Exhibit 99.1

 

 

 

 

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Parsons* Third quarter 2022 earnings press release

Parsons Reports Strong Third Quarter 2023 Results

Q3 2023 Financial Highlights

 

Chantilly, VA – November 1, 2023 Parsons Corporation (NYSE: PSN) today announced financial results for the third quarter ended September 30, 2023.

CEO Commentary

“We delivered record quarterly results in total revenue, organic revenue growth, and operating cash flow, and reported strong net income and adjusted EBITDA. We also achieved over 20% organic growth in both segments for the second consecutive quarter, adjusted EBITDA growth of nearly 25%, a double-digit increase in contract awards, and over $200 million in quarterly cash flow for the first time in our company’s history.” said Carey Smith, chair, president, and chief executive officer. "In addition, we closed a strategic acquisition that strengthens our defensive cyber capabilities, at a time when accelerating and evolving cyber threats are driving increased customer spending, and we announced an additional accretive acquisition in our critical infrastructure portfolio this morning. I am very pleased with our team’s performance and their ability to capitalize on the tailwinds that are positively impacting both our Critical Infrastructure and Federal Solutions segments. As a result of our strong performance and the Sealing Technologies acquisition, we are raising our full-year revenue, adjusted EBITDA, and cash flow guidance ranges.”

Third Quarter 2023 Results

Year-over-Year Comparisons (Q3 2023 vs. Q3 2022)

Total revenue for the third quarter of 2023 increased by $284 million, or 25%, to $1.4 billion. This increase was primarily driven by organic growth of 23% due to the ramp-up of recent contract wins and growth on existing contracts, and inorganic revenue benefited from the company's SealingTech and IPKeys acquisitions. Operating income increased 30% to $83 million primarily due to organic growth and a high margin change order on an unconsolidated joint venture project. Net income increased 60% to $47 million. GAAP diluted earnings per share (EPS) attributable to Parsons was $0.42 in the third quarter of 2023, compared to $0.27 in the prior year period.

Adjusted EBITDA including noncontrolling interests for the third quarter of 2023 was $128 million, a 24% increase over the prior year period. The adjusted EBITDA increase was driven primarily by organic growth and a high margin change order on an unconsolidated joint venture project. Adjusted EBITDA margin was 9.0% in the third quarter of 2023, compared to 9.1% in the third quarter of 2022. The year-over-year margin decrease was primarily driven by higher projected incentive compensation costs as a result of the company's strong operating performance and growing employee base. Adjusted EPS was $0.69 in the third quarter of 2023, compared to $0.48 in the third quarter of 2022. The year-over-year adjusted EPS increase was driven by the adjusted EBITDA increases noted above.

 

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Segment Results

Federal Solutions Segment

Federal Solutions Year-over-Year Comparisons (Q3 2023 vs. Q3 2022)

 

		Three Months Ended								Growth								Nine Months Ended								Growth
(in millions)		September 30, 2023				September 30, 2022				Dollars/ Percent				Percent				September 30, 2023				September 30, 2022				Dollars/ Percent				Percent
Revenue		$	780			$	620			$	160				26	%		$	2,177			$	1,650			$	528				32	%
Adjusted EBITDA		$	65			$	61			$	4				7	%		$	207			$	152			$	56				37	%
Adjusted EBITDA margin			8.3	%			9.9	%			-1.6	%			-16	%			9.5	%			9.2	%			0.3	%			4	%

 

Third quarter 2023 revenue increased $160 million, or 26%, compared to the prior year period due to organic growth of 23% and $18 million from the company's Sealing Technologies acquisition. Organic revenue growth was primarily driven by growth on new and existing contracts, offset by the wind-down of the previously disclosed Kwajalein Island contract.

Third quarter 2023 Federal Solutions adjusted EBITDA including noncontrolling interests increased by $4 million, or 7% primarily due to growth on recent contract awards. Adjusted EBITDA margin decreased to 8.3% from 9.9% in the prior year period. This decrease was driven primarily by the timing of program milestones and completions, as well as higher projected incentive compensation costs as a result of the company's strong operating performance and growing employee base.

Critical Infrastructure Segment

Critical Infrastructure Year-over-Year Comparisons (Q3 2023 vs. Q3 2022)

 

		Three Months Ended								Growth								Nine Months Ended								Growth
(in millions)		September 30, 2023				September 30, 2022				Dollars/ Percent				Percent				September 30, 2023				September 30, 2022				Dollars/ Percent				Percent
Revenue		$	638			$	514			$	125				24	%		$	1,771			$	1,443			$	329				23	%
Adjusted EBITDA		$	63			$	42			$	21				51	%		$	129			$	103			$	27				26	%
Adjusted EBITDA margin			9.8	%			8.1	%			1.7	%			21	%			7.3	%			7.1	%			0.2	%			3	%

 

Third quarter 2023 Critical Infrastructure revenue increased $125 million, or 24%, compared to the prior year period due to organic growth of 24% and the inorganic revenue contribution from the company's IPKeys acquisition. Organic revenue growth was driven by higher volume in both the Middle East and North America.

Third quarter 2023 adjusted EBITDA including noncontrolling interests increased by $21 million, or 51%, compared to the prior year period. Adjusted EBITDA margin increased to 9.8% from 8.1% in the prior year period. These increases were primarily driven by accretive organic growth and a high margin change order on an unconsolidated joint venture project that positively impacted equity in earnings.

Third Quarter 2023 Key Performance Indicators

 

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Significant Contract Wins

Parsons continues to win large strategic contracts in both the Federal Solutions and Critical Infrastructure segments. During the third quarter of 2023, the company won four single-award contracts worth more than $100 million each. For the first nine months of 2023, the company has been awarded 13 contracts worth more than $100 million each, compared to a total of 11 contracts for the full year 2022, which was a record.

Additional Corporate Highlights

Parsons continues to build on its strong track record of acquiring strategic companies in high-growth markets that broaden its portfolio and customer footprint. During the quarter, the company won multiple awards for being a top employer for diversity and military veterans and was recognized as a top three global industry leader in four categories: Professional Services, Program Management, Construction Management and Program/Construction Management for Fee.

 

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Fiscal Year 2023 Guidance

The company is increasing its fiscal year 2023 revenue, adjusted EBITDA, and cash flow from operations guidance ranges to reflect its strong third quarter operating performance, Sealing Technologies acquisition, and its outlook for the remainder of the year. The table below summarizes the company’s fiscal year 2023 guidance.

 

	Current Fiscal Year 2023 Guidance	Prior Fiscal Year 2023 Guidance
Revenue	$5.175 billion - $5.325 billion	$4.85 billion - $5.05 billion
Adjusted EBITDA including non-controlling interest	$440 million - $460 million	$410 million - $440 million
Cash Flow from Operating Activities	$300 million - $340 million	$280 million - $340 million

 

Net income guidance is not presented as the company believes volatility associated with interest, taxes, depreciation, amortization and other matters affecting net income, including but not limited to one-time and nonrecurring events and the impact of M&A, will preclude the company from providing, with reasonable certainty, net income guidance for fiscal year 2023.

Conference Call Information

Parsons will host a conference call today, November 1, 2023, at 8:00 a.m. ET to discuss the financial results for its third quarter 2023.

Access to a webcast of the live conference call can be obtained through the Investor Relations section of the company's website (https://investors.parsons.com). Those parties interested in participating via telephone may register on the Investor Relations website or by clicking here.

A replay of the conference call will be available on the company's website approximately two hours after the call concludes and will remain on the website for approximately one year.

 

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About Parsons Corporation

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. 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 U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings including litigation, audits, reviews and investigations, which may result in material adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors including under the caption “Risk Factors” in our Annual Report with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2022, on Form 10-K, filed on February 17, 2023, and our other filings with the Securities and Exchange Commission.

All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statements made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

 

Media:	Investor Relations:

 

parsons.com		©Parsons Corporation. All Rights Reserved. 6

 

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Bryce McDevitt	Dave Spille
Parsons Corporation	Parsons Corporation
(703) 851-4425	(571) 655-8264
Bryce.McDevitt@Parsons.com	Dave.Spille@Parsons.com

 

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PARSONS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Revenue		$	1,418,571			$	1,134,370			$	3,948,523			$	3,092,160
Direct cost of contracts			1,124,305				872,423				3,109,713				2,388,095
Equity in (losses) earnings of unconsolidated joint ventures			10,262				(974	)			4,497				10,237
Selling, general and administrative expenses			221,188				196,960				632,393				581,969
Operating income			83,340				64,013				210,914				132,333
Interest income			492				382				1,591				618
Interest expense			(8,612	)			(6,323	)			(22,369	)			(14,786	)
Other income (expense), net			(191	)			(685	)			1,666				(304	)
Total other income (expense)			(8,311	)			(6,626	)			(19,112	)			(14,472	)
Income before income tax expense			75,029				57,387				191,802				117,861
Income tax expense			(15,218	)			(13,792	)			(41,944	)			(27,643	)
Net income including noncontrolling interests			59,811				43,595				149,858				90,218
Net income attributable to noncontrolling interests			(12,364	)			(14,024	)			(33,617	)			(21,685	)
Net income attributable to Parsons Corporation		$	47,447			$	29,571			$	116,241			$	68,533
Earnings per share:
Basic		$	0.45			$	0.29			$	1.11			$	0.66
Diluted		$	0.42			$	0.27			$	1.03			$	0.62

Weighted average number shares used to compute basic and diluted EPS

(In thousands) (Unaudited)

		Three Months Ended								Nine Months Ended
		September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Basic weighted average number of shares outstanding			104,971				103,608				104,894				103,684
Stock-based awards			1,178				918				1,020				747
Convertible senior notes			8,917				8,917				8,917				8,917
Diluted weighted average number of shares outstanding			115,066				113,444				114,832				113,348

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, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Net income attributable to Parsons Corporation		$	47,447			$	29,571				116,241				68,533
Convertible senior notes if-converted method interest adjustment			559				545				1,665				1,627
Diluted net income attributable to Parsons Corporation		$	48,006			$	30,116				117,906				70,160

 

 

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PARSONS CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share information)

 

			September 30, 2023				December 31, 2022
			(Unaudited)
Assets
Current assets:
	Cash and cash equivalents (including $100,478 and $53,193 Cash of consolidated joint ventures)		$	205,406			$	262,539
	Accounts receivable, net (including $293,023 and $217,419 Accounts receivable of consolidated joint ventures, net)			906,741				717,345
	Contract assets (including $12,622 and $11,313 Contract assets of consolidated joint ventures)			756,630				634,033
	Prepaid expenses and other current assets (including $12,731 and $7,913 Prepaid expenses and other current assets of consolidated joint ventures)			146,764				105,866
	Total current assets			2,015,541				1,719,783
	Property and equipment, net (including $3,902 and $2,543 Property and equipment of consolidated joint ventures, net)			99,344				96,050
	Right of use assets, operating leases (including $7,011 and $6,315 Right of use assets, operating leases of consolidated joint ventures)			158,400				155,090
	Goodwill			1,797,330				1,661,850
	Investments in and advances to unconsolidated joint ventures			164,858				107,425
	Intangible assets, net			282,098				254,127
	Deferred tax assets			148,512				137,709
	Other noncurrent assets			66,905				66,108
	Total assets		$	4,732,988			$	4,198,142
Liabilities and Shareholders' Equity
Current liabilities:
	Accounts payable (including $54,668 and $49,078 Accounts payable of consolidated joint ventures)		$	266,345			$	201,428
	Accrued expenses and other current liabilities (including $147,808 and $102,417 Accrued expenses and other current liabilities of consolidated joint ventures)			771,912				630,193
	Contract liabilities (including $72,168 and $40,654 Contract liabilities of consolidated joint ventures)			277,249				213,064
	Short-term lease liabilities, operating leases (including $3,507 and $2,552 Short-term lease liabilities, operating leases of consolidated joint ventures)			56,930				59,144
	Income taxes payable			21,657				4,290
	Total current liabilities			1,394,093				1,108,119
	Long-term employee incentives			19,199				17,375
	Long-term debt			820,366				743,605
	Long-term lease liabilities, operating leases (including $3,504 and $3,763 Long-term lease liabilities, operating leases of consolidated joint ventures)			119,281				111,417
	Deferred tax liabilities			20,448				12,471
	Other long-term liabilities			111,501				109,220
	Total liabilities			2,484,888				2,102,207
Contingencies (Note 12)
Shareholders' equity:
	Common stock, $1 par value; authorized 1,000,000,000 shares; 146,317,493 and 146,132,016 shares issued; 45,136,147 and 40,960,845 public shares outstanding; 59,752,326 and 63,742,151 ESOP shares outstanding			146,318				146,132
	Treasury stock, 41,429,020 shares at cost			(844,936	)			(844,936	)
	Additional paid-in capital			2,729,206				2,717,134
	Retained earnings			158,945				43,089
	Accumulated other comprehensive loss			(16,797	)			(17,849	)
	Total Parsons Corporation shareholders' equity			2,172,736				2,043,570
	Noncontrolling interests			75,364				52,365
	Total shareholders' equity			2,248,100				2,095,935
	Total liabilities and shareholders' equity		$	4,732,988			$	4,198,142

 

 

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PARSONS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

			For the Nine Months Ended
			September 30, 2023				September 30, 2022
Cash flows from operating activities:
	Net income including noncontrolling interests		$	149,858			$	90,218
	Adjustments to reconcile net income to net cash used in operating activities
	Depreciation and amortization			87,202			$	90,668
	Amortization of debt issue costs			2,124			$	1,959
	Loss (gain) on disposal of property and equipment			(27	)		$	(261	)
	Provision for doubtful accounts			91			$	(3	)
	Deferred taxes			(8,205	)		$	(6,334	)
	Foreign currency transaction gains and losses			1,479			$	3,502
	Equity in losses (earnings) of unconsolidated joint ventures			(4,497	)		$	(10,237	)
	Return on investments in unconsolidated joint ventures			30,328			$	25,626
	Stock-based compensation			23,872			$	14,991
	Contributions of treasury stock			44,072			$	41,980
	Changes in assets and liabilities, net of acquisitions and newly consolidated    joint ventures:
	Accounts receivable			(168,964	)		$	(90,913	)
	Contract assets			(120,414	)		$	(62,861	)
	Prepaid expenses and other assets			(40,470	)		$	8,772
	Accounts payable			48,294			$	(918	)
	Accrued expenses and other current liabilities			93,263			$	20,220
	Contract liabilities			61,503			$	26,665
	Income taxes			17,395			$	1,160
	Other long-term liabilities			662			$	(5,866	)
	Net cash provided by operating activities			217,566				148,368
Cash flows from investing activities:
	Capital expenditures			(30,877	)		$	(19,784	)
	Proceeds from sale of property and equipment			274			$	573
	Payments for acquisitions, net of cash acquired			(215,497	)		$	(379,272	)
	Investments in unconsolidated joint ventures			(81,598	)		$	(13,637	)
	Return of investments in unconsolidated joint ventures			72			$	9,443
	Proceeds from sales of investments in unconsolidated joint ventures			381			$	-
	Net cash used in investing activities			(327,245	)			(402,677	)
Cash flows from financing activities:
	Proceeds from borrowings			511,500			$	680,900
	Repayments of borrowings			(436,500	)		$	(579,700	)
	Payments for debt costs and credit agreement			-			$	(870	)
	Payments for acquired warrants			-			$	(11,243	)
	Contributions by noncontrolling interests			1,537			$	8,299
	Distributions to noncontrolling interests			(12,156	)		$	(14,290	)
	Repurchases of common stock			(8,000	)		$	(19,500	)
	Taxes paid on vested stock			(6,941	)		$	(6,135	)
	Proceeds from issuance of common stock			2,940			$	2,724
	Net cash provided by financing activities			52,380				60,185
	Effect of exchange rate changes			166			$	(2,220	)
	Net decrease in cash, cash equivalents, and restricted cash			(57,133	)			(196,344	)
	Cash, cash equivalents and restricted cash:
	Beginning of year			262,539			$	343,883
	End of period		$	205,406			$	147,539

 

 

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Contract Awards

(in thousands)

		Three Months Ended								Nine Months Ended
		September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Federal Solutions		$	764,531			$	685,599			$	2,642,302			$	1,535,041
Critical Infrastructure			670,398				572,657				2,106,018				1,631,982
Total Awards		$	1,434,929			$	1,258,256			$	4,748,320			$	3,167,023

 

Backlog

(in thousands)

		September 30, 2023				September 30, 2022
Federal Solutions:
Funded		$	1,625,475			$	1,448,615
Unfunded			3,565,223				3,656,421
Total Federal Solutions			5,190,698				5,105,036
Critical Infrastructure:
Funded			3,554,754				3,066,325
Unfunded			70,109				57,628
Total Critical Infrastructure			3,624,863				3,123,953
Total Backlog		$	8,815,561			$	8,228,989

 

Book-To-Bill Ratio1:

		Three Months Ended								Nine Months Ended
		September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Federal Solutions			1.0				1.1				1.2				0.9
Critical Infrastructure			1.1				1.1				1.2				1.1
Overall			1.0				1.1				1.2				1.0

 

Non-GAAP Financial Information

The tables under "Parsons Corporation Inc. Reconciliation of Non-GAAP Measures" present Adjusted Net Income attributable to Parsons Corporation, Adjusted Earnings per Share, Earnings before Interest, Taxes, Depreciation, and Amortization (“EBITDA”), Adjusted EBITDA, EBITDA Margin, and Adjusted EBITDA Margin, reconciled to their most directly comparable GAAP measure. These financial measures are calculated and presented on the basis of methodologies other than in accordance with U.S. generally accepted accounting principles ("Non-GAAP Measures"). Parsons has provided these Non-GAAP Measures to adjust for, among other things, the impact of amortization expenses related to our acquisitions, costs associated with a loss or gain on the disposal or sale of property, plant and equipment, restructuring and related expenses, costs associated with mergers and acquisitions, software implementation costs, legal and settlement costs, and other costs considered non-operational in nature. These items have been Adjusted because they are not considered core to the company’s business or otherwise not considered operational or because these charges are non-cash or non-recurring. The company presents these Non-GAAP Measures because management believes that they are meaningful to understanding Parsons’s performance during the periods presented and the company’s ongoing business. Non-GAAP Measures are not prepared in accordance with GAAP and therefore are not necessarily comparable to similarly titled metrics or the financial results of other companies. These Non-GAAP Measures should be considered a supplement to, not a substitute for, or superior to, the corresponding financial measures calculated in accordance with GAAP.

 

1 Book-to-Bill ratio is calculated as total contract awards divided by total revenue for the period.

 

 

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PARSONS CORPORATION

Non-GAAP Financial Information

Reconciliation of Net Income to Adjusted EBITDA

(in thousands)

 

		Three Months Ended								Nine Months Ended
		September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Net income attributable to Parsons Corporation		$	47,447			$	29,571			$	116,241			$	68,533
Interest expense, net			8,120				5,941				20,778				14,168
Income tax provision (benefit)			15,218				13,792				41,944				27,643
Depreciation and amortization (a)			30,154				29,578				87,202				90,668
Net income attributable to noncontrolling interests			12,364				14,024				33,617				21,685
Equity-based compensation			9,075				7,125				25,092				15,814
Transaction-related costs (b)			5,493				2,563				9,028				14,486
Restructuring (c)			-				-				546				213
Other (d)			(38	)			93				2,082				1,139
Adjusted EBITDA		$	127,833			$	102,687			$	336,530			$	254,349

 

 

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PARSONS CORPORATION

Non-GAAP Financial Information

Computation of Adjusted EBITDA Attributable to Noncontrolling Interests

(in thousands)

 

		Three months ended								Nine Months Ended
		September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Federal Solutions Adjusted EBITDA attributable to Parsons Corporation		$	65,039			$	61,004			$	206,827			$	151,287
Federal Solutions Adjusted EBITDA attributable to noncontrolling interests			89				107				259				273
Federal Solutions Adjusted EBITDA including noncontrolling interests		$	65,128			$	61,111			$	207,086			$	151,560
Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation			50,188				27,545				95,481				81,020
Critical Infrastructure Adjusted EBITDA attributable to noncontrolling interests			12,517				14,031				33,963				21,769
Critical Infrastructure Adjusted EBITDA including noncontrolling interests		$	62,705			$	41,576			$	129,444			$	102,789
Total Adjusted EBITDA including noncontrolling interests		$	127,833			$	102,687			$	336,530			$	254,349

 

 

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PARSONS CORPORATION

Non-GAAP Financial Information

Reconciliation of Net Income Attributable to Parsons Corporation to Adjusted Net Income Attributable to Parsons Corporation

(in thousands, except per share information)

 

		Three Months Ended								Nine Months Ended
		September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Net income attributable to Parsons Corporation		$	47,447			$	29,571			$	116,241			$	68,533
Acquisition related intangible asset amortization			18,800				19,071				54,926				58,875
Equity-based compensation			9,075				7,125				25,092				15,814
Transaction-related costs (a)			5,493				2,563				9,028				14,486
Restructuring (b)			-				-				546				213
Other (c)			(38	)			93				2,082				1,139
Tax effect on adjustments			(7,883	)			(8,361	)			(22,958	)			(23,887	)
Adjusted net income attributable to Parsons Corporation			72,894				50,062				184,957				135,173
Adjusted earnings per share:
Weighted-average number of basic shares outstanding			104,971				103,608				104,894				103,684
Weighted-average number of diluted shares outstanding (d)			106,149				104,526				105,915				104,431
Adjusted net income attributable to Parsons Corporation per basic share		$	0.69			$	0.48			$	1.76			$	1.30
Adjusted net income attributable to Parsons Corporation per diluted share		$	0.69			$	0.48			$	1.75			$	1.29

 

 

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