Parsons (PSN) Q3 FY2023 earnings: revenue $1.4 billion, up 25.1% on the year

Parsons Corp. (PSN) reported revenue of $1.4 billion for Q3 FY2023, the quarter ended 30 September 2023, up 25.1% on the same quarter a year earlier. Net income was $47 million, up 60.5% on the year, and diluted earnings per share $0.42. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$1.4 billionup 25.1%

Net income$47 millionup 60.5%

Diluted EPS$0.42

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,419	n/a	n/a	n/a
Cost of revenue	1,124	n/a	n/a	n/a
Gross profit	294	n/a	n/a	n/a
Gross margin	20.7%	n/a	n/a
Selling, general and administrative	221	n/a	n/a	n/a
Operating income	83.3	n/a	n/a	n/a
Operating margin	5.9%	n/a	n/a
Interest expense	8.6	n/a	n/a	n/a
Pre-tax income	75.0	n/a	n/a	n/a
Income tax	15.2	n/a	n/a	n/a
Effective tax rate	20.3%	n/a	n/a
Net income	47.4	n/a	n/a	n/a
Net margin	3.3%	n/a	n/a
Diluted EPS	$0.42	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	204	n/a	n/a	n/a
Capital expenditure	12.9	n/a	n/a	n/a
Free cash flow	191	n/a	n/a	n/a
Free cash flow margin	13.4%	n/a	n/a
Cash from investing	-243	n/a	n/a	n/a
Cash from financing	66.6	n/a	n/a	n/a
Depreciation and amortisation	30.2	n/a	n/a	n/a
Share-based compensation	7.9	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	115m	n/a	n/a	n/a
Shares outstanding at period end	45m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,173	n/a	n/a	n/a
Non-controlling interest	75.4	n/a	n/a	n/a
Debt	820	n/a	n/a	n/a
Operating lease liabilities	119	n/a	n/a	n/a
Finance lease liabilities	0.0	n/a	n/a	n/a
Other liabilities	1,545	n/a	n/a	n/a
Total liabilities and equity	4,733	n/a	n/a	n/a
Fixed assets	99.3	n/a	n/a	n/a
Goodwill	1,797	n/a	n/a	n/a
Intangible assets	282	n/a	n/a	n/a
Cash and equivalents	205	n/a	n/a	n/a
Receivables	907	n/a	n/a	n/a
Other assets	1,442	n/a	n/a	n/a
Total assets	4,733	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,419	1,494	1,536	1,670	1,810	1,734	1,554	1,584	1,622	1,604	1,491	1,576
Cost of revenue	1,124	1,127	1,211	1,319	1,450	1,365	1,200	1,236	1,262	1,234	1,134	1,281
Gross profit	294	367	325	352	360	370	354	348	360	369	357	295
Gross margin	21%	25%	21%	21%	20%	21%	23%	22%	22%	23%	24%	19%
SG&A	221	238	221	223	246	265	244	252	260	260	268	260
Operating income	83.3	77.4	102	111	115	99.8	109	95.7	108	105	95.7	1.3
Operating margin	6%	5%	7%	7%	6%	6%	7%	6%	7%	7%	6%	0%
Interest expense	8.6	9.1	13.0	13.0	13.0	12.5	12.2	12.6	13.5	13.0	16.0	16.4
Pre-tax income	75.0	72.3	-124	103	108	281	101	89.2	97.8	94.7	81.3	3.8
Tax rate	20%	20%	n/a	22%	21%	7%	19%	21%	16%	21%	20%	112%
Net income	47.4	44.9	39.8	69.2	72.0	54.2	66.2	55.2	64.1	55.6	52.9	-15.2
Net margin	3%	3%	3%	4%	4%	3%	4%	3%	4%	3%	4%	-1%
Diluted EPS	$0.42	$0.39	-$1.01	$0.63	$0.65	$0.49	$0.60	$0.50	$0.59	$0.51	$0.49	-$0.14
Operating cash flow	204	190	-63.4	161	299	127	-11.8	160	163	168	-3.7	57.6
Capital expenditure	12.9	9.5	9.4	9.3	11.7	18.8	13.5	9.4	13.1	31.9	14.9	16.1
Free cash flow	191	181	-72.9	152	287	108	-25.3	150	150	136	-18.6	41.5
Buybacks	0.0	3.0	0.0	10.0	0.0	15.0	25.0	15.0	25.0	60.0	35.0	15.0
Shares outstanding	45m	46m	48m	50m	51m	53m	54m	107m	56m	56m	57m	58m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 1 November 2023, accession 0000950170-23-057104: the filing on EDGAR. All of Parsons Corp.'s filings: EDGAR company page.

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