PARSONS CORP
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-31.
0000950170-24-088219
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresOther InformationCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-30.
0000950170-24-118574
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresOther InformationThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 18 previous paragraphs and 20 current paragraphs.
14 unchanged; 3 reworded; 3 added; 0 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Parsons Government Services, Inc. has a contract with a confidential federal government client which constitutes material revenue in our Federal Solutions business segment. The confidential client advised that, although Parsons has strong performance on this program, they are considering whether to exercise the second option year to extend Parsons’ existing contract through Q1 2026 or to otherwise re-compete the contract. If the client does re-compete the contract, Parsons intends to submit a proposal for the continued performance of its work. If the contract is re-competed, and it is not awarded to Parsons, it could have a material adverse impact.
Current report
As described in the Form 10-K, the United States federal government is our largest customer and is projected to make up 60% of our total revenue for 2024. Two customer sets within the federal government are projected to exceed 20% of revenue given recent growth.
Reworded paragraphs (3)
Previous wording
There have been no material changes to our Risk Factors disclosed in the Company’s Form 10-K for the year ended December 31, 2023.
Current wording
There has been one addition to our Risk Factors disclosed in the Company’s Form 10-K for the year ended December 31, 2023. The additional risk factor is presented below:
Previous wording
repurchasing 1,557,529 shares of Common Stock (all of which have been retired) at an average price of $41.54 per share.
Current wording
As of September 30, 2024, the Company has spent $64.7 million (which includes commissions paid of $31.2 thousand) repurchasing 1,557,529 shares of Common Stock (all of which have been retired) at an average price of $41.54 per share.
Previous wording
The following table presents the Company's purchases of equity securities for the three months ended June 30, 2024.
Current wording
There were no share repurchases for the three months ended September 30, 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
As of June 30, 2024, the Company has spent $64.7 million (which includes commissions paid of $31.2 thousand)