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Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023				September 30, 2022					September 30, 2023				September 30, 2022
Federal Solutions revenue		$	780,114			$	620,416				$	2,177,457			$	1,649,601
Critical Infrastructure revenue			638,457				513,954					1,771,066				1,442,559
Total revenue		$	1,418,571			$	1,134,370				$	3,948,523			$	3,092,160

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, 2023				September 30, 2022					September 30, 2023				September 30, 2022
Federal Solutions		$	65,039			$	61,004				$	206,827			$	151,287
Critical Infrastructure			50,188				27,545					95,481				81,020
Adjusted EBITDA attributable to Parsons Corporation			115,227				88,549					302,308				232,307
Adjusted EBITDA attributable to noncontrolling interests			12,606				14,138					34,222				22,042
Depreciation and amortization			(30,154	)			(29,578	)				(87,202	)			(90,668	)
Interest expense, net			(8,120	)			(5,941	)				(20,778	)			(14,168	)
Income tax expense			(15,218	)			(13,792	)				(41,944	)			(27,643	)
Equity-based compensation expense			(9,075	)			(7,125	)				(25,092	)			(15,814	)
Transaction-related costs (a)			(5,493	)			(2,563	)				(9,028	)			(14,486	)
Restructuring expense (b)			-				-					(546	)			(213	)
Other (c)			38				(93	)				(2,082	)			(1,139	)
Net income including noncontrolling interests			59,811				43,595					149,858				90,218
Net income attributable to noncontrolling interests			12,364				14,024					33,617				21,685
Net income attributable to Parsons Corporation		$	47,447			$	29,571				$	116,241			$	68,533

(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, 2023				September 30, 2022					September 30, 2023				September 30, 2022
Revenue
North America		$	1,166,547			$	944,942				$	3,251,552			$	2,571,741
Middle East			247,689				184,680					684,340				504,078
Rest of World			4,335				4,748					12,631				16,341
Total Revenue		$	1,418,571			$	1,134,370				$	3,948,523			$	3,092,160

The geographic location of revenue is determined by the location of the customer (in thousands):

		September 30, 2023				December 31, 2022
Property and Equipment, Net
North America		$	92,279			$	91,217
Middle East			7,065				4,833
Total Property and Equipment, Net		$	99,344			$	96,050

Summary of Revenues by Business Lines

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

		Three Months Ended									Nine Months Ended
		September 30, 2023				September 30, 2022					September 30, 2023				September 30, 2022
Revenue
Defense and Intelligence		$	398,632			$	351,419				$	1,144,320			$	1,037,244
Engineered Systems			381,482				268,997					1,033,137				612,357
Federal Solutions revenues			780,114				620,416					2,177,457				1,649,601
Mobility Solutions			430,011				329,666					1,209,554				924,834
Connected Communities			208,446				184,288					561,512				517,725
Critical Infrastructure revenues			638,457				513,954					1,771,066				1,442,559
Total Revenue		$	1,418,571			$	1,134,370				$	3,948,523			$	3,092,160

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