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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

PSN stock data

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Calendar

24 Feb 21
17 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

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

Beta Read what these cash burn values mean

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

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 Prev Q Change
Total holders 149 143 +4.2%
Opened positions 30 26 +15.4%
Closed positions 24 16 +50.0%
Increased positions 57 58 -1.7%
Reduced positions 47 40 +17.5%
13F shares
Current Prev Q Change
Total value 3.72B 3.48B +7.0%
Total shares 102.2M 103.67M -1.4%
Total puts 5.6K 45.2K -87.6%
Total calls 37.7K 51.4K -26.7%
Total put/call ratio 0.1 0.9 -83.1%
Largest owners
Shares Value Change
Newport Trust 75.14M $2.74B -1.3%
TROW T. Rowe Price 2.26M $82.45M +0.4%
Vanguard 2.18M $79.4M +0.9%
BLK Blackrock 1.86M $67.84M +6.4%
STT State Street 1.65M $60.15M +40.8%
WFC Wells Fargo & Co. 1.64M $59.62M +10.6%
FMR 1.38M $50.39M +5.7%
BAC Bank Of America 1.27M $46.06M +22.8%
Etf Managers 1.19M $43.14M +14.8%
Lazard Asset Management 1.17M $42.6M +21.8%
Largest transactions
Shares Bought/sold Change
FHI Federated Hermes 40.03K -1.16M -96.7%
Alkeon Capital Management 0 -1.05M EXIT
Newport Trust 75.14M -1.01M -1.3%
TimesSquare Capital Management 0 -1.01M EXIT
PFG Principal Financial Group Inc - Registered Shares 79.48K -769.78K -90.6%
Millennium Management 775.25K +699.18K +919.0%
STT State Street 1.65M +478.28K +40.8%
Norges Bank 391.86K +391.86K NEW
IVZ Invesco 515.73K +333.29K +182.7%
BAC Bank Of America 1.27M +234.52K +22.8%

Financial report summary

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Risks
  • 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.
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