We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
|
|
|
Massachusetts
|
|
04-2776269
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
195 West Street
Waltham, Massachusetts
|
|
02451
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
|
|
|
|
Large Accelerated Filer
|
|
ý
|
|
Accelerated Filer
|
|
¨
|
|
|
|
|
|
||
Non-accelerated Filer
|
|
¨
(Do not check if a smaller reporting company)
|
|
Smaller Reporting Company
|
|
¨
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Growth Company
|
|
¨
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets (Unaudited)
: March 31, 2017 and June 30, 2016
|
|
|
|
Condensed Consolidated Statements Of Income and Comprehensive Income (Unaudited)
: Three and Nine Months Ended March 31, 2017 and 2016
|
|
|
|
Condensed Consolidated Statements Of Cash Flows (Unaudited)
: Nine Months Ended March 31, 2017 and 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017
|
|
June 30, 2016
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
284.3
|
|
|
$
|
248.6
|
|
Billed accounts receivable, net
|
573.1
|
|
|
506.1
|
|
||
Unbilled accounts receivable, net
|
276.6
|
|
|
327.9
|
|
||
Prepaid expenses
|
23.0
|
|
|
23.3
|
|
||
Income taxes receivable
|
10.4
|
|
|
25.2
|
|
||
Other current assets
|
51.0
|
|
|
50.1
|
|
||
Total current assets
|
1,218.4
|
|
|
1,181.2
|
|
||
Property and equipment, net
|
247.4
|
|
|
259.3
|
|
||
Goodwill
|
472.6
|
|
|
389.2
|
|
||
Other intangible assets, net
|
206.9
|
|
|
130.7
|
|
||
Non-current deferred tax assets
|
25.3
|
|
|
27.1
|
|
||
Long-term income taxes receivable
|
10.2
|
|
|
10.4
|
|
||
Other assets
|
37.7
|
|
|
38.3
|
|
||
Total assets
|
$
|
2,218.5
|
|
|
$
|
2,036.2
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Notes payable and current portion of long-term debt
|
$
|
22.8
|
|
|
$
|
16.6
|
|
Accounts payable
|
61.4
|
|
|
62.6
|
|
||
Deferred revenue
|
509.1
|
|
|
420.2
|
|
||
Accrued expenses
|
39.3
|
|
|
35.0
|
|
||
Accrued restructuring charges, current portion
|
20.2
|
|
|
14.6
|
|
||
Accrued employee benefits and withholdings
|
138.5
|
|
|
176.4
|
|
||
Income taxes payable
|
5.3
|
|
|
21.6
|
|
||
Other current liabilities
|
25.1
|
|
|
22.4
|
|
||
Total current liabilities
|
821.7
|
|
|
769.4
|
|
||
Long-term debt, net of current portion
|
677.1
|
|
|
484.8
|
|
||
Non-current deferred tax liabilities
|
13.8
|
|
|
19.3
|
|
||
Long-term income tax liabilities
|
32.1
|
|
|
31.5
|
|
||
Long-term deferred revenue
|
35.9
|
|
|
38.3
|
|
||
Other liabilities
|
70.2
|
|
|
59.5
|
|
||
Total liabilities
|
1,650.8
|
|
|
1,402.8
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock
|
—
|
|
|
—
|
|
||
Common stock
|
0.5
|
|
|
0.5
|
|
||
Additional paid-in capital
|
—
|
|
|
31.4
|
|
||
Retained earnings
|
702.3
|
|
|
737.5
|
|
||
Accumulated other comprehensive loss
|
(135.1
|
)
|
|
(136.0
|
)
|
||
Total stockholders’ equity
|
567.7
|
|
|
633.4
|
|
||
Total liabilities and stockholders’ equity
|
$
|
2,218.5
|
|
|
$
|
2,036.2
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
March 31, 2017
|
|
March 31, 2016
|
||||||||
Service revenue
|
$
|
529.3
|
|
|
$
|
527.1
|
|
|
$
|
1,560.4
|
|
|
$
|
1,557.7
|
|
Reimbursement revenue
|
75.9
|
|
|
84.3
|
|
|
233.5
|
|
|
243.1
|
|
||||
Total revenue
|
605.2
|
|
|
611.4
|
|
|
1,793.9
|
|
|
1,800.8
|
|
||||
Direct costs
|
349.6
|
|
|
337.8
|
|
|
1,028.2
|
|
|
1,013.5
|
|
||||
Reimbursable out-of-pocket expenses
|
75.9
|
|
|
84.3
|
|
|
233.5
|
|
|
243.1
|
|
||||
Selling, general and administrative
|
100.8
|
|
|
97.1
|
|
|
288.6
|
|
|
289.4
|
|
||||
Depreciation
|
20.1
|
|
|
18.4
|
|
|
58.5
|
|
|
54.3
|
|
||||
Amortization
|
7.3
|
|
|
5.9
|
|
|
20.0
|
|
|
17.3
|
|
||||
Restructuring charge (benefit)
|
21.6
|
|
|
(1.8
|
)
|
|
21.9
|
|
|
23.4
|
|
||||
Total costs and expenses
|
575.3
|
|
|
541.7
|
|
|
1,650.7
|
|
|
1,641.0
|
|
||||
Income from operations
|
29.9
|
|
|
69.7
|
|
|
143.2
|
|
|
159.8
|
|
||||
Interest expense, net
|
(3.1
|
)
|
|
(2.3
|
)
|
|
(8.5
|
)
|
|
(6.0
|
)
|
||||
Miscellaneous (expense) income, net
|
(2.2
|
)
|
|
(0.3
|
)
|
|
(20.7
|
)
|
|
1.4
|
|
||||
Total other expense
|
(5.3
|
)
|
|
(2.6
|
)
|
|
(29.2
|
)
|
|
(4.6
|
)
|
||||
Income before income taxes
|
24.6
|
|
|
67.1
|
|
|
114.0
|
|
|
155.2
|
|
||||
Provision for income taxes
|
6.8
|
|
|
19.2
|
|
|
36.6
|
|
|
43.0
|
|
||||
Net income
|
$
|
17.8
|
|
|
$
|
47.9
|
|
|
$
|
77.4
|
|
|
$
|
112.2
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.35
|
|
|
$
|
0.91
|
|
|
$
|
1.49
|
|
|
$
|
2.09
|
|
Diluted
|
$
|
0.35
|
|
|
$
|
0.89
|
|
|
$
|
1.47
|
|
|
$
|
2.06
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
||||||||
Basic
|
50.5
|
|
|
52.9
|
|
|
51.8
|
|
|
53.7
|
|
||||
Diluted
|
51.2
|
|
|
53.6
|
|
|
52.6
|
|
|
54.5
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
17.8
|
|
|
$
|
47.9
|
|
|
$
|
77.4
|
|
|
$
|
112.2
|
|
Unrealized gain (loss) on derivative instruments, net of taxes
|
5.5
|
|
|
1.4
|
|
|
6.6
|
|
|
(0.8
|
)
|
||||
Foreign currency translation adjustment
|
16.5
|
|
|
8.4
|
|
|
(5.7
|
)
|
|
(18.8
|
)
|
||||
Total comprehensive income
|
$
|
39.8
|
|
|
$
|
57.7
|
|
|
$
|
78.3
|
|
|
$
|
92.6
|
|
|
Nine Months Ended
|
||||||
|
March 31, 2017
|
|
March 31, 2016
|
||||
Cash flow from operating activities:
|
|
|
|
||||
Net income
|
$
|
77.4
|
|
|
$
|
112.2
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
78.5
|
|
|
71.6
|
|
||
Stock-based compensation
|
16.3
|
|
|
15.2
|
|
||
Excess tax benefit from stock-based compensation
|
—
|
|
|
(3.5
|
)
|
||
Forward contract loss on accelerated share repurchase
|
20.7
|
|
|
—
|
|
||
Impairment on internal use software
|
5.6
|
|
|
—
|
|
||
Deferred income taxes
|
(3.2
|
)
|
|
20.9
|
|
||
Fair value adjustment of contingent consideration
|
(0.8
|
)
|
|
8.2
|
|
||
Other non-cash items
|
0.1
|
|
|
(0.1
|
)
|
||
Changes in operating assets and liabilities, net of effects from acquisitions
|
66.9
|
|
|
(94.4
|
)
|
||
Net cash provided by operating activities
|
261.5
|
|
|
130.1
|
|
||
Cash flow from investing activities:
|
|
|
|
||||
Acquisition of businesses, net of cash acquired
|
(184.6
|
)
|
|
(67.3
|
)
|
||
Purchases of property and equipment
|
(56.7
|
)
|
|
(76.8
|
)
|
||
Net cash used in investing activities
|
(241.3
|
)
|
|
(144.1
|
)
|
||
Cash flow from financing activities:
|
|
|
|
||||
Proceeds from issuance of common stock, net
|
19.0
|
|
|
13.1
|
|
||
Excess tax benefit from stock-based compensation
|
—
|
|
|
3.5
|
|
||
Contingent consideration payment
|
—
|
|
|
(9.9
|
)
|
||
Payments for accelerated share repurchase
|
(200.0
|
)
|
|
(200.0
|
)
|
||
Borrowings under credit agreement/facility
|
470.0
|
|
|
1,150.0
|
|
||
Repayments under credit agreement/facility and other debt
|
(271.6
|
)
|
|
(936.4
|
)
|
||
Payments for debt issuance costs
|
—
|
|
|
(1.0
|
)
|
||
Net cash provided by financing activities
|
17.4
|
|
|
19.3
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(1.9
|
)
|
|
(3.0
|
)
|
||
Net increase in cash and cash equivalents
|
35.7
|
|
|
2.3
|
|
||
Cash and cash equivalents at beginning of period
|
248.6
|
|
|
207.4
|
|
||
Cash and cash equivalents at end of period
|
$
|
284.3
|
|
|
$
|
209.7
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information
|
|
|
|
||||
Non-cash capital expenditures
|
$
|
2.2
|
|
|
$
|
3.9
|
|
Cash paid during the period for:
|
|
|
|
||||
Interest
|
$
|
16.1
|
|
|
$
|
9.8
|
|
Income taxes, net of refunds
|
$
|
34.3
|
|
|
$
|
12.9
|
|
Total consideration transferred:
|
|
|
||
Cash paid, net of cash acquired
|
|
$
|
36.3
|
|
Fair value of contingent consideration
|
|
2.1
|
|
|
Net purchase price
|
|
$
|
38.4
|
|
Preliminary allocation of consideration transferred:
|
|
|
||
Accounts receivable
|
|
$
|
4.7
|
|
Other current assets
|
|
0.1
|
|
|
Property and equipment, net
|
|
0.3
|
|
|
Definite-lived intangible assets
|
|
10.2
|
|
|
Goodwill
|
|
25.8
|
|
|
Total assets acquired
|
|
41.1
|
|
|
Current liabilities
|
|
2.7
|
|
|
Total liabilities assumed
|
|
2.7
|
|
|
Net assets acquired:
|
|
$
|
38.4
|
|
|
|
Amount
|
|
Estimated Useful Life (Years)
|
||
Customer relationships
|
|
$
|
7.5
|
|
|
10
|
Trade name
|
|
0.7
|
|
|
3
|
|
Backlog
|
|
2.0
|
|
|
1
|
|
Total
|
|
$
|
10.2
|
|
|
|
Total consideration transferred:
|
|
|
||
Cash paid, net of cash acquired
|
|
$
|
148.5
|
|
Fair value of contingent consideration
|
|
9.4
|
|
|
Deferred payment
|
|
9.3
|
|
|
Net purchase price
|
|
$
|
167.2
|
|
Preliminary allocation of consideration transferred:
|
|
|
||
Accounts receivable
|
|
$
|
29.2
|
|
Other current assets
|
|
0.1
|
|
|
Property and equipment, net
|
|
0.9
|
|
|
Definite-lived intangible assets
|
|
87.1
|
|
|
Goodwill
|
|
58.6
|
|
|
Total assets acquired
|
|
175.9
|
|
|
Current liabilities
|
|
8.7
|
|
|
Total liabilities assumed
|
|
8.7
|
|
|
Net assets acquired:
|
|
$
|
167.2
|
|
|
|
Amount
|
|
Estimated Useful Life (Years)
|
||
Customer relationships
|
|
$
|
85.5
|
|
|
15
|
Trade name
|
|
1.6
|
|
|
2
|
|
Total
|
|
$
|
87.1
|
|
|
|
Total consideration transferred:
|
|
|
||
Cash paid, net of cash acquired
|
|
$
|
67.1
|
|
Fair value of contingent consideration
|
|
4.5
|
|
|
Net purchase price
|
|
$
|
71.6
|
|
Preliminary allocation of consideration transferred:
|
|
|
||
Accounts receivable
|
|
$
|
4.0
|
|
Other current assets
|
|
0.7
|
|
|
Property and equipment, net
|
|
1.0
|
|
|
Deferred tax assets
|
|
0.2
|
|
|
Definite-lived intangible assets
|
|
15.0
|
|
|
Goodwill
|
|
52.5
|
|
|
Total assets acquired
|
|
73.4
|
|
|
Current liabilities
|
|
1.8
|
|
|
Total liabilities assumed
|
|
1.8
|
|
|
Net assets acquired:
|
|
$
|
71.6
|
|
|
|
Amount
|
|
Estimated Useful Life (Years)
|
||
Customer relationships
|
|
$
|
11.6
|
|
|
10
|
Technology
|
|
1.8
|
|
|
3
|
|
Trade name
|
|
1.6
|
|
|
5
|
|
Total
|
|
$
|
15.0
|
|
|
|
(in millions, except per share data)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
March 31, 2017
|
|
March 31, 2016
|
||||||||
Net income attributable to common stock
|
$
|
17.8
|
|
|
$
|
47.9
|
|
|
$
|
77.4
|
|
|
$
|
112.2
|
|
Weighted average number of shares outstanding, used in computing basic earnings per share
|
50.5
|
|
|
52.9
|
|
|
51.8
|
|
|
53.7
|
|
||||
Dilutive common stock equivalents
|
0.7
|
|
|
0.7
|
|
|
0.8
|
|
|
0.8
|
|
||||
Weighted average number of shares outstanding used in computing diluted earnings per share
|
51.2
|
|
|
53.6
|
|
|
52.6
|
|
|
54.5
|
|
||||
Basic earnings per share
|
$
|
0.35
|
|
|
$
|
0.91
|
|
|
$
|
1.49
|
|
|
$
|
2.09
|
|
Diluted earnings per share
|
$
|
0.35
|
|
|
$
|
0.89
|
|
|
$
|
1.47
|
|
|
$
|
2.06
|
|
Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share)
|
0.7
|
|
|
1.7
|
|
|
0.7
|
|
|
1.3
|
|
(in millions)
|
|
Foreign Currency
|
|
Unrealized Gain/Loss on Derivatives
|
|
Total
|
||||||
Balance as of June 30, 2016
|
|
$
|
(130.5
|
)
|
|
$
|
(5.5
|
)
|
|
$
|
(136.0
|
)
|
Other comprehensive loss before reclassifications
|
|
(5.7
|
)
|
|
12.6
|
|
|
6.9
|
|
|||
Loss reclassified from accumulated other comprehensive income
|
|
—
|
|
|
(6.0
|
)
|
|
(6.0
|
)
|
|||
Net current-period other comprehensive (loss) gain
|
|
$
|
(5.7
|
)
|
|
$
|
6.6
|
|
|
$
|
0.9
|
|
Balance as of March 31, 2017
|
|
$
|
(136.2
|
)
|
|
$
|
1.1
|
|
|
$
|
(135.1
|
)
|
|
|
Three Months Ended
|
|
Affected Line in the Consolidated Statements of Income
|
||||||
(in millions)
|
|
March 31, 2017
|
|
March 31, 2016
|
|
|||||
Interest rate contracts
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
Interest expense, net
|
Foreign exchange contracts
|
|
(1.4
|
)
|
|
(1.2
|
)
|
|
Service Revenue
|
||
Foreign exchange contracts
|
|
(0.2
|
)
|
|
(0.7
|
)
|
|
Direct Costs
|
||
Total
|
|
$
|
(1.7
|
)
|
|
$
|
(2.0
|
)
|
|
|
|
|
Nine Months Ended
|
|
Affected Line in the Consolidated Statements of Income
|
||||||
(in millions)
|
|
March 31, 2017
|
|
March 31, 2016
|
|
|||||
Interest rate contracts
|
|
$
|
(0.3
|
)
|
|
$
|
(0.4
|
)
|
|
Interest expense, net
|
Foreign exchange contracts
|
|
(6.2
|
)
|
|
(1.6
|
)
|
|
Service Revenue
|
||
Foreign exchange contracts
|
|
(1.1
|
)
|
|
(5.3
|
)
|
|
Direct Costs
|
||
Total
|
|
$
|
(7.6
|
)
|
|
$
|
(7.3
|
)
|
|
|
(in millions)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
March 31, 2017
|
|
March 31, 2016
|
||||||||
Direct costs
|
$
|
1.4
|
|
|
$
|
1.3
|
|
|
$
|
3.5
|
|
|
$
|
3.5
|
|
Selling, general and administrative
|
4.5
|
|
|
4.0
|
|
|
12.8
|
|
|
11.7
|
|
||||
Total stock-based compensation
|
$
|
5.9
|
|
|
$
|
5.3
|
|
|
$
|
16.3
|
|
|
$
|
15.2
|
|
|
|
Balance at
|
|
Charges/(Benefits)
|
|
Payments/Foreign
Currency Exchange/Other |
|
Balance at
|
||||||||
|
|
June 30, 2016
|
|
|
|
March 31, 2017
|
||||||||||
2017 Restructuring Program
|
|
|
|
|
|
|
|
|
||||||||
Employee severance
|
|
$
|
—
|
|
|
$
|
21.8
|
|
|
$
|
(4.6
|
)
|
|
$
|
17.2
|
|
2015 Margin Acceleration Program
|
|
|
|
|
|
|
|
|
||||||||
Employee severance
|
|
10.5
|
|
|
(1.0
|
)
|
|
(8.3
|
)
|
|
$
|
1.2
|
|
|||
Facilities-related
|
|
7.1
|
|
|
1.1
|
|
|
(4.4
|
)
|
|
$
|
3.8
|
|
|||
Pre-Fiscal Year 2012 Restructuring Plans
|
|
|
|
|
|
|
|
|
||||||||
Facilities-related
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Total
|
|
$
|
17.7
|
|
|
$
|
21.9
|
|
|
$
|
(17.3
|
)
|
|
$
|
22.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
||||||
(dollars in millions)
|
|
March 31, 2017
|
|
March 31, 2016
|
||||
CRS
|
|
$
|
14.2
|
|
|
$
|
10.0
|
|
PC
|
|
(0.4
|
)
|
|
2.0
|
|
||
PI
|
|
5.3
|
|
|
7.3
|
|
||
Segment Total
|
|
19.1
|
|
|
19.3
|
|
||
Corporate restructuring charges
|
|
2.8
|
|
|
4.1
|
|
||
Total restructuring charges
|
|
$
|
21.9
|
|
|
$
|
23.4
|
|
(in millions)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
March 31, 2017
|
|
March 31, 2016
|
||||||||
Service revenue
|
|
|
|
|
|
|
|
||||||||
CRS
|
$
|
409.1
|
|
|
$
|
402.8
|
|
|
$
|
1,194.3
|
|
|
$
|
1,220.1
|
|
PC
|
50.7
|
|
|
49.9
|
|
|
160.3
|
|
|
130.6
|
|
||||
PI
|
69.5
|
|
|
74.4
|
|
|
205.8
|
|
|
207.0
|
|
||||
Total service revenue
|
$
|
529.3
|
|
|
$
|
527.1
|
|
|
$
|
1,560.4
|
|
|
$
|
1,557.7
|
|
Direct costs
|
|
|
|
|
|
|
|
||||||||
CRS
|
$
|
284.1
|
|
|
$
|
271.1
|
|
|
$
|
830.7
|
|
|
$
|
833.0
|
|
PC
|
29.9
|
|
|
28.2
|
|
|
91.2
|
|
|
69.2
|
|
||||
PI
|
35.6
|
|
|
38.5
|
|
|
106.3
|
|
|
111.3
|
|
||||
Total direct costs
|
$
|
349.6
|
|
|
$
|
337.8
|
|
|
$
|
1,028.2
|
|
|
$
|
1,013.5
|
|
Gross profit
|
|
|
|
|
|
|
|
||||||||
CRS
|
$
|
125.0
|
|
|
$
|
131.7
|
|
|
$
|
363.6
|
|
|
$
|
387.1
|
|
PC
|
20.8
|
|
|
21.7
|
|
|
69.1
|
|
|
61.4
|
|
||||
PI
|
33.9
|
|
|
35.9
|
|
|
99.5
|
|
|
95.7
|
|
||||
Total gross profit
|
$
|
179.7
|
|
|
$
|
189.3
|
|
|
$
|
532.2
|
|
|
$
|
544.2
|
|
•
|
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
|
•
|
$2.9 million
paid on or prior to July 1, 2017.
|
(in millions)
|
|
FY 2017
|
|
FY 2018
|
|
FY 2019
|
|
FY 2020
|
|
FY 2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
Debt obligations (principal)
|
|
$
|
5.0
|
|
|
$
|
22.8
|
|
|
$
|
22.5
|
|
|
$
|
32.5
|
|
|
$
|
620.0
|
|
|
$
|
—
|
|
|
$
|
702.8
|
|
•
|
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 intercompany and significant external transactions. This program also is intended to reduce the impact of foreign exchange rate risk on our direct costs and our service revenues. 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.
|
(in millions)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
March 31, 2017
|
|
March 31, 2016
|
||||||||
Derivatives not designated as hedging instruments under ASC 815
|
|
|
|||||||||||||
Foreign exchange contracts
|
$
|
(1.0
|
)
|
|
$
|
1.6
|
|
|
$
|
(1.2
|
)
|
|
$
|
0.9
|
|
Total non-designated derivative unrealized gain/(loss), net
|
$
|
(1.0
|
)
|
|
$
|
1.6
|
|
|
$
|
(1.2
|
)
|
|
$
|
0.9
|
|
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Contingent consideration
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(15.9
|
)
|
|
$
|
(15.9
|
)
|
Interest rate derivative instruments
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
||||
Foreign currency exchange contracts
|
—
|
|
|
0.8
|
|
|
—
|
|
|
0.8
|
|
||||
Total
|
$
|
—
|
|
|
$
|
1.7
|
|
|
$
|
(15.9
|
)
|
|
$
|
(14.2
|
)
|
(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
|
)
|
|
Forward Share
|
Unobservable Input
|
Repurchase Contract
|
Risk free rate
|
0.5%
|
Share price volatility
|
37.5%
|
Contract term
|
0.2 years
|
(in millions)
|
|
|
|
|
||
Balance at June 30, 2016
|
|
|
|
—
|
|
|
Additions of forward share repurchase contract
|
|
|
|
40.0
|
|
|
Change in fair value of forward share repurchase contract
|
|
|
|
(20.7
|
)
|
|
Reclass of forward accelerated share repurchase contract to equity
|
|
|
|
(19.3
|
)
|
|
Balance at March 31, 2017
|
|
|
|
$
|
—
|
|
Unobservable Input
|
|
Health Advances
|
|
ExecuPharm
|
|
TMAC
|
Risk free rate
|
|
1.3%
|
|
0.7%
|
|
1.5%
|
Revenue volatility
|
|
26%
|
|
29%
|
|
25%
|
Projected period of payment
|
|
Approximately 2 years
|
|
15 months
|
|
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. 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
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
||||||||||
Service revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CRS
|
$
|
409.1
|
|
|
$
|
402.8
|
|
|
1.6
|
%
|
|
$
|
1,194.3
|
|
|
$
|
1,220.1
|
|
|
(2.1
|
)%
|
PC
|
50.7
|
|
|
49.9
|
|
|
1.6
|
%
|
|
160.3
|
|
|
130.6
|
|
|
22.7
|
%
|
||||
PI
|
69.5
|
|
|
74.4
|
|
|
(6.6
|
)%
|
|
205.8
|
|
|
207.0
|
|
|
(0.6
|
)%
|
||||
Total service revenue
|
$
|
529.3
|
|
|
$
|
527.1
|
|
|
0.4
|
%
|
|
$
|
1,560.4
|
|
|
$
|
1,557.7
|
|
|
0.2
|
%
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
||||||||||
Direct costs
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CRS
|
$
|
284.1
|
|
|
$
|
271.1
|
|
|
4.8
|
%
|
|
$
|
830.7
|
|
|
$
|
833.0
|
|
|
(0.3
|
)%
|
PC
|
29.9
|
|
|
28.2
|
|
|
6.0
|
%
|
|
91.2
|
|
|
69.2
|
|
|
31.8
|
%
|
||||
PI
|
35.6
|
|
|
38.5
|
|
|
(7.5
|
)%
|
|
106.3
|
|
|
111.3
|
|
|
(4.5
|
)%
|
||||
Total direct costs
|
$
|
349.6
|
|
|
$
|
337.8
|
|
|
3.5
|
%
|
|
$
|
1,028.2
|
|
|
$
|
1,013.5
|
|
|
1.5
|
%
|
Gross profit
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CRS
|
$
|
125.0
|
|
|
$
|
131.7
|
|
|
(5.1
|
)%
|
|
$
|
363.6
|
|
|
$
|
387.1
|
|
|
(6.1
|
)%
|
PC
|
20.8
|
|
|
21.7
|
|
|
(4.1
|
)%
|
|
69.1
|
|
|
61.4
|
|
|
12.5
|
%
|
||||
PI
|
33.9
|
|
|
35.9
|
|
|
(5.6
|
)%
|
|
99.5
|
|
|
95.7
|
|
|
4.0
|
%
|
||||
Total gross profit
|
$
|
179.7
|
|
|
$
|
189.3
|
|
|
(5.1
|
)%
|
|
$
|
532.2
|
|
|
$
|
544.2
|
|
|
(2.2
|
)%
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
||||||||||
Selling, general and administrative
|
$
|
100.8
|
|
|
$
|
97.1
|
|
|
3.8
|
%
|
|
$
|
288.6
|
|
|
$
|
289.4
|
|
|
(0.3
|
)%
|
% of service revenues
|
19.0
|
%
|
|
18.4
|
%
|
|
|
|
18.5
|
%
|
|
18.6
|
%
|
|
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
||||||||||
Depreciation and amortization
|
$
|
27.4
|
|
|
$
|
24.3
|
|
|
12.8
|
%
|
|
$
|
78.5
|
|
|
$
|
71.6
|
|
|
9.6
|
%
|
% of service revenues
|
5.2
|
%
|
|
4.6
|
%
|
|
|
|
5.0
|
%
|
|
4.6
|
%
|
|
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
|||||||||
Restructuring charge
|
$
|
21.6
|
|
|
$
|
(1.8
|
)
|
|
>(1,000)%
|
|
$
|
21.9
|
|
|
$
|
23.4
|
|
|
(6.4
|
)%
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
||||||||||
Income from operations
|
$
|
29.9
|
|
|
$
|
69.7
|
|
|
(57.1
|
)%
|
|
$
|
143.2
|
|
|
$
|
159.8
|
|
|
(10.4
|
)%
|
Operating margin
|
5.6
|
%
|
|
13.2
|
%
|
|
|
|
9.2
|
%
|
|
10.3
|
%
|
|
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
||||||||||
Interest expense, net
|
$
|
(3.1
|
)
|
|
$
|
(2.3
|
)
|
|
34.8
|
%
|
|
$
|
(8.5
|
)
|
|
$
|
(6.0
|
)
|
|
41.7
|
%
|
Miscellaneous (expense) income
|
(2.2
|
)
|
|
(0.3
|
)
|
|
>1000%
|
|
|
(20.7
|
)
|
|
1.4
|
|
|
>1000%
|
|
||||
Other expense, net
|
$
|
(5.3
|
)
|
|
$
|
(2.6
|
)
|
|
103.8
|
%
|
|
$
|
(29.2
|
)
|
|
$
|
(4.6
|
)
|
|
534.8
|
%
|
(dollar amounts in millions)
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
|
March 31, 2017
|
|
March 31, 2016
|
|
Increase/(Decrease)%
|
||||||||||
Provision for income taxes
|
$
|
6.8
|
|
|
$
|
19.2
|
|
|
(64.6
|
)%
|
|
$
|
36.6
|
|
|
$
|
43.0
|
|
|
(14.9
|
)%
|
Effective tax rate
|
27.6
|
%
|
|
28.6
|
%
|
|
|
|
32.1
|
%
|
|
27.7
|
%
|
|
|
(in millions)
|
March 31, 2017
|
|
June 30, 2016
|
||||
Billed accounts receivable, net
|
$
|
573.1
|
|
|
$
|
506.1
|
|
Unbilled accounts receivable, net
|
276.6
|
|
|
327.9
|
|
||
Total accounts receivable, net
|
849.7
|
|
|
834.0
|
|
||
Deferred revenue
|
545.0
|
|
|
458.5
|
|
||
Net receivables
|
$
|
304.7
|
|
|
$
|
375.5
|
|
|
|
|
|
||||
DSO (in days)
|
39
|
|
|
48
|
|
|
|
Nine Months Ended
|
|
|
|||||||
|
|
March 31,
|
|
Percentage
|
|||||||
(dollar amounts in millions)
|
|
2017
|
|
2016
|
|
Change
|
|||||
Net cash provided by operating activities
|
|
$
|
261.5
|
|
|
$
|
130.1
|
|
|
101.0
|
%
|
Net cash (used in) provided by investing activities
|
|
(241.3
|
)
|
|
(144.1
|
)
|
|
67.5
|
%
|
||
Net cash provided by (used in) financing activities
|
|
17.4
|
|
|
19.3
|
|
|
(9.8
|
)%
|
||
Effect of exchange rate changes on cash
|
|
(1.9
|
)
|
|
(3.0
|
)
|
|
(36.7
|
)%
|
||
Net increase (decrease) in cash and cash equivalents
|
|
$
|
35.7
|
|
|
$
|
2.3
|
|
|
1,452.2
|
%
|
•
|
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
|
•
|
$2.9 million
paid on or prior to July 1, 2017.
|
(in millions)
|
|
FY 2017
|
|
FY 2018
|
|
FY 2019
|
|
FY 2020
|
|
FY 2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
Debt obligations (principal)
|
|
$
|
5.0
|
|
|
$
|
22.8
|
|
|
$
|
22.5
|
|
|
$
|
32.5
|
|
|
$
|
620.0
|
|
|
$
|
—
|
|
|
$
|
702.8
|
|
|
|
|
|
|
|
|
PAREXEL International Corporation
|
|
|
|
|
|
|
|
|
Date:
|
May 8, 2017
|
|
By: /s/ Josef H. von Rickenbach
|
|
|
|
|
|
|
|
Josef H. von Rickenbach
|
|
|
|
Chairman of the Board and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
Date:
|
May 8, 2017
|
|
By: /s/ Emma Reeve
|
|
|
|
|
|
|
|
Emma Reeve
|
|
|
|
Corporate Vice President and Interim Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
1 Year Parexel Chart |
1 Month Parexel Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions