Parsons Delivers Strong Second Quarter 2020 Operating Earnings and Cash Flow Results
CEO Commentary
"Inclusion, diversity, and equality have been a central aspect of Parsons' core values for decades, and recent watershed events have elevated our commitment to assuring we achieve our vision of equal opportunity for all in these areas. These core values enhance our creativity and entrepreneurial culture, which is a key aspect of our competitive advantage and continued growth and success," said
"We delivered record second quarter profitability and strong cash flow results, while overcoming ongoing COVID-19 headwinds to achieve revenue results that were in-line with our internal expectations. Our long history of commitment to innovation, agility, and collaboration continues to differentiate Parsons and is enabling the acceleration of our transition to deliver more technology and transactional solutions. We are well positioned in our markets and will leverage our strong balance sheet to enhance our portfolio and drive future growth."
Second Quarter 2020 Results
Total revenue for the second quarter of 2020 decreased by
Adjusted EBITDA including noncontrolling interests for the second quarter of 2020 was
Adjusted EPS increased to
Information about the Company's use of non-GAAP financial information is provided on page nine and in the non-GAAP reconciliation tables included herein.
Segment Results
Federal Solutions Segment
Three Months Ended |
Growth |
Six Months Ended |
Growth |
|||||||||||||||||||||||||||||
June 30, |
June 30, |
Dollars/ Percent |
Percent |
June 30, |
June 30, |
Dollars/ Percent |
Percent |
|||||||||||||||||||||||||
Revenue |
$ |
482,210 |
$ |
478,497 |
$ |
3,713 |
1 |
% |
$ |
959,781 |
$ |
901,309 |
$ |
58,472 |
6 |
% |
||||||||||||||||
Adjusted EBITDA |
$ |
47,756 |
$ |
35,809 |
$ |
11,947 |
33 |
% |
$ |
79,465 |
$ |
76,534 |
$ |
2,931 |
4 |
% |
||||||||||||||||
Adjusted EBITDA margin |
9.9 |
% |
7.5 |
% |
2.4 |
% |
32 |
% |
8.3 |
% |
8.5 |
% |
-0.2 |
% |
-2 |
% |
Second quarter 2020 revenue increased
Second quarter 2020 Federal Solutions Adjusted EBITDA including noncontrolling interests increased by
Critical Infrastructure Segment
Three Months Ended |
Growth |
Fiscal Year Ended |
Growth |
|||||||||||||||||||||||||||||
June 30, |
June 30, |
Dollars/ Percent |
Percent |
June 30, |
June 30, |
Dollars/ Percent |
Percent |
|||||||||||||||||||||||||
Revenue |
$ |
497,249 |
$ |
511,245 |
$ |
(13,996) |
-3 |
% |
$ |
990,671 |
$ |
992,838 |
$ |
(2,167) |
0 |
% |
||||||||||||||||
Adjusted EBITDA |
$ |
43,405 |
$ |
40,396 |
$ |
3,009 |
7 |
% |
$ |
72,192 |
$ |
71,695 |
$ |
497 |
1 |
% |
||||||||||||||||
Adjusted EBITDA margin |
8.7 |
% |
7.9 |
% |
0.8 |
% |
10 |
% |
7.3 |
% |
7.2 |
% |
0.1 |
% |
1 |
% |
Second quarter 2020 revenue decreased
Second quarter 2020 Critical Infrastructure Adjusted EBITDA including noncontrolling interests increased by
Second Quarter 2020 Key Performance Indicators
- Book-to-bill ratio (second quarter): 1.0x on net bookings of
$1.0 billion . Book-to-bill ratio (trailing twelve-months): 1.0x on net bookings of$4.0 billion . - Total backlog:
$7.7 billion , a 9% decrease from the second quarter of 2019. - Cash flow from operating activities:
$88 million compared to$12 million in the second quarter of 2019. This increase was driven by strong collections and income and payroll tax deferrals totaling approximately$33 million dollars . - Debt: total and net debt were
$249 million and$120 million , respectively. The company's net debt to trailing twelve-month adjusted EBITDA leverage ratio at the end of the second quarter of 2020 was 0.4x. The company defines net debt as total debt less cash and cash equivalents, which was$129 million atJune 30, 2020 .
Recent Significant Contract Wins
Parsons continues to win large single-award, multiple-award, and joint venture projects.
- Awarded a
$307 million contract with a classified customer to provide enterprise security, including both cyber and physical security. This contract was awarded in the third quarter of 2020. - As the lead partner of a joint venture (JV), Parsons was awarded a
$224 million recompete contract for theRiyadh Metro, the largest ongoing metro project in the world. Parsons' work scope includes program, design and construction management; systems testing, and commissioning. - Awarded a
$950 million ceiling multiple-award indefinite-delivery/indefinite-quantity contract for theU.S. Air Force's Advanced Battle Management System mission. TheAir Force will use this contract for the maturation, demonstration and proliferation of capabilities across platforms and domains, leveraging open systems design, modern software and algorithm development in order to enable Joint All Domain Command and Control (JADC2).
Recent Additional Corporate Highlights
Parsons recently announced the introduction of three new solutions to maximize the health, safety and security of its communities. The company also appointed three new distinguished members to its Board of Directors. In addition, the company was recognized for its STEM workforce diversity initiatives, its Engineering excellence, and its outstanding mentorship and partnership as part of the
- During the second quarter of 2020, Parsons introduced three new solutions to maximize public safety:
- DetectWise™, an integrated, touchless suite of solutions that monitors real-time health and facilitates the safe movement of people in public areas.
- In partnership with
Faunhofer USA , Parsons is in the process of developing and commercializing a diamond electrode biosensor for direct and rapid detection of SARS-CoV-2, the virus that causes coronavirus. - Grid Armor™, a predictive resiliency solution that helps utility companies improve operational efficiency and better respond to and prevent potential catastrophic events such as wildfires, and major power outages.
- As announced previously,
Letitia A. Long , former director of theNational Geospatial-Intelligence Agency (NGA), was elected to Parsons board of directors inApril 2020 . In addition, GeneralDarren W. McDew ,U.S. Air Force (ret.), andDavid C. Wajsgras were appointed to the company's board inJuly 2020 .Gen. McDew served with distinction in theU.S. military for 36 years, culminating as the Commander,United States Transportation Command (USTRANSCOM).Mr. Wajsgras has 20 years of experience at the senior executive management level, including Chief Financial Officer of The Raytheon Company and President of its Intelligence, Information and Services (IIS) business unit. - Signed multiple value-added reseller agreements with COVID-19 health and safety screening partners.
- Recognized by
STEM Workforce Diversity magazine for the fifth consecutive year as a top national STEM employer for minority groups, women, and people with disabilities working in science, technology, engineering, and math (STEM). - Announced that three of the company's projects received Engineering Excellence Awards from the
American Council of Engineering Companies . These prestigious awards signify the quality of the work Parsons' performs and the level of attention the company provides to its customers and to the communities in which it serves. - Parsons received its third Nunn-Perry Award for outstanding mentorship and partnership as part of the Department of Defense Mentor-Protégé Program with
Mb Solutions, Inc. under theMissile Defense Agency .
Fiscal Year 2020 Guidance
The company is again reiterating the fiscal year 2020 guidance it initially issued on
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 in its share price and the resulting impact on the company's equity-based compensation expense, as well as charges to interest, taxes, depreciation, amortization and other matters affecting net income will preclude the company from providing accurate net income guidance 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 may also access a slide presentation on the website, which summarizes the company's second quarter 2020 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 8494908.
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: the impact of COVID-19; 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 (In thousands, except per share data) (Unaudited) |
||||||||||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
|||||||||||||
Revenue |
$ |
979,459 |
$ |
989,742 |
$ |
1,950,452 |
$ |
1,894,147 |
||||||||
Direct cost of contracts |
749,324 |
784,723 |
1,518,956 |
1,498,960 |
||||||||||||
Equity in earnings of unconsolidated joint ventures |
3,769 |
11,634 |
9,883 |
22,031 |
||||||||||||
Indirect, general and administrative expenses |
187,640 |
225,359 |
371,414 |
402,878 |
||||||||||||
Operating income (loss) |
46,264 |
(8,706) |
69,965 |
14,340 |
||||||||||||
Interest income |
196 |
225 |
424 |
702 |
||||||||||||
Interest expense |
(4,159) |
(6,376) |
(8,181) |
(14,668) |
||||||||||||
Other income (expense), net |
715 |
1,506 |
263 |
1,547 |
||||||||||||
Total other income (expense) |
(3,248) |
(4,645) |
(7,494) |
(12,419) |
||||||||||||
Income (loss) before income tax expense |
43,016 |
(13,351) |
62,471 |
1,921 |
||||||||||||
Income tax (expense) benefit |
(11,891) |
53,496 |
(16,975) |
51,610 |
||||||||||||
Net income including noncontrolling interests |
31,125 |
40,145 |
45,496 |
53,531 |
||||||||||||
Net (income) loss attributable to noncontrolling interests |
(7,826) |
114 |
(9,224) |
(3,531) |
||||||||||||
Net income attributable to |
$ |
23,299 |
$ |
40,259 |
$ |
36,272 |
$ |
50,000 |
||||||||
Earnings per share: |
||||||||||||||||
Basic |
$ |
0.23 |
$ |
0.44 |
$ |
0.36 |
$ |
0.59 |
||||||||
Diluted |
$ |
0.23 |
$ |
0.44 |
$ |
0.36 |
$ |
0.59 |
||||||||
Weighted average number shares used to compute basic and diluted EPS (in thousands) (Unaudited) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
June 30, |
June 30, |
|||||||||||||
Basic weighted average number of shares outstanding |
100,695 |
92,336 |
100,682 |
85,249 |
||||||||||||
Dilutive common share equivalents |
291 |
- |
266 |
- |
||||||||||||
Diluted weighted average number of shares outstanding |
100,986 |
92,336 |
100,949 |
85,249 |
CONSOLIDATED BALANCE SHEETS (In thousands, except share information) (Unaudited) |
|||||||||
June 30, 2020 |
|
||||||||
Assets |
|||||||||
Current assets: |
|||||||||
Cash and cash equivalents (including |
$ |
129,579 |
$ |
182,688 |
|||||
Restricted cash and investments |
7,041 |
12,686 |
|||||||
Accounts receivable, net (including |
717,358 |
671,492 |
|||||||
Contract assets (including |
645,556 |
575,089 |
|||||||
Prepaid expenses and other current assets (including |
89,662 |
84,454 |
|||||||
Total current assets |
1,589,196 |
1,526,409 |
|||||||
Property and equipment, net (including |
124,764 |
122,751 |
|||||||
Right of use assets, operating leases |
225,054 |
233,415 |
|||||||
|
1,045,344 |
1,047,425 |
|||||||
Investments in and advances to unconsolidated joint ventures |
64,905 |
68,620 |
|||||||
Intangible assets, net |
214,936 |
259,858 |
|||||||
Deferred tax assets |
129,737 |
130,401 |
|||||||
Other noncurrent assets |
57,246 |
61,489 |
|||||||
Total assets |
$ |
3,451,182 |
$ |
3,450,368 |
|||||
Liabilities and Shareholders' Equity (Deficit) |
|||||||||
Current liabilities: |
|||||||||
Accounts payable (including |
$ |
209,858 |
$ |
216,613 |
|||||
Accrued expenses and other current liabilities (including |
642,357 |
639,863 |
|||||||
Contract liabilities (including |
219,037 |
230,681 |
|||||||
Short-term lease liabilities, operating leases |
47,648 |
49,994 |
|||||||
Income taxes payable |
12,053 |
7,231 |
|||||||
Total current liabilities |
1,130,953 |
1,144,382 |
|||||||
Long-term employee incentives |
22,122 |
56,928 |
|||||||
Long-term debt |
249,448 |
249,353 |
|||||||
Long-term lease liabilities, operating leases |
201,472 |
203,624 |
|||||||
Deferred tax liabilities |
9,117 |
9,621 |
|||||||
Other long-term liabilities |
131,818 |
125,704 |
|||||||
Total liabilities |
1,744,930 |
1,789,612 |
|||||||
Contingencies (Note 12) |
|||||||||
Shareholders' equity (deficit): |
|||||||||
Common stock, |
146,496 |
146,441 |
|||||||
|
(934,240) |
(934,240) |
|||||||
Additional paid-in capital |
2,658,036 |
2,649,975 |
|||||||
Accumulated deficit |
(182,753) |
(218,025) |
|||||||
Accumulated other comprehensive loss |
(19,991) |
(14,261) |
|||||||
|
1,667,548 |
1,629,890 |
|||||||
Noncontrolling interests |
38,704 |
30,866 |
|||||||
Total shareholders' equity |
1,706,252 |
1,660,756 |
|||||||
Total liabilities, redeemable common stock and shareholders' equity |
$ |
3,451,182 |
$ |
3,450,368 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
|||||||||
For the Six Months Ended |
|||||||||
June 30, 2020 |
June 30, 2019 |
||||||||
Cash flows from operating activities: |
|||||||||
Net income including noncontrolling interests |
$ |
45,496 |
$ |
53,531 |
|||||
Adjustments to reconcile net income to net cash used in operating activities |
|||||||||
Depreciation and amortization |
64,490 |
61,665 |
|||||||
Amortization of debt issue costs |
369 |
629 |
|||||||
Gain on disposal of property and equipment |
(43) |
(24) |
|||||||
Provision for doubtful accounts |
38 |
(866) |
|||||||
Deferred taxes |
325 |
(64,924) |
|||||||
Foreign currency transaction gains and losses |
1,185 |
(352) |
|||||||
Equity in earnings of unconsolidated joint ventures |
(9,883) |
(22,031) |
|||||||
Return on investments in unconsolidated joint ventures |
15,893 |
15,023 |
|||||||
Stock-based compensation |
6,432 |
- |
|||||||
Contributions of treasury stock |
29,468 |
24,529 |
|||||||
Changes in assets and liabilities, net of acquisitions and newly consolidated joint ventures: |
|||||||||
Accounts receivable |
(49,618) |
(97,450) |
|||||||
Contract assets |
(70,739) |
(50,842) |
|||||||
Prepaid expenses and current assets |
(999) |
(4,967) |
|||||||
Accounts payable |
(6,228) |
(4,517) |
|||||||
Accrued expenses and other current liabilities |
(21,983) |
17,763 |
|||||||
Contract liabilities |
(11,047) |
11,464 |
|||||||
Income taxes |
4,048 |
(7,223) |
|||||||
Other long-term liabilities |
(28,648) |
20,097 |
|||||||
Net cash used in operating activities |
(31,444) |
(48,495) |
|||||||
Cash flows from investing activities: |
|||||||||
Capital expenditures |
(22,938) |
(25,953) |
|||||||
Proceeds from sale of property and equipment |
943 |
1,873 |
|||||||
Payments for acquisitions, net of cash acquired |
- |
(287,482) |
|||||||
Investments in unconsolidated joint ventures |
(3,844) |
(5,049) |
|||||||
Return of investments in unconsolidated joint ventures |
17 |
4,403 |
|||||||
Net cash used in investing activities |
(25,822) |
(312,208) |
|||||||
Cash flows from financing activities: |
|||||||||
Proceeds from borrowings |
180,600 |
350,000 |
|||||||
Repayments of borrowings |
(180,600) |
(530,000) |
|||||||
Payments for debt costs and credit agreement |
- |
(286) |
|||||||
Contributions by noncontrolling interests |
223 |
8,147 |
|||||||
Distributions to noncontrolling interests |
(1,605) |
(20,787) |
|||||||
Purchase of treasury stock |
- |
(819) |
|||||||
Taxes paid on vested stock |
(1,149) |
- |
|||||||
Proceeds from issuance of common stock |
1,684 |
537,331 |
|||||||
Dividend paid |
- |
(52,093) |
|||||||
Net cash (used in) provided by financing activities |
(847) |
291,493 |
|||||||
Effect of exchange rate changes |
(641) |
(602) |
|||||||
Net decrease in cash, cash equivalents, and restricted cash |
(58,754) |
(69,812) |
|||||||
Cash, cash equivalents and restricted cash: |
|||||||||
Beginning of year |
195,374 |
281,195 |
|||||||
End of period |
$ |
136,620 |
$ |
211,383 |
Contract Awards (in thousands): |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
|||||||||||||
Federal Solutions |
$ |
433,140 |
$ |
422,829 |
$ |
1,048,830 |
$ |
1,231,369 |
||||||||
Critical Infrastructure |
571,951 |
555,313 |
922,356 |
967,841 |
||||||||||||
Total Awards |
$ |
1,005,091 |
$ |
978,142 |
$ |
1,971,186 |
$ |
2,199,210 |
Backlog (in thousands): |
||||||||
June 30, 2020 |
June 30, 2019 |
|||||||
Federal Solutions: |
||||||||
Funded |
$ |
1,308,663 |
$ |
1,003,167 |
||||
Unfunded |
3,654,203 |
4,031,137 |
||||||
Total Federal Solutions |
4,962,866 |
5,034,304 |
||||||
Critical Infrastructure: |
||||||||
Funded |
2,719,037 |
3,428,364 |
||||||
Unfunded |
36,787 |
38,286 |
||||||
Total Critical Infrastructure |
2,755,824 |
3,466,650 |
||||||
Total Backlog |
$ |
7,718,690 |
$ |
8,500,954 |
Book-To- |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
|||||||||||||
Federal Solutions |
0.9 |
0.9 |
1.1 |
1.4 |
||||||||||||
Critical Infrastructure |
1.2 |
1.1 |
0.9 |
1.0 |
||||||||||||
Overall |
1.0 |
1.0 |
1.0 |
1.2 |
Non-GAAP Financial Information
The tables under "
Non-GAAP Financial Information Reconciliation of Net Income to Adjusted EBITDA (in thousands) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
|||||||||||||
Net income attributable to |
$ |
23,299 |
$ |
40,259 |
$ |
36,272 |
$ |
50,000 |
||||||||
Interest expense, net |
3,963 |
6,151 |
7,757 |
13,966 |
||||||||||||
Income tax provision (benefit) |
11,891 |
(53,496) |
16,975 |
(51,610) |
||||||||||||
Depreciation and amortization (a) |
32,081 |
31,074 |
64,490 |
61,665 |
||||||||||||
Net income attributable to noncontrolling interests |
7,826 |
(114) |
9,224 |
3,531 |
||||||||||||
Equity based compensation (b) |
12,854 |
43,311 |
5,133 |
47,161 |
||||||||||||
Transaction-related costs (c) |
(2,485) |
7,715 |
9,526 |
17,070 |
||||||||||||
Restructuring (d) |
1,143 |
353 |
1,110 |
2,571 |
||||||||||||
Other (e) |
589 |
952 |
1,170 |
3,875 |
||||||||||||
Adjusted EBITDA |
$ |
91,161 |
$ |
76,205 |
$ |
151,657 |
$ |
148,229 |
(a) |
Depreciation and amortization for the three and six months ended |
(b) |
Reflects equity-based compensation costs primarily related to cash-settled awards. |
(c) |
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. |
(d) |
Reflects costs associated with and related to our corporate restructuring initiatives. |
(e) |
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) |
||||||||||||||||
(in thousands) |
Three months ended |
Six Months Ended |
||||||||||||||
June 30, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
|||||||||||||
Federal Solutions Adjusted EBITDA attributable to |
$ |
47,700 |
$ |
35,700 |
$ |
79,317 |
$ |
76,299 |
||||||||
Federal Solutions Adjusted EBITDA attributable to |
56 |
109 |
148 |
235 |
||||||||||||
Federal Solutions Adjusted EBITDA including |
$ |
47,756 |
$ |
35,809 |
$ |
79,465 |
$ |
76,534 |
||||||||
Critical Infrastructure Adjusted EBITDA attributable to |
35,519 |
40,525 |
62,876 |
68,201 |
||||||||||||
Critical Infrastructure Adjusted EBITDA attributable to |
7,886 |
(129) |
9,316 |
3,494 |
||||||||||||
Critical Infrastructure Adjusted EBITDA including |
$ |
43,405 |
$ |
40,396 |
$ |
72,192 |
$ |
71,695 |
||||||||
Total Adjusted EBITDA including noncontrolling interests |
$ |
91,161 |
$ |
76,205 |
$ |
151,657 |
$ |
148,229 |
Non-GAAP Financial Information Reconciliation of Net Income Attributable to (in thousands, except per share information) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
|||||||||||||
Net income attributable to |
$ |
23,299 |
$ |
40,259 |
$ |
36,272 |
$ |
50,000 |
||||||||
Deferred tax asset recognition (a) |
- |
(56,363) |
- |
(56,363) |
||||||||||||
Acquisition related intangible asset amortization |
22,127 |
21,389 |
44,826 |
42,295 |
||||||||||||
Equity based compensation (b) |
12,854 |
43,311 |
5,133 |
47,161 |
||||||||||||
Transaction-related costs (c) |
(2,485) |
7,715 |
9,526 |
17,070 |
||||||||||||
Restructuring (d) |
1,143 |
353 |
1,110 |
2,571 |
||||||||||||
Other (e) |
589 |
952 |
1,170 |
3,875 |
||||||||||||
Tax effect on adjustments |
(8,023) |
(17,578) |
(15,591) |
(18,066) |
||||||||||||
Adjusted net income attributable to |
49,504 |
40,038 |
82,446 |
88,543 |
||||||||||||
Adjusted earnings per share: |
||||||||||||||||
Weighted-average number of basic shares |
100,695 |
92,336 |
100,682 |
85,249 |
||||||||||||
Weighted-average number of diluted shares |
100,986 |
92,336 |
100,949 |
85,249 |
||||||||||||
Adjusted net income attributable to |
$ |
0.49 |
$ |
0.43 |
$ |
0.82 |
$ |
1.04 |
||||||||
Adjusted net income attributable to |
$ |
0.49 |
$ |
0.43 |
$ |
0.82 |
$ |
1.04 |
(a) |
Reflects the reversal of a deferred tax asset as a result of the Company converting from an S-Corporation to a C-Corporation. |
(b) |
Reflects equity-based compensation costs primarily related to cash-settled awards. |
(c) |
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. |
(d) |
Reflects costs associated with and related to our corporate restructuring initiatives |
(e) |
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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