Parsons Delivers Strong Third Quarter 2020 Results
CEO Commentary
"We delivered strong third quarter results with record adjusted EBITDA and generated outstanding cash flow. We also recently announced a significant pending strategic acquisition in the rapidly expanding space market that exceeds all our disciplined quantitative and qualitative M&A criteria, while also preserving our financial flexibility for potential future acquisitions," said
"Our strong operational performance enabled us to win large new contracts in high-priority national security markets. We continue to execute our strategic plan and look forward to further leveraging our strong balance sheet to drive additional shareholder value."
Third Quarter 2020 Results
Total revenue for the third quarter of 2020 decreased by
Adjusted EBITDA including noncontrolling interests for the third 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 |
Nine Months Ended |
Growth |
|||||||||||||||||||||||||||||
September 30, |
September 30, |
Dollars/ Percent |
Percent |
September 30, |
September 30, |
Dollars/ Percent |
Percent |
|||||||||||||||||||||||||
Revenue |
$ |
498,156 |
$ |
486,175 |
$ |
11,981 |
2 |
% |
$ |
1,457,937 |
$ |
1,387,484 |
$ |
70,453 |
5 |
% |
||||||||||||||||
Adjusted EBITDA |
$ |
45,936 |
$ |
50,445 |
$ |
(4,509) |
-9 |
% |
$ |
125,401 |
$ |
126,979 |
$ |
(1,578) |
-1 |
% |
||||||||||||||||
Adjusted EBITDA margin |
9.2 |
% |
10.4 |
% |
-1.2 |
% |
-11 |
% |
8.6 |
% |
9.2 |
% |
-0.6 |
% |
-6 |
% |
Third quarter 2020 revenue increased
Third quarter 2020 Federal Solutions Adjusted EBITDA including noncontrolling interests decreased by
Critical Infrastructure Segment
Three Months Ended |
Growth |
Fiscal Year Ended |
Growth |
|||||||||||||||||||||||||||||
September 30, |
September 30, |
Dollars/ Percent |
Percent |
September 30, |
September 30, |
Dollars/ Percent |
Percent |
|||||||||||||||||||||||||
Revenue |
$ |
506,080 |
$ |
537,102 |
$ |
(31,022) |
-6 |
% |
$ |
1,496,751 |
$ |
1,529,940 |
$ |
(33,189) |
-2 |
% |
||||||||||||||||
Adjusted EBITDA |
$ |
54,865 |
$ |
38,545 |
$ |
16,320 |
42 |
% |
$ |
127,057 |
$ |
110,240 |
$ |
16,817 |
15 |
% |
||||||||||||||||
Adjusted EBITDA margin |
10.8 |
% |
7.2 |
% |
3.7 |
% |
51 |
% |
8.5 |
% |
7.2 |
% |
1.3 |
% |
18 |
% |
Third quarter 2020 revenue decreased
Third quarter 2020 Critical Infrastructure Adjusted EBITDA including noncontrolling interests increased by
Third Quarter 2020 Key Performance Indicators
- Book-to-bill ratio (third quarter): 1.2x on net bookings of
$1.2 billion . Book-to-bill ratio (trailing twelve-months): 1.0x on net bookings of$4.0 billion . - Total backlog:
$7.8 billion , a 6% decrease from the third quarter of 2019 and a 1% increase from the second quarter of 2020. - Cash flow from operating activities:
$145 million . This strong performance was driven by healthy cash collections. - Net cash: Cash and cash equivalents were
$614 million and total debt was$587 million for a total net cash position of$27 million as ofSeptember 30, 2020 . Following the$300 million all-cash acquisition of Braxton, as ofSeptember 30, 2020 , pro forma net debt was approximately$273 million , positioning the company for continued investment in the implementation of its growth strategy. The company's pro forma net debt to trailing twelve-month adjusted EBITDA leverage ratio at the end of the third quarter of 2020 was 0.8x. The company defines net debt as total debt less cash and cash equivalents.
Third Quarter 2020 Significant Contract Wins
Parsons continues to win large single-award contracts in markets of national security importance.
- Awarded a
$307 million contract with a classified customer. - Awarded a
$115 million option year contract on the Combatant Commands Cyber Mission Support (CCMS) contract by theU.S. General Services Administration . - Awarded a
$51 million contract by theU.S. Air Force for the manufacturing, integration and sustainment of 13 Recovery of Airbase Denied by Ordnance (RADBO) systems. RADBO employs the Parsons developed ZEUS™ directed energy system to destroy unexploded ordinance with extreme accuracy in previously denied areas and improves the safety of deployed warfighters. This program is the firstDepartment of Defense (DoD ) ground-based laser system placed into production.
Recent Additional Corporate Highlights
Parsons continues to build on its strong track record of acquiring and integrating leading-edge technology companies in high-growth markets that broaden its portfolio and customer footprint. In addition, the company was recognized for its commitment to various important military friendly programs.
- Announced on
October 29, 2020 , its intent to acquireBraxton Science & Technology Group, LLC (Braxton). The addition of Braxton complements Parsons' space portfolio, increases its product offerings in high-growth markets, and adds critical intellectual property that complements and expands the company's capabilities for theU.S. Air Force , Space Force, and research laboratories. The transaction is also consistent with Parsons' strategy of acquiring high-growth, defense, and intelligence technology companies with software and hardware intellectual property that enhance its technology and transactional revenue growth and margin profile. - Recognized numerous times as one of the best companies for its commitment to military personnel, veterans and their families.
- Presented with the 2021 Military Friendly® Employer Silver designation by VIQTORY Media for its comprehensive veteran and military spouse employment, transition, retention and career development programs that ultimately improve the lives of veterans.
- Named a "Best for Vets Employer – 2020" by Military Times, as one of the country's best employers and organizations with military-connected employment programs, benefits and support efforts.
- Recognized by the
Department of Defense for its commitment to supporting employees who serve in theNational Guard and Reserve inthe United States .
Fiscal Year 2020 Guidance
The company is narrowing its adjusted EBITDA guidance range for fiscal year 2020 and reiterating the revenue and cash flow from operating activities guidance ranges it initially issued on
(in millions |
Current FY20 Guidance |
Prior FY20 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 third 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 6876155.
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 |
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|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(In thousands, except per share data) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
September 30, |
September 30, |
||||||||||||
Revenue |
$ |
1,004,236 |
$ |
1,023,277 |
$ |
2,954,688 |
$ |
2,917,424 |
|||||||
Direct cost of contracts |
788,769 |
798,552 |
2,307,725 |
2,297,512 |
|||||||||||
Equity in earnings of unconsolidated joint ventures |
16,741 |
7,274 |
26,624 |
29,305 |
|||||||||||
Indirect, general and administrative expenses |
165,937 |
178,550 |
537,351 |
581,428 |
|||||||||||
Operating income |
66,271 |
53,449 |
136,236 |
67,789 |
|||||||||||
Interest income |
88 |
427 |
512 |
1,129 |
|||||||||||
Interest expense |
(5,475) |
(4,909) |
(13,656) |
(19,577) |
|||||||||||
Other income (expense), net |
1,653 |
(3,127) |
1,916 |
(1,580) |
|||||||||||
Total other income (expense) |
(3,734) |
(7,609) |
(11,228) |
(20,028) |
|||||||||||
Income before income tax expense |
62,537 |
45,840 |
125,008 |
47,761 |
|||||||||||
Income tax (expense) benefit |
(16,017) |
15,453 |
(32,992) |
67,063 |
|||||||||||
Net income including noncontrolling interests |
46,520 |
61,293 |
92,016 |
114,824 |
|||||||||||
Net income attributable to noncontrolling interests |
(5,862) |
(4,481) |
(15,086) |
(8,012) |
|||||||||||
Net income attributable to |
$ |
40,658 |
$ |
56,812 |
$ |
76,930 |
$ |
106,812 |
|||||||
Earnings per share: |
|||||||||||||||
Basic |
$ |
0.40 |
$ |
0.57 |
$ |
0.76 |
$ |
1.19 |
|||||||
Diluted |
$ |
0.40 |
$ |
0.57 |
$ |
0.76 |
$ |
1.19 |
Weighted average number shares used to compute basic and diluted EPS (in thousands) (Unaudited) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
September 30, |
September 30, |
||||||||||||
Basic weighted average number of shares outstanding |
100,737 |
99,435 |
100,700 |
89,977 |
|||||||||||
Equity-based awards |
378 |
- |
321 |
- |
|||||||||||
Convertible senior notes |
4,458 |
- |
- |
- |
|||||||||||
Diluted weighted average number of shares outstanding |
105,573 |
99,435 |
101,022 |
89,977 |
Net income available to shareholders used to compute diluted EPS as a result of adopting the if-converted method in connection with the Convertible Senior Notes (in thousands) (Unaudited) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
September 30, |
September 30, |
||||||||||||
Net income attributable to |
40,658 |
56,812 |
76,930 |
106,812 |
|||||||||||
Convertible senior notes if-converted method interest adjustment |
1,164 |
- |
- |
- |
|||||||||||
Diluted net income attributable to |
41,822 |
56,812 |
76,930 |
106,812 |
|
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands, except share information) |
||||||||
(Unaudited) |
||||||||
September 30, 2020 |
|
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents (including |
$ |
614,031 |
$ |
182,688 |
||||
Restricted cash and investments |
3,726 |
12,686 |
||||||
Accounts receivable, net (including |
775,060 |
671,492 |
||||||
Contract assets (including |
610,893 |
575,089 |
||||||
Prepaid expenses and other current assets (including |
77,909 |
84,454 |
||||||
Total current assets |
2,081,619 |
1,526,409 |
||||||
Property and equipment, net (including |
121,486 |
122,751 |
||||||
Right of use assets, operating leases |
212,592 |
233,415 |
||||||
|
1,046,453 |
1,047,425 |
||||||
Investments in and advances to unconsolidated joint ventures |
71,289 |
68,620 |
||||||
Intangible assets, net |
194,082 |
259,858 |
||||||
Deferred tax assets |
130,904 |
130,401 |
||||||
Other noncurrent assets |
60,336 |
61,489 |
||||||
Total assets |
$ |
3,918,761 |
$ |
3,450,368 |
||||
Liabilities and Shareholders' Equity (Deficit) |
||||||||
Current liabilities: |
||||||||
Accounts payable (including |
$ |
208,307 |
$ |
216,613 |
||||
Accrued expenses and other current liabilities (including |
725,867 |
639,863 |
||||||
Contract liabilities (including |
212,373 |
230,681 |
||||||
Short-term lease liabilities, operating leases |
48,661 |
49,994 |
||||||
Income taxes payable |
1,342 |
7,231 |
||||||
Short-term debt |
50,000 |
- |
||||||
Total current liabilities |
1,246,550 |
1,144,382 |
||||||
Long-term employee incentives |
21,535 |
56,928 |
||||||
Long-term debt |
537,119 |
249,353 |
||||||
Long-term lease liabilities, operating leases |
189,319 |
203,624 |
||||||
Deferred tax liabilities |
9,273 |
9,621 |
||||||
Other long-term liabilities |
145,494 |
125,704 |
||||||
Total liabilities |
2,149,290 |
1,789,612 |
||||||
Contingencies (Note 12) |
||||||||
Shareholders' equity (deficit): |
||||||||
Common stock, |
146,498 |
146,441 |
||||||
|
(934,240) |
(934,240) |
||||||
Additional paid-in capital |
2,675,383 |
2,649,975 |
||||||
Accumulated deficit |
(142,095) |
(218,025) |
||||||
Accumulated other comprehensive loss |
(18,049) |
(14,261) |
||||||
|
1,727,497 |
1,629,890 |
||||||
Noncontrolling interests |
41,974 |
30,866 |
||||||
Total shareholders' equity |
1,769,471 |
1,660,756 |
||||||
Total liabilities, redeemable common stock and shareholders' equity |
$ |
3,918,761 |
$ |
3,450,368 |
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
For the Nine Months Ended |
||||||||
September 30, |
September 30, |
|||||||
Cash flows from operating activities: |
||||||||
Net income including noncontrolling interests |
$ |
92,016 |
$ |
114,824 |
||||
Adjustments to reconcile net income to net cash used in operating activities |
||||||||
Depreciation and amortization |
95,442 |
92,692 |
||||||
Amortization of debt issue costs |
760 |
802 |
||||||
Amortization of convertible notes discount |
1,277 |
- |
||||||
Gain on disposal of property and equipment |
(22) |
1,045 |
||||||
Provision for doubtful accounts |
54 |
(964) |
||||||
Deferred taxes |
(763) |
(105,161) |
||||||
Foreign currency transaction gains and losses |
431 |
1,689 |
||||||
Equity in earnings of unconsolidated joint ventures |
(26,624) |
(29,305) |
||||||
Return on investments in unconsolidated joint ventures |
31,189 |
32,848 |
||||||
Stock-based compensation |
11,044 |
9,224 |
||||||
Contributions of treasury stock |
42,006 |
36,779 |
||||||
Changes in assets and liabilities, net of acquisitions and newly consolidated joint ventures: |
||||||||
Accounts receivable |
(106,487) |
(31,726) |
||||||
Contract assets |
(34,931) |
(59,161) |
||||||
Prepaid expenses and current assets |
7,649 |
2,980 |
||||||
Accounts payable |
(8,074) |
(6,946) |
||||||
Accrued expenses and other current liabilities |
48,901 |
40,186 |
||||||
Contract liabilities |
(18,094) |
20,703 |
||||||
Income taxes |
(6,761) |
(3,019) |
||||||
Other long-term liabilities |
(15,574) |
13,138 |
||||||
Net cash provided by operating activities |
113,439 |
130,628 |
||||||
Cash flows from investing activities: |
||||||||
Capital expenditures |
(29,178) |
(44,030) |
||||||
Proceeds from sale of property and equipment |
1,053 |
2,824 |
||||||
Payments for acquisitions, net of cash acquired |
- |
(495,690) |
||||||
Investments in unconsolidated joint ventures |
(7,969) |
(11,446) |
||||||
Return of investments in unconsolidated joint ventures |
17 |
6,632 |
||||||
Net cash used in investing activities |
(36,077) |
(541,710) |
||||||
Cash flows from financing activities: |
||||||||
Proceeds from borrowings under credit agreement |
212,900 |
530,000 |
||||||
Repayments of borrowings under credit agreement |
(212,900) |
(710,000) |
||||||
Payments for debt costs and credit agreement |
- |
(286) |
||||||
Proceeds from issuance of convertible notes |
400,000 |
- |
||||||
Payments for purchase of bond hedges |
(54,968) |
- |
||||||
Proceeds from issuance of warrants |
13,808 |
- |
||||||
Transaction costs paid in connection with convertible notes issuance |
(10,307) |
- |
||||||
Contributions by noncontrolling interests |
491 |
8,999 |
||||||
Distributions to noncontrolling interests |
(4,469) |
(35,378) |
||||||
Purchase of treasury stock |
- |
(819) |
||||||
Taxes paid on vested stock |
(1,149) |
- |
||||||
Proceeds from issuance of common stock |
1,684 |
536,879 |
||||||
Dividend paid |
- |
(52,093) |
||||||
Net cash provided by financing activities |
345,090 |
277,302 |
||||||
Effect of exchange rate changes |
(69) |
(953) |
||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash |
422,383 |
(134,733) |
||||||
Cash, cash equivalents and restricted cash: |
||||||||
Beginning of year |
195,374 |
281,195 |
||||||
End of period |
$ |
617,757 |
$ |
146,462 |
Contract Awards (in thousands): |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
September 30, |
September 30, |
September 30, |
September 30, |
|||||||||||||
Federal Solutions |
$ |
737,643 |
$ |
845,559 |
$ |
1,786,473 |
$ |
2,076,928 |
||||||||
Critical Infrastructure |
432,916 |
289,665 |
1,355,272 |
1,257,506 |
||||||||||||
Total Awards |
$ |
1,170,559 |
$ |
1,135,224 |
$ |
3,141,745 |
$ |
3,334,434 |
Backlog (in thousands): |
|||||||
September 30, |
September 30, |
||||||
Federal Solutions: |
|||||||
Funded |
$ |
1,175,924 |
$ |
1,214,919 |
|||
Unfunded |
3,901,231 |
3,946,784 |
|||||
Total Federal Solutions |
5,077,155 |
5,161,703 |
|||||
Critical Infrastructure: |
|||||||
Funded |
2,619,454 |
3,050,525 |
|||||
Unfunded |
80,001 |
38,286 |
|||||
Total Critical Infrastructure |
2,699,455 |
3,088,811 |
|||||
Total Backlog |
$ |
7,776,610 |
$ |
8,250,514 |
Book-To- |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
September 30, |
September 30, |
||||||||||||
Federal Solutions |
1.5 |
1.7 |
1.2 |
1.5 |
|||||||||||
Critical Infrastructure |
0.9 |
0.5 |
0.9 |
0.8 |
|||||||||||
Overall |
1.2 |
1.1 |
1.1 |
1.1 |
Non-GAAP Financial Information
The tables under "
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|||||||||||||||
Non-GAAP Financial Information |
|||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA |
|||||||||||||||
(in thousands) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
September 30, |
September 30, |
||||||||||||
Net income attributable to |
$ |
40,658 |
$ |
56,812 |
$ |
76,930 |
$ |
106,812 |
|||||||
Interest expense, net |
5,387 |
4,482 |
13,144 |
18,448 |
|||||||||||
Income tax provision (benefit) |
16,017 |
(15,453) |
32,992 |
(67,063) |
|||||||||||
Depreciation and amortization (a) |
30,952 |
31,027 |
95,442 |
92,692 |
|||||||||||
Net income attributable to noncontrolling interests |
5,862 |
4,481 |
15,086 |
8,012 |
|||||||||||
Equity based compensation (b) |
(991) |
(1,657) |
4,142 |
45,504 |
|||||||||||
Transaction-related costs (c) |
2,411 |
9,891 |
11,937 |
26,961 |
|||||||||||
Restructuring (d) |
365 |
309 |
1,475 |
2,880 |
|||||||||||
Other (e) |
140 |
(902) |
1,310 |
2,973 |
|||||||||||
Adjusted EBITDA |
$ |
100,801 |
$ |
88,990 |
$ |
252,458 |
$ |
237,219 |
(a) |
Depreciation and amortization for the three and nine 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. |
|
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Non-GAAP Financial Information |
|||||||||||||||
Computation of Adjusted EBITDA Attributable to Noncontrolling Interests |
|||||||||||||||
(in thousands) |
|||||||||||||||
(in thousands) |
Three months ended |
Nine Months Ended |
|||||||||||||
September 30, |
September 30, |
September 30, |
September 30, |
||||||||||||
Federal Solutions Adjusted EBITDA attributable to |
$ |
45,874 |
$ |
50,359 |
$ |
125,191 |
$ |
126,658 |
|||||||
Federal Solutions Adjusted EBITDA attributable to |
62 |
86 |
210 |
321 |
|||||||||||
Federal Solutions Adjusted EBITDA including |
$ |
45,936 |
$ |
50,445 |
$ |
125,401 |
$ |
126,979 |
|||||||
Critical Infrastructure Adjusted EBITDA attributable to |
48,856 |
33,976 |
111,732 |
102,177 |
|||||||||||
Critical Infrastructure Adjusted EBITDA attributable to |
6,009 |
4,569 |
15,325 |
8,063 |
|||||||||||
Critical Infrastructure Adjusted EBITDA including |
$ |
54,865 |
$ |
38,545 |
$ |
127,057 |
$ |
110,240 |
|||||||
Total Adjusted EBITDA including noncontrolling interests |
$ |
100,801 |
$ |
88,990 |
$ |
252,458 |
$ |
237,219 |
|
|||||||||||||||
Non-GAAP Financial Information |
|||||||||||||||
Reconciliation of Net Income Attributable to |
|||||||||||||||
(in thousands, except per share information) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
September 30, |
September 30, |
||||||||||||
Net income attributable to |
$ |
40,658 |
$ |
56,812 |
$ |
76,930 |
$ |
106,812 |
|||||||
Deferred tax asset recognition (a) |
737 |
(29,309) |
737 |
(85,672) |
|||||||||||
Acquisition related intangible asset amortization |
20,881 |
22,143 |
65,707 |
64,438 |
|||||||||||
Equity based compensation (b) |
(991) |
(1,657) |
4,142 |
45,504 |
|||||||||||
Transaction-related costs (c) |
2,411 |
9,891 |
11,937 |
26,961 |
|||||||||||
Restructuring (d) |
365 |
309 |
1,475 |
2,880 |
|||||||||||
Other (e) |
140 |
(902) |
1,310 |
2,973 |
|||||||||||
Tax effect on adjustments |
(6,660) |
(5,025) |
(22,251) |
(23,091) |
|||||||||||
Adjusted net income attributable to |
57,541 |
52,262 |
139,987 |
140,805 |
|||||||||||
Adjusted earnings per share: |
|||||||||||||||
Weighted-average number of basic shares |
100,737 |
99,435 |
100,700 |
89,977 |
|||||||||||
Weighted-average number of diluted shares |
101,115 |
99,435 |
101,022 |
89,977 |
|||||||||||
Adjusted net income attributable to |
$ |
0.57 |
$ |
0.53 |
$ |
1.39 |
$ |
1.56 |
|||||||
Adjusted net income attributable to |
$ |
0.57 |
$ |
0.53 |
$ |
1.39 |
$ |
1.56 |
(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. |
(f) |
Excludes dilutive effect of convertible senior notes due to bond hedge. |
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