16 unchanged sentences
Our employees provide services pursuant to contracts that we are awarded by the customer and specific task orders relating to such contracts.
−Removed: These contracts are often multi-year, which provides us backlog and visibility on our revenues for future periods.
−Removed: Many of our contracts and task orders are subject to renewal and rebidding at the end of their term, and some are subject to the exercise of contract options and issuance of task orders by the applicable government
+Added: These contracts are often multi-year, which provides us backlog and visibility on our
+Added: revenues for future periods.
+Added: Many of our contracts and task orders are subject to renewal and rebidding at the end of their term, and some are subject to the exercise of contract options and issuance of task orders by the applicable government entity.
In addition to focusing on increasing our revenues through increased contract awards and backlog, we focus our financial performance on margin expansion and cash flow.
1 unchanged sentence
The following table sets forth selected key metrics (in thousands, except Book-to-Bill):
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Awards (year to date)
Book-to-Bill (year to date)
−Removed: Difference between our backlog of $8.2 billion and our remaining unsatisfied performance obligations, or RUPO, of $5.5 billion, each as of March 31, 2022, is due to (i) unissued task orders and unexercised option years, to the extent their issuance or exercise is probable, as well as (ii) contract awards, to the extent we believe contract execution and funding is probable.
+Added: Difference between our backlog of $8.2 billion and our remaining unsatisfied performance obligations, or RUPO, of $5.8 billion, each as of June 30, 2022, is due to (i) unissued task orders and unexercised option years, to the extent their issuance or exercise is probable, as well as (ii) contract awards, to the extent we believe contract execution and funding is probable.
Awards generally represent the amount of revenue expected to be earned in the future from funded and unfunded contract awards received during the period.
3 unchanged sentences
Three Months Ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six Months Ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Federal Solutions
2 unchanged sentences
The volume of contract awards can fluctuate in any given period due to win rate and the timing and size of the awards issued by our customers.
−Removed: The change in new awards in our Federal Solutions segment for the three months ended March 31, 2022 when compared to the corresponding period last year was primarily due to two large contracts awarded in the first quarter of 2022.
−Removed: The awards in Critical Infrastructure for the three months ended March 31, 2022 were lower due to several large contracts awarded in the first quarter of 2021.
+Added: The change in new awards in our Federal Solutions segment for the three and six months ended June 30, 2022 when compared to the corresponding periods last year was primarily due to a significant contract awarded in the second quarter of 2021.
+Added: The awards in Critical Infrastructure for the three and six months ended June 30, 2022 were higher primarily due to a large contract value increase in the second quarter of 2022, partially offset on a year to date basis by several large contracts awarded in the first quarter of 2021.
We define backlog to include the following two components:
4 unchanged sentences
(in thousands) :
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Federal Solutions:
3 unchanged sentences
Total Backlog (1)
−Removed: Difference between our backlog of $8.2 billion and our RUPO of $5.5 billion, each as of March 31, 2022, is due to (i) unissued task orders and unexercised option years, to the extent their issuance or exercise is probable, as well as (ii) contract awards, to the extent we believe contract execution and funding is probable.
+Added: Difference between our backlog of $8.2 billion and our RUPO of $5.8 billion, each as of June 30, 2022, is due to (i) unissued task orders and unexercised option years, to the extent their issuance or exercise is probable, as well as (ii) contract awards, to the extent we believe contract execution and funding is probable.
Our backlog includes orders under contracts that in some cases extend for several years.
5 unchanged sentences
Congress makes subsequent appropriations and the procuring agency allocates funding to the contract.
−Removed: We expect to recognize $2.8 billion of our funded backlog at March 31, 2022 as revenues in the following twelve months.
+Added: We expect to recognize $3.2 billion of our funded backlog at June 30, 2022 as revenues in the following twelve months.
However, our U.S.
9 unchanged sentences
Three Months Ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six Months Ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Federal Solutions
2 unchanged sentences
We believe that the financial performance of our business and our future success are dependent upon many factors, including those highlighted in this section.
−Removed: Our operating performance will depend upon many variables, including the success of our growth strategies and the timing and size of investments and expenditures that we choose to undertake, as well as market growth and other factors that are not within our control.
+Added: Our operating performance will depend upon many variables, including
+Added: the success of our growth strategies and the timing and size of investments and expenditures that we choose to undertake, as well as market growth and other factors that are not within our control.
Government Spending
23 unchanged sentences
Acquired Operations
+Added: Xator Corporation
+Added: On May 31, 2022, we acquired Xator for $388.3 million in cash.
+Added: We borrowed $300 million under the Credit Agreement, as described in “Note 10 – Debt and Credit Facilities”, to partially fund the acquisition.
+Added: Xator expands Parsons’ customer base and brings differentiated technical capabilities in critical infrastructure protection, counter-unmanned aircraft systems (cUAS), intelligence and cyber solutions, biometrics, and global threat assessment and
+Added: The acquisition was funded by cash on-hand and borrowings under our revolving line of credit .
+Added: The financial results of Xator have been included in our consolidated results of operations from May 31 , 202 2 onward .
BlackHorse Solutions, Inc.
38 unchanged sentences
Three Months Ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six Months Ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Time-and-materials
17 unchanged sentences
For the joint ventures we do not control, we recognize equity in earnings (loss) of unconsolidated joint ventures.
−Removed: Our revenues included amounts related to services we provided to our unconsolidated joint ventures for the three months ended March 31, 2022 and March 31, 2021 of $47.3 million and $53.7 million, respectively.
+Added: Our revenues included amounts related to services we provided to our unconsolidated joint ventures for the three months ended June 30, 2022 and June 30, 2021 of $51.8 million and $50.9 million, respectively, and for the six months ended June 30, 2022 and June 30, 2021 of $99.1 million and $104.6 million, respectively.
Operating costs and expenses
1 unchanged sentence
Costs associated with compensation-related expenses for our people and facilities, which includes ESOP contribution expenses, are the most significant component of our operating expenses.
−Removed: Total ESOP contribution expense for the three months ended March 31, 2022 and March 31, 2021 was $13.1 million and $13.2 million, respectively, and is recorded in “Direct cost of contracts” and “Selling, general and administrative expenses.”
+Added: Total ESOP contribution expense for the three months ended June 30, 2022 and June 30, 2021 was $13.5 million and $13.4 million, respectively, and for both the six months ended June 30, 2022 and June 30, 2021 was $26.5 million, and is recorded in “Direct cost of contracts” and “Selling, general and administrative expenses.”
Direct costs of contracts consist of direct labor and associated fringe benefits, indirect overhead, subcontractor and materials (“pass-through costs”), travel expenses and other expenses incurred to perform on contracts.
7 unchanged sentences
Adjusted EBITDA
−Removed: The following table sets forth Adjusted EBITDA, Net Income Margin, and Adjusted EBITDA Margin for the three months ended March 31, 2022 and March 31, 2021.
+Added: The following table sets forth Adjusted EBITDA, Net Income Margin, and Adjusted EBITDA Margin for the three and six months ended June 30, 2022 and June 30, 2021.
Three Months Ended
+Added: Six Months Ended
dollars in thousands)
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Adjusted EBITDA (1)
5 unchanged sentences
Three Months Ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six Months Ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Net income attributable to Parsons Corporation
14 unchanged sentences
Adjusted EBITDA is not a 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 GAAP.
−Removed: We define Adjusted EBITDA as net income (loss) attributable to Parsons Corporation, adjusted to include net income (loss) 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.
+Added: We define Adjusted EBITDA as net income (loss) attributable to Parsons Corporation, adjusted to include net income (loss) attributable to noncontrolling interests and to exclude interest expense (net of interest income), provision for income taxes, depreciation and amortization and certain
+Added: other items that we do not consider in our evaluation of ongoing operating performance.
These other items include, among other things, impairment of goodwill, intangible and other assets, interest and other expenses recognized on litigation matters, expenses incurred in connection with acquisitions and other non-recurring transaction costs and expenses related to our corporate restructuring initiatives.
5 unchanged sentences
Three Months Ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six Months Ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Federal Solutions Adjusted EBITDA attributable to Parsons Corporation
2 unchanged sentences
Total Adjusted EBITDA
−Removed: The following table sets forth our results of operations for the three months ended March 31, 2022 and March 31, 2021 as a percentage of revenue.
+Added: See “Segment Results” below for a further discussion on Adjusted EBITDA by segment.
+Added: The following table sets forth our results of operations for the three and six months ended June 30, 2022 and June 30, 2021 as a percentage of revenue.
Three Months Ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six Months Ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Direct costs of contracts
12 unchanged sentences
Three Months Ended
+Added: Six Months Ended
dollars in thousands)
−Removed: March 31, 2022
−Removed: March 31, 2021
−Removed: Revenue increased $74.4 million for the three months ended March 31, 2022 when compared to the corresponding period last year, due to increases in revenue in both our Federal Solutions and Critical Infrastructure segments of $39.6 million and $34.8 million, respectively.
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
+Added: Revenue increased $129.4 million for the three months ended June 30, 2022 when compared to the corresponding period last year, due to increases in revenue in both our Federal Solutions and Critical Infrastructure segments of $94.9 million and $34.5 million, respectively.
+Added: Revenue increased $203.7 million for the six months ended June 30, 2022 when compared to the corresponding period last year, due to increases in revenue in both our Federal Solutions and Critical Infrastructure segments of $134.4 million and $69.3 million, respectively.
See “Segment Results” below for a further discussion.
1 unchanged sentence
Three Months Ended
+Added: Six Months Ended
dollars in thousands)
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Direct costs of contracts
−Removed: Direct cost of contracts increased $64.8 million for the three months ended March 31, 2022 when compared to the corresponding period last year, primarily due to increases of $34.6 million in our Critical Infrastructure segment and $30.2 million in our Federal Solutions segment.
+Added: Direct cost of contracts increased $101.4 million for the three months ended June 30, 2022 when compared to the corresponding period last year, due to increases of $74.3 million in our Federal Solutions segment and $27.1 million in our Critical Infrastructure segment.
+Added: Direct cost of contracts increased $166.3 million for the six months ended June 30, 2022 when compared to the corresponding period last year, due to increases of $104.6 million in our Federal Solutions segment and $61.7 million in our Critical Infrastructure segment.
The increases were primarily due to an increase in business volume from recent contract awards and acquisitions.
1 unchanged sentence
Three Months Ended
+Added: Six Months Ended
dollars in thousands)
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Equity in earnings of unconsolidated joint ventures
−Removed: Equity in earnings of unconsolidated joint ventures decreased $1.9 million for the three months ended March 31, 2022 compared to the corresponding period last year, primarily related to a change order which will delay joint venture profits to future periods, partially offset by new joint ventures.
+Added: Equity in earnings of unconsolidated joint ventures decreased $3.8 million and $5.7 million for the three and six months ended June 30, 2022, respectively, compared to the corresponding periods last year.
+Added: The decreases were primarily related to change orders which delayed a joint venture profits to future periods, partially offset by increase for new joint ventures.
Selling, general and administrative expenses
Three Months Ended
+Added: Six Months Ended
dollars in thousands)
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Selling, general and administrative expenses
−Removed: The decrease in SG&A of $2.4 million for the three months ended March 31, 2022 when compared to the corresponding period last year was primarily due to a $4.3 million decrease in intangible asset amortization and a $3.1 million decrease in stock-based compensation costs.
−Removed: These decreases were partially offset by a $4.1 million increase from acquisitions and an increase of $0.9 million from other costs.
+Added: The increase in SG&A of $11.7 million for the three months ended June 30, 2022 when compared to the corresponding period last year was primarily due to a $6.5 million increase from acquisitions, $5.9 million increase in transaction related costs, and $2.0 million increase in incentive costs.
+Added: These increases were partially offset by a $4.7 million decrease in intangible asset amortization and a $2.0 million decrease from other costs.
+Added: The increase in SG&A of $9.2 million for the six months ended June 30, 2022 when compared to the corresponding period last year was primarily due to a $10.6 million increase from acquisitions, $6.4 million increase in transaction related costs, $2.0 million increase in incentive costs , and $2.7 million increase from other costs .
+Added: These increases were partially offset by a $ 9 .
+Added: 2 million decrease in intangible asset amortization and a $3.2 million decrease in stock-based compensation costs .
Total other income (expense)
Three Months Ended
+Added: Six Months Ended
dollars in thousands)
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Interest income
7 unchanged sentences
Three Months Ended
+Added: Six Months Ended
dollars in thousands)
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Income tax expense
−Removed: The Company’s effective tax rate was 25.4% and 27.7% and income tax expense was $8.1 million and $5.4 million for the three months ended March 31, 2022 and March 31, 2021, respectively.
−Removed: The most significant items contributing to the change in the effective tax rate relate to a decrease of withholding tax and a change in the jurisdictional mix of earnings.
+Added: The Company’s effective tax rate was 20.1% and 24.2% for the three months ended June 30, 2022 and June 30, 2021, respectively.
+Added: The most significant items contributing to the change in the effective tax rate relate to a decrease in withholding tax, a change in jurisdictional mix of earnings and a settlement of an uncertain tax position.
+Added: The Company’s effective tax rate for the six months ended June 30, 2022 and June 30, 2021 was 23.0% and 26.1%, respectively.
+Added: The change in effective tax rate was due primarily to a decrease in withholding tax, a change in jurisdictional mix of earnings, and a settlement of an uncertain tax position.
The difference between the statutory U.S.
−Removed: federal income tax rate of 21.0% and the effective tax rate for the quarter ended March 31, 2022 primarily relates to state income taxes and an increased expense for uncertain tax positions, partially offset by benefits related to untaxed income attributable to noncontrolling interests and federal research tax credits .
+Added: federal income tax rate of 21.0% and the effective tax rate for the three and six months ended June 30, 2022 primarily relates to state income taxes, partially offset by benefits related to untaxed income attributable to noncontrolling interests, earnings in lower tax jurisdictions and federal research tax credits .
Segment Results
5 unchanged sentences
Three Months Ended
+Added: Six Months Ended
dollars in thousands)
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Federal Solutions Adjusted EBITDA attributable to Parsons Corporation
4 unchanged sentences
Three Months Ended
+Added: Six Months Ended
dollars in thousands)
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Adjusted EBITDA attributable to Parsons Corporation
−Removed: Federal Solutions revenue for the three months ended March 31, 2022 compared to the corresponding period last year increased primarily due to increases from business acquisitions of $20.0 million, and increases in business volume from recent contract awards.
−Removed: Federal Solutions Adjusted EBITDA attributable to Parsons Corporation for the three months ended March 31, 2022 compared to the corresponding period last year increased primarily due to increased business volume from recent contract awards and increases related to acquisitions.
+Added: Federal Solutions revenue for the three months ended June 30, 2022 compared to the corresponding period last year increased primarily due to increases from business acquisitions of $47.6 million, and increases in business volume from recent contract awards and increased activity on existing contracts.
+Added: Federal Solutions revenue for the six months ended June 30, 2022 compared to the corresponding period last year increased primarily due to increases from business acquisitions of $67.7 million, and increases in business volume from recent contract awards and increased activity on existing contracts.
+Added: Federal Solutions Adjusted EBITDA attributable to Parsons Corporation for the three and six months ended June 30, 2022 compared to the corresponding period last year increased primarily due to increases related to acquisitions and a write down on a project during the second quarter of 2021.
Critical Infrastructure
Three Months Ended
+Added: Six Months Ended
dollars in thousands)
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Adjusted EBITDA attributable to Parsons Corporation
−Removed: The increase in Critical Infrastructure revenue for the three months ended March 31, 2022 compared to the corresponding periods last year was primarily due to an increase in business volume from recent contract awards and increased hiring activity.
−Removed: Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation decreased for the three months ended March 31, 2022 primarily due to a decrease in equity in earnings driven by a change order which will delay joint venture profits to future periods, and an increase in selling, general and administrative expenses.
−Removed: These decreases were partially offset by an increase in business volume from recent contract awards and increased hiring activity.
+Added: The increase in Critical Infrastructure revenue for the three and six months ended June 30, 2022 compared to the corresponding periods last year was primarily due to an increase in business volume from recent contract awards and increased hiring activity, and a write down on a project during the second quarter of 2021.
+Added: Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation decreased for the three and six months ended June 30, 2022 primarily due to increases in selling, general and administrative expenses driven by investments in future growth, cost adjustments on legacy programs, and program completions.
Liquidity and Capital Resources
4 unchanged sentences
We calculate our available liquidity as a sum of cash and cash equivalents from our consolidated balance sheet plus the amount available and unutilized on our Credit Agreement.
−Removed: As of March 31, 2022, we believe we have adequate liquidity and capital resources to fund our operations, support our debt service and support our ongoing acquisition strategy for at least the next twelve months based on the liquidity from cash provided by our operating activities, cash and cash equivalents on-hand and our borrowing capacity under our Revolving Credit Facility.
+Added: As of June 30, 2022, we believe we have adequate liquidity and capital resources to fund our operations, support our debt service and support our ongoing acquisition strategy for at least the next twelve months based on the liquidity from cash provided by our operating activities, cash and cash equivalents on-hand and our borrowing capacity under our Revolving Credit Facility.
Cash received from customers, either from the payment of invoices for work performed or for advances in excess of revenue recognized, is our primary source of cash.
9 unchanged sentences
We focus on collecting outstanding receivables to reduce Net DSO and working capital.
−Removed: Net DSO was 76 days at March 31, 2022 and 71 days at March 31, 2021.
−Removed: The increase in Net DSO was primarily due to a decrease in accounts payable at March 31, 2022 compared to March 31, 2021.
−Removed: Our working capital (current assets less current liabilities) was $632.1 million at March 31, 2022 and $601.6 million at December 31, 2021.
−Removed: Our cash, cash equivalents and restricted cash decreased by $57.1 million to $286.8 million at March 31, 2022 from $343.9 million at December 31, 2021.
+Added: Net DSO was 72 days at June 30, 2022 and 68 days at June 30, 2021.
+Added: The increase in Net DSO was primarily due to an increase in accounts receivable at June 30, 2022 compared to June 30, 2021.
+Added: Our working capital (current assets less current liabilities) was $484.8 million at June 30, 2022 and $601.6 million at December 31, 2021.
+Added: Our cash, cash equivalents and restricted cash decreased by $217.0 million to $126.9 million at June 30, 2022 from $343.9 million at December 31, 2021.
The following table summarizes our sources and uses of cash over the periods presented (in thousands) :
−Removed: Three Months Ended
−Removed: March 31, 2022
−Removed: March 31, 2021
−Removed: Net cash used in operating activities
+Added: Six Months Ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: Net cash provided by operating activities
Net cash used in investing activities
−Removed: Net cash used in financing activities
+Added: Net cash provided by (used in) financing activities
Effect of exchange rate changes
1 unchanged sentence
Operating Activities
−Removed: Net cash used in operating activities consists primarily of net income adjusted for noncash items, such as:
+Added: Net cash provided by operating activities consists primarily of net income adjusted for noncash items, such as:
equity in earnings (loss) of unconsolidated joint ventures, contributions of treasury stock, depreciation and amortization of property and equipment and intangible assets, and provisions for doubtful accounts.
1 unchanged sentence
Our operating cash flows are primarily affected by our ability to invoice and collect from our clients in a timely manner, our ability to manage our vendor payments and the overall profitability of our contracts.
−Removed: Net cash used in operating activities de creased $40.3 million for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 .
−Removed: A primary driver of the change was due to legacy cash - settled long - term incentive plans which paid out their last cycle during the first quarter of 2021.
−Removed: The Company paid $26.
−Removed: 4 million related to these plans in the first quarter of 2021 compared to no payments during the first quarter of 2022.
−Removed: Additionally, t he change in net cash from operating activities is attributable to a $23.7 million de crease in cash out flows from our working capital accounts (primarily from accrued expenses, contract liabilities, contract assets and prepaid and other expenses offset by accounts receivable and accounts payable) , partially offset by a $1.7 million de crease in net income after adjusting for non-cash items .
+Added: Net cash provided by operating activities decreased $13.1 million for the six months ended June 30, 2022 compared to the six months ended June 30, 2021.
+Added: The decrease net cash from operating activities is primarily attributable to a $45.1 million increase in cash outflows from our working capital accounts (primarily from accounts receivable and contract assets offset by accrued expenses, accounts payable and contract liabilities), partially offset by a $16.9 million increase in net income after adjusting for non-cash items.
+Added: A large component of the change was due to legacy cash-settled long-term incentive plans which paid out their last cycle during the first quarter of 2021.
+Added: The Company paid $26.4 million related to these plans in the first quarter of 2021 compared to no payments during the first quarter of 2022.
Investing Activities
Net cash used in investing activities consists primarily of cash flows associated with capital expenditures, joint ventures and business acquisitions.
−Removed: Net cash used in investing activities increased $2.4 million for the three months ended March 31, 2022, when compared to the three months ended March 31, 2021, primarily due to no proceeds from sale of investments in unconsolidated joint ventures during the three months ended March 31 ,2022 compared to $14.3 million of proceeds during the three months ended March 31, 2021.
−Removed: This was partially offset by decreased investments in unconsolidated joint ventures of $12.5 million.
−Removed: The Company had no business acquisitions during the three months ended March 31, 2022 and 2021.
+Added: Net cash used in investing activities increased 384.0 million for the six months ended June 30, 2022, when compared to the six months ended June 30, 2021, primarily due to the acquisition of Xator for $379.3 million net of cash acquired during the second quarter of 2022.
+Added: The Company had no business acquisitions during the six months ended June 30 2021.
Financing Activities
−Removed: Net cash used in financing activities is primarily associated with proceeds from debt, the repayment thereof, and distributions to noncontrolling interests.
−Removed: Net cash used in financing activities increased $7.2 million for the three months ended March 31, 2022 compared to the three months ended March 31, 2021.
−Removed: The change in cash flows from financing activities is primarily due to $5.5 million of repurchases of common stock under the stock repurchase program which began in August 2021.
+Added: Net cash provided by (used in) financing activities is primarily associated with proceeds from debt, the repayment thereof, and distributions to noncontrolling interests.
+Added: Net cash used in financing activities increased $184.7 million for the six months ended June 30, 2022 compared to the six months ended June 30, 2021.
+Added: The change in cash flows from financing activities is primarily due to $200.0 million net borrowings under the Credit Agreement in connection with the acquisition of Xator partially offset by payments made to settle warrants in connection with the acquisition.
+Added: Other drivers were increased outflows of $15.5 million of repurchases of common stock under the stock repurchase program which began in August 2021, partially offset by reduced distributions to noncontrolling interest of $11.5 million.
Letters of Credit
We have in place several secondary bank credit lines for issuing letters of credit, principally for foreign contracts, to support performance and completion guarantees.
−Removed: Letters of credit commitments outstanding under these bank lines aggregated to $220.6 million as of March 31, 2022.
+Added: Letters of credit commitments outstanding under these bank lines aggregated to $229.6 million as of June 30, 2022.
Letters of credit outstanding under the Credit Agreement total $44.5 million.
2 unchanged sentences
Off-Balance Sheet Arrangements
−Removed: As of March 31, 2022, we have no off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources.
+Added: As of June 30, 2022, we have no off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources.
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.