We have derived the following consolidated statement of income data for 2015, 2014 and 2013 and consolidated balance sheet data as of December 31, 2015 and 2014 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 2012 and 2011 and consolidated balance sheet data as of December 31, 2013, 2012 and 2011 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,
2015
2014
2013
2012
2011
(in thousands, except per share data)
Statement of Income Data:
Service revenues
$
4,326,419
$
4,165,822
$
3,808,340
$
3,692,298
$
3,294,966
Reimbursed expenses
1,411,200
1,294,176
1,291,205
1,173,215
1,032,782
Total revenues
5,737,619
5,459,998
5,099,545
4,865,513
4,327,748
Costs of revenue, service costs
2,725,586
2,684,106
2,471,426
2,459,367
2,153,005
Costs of revenue, reimbursed expenses
1,411,200
1,294,176
1,291,205
1,173,215
1,032,782
Selling, general and administrative
920,985
882,338
860,510
817,755
762,299
Restructuring costs
30,752
8,988
14,071
18,741
22,116
Impairment charges (1)
2,484
—
—
—
12,295
Income from operations
646,612
590,390
462,333
396,435
345,251
Interest expense, net
97,475
97,179
119,571
131,304
105,126
Loss on extinguishment of debt
7,780
—
19,831
1,275
46,377
Other expense (income), net
2,362
(8,978
)
(185
)
(3,572
)
9,073
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates
538,995
502,189
323,116
267,428
184,675
Income tax expense
158,989
150,056
95,965
93,364
15,105
Income before equity in earnings (losses) of unconsolidated affiliates
380,006
352,133
227,151
174,064
169,570
Equity in earnings (losses) of unconsolidated affiliates (2)
8,298
4,368
(1,124
)
2,567
70,757
Net income
388,304
356,501
226,027
176,631
240,327
Net (income) loss attributable to noncontrolling interests
(1,099
)
(118
)
564
915
1,445
Net income attributable to Quintiles Transnational Holdings Inc.
$
387,205
$
356,383
$
226,591
$
177,546
$
241,772
Earnings per share attributable to common shareholders:
Basic
$
3.15
$
2.78
$
1.83
$
1.53
$
2.08
Diluted
$
3.08
$
2.72
$
1.77
$
1.51
$
2.05
Cash dividends declared per common share
$
—
$
—
$
—
$
4.91
$
2.48
Weighted average common shares outstanding:
Basic
123,038
127,994
124,147
115,710
116,232
Diluted
125,630
131,083
127,862
117,796
117,936
Year Ended December 31,
2015
2014
2013
2012
2011
(in thousands)
Statement of Cash Flow Data:
Net cash provided by (used in):
Operating activities
$
475,691
$
431,754
$
393,371
$
335,701
$
160,953
Investing activities
(66,955
)
(173,114
)
(236,176
)
(132,233
)
(224,838
)
Financing activities
(249,246
)
(130,344
)
70,957
(146,873
)
(59,309
)
Other Financial Data:
Capital expenditures
$
(78,391
)
$
(82,650
)
$
(88,347
)
$
(71,336
)
$
(75,679
)
Cash dividend paid to common shareholders
—
—
—
(567,851
)
(288,322
)
Net new business (unaudited) (3)
5,318,800
5,602,400
4,898,900
4,501,200
4,044,100
As of December 31,
2015
2014
2013
2012
2011
(in thousands)
Balance Sheet Data:
Cash and cash equivalents
$
977,151
$
867,358
$
778,143
$
567,728
$
516,299
Investments in debt, equity and other securities
32,911
34,503
40,349
35,951
22,106
Trade accounts receivable and unbilled services, net
1,165,749
975,255
924,205
745,373
691,038
Property and equipment, net
188,393
190,297
199,578
193,999
185,772
Total assets
3,926,316
3,295,953
3,054,223
2,475,532
2,304,486
Total long-term liabilities
2,667,821
2,528,065
2,239,461
2,525,579
2,091,448
Total debt and capital leases (4)
2,500,781
2,305,696
2,060,994
2,444,886
1,990,196
Total shareholders' deficit
(335,681
)
(704,012
)
(667,485
)
(1,359,044
)
(969,596
)
Other Financial Data:
Backlog (unaudited) (3)
$
12,038,000
$
11,244,400
$
9,855,400
$
8,704,500
$
7,972,900
(1)
In 2015 and 2011, we wrote down $2.5 million and $12.2 million, respectively, related to long-lived assets, and in 2011 we incurred other than temporary losses of $145,000 related to a non-marketable equity security.
(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. Historically, net new business and backlog denominated in foreign currencies were valued each month throughout the year using foreign exchange rates that were in effect at the beginning of each fiscal year. Beginning with the first quarter of 2015, net new business and backlog denominated in foreign currencies are valued each month using the actual average foreign exchange rates in effect during the month. The application of this new approach to value foreign currency denominated net new business and backlog would not have had a significant impact to any prior period’s reported amounts, therefore historical amounts have not been restated to reflect this change in methodology.
(4)
Excludes $33.0 million, $22.3 million, $27.5 million, $46.5 million and $36.8 million of unamortized discounts and debt issuance costs as of December 31, 2015, 2014, 2013, 2012 and 2011, respectively.
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