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v3.19.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Summary of Business Segment Information | The following table summarizes business segment revenue for the periods presented (in thousands):
|  | Three Months Ended |  |  |  | Nine Months Ended |
|  | September 28, 2018 |  |  | September 30, 2019 |  |  |  | September 28, 2018 |  |  | September 30, 2019 |
Federal Solutions revenue |  | $ | 443,725 |  |  | $ | 486,175 |  |  |  | $ | 1,076,125 |  |  | $ | 1,387,484 |
Critical Infrastructure revenue |  |  | 532,432 |  |  |  | 537,102 |  |  |  |  | 1,555,443 |  |  |  | 1,529,940 |
Total revenue |  | $ | 976,157 |  |  | $ | 1,023,277 |  |  |  | $ | 2,631,568 |  |  | $ | 2,917,424 |
Summary of Adjusted EBITDA Business Segment Information | The following table reconciles business segment Adjusted EBITDA attributable to Parsons Corporation to Net Income attributable to Parsons Corporation for the periods presented (in thousands):
|  | Three Months Ended |  |  |  | Nine Months Ended |
Adjusted EBITDA attributable to Parsons Corporation |  | September 28, 2018 |  |  | September 30, 2019 |  |  |  | September 28, 2018 |  |  | September 30, 2019 |
Federal Solutions |  | $ | 45,556 |  |  | $ | 50,359 |  |  |  | $ | 101,052 |  |  | $ | 126,658 |
Critical Infrastructure |  |  | 38,006 |  |  |  | 33,976 |  |  |  |  | 80,296 |  |  |  | 102,177 |
Adjusted EBITDA attributable to Parsons Corporation |  |  | 83,562 |  |  |  | 84,335 |  |  |  |  | 181,348 |  |  |  | 228,835 |
Adjusted EBITDA attributable to noncontrolling interests |  |  | 5,002 |  |  |  | 4,655 |  |  |  |  | 10,681 |  |  |  | 8,384 |
Depreciation and amortization |  |  | (23,599 | ) |  |  | (31,027 | ) |  |  |  | (46,656 | ) |  |  | (92,692 | )
Interest expense, net |  |  | (5,589 | ) |  |  | (4,482 | ) |  |  |  | (12,117 | ) |  |  | (18,448 | )
Income tax (expense) benefit |  |  | (4,154 | ) |  |  | 15,453 |  |  |  |  | (18,526 | ) |  |  | 67,063 |
Litigation-related gains(a) |  |  | - |  |  |  | - |  |  |  |  | 129,674 |  |  |  | - |
Amortization of deferred gain resulting from sale-leaseback transactions(b) |  |  | 1,798 |  |  |  | - |  |  |  |  | 5,440 |  |  |  | - |
Equity-based compensation |  |  | (5,049 | ) |  |  | 1,657 |  |  |  |  | (13,198 | ) |  |  | (45,504 | )
Transaction-related costs(c) |  |  | (2,456 | ) |  |  | (9,891 | ) |  |  |  | (7,511 | ) |  |  | (26,961 | )
Restructuring(d) |  |  | - |  |  |  | (309 | ) |  |  |  | - |  |  |  | (2,880 | )
Other(e) |  |  | (3,449 | ) |  |  | 902 |  |  |  |  | (3,929 | ) |  |  | (2,973 | )
Net income including noncontrolling interests |  |  | 46,066 |  |  |  | 61,293 |  |  |  |  | 225,206 |  |  |  | 114,824 |
Net income attributable to noncontrolling interests |  |  | 4,844 |  |  |  | 4,481 |  |  |  |  | 10,316 |  |  |  | 8,012 |
Net income attributable to Parsons Corporation |  | $ | 41,222 |  |  | $ | 56,812 |  |  |  | $ | 214,890 |  |  | $ | 106,812 |
(a) | Reversal of an accrued liability, with $55.1 million recorded to revenue and $74.6 million recorded to other income (“gain associated with claim on long-term contract”) in results of operations, associated with a lawsuit against a joint venture in which the Company is the managing partner. Please see “Note 14 – Commitments and Contingencies” in the Company’s Form S-1/A filed on April 29, 2019, for a description of this matter, which was resolved in favor of the Company on June 13, 2018.
(b) | Reflects recognized deferred gains related to sales-leaseback transactions described in “Note 10 – Sale-Leasebacks.”
(c) | Reflects costs incurred in connection with acquisitions, the IPO, and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.
(d) | Reflects costs associated with corporate restructuring initiatives.
(e) | Includes a combination of gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.
Summary of Revenues and Property and Equipment, Net by Geographic Area | The following tables presents revenues and property and equipment, net by geographic area (in thousands):
|  | Three Months Ended |  |  |  | Nine Months Ended |
|  | September 28, 2018 |  |  | September 30, 2019 |  |  |  | September 28, 2018 |  |  | September 30, 2019 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 805,320 |  |  | $ | 849,839 |  |  |  | $ | 2,131,562 |  |  | $ | 2,400,124 |
Middle East |  |  | 164,677 |  |  |  | 169,028 |  |  |  |  | 485,377 |  |  |  | 504,604 |
Rest of World |  |  | 6,160 |  |  |  | 4,410 |  |  |  |  | 14,629 |  |  |  | 12,696 |
Total Revenue |  | $ | 976,157 |  |  | $ | 1,023,277 |  |  |  | $ | 2,631,568 |  |  | $ | 2,917,424 |
The geographic location of revenue is determined by the location of the customer. The prior reporting of revenue by geographic location has been conformed to the current presentation.
|  | December 31, 2018 |  |  | September 30, 2019 |
Property and Equipment, Net |  |  |  |  |  |  |  |
North America |  | $ | 86,847 |  |  | $ | 103,690 |
Middle East |  |  | 5,002 |  |  |  | 5,548 |
Total Property and Equipment, Net |  | $ | 91,849 |  |  | $ | 109,238 |
Summary of Revenues by Business Lines | The following table presents revenues by business lines (in thousands):
|  | Three Months Ended |  |  |  | Nine Months Ended |
|  | September 28, 2018 |  |  | September 30, 2019 |  |  |  | September 28, 2018 |  |  | September 30, 2019 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cyber & Intelligence |  | $ | 68,895 |  |  | $ | 90,429 |  |  |  | $ | 177,838 |  |  | $ | 247,710 |
Defense |  |  | 133,259 |  |  |  | 144,160 |  |  |  |  | 297,318 |  |  |  | 425,603 |
Mission Solutions |  |  | 122,780 |  |  |  | 87,936 |  |  |  |  | 280,902 |  |  |  | 237,914 |
Engineered Systems |  |  | 118,791 |  |  |  | 129,989 |  |  |  |  | 320,067 |  |  |  | 367,542 |
Geospatial |  |  | - |  |  |  | 33,661 |  |  |  |  | - |  |  |  | 108,715 |
Federal Solutions revenues |  |  | 443,725 |  |  |  | 486,175 |  |  |  |  | 1,076,125 |  |  |  | 1,387,484 |
Connected Communities |  |  | 165,529 |  |  |  | 151,779 |  |  |  |  | 491,444 |  |  |  | 459,277 |
Mobility Solutions |  |  | 300,523 |  |  |  | 286,199 |  |  |  |  | 894,796 |  |  |  | 836,779 |
Industrial |  |  | 66,380 |  |  |  | 99,124 |  |  |  |  | 169,203 |  |  |  | 233,884 |
Critical Infrastructure revenues |  |  | 532,432 |  |  |  | 537,102 |  |  |  |  | 1,555,443 |  |  |  | 1,529,940 |
Total Revenue |  | $ | 976,157 |  |  | $ | 1,023,277 |  |  |  | $ | 2,631,568 |  |  | $ | 2,917,424 |

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