BOSTON, Jan. 29, 2014 /PRNewswire/ -- PAREXEL
International Corporation (NASDAQ: PRXL) today reported financial
results for the second quarter of Fiscal Year 2014, which ended on
December 31, 2013.
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 met our
goals and made progress on our key initiatives. We delivered
strong revenue growth, healthy operating margin expansion, and
solid cash flow from operations. We were also particularly
pleased with our new business performance. Wins were
broad-based across our businesses, and came from a variety of
client segments."
Mr. von Rickenbach continued, "I
believe the market for our products and services continues to be
strong. We remain focused on successfully competing in the
marketplace, executing projects with high quality, and driving
efficiency initiatives throughout our businesses. We expect
these activities to propel profitable growth and increase
shareholder value. Our financial and operational performance
in the second quarter, together with solid demand for our services,
gives us the confidence that we will achieve our financial goals
for Fiscal Year 2014."
For the three months ended December 31,
2013 consolidated service revenue increased by 15.4% to
$487.1 million compared with
$422.1 million in the prior year
period. The impact from foreign exchange movements in
the quarter was nominal. Recent acquisitions contributed
approximately $14 million to revenue
in the quarter. On a constant currency, same store basis,
revenue growth was 12.2% year-over-year. Operating income as
reported under Generally Accepted Accounting Principles (GAAP)
totaled $46.7 million, or 9.6% of
service revenue, in the second quarter of Fiscal Year 2014, as
compared with $31.4 million, or 7.4%
of service revenue, in the comparable quarter of the prior
year. GAAP net income for the quarter totaled $28.3 million, or $0.49 per diluted share, compared with GAAP net
income of $21.3 million, or
$0.36 per diluted share for the
quarter ended December 31,
2012. GAAP diluted earnings per share grew 36.1%
year-over-year.
The financial results of the December quarter in the current and
prior year period each included special items, as detailed in the
financial charts within this press release. Excluding the
impact of special items, adjusted operating income in the second
quarter of Fiscal Year 2014 was $47.7
million, or 9.8% of service revenue. Excluding the
impact of special items, adjusted operating income in the second
quarter of Fiscal Year 2013 was $32.1
million, or 7.6% of service revenue. Excluding the
impact of special items, adjusted net income was $29.1 million, or $0.51 per diluted share in the quarter ended
December 31, 2013, and was
$24.5 million, or $0.41 per diluted share in the quarter ended
December 31, 2012. Adjusted
earnings per share grew 24.4% year-over-year.
On a segment basis, service revenue for the second quarter of
Fiscal Year 2014 was $363.9 million
in Clinical Research Services (CRS), $55.5
million in PAREXEL Consulting and Medical Communications
Services (PCMS), and $67.7 million in
Perceptive Informatics, Inc.
For the six months ended December 31,
2013, consolidated service revenue was $936.4 million versus $816.8 million in the prior year period, an
increase of 14.6%. GAAP operating income for the current
six-month period was $88.5 million,
or 9.5% of service revenue, compared with GAAP operating income of
$61.2 million, or 7.5% of service
revenue in the prior year period. GAAP net income for the six
months ended December 31, 2013 was
$54.3 million, or $0.95 per diluted share, compared with GAAP net
income of $36.4 million, or
$0.60 per diluted share, in the prior
year period. Excluding the impact of special items as
detailed in the attached financial charts in both six month
periods, operating income was $89.7
million or 9.6% of consolidated service revenue for the six
months ended on December 31, 2013,
compared with $61.9 million or 7.6%
of consolidated service revenue for the six months ended on
December 31, 2012. On an
adjusted basis, net income for the six months ended December 31, 2013 was $55.0 million, or $0.96 per diluted share, compared with
$42.0 million or $0.69 per diluted share in the comparable prior
year six month period.
Backlog at the end of December
2013 was $4.81 billion, an
increase of 5.9% year-over-year. The reported backlog
included gross new business wins in the quarter of $836.1 million, cancellations of $181.4 million, and a positive impact from
foreign exchange rates of $11.1
million. The net book-to-bill ratio was 1.34 in the
quarter.
The Company issued forward-looking guidance for the third
quarter of Fiscal Year 2014 (ending March
31, 2014) and updated guidance for Fiscal Year 2014 as
described in the text and chart below. The guidance takes
into account a number of factors, including recent exchange rates,
tax rates, and the Company's updated overall outlook.
The Company's guidance is:
|
|
|
|
Guidance Issued
1/29/14
|
Guidance Issued
1/13/14
|
Q3 FY 2014
Revenue
|
$490 - $495
million
|
N/A
|
Q3 FY 2014 GAAP
EPS
|
$0.52 -
$0.54
|
N/A
|
|
FY 2014
Revenue
|
$1.920 - $1.930
billion
|
$1.895 - $1.925
billion
|
FY 2014 GAAP
EPS
|
$1.99 -
$2.09
|
$1.97 -
$2.11
|
FY 2014 Non-GAAP
EPS
|
$2.01 -
$2.11
|
$1.97 -
$2.11
|
|
|
|
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 are not meant to 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 2014 earnings, business, and financial outlook will begin at
10:00 a.m. ET on Thursday, January 30, 2014 and will be broadcast
live over the internet via webcast. The webcast may be
accessed in the "Upcoming Events" portion of the main page of the
Investor Relations 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 2014 earnings conference call.
The company has enhanced the supplemental financial information
that it provides on its website in conjunction with earnings.
A presentation of Second Quarter Fiscal Year 2014 results, as well
as certain trended financial information, may be found in the
Investor Relations section of the Company's website under the
"Additional Financials" section.
About PAREXEL International
PAREXEL International Corporation is a leading global
biopharmaceutical services organization, providing a broad range of
knowledge-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. Perceptive Informatics, Inc., a
subsidiary of PAREXEL, provides advanced technology solutions,
including medical imaging, to facilitate the clinical development
process. Headquartered near Boston,
Massachusetts, PAREXEL operates in 76 locations in 50
countries around the world, and has approximately 15,100
employees. For more information about PAREXEL International
visit www.PAREXEL.com.
PAREXEL, Perceptive Informatics, LIQUENT, and HERON are
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 significantly 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 recent and anticipated 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 recent acquisitions of LIQUENT,
Inc. and HERON, Inc., 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 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, 2013 as filed with the SEC on
November 4, 2013, 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.
|
|
|
|
|
|
|
|
|
|
PAREXEL
International Corporation
|
Consolidated
Condensed Statement of Operations
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
(in thousands,
except per share data)
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2012
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
|
$
487,145
|
|
$
422,068
|
|
$
936,390
|
|
$
816,821
|
Reimbursement
revenue
|
|
|
87,091
|
|
61,069
|
|
166,910
|
|
128,836
|
Total
revenue
|
|
|
574,236
|
|
483,137
|
|
1,103,300
|
|
945,657
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Direct
costs
|
|
|
324,507
|
|
301,325
|
|
627,701
|
|
580,729
|
Reimbursable
out-of-pocket expenses
|
|
87,091
|
|
61,069
|
|
166,910
|
|
128,836
|
Selling, general and
administrative
|
|
95,528
|
|
71,909
|
|
180,440
|
|
141,937
|
Depreciation
|
|
|
16,584
|
|
15,462
|
|
32,046
|
|
30,257
|
Amortization
|
|
|
3,862
|
|
2,043
|
|
7,658
|
|
3,127
|
Restructuring
benefit
|
|
|
-
|
|
(108)
|
|
-
|
|
(418)
|
Total costs and
expenses
|
|
|
527,572
|
|
451,700
|
|
1,014,755
|
|
884,468
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
46,664
|
|
31,437
|
|
88,545
|
|
61,189
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
|
(3,707)
|
|
(209)
|
|
(6,672)
|
|
(2,597)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
42,957
|
|
31,228
|
|
81,873
|
|
58,592
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
14,628
|
|
9,885
|
|
27,590
|
|
22,185
|
Effective tax
rate
|
|
|
34.1%
|
|
31.7%
|
|
33.7%
|
|
37.9%
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
28,329
|
|
$
21,343
|
|
$
54,283
|
|
$
36,407
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$0.50
|
|
$0.36
|
|
$0.96
|
|
$0.61
|
Diluted
|
|
|
$0.49
|
|
$0.36
|
|
$0.95
|
|
$0.60
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing earnings per common share:
|
|
|
|
|
|
|
Basic
|
|
|
56,517
|
|
58,671
|
|
56,386
|
|
59,391
|
Diluted
|
|
|
57,395
|
|
59,639
|
|
57,395
|
|
60,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Information
|
|
|
Preliminary
|
|
|
|
|
|
|
|
|
|
December 31,
2013
|
|
December 31,
2012
|
|
June 30,
2013
|
|
|
Billed accounts
receivable, net
|
|
|
$
503,578
|
|
$
411,310
|
|
$
457,155
|
|
|
Unbilled accounts
receivable, net
|
|
|
234,740
|
|
234,483
|
|
248,219
|
|
|
Deferred
revenue
|
|
|
(461,029)
|
|
(390,705)
|
|
(408,336)
|
|
|
Net
receivables
|
|
|
$
277,289
|
|
$
255,088
|
|
$
297,038
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and marketable
securities
|
|
|
$
314,294
|
|
$
296,545
|
|
$
274,164
|
|
|
Working
capital
|
|
|
$
433,461
|
|
$
325,685
|
|
$
403,229
|
|
|
Total
assets
|
|
|
$
1,877,789
|
|
$
1,697,650
|
|
$
1,779,624
|
|
|
Short-term
borrowings
|
|
|
$
13,968
|
|
$
107,403
|
|
$
20,399
|
|
|
Long-term
debt
|
|
|
$
372,500
|
|
$
277,600
|
|
$
427,500
|
|
|
Stockholders'
equity
|
|
|
$
627,874
|
|
$
580,750
|
|
$
538,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2013
|
|
December 31,
2012
|
|
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
$
95,528
|
|
$
(1,071)
|
(a)
|
$
94,457
|
|
$
71,909
|
|
$
(807)
|
(c)
|
$
71,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
benefit
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(108)
|
|
$
108
|
(d)
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
$
46,664
|
|
$
1,071
|
|
$
47,735
|
|
$
31,437
|
|
$
699
|
|
$
32,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
|
$
(3,707)
|
|
$
-
|
|
$
(3,707)
|
|
$
(209)
|
|
$
-
|
|
$
(209)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
$
42,957
|
|
$
1,071
|
|
$
44,028
|
|
$
31,228
|
|
$
699
|
|
$
31,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
$
14,628
|
|
$
270
|
(b)
|
$
14,898
|
|
$
9,885
|
|
$
(2,458)
|
(e)
|
$
7,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
28,329
|
|
$
801
|
|
$
29,130
|
|
$
21,343
|
|
$
3,157
|
|
$
24,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
0.49
|
|
$
0.02
|
|
$
0.51
|
|
$
0.36
|
|
$
0.05
|
|
$
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
34.1%
|
|
|
|
33.8%
|
|
31.7%
|
|
|
|
23.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Adjustment
includes $1.1 million of legal settlements and acquisition &
integration related charges
|
|
|
|
|
(b) Tax associated
with item (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) Adjustment
includes $0.8 million of legal settlements and acquisition &
integration related charges
|
(d) Adjustment to
facility-related charges of $0.1 million related to restructuring
plans
|
(e) Tax associated
with items (c) and (d), and a net $2.7 million expense due to
changes in interest, penalties and a valuation allowance in a
foreign jurisdiction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2013
|
|
December 31,
2012
|
|
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
$
180,440
|
|
$
(1,151)
|
(a)
|
$
179,289
|
|
$
141,937
|
|
$
(1,157)
|
(c)
|
$
140,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
benefit
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(418)
|
|
$
418
|
(d)
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
$
88,545
|
|
$
1,151
|
|
$
89,696
|
|
$
61,189
|
|
$
739
|
|
$
61,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
|
$
(6,672)
|
|
$
-
|
|
$
(6,672)
|
|
$
(2,597)
|
|
$
(395)
|
(e)
|
$
(2,992)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
$
81,873
|
|
$
1,151
|
|
$
83,024
|
|
$
58,592
|
|
$
344
|
|
$
58,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
$
27,590
|
|
$
474
|
(b)
|
$
28,064
|
|
$
22,185
|
|
$
(5,232)
|
(f)
|
$
16,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
54,283
|
|
$
677
|
|
$
54,960
|
|
$
36,407
|
|
$
5,576
|
|
$
41,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
0.95
|
|
$
0.01
|
|
$
0.96
|
|
$
0.60
|
|
$
0.09
|
|
$
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
33.7%
|
|
|
|
33.8%
|
|
37.9%
|
|
|
|
28.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Adjustments
include $1.5 million of legal settlements and acquisition &
integration related charges, partially offset by $0.3 million gain
related to the revaluation of HERON earn-out contingent
consideration liability
|
(b) Tax associated
with item (a)
|
(c)
Adjustment includes $1.2 million of legal settlements and
acquisition & integration related charges
|
(d) Adjustment to
facility-related charges of $0.4 million related to restructuring
plans
|
(e) Gain on
facility sale previously impaired
|
(f) Tax associated
with items (c) through (e), a tax expense for one-time adjustments
to deferred tax assets in Q1 FY13, and a net $2.7 million expense
due to changes in interest, penalties and a valuation allowance in
a foreign jurisdiction in Q2 FY13
|
|
|
|
|
|
|
|
|
|
|
PAREXEL
International Corporation
|
Segment
Information
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
(in
thousands)
|
|
December 31,
2013
|
|
December 31,
2012
|
|
|
|
|
|
Clinical Research
Services (CRS)
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
363,867
|
|
$
320,580
|
% of total service
revenue
|
|
74.7%
|
|
76.0%
|
Gross
profit
|
|
$
108,636
|
|
$
78,165
|
Gross margin % of
service revenue
|
|
29.9%
|
|
24.4%
|
|
|
|
|
|
PAREXEL Consulting
& Medical Communications
|
|
|
|
|
Services
(PCMS)
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
55,532
|
|
$
49,274
|
% of total service
revenue
|
|
11.4%
|
|
11.7%
|
Gross
profit
|
|
$
22,309
|
|
$
20,820
|
Gross margin % of
service revenue
|
|
40.2%
|
|
42.3%
|
|
|
|
|
|
|
|
|
|
|
Perceptive
Informatics (PI)
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
67,746
|
|
$
52,214
|
% of total service
revenue
|
|
13.9%
|
|
12.3%
|
Gross
profit
|
|
$
31,693
|
|
$
21,758
|
Gross margin % of
service revenue
|
|
46.8%
|
|
41.7%
|
|
|
|
|
|
|
|
|
|
|
Total service
revenue
|
|
$
487,145
|
|
$
422,068
|
Total gross
profit
|
|
$
162,638
|
|
$
120,743
|
Gross margin % of
service revenue
|
|
33.4%
|
|
28.6%
|
|
|
|
|
|
|
|
|
|
|
Revenue by
Geography
|
|
|
|
|
|
|
|
|
|
The
Americas
|
|
$
240,888
|
|
$
210,065
|
Europe, Middle East
& Africa
|
|
180,705
|
|
150,109
|
Asia/Pacific
|
|
65,552
|
|
61,894
|
Total service
revenue
|
|
$
487,145
|
|
$
422,068
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Supplemental Financial Data
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
487,145
|
|
$
422,068
|
Reimbursement
revenue
|
|
87,091
|
|
61,069
|
Investigator
fees
|
|
133,212
|
|
96,307
|
Gross
revenue
|
|
$
707,448
|
|
$
579,444
|
|
|
|
|
|
Days sales
outstanding
|
|
36
|
|
41
|
|
|
|
|
|
Capital
expenditures
|
|
$
19,828
|
|
$
19,849
|
|
|
|
|
|
|
|
|
|
|
PAREXEL
International Corporation
|
Segment
Information
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Six Months
Ended
|
(in
thousands)
|
|
December 31,
2013
|
|
December 31,
2012
|
|
|
|
|
|
Clinical Research
Services (CRS)
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
696,459
|
|
$
617,747
|
% of total service
revenue
|
|
74.4%
|
|
75.6%
|
Gross
profit
|
|
$
203,040
|
|
$
155,166
|
Gross margin % of
service revenue
|
|
29.2%
|
|
25.1%
|
|
|
|
|
|
PAREXEL Consulting
& Medical Communications
|
|
|
|
|
Services
(PCMS)
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
109,069
|
|
$
97,625
|
% of total service
revenue
|
|
11.6%
|
|
12.0%
|
Gross
profit
|
|
$
44,580
|
|
$
39,486
|
Gross margin % of
service revenue
|
|
40.9%
|
|
40.4%
|
|
|
|
|
|
|
|
|
|
|
Perceptive
Informatics (PI)
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
130,862
|
|
$
101,449
|
% of total service
revenue
|
|
14.0%
|
|
12.4%
|
Gross
profit
|
|
$
61,069
|
|
$
41,440
|
Gross margin % of
service revenue
|
|
46.7%
|
|
40.8%
|
|
|
|
|
|
|
|
|
|
|
Total service
revenue
|
|
$
936,390
|
|
$
816,821
|
Total gross
profit
|
|
$
308,689
|
|
$
236,092
|
Gross margin % of
service revenue
|
|
33.0%
|
|
28.9%
|
|
|
|
|
|
|
|
|
|
|
Revenue by
Geography
|
|
|
|
|
|
|
|
|
|
The
Americas
|
|
$
465,298
|
|
$
407,479
|
Europe, Middle East
& Africa
|
|
339,219
|
|
288,378
|
Asia/Pacific
|
|
131,873
|
|
120,964
|
Total service
revenue
|
|
$
936,390
|
|
$
816,821
|
|
|
|
|
|
|
|
CONTACTS:
|
Ingo Bank, Senior
Vice President and Chief Financial Officer
|
|
Jill Baker,
Corporate Vice President of Investor Relations
|
|
+1-781-434-4118
|
|
|
SOURCE PAREXEL International Corporation