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Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summary of Adjusted EBITDA Business Segment Information

The following tables present segment information provided to the CODM, as of each period 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):

		Three Months Ended
		March 31, 2025
		Federal Solutions				Critical Infrastructure				Total
Revenue		$	842,557			$	711,803			$	1,554,360
Direct cost of contracts			(661,912	)			(538,465	)			(1,200,377	)
Selling, general and administrative expenses (a)			(45,409	)			(46,127	)			(91,536	)
Equity in earnings (losses) of unconsolidated joint ventures			(992	)			305				(687	)
Other segment items (b)			(58,712	)			(69,329	)			(128,041	)
Adjusted EBITDA attributable to Parsons Corporation		$	75,532			$	58,187				133,719
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation
Adjusted EBITDA attributable to non-controlling interests											15,057
Depreciation and amortization											(27,403	)
Interest expense, net											(10,104	)
Income tax expense											(18,977	)
Equity-based compensation expense											(7,103	)
Transaction related costs (c)											(3,701	)
Other (d)											299
Net income including noncontrolling interests											81,787
Net income attributable to noncontrolling interests											(15,584	)
Net income attributable to Parsons Corporation										$	66,203

		Three Months Ended
		March 31, 2024
		Federal Solutions				Critical Infrastructure				Total
Revenue		$	909,608			$	626,068			$	1,535,676
Direct cost of contracts			(723,885	)			(486,942	)			(1,210,827	)
Selling, general and administrative expenses (a)			(35,145	)			(34,580	)			(69,725	)
Equity in losses of unconsolidated joint ventures			(469	)			(1,591	)			(2,060	)
Other segment items (b)			(57,568	)			(69,992	)			(127,560	)
Adjusted EBITDA attributable to Parsons Corporation		$	92,541			$	32,963				125,504
Reconciliation: Segment Adjusted EBITDA to Net Income Attributable to Parsons Corporation
Adjusted EBITDA attributable to non-controlling interests											15,589
Depreciation and amortization											(24,531	)
Interest expense, net											(11,846	)
Income tax expense											(13,324	)
Equity-based compensation expense											(12,656	)
Convertible debt repurchase loss											(18,355	)
Transaction related costs (c)											(2,886	)
Other (d)											(2,502	)
Net income including noncontrolling interests											54,993
Net income attributable to noncontrolling interests											(15,243	)
Net income attributable to Parsons Corporation										$	39,750

(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)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
		March 31, 2025				March 31, 2024
Revenue
North America		$	1,284,232			$	1,272,250
Middle East			265,083				258,921
Rest of World			5,045				4,505
Total Revenue		$	1,554,360			$	1,535,676

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

		March 31, 2025				December 31, 2024
Property and Equipment, Net
North America		$	110,972			$	101,044
Middle East			10,781				10,531
Total Property and Equipment, Net		$	121,753			$	111,575

Summary of Revenues by Business Lines

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

		Three Months Ended
		March 31, 2025				March 31, 2024
Revenue
Defense and Intelligence		$	443,323			$	408,388
Engineered Systems			399,234				501,220
Federal Solutions revenues			842,557				909,608
Infrastructure – North America			444,908				365,282
Infrastructure – Europe, Middle East and Africa			266,895				260,786
Critical Infrastructure revenues			711,803				626,068
Total Revenue		$	1,554,360			$	1,535,676

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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.

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