Parsons Continues Software Development Leadership with USAF Award

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has secured a new task order valued at approximately $20 million under the GARDEM contract with the Air Force Research Laboratory. This three-year contract aims to enhance research and development for the U.S. Air Force and allied sectors. Since 2019, Parsons has won four competitive bids on this contract, amounting to $154 million. The company aims to leverage its experience in rapid software development to provide flexible solutions that meet mission requirements.

Positive

• Awarded a $20 million task order under GARDEM contract.
• Total of $154 million won on GARDEM since 2019.
• Strengthens partnerships with U.S. defense sectors.

Negative

• None.

CENTREVILLE, Va., Dec. 17, 2020 /PRNewswire/ -- Parsons Corporation (NYSE: PSN) has been awarded a new, competitive task order worth approximately $20 million under the company's Global Application Research, Development, Engineering, and Maintenance (GARDEM) indefinite delivery/indefinite quantity (IDIQ) contract with the Air Force Research Laboratory (AFRL).

The three-year contract will support operationally focused research and development activities for the U.S. Air Force, Department of Defense, and Intelligence Community. This task order is the fourth competitive bid Parsons has won on the GARDEM contract since 2019, totaling $154 million.

"We're excited to continue partnering with the AFRL on discovering, developing and delivering innovative warfighting technologies that empower operations across the all-domain battlespace," said Hector Cuevas, executive vice president and general manager of Parsons' missile defense and C5ISR market. "Parsons' 20-year history of developing integrated, rapid, mission-ready software tools will provide fast, tailorable solutions to the end-user regardless of mission location."

Parsons will procure hardware and software, perform analytical studies, system feasibility studies, system design, rapid prototyping, software development, and functional test and evaluation analyses. The company's agile mindset, legacy of performance, and operational experience developing flexible, resilient software systems will complement AFRL's existing software and allow for subsequent reuse and growth.

To learn more about Parsons' leading defense capabilities, please visit: https://www.parsons.com/markets/defense/

About Parsons Corporation

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, 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:
Bryce McDevitt           
+1 703.851.4425
Bryce.McDevitt@parsons.com

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

 

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SOURCE Parsons Corporation

FAQ

What is the value of the new task order awarded to Parsons Corporation?

The new task order awarded to Parsons Corporation is valued at approximately $20 million.

How much has Parsons Corporation secured under the GARDEM contract since 2019?

Parsons Corporation has secured a total of $154 million under the GARDEM contract since 2019.

What is the duration of the new contract awarded to Parsons Corporation?

The new contract awarded to Parsons Corporation is for a duration of three years.

Which agency is Parsons Corporation partnering with for the new task order?

Parsons Corporation is partnering with the Air Force Research Laboratory (AFRL) for the new task order.

What will Parsons Corporation provide under the new task order for the U.S. Air Force?

Under the new task order, Parsons Corporation will provide hardware and software, conduct analytical studies, and develop rapid prototyping solutions.