BOSTON, April 29, 2015 /PRNewswire/ -- PAREXEL
International Corporation (NASDAQ: PRXL) today reported financial
results for the third quarter of Fiscal Year 2015, which ended on
March 31, 2015.
Mr. Josef H. von Rickenbach,
PAREXEL's Chairman and Chief Executive Officer, stated "Benefits
from our ongoing operational initiatives combined with improvements
in our tax rate helped us to achieve our earnings per share target
in the third quarter. For the first nine months of this
Fiscal Year, the operating margin has increased by approximately
100 basis points on a year-over-year basis. PAREXEL
Consulting experienced some client delays on a couple of large
projects which negatively impacted third quarter revenue.
Those projects have now started to ramp up, and we expect that
revenue growth in our PAREXEL Consulting business will be back on
track in the fourth quarter on a sequential basis. Revenue in
our Clinical Research Services and PAREXEL Informatics businesses
came in as we expected in the third quarter. On the new
business front, wins for the Company overall were very healthy, led
by a strong performance in strategic accounts."
Mr. von Rickenbach continued, "As
we enter the last quarter of our fiscal year, we believe we have
positive underlying momentum in our businesses. We expect
revenue growth to improve on a sequential basis in the fourth
quarter, as multiple projects begin to migrate out of start-up and
into higher revenue generating stages. We anticipate that the
increased headcount will help us to achieve our goals in the fourth
quarter and beyond. I am pleased with our potential to
increase the revenue growth rate in the second half of Calendar
Year 2015. We continue to be excited about the market
opportunities that are in front of us, driven both by strategic
partnerships and mid and small client companies, and we believe
that we are well positioned to capitalize on them."
Third Quarter Fiscal Year 2015 Results
For the three months ended March 31,
2015 PAREXEL's consolidated service revenue increased by
2.0% to $502.0 million compared with
$492.4 million in the prior year
period. Revenue grew 5.1% on a constant currency basis,
excluding the negative impact of foreign currency exchange rate
movements of $15.4 million.
Operating income as reported under Generally Accepted Accounting
Principles (GAAP) totaled $54.2
million, or 10.8% of service revenue, in the third quarter
of Fiscal Year 2015, as compared with $52.2
million, or 10.6% of service revenue, in the comparable
quarter of the prior year. GAAP net income for the quarter
totaled $37.7 million, or
$0.68 per diluted share, compared
with GAAP net income of $34.7
million, or $0.60 per diluted
share for the quarter ended March 31,
2014. GAAP diluted earnings per share grew 13.3%
year-over-year.
The financial results of the March 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 third quarter
of Fiscal Year 2015 was $54.1
million, or 10.8% of service revenue. Adjusted
operating income in the third quarter of Fiscal Year 2014 was
$53.2 million, or 10.8% of service
revenue. Adjusted net income was $36.9
million, or $0.66 per diluted
share in the quarter ended March 31,
2015, and was $32.3 million,
or $0.56 per diluted share in the
quarter ended March 31, 2014.
Adjusted diluted earnings per share grew 17.9% year-over-year.
On a segment basis, service revenue for the third quarter of
Fiscal Year 2015 was $384.8 million
in Clinical Research Services (CRS), $50.1
million in PAREXEL Consulting (PC), and $67.2 million in PAREXEL Informatics
(PI).
Nine Month Fiscal Year 2015 Results
For the nine months ended March 31,
2015, consolidated service revenue was $1.493 billion versus $1.429 billion in the prior year period, an
increase of 4.5%. GAAP operating income for the current
nine-month period was $160.6 million,
or 10.8% of service revenue, compared with GAAP operating income of
$140.7 million, or 9.8% of service
revenue in the prior year period. GAAP net income for the
nine months ended March 31, 2015 was
$113.6 million, or $2.04 per diluted share, compared with GAAP net
income of $89.0 million, or
$1.55 per diluted share, in the prior
year period. GAAP diluted earnings per share grew 31.6%
year-over-year.
Excluding the impact of special items in both nine month
periods, as detailed in the attached financial charts, adjusted
operating income was $159.9 million
or 10.7% of consolidated service revenue for the nine months ended
on March 31, 2015, compared with
$142.9 million or 10.0% of
consolidated service revenue for the nine months ended on
March 31, 2014. Adjusted net
income for the nine months ended March 31,
2015 was $111.6 million, or
$2.00 per diluted share, compared
with $87.3 million or $1.52 per diluted share in the comparable prior
year nine month period. Adjusted diluted earnings per share
grew 31.6% year-over-year.
New Business and Backlog
Backlog at the end of March 2015 was
$5.19 billion, an increase of 5.3%
year-over-year. The reported backlog included gross new
business wins in the third quarter of $942.4
million, cancellations of $289.7
million, and a negative impact from foreign currency
exchange rates of $62.3 million. The
net book-to-bill ratio was 1.30 in the quarter, and the trailing
twelve month net book-to-bill ratio was 1.22.
Forward-looking Guidance
The Company issued forward-looking guidance for the fourth quarter
(ending June 30, 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 third quarter, recent foreign currency exchange
rates, tax rates, recent acquisitions, and the Company's updated
overall outlook.
|
Guidance Issued
4/29/15
|
Guidance Issued
1/28/15
|
Q4 FY 2015
Revenue
|
$520 - $540
million
|
N/A
|
Q4 FY 2015 GAAP
EPS
|
$0.65 -
$0.81
|
N/A
|
|
|
|
FY 2015
Revenue
|
$2.012 - $2.032
billion
|
$2.040 - $2.070
billion
|
FY 2015 GAAP
EPS
FY 2015 Non-GAAP
EPS
|
$2.68 -
$2.86
$2.65 -
$2.83
|
$2.68 -
$2.86
$2.65 -
$2.83
|
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
nor a substitute for the Company's results of operations prepared
in accordance with GAAP.
A conference call to discuss PAREXEL's Third Quarter Fiscal Year
2015 earnings, business, and financial outlook will begin at
10:00 a.m. ET on Thursday, April 30, 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 Third Quarter
Fiscal Year 2015 earnings conference call.
A presentation of Third Quarter Fiscal Year 2015 results, as
well as certain trended financial information, may be found on the
home page of the Investors section of the Company's website in a
document titled "Q3 Financial Results and Trended Information".
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 80 locations in 51 countries around the world, and had
approximately 17,440 employees in the third quarter. 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 acquisitions of ClinIntel Limited and Quantum
Solutions India, 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
December 31, 2014 as filed with the
Securities and Exchange Commission on February 5, 2015, 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
|
|
Nine Months
Ended
|
|
(in thousands,
except per share data)
|
|
March 31,
2015
|
|
March 31,
2014
|
|
March 31,
2015
|
|
March 31,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
|
$
502,033
|
|
$
492,375
|
|
$
1,492,998
|
|
$
1,428,765
|
|
Reimbursement
revenue
|
|
|
74,382
|
|
85,543
|
|
232,151
|
|
252,453
|
|
Total
revenue
|
|
|
576,415
|
|
577,918
|
|
1,725,149
|
|
1,681,218
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Direct
costs
|
|
|
337,954
|
|
323,149
|
|
984,094
|
|
950,850
|
|
Reimbursable
out-of-pocket expenses
|
|
74,382
|
|
85,543
|
|
232,151
|
|
252,453
|
|
Selling, general and
administrative
|
|
88,427
|
|
96,528
|
|
286,135
|
|
276,968
|
|
Depreciation
|
|
|
17,934
|
|
16,802
|
|
51,644
|
|
48,848
|
|
Amortization
|
|
|
3,489
|
|
3,725
|
|
10,532
|
|
11,383
|
|
Total costs and
expenses
|
|
|
522,186
|
|
525,747
|
|
1,564,556
|
|
1,540,502
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
54,229
|
|
52,171
|
|
160,593
|
|
140,716
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(1,820)
|
|
(2,072)
|
|
(5,392)
|
|
(7,342)
|
|
Miscellaneous income
(expense)
|
|
|
1,314
|
|
(292)
|
|
7,594
|
|
(1,694)
|
|
Other income
(expense), net
|
|
|
(506)
|
|
(2,364)
|
|
2,202
|
|
(9,036)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
53,723
|
|
49,807
|
|
162,795
|
|
131,680
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
15,982
|
|
15,068
|
|
49,152
|
|
42,658
|
|
Effective tax
rate
|
|
|
29.7%
|
|
30.3%
|
|
30.2%
|
|
32.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
37,741
|
|
$
34,739
|
|
$
113,643
|
|
$
89,022
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$0.69
|
|
$0.61
|
|
$2.07
|
|
$1.58
|
|
Diluted
|
|
|
$0.68
|
|
$0.60
|
|
$2.04
|
|
$1.55
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing earnings per common share:
|
|
|
|
|
|
|
|
Basic
|
|
|
54,930
|
|
56,713
|
|
54,830
|
|
56,494
|
|
Diluted
|
|
|
55,838
|
|
57,673
|
|
55,769
|
|
57,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Information
|
|
|
Preliminary
|
|
|
|
|
|
|
|
|
|
|
March 31,
2015
|
|
March 31,
2014
|
|
June 30,
2014
|
|
|
|
Billed accounts
receivable, net
|
|
|
$
447,302
|
|
$
522,850
|
|
$
497,108
|
|
|
|
Unbilled accounts
receivable, net
|
|
|
258,439
|
|
229,019
|
|
$
225,514
|
|
|
|
Deferred
revenue
|
|
|
(423,042)
|
|
(494,782)
|
|
$
(466,964)
|
|
|
|
Net
receivables
|
|
|
$
282,699
|
|
$
257,087
|
|
$
255,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and marketable
securities
|
|
|
$
295,351
|
|
$
298,655
|
|
$
283,812
|
|
|
|
Working
capital
|
|
|
$
447,129
|
|
$
397,085
|
|
$
350,900
|
|
|
|
Total
assets
|
|
|
$
1,798,809
|
|
$
1,873,285
|
|
$
1,834,000
|
|
|
|
Short-term
borrowings
|
|
|
$
5,000
|
|
$
10,533
|
|
$
12,501
|
|
|
|
Long-term
debt
|
|
|
$
380,000
|
|
$
290,000
|
|
$
337,500
|
|
|
|
Stockholders'
equity
|
|
|
$
603,763
|
|
$
670,764
|
|
$
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)
|
March 31,
2015
|
|
March 31,
2014
|
|
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
$
88,427
|
|
$
91
|
(a)
|
$ 88,518
|
|
$ 96,528
|
|
$
(1,010)
|
(a)
|
$ 95,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
$
54,229
|
|
$
(91)
|
|
$ 54,138
|
|
$ 52,171
|
|
$
1,010
|
|
$ 53,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
$
(506)
|
|
$
-
|
|
$
(506)
|
|
$
(2,364)
|
|
$
(196)
|
(c)
|
$
(2,560)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
$
53,723
|
|
$
(91)
|
|
$ 53,632
|
|
$ 49,807
|
|
$
814
|
|
$ 50,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
$
15,982
|
|
$
760
|
(b)
|
$ 16,742
|
|
$ 15,068
|
|
$
3,210
|
(d)
|
$ 18,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
37,741
|
|
$
(851)
|
|
$ 36,890
|
|
$ 34,739
|
|
$
(2,396)
|
|
$ 32,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
0.68
|
|
$
(0.02)
|
|
$
0.66
|
|
$
0.60
|
|
$
(0.04)
|
|
$
0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
29.7%
|
|
|
|
31.2%
|
|
30.3%
|
|
|
|
36.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) Tax effect on
non-GAAP adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) Recovery from
bankruptcy settlement on previously impaired
investment
|
(d) Tax effect on
non-GAAP adjustments, and a $3.0 million adjustment due to reserve
release
|
|
|
|
|
|
|
PAREXEL
International Corporation
|
Reconciliation of Non-GAAP Measures
|
Certain Line
Items
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
(in thousands,
except per share data)
|
|
March 31,
2015
|
|
March 31,
2014
|
|
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
$ 286,135
|
|
$
649
|
(a)
|
$ 286,784
|
|
$ 276,968
|
|
$
(2,162)
|
(a)
|
$ 274,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
$ 160,593
|
|
$
(649)
|
|
$ 159,944
|
|
$ 140,716
|
|
$
2,162
|
|
$ 142,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
|
$ 2,202
|
|
$
137
|
(b)
|
$
2,339
|
|
$
(9,036)
|
|
$
(196)
|
(d)
|
$
(9,232)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
$ 162,795
|
|
$
(512)
|
|
$ 162,283
|
|
$ 131,680
|
|
$
1,966
|
|
$ 133,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
$ 49,152
|
|
$ 1,557
|
(c)
|
$ 50,709
|
|
$ 42,658
|
|
$
3,685
|
(e)
|
$ 46,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$ 113,643
|
|
$ (2,069)
|
|
$ 111,574
|
|
$ 89,022
|
|
$
(1,719)
|
|
$ 87,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
|
$
2.04
|
|
$
(0.04)
|
|
$
2.00
|
|
$
1.55
|
|
$
(0.03)
|
|
$
1.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
30.2%
|
|
|
|
31.2%
|
|
32.4%
|
|
|
|
34.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
(d) Recovery from
bankruptcy settlement on previously impaired
investment
|
(e) Tax effect on
non-GAAP adjustments, and a $3.0 million adjustment due to reserve
release
|
PAREXEL
International Corporation
|
|
Segment
Information
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
(in
thousands)
|
|
March 31,
2015
|
|
March 31,
2014
|
|
|
|
|
|
|
|
|
|
Clinical Research
Services (CRS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
384,779
|
|
|
$
373,216
|
|
|
% of total service
revenue
|
|
76.6%
|
|
|
75.8%
|
|
|
Gross
profit
|
|
$
110,726
|
|
|
$
117,972
|
|
|
Gross margin % of
service revenue
|
|
28.8%
|
|
|
31.6%
|
|
|
|
|
|
|
|
|
|
|
PAREXEL Consulting
Services (PC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
50,070
|
|
|
$
55,302
|
(a)
|
|
% of total service
revenue
|
|
10.0%
|
|
|
11.2%
|
|
|
Gross
profit
|
|
$
21,425
|
|
|
$
22,469
|
(a)
|
|
Gross margin % of
service revenue
|
|
42.8%
|
|
|
40.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAREXEL
Informatics (PI)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
67,184
|
|
|
$
63,857
|
(a)
|
|
% of total service
revenue
|
|
13.4%
|
|
|
13.0%
|
|
|
Gross
profit
|
|
$
31,928
|
|
|
$
28,785
|
(a)
|
|
Gross margin % of
service revenue
|
|
47.5%
|
|
|
45.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total service
revenue
|
|
$
502,033
|
|
|
$
492,375
|
|
|
Total gross
profit
|
|
$
164,079
|
|
|
$
169,226
|
|
|
Gross margin % of
service revenue
|
|
32.7%
|
|
|
34.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Supplemental Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
502,033
|
|
|
$
492,375
|
|
|
Reimbursement
revenue
|
|
74,382
|
|
|
85,543
|
|
|
Investigator
fees
|
|
101,232
|
|
|
120,796
|
|
|
Gross
revenue
|
|
$
677,647
|
|
|
$
698,714
|
|
|
|
|
|
|
|
|
|
|
Days sales
outstanding
|
|
38
|
|
|
33
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
21,998
|
|
|
$
15,636
|
|
|
|
|
|
|
|
|
|
|
(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 March 31, 2015 and 2014, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
Nine Months
Ended
|
|
|
(in
thousands)
|
|
March 31,
2015
|
|
|
March 31,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clinical Research
Services (CRS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
1,131,994
|
|
|
$
1,069,675
|
|
|
|
|
|
% of total service
revenue
|
|
75.8%
|
|
|
74.9%
|
|
|
|
|
|
Gross
profit
|
|
$
340,576
|
|
|
$
321,012
|
|
|
|
|
|
Gross margin % of
service revenue
|
|
30.1%
|
|
|
30.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAREXEL Consulting
Services (PC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
162,495
|
|
|
$
171,523
|
(a)
|
|
|
|
% of total service
revenue
|
|
10.9%
|
|
|
12.0%
|
|
|
|
|
|
Gross
profit
|
|
$
71,735
|
|
|
$
70,060
|
(a)
|
|
|
|
Gross margin % of
service revenue
|
|
44.1%
|
|
|
40.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAREXEL
Informatics (PI)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
198,509
|
|
|
$
187,567
|
(a)
|
|
|
|
% of total service
revenue
|
|
13.3%
|
|
|
13.1%
|
|
|
|
|
|
Gross
profit
|
|
$
96,593
|
|
|
$
86,843
|
(a)
|
|
|
|
Gross margin % of
service revenue
|
|
48.7%
|
|
|
46.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total service
revenue
|
|
$
1,492,998
|
|
|
$
1,428,765
|
|
|
|
|
|
Total gross
profit
|
|
$
508,904
|
|
|
$
477,915
|
|
|
|
|
|
Gross margin % of
service revenue
|
|
34.1%
|
|
|
33.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 nine months
ended March 31, 2015 and 2014, 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-third-quarter-fiscal-year-2015-results-300074587.html
SOURCE PAREXEL International Corporation