PRA Health Sciences, Inc.

Delisted

CIK 0001613859Large AcceleratedServices-Commercial Physical & Biological ResearchDelawareFY ends Dec 31

Period

FY 2020

Revenue

$3.18B

Net Income

$197.04M

Total Assets

$4.18B

Equity

$1.48B

Shares Out

64.80M

Op. Cash Flow

$427.18M

Business

PRA Health Sciences, Inc. is a former operating company in Commercial Physical & Biological Research, incorporated in Delaware. Securities are no longer actively traded on a major U.S. exchange.

Auto-generated from company profile

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2020 2020-12-31	FY 2019 2019-12-31	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31
Revenue	3,183	3,066	2,872	2,259	1,812
Selling, general and administrative expenses	453	395	372	322	270
Transaction-related costs	−44	2	36	88	45
Depreciation and amortization expense	132	115	112	78	70
Loss on disposal of fixed assets	317,000	1	120,000	358,000	753,000
Income from operations	328	364	281	176	162
Interest expense, net	−43	−52	−57	−47	−55
Loss on modification or extinguishment of debt	−450,000	−4	−952,000	−15	—
Foreign currency losses, net	−25	−2	−1	−40	24
Other (expense) income, net	−1,000	174,000	−371,000	−304,000	607,000
Income before income taxes and equity in income of unconsolidated joint ventures	259	306	222	75	94
Provision for income taxes	62	63	67	−13	28
Income before equity in income of unconsolidated joint ventures	197	243	154	87	65
Equity in income of unconsolidated joint ventures, net of tax	0	0	143,000	123,000	3
Net income	197	243	154	87	68
Net income attributable to noncontrolling interest	0	−99,000	−553,000	−366,000	0
Net income attributable to PRA Health Sciences, Inc.	197	243	154	87	68
Basic (in dollars per share)	3.11	3.77	2.4	1.39	1.12
Diluted (in dollars per share)	3.04	3.68	2.32	1.32	1.06
Basic (in shares)	63	65	64	62	61
Diluted (in shares)	65	66	66	66	64

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2020 2020-12-31	FY 2019 2019-12-31	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31
Cash and cash equivalents	506	236	144	192	145
Restricted cash	0	38,000	488,000	661,000	5
Accounts receivable and unbilled services, net of allowance for credit losses of $3,064 as of December 31, 2020	844	659	568	—	—
Prepaid expenses and other current assets	99	88	67	56	35
Income taxes receivable	11	3	3	2	979,000
Total current assets	1,461	986	782	877	625
Fixed assets, net	195	181	155	143	88
Operating lease right-of-use assets	178	186	—	—	—
Goodwill	1,691	1,503	1,495	1,512	972
Intangible assets, net	600	639	704	784	474
Deferred tax assets	15	10	9	9	7
Deferred financing fees	3	3	1	2	2
Other assets	37	37	40	31	24
Total assets	4,179	3,544	3,186	3,358	2,190
Current portion of borrowings under credit facilities	91	89	0	92	0
Current portion of long-term debt	25	25	0	29	31
Accounts payable	57	55	44	65	51
Accrued expenses and other current liabilities	317	303	369	304	124
Income taxes payable	3	2	44	14	26
Current portion of operating lease liabilities	40	38	—	—	—
Advanced billings	733	506	441	469	—
Total current liabilities	1,266	1,017	899	972	564
Deferred tax liabilities	63	79	101	112	74
Long-term debt, net	1,159	1,140	1,082	1,225	797
Long-term portion of operating lease liabilities	159	172	—	—	—
Other long-term liabilities	52	46	53	112	26
Total liabilities	2,699	2,454	2,135	2,422	1,461
Commitments and contingencies (Note 14)	—	—	—	—	—
Preferred stock (100,000,000 authorized shares; $0.01 par value) Issued and outstanding -- none	0	0	0	0	0
Common stock (1,000,000,000 authorized shares; $0.01 par value) Issued and outstanding -- 63,491,550 and 63,491,550 at December 31, 2020 and 2019, respectively	645,000	635,000	654,000	636,000	616,000
Additional paid-in capital	1,137	1,006	961	905	879
Accumulated other comprehensive loss	−99	−160	−171	−136	−225
Retained earnings	440	243	255	161	74
Total stockholders' equity	1,479	1,090	1,045	931	729
Total liabilities and stockholders' equity	4,179	3,544	3,186	3,358	2,190

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2020 2020-12-31	FY 2019 2019-12-31	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31
Amortization of debt issuance costs and discount	2	2	2	2	4
Amortization of terminated interest rate swaps	5	7	7	7	5
Stock-based compensation expense	69	46	29	13	7
Non-cash transaction related stock-based compensation expense	0	0	773,000	5	42
Unrealized foreign currency losses (gains)	31	−6	−3	40	−24
Loss on modification or extinguishment of debt	450,000	519,000	952,000	15	—
Change in fair value of acquisition-related contingent consideration	−45	0	35	75	−527,000
Deferred income taxes	−20	−24	12	−76	−10
Other reconciling items	9	606,000	30,000	763,000	−605,000
Accounts receivable and unbilled services	−172	−89	−17	−136	−31
Prepaid expenses and other assets	−6	−14	−19	2	−10
Accounts payable and other liabilities	11	22	32	36	−1
Income taxes	−61,000	−31	5	11	7
Advanced billings	215	65	14	62	79,000
Payment of acquisition-related contingent consideration	0	−83	−35	0	0
Net cash provided by operating activities	427	254	330	220	160
Purchase of fixed assets	−67	−74	−56	−61	−33
Proceeds from the sale of fixed assets	32,000	26,000	43,000	56,000	10,000
Cash (paid) received for interest on interest rate swap	−8	667,000	181,000	−874,000	−913,000
Return of joint venture capital contribution	0	418,000	0	0	4
Cash received from the sale of marketable securities	0	0	183,000	0	0
Acquisition of Care Innovations, Inc., net of cash acquired	−159	0	0	—	0
Net cash used in investing activities	−234	−73	−55	−687	−35
Proceeds from issuance of long-term debt	0	1,300	0	—	—
Repayment of long-term debt	−25	−1,217	−224	−126	−823
Proceeds from accounts receivable financing agreement	43	30	60	20	120
Repayment on accounts receivable financing agreement	0	−30	−10	−20	0
Borrowings on line of credit	100	234	0	122	110
Repayments of line of credit	−98	−145	−92	−30	−110
Payment for debt issuance costs	−920,000	−5	0	−7	−8
Acquisition of noncontrolling interest	0	−4	0	—	—
Proceeds from stock issued under employee stock purchase plan and stock option exercises	58	46	31	7	655,000
Taxes paid related to net shares settlement of equity awards	0	−114,000	−5	0	0
Repurchase and retirement of common stock	0	−300	0	0	—
Payment of acquisition-related contingent consideration	0	0	−80	−400,000	0
Net cash provided by (used in) financing activities	77	−91	−320	507	−102
Effects of foreign exchange changes on cash, cash equivalents, and restricted cash	−674,000	2	−3	4	−625,000
Change in cash, cash equivalents, and restricted cash	270	92	−48	44	23

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