn-20240930.htm (10-Q) — 3500KB
- 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
- img91645928_0.jpg (GRAPHIC) — 12KB
- img91645928_1.jpg (GRAPHIC) — 107KB
- 0000950170-24-118574.txt ( ) — 15452KB
- psn-20240930.xsd (EX-101.SCH) — 1722KB
- psn-20240930_htm.xml (XML) — 3290KB
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 33 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.
Controls and Procedures
Controls and Procedures 48 PART II. OTHER INFORMATION 49 Item 1.
Legal Proceedings
Legal Proceedings 49 Item 1A.
Risk Factors
Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 50 Item 6. Exhibits 50
—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) September 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents (including $ 132,662 and $ 128,761 Cash of consolidated joint ventures) $ 558,823 $ 272,943 Accounts receivable, net (including $ 348,892 and $ 274,846 Accounts receivable of consolidated joint ventures, net) 1,034,976 915,638 Contract assets (including $ 6,260 and $ 11,096 Contract assets of consolidated joint ventures) 790,001 757,515 Prepaid expenses and other current assets (including $ 15,284 and $ 11,929 Prepaid expenses and other current assets of consolidated joint ventures) 170,858 191,430 Total current assets 2,554,658 2,137,526 Property and equipment, net (including $ 3,235 and $ 3,274 Property and equipment of consolidated joint ventures, net) 101,193 98,957 Right of use assets, operating leases (including $ 6,879 and $ 9,885 Right of use assets, operating leases of consolidated joint ventures) 135,367 159,211 Goodwill 1,931,157 1,792,665 Investments in and advances to unconsolidated joint ventures 194,524 128,204 Intangible assets, net 307,952 275,566 Deferred tax assets 163,539 140,162 Other noncurrent assets 54,952 71,770 Total assets $ 5,443,342 $ 4,804,061 Liabilities and Shareholders' Equity Current liabilities: Accounts payable (including $ 65,426 and $ 49,234 Accounts payable of consolidated joint ventures) $ 300,217 $ 242,821 Accrued expenses and other current liabilities (including $ 173,190 and $ 145,040 Accrued expenses and other current liabilities of consolidated joint ventures) 876,583 801,423 Contract liabilities (including $ 64,899 and $ 61,234 Contract liabilities of consolidated joint ventures) 300,799 301,107 Short-term lease liabilities, operating leases (including $ 3,962 a