secwatch.observer — SEC 8-K summary
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Issuer:     PARSONS CORP (PSN)
CIK:        0000275880
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0000950170-24-050874
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Parsons Q1 revenue $1.5B +31% YoY; net loss on convertible note charge; guidance raised
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- Record revenue $1.5B (+31% YoY), organic growth 29%; net loss $107M due to $214M pre-tax charge on convertible note repurchase.
- Adjusted EBITDA $141M (+56%), margin 9.2% (+150bps); adjusted EPS $0.70 vs $0.43 YoY.
- FY2024 guidance raised: rev $6.1-6.4B (prior $5.8-6.0B), adj. EBITDA $535-575M (prior $505-545M), cash ops $380-440M.
- Federal Solutions rev +43%, adj. EBITDA margin 10.2%; Critical Infrastructure rev +16%, margin 7.7%.
- Book-to-bill 1.4x; total backlog $9.0B (+8%); key wins: Hudson Tunnel delivery partner, $970M options, $1B NNSA IDIQ.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/275880/000095017024050874/0000950170-24-050874-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/275880/000095017024050874/psn-20240501.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-050874

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer