Parsons Delivers Strong Fourth Quarter and Full Year 2019 Results on Solid Revenue Growth
CEO Commentary
"We had a strong finish to 2019 and ended the year with record revenue and profitability results, along with solid cash flow over the second half of the year," said
Fourth Quarter 2019 Results
Total revenue for the fourth quarter of 2019 increased to
Adjusted EBITDA including noncontrolling interests for the fourth quarter of 2019 increased 62% over the prior year period to
Adjusted EPS increased to
Fiscal Year 2019 Results
Total revenue for fiscal year 2019 increased to
Adjusted EBITDA including noncontrolling interests for fiscal year 2019 increased 32% over the prior year period to
Adjusted EPS increased to
Information about the Company's use of non-GAAP financial information is provided on page eleven and in the non-GAAP reconciliation tables included herein.
Segment Results
Federal Solutions Segment
Three Months Ended |
Growth |
Fiscal Year Ended |
Growth |
|||||||||||||||||||||||||||||
December |
December |
Dollars/ |
Percent |
December |
December |
Dollars/ |
Percent |
|||||||||||||||||||||||||
Revenue |
$ |
402,882 |
$ |
500,423 |
$ |
97,541 |
24 |
% |
$ |
1,479,007 |
$ |
1,887,907 |
$ |
408,900 |
28 |
% |
||||||||||||||||
Adjusted EBITDA |
$ |
21,029 |
$ |
42,563 |
$ |
21,534 |
102 |
% |
$ |
122,295 |
$ |
169,542 |
$ |
47,247 |
39 |
% |
||||||||||||||||
Adjusted EBITDA margin |
5.2 |
% |
8.5 |
% |
3.3 |
% |
63 |
% |
8.3 |
% |
9.0 |
% |
0.7 |
% |
9 |
% |
Fourth quarter 2019 revenue increased
Fourth quarter 2019 Federal Solutions Adjusted EBITDA including noncontrolling interests increased by
Fiscal year 2019 revenue increased
Fiscal year 2019 Federal Solutions Adjusted EBITDA including noncontrolling interests increased by
Critical Infrastructure Segment
Three Months Ended |
Growth |
Fiscal Year Ended |
Growth |
|||||||||||||||||||||||||||||
December |
December |
Dollars/ Percent |
Percent |
December |
December |
Dollars/ Percent |
Percent |
|||||||||||||||||||||||||
Revenue |
$ |
526,058 |
$ |
536,965 |
$ |
10,907 |
2 |
% |
$ |
2,081,501 |
$ |
2,066,905 |
$ |
(14,596) |
-1 |
% |
||||||||||||||||
Adjusted EBITDA |
$ |
33,186 |
$ |
45,265 |
$ |
12,079 |
36 |
% |
$ |
123,949 |
$ |
155,505 |
$ |
31,556 |
25 |
% |
||||||||||||||||
Adjusted EBITDA margin |
6.3 |
% |
8.4 |
% |
2.1 |
% |
34 |
% |
6.0 |
% |
7.5 |
% |
1.6 |
% |
26 |
% |
Fourth quarter 2019 revenue increased
Fourth quarter 2019 Critical Infrastructure Adjusted EBITDA including noncontrolling interests increased by
Fiscal year 2019 revenue decreased by
Fiscal year 2019 Critical Infrastructure Adjusted EBITDA including noncontrolling interests increased by
Fourth Quarter 2019 Key Performance Indicators
- Book-to-bill ratio: 0.9x on net bookings of
$903 million . Trailing twelve-month: 1.1x on net bookings of$4.2 billion . - Total backlog:
$8 billion , a 1% increase over the fourth quarter of 2018. - Cash flow from operating activities: Fourth quarter 2019 cash flow of
$90 million was less than anticipated, but the Company generated strong cash flow of$269 million in the second half of 2019. For fiscal year 2019, cash flow from operating activities was$220 million compared to$285 million in fiscal year 2018. - Debt: total and net debt were
$249 million and$67 million , respectively. The Company's net debt to trailing twelve-month adjusted EBITDA leverage ratio at the end of the fourth quarter of 2019 was 0.2x. The Company defines net debt as total debt less cash and cash equivalents.
Fourth Quarter 2019 Significant Contract Wins
Parsons continued to gain momentum in the cyber market. One quarter after winning its largest single award cyber contract in its history, the Company was awarded four additional strategic cyber contracts. Parsons also was awarded two large Critical Infrastructure joint venture projects.
- Awarded a
$90 million cyber contract with a classified customer. - Awarded three additional cyber contracts valued at
$77 million in total for classified and unclassified federal customers to provide various services including secure and resilient architecture development, secure communications, cyber risk and threat assessment for the enhancement and resiliency of weapon systems and special security capabilities required in dynamic operational space missions. - As part of a joint venture (JV) team, Parsons was awarded an
$805 million contract for the Glendora to Pomona segment of the Foothill Gold Line light rail extension project that will benefit travelers across the LA Metro service area. Parsons is a 25 percent joint-venture partner and is providing design and construction management services. - As part of a JV team, Parsons was awarded a
$194 million contract for the 14-mile extension of theGreater Minneapolis, MN , LRT System. Parsons is a 35 percent joint-venture partner and is providing design and construction management services.
Environmental, Social and Governance (ESG) Initiatives
Corporate social responsibility is an integral part of Parsons' culture and reflects the Company's dedication to its core values and fulfilling its customers' missions. During the fourth quarter 2019, our employees continued to exemplify their passion and commitment to making the world a better place.
- Parsons' employees participated in community service events that benefited organizations such as
Tragedy Assistance Program for Survivors (TAPS), Special OperationsCharity Network ,Special Operations Warrior Foundation , Girls Lead the Way, and numerous other charitable organizations. - As the lead Designer for
Georgia's Northwest Corridor project inAtlanta , Parsons was part of the joint venture team that received the prestigious National Award of Merit from theDesign Build Institute of America and the 2019 Global Roads Achievement Award from theInternational Road Federation . The project has had a positive impact on the community and region, reportedly reducing one-way commutes by as much as 45 minutes, and in turn reducing carbon emissions and spurring local economic growth through innovative advanced transportation management systems. The Regina Bypass ,Saskatchewan's largest infrastructure project, opened to traffic with a focus on improving safety, mobility, and reducing carbon emissions and fuel consumption. The bypass also supports continued growth of the Global Transportation Hub and alleviates issues caused by population growth and congestion.- The Company recently sponsored a Parsons Technology Innovation Challenge Showcase where high school students in the
Washington, D.C. area were mentored by Parsons Technical Fellows and awarded scholarships for developing next generation ideas that make the world a better place. Winning projects included a solution that automates healthcare records, the development of a community water purification system, a virtual reality swim training system, and the creation of a healthcare marketplace. Parsons regularly hosts a variety of STEM (Science, Technology, Engineering and Mathematics) programs to promote innovative technology ideas from our future leaders.
Fiscal Year 2020 Guidance
The table below summarizes the company's fiscal year 2020 guidance.
Fiscal Year 2020 Guidance |
|
Revenue |
|
Adjusted EBITDA including non-controlling interest |
|
Cash Flow from Operating Activities |
|
Net income guidance is not presented as the Company believes market volatility and the resulting potential for fluctuations in the Company's stock price and the related impact on the Company's equity-based compensation expense and net income will preclude the Company from providing accurate projections for fiscal year 2020.
Conference Call Information
Parsons will host a conference call today,
Listeners may access a webcast of the live conference call from the Investor Relations section of the Company's website at www.Parsons.com. Listeners also may access a slide presentation on the website, which summarizes the Company's fourth quarter and fiscal year 2019 results. Listeners should go to the website 15 minutes before the live event to download and install any necessary audio software.
Listeners may also participate in the conference call by dialing +1 866-987-6581 (domestic) or +1 602-563-8686 (international) and entering passcode 5454538.
A replay will be available on the Company's website approximately two hours after the conference call and continuing for one year. A telephonic replay also will be available through
About
Parsons is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we're making an impact.
Forward-Looking Statements
This Earnings Release and materials included therewith contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the
financial-news
Media: |
Investor Relations: |
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(703) 797-3001 |
(571) 655-8264 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Quarterly Data Unaudited) (in thousands, except per share data) |
||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
|||||||||||||||
|
|
|
|
|||||||||||||
Revenue |
$ |
928,940 |
$ |
1,037,388 |
$ |
3,560,508 |
$ |
3,954,812 |
||||||||
Direct cost of contracts |
740,804 |
825,550 |
2,795,005 |
3,123,062 |
||||||||||||
Equity in earnings of unconsolidated joint ventures |
11,338 |
12,416 |
36,915 |
41,721 |
||||||||||||
Indirect, general and administrative expenses |
175,382 |
199,980 |
597,410 |
781,408 |
||||||||||||
Operating income |
24,092 |
24,274 |
205,008 |
92,063 |
||||||||||||
Interest income |
352 |
171 |
2,710 |
1,300 |
||||||||||||
Interest expense |
(6,367) |
(4,152) |
(20,842) |
(23,729) |
||||||||||||
Other income (expense), net |
(2,006) |
(812) |
(1,651) |
(2,392) |
||||||||||||
(Interest and other expense) gain associated with claim on long-term contract |
- |
- |
74,578 |
- |
||||||||||||
Total other (expense) income |
(8,021) |
(4,793) |
54,795 |
(24,821) |
||||||||||||
Income before income tax expense |
16,071 |
19,481 |
259,803 |
67,242 |
||||||||||||
Income tax (expense) benefit |
(1,841) |
2,823 |
(20,367) |
69,886 |
||||||||||||
Net (loss) income including noncontrolling interests |
14,230 |
22,304 |
239,436 |
137,128 |
||||||||||||
Net income attributable to noncontrolling interests |
(6,783) |
(8,582) |
(17,099) |
(16,594) |
||||||||||||
Net income attributable to |
$ |
7,447 |
$ |
13,722 |
$ |
222,337 |
$ |
120,534 |
||||||||
Earnings per share: |
||||||||||||||||
Basic |
$ |
0.10 |
$ |
0.14 |
$ |
2.78 |
$ |
1.30 |
||||||||
Diluted |
$ |
0.10 |
$ |
0.14 |
$ |
2.78 |
$ |
1.30 |
||||||||
Weighted average number shares used to compute basic and diluted EPS (Quarterly Data Unaudited) (in thousands) |
||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
|||||||||||||||
December |
December |
December |
December |
|||||||||||||
Basic weighted average number of shares outstanding |
77,949 |
99,742 |
80,014 |
92,419 |
||||||||||||
Diluted weighted average number of shares outstanding |
77,949 |
100,084 |
80,014 |
92,753 |
CONSOLIDATED BALANCE SHEETS As of |
||||||||
(in thousands, except shares and par value) |
2018 |
2019 |
||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents (including |
$ |
280,221 |
$ |
182,688 |
||||
Restricted cash and investments |
974 |
12,686 |
||||||
Accounts receivable, net (including |
623,286 |
671,492 |
||||||
Contract assets (including |
515,319 |
575,089 |
||||||
Prepaid expenses and other current assets (including |
69,007 |
84,454 |
||||||
Total current assets |
1,488,807 |
1,526,409 |
||||||
Property and equipment, net (including |
91,849 |
122,751 |
||||||
Right of use assets, operating leases |
— |
233,415 |
||||||
|
736,938 |
1,047,425 |
||||||
Investments in and advances to unconsolidated joint ventures |
63,560 |
68,620 |
||||||
Intangible assets, net |
179,519 |
259,858 |
||||||
Deferred tax assets |
5,680 |
130,401 |
||||||
Other noncurrent assets |
46,225 |
61,489 |
||||||
Total assets |
$ |
2,612,578 |
$ |
3,450,368 |
||||
Liabilities, Redeemable Common Stock, and Shareholder's Equity (Deficit) |
||||||||
Current liabilities |
||||||||
Accounts payable (including |
$ |
226,345 |
$ |
216,613 |
||||
Accrued expenses and other current liabilities (including |
559,700 |
639,863 |
||||||
Contract liabilities (including |
208,576 |
230,681 |
||||||
Short-term lease liabilities, operating leases |
— |
49,994 |
||||||
Income taxes payable |
11,540 |
7,231 |
||||||
Total current liabilities |
1,006,161 |
1,144,382 |
||||||
Long-term employee incentives |
41,913 |
56,928 |
||||||
Deferred gain resulting from sale-leaseback transactions |
46,004 |
— |
||||||
Long-term debt |
429,164 |
249,353 |
||||||
Long-term lease liabilities, operating leases |
— |
203,624 |
||||||
Deferred tax liabilities |
6,240 |
9,621 |
||||||
Other long-term liabilities |
127,863 |
125,704 |
||||||
Total liabilities |
1,657,345 |
1,789,612 |
||||||
Contingencies (Note 15) |
||||||||
Redeemable common stock held by Employee Stock Ownership Plan (ESOP), |
1,876,309 |
— |
||||||
Shareholders' equity (deficit) |
||||||||
Common stock, |
— |
146,441 |
||||||
|
(957,025) |
(934,240) |
||||||
Additional paid-in capital |
— |
2,649,975 |
||||||
Retained earnings (accumulated deficit) |
12,445 |
(218,025) |
||||||
Accumulated other comprehensive income |
(22,957) |
(14,261) |
||||||
|
(967,537) |
1,629,890 |
||||||
Noncontrolling interests |
46,461 |
30,866 |
||||||
Total shareholders' equity (deficit) |
(921,076) |
1,660,756 |
||||||
Total liabilities, redeemable common stock and shareholders' equity (deficit) |
$ |
2,612,578 |
$ |
3,450,368 |
CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended |
||||||||||||
(in thousands) |
2017 |
2018 |
2019 |
|||||||||
Cash flows from operating activities |
||||||||||||
Net income including noncontrolling interests |
$ |
111,537 |
$ |
239,436 |
$ |
137,128 |
||||||
Adjustments to reconcile net income to net cash provided by operating activities |
||||||||||||
Depreciation and amortization |
35,198 |
69,869 |
125,700 |
|||||||||
Amortization of deferred gain |
(7,283) |
(7,253) |
— |
|||||||||
Amortization of debt issue costs |
504 |
721 |
973 |
|||||||||
Gain associated with claim on long-term contract |
— |
(129,674) |
— |
|||||||||
Loss on disposal of property and equipment |
1,184 |
780 |
1,042 |
|||||||||
Provision for doubtful accounts |
12,530 |
5,255 |
290 |
|||||||||
Deferred taxes |
5,403 |
(1,422) |
(123,338) |
|||||||||
Foreign currency transaction gains and losses |
(5,121) |
5,224 |
4,472 |
|||||||||
Equity in earnings of unconsolidated joint ventures |
(40,086) |
(36,915) |
(41,721) |
|||||||||
Return on investments in unconsolidated joint ventures |
33,377 |
35,192 |
51,077 |
|||||||||
Stock-based compensation |
— |
— |
8,272 |
|||||||||
Contributions of treasury stock |
40,553 |
45,161 |
53,644 |
|||||||||
Changes in assets and liabilities, net of acquisitions and newly consolidated joint ventures |
||||||||||||
Accounts receivable |
(2,958) |
461,304 |
(30,206) |
|||||||||
Contract assets |
— |
(480,090) |
(49,999) |
|||||||||
Prepaid expenses and current assets |
(10,850) |
(23,668) |
(22,110) |
|||||||||
Accounts payable |
27,334 |
5,566 |
(17,123) |
|||||||||
Accrued expenses and other current liabilities |
26,153 |
30,367 |
78,366 |
|||||||||
Billings in excess of costs |
7,900 |
(150,873) |
— |
|||||||||
Contract liabilities |
— |
205,047 |
20,146 |
|||||||||
Provision for contract losses |
19,431 |
(13,795) |
— |
|||||||||
Income taxes |
2,518 |
3,911 |
(5,421) |
|||||||||
Other long-term liabilities |
7,705 |
20,491 |
29,048 |
|||||||||
Net cash provided by operating activities |
265,029 |
284,634 |
220,240 |
|||||||||
Cash flows from investing activities |
||||||||||||
Capital expenditures |
(27,939) |
(29,283) |
(67,597) |
|||||||||
Proceeds from sale of property and equipment |
2,250 |
439 |
3,789 |
|||||||||
Payments for acquisitions, net of cash acquired |
(25,737) |
(481,163) |
(494,826) |
|||||||||
Investments in unconsolidated joint ventures |
(3,502) |
(4,720) |
(24,579) |
|||||||||
Return of investments in unconsolidated joint ventures |
1,967 |
11,432 |
12,410 |
|||||||||
Net cash used in investing activities |
(52,961) |
(503,295) |
(570,803) |
|||||||||
Cash flows from financing activities |
||||||||||||
Proceeds from borrowings |
— |
260,000 |
597,200 |
|||||||||
Repayments of borrowings |
— |
(80,000) |
(777,200) |
|||||||||
Payments for debt costs and credit agreement |
(1,949) |
(545) |
(286) |
|||||||||
Contributions by noncontrolling interests |
7,481 |
20,656 |
10,093 |
|||||||||
Distributions to noncontrolling interests |
(51,366) |
(18,886) |
(42,285) |
|||||||||
Purchase of treasury stock |
(111,403) |
(125,814) |
(6,272) |
|||||||||
IPO proceeds, net |
— |
— |
536,879 |
|||||||||
Dividend paid |
— |
— |
(52,093) |
|||||||||
Deferred payments for acquisitions |
(2,934) |
— |
— |
|||||||||
Net cash (used in) provided by financing activities |
(160,171) |
55,411 |
266,036 |
|||||||||
Effect of exchange rate changes |
1,235 |
(1,699) |
(1,294) |
|||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash |
53,132 |
(164,949) |
(85,821) |
|||||||||
Cash, cash equivalents and restricted cash |
||||||||||||
Beginning of year |
393,012 |
446,144 |
281,195 |
|||||||||
End of year |
$ |
446,144 |
$ |
281,195 |
$ |
195,374 |
||||||
Cash paid during the year for |
||||||||||||
Interest |
$ |
12,905 |
$ |
16,805 |
$ |
23,254 |
||||||
Income taxes (net of refunds) |
14,364 |
17,054 |
60,477 |
Contract Awards (in thousands): |
||||||||
Fiscal Year Ended |
||||||||
|
|
|||||||
Federal Solutions |
$ |
1,806,533 |
$ |
2,514,545 |
||||
Critical Infrastructure |
2,677,967 |
1,722,556 |
||||||
Total Awards |
$ |
4,484,500 |
$ |
4,237,101 |
||||
Backlog (in thousands): |
||||||||
Fiscal Year Ended |
||||||||
|
|
|||||||
Federal Solutions: |
||||||||
Funded |
$ |
964,626 |
$ |
1,153,041 |
||||
Unfunded |
3,523,376 |
3,882,289 |
||||||
Total Federal Solutions |
4,488,002 |
5,035,330 |
||||||
Critical Infrastructure: |
||||||||
Funded |
3,483,000 |
2,954,955 |
||||||
Unfunded |
- |
40,800 |
||||||
Total Critical Infrastructure |
3,483,000 |
2,995,755 |
||||||
Total Backlog |
$ |
7,971,002 |
$ |
8,031,085 |
||||
Book-To- |
||||||||
Fiscal Year Ended |
||||||||
|
|
|||||||
Federal Solutions |
1.2 |
1.3 |
||||||
Critical Infrastructure |
1.3 |
0.8 |
||||||
Overall |
1.3 |
1.1 |
Non-GAAP Financial Information
The tables under "
Non-GAAP Financial Information Reconciliation of Net Income to Adjusted EBITDA (in thousands) |
||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
|||||||||||||||
|
|
|
|
|||||||||||||
Net income attributable to |
$ |
7,447 |
$ |
13,722 |
$ |
222,337 |
$ |
120,534 |
||||||||
Interest expense, net |
6,015 |
3,981 |
18,132 |
22,429 |
||||||||||||
Income tax provision (benefit) |
1,841 |
(2,823) |
20,367 |
(69,886) |
||||||||||||
Depreciation and amortization (a) |
23,213 |
33,008 |
69,869 |
125,700 |
||||||||||||
Net income attributable to noncontrolling interests |
6,783 |
8,582 |
17,099 |
16,594 |
||||||||||||
Litigation-related gains (b) |
- |
- |
(129,674) |
- |
||||||||||||
Amortization of deferred gain resulting from sale-leaseback transactions (c) |
(1,813) |
- |
(7,253) |
- |
||||||||||||
Equity-based compensation (d) |
3,289 |
20,240 |
16,487 |
65,744 |
||||||||||||
Transaction-related costs (e) |
5,431 |
7,392 |
12,942 |
34,353 |
||||||||||||
Restructuring (f) |
- |
544 |
- |
3,424 |
||||||||||||
Other (g) |
2,009 |
3,182 |
5,938 |
6,155 |
||||||||||||
Adjusted EBITDA |
$ |
54,215 |
$ |
87,828 |
$ |
246,244 |
$ |
325,047 |
(a) |
Depreciation and amortization for the three months and fiscal year ended |
(b) |
Reversal of an accrued liability, with |
(c) |
Reflects recognized deferred gains related to sales-leaseback transactions described in "Note 10—Sale-Leasebacks" in the notes to our consolidated financial statements in the Company's Annual Report on Form 10-K to be filed on |
(d) |
Reflects equity-based compensation costs primarily related to cash-settled awards. See "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K to be filed on |
(e) |
Reflects costs incurred in connection with acquisitions, initial public offering, and other non-recurring transaction costs, primarily fees paid for professional services and employee retention. |
(f) |
Reflects costs associated with and related to our corporate restructuring initiatives. |
(g) |
Includes a combination of gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature. |
Non-GAAP Financial Information Computation of Adjusted EBITDA Attributable to Noncontrolling Interests |
||||||||||||||||
(in thousands) |
Three months ended |
Fiscal Year Ended |
||||||||||||||
|
|
|
|
|||||||||||||
Federal Solutions Adjusted EBITDA attributable to |
$ |
20,934 |
$ |
42,442 |
$ |
121,986 |
$ |
169,100 |
||||||||
Federal Solutions Adjusted EBITDA attributable to noncontrolling interests |
95 |
121 |
309 |
442 |
||||||||||||
Federal Solutions Adjusted EBITDA including noncontrolling interests |
$ |
21,029 |
$ |
42,563 |
$ |
122,295 |
$ |
169,542 |
||||||||
Critical Infrastructure Adjusted EBITDA attributable to |
26,555 |
36,674 |
106,851 |
138,851 |
||||||||||||
Critical Infrastructure Adjusted EBITDA attributable to noncontrolling interests |
6,631 |
8,591 |
17,098 |
16,654 |
||||||||||||
Critical Infrastructure Adjusted EBITDA including noncontrolling interests |
$ |
33,186 |
$ |
45,265 |
$ |
123,949 |
$ |
155,505 |
||||||||
Total Adjusted EBITDA including noncontrolling interests |
$ |
54,215 |
$ |
87,828 |
$ |
246,244 |
$ |
325,047 |
Non-GAAP Financial Information Reconciliation of Net Income Attributable to (in thousands, except per share information) |
||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
|||||||||||||||
|
|
|
|
|||||||||||||
Net income attributable to |
$ |
7,447 |
$ |
13,722 |
$ |
222,337 |
$ |
120,534 |
||||||||
Deferred Tax Asset Recognition (a) |
- |
(8,206) |
- |
(93,878) |
||||||||||||
Acquisition related intangible asset amortization |
14,734 |
23,820 |
37,408 |
88,258 |
||||||||||||
Litigation-related expenses (b) |
- |
- |
(129,674) |
- |
||||||||||||
Amortization of deferred gain resulting from sale-leaseback transactions (c) |
(1,813) |
- |
(7,253) |
- |
||||||||||||
Equity-based compensation (d) |
3,289 |
20,240 |
16,487 |
65,744 |
||||||||||||
Transaction-related costs (e) |
5,431 |
7,392 |
12,942 |
34,353 |
||||||||||||
Restructuring (f) |
- |
544 |
- |
3,424 |
||||||||||||
Other (g) |
2,009 |
3,182 |
5,938 |
6,155 |
||||||||||||
Tax effect on adjustments |
(280) |
(12,299) |
864 |
(35,390) |
||||||||||||
Adjusted net income attributable to |
30,817 |
48,395 |
159,049 |
189,200 |
||||||||||||
Adjusted earnings per share: |
||||||||||||||||
Weighted-average number of basic shares outstanding |
77,949 |
99,742 |
80,014 |
92,419 |
||||||||||||
Weighted-average number of diluted shares outstanding |
77,949 |
100,084 |
80,014 |
92,753 |
||||||||||||
Adjusted net income attributable to |
$ |
0.40 |
$ |
0.49 |
$ |
1.99 |
$ |
2.05 |
||||||||
Adjusted net income attributable to |
$ |
0.40 |
$ |
0.48 |
$ |
1.99 |
$ |
2.04 |
(a) |
Reflects the reversal of a deferred tax asset as a resulting of the Company converting from and S-Corporation to a C-Corporation. |
(b) |
Reversal of an accrued liability, with |
(c) |
Reflects recognized deferred gains related to sales-leaseback transactions described in "Note 10—Sale-Leasebacks" in the notes to our consolidated financial statements in the Company's Annual Report on Form 10-K to be filed on |
(d) |
Reflects equity-based compensation costs primarily related to cash-settled awards. See "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K to be filed on |
(e) |
Reflects costs incurred in connection with acquisitions, initial public offering, and other non-recurring transaction costs, primarily fees paid for professional services and employee retention. |
(f) |
Reflects costs associated with and related to our corporate restructuring initiatives. |
(g) |
Includes a combination of gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature. |
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