0001564590-21-042229.txt : 20210809 0001564590-21-042229.hdr.sgml : 20210809 20210806175033 ACCESSION NUMBER: 0001564590-21-042229 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 88 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210809 DATE AS OF CHANGE: 20210806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Syneos Health, Inc. CENTRAL INDEX KEY: 0001610950 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731] IRS NUMBER: 273403111 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36730 FILM NUMBER: 211154047 BUSINESS ADDRESS: STREET 1: 1030 SYNC STREET CITY: MORRISVILLE STATE: NC ZIP: 27560 BUSINESS PHONE: 919-876-9300 MAIL ADDRESS: STREET 1: 1030 SYNC STREET CITY: MORRISVILLE STATE: NC ZIP: 27560 FORMER COMPANY: FORMER CONFORMED NAME: INC Research Holdings, Inc. DATE OF NAME CHANGE: 20140616 10-Q 1 synh-10q_20210630.htm 10-Q synh-10q_20210630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

FORM 10-Q 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2021

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from            to            .

Commission File Number: 001-36730

 

SYNEOS HEALTH, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

27-3403111

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

1030 Sync Street, Morrisville, North Carolina 27560-5468

(Address of principal executive offices and Zip Code)

(919876-9300

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value per share

SYNH

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  

As of August 2, 2021, there were approximately 103,483,148 shares of the registrant’s common stock outstanding.

 

 


Table of Contents

 

 

SYNEOS HEALTH, INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

Page

 

 

 

Item 1.

Financial Statements

3

 

 

 

 

Condensed Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020 (unaudited)

3

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2021 and 2020 (unaudited)

4

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 (unaudited)

5

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited)

6

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended June 30, 2021 and 2020 (unaudited)

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

8

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

 

 

 

Item 4.

Controls and Procedures

41

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

41

 

 

 

Item 1A.

Risk Factors

41

 

 

 

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

41

 

 

 

Item 5.

Other Information

42

 

 

 

Item 6.

Exhibits

43

 

 

 

 

Signature

44

 

 

2


Table of Contents

 

 

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements.

 

SYNEOS HEALTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands, except per share data)

 

Revenue

 

$

1,282,611

 

 

$

1,013,399

 

 

$

2,491,356

 

 

$

2,176,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs (exclusive of depreciation and amortization)

 

 

992,581

 

 

 

805,892

 

 

 

1,937,831

 

 

 

1,729,906

 

Selling, general, and administrative expenses

 

 

144,669

 

 

 

108,344

 

 

 

281,983

 

 

 

233,891

 

Restructuring and other costs

 

 

3,966

 

 

 

8,171

 

 

 

11,194

 

 

 

16,891

 

Depreciation

 

 

18,158

 

 

 

17,304

 

 

 

36,605

 

 

 

34,529

 

Amortization

 

 

39,553

 

 

 

38,717

 

 

 

79,044

 

 

 

77,599

 

Total operating expenses

 

 

1,198,927

 

 

 

978,428

 

 

 

2,346,657

 

 

 

2,092,816

 

Income from operations

 

 

83,684

 

 

 

34,971

 

 

 

144,699

 

 

 

83,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

(122

)

 

 

(71

)

 

 

(458

)

Interest expense

 

 

22,619

 

 

 

21,684

 

 

 

45,947

 

 

 

48,142

 

Loss on extinguishment of debt

 

 

2,199

 

 

 

 

 

 

2,802

 

 

 

 

Other expense (income), net

 

 

7,827

 

 

 

5,761

 

 

 

(2,029

)

 

 

(13,169

)

Total other expense, net

 

 

32,645

 

 

 

27,323

 

 

 

46,649

 

 

 

34,515

 

Income before provision for income taxes

 

 

51,039

 

 

 

7,648

 

 

 

98,050

 

 

 

49,423

 

Income tax expense

 

 

9,134

 

 

 

3,737

 

 

 

17,421

 

 

 

11,938

 

Net income

 

$

41,905

 

 

$

3,911

 

 

$

80,629

 

 

$

37,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.40

 

 

$

0.04

 

 

$

0.77

 

 

$

0.36

 

Diluted

 

$

0.40

 

 

$

0.04

 

 

$

0.77

 

 

$

0.36

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

103,937

 

 

 

104,198

 

 

 

104,105

 

 

 

104,232

 

Diluted

 

 

105,019

 

 

 

105,219

 

 

 

105,238

 

 

 

105,430

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


Table of Contents

 

SYNEOS HEALTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Net income

 

$

41,905

 

 

$

3,911

 

 

$

80,629

 

 

$

37,485

 

Unrealized gain (loss) on derivative instruments, net of income tax expense (benefit) of $1,596, $52, $3,609, and $(6,587), respectively

 

 

4,708

 

 

 

(1,131

)

 

 

10,645

 

 

 

(11,861

)

Foreign currency translation adjustments, net of income tax expense (benefit) of $550, $0, $(158), and $0, respectively

 

 

8,825

 

 

 

2,870

 

 

 

4,515

 

 

 

(45,918

)

Comprehensive income (loss)

 

$

55,438

 

 

$

5,650

 

 

$

95,789

 

 

$

(20,294

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


Table of Contents

 

SYNEOS HEALTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

June 30, 2021

 

 

December 31, 2020

 

 

 

(in thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash

 

$

261,135

 

 

$

272,173

 

Accounts receivable and unbilled services, net

 

 

1,369,921

 

 

 

1,344,781

 

Prepaid expenses and other current assets

 

 

117,240

 

 

 

121,058

 

Total current assets

 

 

1,748,296

 

 

 

1,738,012

 

Property and equipment, net

 

 

203,988

 

 

 

216,200

 

Operating lease right-of-use assets

 

 

222,034

 

 

 

223,285

 

Goodwill

 

 

4,789,784

 

 

 

4,776,178

 

Intangible assets, net

 

 

831,072

 

 

 

933,525

 

Deferred income tax assets

 

 

37,614

 

 

 

35,059

 

Other long-term assets

 

 

186,886

 

 

 

141,047

 

Total assets

 

$

8,019,674

 

 

$

8,063,306

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

107,772

 

 

$

113,684

 

Accrued expenses

 

 

625,623

 

 

 

611,042

 

Deferred revenue

 

 

802,256

 

 

 

793,068

 

Current portion of operating lease obligations

 

 

43,636

 

 

 

42,082

 

Current portion of finance lease obligations

 

 

17,061

 

 

 

17,455

 

Total current liabilities

 

 

1,596,348

 

 

 

1,577,331

 

Long-term debt

 

 

2,863,620

 

 

 

2,902,054

 

Operating lease long-term obligations

 

 

217,341

 

 

 

221,760

 

Finance lease long-term obligations

 

 

25,881

 

 

 

31,522

 

Deferred income tax liabilities

 

 

13,739

 

 

 

20,216

 

Other long-term liabilities

 

 

64,131

 

 

 

68,311

 

Total liabilities

 

 

4,781,060

 

 

 

4,821,194

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 30,000 shares authorized, 0 shares issued and outstanding at June 30, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, $0.01 par value; 600,000 shares authorized, 103,473 and 103,935 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

1,035

 

 

 

1,039

 

Additional paid-in capital

 

 

3,430,375

 

 

 

3,461,747

 

Accumulated other comprehensive loss, net of taxes

 

 

(25,641

)

 

 

(40,801

)

Accumulated deficit

 

 

(167,155

)

 

 

(179,873

)

Total shareholders’ equity

 

 

3,238,614

 

 

 

3,242,112

 

Total liabilities and shareholders’ equity

 

$

8,019,674

 

 

$

8,063,306

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


Table of Contents

 

SYNEOS HEALTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Six Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

80,629

 

 

$

37,485

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

115,649

 

 

 

112,128

 

Share-based compensation

 

 

33,792

 

 

 

32,173

 

(Recovery from) provision for doubtful accounts

 

 

(473

)

 

 

379

 

(Benefit from) provision for deferred income taxes

 

 

(13,024

)

 

 

8,750

 

Foreign currency transaction gains

 

 

(3,563

)

 

 

(12,541

)

Fair value adjustment of contingent obligations

 

 

(597

)

 

 

(3,943

)

Loss on extinguishment of debt

 

 

2,802

 

 

 

 

Other non-cash items

 

 

5,007

 

 

 

1,501

 

Changes in operating assets and liabilities, net of effect of acquisitions:

 

 

 

 

 

 

 

 

Accounts receivable, unbilled services, and deferred revenue

 

 

(8,269

)

 

 

52,670

 

Accounts payable and accrued expenses

 

 

30,117

 

 

 

(64,757

)

Other assets and liabilities

 

 

(26,275

)

 

 

(8,680

)

Net cash provided by operating activities

 

 

215,795

 

 

 

155,165

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Payments related to acquisitions of businesses, net of cash acquired

 

 

(14,635

)

 

 

 

Proceeds from notes receivable from divestiture

 

 

5,000

 

 

 

 

Purchases of property and equipment

 

 

(22,337

)

 

 

(30,078

)

Proceeds from (investments in) unconsolidated affiliates

 

 

692

 

 

 

(7,202

)

Net cash used in investing activities

 

 

(31,280

)

 

 

(37,280

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of long-term debt, net of discount

 

 

494,505

 

 

 

 

Payments of debt financing costs

 

 

(544

)

 

 

 

Repayments of long-term debt

 

 

(602,277

)

 

 

(19,375

)

Proceeds from accounts receivable financing agreement

 

 

65,000

 

 

 

6,600

 

Repayments of accounts receivable financing agreement

 

 

 

 

 

(6,600

)

Proceeds from revolving line of credit

 

 

 

 

 

300,000

 

Repayments of revolving line of credit

 

 

 

 

 

(150,000

)

Payments of contingent consideration related to acquisitions

 

 

(6,196

)

 

 

(26,634

)

Payments of finance leases

 

 

(8,380

)

 

 

(8,904

)

Payments for repurchases of common stock

 

 

(117,521

)

 

 

(32,029

)

Proceeds from exercises of stock options

 

 

14,482

 

 

 

12,784

 

Payments related to tax withholdings for share-based compensation

 

 

(29,892

)

 

 

(19,604

)

Net cash (used in) provided by financing activities

 

 

(190,823

)

 

 

56,238

 

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

 

(4,730

)

 

 

5,218

 

Net change in cash, cash equivalents, and restricted cash

 

 

(11,038

)

 

 

179,341

 

Cash, cash equivalents, and restricted cash - beginning of period

 

 

272,173

 

 

 

163,689

 

Cash, cash equivalents, and restricted cash - end of period

 

$

261,135

 

 

$

343,030

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6


Table of Contents

 

SYNEOS HEALTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Shareholders’ equity, beginning balance

 

$

3,236,877

 

 

$

2,977,922

 

 

$

3,242,112

 

 

$

3,029,654

 

Impact from adoption of ASU 2016-13

 

 

 

 

 

 

 

 

 

 

 

(2,771

)

Shareholders’ equity, adjusted beginning balance

 

 

3,236,877

 

 

 

2,977,922

 

 

 

3,242,112

 

 

 

3,026,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

 

1,042

 

 

 

1,042

 

 

 

1,039

 

 

 

1,039

 

Repurchases of common stock

 

 

(9

)

 

 

 

 

 

(15

)

 

 

(6

)

Issuances of common stock

 

 

2

 

 

 

 

 

 

11

 

 

 

9

 

Ending balance

 

 

1,035

 

 

 

1,042

 

 

 

1,035

 

 

 

1,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional paid-in capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

 

3,440,840

 

 

 

3,430,740

 

 

 

3,461,747

 

 

 

3,441,471

 

Repurchases of common stock

 

 

(29,778

)

 

 

 

 

 

(49,595

)

 

 

(19,734

)

Issuances of common stock

 

 

2,874

 

 

 

(63

)

 

 

(15,569

)

 

 

(7,058

)

Share-based compensation

 

 

16,439

 

 

 

16,175

 

 

 

33,792

 

 

 

32,173

 

Ending balance

 

 

3,430,375

 

 

 

3,446,852

 

 

 

3,430,375

 

 

 

3,446,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

 

(39,174

)

 

 

(131,111

)

 

 

(40,801

)

 

 

(71,593

)

Unrealized gain (loss) on derivative instruments, net of taxes

 

 

4,708

 

 

 

(1,131

)

 

 

10,645

 

 

 

(11,861

)

Foreign currency translation adjustment, net of taxes

 

 

8,825

 

 

 

2,870

 

 

 

4,515

 

 

 

(45,918

)

Ending balance

 

 

(25,641

)

 

 

(129,372

)

 

 

(25,641

)

 

 

(129,372

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated deficit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

 

(165,831

)

 

 

(322,749

)

 

 

(179,873

)

 

 

(341,263

)

Impact from adoption of ASU 2016-13

 

 

 

 

 

 

 

 

 

 

 

(2,771

)

Adjusted beginning balance

 

 

(165,831

)

 

 

(322,749

)

 

 

(179,873

)

 

 

(344,034

)

Repurchases of common stock

 

 

(43,229

)

 

 

 

 

 

(67,911

)

 

 

(12,289

)

Net income

 

 

41,905