UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2015
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 000-21244
PAREXEL INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
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| | |
| | |
Massachusetts | | 04-2776269 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | |
195 West Street Waltham, Massachusetts | | 02451 |
(Address of principal executive offices) | | (Zip Code) |
(781) 487-9900
Registrant’s telephone number, including area code
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer | | ý | | Accelerated Filer | | ¨ |
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Non-accelerated Filer | | ¨ (Do not check if a smaller reporting company) | | Smaller Reporting Company | | ¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of January 29, 2016, there were 53,690,271 shares of common stock outstanding.
PAREXEL INTERNATIONAL CORPORATION
INDEX
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PAREXEL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions) |
| | | | | | | |
| December 31, 2015 | | June 30, 2015 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 154.0 |
| | $ | 207.4 |
|
Billed accounts receivable, net | 488.8 |
| | 460.6 |
|
Unbilled accounts receivable, net | 283.6 |
| | 262.2 |
|
Prepaid expenses | 26.7 |
| | 15.6 |
|
Deferred tax assets | 56.7 |
| | 59.1 |
|
Income taxes receivable | 1.5 |
| | 12.8 |
|
Other current assets | 44.3 |
| | 44.4 |
|
Total current assets | 1,055.6 |
| | 1,062.1 |
|
Property and equipment, net | 248.2 |
| | 241.2 |
|
Goodwill | 343.8 |
| | 354.9 |
|
Other intangible assets, net | 128.8 |
| | 142.1 |
|
Non-current deferred tax assets | 16.2 |
| | 11.7 |
|
Long-term income taxes receivable | 10.4 |
| | 11.1 |
|
Other assets | 42.5 |
| | 41.9 |
|
Total assets | $ | 1,845.5 |
| | $ | 1,865.0 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Notes payable and current portion of long-term debt | $ | 12.8 |
| | $ | 8.9 |
|
Accounts payable | 56.2 |
| | 81.2 |
|
Deferred revenue | 395.6 |
| | 371.8 |
|
Accrued expenses | 29.1 |
| | 33.4 |
|
Accrued restructuring charges, current portion | 33.8 |
| | 20.2 |
|
Accrued employee benefits and withholdings | 144.3 |
| | 152.7 |
|
Current deferred tax liabilities | 11.3 |
| | 10.0 |
|
Income taxes payable | 19.8 |
| | 13.1 |
|
Other current liabilities | 25.9 |
| | 18.2 |
|
Total current liabilities | 728.8 |
| | 709.5 |
|
Long-term debt, net of current portion | 457.9 |
| | 345.4 |
|
Non-current deferred tax liabilities | 25.7 |
| | 33.0 |
|
Long-term income tax liabilities | 27.1 |
| | 27.1 |
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Long-term deferred revenue | 40.9 |
| | 42.2 |
|
Other liabilities | 45.7 |
| | 42.5 |
|
Total liabilities | 1,326.1 |
| | 1,199.7 |
|
Stockholders’ equity: | | | |
Preferred stock | — |
| | — |
|
Common stock | 0.5 |
| | 0.6 |
|
Additional paid-in capital | 12.7 |
| | 37.7 |
|
Retained earnings | 631.5 |
| | 722.9 |
|
Accumulated other comprehensive (loss) income | (125.3 | ) | | (95.9 | ) |
Total stockholders’ equity | 519.4 |
| | 665.3 |
|
Total liabilities and stockholders’ equity | $ | 1,845.5 |
| | $ | 1,865.0 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
PAREXEL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(in millions, except per share data)
|
| | | | | | | | | | | | | | | | |
| Three Months Ended |
| Six Months Ended |
| December 31, 2015 |
| December 31, 2014 |
| December 31, 2015 |
| December 31, 2014 |
Service revenue | $ | 518.5 |
| | $ | 499.3 |
| | $ | 1,030.6 |
| | $ | 991.0 |
|
Reimbursement revenue | 85.7 |
| | 75.7 |
| | 158.8 |
| | 157.7 |
|
Total revenue | 604.2 |
| | 575.0 |
| | 1,189.4 |
| | 1,148.7 |
|
Direct costs | 332.5 |
| | 327.3 |
| | 675.7 |
| | 646.1 |
|
Reimbursable out-of-pocket expenses | 85.7 |
| | 75.7 |
| | 158.8 |
| | 157.7 |
|
Selling, general and administrative | 97.4 |
| | 98.8 |
| | 192.3 |
| | 197.8 |
|
Depreciation | 17.9 |
| | 16.8 |
| | 35.9 |
| | 33.7 |
|
Amortization | 5.7 |
| | 3.6 |
| | 11.4 |
| | 7.1 |
|
Restructuring charge (benefit) | 10.4 |
| | — |
| | 25.2 |
| | (0.1 | ) |
Total costs and expenses | 549.6 |
| | 522.2 |
| | 1,099.3 |
| | 1,042.3 |
|
Income from operations | 54.6 |
| | 52.8 |
| | 90.1 |
| | 106.4 |
|
Interest expense, net | (2.1 | ) | | (1.9 | ) | | (3.7 | ) | | (3.6 | ) |
Miscellaneous (expense) income, net | (0.1 | ) | | 3.0 |
| | 1.7 |
| | 6.3 |
|
Total other (expense) income | (2.2 | ) | | 1.1 |
| | (2.0 | ) | | 2.7 |
|
Income before income taxes | 52.4 |
| | 53.9 |
| | 88.1 |
| | 109.1 |
|
Provision for income taxes | 13.0 |
| | 15.1 |
| | 23.8 |
| | 33.2 |
|
Net income | $ | 39.4 |
|
| $ | 38.8 |
| | $ | 64.3 |
|
| $ | 75.9 |
|
| | | | | | | |
Earnings per common share | | | | | | | |
Basic | $ | 0.74 |
| | $ | 0.71 |
| | $ | 1.19 |
| | $ | 1.39 |
|
Diluted | $ | 0.73 |
| | $ | 0.70 |
| | $ | 1.17 |
| | $ | 1.36 |
|
Weighted average shares outstanding | | | | | | | |
Basic | 53.3 |
| | 54.8 |
| | 54.1 |
| | 54.8 |
|
Diluted | 54.0 |
| | 55.7 |
| | 54.9 |
| | 55.7 |
|
| | | | | | | |
Comprehensive income | | | | | | | |
Net income | $ | 39.4 |
| | $ | 38.8 |
| | $ | 64.3 |
| | $ | 75.9 |
|
Unrealized loss on derivative instruments, net of taxes | (0.1 | ) | | (4.0 | ) | — |
| (2.2 | ) | | (11.3 | ) |
Foreign currency translation adjustment | (12.2 | ) | | (30.8 | ) | | (27.2 | ) | | (68.9 | ) |
Total comprehensive income (loss) | $ | 27.1 |
| | $ | 4.0 |
| | $ | 34.9 |
| | $ | (4.3 | ) |
The accompanying notes are an integral part of the condensed consolidated financial statements.
PAREXEL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)
|
| | | | | | | |
| Six Months Ended |
| December 31, 2015 | | December 31, 2014 |
Cash flow from operating activities: | | | |
Net income | $ | 64.3 |
| | $ | 75.9 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 47.3 |
| | 40.8 |
|
Stock-based compensation | 9.9 |
| | 8.4 |
|
Excess tax benefit from stock-based compensation | (2.7 | ) | | (3.3 | ) |
Deferred income taxes | (7.1 | ) | | (13.6 | ) |
Fair value adjustment of contingent consideration | 8.2 |
| | (3.0 | ) |
Other non-cash items | (0.1 | ) | | 0.8 |
|
Changes in operating assets and liabilities, net of effects from acquisitions | (34.1 | ) | | (7.6 | ) |
Net cash provided by operating activities | 85.7 |
| | 98.4 |
|
Cash flow from investing activities: | | | |
Acquisition of businesses, net of cash acquired | — |
| | (10.4 | ) |
Proceeds from sale and maturity of marketable securities | — |
| | 88.5 |
|
Purchase of property and equipment | (53.3 | ) | | (23.6 | ) |
Net cash (used in) provided by investing activities | (53.3 | ) | | 54.5 |
|
Cash flow from financing activities: | | | |
Proceeds from issuance of common stock, net | 10.2 |
| | 4.2 |
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Excess tax benefit from stock-based compensation | 2.7 |
| | 3.3 |
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Payments for share repurchase | (200.0 | ) | | — |
|
Borrowings under credit agreement/facility | 475.0 |
| | 222.5 |
|
Repayments under credit agreement/facility and other debt | (358.9 | ) | | (222.5 | ) |
Payments for debt issuance costs | — |
| | (0.7 | ) |
Net cash (used in) provided by financing activities | (71.0 | ) | | 6.8 |
|
Effect of exchange rate changes on cash and cash equivalents | (14.8 | ) | | (46.0 | ) |
Net (decrease) increase in cash and cash equivalents | (53.4 | ) | | 113.7 |
|
Cash and cash equivalents at beginning of period | 207.4 |
| | 188.2 |
|
Cash and cash equivalents at end of period | $ | 154.0 |
| | $ | 301.9 |
|
| | | |
Supplemental disclosures of cash flow information | | | |
Non-cash capital expenditures | $ | 6.3 |
| | $ | — |
|
Cash paid during the period for: | | | |
Interest | $ | 5.4 |
| | $ | 5.2 |
|
Income taxes, net of refunds | $ | 9.0 |
| | $ | 43.3 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. – BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements of PAREXEL International Corporation (“PAREXEL,” the “Company,” “we,” “our” or “us”) have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information in the United States and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company’s financial position as of December 31, 2015, results of operations for the three and six months ended December 31, 2015 and 2014 have been included. Operating results for the three and six months ended December 31, 2015 are not necessarily indicative of the results that may be expected for other quarters or the entire fiscal year. For further information, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2015 (the “2015 10-K”) filed with the Securities and Exchange Commission on August 25, 2015.
Recently Issued Accounting Standards
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. As originally issued, ASU 2014-09 will be effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2016. On July 9, 2015, the FASB approved the proposal to defer the effective date of this standard by one year. Early adoption is permitted for annual periods beginning after December 16, 2016. We are assessing the impact of adopting ASU No. 2014-09 on our consolidated financial statements.
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation, as it relates to such awards. ASU 2014-12 will be effective in the first quarter of our fiscal year ending June 30, 2017 with early adoption permitted using either of two methods: (1) prospective to all awards granted or modified after the effective date; or (2) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all awards granted or modified thereafter, with the cumulative effect of applying ASU 2014-12 as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. We do not expect the adoption of ASU No. 2014-12 to have a material impact on our consolidated financial statements.
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU No. 2015-02 amended the process that a reporting entity must follow to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years and interim periods within those years ending after December 15, 2015. Early application is permitted. We do not expect the adoption of ASU 2015-02 to have a material impact on our consolidated financial statements.
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires the presentation of debt issuance costs in the consolidated balance sheets as a reduction to the related debt liability rather than as an asset. Amortization of debt issuance costs continues to be classified as interest expense. ASU 2015-03 is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. We are assessing the impact of adopting ASU No. 2015-03 on our consolidated financial statements.
In September 2015, the FASB issued ASU No. 2015-16 ("ASU 2015-16"), Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires adjustments to provisional amounts that are identified during the measurement period of a business combination to be recognized in the reporting period in which the adjustment amounts are determined. Acquirers are no longer required to revise comparative information for prior periods as if the accounting for the business combination had been completed as of the acquisition date. The provisions of ASU 2015-16 are effective for reporting periods beginning after December 15, 2015. We are assessing the impact of adopting ASU No. 2015-16 on our consolidated financial statements.
In November 2015, the FASB issued ASU No. 2015-17 ("ASU 2015-17"), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This ASU simplifies the balance sheet classification of deferred taxes and requires that all deferred taxes be presented as noncurrent. ASU 2015-17 is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. We are assessing the impact of adopting ASU No. 2015-17 on our consolidated financial statements.
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
In January 2016, the FASB issued ASU No. 2016-01 ("ASU 2016-01"), Financial Instruments—Overall (Subtopic 825-10)
Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU is intended to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. We are assessing the impact of adopting ASU No. 2015-17 on our consolidated financial statements.
NOTE 2. – EQUITY AND EARNINGS PER SHARE
We have authorized 5.0 million shares of preferred stock at $0.01 par value. As of December 31, 2015 and June 30, 2015, we had no shares of preferred stock issued and outstanding.
We have authorized 150.0 million shares of common stock at $0.01 par value. As of December 31, 2015 and June 30, 2015, respectively, we had 53.3 million and 55.2 million shares of common stock issued and outstanding.
We compute basic earnings per share by dividing net income for the period by the weighted average number of common shares outstanding during the period. We compute diluted earnings per share by dividing net income by the weighted average number of common shares plus the dilutive effect of outstanding stock options and restricted stock awards and units. The following table outlines the basic and diluted earnings per share computations: |
| | | | | | | | | | | | | | | |
(in millions, except per share data) | Three Months Ended |
| Six Months Ended |
| December 31, 2015 |
| December 31, 2014 |
| December 31, 2015 |
| December 31, 2014 |
Net income attributable to common stock | $ | 39.4 |
| | $ | 38.8 |
| | $ | 64.3 |
| | $ | 75.9 |
|
Weighted average number of shares outstanding, used in computing basic earnings per share | 53.3 |
| | 54.8 |
| | 54.1 |
| | 54.8 |
|
Dilutive common stock equivalents | 0.7 |
| | 0.9 |
| | 0.8 |
| | 0.9 |
|
Weighted average number of shares outstanding used in computing diluted earnings per share | 54.0 |
| | 55.7 |
| | 54.9 |
| | 55.7 |
|
Basic earnings per share | $ | 0.74 |
| | $ | 0.71 |
| | $ | 1.19 |
| | $ | 1.39 |
|
Diluted earnings per share | $ | 0.73 |
| | $ | 0.70 |
| | $ | 1.17 |
| | $ | 1.36 |
|
Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share) | 1.4 |
| | 0.8 |
| | 1.2 |
| | 0.6 |
|
Share Repurchase Plan
Fiscal Year 2016 Share Repurchase
On September 14, 2015, we announced that our Board of Directors approved a share repurchase program (the “2016 Program”) authorizing the repurchase of up to $200.0 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing. On September 15, 2015, we entered into an agreement (the “2016 Agreement”) to purchase shares of our common stock from Wells Fargo Bank, National Association (“WF”), for an aggregate purchase price of $200.0 million pursuant to an accelerated share purchase program. Pursuant to the 2016 Agreement, in September 2015, we paid $200.0 million to WF and received from WF 2,274,343 shares of our common stock, representing 80% of the shares to be repurchased by us under the 2016 Agreement. The shares were repurchased at a price of $70.35 per share, which was the closing price of our common stock on the Nasdaq Global Select Market on September 16, 2015. These shares were canceled and restored to the status of authorized and unissued shares. As of December 31, 2015, we recorded the $200.0 million payment to WF as a decrease to equity in our consolidated balance sheet, consisting of decreases in common stock and additional paid-in capital. As additional paid-in capital was reduced to zero, the remainder was applied as a reduction in retained earnings.
Fiscal Year 2014 Share Repurchase
On June 2, 2014, we announced that our Board of Directors approved a share repurchase program (the “2014 Program”) authorizing the repurchase of up to $150.0 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing. On June 13, 2014, we entered into an agreement (the “2014 Agreement”) to purchase shares of our common stock from Goldman Sachs & Co. (“GS”), for an aggregate purchase price of $150.0 million pursuant to an accelerated share purchase program. Pursuant to the 2014 Agreement, in June 2014, we paid $150.0 million to GS and received from GS 2,284,844 shares of our common stock, representing 80% of the shares to be repurchased by us under the 2014 Agreement. The shares were repurchased at a price of $52.52 per share, which was the closing price of our common stock on the Nasdaq Global Select Market on June 13, 2014. These shares were canceled and restored to the status of authorized and unissued shares. As of June 30, 2014, we recorded the $150.0 million payment to GS as a decrease to equity in our consolidated balance sheet, consisting of decreases in common stock and additional paid-in capital. As additional paid-in capital was reduced to zero, the remainder was applied as a reduction in retained earnings.
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
On October 31, 2014, we received 345,165 shares representing the final settlement of the 2014 Agreement and the 2014 Program was completed. Pursuant to the 2014 Program, we repurchased 2,630,009 shares of our common stock at an average price of $57.03 per share from June 2014 to October 2014.
NOTE 3. – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table reflects the activity for the components of accumulated other comprehensive income (loss), net of tax, for the six months ended December 31, 2015:
|
| | | | | | | | | | | | |
(in millions) | | Foreign Currency | | Unrealized Gain/Loss on Derivatives | | Total |
Balance as of June 30, 2015 | | $ | (96.2 | ) | | $ | 0.3 |
| | $ | (95.9 | ) |
Other comprehensive loss before reclassifications | | (27.2 | ) | | (5.4 | ) | | (32.6 | ) |
Loss reclassified from accumulated other comprehensive income | | — |
| | 3.2 |
| | 3.2 |
|
Net current-period other comprehensive loss | | $ | (27.2 | ) | | $ | (2.2 | ) | | $ | (29.4 | ) |
Balance as of December 31, 2015 | | $ | (123.4 | ) |
| $ | (1.9 | ) | | $ | (125.3 | ) |
The details regarding pre-tax gain (loss) on derivative instruments reclassified to net income from accumulated other comprehensive income (loss) for the three and six months ended December 31, 2015 and 2014 are presented below:
|
| | | | | | | | | | |
| | Three Months Ended | | Affected Line in the Consolidated Statements of Income |
(in millions) | | December 31, 2015 | | December 31, 2014 | |
Interest rate contracts | | $ | (0.1 | ) | | $ | (0.3 | ) | | Interest expense, net |
Foreign exchange contracts | | (0.2 | ) | | (0.7 | ) | | Service Revenue |
Foreign exchange contracts | | (1.8 | ) | | (3.2 | ) | | Direct Costs |
Cross-currency swap contracts | | — |
| | 0.1 |
| | Miscellaneous income (expense), net |
Total | | $ | (2.1 | ) | | $ | (4.1 | ) | | |
|
| | | | | | | | | | |
| | Six Months Ended | | Affected Line in the Consolidated Statements of Income |
(in millions) | | December 31, 2015 | | December 31, 2014 | |
Interest rate contracts | | $ | (0.3 | ) | | $ | — |
| | Interest expense, net |
Foreign exchange contracts | | (0.4 | ) | | (0.7 | ) | | Service Revenue |
Foreign exchange contracts | | (4.6 | ) | | (1.8 | ) | | Direct Costs |
Cross-currency swap contracts | | — |
| | 0.2 |
| | Miscellaneous income (expense), net |
Total | | $ | (5.3 | ) | | $ | (2.3 | ) | | |
The amounts of gain (loss) reclassified from accumulated other comprehensive income into net income are net of taxes of $0.8 million, and $2.1 million for the three and six months ended December 31, 2015, respectively.
The amounts of gain (loss) reclassified from accumulated other comprehensive income into net income are net of taxes of $1.5 million, and $0.8 million for the three and six months ended December 31, 2014, respectively.
NOTE 4. – STOCK-BASED COMPENSATION
We account for stock-based compensation according to FASB ASC 718, “Compensation—Stock Compensation.” The classification of compensation expense within the consolidated statements of income is presented in the following table: |
| | | | | | | | | | | | | | | |
(in millions) | Three Months Ended | | Six Months Ended |
| December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 |
Direct costs | $ | 1.0 |
| | $ | 1.0 |
| | $ | 2.2 |
| | $ | 2.0 |
|
Selling, general and administrative | 3.8 |
| | 3.3 |
| | 7.7 |
| | 6.4 |
|
Total stock-based compensation | $ | 4.8 |
| | $ | 4.3 |
| | $ | 9.9 |
| | $ | 8.4 |
|
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 5. RESTRUCTURING CHARGES
In June 2015, our Board of Directors approved a plan (the “Margin Acceleration Program”) to restructure our operations to improve the productivity and efficiency of the Company, simplify the organization, and streamline decision-making, thereby enhancing client engagement. The Margin Acceleration Program is company-wide. The activities under the Margin Acceleration Program are expected to be substantially completed by June 2016. In the fourth quarter of Fiscal Year 2015, the first quarter of Fiscal Year 2016, and the second quarter of Fiscal Year 2016, we recorded $20.0 million, $14.8 million and $10.4 million, respectively, in restructuring charges related to the Margin Acceleration Program.
Changes in the restructuring accrual during the first six months of Fiscal Year 2016 are summarized below:
|
| | | | | | | | | | | | | | | | |
| | Balance at | | Charges/(Benefits) | | Payments/Foreign Currency Exchange | | Balance at |
| | June 30, 2015 | | | | December 31, 2015 |
2015 Margin Acceleration Program | | | | | | | | |
Employee severance | | $ | 20.0 |
| | $ | 20.9 |
| | $ | (9.3 | ) | | $ | 31.6 |
|
Facilities-related | | — |
| | 4.3 |
| | (0.6 | ) | | 3.7 |
|
Pre-Fiscal Year 2012 Restructuring Plans | | | | | | | | |
Facilities-related | | 0.3 |
| | — |
| | (0.1 | ) | | 0.2 |
|
Total | | $ | 20.3 |
| | $ | 25.2 |
| | $ | (10.0 | ) | | $ | 35.5 |
|
| | | | | | | | |
The cash expenditures subsequent to December 31, 2015 for approximately $31.6 million in employee severance and $2.2 million of facility exit costs will be paid within the next twelve months.
NOTE 6. – SEGMENT INFORMATION
We have three reporting segments: Clinical Research Services (“CRS”), PAREXEL Consulting Services (“PC”), and PAREXEL Informatics (“PI”).
| |
• | CRS constitutes our core business and includes all phases of clinical research from Early Phase (encompassing the early stages of clinical testing that range from first-in-man through proof-of-concept studies) to Phase II-III and Phase IV, known as Peri/Post Approval Services. Our services include clinical trials management and biostatistics, commercialization, data management and clinical pharmacology, as well as related medical advisory, patient recruitment, clinical supply and drug logistics, pharmacovigilance, and investigator site services. PAREXEL Medical Communications Services ("MedCom") provides targeted communications services in support of product launch. We aggregate Early Phase with Phase II-III and Peri/Post Approval Services due to economic similarities in these operating segments. |
| |
• | PC provides technical expertise and advice in such areas as drug development, regulatory affairs and strategic compliance. It also provides a full spectrum of market development and product development. Our PC consultants identify alternatives and propose solutions to address client issues associated with product development and registration. |
| |
• | PI provides information technology solutions designed to help improve clients’ product development and regulatory submission processes. PI offers a portfolio of products and services that includes medical imaging services, ClinPhone® RTSM, IMPACT® clinical trials management systems (“CTMS”), DataLabs® electronic data capture, web-based portals, systems integration, electronic patient reported outcomes, and LIQUENT InSight® Regulatory Information Management ("RIM") solutions. These services are often bundled together and integrated with other applications to provide eClinical solutions for our clients. |
Effective July 1, 2015, certain components of the our business segments were reorganized to better align services offered to clients. Specifically, HERON™ and MedCom were transferred to the CRS segment from our PC segment to broaden the range of fully-integrated services to help clients position their products for market access and ongoing commercial success. For the three and six months ended December 31, 2015, we included the operating results of HERON™ and MedCom within the CRS segment and retroactively revised the presentation for the three and six months ended December 31, 2014 to reflect this change.
We evaluate our segment performance and allocate resources based on service revenue and gross profit (service revenue less direct costs), while other operating costs are allocated and evaluated on a geographic basis. Accordingly, we do not include the impact of selling, general, and administrative expenses, depreciation and amortization expense, other income (expense), and income tax expense in segment profitability. We attribute revenue to individual countries based upon the revenue earned in the respective countries; however, inter-segment transactions are not included in service revenue. Furthermore, we have a global infrastructure supporting our business segments, and therefore do not identify assets by reportable segment.
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Our segment results were as follows: |
| | | | | | | | | | | | | | | |
(in millions) | Three Months Ended | | Six Months Ended |
| December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 |
Service revenue | | | | | | | |
CRS | $ | 407.1 |
| | $ | 393.7 |
| | $ | 817.3 |
| | $ | 778.6 |
|
PC | 41.4 |
| | 39.8 |
| | 80.7 |
| | 81.1 |
|
PI | 70.0 |
| | 65.8 |
| | 132.6 |
| | 131.3 |
|
Total service revenue | $ | 518.5 |
| | $ | 499.3 |
| | $ | 1,030.6 |
| | $ | 991.0 |
|
Direct costs | | | | | | | |
CRS | $ | 274.4 |
| | $ | 274.1 |
| | $ | 561.9 |
| | $ | 537.2 |
|
PC | 20.8 |
| | 20.6 |
| | 41.0 |
| | 42.2 |
|
PI | 37.3 |
| | 32.6 |
| | 72.8 |
| | 66.7 |
|
Total direct costs | $ | 332.5 |
| | $ | 327.3 |
| | $ | 675.7 |
| | $ | 646.1 |
|
Gross profit | | | | | | | |
CRS | $ | 132.7 |
| | $ | 119.6 |
| | $ | 255.4 |
| | $ | 241.4 |
|
PC | 20.6 |
| | 19.2 |
| | 39.7 |
| | 38.9 |
|
PI | 32.7 |
| | 33.2 |
| | 59.8 |
| | 64.6 |
|
Total gross profit | $ | 186.0 |
| | $ | 172.0 |
| | $ | 354.9 |
| | $ | 344.9 |
|
NOTE 7. – INCOME TAXES
We determine our global provision for corporate income taxes in accordance with FASB ASC 740, “Income Taxes.” We recognize our deferred tax assets and liabilities based upon the effect of temporary differences between the book and tax basis of recorded assets and liabilities. Further, we follow a methodology in which we identify, recognize, measure and disclose in our financial statements the effects of any uncertain tax return reporting positions that we have taken or expect to take. The methodology is based on the presumption that all relevant tax authorities possess full knowledge of those tax reporting positions, as well as all of the pertinent facts and circumstances. Our quarterly effective income tax rate reflects management’s estimates of our annual projected profitability in the various taxing jurisdictions in which we operate. Since the statutory tax rates differ in the jurisdictions in which we operate, changes in the distribution of profits and losses may have a significant impact on our effective income tax rate.
For the three months ended December 31, 2015 and 2014, we had effective income tax rates of 24.8% and 28.0%, respectively. The tax rates for these periods were lower than the expected statutory rate of 35% primarily as a result of the favorable effect of statutory tax rates applicable to income earned outside the United States on the projected annual effective tax rate.
For the six months ended December 31, 2015 and 2014, we had effective income tax rates of 27.0% and 30.4%, respectively. The tax rates for these periods were lower than the expected statutory rate of 35% primarily as a result of the favorable effect of statutory tax rates applicable to income earned outside the United States on the projected annual effective tax rate.
As of December 31, 2015, we had $34.6 million of gross unrecognized tax benefits, of which $24.0 million would impact the effective tax rate if recognized. As of June 30, 2015, we had $35.2 million of gross unrecognized tax benefits, of which $23.9 million would impact the effective tax rate if recognized. The reserves for unrecognized tax positions primarily relate to exposures for income tax matters such as changes in the jurisdiction in which income is taxable.
As of December 31, 2015, we anticipate that the liability for unrecognized tax benefits for uncertain tax positions could decrease by approximately $15.2 million over the next 12 months primarily as a result of the expiration of statutes of limitations and settlements with tax authorities.
We recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2015 and June 30, 2015, $4.4 million and $4.2 million, respectively of gross interest and penalties were included in the liability for unrecognized tax benefits. For the six month periods ended December 31, 2015 and 2014, expenses of $0.4 million and $0.1 million, respectively, were recorded for interest and penalties related to tax matters.
We are subject to U.S. federal income tax, as well as income tax in multiple state, local and foreign jurisdictions. All material U.S. federal, state and local income tax matters have been concluded with the respective taxing authority through 2005. Substantially all material foreign income tax matters have been concluded for all years through 2001.
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 8. – CREDIT AGREEMENTS
Master Financing Agreement
On June 12, 2015, we entered into a three year, interest free Master Financing Agreement for $7.1 million with General Electric Capital Corporation, (“GECC”), in conjunction with a software term license purchase. On June 30, 2015 we received the gross proceeds of $7.1 million from GECC. Repayment of the principal borrowed under the Master Financing Agreement is due annually on July 1st as follows:
| |
• | $1.4 million paid on or prior to July 1, 2015; |
| |
• | $2.8 million paid on or prior to July 1, 2016; and |
| |
• | $2.9 million paid on or prior to July 1, 2017. |
As of December 31, 2015, we had $5.7 million of principal borrowed under the Master Financing Agreement.
2014 Credit Agreement
On October 15, 2014, we, certain of our subsidiaries, Bank of America, N.A. (“Bank of America”), as Administrative Agent, Swingline Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPFS”), J.P. Morgan Securities LLC (“JPM Securities”), HSBC Bank USA, National Association (“HSBC”) and U.S. Bank, National Association (“US Bank”), as Joint Lead Arrangers and Joint Book Managers, JPMorgan Chase Bank N.A. (“JPMorgan”), HSBC and US Bank, as Joint Syndication Agents, and the other lenders party thereto entered into an amended and restated credit agreement (the “2014 Credit Agreement”) providing for a five-year term loan and revolving credit facility in the principal amount of up to $500.0 million (collectively, the “Loan Amount”), plus additional amounts of up to $300.0 million of loans to be made available upon request of the Company subject to specified terms and conditions.
The 2014 Credit Agreement amends and restates the amended and restated credit agreement dated as of March 22, 2013, by and among us, certain of our subsidiaries, Bank of America, as Administrative Agent, Swingline Lender and L/C Issuer, MLPFS, JPM Securities, HSBC, and US Bank as Joint Lead Arrangers and Joint Book Managers, JPMorgan, HSBC and US Bank, as Joint Syndication Agents, and the other lenders party thereto (the “2013 Credit Agreement”).
The loan facility available under the 2014 Credit Agreement consists of a term loan facility and a revolving credit facility. The principal amount of up to $200.0 million of the Loan Amount is available through the term loan facility, and the principal amount of up to $300.0 million of the Loan Amount is available through the revolving credit facility. A portion of the revolving credit facility is available for swingline loans of up to a sublimit of $100.0 million and for the issuance of standby letters of credit of up to a sublimit of $10.0 million.
The 2014 Credit Agreement is intended to provide funds for (i) stock repurchases, (ii) the issuance of letters of credit and (iii) our and our subsidiaries' other general corporate purposes, including permitted acquisitions.
As of December 31, 2015, we had $170.0 million of principal borrowed under the revolving credit facility and $197.5 million of principal borrowed under the term loan. As of June 30, 2015, we had $50.0 million of principal borrowed under the revolving credit facility and $200.0 million of principal borrowed under the term loan. The outstanding amounts are presented net of debt issuance cost of approximately $2.2 million and $2.5 million in our consolidated balance sheets at December 31, 2015 and June 30, 2015, respectively. As of December 31, 2015, we had borrowing availability of $130.0 million under the revolving credit facility.
The obligations under the 2014 Credit Agreement are guaranteed by certain of our material domestic subsidiaries, and the obligations, if any, of any foreign designated borrower are guaranteed by us and certain of our material domestic subsidiaries.
Borrowings (other than swingline loans) under the 2014 Credit Agreement bear interest, at our determination, at a rate based on either (a) LIBOR plus a margin (not to exceed a per annum rate of 1.750%) based on a ratio of consolidated funded debt to consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) (the “Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 0.500%, and (iii) the one month LIBOR rate plus 1.000% (such highest rate, the “Alternate Base Rate”), plus a margin (not to exceed a per annum rate of 0.750%) based on the Leverage Ratio. Swingline loans in U.S. dollars bear interest calculated at the Alternate Base Rate plus a margin (not to exceed a per annum rate of 0.750%). Loans outstanding under the 2014 Credit Agreement may be prepaid at any time in whole or in part without premium or penalty, other than customary breakage costs, if any, subject to the terms and conditions contained in the 2014 Credit Agreement. The 2014 Credit Agreement terminates and any outstanding loans under it mature and must be repaid on October 15, 2019.
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Repayment of the principal borrowed under the revolving credit facility (other than a swingline loan) is due on October 15, 2019. A swingline loan under the 2014 Credit Agreement generally must be paid ten business days after the loan is made. Repayment of principal borrowed under the term loan facility is as follows, with the final payment of all amounts outstanding, plus accrued interest, being due on October 15, 2019:
| |
• | 1.25% by quarterly term loan amortization payments to be made commencing December 2015 and made on or prior to September 30, 2017; |
| |
• | 2.50% by quarterly term loan amortization payments to be made after September 30, 2017, but on or prior to September 30, 2018; |
| |
• | 5.00% by quarterly term loan amortization payments to be made after September 30, 2018, but prior to October 15, 2019; and |
| |
• | 60.00% on October 15, 2019. |
Interest due under the revolving credit facility (other than a swingline loan) and the term loan facility must be paid quarterly for borrowings with an interest rate determined with reference to the Alternate Base Rate. Interest must be paid on the last day of the interest period selected by the Company for borrowings determined with reference to LIBOR; provided that for interest periods of longer than three months, interest is required to be paid every three months. Interest under U.S. dollar swingline loans at the alternate base rate is payable quarterly.
Our obligations under the 2014 Credit Agreement may be accelerated upon the occurrence of an event of default under the 2014 Credit Agreement, which includes customary events of default, including payment defaults, defaults in the performance of affirmative and negative covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency related defaults, cross defaults to material indebtedness, defaults relating to such matters as ERISA and judgments, and a change of control default.
The 2014 Credit Agreement contains negative covenants applicable to us and our subsidiaries, including financial covenants requiring us to comply with maximum leverage ratios and minimum interest coverage ratios, as well as restrictions on liens, investments, indebtedness, fundamental changes, acquisitions, dispositions of property, making specified restricted payments (including stock repurchases that would result in our exceeding an agreed-to leverage ratio), transactions with affiliates, and other restrictive covenants. As of December 31, 2015, we were in compliance with all covenants under the 2014 Credit Agreement.
In connection with the 2014 Credit Agreement, we agreed to pay a commitment fee on the revolving loan commitment calculated as a percentage of the unused amount of the revolving loan commitment at a per annum rate of up to 0.300% (based on the Leverage Ratio). To the extent there are letters of credit outstanding under the 2014 Credit Agreement, we will pay letter of credit fees plus a fronting fee and additional charges. We agreed to pay Bank of America (i) for its own account, an arrangement fee, (ii) for the account of each of the lenders, an upfront fee and (iii) for its own account, an annual agency fee.
In September 2011, we entered into an interest rate swap agreement which hedged $100.0 million of principal under our prior debt obligations and carries a fixed interest rate of 1.30%. In September 2015, the interest rate swap agreement matured and the related accumulated other comprehensive income was reclassified to net income during the three months ended September 30, 2015.
In May 2013, we entered into another interest rate swap agreement and hedged an additional principal amount of $100.0 million under the 2013 Credit Agreement with a fixed interest rate of 0.73%. The interest rate swap agreement now hedges $100.0 million of principal under our 2014 Credit Agreement. As of December 31, 2015, our debt under the 2014 Credit Agreement, including the $100.0 million of principal hedged with both interest swap agreements, carried an average annualized interest rate of 1.49%. These interest rate hedges were deemed to be fully effective in accordance with FASB ASC 815, “Derivatives and Hedging” (“ASC 815”) and, as such, unrealized gains and losses related to these derivatives are recorded as other comprehensive income in our consolidated balance sheets.
On October 1, 2015, we entered into a two year interest rate swap agreement effective September 30, 2016 and hedged an additional principal amount of $100.0 million under the 2014 Credit Agreement with a fixed interest rate of 1.104%.
Note Purchase Agreement
On July 25, 2013, we issued $100.0 million principal amount of 3.11% senior notes due July 25, 2020 (the “Notes”) for aggregate gross proceeds of $100.0 million in a private placement solely to accredited investors. The Notes were issued pursuant to a Note Purchase Agreement entered into by us with certain institutional investors on June 25, 2013 (the “Note Purchase Agreement”). Proceeds from the Notes were used to pay down $100.0 million of principal borrowed under the revolving credit facility of the 2013 Credit Agreement, as described below. We will pay interest on the outstanding balance of the Notes at a rate of 3.11% per annum, payable semi-annually on January 25 and July 25 of each year until the principal on the Notes shall have become due and payable. We may, at our option, upon notice and subject to the terms of the Note Purchase Agreement, prepay at any time all or part of the Notes in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding, plus a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes become due and payable on July 25, 2020, unless payment is required to be made earlier under the terms of the Note Purchase Agreement.
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
The Note Purchase Agreement includes operational and financial covenants, with which we are required to comply, including, among others, maintenance of certain financial ratios and restrictions on additional indebtedness, liens and dispositions. As of December 31, 2015, we were in compliance with all covenants under the Note Purchase Agreement.
In connection with the Note Purchase Agreement, certain of our subsidiaries entered into a Subsidiary Guaranty, pursuant to which such subsidiaries guaranteed our obligations under the Notes and the Note Purchase Agreement.
As of December 31, 2015, there was $100.0 million in aggregate principal amount outstanding under the Notes. The outstanding amounts are presented net of debt issuance cost of approximately $0.3 million in our consolidated balance sheets.
Receivable Purchase Agreement
On February 19, 2013, we entered into a receivables purchase agreement (the “Receivable Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”). Under the Receivable Agreement, we sell to JPMorgan or other investors on an ongoing basis certain of our trade receivables, together with ancillary rights and the proceeds thereof, which arise under contracts with a client, or its subsidiaries or affiliates. The Receivable Agreement includes customary representations and covenants on behalf of us, and may be terminated by either us or JPMorgan upon five business days advance notice. The Receivable Agreement provides a mechanism for accelerating the receipt of cash due on outstanding receivables. We account for the transfer of our receivables with respect to which we have satisfied the applicable revenue recognition criteria in accordance with FASB ASC 860, “Transfers and Servicing.” If we have not satisfied the applicable revenue recognition criteria for the underlying sales transaction, the transfer of the receivable is accounted for as a financing activity in accordance with FASB ASC 470, “Debt.” The accounts receivable and short-term debt balances are derecognized from our consolidated balance sheets at the earlier of the factored receivable’s due date or when all of the revenue recognition criteria are met for those billed services. During the six months ended December 31, 2015, we transferred approximately $64.6 million of trade receivables. As of December 31, 2015 and June 30, 2015, no transfers were accounted for as a financing activity.
2013 Credit Agreement
The 2013 Credit Agreement provided for a five-year term loan of $200.0 million and a revolving credit facility in the amount of up to $300.0 million, plus additional amounts of up to $200.0 million of loans to be made available upon our request subject to specified terms and conditions. A portion of the revolving credit facility was available for swingline loans of up to a sublimit of $75.0 million and for the issuance of standby letters of credit of up to a sublimit of $10.0 million. The 2013 Credit Agreement was amended and restated on October 15, 2014 as discussed above.
Our obligations under the 2013 Credit Agreement were guaranteed by certain of our material domestic subsidiaries, and the obligations, if any, of any foreign designated borrower were guaranteed by us and certain of our material domestic subsidiaries.
Borrowings (other than swingline loans) under the 2013 Credit Agreement bore interest, at our determination, at a rate based on either (i) LIBOR plus a margin (not to have exceeded a per annum rate of 1.750%) based on the Leverage Ratio or (ii) the Alternate Base Rate, plus a margin (not to have exceeded a per annum rate of 0.750%) based on the Leverage Ratio. Swingline loans in U.S. dollars bore interest calculated at the Alternate Base Rate plus a margin (not to have exceeded a per annum rate of 0.750%).
On October 15, 2014, all outstanding amounts under the 2013 Credit Agreement were fully repaid with the proceeds from the 2014 Credit Agreement.
Additional Lines of Credit
We have an unsecured line of credit with JP Morgan UK in the amount of $4.5 million that bears interest at an annual rate ranging from 2.00% to 4.00%. We entered into this line of credit to facilitate business transactions. At December 31, 2015, we had $4.5 million available under this line of credit.
We have a cash pool facility with RBS Nederland, NV in the amount of 4.0 million Euros that bears interest at an annual rate ranging between 2.00% and 4.00%. We entered into this line of credit to facilitate business transactions. At December 31, 2015, we had 4.0 million Euros available under this line of credit.
NOTE 9. – DEBT, COMMITMENTS, CONTINGENCIES AND GUARANTEES
As of December 31, 2015, our future minimum debt obligations related to the 2014 Credit Agreement and the Notes described in Note 8 above are as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | FY 2016 | | FY 2017 | | FY 2018 | | FY 2019 | | FY 2020 | | Thereafter | | Total |
Debt obligations (principal) | | $ | 5.0 |
| | $ | 12.8 |
| | $ | 20.4 |
| | $ | 35.0 |
| | $ | 400.0 |
| | $ | — |
| | $ | 473.2 |
|
We have letter-of-credit agreements with banks totaling approximately $9.7 million guaranteeing performance under various operating leases and vendor agreements. Additionally, the borrowings under the 2014 Credit Agreement and the Notes are guaranteed by certain of our U.S. subsidiaries.
We periodically become involved in various claims and lawsuits that are incidental to our business. We are also regularly subject to, and are currently undergoing, audits by tax authorities in the United States and foreign jurisdictions for prior tax years. Although we believe our tax estimates are reasonable, and we intend to defend our positions through litigation if necessary, the final outcome of tax audits and related litigation is inherently uncertain and could be materially different than that reflected in our historical income tax provisions and accruals. Adverse outcomes of tax audits could also result in assessments of substantial additional taxes and/or fines or penalties relating to ongoing or future audits.
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
We believe, after consultation with counsel or other experts, that no matters currently pending would, in the event of an adverse outcome, either individually or in the aggregate, have a material impact on our consolidated financial position, results of operations, or liquidity.
NOTE 10. – DERIVATIVES
We are exposed to certain risks relating to our ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk and foreign currency exchange rate risk. Accordingly, we have instituted interest rate and foreign currency hedging programs that are accounted for in accordance with ASC 815.
| |
• | Our interest rate hedging program is a cash flow hedge program designed to minimize interest rate volatility. We swap the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount, at specified intervals. Our interest rate contracts are designated as hedging instruments. |
| |
• | Our foreign currency hedging program is a cash flow hedge program designed to mitigate foreign currency exchange rate volatility due to the foreign currency exchange exposure related to intercompany and significant external transactions. This program also intends to reduce the impact of foreign exchange rate risk on our direct costs and our service revenues. We primarily utilize forward currency exchange contracts and cross-currency swaps with maturities of no more than 12 months. These contracts are designated as hedging instruments. |
We also enter into other economic hedges to mitigate foreign currency exchange risk related to intercompany and significant external transactions. These contracts are not designated as hedges in accordance with ASC 815.
The following table presents the notional amounts and fair values of our derivatives as of December 31, 2015 and June 30, 2015. The gross position of all asset and liability amounts is reported in other current assets, other assets, other current liabilities, and other liabilities in our consolidated balance sheets. |
| | | | | | | | | | | | | | | |
(in millions) | December 31, 2015 | | June 30, 2015 |
| Notional Amount | | Asset (Liability) | | Notional Amount | | Asset (Liability) |
Derivatives designated as hedging instruments under ASC 815 | | |
Derivatives in an asset position: | | | | | | | |
Interest rate contracts | $ | 200.0 |
| | $ | 1.2 |
| | $ | 100.0 |
| | $ | 0.8 |
|
Foreign exchange contracts | 61.5 |
| | 1.4 |
| | 140.6 |
| | 2.9 |
|
Derivatives in a liability position: | | | | | | | |
Interest rate contracts | — |
| | — |
| | 25.0 |
| | (0.1 | ) |
Foreign exchange contracts | 137.4 |
| | (5.5 | ) | | 56.1 |
| | (4.5 | ) |
Cross-currency swap contracts | — |
| | — |
| | 19.0 |
| | (2.7 | ) |
Total designated derivatives | $ | 398.9 |
| | $ | (2.9 | ) | | $ | 340.7 |
| | $ | (3.6 | ) |
Derivatives not designated as hedging instruments under ASC 815 |
Derivatives in an asset position: | | | | | | | |
Foreign exchange contracts | $ | 50.4 |
| | $ | 0.3 |
| | $ | 46.1 |
| | $ | 0.6 |
|
Derivatives in a liability position: | | | | | | | |
Foreign exchange contracts | 70.4 |
| | (2.2 | ) | | 81.7 |
| | (1.8 | ) |
Total non-designated derivatives | $ | 120.8 |
| | $ | (1.9 | ) | | $ | 127.8 |
| | $ | (1.2 | ) |
Total derivatives | $ | 519.7 |
| | $ | (4.8 | ) | | $ | 468.5 |
| | $ | (4.8 | ) |
Under certain circumstances, such as the occurrence of significant differences between actual cash payments and forecasted cash payments, the ASC 815 programs could be deemed ineffective. We record the effective portion of any change in the fair value of derivatives designated as hedging instruments under ASC 815 to other accumulated comprehensive income (loss) in our consolidated balance sheets, net of deferred taxes, and any ineffective portion to miscellaneous income (expense), net in our consolidated statements of income. During the three months ended December 31, 2015 and 2014, we recorded losses of $0.7 million and $0.9 million, respectively, in miscellaneous income (expense), net in our consolidated statements of income to reflect ineffective portions of hedges. During the six months ended December 31, 2015 and 2014, we recorded losses of $1.7 million and $1.5 million, respectively, in miscellaneous income (expense), net in our consolidated statements of income to reflect ineffective portions of hedges.
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
The amounts recognized in other comprehensive income (loss), net of taxes, are presented below:
|
| | | | | | | | | | | | | | | |
(in millions) | Three Months Ended | | Six Months Ended |
| December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 |
Derivatives designated as hedging instruments under ASC 815 | | |
Interest rate contracts | $ | 0.7 |
| | $ | (0.2 | ) | | $ | 0.2 |
| | $ | 0.3 |
|
Foreign exchange contracts | (0.8 | ) | | (3.9 | ) | | (2.4 | ) | | (11.6 | ) |
Cross-currency swap contracts | — |
| | 0.1 |
| | — |
| | — |
|
Total designated derivatives | $ | (0.1 | ) | | $ | (4.0 | ) | | $ | (2.2 | ) | | $ | (11.3 | ) |
The unrealized gain (loss) on derivative instruments is net of $0.4 million and $2.3 million taxes, respectively, for the three months ended December 31, 2015 and 2014. The unrealized gain (loss) on derivative instruments is net of $0.4 million and $6.3 million taxes, respectively, for the six months ended December 31, 2015 and 2014.
The estimated net amount of the existing losses that are expected to be reclassified into earnings within the next twelve months is $4.3 million.
The change in the fair value of derivatives not designated as hedging instruments under ASC 815 is recorded to miscellaneous (expense) income, net in our consolidated statements of income. The total gains and losses related to foreign exchange contracts not designated as hedging instruments were losses of $3.3 million and $7.7 million for the three months ended December 31, 2015 and 2014, respectively. The total gains and losses related to foreign exchange contracts not designated as hedging instruments were losses of $3.6 million and $15.2 million for the six months ended December 31, 2015 and 2014, respectively.
The unrealized losses recognized are presented below:
|
| | | | | | | | | | | | | | | |
(in millions) | Three Months Ended | | Six Months Ended |
| December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 |
Derivatives not designated as hedging instruments under ASC 815 | | |
Foreign exchange contracts | $ | (0.1 | ) | | $ | (0.4 | ) | | $ | (0.7 | ) | | $ | (3.1 | ) |
Total non-designated derivative unrealized loss, net | $ | (0.1 | ) | | $ | (0.4 | ) | | $ | (0.7 | ) | | $ | (3.1 | ) |
NOTE 11. – GOODWILL
As of December 31, 2015 and June 30, 2015, we had goodwill of $343.8 million and $354.9 million. We evaluate goodwill for impairment annually, as well as whenever events or changes in circumstances suggest that the carrying value of goodwill may not be recoverable. We test goodwill for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis on June 30th of each fiscal year or more frequently if indicators of impairment exist. As discussed in Note 6, we reorganized certain components of our PC segment to our CRS segment on July 1, 2015. We performed an impairment analysis immediately prior to and subsequent to the movement of these components and evaluated goodwill for impairment as of July 1, 2015 for our PC reporting unit, which had $20.6 million of goodwill as of June 30, 2015. The performance of the test involves a two-step process. The first step of the impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. We determined the fair value of our PC reporting unit using the income approach methodology of valuation that includes the discounted cash flow method, as well as other generally accepted valuation methodologies. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, we perform the second step of the goodwill impairment test to determine the amount of impairment loss. The second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit with the carrying value of that reporting unit. Based on this analysis, no impairment was identified. The Company's next annual impairment assessment will be performed as of June 30, 2016 unless indicators arise that would require the Company to re-evaluate at an earlier date.
NOTE 12. – FAIR VALUE MEASUREMENTS
We apply the provisions of FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 defines fair value and provides guidance for measuring fair value and expands disclosures about fair value measurements. ASC 820 seeks to enable the reader of financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. ASC 820 requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
| |
• | Level 1 – Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. |
| |
• | Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: |
| |
◦ | quoted prices for similar assets and liabilities in active markets |
| |
◦ | quoted prices for identical or similar assets or liabilities in markets that are not active |
| |
◦ | observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals) |
| |
◦ | inputs that are derived principally from or corroborated by observable market data by correlation or other means |
| |
• | Level 3 – Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). |
The following table sets forth by level, within the fair value hierarchy, our assets (liabilities) carried at fair value as of December 31, 2015:
|
| | | | | | | | | | | | | | | |
(in millions) | Level 1 | | Level 2 | | Level 3 | | Total |
Contingent consideration | $ | — |
| | $ | — |
| | $ | (15.0 | ) | | $ | (15.0 | ) |
Interest rate derivative instruments | — |
| | 1.2 |
| | — |
| | 1.2 |
|
Foreign currency exchange contracts | — |
| | (6.0 | ) | | — |
| | (6.0 | ) |
Total | $ | — |
| | $ | (4.8 | ) | | $ | (15.0 | ) | | $ | (19.8 | ) |
The following table sets forth by level, within the fair value hierarchy, our assets (liabilities) carried at fair value as of June 30, 2015: |
| | | | | | | | | | | | | | | |
(in millions) | Level 1 | | Level 2 | | Level 3 | | Total |
Contingent consideration | $ | — |
| | $ | — |
| | $ | (7.3 | ) | | $ | (7.3 | ) |
Interest rate derivative instruments | — |
| | 0.7 |
| | — |
| | 0.7 |
|
Foreign currency exchange contracts | — |
| | (5.6 | ) | | — |
| | (5.6 | ) |
Total | $ | — |
| | $ | (4.9 | ) | | $ | (7.3 | ) | | $ | (12.2 | ) |
Level 1 Estimates
Cash equivalents are measured at quoted prices in active markets. These investments are considered cash equivalents due to the short maturity (less than 90 days) of the investments.
Level 2 Estimates
Interest rate derivative instruments are measured at fair value using a market approach valuation technique. The valuation is based on an estimate of net present value of the expected cash flows using relevant mid-market observable data inputs and based on the assumption of no unusual market conditions or forced liquidation.
Foreign currency exchange contracts are measured at fair value using a market approach valuation technique. The inputs to this technique utilize current foreign currency exchange forward market rates published by leading third-party financial news and data providers. This is observable data that represent the rates that the financial institution uses for contracts entered into at that date; however, they are not based on actual transactions so they are classified as Level 2.
Level 3 Estimates
Contingent consideration liabilities are re-measured to fair value each reporting period using projected financial targets, discount rates, probabilities of payment and projected payment dates. Projected contingent payment amounts are discounted back to the current period using a discounted cash flow model. Projected financial targets are based on our most recent internal operational budgets and may take into consideration alternate scenarios that could result in more or less profitability for the respective service line. Increases or decreases in projected financial targets and probabilities of payment may result in significant changes in the fair value measurements. Increases in discount rates and the time to payment may result in lower fair value measurements. Increases or decreases in any of those inputs in isolation may result in a significantly lower or higher fair value measurement.
PAREXEL INTERNATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
We acquired ClinIntel Limited (“ClinIntel”), a provider of clinical randomization and trial supply management services, which are designed to make patient randomization and clinical supply chain solutions more efficient, in October 2014. The purchase price for the ClinIntel acquisition was approximately $8.8 million, plus the potential to pay up to an additional $15.0 million over a twenty-one month period following the acquisition date if ClinIntel achieves specific financial targets. The contingent consideration related to the ClinIntel acquisition is measured at fair value using an income approach valuation technique, specifically with probability weighted and discounted cash flows. Increases or decreases in the fair value of our contingent consideration liability is primarily impacted by the likelihood of achieving financial targets, but also from changes in discount periods and rates.
The recurring Level 3 fair value measurements of our contingent consideration liability include the following significant unobservable inputs:
|
| | |
| | ClinIntel |
Unobservable Input | | Range |
Discount rate | | 4% |
Probability of achieving financial targets | | 100% |
Projected period of payment | | January 2016 |
The following table provides a summary of the change in our valuation of the fair value of the contingent consideration, which was determined by Level 3 inputs:
|
| | | |
(in millions) | Fair Value |
Balance at June 30, 2015 | $ | 7.3 |
|
Change in fair value of contingent consideration | 8.2 |
|
Effect of changes in exchange rates used for translation | (0.5 | ) |
Balance at December 31, 2015 | $ | 15.0 |
|
On January 29, 2016 a payment of $14.1 million was made to the seller and the remaining maximum amount to be paid out is $0.2 million.
For the six months ended December 31, 2015 and 2014, the change in the fair value of the contingent consideration of $8.2 million expense and $3.0 million benefit were recorded in selling, general and administrative expense, respectively.
For the six months ended December 31, 2015, there were no transfers among Level 1, Level 2, or Level 3 categories. Additionally, there were no changes in the valuation techniques used to determine the fair values of our Level 2 or Level 3 assets or liabilities.
The fair value of the debt under the Notes was estimated to be $96.4 million as of December 31, 2015, and was determined using U.S. government treasury rates and Level 3 inputs, including a credit risk adjustment.
The carrying value of our current and long-term debt under the 2014 Credit Agreement approximates fair value because all of the debt bears variable rate interest.
NOTE 13. – SUBSEQUENT EVENTS
On January 19, 2016, we entered into a definitive agreement to acquire all of the outstanding equity securities of Health Advances, LLC (“Health Advances”), an independent life sciences strategy consulting firm. Health Advances combines clinical, scientific and business expertise to provide strategic advice to executives leading life sciences companies and investors. The acquisition is expected to close in February 2016, subject to the satisfaction of closing conditions including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The financial information discussed below is derived from the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. The financial information set forth and discussed below is unaudited but, in the opinion of our management, includes all adjustments (primarily consisting of normal recurring adjustments) considered necessary for a fair presentation of such information. Our results of operations for a particular quarter may not be indicative of results expected during subsequent fiscal quarters or for the entire fiscal year.
This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended. For this purpose, any statements contained in this Quarterly Report on Form 10-Q regarding our strategy, future operations, financial position, future revenue, projected costs, prospects, plans and objectives of management, other than statements of historical facts, are forward-looking statements. The words “anticipates,” “believes,” “estimates,” “expects,” “appears,” “intends,” “may,” “plans,” “projects,” “would,” “could,” “should,” “targets,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We cannot guarantee that we actually will achieve the plans, intentions or expectations expressed or implied in our forward-looking statements. There are a number of important factors that could cause actual results, levels of activity, performance or events to differ materially from those expressed or implied in the forward-looking statements we make. These important factors are described under the heading “Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2015, filed with the Securities and Exchange Commission (the “SEC”) on August 25, 2015 (the “2015 10-K”), and under “Risk Factors” set forth in Part II, Item 1A below. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed herein may not occur and our actual performance and results may vary from those anticipated or otherwise suggested by such statements. You are cautioned not to place undue reliance on these forward-looking statements. Although we may elect to update forward-looking statements in the future, we specifically disclaim any obligation to do so, even if our estimates change, and you should not rely on those forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report on Form 10-Q.
BUSINESS OVERVIEW
We are a leading biopharmaceutical outsourcing services company, providing a broad range of expertise in clinical research, clinical logistics, medical communications, consulting, commercialization and advanced technology products and services to the worldwide pharmaceutical, biotechnology, and medical device industries. Our primary objective is to provide quality solutions for managing the biopharmaceutical product lifecycle with the goal of reducing the time, risk, and cost associated with the development and commercialization of new therapies. Since our incorporation in 1983, we have developed significant expertise in processes and technologies supporting this strategy. Our product and service offerings include: clinical trials management, observational studies and patient/disease registries, data management, biostatistical analysis, epidemiology, health economics / outcomes research, pharmacovigilance, medical communications, clinical pharmacology, patient recruitment, clinical supply and drug logistics, post-marketing surveillance, regulatory and product development and commercialization consulting, health policy and reimbursement and market access consulting, medical imaging services, regulatory information management (“RIM”) solutions, ClinPhone randomization and trial supply management services (“RTSM”), electronic data capture systems (“EDC”), clinical trial management systems (“CTMS”), web-based portals, systems integration, patient diary applications, and other product development tools and services. We believe that our comprehensive services, depth of therapeutic area expertise, global footprint and related access to patients, and sophisticated information technology, along with our experience in global drug development and product launch services, represent key competitive strengths. We have three reporting segments: Clinical Research Services (“CRS”), PAREXEL Consulting Services (“PC”), and PAREXEL Informatics (“PI”).
| |
• | CRS constitutes our core business and includes all phases of clinical research from Early Phase (encompassing the early stages of clinical testing that range from first-in-man through proof-of-concept studies) to Phase II-III and Phase IV, known as Peri/Post Approval Services. Our services include clinical trials management and biostatistics, commercialization, data management and clinical pharmacology, as well as related medical advisory, patient recruitment, clinical supply and drug logistics, pharmacovigilance, and investigator site services. MedCom provides targeted communications services in support of product launch. We aggregate Early Phase with Phase II-III and Peri/Post Approval Services due to economic similarities in these operating segments. |
| |
• | PC provides technical expertise and advice in such areas as drug development, regulatory affairs and strategic compliance. It also provides a full spectrum of market development and product development. Our PC consultants identify alternatives and propose solutions to address client issues associated with product development and registration. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
| |
• | PI provides information technology solutions designed to help improve clients’ product development and regulatory submission processes. PI offers a portfolio of products and services that includes medical imaging services, ClinPhone® RTSM, IMPACT® CTMS, DataLabs® EDC, web-based portals, systems integration, electronic patient reported outcomes (“ePRO”) and LIQUENT InSight® RIM platform. These services are often bundled together and integrated with other applications to provide an eClinical solution for our clients. In addition, PI's portfolio of services is increasingly being embedded with that of CRS, to provide our clients with an integrated offering. |
Effective July 1, 2015, certain components of our business segments were reorganized to better align services offered to clients. Specifically, HERON™ and MedCom were transferred to the CRS segment from our PC segment to broaden the range of fully-integrated services to help clients position their products for market access and ongoing commercial success. For the three and six months ended December 31, 2015, we included the operating results of HERON™ and MedCom within the CRS segment and retroactively revised the three and six months ended December 31, 2014 to reflect this presentation change.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
This discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and other financial information. On an ongoing basis, we evaluate our estimates and judgments. We base our estimates on historical experience and on various other factors that we believe to be reasonable under the circumstances. Actual results may differ from these estimates.
For further information on our other critical accounting policies, please refer to the consolidated financial statements and footnotes thereto included in the 2015 10-K.
RESULTS OF OPERATIONS
Three and Six Months Ended December 31, 2015 Compared With Three and Six Months Ended December 31, 2014:
Revenue
Our service revenue by segment is as follows: |
| | | | | | | | | | | | | | | | | | | | | |
(dollar amounts in millions) | Three Months Ended | | | | Six Months Ended | | |
| December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% | | December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% |
Service revenue | | | | | | | | | | | |
CRS | $ | 407.1 |
| | $ | 393.7 |
| | 3.4 | % | | $ | 817.3 |
| | $ | 778.6 |
| | 5.0 | % |
PC | 41.4 |
| | 39.8 |
| | 4.0 | % | | 80.7 |
| | 81.1 |
| | (0.5 | )% |
PI | 70.0 |
| | 65.8 |
| | 6.4 | % | | 132.6 |
| | 131.3 |
| | 1.0 | % |
Total service revenue | $ | 518.5 |
| | $ | 499.3 |
| | 3.8 | % | | $ | 1,030.6 |
| | $ | 991.0 |
| | 4.0 | % |
ANALYSIS BY SEGMENT
We evaluate our segment performance and allocate resources based on service revenue and gross profit (service revenue less direct costs), while other operating costs are allocated and evaluated on a geographic basis. Accordingly, we do not include the impact of selling, general, and administrative expenses, depreciation and amortization expense, restructuring charges, other income (expense), and income tax expense in segment profitability. Inter-segment transactions are not included in service revenue. Furthermore, we have a global infrastructure supporting our business segments, and therefore, we do not identify assets by reportable segment.
CRS
In the three months ended December 31, 2015, service revenue increased by 3.4% compared to the same period in 2014, primarily due to the addition of $8.8 million of revenue generated from the acquisition of Quantum Solutions India (QSI). In the six months ended December 31, 2015, service revenue increased by 5.0%, compared to the same period in 2014, primarily due to contributions from new business, including the addition of $16.6 million of revenue generated from the acquisition of QSI.
PC
Service revenue increased by 4.0%, in the three months ended December 31, 2015 compared to the same period in 2014 due primarily to a favorable business mix. In the six months ended December 31, 2015 service revenue decreased by 0.5%, compared to the same period in 2014 due primarily to slower conversion of a number of larger scale projects.
PI
Service revenue increased by 6.4% and 1.0%, in the three and six months ended December 31, 2015 compared to the same periods in 2014. The increases in service revenue were primarily driven by increases in backlog in prior periods.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Reimbursement Revenue
Reimbursement revenue consists of reimbursable out-of-pocket expenses incurred on behalf of, and reimbursable by, clients. Reimbursement revenue does not yield any gross profit to us, nor does it have an impact on our net income.
Direct Costs
Our direct costs and service gross profit by segment are as follows:
|
| | | | | | | | | | | | | | | | | | | | | |
(dollar amounts in millions) | Three Months Ended | | | | Six Months Ended | | |
| December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% | | December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% |
Direct costs | | | | | | | | | | | |
CRS | $ | 274.4 |
| | $ | 274.1 |
| | 0.1 | % | | $ | 561.9 |
| | $ | 537.2 |
| | 4.6 | % |
PC | 20.8 |
| | 20.6 |
| | 1.0 | % | | 41.0 |
| | 42.2 |
| | (2.8 | )% |
PI | 37.3 |
| | 32.6 |
| | 14.4 | % | | 72.8 |
| | 66.7 |
| | 9.1 | % |
Total direct costs | $ | 332.5 |
| | $ | 327.3 |
| | 1.6 | % | | $ | 675.7 |
| | $ | 646.1 |
| | 4.6 | % |
Gross profit | | | | | | | | | | | |
CRS | $ | 132.7 |
| | $ | 119.6 |
| | 11.0 | % | | $ | 255.4 |
| | $ | 241.4 |
| | 5.8 | % |
PC | 20.6 |
| | 19.2 |
| | 7.3 | % | | 39.7 |
| | 38.9 |
| | 2.1 | % |
PI | 32.7 |
| | 33.2 |
| | (1.5 | )% | | 59.8 |
| | 64.6 |
| | (7.4 | )% |
Total gross profit | $ | 186.0 |
| | $ | 172.0 |
| | 8.1 | % | | $ | 354.9 |
| | $ | 344.9 |
| | 2.9 | % |
Direct costs increased by 1.6%, and 4.6% in the three and six months ended December 31, 2015, respectively, compared to the three and six months ended December 31, 2014. In the three months ended December 31, 2015, direct costs as a percentage of total service revenue, decreased to 64.1% from 65.6% compared to the same period in 2014. As a percentage of total service revenue, direct costs for the six months ended December 31, 2015 increased to 65.6% from 65.2% for the respective period in 2014. For the three and six months ended December 31, 2015 compared to the same periods in 2014 gross profit increased due primarily to the impact of various productivity and efficiency initiatives and differences in the business mix.
CRS
Direct costs increased by 0.1%, and 4.6% in the three and six months ended December 31, 2015, respectively, compared to the three and six months ended December 31, 2014. The increase in the six months ended December 31, 2015 was due primarily to the increased labor costs associated with the increase in service revenue. As a percentage of service revenue, direct costs decreased to 67.4% in the three months ended December 31, 2015 from 69.6% for the same period in 2014, and decreased to 68.8% for the six months ended December 31, 2015 from 69.0% for the same period in 2014, due primarily to the impact of efficiency initiatives and revenue growth.
PC
Direct costs increased slightly by 1.0% in the three months ended December 31, 2015 compared to the same period in 2014 due primarily to our service line mix. Direct costs decreased by 2.8% in the six months ended December 31, 2015 compared to the same period in 2014 due primarily to our service line mix. As a percentage of service revenue, direct costs decreased to 50.2% for the three months ended December 31, 2015 from 51.8% for the same period in 2014 and decreased to 50.8% from 52.0% in the six month comparison due to the more favorable revenue mix.
PI
Direct costs increased by 14.4%, and 9.1% in the three and six months ended December 31, 2015 from the same periods in 2014 primarily due to an increase in headcount and service revenue mix. As a percentage of service revenue, direct costs in the three months ended December 31, 2015 increased to 53.3% from 49.5% for the same period in 2014 due primarily to increased headcount and service revenue. In the six months ended December 31, 2015 direct costs as a percentage of service revenue increased to 54.9% from 50.8% for the same period in 2014 due primarily to increased headcount and service revenue mix.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Selling, General and Administrative ("SG&A")
SG&A expense is summarized as follows: |
| | | | | | | | | | | | | | | | | | | | | |
(dollar amounts in millions) | Three Months Ended | | | | Six Months Ended | | |
| December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% | | December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% |
Selling, general and administrative | $ | 97.4 |
| | $ | 98.8 |
| | (1.4 | )% | | $ | 192.3 |
| | $ | 197.8 |
| | (2.8 | )% |
% of service revenues | 18.8 | % | | 19.8 | % | | | | 18.7 | % | | 20.0 | % | | |
SG&A expense decreased 1.4% and 2.8%, in the three and six months ended December 31, 2015, respectively, compared to the the three and six months ended December 31, 2014. The decrease in the three months ended December 31, 2015 was due primarily to the effect of efficiency initiatives for our support functions as well as the favorable impact of foreign currency exchange rate movements. These decreases were partially offset by an increase in headcount to support business growth and a $3.2 million charge for the change in fair value of acquisition related contingent consideration. The decrease in the six months ended December 31, 2015 was due primarily to the effect of efficiency initiatives for our support functions, a decrease in professional fees and the favorable impact of foreign currency exchange rate movements. These decreases were partially offset by an $11.2 million change for the fair value adjustment of contingent consideration related to acquisitions. The decrease in SG&A expense as a percentage of service revenue, in the three and six months ended December 31, 2015 from the same periods in 2014 was due primarily to lower labor spend that was leveraged against our revenue growth.
Depreciation and Amortization
Depreciation and Amortization expense is summarized as follows: |
| | | | | | | | | | | | | | | | | | | | | |
(dollar amounts in millions) | Three Months Ended | | | | Six Months Ended | | |
| December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% | | December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% |
Depreciation and amortization | $ | 23.6 |
| | $ | 20.4 |
| | 15.7 | % | | $ | 47.3 |
| | $ | 40.8 |
| | 15.9 | % |
% of service revenues | 4.6 | % | | 4.1 | % | | | | 4.6 | % | | 4.1 | % | | |
Depreciation and amortization expense increased by 15.7%, and 15.9% in the three and six months ended December 31, 2015 respectively, compared to the same periods in 2014 due primarily to amortization expense attributable to our acquisition of QSI in the fourth quarter of fiscal year 2015.
Restructuring Charge
Restructuring expense is summarized as follows: |
| | | | | | | | | | | | | | | | | | | |
(dollar amounts in millions) | Three Months Ended | | | | Six Months Ended | | |
| December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% | | December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% |
Restructuring costs | $ | 10.4 |
| | $ | — |
| | NA | | $ | 25.2 |
| | $ | (0.1 | ) | | >1000% |
In June 2015, we adopted the Margin Acceleration Program to restructure our operations to improve the productivity and efficiency of the Company, simplify the organization, and streamline decision-making, thereby enhancing client engagement. For the three and six months ended December 31, 2015, we recorded a net $10.4 million and $25.2 million restructuring charge respectively, related to the Margin Acceleration Program. In the second quarter of 2016 this charge was composed of $6.7 million of employee separation benefits and $3.7 million of lease termination related costs. For the six months ended December 31, 2015, we recorded $20.9 million of employee separation benefits and $4.3 million of lease termination related costs. From the announcement of the program through December 31, 2015, we recorded a net $45.2 million restructuring charge related to the Margin Acceleration Program, which consisted of $40.9 million of employee separation benefits and $4.3 million of lease termination related costs. As a result of these initiatives, we expect to realize annualized pre-tax savings of approximately $50.0 million to $60.0 million.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Income from Operations
|
| | | | | | | | | | | | | | | | | | | | | |
(dollar amounts in millions) | Three Months Ended | | | | Six Months Ended | | |
| December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% | | December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% |
Income from operations | $ | 54.6 |
| | $ | 52.8 |
| | 3.4 | % | | $ | 90.1 |
| | $ | 106.4 |
| | (15.3 | )% |
Operating margin | 10.5 | % | | 10.6 | % | | | | 8.7 | % | | 10.7 | % | | |
This increase in income from operations and decrease in operating margin in the three months ended December 31, 2015 was due primarily to higher revenue and lower SG&A, offset by higher direct costs, which included a $10.4 million charge related to the Margin Acceleration Program, a $3.2 million charge for the change in fair value of acquisition related contingent consideration, and amortization of QSI intangible assets. The decrease in both income from operations and operating margin in the six months ended December 31, 2015 was primarily due to higher direct costs, which included a $25.2 million charge related to the Margin Acceleration Program, an $11.2 million change for the fair value adjustment of contingent consideration related to acquisitions, and amortization of QSI intangible assets. These increases were partially offset by lower SG&A.
Other (Expense) Income, Net
Other (expense) income, net is summarized as follows:
|
| | | | | | | | | | | | | | | | | | | | | |
(dollar amounts in millions) | Three Months Ended | | | | Six Months Ended | | |
| December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% | | December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% |
Interest expense, net | $ | (2.1 | ) | | $ | (1.9 | ) | | 10.5 | % | | $ | (3.7 | ) | | $ | (3.6 | ) | | 2.8 | % |
Miscellaneous (expense) income | (0.1 | ) | | 3.0 |
| | (103.3 | )% | | 1.7 |
| | 6.3 |
| | (73.0 | )% |
Other income, net | $ | (2.2 | ) | | $ | 1.1 |
| | (300.0 | )% | | $ | (2.0 | ) | | $ | 2.7 |
| | (174.1 | )% |
Net interest expense increased in the three and six months ended December 31, 2015 compared to the same periods in 2014 as a result of higher debt balances.
During the three months ended December 31, 2015, net foreign currency exchange losses of $0.7 million were recorded compared with net foreign currency exchange gains of $2.5 million in the same period of 2014. For the six months ended December 31, 2015 and December 31, 2014, we recorded net foreign currency exchange gains of $1.8 million and $6.0 million respectively.
Taxes
The following table presents the provision for income taxes and our effective tax rate for the three and six months ended December 31, 2015 and 2014:
|
| | | | | | | | | | | | | | | | | | | | | |
(dollar amounts in millions) | Three Months Ended | | | | Six Months Ended | | |
| December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% | | December 31, 2015 | | December 31, 2014 | | Increase/(Decrease)% |
Provision for income taxes | $ | 13.0 |
| | $ | 15.1 |
| | (13.9 | )% | | $ | 23.8 |
| | $ | 33.2 |
| | (28.3 | )% |
Effective tax rate | 24.8 | % | | 28.0 | % | | (11.4 | )% | | 27.0 | % | | 30.4 | % | | (11.2 | )% |
The tax rates for the three and six months ended December 31, 2015 and 2014 each benefited from a favorable distribution of taxable income among lower tax rate foreign jurisdictions and the United States. The three months ended December 31, 2015 also benefited from the reinstatement of the “look-through” provision of the U.S. tax code effective during the quarter.
LIQUIDITY AND CAPITAL RESOURCES
Since our inception, we have financed our operations and growth with cash flow from operations, proceeds from the sale of equity securities, and credit facilities. Investing activities primarily reflect the costs of capital expenditures for property and equipment as well as the funding of business acquisitions and the purchases of marketable securities. As of December 31, 2015, we had cash and cash equivalents of approximately $154.0 million. The majority of our cash and cash equivalents is held in foreign countries because excess cash generated in the United States is primarily used to repay our debt obligations. As of December 31, 2015 we did not hold any marketable securities. Foreign cash balances include unremitted foreign earnings, which are invested indefinitely outside of the United States. Our cash and cash equivalents are held in deposit accounts, which provide us with immediate and unlimited access to the funds. Repatriation of funds to the United States from non-U.S. entities may be subject to taxation or certain legal restrictions. Nevertheless, most of our cash resides in countries with few or no such legal restrictions.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
DAYS SALES OUTSTANDING
Our operating cash flow is heavily influenced by changes in the levels of billed and unbilled receivables and deferred revenue. These account balances as well as days sales outstanding (“DSO”) in accounts receivable, net of deferred revenue, can vary based on contractual milestones and the timing and size of cash receipts. We calculate DSO by adding the end-of-period balances for billed and unbilled account receivables, net of deferred revenue (short-term and long-term) and the provision for losses on receivables, then dividing the resulting amount by the sum of total revenue plus investigator fees billed for the most recent quarter, and multiplying the resulting fraction by the number of days in the quarter. The following table presents the DSO, accounts receivable balances, and deferred revenue as of and for the three months ended December 31, 2015 and June 30, 2015:
|
| | | | | | | |
(in millions) | December 31, 2015 | | June 30, 2015 |
Billed accounts receivable, net | $ | 488.8 |
| | $ | 460.6 |
|
Unbilled accounts receivable, net | 283.6 |
| | 262.2 |
|
Total accounts receivable | 772.4 |
| | 722.8 |
|
Deferred revenue | 436.5 |
| | 414.0 |
|
Net receivables | $ | 335.9 |
| | $ | 308.8 |
|
| | | |
DSO (in days) | 44 |
| | 39 |
|
DSO for the three months ended December 31, 2015 grew five days compared with the three months ended June 30, 2015 due to our increases in billed and unbilled accounts receivable net.
CASH FLOWS
Sources and uses of cash flows are summarized as follows: |
| | | | | | | | | | | |
| | Six Months Ended | | |
| | December 31, | | Percentage |
(dollar amounts in millions)
| | 2015 | | 2014 | | Change |
Net cash provided by operating activities | | $ | 85.7 |
| | $ | 98.4 |
| | (12.9 | )% |
Net cash (used in) provided by investing activities | | (53.3 | ) | | 54.5 |
| | (197.8 | )% |
Net cash (used in) provided by financing activities | | (71.0 | ) | | 6.8 |
| | >1000% |
|
Effect of exchange rate changes on cash | | (14.8 | ) | | (46.0 | ) | | (67.8 | )% |
Net (decrease) increase in cash and cash equivalents | | $ | (53.4 | ) | | $ | 113.7 |
| | (147.0 | )% |
Operating Activities
The cash flows provided by operating activities during the six months ended December 31, 2015 primarily resulted from $64.3 million in net income, $57.2 million in depreciation, amortization and stock-based compensation expenses and a $34.1 million decrease in net change of working capital.
The cash flows provided by operating activities during the six months ended December 31, 2014 primarily resulted from net income of $75.9 million, $49.2 million in depreciation, amortization and stock-based compensation expenses, $13.6 million in deferred taxes and a $4.6 million decrease in net change of working capital.
Investing Activities
The net cash used in investing activities during the six months ended December 31, 2015 was primarily driven by capital expenditures of $53.3 million. The capital expenditures in the current year are higher than the prior year due primarily to increased costs for system upgrades and improvements to the information technology infrastructure.
During the six months ended December 31, 2014, we received $88.5 million in net proceeds from the sale of marketable securities, which was partially offset by $23.6 million in capital expenditures and $10.4 million in cash used for business acquisitions.
Financing Activities
During the six months ended December 31, 2015, we paid $200.0 million as part of the accelerated share repurchase program. This was partially offset by the receipt of $12.9 million in proceeds related to employee stock purchases and borrowed a net $116.1 million under the 2014 Credit Agreement (as defined below).
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
During the six months ended December 31, 2014, we received $7.5 million in proceeds related to employee stock purchases partially offset by debt issuance costs of $0.7 million related to the 2014 Credit Agreement (as defined below).
CREDIT AGREEMENTS
Master Financing Agreement
On June 12, 2015, we entered into a three year, interest free Master Financing Agreement for $7.1 million with General Electric Capital Corporation, (“GECC”), in conjunction with a software term license purchase. On June 30, 2015 we received the gross proceeds of $7.1 million from GECC. Repayment of the principal borrowed under the Master Financing Agreement is due annually on July 1st as follows:
| |
• | $1.4 million made on or prior to July 1, 2015; |
| |
• | $2.8 million made on or prior to July 1, 2016; and |
| |
• | $2.9 million made on or prior to July 1, 2017. |
As of December 31, 2015, we had $5.7 million principal borrowed under the Master Financing Agreement.
2014 Credit Agreement
On October 15, 2014, we, certain of our subsidiaries, Bank of America, N.A. (“Bank of America”), as Administrative Agent, Swingline Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPFS”), J.P. Morgan Securities LLC (“JPM Securities”), HSBC Bank USA, National Association (“HSBC”) and U.S. Bank, National Association (“US Bank”), as Joint Lead Arrangers and Joint Book Managers, JPMorgan Chase Bank N.A. (“JPMorgan”), HSBC and US Bank, as Joint Syndication Agents, and the other lenders party thereto entered into an amended and restated credit agreement (the “2014 Credit Agreement”) providing for a five-year term loan and revolving credit facility in the principal amount of up to $500.0 million (collectively, the “Loan Amount”), plus additional amounts of up to $300.0 million of loans to be made available upon request of the Company subject to specified terms and conditions.
The 2014 Credit Agreement amends and restates the amended and restated credit agreement dated as of March 22, 2013, by and among us, certain of our subsidiaries, Bank of America, as Administrative Agent, Swingline Lender and L/C Issuer, MLPFS, JPM Securities, HSBC, and US Bank as Joint Lead Arrangers and Joint Book Managers, JPMorgan, HSBC and US Bank, as Joint Syndication Agents, and the other lenders party thereto (the “2013 Credit Agreement”).
The loan facility available under the 2014 Credit Agreement consists of a term loan facility and a revolving credit facility. The principal amount of up to $200.0 million of the Loan Amount is available through the term loan facility, and the principal amount of up to $300.0 million of the Loan Amount is available through the revolving credit facility. A portion of the revolving credit facility is available for swingline loans of up to a sublimit of $100.0 million and for the issuance of standby letters of credit of up to a sublimit of $10.0 million.
The 2014 Credit Agreement is intended to provide funds for (i) stock repurchases, (ii) the issuance of letters of credit and (iii) our and our subsidiaries' other general corporate purposes, including permitted acquisitions.
As of December 31, 2015, we had $170.0 million of principal borrowed under the revolving credit facility and $197.5 million of principal borrowed under the term loan. As of June 30, 2015, we had $50.0 million of principal borrowed under the revolving credit facility and $200.0 million of principal borrowed under the term loan. The outstanding amounts are presented net of debt issuance cost of approximately $2.2 million and $2.5 million in our consolidated balance sheets as of December 31, 2015 and June 30, 2015, respectively. As of December 31, 2015, we had borrowing availability of $130.0 million under the revolving credit facility.
The obligations under the 2014 Credit Agreement are guaranteed by certain of our material domestic subsidiaries, and the obligations, if any, of any foreign designated borrower are guaranteed by us and certain of our material domestic subsidiaries.
Borrowings (other than swingline loans) under the 2014 Credit Agreement bear interest, at our determination, at a rate based on either (a) LIBOR plus a margin (not to exceed a per annum rate of 1.750%) based on a ratio of consolidated funded debt to consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) (the “Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 0.500%, and (iii) the one month LIBOR rate plus 1.000% (such highest rate, the “Alternate Base Rate”), plus a margin (not to exceed a per annum rate of 0.750%) based on the Leverage Ratio. Swingline loans in U.S. dollars bear interest calculated at the Alternate Base Rate plus a margin (not to exceed a per annum rate of 0.750%). Loans outstanding under the 2014 Credit Agreement may be prepaid at any time in whole or in part without premium or penalty, other than customary breakage costs, if any, subject to the terms and conditions contained in the 2014 Credit Agreement. The 2014 Credit Agreement terminates and any outstanding loans under it mature and must be repaid on October 15, 2019.
Repayment of the principal borrowed under the revolving credit facility (other than a swingline loan) is due on October 15, 2019. A swingline loan under the 2014 Credit Agreement generally must be paid ten business days after the loan is made. Repayment
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
of principal borrowed under the term loan facility is as follows, with the final payment of all amounts outstanding, plus accrued interest, being due on October 15, 2019:
| |
• | 1.25% by quarterly term loan amortization payments to be made commencing December 2015 and made on or prior to September 30, 2017; |
| |
• | 2.50% by quarterly term loan amortization payments to be made after September 30, 2017, but on or prior to September 30, 2018; |
| |
• | 5.00% by quarterly term loan amortization payments to be made after September 30, 2018, but prior to October 15, 2019; and |
| |
• | 60.00% on October 15, 2019. |
Interest due under the revolving credit facility (other than a swingline loan) and the term loan facility must be paid quarterly for borrowings with an interest rate determined with reference to the Alternate Base Rate. Interest must be paid on the last day of the interest period selected by the Company for borrowings determined with reference to LIBOR; provided that for interest periods of longer than three months, interest is required to be paid every three months. Interest under U.S. dollar swingline loans at the alternate base rate is payable quarterly.
Our obligations under the 2014 Credit Agreement may be accelerated upon the occurrence of an event of default under the 2014 Credit Agreement, which includes customary events of default, including payment defaults, defaults in the performance of affirmative and negative covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency related defaults, cross defaults to material indebtedness, defaults relating to such matters as ERISA and judgments, and a change of control default.
The 2014 Credit Agreement contains negative covenants applicable to us and our subsidiaries, including financial covenants requiring us to comply with maximum leverage ratios and minimum interest coverage ratios, as well as restrictions on liens, investments, indebtedness, fundamental changes, acquisitions, dispositions of property, making specified restricted payments (including stock repurchases that would result in our exceeding an agreed-to leverage ratio), transactions with affiliates, and other restrictive covenants. As of December 31, 2015, we were in compliance with all covenants under the 2014 Credit Agreement.
In connection with the 2014 Credit Agreement, we agreed to pay a commitment fee on the revolving loan commitment calculated as a percentage of the unused amount of the revolving loan commitment at a per annum rate of up to 0.300% (based on the Leverage Ratio). To the extent there are letters of credit outstanding under the 2014 Credit Agreement, we will pay letter of credit fees plus a fronting fee and additional charges. We agreed to pay Bank of America (i) for its own account, an arrangement fee, (ii) for the account of each of the lenders, an upfront fee and (iii) for its own account, an annual agency fee.
In September 2011, we entered into an interest rate swap agreement which hedged $100.0 million of principal under our prior debt obligations and carries a fixed interest rate of 1.30%. In September 2015, the interest rate swap agreement matured and the related accumulated other comprehensive income was reclassified to net income during the three months ended September 30, 2015.
In May 2013, we entered into another interest rate swap agreement and hedged an additional principal amount of $100.0 million under the 2013 Credit Agreement with a fixed interest rate of 0.73%. The interest rate swap agreement now hedges $100.0 million of principal under our 2014 Credit Agreement. As of December 31, 2015, our debt under the 2014 Credit Agreement, including the $100.0 million of principal hedged with both interest swap agreements, carried an average annualized interest rate of 1.49%. These interest rate hedges were deemed to be fully effective in accordance with FASB ASC 815, “Derivatives and Hedging” (“ASC 815”) and, as such, unrealized gains and losses related to these derivatives are recorded as other comprehensive income in our consolidated balance sheets.
On October 1, 2015, we entered into a two year interest rate swap agreement effective September 30, 2016 and hedged an additional principal amount of $100.0 million under the 2014 Credit Agreement with a fixed interest rate of 1.104%.
Note Purchase Agreement
On July 25, 2013, we issued $100.0 million principal amount of 3.11% senior notes due July 25, 2020 (the “Notes”) for aggregate gross proceeds of $100.0 million in a private placement solely to accredited investors. The Notes were issued pursuant to a Note Purchase Agreement entered into by us with certain institutional investors on June 25, 2013 (the “Note Purchase Agreement”). Proceeds from the Notes were used to pay down $100.0 million of principal borrowed under the revolving credit facility of the 2013 Credit Agreement, as described below. We will pay interest on the outstanding balance of the Notes at a rate of 3.11% per annum, payable semi-annually on January 25 and July 25 of each year until the principal on the Notes shall have become due and payable. We may, at our option, upon notice and subject to the terms of the Note Purchase Agreement, prepay at any time all or part of the Notes in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding, plus a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes become due and payable on July 25, 2020, unless payment is required to be made earlier under the terms of the Note Purchase Agreement.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
The Note Purchase Agreement includes operational and financial covenants, with which we are required to comply, including, among others, maintenance of certain financial ratios and restrictions on additional indebtedness, liens and dispositions. As of December 31, 2015, we were in compliance with all covenants under the Note Purchase Agreement.
In connection with the Note Purchase Agreement, certain of our subsidiaries entered into a Subsidiary Guaranty, pursuant to which such subsidiaries guaranteed our obligations under the Notes and the Note Purchase Agreement.
As of December 31, 2015, there was $100.0 million in aggregate principal amount outstanding under the Notes. The outstanding amounts are presented net of debt issuance cost of approximately $0.3 million in our consolidated balance sheets.
Receivable Purchase Agreement
On February 19, 2013, we entered into a receivables purchase agreement (the “Receivable Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”). Under the Receivable Agreement, we sell to JPMorgan or other investors on an ongoing basis certain of our trade receivables, together with ancillary rights and the proceeds thereof, which arise under contracts with a client, or its subsidiaries or affiliates. The Receivable Agreement includes customary representations and covenants on behalf of us, and may be terminated by either us or JPMorgan upon five business days advance notice. The Receivable Agreement provides a mechanism for accelerating the receipt of cash due on outstanding receivables. We account for the transfer of our receivables with respect to which we have satisfied the applicable revenue recognition criteria in accordance with FASB ASC 860, “Transfers and Servicing.” If we have not satisfied the applicable revenue recognition criteria for the underlying sales transaction, the transfer of the receivable is accounted for as a financing activity in accordance with FASB ASC 470, “Debt.” The accounts receivable and short-term debt balances are derecognized from our consolidated balance sheets at the earlier of the factored receivable’s due date or when all of the revenue recognition criteria are met for those billed services. During the six months ended December 31, 2015, we transferred approximately $64.6 million of trade receivables. As of December 31, 2015 and June 30, 2015, no transfers were accounted for as a financing activity.
Additional Lines of Credit
We have an unsecured line of credit with JP Morgan UK in the amount of $4.5 million that bears interest at an annual rate ranging from 2.00% to 4.00%. We entered into this line of credit to facilitate business transactions. As of December 31, 2015, we had $4.5 million available under this line of credit.
We have a cash pool facility with RBS Nederland, NV in the amount of 4.0 million Euros that bears interest at an annual rate ranging between 2.00% and 4.00%. We entered into this line of credit to facilitate business transactions. As of December 31, 2015, we had 4.0 million Euros available under this line of credit.
DEBT, COMMITMENTS, CONTINGENCIES AND GUARANTEES
As of December 31, 2015, our future minimum debt obligations related to the 2014 Credit Agreement and the Notes described above under “Credit Agreements” are as follows:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | FY 2016 | | FY 2017 | | FY 2018 | | FY 2019 | | FY 2020 | | Thereafter | | Total |
Debt obligations (principal) | | $ | 5.0 |
| | $ | 12.8 |
| | $ | 20.4 |
| | $ | 35.0 |
| | $ | 400.0 |
| | $ | — |
| | $ | 473.2 |
|
We have letter-of-credit agreements with banks totaling approximately $9.7 million guaranteeing performance under various operating leases and vendor agreements. Additionally, the borrowings under the 2014 Credit Agreement and the Notes are guaranteed by certain of our U.S. subsidiaries.
We periodically become involved in various claims and lawsuits that are incidental to our business. We are also regularly subject to, and are currently undergoing, audits by tax authorities in the United States and foreign jurisdictions for prior tax years. Although we believe our tax estimates are reasonable, and we intend to defend our positions through litigation if necessary, the final outcome of tax audits and related litigation is inherently uncertain and could be materially different than that reflected in our historical income tax provisions and accruals. Adverse outcomes of tax audits could also result in assessments of substantial additional taxes and/or fines or penalties relating to ongoing or future audits.
We believe, after consultation with counsel or other experts, that no matters currently pending would, in the event of an adverse outcome, either individually or in the aggregate, have a material impact on our consolidated financial position, results of operations, or liquidity.
FINANCING NEEDS
Our primary cash needs are for operating expenses (such as salaries and fringe benefits, hiring and recruiting, business development and facilities), business acquisitions, capital expenditures, and repayment of principal and interest on our borrowings.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Credit Agreements and Note Purchase Agreement
In July 2013, we issued $100.0 million principal amount of 3.11% senior notes due July 25, 2020 for aggregate gross proceeds of $100.0 million in a private placement solely to accredited investors. We utilized the proceeds from the private placement to repay debt outstanding under our 2013 Credit Agreement. The Note Purchase Agreement permits the proceeds from the private placement to be used for working capital purposes, stock repurchase financing, debt refinancing, and for general corporate purposes including the financing of acquisitions, subject in each case to the terms of the Note Purchase Agreement.
Our requirements for cash to pay principal and interest on our borrowings will increase significantly in future periods based on amounts borrowed under our 2014 Credit Agreement and the Notes. Our primary committed external source of funds is the 2014 Credit Agreement. Our principal source of cash is from the performance of services under contracts with our clients. If we are unable to generate new contracts with existing and new clients or if the level of contract cancellations increases, our revenue and cash flow would be adversely affected (see Part II, Item 1A “Risk Factors” for further detail on these risks). Absent a material adverse change in the level of our new business bookings or contract cancellations, we believe that our existing capital resources together with cash flow from operations and borrowing capacity under existing credit facilities will be sufficient to meet our foreseeable cash needs over the next twelve months and on a longer term basis. Depending upon our revenue and cash flow from operations, it is possible that we will require external funds to repay amounts outstanding under our 2014 Credit Agreement upon its maturity in 2019.
We expect to continue to acquire businesses that enhance our service and product offerings, expand our therapeutic expertise, and/or increase our global presence. Depending on their size, any future acquisitions may require additional external financing, and we may from time to time seek to obtain funds from public or private issuances of equity or debt securities. We may be unable to secure such financing at all or on terms acceptable to us, as a result of our outstanding borrowings, including our outstanding borrowings under the 2014 Credit Agreement.
Under the terms of the 2014 Credit Agreement, interest rates are fixed based on market indices at the time of borrowing and, depending upon the interest mechanism selected by us, may float thereafter. As a result, the amount of interest payable by us on our borrowings may increase if market interest rates change. However, we expect to mitigate the risk of increasing market interest rates with our hedging programs described below under Part I, Item 3 “Quantitative and Qualitative Disclosures About Market Risk - Foreign Currency Exchange Rates and Interest Rates.”
Share Repurchases
On September 14, 2015, we announced that our Board of Directors approved a share repurchase program (the “2016 Program”) authorizing the repurchase of up to $200.0 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing. On September 15, 2015, we entered into an agreement (the “2016 Agreement”) to purchase shares of our common stock from Wells Fargo Bank, National Association (“WF”), for an aggregate purchase price of $200.0 million pursuant to an accelerated share purchase program. Pursuant to the 2016 Agreement, in September 2015, we paid $200.0 million to WF and received from WF 2,274,343 shares of our common stock, representing 80% of the shares to be repurchased by us under the 2016 Agreement. The shares were repurchased at a price of $70.35 per share, which was the closing price of our common stock on the Nasdaq Global Select Market on September 16, 2015. These shares were canceled and restored to the status of authorized and unissued shares. As of December 31, 2015, we recorded the $200.0 million payment to WF as a decrease to equity in our consolidated balance sheet, consisting of decreases in common stock and additional paid-in capital. As additional paid-in capital was reduced to zero, the remainder was applied as a reduction in retained earnings.
On June 2, 2014, we announced that our Board of Directors approved a share repurchase program (the “2014 Program”) authorizing the repurchase of up to $150.0 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing. On June 13, 2014, we entered into an agreement (the “2014 Agreement”) to purchase shares of our common stock from Goldman Sachs & Co. (“GS”), for an aggregate purchase price of $150.0 million pursuant to an accelerated share purchase program. Pursuant to the 2014 Agreement, in June 2014, we paid $150.0 million to GS and received from GS 2,284,844 shares of our common stock, representing 80% of the shares to be repurchased by us under the 2014 Agreement. The shares were repurchased at a price of $52.52 per share, which was the closing price of our common stock on the Nasdaq Global Select Market on June 13, 2014. These shares were canceled and restored to the status of authorized and unissued shares. As of June 30, 2014, we recorded the $150.0 million payment to GS as a decrease to equity in our consolidated balance sheet, consisting of decreases in common stock and additional paid-in capital. As additional paid-in capital was reduced to zero, the remainder was applied as a reduction in retained earnings.
On October 31, 2014, we received 345,165 shares representing the final settlement of the 2014 Agreement and the 2014 Program was completed. Pursuant to the 2014 Program, we repurchased 2,630,009 shares of our common stock at an average price of $57.03 per share from June 2014 to October 2014.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
OFF-BALANCE SHEET ARRANGEMENTS
We have no material off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
INFLATION
We believe the effects of inflation generally do not have a material adverse impact on our operations or financial condition.
RECENTLY IMPLEMENTED AND ISSUED ACCOUNTING STANDARDS
See Note 1 to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on recently implemented and issued accounting standards.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
MARKET RISK
Market risk is the potential loss arising from adverse changes in market rates and prices, such as foreign currency exchange rates, interest rates, and other relevant market rates or price changes. In the ordinary course of business, we are exposed to market risk resulting from changes in foreign currency exchange rates and interest rates, and we regularly evaluate our exposure to such changes. Our overall risk management strategy seeks to balance the magnitude of the exposure and the costs and availability of appropriate financial instruments.
FOREIGN CURRENCY EXCHANGE RATES AND INTEREST RATES
For the six months ended December 31, 2015 and 2014, we derived approximately 55.8% and 55.4% of our consolidated service revenue, respectively, from operations outside of the United States. In addition, for the six months ended December 31, 2015 and 2014, our Euro denominated service revenue accounted for 9.9% and 13.4% of our consolidated service revenue, respectively. We have no significant operations in countries in which the economy is considered to be highly inflationary. Our financial statements are denominated in U.S. dollars. Accordingly, changes in exchange rates between foreign currencies and the U.S. dollar will affect the translation of financial results into U.S. dollars for purposes of reporting our consolidated financial results.
It is our policy to mitigate the risks associated with fluctuations in foreign exchange rates and in market rates of interest. Accordingly, we have instituted foreign currency hedging programs and an interest rate swap program. See Note 10 to our consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on our hedging programs and interest rate swap program. Our foreign currency hedging program was expanded in the first quarter of the fiscal year ended June 30, 2013 in order to reduce the impact of foreign currency exchange rate risk on our gross margin.
As of December 31, 2015, the programs with derivatives designated as hedging instruments under ASC 815 were deemed effective and the notional values of the derivatives were approximately $398.9 million, including two interest rate swaps agreement with a total notional value of $200.0 million that hedge borrowings under our 2014 Credit Agreement. Under certain circumstances, such as the occurrence of significant differences between actual cash receipts and forecasted cash receipts, the ASC 815 programs could be deemed ineffective. In such an event, the unrealized gains and losses related to these derivatives, which are currently reported in accumulated other comprehensive income in our consolidated balance sheets, would be recognized in earnings. As of December 31, 2015, the estimated amount that could be recognized in earnings was a loss of approximately $1.9 million, net of tax.
As of December 31, 2015, the notional value of derivatives that were not designated as hedging instruments under ASC 815 was approximately $120.8 million.
During the six months ended December 31, 2015 and 2014, we recorded net foreign currency exchange gains of $1.8 million and $6.0 million, respectively. We also have exposure to additional foreign currency exchange rate risk as it relates to assets and liabilities that are not part of the economic hedge or designated hedging programs, but that risk is difficult to quantify at any given point in time.
Our exposure to changes in interest rates relates primarily to the amount of our long-term debt. The current portion of our long-term debt was $12.8 million as of December 31, 2015 and $8.9 million as of June 30, 2015. Long-term debt was $460.4 million as of December 31, 2015 and $348.2 million as of June 30, 2015. As of December 31, 2015, $100.0 million of borrowings under our 2014 Credit Agreement were hedged under an interest rate swap agreement and $100.0 million in aggregate principal amount outstanding under the Notes carry a fixed interest rate of 3.11%. Based on average total debt for the six months ended December 31, 2015, an increase in the average interest rate of 100 basis points would reduce our pre-tax earnings and cash flows by approximately $2.7 million on an annual basis. On October 1, 2015, we entered into a two year interest rate swap agreement effective September 30, 2016 and hedged an additional principal amount of $100.0 million under the 2014 Credit Agreement with a fixed interest rate of 1.104%.
ITEM 4. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Our management, with the participation of our chief executive officer and chief financial officer (our principal executive officer and principal financial officer, respectively), evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2015. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended ( the “Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of December 31, 2015, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fiscal quarter ended December 31, 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We periodically become involved in various claims and lawsuits that are incidental to our business. We believe, after consultation with counsel, that no matters currently pending would, in the event of an adverse outcome, have a material impact on our consolidated financial statements.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for Fiscal Year 2015 filed with the SEC on August 25, 2015, which could materially affect our business, financial condition, and future operating results. The risks described in our Annual Report on Form 10-K are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and operating results. There have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for Fiscal Year 2015.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
See the Exhibit Index on the page immediately preceding the exhibits for a list of exhibits filed as part of this Quarterly Report on Form 10-Q, which Exhibit Index is incorporated by this reference.
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 thereunto duly authorized.
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| | | |
| | | |
| | | PAREXEL International Corporation |
| | | |
| | | |
Date: | February 2, 2016 | | By: /s/ Josef H. von Rickenbach |
| | | |
| | | Josef H. von Rickenbach |
| | | Chairman of the Board and Chief Executive Officer |
| | | (Principal Executive Officer) |
| | | |
| | | |
Date: | February 2, 2016 | | By: /s/ Ingo Bank |
| | | |
| | | Ingo Bank |
| | | Senior Vice President and Chief Financial Officer |
| | | (Principal Financial Officer) |
EXHIBIT INDEX
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| | |
Exhibit Number | | Description |
| | |
10.1 | | Letter Agreement Regarding Accelerated Share Repurchase Program by and between PAREXEL International Corporation and Wells Fargo Bank, National Association, dated September 15, 2015 (filed as Exhibit 10.1 to the Company's Current Report on Form 8-K dated September 15, 2015 and incorporated herein by reference). |
| | |
10.2* | | PAREXEL International Corporation 2015 Stock Incentive Plan (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated December 3, 2015 and is incorporated herein by reference). |
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31.1 | | Principal executive officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| | |
31.2 | | Principal financial officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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32.1 | | Principal executive officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| | |
32.2 | | Principal financial officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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101.INS | | XBRL Instance Document |
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101.SCH | | XBRL Taxonomy Extension Schema |
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101.CAL | | XBRL Taxonomy Extension Calculation Linkbase |
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101.LAB | | XBRL Taxonomy Extension Label Linkbase |
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101.PRE | | XBRL Taxonomy Extension Presentation Linkbase |
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101.DEF | | XBRL Taxonomy Extension Definition Linkbase |
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*Denotes management contract or any compensatory plan, contract or arrangement.
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Exhibit 31.1
CERTIFICATION
I, Josef H. von Rickenbach, certify that:
1. I have reviewed this quarterly report on Form 10-Q of PAREXEL International Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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| | | |
Date: | February 2, 2016 | | By: /s/ Josef H. von Rickenbach |
| | |
| | | Josef H. von Rickenbach |
| | | (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, Ingo Bank, certify that:
1. I have reviewed this quarterly report on Form 10-Q of PAREXEL International Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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| | | |
Date: | February 2, 2016 | | By: /s/ Ingo Bank |
| | |
| | | Ingo Bank |
| | | (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of PAREXEL International Corporation (the “Company”) for the period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Josef H. von Rickenbach, Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to his knowledge:
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| | |
| (1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
| | |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
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| | | |
Date: | February 2, 2016 | | By: /s/ Josef H. von Rickenbach |
| | |
| | | Josef H. von Rickenbach |
| | | Chairman of the Board and Chief Executive Officer |
A signed original of this written statement required by Section 906 has been provided to PAREXEL International Corporation and will be retained by PAREXEL International Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of PAREXEL International Corporation (the “Company”) for the period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Ingo Bank, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to his knowledge:
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| | |
| (1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
| | |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
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| | | |
Date: | February 2, 2016 | | By: /s/ Ingo Bank |
| | |
| | | Ingo Bank |
| | | Senior Vice President and Chief Financial Officer |
A signed original of this written statement required by Section 906 has been provided to PAREXEL International Corporation and will be retained by PAREXEL International Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
v3.3.1.900
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Condensed Consolidated Balance Sheets - USD ($) $ in Millions |
Dec. 31, 2015 |
Jun. 30, 2015 |
ASSETS |
|
|
Cash and cash equivalents |
$ 154.0
|
$ 207.4
|
Billed and unbilled accounts receivable, net |
488.8
|
460.6
|
Unbilled Receivables, Current |
283.6
|
262.2
|
Prepaid expenses |
26.7
|
15.6
|
Deferred tax assets |
56.7
|
59.1
|
Income taxes receivable |
1.5
|
12.8
|
Other current assets |
44.3
|
44.4
|
Total current assets |
1,055.6
|
1,062.1
|
Property and equipment, net |
248.2
|
241.2
|
Goodwill |
343.8
|
354.9
|
Other intangible assets, net |
128.8
|
142.1
|
Non-current deferred tax assets |
16.2
|
11.7
|
Long-term income taxes receivable |
10.4
|
11.1
|
Other assets |
42.5
|
41.9
|
Total assets |
1,845.5
|
1,865.0
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Notes payable and current portion of long-term debt |
12.8
|
8.9
|
Accounts payable |
56.2
|
81.2
|
Deferred revenue |
395.6
|
371.8
|
Accrued expenses |
29.1
|
33.4
|
Restructuring Reserve, Current |
33.8
|
20.2
|
Accrued employee benefits and withholdings |
144.3
|
152.7
|
Current deferred tax liabilities |
11.3
|
10.0
|
Taxes Payable, Current |
19.8
|
13.1
|
Other current liabilities |
25.9
|
18.2
|
Total current liabilities |
728.8
|
709.5
|
Long-term debt, net of current portion |
457.9
|
345.4
|
Non-current deferred tax liabilities |
25.7
|
33.0
|
Long-term income tax liabilities |
27.1
|
27.1
|
Long-term deferred revenue |
40.9
|
42.2
|
Other liabilities |
45.7
|
42.5
|
Total liabilities |
1,326.1
|
1,199.7
|
Stockholders' equity: |
|
|
Preferred stock |
0.0
|
0.0
|
Common stock |
0.5
|
0.6
|
Additional paid-in capital |
12.7
|
37.7
|
Retained earnings |
631.5
|
722.9
|
Accumulated other comprehensive (loss) income |
(125.3)
|
(95.9)
|
Total stockholders' equity |
519.4
|
665.3
|
Total liabilities and stockholders' equity |
$ 1,845.5
|
$ 1,865.0
|
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v3.3.1.900
Condensed Consolidated Balance Sheets Parenthethical - $ / shares
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Preferred Stock, Par or Stated Value Per Share |
$ 0.01
|
$ 0.01
|
Preferred Stock, Shares Authorized |
5,000,000
|
5,000,000
|
Preferred Stock, Shares Outstanding |
0
|
0
|
Common Stock, Par or Stated Value Per Share |
$ 0.01
|
$ 0.01
|
Common Stock, Shares Authorized |
150,000,000
|
150,000,000
|
Common Stock, Shares, Outstanding |
53,300,000
|
55,200,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax |
$ (12,200)
|
$ (30,800)
|
$ (27,200)
|
$ (68,900)
|
Revenues [Abstract] |
|
|
|
|
Service revenue |
518,500
|
499,300
|
1,030,600
|
991,000
|
Reimbursement revenue |
85,700
|
75,700
|
158,800
|
157,700
|
Total revenue |
604,200
|
575,000
|
1,189,400
|
1,148,700
|
Costs and Expenses [Abstract] |
|
|
|
|
Direct costs |
332,500
|
327,300
|
675,700
|
646,100
|
Reimbursable out-of-pocket expenses |
85,700
|
75,700
|
158,800
|
157,700
|
Selling, general and administrative |
97,400
|
98,800
|
192,300
|
197,800
|
Depreciation |
17,900
|
16,800
|
35,900
|
33,700
|
Amortization of Intangible Assets |
5,700
|
3,600
|
11,400
|
7,100
|
Restructuring charge (benefit) |
10,400
|
0
|
25,200
|
(100)
|
Total costs and expenses |
549,600
|
522,200
|
1,099,300
|
1,042,300
|
Income from operations |
54,600
|
52,800
|
90,100
|
106,400
|
Interest Income (Expense), Net |
(2,100)
|
(1,900)
|
(3,700)
|
(3,600)
|
Miscellaneous income (expense) |
(100)
|
3,000
|
1,700
|
6,300
|
Total other income (expense) |
(2,200)
|
1,100
|
(2,000)
|
2,700
|
Income before income taxes |
52,400
|
53,900
|
88,100
|
109,100
|
Provision for income taxes |
13,000
|
15,100
|
23,800
|
33,200
|
Net income |
$ 39,400
|
$ 38,800
|
$ 64,300
|
$ 75,900
|
Earnings per common share |
|
|
|
|
Basic |
$ 0.74
|
$ 0.71
|
$ 1.19
|
$ 1.39
|
Diluted |
$ 0.73
|
$ 0.70
|
$ 1.17
|
$ 1.36
|
Shares used in computing earnings per common share |
|
|
|
|
Basic |
53,300
|
54,800
|
54,100
|
54,800
|
Diluted |
54,000
|
55,700
|
54,900
|
55,700
|
X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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v3.3.1.900
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Net Income (Loss) Attributable to Parent |
$ 39,400
|
$ 38,800
|
$ 64,300
|
$ 75,900
|
Unrealized gain (loss) on derivative instruments, net of taxes |
(100)
|
(4,000)
|
(2,200)
|
(11,300)
|
Foreign currency translation adjustment |
(12,200)
|
(30,800)
|
(27,200)
|
(68,900)
|
Total comprehensive income (loss) |
$ 27,100
|
$ 4,000
|
$ 34,900
|
$ (4,300)
|
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Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash flow from operating activities: |
|
|
Net Income (Loss) Attributable to Parent |
$ 64,300
|
$ 75,900
|
Depreciation and amortization |
47,300
|
40,800
|
Share-based Compensation |
9,900
|
8,400
|
Excess Tax Benefit from Share-based Compensation, Operating Activities |
(2,700)
|
(3,300)
|
Deferred income taxes |
(7,100)
|
(13,600)
|
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings |
8,200
|
(3,000)
|
Other Noncash (Income) Expense |
(100)
|
800
|
Changes in operating assets and liabilities |
(34,100)
|
(7,600)
|
Net cash provided by (used in) operating activities: |
85,700
|
98,400
|
Cash flow from investing activities: |
|
|
Payments to Acquire Businesses, Net of Cash Acquired |
0
|
(10,400)
|
Proceeds from Sale and Maturity of Marketable Securities |
0
|
88,500
|
Purchases of property and equipment |
(53,300)
|
(23,600)
|
Net cash used in investing activities |
(53,300)
|
54,500
|
Cash flow from financing activities: |
|
|
(Payments) proceeds from issuance of common stock |
10,200
|
4,200
|
Payments for Repurchase of Common Stock |
(200,000)
|
0
|
Excess Tax Benefit from Share-based Compensation, Financing Activities |
2,700
|
3,300
|
Borrowing under credit agreement/facility |
475,000
|
222,500
|
Repayments of Lines of Credit |
(358,900)
|
(222,500)
|
Payments of Financing Costs |
0
|
(700)
|
Net cash (used in) provided by financing activities |
(71,000)
|
6,800
|
Effect of exchange rate changes on cash and cash equivalents |
(14,800)
|
(46,000)
|
Net increase (decrease) in cash and cash equivalents |
(53,400)
|
113,700
|
Cash and cash equivalents at beginning of period |
207,400
|
188,200
|
Cash and cash equivalents at end of period |
154,000
|
301,900
|
Supplemental disclosures of cash flow information |
|
|
Capital expenditure paid but incurred in prior periods |
6,300
|
0
|
Interest |
5,400
|
5,200
|
Income taxes, net of refunds |
$ 9,000
|
$ 43,300
|
X |
- DefinitionCapital expenditure paid but incurred in prior periods
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v3.3.1.900
Basis Of Presentation
|
6 Months Ended |
Dec. 31, 2015 |
Basis Of Presentation [Abstract] |
|
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of PAREXEL International Corporation (“PAREXEL,” the “Company,” “we,” “our” or “us”) have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information in the United States and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company’s financial position as of December 31, 2015, results of operations for the three and six months ended December 31, 2015 and 2014 have been included. Operating results for the three and six months ended December 31, 2015 are not necessarily indicative of the results that may be expected for other quarters or the entire fiscal year. For further information, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2015 (the “2015 10-K”) filed with the Securities and Exchange Commission on August 25, 2015. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. As originally issued, ASU 2014-09 will be effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2016. On July 9, 2015, the FASB approved the proposal to defer the effective date of this standard by one year. Early adoption is permitted for annual periods beginning after December 16, 2016. We are assessing the impact of adopting ASU No. 2014-09 on our consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation, as it relates to such awards. ASU 2014-12 will be effective in the first quarter of our fiscal year ending June 30, 2017 with early adoption permitted using either of two methods: (1) prospective to all awards granted or modified after the effective date; or (2) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all awards granted or modified thereafter, with the cumulative effect of applying ASU 2014-12 as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. We do not expect the adoption of ASU No. 2014-12 to have a material impact on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU No. 2015-02 amended the process that a reporting entity must follow to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years and interim periods within those years ending after December 15, 2015. Early application is permitted. We do not expect the adoption of ASU 2015-02 to have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires the presentation of debt issuance costs in the consolidated balance sheets as a reduction to the related debt liability rather than as an asset. Amortization of debt issuance costs continues to be classified as interest expense. ASU 2015-03 is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. We are assessing the impact of adopting ASU No. 2015-03 on our consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16 ("ASU 2015-16"), Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires adjustments to provisional amounts that are identified during the measurement period of a business combination to be recognized in the reporting period in which the adjustment amounts are determined. Acquirers are no longer required to revise comparative information for prior periods as if the accounting for the business combination had been completed as of the acquisition date. The provisions of ASU 2015-16 are effective for reporting periods beginning after December 15, 2015. We are assessing the impact of adopting ASU No. 2015-16 on our consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17 ("ASU 2015-17"), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This ASU simplifies the balance sheet classification of deferred taxes and requires that all deferred taxes be presented as noncurrent. ASU 2015-17 is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. We are assessing the impact of adopting ASU No. 2015-17 on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01 ("ASU 2016-01"), Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU is intended to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. We are assessing the impact of adopting ASU No. 2015-17 on our consolidated financial statements.
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v3.3.1.900
Equity and Earnings Per Share
|
6 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Abstract] |
|
Equity and Earnings Per Share |
EQUITY AND EARNINGS PER SHARE We have authorized 5.0 million shares of preferred stock at $0.01 par value. As of December 31, 2015 and June 30, 2015, we had no shares of preferred stock issued and outstanding. We have authorized 150.0 million shares of common stock at $0.01 par value. As of December 31, 2015 and June 30, 2015, respectively, we had 53.3 million and 55.2 million shares of common stock issued and outstanding. We compute basic earnings per share by dividing net income for the period by the weighted average number of common shares outstanding during the period. We compute diluted earnings per share by dividing net income by the weighted average number of common shares plus the dilutive effect of outstanding stock options and restricted stock awards and units. The following table outlines the basic and diluted earnings per share computations: | | | | | | | | | | | | | | | | | (in millions, except per share data) | Three Months Ended |
| Six Months Ended | | December 31, 2015 |
| December 31, 2014 |
| December 31, 2015 |
| December 31, 2014 | Net income attributable to common stock | $ | 39.4 |
| | $ | 38.8 |
| | $ | 64.3 |
| | $ | 75.9 |
| Weighted average number of shares outstanding, used in computing basic earnings per share | 53.3 |
| | 54.8 |
| | 54.1 |
| | 54.8 |
| Dilutive common stock equivalents | 0.7 |
| | 0.9 |
| | 0.8 |
| | 0.9 |
| Weighted average number of shares outstanding used in computing diluted earnings per share | 54.0 |
| | 55.7 |
| | 54.9 |
| | 55.7 |
| Basic earnings per share | $ | 0.74 |
| | $ | 0.71 |
| | $ | 1.19 |
| | $ | 1.39 |
| Diluted earnings per share | $ | 0.73 |
| | $ | 0.70 |
| | $ | 1.17 |
| | $ | 1.36 |
| Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share) | 1.4 |
| | 0.8 |
| | 1.2 |
| | 0.6 |
|
Share Repurchase Plan Fiscal Year 2016 Share Repurchase On September 14, 2015, we announced that our Board of Directors approved a share repurchase program (the “2016 Program”) authorizing the repurchase of up to $200.0 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing. On September 15, 2015, we entered into an agreement (the “2016 Agreement”) to purchase shares of our common stock from Wells Fargo Bank, National Association (“WF”), for an aggregate purchase price of $200.0 million pursuant to an accelerated share purchase program. Pursuant to the 2016 Agreement, in September 2015, we paid $200.0 million to WF and received from WF 2,274,343 shares of our common stock, representing 80% of the shares to be repurchased by us under the 2016 Agreement. The shares were repurchased at a price of $70.35 per share, which was the closing price of our common stock on the Nasdaq Global Select Market on September 16, 2015. These shares were canceled and restored to the status of authorized and unissued shares. As of December 31, 2015, we recorded the $200.0 million payment to WF as a decrease to equity in our consolidated balance sheet, consisting of decreases in common stock and additional paid-in capital. As additional paid-in capital was reduced to zero, the remainder was applied as a reduction in retained earnings. Fiscal Year 2014 Share Repurchase On June 2, 2014, we announced that our Board of Directors approved a share repurchase program (the “2014 Program”) authorizing the repurchase of up to $150.0 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing. On June 13, 2014, we entered into an agreement (the “2014 Agreement”) to purchase shares of our common stock from Goldman Sachs & Co. (“GS”), for an aggregate purchase price of $150.0 million pursuant to an accelerated share purchase program. Pursuant to the 2014 Agreement, in June 2014, we paid $150.0 million to GS and received from GS 2,284,844 shares of our common stock, representing 80% of the shares to be repurchased by us under the 2014 Agreement. The shares were repurchased at a price of $52.52 per share, which was the closing price of our common stock on the Nasdaq Global Select Market on June 13, 2014. These shares were canceled and restored to the status of authorized and unissued shares. As of June 30, 2014, we recorded the $150.0 million payment to GS as a decrease to equity in our consolidated balance sheet, consisting of decreases in common stock and additional paid-in capital. As additional paid-in capital was reduced to zero, the remainder was applied as a reduction in retained earnings. On October 31, 2014, we received 345,165 shares representing the final settlement of the 2014 Agreement and the 2014 Program was completed. Pursuant to the 2014 Program, we repurchased 2,630,009 shares of our common stock at an average price of $57.03 per share from June 2014 to October 2014.
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v3.3.1.900
Accumulated Other Comprehensive Income
|
6 Months Ended |
Dec. 31, 2015 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
|
Comprehensive Income |
COMPREHENSIVE INCOME (LOSS) The following table reflects the activity for the components of accumulated other comprehensive income (loss), net of tax, for the six months ended December 31, 2015: | | | | | | | | | | | | | | (in millions) | | Foreign Currency | | Unrealized Gain/Loss on Derivatives | | Total | Balance as of June 30, 2015 | | $ | (96.2 | ) | | $ | 0.3 |
| | $ | (95.9 | ) | Other comprehensive loss before reclassifications | | (27.2 | ) | | (5.4 | ) | | (32.6 | ) | Loss reclassified from accumulated other comprehensive income | | — |
| | 3.2 |
| | 3.2 |
| Net current-period other comprehensive loss | | $ | (27.2 | ) | | $ | (2.2 | ) | | $ | (29.4 | ) | Balance as of December 31, 2015 | | $ | (123.4 | ) |
| $ | (1.9 | ) | | $ | (125.3 | ) |
The details regarding pre-tax gain (loss) on derivative instruments reclassified to net income from accumulated other comprehensive income (loss) for the three and six months ended December 31, 2015 and 2014 are presented below: | | | | | | | | | | | | | | Three Months Ended | | Affected Line in the Consolidated Statements of Income | (in millions) | | December 31, 2015 | | December 31, 2014 | | Interest rate contracts | | $ | (0.1 | ) | | $ | (0.3 | ) | | Interest expense, net | Foreign exchange contracts | | (0.2 | ) | | (0.7 | ) | | Service Revenue | Foreign exchange contracts | | (1.8 | ) | | (3.2 | ) | | Direct Costs | Cross-currency swap contracts | | — |
| | 0.1 |
| | Miscellaneous income (expense), net | Total | | $ | (2.1 | ) | | $ | (4.1 | ) | | |
| | | | | | | | | | | | | | Six Months Ended | | Affected Line in the Consolidated Statements of Income | (in millions) | | December 31, 2015 | | December 31, 2014 | | Interest rate contracts | | $ | (0.3 | ) | | $ | — |
| | Interest expense, net | Foreign exchange contracts | | (0.4 | ) | | (0.7 | ) | | Service Revenue | Foreign exchange contracts | | (4.6 | ) | | (1.8 | ) | | Direct Costs | Cross-currency swap contracts | | — |
| | 0.2 |
| | Miscellaneous income (expense), net | Total | | $ | (5.3 | ) | | $ | (2.3 | ) | | |
The amounts of gain (loss) reclassified from accumulated other comprehensive income into net income are net of taxes of $0.8 million, and $2.1 million for the three and six months ended December 31, 2015, respectively. The amounts of gain (loss) reclassified from accumulated other comprehensive income into net income are net of taxes of $1.5 million, and $0.8 million for the three and six months ended December 31, 2014, respectively.
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v3.3.1.900
Stock-Based Compensation
|
6 Months Ended |
Dec. 31, 2015 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] |
|
Stock-Based Compensation |
STOCK-BASED COMPENSATION We account for stock-based compensation according to FASB ASC 718, “Compensation—Stock Compensation.” The classification of compensation expense within the consolidated statements of income is presented in the following table: | | | | | | | | | | | | | | | | | (in millions) | Three Months Ended | | Six Months Ended | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 | Direct costs | $ | 1.0 |
| | $ | 1.0 |
| | $ | 2.2 |
| | $ | 2.0 |
| Selling, general and administrative | 3.8 |
| | 3.3 |
| | 7.7 |
| | 6.4 |
| Total stock-based compensation | $ | 4.8 |
| | $ | 4.3 |
| | $ | 9.9 |
| | $ | 8.4 |
|
|
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
Restructuring Charges
|
6 Months Ended |
Dec. 31, 2015 |
Restructuring Charges [Abstract] |
|
Restructuring and Related Activities Disclosure [Text Block] |
In June 2015, our Board of Directors approved a plan (the “Margin Acceleration Program”) to restructure our operations to improve the productivity and efficiency of the Company, simplify the organization, and streamline decision-making, thereby enhancing client engagement. The Margin Acceleration Program is company-wide. The activities under the Margin Acceleration Program are expected to be substantially completed by June 2016. In the fourth quarter of Fiscal Year 2015, the first quarter of Fiscal Year 2016, and the second quarter of Fiscal Year 2016, we recorded $20.0 million, $14.8 million and $10.4 million, respectively, in restructuring charges related to the Margin Acceleration Program. Changes in the restructuring accrual during the first six months of Fiscal Year 2016 are summarized below: | | | | | | | | | | | | | | | | | | | | Balance at | | Charges/(Benefits) | | Payments/Foreign Currency Exchange | | Balance at | | | June 30, 2015 | | | | December 31, 2015 | 2015 Margin Acceleration Program | | | | | | | | | Employee severance | | $ | 20.0 |
| | $ | 20.9 |
| | $ | (9.3 | ) | | $ | 31.6 |
| Facilities-related | | — |
| | 4.3 |
| | (0.6 | ) | | 3.7 |
| Pre-Fiscal Year 2012 Restructuring Plans | | | | | | | | | Facilities-related | | 0.3 |
| | — |
| | (0.1 | ) | | 0.2 |
| Total | | $ | 20.3 |
| | $ | 25.2 |
| | $ | (10.0 | ) | | $ | 35.5 |
| | | | | | | | | |
|
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v3.3.1.900
Segment Information
|
6 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Segment Information |
SEGMENT INFORMATION We have three reporting segments: Clinical Research Services (“CRS”), PAREXEL Consulting Services (“PC”), and PAREXEL Informatics (“PI”). | | • | CRS constitutes our core business and includes all phases of clinical research from Early Phase (encompassing the early stages of clinical testing that range from first-in-man through proof-of-concept studies) to Phase II-III and Phase IV, known as Peri/Post Approval Services. Our services include clinical trials management and biostatistics, commercialization, data management and clinical pharmacology, as well as related medical advisory, patient recruitment, clinical supply and drug logistics, pharmacovigilance, and investigator site services. PAREXEL Medical Communications Services ("MedCom") provides targeted communications services in support of product launch. We aggregate Early Phase with Phase II-III and Peri/Post Approval Services due to economic similarities in these operating segments. |
| | • | PC provides technical expertise and advice in such areas as drug development, regulatory affairs and strategic compliance. It also provides a full spectrum of market development and product development. Our PC consultants identify alternatives and propose solutions to address client issues associated with product development and registration. |
| | • | PI provides information technology solutions designed to help improve clients’ product development and regulatory submission processes. PI offers a portfolio of products and services that includes medical imaging services, ClinPhone® RTSM, IMPACT® clinical trials management systems (“CTMS”), DataLabs® electronic data capture, web-based portals, systems integration, electronic patient reported outcomes, and LIQUENT InSight® Regulatory Information Management ("RIM") solutions. These services are often bundled together and integrated with other applications to provide eClinical solutions for our clients. |
Effective July 1, 2015, certain components of the our business segments were reorganized to better align services offered to clients. Specifically, HERON™ and MedCom were transferred to the CRS segment from our PC segment to broaden the range of fully-integrated services to help clients position their products for market access and ongoing commercial success. For the three and six months ended December 31, 2015, we included the operating results of HERON™ and MedCom within the CRS segment and retroactively revised the presentation for the three and six months ended December 31, 2014 to reflect this change. We evaluate our segment performance and allocate resources based on service revenue and gross profit (service revenue less direct costs), while other operating costs are allocated and evaluated on a geographic basis. Accordingly, we do not include the impact of selling, general, and administrative expenses, depreciation and amortization expense, other income (expense), and income tax expense in segment profitability. We attribute revenue to individual countries based upon the revenue earned in the respective countries; however, inter-segment transactions are not included in service revenue. Furthermore, we have a global infrastructure supporting our business segments, and therefore do not identify assets by reportable segment. Our segment results were as follows: | | | | | | | | | | | | | | | | | (in millions) | Three Months Ended | | Six Months Ended | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 | Service revenue | | | | | | | | CRS | $ | 407.1 |
| | $ | 393.7 |
| | $ | 817.3 |
| | $ | 778.6 |
| PC | 41.4 |
| | 39.8 |
| | 80.7 |
| | 81.1 |
| PI | 70.0 |
| | 65.8 |
| | 132.6 |
| | 131.3 |
| Total service revenue | $ | 518.5 |
| | $ | 499.3 |
| | $ | 1,030.6 |
| | $ | 991.0 |
| Direct costs | | | | | | | | CRS | $ | 274.4 |
| | $ | 274.1 |
| | $ | 561.9 |
| | $ | 537.2 |
| PC | 20.8 |
| | 20.6 |
| | 41.0 |
| | 42.2 |
| PI | 37.3 |
| | 32.6 |
| | 72.8 |
| | 66.7 |
| Total direct costs | $ | 332.5 |
| | $ | 327.3 |
| | $ | 675.7 |
| | $ | 646.1 |
| Gross profit | | | | | | | | CRS | $ | 132.7 |
| | $ | 119.6 |
| | $ | 255.4 |
| | $ | 241.4 |
| PC | 20.6 |
| | 19.2 |
| | 39.7 |
| | 38.9 |
| PI | 32.7 |
| | 33.2 |
| | 59.8 |
| | 64.6 |
| Total gross profit | $ | 186.0 |
| | $ | 172.0 |
| | $ | 354.9 |
| | $ | 344.9 |
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
Income Taxes
|
6 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
INCOME TAXES We determine our global provision for corporate income taxes in accordance with FASB ASC 740, “Income Taxes.” We recognize our deferred tax assets and liabilities based upon the effect of temporary differences between the book and tax basis of recorded assets and liabilities. Further, we follow a methodology in which we identify, recognize, measure and disclose in our financial statements the effects of any uncertain tax return reporting positions that we have taken or expect to take. The methodology is based on the presumption that all relevant tax authorities possess full knowledge of those tax reporting positions, as well as all of the pertinent facts and circumstances. Our quarterly effective income tax rate reflects management’s estimates of our annual projected profitability in the various taxing jurisdictions in which we operate. Since the statutory tax rates differ in the jurisdictions in which we operate, changes in the distribution of profits and losses may have a significant impact on our effective income tax rate. For the three months ended December 31, 2015 and 2014, we had effective income tax rates of 24.8% and 28.0%, respectively. The tax rates for these periods were lower than the expected statutory rate of 35% primarily as a result of the favorable effect of statutory tax rates applicable to income earned outside the United States on the projected annual effective tax rate. For the six months ended December 31, 2015 and 2014, we had effective income tax rates of 27.0% and 30.4%, respectively. The tax rates for these periods were lower than the expected statutory rate of 35% primarily as a result of the favorable effect of statutory tax rates applicable to income earned outside the United States on the projected annual effective tax rate. As of December 31, 2015, we had $34.6 million of gross unrecognized tax benefits, of which $24.0 million would impact the effective tax rate if recognized. As of June 30, 2015, we had $35.2 million of gross unrecognized tax benefits, of which $23.9 million would impact the effective tax rate if recognized. The reserves for unrecognized tax positions primarily relate to exposures for income tax matters such as changes in the jurisdiction in which income is taxable. As of December 31, 2015, we anticipate that the liability for unrecognized tax benefits for uncertain tax positions could decrease by approximately $15.2 million over the next 12 months primarily as a result of the expiration of statutes of limitations and settlements with tax authorities. We recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2015 and June 30, 2015, $4.4 million and $4.2 million, respectively of gross interest and penalties were included in the liability for unrecognized tax benefits. For the six month periods ended December 31, 2015 and 2014, expenses of $0.4 million and $0.1 million, respectively, were recorded for interest and penalties related to tax matters. We are subject to U.S. federal income tax, as well as income tax in multiple state, local and foreign jurisdictions. All material U.S. federal, state and local income tax matters have been concluded with the respective taxing authority through 2005. Substantially all material foreign income tax matters have been concluded for all years through 2001.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Credit Agreements
|
6 Months Ended |
Dec. 31, 2015 |
Line of Credit Facility [Abstract] |
|
Lines Of Credit |
Master Financing Agreement On June 12, 2015, we entered into a three year, interest free Master Financing Agreement for $7.1 million with General Electric Capital Corporation, (“GECC”), in conjunction with a software term license purchase. On June 30, 2015 we received the gross proceeds of $7.1 million from GECC. Repayment of the principal borrowed under the Master Financing Agreement is due annually on July 1st as follows: | | • | $1.4 million paid on or prior to July 1, 2015; |
| | • | $2.8 million paid on or prior to July 1, 2016; and |
| | • | $2.9 million paid on or prior to July 1, 2017. |
As of December 31, 2015, we had $5.7 million of principal borrowed under the Master Financing Agreement. 2014 Credit Agreement On October 15, 2014, we, certain of our subsidiaries, Bank of America, N.A. (“Bank of America”), as Administrative Agent, Swingline Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPFS”), J.P. Morgan Securities LLC (“JPM Securities”), HSBC Bank USA, National Association (“HSBC”) and U.S. Bank, National Association (“US Bank”), as Joint Lead Arrangers and Joint Book Managers, JPMorgan Chase Bank N.A. (“JPMorgan”), HSBC and US Bank, as Joint Syndication Agents, and the other lenders party thereto entered into an amended and restated credit agreement (the “2014 Credit Agreement”) providing for a five-year term loan and revolving credit facility in the principal amount of up to $500.0 million (collectively, the “Loan Amount”), plus additional amounts of up to $300.0 million of loans to be made available upon request of the Company subject to specified terms and conditions. The 2014 Credit Agreement amends and restates the amended and restated credit agreement dated as of March 22, 2013, by and among us, certain of our subsidiaries, Bank of America, as Administrative Agent, Swingline Lender and L/C Issuer, MLPFS, JPM Securities, HSBC, and US Bank as Joint Lead Arrangers and Joint Book Managers, JPMorgan, HSBC and US Bank, as Joint Syndication Agents, and the other lenders party thereto (the “2013 Credit Agreement”). The loan facility available under the 2014 Credit Agreement consists of a term loan facility and a revolving credit facility. The principal amount of up to $200.0 million of the Loan Amount is available through the term loan facility, and the principal amount of up to $300.0 million of the Loan Amount is available through the revolving credit facility. A portion of the revolving credit facility is available for swingline loans of up to a sublimit of $100.0 million and for the issuance of standby letters of credit of up to a sublimit of $10.0 million. The 2014 Credit Agreement is intended to provide funds for (i) stock repurchases, (ii) the issuance of letters of credit and (iii) our and our subsidiaries' other general corporate purposes, including permitted acquisitions. As of December 31, 2015, we had $170.0 million of principal borrowed under the revolving credit facility and $197.5 million of principal borrowed under the term loan. As of June 30, 2015, we had $50.0 million of principal borrowed under the revolving credit facility and $200.0 million of principal borrowed under the term loan. The outstanding amounts are presented net of debt issuance cost of approximately $2.2 million and $2.5 million in our consolidated balance sheets at December 31, 2015 and June 30, 2015, respectively. As of December 31, 2015, we had borrowing availability of $130.0 million under the revolving credit facility. The obligations under the 2014 Credit Agreement are guaranteed by certain of our material domestic subsidiaries, and the obligations, if any, of any foreign designated borrower are guaranteed by us and certain of our material domestic subsidiaries. Borrowings (other than swingline loans) under the 2014 Credit Agreement bear interest, at our determination, at a rate based on either (a) LIBOR plus a margin (not to exceed a per annum rate of 1.750%) based on a ratio of consolidated funded debt to consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) (the “Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 0.500%, and (iii) the one month LIBOR rate plus 1.000% (such highest rate, the “Alternate Base Rate”), plus a margin (not to exceed a per annum rate of 0.750%) based on the Leverage Ratio. Swingline loans in U.S. dollars bear interest calculated at the Alternate Base Rate plus a margin (not to exceed a per annum rate of 0.750%). Loans outstanding under the 2014 Credit Agreement may be prepaid at any time in whole or in part without premium or penalty, other than customary breakage costs, if any, subject to the terms and conditions contained in the 2014 Credit Agreement. The 2014 Credit Agreement terminates and any outstanding loans under it mature and must be repaid on October 15, 2019. Repayment of the principal borrowed under the revolving credit facility (other than a swingline loan) is due on October 15, 2019. A swingline loan under the 2014 Credit Agreement generally must be paid ten business days after the loan is made. Repayment of principal borrowed under the term loan facility is as follows, with the final payment of all amounts outstanding, plus accrued interest, being due on October 15, 2019: | | • | 1.25% by quarterly term loan amortization payments to be made commencing December 2015 and made on or prior to September 30, 2017; |
| | • | 2.50% by quarterly term loan amortization payments to be made after September 30, 2017, but on or prior to September 30, 2018; |
| | • | 5.00% by quarterly term loan amortization payments to be made after September 30, 2018, but prior to October 15, 2019; and |
| | • | 60.00% on October 15, 2019. |
Interest due under the revolving credit facility (other than a swingline loan) and the term loan facility must be paid quarterly for borrowings with an interest rate determined with reference to the Alternate Base Rate. Interest must be paid on the last day of the interest period selected by the Company for borrowings determined with reference to LIBOR; provided that for interest periods of longer than three months, interest is required to be paid every three months. Interest under U.S. dollar swingline loans at the alternate base rate is payable quarterly. Our obligations under the 2014 Credit Agreement may be accelerated upon the occurrence of an event of default under the 2014 Credit Agreement, which includes customary events of default, including payment defaults, defaults in the performance of affirmative and negative covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency related defaults, cross defaults to material indebtedness, defaults relating to such matters as ERISA and judgments, and a change of control default. The 2014 Credit Agreement contains negative covenants applicable to us and our subsidiaries, including financial covenants requiring us to comply with maximum leverage ratios and minimum interest coverage ratios, as well as restrictions on liens, investments, indebtedness, fundamental changes, acquisitions, dispositions of property, making specified restricted payments (including stock repurchases that would result in our exceeding an agreed-to leverage ratio), transactions with affiliates, and other restrictive covenants. As of December 31, 2015, we were in compliance with all covenants under the 2014 Credit Agreement. In connection with the 2014 Credit Agreement, we agreed to pay a commitment fee on the revolving loan commitment calculated as a percentage of the unused amount of the revolving loan commitment at a per annum rate of up to 0.300% (based on the Leverage Ratio). To the extent there are letters of credit outstanding under the 2014 Credit Agreement, we will pay letter of credit fees plus a fronting fee and additional charges. We agreed to pay Bank of America (i) for its own account, an arrangement fee, (ii) for the account of each of the lenders, an upfront fee and (iii) for its own account, an annual agency fee. In September 2011, we entered into an interest rate swap agreement which hedged $100.0 million of principal under our prior debt obligations and carries a fixed interest rate of 1.30%. In September 2015, the interest rate swap agreement matured and the related accumulated other comprehensive income was reclassified to net income during the three months ended September 30, 2015. In May 2013, we entered into another interest rate swap agreement and hedged an additional principal amount of $100.0 million under the 2013 Credit Agreement with a fixed interest rate of 0.73%. The interest rate swap agreement now hedges $100.0 million of principal under our 2014 Credit Agreement. As of December 31, 2015, our debt under the 2014 Credit Agreement, including the $100.0 million of principal hedged with both interest swap agreements, carried an average annualized interest rate of 1.49%. These interest rate hedges were deemed to be fully effective in accordance with FASB ASC 815, “Derivatives and Hedging” (“ASC 815”) and, as such, unrealized gains and losses related to these derivatives are recorded as other comprehensive income in our consolidated balance sheets. On October 1, 2015, we entered into a two year interest rate swap agreement effective September 30, 2016 and hedged an additional principal amount of $100.0 million under the 2014 Credit Agreement with a fixed interest rate of 1.104%. Note Purchase Agreement On July 25, 2013, we issued $100.0 million principal amount of 3.11% senior notes due July 25, 2020 (the “Notes”) for aggregate gross proceeds of $100.0 million in a private placement solely to accredited investors. The Notes were issued pursuant to a Note Purchase Agreement entered into by us with certain institutional investors on June 25, 2013 (the “Note Purchase Agreement”). Proceeds from the Notes were used to pay down $100.0 million of principal borrowed under the revolving credit facility of the 2013 Credit Agreement, as described below. We will pay interest on the outstanding balance of the Notes at a rate of 3.11% per annum, payable semi-annually on January 25 and July 25 of each year until the principal on the Notes shall have become due and payable. We may, at our option, upon notice and subject to the terms of the Note Purchase Agreement, prepay at any time all or part of the Notes in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding, plus a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes become due and payable on July 25, 2020, unless payment is required to be made earlier under the terms of the Note Purchase Agreement. The Note Purchase Agreement includes operational and financial covenants, with which we are required to comply, including, among others, maintenance of certain financial ratios and restrictions on additional indebtedness, liens and dispositions. As of December 31, 2015, we were in compliance with all covenants under the Note Purchase Agreement. In connection with the Note Purchase Agreement, certain of our subsidiaries entered into a Subsidiary Guaranty, pursuant to which such subsidiaries guaranteed our obligations under the Notes and the Note Purchase Agreement. As of December 31, 2015, there was $100.0 million in aggregate principal amount outstanding under the Notes. The outstanding amounts are presented net of debt issuance cost of approximately $0.3 million in our consolidated balance sheets. Receivable Purchase Agreement On February 19, 2013, we entered into a receivables purchase agreement (the “Receivable Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”). Under the Receivable Agreement, we sell to JPMorgan or other investors on an ongoing basis certain of our trade receivables, together with ancillary rights and the proceeds thereof, which arise under contracts with a client, or its subsidiaries or affiliates. The Receivable Agreement includes customary representations and covenants on behalf of us, and may be terminated by either us or JPMorgan upon five business days advance notice. The Receivable Agreement provides a mechanism for accelerating the receipt of cash due on outstanding receivables. We account for the transfer of our receivables with respect to which we have satisfied the applicable revenue recognition criteria in accordance with FASB ASC 860, “Transfers and Servicing.” If we have not satisfied the applicable revenue recognition criteria for the underlying sales transaction, the transfer of the receivable is accounted for as a financing activity in accordance with FASB ASC 470, “Debt.” The accounts receivable and short-term debt balances are derecognized from our consolidated balance sheets at the earlier of the factored receivable’s due date or when all of the revenue recognition criteria are met for those billed services. During the six months ended December 31, 2015, we transferred approximately $64.6 million of trade receivables. As of December 31, 2015 and June 30, 2015, no transfers were accounted for as a financing activity. 2013 Credit Agreement The 2013 Credit Agreement provided for a five-year term loan of $200.0 million and a revolving credit facility in the amount of up to $300.0 million, plus additional amounts of up to $200.0 million of loans to be made available upon our request subject to specified terms and conditions. A portion of the revolving credit facility was available for swingline loans of up to a sublimit of $75.0 million and for the issuance of standby letters of credit of up to a sublimit of $10.0 million. The 2013 Credit Agreement was amended and restated on October 15, 2014 as discussed above. Our obligations under the 2013 Credit Agreement were guaranteed by certain of our material domestic subsidiaries, and the obligations, if any, of any foreign designated borrower were guaranteed by us and certain of our material domestic subsidiaries. Borrowings (other than swingline loans) under the 2013 Credit Agreement bore interest, at our determination, at a rate based on either (i) LIBOR plus a margin (not to have exceeded a per annum rate of 1.750%) based on the Leverage Ratio or (ii) the Alternate Base Rate, plus a margin (not to have exceeded a per annum rate of 0.750%) based on the Leverage Ratio. Swingline loans in U.S. dollars bore interest calculated at the Alternate Base Rate plus a margin (not to have exceeded a per annum rate of 0.750%). On October 15, 2014, all outstanding amounts under the 2013 Credit Agreement were fully repaid with the proceeds from the 2014 Credit Agreement. Additional Lines of Credit We have an unsecured line of credit with JP Morgan UK in the amount of $4.5 million that bears interest at an annual rate ranging from 2.00% to 4.00%. We entered into this line of credit to facilitate business transactions. At December 31, 2015, we had $4.5 million available under this line of credit. We have a cash pool facility with RBS Nederland, NV in the amount of 4.0 million Euros that bears interest at an annual rate ranging between 2.00% and 4.00%. We entered into this line of credit to facilitate business transactions. At December 31, 2015, we had 4.0 million Euros available under this line of credit.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.3.1.900
Debt, Commitments, Contingencies And Guarantees
|
6 Months Ended |
Dec. 31, 2015 |
Commitments, Contingencies And Guarantees [Abstract] |
|
Commitments, Contingencies And Guarantees |
COMMITMENTS, CONTINGENCIES AND GUARANTEES As of December 31, 2015, our future minimum debt obligations related to the 2014 Credit Agreement and the Notes described in Note 8 above are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | FY 2016 | | FY 2017 | | FY 2018 | | FY 2019 | | FY 2020 | | Thereafter | | Total | Debt obligations (principal) | | $ | 5.0 |
| | $ | 12.8 |
| | $ | 20.4 |
| | $ | 35.0 |
| | $ | 400.0 |
| | $ | — |
| | $ | 473.2 |
|
We have letter-of-credit agreements with banks totaling approximately $9.7 million guaranteeing performance under various operating leases and vendor agreements. Additionally, the borrowings under the 2014 Credit Agreement and the Notes are guaranteed by certain of our U.S. subsidiaries. We periodically become involved in various claims and lawsuits that are incidental to our business. We are also regularly subject to, and are currently undergoing, audits by tax authorities in the United States and foreign jurisdictions for prior tax years. Although we believe our tax estimates are reasonable, and we intend to defend our positions through litigation if necessary, the final outcome of tax audits and related litigation is inherently uncertain and could be materially different than that reflected in our historical income tax provisions and accruals. Adverse outcomes of tax audits could also result in assessments of substantial additional taxes and/or fines or penalties relating to ongoing or future audits. We believe, after consultation with counsel or other experts, that no matters currently pending would, in the event of an adverse outcome, either individually or in the aggregate, have a material impact on our consolidated financial position, results of operations, or liquidity.
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v3.3.1.900
Derivatives
|
6 Months Ended |
Dec. 31, 2015 |
Summary of Derivative Instruments by Hedge Designation [Abstract] |
|
Derivatives |
DERIVATIVES We are exposed to certain risks relating to our ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk and foreign currency exchange rate risk. Accordingly, we have instituted interest rate and foreign currency hedging programs that are accounted for in accordance with ASC 815. | | • | Our interest rate hedging program is a cash flow hedge program designed to minimize interest rate volatility. We swap the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount, at specified intervals. Our interest rate contracts are designated as hedging instruments. |
| | • | Our foreign currency hedging program is a cash flow hedge program designed to mitigate foreign currency exchange rate volatility due to the foreign currency exchange exposure related to intercompany and significant external transactions. This program also intends to reduce the impact of foreign exchange rate risk on our direct costs and our service revenues. We primarily utilize forward currency exchange contracts and cross-currency swaps with maturities of no more than 12 months. These contracts are designated as hedging instruments. |
We also enter into other economic hedges to mitigate foreign currency exchange risk related to intercompany and significant external transactions. These contracts are not designated as hedges in accordance with ASC 815. The following table presents the notional amounts and fair values of our derivatives as of December 31, 2015 and June 30, 2015. The gross position of all asset and liability amounts is reported in other current assets, other assets, other current liabilities, and other liabilities in our consolidated balance sheets. | | | | | | | | | | | | | | | | | (in millions) | December 31, 2015 | | June 30, 2015 | | Notional Amount | | Asset (Liability) | | Notional Amount | | Asset (Liability) | Derivatives designated as hedging instruments under ASC 815 | | | Derivatives in an asset position: | | | | | | | | Interest rate contracts | $ | 200.0 |
| | $ | 1.2 |
| | $ | 100.0 |
| | $ | 0.8 |
| Foreign exchange contracts | 61.5 |
| | 1.4 |
| | 140.6 |
| | 2.9 |
| Derivatives in a liability position: | | | | | | | | Interest rate contracts | — |
| | — |
| | 25.0 |
| | (0.1 | ) | Foreign exchange contracts | 137.4 |
| | (5.5 | ) | | 56.1 |
| | (4.5 | ) | Cross-currency swap contracts | — |
| | — |
| | 19.0 |
| | (2.7 | ) | Total designated derivatives | $ | 398.9 |
| | $ | (2.9 | ) | | $ | 340.7 |
| | $ | (3.6 | ) | Derivatives not designated as hedging instruments under ASC 815 | Derivatives in an asset position: | | | | | | | | Foreign exchange contracts | $ | 50.4 |
| | $ | 0.3 |
| | $ | 46.1 |
| | $ | 0.6 |
| Derivatives in a liability position: | | | | | | | | Foreign exchange contracts | 70.4 |
| | (2.2 | ) | | 81.7 |
| | (1.8 | ) | Total non-designated derivatives | $ | 120.8 |
| | $ | (1.9 | ) | | $ | 127.8 |
| | $ | (1.2 | ) | Total derivatives | $ | 519.7 |
| | $ | (4.8 | ) | | $ | 468.5 |
| | $ | (4.8 | ) |
Under certain circumstances, such as the occurrence of significant differences between actual cash payments and forecasted cash payments, the ASC 815 programs could be deemed ineffective. We record the effective portion of any change in the fair value of derivatives designated as hedging instruments under ASC 815 to other accumulated comprehensive income (loss) in our consolidated balance sheets, net of deferred taxes, and any ineffective portion to miscellaneous income (expense), net in our consolidated statements of income. During the three months ended December 31, 2015 and 2014, we recorded losses of $0.7 million and $0.9 million, respectively, in miscellaneous income (expense), net in our consolidated statements of income to reflect ineffective portions of hedges. During the six months ended December 31, 2015 and 2014, we recorded losses of $1.7 million and $1.5 million, respectively, in miscellaneous income (expense), net in our consolidated statements of income to reflect ineffective portions of hedges. The amounts recognized in other comprehensive income (loss), net of taxes, are presented below: | | | | | | | | | | | | | | | | | (in millions) | Three Months Ended | | Six Months Ended | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 | Derivatives designated as hedging instruments under ASC 815 | | | Interest rate contracts | $ | 0.7 |
| | $ | (0.2 | ) | | $ | 0.2 |
| | $ | 0.3 |
| Foreign exchange contracts | (0.8 | ) | | (3.9 | ) | | (2.4 | ) | | (11.6 | ) | Cross-currency swap contracts | — |
| | 0.1 |
| | — |
| | — |
| Total designated derivatives | $ | (0.1 | ) | | $ | (4.0 | ) | | $ | (2.2 | ) | | $ | (11.3 | ) |
The unrealized gain (loss) on derivative instruments is net of $0.4 million and $2.3 million taxes, respectively, for the three months ended December 31, 2015 and 2014. The unrealized gain (loss) on derivative instruments is net of $0.4 million and $6.3 million taxes, respectively, for the six months ended December 31, 2015 and 2014. The estimated net amount of the existing losses that are expected to be reclassified into earnings within the next twelve months is $4.3 million. The change in the fair value of derivatives not designated as hedging instruments under ASC 815 is recorded to miscellaneous (expense) income, net in our consolidated statements of income. The total gains and losses related to foreign exchange contracts not designated as hedging instruments were losses of $3.3 million and $7.7 million for the three months ended December 31, 2015 and 2014, respectively. The total gains and losses related to foreign exchange contracts not designated as hedging instruments were losses of $3.6 million and $15.2 million for the six months ended December 31, 2015 and 2014, respectively. The unrealized losses recognized are presented below: | | | | | | | | | | | | | | | | | (in millions) | Three Months Ended | | Six Months Ended | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 | Derivatives not designated as hedging instruments under ASC 815 | | | Foreign exchange contracts | $ | (0.1 | ) | | $ | (0.4 | ) | | $ | (0.7 | ) | | $ | (3.1 | ) | Total non-designated derivative unrealized loss, net | $ | (0.1 | ) | | $ | (0.4 | ) | | $ | (0.7 | ) | | $ | (3.1 | ) |
|
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
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v3.3.1.900
Goodwill Goodwill
|
6 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill Disclosure [Text Block] |
NOTE 11. – GOODWILL As of December 31, 2015 and June 30, 2015, we had goodwill of $343.8 million and $354.9 million. We evaluate goodwill for impairment annually, as well as whenever events or changes in circumstances suggest that the carrying value of goodwill may not be recoverable. We test goodwill for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis on June 30th of each fiscal year or more frequently if indicators of impairment exist. As discussed in Note 6, we reorganized certain components of our PC segment to our CRS segment on July 1, 2015. We performed an impairment analysis immediately prior to and subsequent to the movement of these components and evaluated goodwill for impairment as of July 1, 2015 for our PC reporting unit, which had $20.6 million of goodwill as of June 30, 2015. The performance of the test involves a two-step process. The first step of the impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. We determined the fair value of our PC reporting unit using the income approach methodology of valuation that includes the discounted cash flow method, as well as other generally accepted valuation methodologies. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, we perform the second step of the goodwill impairment test to determine the amount of impairment loss. The second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit with the carrying value of that reporting unit. Based on this analysis, no impairment was identified. The Company's next annual impairment assessment will be performed as of June 30, 2016 unless indicators arise that would require the Company to re-evaluate at an earlier date.
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v3.3.1.900
Fair Value Measurements
|
6 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
FAIR VALUE MEASUREMENTS We apply the provisions of FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 defines fair value and provides guidance for measuring fair value and expands disclosures about fair value measurements. ASC 820 seeks to enable the reader of financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. ASC 820 requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: | | • | Level 1 – Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. |
| | • | Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: |
| | ◦ | quoted prices for similar assets and liabilities in active markets |
| | ◦ | quoted prices for identical or similar assets or liabilities in markets that are not active |
| | ◦ | observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals) |
| | ◦ | inputs that are derived principally from or corroborated by observable market data by correlation or other means |
| | • | Level 3 – Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). |
The following table sets forth by level, within the fair value hierarchy, our assets (liabilities) carried at fair value as of December 31, 2015: | | | | | | | | | | | | | | | | | (in millions) | Level 1 | | Level 2 | | Level 3 | | Total | Contingent consideration | $ | — |
| | $ | — |
| | $ | (15.0 | ) | | $ | (15.0 | ) | Interest rate derivative instruments | — |
| | 1.2 |
| | — |
| | 1.2 |
| Foreign currency exchange contracts | — |
| | (6.0 | ) | | — |
| | (6.0 | ) | Total | $ | — |
| | $ | (4.8 | ) | | $ | (15.0 | ) | | $ | (19.8 | ) |
The following table sets forth by level, within the fair value hierarchy, our assets (liabilities) carried at fair value as of June 30, 2015: | | | | | | | | | | | | | | | | | (in millions) | Level 1 | | Level 2 | | Level 3 | | Total | Contingent consideration | $ | — |
| | $ | — |
| | $ | (7.3 | ) | | $ | (7.3 | ) | Interest rate derivative instruments | — |
| | 0.7 |
| | — |
| | 0.7 |
| Foreign currency exchange contracts | — |
| | (5.6 | ) | | — |
| | (5.6 | ) | Total | $ | — |
| | $ | (4.9 | ) | | $ | (7.3 | ) | | $ | (12.2 | ) |
Level 1 Estimates Cash equivalents are measured at quoted prices in active markets. These investments are considered cash equivalents due to the short maturity (less than 90 days) of the investments. Level 2 Estimates Interest rate derivative instruments are measured at fair value using a market approach valuation technique. The valuation is based on an estimate of net present value of the expected cash flows using relevant mid-market observable data inputs and based on the assumption of no unusual market conditions or forced liquidation. Foreign currency exchange contracts are measured at fair value using a market approach valuation technique. The inputs to this technique utilize current foreign currency exchange forward market rates published by leading third-party financial news and data providers. This is observable data that represent the rates that the financial institution uses for contracts entered into at that date; however, they are not based on actual transactions so they are classified as Level 2. Level 3 Estimates Contingent consideration liabilities are re-measured to fair value each reporting period using projected financial targets, discount rates, probabilities of payment and projected payment dates. Projected contingent payment amounts are discounted back to the current period using a discounted cash flow model. Projected financial targets are based on our most recent internal operational budgets and may take into consideration alternate scenarios that could result in more or less profitability for the respective service line. Increases or decreases in projected financial targets and probabilities of payment may result in significant changes in the fair value measurements. Increases in discount rates and the time to payment may result in lower fair value measurements. Increases or decreases in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. We acquired ClinIntel Limited (“ClinIntel”), a provider of clinical randomization and trial supply management services, which are designed to make patient randomization and clinical supply chain solutions more efficient, in October 2014. The purchase price for the ClinIntel acquisition was approximately $8.8 million, plus the potential to pay up to an additional $15.0 million over a twenty-one month period following the acquisition date if ClinIntel achieves specific financial targets. The contingent consideration related to the ClinIntel acquisition is measured at fair value using an income approach valuation technique, specifically with probability weighted and discounted cash flows. Increases or decreases in the fair value of our contingent consideration liability is primarily impacted by the likelihood of achieving financial targets, but also from changes in discount periods and rates. The recurring Level 3 fair value measurements of our contingent consideration liability include the following significant unobservable inputs: | | | | | | ClinIntel | Unobservable Input | | Range | Discount rate | | 4% | Probability of achieving financial targets | | 100% | Projected period of payment | | January 2016 |
The following table provides a summary of the change in our valuation of the fair value of the contingent consideration, which was determined by Level 3 inputs: | | | | | (in millions) | Fair Value | Balance at June 30, 2015 | $ | 7.3 |
| Change in fair value of contingent consideration | 8.2 |
| Effect of changes in exchange rates used for translation | (0.5 | ) | Balance at December 31, 2015 | $ | 15.0 |
|
On January 29, 2016 a payment of $14.1 million was made to the seller and the remaining maximum amount to be paid out is $0.2 million. For the six months ended December 31, 2015 and 2014, the change in the fair value of the contingent consideration of $8.2 million expense and $3.0 million benefit were recorded in selling, general and administrative expense, respectively. For the six months ended December 31, 2015, there were no transfers among Level 1, Level 2, or Level 3 categories. Additionally, there were no changes in the valuation techniques used to determine the fair values of our Level 2 or Level 3 assets or liabilities. The fair value of the debt under the Notes was estimated to be $96.4 million as of December 31, 2015, and was determined using U.S. government treasury rates and Level 3 inputs, including a credit risk adjustment. The carrying value of our current and long-term debt under the 2014 Credit Agreement approximates fair value because all of the debt bears variable rate interest.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Subsequent Event (Notes)
|
6 Months Ended |
Dec. 31, 2015 |
Subsequent Events [Abstract] |
|
Subsequent Events [Text Block] |
NOTE 13. – SUBSEQUENT EVENTS On January 19, 2016, we entered into a definitive agreement to acquire all of the outstanding equity securities of Health Advances, LLC (“Health Advances”), an independent life sciences strategy consulting firm. Health Advances combines clinical, scientific and business expertise to provide strategic advice to executives leading life sciences companies and investors. The acquisition is expected to close in February 2016, subject to the satisfaction of closing conditions including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
Equity and Earnings Per Share (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Abstract] |
|
Computation Of Basic And Diluted Earnings Per Common Share |
| | | | | | | | | | | | | | | | | (in millions, except per share data) | Three Months Ended |
| Six Months Ended | | December 31, 2015 |
| December 31, 2014 |
| December 31, 2015 |
| December 31, 2014 | Net income attributable to common stock | $ | 39.4 |
| | $ | 38.8 |
| | $ | 64.3 |
| | $ | 75.9 |
| Weighted average number of shares outstanding, used in computing basic earnings per share | 53.3 |
| | 54.8 |
| | 54.1 |
| | 54.8 |
| Dilutive common stock equivalents | 0.7 |
| | 0.9 |
| | 0.8 |
| | 0.9 |
| Weighted average number of shares outstanding used in computing diluted earnings per share | 54.0 |
| | 55.7 |
| | 54.9 |
| | 55.7 |
| Basic earnings per share | $ | 0.74 |
| | $ | 0.71 |
| | $ | 1.19 |
| | $ | 1.39 |
| Diluted earnings per share | $ | 0.73 |
| | $ | 0.70 |
| | $ | 1.17 |
| | $ | 1.36 |
| Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share) | 1.4 |
| | 0.8 |
| | 1.2 |
| | 0.6 |
|
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v3.3.1.900
Comprehensive Income (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
|
Schedule Of Comprehensive Income |
| | | | | | | | | | | | | | (in millions) | | Foreign Currency | | Unrealized Gain/Loss on Derivatives | | Total | Balance as of June 30, 2015 | | $ | (96.2 | ) | | $ | 0.3 |
| | $ | (95.9 | ) | Other comprehensive loss before reclassifications | | (27.2 | ) | | (5.4 | ) | | (32.6 | ) | Loss reclassified from accumulated other comprehensive income | | — |
| | 3.2 |
| | 3.2 |
| Net current-period other comprehensive loss | | $ | (27.2 | ) | | $ | (2.2 | ) | | $ | (29.4 | ) | Balance as of December 31, 2015 | | $ | (123.4 | ) |
| $ | (1.9 | ) | | $ | (125.3 | ) |
|
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) |
| | | | | | | | | | | | | | Three Months Ended | | Affected Line in the Consolidated Statements of Income | (in millions) | | December 31, 2015 | | December 31, 2014 | | Interest rate contracts | | $ | (0.1 | ) | | $ | (0.3 | ) | | Interest expense, net | Foreign exchange contracts | | (0.2 | ) | | (0.7 | ) | | Service Revenue | Foreign exchange contracts | | (1.8 | ) | | (3.2 | ) | | Direct Costs | Cross-currency swap contracts | | — |
| | 0.1 |
| | Miscellaneous income (expense), net | Total | | $ | (2.1 | ) | | $ | (4.1 | ) | | |
| | | | | | | | | | | | | | Six Months Ended | | Affected Line in the Consolidated Statements of Income | (in millions) | | December 31, 2015 | | December 31, 2014 | | Interest rate contracts | | $ | (0.3 | ) | | $ | — |
| | Interest expense, net | Foreign exchange contracts | | (0.4 | ) | | (0.7 | ) | | Service Revenue | Foreign exchange contracts | | (4.6 | ) | | (1.8 | ) | | Direct Costs | Cross-currency swap contracts | | — |
| | 0.2 |
| | Miscellaneous income (expense), net | Total | | $ | (5.3 | ) | | $ | (2.3 | ) | | |
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- DefinitionTabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.
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v3.3.1.900
Restructuring Charges (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Restructuring Charges [Abstract] |
|
Schedule Of Charges Against The Restructuring Accrual |
| | | | | | | | | | | | | | | | | | | | Balance at | | Charges/(Benefits) | | Payments/Foreign Currency Exchange | | Balance at | | | June 30, 2015 | | | | December 31, 2015 | 2015 Margin Acceleration Program | | | | | | | | | Employee severance | | $ | 20.0 |
| | $ | 20.9 |
| | $ | (9.3 | ) | | $ | 31.6 |
| Facilities-related | | — |
| | 4.3 |
| | (0.6 | ) | | 3.7 |
| Pre-Fiscal Year 2012 Restructuring Plans | | | | | | | | | Facilities-related | | 0.3 |
| | — |
| | (0.1 | ) | | 0.2 |
| Total | | $ | 20.3 |
| | $ | 25.2 |
| | $ | (10.0 | ) | | $ | 35.5 |
| | | | | | | | | |
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Segment Information (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Service Revenue, Direct Costs And Gross Profit On Service Revenue Of Reportable Segment |
| | | | | | | | | | | | | | | | | (in millions) | Three Months Ended | | Six Months Ended | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 | Service revenue | | | | | | | | CRS | $ | 407.1 |
| | $ | 393.7 |
| | $ | 817.3 |
| | $ | 778.6 |
| PC | 41.4 |
| | 39.8 |
| | 80.7 |
| | 81.1 |
| PI | 70.0 |
| | 65.8 |
| | 132.6 |
| | 131.3 |
| Total service revenue | $ | 518.5 |
| | $ | 499.3 |
| | $ | 1,030.6 |
| | $ | 991.0 |
| Direct costs | | | | | | | | CRS | $ | 274.4 |
| | $ | 274.1 |
| | $ | 561.9 |
| | $ | 537.2 |
| PC | 20.8 |
| | 20.6 |
| | 41.0 |
| | 42.2 |
| PI | 37.3 |
| | 32.6 |
| | 72.8 |
| | 66.7 |
| Total direct costs | $ | 332.5 |
| | $ | 327.3 |
| | $ | 675.7 |
| | $ | 646.1 |
| Gross profit | | | | | | | | CRS | $ | 132.7 |
| | $ | 119.6 |
| | $ | 255.4 |
| | $ | 241.4 |
| PC | 20.6 |
| | 19.2 |
| | 39.7 |
| | 38.9 |
| PI | 32.7 |
| | 33.2 |
| | 59.8 |
| | 64.6 |
| Total gross profit | $ | 186.0 |
| | $ | 172.0 |
| | $ | 354.9 |
| | $ | 344.9 |
|
|
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- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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Derivatives (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Summary of Derivative Instruments by Hedge Designation [Abstract] |
|
Schedule Of Notional Amounts And Fair Values Of Derivatives |
| | | | | | | | | | | | | | | | | (in millions) | December 31, 2015 | | June 30, 2015 | | Notional Amount | | Asset (Liability) | | Notional Amount | | Asset (Liability) | Derivatives designated as hedging instruments under ASC 815 | | | Derivatives in an asset position: | | | | | | | | Interest rate contracts | $ | 200.0 |
| | $ | 1.2 |
| | $ | 100.0 |
| | $ | 0.8 |
| Foreign exchange contracts | 61.5 |
| | 1.4 |
| | 140.6 |
| | 2.9 |
| Derivatives in a liability position: | | | | | | | | Interest rate contracts | — |
| | — |
| | 25.0 |
| | (0.1 | ) | Foreign exchange contracts | 137.4 |
| | (5.5 | ) | | 56.1 |
| | (4.5 | ) | Cross-currency swap contracts | — |
| | — |
| | 19.0 |
| | (2.7 | ) | Total designated derivatives | $ | 398.9 |
| | $ | (2.9 | ) | | $ | 340.7 |
| | $ | (3.6 | ) | Derivatives not designated as hedging instruments under ASC 815 | Derivatives in an asset position: | | | | | | | | Foreign exchange contracts | $ | 50.4 |
| | $ | 0.3 |
| | $ | 46.1 |
| | $ | 0.6 |
| Derivatives in a liability position: | | | | | | | | Foreign exchange contracts | 70.4 |
| | (2.2 | ) | | 81.7 |
| | (1.8 | ) | Total non-designated derivatives | $ | 120.8 |
| | $ | (1.9 | ) | | $ | 127.8 |
| | $ | (1.2 | ) | Total derivatives | $ | 519.7 |
| | $ | (4.8 | ) | | $ | 468.5 |
| | $ | (4.8 | ) |
|
Schedule Of Change In The Fair Value Of Derivatives Designated As Hedging Instruments |
| | | | | | | | | | | | | | | | | (in millions) | Three Months Ended | | Six Months Ended | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 | Derivatives designated as hedging instruments under ASC 815 | | | Interest rate contracts | $ | 0.7 |
| | $ | (0.2 | ) | | $ | 0.2 |
| | $ | 0.3 |
| Foreign exchange contracts | (0.8 | ) | | (3.9 | ) | | (2.4 | ) | | (11.6 | ) | Cross-currency swap contracts | — |
| | 0.1 |
| | — |
| | — |
| Total designated derivatives | $ | (0.1 | ) | | $ | (4.0 | ) | | $ | (2.2 | ) | | $ | (11.3 | ) |
|
Schedule Of Change In The Fair Value Derivatives Not Designated As Hedging Instruments |
| | | | | | | | | | | | | | | | | (in millions) | Three Months Ended | | Six Months Ended | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 | Derivatives not designated as hedging instruments under ASC 815 | | | Foreign exchange contracts | $ | (0.1 | ) | | $ | (0.4 | ) | | $ | (0.7 | ) | | $ | (3.1 | ) | Total non-designated derivative unrealized loss, net | $ | (0.1 | ) | | $ | (0.4 | ) | | $ | (0.7 | ) | | $ | (3.1 | ) |
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- DefinitionTabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.
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Acquisitions, Goodwill, and Other Intangible Assets (Details) - USD ($) $ in Millions |
Oct. 03, 2014 |
Jan. 29, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] |
|
|
|
|
Fair value of contingent consideration |
|
|
$ 15.0
|
$ 7.3
|
Goodwill |
|
|
$ 343.8
|
$ 354.9
|
ClinIntel Acquisition [Member] |
|
|
|
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] |
|
|
|
|
Cash paid, net of cash acquired |
$ 8.8
|
|
|
|
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High |
$ 15.0
|
$ 0.0
|
|
|
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- DefinitionFor contingent consideration arrangements recognized in connection with a business combination, this element represents an estimate of the high-end of the potential range (undiscounted) of the consideration which may be paid.
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v3.3.1.900
Equity and Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
5 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Oct. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Jun. 30, 2014 |
Sep. 15, 2015 |
Sep. 14, 2015 |
Jun. 02, 2014 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Shares Authorized |
5,000,000
|
|
|
5,000,000
|
|
5,000,000
|
|
|
|
|
Preferred Stock, Par or Stated Value Per Share |
$ 0.01
|
|
|
$ 0.01
|
|
$ 0.01
|
|
|
|
|
Preferred Stock, Shares Outstanding |
0
|
|
|
0
|
|
0
|
|
|
|
|
Common Stock, Shares Authorized |
150,000,000
|
|
|
150,000,000
|
|
150,000,000
|
|
|
|
|
Common Stock, Par or Stated Value Per Share |
$ 0.01
|
|
|
$ 0.01
|
|
$ 0.01
|
|
|
|
|
Common Stock, Shares, Outstanding |
53,300,000
|
|
|
53,300,000
|
|
55,200,000
|
|
|
|
|
Disclosure of Repurchase Agreements [Abstract] |
|
|
|
|
|
|
|
|
|
|
PercentOfSharesReceivedUnderASR |
80.00%
|
|
|
|
|
|
|
|
|
|
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] |
|
|
|
|
|
|
|
|
|
|
Net income attributable to common stock |
$ 39,400
|
$ 38,800
|
|
$ 64,300
|
$ 75,900
|
|
|
|
|
|
Weighted average number of shares outstanding, used in computing basic earnings per share |
53,300,000
|
54,800,000
|
|
54,100,000
|
54,800,000
|
|
|
|
|
|
Dilutive common stock equivalents |
700,000
|
900,000
|
|
800,000
|
900,000
|
|
|
|
|
|
Weighted average number of shares outstanding used in computing diluted earnings per share |
54,000,000
|
55,700,000
|
|
54,900,000
|
55,700,000
|
|
|
|
|
|
Basic earnings per share |
$ 0.74
|
$ 0.71
|
|
$ 1.19
|
$ 1.39
|
|
|
|
|
|
Diluted earnings per share |
$ 0.73
|
$ 0.70
|
|
$ 1.17
|
$ 1.36
|
|
|
|
|
|
Anti-dilutive options (excluded from the calculation of diluted earnings per share) |
1,400,000
|
800,000
|
|
1,200,000
|
600,000
|
|
|
|
|
|
FY2016StockRepurchasePlan [Member] [Member] [Domain] |
|
|
|
|
|
|
|
|
|
|
Disclosure of Repurchase Agreements [Abstract] |
|
|
|
|
|
|
|
|
|
|
Stock Repurchase Program Authorized Amount |
|
|
|
|
|
|
|
$ 200,000
|
$ 200,000
|
|
Treasury Stock, Shares, Acquired |
2,274,343
|
|
|
|
|
|
|
|
|
|
Treasury Stock, Value, Acquired, Cost Method |
$ 0
|
|
|
|
|
|
|
|
|
|
Accelerated Share Repurchases, Initial Price Paid Per Share |
$ 70.35
|
|
|
|
|
|
|
|
|
|
FiscalYear2014StockRepurchasePlan [Member] [Member] |
|
|
|
|
|
|
|
|
|
|
Disclosure of Repurchase Agreements [Abstract] |
|
|
|
|
|
|
|
|
|
|
Stock Repurchase Program Authorized Amount |
|
|
|
|
|
|
|
|
|
$ 150,000
|
Treasury Stock, Shares, Acquired |
345,165
|
|
2,630,009
|
|
|
2,284,844
|
|
|
|
|
Treasury Stock, Value, Acquired, Cost Method |
|
|
|
|
|
$ 150,000
|
$ 150,000
|
|
|
|
Accelerated Share Repurchases, Initial Price Paid Per Share |
|
|
$ 57.03
|
|
|
$ 52.52
|
|
|
|
|
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v3.3.1.900
Comprehensive Income (Schedule Of Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax |
$ (123,400)
|
|
$ (123,400)
|
|
$ (96,200)
|
Other comprehensive income before reclassifications |
|
|
(32,600)
|
|
|
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax |
|
|
3,200
|
|
|
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax |
(12,200)
|
$ (30,800)
|
(27,200)
|
$ (68,900)
|
|
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax |
(100)
|
(4,000)
|
(2,200)
|
(11,300)
|
|
Comprehensive Income (Loss), Net of Tax, Attributable to Parent |
|
|
(29,400)
|
|
|
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax |
(1,900)
|
|
(1,900)
|
|
300
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
(125,300)
|
|
(125,300)
|
|
$ (95,900)
|
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net |
(2,100)
|
(4,100)
|
(5,300)
|
(2,300)
|
|
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax |
800
|
1,500
|
2,100
|
800
|
|
Interest Rate Contract [Member] |
|
|
|
|
|
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net |
(100)
|
|
(300)
|
|
|
Cross Currency Swap Contracts [Member] |
|
|
|
|
|
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net |
0
|
|
0
|
|
|
Accumulated Translation Adjustment [Member] |
|
|
|
|
|
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax |
|
|
0
|
|
|
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] |
|
|
|
|
|
Other comprehensive income before reclassifications |
|
|
(5,400)
|
|
|
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax |
|
|
3,200
|
|
|
Interest Expense [Member] | Interest Rate Contract [Member] |
|
|
|
|
|
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net |
|
(300)
|
|
0
|
|
Sales Revenue, Services, Net [Member] | Foreign Exchange Contract [Member] |
|
|
|
|
|
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net |
(1,800)
|
(700)
|
(4,600)
|
(700)
|
|
Cost of Sales [Member] | Foreign Exchange Contract [Member] |
|
|
|
|
|
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net |
$ (200)
|
(3,200)
|
$ (400)
|
(1,800)
|
|
Other Expense [Member] | Cross Currency Swap Contracts [Member] |
|
|
|
|
|
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net |
|
$ 100
|
|
$ 200
|
|
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v3.3.1.900
Stock-Based Compensation (Classification Of Compensation Expense Within Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
Share-based Compensation |
$ 4,800
|
$ 4,300
|
$ 9,900
|
$ 8,400
|
Cost of Sales [Member] |
|
|
|
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
Share-based Compensation |
1,000
|
1,000
|
2,200
|
2,000
|
Selling, General And Administrative [Member] |
|
|
|
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
Share-based Compensation |
$ 3,800
|
$ 3,300
|
$ 7,700
|
$ 6,400
|
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v3.3.1.900
Restructuring Charges (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring Reserve |
$ 35,500
|
|
$ 35,500
|
|
|
$ 20,300
|
Restructuring Charges |
10,400
|
$ 0
|
25,200
|
$ (100)
|
|
|
Two Thousand Fifteen Restructuring Plan [Member] [Domain] |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring Reserve |
|
|
|
|
$ 14,800
|
20,000
|
Employee Severance [Member] | Two Thousand Fifteen Restructuring Plan [Member] [Domain] |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring Reserve |
31,600
|
|
31,600
|
|
|
|
Restructuring Charges |
|
|
20,900
|
|
|
|
Facilities Related Charges [Member] | Two Thousand Fifteen Restructuring Plan [Member] [Domain] |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Restructuring Reserve |
$ 3,700
|
|
3,700
|
|
|
$ 0
|
Restructuring Charges |
|
|
$ 4,300
|
|
|
|
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Restructuring Charges (Schedule Of Charges Against The Restructuring Accrual) (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Balance at June 30, 2013 |
|
|
$ 20,300
|
|
Provisions/Adjustments |
$ 10,400
|
$ 0
|
25,200
|
$ (100)
|
Balance at September 30, 2013 |
35,500
|
|
35,500
|
|
Restructuring Reserve, Translation Adjustment |
|
|
(10,000)
|
|
Two Thousand Fifteen Restructuring Plan [Member] [Domain] |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Balance at June 30, 2013 |
14,800
|
|
20,000
|
|
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | Employee Severance [Member] |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Provisions/Adjustments |
|
|
20,900
|
|
Balance at September 30, 2013 |
31,600
|
|
31,600
|
|
Restructuring Reserve, Translation Adjustment |
|
|
(9,300)
|
|
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | Facilities-Related Charges [Member] |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Balance at June 30, 2013 |
|
|
0
|
|
Provisions/Adjustments |
|
|
4,300
|
|
Balance at September 30, 2013 |
3,700
|
|
3,700
|
|
Restructuring Reserve, Translation Adjustment |
|
|
(600)
|
|
Two Thousand Eleven Restructuring Plan [Member] | Facilities-Related Charges [Member] |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Balance at June 30, 2013 |
|
|
300
|
|
Provisions/Adjustments |
|
|
0
|
|
Balance at September 30, 2013 |
$ 200
|
|
200
|
|
Restructuring Reserve, Translation Adjustment |
|
|
$ (100)
|
|
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v3.3.1.900
Segment Information (Service Revenue, Direct Costs And Gross Profit On Service Revenue Of Reportable Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Segment Reporting Information [Line Items] |
|
|
|
|
Service revenue |
$ 518,500
|
$ 499,300
|
$ 1,030,600
|
$ 991,000
|
Direct costs |
332,500
|
327,300
|
675,700
|
646,100
|
Gross profit |
186,000
|
172,000
|
354,900
|
344,900
|
CRS [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Service revenue |
407,100
|
393,700
|
817,300
|
778,600
|
Direct costs |
274,400
|
274,100
|
561,900
|
537,200
|
Gross profit |
132,700
|
119,600
|
255,400
|
241,400
|
PC [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Service revenue |
41,400
|
39,800
|
80,700
|
81,100
|
Direct costs |
20,800
|
20,600
|
41,000
|
42,200
|
Gross profit |
20,600
|
19,200
|
39,700
|
38,900
|
PI [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Service revenue |
70,000
|
65,800
|
132,600
|
131,300
|
Direct costs |
37,300
|
32,600
|
72,800
|
66,700
|
Gross profit |
$ 32,700
|
$ 33,200
|
$ 59,800
|
$ 64,600
|
X |
- DefinitionThe aggregate direct operating costs incurred during the reporting period.
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v3.3.1.900
Credit Agreements (Details) $ in Thousands, € in Millions |
1 Months Ended |
6 Months Ended |
|
|
|
|
|
May. 31, 2013
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2015
EUR (€)
|
Dec. 31, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Jun. 12, 2015
USD ($)
|
Jul. 25, 2013 |
Mar. 22, 2013
USD ($)
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Derivative, Notional Amount |
|
|
|
$ 519,700
|
$ 468,500
|
|
|
|
Letters of Credit Outstanding, Amount |
|
|
|
9,700
|
|
|
|
|
Long-term Debt, Gross |
|
|
|
$ 473,200
|
|
$ 7,100
|
|
|
Max commitment fee on revolving loan unused amount, percentage |
|
0.30%
|
|
|
|
|
|
|
Interest rate swap, fixed interest rate |
0.73%
|
|
1.30%
|
1.30%
|
|
|
|
|
JP Morgan [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Transfers of Financial Assets Including Debt Activity |
|
$ 64,600
|
|
|
|
|
|
|
Other Short-term Borrowings |
|
|
|
$ 0
|
|
|
|
|
JP Morgan UK [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Credit agreement maximum borrowing capacity |
|
|
|
4,500
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum |
|
2.00%
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum |
|
4.00%
|
|
|
|
|
|
|
Remaining borrowing available under revolving credit facility |
|
|
|
4,500
|
|
|
|
|
RBSNederlandNV [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Credit agreement maximum borrowing capacity | € |
|
|
€ 4.0
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum |
|
2.00%
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum |
|
4.00%
|
|
|
|
|
|
|
Remaining borrowing available under revolving credit facility | € |
|
|
€ 4.0
|
|
|
|
|
|
Interest Rate Swap [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Principal amount of debt hedged with an interest rate swap agreement |
$ 100,000
|
$ 100,000
|
|
|
|
|
|
|
Senior Notes due in 2020 [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Deferred Finance Costs, Noncurrent, Net |
|
|
|
300
|
|
|
|
|
2013 Credit Agreement LIBOR [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
|
1.75%
|
|
|
|
|
|
|
2013 Credit Agreement [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Deferred Finance Costs, Noncurrent, Net |
|
|
|
$ 2,200
|
2,500
|
|
|
|
Debt, Weighted Average Interest Rate |
|
|
0.00%
|
0.00%
|
|
|
|
|
Swingline Loan [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Line of Credit Facility, Current Borrowing Capacity |
|
|
|
|
|
|
|
$ 75,000
|
Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
|
|
|
|
200,000
|
Line of Credit Facility, Current Borrowing Capacity |
|
|
|
|
|
|
|
300,000
|
Letters of Credit Outstanding, Amount |
|
|
|
|
|
|
|
10,000
|
Remaining borrowing available under revolving credit facility |
|
|
|
$ 130,000
|
|
|
|
|
2013 Credit Agreement One Month LIBOR Margin [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
|
0.75%
|
|
|
|
|
|
|
2013 Credit Agreement Swingline [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
|
0.75%
|
|
|
|
|
|
|
Term Loan [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
|
|
$ 200,000
|
Senior Notes due in 2020 [Member] | Senior Notes [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
|
3.11%
|
|
Long-term Debt, Gross |
|
|
|
100,000
|
|
|
|
|
Designated as Hedging Instrument [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Derivative, Notional Amount |
|
|
|
398,900
|
$ 340,700
|
|
|
|
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Derivative, Notional Amount |
|
|
|
$ 100,000
|
|
|
|
|
X |
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v3.3.1.900
Credit Agreements 2014 Credit Agreement (Details) - USD ($) $ in Millions |
6 Months Ended |
|
|
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Oct. 15, 2014 |
Mar. 22, 2013 |
Debt Instrument [Line Items] |
|
|
|
|
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |
0.30%
|
|
|
|
Term Loan [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Long-term Debt |
|
|
|
$ 200.0
|
2013 Credit Agreement [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Deferred Finance Costs, Noncurrent, Net |
$ 2.2
|
$ 2.5
|
|
|
Swingline Loan [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Line of Credit Facility, Current Borrowing Capacity |
|
|
|
75.0
|
Revolving Credit Facility [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Line of Credit Facility, Remaining Borrowing Capacity |
$ 130.0
|
|
|
|
Line of Credit Facility, Current Borrowing Capacity |
|
|
|
$ 300.0
|
2014 Credit Agreement [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Credit facility, maximum borrowing capacity |
|
|
$ 500.0
|
|
2014 Credit Agreement [Member] | LIBOR Plus Margin [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
1.75%
|
|
|
|
2014 Credit Agreement [Member] | Federal Funds Plus Margin [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
0.50%
|
|
|
|
2014 Credit Agreement [Member] | One Month LIBOR Plus Rate [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
1.00%
|
|
|
|
2014 Credit Agreement [Member] | One Month LIBOR Plus Margin [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
0.75%
|
|
|
|
2014 Credit Agreement [Member] | Term Loan [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Long-term Debt |
$ 197.5
|
|
$ 200.0
|
|
2014 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period One [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Term Loan, Quarterly Principal Payment Percentage |
|
|
1.25%
|
|
2014 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period Two [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Term Loan, Quarterly Principal Payment Percentage |
|
|
2.50%
|
|
2014 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period Three [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Term Loan, Quarterly Principal Payment Percentage |
|
|
5.00%
|
|
2014 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period Four [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Term Loan, Quarterly Principal Payment Percentage |
|
|
60.00%
|
|
2014 Credit Agreement [Member] | Swingline Loan [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Line of Credit Facility, Current Borrowing Capacity |
|
|
$ 100.0
|
|
Debt Instrument, Basis Spread on Variable Rate |
0.75%
|
|
|
|
2014 Credit Agreement [Member] | Revolving Credit Facility [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Long-term Line of Credit |
|
$ 50.0
|
170.0
|
|
Line of Credit Facility, Current Borrowing Capacity |
|
|
300.0
|
|
Letters of Credit, maximum issuance amount |
|
|
$ 10.0
|
|
X |
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v3.3.1.900
Credit Agreements Master Financing Agreement (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Jun. 12, 2015 |
Master Financing Agreement [Line Items] |
|
|
Long-term Debt, Gross |
$ 473.2
|
$ 7.1
|
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months |
5.0
|
1.4
|
Long-term Debt, Maturities, Repayments of Principal in Year Two |
12.8
|
2.8
|
Long-term Debt, Maturities, Repayments of Principal in Year Three |
20.4
|
$ 2.9
|
Master Financing Agreement [Member] |
|
|
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|
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$ 5.7
|
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v3.3.1.900
Debt, Commitments, Contingencies And Guarantees Schedule of Contractual Obligation (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Jun. 12, 2015 |
Contractual Obligation [Abstract] |
|
|
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months |
$ 5.0
|
$ 1.4
|
Long-term Debt, Maturities, Repayments of Principal in Year Two |
12.8
|
2.8
|
Long-term Debt, Maturities, Repayments of Principal in Year Three |
20.4
|
2.9
|
Long-term Debt, Maturities, Repayments of Principal in Year Four |
35.0
|
|
Long-term Debt, Maturities, Repayments of Principal in Year Five |
400.0
|
|
Long-term Debt, Maturities, Repayments of Principal after Year Five |
0.0
|
|
Long-term Debt, Gross |
$ 473.2
|
$ 7.1
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Derivatives (Schedule Of Notional Amounts And Fair Values Of Derivatives) (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Derivatives, Fair Value [Line Items] |
|
|
|
|
|
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net |
$ (700)
|
$ (900)
|
$ (1,700)
|
$ (1,500)
|
|
Notional Amount |
519,700
|
|
519,700
|
|
$ 468,500
|
Asset (Liability) |
(4,800)
|
|
(4,800)
|
|
(4,800)
|
Derivatives Not Designated As Hedging Instruments [Member] |
|
|
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
|
|
Notional Amount |
120,800
|
|
120,800
|
|
127,800
|
Asset (Liability) |
(1,900)
|
|
(1,900)
|
|
(1,200)
|
Derivatives Designated As Hedging Instruments [Member] |
|
|
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
|
|
Notional Amount |
398,900
|
|
398,900
|
|
340,700
|
Asset (Liability) |
(2,900)
|
|
(2,900)
|
|
(3,600)
|
Interest Rate Contract [Member] | Derivatives Designated As Hedging Instruments [Member] |
|
|
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
|
|
Notional Amount |
100,000
|
|
100,000
|
|
|
Derivative Liability, Fair Value, Gross Liability |
0
|
|
0
|
|
(100)
|
Derivative Asset, Fair Value, Gross Asset |
1,200
|
|
1,200
|
|
800
|
Derivative Liability, Notional Amount |
0
|
|
0
|
|
25,000
|
Derivative Asset, Notional Amount |
200,000
|
|
200,000
|
|
100,000
|
Cross Currency Swap Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] |
|
|
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
|
|
Derivative Liability, Fair Value, Gross Liability |
0
|
|
0
|
|
(2,700)
|
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0
|
|
0
|
|
19,000
|
Cross-Currency Interest Rate Swap Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] |
|
|
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
|
|
Derivative Liability, Fair Value, Gross Liability |
0
|
|
0
|
|
0
|
Derivative Liability, Notional Amount |
0
|
|
0
|
|
0
|
Foreign Exchange Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] |
|
|
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
|
|
Derivative Liability, Fair Value, Gross Liability |
(2,200)
|
|
(2,200)
|
|
(1,800)
|
Derivative Asset, Fair Value, Gross Asset |
300
|
|
300
|
|
600
|
Derivative Liability, Notional Amount |
70,400
|
|
70,400
|
|
81,700
|
Derivative Asset, Notional Amount |
50,400
|
|
50,400
|
|
46,100
|
Foreign Exchange Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] |
|
|
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
|
|
Derivative Liability, Fair Value, Gross Liability |
(5,500)
|
|
(5,500)
|
|
(4,500)
|
Derivative Asset, Fair Value, Gross Asset |
1,400
|
|
1,400
|
|
2,900
|
Derivative Liability, Notional Amount |
137,400
|
|
137,400
|
|
56,100
|
Derivative Asset, Notional Amount |
$ 61,500
|
|
$ 61,500
|
|
$ 140,600
|
X |
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v3.3.1.900
Derivatives (Schedule Of Change In The Fair Value Of Derivatives Designated As Hedging Instruments) (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax |
$ 400
|
$ 2,300
|
$ (400)
|
$ 6,300
|
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net |
(700)
|
(900)
|
(1,700)
|
(1,500)
|
Estimated net amount of existing losses that are expected to be reclassified into earnings |
|
|
(4,300)
|
|
Derivatives Designated As Hedging Instruments [Member] |
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total |
(100)
|
(4,000)
|
(2,200)
|
(11,300)
|
Interest Rate Contract [Member] | Derivatives Designated As Hedging Instruments [Member] |
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total |
700
|
(200)
|
200
|
300
|
Foreign Exchange Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] |
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total |
(800)
|
(3,900)
|
(2,400)
|
(11,600)
|
Cross Currency Swap Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] |
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total |
$ 0
|
$ 100
|
$ 0
|
$ 0
|
X |
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Derivatives (Schedule Of Change In The Fair Value Of Derivatives Not Designated As Hedging Instruments) (Details) - Derivatives Not Designated As Hedging Instruments [Member] - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
Unrealized Gain on Foreign Currency Derivatives, before Tax |
$ (100)
|
$ (400)
|
$ (700)
|
$ (3,100)
|
Foreign Exchange Contracts [Member] |
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
Fair value of derivatives not designated as hedging instruments |
(3,300)
|
(7,700)
|
(3,600)
|
(15,200)
|
Unrealized Gain on Foreign Currency Derivatives, before Tax |
$ (100)
|
$ (400)
|
$ (700)
|
$ (3,100)
|
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v3.3.1.900
Fair Value Measurements (Schedule Of Fair Value Hierarchy, Assets (Liabilities) Carried At Fair Value) (Details) - USD ($) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
|
|
Oct. 03, 2014 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jan. 29, 2016 |
Jun. 30, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value |
|
|
$ 15,000
|
|
|
$ 7,300
|
Long-term Debt, Fair Value |
|
|
96,400
|
|
|
|
Interest Rate Derivative Instruments |
|
|
1,200
|
|
|
700
|
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net |
|
|
(6,000)
|
|
|
(5,600)
|
Business Acquisition, Contingent Consideration, at Fair Value |
|
|
(15,000)
|
|
|
(7,300)
|
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings |
|
|
(8,200)
|
$ 3,000
|
|
|
Liabilities, Fair Value Disclosure, Recurring |
|
|
(19,800)
|
|
|
(12,200)
|
Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
Interest Rate Derivative Instruments |
|
|
0
|
|
|
0
|
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net |
|
|
0
|
|
|
0
|
Business Acquisition, Contingent Consideration, at Fair Value |
|
|
0
|
|
|
0
|
Total |
|
|
0
|
|
|
0
|
Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
Interest Rate Derivative Instruments |
|
|
1,200
|
|
|
700
|
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net |
|
|
(6,000)
|
|
|
(5,600)
|
Business Acquisition, Contingent Consideration, at Fair Value |
|
|
0
|
|
|
0
|
Liabilities, Fair Value Disclosure, Recurring |
|
|
(4,800)
|
|
|
(4,900)
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
Interest Rate Derivative Instruments |
|
|
0
|
|
|
0
|
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net |
|
|
0
|
|
|
0
|
Business Acquisition, Contingent Consideration, at Fair Value |
|
|
(15,000)
|
|
|
(7,300)
|
Liabilities, Fair Value Disclosure, Recurring |
|
|
(15,000)
|
|
|
$ (7,300)
|
ClinIntel Acquisition [Member] |
|
|
|
|
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
business combination, contingent consideration arrangement, payment |
|
|
|
|
$ 0
|
|
Payments to Acquire Businesses, Gross |
$ 8,800
|
|
|
|
|
|
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High |
$ 15,000
|
|
|
|
$ 0
|
|
Selling, General and Administrative Expenses [Member] |
|
|
|
|
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings |
|
$ 3,000
|
$ 8,200
|
|
|
|
X |
- Definitionbusiness combination, contingent consideration arrangement, payment
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- DefinitionFair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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- DefinitionFor contingent consideration arrangements recognized in connection with a business combination, this element represents an estimate of the high-end of the potential range (undiscounted) of the consideration which may be paid.
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- DefinitionThe cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price.
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