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Pra Health Sciences, Inc. (PRAH) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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Pra Health Sciences, Inc.

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CIK: 1613859 Ticker: PRAH
Exhibit 99.1
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  FOR IMMEDIATE RELEASE
 
PRA Health Sciences, Inc. Reports Fourth Quarter and Full Year 2020 Results

•Net new business of $872.4 million in the fourth quarter excluding reimbursement revenue; representing growth of 32.4%; Net book-to-bill of 1.42
•Net new business of $1,437.8 million in the fourth quarter including reimbursement revenue; representing growth of 58.4%; Net book-to-bill of 1.80
•$873.5 million of total revenue in the fourth quarter; representing growth of 9.1% at actual foreign exchange rates and 8.0% on a constant currency basis
•Fourth quarter GAAP net income per diluted share of $0.78; GAAP net income of $51.3 million
•Fourth quarter adjusted net income per diluted share was $1.55 per share; Adjusted net income of $101.2 million

RALEIGH, N.C., February 24, 2021
-- PRA Health Sciences, Inc. (“PRA,” "we," "us," or the “Company”) (NASDAQ: PRAH) today reported financial results for the quarter and year ended December 31, 2020.
 
"I am delighted to report fourth quarter revenue and earnings that significantly outperformed the updated guidance we provided back in November. I am also excited to report another quarter of record gross and net new business awards" said Colin Shannon, PRA's Chief Executive Officer. "We finished the year on a very positive note and I believe we are extremely well positioned for the coming year."

Net new business for our Clinical Research segment for the three months ended December 31, 2020 was $872.4 million, representing a net book-to-bill ratio of 1.42 for the period. Net new business for our Clinical Research segment for the three months ended December 31, 2020 including reimbursement revenue was $1,437.8 million, representing a net book-to-bill of 1.80 for the period. Net new business, excluding reimbursement revenue, contributed to an ending backlog at December 31, 2020 of $5.4 billion, an increase of 14.6% year over year and 5.6% sequentially.

For the three months ended December 31, 2020, revenue was $873.5 million, which represents an increase of 9.1%, or $73.2 million, compared to the fourth quarter of 2019 at actual foreign exchange rates. On a constant currency basis, revenue increased $64.3 million, an increase of 8.0% compared to the fourth quarter of 2019. The Clinical Research segment generated revenues of $797.5 million, an increase of 10.0% year over year and 8.9% sequentially. The Data Solutions segment generated revenues of $75.9 million, an increase of 1.1% year over year and 18.3% sequentially.

Direct costs, exclusive of depreciation and amortization, were $437.7 million during the three months ended December 31, 2020 compared to $386.1 million for the three months ended December 31, 2019 at actual foreign exchange rates. On a constant currency basis, direct costs increased by $47.4 million compared to the fourth quarter of 2019. The increase in direct costs continues to be driven by increased labor costs in our Clinical Research segment and increased data costs in our Data Solutions segment.

The following information was filed by Pra Health Sciences, Inc. (PRAH) on Wednesday, February 24, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Pra Health Sciences, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Accounts Receivable, Unbilled Services, And Advanced Billings
Accounts Receivable, Unbilled Services, And Advanced Billings (Tables)
Accounts Receivable, Unbilled Services, And Advanced Billings - Accounts Receivable And Unbilled Services (Details)
Accounts Receivable, Unbilled Services, And Advanced Billings - Advanced Billings (Details)
Accounts Receivable, Unbilled Services, And Advanced Billings - Change In Allowance For Credit Losses (Details)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Components Of Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss - Narrative (Details)
Basis Of Presentation
Business Combinations
Business Combinations (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt - Future Principal Payments (Details)
Debt - Narrative (Details)
Debt - Summary Of Long-Term Debt (Details)
Derivatives
Derivatives (Tables)
Derivatives -Cash Flow Hedging Instruments (Details)
Derivatives -Narrative (Details)
Derivatives -Notional Amounts And Fair Values Of Derivatives (Details)
Employee Benefit Plans
Employee Benefit Plans (Details)
Fixed Assets
Fixed Assets (Tables)
Fixed Assets - Fixed Assets (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Changes In The Carrying Amount Of Goodwill (Details)
Goodwill And Intangible Assets - Estimated Future Amortization Expense (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income And Income Tax Provision (Details)
Income Taxes - Deferred Tax Asset Valuation Allowance (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Effective Tax Rate (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Components Of Lease Expense (Details)
Leases - Schedule Of Maturities Of Lease Liabilities (Details)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Operations By Geographic Area
Operations By Geographic Area (Details)
Operations By Geographic Area (Tables)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Recent Accounting Standards
Segments
Segments (Details)
Segments (Tables)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Concentration Of Credit Risk (Details)
Significant Accounting Policies - Fair Value Measurements (Details)
Significant Accounting Policies - Fair Value Measurements, Additional Information (Details)
Significant Accounting Policies - Fixed Assets (Details)
Significant Accounting Policies - Revenue Recognition (Details)
Significant Accounting Policies - Risks And Other Factors, Reportable Segments, And Restricted Cash (Details)
Significant Accounting Policies - Stock-Based Compensation (Details)
Significant Accounting Policies - Variable Interest Entities (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Employee Stock Purchase Plan - Narrative (Details)
Stock-Based Compensation - Schedule Of Rsa/Rsu Activity (Details)
Stock-Based Compensation - Schedule Of Stock Options By Exercise Price (Details)
Stock-Based Compensation - Stock Option And Rsa/Rsu Activity - Narrative (Details)
Stock-Based Compensation - Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Summary Of Stock Options Activity (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Subsequent Events
Subsequent Events (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: PRAH
CIK: 1613859
Form Type: 10-K Annual Report
Accession Number: 0001613859-21-000011
Submitted to the SEC: Wed Feb 24 2021 11:57:44 AM EST
Accepted by the SEC: Wed Feb 24 2021
Period: Thursday, December 31, 2020
Industry: Commercial Physical And Biological Research

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