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Segments Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summary of Adjusted EBITDA Business Segment Information | The following tables present segment information provided to the CODM, as of each fiscal year presented, along with a reconciliation of segment adjusted EBITDA attributable to Parsons Corporation to net income attributable to Parsons Corporation for the periods presented (in thousands):
|  | Twelve Months Ended December 31, 2024 |
|  | Federal Solutions |  |  | Critical Infrastructure |  |  | Total |
Revenue |  | $ | 4,007,114 |  |  | $ | 2,743,462 |  |  | $ | 6,750,576 |
Direct cost of contracts |  |  | (3,187,829 | ) |  |  | (2,156,325 | ) |  |  | (5,344,154 | )
Selling, general and administrative expenses (a) |  |  | (157,442 | ) |  |  | (146,744 | ) |  |  | (304,186 | )
Equity in earnings (losses) of unconsolidated joint ventures |  |  | 3,254 |  |  |  | (26,615 | ) |  |  | (23,361 | )
Other segment items (b) |  |  | (249,759 | ) |  |  | (280,877 | ) |  |  | (530,636 | )
Adjusted EBITDA attributable to Parsons Corporation |  | $ | 415,338 |  |  | $ | 132,901 |  |  |  | 548,239 |
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation |  |  |  |  |  |  |  |  |
Adjusted EBITDA attributable to non-controlling interests |  |  |  |  |  |  |  |  | 56,714 |
Depreciation and amortization |  |  |  |  |  |  |  |  | (99,251 | )
Interest expense, net |  |  |  |  |  |  |  |  | (40,154 | )
Income tax expense |  |  |  |  |  |  |  |  | (76,986 | )
Equity-based compensation expense |  |  |  |  |  |  |  |  | (61,492 | )
Convertible debt repurchase loss |  |  |  |  |  |  |  |  | (18,355 | )
Transaction related costs (c) |  |  |  |  |  |  |  |  | (17,138 | )
Other (e) |  |  |  |  |  |  |  |  | (912 | )
Net income including noncontrolling interests |  |  |  |  |  |  |  |  | 290,665 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (55,612 | )
Net income attributable to Parsons Corporation |  |  |  |  |  |  |  | $ | 235,053 |
|  | Twelve Months Ended December 31, 2023 |
|  | Federal Solutions |  |  | Critical Infrastructure |  |  | Total |
Revenue |  | $ | 3,020,701 |  |  | $ | 2,422,048 |  |  | $ | 5,442,749 |
Direct cost of contracts |  |  | (2,375,350 | ) |  |  | (1,861,385 | ) |  |  | (4,236,735 | )
Selling, general and administrative expenses (a) |  |  | (129,507 | ) |  |  | (129,747 | ) |  |  | (259,254 | )
Equity in earnings (losses) of unconsolidated joint ventures |  |  | 4,190 |  |  |  | (51,941 | ) |  |  | (47,751 | )
Other segment items (b) |  |  | (230,784 | ) |  |  | (251,190 | ) |  |  | (481,974 | )
Adjusted EBITDA attributable to Parsons Corporation |  |  | 289,250 |  |  |  | 127,785 |  |  |  | 417,035 |
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation |  |  |  |  |  |  |  |  |
Adjusted EBITDA attributable to non-controlling interests |  |  |  |  |  |  |  |  | 47,638 |
Depreciation and amortization |  |  |  |  |  |  |  |  | (119,973 | )
Interest expense, net |  |  |  |  |  |  |  |  | (29,306 | )
Income tax expense |  |  |  |  |  |  |  |  | (56,138 | )
Equity-based compensation expense |  |  |  |  |  |  |  |  | (36,151 | )
Transaction related costs (c) |  |  |  |  |  |  |  |  | (12,013 | )
Restructuring expense (d) |  |  |  |  |  |  |  |  | (1,244 | )
Other (e) |  |  |  |  |  |  |  |  | (1,933 | )
Net income including noncontrolling interests |  |  |  |  |  |  |  |  | 207,915 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (46,766 | )
Net income attributable to Parsons Corporation |  |  |  |  |  |  |  | $ | 161,149 |
|  | Twelve Months Ended December 31, 2022 |
|  | Federal Solutions |  |  | Critical Infrastructure |  |  | Total |
Revenue |  | $ | 2,212,987 |  |  | $ | 1,982,285 |  |  | $ | 4,195,272 |
Direct cost of contracts |  |  | (1,703,297 | ) |  |  | (1,545,253 | ) |  |  | (3,248,550 | )
Selling, general and administrative expenses (a) |  |  | (117,759 | ) |  |  | (110,468 | ) |  |  | (228,227 | )
Equity in earnings of unconsolidated joint ventures |  |  | 3,677 |  |  |  | 12,670 |  |  |  | 16,347 |
Other segment items (b) |  |  | (196,604 | ) |  |  | (215,849 | ) |  |  | (412,453 | )
Adjusted EBITDA attributable to Parsons Corporation |  |  | 199,004 |  |  |  | 123,385 |  |  |  | 322,389 |
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation |  |  |  |  |  |  |  |  |
Adjusted EBITDA attributable to non-controlling interests |  |  |  |  |  |  |  |  | 30,393 |
Depreciation and amortization |  |  |  |  |  |  |  |  | (120,501 | )
Interest expense, net |  |  |  |  |  |  |  |  | (22,219 | )
Income tax expense |  |  |  |  |  |  |  |  | (39,657 | )
Equity-based compensation expense |  |  |  |  |  |  |  |  | (24,354 | )
Transaction related costs (c) |  |  |  |  |  |  |  |  | (16,270 | )
Restructuring expense (d) |  |  |  |  |  |  |  |  | (213 | )
Other (e) |  |  |  |  |  |  |  |  | (3,003 | )
Net income including noncontrolling interests |  |  |  |  |  |  |  |  | 126,565 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (29,901 | )
Net income attributable to Parsons Corporation |  |  |  |  |  |  |  | $ | 96,664 |
(a) The amount of selling, general and administrative expenses (“SG&A”) is total SG&A excluding allocations. (b) The amount of other segment items is the difference between segment revenue less direct cost of contracts, segment SG&A expenses, equity in earnings (losses) of unconsolidated joint ventures, and Adjusted EBITDA attributable to Parsons Corporation. Other segment items primarily include: i. Corporate and shared segment SG&A (excluding Adjusted EBITDA items) ii. Noncontrolling interests attributable to operating income and other income/expense iii. Bad debt expense iv. Sublease income v. Foreign currency gain/loss, and vi. Certain other income/expense items (c) Reflects costs incurred in connection with acquisitions, and other non-recurring transaction costs, primarily fees paid for professional services and employee retention. (d) Reflects costs associated with and related to our corporate restructuring initiatives. 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 table presents revenues and property and equipment, net by geographic area (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Revenues: |  |  |  |  |  |  |  |  |
North America |  | $ | 5,677,933 |  |  | $ | 4,481,492 |  |  | $ | 3,463,128 |
Middle East |  |  | 1,052,509 |  |  |  | 943,175 |  |  |  | 710,830 |
Rest of World |  |  | 20,134 |  |  |  | 18,082 |  |  |  | 21,314 |
Total revenues |  | $ | 6,750,576 |  |  | $ | 5,442,749 |  |  | $ | 4,195,272 |
Property and equipment, net |  |  |  |  |  |  |  |  |
North America |  | $ | 101,044 |  |  | $ | 91,766 |  |  | $ | 91,217 |
Middle East |  |  | 10,531 |  |  |  | 7,191 |  |  |  | 4,833 |
Total property and equipment, net |  | $ | 111,575 |  |  | $ | 98,957 |  |  | $ | 96,050 |
Summary of Revenues by Business Lines | The following table presents revenues by business lines (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Revenue: |  |  |  |  |  |  |  |  |
Defense & Intelligence |  | $ | 1,772,481 |  |  | $ | 1,539,968 |  |  | $ | 1,368,779 |
Engineered Systems |  |  | 2,234,633 |  |  |  | 1,480,733 |  |  |  | 844,208 |
Federal Solutions revenues |  |  | 4,007,114 |  |  |  | 3,020,701 |  |  |  | 2,212,987 |
Infrastructure – North America |  |  | 1,683,664 |  |  |  | 1,472,768 |  |  |  | 1,265,376 |
Infrastructure – Europe, Middle East and Africa |  |  | 1,059,798 |  |  |  | 949,280 |  |  |  | 716,909 |
Critical Infrastructure revenues |  |  | 2,743,462 |  |  |  | 2,422,048 |  |  |  | 1,982,285 |
Total revenues |  | $ | 6,750,576 |  |  | $ | 5,442,749 |  |  | $ | 4,195,272 |

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