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INC Research Holdings: Adjusted Ebitda For The

The following excerpt is from the company's SEC filing.

three months ended

September 30, 2015


$60.3 million

, up from

$36.8 million

for the

September 30, 2014

. Adjusted EBITDA for the

nine months ended

$164.8 million

$104.9 million

. For the

three and nine months ended

, adjusted EBITDA margins increased to

, respectively, from

, for the

, respectively.

Important disclosures about and reconciliations of non-GAAP measures, including adjusted net service revenue, adjusted income from operations, adjusted operating margin, a djusted net income and adjusted diluted earnings per share, EBITDA and adjusted EBITDA, to the corresponding GAAP measures, are provided below and attached to this press release.

New Business Awards and Backlog

Backlog grew by

$1.8 billion

as of

, as compared to

$1.5 billion

. For the three,

and twelve months ended

, fluctuations in foreign currency exchange rates resulted in an unfavorable impact on our

backlog in the amount of

$3.1 million

$29.0 million

$48.1 million

, respectively, primarily due to the weakening of the Euro and British Pound against the U.S. dollar. Net new business awards were

$327.7 million

, representing a book-to-bill ratio of

$249.3 million

$879.1 million

$633.5 million

Business Outlook

The Company is updating its

full-year guidance as outlined in the following table. The guidance takes into account a number of factors, including current foreign currency exchange rates, expected tax rates, and the Company’s overall outlook.

Guidance Issued


Net service revenue

$910 million

$914 million

$900 million

GAAP diluted EPS

Adjusted diluted EPS

Guidance includes one-time benefits of $7.7 million ($4.9 million net of tax), representing approximately $0.08 per share, realized during the nine months ended September 30, 2015.

Additionally, the Company maintains its long-term targets of 10% - 12% Net service revenue growth, 13% - 15% Adjusted EBITDA growth, and up to 20% Adjusted diluted EPS growth.

Important disclosures about and reconciliations of non-GAAP measures, including adjusted net income and diluted adjusted earnings per share to the corresponding GAAP measures are provided below and attached to this press release.

Webcast and Conference Call Details

INC Research will host a conference call at 8:00 a.m. EDT on

October 29, 2015

, to discuss its


financial results. The live webcast will be available in listen-only mode on the Events section of the Company's Investor Relations website at

. To participate via phone, please dial +1 (877) 930-8058 within the United States or +1 (253) 336-7551 outside the United States, approximately 15 minutes before the scheduled start of the call. The conference ID for the call is 60130163.

An archived replay of the conference call will be available online at

after 1:00 p.m. EDT on

. In addition, an audio replay will be available for one week following the call and will be accessible by dialing +1 (855) 859-2056 within the United States or +1 (404) 537-3406 outside the United States. The audio replay ID is 60130163.

About INC Research

INC Research (Nasdaq: INCR) is a leading global contract research organization ("CRO") providing the full range of Phase I to Phase IV clinical development services for the biopharmaceutical and medical device industries. Leveraging the breadth of our service offerings and the depth of our therapeutic expertise across multiple patient populations, INC Research connects customers, clinical research sites and patients to accelerate the delivery of new medicines to market. The Company was ranked “Top CRO to Work With” among large global CROs in the 2015 CenterWatch Global Investigative Site Relationship Survey. INC Research is headquartered in Raleigh, NC, with operations across six continents and experience spanning more than 100 countries. For more information, please visit

Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this press release, including our updated 2015 guidance and long-term targets, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to: fluctuations in our financial results; our ability to maintain or generate new business awards; our backlog not being indicative of future revenues and our ability to realize the anticipated future revenue reflected in our backlog; our ability to adequately price our contracts and not overrun cost estimates; our customer or therapeutic area concentration; international economic, political and other risks; our ability to increase our market share, grow our business and execute our growth strategies; and the other risk factors set forth in our Form 10-K for the year ended

December 31, 2014

, Form 10-Q for the quarter ended March 31, 2015 and other SEC filings, copies of which are available free of charge on our website at

. INC Research assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with GAAP, this press release contains certain non-GAAP financial measures, including Adjusted Net Service Revenue, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Net Income (including Adjusted Diluted Earnings per Share), EBITDA and Adjusted EBITDA. A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of operations, balance sheets or statements of cash flows of the Company.

The Company defines Adjusted Net Service Revenue...