Parsons Corp at Raymond James Institutional Investors Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : Great. Carey, thank you for the rundown. And by the way, the stock has been the best-performing stock in '23 and '24. So congratulations on that. I want to kind of talk about some of the macro issues that a lot of investors are chewing on. Talk about the defense budget. Can you reconcile the Hegseth memo of cutting defense spending 8% a year for the next five years, the House budget which has a considerable amount of incremental defense spending that's going on? And really just what are the tea leaves out there for your expectations of defense spending overall?

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : Great. Really appreciate the details on that. The other thing is, I'm sure that you're experiencing DOGE fatigue as am I and some of the people in this room. Talk about what contracts have been impacted by DOGE. I think it's been a very small portion and pretty much immaterial and maybe things that you're looking for in the future that you're just watching and weighing.

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : So it's a good league not to be a consultant. Let's maybe talk about some of the specifics of business. Investors generally follow backlog, right? So some of this has kind of gummed up the system and some of the uncertainty. But can you maybe talk about your expectations for a book-to-bill greater than one for the year? We don't care on a quarterly basis, but on a trailing 12-month basis to

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : How do we think maybe about a full year continuing resolution and how that changes the arithmetic or geometry of that?

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : It's a good point. I think I saw the stat that 12 of the last 18 months have been continuing resolution months. So you did just fine. Great. I wanted to then move to organic growth. You've been the leader in terms of organic growth over the last few years. You're guiding a nice number this year, five-plus percent organic, which is in line with what you said your long-term goals are. The way the stocks, not just Parsons, but the group is trading, there's a belief, at least being reflected in the market, that you're going to shrink, not just you, but the entire sector. How do you think about your ability and the visibility you have into growing the top line?

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : Only 40% REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 7:50PM, PSN.N - Parsons Corp at Raymond James Institutional Investors Conference Those are fantastic stats. I appreciate that. I want to double-click on the classified contract a little bit. Talk about the headwind that, that creates this year for you, maybe the long term -- maybe actually the uncertainty that you have if there's some between low end of guide to high end of guide, how you want to kind of articulate that to the group here? And then what the long-term view on that classified vehicle is?

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : And if we didn't have this headwind and that contract was status quo year-over-year, how much of -- just maybe how much of a headwind is it this year at the midpoint of guide?

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : Understood

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : Revenue, yeah. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 7:50PM, PSN.N - Parsons Corp at Raymond James Institutional Investors Conference

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : Yes, I appreciate that. I want to talk about something that I think is a big future opportunity and that's Sentinel. That program has been under significant duress. It's been in the headlines, but it's also critical, and the timing is important. It can't be delayed too long. Can you maybe talk about the opportunity set that, that presents you to kind of come in and be a participant in that program, I guess?

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : Great, one thing that we tend to do in this room and those that are watching online is kind of, match this period in history to previous ones. I think a lot of people are anchoring to sequestration where a lot of the public companies you weren't public at the time shrank a couple percent for a few years, right? Can you maybe talk about the visibility you have and the positioning you have and how, arsons as a company. And how sequestration is very different than what we have now because I don't think the periods are particularly comparable.

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : Absolutely. I want to talk a little bit now just briefly on margins. You have a number of tailwinds, maybe a couple of headwinds, but the net of it is favorable. Can you maybe just talk about the margin progression as you think about the business, not only in '25, but moving forward? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 7:50PM, PSN.N - Parsons Corp at Raymond James Institutional Investors Conference

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : Right. Now I think the balance in your business between CI and Federal are really appealing from a bookings and growth standpoint and certainly, margin execution standpoint. Let's just talk about M&A real quickly. You've really been excellent in acquiring businesses and running them through the Parsons system and amplifying the returns. Wondering -- public valuations usually get dinged before the private ones, so I'm wondering how easy is that to do now. And is there a point where you'd say that investing in Parsons via repurchase is the better course? Maybe talk about capital deployment.

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : Makes a lot of sense. Last one for me. This is the annual drop-the-mic moment, talk directly to the investors here and digitally, take a brief moment to pitch them on Parsons' stock and why they should consider you and zero follow-up for me, so you're in the clear.

Question: Brian Gesuale - Raymond James & Associates, Inc. - Analyst : Carey, thank you so much. Matt, appreciate it. Everyone in the audience, thanks for joining us.