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Quarterly Information - Unaudited | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Information - Unaudited |
2 2. | Quarterly Information - Unaudited
The following tables present selected quarterly financial information (in thousands except per share data).
|  | Quarter Ended |
|  | December 31, 2020 |  |  | September 30, 2020 |  |  | June 30, 2020 |  |  | March 31, 2020 |  |  | December 31, 2019 |  |  | September 30, 2019 |  |  | June 30, 2019 |  |  | March 31, 2019 |
Federal Solutions revenue |  | $ | 453,973 |  |  | $ | 498,156 |  |  | $ | 482,210 |  |  | $ | 477,571 |  |  | $ | 500,423 |  |  | $ | 486,175 |  |  | $ | 478,497 |  |  | $ | 422,812 |
Critical Infrastructure revenue |  |  | 510,285 |  |  |  | 506,080 |  |  |  | 497,249 |  |  |  | 493,422 |  |  |  | 536,965 |  |  |  | 537,102 |  |  |  | 511,245 |  |  |  | 481,593 |
Total revenue |  |  | 964,258 |  |  |  | 1,004,236 |  |  |  | 979,459 |  |  |  | 970,993 |  |  |  | 1,037,388 |  |  |  | 1,023,277 |  |  |  | 989,742 |  |  |  | 904,405 |
Operating income |  |  | 41,579 |  |  |  | 66,271 |  |  |  | 46,264 |  |  |  | 23,701 |  |  |  | 24,274 |  |  |  | 53,449 |  |  |  | (8,706 | ) |  |  | 23,046 |
Net income attributable to Parsons Corporation |  |  | 21,611 |  |  |  | 40,658 |  |  |  | 23,299 |  |  |  | 12,973 |  |  |  | 13,722 |  |  |  | 56,812 |  |  |  | 40,259 |  |  |  | 9,741 |
Federal Solutions Adjusted EBITDA attributable to Parsons Corporation |  |  | 42,149 |  |  |  | 45,874 |  |  |  | 47,700 |  |  |  | 31,617 |  |  |  | 42,442 |  |  |  | 50,359 |  |  |  | 35,700 |  |  |  | 40,599 |
Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation |  |  | 42,796 |  |  |  | 48,856 |  |  |  | 35,519 |  |  |  | 27,357 |  |  |  | 36,674 |  |  |  | 33,976 |  |  |  | 40,525 |  |  |  | 27,676 |
Adjusted EBITDA attributable to noncontrolling interests |  |  | 5,218 |  |  |  | 6,071 |  |  |  | 7,942 |  |  |  | 1,522 |  |  |  | 8,712 |  |  |  | 4,655 |  |  |  | (20 | ) |  |  | 3,749 |
Total Adjusted EBITDA (1) |  | $ | 90,163 |  |  | $ | 100,801 |  |  | $ | 91,161 |  |  | $ | 60,496 |  |  | $ | 87,828 |  |  | $ | 88,990 |  |  | $ | 76,205 |  |  | $ | 72,024 |
(1) | The following table presents a reconciliation of net income attributable to Parsons Corporation to Adjusted EBITDA. For more information on our use of Adjusted EBITDA, how we use this metric, why we present this metric and the material limitations on usefulness of this metric, see “Note 21—Segments Information” in the “Other Information” table located in “Selected Consolidated Financial Data”.
|  | December 31, 2020 |  |  | September 30, 2020 |  |  | June 30, 2020 |  |  | March 31, 2020 |  |  | December 31, 2019 |  |  | September 30, 2019 |  |  | June 30, 2019 |  |  | March 31, 2019 |
Net income attributable to Parsons Corporation |  | $ | 21,611 |  |  | $ | 40,658 |  |  | $ | 23,299 |  |  | $ | 12,973 |  |  | $ | 13,722 |  |  | $ | 56,812 |  |  | $ | 40,259 |  |  | $ | 9,741 |
Interest expense, net |  |  | 7,025 |  |  |  | 5,387 |  |  |  | 3,963 |  |  |  | 3,794 |  |  |  | 3,981 |  |  |  | 4,482 |  |  |  | 6,151 |  |  |  | 7,815 |
Income tax expense (benefit) |  |  | 9,500 |  |  |  | 16,017 |  |  |  | 11,891 |  |  |  | 5,084 |  |  |  | (2,823 | ) |  |  | (15,453 | ) |  |  | (53,496 | ) |  |  | 1,886 |
Depreciation and amortization |  |  | 32,538 |  |  |  | 30,952 |  |  |  | 32,081 |  |  |  | 32,409 |  |  |  | 33,008 |  |  |  | 31,027 |  |  |  | 31,074 |  |  |  | 30,591 |
Net income attributable to noncontrolling interests |  |  | 5,294 |  |  |  | 5,862 |  |  |  | 7,826 |  |  |  | 1,398 |  |  |  | 8,582 |  |  |  | 4,481 |  |  |  | (114 | ) |  |  | 3,645 |
Stock-based compensation (a) |  |  | 5,643 |  |  |  | (991 | ) |  |  | 12,854 |  |  |  | (7,721 | ) |  |  | 20,240 |  |  |  | (1,657 | ) |  |  | 43,311 |  |  |  | 3,850 |
Transaction related costs (b) |  |  | 7,985 |  |  |  | 2,411 |  |  |  | (2,485 | ) |  |  | 12,011 |  |  |  | 7,392 |  |  |  | 9,891 |  |  |  | 7,715 |  |  |  | 9,355 |
Restructuring (c) |  |  | 718 |  |  |  | 365 |  |  |  | 1,143 |  |  |  | (33 | ) |  |  | 544 |  |  |  | 309 |  |  |  | 353 |  |  |  | 2,218 |
Other (d) |  |  | (151 | ) |  |  | 140 |  |  |  | 589 |  |  |  | 581 |  |  |  | 3,182 |  |  |  | (902 | ) |  |  | 952 |  |  |  | 2,923 |
Adjusted EBITDA |  | $ | 90,163 |  |  | $ | 100,801 |  |  | $ | 91,161 |  |  | $ | 60,496 |  |  | $ | 87,828 |  |  | $ | 88,990 |  |  | $ | 76,205 |  |  | $ | 72,024 |
(a) | Reflects equity-based compensation costs primarily related to cash-settled awards. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K for a further discussion of these awards.
(b) | Reflects costs incurred in connection with acquisitions and other non-recurring transaction costs, including primarily fees paid for professional services and employee retention.
(c) | Reflects costs associated with and related to our corporate restructuring initiatives.
(d) | 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.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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