BOSTON, Jan. 28, 2015
/PRNewswire/ --
- Gross new business wins of $964.4
million, up 15.3% year-over-year; net book-to-bill ratio of
1.54; backlog at $5.1 billion
- 2.5% growth in consolidated service revenue to $499.3 million; 4.0% constant currency revenue
growth
- Gross margin improvements in all three business segments
year-over-year
- GAAP and adjusted operating margin of 10.6%
- GAAP diluted earnings per share of $0.70 grew 42.9%; adjusted diluted earnings per
share of $0.69 grew 35.3%
PAREXEL International Corporation (NASDAQ: PRXL) today reported
financial results for the second quarter of Fiscal Year 2015, which
ended on December 31, 2014.
In commenting on the results of the quarter, Mr. Josef H. von Rickenbach, PAREXEL's Chairman and
Chief Executive Officer, stated, "In the second quarter, we
continued to make progress toward achieving our operational and
financial goals. Despite headwinds to revenue from foreign
currency exchange rate movements, we expanded our operating margin,
achieved robust growth in earnings per share, and generated solid
cash flow from operations. We also delivered a quarter of
healthy new business wins, which were broad-based across our
businesses and client segments. The quarter's strong new
business wins, from such a diverse client base, is evidence of the
wide appeal of our portfolio of products and services."
Mr. von Rickenbach continued, "As
we look out to Calendar Year 2015, we anticipate accelerating
revenue growth. In order to support this growth, we need to
hire somewhat ahead of the expected revenue curve. The
current mix of business in our backlog has resulted in a continued
disproportionate number of projects in the start-up stages.
In combination with the adverse impact of recent foreign exchange
movements on revenue, we expect these dynamics to have a dampening
effect on our revenue projections in the short term, but then lead
to rapid expansion as the backlog matures. All of this has
been factored into our forward-looking guidance. We believe
that our strategy and position in the industry are sound, and that
attractive opportunities continue to exist in the marketplace."
Second Quarter Fiscal Year 2015 Results
For the three months ended December 31,
2014 PAREXEL's consolidated service revenue increased by
2.5% to $499.3 million compared with
$487.1 million in the prior year
period. Revenue grew 4.0% on a constant currency basis,
excluding the negative impact of foreign currency exchange rate
movements of $7.4 million.
Operating income as reported under Generally Accepted Accounting
Principles (GAAP) totaled $52.8
million, or 10.6% of service revenue, in the second quarter
of Fiscal Year 2015, as compared with $46.7
million, or 9.6% of service revenue, in the comparable
quarter of the prior year. GAAP net income for the quarter
totaled $38.8 million, or
$0.70 per diluted share, compared
with GAAP net income of $28.3
million, or $0.49 per diluted
share for the quarter ended December
31, 2013. GAAP diluted earnings per share grew 42.9%
year-over-year.
The shift in the geographic mix of expected pre-tax income
during the second quarter allowed the Company to record a tax rate
that was lower than expected. The Company has moved into the
execution phase of its new tax strategy.
The financial results of the December quarter in the current and
prior year period each included items outside of the Company's
normal operations, as detailed in the financial charts within this
press release. Adjusted operating income in the second
quarter of Fiscal Year 2015 was $53.0
million, or 10.6% of service revenue. Adjusted
operating income in the second quarter of Fiscal Year 2014 was
$47.7 million, or 9.8% of service
revenue. Adjusted net income was $38.4
million, or $0.69 per diluted
share in the quarter ended December 31,
2014, and was $29.1 million,
or $0.51 per diluted share in the
quarter ended December 31,
2013. Adjusted diluted earnings per share grew 35.3%
year-over-year.
On a segment basis, service revenue for the second quarter of
Fiscal Year 2015 was $377.4 million
in Clinical Research Services (CRS), $56.0
million in PAREXEL Consulting (PC), and $65.8 million in PAREXEL Informatics
(PI).
Six Month Fiscal Year 2015 Results
For the six months ended December 31,
2014, consolidated service revenue was $991.0 million versus $936.4 million in the prior year period, an
increase of 5.8%. GAAP operating income for the current
six-month period was $106.4 million,
or 10.7% of service revenue, compared with GAAP operating income of
$88.5 million, or 9.5% of service
revenue in the prior year period. GAAP net income for the six
months ended December 31, 2014 was
$75.9 million, or $1.36 per diluted share, compared with GAAP net
income of $54.3 million, or
$0.95 per diluted share, in the prior
year period.
Excluding the impact of special items in both six month periods,
as detailed in the attached financial charts, adjusted operating
income was $105.8 million or 10.7% of
consolidated service revenue for the six months ended on
December 31, 2014, compared with
$89.7 million or 9.6% of consolidated
service revenue for the six months ended on December 31, 2013. Adjusted net income for
the six months ended December 31,
2014 was $74.7 million, or
$1.34 per diluted share, compared
with $55.0 million or $0.96 per diluted share in the comparable prior
year six month period.
New Business and Backlog
Backlog at the end of December 2014
was $5.1 billion, an increase of 6.0%
year-over-year. The reported backlog included gross new
business wins in the second quarter of $964.4 million, cancellations of $197.2 million, and a negative impact from
foreign currency exchange rates of $47.2
million. The net book-to-bill ratio was 1.54 in the quarter,
and the trailing twelve month book-to-bill ratio was 1.19.
Forward-looking Guidance
The Company issued forward-looking guidance for the third quarter
(ending March 31, 2015) and for
Fiscal Year 2015 in its entirety as detailed in the chart
below. The guidance takes into account a number of factors,
including the results of the second quarter, recent foreign
currency exchange rates, tax rates, and the Company's updated
overall outlook.
|
Guidance Issued
1/28/15
|
Guidance Issued
10/29/14
|
Q3 FY 2015
Revenue
|
$507 - $521
million
|
N/A
|
Q3 FY 2015 GAAP
EPS
|
$0.62 -
$0.68
|
N/A
|
|
|
|
FY 2015
Revenue
|
$2.040 - $2.070
billion
|
$2.070 - $2.110
billion
|
FY 2015 GAAP
EPS
|
$2.68 -
$2.86
|
$2.58 -
$2.77
|
FY 2015 Non-GAAP
EPS
|
$2.65 -
$2.83
|
$2.56 -
$2.75
|
Additional Information
In addition to the financial measures prepared in accordance with
GAAP, the Company uses certain non-GAAP financial measures.
The Company believes that presenting the non-GAAP financial
measures contained in this press release assists investors and
others in gaining a better understanding of its core operating
results and future prospects, especially when comparing such
results to previous periods or forecasted guidance, because such
measures exclude items that are outside of the Company's normal
operations and/or, in certain cases, are difficult to forecast
accurately for future periods. Management uses non-GAAP
financial measures, in addition to the measures prepared in
accordance with GAAP, as the basis for measuring the Company's core
operating performance and comparing such performance to that of
prior periods and to the performance of its competitors for the
same reasons stated above. Such measures are also used by
management in its financial and operating decision-making.
Non-GAAP financial measures should not be considered superior to or
a substitute for the Company's results of operations prepared in
accordance with GAAP.
A conference call to discuss PAREXEL's Second Quarter Fiscal
Year 2015 earnings, business, and financial outlook will begin at
10:00 a.m. ET on Thursday, January 29, 2015 and will be broadcast
live over the internet via webcast. The webcast may be
accessed in the "IR Calendar" portion of the main page of the
Investors section of the Company's website at
www.PAREXEL.com. Users should follow the instructions
provided to assure that the necessary audio applications are
downloaded and installed. A replay of this webcast will be
archived on the website approximately two hours after the call and
will continue to be accessible for approximately one year following
the live event. To participate via telephone, dial +1 (408)
940-3886 and ask to join the PAREXEL International Second Quarter
Fiscal Year 2015 earnings conference call.
A presentation of Second Quarter Fiscal Year 2015 results, as
well as certain trended financial information, may be found in the
Investors section of the Company's website under the "Financial
Information" section.
About PAREXEL International
PAREXEL International Corporation is a leading global
biopharmaceutical services organization, providing a broad range of
expertise-based contract research, consulting, medical
communications, and technology solutions and services to the
worldwide pharmaceutical, biotechnology and medical device
industries. Committed to providing solutions that expedite
time-to-market and peak-market penetration, PAREXEL has developed
significant expertise across the development and commercialization
continuum, from drug development and regulatory consulting to
clinical pharmacology, clinical trials management, medical
education and reimbursement. PAREXEL Informatics, Inc. provides
advanced technology solutions, including medical imaging, to
facilitate the clinical development process. Headquartered near
Boston, Massachusetts, PAREXEL
operates in 81 locations in 51 countries around the world, and has
approximately 16,530 employees. For more information about
PAREXEL International visit www.PAREXEL.com.
PAREXEL and PAREXEL Informatics are trademarks or registered
trademarks of PAREXEL International Corporation or its
affiliates.
This release contains "forward-looking" statements regarding
future results and events, including, without limitation,
statements regarding expected financial results, future growth and
customer demand. For this purpose, any statements
contained herein that are not statements of historical fact may be
deemed forward-looking statements. Without limiting the
foregoing, the words "believes," "anticipates," "plans," "expects,"
"intends," "appears," "estimates," "projects," "will," "would,"
"could," "should," "targets," and similar expressions are
also intended to identify forward-looking statements. The
forward-looking statements in this release involve a number of
risks and uncertainties. The Company's actual future results
may differ materially from the results discussed in the
forward-looking statements contained in this release.
Important factors that might cause such a difference include, but
are not limited to, risks associated with: actual operating
performance; actual expense savings and other operating
improvements resulting from restructurings; the loss, modification,
or delay of contracts which would, among other things, adversely
impact the Company's recognition of revenue included in backlog;
the Company's dependence on certain industries and clients; the
Company's ability to win new business, manage growth and costs, and
attract and retain employees; the Company's ability to complete
additional acquisitions, and to integrate newly acquired businesses
including the acquisition of ClinIntel Limited, or enter into new
lines of business; the impact on the Company's business of
government regulation of the drug, medical device and
biotechnology industry; consolidation within the pharmaceutical
industry and competition within the biopharmaceutical services
industry; the potential for significant liability to clients and
third parties; the potential adverse impact of health care reform;
and the effects of foreign currency exchange rate fluctuations and
other international economic, political, and other
risks. Such factors and others are discussed more fully
in the section entitled "Risk Factors" of the Company's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2014 as filed with the Securities
and Exchange Commission on November 3,
2014, which "Risk Factors" discussion is incorporated by
reference in this press release. The Company specifically
disclaims any obligation to update these forward-looking statements
in the future. These forward-looking statements should not be
relied upon as representing the Company's estimates or views as of
any date subsequent to the date of this press release.
CONTACTS: Ingo Bank,
Senior Vice President and Chief Financial Officer
Jill Baker, Corporate Vice
President of Investor Relations
+1-781-434-4118
PAREXEL
International Corporation
|
|
Consolidated
Condensed Statement of Operations
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
(in thousands,
except per share data)
|
|
December 31,
2014
|
|
December 31,
2013
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
|
$
499,269
|
|
$
487,145
|
|
$
990,965
|
|
$
936,390
|
|
|
Reimbursement
revenue
|
|
|
75,776
|
|
87,091
|
|
157,769
|
|
166,910
|
|
|
Total
revenue
|
|
|
575,045
|
|
574,236
|
|
1,148,734
|
|
1,103,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Direct
costs
|
|
|
327,321
|
|
324,507
|
|
646,140
|
|
627,701
|
|
|
Reimbursable
out-of-pocket expenses
|
|
75,776
|
|
87,091
|
|
157,769
|
|
166,910
|
|
|
Selling, general and
administrative
|
|
98,795
|
|
95,528
|
|
197,708
|
|
180,440
|
|
|
Depreciation
|
|
|
16,812
|
|
16,584
|
|
33,710
|
|
32,046
|
|
|
Amortization
|
|
|
3,557
|
|
3,862
|
|
7,043
|
|
7,658
|
|
|
Total costs
and expenses
|
|
|
522,261
|
|
527,572
|
|
1,042,370
|
|
1,014,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
52,784
|
|
46,664
|
|
106,364
|
|
88,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
|
1,067
|
|
(3,707)
|
|
2,708
|
|
(6,672)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
53,851
|
|
42,957
|
|
109,072
|
|
81,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
15,091
|
|
14,628
|
|
33,170
|
|
27,590
|
|
|
Effective tax
rate
|
|
|
28.0%
|
|
34.1%
|
|
30.4%
|
|
33.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
38,760
|
|
$
28,329
|
|
$
75,902
|
|
$
54,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$0.71
|
|
$0.50
|
|
$1.39
|
|
$0.96
|
|
|
Diluted
|
|
|
$0.70
|
|
$0.49
|
|
$1.36
|
|
$0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing earnings per common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
54,823
|
|
56,517
|
|
54,781
|
|
56,386
|
|
|
Diluted
|
|
|
55,709
|
|
57,395
|
|
55,736
|
|
57,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Information
|
|
|
Preliminary
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
June 30,
2013
|
|
|
|
|
Billed accounts
receivable, net
|
|
|
$
434,996
|
|
$
503,578
|
|
$
497,109
|
|
|
|
|
Unbilled accounts
receivable, net
|
|
|
214,292
|
|
234,740
|
|
225,514
|
|
|
|
|
Deferred
revenue
|
|
|
(448,819)
|
|
(461,029)
|
|
(466,964)
|
|
|
|
|
Net
receivables
|
|
|
$
200,469
|
|
$
277,289
|
|
$
255,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and marketable
securities
|
|
|
$
301,930
|
|
$
314,294
|
|
$
283,812
|
|
|
|
|
Working
capital
|
|
|
$
391,419
|
|
$
433,461
|
|
$
350,900
|
|
|
|
|
Total
assets
|
|
|
$
1,769,228
|
|
$
1,877,789
|
|
$
1,834,000
|
|
|
|
|
Short-term
borrowings
|
|
|
$
2,500
|
|
$
13,968
|
|
$
12,501
|
|
|
|
|
Long-term
debt
|
|
|
$
347,500
|
|
$
372,500
|
|
$
337,500
|
|
|
|
|
Stockholders'
equity
|
|
|
$
589,268
|
|
$
627,874
|
|
$
577,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAREXEL
International Corporation
|
Reconciliation of Non-GAAP Measures
|
Certain Line
Items
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
(in thousands,
except per share data)
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
$
98,795
|
|
$
(215)
|
(a)
|
$ 98,580
|
|
$ 95,528
|
|
$
(1,071)
|
(a)
|
$ 94,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
$
52,784
|
|
$
215
|
|
$ 52,999
|
|
$ 46,664
|
|
$
1,071
|
|
$
47,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
|
$
1,067
|
|
$
137
|
(b)
|
$
1,204
|
|
$
(3,707)
|
|
$
-
|
|
$
(3,707)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
$
53,851
|
|
$
352
|
|
$ 54,203
|
|
$ 42,957
|
|
$
1,071
|
|
$
44,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
$
15,091
|
|
$
751
|
(c)
|
$ 15,842
|
|
$ 14,628
|
|
$
270
|
(c)
|
$
14,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
38,760
|
|
$
(399)
|
|
$ 38,361
|
|
$ 28,329
|
|
$
801
|
|
$
29,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
|
$
0.70
|
|
$
(0.01)
|
|
$
0.69
|
|
$
0.49
|
|
$
0.02
|
|
$
0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
28.0%
|
|
|
|
29.2%
|
|
34.1%
|
|
|
|
33.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Impact of net
adjustments for legal settlements and acquisition and integration
related charges, including the revaluation of earn-out contingent
consideration liability associated with certain
acquisitions.
|
(b) Accelerated
amortization of deferred financing fees related to credit facility
modification
|
|
|
|
|
|
|
(c) Tax effect on
non-GAAP adjustments
|
|
PAREXEL
International Corporation
|
|
|
Reconciliation of Non-GAAP Measures
|
|
|
Certain Line
Items
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
(in thousands,
except per share data)
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
$ 197,708
|
|
$
558
|
(a)
|
$ 198,266
|
|
$ 180,440
|
|
$
(1,151)
|
(a)
|
$ 179,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
$ 106,364
|
|
$
(558)
|
|
$ 105,806
|
|
$ 88,545
|
|
$
1,151
|
|
$ 89,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
|
$ 2,708
|
|
$
137
|
(b)
|
$
2,845
|
|
$
(6,672)
|
|
$
-
|
|
$
(6,672)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
$ 109,072
|
|
$
(421)
|
|
$ 108,651
|
|
$ 81,873
|
|
$
1,151
|
|
$
83,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
$ 33,170
|
|
$
797
|
(c)
|
$ 33,967
|
|
$ 27,590
|
|
$
474
|
(c)
|
$
28,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$ 75,902
|
|
$
(1,218)
|
|
$
74,684
|
|
$ 54,283
|
|
$
677
|
|
$
54,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
|
$
1.36
|
|
$
(0.02)
|
|
$
1.34
|
|
$
0.95
|
|
$
0.01
|
|
$
0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
30.4%
|
|
|
|
31.3%
|
|
33.7%
|
|
|
|
33.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Impact of net
adjustments for legal settlements and acquisition and integration
related charges, including the revaluation of earn-out contingent
consideration liability associated with certain
acquisitions.
|
|
|
(b) Accelerated
amortization of deferred financing fees related to credit facility
modification
|
|
|
|
|
|
|
|
|
(c) Tax effect on
non-GAAP adjustments
|
|
|
|
|
|
PAREXEL
International Corporation
|
|
Segment
Information
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
(in
thousands)
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
Clinical Research
Services (CRS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
377,404
|
|
$
363,867
|
|
|
% of total service
revenue
|
|
75.6%
|
|
74.7%
|
|
|
Gross
profit
|
|
$
113,368
|
|
$
108,636
|
|
|
Gross margin % of
service revenue
|
|
30.0%
|
|
29.9%
|
|
|
|
|
|
|
|
|
|
PAREXEL Consulting
& Medical Communications
|
|
|
|
|
|
|
Services
(PCMS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
56,030
|
|
$
59,273
|
(a)
|
|
% of total service
revenue
|
|
11.2%
|
|
12.2%
|
|
|
Gross
profit
|
|
$
25,341
|
|
$
24,093
|
(a)
|
|
Gross margin % of
service revenue
|
|
45.2%
|
|
40.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Perceptive
Informatics (PI)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
65,835
|
|
$
64,005
|
(a)
|
|
% of total service
revenue
|
|
13.2%
|
|
13.1%
|
|
|
Gross
profit
|
|
$
33,239
|
|
$
29,909
|
(a)
|
|
Gross margin % of
service revenue
|
|
50.5%
|
|
46.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total service
revenue
|
|
$
499,269
|
|
$
487,145
|
|
|
Total gross
profit
|
|
$
171,948
|
|
$
162,638
|
|
|
Gross margin % of
service revenue
|
|
34.4%
|
|
33.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Supplemental Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
499,269
|
|
$
487,145
|
|
|
Reimbursement
revenue
|
|
75,776
|
|
87,091
|
|
|
Investigator
fees
|
|
121,061
|
|
133,212
|
|
|
Gross
revenue
|
|
$
696,106
|
|
$
707,448
|
|
|
|
|
|
|
|
|
|
Days sales
outstanding
|
|
26
|
|
36
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
11,466
|
|
$
19,828
|
|
|
|
|
|
|
|
|
|
(a) Effective July
1, 2014, the operating results of PAREXEL Regulatory Outsourcing
Services are included in the PC segment. This service line offering
was previously reported within the PI segment. For the three months
ended December 31, 2014 and 2013, we disclosed the reportable
segment on this basis and the prior period was retroactively
restated to reflect this presentation change.
|
|
|
|
|
|
|
|
|
|
|
|
PAREXEL
International Corporation
|
|
|
Segment
Information
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
Six Months
Ended
|
|
|
(in
thousands)
|
|
December 31,
2014
|
December 31,
2013
|
|
|
|
|
|
|
|
|
Clinical Research
Services (CRS)
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
747,215
|
$
696,459
|
|
|
% of total service
revenue
|
|
75.4%
|
74.4%
|
|
|
Gross
profit
|
|
$
229,850
|
$
203,040
|
|
|
Gross margin % of
service revenue
|
|
30.8%
|
29.2%
|
|
|
|
|
|
|
|
|
PAREXEL Consulting
& Medical Communications
|
|
|
|
|
|
Services
(PCMS)
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
112,425
|
$
116,221
|
(a)
|
|
% of total service
revenue
|
|
11.3%
|
12.4%
|
|
|
Gross
profit
|
|
$
50,310
|
$
47,591
|
(a)
|
|
Gross margin % of
service revenue
|
|
44.7%
|
40.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Perceptive
Informatics (PI)
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
131,325
|
$
123,710
|
(a)
|
|
% of total service
revenue
|
|
13.3%
|
13.2%
|
|
|
Gross
profit
|
|
$
64,665
|
$
58,058
|
(a)
|
|
Gross margin % of
service revenue
|
|
49.2%
|
46.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total service
revenue
|
|
$
990,965
|
$
936,390
|
|
|
Total gross
profit
|
|
$
344,825
|
$
308,689
|
|
|
Gross margin % of
service revenue
|
|
34.8%
|
33.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Effective July
1, 2014, the operating results of PAREXEL Regulatory Outsourcing
Services are included in the PC segment. This service line offering
was previously reported within the PI segment. For the six months
ended December 31, 2014 and 2013, we disclosed the reportable
segment on this basis and the prior period was retroactively
restated to reflect this presentation change.
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/parexel-international-reports-second-quarter-fiscal-year-2015-results-300027361.html
SOURCE PAREXEL International Corporation