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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Parexel International Corp. | NASDAQ:PRXL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 88.08 | 88.10 | 88.11 | 0 | 01:00:00 |
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Massachusetts
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04-2776269
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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195 West Street
Waltham, Massachusetts
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02451
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(Address of principal executive offices)
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(Zip Code)
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Large Accelerated Filer
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ý
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Accelerated Filer
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¨
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Non-accelerated Filer
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¨
(Do not check if a smaller reporting company)
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Smaller Reporting Company
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¨
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Condensed Consolidated Balance Sheets (Unaudited)
: September 30, 2016 and June 30, 2016
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Condensed Consolidated Statements Of Income and Comprehensive Income (Unaudited)
: Three Months Ended September 30, 2016 and 2015
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Condensed Consolidated Statements Of Cash Flows (Unaudited)
: Three Months Ended September 30, 2016 and 2015
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September 30, 2016
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June 30, 2016
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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325.8
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$
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248.6
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Billed accounts receivable, net
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518.0
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506.1
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Unbilled accounts receivable, net
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293.1
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327.9
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Prepaid expenses
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32.5
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23.3
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Income taxes receivable
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18.2
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25.2
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Other current assets
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41.8
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50.1
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Total current assets
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1,229.4
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1,181.2
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Property and equipment, net
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257.8
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259.3
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Goodwill
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389.4
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389.2
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Other intangible assets, net
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124.7
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130.7
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Non-current deferred tax assets
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30.1
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27.1
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Long-term income taxes receivable
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10.4
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10.4
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Other assets
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39.2
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38.3
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Total assets
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$
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2,081.0
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$
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2,036.2
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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||||
Notes payable and current portion of long-term debt
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$
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18.3
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$
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16.6
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Accounts payable
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58.4
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62.6
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Deferred revenue
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413.4
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420.2
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Accrued expenses
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35.0
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35.0
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Accrued restructuring charges, current portion
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9.7
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14.6
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Accrued employee benefits and withholdings
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177.9
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176.4
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Income taxes payable
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19.1
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21.6
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Other current liabilities
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14.5
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22.4
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Total current liabilities
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746.3
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769.4
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Long-term debt, net of current portion
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502.1
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484.8
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Non-current deferred tax liabilities
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16.0
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19.3
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Long-term income tax liabilities
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31.7
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31.5
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Long-term deferred revenue
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35.8
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38.3
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Other liabilities
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59.7
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59.5
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Total liabilities
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1,391.6
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1,402.8
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Stockholders’ equity:
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Preferred stock
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—
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—
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Common stock
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0.5
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0.5
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Additional paid-in capital
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44.2
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31.4
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Retained earnings
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774.7
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737.5
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Accumulated other comprehensive loss
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(130.0
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)
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(136.0
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)
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Total stockholders’ equity
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689.4
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633.4
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Total liabilities and stockholders’ equity
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$
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2,081.0
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$
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2,036.2
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Three Months Ended
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||||||
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September 30, 2016
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September 30, 2015
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Service revenue
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$
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496.7
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$
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512.1
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Reimbursement revenue
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79.8
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73.1
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Total revenue
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576.5
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585.2
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Direct costs
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327.7
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343.2
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Reimbursable out-of-pocket expenses
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79.8
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73.1
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Selling, general and administrative
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92.2
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94.9
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Depreciation
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19.3
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18.0
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Amortization
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5.5
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5.7
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Restructuring (benefit) charge
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(1.3
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)
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14.8
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Total costs and expenses
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523.2
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549.7
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Income from operations
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53.3
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35.5
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Interest expense, net
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(2.6
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)
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(1.6
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)
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Miscellaneous (expense) income, net
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(0.8
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)
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1.8
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Total other (expense) income
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(3.4
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)
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0.2
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Income before income taxes
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49.9
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35.7
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Provision for income taxes
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12.1
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10.8
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Net income
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$
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37.8
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$
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24.9
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Earnings per common share
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Basic
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$
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0.71
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$
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0.45
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Diluted
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$
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0.70
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$
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0.45
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Weighted average shares outstanding
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Basic
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52.9
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55.0
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Diluted
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53.7
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55.9
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Comprehensive income
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Net income
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$
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37.8
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$
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24.9
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Unrealized gain (loss) on derivative instruments, net of taxes
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2.2
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(2.2
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)
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Foreign currency translation adjustment
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3.8
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(15.0
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)
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Total comprehensive income
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$
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43.8
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$
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7.7
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Three Months Ended
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||||||
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September 30, 2016
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September 30, 2015
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Cash flow from operating activities:
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Net income
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$
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37.8
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$
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24.9
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Adjustments to reconcile net income to net cash provided by operating activities:
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Depreciation and amortization
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24.8
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23.7
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Stock-based compensation
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4.8
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5.1
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Excess tax benefit from stock-based compensation
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—
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(1.5
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)
|
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Deferred income taxes
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(6.2
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)
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(7.5
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)
|
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Fair value adjustment of contingent consideration
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—
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5.0
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Other non-cash items
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0.1
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1.3
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Changes in operating assets and liabilities, net of effects from acquisitions
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4.1
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3.2
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Net cash provided by operating activities
|
65.4
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54.2
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Cash flow from investing activities:
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||||
Purchases of property and equipment
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(18.8
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)
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(30.9
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)
|
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Acquisition of businesses, net of cash acquired
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0.3
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|
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—
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Net cash used in by investing activities
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(18.5
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)
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(30.9
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)
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Cash flow from financing activities:
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||||
Proceeds from issuance of common stock, net
|
7.4
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3.7
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Excess tax benefit from stock-based compensation
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—
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1.5
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Payments for share repurchase
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—
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(200.0
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)
|
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Borrowings under credit agreement/facility
|
80.0
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280.0
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Repayments under credit agreement/facility and other debt
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(61.1
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)
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(151.4
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)
|
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Net cash provided by (used in) financing activities
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26.3
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(66.2
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)
|
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Effect of exchange rate changes on cash and cash equivalents
|
4.0
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(6.6
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)
|
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Net increase (decrease) in cash and cash equivalents
|
77.2
|
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(49.5
|
)
|
||
Cash and cash equivalents at beginning of period
|
248.6
|
|
|
207.4
|
|
||
Cash and cash equivalents at end of period
|
$
|
325.8
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$
|
157.9
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Supplemental disclosures of cash flow information
|
|
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Non-cash capital expenditures
|
$
|
2.6
|
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$
|
6.9
|
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Cash paid during the period for:
|
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Interest
|
$
|
4.4
|
|
|
$
|
3.5
|
|
Income taxes, net of refunds
|
$
|
2.0
|
|
|
$
|
4.3
|
|
Total consideration transferred:
|
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Cash paid, net of cash acquired
|
$
|
67.1
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Fair value of contingent consideration
|
4.5
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|
Net purchase price
|
$
|
71.6
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|
Preliminary allocation of consideration transferred:
|
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Accounts receivable
|
$
|
4.0
|
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Other current assets
|
0.7
|
|
|
Property and equipment, net
|
1.0
|
|
|
Deferred tax assets
|
0.2
|
|
|
Definite-lived intangible assets
|
15.0
|
|
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Goodwill
|
52.5
|
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|
Total assets acquired
|
73.4
|
|
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Current liabilities
|
1.8
|
|
|
Total liabilities assumed
|
1.8
|
|
|
Net assets acquired:
|
$
|
71.6
|
|
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Amount
|
|
Estimated Useful Life (Years)
|
||
Customer relationships
|
|
$
|
11.6
|
|
|
10
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Technology
|
|
1.8
|
|
|
3
|
|
Trade name
|
|
1.6
|
|
|
5
|
|
Total
|
|
$
|
15.0
|
|
|
|
(dollars in millions, except per share data)
|
Three Months Ended
|
||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||
Net income attributable to common shares
|
$
|
37.8
|
|
|
$
|
24.9
|
|
Weighted average number of shares outstanding, used in computing basic earnings per share
|
52.9
|
|
|
55.0
|
|
||
Dilutive common stock equivalents
|
0.8
|
|
|
0.9
|
|
||
Weighted average shares used in computing diluted earnings per share
|
53.7
|
|
|
55.9
|
|
||
Basic earnings per share
|
$
|
0.71
|
|
|
$
|
0.45
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|
Diluted earnings per share
|
$
|
0.70
|
|
|
$
|
0.45
|
|
Anti-dilutive options and restricted stock (excluded from the calculation of diluted earnings per share)
|
0.8
|
|
|
0.9
|
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(dollars in millions)
|
|
Foreign Currency
|
|
Unrealized Gain/Loss on Derivatives
|
|
Total
|
||||||
Balance as of June 30, 2016
|
|
$
|
(130.5
|
)
|
|
$
|
(5.5
|
)
|
|
$
|
(136.0
|
)
|
Other comprehensive income before reclassifications
|
|
3.8
|
|
|
4.4
|
|
|
8.2
|
|
|||
Loss reclassified from accumulated other comprehensive income
|
|
—
|
|
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(2.2
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)
|
|
(2.2
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)
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Net current-period other comprehensive income
|
|
$
|
3.8
|
|
|
$
|
2.2
|
|
|
$
|
6.0
|
|
Balance as of September 30, 2016
|
|
$
|
(126.7
|
)
|
|
$
|
(3.3
|
)
|
|
$
|
(130.0
|
)
|
|
|
Three Months Ended
|
|
Affected Line in the Consolidated Statements of Income
|
||||||
(dollars in millions)
|
|
September 30, 2016
|
|
September 30, 2015
|
|
|||||
Interest rate contracts
|
|
$
|
(0.1
|
)
|
|
$
|
(0.2
|
)
|
|
Interest expense, net
|
Foreign exchange contracts
|
|
(2.6
|
)
|
|
(0.2
|
)
|
|
Service revenue
|
||
Foreign exchange contracts
|
|
(0.1
|
)
|
|
(2.8
|
)
|
|
Direct costs
|
||
Total
|
|
$
|
(2.8
|
)
|
|
$
|
(3.2
|
)
|
|
|
(dollars in millions)
|
Three Months Ended
|
||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||
Direct costs
|
$
|
1.1
|
|
|
$
|
1.2
|
|
Selling, general and administrative
|
3.7
|
|
|
3.9
|
|
||
Total stock-based compensation
|
$
|
4.8
|
|
|
$
|
5.1
|
|
|
|
Balance at
|
|
Charges/(Benefits)
|
|
Payments/Foreign
Currency Exchange |
|
Balance at
|
||||||||
(dollars in millions)
|
|
June 30, 2016
|
|
|
|
September 30, 2016
|
||||||||||
2015 Margin Acceleration Program
|
|
|
|
|
|
|
|
|
||||||||
Employee severance
|
|
$
|
10.5
|
|
|
$
|
(1.0
|
)
|
|
$
|
(3.4
|
)
|
|
$
|
6.1
|
|
Facilities-related
|
|
7.1
|
|
|
(0.3
|
)
|
|
(0.7
|
)
|
|
6.1
|
|
||||
Pre-Fiscal Year 2012 Restructuring Plans
|
|
|
|
|
|
|
|
|
||||||||
Facilities-related
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Total
|
|
$
|
17.7
|
|
|
$
|
(1.3
|
)
|
|
$
|
(4.1
|
)
|
|
$
|
12.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||
(dollars in millions)
|
|
September 30, 2016
|
|
September 30, 2015
|
||||
CRS
|
|
$
|
(0.6
|
)
|
|
$
|
8.2
|
|
PC
|
|
(0.1
|
)
|
|
0.5
|
|
||
PI
|
|
(0.2
|
)
|
|
3.1
|
|
||
Segments total
|
|
(0.9
|
)
|
|
11.8
|
|
||
Corporate restructuring charges
|
|
(0.4
|
)
|
|
3.0
|
|
||
Total restructuring charges
|
|
$
|
(1.3
|
)
|
|
$
|
14.8
|
|
•
|
CRS constitutes our core business and includes all phases of clinical research from Early Phase (encompassing the early stages of clinical testing that range from first-in-man through proof-of-concept studies) to Phase II-III and Phase IV (which we call PAREXEL Access). Our services include clinical trials management and biostatistics, commercialization, data management and clinical pharmacology, as well as related medical advisory, patient recruitment, clinical supply and drug logistics, pharmacovigilance, and investigator site services. We aggregate Early Phase and PAREXEL Access with Phase II-III due to economic similarities in these operating segments.
|
•
|
PC provides technical expertise and advice in such areas as drug development, regulatory affairs, product pricing and reimbursement, commercialization and strategic compliance. It also provides a full spectrum of market development, product development and targeted communication services in support of product launch. Our PC consultants identify alternatives and propose solutions to address client issues associated with product development, registration and commercialization.
|
•
|
PI provides information technology solutions designed to help improve clients’ product development and regulatory submission processes. PI offers a portfolio of products and services that includes medical imaging services, ClinPhone
®
RTSM, IMPACT
®
clinical trials management systems (“CTMS”), DataLabs
®
electronic data capture, web-based portals, systems integration, electronic patient-reported outcomes, and LIQUENT InSight® Regulatory Information Management (“RIM”) solutions.
|
(dollars in millions)
|
Three Months Ended
|
||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||
Service revenue
|
|
|
|
||||
CRS
|
$
|
376.3
|
|
|
$
|
410.2
|
|
PC
|
55.0
|
|
|
39.3
|
|
||
PI
|
65.4
|
|
|
62.6
|
|
||
Total service revenue
|
$
|
496.7
|
|
|
$
|
512.1
|
|
Direct costs
|
|
|
|
||||
CRS
|
$
|
262.1
|
|
|
$
|
287.5
|
|
PC
|
30.4
|
|
|
20.2
|
|
||
PI
|
35.2
|
|
|
35.5
|
|
||
Total direct costs
|
$
|
327.7
|
|
|
$
|
343.2
|
|
Gross profit
|
|
|
|
||||
CRS
|
$
|
114.2
|
|
|
$
|
122.7
|
|
PC
|
24.6
|
|
|
19.1
|
|
||
PI
|
30.2
|
|
|
27.1
|
|
||
Total gross profit
|
$
|
169.0
|
|
|
$
|
168.9
|
|
•
|
0.63%
by quarterly term loan amortization payments to be made commencing June 30, 2016 and made on or prior to March 31, 2017;
|
•
|
1.25%
by quarterly term loan amortization payments to be made on or after June 30, 2017, but on or prior to March 31, 2019;
|
•
|
1.88%
by quarterly term loan amortization payments to be made on or after June 30, 2019, but on or prior to March 31, 2020;
|
•
|
2.50%
by quarterly term loan amortization payments to be made on or after June 30, 2020, but prior to March 11, 2021; and
|
•
|
72.50%
(or if less, the remaining principal amount of the term loan) on March 11, 2021.
|
•
|
$1.4 million
made on or prior to July 1, 2015;
|
•
|
$2.8 million
made or prior to July 1, 2016; and
|
•
|
$2.8 million
paid on or prior to July 1, 2017.
|
(dollars in millions)
|
|
FY 2017
|
|
FY 2018
|
|
FY 2019
|
|
FY 2020
|
|
FY 2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
Debt obligations (principal)
|
|
$
|
10.5
|
|
|
$
|
22.8
|
|
|
$
|
22.5
|
|
|
$
|
32.5
|
|
|
$
|
435.0
|
|
|
$
|
—
|
|
|
$
|
523.3
|
|
•
|
Our interest rate hedging program is a cash flow hedge program designed to minimize interest rate volatility. We swap the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount, at specified intervals. Our interest rate contracts are designated as hedging instruments.
|
•
|
Our foreign currency hedging program is a cash flow hedge program designed to mitigate foreign currency exchange rate volatility due to the foreign currency exchange exposure related to our intercompany transactions, direct costs, services revenues and significant external transactions. We primarily utilize forward currency exchange contracts and cross-currency swaps with maturities of no more than 12 months. These contracts are designated as hedging instruments.
|
(dollars in millions)
|
Three Months Ended
|
||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||
Derivatives designated as hedging instruments under ASC 815
|
|||||||
Interest rate contracts
|
$
|
0.4
|
|
|
$
|
(0.4
|
)
|
Foreign exchange contracts
|
1.8
|
|
|
(1.8
|
)
|
||
Total designated derivatives
|
$
|
2.2
|
|
|
$
|
(2.2
|
)
|
(dollars in millions)
|
Three Months Ended
|
||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||
Derivatives not designated as hedging instruments under ASC 815
|
|||||||
Foreign exchange contracts
|
$
|
(1.1
|
)
|
|
$
|
(0.7
|
)
|
Total non-designated derivative unrealized loss, net
|
$
|
(1.1
|
)
|
|
$
|
(0.7
|
)
|
•
|
Level 1
– Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.
|
◦
|
quoted prices for similar assets and liabilities in active markets
|
◦
|
quoted prices for identical or similar assets or liabilities in markets that are not active
|
◦
|
observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals)
|
◦
|
inputs that are derived principally from or corroborated by observable market data by correlation or other means
|
•
|
Level 3
– Unobservable inputs for the asset or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).
|
(dollars in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Contingent consideration
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(5.2
|
)
|
|
$
|
(5.2
|
)
|
Interest rate derivative instruments
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
||||
Foreign currency exchange contracts
|
—
|
|
|
(2.7
|
)
|
|
—
|
|
|
(2.7
|
)
|
||||
Total
|
$
|
—
|
|
|
$
|
(3.3
|
)
|
|
$
|
(5.2
|
)
|
|
$
|
(8.5
|
)
|
(dollars in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Contingent consideration
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(5.2
|
)
|
|
$
|
(5.2
|
)
|
Interest rate derivative instruments
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
|
(1.3
|
)
|
||||
Foreign currency exchange contracts
|
—
|
|
|
(5.3
|
)
|
|
—
|
|
|
(5.3
|
)
|
||||
Total
|
$
|
—
|
|
|
$
|
(6.6
|
)
|
|
$
|
(5.2
|
)
|
|
$
|
(11.8
|
)
|
|
|
Health Advances
|
Unobservable Input
|
|
Range
|
Risk free rate
|
|
1%
|
Revenue volatility
|
|
25%
|
Projected period of payment
|
|
Approximately 3 years
|
•
|
CRS constitutes our core business and includes all phases of clinical research from Early Phase (encompassing the early stages of clinical testing that range from first-in-man through proof-of-concept studies) to Phase II-III and Phase IV, which we include in our PAREXEL Access product offering, formerly known as Peri/Post Approval Services. Our services include clinical trials management and biostatistics, data management and clinical pharmacology, as well as related medical advisory, patient recruitment, pharmacovigilance, and investigator site services. CRS also includes our clinical supply and drug logistics business. We have aggregated Early Phase and PAREXEL Access with Phase II-III due to economic similarities in these operating segments.
|
•
|
PC provides technical expertise and advice in such areas as drug development, regulatory affairs, product pricing and reimbursement, commercialization and strategic compliance. It also provides a full spectrum of market development, product development, and targeted communications services in support of product launch. Our PC consultants identify alternatives and propose solutions to address client issues associated with product development, registration and commercialization.
|
•
|
PI provides information technology solutions designed to help improve clients’ product development and regulatory submission processes. PI offers a portfolio of products and services that includes medical imaging services, ClinPhone
®
RTSM, IMPACT
®
CTMS, DataLabs
®
EDC, web-based portals, systems integration, electronic patient reported outcomes (“ePRO”) and LIQUENT InSight® RIM platform. These services are often bundled together and integrated with other applications to provide an eClinical solution for our clients. In addition, PI's portfolio of services is increasingly being embedded with that of CRS, to provide our clients with an integrated offering.
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|
|
|||||||||
|
September 30, 2016
|
|
September 30, 2015
|
|
Increase/(Decrease) $
|
|
Increase/(Decrease)%
|
|||||||
Service revenue
|
|
|
|
|
|
|
|
|||||||
CRS
|
$
|
376.3
|
|
|
$
|
410.2
|
|
|
$
|
(33.9
|
)
|
|
(8.3
|
)%
|
PC
|
55.0
|
|
|
39.3
|
|
|
15.7
|
|
|
39.9
|
%
|
|||
PI
|
65.4
|
|
|
62.6
|
|
|
2.8
|
|
|
4.5
|
%
|
|||
Total service revenue
|
$
|
496.7
|
|
|
$
|
512.1
|
|
|
$
|
(15.4
|
)
|
|
(3.0
|
)%
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|
|
|||||||||
|
September 30, 2016
|
|
September 30, 2015
|
|
Increase/(Decrease) $
|
|
Increase/(Decrease)%
|
|||||||
Direct costs
|
|
|
|
|
|
|
|
|||||||
CRS
|
$
|
262.1
|
|
|
$
|
287.5
|
|
|
$
|
(25.4
|
)
|
|
(8.8
|
)%
|
PC
|
30.4
|
|
|
20.2
|
|
|
10.2
|
|
|
50.5
|
%
|
|||
PI
|
35.2
|
|
|
35.5
|
|
|
(0.3
|
)
|
|
(0.8
|
)%
|
|||
Total direct costs
|
$
|
327.7
|
|
|
$
|
343.2
|
|
|
$
|
(15.5
|
)
|
|
(4.5
|
)%
|
Gross profit
|
|
|
|
|
|
|
|
|||||||
CRS
|
$
|
114.2
|
|
|
$
|
122.7
|
|
|
$
|
(8.5
|
)
|
|
(6.9
|
)%
|
PC
|
24.6
|
|
|
19.1
|
|
|
5.5
|
|
|
28.8
|
%
|
|||
PI
|
30.2
|
|
|
27.1
|
|
|
3.1
|
|
|
11.4
|
%
|
|||
Total gross profit
|
$
|
169.0
|
|
|
$
|
168.9
|
|
|
$
|
0.1
|
|
|
0.1
|
%
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|||||||
|
September 30, 2016
|
|
September 30, 2015
|
|
Increase/(Decrease)%
|
|||||
Selling, general and administrative
|
$
|
92.2
|
|
|
$
|
94.9
|
|
|
(2.8
|
)%
|
% of service revenues
|
18.6
|
%
|
|
18.5
|
%
|
|
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|||||||
|
September 30, 2016
|
|
September 30, 2015
|
|
Increase/(Decrease)%
|
|||||
Depreciation and amortization
|
$
|
24.8
|
|
|
$
|
23.7
|
|
|
4.6
|
%
|
% of service revenues
|
5.0
|
%
|
|
4.6
|
%
|
|
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|||||||
|
September 30, 2016
|
|
September 30, 2015
|
|
Increase/(Decrease)%
|
|||||
Restructuring (benefit) charge
|
$
|
(1.3
|
)
|
|
$
|
14.8
|
|
|
(108.8
|
)%
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|||||||
|
September 30, 2016
|
|
September 30, 2015
|
|
Increase/(Decrease)%
|
|||||
Income from operations
|
$
|
53.3
|
|
|
$
|
35.5
|
|
|
50.1
|
%
|
Operating margin
|
10.7
|
%
|
|
6.9
|
%
|
|
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|||||||
|
September 30, 2016
|
|
September 30, 2015
|
|
Increase/(Decrease)%
|
|||||
Interest expense, net
|
$
|
(2.6
|
)
|
|
$
|
(1.6
|
)
|
|
62.5
|
%
|
Miscellaneous (expense) income
|
(0.8
|
)
|
|
1.8
|
|
|
(144.4
|
)%
|
||
Other (expense) income, net
|
$
|
(3.4
|
)
|
|
$
|
0.2
|
|
|
>1000%
|
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|||||||
|
September 30, 2016
|
|
September 30, 2015
|
|
Increase/(Decrease)%
|
|||||
Provision for income taxes
|
$
|
12.1
|
|
|
$
|
10.8
|
|
|
12.0
|
%
|
Effective tax rate
|
24.2
|
%
|
|
30.3
|
%
|
|
|
(dollar amounts in millions)
|
September 30, 2016
|
|
June 30, 2016
|
||||
Billed accounts receivable, net
|
$
|
518.0
|
|
|
$
|
506.1
|
|
Unbilled accounts receivable, net
|
293.1
|
|
|
327.9
|
|
||
Total accounts receivable
|
811.1
|
|
|
834.0
|
|
||
Deferred revenue
|
449.2
|
|
|
458.5
|
|
||
Net receivables
|
$
|
361.9
|
|
|
$
|
375.5
|
|
|
|
|
|
||||
DSO (in days)
|
49
|
|
|
48
|
|
|
|
Three Months Ended
|
|
|
|||||||
|
|
September 30,
|
|
Percentage
|
|||||||
(dollar amounts in millions)
|
|
2016
|
|
2015
|
|
Change
|
|||||
Net cash provided by operating activities
|
|
$
|
65.4
|
|
|
$
|
54.2
|
|
|
20.7
|
%
|
Net cash used in investing activities
|
|
(18.5
|
)
|
|
(30.9
|
)
|
|
(40.1
|
)%
|
||
Net cash provided by (used in) financing activities
|
|
26.3
|
|
|
(66.2
|
)
|
|
139.7
|
%
|
||
Effect of exchange rate changes on cash
|
|
4.0
|
|
|
(6.6
|
)
|
|
160.6
|
%
|
||
Net increase (decrease) in cash and cash equivalents
|
|
$
|
77.2
|
|
|
$
|
(49.5
|
)
|
|
256.0
|
%
|
•
|
0.63% by quarterly term loan amortization payments to be made commencing June 30, 2016 and made on or prior to March 31, 2017;
|
•
|
1.25% by quarterly term loan amortization payments to be made on or after June 30, 2017, but on or prior to March 31, 2019;
|
•
|
1.88% by quarterly term loan amortization payments to be made on or after June 30, 2019, but on or prior to March 31, 2020;
|
•
|
2.50% by quarterly term loan amortization payments to be made on or after June 30, 2020, but prior to March 11, 2021; and
|
•
|
72.50% (or if less, the remaining principal amount of the term loan) on March 11, 2021.
|
•
|
$1.4 million made on or prior to July 1, 2015;
|
•
|
$2.8 million made on or prior to July 1, 2016; and
|
•
|
$2.8 million made on or prior to July 1, 2017.
|
(dollars in millions)
|
|
FY 2017
|
|
FY 2018
|
|
FY 2019
|
|
FY 2020
|
|
FY 2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
Debt obligations (principal)
|
|
$
|
10.5
|
|
|
$
|
22.8
|
|
|
$
|
22.5
|
|
|
$
|
32.5
|
|
|
$
|
435.0
|
|
|
$
|
—
|
|
|
$
|
523.3
|
|
|
|
|
|
|
|
|
PAREXEL International Corporation
|
|
|
|
|
|
|
|
|
Date:
|
November 14, 2016
|
|
By: /s/ Josef H. von Rickenbach
|
|
|
|
|
|
|
|
Josef H. von Rickenbach
|
|
|
|
Chairman of the Board and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
Date:
|
November 14, 2016
|
|
By: /s/ Emma Reeve
|
|
|
|
|
|
|
|
Emma Reeve
|
|
|
|
Corporate Vice President and Interim Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
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