PARSONS CORPORATION

(PSN)
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Parsons Awarded Over $100M Task Order for Department of Homeland Security COVID-19 Testing

01/19/2022 | 07:45am EDT

CENTREVILLE, Va., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today announced that the company was awarded a task order to provide testing solutions in response to the COVID-19 pandemic at the U.S. Department of Homeland Security (DHS) Immigration and Customs Enforcement (ICE) facilities across the United States. The award includes a one-year base and two one-year option periods, for a potential total value, including surge capacity, of more than $100 million. This task order was issued under the DHS COVID-19 Testing Solutions IDIQ, on which Parsons was awarded a contract in November of 2020.

Parsons will supply best-in-class, emergency use authorized, portable, rapid molecular and rapid antigen test kits to DHS, as well as provide logistics, coordination, and training support as part of this important testing effort. Parsons will leverage its DetectWise™ solution to enable reliable and timely supply of test kits as well as effective logistics and coordination support and visualization capabilities.

“As we continue to battle the pandemic, testing availability is a crucial component to helping DHS fulfill its mission of securing the nation from threats, and keeping people safe by helping detect and slow the spread of the COVID-19 virus,” said Jon Moretta, President, Engineered Systems, for Parsons. “We are proud to provide our biosurveillance knowledge to the Department, leveraging our industry-leading resources, capabilities, and expertise as we work with DHS and organizations around the world to improve disease surveillance, monitoring, and detection; public health and medical situational awareness; and research, development, testing, and evaluation.”

The award reflects the company’s commitment to a One Parsons approach, leveraging expertise from across the company to deliver integrated, advanced solutions to customers. Parsons leveraged information technology capabilities from its program management information systems (PMIS) expertise developed and used by its critical infrastructure business units to support logistics tracking and visualization within DetectWiseTM.

Parsons’ DetectWise™ solution, part of the company’s growing biosurveillance portfolio, offers a one-stop-shop for COVID-19 testing, attestation, credentialing, and data management, for any agency or business that needs to comply with workforce regulations or manage facility, event, or travel safety for crowds. An easy-to-use, secure technology platform allows users to complete self-attestations, upload vaccination status, and access and integrate COVID test results in real-time. The software makes it simple to manage this data, and issue access credentials as needed for facility or event access.

This proven platform, which has continuously advanced through innovative technologies as the challenges of the pandemic have evolved, is used by major event producers, Fortune 500 companies, nursing homes, hospitals, airports, and state and local governments to help reduce the spread of COVID.

To learn more about DetectWise, visit Parsons.com/products/DetectWise/.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global security, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Forward-Looking Statements

This document 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: 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 our 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. federal 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 materially 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 included under the caption “Risk Factors” in our Registration Statement on Form S-1 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 statement 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.

Media Contact:
Bernadette Miller
+ 1 980.253.9781
bernadette.miller@parsons.com

Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
dave.spille@parsons.com


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Source: Parsons Services Company

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Financials (USD)
Sales 2022 3 824 M - -
Net income 2022 115 M - -
Net Debt 2022 181 M - -
P/E ratio 2022 33,2x
Yield 2022 -
Capitalization 3 759 M 3 759 M -
EV / Sales 2022 1,03x
EV / Sales 2023 0,91x
Nbr of Employees 15 500
Free-Float 70,4%
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Number of Analysts 10
Last Close Price 36,24 $
Average target price 41,33 $
Spread / Average Target 14,1%
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Managers and Directors
Carey A. Smith Chairman, President & Chief Executive Officer
George L. Ball Chief Financial Officer & Executive Vice President
Stuart Kippelman Chief Information Officer
Ricardo Lorenzo Chief Technology Officer
Mark Keith Holdsworth Independent Director
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