BOSTON, April 29, 2014 /PRNewswire/ -- PAREXEL
International Corporation (NASDAQ: PRXL) today reported financial
results for the third quarter of Fiscal Year 2014, which ended on
March 31, 2014.
In commenting on the results of the quarter, Mr. Josef H. von Rickenbach, PAREXEL's Chairman and
Chief Executive Officer, stated, "In the third quarter, we
delivered revenue in line with guidance, solid operational
improvements, earnings that exceeded our expectations, and positive
new business results. Our third quarter GAAP operating margin
of 10.6% is an all-time record for the Company. We are
pleased that the productivity and efficiency-related investments we
have made, particularly in the Clinical Research Services business,
have continued to pay off."
Mr. von Rickenbach continued, "We
are on track to execute our strategy and deliver on our commitments
for Fiscal Year 2014. We are experiencing positive momentum
in the marketplace, especially with mid and small clients, and we
have successfully captured new business from all market segments.
Our ongoing strategic operational initiatives across all of our
service offerings, combined with our healthy backlog, give us
confidence in the Company's outlook for the future. We
continue to have a keen focus on maximizing shareholder value and
driving shareholder returns through revenue growth, margin
improvement, strong free cash flow generation, and return on
invested capital."
For the three months ended March 31,
2014 consolidated service revenue increased by 8.3% to
$492.4 million compared with
$454.5 million in the prior year
period. The positive impact from foreign exchange
movements on revenue in the quarter was $1.8
million. The HERON acquisition contributed
approximately $2.5 million to revenue
in the quarter. On a constant currency, same store basis,
revenue growth was 7.4% year-over-year. Operating income as
reported under Generally Accepted Accounting Principles (GAAP)
totaled $52.2 million, or 10.6% of
service revenue, in the third quarter of Fiscal Year 2014, as
compared with $36.6 million, or 8.1%
of service revenue, in the comparable quarter of the prior
year. GAAP net income for the quarter totaled $34.7 million, or $0.60 per diluted share, compared with GAAP net
income of $29.5 million, or
$0.50 per diluted share for the
quarter ended March 31, 2013.
GAAP diluted earnings per share grew 20.0% year-over-year.
The financial results of the March 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 these special items, adjusted operating income in the
third quarter of Fiscal Year 2014 was $53.2
million, or 10.8% of service revenue. Excluding the
impact of these special items, adjusted operating income in the
third quarter of Fiscal Year 2013 was $37.3
million, or 8.2% of service revenue. Excluding the
impact of these special items, adjusted net income was $32.3 million, or $0.56 per diluted share in the quarter ended
March 31, 2014, and was $29.5 million, or $0.50 per diluted share in the quarter ended
March 31, 2013. Adjusted
earnings per share grew 12.0% year-over-year.
On a segment basis, service revenue for the third quarter of
Fiscal Year 2014 was $373.2 million
in Clinical Research Services (CRS), $51.9
million in PAREXEL Consulting (PC), and $67.3 million in PAREXEL Informatics (PI).
For the nine months ended March 31,
2014, consolidated service revenue was $1.429 billion versus $1.271 billion in the prior year period, an
increase of 12.4%. GAAP operating income for the current
nine-month period was $140.7 million,
or 9.8% of service revenue, compared with GAAP operating income of
$97.8 million, or 7.7% of service
revenue in the prior year period. GAAP net income for the
nine months ended March 31, 2014 was
$89.0 million, or $1.55 per diluted share, compared with GAAP net
income of $65.9 million, or
$1.10 per diluted share, in the prior
year period. Excluding the impact of special items as
detailed in the financial charts within this press release in both
nine month periods, adjusted operating income was $142.9 million or 10.0% of consolidated service
revenue for the nine months ended on March
31, 2014, compared with $99.2
million or 7.8% of consolidated service revenue for the nine
months ended on March 31, 2013.
On an adjusted basis, net income for the nine months ended
March 31, 2014 was $87.3 million, or $1.52 per diluted share, compared with
$71.4 million or $1.19 per diluted share in the comparable prior
year nine-month period.
Backlog at the end of March 2014
was $4.93 billion, an increase of
9.4% year-over-year. The reported backlog included gross new
business wins in the quarter of $781.6
million, cancellations of $208.7
million, and a positive impact from foreign exchange rates
of $32.0 million. The net
book-to-bill ratio was 1.16 in the quarter.
The Company issued forward-looking guidance for the fourth
quarter of Fiscal Year 2014 (ending June 30,
2014) and increased 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
4/29/14
|
Guidance Issued
1/29/14
|
Q4 FY 2014
Revenue
|
$507 - $513
million
|
N/A
|
Q4 FY 2014 GAAP
EPS
|
$0.59 -
$0.63
|
N/A
|
FY 2014
Revenue
|
$1.936 - $1.942
billion
|
$1.920 - $1.930
billion
|
FY 2014 GAAP
EPS
|
$2.13 -
$2.17
|
$1.99 -
$2.09
|
FY 2014 Non-GAAP
EPS
|
$2.11 -
$2.15
|
$2.01 -
$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 Third Quarter Fiscal Year
2014 earnings, business, and financial outlook will begin at
10:00 a.m. ET on Wednesday, April 30, 2014 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 2014 earnings conference call.
A presentation of Third Quarter Fiscal Year 2014 results, as
well as certain trended financial information, may be found in the
Investors section of the Company's website under the "Financial
Information" section, in a report titled "Additional
Financials".
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 75 locations in 50
countries around the world, and has approximately 15,335
employees. For more information about PAREXEL International
visit www.PAREXEL.com.
PAREXEL, PAREXEL Informatics, Perceptive, Perceptive MyTrials,
and "Your Journey. Our Mission." 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 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 Group Ltd., 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
December 31, 2013 as filed with the
Securities and Exchange Commission (SEC) on January 31, 2014, which "Risk Factors" discussion
is incorporated by reference in this press release. The
Company specifically disclaims any obligation to update these
forward-looking statements in the future. These
forward-looking statements should not be relied upon as
representing the Company's estimates or views as of any date
subsequent to the date of this press release.
PAREXEL
International Corporation
|
Consolidated
Condensed Statement of Operations
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
(in thousands,
except per share data)
|
|
March 31,
2014
|
|
March 31,
2013
|
|
March 31,
2014
|
|
March 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
|
$
492,375
|
|
$
454,493
|
|
$
1,428,765
|
|
$
1,271,314
|
|
Reimbursement
revenue
|
|
|
85,543
|
|
68,958
|
|
252,453
|
|
197,794
|
|
Total
revenue
|
|
|
577,918
|
|
523,451
|
|
1,681,218
|
|
1,469,108
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Direct
costs
|
|
|
323,149
|
|
311,917
|
|
950,850
|
|
892,646
|
|
Reimbursable
out-of-pocket expenses
|
|
85,543
|
|
68,958
|
|
252,453
|
|
197,794
|
|
Selling, general and
administrative
|
|
96,602
|
|
88,038
|
|
277,042
|
|
229,975
|
|
Depreciation
|
|
|
16,802
|
|
15,773
|
|
48,848
|
|
46,030
|
|
Amortization
|
|
|
3,725
|
|
2,891
|
|
11,383
|
|
6,018
|
|
Restructuring
benefit
|
|
|
(74)
|
|
(732)
|
|
(74)
|
|
(1,150)
|
|
Total costs and
expenses
|
|
|
525,747
|
|
486,845
|
|
1,540,502
|
|
1,371,313
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
52,171
|
|
36,606
|
|
140,716
|
|
97,795
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
|
(2,364)
|
|
(773)
|
|
(9,036)
|
|
(3,370)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
49,807
|
|
35,833
|
|
131,680
|
|
94,425
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
15,068
|
|
6,309
|
|
42,658
|
|
28,494
|
|
Effective tax
rate
|
|
|
30.3%
|
|
17.6%
|
|
32.4%
|
|
30.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
34,739
|
|
$
29,524
|
|
$
89,022
|
|
$
65,931
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$0.61
|
|
$0.51
|
|
$1.58
|
|
$1.12
|
|
Diluted
|
|
|
$0.60
|
|
$0.50
|
|
$1.55
|
|
$1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing earnings per common share:
|
|
|
|
|
|
|
|
Basic
|
|
|
56,713
|
|
58,024
|
|
56,494
|
|
58,942
|
|
Diluted
|
|
|
57,673
|
|
59,074
|
|
57,486
|
|
60,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Information
|
|
|
Preliminary
|
|
|
|
|
|
|
|
|
|
|
March 31,
2014
|
|
March 31,
2013
|
|
June 30,
2013
|
|
|
|
Billed accounts
receivable, net
|
|
|
$
522,850
|
|
$
404,956
|
|
$
457,155
|
|
|
|
Unbilled accounts
receivable, net
|
|
|
229,019
|
|
246,071
|
|
248,219
|
|
|
|
Deferred
revenue
|
|
|
(494,782)
|
|
(395,438)
|
|
(408,336)
|
|
|
|
Net
receivables
|
|
|
$
257,087
|
|
$
255,589
|
|
$
297,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and marketable
securities
|
|
|
$
298,655
|
|
$
288,360
|
|
$
274,164
|
|
|
|
Working
capital
|
|
|
$
397,085
|
|
$
410,292
|
|
$
403,229
|
|
|
|
Total
assets
|
|
|
$
1,873,285
|
|
$
1,693,955
|
|
$
1,779,624
|
|
|
|
Short-term
borrowings
|
|
|
$
10,533
|
|
$
10,002
|
|
$
20,399
|
|
|
|
Long-term
debt
|
|
|
$
290,000
|
|
$
390,000
|
|
$
427,500
|
|
|
|
Stockholders'
equity
|
|
|
$
670,764
|
|
$
551,924
|
|
$
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)
|
|
March 31,
2014
|
|
March 31,
2013
|
|
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
$
96,602
|
|
$
(1,084)
|
(a)
|
$
95,518
|
|
$
88,038
|
|
$
(1,446)
|
(e)
|
$
86,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
benefit
|
|
|
$
(74)
|
|
$
74
|
(b)
|
$
-
|
|
$
(732)
|
|
$
732
|
(b)
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
$
52,171
|
|
$
1,010
|
|
$
53,181
|
|
$
36,606
|
|
$
714
|
|
$
37,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
|
$
(2,364)
|
|
$
(196)
|
(c)
|
$
(2,560)
|
|
$
(773)
|
|
$
93
|
(f)
|
$
(680)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
$
49,807
|
|
$
814
|
|
$
50,621
|
|
$
35,833
|
|
$
807
|
|
$
36,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
$
15,068
|
|
$
3,210
|
(d)
|
$
18,278
|
|
$
6,309
|
|
$
866
|
(g)
|
$
7,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
34,739
|
|
$
(2,396)
|
|
$
32,343
|
|
$
29,524
|
|
$
(59)
|
|
$
29,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
|
$
0.60
|
|
$
(0.04)
|
|
$
0.56
|
|
$
0.50
|
|
$
-
|
|
$
0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
30.3%
|
|
|
|
36.1%
|
|
17.6%
|
|
|
|
19.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Adjustments
include $0.9 million of legal settlements and acquisition and
integration related charges, and $0.2 million loss related to the
revaluation of HERON earn-out contingent consideration
liability
|
(b) Decrease in
facility-related charges associated with restructuring
plans
|
(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
|
|
|
|
|
|
|
(e) Adjustment for
legal settlements and acquisition and integration related
charges
|
(f) Accelerated
amortization of deferred financing fees related to credit facility
modification
|
(g) Tax effect on
non-GAAP adjustments, and a $0.5 million adjustment due to state
valuation allowance 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,
2014
|
|
March 31,
2013
|
|
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
$
277,042
|
|
$
(2,236)
|
(a)
|
$
274,806
|
|
$
229,975
|
|
$
(2,603)
|
(e)
|
$
227,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
benefit
|
|
|
$
(74)
|
|
$
74
|
(b)
|
$
-
|
|
$
(1,150)
|
|
$
1,150
|
(b)
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
$
140,716
|
|
$
2,162
|
|
$
142,878
|
|
$
97,795
|
|
$
1,453
|
|
$
99,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
|
$
(9,036)
|
|
$
(196)
|
(c)
|
$
(9,232)
|
|
$
(3,370)
|
|
$
(302)
|
(f)
|
$
(3,672)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
$
131,680
|
|
$
1,966
|
|
$
133,646
|
|
$
94,425
|
|
$
1,151
|
|
$
95,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
$
42,658
|
|
$
3,685
|
(d)
|
$
46,343
|
|
$
28,494
|
|
$
(4,366)
|
(g)
|
$
24,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
89,022
|
|
$
(1,719)
|
|
$
87,303
|
|
$
65,931
|
|
$
5,517
|
|
$
71,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
|
$
1.55
|
|
$
(0.03)
|
|
$
1.52
|
|
$
1.10
|
|
$
0.09
|
|
$
1.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
32.4%
|
|
|
|
34.7%
|
|
30.2%
|
|
|
|
25.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Adjustments
include $2.3 million of legal settlements and acquisition and
integration related charges, partially offset by $0.1 million gain
related to the revaluation of HERON earn-out contingent
consideration liability
|
(b) Decrease in
facility-related charges associated with restructuring
plans
|
(c) Recovery from
final bankruptcy settlement on previously impaired
investment
|
(d) Tax effect on
non-GAAP adjustments, and a $3.0 million adjustment due to reserve
release
|
(e) Adjustment for
legal settlements and acquisition and integration related
charges
|
(f) Adjustment
includes $0.4 million gain on facility sale previously impaired and
$0.1 million in accelerated amortization of deferred financing fees
related to credit facility modification
|
(g) Tax effect on
non-GAAP adjustments; tax expense for one-time adjustments to
deferred tax assets in Q1 FY13; a net $2.7 million expense due to
changes in interest, penalties and a valuation allowance in a
foreign jurisdiction in Q2 FY13; and a $0.5 million adjustment due
to state valuation allowance release in Q3 FY13
|
|
|
|
|
|
PAREXEL
International Corporation
|
|
Segment
Information
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
(in
thousands)
|
|
March 31,
2014
|
|
March 31,
2013
|
|
|
|
|
|
|
|
|
|
Clinical Research
Services (CRS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
373,216
|
|
$
342,387
|
|
|
% of total service
revenue
|
|
75.8%
|
|
75.3%
|
|
|
Gross
profit
|
|
$
117,972
|
|
$
95,505
|
|
|
Gross margin % of
service revenue
|
|
31.6%
|
|
27.9%
|
|
|
|
|
|
|
|
|
|
PAREXEL Consulting
Services (PC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
51,880
|
|
$
50,611
|
|
|
% of total service
revenue
|
|
10.5%
|
|
11.1%
|
|
|
Gross
profit
|
|
$
21,460
|
|
$
20,187
|
|
|
Gross margin % of
service revenue
|
|
41.4%
|
|
39.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAREXEL
Informatics (PI)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
67,279
|
|
$
61,495
|
|
|
% of total service
revenue
|
|
13.7%
|
|
13.6%
|
|
|
Gross
profit
|
|
$
29,794
|
|
$
26,884
|
|
|
Gross margin % of
service revenue
|
|
44.3%
|
|
43.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total service
revenue
|
|
$
492,375
|
|
$
454,493
|
|
|
Total gross
profit
|
|
$
169,226
|
|
$
142,576
|
|
|
Gross margin % of
service revenue
|
|
34.4%
|
|
31.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by
Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Americas
|
|
$
245,093
|
|
$
231,155
|
|
|
Europe, Middle East
& Africa
|
|
185,086
|
|
161,747
|
|
|
Asia/Pacific
|
|
62,196
|
|
61,591
|
|
|
Total service
revenue
|
|
$
492,375
|
|
$
454,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Supplemental Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
492,375
|
|
$
454,493
|
|
|
Reimbursement
revenue
|
|
85,543
|
|
68,958
|
|
|
Investigator
fees
|
|
120,796
|
|
118,051
|
|
|
Gross
revenue
|
|
$
698,714
|
|
$
641,502
|
|
|
|
|
|
|
|
|
|
Days sales
outstanding
|
|
33
|
|
36
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
15,636
|
|
$
18,741
|
|
|
|
|
|
|
|
|
|
|
|
PAREXEL
International Corporation
|
|
Segment
Information
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
|
(in
thousands)
|
|
March 31,
2014
|
|
March 31,
2013
|
|
|
|
|
|
|
|
|
|
Clinical Research
Services (CRS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
1,069,675
|
|
$
960,134
|
|
|
% of total service
revenue
|
|
74.9%
|
|
75.5%
|
|
|
Gross
profit
|
|
$
321,012
|
|
$
250,671
|
|
|
Gross margin % of
service revenue
|
|
30.0%
|
|
26.1%
|
|
|
|
|
|
|
|
|
|
PAREXEL Consulting
Services (PC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
160,949
|
|
$
148,236
|
|
|
% of total service
revenue
|
|
11.3%
|
|
11.7%
|
|
|
Gross
profit
|
|
$
66,040
|
|
$
59,673
|
|
|
Gross margin % of
service revenue
|
|
41.0%
|
|
40.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAREXEL
Informatics (PI)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
198,141
|
|
$
162,944
|
|
|
% of total service
revenue
|
|
13.8%
|
|
12.8%
|
|
|
Gross
profit
|
|
$
90,863
|
|
$
68,324
|
|
|
Gross margin % of
service revenue
|
|
45.9%
|
|
41.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total service
revenue
|
|
$
1,428,765
|
|
$
1,271,314
|
|
|
Total gross
profit
|
|
$
477,915
|
|
$
378,668
|
|
|
Gross margin % of
service revenue
|
|
33.4%
|
|
29.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by
Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Americas
|
|
$
710,391
|
|
$
638,634
|
|
|
Europe, Middle East
& Africa
|
|
524,305
|
|
450,125
|
|
|
Asia/Pacific
|
|
194,069
|
|
182,555
|
|
|
Total service
revenue
|
|
$
1,428,765
|
|
$
1,271,314
|
|
|
|
|
|
|
|
|
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