Acquisitions - The Company acquired Chesapeake Technology International, Corp for $91.5 million, recognizing $2.2 million in acquisition-related expenses[40] - The Company acquired TRS Group, Inc. for $36.6 million, with $0.5 million recognized in acquisition-related expenses[44] - The Company acquired BCC Engineering, LLC for $233.5 million, with $4.2 million in acquisition-related expenses recognized[50] - The acquisition of BlackSignal Technologies, LLC was completed for $203.7 million, enhancing the company's capabilities in cyber warfare and electronic warfare[55] - The Company has entered into a merger agreement to acquire Applied Sciences Consulting, Inc. for approximately $28 million, which is not material to the consolidated financial statements[173] Revenue - Revenue generated by CTI for the three and nine months ended September 30, 2025, was $19.2 million[42] - Revenue generated by TRS for the three and nine months ended September 30, 2025, was $7.6 million and $19.0 million, respectively[47] - Revenue generated by BCC was $32.5 million and $95.9 million for the three and nine months ended September 30, 2025, respectively[52] - Pro forma revenue for the three months ended September 30, 2025, assuming CTI acquisition was $1,621,748 thousand[43] - Pro forma revenue for the three months ended September 30, 2025 was $1,621,748 thousand, compared to $1,836,915 thousand for the same period in 2024, reflecting a decrease of approximately 11.7%[54] - Revenue for Q3 2025 was $1,621,748, a decrease from $1,810,116 in Q3 2024, with North America contributing $1,313,775 and the Middle East $302,886[169] - Total revenue for the three months ended September 30, 2025, was $1,621,748, a decrease of 10.4% compared to $1,810,116 for the same period in 2024[172] - Federal Solutions segment generated revenue of $788,607 in Q3 2025, while the Critical Infrastructure segment contributed $833,141[166] - Defense and Intelligence segment revenue increased to $468,935 for the three months ended September 30, 2025, up from $459,318 in 2024, reflecting a growth of 1.3%[172] - Engineered Systems segment revenue decreased significantly to $319,672 for the three months ended September 30, 2025, down from $646,262 in 2024, representing a decline of 50.6%[172] - Federal Solutions revenue for the three months ended September 30, 2025, was $788,607, a decrease of 28.7% from $1,105,580 in 2024[172] Financial Performance - Pro forma net income for the nine months ended September 30, 2025, including noncontrolling interests, was $236,520 thousand[43] - The Company reported net income attributable to Parsons Corporation for Q3 2025 was $64,123, compared to $71,951 in Q3 2024[166] - The company reported net income attributable to Parsons Corporation of $180,873 for the nine months ended September 30, 2024, compared to $33,768 in the same period of 2023, indicating a significant increase[174] - Basic earnings per share (EPS) for the three months ended September 30, 2025, was $0.60, down from $0.68 in the same period of 2024[153] - Diluted EPS for the three months ended September 30, 2025, was $0.59, compared to $0.65 for the same period in 2024[153] - Basic earnings per share for the nine months ended September 30, 2024, was $1.70, up from $0.32 in the previous year[174] Assets and Liabilities - Total contract assets increased by 10.9% to $822,487 thousand as of September 30, 2025, compared to $741,504 thousand at December 31, 2024[62] - Total accounts receivable, net, increased to $1,223,904 thousand as of September 30, 2025, from $1,100,396 thousand as of December 31, 2024[65] - The company's remaining unsatisfied performance obligations (RUPO) amounted to $7.0 billion as of September 30, 2025[68] - The carrying value of goodwill increased from $2,082,680 thousand on December 31, 2024, to $2,163,469 thousand on September 30, 2025, representing a growth of 3.9%[75] - Total debt as of September 30, 2025, was $1,236,700 thousand, a slight decrease from $1,247,501 thousand on December 31, 2024[79] - The total joint venture equity for consolidated joint ventures decreased to $210,569 thousand as of September 30, 2025, from $230,314 thousand at the end of 2024[139] - The company's total liabilities for unconsolidated joint ventures remained relatively stable at $1,414,504 thousand as of September 30, 2025, compared to $1,416,880 thousand at the end of 2024[141] Expenses - The Company recognized $12.9 million in revenue during the three months ended September 30, 2025, from contract liability balances[63] - Amortization expense related to intangible assets was $3.2 million for the three months ended September 30, 2025[57] - The aggregate amortization expense for intangible assets for the nine months ended September 30, 2025, was $51.4 million, compared to $40.8 million for the same period in 2024, an increase of 25.5%[76] - Operating lease costs for the three months ended September 30, 2025, were $16,971 thousand, compared to $16,022 thousand for the same period in 2024, reflecting an increase of 5.9%[72] - Total lease costs for the nine months ended September 30, 2025, were $61,557 thousand, slightly up from $61,098 thousand in 2024, indicating a year-over-year increase of 0.75%[72] - The Company recognized interest expense of $18.9 million for the nine months ended September 30, 2025, related to the Convertible Senior Notes due 2029[100] - Total ESOP contribution expense was $18.6 million for the three months ended September 30, 2025, compared to $13.2 million for the same period in 2024[133] Cash Flow and Financing - The Company reported operating cash flows for operating leases of $49,892 thousand for the nine months ended September 30, 2025, down from $51,013 thousand in 2024, a decrease of 2.2%[73] - The Company entered into a $450 million unsecured Term Loan in June 2025, with an interest rate of 5.3% as of September 30, 2025[82] - The Company issued $800.0 million of 2.625% Convertible Senior Notes due 2029, receiving proceeds of $781.1 million net of transaction fees[93] - The Company entered into a $750 million unsecured revolving credit facility with a five-year maturity, increasing the previous facility from $650 million[109] - The interest rate on the new Credit Agreement was 5.4% as of September 30, 2025[109] - The Company incurred $1.7 million in costs related to the new Credit Agreement[109] - The net carrying value of the Convertible Senior Notes due 2029 was $787.5 million as of September 30, 2025[100] - The Company has no amounts outstanding under the Revolving Credit Facility as of September 30, 2025, with interest rates at 5.4%[280] Taxation - The effective tax rate for the three months ended September 30, 2025, was 16.4%, down from 20.8% for the same period in 2024[116] - The effective tax rate for the nine months ended September 30, 2025, was 18.7%, compared to 20.8% for the same period in 2024[117] - The Company recorded a deferred tax asset of $22.3 million related to the Capped Call Transactions costs through additional paid-in capital[103] - As of September 30, 2025, the Company's deferred tax assets were subject to a valuation allowance of $45.0 million[120] - The liability for income taxes associated with uncertain tax positions was $28.1 million as of September 30, 2025[121] Joint Ventures - Consolidated joint ventures reported revenue of $213,752 thousand for the three months ended September 30, 2025, representing a 10.6% increase from $193,461 thousand in the same period of 2024[139] - Net income for consolidated joint ventures increased to $35,629 thousand for the three months ended September 30, 2025, up 29.2% from $27,588 thousand in the prior year[139] - Unconsolidated joint ventures reported revenue of $608,305 thousand for the three months ended September 30, 2025, a 4.0% increase compared to $581,232 thousand for the same period in 2024[142] - The net income from unconsolidated joint ventures was $44,473 thousand for the three months ended September 30, 2025, significantly up from $20,740 thousand in the same period of 2024[142] - The company had net contributions of $7.5 million to unconsolidated joint ventures for the nine months ended September 30, 2025, compared to $83.7 million for the same period in 2024[142] Other - The Company believes that the ultimate resolution of certain lawsuits will not have a material adverse effect on its consolidated financial position[124] - The company limits exposure to foreign currency fluctuations through contract provisions, reducing the need for hedging foreign currency cash flows[282]

Financial Performance - Total revenue for Q3 2025 decreased by $188 million, or 10%, to $1.6 billion, with a 14% decline on an organic basis[5]. - Adjusted EBITDA for Q3 2025 was $158 million, a 5% decrease year-over-year, while the adjusted EBITDA margin expanded 60 basis points to 9.8%[6]. - Revenue for Q3 2025 was $1,621,748, a decrease of 10.4% compared to $1,810,116 in Q3 2024[28]. - Net income attributable to Parsons Corporation for Q3 2025 was $64,123, down 10.8% from $71,951 in Q3 2024[28]. - Basic earnings per share (EPS) for Q3 2025 was $0.60, compared to $0.68 in Q3 2024, reflecting a decrease of 11.8%[28]. - Operating income for Q3 2025 was $107,955, a decrease of 6.5% from $114,988 in Q3 2024[28]. - Adjusted net income attributable to Parsons Corporation for Q3 2025 was $93,053, compared to $102,823 in Q3 2024, reflecting a decline of approximately 9%[42]. - Adjusted earnings per share (EPS) for Q3 2025 was $0.87 per basic share, down from $0.97 per basic share in Q3 2024[42]. - Total adjusted net income for the nine months ended September 30, 2025, was $261,879,000, slightly down from $267,669,000 for the same period in 2024[42]. Segment Performance - Critical Infrastructure segment revenue increased by $129 million, or 18%, driven by organic growth of 13% and contributions from recent acquisitions[8]. - Federal Solutions segment revenue decreased by $317 million, or 29%, with a 31% decline on an organic basis; however, excluding a confidential contract, revenue increased by 9%[10]. Backlog and Contracts - Total backlog increased to $8.8 billion, with 72% funded, marking the highest level since the company's IPO[12]. - The company won four contracts worth over $100 million each during Q3 2025, including a $665 million contract extension for the Hudson Tunnel Project[14]. - Total contract awards for the nine months ended September 30, 2025, were $4,865,560,000, down from $5,367,109,000 in 2024, indicating a decrease of about 9.3%[33]. - Total backlog as of September 30, 2025, was $8,832,447,000, slightly up from $8,784,047,000 in 2024, reflecting an increase of approximately 0.5%[34]. - Total funded backlog in the Critical Infrastructure segment increased to $4,483,659,000 as of September 30, 2025, from $3,811,638,000 in 2024, marking an increase of approximately 17.6%[34]. Cash Flow and Assets - Cash flow from operating activities in Q3 2025 was $163 million, down from $299 million in Q3 2024[13]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $310,864,000, a decrease from $396,840,000 in 2024, representing a decline of approximately 21.6%[32]. - Net cash used in investing activities for the nine months ended September 30, 2025, was $188,314,000, compared to $344,614,000 in 2024, indicating a reduction of about 45.5%[32]. - Total assets increased to $5,736,717 as of September 30, 2025, up from $5,487,962 at the end of 2024, representing a growth of 4.5%[31]. - Current liabilities decreased to $1,587,951 as of September 30, 2025, down from $1,915,644 at the end of 2024, a reduction of 17.1%[31]. - Long-term debt increased to $1,236,700 as of September 30, 2025, compared to $784,096 at the end of 2024, an increase of 57.7%[31]. - Cash and cash equivalents were $422,554 as of September 30, 2025, down from $453,548 at the end of 2024, a decrease of 6.8%[31]. - Total current assets increased to $2,649,045 as of September 30, 2025, up from $2,462,400 at the end of 2024, a growth of 7.6%[31]. Recognition and Awards - Parsons was recognized as one of the World's Best Companies in 2025 and received multiple awards for its infrastructure projects[21]. Other Financial Metrics - The company reported equity in earnings of unconsolidated joint ventures of $8,266 for Q3 2025, compared to $872 in Q3 2024, a significant increase[28]. - The book-to-bill ratio for the nine months ended September 30, 2025, was 1.0, down from 1.1 in the same period of 2024, indicating a decline in contract awards relative to revenue[35]. - The company incurred $17,996,000 in acquisition-related intangible asset amortization for Q3 2025, up from $13,328,000 in Q3 2024[42]. - Equity-based compensation expenses were $11,568,000 in Q3 2025, a decrease from $21,251,000 in Q3 2024[42]. - Transaction-related costs for Q3 2025 amounted to $5,074,000, an increase from $3,770,000 in Q3 2024[42]. - The tax effect on adjustments for Q3 2025 was $(7,829,000), compared to $(8,016,000) in Q3 2024[42]. - Restructuring costs for Q3 2025 were $292,000, while there were no such costs reported in Q3 2024[43].

Core Insights - Parsons Corporation reported a 10% decrease in total revenue for Q3 2025, amounting to $1.6 billion, with a 14% decline on an organic basis. Excluding a confidential contract, total revenue growth was 14% and organic growth was 9% [4][7] - The company achieved a 60 basis points margin expansion, with adjusted EBITDA margin increasing to 9.8% from 9.2% year-over-year, despite a 5% decrease in adjusted EBITDA to $158 million [5][8] - Parsons secured significant defense contracts and maintained a strong backlog of $8.8 billion, with 72% funded, marking the highest level since its IPO [7][12] Financial Performance - Total revenue decreased by $188 million, or 10%, compared to Q3 2024, with operating income down 6% to $108 million and net income down 11% to $64 million [4][7] - GAAP diluted EPS was $0.59, down from $0.65 in the prior year [4][5] - Adjusted EBITDA, including noncontrolling interests, was $158 million, a 5% decrease year-over-year, while adjusted diluted EPS fell to $0.86 from $0.95 [5][8] Segment Analysis Critical Infrastructure Segment - Revenue increased by $129 million, or 18%, year-over-year, driven by organic growth of 13% and contributions from recent acquisitions [6] - Adjusted EBITDA for this segment rose by 83% to $86 million, with an adjusted EBITDA margin of 10.3% [6][8] Federal Solutions Segment - Revenue decreased by $317 million, or 29%, year-over-year, with adjusted EBITDA down 40% to $73 million [9][10] - Excluding the confidential contract, revenue increased by 9%, driven by growth in key markets [9] Key Performance Indicators - The book-to-bill ratio was 1.0x for Q3 2025, maintaining a streak of 1.0x or greater since the IPO [7][12] - Total backlog increased to $8.8 billion, with a funded backlog of $6.4 billion, the highest since the company's IPO [7][12] Contract Wins and Acquisitions - Parsons won four contracts worth over $100 million each during Q3 2025, including significant defense and infrastructure projects [11] - The company completed an acquisition of Applied Sciences Consulting, enhancing its capabilities in water and stormwater solutions [13][18] Fiscal Year 2025 Guidance - The company modified its fiscal year 2025 revenue outlook to $6.4 billion - $6.5 billion, while reiterating adjusted EBITDA and cash flow guidance [14][15]

Core Insights - Q-Gold Resources Ltd. has appointed Scott R.G. Parsons to its Board of Directors, effective immediately, enhancing the board's expertise in mineral exploration and resource development [1][2] - Scott Parsons brings over 20 years of experience in the mining industry, currently serving as Vice President of Exploration at Alamos Gold Inc., and has a strong track record in overseeing successful exploration projects [2][3] - The appointment follows the resignation of Gregory Biniowsky, with the company expressing gratitude for his contributions [4] Company Overview - Q-Gold Resources Ltd. is a publicly traded mineral exploration and development company focused on advancing gold and silver projects in North America [5] - The company is committed to progressing its flagship Quartz Mountain Gold Project in Oregon and the Mine Centre Gold Project in Ontario towards production [6]

Core Viewpoint - Selective Insurance has appointed Julie Parsons as an Independent Director, which is expected to enhance the company's governance and strategic direction [1] Company Summary - The appointment of Julie Parsons is part of Selective Insurance's ongoing efforts to strengthen its board and improve oversight [1] - Julie Parsons brings extensive experience in the insurance industry, which will be beneficial for the company's future initiatives [1] Industry Summary - The insurance industry is increasingly focusing on governance and board diversity, reflecting broader trends in corporate governance [1] - Appointments like that of Julie Parsons are indicative of the industry's commitment to enhancing leadership and strategic oversight [1]

Core Insights - Parsons Corporation has secured a SAR 210 million ($56 million) contract for the development of Phase II of the Diriyah project, a significant initiative under the Public Investment Fund (PIF) [2] - The contract encompasses design, supervision, and project management services, focusing on parks, green spaces, and civic infrastructure over a span of 55 kilometers [3] - The Diriyah project, valued at $63.2 billion, aims to create a pedestrian-centered urban area for 100,000 residents and attract around 50 million visitors annually [4] Company and Industry Summary - Parsons has been collaborating with PIF since 2017 on major projects in Saudi Arabia, including NEOM The Line and NEOM Oxagon [5] - The partnership with Parsons is expected to expedite the development of the Diriyah project, enhancing its potential as a key urban destination [4]

Group 1 - Robert F. Abbott has been managing family investments since 1995 and incorporated options trading in 2010, focusing on covered calls and collars with long stocks [1] - Abbott is a freelance writer with a project aimed at providing information for new and intermediate-level mutual fund investors [1] - He holds a Bachelor of Arts and a Master of Business Administration (MBA) degree [1]

Core Insights - Robert F. Abbott has been managing family investments since 1995 and incorporated options trading in 2010, focusing on covered calls and collars with long stocks [1] Group 1 - Robert F. Abbott is a freelance writer and operates a website aimed at providing information for new and intermediate-level mutual fund investors [1] - Abbott holds a Bachelor of Arts and a Master of Business Administration (MBA) degree [1] - He resides in Airdrie, Alberta, Canada [1]

Core Insights - Parsons Corporation has been awarded two contracts exceeding $100 million for program management and design engineering for Middle East government customers, highlighting its capabilities in national security and critical infrastructure [1][2] - The company aims to leverage its strong regional presence in transportation and urban development to expand into adjacent markets related to defense, security, tourism, and entertainment [1][3] Company Capabilities - Parsons is recognized as the top firm in program management and ranks among the top 40 defense companies globally, with a diverse customer base in cyber, transportation, urban development, and critical infrastructure protection [3] - The company has extensive experience in the Middle East, having operated in the region since the 1950s, and has completed thousands of projects, including significant infrastructure developments [4] Strategic Focus - The contracts will involve leading the design review and project management of national security infrastructure programs, including border security facilities [2][3] - Parsons emphasizes its commitment to enhancing regional and global security through its industry-leading capabilities and local expertise [2][4]

Core Insights - Parsons Corporation has been awarded a SAR210 million ($56 million) contract for Phase 2 of the Diriyah project by Diriyah Company, a subsidiary of Saudi Arabia's Public Investment Fund (PIF) [2][5] - The contract involves the design and delivery of parks, open spaces, and over 55 kilometers of streetscape, aiming to enhance livability and community well-being [3][4] - The Diriyah project is a significant mixed-use urban development that combines traditional Najdi architecture with modern urban design, targeting a walkable environment for approximately 100,000 residents and 50 million annual visitors [4][5] Company Overview - Parsons has over 65 years of experience in Saudi Arabia and is involved in more than 50 active projects, reinforcing its role in shaping the Kingdom's future cities [6] - The company has been a key partner in advancing Saudi Arabia's giga-project ecosystem since 2017, contributing to major developments aligned with Saudi Vision 2030 [5][6] - Parsons' expertise includes urban development, transport infrastructure, smart mobility, and sustainability, positioning it as a crucial enabler of the Kingdom's transformation journey [6]