PARSONS CORP (NYSE:PSN) Q1 2020 Earnings Conference Call - Final Transcript
May 06, 2020 • 08:00 am ET
Good morning, everyone. At this time, I would like to welcome everyone to the 2020 First Quarter Parsons Corporation Earnings Conference Call. All lines have been placed on mute to prevent any background noise. There will be a question-and-answer session. [Operator Instructions] Thank you.
Now, I would like to turn the call over to our presenters. Mr. Dave Spille, you may begin your conference.
Thank you. Good morning, and thank you for joining us today to discuss our first quarter 2020 financial results. Please note that we provided presentation slides on the Investor Relations section of our website. On the call with me today are Chuck Harrington, Chairman and CEO; George Ball, CFO; and Carey Smith, President and Chief Operating Officer. Today, Chuck will discuss execution against our corporate strategy, George will provide an overview of our first quarter financial results, and then Carey will review our operational highlights. We then will close with a question-and-answer session.
Management may also make forward-looking statements during the call regarding future events, anticipated future trends and the anticipated future performance of the company. We caution you that such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Actual results may differ materially from those projected in the forward-looking statements due to a variety of factors. These risk factors are described in our Form 10-K for fiscal year ended December 31, 2019, and other SEC filings. Please refer to our earnings press release for Parsons' complete forward-looking statement disclosure. We do not undertake any obligation to update forward-looking statements.
Management will also make reference to non-GAAP financial measures during this call. We remind you that these non-GAAP financial measures are not a substitute for their comparable GAAP measures.
I now will turn the call over to Chuck.
Charles L. Harrington
Thank you, Dave. Welcome to Parson's first quarter 2020 earnings call. First, I want to express our deepest sympathies for everyone that's been impacted by the COVID-19 pandemic. This outbreak has been a tragic event. It has taken the lives of many individuals and further disrupted the health of many more. COVID-19 has had varying impacts to families and businesses around the world. It reminds us that the true measure of humankind is not our responses in times of normalcy, but how we rise to the challenges of adversity. And at Parsons, we've been very fortunate to have had minimal impact to both our financials and staffing as a result of COVID-19. Those impacts that did arise were compensated by offsetting increases in other areas as billable hours have been down by less than 2% and COVID impacted revenues were down approximately 1%. Where impacts did occur, our customers have been in communications with us on the plans and processes to returning to work in a safe manner, consistent with CDC guidelines.
We recognize we're working in a fluid planning environment. We assume the environment will continue to evolve as we progress through this pandemic, and we're scenario planning accordingly.