XML 50 R38.htm IDEA: XBRL DOCUMENT v3.22.2.2

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022				September 30, 2021					September 30, 2022				September 30, 2021
Federal Solutions revenue		$	620,416			$	499,291				$	1,649,601			$	1,394,035
Critical Infrastructure revenue			513,954				456,759					1,442,559				1,316,068
Total revenue		$	1,134,370			$	956,050				$	3,092,160			$	2,710,103

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, 2022				September 30, 2021					September 30, 2022				September 30, 2021
Federal Solutions		$	61,004			$	46,481				$	151,287			$	110,963
Critical Infrastructure			27,545				30,371					81,020				89,845
Adjusted EBITDA attributable to Parsons Corporation			88,549				76,852					232,307				200,808
Adjusted EBITDA attributable to noncontrolling interests			14,138				7,540					22,042				18,010
Depreciation and amortization			(29,578	)			(37,232	)				(90,668	)			(106,540	)
Interest expense, net			(5,941	)			(3,987	)				(14,168	)			(13,188	)
Income tax expense			(13,792	)			(9,165	)				(27,643	)			(18,378	)
Equity-based compensation expense			(7,125	)			(3,224	)				(15,814	)			(15,125	)
Transaction-related costs (a)			(2,563	)			(2,537	)				(14,486	)			(9,269	)
Restructuring expense (b)			-				(357	)				(213	)			(507	)
Other (c)			(93	)			(1,121	)				(1,139	)			(3,001	)
Net income including noncontrolling interests			43,595				26,769					90,218				52,810
Net income attributable to noncontrolling interests			14,024				7,411					21,685				17,711
Net income attributable to Parsons Corporation		$	29,571			$	19,358				$	68,533			$	35,099

(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, 2022				September 30, 2021					September 30, 2022				September 30, 2021
Revenue
North America		$	944,942			$	804,122				$	2,571,741			$	2,245,515
Middle East			184,680				147,207					504,078				448,525
Rest of World			4,748				4,721					16,341				16,063
Total Revenue		$	1,134,370			$	956,050				$	3,092,160			$	2,710,103

The geographic location of revenue is determined by the location of the customer.

		September 30, 2022				December 31, 2021
Property and Equipment, Net
North America		$	90,820			$	100,674
Middle East			3,698				3,522
Total Property and Equipment, Net		$	94,518			$	104,196

Summary of Revenues by Business Lines

The following table presents revenues by business units (in thousands):

		Three Months Ended									Nine Months Ended
		September 30, 2022				September 30, 2021					September 30, 2022				September 30, 2021
Revenue
Defense and Intelligence		$	351,419			$	332,080				$	1,037,244			$	929,044
Engineered Systems			268,997				167,211					612,357				464,991
Federal Solutions revenues			620,416				499,291					1,649,601				1,394,035
Mobility Solutions			329,666				293,799					924,834				871,220
Connected Communities			184,288				162,960					517,725				444,848
Critical Infrastructure revenues			513,954				456,759					1,442,559				1,316,068
Total Revenue		$	1,134,370			$	956,050				$	3,092,160			$	2,710,103

X

- Definition

Summary of revenues and property and equipment, net by geographic area.

+ References

No definition available.

+ Details

Name:	psn_SummaryOfRevenuesAndPropertyAndEquipmentNetByGeographicAreaTableTextBlock
Namespace Prefix:	psn_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Name:	us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

+ Details

Name:	us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration