- 22.2% growth in net new business
compared to the fourth quarter of 2013 representing a book-to-bill
ratio of 1.49
- 9.3% constant currency service revenue
growth compared to the fourth quarter of 2013
- Fourth quarter diluted adjusted EPS
increased 29.1% to $0.71 per share compared to the fourth quarter
of 2013
- Fourth quarter GAAP reported diluted
EPS increased 25.5% to $0.69 per share compared to the fourth
quarter of 2013
- Full year 2015 service revenue guidance
of 7.5% to 9.0% constant currency growth compared to full year 2014
and diluted adjusted EPS guidance of $3.02 - $3.13 per share,
representing diluted adjusted EPS growth of 12% to 16% compared to
full year 2014
Quintiles Transnational Holdings Inc. (“Quintiles” or the
“Company”) (NYSE: Q) today reported its financial results for the
quarter ended December 31, 2014.
For the three months ended December 31, 2014, the Company’s
service revenues were $1.06 billion which represents growth of
6.0%, or $60.1 million including an unfavorable foreign currency
impact of $33.4 million compared to the same period last year. The
Company’s growth in service revenues, excluding the impact of
foreign currency fluctuations (“constant currency”), was 9.3% with
2.3% growth in the Product Development segment and 33.0% growth in
the Integrated Healthcare Services segment.
Adjusted income from operations was $164.2 million in the fourth
quarter of 2014, representing growth of 27.1% compared to the same
period last year. The adjusted income from operations margin was
15.4%, representing 250 basis points of expansion compared to the
same period last year, including 90 basis points from favorable
currency fluctuations. Adjusted net income was $91.8 million in the
fourth quarter of 2014, representing growth of 25.8% compared to
the same period last year. Diluted adjusted earnings per share was
$0.71 in the quarter ended December 31, 2014, representing growth
of 29.1% compared to the same period last year.
Reported GAAP income from operations was $158.9 million,
reported GAAP net income was $88.4 million and reported GAAP
diluted earnings per share was $0.69 for the three months ended
December 31, 2014. Reconciliations of the non-GAAP measures,
including adjusted income from operations, adjusted net income and
diluted adjusted earnings per share to the corresponding GAAP
measures are attached to this press release.
For the year ended December 31, 2014, the Company’s service
revenue growth was 9.4% or $357.5 million including an unfavorable
foreign currency impact of $25.7 million compared to 2013. At
constant currency, the Company’s service revenues grew 10.1% with
6.3% growth in the Product Development segment and 22.5% growth in
the Integrated Healthcare Services segment. Adjusted income from
operations for the year ended December 31, 2014 was $599.4 million,
representing growth of 18.9% and 120 basis points of margin
expansion compared to the same period last year, including 60 basis
points of margin improvement from favorable currency fluctuations.
Adjusted net income was $353.4 million for the year ended December
31, 2014, representing growth of 33.9% compared to the same period
last year. Diluted adjusted earnings per share was $2.70 for the
year ended December 31, 2014, representing growth of 31.1% compared
to the same period last year. Reported GAAP income from operations
was $590.4 million, reported GAAP net income was $356.4 million and
reported GAAP diluted earnings per share was $2.72 for the year
ended December 31, 2014.
Net new business grew 22.2% compared to the same period last
year to $1.59 billion representing a book-to-bill ratio of 1.49 in
the quarter ended December 31, 2014. For the year ended December
31, 2014, net new business grew 14.4% compared to 2013 to $5.60
billion representing a book-to-bill ratio of 1.34. The fourth
quarter net new business contributed to an ending backlog of $11.24
billion at December 31, 2014.
“A year ago, we said Quintiles was entering 2014 positioned for
growth and we achieved that goal by delivering an additional $383
million of constant currency service revenue during 2014
representing growth of 10.1%, net new business growth of 14.4%, and
diluted adjusted earnings per share growth of 31.1%. These metrics
paint a picture of a strong year for Quintiles,” said Quintiles
Chief Executive Officer Tom Pike.
“We are well positioned for the long term with our industry
leading backlog. As the leader in biopharmaceutical services, we
continue to bring innovative insights and superior delivery of
results to the industry to increase the probability of success of
our customers. Our 32,000 people are committed to our vision of
bringing people and knowledge together for a healthier world.”
The Product Development segment net new business increased 28.0%
in the quarter ended December 31, 2014 to $1.23 billion which
translates into a book-to-bill ratio of 1.59 for the quarter.
Product Development’s service revenues at constant currency grew
2.3%, or $18.0 million during the fourth quarter of 2014 compared
to the same period last year. At actual foreign exchange rates,
Product Development service revenues were negatively impacted by
$18.6 million of unfavorable foreign currency impact resulting in
service revenues being flat compared to the same period last year
at $774.4 million. The constant currency revenue growth resulted
from volume-related increases in clinical solutions and services in
Asia and Japan, services provided on a functional resource basis,
and clinical trial support services, partially offset by the
conclusion of a large clinical solutions project which was
delivered throughout 2013. Product Development’s income from
operations margin was 21.7% for the fourth quarter, representing an
improvement of 200 basis points compared to the same period last
year, including 70 basis points from operations at constant
currency rates.
The Integrated Healthcare Services segment net new business
increased 5.6% in the quarter ended December 31, 2014 to $354
million which translates to a book-to-bill ratio of 1.22 for the
quarter. On a constant currency basis, Integrated Healthcare
Services’ service revenues increased 33.0% or $75.5 million during
the fourth quarter of 2014 compared to the same period last year,
including $16.2 million from the Encore acquisition. At actual
foreign exchange rates, Integrated Healthcare Services’ service
revenues increased 26.5% to $289.6 million inclusive of the
negative impact of $14.8 million from unfavorable foreign currency
impacts. The constant currency revenue growth resulted from
increases in commercial solutions in Japan and North America,
growth in real-world and late phase research services partially
offset by a decline in commercial solutions in Europe. Integrated
Healthcare Services’ income from operations margin was 8.4% at both
the actual and constant currency rates for the fourth quarter,
representing an improvement of 330 basis points compared to the
same period last year.
General corporate and unallocated expenses were $28.2 million
during the quarter ended December 31, 2014 compared to $35.4
million for the same period last year.
Interest expense was $26.0 million during the quarter ended
December 31, 2014 compared to $26.8 million for the same period
last year. Interest expense was slightly lower than the same period
in 2013 primarily due to increased borrowings at lower average
rates of interest.
The GAAP effective income tax rate was 29.4% for the fourth
quarter of 2014 compared to 27.5% for the same period in 2013 and
29.9% for the full year ended December 31, 2014 compared to 29.7%
for 2013 as a higher percentage of income was delivered in the
United States during the current period and for the full year
compared to the same periods last year.
Equity losses of unconsolidated affiliates was $5.4 million
during the fourth quarter of 2014 compared to equity earnings of
unconsolidated affiliates of $0.5 million for the same period last
year. The decline was primarily due to $3.5 million of write-downs
incurred on an equity method investment and net current quarter
losses from our equity investments.
During the third quarter of 2014, the Company began excluding
changes from adjustments to estimated contingent consideration from
business combinations from adjusted net income and diluted adjusted
earnings per share. All periods presented in the tables
accompanying this press release have been adjusted to reflect this
change.
Financial Guidance
For 2015, the Company expects to achieve service revenue
constant currency growth between 7.5% and 9.0% compared to full
year 2014, and diluted adjusted earnings per share of $3.02 to
$3.13 per share, representing growth of 12% to 16% with diluted
GAAP earnings per share between $2.90 and $3.04 per share, and an
annual effective income tax rate estimated at approximately 29.5%.
This financial guidance is based on the first of January foreign
currency exchange rates, but does not reflect the potential impact
of any future equity repurchases.
Webcast & Conference Call Details
Quintiles will host a conference call at 8:00 a.m. EST today to
discuss its fourth quarter 2014 financial results. To participate,
please dial +1 (855) 484-7367 or +1 (631) 259-7541 outside the
United States approximately 15 minutes before the scheduled start
of the call. The conference call will also be accessible, live via
webcast on the Investors section of the Quintiles website at
www.quintiles.com/investors. An archived replay of the conference
call will be available online at www.quintiles.com/investors after
1:00 p.m. EST today.
About Quintiles
Quintiles (NYSE: Q), a Fortune 500 company, is the world’s
largest provider of biopharmaceutical development and commercial
outsourcing services. With a network of more than 32,000 employees
conducting business in approximately 100 countries, we helped
develop or commercialize all of 2013’s top-100 best-selling drugs
on the market. Quintiles applies the breadth and depth of our
service offerings along with extensive therapeutic, scientific and
analytics expertise to help our customers navigate an increasingly
complex healthcare environment as they seek to improve efficiency
and effectiveness in the delivery of better healthcare outcomes. To
learn more about Quintiles, please visit www.quintiles.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements reflect, among other
things, the Company’s current expectations and anticipated results
of operations, all of which are subject to known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements, market trends or industry results to
differ materially from those expressed or implied by such
forward-looking statements. Therefore, any statements contained
herein that are not statements of historical fact may be
forward-looking statements and should be evaluated as such. Without
limiting the foregoing, the words “anticipates,” “believes,”
“estimates,” “expects,” “intends,” “may,” “plans,” “projects,”
“should,” “guidance,” “targets,” “will” and the negative thereof
and similar words and expressions are intended to identify
forward-looking statements. Actual results may differ materially
from the Company’s expectations due to a number of factors,
including, but not limited to, that most of the Company’s contracts
may be terminated on short notice, and that the Company may be
unable to maintain large customer contracts or to enter into new
contracts; the Company may under-price its contracts, overrun its
cost estimates, or fail to receive approval for or experience
delays in documenting change orders; the historical indications of
the relationship of backlog to revenues may not be indicative of
their future relationship; the Company may be unable to maintain
information systems or effectively update them; customer or
therapeutic concentration could harm the Company’s business; the
Company’s business is subject to risks associated with
international operations, including economic, political and other
risks such as compliance with a myriad of laws and regulations,
complications from conducting clinical trials in multiple countries
simultaneously and changes in exchange rates. For a further
discussion of the risks relating to the Company’s business, see the
“Risk Factors” in Quintiles’ annual report on Form 10-K for the
fiscal year ended December 31, 2013, filed with the SEC, as such
factors may be amended or updated from time to time in Quintiles’
subsequent periodic filings with the SEC, which are accessible on
the SEC's website at www.sec.gov. These factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included in this release and
in Quintiles’ filings with the SEC. The Company assumes no
obligation to update any such forward-looking statement after the
date of this release, whether as a result of new information,
future developments or otherwise.
Use of Non-GAAP Financial Measures
This press release includes adjusted EBITDA, adjusted income
from operations, adjusted income from operations margin, adjusted
net income and diluted adjusted earnings per share, each of which
is a financial measure not prepared in accordance with accounting
principles generally accepted in the United States (“GAAP”).
Management believes that these non-GAAP measures provide useful
supplemental information to management and investors regarding the
underlying performance of the Company’s business operations and are
more indicative of core operating results as they exclude certain
items whose fluctuations from period-to-period do not necessarily
correspond to changes in the core operations of the
business. These non-GAAP measures are performance measures
only and are not measures of the Company’s cash flows or liquidity,
nor are they alternatives for measures of financial performance
prepared in accordance with GAAP and may be different from
similarly titled non-GAAP measures used by other companies.
Investors and potential investors are encouraged to review the
reconciliations of the non-GAAP financial measures to their most
directly comparable GAAP measures attached to this press
release.
Internet Posting of Information: The Company routinely posts
information that may be important to investors in the 'Investors'
section of the Company’s website at www.Quintiles.com. The Company
encourages investors and potential investors to consult the
Company’s website regularly for important information about the
Company.
Click here to subscribe to Mobile Alerts for Quintiles.
QUINTILES TRANSNATIONAL HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per
share data)
Three Months Ended Year
Ended December 31, December 31, 2014
2013 2014 2013 (unaudited) Service revenues $
1,064,045 $ 1,003,940 $ 4,165,822 $ 3,808,340 Reimbursed expenses
347,043 375,245 1,294,176
1,291,205 Total revenues 1,411,088 1,379,185
5,459,998 5,099,545 Costs of revenue, service costs 674,819 641,957
2,684,106 2,471,426 Costs of revenue, reimbursed expenses 347,043
375,245 1,294,176 1,291,205 Selling, general and administrative
225,055 232,797 882,338 860,510 Restructuring costs 5,239
2,174 8,988 14,071
Income from operations 158,932 127,012 590,390 462,333 Interest
income (559 ) (1,581 ) (3,410 ) (3,937 ) Interest expense 26,037
26,826 100,589 123,508 Loss on extinguishment of debt — 3,288 —
19,831 Other expense (income), net 586 (1,563
) (8,978 ) (185 ) Income before income taxes and
equity in (losses) earnings of unconsolidated affiliates 132,868
100,042 502,189 323,116 Income tax expense 39,007
27,558 150,056 95,965
Income before equity in (losses) earnings of unconsolidated
affiliates 93,861 72,484 352,133 227,151 Equity in (losses)
earnings of unconsolidated affiliates (5,417 ) 450
4,368 (1,124 ) Net income 88,444 72,934
356,501 226,027 Net (income) loss attributable to noncontrolling
interests (18 ) 62 (118 ) 564 Net income attributable to Quintiles
Transnational Holdings Inc. $ 88,426
$ 72,996 $ 356,383 $ 226,591
Earnings per share attributable to common shareholders: Basic $
0.70 $ 0.57 $ 2.78 $ 1.83 Diluted $ 0.69 $ 0.55 $ 2.72 $ 1.77
Weighted average common shares outstanding: Basic 125,638 129,187
127,994 124,147 Diluted 128,626 132,861 131,083 127,862
QUINTILES TRANSNATIONAL HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (in thousands, except per share
data)
December 31, 2014 2013
ASSETS Current assets: Cash and cash equivalents $ 867,358 $
778,143 Restricted cash 2,882 2,712 Trade accounts receivable and
unbilled services, net 975,255 924,205 Prepaid expenses 44,628
42,801 Deferred income taxes 118,515 92,115 Income taxes receivable
45,357 16,171 Other current assets and receivables 92,088
89,541 Total current assets 2,146,083
1,945,688 Property and equipment, net 190,297
199,578 Investments in debt, equity and other securities 34,503
40,349 Investments in and advances to unconsolidated affiliates
31,508 22,927 Goodwill 464,434 409,626 Other identifiable
intangibles, net 280,243 298,054 Deferred income taxes 35,972
32,864 Deposits and other assets 122,792
117,711 Total assets $ 3,305,832 $ 3,066,797
LIABILITIES AND SHAREHOLDERS’ DEFICIT Current
liabilities: Accounts payable $ 108,743 $ 100,616 Accrued expenses
733,644 761,189 Unearned income 543,305 538,585 Income taxes
payable 55,694 35,778 Current portion of long-term debt and
obligations held under capital leases 826 10,433 Other current
liabilities 29,688 35,646 Total current
liabilities 1,471,900 1,482,247 Long-term debt and obligations held
under capital leases, less current portion 2,292,491 2,035,586
Deferred income taxes 61,797 37,541 Other liabilities
183,656 178,908 Total liabilities
4,009,844 3,734,282 Commitments and
contingencies Shareholders’ deficit: Common stock and additional
paid-in capital, 300,000 shares authorized, $0.01 par value,
124,129 and 129,652 shares issued and outstanding at December 31,
2014 and 2013, respectively 143,828 478,144 Accumulated deficit
(788,798 ) (1,145,181 ) Accumulated other comprehensive loss
(59,091 ) (376 ) Deficit attributable to Quintiles
Transnational Holdings Inc.’s shareholders (704,061 ) (667,413 )
Noncontrolling interests 49 (72 ) Total
shareholders’ deficit (704,012 ) (667,485 ) Total
liabilities and shareholders’ deficit $ 3,305,832 $
3,066,797
QUINTILES TRANSNATIONAL HOLDINGS INC.
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2014 2013 Operating activities: Net income $
356,501 $ 226,027 Adjustments to reconcile net income to cash
provided by operating activities: Depreciation and amortization
121,013 107,504 Amortization of debt issuance costs and discount
6,688 21,825 Share-based compensation 30,001 22,826 Gain on
disposals of property and equipment, net (975 ) (1,153 ) (Earnings)
loss from unconsolidated affiliates (4,346 ) 1,004 Gain on
investments (4,797 ) (183 ) Benefit from deferred income taxes
(6,168 ) (24,236 ) Excess income tax benefits from share-based
award activities (20,303 ) (16,204 ) Change in operating assets and
liabilities: Accounts receivable and unbilled services (78,630 )
(151,681 ) Prepaid expenses and other assets (40,832 ) (18,576 )
Accounts payable and accrued expenses 45,804 107,047 Unearned
income 19,943 71,852 Income taxes payable and other liabilities
7,855 47,319 Net cash provided by
operating activities 431,754 393,371
Investing activities:
Acquisition of property, equipment and software (82,650 ) (88,347 )
Acquisition of businesses, net of cash acquired (92,201 ) (144,970
) Proceeds from disposition of property and equipment 1,611 2,021
Proceeds from sale of equity securities 5,861 60 Investments in and
advances to unconsolidated affiliates, net of payments received
(4,472 ) (7,353 ) Proceeds from sale of investment in
unconsolidated affiliates — 2,335 Other (1,263 ) 78
Net cash used in investing activities (173,114 ) (236,176 )
Financing activities: Proceeds from issuance of debt 275,000
2,060,755 Payment of debt issuance costs (1,455 ) (2,607 )
Repayment of debt (30,157 ) (2,444,600 ) Proceeds from revolving
credit facility 150,000 — Repayment of revolving credit facility
(150,000 ) — Principal payments on capital lease obligations (2,612
) (3,812 ) Contingent consideration paid (3,000 ) — Issuance of
common stock — 525,000 Payment of common stock issuance costs (105
) (35,439 ) Stock issued under employee stock purchase and option
plans 35,228 12,539 Repurchase of common stock (415,131 ) (6,434 )
Repurchase of stock options (8,415 ) (50,649 ) Excess income tax
benefits from share-based award activities 20,303
16,204 Net cash (used in) provided by financing
activities (130,344 ) 70,957 Effect of foreign currency exchange
rate changes on cash (39,081 ) (17,737 ) Increase in
cash and cash equivalents 89,215 210,415 Cash and cash equivalents
at beginning of period 778,143 567,728
Cash and cash equivalents at end of period $ 867,358 $
778,143
QUINTILES TRANSNATIONAL HOLDINGS INC. AND
SUBSIDIARIES CONSOLIDATED SEGMENT OPERATIONS (in
thousands)
Three Months Ended Year Ended
December 31, December 31, 2014 2013
2014 2013 (unaudited)
Service revenues Product
Development $ 774,455 $ 775,009 $ 3,097,831 $ 2,919,730 Integrated
Healthcare Services 289,590 228,931
1,067,991 888,610 Total service
revenues 1,064,045 1,003,940 4,165,822 3,808,340
Costs of
revenue, service costs Product Development 446,445 455,804
1,820,937 1,752,800 Integrated Healthcare Services 228,374
186,153 863,169 718,626
Total costs of revenue, service costs 674,819 641,957
2,684,106 2,471,426
Selling, general and
administrative Product Development 159,981 166,322 631,678
604,663 Integrated Healthcare Services 36,950 31,068 140,019
127,860 General corporate and unallocated 28,124
35,407 110,641 127,987
Total selling, general and administrative 225,055 232,797 882,338
860,510
Income from operations Product Development
168,029 152,883 645,216 562,267 Integrated Healthcare Services
24,266 11,710 64,803 42,124 General corporate and unallocated
(28,124 ) (35,407 ) (110,641 ) (127,987 ) Restructuring costs
(5,239 ) (2,174 ) (8,988 ) (14,071 )
Total income from operations $ 158,932 $ 127,012 $
590,390 $ 462,333
QUINTILES TRANSNATIONAL
HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO
NON-GAAP MEASURES (in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
December 31, December 31, 2014 2013
2014 2013
Adjusted
EBITDA
Net income attributable to Quintiles Transnational Holdings Inc. $
88,426 $ 72,996 $ 356,383 $ 226,591 Net income (loss) attributable
to noncontrolling interests 18 (62 ) 118 (564 ) Interest expense,
net 25,478 25,245 97,179 119,571 Income tax expense 39,007 27,558
150,056 95,965 Depreciation and amortization 31,900 30,554 121,013
107,504 Restructuring costs 5,239 2,174 8,988 14,071 Management
fees (1) — — — 27,694 Loss on extinguishment of debt — 3,288 —
19,831 Other expense (income), net 586 (1,563 ) (8,978 ) (185 )
Equity in losses (earnings) from unconsolidated affiliates
5,417 (450 ) (4,368 ) 1,124
Adjusted EBITDA $ 196,071 $ 159,740 $ 720,391
$ 611,602
Adjusted Income from
Operations
Income from operations, as reported $ 158,932 $ 127,012 $ 590,390 $
462,333 Restructuring costs 5,239 2,174 8,988 14,071 Management
fees (1) — — —
27,694 Adjusted income from operations $ 164,171 $
129,186 $ 599,378 $ 504,098
Adjusted Net
Income
Net income attributable to Quintiles Transnational Holdings Inc. $
88,426 $ 72,996 $ 356,383 $ 226,591 Restructuring costs 5,239 2,174
8,988 14,071 Management fees (1) — — — 27,694 Loss on
extinguishment of debt — 3,288 — 19,831 Adjustment to estimated
contingent consideration (2) — (3,455 ) (8,839 ) (4,910 ) Tax
effect of adjustments (3) (1,816 ) (2,001 ) (3,114 ) (22,304 )
Other income tax adjustments (4) — —
— 3,057 Adjusted net income $ 91,849
$ 73,002 $ 353,418 $ 264,030
Diluted weighted average common shares outstanding 128,626 132,861
131,083 127,862 Diluted adjusted earnings per share $ 0.71 $ 0.55 $
2.70 $ 2.06 (1) Management fees were previously paid to
affiliates of certain of the Company’s shareholders pursuant to a
management agreement. The year ended December 31, 2013 includes a
$25.0 million fee paid in connection with the termination of the
management agreement. (2) During the third quarter of 2014,
the Company began excluding changes from adjustments to estimated
contingent consideration from business combinations from adjusted
net income and diluted adjusted earnings per share. Consistent with
the other adjustments to adjusted net income and diluted adjusted
net income per share, management believes that changes to the
estimated value of contingent consideration are not indicative of
its core operating results as the fluctuations from
period-to-period do not necessarily correspond to changes in the
core operations of the business. (3) The tax effect of
adjustments was based on the income tax rate of the respective
transactions, which was 38.5%, with the exception of i)
restructuring costs which were tax effected at 34.7% and 32.3%
during the three months ended December 31, 2014 and 2013,
respectively, and 34.6% and 28.2% during the year ended December
31, 2014 and 2013, respectively and ii) contingent consideration
which is not tax effected as it represents a permanent difference
between book and tax income. (4) Other income tax
adjustments remove the impact of certain discrete adjustments on
the Company’s income tax expense. The Company’s effective income
tax rate in the 2013 periods was impacted by the Company’s change
in assertion regarding the undistributed earnings of most of the
Company’s foreign subsidiaries, which are now considered to be
indefinitely reinvested outside of the United States. As a result
of the assertion change, in the second quarter of 2013, the Company
recorded an $8.1 million discrete income tax benefit to reverse the
deferred income tax liability previously recorded on undistributed
foreign earnings. In addition, in the second quarter of 2013, the
Company settled certain intercompany notes that had previously been
considered long term investments, which resulted in an $11.2
million discrete income tax expense.
QUINTILES
TRANSNATIONAL HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION
OF GAAP TO NON-GAAP MEASURES (Continued) (in millions, except
per share data) (unaudited)
Reconciliation of GAAP to
Non-GAAP Full Year 2015 Guidance Diluted Adjusted
Adjusted Net Income Earnings Per Share Low
High Low High Net income attributable to
Quintiles and diluted earnings per share $ 371 $ 389 $ 2.90 $ 3.04
Restructuring costs 23 18 0.18 0.14 Tax effect of adjustments (1)
(8 ) (6 ) (0.06 ) (0.05 ) Adjusted net
income and diluted adjusted earnings per share $ 386 $ 401
$ 3.02 $ 3.13
(1) Restructuring costs are tax effected
at approximately 34.0%.
Quintiles Transnational Holdings Inc.Media Relations:Phil
Bridges, +1-919-998-1653phil.bridges@quintiles.comMobile:
+1-919-457-6347orInvestor Relations:Karl Deonanan,
+1-919-998-2789InvestorRelations@quintiles.com
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