PSN Parsons

Parsons Corp. provides engineering, design, planning, and construction management services. It offers solutions for commercial, federal, transportation, and water resources. The firm delivers engineering, construction, systems and resource integration, project and program management, and environmental services to customers. Its business segments include Federal Solutions and Critical Infrastructure. The Federal Solutions segment provides advanced technologies, including cybersecurity, missile defense systems, C5ISR, space launch and situational awareness, geospatial intelligence, RF signals intelligence, nuclear and chemical waste remediation, and engineering services. The Critical Infrastructure segment provides integrated design and engineering services for complex physical and digital infrastructure around the globe. The company was founded by Ralph Monroe Parsons on June 12, 1944 and is headquartered in Centreville, VA.
Company profile
Ticker
PSN
Exchange
Website
CEO
Charles L. Harrington
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
PARSON CORP
SEC CIK
Corporate docs
IRS number
953232481
PSN stock data
()
News
Benzinga's Top Ratings Upgrades, Downgrades For April 5, 2021
5 Apr 21
Goldman Sachs Downgrades Parsons Corp to Neutral, Announces $43 Price Target
5 Apr 21
Morgan Stanley Maintains Equal-Weight on Parsons Corp, Lowers Price Target to $38
10 Mar 21
34 Stocks Moving in Tuesday's Pre-Market Session
2 Mar 21
10 Stocks Moving In Monday's After-Hours Session
1 Mar 21
Press releases
Parsons Selected by City of Toronto for Delivery of Gardiner Expressway Rehabilitation Project
16 Apr 21
Parsons Continues Giant Mine Project With Contract Amendment
15 Apr 21
Parsons to Announce First Quarter 2021 Financial Results on May 5, 2021
8 Apr 21
Parsons to Support NSA Competition Training Future Cyber Warriors
7 Apr 21
Parsons' GreenFish™ Unlocks the All-Domain Battlespace
6 Apr 21
Calendar
24 Feb 21
17 Apr 21
31 Dec 21
Financial summary
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Dec 20 | Sep 20 | Jun 20 | Mar 20 | |
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Diluted EPS |
Annual (USD) |
Dec 20 | Dec 19 | |
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Financial data from Parsons earnings reports.
Cash burn rate (estimated) | Burn method: Change in cash | Burn method: Operating income/loss | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 483.61M | 483.61M | 483.61M | 483.61M | 483.61M | 483.61M |
Cash burn (monthly) | 43.47M | (positive/no burn) | (positive/no burn) | (positive/no burn) | (positive/no burn) | (positive/no burn) |
Cash used (since last report) | 155.13M | n/a | n/a | n/a | n/a | n/a |
Cash remaining | 328.48M | n/a | n/a | n/a | n/a | n/a |
Runway (months of cash) | 7.6 | n/a | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
1 Apr 21 | Wajsgras David C | Common Stock | Grant | Aquire A | No | No | 0 | 790 | 0 | 3,432 |
1 Apr 21 | Mcgovern James F | Common Stock | Grant | Aquire A | No | No | 0 | 946 | 0 | 3,089 |
31 Mar 21 | Mcgovern James F | Common Stock | Option exercise | Aquire M | No | No | 0 | 1,081 | 0 | 2,143 |
31 Mar 21 | Mcgovern James F | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 1,081 | 0 | 0 |
31 Mar 21 | Holdsworth Mark Keith | Common Stock | Option exercise | Aquire M | No | No | 0 | 1,081 | 0 | 1,081 |
31 Mar 21 | Holdsworth Mark Keith | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 1,081 | 0 | 0 |
31 Mar 21 | McMahon Harry T. | Common Stock | Option exercise | Aquire M | No | No | 0 | 1,081 | 0 | 18,581 |
31 Mar 21 | McMahon Harry T. | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 1,081 | 0 | 0 |
4 Mar 21 | Harrington Charles L. | Common Stock | Payment of exercise | Dispose F | No | No | 36.02 | 7,843 | 282.5K | 108,786 |
4 Mar 21 | Harrington Charles L. | Common Stock | Option exercise | Aquire M | No | No | 0 | 17,396 | 0 | 116,629 |
Institutional ownership Q4 2020
Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.
13F holders |
Current |
---|---|
Total holders | 149 |
Opened positions | 30 |
Closed positions | 24 |
Increased positions | 57 |
Reduced positions | 47 |
13F shares |
Current |
---|---|
Total value | 3.72B |
Total shares | 102.2M |
Total puts | 5.6K |
Total calls | 37.7K |
Total put/call ratio | 0.1 |
Largest owners |
Shares | Value |
---|---|---|
Newport Trust | 75.14M | $2.74B |
TROW T. Rowe Price | 2.26M | $82.45M |
Vanguard | 2.18M | $79.4M |
BLK Blackrock | 1.86M | $67.84M |
STT State Street | 1.65M | $60.15M |
WFC Wells Fargo & Co. | 1.64M | $59.62M |
FMR | 1.38M | $50.39M |
BAC Bank Of America | 1.27M | $46.06M |
Etf Managers | 1.19M | $43.14M |
Lazard Asset Management | 1.17M | $42.6M |
Financial report summary
?Competition
Caci International Inc. - Registered Shares • Jacobs Engineering • Tetra Tech • Mantech International • Lockheed Martin • Stantec • Northrop Grumman • Leidos • Science Applications International • PAERisks
- Risk Relating to Our Business
- Risk Related to Our Common Stock
- Our business, results of operations, financial condition, cash flows and stock price can be adversely affected by pandemics, epidemics or other public health emergencies, such as the current global COVID-19 pandemic.
- Government spending and priorities could change in a manner that adversely affects our future revenue and limits our growth prospects.
- Our failure to comply with a variety of complex procurement rules and regulations could result in our being liable for penalties, including termination of our government contracts, disqualification from bidding on future government contracts and suspension or debarment from government contracting.
- Governments may adopt new contract rules and regulations or revise their procurement practices in a manner adverse to us at any time.
- A substantial portion of our business is subject to reviews, audits and cost adjustments by government agencies, which, if resolved unfavorably to us, could adversely affect our profitability, cash flows or growth prospects.
- Our government contracts may be terminated by the government counterparty at any time and may contain other provisions permitting the government to discontinue contract performance, and if lost contracts are not replaced, our operating results may differ materially and adversely from those anticipated.
- Our revenue and growth prospects may be harmed if we or our employees are unable to obtain government granted eligibility or other qualifications, we and they need to perform services for our customers.
- Our profitability could suffer if we are not able to timely and effectively utilize our employees or manage our cost structure.
- Our focus on new growth areas for our business entails risks, including those associated with new relationships, clients, talent needs, capabilities, service offerings and maintaining our collaborative culture and core values.
- We have submitted claims to clients for work we performed beyond the initial scope of some of our contracts. If these clients do not approve these claims, our results of operations could be adversely impacted.
- Many of our contracts require innovative design capabilities, are technologically complex or are dependent upon factors not wholly within our control. Failure to meet these obligations could adversely affect our business, financial condition or results of operations.
- We face aggressive competition that can impact our ability to obtain contracts and may affect our future revenues, profitability and growth prospects.
- We may make acquisitions, investments, joint ventures and divestitures in the future that involve numerous risks, which if realized, may adversely affect our business and our future results.
- We conduct a portion of our work through joint venture entities, some of which we do not have management control over, and with which we typically have joint and several liability with our joint venture partners.
- We participate in joint ventures where we provide guarantees and may be adversely impacted by the failure of such joint venture or its participants to fulfill their obligations.
- Our acquisitions may not achieve their full intended benefits or may disrupt our plans and operations.
- We depend on our teaming arrangements and relationships with other contractors and subcontractors. If we are not able to maintain these relationships, of if these parties fail to satisfy
- Our earnings and profitability may vary based on the mix of our contracts and may be adversely affected by our failure to accurately estimate and manage costs, time and resources.
- Goodwill and intangible assets represent a significant amount of our total assets and any impairment of these assets would negatively impact our results of operations.
- Systems that we develop, integrate, maintain, or otherwise support could experience security breaches which may damage our reputation with our clients and hinder future contract win rates.
- Services we provide and technologies we develop are designed to detect and monitor threats to our clients, the failure of which may lead to reputational harm or liability against us by our clients or third parties and may subject our staff to potential threats, risk of loss or harm.
- Unavailability or cancellation of third-party insurance coverage would increase our overall risk exposure as well as disrupt the management of our business operations.
- Adverse judgments or settlements in legal disputes could result in materially adverse monetary damages or injunctive relief and damage our reputation.
- Our business is subject to numerous legal and regulatory requirements and any violation of these requirements or any misconduct by our employees, subcontractors, agents or business partners could harm our business and reputation.
- Our services and operations sometimes involve handling or disposing of hazardous substances or dangerous materials, and we are subject to environmental requirements and risks which could result in significant costs, liabilities and obligations.
- Our failure to meet contractual schedule requirements, meet a required performance standard, meet our internal contractual performance projections or otherwise perform adequately on a project could adversely affect our business, financial condition or results of operations.
- Failure to adequately protect, maintain, or enforce our rights in our intellectual property may adversely limit our competitive position.
- Assertions by third parties of infringement, misappropriation or other violations by us of their intellectual property rights could result in significant costs and substantially harm our business, financial condition and operation results.
- Our operations outside the United States expose us to legal, political and economic risks in different countries as well as currency exchange rate fluctuations that could harm our business and financial results.
- We have operations in the Middle East and neighboring regions, and these regions may experience turmoil that may impact our current projects, future business and financial stability.
- We operate in many different jurisdictions and we could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-corruption laws.
- We may not realize the full value of our backlog, which may result in lower than expected revenue.
- If we cannot collect our receivables or if payment is delayed, our business may be adversely affected by our inability to generate cash flow, provide working capital or continue our business operations.
- The agreements governing our debt contain a number of restrictive covenants which may limit our ability to finance future operations, acquisitions or capital needs or engage in other business activities that may be in our interest.
- Prior to our initial public offering, we were 100% owned by the ESOP, which is a retirement plan that is intended to be qualified under the Code. If the ESOP failed to meet the requirements of a tax qualified retirement plan, we could be subject to substantial penalties.
- A failure to attract, train and retain skilled employees and our senior management team would adversely affect our ability to execute our strategy and may disrupt our operations.
- We may lose one or more members of our senior management team or fail to develop new leaders, which could cause a disruption in the management of our business.
- Negotiations with labor unions and possible work actions could divert management attention and disrupt operations. In addition, new collective bargaining agreements or amendments to existing agreements could increase our labor costs and operating expenses.
- Many of our field project sites and facilities are inherently dangerous workplaces. Failure to manage our field project sites and facilities safely could result in environmental disasters, employee deaths or injuries, reduced profitability, the loss of projects or clients and possible exposure to litigation.
- If we are unable to implement and maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock may be negatively affected.
- If our stock price fluctuates, you could lose a significant part of your investment.
- Qualifying ESOP participants have the right to receive distributions of shares of our common stock from the ESOP and can sell such shares in the market.
- The issuance of additional stock, not reserved for issuance under our equity incentive plans or otherwise, will dilute all other stockholdings.
- We are a “controlled company” within the meaning of the New York Stock Exchange listing standards and, as a result, qualify for exemptions from certain corporate governance requirements. You may not have the same protections afforded to stockholders of companies that are subject to such requirements.
- Our ability to raise capital in the future may be limited, which could limit our business plan or adversely affect your investment.
- Anti-takeover provisions in our organizational documents could delay a change in management and limit our share price.
- We do not expect to declare any dividends in the foreseeable future.
- If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
Management Discussion
- The increase in Federal Solutions revenue for the year ended December 31, 2020 compared to the corresponding period last year was primarily due to incremental revenue from business acquisitions, which added $27.7 million.
- The decrease in Federal Solutions Adjusted EBITDA attributable to Parsons Corporation for the year ended December 31, 2020 compared to the prior year was primarily due to an increase in IG&A, partially offset by an increase in business volume from business acquisitions and higher project margins.
- The decrease in revenue for the year ended December 31, 2020 compared to the corresponding period last year was primarily related to a decrease in business volume on contracts with pass-through revenue, along with normal course net fluctuations in the winding down and starting up of contracts.
Content analysis
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H.S. sophomore Avg
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Financial reports
10-K
2020 FY
Annual report
24 Feb 21
10-Q
2020 Q3
Quarterly report
4 Nov 20
10-Q
2020 Q2
Quarterly report
5 Aug 20
10-Q
2020 Q1
Quarterly report
6 May 20
10-K
2019 FY
Annual report
10 Mar 20
10-Q
2019 Q3
Quarterly report
12 Nov 19
10-Q
2019 Q2
Quarterly report
13 Aug 19
10-Q
2019 Q1
Quarterly report
18 Jun 19
Current reports
8-K
Departure of Directors or Certain Officers
24 Mar 21
8-K
Regulation FD Disclosure
11 Mar 21
8-K
Parsons Reports Fourth Quarter and Full Year 2020 Results
24 Feb 21
8-K
Parsons Corporation appoints Carey Smith to Board of Directors
21 Dec 20
8-K
Parsons Completes Acquisition of Braxton Science & Technology Group
19 Nov 20
8-K
Parsons Delivers Strong Third Quarter 2020 Results
4 Nov 20
8-K
Entry into a Material Definitive Agreement
20 Aug 20
8-K
Parsons Delivers Strong Second Quarter 2020 Operating Earnings and Cash Flow Results
5 Aug 20
8-K
Departure of Directors or Certain Officers
26 Jun 20
8-K
Parsons Delivers Strong First Quarter 2020 Revenue Growth
6 May 20
Registration and prospectus
Other
EFFECT
Notice of effectiveness
8 May 19
CORRESP
Correspondence with SEC
2 May 19
CORRESP
Correspondence with SEC
2 May 19
CORRESP
Correspondence with SEC
1 May 19
CORRESP
Correspondence with SEC
28 Apr 19
UPLOAD
Letter from SEC
22 Apr 19
CORRESP
Correspondence with SEC
11 Apr 19
UPLOAD
Letter from SEC
3 Apr 19
Ownership
4
PARSONS / DAVID C WAJSGRAS ownership change
2 Apr 21
4
PARSONS / Harry T. McMahon ownership change
2 Apr 21
4
PARSONS / JAMES F MCGOVERN ownership change
2 Apr 21
4
PARSONS / Mark Keith Holdsworth ownership change
2 Apr 21
4
PARSONS / Charles L. Harrington ownership change
8 Mar 21
4
PARSONS / Michael Richard Kolloway ownership change
8 Mar 21
4
PARSONS / George L. Ball ownership change
8 Mar 21
4
PARSONS / Carey A. Smith ownership change
8 Mar 21
4
PARSONS / Debra Fiori ownership change
8 Mar 21
4
PARSONS / Michael Richard Kolloway ownership change
3 Mar 21
Patents
APP
Utility
System and Methodology for Data Classification, Learning and Transfer
25 Feb 21
Detection and classification of patterns in high speed streaming data using algorithmic learning processes creates transferable models.
APP
Utility
Goal-directed Semantic Search
16 Sep 20
Embodiments of goal-directed semantic search allow a user to discover how one or more entities (organizations, people, events, places, etc.) are related without having to explicitly define multiple queries to discover those relationships.
APP
Utility
Multi-tiered Packet Processing
9 Sep 20
A system adaptably directs packet flows to packet processing elements based on OSI layer characteristics and, when necessary, inspection of data payloads.
APP
Utility
Spectral Object Detection
8 Apr 20
A multispectral material detection system captures spectral data and compares select spectral bands to reflectance spectra of a plurality of materials.
Transcripts
2020 Q4
Earnings call transcript
24 Feb 21
2020 Q3
Earnings call transcript
4 Nov 20
2020 Q3
Earnings call transcript
4 Nov 20
2020 Q2
Earnings call transcript
8 Aug 20
2020 Q1
Earnings call transcript
9 May 20
2019 Q4
Earnings call transcript
10 Mar 20
2019 Q3
Earnings call transcript
13 Nov 19
2019 Q2
Earnings call transcript
13 Aug 19
2019 Q1
Earnings call transcript
18 Jun 19
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