We have derived the following consolidated statement of income data for 2013, 2012 and 2011 and consolidated balance sheet data as of December 31, 2013 and 2012 from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. We have derived the following consolidated statement of income data for 2010 and 2009 and consolidated balance sheet data as of December 31, 2011, 2010 and 2009 from our audited consolidated financial statements not included in this Annual Report on Form 10-K. You should read the consolidated financial data set forth below in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K and the information under Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Our historical results are not necessarily indicative of the results we may achieve in any future period.
Year Ended December 31,
2013
2012
2011
2010
2009
(in thousands, except per share data)
Statement of Income Data:
Service revenues
$
3,808,340
$
3,692,298
$
3,294,966
$
3,060,950
$
3,010,793
Reimbursed expenses
1,291,205
1,173,215
1,032,782
863,070
888,795
Total revenues
5,099,545
4,865,513
4,327,748
3,924,020
3,899,588
Costs, expenses and other:
Costs of revenue, service costs
2,471,426
2,459,367
2,153,005
1,941,767
1,894,796
Costs of revenue, reimbursed expenses
1,291,205
1,173,215
1,032,782
863,070
888,795
Selling, general and administrative
860,510
817,755
762,299
698,406
684,466
Restructuring costs
14,071
18,741
22,116
22,928
(141
)
Impairment charges (1)
—
—
12,295
2,844
15,453
Income from operations
462,333
396,435
345,251
395,005
416,219
Interest expense, net
119,571
131,304
105,126
137,631
106,037
Loss on extinguishment of debt
19,831
1,275
46,377
—
—
Other (income) expense, net
(185
)
(3,572
)
9,073
15,647
9,622
Income before income taxes and equity in (losses) earnings of unconsolidated affiliates
323,116
267,428
184,675
241,727
300,560
Income tax expense
95,965
93,364
15,105
77,582
88,253
Income before equity in (losses) earnings of unconsolidated affiliates
227,151
174,064
169,570
164,145
212,307
Equity in (losses) earnings of unconsolidated affiliates (2)
(1,124
)
2,567
70,757
1,110
(2,729
)
Net income
226,027
176,631
240,327
165,255
209,578
Net loss (income) attributable to noncontrolling interests
564
915
1,445
(4,659
)
485
Net income attributable to Quintiles Transnational Holdings Inc.
$
226,591
$
177,546
$
241,772
$
160,596
$
210,063
Earnings per share attributable to common shareholders:
Trade accounts receivable and unbilled services, net
924,205
745,373
691,038
570,160
584,200
Property and equipment, net
199,578
193,999
185,772
184,494
199,415
Total assets
3,066,797
2,499,153
2,322,917
2,064,887
2,112,734
Total long-term liabilities
2,252,035
2,549,200
2,109,879
1,841,537
1,920,030
Total debt and capital leases (4)
2,060,994
2,444,886
1,990,196
1,704,896
1,876,607
Total shareholders’ deficit
(667,485
)
(1,359,044
)
(969,596
)
(900,359
)
(907,515
)
Other Financial Data:
Backlog (3)
$
9,855,428
$
8,704,500
$
7,972,900
$
7,115,300
$
6,494,400
(1)
We incurred other than temporary losses on marketable and non-marketable equity securities of $4.4 million and $9.4 million, respectively, and an impairment of a long-lived asset of $1.7 million in 2009. We incurred other than temporary losses on equity securities of $2.8 million in 2010. Refer to our audited financial statements included elsewhere in this Annual Report on Form 10-K for information on other than temporary losses and long-lived asset impairments in 2013, 2012 and 2011.
(2)
In November 2011, we sold our investment in Invida Pharmaceutical Holdings Pte. Ltd., or Invida, for approximately $103.6 million of net proceeds resulting in gain of approximately $74.9 million.
(3)
Net new business is the value of services awarded during the period from projects under signed contracts, letters of intent and, in some cases, pre-contract commitments that are supported by written communications, adjusted for contracts that were modified or canceled during the period. Consistent with our methodology for calculating net new business during a particular period, backlog represents, at a particular point in time, future service revenues from work not yet completed or performed under signed contracts, letters of intent and, in some cases, pre-contract commitments that are supported by written communications.
(4)
Excludes $15.0 million, $22.9 million, $18.3 million, $8.3 million and $10.4 million of unamortized discounts as of December 31, 2013, 2012, 2011, 2010 and 2009, respectively. 2010 and 2009 include $7.5 million and $164.9 million, respectively, of debt related to activities in our former Capital Solutions segment, which primarily consisted of our former subsidiary PharmaBio Development Inc., or PharmaBio, that was deconsolidated in 2010.
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