UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2015
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PAREXEL International Corporation |
(Exact name of registrant as specified in charter)
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Massachusetts | 0-21244 | 04-2776269 |
(State or other juris-
diction of incorporation | (Commission
File Number) | (IRS Employer
Identification No.) |
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195 West Street, Waltham, Massachusetts | 02451 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (781) 487-9900
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Not applicable.
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(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations for the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On April 29, 2015, PAREXEL International Corporation (the “Company”) announced its financial results for the fiscal quarter ended March 31, 2015. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. | Description |
99.1 | Press release dated April 29, 2015.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: April 29, 2015 | PAREXEL International Corporation |
| By: | /s/ Ingo Bank |
| | Ingo Bank |
| | Senior Vice President and Chief Financial Officer
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Exhibit 99.1
FOR IMMEDIATE 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 REPORTS THIRD QUARTER FISCAL YEAR 2015 RESULTS
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• | Gross new business wins of $942.4 million, up 20.6% year-over-year; net book-to-bill ratio of 1.30; backlog at $5.19 billion |
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• | 2.0% growth in consolidated service revenue to $502.0 million; 5.1% constant currency revenue growth |
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• | SG&A as a percent of revenue decreased by 200 basis points year-over-year |
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• | GAAP and adjusted operating margin of 10.8%; EBITA margin of 11.7% |
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• | GAAP diluted earnings per share of $0.68 grew 13.3%; adjusted diluted earnings per share of $0.66 grew 17.9% |
BOSTON, April 29, 2015 - 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.
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| 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 |
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FY 2015 Revenue | $2.012 - $2.032 billion | $2.040 - $2.070 billion |
FY 2015 GAAP EPS | $2.68 - $2.86 | $2.68 - $2.86 |
FY 2015 non-GAAP EPS | $2.65 - $2.83 | $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.
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PAREXEL International Corporation |
Consolidated Condensed Statement of Operations |
(Unaudited) |
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| 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 |
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Reimbursement revenue | 74,382 |
| | 85,543 |
| | 232,151 |
| | 252,453 |
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Total revenue | 576,415 |
| | 577,918 |
| | 1,725,149 |
| | 1,681,218 |
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Costs and expenses: | | | | | | | |
Direct costs | 337,954 |
| | 323,149 |
| | 984,094 |
| | 950,850 |
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Reimbursable out-of-pocket expenses | 74,382 |
| | 85,543 |
| | 232,151 |
| | 252,453 |
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Selling, general and administrative | 88,427 |
| | 96,528 |
| | 286,135 |
| | 276,968 |
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Depreciation | 17,934 |
| | 16,802 |
| | 51,644 |
| | 48,848 |
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Amortization | 3,489 |
| | 3,725 |
| | 10,532 |
| | 11,383 |
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Total costs and expenses | 522,186 |
| | 525,747 |
| | 1,564,556 |
| | 1,540,502 |
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Income from operations | 54,229 |
| | 52,171 |
| | 160,593 |
| | 140,716 |
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Other (expense) income, 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 |
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Effective tax rate | 29.7 | % | | 30.3 | % | | 30.2 | % | | 32.4 | % |
Net income | $ | 37,741 |
| | $ | 34,739 |
| | $ | 113,643 |
| | $ | 89,022 |
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Earnings per common share: | | | | | | | |
Basic | $ | 0.69 |
| | $ | 0.61 |
| | $ | 2.07 |
| | $ | 1.58 |
|
Diluted | $ | 0.68 |
| | $ | 0.60 |
| | $ | 2.04 |
| | $ | 1.55 |
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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 |
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Balance Sheet Information | Preliminary | | | | | | |
(in thousands) | 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 |
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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 |
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PAREXEL International Corporation |
Reconciliation of Non-GAAP Measures |
Certain Line Items |
(Unaudited) |
| | | | |
(in thousands, except per share data) | | Three Months Ended | | Three Months Ended |
| 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 | % |
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(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 |
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PAREXEL International Corporation |
Reconciliation of Non-GAAP Measures |
Certain Line Items |
(Unaudited) |
| | | | |
(in thousands, except per share data) | | Nine Months Ended | | Nine Months Ended |
| 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 |
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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 | % | |
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. |
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| | | | | | | | | |
|
|
|
| | | | | |
| | 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 |
| |
% of total service revenue | | 13.3 | % | | 13.1 | % | (a) |
Gross profit | | $ | 96,593 |
| | $ | 86,843 |
| |
Gross margin % of service revenue | | 48.7 | % | | 46.3 | % | (a) |
| | | | | |
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 | % | |
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