13 unchanged sentences
Fourth Quarter
−Removed: During the year ended December 31, 2020, the Company did not declare any dividends.
+Added: First Quarter
+Added: Second Quarter
+Added: Third Quarter
+Added: Fourth Quarter
+Added: During the years ended December 31, 2021 and 2020, the Company did not declare any dividends.
On April 3, 2019, the board of directors of the Company declared a cash dividend to the Company’s sole existing shareholder at that time, the ESOP, in the amount of $2.00 per share, or $52.1 million in the aggregate (the “IPO Dividend”).
6 unchanged sentences
According to the records of our transfer agent, there were four shareholders of record as of February 12, 2022.
+Added: Performance Graph
The following graph compares the cumulative total return, from the IPO date through December 31, 2021, to shareholders of Parsons Corporation common stock relative to the cumulative total returns of the Russell 2000 Index and the Standard and Poor’s IT Consulting & Other Services Index.
−Removed: The graph assumes that the value of the investment in our common stock, the index, and the peer group (including reinvestment of dividends) was $100 on May 8, 2019 and tracks it through December 31, 2020.
+Added: The graph assumes that the value of the initial investment in our common stock and each of the two indexes was $100 on May 8, 2019, and tracks it through December 31, 2021 (including reinvestment of dividends).
The stock performance included in this graph is not necessarily indicative of future stock price performance.
5 unchanged sentences
Issuer Purchases of Equity Securities
−Removed: Selected Financial Data.
−Removed: The following tables present selected financial data for each of the last five fiscal years.
−Removed: This selected financial data should be read in conjunction with the Consolidated Financial Statements and related notes beginning on page F-1, as well as the information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report on Form 10-K.
−Removed: Dollar amounts are presented in thousands, except for per share information:
−Removed: Fiscal Year Ended
−Removed: December 31, 2020
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: December 29, 2017
−Removed: December 30, 2016
−Removed: Consolidated Statements of Operations Data:
−Removed: Direct cost of contracts
−Removed: Equity in earnings of unconsolidated joint ventures
−Removed: Indirect, general and administrative expenses
−Removed: Impairment of goodwill, intangible and other assets
−Removed: Operating income
−Removed: Interest income
−Removed: Interest expense
−Removed: Other income (expense), net
−Removed: (Interest and other expense) gain associated with claim on long-term contract
−Removed: Total other (expense) income
−Removed: Income before income tax expense
−Removed: Income tax (expense) benefit
−Removed: Net income (loss) including noncontrolling interests
−Removed: Net income attributable to noncontrolling interests
−Removed: Net income (loss) attributable to Parsons Corporation
−Removed: Net income (loss) attributable to Parsons Corporation per share (1):
−Removed: Weighted-average number of shares:
−Removed: The weighted-average number of shares used in computing net income (loss) attributable to Parsons Corporation per share, basic and diluted, gives effect in each period to the payment of the Stock Dividend as previously defined in Item 5 of Part II in this Annual Report on Form 10-K.
−Removed: December 31, 2020
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: December 29, 2017
−Removed: December 30, 2016
−Removed: Consolidated Balance Sheet Data:
−Removed: Cash and cash equivalents (1)
−Removed: Noncontrolling interests
−Removed: Total shareholder's equity (deficit)
−Removed: Does not include cash of consolidated joint ventures and restricted cash and investments.
−Removed: dollars in thousands)
−Removed: December 31, 2020
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: Other Information:
−Removed: Adjusted EBITDA (1)
−Removed: Net Income Margin (2)
−Removed: Adjusted EBITDA Margin (3)
−Removed: A reconciliation of net income (loss) attributable to Parsons Corporation to Adjusted EBITDA is set forth below (in thousands).
−Removed: Net Income Margin is calculated as net income including noncontrolling interest divided by revenue in the applicable period.
−Removed: Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue in the applicable period.
−Removed: December 31, 2020
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: Net income attributable to Parsons Corporation
−Removed: Interest expense, net
−Removed: Income tax expense (benefit)
−Removed: Depreciation and amortization
−Removed: Net income attributable to noncontrolling interests
−Removed: Litigation-related expenses (income) (a)
−Removed: Amortization of deferred gain resulting from sale-leaseback transactions (b)
−Removed: Equity-based compensation (c)
−Removed: Transaction-related costs (d)
−Removed: Restructuring (e)
−Removed: Adjusted EBITDA
−Removed: Fiscal 2018 reflects a reversal of an accrued liability, with $55.1 million recorded to revenue and $74.6 million recorded to other income (“gain associated with claim on long-term contract”) in our results of operations.
−Removed: See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K for a description of this matter, which was resolved in favor of the Company on June 13, 2018.
−Removed: Reflects recognized deferred gains related to sales-leaseback transactions described in “Note 10— Sale-Leasebacks ” in the notes to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
−Removed: Reflects equity-based compensation costs primarily related to cash-settled awards.
−Removed: See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K for a further discussion of these awards.
−Removed: Reflects costs incurred in connection with acquisitions, IPO, and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.
−Removed: Reflects costs associated with and related to our corporate restructuring initiatives.
−Removed: 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.
−Removed: Adjusted EBITDA is a supplemental measure of our operating performance included in this Annual Report on Form 10-K because it is used by management and our board of directors to assess our financial performance both on a segment and on a consolidated basis.
−Removed: We discuss Adjusted EBITDA because our management uses this measure for business planning purposes, including to manage the business against internal projected results of operations and to measure the performance of the business generally.
−Removed: Adjusted EBITDA is frequently used by analysts, investors and other interested parties to evaluate companies in our industry.
−Removed: Adjusted EBITDA is not a U.S.
−Removed: GAAP measure of our financial performance or liquidity and should not be considered as an alternative to net income as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with U.S.
−Removed: We define Adjusted EBITDA as net income attributable to Parsons Corporation, adjusted to include net income attributable to noncontrolling interests and to exclude interest expense (net of interest income), provision for income taxes, depreciation and amortization and certain other items that we do not consider in our evaluation of ongoing operating performance.
−Removed: These other items include, among other things, impairment of goodwill, intangible and other assets, interest and other expenses recognized on litigation matters, amortization of deferred gain resulting from sale-leaseback transactions, expenses incurred in connection with acquisitions and other non-recurring transaction costs, equity-based compensation, and expenses related to our corporate restructuring initiatives.
−Removed: Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
−Removed: Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future, including, among other things, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized.
−Removed: Management compensates for these limitations by relying on our U.S.
−Removed: GAAP results in addition to using Adjusted EBITDA supplementally.
−Removed: Our measure of Adjusted EBITDA is not necessarily comparable to similarly titled captions of other companies due to different methods of calculation.
−Removed: The following table shows Adjusted EBITDA attributable to Parsons Corporation for each of our reportable segments and Adjusted EBITDA attributable to noncontrolling interests:
−Removed: Fiscal Year Ended
−Removed: dollars in thousands)
−Removed: December 31, 2020
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: Federal Solutions Adjusted EBITDA attributable to Parsons Corporation
−Removed: Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation
−Removed: Adjusted EBITDA attributable to noncontrolling interests
−Removed: Total Adjusted EBITDA
−Removed: See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Segment Results,“ and "Note 21— Segments Information” in the notes to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K for further discussion regarding our segment Adjusted EBITDA attributable to Parsons Corporation.
+Added: On August 9, 2021, the Company’s Board of Directors authorized the Company to acquire a number of shares of Common Stock having an aggregate market value of not greater than $100,000,000 from time to time, commencing on August 12, 2021.
+Added: Repurchased shares of common stock are retired and included in “Repurchases of common stock” in cash flows from financing activities in the Consolidated Statements of Cash Flows.
+Added: The Company repurchased 245,000 shares at an average price of $35.51 during the quarter ended September 30, 2021.
+Added: The Company repurchased 373,533 shares at an average price of $34.81 during the quarter ended December 31, 2021.
+Added: As of December 31, 2021, the Company has $78.3 million remaining under the stock repurchase program.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.