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Parexel International Corp (PRXL) SEC Filing 10-K Annual report for the fiscal year ending Friday, June 30, 2017

Parexel International Corp

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CIK: 799729 Ticker: PRXL



Exhibit 99.1
prxllogoa06.jpg                        

FOR IMMEDIATE RELEASE          
    
PAREXEL INTERNATIONAL REPORTS FOURTH QUARTER AND FISCAL YEAR 2017 RESULTS

•
Fourth-quarter 2017 service revenue of $557.2 million
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Fourth-quarter 2017 GAAP diluted EPS of $0.58; adjusted diluted EPS of $1.02
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Full-year 2017 service revenue of $2,117.6 million
•
Full-year 2017 GAAP diluted EPS of $2.06; adjusted diluted EPS of $3.32


BOSTON, August 28, 2017 -
 PAREXEL International Corporation (NASDAQ: PRXL) ("PAREXEL" or the "Company"), a leading global biopharmaceutical services company, today reported financial results for the fourth quarter and Fiscal Year 2017, which ended on June 30, 2017.

“PAREXEL's revenue performance in the fourth quarter of Fiscal Year 2017 exceeded our expectations,” said Josef von Rickenbach, Chairman and Chief Executive Officer of PAREXEL. “Revenue in the quarter increased 3.8% year over year, driven by growth in demand for our services and success in our efforts to generate near-term revenue. GAAP diluted EPS was impacted by this favorable revenue performance, as well as by charges from the Company's restructuring program and transaction costs relating to the pending sale of the Company. Adjusted diluted EPS benefited from this revenue performance and from effective cost control.

“We remain optimistic about the prospects for solid long-term growth in the biopharmaceutical services industry,” Mr. von Rickenbach concluded. “We believe that PAREXEL's capabilities position us well to take advantage of this growth opportunity. By hiring the best minds, offering globally integrated solutions, and applying our culture of innovation and operational excellence, PAREXEL simplifies our clients' journey from science to new treatments. After the pending acquisition of PAREXEL by Pamplona Capital Management closes, we look forward to working with our new owner to expand our leadership position.”

Fourth Quarter Fiscal Year 2017 Results

For the three months ended June 30, 2017, PAREXEL’s service revenue increased 3.8% to $557.2 million, compared with $536.6 million in the prior year period. Income from operations as reported under Generally Accepted Accounting Principles (“GAAP”) totaled $48.0 million, or 8.6% of service revenue, in the fourth quarter of Fiscal Year 2017, as compared with $64.2 million, or 12.0% of service revenue, in the comparable quarter of the prior year. GAAP net income for the quarter totaled $29.9 million, or $0.58 per diluted share, compared with $42.7 million, or $0.80 per diluted share, for the quarter ended June 30, 2016.

The financial results in the current and prior year period each included items outside of the Company’s normal operations, as detailed in the reconciliation included later in this press release. PAREXEL’s service revenue of $557.2 million in the fourth quarter represented growth of 4.6% on a constant currency basis. Foreign exchange reduced year-over-year growth in revenues in the quarter by $4.0 million. Excluding revenue of approximately $36.1 million arising from the acquisitions of ExecuPharm, Inc., and The Medical Affairs Company, revenue decreased by 2.1% on a constant currency basis, compared to the prior year. Adjusted operating income in the fourth quarter of Fiscal Year 2017 was $82.0 million, or 14.7% of service revenue. Adjusted operating income in the fourth quarter of Fiscal Year 2016 was $73.5 million, or 13.7% of service revenue. Adjusted net income was $52.2 million, or $1.02 per diluted share, in the quarter ended June 30, 2017, and was $49.9 million, or $0.94 per diluted share, in the quarter ended June 30, 2016.

On a segment basis, service revenue for the fourth quarter of Fiscal Year 2017 was $432.3 million in Clinical Research Services (“CRS”), $50.0 million in PAREXEL Consulting (“PC”), and $74.9 million in PAREXEL Informatics (“PI”).

Twelve Month Fiscal Year 2017 Results

For the twelve months ended June 30, 2017, service revenue was $2,117.6 million versus $2,094.3 million in the prior year period, up 1.1%. GAAP operating income for the current twelve-month period was $191.2 million, or 9.0% of service revenue, compared


The following information was filed by Parexel International Corp (PRXL) on Tuesday, August 29, 2017 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 Parexel International Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income And Comprehensive Income
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Comprehensive Income (details)
Acquisitions (notes)
Acquisitions (tables)
Acquisitions Atlas Acquisition (details)
Acquisitions Clinintel Acquisition (details)
Acquisitions Execupharm (details)
Acquisitions Qsi Acquisition (details)
Acquisitions The Medical Affairs Company (details)
Credit Arrangements
Credit Arrangements - 2013 Credit Agreement (details)
Credit Arrangements - 2014 Credit Agreement (details)
Credit Arrangements - 2016 Credit Agreement (details)
Credit Arrangements - 2016 Term Loan Agreement (details)
Credit Arrangements - Additional Lines Of Credit (details)
Credit Arrangements - Master Financing Agreement (details)
Credit Arrangements - Note Purchase Agreement (details)
Credit Arrangements - Receivable Purchase Agreement (details)
Debt, Commitments, Contingencies And Guarantees
Debt, Commitments, Contingencies And Guarantees (future Minimum Debt Obligations, Lease Payments Under Non-cancelable Leases, And Purchase Commitments) (details)
Debt, Commitments, Contingencies And Guarantees (narrative) (details)
Debt, Commitments, Contingencies And Guarantees (tables)
Derivatives
Derivatives (schedule Of Change In Fair Value Derivatives Designated As Hedging Instruments) (details)
Derivatives (schedule Of Change In Fair Value Derivatives Not Designated As Hedging Instruments) (details)
Derivatives (schedule Of Notional Amounts And Fair Values Of Derivatives) (details)
Derivatives (tables)
Derivatives Derivative Additional Information (details)
Description Of Business
Earnings Per Share
Earnings Per Share (schedule Of Basic And Diluted Earnings Per Share) (details)
Earnings Per Share (tables)
Fair Value Measurements
Fair Value Measurements (fair Value Hierarchy By Level) (details)
Fair Value Measurements (tables)
Fair Value Measurements Fair Value Disclosure Narrative (details)
Fair Value Measurements Unobservable Input (details)
Fiscal Year 2016 Share Repurchase (details)
Geographic Information
Geographic Information (schedule Of Financial Information By Geographic Area) (details)
Geographic Information (schedule Of Service Revenue From Countries) (details)
Geographic Information (tables)
Goodwill And Intangible Assets Changes In Carrying Amount Of Goodwill (details)
Goodwill And Intangible Assets Changes In Carrying Amount Of Intangible Assets (details)
Goodwill And Intangible Assets Estimated Amortization Expense (details)
Goodwill And Intangible Assets Goodwill And Intangible Assets (notes)
Goodwill And Intangible Assets Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets Schedule Of Intangible Assets (details)
Health Advances (detail)
Income Taxes
Income Taxes (components Of Net Deferred Tax Assets) (details)
Income Taxes (consolidated Effective Income Tax Rate Differed From The U.s. Federal Statutory Income Tax Rate) (details)
Income Taxes (domestic And Foreign Income (loss) Before Income Taxes) (details)
Income Taxes (narrative) (details)
Income Taxes (net Deferred Tax Assets And Liabilities Included In The Consolidated Balance Sheets) (details)
Income Taxes (provisions For Income Taxes) (details)
Income Taxes (tables)
Income Taxes (unrecognized Income Tax Benefits, Excluding Accrued Interest And Penalties) (details)
Property And Equipment
Property And Equipment (schedule Of Property And Equipment) (details)
Property And Equipment (tables)
Quarterly Operating Results
Quarterly Operating Results (schedule Of Unaudited Quarterly Results Of Operations) (details)
Quarterly Operating Results (tables)
Restructuring Charges
Restructuring Charges (narrative) (details)
Restructuring Charges (schedule Of Changes In Restructuring Accrual) (details)
Restructuring Charges (schedule Of Restructuring Charges By Segment) (details)
Restructuring Charges (tables)
Segment Information
Segment Information (service Revenue And Gross Profit On Service Revenue Of Reportable Segment) (details)
Segment Information (tables)
Stock And Employee Benefit Plans
Stock And Employee Benefit Plans (narrative) (details)
Stock And Employee Benefit Plans (schedule Of Information Related To Stock Option Activity) (details)
Stock And Employee Benefit Plans (schedule Of Purchases Under The 2000 Purchase Plan) (details)
Stock And Employee Benefit Plans (schedule Of Recognized Stock-based Compensation Expense) (details)
Stock And Employee Benefit Plans (schedule Of Share-based Compensation, Restricted Stock And Restricted Stock Units Activity) (details)
Stock And Employee Benefit Plans (schedule Of Stock Option Activity) (details)
Stock And Employee Benefit Plans (schedule Of Stock Options Outstanding) (details)
Stock And Employee Benefit Plans (schedule Of Weighted Average Assumptions) (details)
Stock And Employee Benefit Plans (tables)
Stockholders' Equity
Stockholders' Equity Fiscal Year 2013 Share Repurchase Plan (details)
Stockholders' Equity Fiscal Year 2014 Share Repurchase Plan (details)
Stockholders' Equity Fiscal Year 2017 Asr (details)
Subsequent Events (details)
Subsequent Events (notes)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (tables)
Ticker: PRXL
CIK: 799729
Form Type: 10-K Annual Report
Accession Number: 0000799729-17-000044
Submitted to the SEC: Tue Aug 29 2017 4:51:56 PM EST
Accepted by the SEC: Tue Aug 29 2017
Period: Friday, June 30, 2017
Industry: Commercial Physical And Biological Research

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