We have derived the following consolidated statement of income data for 2014, 2013 and 2012 and consolidated balance sheet data as of December 31, 2014 and 2013 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 2011 and 2010 and consolidated balance sheet data as of December 31, 2012, 2011 and 2010 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,
2014
2013
2012
2011
2010
(in thousands, except per share data)
Statement of Income Data:
Service revenues
$
4,165,822
$
3,808,340
$
3,692,298
$
3,294,966
$
3,060,950
Reimbursed expenses
1,294,176
1,291,205
1,173,215
1,032,782
863,070
Total revenues
5,459,998
5,099,545
4,865,513
4,327,748
3,924,020
Costs of revenue, service costs
2,684,106
2,471,426
2,459,367
2,153,005
1,941,767
Costs of revenue, reimbursed expenses
1,294,176
1,291,205
1,173,215
1,032,782
863,070
Selling, general and administrative
882,338
860,510
817,755
762,299
698,406
Restructuring costs
8,988
14,071
18,741
22,116
22,928
Impairment charges (1)
—
—
—
12,295
2,844
Income from operations
590,390
462,333
396,435
345,251
395,005
Interest expense, net
97,179
119,571
131,304
105,126
137,631
Loss on extinguishment of debt
—
19,831
1,275
46,377
—
Other (income) expense, net
(8,978
)
(185
)
(3,572
)
9,073
15,647
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates
502,189
323,116
267,428
184,675
241,727
Income tax expense
150,056
95,965
93,364
15,105
77,582
Income before equity in earnings (losses) of unconsolidated affiliates
352,133
227,151
174,064
169,570
164,145
Equity in earnings (losses) of unconsolidated affiliates (2)
4,368
(1,124
)
2,567
70,757
1,110
Net income
356,501
226,027
176,631
240,327
165,255
Net (income) loss attributable to noncontrolling interests
(118
)
564
915
1,445
(4,659
)
Net income attributable to Quintiles Transnational Holdings Inc.
$
356,383
$
226,591
$
177,546
$
241,772
$
160,596
Earnings per share attributable to common shareholders:
Basic
$
2.78
$
1.83
$
1.53
$
2.08
$
1.38
Diluted
$
2.72
$
1.77
$
1.51
$
2.05
$
1.36
Cash dividends declared per common share
$
—
$
—
$
4.91
$
2.48
$
0.58
Weighted average common shares outstanding:
Basic
127,994
124,147
115,710
116,232
116,418
Diluted
131,083
127,862
117,796
117,936
118,000
Year Ended December 31,
2014
2013
2012
2011
2010
(in thousands)
Statement of Cash Flow Data:
Net cash provided by (used in):
Operating activities
$
431,754
$
393,371
$
335,701
$
160,953
$
378,160
Investing activities
(173,114
)
(236,176
)
(132,233
)
(224,838
)
(141,434
)
Financing activities
(130,344
)
70,957
(146,873
)
(59,309
)
(153,081
)
Other Financial Data:
Capital expenditures
$
(82,650
)
$
(88,347
)
$
(71,336
)
$
(75,679
)
$
(80,236
)
Cash dividends paid to common shareholders
—
—
(567,851
)
(288,322
)
(67,493
)
Net new business (unaudited) (3)
5,602,400
4,898,900
4,501,200
4,044,100
3,551,500
As of December 31,
2014
2013
2012
2011
2010
(in thousands)
Balance Sheet Data:
Cash and cash equivalents
$
867,358
$
778,143
$
567,728
$
516,299
$
646,615
Investments in debt, equity and other securities
34,503
40,349
35,951
22,106
1,557
Trade accounts receivable and unbilled services, net
975,255
924,205
745,373
691,038
570,160
Property and equipment, net
190,297
199,578
193,999
185,772
184,494
Total assets
3,305,832
3,066,797
2,499,153
2,322,917
2,064,887
Total long-term liabilities
2,537,944
2,252,035
2,549,200
2,109,879
1,841,537
Total debt and capital leases (4)
2,305,696
2,060,994
2,444,886
1,990,196
1,704,896
Total shareholders’ deficit
(704,012
)
(667,485
)
(1,359,044
)
(969,596
)
(900,359
)
Other Financial Data:
Backlog (unaudited) (3)
$
11,244,400
$
9,855,400
$
8,704,500
$
7,972,900
$
7,115,300
(1)
In 2011, we wrote down $12.2 million related to long-lived assets, and we incurred other than temporary losses of $145,000 related to a non-marketable equity security. In 2010, we incurred other than temporary losses on equity securities of $2.8 million.
(2)
In November 2011, we sold our investment in Invida Pharmaceutical Holdings Pte. Ltd. for approximately $103.6 million of net proceeds resulting in a 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 $12.4 million, $15.0 million, $22.9 million, $18.3 million and $8.3 million of unamortized discounts as of December 31, 2014, 2013, 2012, 2011 and 2010, respectively.
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