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Syneos Health, Inc. (SYNH) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

Syneos Health, Inc.

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CIK: 1610950 Ticker: SYNH

 

Exhibit 99.1

 

img107587269_0.jpg 

 

FOR IMMEDIATE RELEASE

 

Syneos Health Reports Fourth Quarter and Full Year 2022 Results

•
Revenue for the fourth quarter of $1,359.9 million decreased 1.0% on a reported basis and increased 1.7% on a constant currency basis year-over-year.
•
Clinical Solutions net new business awards and book-to-bill ratios:
o
Including reimbursable out-of-pocket expenses, $470.1 million for the fourth quarter, year-over-year growth of 31.2% and a book-to-bill ratio of 0.46x, and $2,841.6 million for the trailing twelve months, a year-over-year decline of 35.0% and a book-to-bill ratio of 0.70x.
o
Excluding reimbursable out-of-pocket expenses, $268.9 million for the fourth quarter, a year-over-year decline of 70.0% and a book-to-bill ratio of 0.39x, and $2,148.5 million for the trailing twelve months, a year-over-year decline of 40.1% and a book-to-bill ratio of 0.77x.
•
Commercial Solutions net new business awards and book-to-bill ratios:
o
Including reimbursable out-of-pocket expenses, $467.4 million for the fourth quarter, a year-over-year decline of 3.7% and a book-to-bill ratio of 1.39x, and $1,382.1 million for the trailing twelve months, year-over-year growth of 1.6% and a book-to-bill ratio of 1.05x.
o
Excluding reimbursable out-of-pocket expenses, $396.0 million for the fourth quarter, a year-over-year decline of 5.6% and a book-to-bill ratio of 1.43x, and $1,180.1 million for the trailing twelve months, a year-over-year decline of 1.3% and a book-to-bill ratio of 1.05x.
•
Year-over-year ending backlog:
o
Including reimbursable out-of-pocket expenses, a year-over-year decline of 12.4% in Clinical Solutions and year-over-year growth of 0.7% in Deployment Solutions as of December 31, 2022.
o
Excluding reimbursable out-of-pocket expenses, a year-over-year decline of 10.5% in Clinical Solutions and flat year-over-year in Deployment Solutions as of December 31, 2022.
•
GAAP net income of $55.5 million decreased 26.9% year-over-year.
•
Adjusted EBITDA of $209.1 million decreased 11.8% year-over-year.
•
GAAP diluted earnings per share of $0.54 decreased 25.0% year-over-year.
•
Adjusted diluted earnings per share of $1.23 decreased 16.9% year-over-year.
•
Announced full year 2023 guidance.

 

1

The following information was filed by Syneos Health, Inc. (SYNH) on Thursday, February 16, 2023 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 Syneos Health, 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 Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Acquisitions, Divestitures, And Investments
Acquisitions, Divestitures, And Investments (Tables)
Acquisitions, Divestitures, And Investments - Allocation Of Consideration Transferred (Details)
Acquisitions, Divestitures, And Investments - Narrative (Details)
Acquisitions, Divestitures, And Investments - Preliminary Estimates Of Fair Value Of Intangible Assets And Estimated Useful Lives (Details)
Acquisitions, Divestitures, And Investments - Preliminary Estimates Of Fair Values Of Intangible Assets And Estimated Useful Lives (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Estimated Useful Lives Of Intangible Assets (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Estimated Useful Lives Of Property And Equipment (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Narrative (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Net Cash Pool Position (Details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Concentration Of Credit Risk
Concentration Of Credit Risk - Narrative (Details)
Derivatives
Derivatives (Tables)
Derivatives - Interest Rate Swaps Designated As Hedging Instruments On Consolidated Balance Sheets (Details)
Derivatives - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Narrative (Details)
Earnings Per Share - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Schedule Of Contributions To Defined Contribution Plan (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Reconciliation Of Changes In The Carrying Amount Of Contingent Consideration (Details)
Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Parenthetical) (Details)
Fair Value Measurements - Schedule Of Estimated Fair Value (Details)
Financial Statement Details
Financial Statement Details (Tables)
Financial Statement Details - Accounts Receivable And Unbilled Services, Net (Details)
Financial Statement Details - Accumulated Other Comprehensive Loss, Net Of Taxes (Details)
Financial Statement Details - Narrative (Details)
Financial Statement Details - Schedule Of Accrued Expenses (Details)
Financial Statement Details - Schedule Of Future Amortization Expense (Details)
Financial Statement Details - Schedule Of Goodwill (Details)
Financial Statement Details - Schedule Of Intangible Assets (Details)
Financial Statement Details - Schedule Of Other (Income) Expense, Net (Details)
Financial Statement Details - Schedule Of Property And Equipment, Net (Details)
Financial Statement Details - Supplemental Cash Flow Information (Details)
Financial Statement Details - Tax Effects Allocated To Each Component Of Other Comprehensive (Loss) Income (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Before Provision For Income Taxes (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Parenthetical) (Details)
Income Taxes - Schedule Of Unrecognized Tax Benefits (Details)
Income Taxes - Summary Of Valuation Allowance (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Cost (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet Information Related To Leases (Details)
Leases - Supplemental Cash Flow Information Related To Leases (Details)
Leases - Supplemental Cash Flow Information, Weighted Average (Details)
Long-Term Debt Obligations
Long-Term Debt Obligations (Tables)
Long-Term Debt Obligations - Accounts Receivable Financing Agreement (Details)
Long-Term Debt Obligations - Contractual Maturities Of Debt Obligations (Details)
Long-Term Debt Obligations - Narrative (Details)
Long-Term Debt Obligations - Schedule Of Debt Obligations (Details)
Long-Term Debt Obligations - Schedule Of Variable Rate Margins (Details)
Operations By Geographic Location
Operations By Geographic Location (Tables)
Operations By Geographic Location - Long-Lived Assets By Geographic Area (Details)
Operations By Geographic Location - Total Revenue By Geographic Area (Details)
Related-Party Transactions
Related-Party Transactions - Narrative (Details)
Restructuring And Other Costs
Restructuring And Other Costs (Tables)
Restructuring And Other Costs - Liabilities Associated With Restructuring And Other Costs (Details)
Restructuring And Other Costs - Schedule Of Restructuring And Other Costs (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers - Narrative (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Segment Information - Narrative (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Stock Option Valuation Assumptions (Details)
Share-Based Compensation - Summary Of Option Activity (Details)
Share-Based Compensation - Summary Of Restricted Stock Unit Activity (Details)
Share-Based Compensation - Summary Of Share-Based Compensation Expense (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Narrative (Details)
Shareholders' Equity - Repurchase Activity (Details)
Shareholders' Equity - Schedule Of Stock By Class (Details)
Shareholders' Equity - Shares Of Common Stock Outstanding (Details)
Ticker: SYNH
CIK: 1610950
Form Type: 10-K Annual Report
Accession Number: 0000950170-23-002928
Submitted to the SEC: Wed Feb 15 2023 5:36:19 PM EST
Accepted by the SEC: Thu Feb 16 2023
Period: Saturday, December 31, 2022
Industry: Commercial Physical And Biological Research

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