Artificial Intelligence

Parsons Reports Strong First Quarter 2023 Results

Published

1 year ago

May 3, 2023

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Q1 2023 Financial Highlights

Record quarterly revenue of $1.2 billion, representing a 24% increase year-over-year
Record quarterly organic revenue growth of 12% driven by strength in both segments
Record first quarter net income increases by 24% to $26 million
Record first quarter adjusted EBITDA increases by 22% to $90 million
Record first quarter cash flow from operations increases $17 million from Q1 2022
Book-to-bill ratio of 1.2x on contract awards growth of 51%
Increasing 2023 guidance ranges for revenue, adjusted EBITDA, and cash flow from operations

CENTREVILLE, Va., May 03, 2023 (GLOBE NEWSWIRE) — Parsons Corporation (NYSE: PSN) today announced financial results for the first quarter ended March 31, 2023.

CEO Commentary

“We had a strong quarter with record first quarter total revenue, organic growth, adjusted EBITDA, and cash flow results,” said Carey Smith, chair, president, and chief executive officer. “We also won large strategic contracts in both our Federal Solutions and Critical Infrastructure segments driving a 51% increase in contract award activity. In addition, we maintained our hiring and retention momentum, acquired a strategic asset that enhances Parsons’ critical infrastructure protection capabilities, and increased all three of our 2023 guidance metrics. I am very excited about our business given the significant amount of new and recompete contracts we have won, our strong backlog, and robust balance sheet that will enable us to continue to make accretive acquisitions to drive future revenue growth and margin expansion.”

First Quarter 2023 Results

Year-over-Year Comparisons (Q1 2023 vs. Q1 2022)

Total revenue for the first quarter of 2023 increased by $224 million, or 24%, to $1.2 billion. This increase was primarily driven by organic growth of 12% due to higher volume on new and existing contracts. The company’s Xator acquisition contributed approximately $112 million of revenue in the first quarter of 2023. Operating income increased 43% to $51 million primarily due to the ramp-up of new and existing contracts. Net income increased 24% to $26 million. GAAP diluted earnings per share (EPS) attributable to Parsons was $0.23 in the first quarter of 2023, compared to $0.19 in the prior year period.

Adjusted EBITDA including noncontrolling interests for the first quarter of 2023 was $90 million, a 22% increase over the prior year period. The adjusted EBITDA increase was driven primarily by the ramp-up of new and existing contracts and contributions from our Xator acquisition. Adjusted EBITDA margin was 7.7% in the first quarter of 2023, compared to 7.8% in the first quarter of 2022. The year over year margin decrease was primarily driven by lower equity in earnings as a result of contract change orders, which are delaying the timing of profit recognition into future quarters, and legacy program impacts. Adjusted EPS was $0.43 in the first quarter of 2023, compared to $0.40 in the first quarter of 2022. The year-over-year adjusted EPS increase was driven by the adjusted EBITDA increases noted above.

Segment Results

Federal Solutions Segment

Federal Solutions Year-over-Year Comparisons (Q1 2023 vs. Q1 2022)

	Three Months Ended						Growth
	March 31, 2023			March 31, 2022			Dollars/ Percent			Percent
Revenue	$	634,546		$	491,629		$	142,917			29	%
Adjusted EBITDA	$	56,233		$	42,755		$	13,478			32	%
Adjusted EBITDA margin		8.9	%		8.7	%		0.2	%		2	%

First quarter 2023 revenue increased $143 million, or 29%, compared to the prior year period due to organic growth of 6% and approximately $112 million from Xator. Organic revenue growth was primarily driven by higher volume on existing contracts.

First quarter 2023 Federal Solutions adjusted EBITDA including noncontrolling interests increased by $13 million, or 32%. Adjusted EBITDA margin increased to 8.9% from 8.7% in the prior year period. These increases were driven primarily by operating leverage and our higher margin Xator acquisition.

Critical Infrastructure Segment

Critical Infrastructure Year-over-Year Comparisons (Q1 2023 vs. Q1 2022)

	Three Months Ended						Growth
	March 31, 2023			March 31, 2022			Dollars/ Percent			Percent
Revenue	$	538,920		$	457,440		$	81,480			18	%
Adjusted EBITDA	$	34,158		$	31,493		$	2,665			8	%
Adjusted EBITDA margin		6.3	%		6.9	%		-0.6	%		-9	%

First quarter 2023 Critical Infrastructure revenue increased $81 million, or 18% (all organic), compared to the prior year period driven primarily by higher contract volume in both our Middle East and North American operations.

First quarter 2023 adjusted EBITDA including noncontrolling interests increased by $2.7 million, or 8%, compared to the prior year period. Adjusted EBITDA margin decreased to 6.3% from 6.9% in the prior year period. The increase in adjusted EBITDA was driven by higher volume on new and existing contracts, offset by lower equity in earnings as a result of change orders and legacy program impacts.

First Quarter 2023 Key Performance Indicators

Book-to-bill ratio: 1.2x on net bookings of $1.4 billion.
Book-to-bill ratio (trailing twelve-months): 1.1x on net bookings of $4.7 billion.
Total backlog: $8.4 billion, up $186 million from Q4 2022.
Cash flow from operating activities: First quarter 2023: ($9) million compared to ($26) million in first quarter of 2022.

Significant Contract Wins

Parsons continues to win large strategic contracts in both the Federal Solutions and Critical Infrastructure segments. During the first quarter of 2023, the company won three single-award contracts worth more than $100 million each and several meaningful multiple-award IDIQ contracts. Shortly after the first quarter ended, Parsons received three additional single-award contracts valued at more than $100 million each.

Awarded a new three-year $750 million State Department humanitarian support contract. Led by Xator, the $750 million ceiling single-award contract includes a one-year base period of $250 million and two one-year option periods valued at $250 million each. The company booked the first year of this contract for $250 million.
Received an additional $214 million to continue overseeing the implementation of remediation projects on the Giant Mine program in Canada, which is one of the largest mine reclamation projects in the world.
Awarded a new $164 million four-year contract by the Army Corps of Engineers to deliver a new Explosive Decomposition Chamber facility at Holston Army Ammunition Plant. This follows Parsons’ award of the Radford Army Ammunition Plant for a new Energetic Waste Incinerator / Contaminated Waste Processor. These strategic wins are part of the larger and broader 15-year and more than $16 billion Army Ammunition Plant Modernization Plan to modernize the United States’ depots, arsenals, and ammunition plants.
Awarded a $94 million recompete contract to provide command, control, communications, computers, and capabilities development support services to the United States Cyber Command. This important contract provides support to expand full-spectrum military cyberspace operations. The period of performance is one 12-month base period with four 12-month options.
Awarded prime positions on several multiple-award IDIQ vehicles including a $75 billion ceiling contract with the Department of Health and Human Services Administration for the provision and operation of Influx Care Facilities.
After the end of Q1 2023, the company was awarded the recompete Technical Support Services Contract 5 by the Federal Aviation Administration (FAA). The $1.8 billion ceiling value contract will support the FAA’s Aviation System Capital Investment Plan and includes a base period of four years and two three-year option periods. Parsons has been the prime contractor for this work for more than two decades. With the Infrastructure Investment and Jobs Act, the FAA has $5 billion of additional funding for facilities-related work.
After the end of Q1 2023, the company was awarded a new five-year single-award contract in the federal solutions segment from the General Services Administration with a potential value of $1.2 billion. This contract supports the Department of Defense and its strategic partners in delivering global quick reaction capabilities leveraging advanced technology solutions across the all-domain battlespace.
After the first quarter of 2023 ended, the company was also awarded a new four year single-award contract for a transportation project valued at more than $100 million.

Additional Corporate Highlights

Parsons continues to build on its strong track record of acquiring and partnering with strategic companies in high-growth markets that broaden its portfolio and customer footprint. During the quarter, the company also won multiple awards for its hiring, diversity, and ethical business practices.

Announced the IPKeys Power Partners acquisition to enhance the company’s critical infrastructure protection capabilities through comprehensive cloud-based cybersecurity, software solutions that operate at the intersection of information and operational technology, and technologies that will help accelerate the global clean energy transition.
Named by Ethisphere as one of the 2023 World’s Most Ethical Companies. The company has been honored with this recognition for 14 consecutive years.
Established a strategic partnership with Microsoft to help organizations around the world enhance their digital transformation and cybersecurity capabilities. The partnership will build upon existing collaboration between the two companies, combining the power of Microsoft’s Azure cloud and artificial intelligence (AI) technologies with Parsons’ expertise in the national security and global infrastructure markets, unlocking efficiencies, improving security, and opening doors to innovation as both companies work to upgrade society’s infrastructure.
Recognized by Minority Engineer Magazine’s Top 50 Diversity Employer List for 2023.
Recognized by the Los Angeles Business Journal as the Diversity, Equity, and Inclusion Large Company of the Year.
Recognized by The American Council of Engineering Companies of New York for the company’s initiatives that attract, hire, and promote personal and professional growth opportunities for women, racial diversity, LGBTQ+ and other underrepresented people in the engineering industry in New York.

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 first quarter operating performance 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	$4.5 billion – $4.7 billion	$4.375 billion – $4.575 billion
Adjusted EBITDA including non-controlling interest	$375 million – $415 million	$365 million – $405 million
Cash Flow from Operating Activities	$275 million – $335 million	$270 million – $330 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 impact of M&A, will preclude the company from providing accurate net income guidance for fiscal year 2023.

Conference Call Information

Parsons will host a conference call today, May 3, 2023, at 8:00 a.m. ET to discuss the financial results for its first quarter 2023.

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 first quarter 2023 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 +1 833-634-2602 (domestic) or +1 412-902-4114 (international). No passcode is required.

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 May 10, 2023, at +1 877-344-7529 (domestic) or +1 412-317-0088 (international) and entering passcode 2235905.

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.

PARSONS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

	For the Three Months Ended
	March 31, 2023			March 31, 2022
Revenue	$	1,173,466		$	949,069
Direct cost of contracts		917,188			733,900
Equity in (losses) earnings of unconsolidated joint ventures		(5,840	)		5,598
Selling, general and administrative expenses		199,308			185,077
Operating income		51,130			35,690
Interest income		793			65
Interest expense		(6,458	)		(3,938	)
Other income (expense), net		1,314			145
Total other income (expense)		(4,351	)		(3,728	)
Income before income tax expense		46,779			31,962
Income tax expense		(11,503	)		(8,119	)
Net income including noncontrolling interests		35,276			23,843
Net income attributable to noncontrolling interests		(9,723	)		(3,176	)
Net income attributable to Parsons Corporation	$	25,553		$	20,667
Earnings per share:
Basic	$	0.24		$	0.20
Diluted	$	0.23		$	0.19

Weighted average number shares used to compute basic and diluted EPS
(In thousands) (Unaudited)

	Three Months Ended
	March 31, 2023		March 31, 2022
Basic weighted average number of shares outstanding		104,805		103,769
Stock-based awards		1,032		780
Convertible senior notes		8,917		8,917
Diluted weighted average number of shares outstanding		114,754		113,466

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
	March 31, 2023		March 31, 2022
Net income attributable to Parsons Corporation	$	25,553	$	20,667
Convertible senior notes if-converted method interest adjustment		551		540
Diluted net income attributable to Parsons Corporation	$	26,104	$	21,207

PARSONS CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)

		March 31, 2023			December 31, 2022
		(Unaudited)
Assets
Current assets:
	Cash and cash equivalents (including $96,662 and $53,193 Cash of consolidated joint ventures)	$	220,439		$	262,539
	Accounts receivable, net (including $212,924 and $217,419 Accounts receivable of consolidated joint ventures, net)		763,720			717,345
	Contract assets (including $9,285 and $11,313 Contract assets of consolidated joint ventures)		683,631			634,033
	Prepaid expenses and other current assets (including $12,871 and $7,913 Prepaid expenses and other current assets of consolidated joint ventures)		133,553			105,866
	Total current assets		1,801,343			1,719,783

	Property and equipment, net (including $3,083 and $2,543 Property and equipment of consolidated joint ventures, net)		94,759			96,050
	Right of use assets, operating leases (including $6,863 and $6,315 Right of use assets, operating leases of consolidated joint ventures)		148,095			155,090
	Goodwill		1,661,913			1,661,850
	Investments in and advances to unconsolidated joint ventures		107,416			107,425
	Intangible assets, net		236,117			254,127
	Deferred tax assets		140,366			137,709
	Other noncurrent assets		65,797			66,108
	Total assets	$	4,255,806		$	4,198,142

Liabilities and Shareholders’ Equity
Current liabilities:
	Accounts payable (including $45,581 and $49,078 Accounts payable of consolidated joint ventures)	$	209,462		$	201,428
	Accrued expenses and other current liabilities (including $128,145 and $102,417 Accrued expenses and other current liabilities of consolidated joint ventures)		635,089			630,193
	Contract liabilities (including $39,958 and $40,654 Contract liabilities of consolidated joint ventures)		229,225			213,064
	Short-term lease liabilities, operating leases (including $2,992 and $2,552 Short-term lease liabilities, operating leases of consolidated joint ventures)		55,606			59,144
	Income taxes payable		10,689			4,290
	Total current liabilities		1,140,071			1,108,119

	Long-term employee incentives		18,599			17,375
	Long-term debt		744,140			743,605
	Long-term lease liabilities, operating leases (including $3,871 and $3,763 Long-term lease liabilities, operating leases of consolidated joint ventures)		107,482			111,417
	Deferred tax liabilities		12,555			12,471
	Other long-term liabilities		107,429			109,220
	Total liabilities		2,130,276			2,102,207
Contingencies (Note 12)
Shareholders’ equity:
	Common stock, $1 par value; authorized 1,000,000,000 shares; 146,243,639 and 146,132,016 shares issued; 42,248,807 and 40,960,845 public shares outstanding; 62,565,812 and 63,742,151 ESOP shares outstanding		146,244			146,132
	Treasury stock, 41,429,020 shares at cost		(844,936	)		(844,936	)
	Additional paid-in capital		2,712,167			2,717,134
	Retained earnings		68,429			43,089
	Accumulated other comprehensive loss		(18,025	)		(17,849	)
	Total Parsons Corporation shareholders’ equity		2,063,879			2,043,570
	Noncontrolling interests		61,651			52,365
	Total shareholders’ equity		2,125,530			2,095,935
	Total liabilities and shareholders’ equity	$	4,255,806		$	4,198,142

PARSONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

		For the Three Months Ended
		March 31, 2023			March 31, 2022
Cash flows from operating activities:
	Net income including noncontrolling interests	$	35,276		$	23,843
	Adjustments to reconcile net income to net cash used in operating activities
	Depreciation and amortization		28,359			30,509
	Amortization of debt issue costs		657			649
	Gain on disposal of property and equipment		(3	)		(39	)
	Provision for doubtful accounts		–			(3	)
	Deferred taxes		(2,586	)		(2,566	)
	Foreign currency transaction gains and losses		(290	)		882
	Equity in losses (earnings) of unconsolidated joint ventures		5,840			(5,598	)
	Return on investments in unconsolidated joint ventures		7,793			11,874
	Stock-based compensation		6,992			3,898
	Contributions of treasury stock		14,435			13,054
	Changes in assets and liabilities, net of acquisitions and newly consolidated joint ventures:
	Accounts receivable		(47,482	)		(46,690	)
	Contract assets		(49,098	)		(21,212	)
	Prepaid expenses and other assets		(27,948	)		4,496
	Accounts payable		8,009			(39,342	)
	Accrued expenses and other current liabilities		(10,898	)		(4,134	)
	Contract liabilities		16,113			945
	Income taxes		6,408			4,706
	Other long-term liabilities		(567	)		(986	)
	Net cash used in operating activities		(8,990	)		(25,714	)
Cash flows from investing activities:
	Capital expenditures		(8,146	)		(4,473	)
	Proceeds from sale of property and equipment		19			112
	Investments in unconsolidated joint ventures		(13,016	)		(9,713	)
	Return of investments in unconsolidated joint ventures		–			644
	Proceeds from sales of investments in unconsolidated joint ventures		381			–
	Net cash used in investing activities		(20,762	)		(13,430	)
Cash flows from financing activities:
	Proceeds from borrowings under credit agreement		5,700			–
	Repayments of borrowings under credit agreement		(5,700	)		–
	Contributions by noncontrolling interests		200			1,226
	Distributions to noncontrolling interests		(638	)		(8,309	)
	Repurchases of common stock		(6,000	)		(5,548	)
	Taxes paid on vested stock		(6,064	)		(5,771	)
	Net cash used in financing activities		(12,502	)		(18,402	)
	Effect of exchange rate changes		154			425
	Net decrease in cash, cash equivalents, and restricted cash		(42,100	)		(57,121	)
	Cash, cash equivalents and restricted cash:
	Beginning of year		262,539			343,883
	End of period	$	220,439		$	286,762

Contract Awards
(in thousands)

	Three Months Ended
	March 31, 2023		March 31, 2022
Federal Solutions	$	695,644	$	456,888
Critical Infrastructure		686,585		460,268
Total Awards	$	1,382,229	$	917,156

Backlog
(in thousands)

	March 31, 2023		March 31, 2022
Federal Solutions:
Funded	$	1,694,740	$	1,300,476
Unfunded		3,175,568		3,883,550
Total Federal Solutions		4,870,308		5,184,026
Critical Infrastructure:
Funded		3,445,068		2,976,099
Unfunded		49,866		64,660
Total Critical Infrastructure		3,494,934		3,040,759
Total Backlog	$	8,365,242	$	8,224,785

Book-To-Bill Ratio¹:

	Three Months Ended
	March 31, 2023		March 31, 2022
Federal Solutions		1.1		0.9
Critical Infrastructure		1.3		1.0
Overall		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.

_______________________________________

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

PARSONS CORPORATION
Non-GAAP Financial Information
Reconciliation of Net Income to Adjusted EBITDA
(in thousands)

	Three Months Ended
	March 31, 2023		March 31, 2022
Net income attributable to Parsons Corporation	$	25,553	$	20,667
Interest expense, net		5,665		3,873
Income tax provision (benefit)		11,503		8,119
Depreciation and amortization (a)		28,359		30,509
Net income attributable to noncontrolling interests		9,723		3,176
Equity-based compensation		6,703		3,898
Transaction-related costs (b)		1,618		2,398
Restructuring (c)		546		213
Other (d)		721		1,395
Adjusted EBITDA	$	90,391	$	74,248

(a) Depreciation and amortization for the three months ended March 31, 2023, is $24.0 million in the Federal Solutions Segment and $4.4 million in the Critical Infrastructure Segment. Depreciation and amortization for the three months ended March 31, 2022, is $26.2 million in the Federal Solutions Segment and $4.3 million in the Critical Infrastructure Segment.

(b) Reflects costs incurred in connection with acquisitions and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.

(d) 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.

PARSONS CORPORATION
Non-GAAP Financial Information
Computation of Adjusted EBITDA Attributable to Noncontrolling Interests
(in thousands)

	Three months ended
	March 31, 2023		March 31, 2022
Federal Solutions Adjusted EBITDA attributable to Parsons Corporation	$	56,148	$	42,638
Federal Solutions Adjusted EBITDA attributable to noncontrolling interests		85		117
Federal Solutions Adjusted EBITDA including noncontrolling interests	$	56,233	$	42,755

Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation		24,357		28,315
Critical Infrastructure Adjusted EBITDA attributable to noncontrolling interests		9,801		3,178
Critical Infrastructure Adjusted EBITDA including noncontrolling interests	$	34,158	$	31,493

Total Adjusted EBITDA including noncontrolling interests	$	90,391	$	74,248

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
	March 31, 2023			March 31, 2022
Net income attributable to Parsons Corporation	$	25,553		$	20,667
Acquisition related intangible asset amortization		18,009			20,090
Equity-based compensation		6,703			3,898
Transaction-related costs (a)		1,618			2,398
Restructuring (b)		546			213
Other (c)		721			1,395
Tax effect on adjustments		(7,349	)		(6,672	)
Adjusted net income attributable to Parsons Corporation		45,801			41,989
Adjusted earnings per share:
Weighted-average number of basic shares outstanding		104,805			103,769
Weighted-average number of diluted shares outstanding (d)		105,837			104,548
Adjusted net income attributable to Parsons Corporation per basic share	$	0.44		$	0.40
Adjusted net income attributable to Parsons Corporation per diluted share	$	0.43		$	0.40

(a) Reflects costs incurred in connection with acquisitions and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.

(b) Reflects costs associated with and related to our corporate restructuring initiatives.

(c) 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.

(d) Excludes dilutive effect of convertible senior notes due to bond hedge.

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Artificial Intelligence

IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility

Published

3 hours ago

May 10, 2024

CISION (PR Newswire)

idtechex-explores-printed-electronics-in-electrified-and-autonomous-mobility

BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.

Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com.
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Artificial Intelligence

Identity Threat Detection and Response (ITDR) Market worth $35.6 billion by 2029- Exclusive Report by MarketsandMarkets™

Published

5 hours ago

May 10, 2024

CISION (PR Newswire)

CHICAGO, May 10, 2024 /PRNewswire/ — The growing need for identity-centric security solutions brought on by an increase in cyberattacks and regulatory compliance requirements will define the Identity Threat Detection and Response (ITDR) Market in the future. The growth of ITDR solutions towards more proactive and autonomous security operations is being shaped by several major trends, including integration with IAM platforms, use of AI and ML technologies, and emphasis on UEBA and Zero Trust security.

The global Identity Threat Detection and Response Market size is projected to grow from USD 12.8 billion in 2024 to USD 35.6 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 22.6% during the forecast period, according to a new report by MarketsandMarkets™. The expansion of identity threat detection and response (ITDR) is propelled by the continuously evolving global threat landscape and combating threat-targeting identities and identity systems. ITDR provides response strategies ensuring the protection of sensitive and confidential data.
Browse in-depth TOC on “Identity Threat Detection and Response (ITDR) Market”
266 – Tables 48 – Figures273 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2022-2029
Base year considered
2023
Forecast period
2024-2029
Forecast units
Value (USD) Billion
Segments Covered
By offering deployment mode, organization size, vertical and region
Region covered
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), CrowdStrike (US), Zscaler (US), Tenable (US), Veronis (US), BeyondTrust (US), CyberArk (US), Proofpoint (US), Quest (US), Oort(US), Vectra (US), Proficio (US), Qomplx (US), Adaptive Shield (Israel), Acalvio (US), Authorize (Israel), Illusive (US), Mindfire (UAE), Rezonate (US), Semperis (US), Sentinelone (US), Silverfort (Israel), Netwrix (US), Vericlouds (US), Microminder (UK), Quorum Cyber (UK) and Mix mode (US).
Governments worldwide increasingly emphasize the importance of robust identity threat detection and response (ITDR) solutions to counter growing cyber threats and safeguard critical infrastructure. Key initiatives include funding research and development grants, supporting startups through grants and incubator programs, and enforcing data privacy regulations like GDPR and CCPA. They also promote cybersecurity frameworks, critical infrastructure protection standards, and public awareness campaigns. Collaboration with the private sector, through partnerships and procurement policies, further drives ITDR market growth. These efforts underscore a global recognition of ITDR’s significance in enhancing digital security and compliance with industry regulations.
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By deployment mode, the cloud segment is expected to demonstrate the highest growth rate in the Identity Threat Detection and Response Market during the forecast period.
The Identity Threat Detection and Response (ITDR) Market is experiencing a notable shift towards cloud-based deployments, which are projected to dominate in the coming years. Cloud solutions offer various advantages, including scalability, reduced infrastructure costs, faster deployment, improved accessibility, and automatic updates. With businesses increasingly adopting cloud technologies and prioritizing agility and innovation, cloud-based ITDR solutions align well with this evolving landscape. The cybersecurity skills shortage further drives the preference for cloud solutions, given their built-in automation and ease of management. While on-premises ITDR solutions may still be favored in scenarios with stringent data security requirements, the overall trend favors cloud-based deployments due to their scalability, agility, and cost-effectiveness. Cloud providers continue to innovate and enhance their offerings, making them increasingly attractive to businesses of all sizes, ultimately shaping the dominance of cloud-based ITDR in the foreseeable future.
Based on organization size, the SMEs segment is projected to exhibit the highest growth rate at the highest CAGR during the forecast period.
The Identity Threat Detection and Response (ITDR) Market is set for significant growth, particularly among Small and Medium-Sized Enterprises, driven by several key factors. SMEs face increased vulnerability due to limited security resources, a growing reliance on digital tools, and evolving cyber threats. Heightened awareness of cyber risks and emerging data privacy regulations are pressuring SMEs to invest in ITDR solutions. The affordability and scalability of cloud-based ITDR solutions further contribute to SME adoption. These solutions offer improved threat detection, enhanced user access control, and simplified compliance management, positioning SMEs as pivotal drivers of growth in the ITDR market.
Asia Pacific is anticipated to experience substantial growth with the highest CAGR in the Identity Threat Detection and Response Market during the forecast period.
The Identity Threat Detection and Response (ITDR) Market is experiencing remarkable growth globally, particularly in the Asia-Pacific region, where it is projected to witness the highest Compound Annual Growth Rate. This surge is fueled by several factors specific to the area. APAC’s rapid digital transformation, propelled by adopting cloud computing, mobile technologies, and e-commerce platforms, creates an expanded attack surface for cyber threats. Heightened regulatory focus on data privacy regulations in countries like China, India, and Australia drives the demand for robust ITDR solutions to ensure compliance. The emergence of domestic cybersecurity vendors in APAC and the increasing adoption of cloud-based ITDR solutions contribute to market growth. Government initiatives, such as heavy investments in cybersecurity infrastructure and public-private partnerships, create a supportive environment for the ITDR market’s expansion. Despite facing challenges like a shortage of skilled cybersecurity professionals, the APAC region’s unique dynamics position it as a key driver of ITDR market growth. It is crucial in protecting critical infrastructure and businesses against cyber threats in the digital age.
Top Key Companies in Identity Threat Detection and Response (ITDR) Market:
The major players in the Identity Threat Detection and Response Market are Microsoft (US), IBM (US), CrowdStrike (US), Zscaler (US), Tenable (US), Veronis (US), BeyondTrust (US), CyberArk (US), Proofpoint (US), Quest (US), Oort(US), Vectra (US), Proficio (US), Qomplx (US), Adaptive Shield ( Israel), Acalvio (US), Authomize (Israel), Illusive (US), Mindfire (UAE), Rezonate (US), Semperis (US), Sentinelone (US), Silverfort (Israel), Netwrix (US), Vericlouds (US), Microminder (UK), Quorum Cyber (UK) and Mixmode (US).
Recent Developments
January 2024 – IBM collaborated with ASUS to enhance cybersecurity by utilizing AI-powered security technologies to detect and remediate attacks swiftly. IBM’s QRadar EDR will be integrated directly into ASUS’s business hardware, supported by MDR services from IBM.January 2024 – Aembit integrates its Workload IAM Platform with CrowdStrike Falcon for real-time security posture assessment, enabling dynamic access policy enforcement. This collaboration enhances ITDR capabilities, ensuring secure workload-to-workload access.October 2023 – BeyondTrust partnered with the AWS SaaS Factory team to build their Identity Security Insights solution as a SaaS offering on AWS. This collaboration helped BeyondTrust navigate business and technical decisions for a successful SaaS model launch.September 2023 – CyberArk collaborates with Accenture to deploy CyberArk Privilege Cloud to enhance PAM solutions. This initiative aims to bolster cybersecurity defenses by managing and monitoring privileged access, which is crucial for ITDR. The collaboration leverages CyberArk’s Identity Security Platform, enabling comprehensive security for identities across various IT environments, aligning with ITDR principles by securing access and mitigating risks associated with privileged accounts.July 2023 – Microsoft partnered with CISA by offering expanded cloud logging capabilities at no additional cost. This initiative directly supports ITDR by improving detection and response to identity-related threats, making it easier for organizations to maintain identity integrity and security through better visibility and monitoring of security incidents.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=259116012
Identity Threat Detection and Response (ITDR) Market Advantages:
ITDR solutions assist avoid security breaches and data loss by enabling organisations to proactively detect and respond in real-time to identity-related threats such account takeovers, credential stuffing, and insider threats.ITDR solutions assist organisations in strengthening their security posture and safeguarding sensitive data and assets from unauthorised access and misuse by continually monitoring user activities, access patterns, and behaviour across digital channels and systems.Rapid incident response is made possible by ITDR systems, which immediately notify security teams of potentially dangerous activity and security issues. This allows the teams to quickly investigate and neutralise threats to minimise the damage to the organisation.By offering thorough visibility, audit trails, and reporting capabilities, ITDR solutions help enterprises comply with legal and regulatory requirements pertaining to identity and access management, data protection, and cybersecurity.ITDR systems with advanced analytics and machine learning capabilities help minimise noise and false positives, allowing security professionals to concentrate on real threats and efficiently prioritise their response efforts.Numerous ITDR systems come with easy-to-use dashboards and interfaces that give security teams the tools and knowledge they need to effectively monitor, assess, and address identity-related threats without the need for in-depth training or specialised knowledge.Organisations may take advantage of their investments and coordinate automated response activities throughout the security ecosystem by integrating ITDR solutions with pre-existing security technologies and systems like SIEM, IAM, CASB, and SOAR platforms.Report Objectives
To describe and forecast the global Identity Threat Detection and Response Market by offering, deployment mode, organization size, vertical, and regionTo forecast the market size of five central regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin AmericaTo analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall marketTo provide detailed information related to significant factors (drivers, restraints, opportunities, and challenges) influencing the growth of the marketTo analyze the opportunities in the market for stakeholders and provide the competitive landscape details of major playersTo profile the key players of the Identity Threat Detection and Response Market and comprehensively analyze their market shares and core competenciesTo track and analyze competitive developments, such as Mergers and Acquisitions (M&A), new product developments, and partnerships and collaborations in the marketTo track and analyze the impact of COVID-19 on the Identity Threat Detection and Response MarketBrowse Adjacent Market: Information Security Market Research Reports & Consulting
Browse Other Reports:
Physical Security Information Management Market- Global Forecast to 2029
Operational Technology Security Market- Global Forecast to 2029
Identity Verification Market- Global Forecast to 2028
Cloud Data Security Market- Global Forecast to 2027
Big Data Security Market- Global Forecast to 2026
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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Artificial Intelligence

atNorth Shortlisted for Datacloud Global Awards, The Energy Awards and The Women in Green Business Awards

Published

7 hours ago

May 10, 2024

CISION (PR Newswire)

The leading Nordic data center business achieves multiple new accolades.
REYKJAVÍK, Iceland, May 10, 2024 /PRNewswire/ — atNorth, the leading Nordic colocation, high-performance computing, and artificial intelligence service provider, today announced widespread industry recognition including shortlisting’s in the `Excellence in Data Centre Europe Award 2024′ category at the Datacloud Global Awards and the `Energy Efficient Partnership of the Year’ category at the Energy Awards.

The Datacloud Global Awards celebrate excellence in the data center and cloud industry, recognizing outstanding achievements, innovation, and leadership across various categories. From pioneering technology solutions to sustainable practices, these awards highlight the trailblazers and visionaries driving the digital transformation landscape forward.
atNorth’s continuous commitment to developing the most advantageous solutions for its clients has led the business to be recognized for its efforts in energy efficiency, data center excellence and as a leader in the data center industry.
Additionally, atNorth’s CFO & Deputy CEO, Eva Sóley Guðbjörnsdóttir has been shortlisted in the `Diversity and Inclusion Champion of the Year’ category at the Women in Green Business Awards, illustrating the commendable ethos of atNorth’s business as a whole, as it champions fairness and the greater good – both internally and at the core of its service provision.
“We are delighted to be acknowledged in a variety of categories across multiple awards,” says Eva Sóley Guðbjörnsdóttir, CFO & Deputy CEO, at atNorth. “As we remain committed to our vision of `more compute for a better world’, this recognition inspires us to continue to advocate for best practice within our business and the industry as a whole.”
The news follows atNorth’s recognition in TechRound’s Sustainability60 campaign, at the UK Green Business Awards and the Tech Capital Awards. The business has also recently announced Anna Kristín Pálsdóttir as Chief Development Officer and Jörgen Larsson as Director of Hyperscale Operations as the business continues to scale to meet the increasing demand for its services.
About atNorth
atNorth is a leading Nordic data center services company that offers sustainable, cost-effective, scalable colocation and high-performance computing services trusted by industry-leading organizations. The business acquired leading High-Performance Computing (HPC) provider, Gompute, in 2023 enabling a compelling full stack offering tailored to AI and other critical high-performance workloads.
With sustainability at its core, atNorth’s data centers run on renewable energy resources and support circular economy principles. All atNorth sites leverage innovative design, power efficiency, and intelligent operations to provide long-term infrastructure and flexible colocation deployments. The tailor-made solutions enable businesses to calculate, simulate, train and visualize data workloads in an efficient, cost-optimized way.
atNorth is headquartered in Reykjavik, Iceland and operates seven data centers in strategic locations across the Nordics, with additional sites to open in Helsinki, Finland and in Denmark in Q4 2024, as well as its tenth site ready for operation in Kouvola, Finland in 2025.
For more information, visit atNorth.com or follow atNorth on LinkedIn or Facebook.
Press Contact:Caroline BruntonKite Hill PR for atNorth+44 (0) 7796 274 [email protected]
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Artificial Intelligence2 days ago

Körber Pharma and Siemens Take the Lead in ABI Research’s MES Software for Pharmaceutical, Biotechnology, and Cell & Gene Manufacturing Competitive Ranking