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v3.20.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Summary of Business Segment Information | The following table summarizes business segment revenue for the periods presented (in thousands):
|  | Three Months Ended |  |  |  | Six Months Ended |
|  | June 30, 2020 |  |  | June 30, 2019 |  |  |  | June 30, 2020 |  |  | June 30, 2019 |
Federal Solutions revenue |  | $ | 482,210 |  |  | $ | 478,497 |  |  |  | $ | 959,781 |  |  | $ | 901,309 |
Critical Infrastructure revenue |  |  | 497,249 |  |  |  | 511,245 |  |  |  |  | 990,671 |  |  |  | 992,838 |
Total revenue |  | $ | 979,459 |  |  | $ | 989,742 |  |  |  | $ | 1,950,452 |  |  | $ | 1,894,147 |
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 |  |  |  | Six Months Ended |
Adjusted EBITDA attributable to Parsons Corporation |  | June 30, 2020 |  |  | June 30, 2019 |  |  |  | June 30, 2020 |  |  | June 30, 2019 |
Federal Solutions |  | $ | 47,700 |  |  | $ | 35,700 |  |  |  | $ | 79,317 |  |  | $ | 76,299 |
Critical Infrastructure |  |  | 35,519 |  |  |  | 40,525 |  |  |  |  | 62,876 |  |  |  | 68,201 |
Adjusted EBITDA attributable to Parsons Corporation |  |  | 83,219 |  |  |  | 76,225 |  |  |  |  | 142,193 |  |  |  | 144,500 |
Adjusted EBITDA attributable to noncontrolling interests |  |  | 7,942 |  |  |  | (20 | ) |  |  |  | 9,464 |  |  |  | 3,729 |
Depreciation and amortization |  |  | (32,081 | ) |  |  | (31,074 | ) |  |  |  | (64,490 | ) |  |  | (61,665 | )
Interest expense, net |  |  | (3,963 | ) |  |  | (6,151 | ) |  |  |  | (7,757 | ) |  |  | (13,966 | )
Income tax (expense) benefit |  |  | (11,891 | ) |  |  | 53,496 |  |  |  |  | (16,975 | ) |  |  | 51,610 |
Equity-based compensation expense |  |  | (12,854 | ) |  |  | (43,311 | ) |  |  |  | (5,133 | ) |  |  | (47,161 | )
Transaction-related costs (a) |  |  | 2,485 |  |  |  | (7,715 | ) |  |  |  | (9,526 | ) |  |  | (17,070 | )
Restructuring expense (b) |  |  | (1,143 | ) |  |  | (353 | ) |  |  |  | (1,110 | ) |  |  | (2,571 | )
Other (c) |  |  | (589 | ) |  |  | (952 | ) |  |  |  | (1,170 | ) |  |  | (3,875 | )
Net income including noncontrolling interests |  |  | 31,125 |  |  |  | 40,145 |  |  |  |  | 45,496 |  |  |  | 53,531 |
Net income attributable to noncontrolling interests |  |  | 7,826 |  |  |  | (114 | ) |  |  |  | 9,224 |  |  |  | 3,531 |
Net income attributable to Parsons Corporation |  | $ | 23,299 |  |  | $ | 40,259 |  |  |  | $ | 36,272 |  |  | $ | 50,000 |
(a) | Reflects costs incurred in connection with acquisitions, the IPO, and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.
(b) | Reflects costs associated with corporate restructuring initiatives.
(c) | 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 present revenues and property and equipment, net by geographic area (in thousands):
|  | Three Months Ended |  |  |  | Six Months Ended |
|  | June 30, 2020 |  |  | June 30, 2019 |  |  |  | June 30, 2020 |  |  | June 30, 2019 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 800,044 |  |  | $ | 819,255 |  |  |  | $ | 1,597,990 |  |  | $ | 1,550,285 |
Middle East |  |  | 174,689 |  |  |  | 167,624 |  |  |  |  | 343,548 |  |  |  | 335,576 |
Rest of World |  |  | 4,726 |  |  |  | 2,863 |  |  |  |  | 8,914 |  |  |  | 8,286 |
Total Revenue |  | $ | 979,459 |  |  | $ | 989,742 |  |  |  | $ | 1,950,452 |  |  | $ | 1,894,147 |
The geographic location of revenue is determined by the location of the customer.
|  | June 30, 2020 |  |  | December 31, 2019 |
Property and Equipment, Net |  |  |  |  |  |  |  |
North America |  | $ | 119,985 |  |  | $ | 117,606 |
Middle East |  |  | 4,779 |  |  |  | 5,145 |
Total Property and Equipment, Net |  | $ | 124,764 |  |  | $ | 122,751 |
Summary of Revenues by Business Lines | The following table presents revenues by business lines (in thousands):
|  | Three Months Ended |  |  |  | Six Months Ended |
|  | June 30, 2020 |  |  | June 30, 2019 |  |  |  | June 30, 2020 |  |  | June 30, 2019 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Space & Geospatial Solutions |  | $ | 57,967 |  |  | $ | 65,768 |  |  |  | $ | 109,255 |  |  | $ | 111,525 |
Cyber & Intelligence |  |  | 102,993 |  |  |  | 80,489 |  |  |  |  | 201,875 |  |  |  | 153,038 |
Engineered Systems |  |  | 166,483 |  |  |  | 167,276 |  |  |  |  | 339,315 |  |  |  | 312,894 |
Missile Defense & C5ISR |  |  | 154,767 |  |  |  | 164,964 |  |  |  |  | 309,336 |  |  |  | 323,852 |
Federal Solutions revenues |  |  | 482,210 |  |  |  | 478,497 |  |  |  |  | 959,781 |  |  |  | 901,309 |
Mobility Solutions |  |  | 398,890 |  |  |  | 401,842 |  |  |  |  | 790,411 |  |  |  | 775,822 |
Connected Communities |  |  | 98,359 |  |  |  | 109,403 |  |  |  |  | 200,260 |  |  |  | 217,016 |
Critical Infrastructure revenues |  |  | 497,249 |  |  |  | 511,245 |  |  |  |  | 990,671 |  |  |  | 992,838 |
Total Revenue |  | $ | 979,459 |  |  | $ | 989,742 |  |  |  | $ | 1,950,452 |  |  | $ | 1,894,147 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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