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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2021
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 30, 2021 |  |  | September 30, 2020 |  |  |  | September 30, 2021 |  |  | September 30, 2020 |
Federal Solutions revenue |  | $ | 499,291 |  |  | $ | 498,156 |  |  |  | $ | 1,394,035 |  |  | $ | 1,457,937 |
Critical Infrastructure revenue |  |  | 456,759 |  |  |  | 506,080 |  |  |  |  | 1,316,068 |  |  |  | 1,496,751 |
Total revenue |  | $ | 956,050 |  |  | $ | 1,004,236 |  |  |  | $ | 2,710,103 |  |  | $ | 2,954,688 |
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 30, 2021 |  |  | September 30, 2020 |  |  |  | September 30, 2021 |  |  | September 30, 2020 |
Federal Solutions |  | $ | 46,481 |  |  | $ | 45,874 |  |  |  | $ | 110,963 |  |  | $ | 125,191 |
Critical Infrastructure |  |  | 30,371 |  |  |  | 48,856 |  |  |  |  | 89,845 |  |  |  | 111,732 |
Adjusted EBITDA attributable to Parsons Corporation |  |  | 76,852 |  |  |  | 94,730 |  |  |  |  | 200,808 |  |  |  | 236,923 |
Adjusted EBITDA attributable to noncontrolling interests |  |  | 7,540 |  |  |  | 6,071 |  |  |  |  | 18,010 |  |  |  | 15,535 |
Depreciation and amortization |  |  | (37,232 | ) |  |  | (30,952 | ) |  |  |  | (106,540 | ) |  |  | (95,442 | )
Interest expense, net |  |  | (3,987 | ) |  |  | (5,387 | ) |  |  |  | (13,188 | ) |  |  | (13,144 | )
Income tax expense |  |  | (9,165 | ) |  |  | (16,017 | ) |  |  |  | (18,378 | ) |  |  | (32,992 | )
Equity-based compensation expense |  |  | (3,224 | ) |  |  | 991 |  |  |  |  | (15,125 | ) |  |  | (4,142 | )
Transaction-related costs (a) |  |  | (2,537 | ) |  |  | (2,411 | ) |  |  |  | (9,269 | ) |  |  | (11,937 | )
Restructuring expense (b) |  |  | (357 | ) |  |  | (365 | ) |  |  |  | (507 | ) |  |  | (1,475 | )
Other (c) |  |  | (1,121 | ) |  |  | (140 | ) |  |  |  | (3,001 | ) |  |  | (1,310 | )
Net income including noncontrolling interests |  |  | 26,769 |  |  |  | 46,520 |  |  |  |  | 52,810 |  |  |  | 92,016 |
Net income attributable to noncontrolling interests |  |  | 7,411 |  |  |  | 5,862 |  |  |  |  | 17,711 |  |  |  | 15,086 |
Net income attributable to Parsons Corporation |  | $ | 19,358 |  |  | $ | 40,658 |  |  |  | $ | 35,099 |  |  | $ | 76,930 |
(a) | Reflects costs incurred in connection with acquisitions 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 |  |  |  | Nine Months Ended |
|  | September 30, 2021 |  |  | September 30, 2020 |  |  |  | September 30, 2021 |  |  | September 30, 2020 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 804,122 |  |  | $ | 831,367 |  |  |  | $ | 2,245,515 |  |  | $ | 2,429,357 |
Middle East |  |  | 147,207 |  |  |  | 168,043 |  |  |  |  | 448,525 |  |  |  | 511,591 |
Rest of World |  |  | 4,721 |  |  |  | 4,826 |  |  |  |  | 16,063 |  |  |  | 13,740 |
Total Revenue |  | $ | 956,050 |  |  | $ | 1,004,236 |  |  |  | $ | 2,710,103 |  |  | $ | 2,954,688 |
The geographic location of revenue is determined by the location of the customer.
|  | September 30, 2021 |  |  | December 31, 2020 |
Property and Equipment, Net |  |  |  |  |  |  |  |
North America |  | $ | 102,352 |  |  | $ | 116,460 |
Middle East |  |  | 3,543 |  |  |  | 4,567 |
Total Property and Equipment, Net |  | $ | 105,895 |  |  | $ | 121,027 |
Summary of Revenues by Business Lines | The following table presents revenues by business units (in thousands):
|  | Three Months Ended |  |  |  | Nine Months Ended |
|  | September 30, 2021 |  |  | September 30, 2020 |  |  |  | September 30, 2021 |  |  | September 30, 2020 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defense and Intelligence |  | $ | 343,151 |  |  | $ | 333,289 |  |  |  | $ | 962,642 |  |  | $ | 953,755 |
Engineered Systems |  |  | 156,140 |  |  |  | 164,867 |  |  |  |  | 431,393 |  |  |  | 504,182 |
Federal Solutions revenues |  |  | 499,291 |  |  |  | 498,156 |  |  |  |  | 1,394,035 |  |  |  | 1,457,937 |
Connected Communities |  |  | 91,902 |  |  |  | 116,366 |  |  |  |  | 263,106 |  |  |  | 316,626 |
Mobility Solutions |  |  | 364,857 |  |  |  | 389,714 |  |  |  |  | 1,052,962 |  |  |  | 1,180,125 |
Critical Infrastructure revenues |  |  | 456,759 |  |  |  | 506,080 |  |  |  |  | 1,316,068 |  |  |  | 1,496,751 |
Total Revenue |  | $ | 956,050 |  |  | $ | 1,004,236 |  |  |  | $ | 2,710,103 |  |  | $ | 2,954,688 |

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