Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 10, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | VTIV | |
Entity Registrant Name | INVENTIV HEALTH INC | |
Entity Central Index Key | 1,089,473 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 77,113 | $ 121,317 |
Restricted cash | 2,554 | 1,607 |
Accounts receivable, net of allowances for doubtful accounts of $5,368 and $5,395 at March 31, 2016 and December 31, 2015, respectively | 328,326 | 359,081 |
Unbilled services | 261,723 | 207,465 |
Prepaid expenses and other current assets | 45,059 | 42,930 |
Income tax receivable | 1,022 | 1,076 |
Total current assets | 715,797 | 733,476 |
Property and equipment, net | 139,172 | 142,032 |
Goodwill | 896,765 | 895,369 |
Intangible assets, net | 325,919 | 334,646 |
Non-current deferred tax assets | 10,421 | 10,032 |
Other assets | 39,721 | 37,134 |
Total assets | 2,127,795 | 2,152,689 |
Current liabilities: | ||
Current portion of capital lease obligations and other financing arrangements | 25,296 | 23,333 |
Accrued payroll, accounts payable and accrued expenses | 318,948 | 333,726 |
Income taxes payable | 3,829 | 5,484 |
Deferred revenue and client advances | 246,621 | 246,656 |
Total current liabilities | 594,694 | 609,199 |
Capital lease obligations, net of current portion | 45,525 | 45,258 |
Long-term debt, net of current portion | 2,117,132 | 2,101,885 |
Non-current income tax liability | 7,567 | 5,942 |
Deferred tax liability | 79,106 | 73,360 |
Other non-current liabilities | 66,750 | 88,153 |
Total liabilities | $ 2,910,774 | $ 2,923,797 |
Commitments and contingencies (Note 7) | ||
inVentiv Health, Inc. stockholder’s deficit: | ||
Common stock, $.01 par value, 1,000 shares authorized, issued and outstanding at March 31, 2016 and December 31, 2015, respectively | $ 1 | $ 1 |
Additional paid-in-capital | 575,156 | 573,739 |
Accumulated deficit | (1,328,213) | (1,309,136) |
Accumulated other comprehensive loss | (31,921) | (37,340) |
Total inVentiv Health, Inc. stockholder’s deficit | (784,977) | (772,736) |
Noncontrolling interest | 1,998 | 1,628 |
Total stockholder’s deficit | (782,979) | (771,108) |
Total liabilities and stockholder’s deficit | $ 2,127,795 | $ 2,152,689 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $ 5,368 | $ 5,395 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net revenues | $ 541,296 | $ 450,977 |
Reimbursed out-of-pocket expenses | 90,983 | 67,323 |
Total revenues | 632,279 | 518,300 |
Operating expenses: | ||
Cost of revenues | 372,376 | 300,505 |
Reimbursable out-of-pocket expenses | 90,983 | 67,323 |
Selling, general and administrative expenses | 123,756 | 132,914 |
Total operating expenses | 587,115 | 500,742 |
Operating income (loss) | 45,164 | 17,558 |
Gain on extinguishment of debt | 221 | |
Interest expense | (55,917) | (56,479) |
Interest income | 64 | 16 |
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | (10,468) | (38,905) |
Income tax (provision) benefit | (8,176) | (4,528) |
Income (loss) before income (loss) from equity investments | (18,644) | (43,433) |
Income (loss) from equity investments | 5 | (1,529) |
Net income (loss) | (18,639) | (44,962) |
Less: Net (income) loss attributable to the noncontrolling interest | (438) | (123) |
Net income (loss) attributable to inVentiv Health, Inc. | $ (19,077) | $ (45,085) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net Income (loss) | $ (18,639) | $ (44,962) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 5,419 | (5,445) |
Total other comprehensive income (loss) | 5,419 | (5,445) |
Total comprehensive income (loss) | (13,220) | (50,407) |
Less: Comprehensive (income) loss attributable to the noncontrolling interest | (438) | (123) |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | $ (13,658) | $ (50,530) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Stockholder's Deficit - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Non- controlling Interest [Member] |
Beginning Balance, Amount at Dec. 31, 2015 | $ (771,108) | $ 1 | $ 573,739 | $ (1,309,136) | $ (37,340) | $ 1,628 |
Beginning Balance, Shares at Dec. 31, 2015 | 1,000 | 1,000 | ||||
Net loss | $ (18,639) | (19,077) | 438 | |||
Foreign currency translation adjustment | 5,419 | 5,419 | ||||
Stock-based compensation expense | 1,417 | 1,417 | ||||
Distributions to noncontrolling interest | (68) | (68) | ||||
Ending Balance, Amount at Mar. 31, 2016 | $ (782,979) | $ 1 | $ 575,156 | $ (1,328,213) | $ (31,921) | $ 1,998 |
Ending Balance, Shares at Mar. 31, 2016 | 1,000 | 1,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net Income (loss) | $ (18,639) | $ (44,962) |
Adjustments to reconcile net income (loss) to net cash provided by (used) in operating activities: | ||
Depreciation | 14,646 | 11,263 |
Amortization of intangible assets | 9,117 | 13,740 |
Amortization of deferred financing costs and original issue discount/premium | 4,723 | 4,751 |
Payment-in-kind interest | 8,025 | 15,677 |
(Gain) loss on disposal of assets | 447 | 557 |
Stock-based compensation expense | 1,417 | 470 |
Gain on extinguishment of debt | (221) | |
Deferred taxes | 5,736 | 2,988 |
Other non-cash adjustments | 803 | 2,509 |
Changes in assets and liabilities, net | ||
Accounts receivable, net | 31,171 | (6,235) |
Unbilled services | (53,822) | (21,522) |
Prepaid expenses and other current assets | (364) | (2,394) |
Accrued payroll, accounts payable and accrued expenses | (11,910) | 9,329 |
Income tax receivable and non-current income tax liability | (202) | 1,103 |
Deferred revenue and client advances | 2,355 | 16,898 |
Other, net | (2,902) | (2,021) |
Net cash provided by (used in) operating activities | (9,620) | 2,151 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (6,170) | (9,799) |
Proceeds from vehicle sales and rebates on vehicle leases | 3,979 | 3,093 |
Other, net | (966) | (238) |
Net cash provided by (used in) investing activities | (3,157) | (6,944) |
Cash flows from financing activities: | ||
Repayments on capital leases and other financing arrangements | (8,907) | (8,924) |
Repurchase of Notes | (22,790) | |
Borrowings under line of credit | 17,000 | |
Repayment on line of credit | (17,000) | |
Payment on installment note and contingent consideration related to acquisition | (2,174) | (1,917) |
Other, net | 396 | 25 |
Net cash provided by (used in) financing activities | (33,475) | (10,816) |
Effects of foreign currency exchange rate changes on cash | 2,048 | (2,797) |
Net increase (decrease) in cash and cash equivalents | (44,204) | (18,406) |
Cash and cash equivalents, beginning of period | 121,317 | 57,059 |
Cash and cash equivalents, end of period | 77,113 | 38,653 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 31,281 | 32,888 |
Cash paid (refund) for income taxes | 2,714 | 526 |
Supplemental disclosure of non-cash activities: | ||
Vehicles acquired through capital lease agreements | 10,667 | 12,436 |
Accrued capital expenditures | $ 884 | $ 2,487 |
Organization and Business
Organization and Business | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Business | 1. Organization and Business inVentiv Health, Inc. (“inVentiv”, or the “Company”) is a leading global provider of outsourced clinical development and commercialization services to biopharmaceutical companies. The Company provides services through two reportable business segments: Clinical and Commercial. The Company provides a full suite of services to enhance its clients’ ability to successfully develop, launch and market their products. The Company offers its solutions on both a standalone and integrated basis. The Company’s services cover the entire biopharmaceutical development and commercialization continuum spanning from first-in-human clinical trials to the ongoing commercialization of mature products. On August 4, 2010, inVentiv Acquisition, Inc., an indirect, wholly owned subsidiary of inVentiv Group Holdings, Inc. (“Group Holdings” or “Parent”) merged with and into the Company (the “THL Acquisition”). Group Holdings is controlled by affiliates of Thomas H. Lee Partners (“THL”), a global private investment and advisory firm, as well as certain co-investors and certain members of management (together with the private equity funds sponsored by THL, and the co-investors, the “Investors”). |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and include the accounts of inVentiv Health, Inc. and its wholly owned subsidiaries. In addition, the Company consolidates the accounts of its 60% owned subsidiary and reflects the minority interest as a noncontrolling interest classified in equity. The Company has both equity and cost method investments in securities of certain privately held entities. Investments accounted for under the equity method are recorded at the amount of the Company’s investment and adjusted each period for the Company’s share of the investee’s income or loss. During the quarter ended March 31, 2015, the Company recognized a $1.6 million loss on dissolution of a joint venture accounted for under the equity method, which is included in income (loss) from equity investments in the consolidated statements of operations. Investments accounted for under the cost method are recorded at the historical carrying value. The carrying value of both types of investments is recorded in other assets in the consolidated balance sheets and is immaterial. All intercompany transactions have been eliminated in consolidation. The condensed consolidated financial statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015 are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods. They do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the 2015 audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 dated March 18, 2016 on file with the Securities and Exchange Commission (the “SEC”). The results reported in these condensed consolidated financial statements should not necessarily be viewed as indicative of the results that may be expected for the entire year. The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with GAAP, which requires management to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. The significant estimates made by the Company include the estimated forecast that is used in assessing the realizability of the Company’s deferred tax assets and assessing whether the fair value of intangible assets and goodwill exceed the related carrying value. In addition, the Company also makes significant estimates as it relates to revenue recognition, self-insurance reserves, including reserves for employee medical, automobile insurance and worker’s compensation. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Reclassifications In the Company’s 2015 financial statements, the Company reclassified certain costs from selling, general and administrative (“SG&A”) expenses to cost of revenues to conform to the presentation adopted for 2015. The revised classification aligns all personnel and related costs associated with service delivery within cost of revenues, along with the associated information technology costs supporting these processes. These changes better harmonize the accounting policies of the group, and are consistent with how management is assessing performance and managing costs. As a result of the revision in the classification of the costs, the previously reported SG&A was reduced by $9.3 million for the three months ended March 31, 2015, and cost of revenues has increased by a corresponding amount. The reclassification had no impact on our consolidated financial position, net operating results included in our statements of operations or cash flows. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-09 (“ASU 2016-09”), Compensation—Stock Compensation In February 2016, the FASB issued ASU 2016-02, Leases In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 4. Goodwill The following table sets forth the carrying amount of goodwill for each segment as of March 31, 2016 and December 31, 2015 (in thousands): Clinical Commercial Total Net goodwill at December 31, 2015 $ 382,215 $ 513,154 $ 895,369 Foreign currency translation (1 ) 1,397 1,396 Net goodwill at March 31, 2016 $ 382,214 $ 514,551 $ 896,765 As of March 31, 2016 and December 31, 2015, the Company had accumulated goodwill impairment losses of $478.3 million. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets The following table sets forth the carrying amount of the Company’s intangible assets as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Customer relationships $ 366,169 $ (156,458 ) $ 209,711 $ 365,777 $ (148,679 ) $ 217,098 Technology 27,090 (26,364 ) 726 27,003 (26,206 ) 797 Tradenames subject to amortization 18,314 (16,787 ) 1,527 18,293 (16,657 ) 1,636 Backlog 95,029 (90,783 ) 4,246 95,014 (89,427 ) 5,587 Other 1,020 (615 ) 405 1,020 (585 ) 435 Total finite-lived intangible assets 507,622 (291,007 ) 216,615 507,107 (281,554 ) 225,553 Tradenames not subject to amortization 109,304 — 109,304 109,093 — 109,093 Total intangible assets $ 616,926 $ (291,007 ) $ 325,919 $ 616,200 $ (281,554 ) $ 334,646 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt The Company’s indebtedness is summarized as follows (in thousands): March 31, December 31, 2016 2015 Senior Secured Credit Facilities: Term Loan Facility B3 loans, due 2018 $ 129,645 $ 129,645 Term Loan Facility B4 loans, due 2018 445,694 445,694 Senior Secured Notes, due 2018 625,000 625,000 ABL Facility — — Junior Lien Secured Notes, due 2018 579,837 569,691 Senior Unsecured Notes, due 2018 376,316 376,316 International Facility — — Capital leases and other financing arrangements 70,821 68,591 Total borrowings 2,227,313 2,214,937 Less: unamortized premium (discount) (7,993 ) (9,030 ) Less: unamortized deferred financing costs (31,367 ) (35,431 ) Less: current portion of capital leases and other financing arrangements (25,296 ) (23,333 ) Total long-term borrowings, net of current portion $ 2,162,657 $ 2,147,143 At March 31, 2016, the Company had $575.3 million outstanding under the Senior Secured Credit Facilities, which consisted of $129.6 million under the B3 term loans and $445.7 million under the B4 term loans. The Company had $625.0 million outstanding under the Senior Secured Notes, and there were no outstanding borrowings under the ABL Facility (as defined below). The Company also had $579.8 million outstanding under the Junior Lien Secured Notes (as defined below), and $376.3 million outstanding under the Senior Unsecured Notes. In addition, the Company had capitalized leases and other financing arrangements of $70.8 million outstanding as of March 31, 2016. On July 1, 2015 one of the Company’s indirect subsidiaries in the United Kingdom, inVentiv Health Clinical UK Ltd., (“inVentiv UK”) as borrower, and one of the Company’s indirect subsidiaries in Switzerland, inVentiv Health Switzerland GmbH, as guarantor, entered into an asset-based lending facility (the “International Facility”) for up to $20.0 million. This facility is available to enhance international cash management. At March 31, 2016, the Company had no outstanding borrowings under the International Facility and would have been able to borrow up to $14.9 million. On August 15, 2014, the Company consummated an exchange offer (the “Junior Lien Notes Exchange Offer”) with holders of its 10% Senior Unsecured Notes due 2018 in which the Company issued $475.0 million aggregate principal amount of new 10%/12% Junior Lien Secured Notes due 2018 (the “Junior Lien Secured Notes”) in exchange for a like amount of the Company’s 10% Senior Unsecured Notes due 2018. The Junior Lien Secured Notes permit up to six semi-annual interest payments to be settled through the issuance of additional Junior Lien Secured Notes. The interest rate with respect to the Junior Lien Secured Notes is a cash rate of 10% per annum or a payment-in-kind (“PIK”) rate of 12% per annum (“PIK Interest”). The Company paid interest on the Junior Lien Secured Notes for the periods commencing August 15, 2014, February 15, 2015 and August 15, 2015 in PIK Interest and elected to pay interest for the period commencing February 15, 2016 in cash. On January 8, 2016, the Company’s Board of Directors approved the repurchase by the Company of its certain Junior Lien Secured Notes and the subsequent cancellation of such repurchased notes (the “PIK Note Repurchase”). During the three months ended March 31, 2016, the Company repurchased and cancelled an aggregate principal amount of $23.7 million of its Junior Lien Secured Notes, including accrued and unpaid interest, through open market purchases for $23.1 million. As a result of the PIK Note Repurchase, the Company reduced its debt and a pro rata portion of deferred financing costs and debt discount on the transactions and recorded a gain on extinguishment of debt of $0.2 million. On August 12, 2014, in connection with the Junior Lien Notes Exchange Offer, affiliates of Thomas H. Lee Partners, L.P. and certain co-investors purchased $25.0 million of Junior Lien Secured Notes and $26.3 million of the Company’s 10% Senior Unsecured Notes due 2018 for a total consideration of $50.0 million (the “New Money Investment”). The $26.3 million of 10% Senior Unsecured Notes due 2018 were issued at a 5% discount to par value resulting in a $1.3 million discount that is accreted over the related term using the effective interest method. Additionally, on August 15, 2014 the Company issued an additional $7.0 million of Junior Lien Secured Notes (the “Backstop Consideration”) to a group of holders of the Company’s 10% Senior Unsecured Notes due 2018 as consideration for such holders’ agreement to tender the 10% Senior Unsecured Notes due 2018 held by them into the Junior Lien Notes Exchange Offer. In connection with the Junior Lien Notes Exchange Offer, the Company’s term loan facility and asset-backed revolving facility were amended on July 28, 2014 (the “Credit Agreement Amendments”) to permit the Junior Lien Notes Exchange Offer, the New Money Investment and the issuance of the Backstop Consideration and to extend the maturities of certain outstanding term loans from 2016 to 2018. The margin on the term loans increased by 0.25% when compared to the interest rates on the prior term loans. There was no net change in the outstanding principal balance of the term loans as a result of the modified terms. On August 16, 2013, the Company, Citibank, N.A. and certain financial institutions entered into a credit agreement for an asset-based revolving credit facility of up to $150.0 million (the “ABL Facility”), subject to borrowing base availability, which matures on August 16, 2018. Up to $35.0 million of the ABL Facility is available for the issuance of letters of credit. All obligations under the ABL Facility are secured by the Company’s domestic subsidiaries and secured by a first priority lien on current assets of the Company and its domestic subsidiaries and a second priority lien on all other assets of the Company and its domestic subsidiaries. The available borrowing capacity varies monthly according to the levels of the Company’s eligible accounts receivable and unbilled receivables. As of March 31, 2016, the Company had no outstanding borrowings under the ABL Facility, approximately $18.8 million in letters of credit outstanding against the ABL Facility and would have been able to borrow up to an additional $131.2 million. Cash Pooling The Company and certain of its international subsidiaries entered into a notional cash pooling arrangement (“Cash Pool”) to help manage global liquidity requirements. The parties to the arrangement combine their cash balances in pooling accounts with the ability to set-off overdrafts to the bank against positive cash balances. Each subsidiary receives interest on the cash balances or pays interest on amounts owed. At March 31, 2016, the Company’s net cash position in the pool of $34.4 million, defined as the gross cash position in the pool of $113.6 million less borrowings of $79.2 million, is reflected as cash and cash equivalents in the consolidated balance sheet. Fair Value of Long-Term Debt The carrying amounts and the estimated fair values of long-term debt as of March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, 2016 December 31, 2015 Carrying value Estimated fair value Carrying value Estimated fair value Term Loan Facility $ 568,497 $ 573,576 $ 567,673 $ 570,051 Senior Secured Notes 619,410 643,750 618,616 633,594 Junior Lien Secured Notes 564,027 583,461 551,552 537,646 Senior Unsecured Notes 365,197 372,553 364,043 371,142 The fair value of long-term debt instruments is measured based on market values for debt issues with similar characteristics, such as maturities, credit ratings, collateral and interest rates available on the measurement dates for debt with similar terms (level 2 within the fair value hierarchy). The Company believes the carrying values for capital leases and other financing arrangements approximate their fair values. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 7. Contingencies On October 31, 2013, Cel-Sci Corporation (Cel-Sci) (“Claimant”) made a demand for arbitration under a Master Services Agreement (the “MSA”), dated as of April 6, 2010 between Claimant and two of the Company’s subsidiaries, inVentiv Health Clinical, LLC (formerly known as PharmaNet, LLC) and PharmaNet GmbH (currently known as inVentiv Health Switzerland GmbH and formerly known as PharmaNet AG) (collectively, “PharmaNet”). Under the MSA and related project agreement, which were terminated by Claimant in April 2013, Claimant engaged PharmaNet in connection with a Phase III Clinical Trial of its investigational drug. The arbitration claim alleges (i) breach of contract, (ii) fraud in the inducement, and (iii) common law fraud on the part of PharmaNet, and seeks damages of at least $50 million. In December 2013, inVentiv Health Clinical, LLC filed a counterclaim against Claimant that alleges breach of contract and seeks at least $2 million in damages. The matter proceeded to the discovery phase. In January 2015, inVentiv Health Clinical, LLC filed additional counterclaims against Claimant that allege (i) breach of contract, (ii) opportunistic breach, restitution and unjust enrichment, and (iii) defamation, and seeks at least $2 million in damages and $20 million in other equitable remedies. A hearing is currently scheduled to begin in September 2016. No assessment can be made at this time as to the likely outcome of this matter. Accordingly, no provision has been recorded as no loss is considered probable. Other Matters The Company is subject to lawsuits, investigations and claims arising out of the conduct of its business, including those related to commercial transactions, contracts, government regulation and employment matters. Certain claims, suits and complaints have been filed or are pending against the Company. The Company does not believe that the outcome of any legal proceedings, if decided adversely to its interests, would have a material adverse effect on its business, financial condition or results of operations. |
Concentration of Credit Risk
Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2016 | |
Risks And Uncertainties [Abstract] | |
Concentration of Credit Risk | 8. Concentration of Credit Risk The Company’s receivables are concentrated with major pharmaceutical companies. Credit risk is managed through the continuous monitoring of exposures with the Company’s clients. The Company does not require collateral or other security to support client receivables. For the three months ended March 31, 2016, one client accounted for approximately 12% of the Company’s net revenues. For the three months ended March 31, 2015, no client represented more than 10% of the Company’s net revenues. As of March 31, 2016, one client represented approximately 10% of the accounts receivable balance. |
Common Stock and Stock Incentiv
Common Stock and Stock Incentive Plans | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Common Stock and Stock Incentive Plans | 9. Common Stock and Stock Incentive Plans On July 2, 2015 the Company’s Board of Directors approved the grant of new option awards to eligible employees in exchange for certain outstanding restricted stock units granted under the Group Holdings’ Equity Incentive Plan, on a one-for-one basis. Thirty-five percent of the options in the new award vest upon the passage of time and completion of a service requirement and sixty-five percent vests based upon achievement of certain specified performance targets and completion of a service requirement. Approximately 148,748 of the outstanding restricted stock units were exchanged in the program. The exchange was treated as a modification of the awards and no incremental stock compensation was recognized as the exchange securities were not considered probable of vesting on the date of the exchange. The Company recognizes the fair value of the new option awards in compensation expense over the service period to the extent that vesting of the awards is considered probable. On March 25, 2016, the Company granted 106,218 share-based awards. Of these share-based awards, 102,496 represent options that vest thirty-five percent upon the passage of time and completion of a service requirement and sixty-five percent upon achievement of certain specified performance targets and completion of a service requirement. The remaining 3,722 share-based awards are comprised of restricted stock awards that vest if a liquidity event occurs such that the Investors achieve a defined return on their investment and options that vest based on the passage of time. |
Termination Benefits and Other
Termination Benefits and Other Cost Reduction Actions | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Termination Benefits and Other Cost Reduction Actions | 10. Termination Benefits and Other Cost Reduction Actions The Company undertook certain actions to continue to integrate its acquisitions and implement cost containment measures in an effort to better align operating costs with market and business conditions. Expenses related to these actions that include real estate consolidations, elimination of redundant functions and employees, are summarized below (in thousands): For the Three Months Ended March 31, 2016 2015 Employee severance and related costs $ 2,745 $ 2,579 Facilities-related costs 1,385 176 Total $ 4,130 $ 2,755 For the three months ended March 31, 2016 and 2015, restructuring costs of $1.5 million and $1.3 million, respectively, have been included in cost of revenues and $2.6 million and $1.4 million, respectively, have been included in SG&A expenses, respectively. The $4.1 million of costs incurred in the three months ended March 31, 2016 includes $1.2 million of costs related to Clinical and $2.9 million related to Commercial. The $2.8 million of costs incurred in the three months ended March 31, 2015 includes $1.0 million of costs related to Clinical, $1.7 million related to Commercial and $0.1 million related to Corporate. The following table summarizes the Company’s restructuring reserve as of March 31, 2016 and December 31, 2015 (in thousands): Balance at Balance at December March 31, 2015 Net Costs Cash Payments 2016 Employee severance and related costs $ 4,245 $ 2,745 $ (3,115 ) $ 3,875 Facilities-related costs 3,942 1,385 (1,388 ) 3,939 Total $ 8,187 $ 4,130 $ (4,503 ) $ 7,814 The Company expects that severance payments accrued at March 31, 2016 will be paid within the next twelve months. Certain facility costs will be paid over the remaining lease term of the exited facilities through 2027. The net costs in the table above exclude non-cash charges of approximately $0.2 million for the three months ended March 31, 2016 related to abandoned assets at certain facilities. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company accounts for income taxes at each interim period using its estimated annual effective tax rate. Discrete items and changes in the estimate of the annual effective tax rate are recorded in the period they occur. The consolidated effective tax rate was approximately (78.1%) and (11.6%) for the three months ended March 31, 2016 and 2015, respectively. The income tax provision for the three months ended March 31, 2016 and 2015 reflects that the Company (i) continued to record a full valuation allowance for its domestic and certain foreign tax jurisdictions, (ii) recorded a tax provision for certain foreign and state jurisdictions that generated earnings, (iii) incurred a deferred tax provision in its domestic jurisdiction arising from taxable temporary differences related to amortization of indefinite-lived intangible assets and goodwill, and (iv) recorded changes in unrecognized tax benefits (including related penalties and interest) as they occur. The Company provides a valuation allowance to reduce deferred tax assets to their estimated realizable value if, based on the weight of all available evidence, it is not more likely than not that a portion or all of the deferred tax assets will be realized. The Company does not expect to record significant tax benefits on future domestic net operating losses until circumstances justify the recognition of such benefits. As a result of the domestic valuation allowance, taxable temporary differences from the amortization of goodwill and indefinite-lived intangible assets are expected to result in $8.5 million of income tax expense for 2016, and are reflected in the Company’s estimated domestic annual effective tax rate. Goodwill and indefinite-lived intangible assets are amortized for income tax purposes, but not for financial statement reporting purposes. This difference results in net deferred income tax expense since the taxable temporary difference cannot be scheduled to reverse during the loss carryforward period. The Company will record tax expense related to the amortization of its tax deductible goodwill and indefinite-lived intangible assets during those future periods for which it maintains domestic valuation allowances, or until its estimated unamortized balance of $111.4 million at December 31, 2016 is fully amortized for tax purposes. |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | 12. Related Parties Management Arrangements Upon completion of the THL Acquisition, the Company entered into a management agreement (“THL Management Agreement”) with THL Managers VI, LLC (“THL Managers”), in which THL Managers agreed to provide management services to the Company until the tenth anniversary of the consummation of the THL Acquisition with evergreen one-year extensions thereafter. Pursuant to the THL Management Agreement, THL Managers will receive an aggregate annual management fee in an amount per year equal to the greater of (a) $2.5 million or (b) 1.5% of EBITDA, as defined in the THL Management Agreement. In addition, the Company will reimburse out-of-pocket expenses, including travel related costs, incurred by THL Managers. The Company recognized $0.9 million and $0.7 million in management fees and related costs for the three months ended March 31, 2016 and 2015, respectively. The management agreement with the THL Managers includes customary exculpation and indemnification provisions in favor of the THL Managers and their affiliates. The THL Managers may terminate their management agreement at any time. The THL Managers’ management agreement will terminate automatically upon an initial public offering or a change of control. Upon termination due to an initial public offering or a change of control, the THL Managers will be entitled to a termination fee based on the net present value of their annual fee due during the remaining period from the date of termination to the then applicable scheduled date of termination of their management agreement. Upon completion of the THL Acquisition, the Company entered into a management agreement with Liberty Lane IH LLC (“Liberty Lane”), in which Liberty Lane agreed to provide management services to the Company. Mr. Meister, the Company’s former Chief Executive Officer, is affiliated with Liberty Lane. Pursuant to the agreement, Liberty Lane or its affiliates received an aggregate annual management fee in an amount per year equal to $1.0 million. On December 5, 2012, the agreement was amended to lower the per year management fee to $0.8 million beginning January 1, 2013. The agreement was terminated in the second quarter of 2015 with an effective date of September 24, 2014 to reflect Mr. Meister’s resignation as Chief Executive Officer. The Company incurred management fees of $0.2 million for the three months ended March 31, 2015. On November 12, 2012, the Compensation Committee of Group Holdings granted to Liberty Lane options to purchase shares of Common Stock equal to approximately 1.4% of the fully diluted equity of Group Holdings. The options vest if a liquidity event occurs such that the Investors achieve a certain return on their investment. These awards were cancelled in the second quarter of 2015 to reflect Mr. Meister’s resignation as Chief Executive Officer, and the Company issued 38,054 Multiple of Money (“MoM”) Option Awards to Mr. Meister during 2015. Commercial Transactions There were three entities for the three months ended March 31, 2016 and four entities for the three months ended March 31, 2015 in which THL or its affiliates held a 10% or greater interest that provided services exceeding $120,000 in value to the Company. The services included facilities management, audio conferencing and information technology services. The aggregate fees for these services were $0.4 million and $1.6 million for the three months ended March 31, 2016 and 2015, respectively. One of the Company’s directors, Blane Walter, acquired a 10% or greater interest in and became a director of an entity in 2013 which provided relationship enterprise technology solutions to the Company exceeding $120,000 in value over the previous twelve month period. No services were provided for the three months ended March 31, 2016 and services for fees of $1.8 million were provided for the three months ended March 31, 2015. Debt Instruments In 2014, affiliates of Thomas H. Lee Partners, L.P., Liberty Lane and Blane Walter purchased $25.0 million of Junior Lien Secured Notes and $26.3 million of the Company’s 10% Senior Unsecured Notes due 2018 for a total consideration of $50.0 million as described in Note 6. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements The Company’s financial instruments include cash and cash equivalents, accounts receivables, unbilled services, accounts payable, short-term borrowings, capital leases and other financing arrangements as well as deferred revenues and client advances. Due to the short-term nature of such instruments, the Company believes their carrying values approximate fair value. Please refer to Note 6 for discussion of the Company’s debt instruments. The Company’s contingent consideration obligations are carried at fair value considering the Company’s best estimates as to the probable timing and amount of settlement (level 3 within the fair value hierarchy). As of March 31, 2016, the contingent consideration obligations had an aggregate fair value of $0.4 million, which is included in accrued expenses in the consolidated balance sheets. The Company’s deferred compensation plan provides eligible management and other highly compensated employees with the opportunity to defer their compensation and to receive the deferred amounts in the future or upon termination of employment with the Company. The Company invests in the underlying mutual fund investments available to plan participants through investments held in a rabbi trust, which generally offset the liability associated with the deferred compensation plan. These securities are classified as trading securities and carried at fair value (level 1 within the fair value hierarchy) of $10.6 million and $10.8 million as of March 31, 2016 and December 31, 2015 and included in other assets in the consolidated balance sheets. Gains and losses are included in SG&A expenses. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 14. Segment Information The Company provides services through two reportable segments, Clinical and Commercial. Each reportable business segment is comprised of multiple service offerings that, when combined, create a fully integrated biopharmaceutical outsourced services provider. Clinical provides a continuum of services spanning phases I-IV of clinical development. Commercial, provides commercialization, medication adherence and consulting services to biopharmaceutical companies. The Clinical and Commercial segments provide services to the other segments primarily in connection with the delivery of services to the end client. The Company accounts for intersegment sales on prices that management considers to be consistent with market pricing. Total intersegments sales from Clinical to Commercial was $0.1 million and $0.6 million for the three months ended March 31, 2016 and 2015, respectively. Total intersegment sales from Commercial to Clinical or Corporate and other was $4.4 million and $2.6 million for the three months ended March 31, 2016 and 2015, respectively. Management measures and evaluates the Company’s operating segments based on segment net revenues and adjusted operating income. The results of these reportable business segments are regularly reviewed by the Company’s chief operating decision maker, the Chief Executive Officer. Certain costs are excluded from segment operating income because management evaluates the operating results of the segments excluding such charges. These items include depreciation and amortization; certain foreign currency impacts; net charges associated with acquisitions; certain legal charges, net of insurance recoveries; certain asset impairment charges; stock-based compensation; as well as corporate and other unallocated expenses. The Corporate and other unallocated expenses primarily consist of expenses for corporate overhead functions such as finance, human resources, information technology, facilities and legal; restructuring and related charges; and certain expenses incurred in connection with the management agreements with affiliates of certain shareholders of the Parent. Although these amounts are excluded from segment operating income, as applicable, they are included in reported consolidated operating loss and in the reconciliations presented below. The Company has not presented segment assets since management does not evaluate the Company’s operating segments using this information. The Company has an agreement to provide commercialization services to a biopharmaceutical client for launch of certain products in return for a royalty on the client’s net revenues. The results of this arrangement are included in Corporate and other as the contract is managed and evaluated on a corporate level. As these activities were included in the Commercial segment prior to the three months ended September 30, 2015, segment information for the three months ended March 31, 2015 has been restated to include these results in Corporate and other and Commercial recognized intersegment revenues related to performing services under this arrangement. Selected information for each reportable segment is as follows (in thousands): For the Three Months Ended March 31, 2016 2015 Net Revenues Clinical $ 254,859 $ 219,664 Commercial 290,926 234,546 Intersegment revenues (4,489 ) (3,233 ) Consolidated net revenues $ 541,296 $ 450,977 Adjusted Segment Operating Income (Loss) Clinical $ 42,736 $ 25,649 Commercial 48,920 31,879 Corporate and other (12,324 ) (8,898 ) Reportable segments adjusted operating income (loss) 79,332 48,630 Depreciation and amortization (23,763 ) (25,003 ) Stock-based compensation (1,417 ) (470 ) Other unallocated charges (8,988 ) (5,599 ) Operating income (loss) 45,164 17,558 Interest income (expense), net (55,853 ) (56,463 ) Gain on extinguishment of debt 221 — Income (loss) before income tax (provision) benefit and income (loss) from equity investments $ (10,468 ) $ (38,905 ) |
Guarantor Financial Information
Guarantor Financial Information | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Guarantor Financial Information | 15. Guarantor Financial Information Borrowings under each of our Senior Secured Credit Facilities, ABL Facility, Senior Secured Notes, Junior Lien Secured Notes and Senior Unsecured Notes are guaranteed by certain of the Company’s domestic wholly-owned subsidiaries (the “Guarantor Subsidiaries”). The guarantees are full and unconditional and joint and several. The Company’s Senior Secured Credit Facility, ABL Facility, Senior Secured Notes, Junior Lien Secured Notes and Senior Unsecured Notes are not guaranteed by certain of the Company’s subsidiaries, including all of its non-U.S. subsidiaries or non-wholly owned subsidiaries. The following supplemental financial information sets forth, on a condensed consolidating basis, balance sheet information, results of operations, comprehensive loss and cash flow information for inVentiv Health, Inc., the Guarantor Subsidiaries and other subsidiaries (the “Non-Guarantor Subsidiaries”). The supplemental financial information reflects the investments of inVentiv Health, Inc.’s investment in the Guarantor Subsidiaries and Non-Guarantor Subsidiaries using the equity method of accounting. Subsequent to the issuance of the March 31, 2015 condensed consolidated financial statements, management determined that within the condensed consolidating statement of cash flows, certain intercompany transfers historically presented on a gross basis within operating, investing and financing activities represent centralized treasury activities that are more appropriately presented on a net basis within investing and financing activities between the respective parent, guarantor, and non guarantor entities. The aforementioned items have been corrected in the condensed consolidating statements of cash flows for the three months ended March 31, 2015. The corrections had no impact on the Company’s consolidated financial position, results of operations or cash flows. 15. Guarantor Financial Information (Continued) CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At March 31, 2016 (in thousands, except share and per share amounts) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 27,758 — $ 136,644 $ (87,289 ) $ 77,113 Restricted cash 1,716 — 838 — 2,554 Accounts receivable, net of allowances for doubtful accounts — 266,930 61,396 — 328,326 Unbilled services — 223,422 38,301 — 261,723 Intercompany receivables 504,621 825,469 84,860 (1,414,950 ) — Prepaid expenses and other current assets 7,364 19,001 18,694 — 45,059 Income tax receivable 26 — 996 — 1,022 Total current assets 541,485 1,334,822 341,729 (1,502,239 ) 715,797 Property and equipment, net 21,369 98,916 18,887 — 139,172 Goodwill — 855,317 41,448 — 896,765 Intangible assets, net — 319,311 6,608 — 325,919 Non-current deferred tax assets — — 10,421 — 10,421 Other assets 20,331 4,330 15,060 — 39,721 Non-current intercompany receivables 429,168 28,867 — (458,035 ) — Investment in consolidated subsidiaries 700,686 107,127 — (807,813 ) — Total assets $ 1,713,039 $ 2,748,690 $ 434,153 $ (2,768,087 ) $ 2,127,795 LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY Current liabilities: Current portion of capital lease obligations and other financing arrangements $ 1,429 $ 23,831 $ 79,265 $ (79,229 ) $ 25,296 Accrued payroll, accounts payable and accrued expenses 78,168 182,536 66,304 (8,060 ) 318,948 Intercompany payables 857,790 537,244 19,916 (1,414,950 ) — Income taxes payable — 449 3,380 — 3,829 Deferred revenue and client advances — 189,789 56,832 — 246,621 Total current liabilities 937,387 933,849 225,697 (1,502,239 ) 594,694 Capital lease obligations, net of current portion — 45,512 13 — 45,525 Long-term debt, net of current portion 1,547,653 569,479 — — 2,117,132 Non-current income tax liability — 4,807 2,760 — 7,567 Deferred tax liability 74 77,854 1,178 — 79,106 Other non-current liabilities 12,902 31,599 22,249 — 66,750 Non-current intercompany liabilities — 429,157 28,878 (458,035 ) — Total liabilities 2,498,016 2,092,257 280,775 (1,960,274 ) 2,910,774 Total inVentiv Health, Inc. stockholder’s deficit (784,977 ) 656,433 151,380 (807,813 ) (784,977 ) Noncontrolling interest — — 1,998 — 1,998 Total stockholder’s deficit (784,977 ) 656,433 153,378 (807,813 ) (782,979 ) Total liabilities and stockholder’s deficit $ 1,713,039 $ 2,748,690 $ 434,153 $ (2,768,087 ) $ 2,127,795 15. Guarantor Financial Information (Continued) CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At December 31, 2015 (in thousands, except share and per share amounts) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 55,226 — $ 148,970 $ (82,879 ) $ 121,317 Restricted cash 226 — 1,381 — 1,607 Accounts receivable, net of allowances for doubtful accounts — 292,548 66,533 — 359,081 Unbilled services — 174,070 33,395 — 207,465 Intercompany receivables 529,457 840,499 18,211 (1,388,167 ) — Prepaid expenses and other current assets 8,839 11,401 22,690 — 42,930 Income tax receivable 104 — 1,076 (104 ) 1,076 Total current assets 593,852 1,318,518 292,256 (1,471,150 ) 733,476 Property and equipment, net 23,227 101,507 17,298 — 142,032 Goodwill — 855,317 40,052 — 895,369 Intangible assets, net — 328,239 6,407 — 334,646 Non-current deferred tax assets — — 10,032 — 10,032 Other assets 19,084 4,491 13,559 — 37,134 Non-current intercompany receivables 416,161 29,235 35,021 (480,417 ) — Investment in consolidated subsidiaries 676,479 93,191 — (769,670 ) — Total assets $ 1,728,803 $ 2,730,498 $ 414,625 $ (2,721,237 ) $ 2,152,689 LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY Current liabilities: Current portion of capital lease obligations and other financing arrangements $ 1,936 $ 21,324 $ 73,355 $ (73,282 ) $ 23,333 Accrued payroll, accounts payable and accrued expenses 71,953 200,063 71,307 (9,597 ) 333,726 Intercompany payables 820,965 542,500 24,702 (1,388,167 ) — Income taxes payable — 165 5,423 (104 ) 5,484 Deferred revenue and client advances — 190,828 55,828 — 246,656 Total current liabilities 894,854 954,880 230,615 (1,471,150 ) 609,199 Capital lease obligations, net of current portion — 45,247 11 — 45,258 Long-term debt, net of current portion 1,533,197 568,688 — — 2,101,885 Non-current income tax liability — 4,806 1,136 — 5,942 Deferred tax liability 74 73,047 239 — 73,360 Other non-current liabilities 38,494 30,896 18,763 — 88,153 Non-current intercompany liabilities 34,920 416,260 29,237 (480,417 ) — Total liabilities 2,501,539 2,093,824 280,001 (1,951,567 ) 2,923,797 Total inVentiv Health, Inc. stockholder’s deficit (772,736 ) 636,674 132,996 (769,670 ) (772,736 ) Noncontrolling interest — — 1,628 — 1,628 Total stockholder’s deficit (772,736 ) 636,674 134,624 (769,670 ) (771,108 ) Total liabilities and stockholder’s deficit $ 1,728,803 $ 2,730,498 $ 414,625 $ (2,721,237 ) $ 2,152,689 15. Guarantor Financial Information (Continued) CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2016 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net revenues $ — $ 419,336 $ 129,933 $ (7,973 ) $ 541,296 Reimbursed out-of-pocket expenses — 83,818 7,214 (49 ) 90,983 Total revenues — 503,154 137,147 (8,022 ) 632,279 Operating expenses: Cost of revenues — 300,392 79,298 (7,314 ) 372,376 Reimbursable out-of-pocket expenses — 83,818 7,214 (49 ) 90,983 Selling, general and administrative expenses 21,129 71,369 31,917 (659 ) 123,756 Allocation of intercompany costs (13,899 ) 10,915 2,984 — — Total operating expenses 7,230 466,494 121,413 (8,022 ) 587,115 Operating income (loss) (7,230 ) 36,660 15,734 — 45,164 Gain on extinguishment of debt 221 — — — 221 Interest income (expense), net (43,831 ) (12,277 ) 255 — (55,853 ) Intercompany interest income (expense) 12,975 (12,715 ) (260 ) — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments (37,865 ) 11,668 15,729 — (10,468 ) Income tax (provision) benefit — (5,145 ) (3,031 ) — (8,176 ) Income (loss) before income (loss) from equity investments (37,865 ) 6,523 12,698 — (18,644 ) Income (loss) from equity investments 18,788 10,574 — (29,357 ) 5 Net income (loss) (19,077 ) 17,097 12,698 (29,357 ) (18,639 ) Less: Net (income) loss attributable to the noncontrolling interest — — (438 ) — (438 ) Net income (loss) attributable to inVentiv Health, Inc. $ (19,077 ) $ 17,097 $ 12,260 $ (29,357 ) $ (19,077 ) 15. Guarantor Financial Information (Continued) CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net revenues $ — $ 346,981 $ 109,751 $ (5,755 ) $ 450,977 Reimbursed out-of-pocket expenses — 59,616 7,783 (76 ) 67,323 Total revenues — 406,597 117,534 (5,831 ) 518,300 Operating expenses: Cost of revenues — 236,463 69,304 (5,262 ) 300,505 Reimbursable out-of-pocket expenses — 59,616 7,783 (76 ) 67,323 Selling, general and administrative expenses 16,087 84,539 32,781 (493 ) 132,914 Allocation of intercompany costs (9,900 ) 7,944 1,956 — — Total operating expenses 6,187 388,562 111,824 (5,831 ) 500,742 Operating income (loss) (6,187 ) 18,035 5,710 — 17,558 Interest income (expense), net (44,398 ) (12,169 ) 104 — (56,463 ) Intercompany interest income (expense) 11,122 (10,972 ) (150 ) — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments (39,463 ) (5,106 ) 5,664 — (38,905 ) Income tax (provision) benefit — (2,975 ) (1,553 ) — (4,528 ) Income (loss) before income (loss) from equity investments (39,463 ) (8,081 ) 4,111 — (43,433 ) Income (loss) from equity investments (5,622 ) 1,630 — 2,463 (1,529 ) Net income (loss) (45,085 ) (6,451 ) 4,111 2,463 (44,962 ) Less: Net (income) loss attributable to the noncontrolling interest — — (123 ) — (123 ) Net income (loss) attributable to inVentiv Health, Inc. $ (45,085 ) $ (6,451 ) $ 3,988 $ 2,463 $ (45,085 ) 15. Guarantor Financial Information (Continued) CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS Three Months Ended March 31, 2016 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net Income (loss) $ (19,077 ) $ 17,097 $ 12,698 $ (29,357 ) $ (18,639 ) Other comprehensive income (loss): Foreign currency translation adjustment 5,419 2,662 6,119 (8,781 ) 5,419 Total other comprehensive income (loss) 5,419 2,662 6,119 (8,781 ) 5,419 Total comprehensive income (loss) (13,658 ) 19,759 18,817 (38,138 ) (13,220 ) Less: Comprehensive (income) loss attributable to the noncontrolling interest — — (438 ) — (438 ) Total comprehensive income (loss) attributable to inVentiv Health, Inc. $ (13,658 ) $ 19,759 $ 18,379 $ (38,138 ) $ (13,658 ) 15. Guarantor Financial Information (Continued) CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS Three Months Ended March 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net Income (loss) $ (45,085 ) $ (6,451 ) $ 4,111 $ 2,463 $ (44,962 ) Other comprehensive income (loss): Foreign currency translation adjustment (5,445 ) (5,435 ) (4,011 ) 9,446 (5,445 ) Total other comprehensive income (loss) (5,445 ) (5,435 ) (4,011 ) 9,446 (5,445 ) Total comprehensive income (loss) (50,530 ) (11,886 ) 100 11,909 (50,407 ) Less: Comprehensive (income) loss attributable to the noncontrolling interest — — (123 ) — (123 ) Total comprehensive income (loss) attributable to inVentiv Health, Inc. $ (50,530 ) $ (11,886 ) $ (23 ) $ 11,909 $ (50,530 ) 15. Guarantor Financial Information (Continued) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Cash flows from operating activities: Net cash provided by (used in) operating activities $ (36,631 ) $ 15,585 $ 19,486 $ (8,060 ) $ (9,620 ) Cash flows from investing activities: Purchases of property and equipment (1,811 ) (1,401 ) (2,958 ) — (6,170 ) Proceeds from vehicle sales and rebates on vehicle leases — 3,979 — — 3,979 Intercompany transfers 37,937 17,988 — (55,925 ) — Other, net (1,491 ) — 525 — (966 ) Net cash provided by (used in) investing activities 34,635 20,566 (2,433 ) (55,925 ) (3,157 ) Cash flows from financing activities: Repayments on capital leases and other financing arrangements (972 ) (7,896 ) (39 ) — (8,907 ) Repurchase of Notes (22,790 ) — — — (22,790 ) Payment on installment note and contingent consideration related to acquisition (2,174 ) — — — (2,174 ) Intercompany transfers — (28,255 ) (31,320 ) 59,575 — Other, net 464 — (68 ) — 396 Net cash provided by (used in) financing activities (25,472 ) (36,151 ) (31,427 ) 59,575 (33,475 ) Effects of foreign currency exchange rate changes on cash — — 2,048 — 2,048 Net increase (decrease) in cash and cash equivalents (27,468 ) — (12,326 ) (4,410 ) (44,204 ) Cash and cash equivalents, beginning of period 55,226 — 148,970 (82,879 ) 121,317 Cash and cash equivalents, end of period $ 27,758 $ — $ 136,644 $ (87,289 ) $ 77,113 15. Guarantor Financial Information (Continued) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Cash flows from operating activities: Net cash provided by (used in) operating activities $ (37,855 ) $ 37,407 $ 8,984 $ (6,385 ) $ 2,151 Cash flows from investing activities: Purchases of property and equipment (2,777 ) (5,199 ) (1,823 ) — (9,799 ) Proceeds from vehicle sales and rebates on vehicle leases — 3,093 — — 3,093 Intercompany transfers 51,656 — — (51,656 ) — Other, net (238 ) — — — (238 ) Net cash provided by (used in) investing activities 48,641 (2,106 ) (1,823 ) (51,656 ) (6,944 ) Cash flows from financing activities: Repayments on capital leases and other financing arrangements (983 ) (7,816 ) (125 ) — (8,924 ) Borrowings under line of credit 17,000 — — — 17,000 Repayments on line of credit (17,000 ) — — — (17,000 ) Payment on installment note and contingent consideration related to acquisition (1,917 ) — — — (1,917 ) Intercompany transfers — (30,924 ) 6,980 23,944 — Other, net 93 — (68 ) — 25 Net cash provided by (used in) financing activities (2,807 ) (38,740 ) 6,787 23,944 (10,816 ) Effects of foreign currency exchange rate changes on cash — — (2,797 ) — (2,797 ) Net increase (decrease) in cash and cash equivalents 7,979 (3,439 ) 11,151 (34,097 ) (18,406 ) Cash and cash equivalents, beginning of period 19,643 3,439 86,014 (52,037 ) 57,059 Cash and cash equivalents, end of period $ 27,622 $ — $ 97,165 $ (86,134 ) $ 38,653 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Reclassifications | Reclassifications In the Company’s 2015 financial statements, the Company reclassified certain costs from selling, general and administrative (“SG&A”) expenses to cost of revenues to conform to the presentation adopted for 2015. The revised classification aligns all personnel and related costs associated with service delivery within cost of revenues, along with the associated information technology costs supporting these processes. These changes better harmonize the accounting policies of the group, and are consistent with how management is assessing performance and managing costs. As a result of the revision in the classification of the costs, the previously reported SG&A was reduced by $9.3 million for the three months ended March 31, 2015, and cost of revenues has increased by a corresponding amount. The reclassification had no impact on our consolidated financial position, net operating results included in our statements of operations or cash flows. |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill | The following table sets forth the carrying amount of goodwill for each segment as of March 31, 2016 and December 31, 2015 (in thousands): Clinical Commercial Total Net goodwill at December 31, 2015 $ 382,215 $ 513,154 $ 895,369 Foreign currency translation (1 ) 1,397 1,396 Net goodwill at March 31, 2016 $ 382,214 $ 514,551 $ 896,765 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Intangible Assets | The following table sets forth the carrying amount of the Company’s intangible assets as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Customer relationships $ 366,169 $ (156,458 ) $ 209,711 $ 365,777 $ (148,679 ) $ 217,098 Technology 27,090 (26,364 ) 726 27,003 (26,206 ) 797 Tradenames subject to amortization 18,314 (16,787 ) 1,527 18,293 (16,657 ) 1,636 Backlog 95,029 (90,783 ) 4,246 95,014 (89,427 ) 5,587 Other 1,020 (615 ) 405 1,020 (585 ) 435 Total finite-lived intangible assets 507,622 (291,007 ) 216,615 507,107 (281,554 ) 225,553 Tradenames not subject to amortization 109,304 — 109,304 109,093 — 109,093 Total intangible assets $ 616,926 $ (291,007 ) $ 325,919 $ 616,200 $ (281,554 ) $ 334,646 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The Company’s indebtedness is summarized as follows (in thousands): March 31, December 31, 2016 2015 Senior Secured Credit Facilities: Term Loan Facility B3 loans, due 2018 $ 129,645 $ 129,645 Term Loan Facility B4 loans, due 2018 445,694 445,694 Senior Secured Notes, due 2018 625,000 625,000 ABL Facility — — Junior Lien Secured Notes, due 2018 579,837 569,691 Senior Unsecured Notes, due 2018 376,316 376,316 International Facility — — Capital leases and other financing arrangements 70,821 68,591 Total borrowings 2,227,313 2,214,937 Less: unamortized premium (discount) (7,993 ) (9,030 ) Less: unamortized deferred financing costs (31,367 ) (35,431 ) Less: current portion of capital leases and other financing arrangements (25,296 ) (23,333 ) Total long-term borrowings, net of current portion $ 2,162,657 $ 2,147,143 |
Summary of Carrying Amounts and Estimated Fair Values of Long-Term Debt | The carrying amounts and the estimated fair values of long-term debt as of March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, 2016 December 31, 2015 Carrying value Estimated fair value Carrying value Estimated fair value Term Loan Facility $ 568,497 $ 573,576 $ 567,673 $ 570,051 Senior Secured Notes 619,410 643,750 618,616 633,594 Junior Lien Secured Notes 564,027 583,461 551,552 537,646 Senior Unsecured Notes 365,197 372,553 364,043 371,142 |
Termination Benefits and Othe27
Termination Benefits and Other Cost Reduction Actions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Summary of Company's Restructuring Costs | Expenses related to these actions that include real estate consolidations, elimination of redundant functions and employees, are summarized below (in thousands): For the Three Months Ended March 31, 2016 2015 Employee severance and related costs $ 2,745 $ 2,579 Facilities-related costs 1,385 176 Total $ 4,130 $ 2,755 |
Summary of Company's Restructuring Reserve | The following table summarizes the Company’s restructuring reserve as of March 31, 2016 and December 31, 2015 (in thousands): Balance at Balance at December March 31, 2015 Net Costs Cash Payments 2016 Employee severance and related costs $ 4,245 $ 2,745 $ (3,115 ) $ 3,875 Facilities-related costs 3,942 1,385 (1,388 ) 3,939 Total $ 8,187 $ 4,130 $ (4,503 ) $ 7,814 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Selected Information for Each Reportable Segment | Selected information for each reportable segment is as follows (in thousands): For the Three Months Ended March 31, 2016 2015 Net Revenues Clinical $ 254,859 $ 219,664 Commercial 290,926 234,546 Intersegment revenues (4,489 ) (3,233 ) Consolidated net revenues $ 541,296 $ 450,977 Adjusted Segment Operating Income (Loss) Clinical $ 42,736 $ 25,649 Commercial 48,920 31,879 Corporate and other (12,324 ) (8,898 ) Reportable segments adjusted operating income (loss) 79,332 48,630 Depreciation and amortization (23,763 ) (25,003 ) Stock-based compensation (1,417 ) (470 ) Other unallocated charges (8,988 ) (5,599 ) Operating income (loss) 45,164 17,558 Interest income (expense), net (55,853 ) (56,463 ) Gain on extinguishment of debt 221 — Income (loss) before income tax (provision) benefit and income (loss) from equity investments $ (10,468 ) $ (38,905 ) |
Guarantor Financial Informati29
Guarantor Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet Information | CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At March 31, 2016 (in thousands, except share and per share amounts) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 27,758 — $ 136,644 $ (87,289 ) $ 77,113 Restricted cash 1,716 — 838 — 2,554 Accounts receivable, net of allowances for doubtful accounts — 266,930 61,396 — 328,326 Unbilled services — 223,422 38,301 — 261,723 Intercompany receivables 504,621 825,469 84,860 (1,414,950 ) — Prepaid expenses and other current assets 7,364 19,001 18,694 — 45,059 Income tax receivable 26 — 996 — 1,022 Total current assets 541,485 1,334,822 341,729 (1,502,239 ) 715,797 Property and equipment, net 21,369 98,916 18,887 — 139,172 Goodwill — 855,317 41,448 — 896,765 Intangible assets, net — 319,311 6,608 — 325,919 Non-current deferred tax assets — — 10,421 — 10,421 Other assets 20,331 4,330 15,060 — 39,721 Non-current intercompany receivables 429,168 28,867 — (458,035 ) — Investment in consolidated subsidiaries 700,686 107,127 — (807,813 ) — Total assets $ 1,713,039 $ 2,748,690 $ 434,153 $ (2,768,087 ) $ 2,127,795 LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY Current liabilities: Current portion of capital lease obligations and other financing arrangements $ 1,429 $ 23,831 $ 79,265 $ (79,229 ) $ 25,296 Accrued payroll, accounts payable and accrued expenses 78,168 182,536 66,304 (8,060 ) 318,948 Intercompany payables 857,790 537,244 19,916 (1,414,950 ) — Income taxes payable — 449 3,380 — 3,829 Deferred revenue and client advances — 189,789 56,832 — 246,621 Total current liabilities 937,387 933,849 225,697 (1,502,239 ) 594,694 Capital lease obligations, net of current portion — 45,512 13 — 45,525 Long-term debt, net of current portion 1,547,653 569,479 — — 2,117,132 Non-current income tax liability — 4,807 2,760 — 7,567 Deferred tax liability 74 77,854 1,178 — 79,106 Other non-current liabilities 12,902 31,599 22,249 — 66,750 Non-current intercompany liabilities — 429,157 28,878 (458,035 ) — Total liabilities 2,498,016 2,092,257 280,775 (1,960,274 ) 2,910,774 Total inVentiv Health, Inc. stockholder’s deficit (784,977 ) 656,433 151,380 (807,813 ) (784,977 ) Noncontrolling interest — — 1,998 — 1,998 Total stockholder’s deficit (784,977 ) 656,433 153,378 (807,813 ) (782,979 ) Total liabilities and stockholder’s deficit $ 1,713,039 $ 2,748,690 $ 434,153 $ (2,768,087 ) $ 2,127,795 CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At December 31, 2015 (in thousands, except share and per share amounts) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 55,226 — $ 148,970 $ (82,879 ) $ 121,317 Restricted cash 226 — 1,381 — 1,607 Accounts receivable, net of allowances for doubtful accounts — 292,548 66,533 — 359,081 Unbilled services — 174,070 33,395 — 207,465 Intercompany receivables 529,457 840,499 18,211 (1,388,167 ) — Prepaid expenses and other current assets 8,839 11,401 22,690 — 42,930 Income tax receivable 104 — 1,076 (104 ) 1,076 Total current assets 593,852 1,318,518 292,256 (1,471,150 ) 733,476 Property and equipment, net 23,227 101,507 17,298 — 142,032 Goodwill — 855,317 40,052 — 895,369 Intangible assets, net — 328,239 6,407 — 334,646 Non-current deferred tax assets — — 10,032 — 10,032 Other assets 19,084 4,491 13,559 — 37,134 Non-current intercompany receivables 416,161 29,235 35,021 (480,417 ) — Investment in consolidated subsidiaries 676,479 93,191 — (769,670 ) — Total assets $ 1,728,803 $ 2,730,498 $ 414,625 $ (2,721,237 ) $ 2,152,689 LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY Current liabilities: Current portion of capital lease obligations and other financing arrangements $ 1,936 $ 21,324 $ 73,355 $ (73,282 ) $ 23,333 Accrued payroll, accounts payable and accrued expenses 71,953 200,063 71,307 (9,597 ) 333,726 Intercompany payables 820,965 542,500 24,702 (1,388,167 ) — Income taxes payable — 165 5,423 (104 ) 5,484 Deferred revenue and client advances — 190,828 55,828 — 246,656 Total current liabilities 894,854 954,880 230,615 (1,471,150 ) 609,199 Capital lease obligations, net of current portion — 45,247 11 — 45,258 Long-term debt, net of current portion 1,533,197 568,688 — — 2,101,885 Non-current income tax liability — 4,806 1,136 — 5,942 Deferred tax liability 74 73,047 239 — 73,360 Other non-current liabilities 38,494 30,896 18,763 — 88,153 Non-current intercompany liabilities 34,920 416,260 29,237 (480,417 ) — Total liabilities 2,501,539 2,093,824 280,001 (1,951,567 ) 2,923,797 Total inVentiv Health, Inc. stockholder’s deficit (772,736 ) 636,674 132,996 (769,670 ) (772,736 ) Noncontrolling interest — — 1,628 — 1,628 Total stockholder’s deficit (772,736 ) 636,674 134,624 (769,670 ) (771,108 ) Total liabilities and stockholder’s deficit $ 1,728,803 $ 2,730,498 $ 414,625 $ (2,721,237 ) $ 2,152,689 |
Consolidating Statement of Operations | CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2016 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net revenues $ — $ 419,336 $ 129,933 $ (7,973 ) $ 541,296 Reimbursed out-of-pocket expenses — 83,818 7,214 (49 ) 90,983 Total revenues — 503,154 137,147 (8,022 ) 632,279 Operating expenses: Cost of revenues — 300,392 79,298 (7,314 ) 372,376 Reimbursable out-of-pocket expenses — 83,818 7,214 (49 ) 90,983 Selling, general and administrative expenses 21,129 71,369 31,917 (659 ) 123,756 Allocation of intercompany costs (13,899 ) 10,915 2,984 — — Total operating expenses 7,230 466,494 121,413 (8,022 ) 587,115 Operating income (loss) (7,230 ) 36,660 15,734 — 45,164 Gain on extinguishment of debt 221 — — — 221 Interest income (expense), net (43,831 ) (12,277 ) 255 — (55,853 ) Intercompany interest income (expense) 12,975 (12,715 ) (260 ) — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments (37,865 ) 11,668 15,729 — (10,468 ) Income tax (provision) benefit — (5,145 ) (3,031 ) — (8,176 ) Income (loss) before income (loss) from equity investments (37,865 ) 6,523 12,698 — (18,644 ) Income (loss) from equity investments 18,788 10,574 — (29,357 ) 5 Net income (loss) (19,077 ) 17,097 12,698 (29,357 ) (18,639 ) Less: Net (income) loss attributable to the noncontrolling interest — — (438 ) — (438 ) Net income (loss) attributable to inVentiv Health, Inc. $ (19,077 ) $ 17,097 $ 12,260 $ (29,357 ) $ (19,077 ) CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net revenues $ — $ 346,981 $ 109,751 $ (5,755 ) $ 450,977 Reimbursed out-of-pocket expenses — 59,616 7,783 (76 ) 67,323 Total revenues — 406,597 117,534 (5,831 ) 518,300 Operating expenses: Cost of revenues — 236,463 69,304 (5,262 ) 300,505 Reimbursable out-of-pocket expenses — 59,616 7,783 (76 ) 67,323 Selling, general and administrative expenses 16,087 84,539 32,781 (493 ) 132,914 Allocation of intercompany costs (9,900 ) 7,944 1,956 — — Total operating expenses 6,187 388,562 111,824 (5,831 ) 500,742 Operating income (loss) (6,187 ) 18,035 5,710 — 17,558 Interest income (expense), net (44,398 ) (12,169 ) 104 — (56,463 ) Intercompany interest income (expense) 11,122 (10,972 ) (150 ) — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments (39,463 ) (5,106 ) 5,664 — (38,905 ) Income tax (provision) benefit — (2,975 ) (1,553 ) — (4,528 ) Income (loss) before income (loss) from equity investments (39,463 ) (8,081 ) 4,111 — (43,433 ) Income (loss) from equity investments (5,622 ) 1,630 — 2,463 (1,529 ) Net income (loss) (45,085 ) (6,451 ) 4,111 2,463 (44,962 ) Less: Net (income) loss attributable to the noncontrolling interest — — (123 ) — (123 ) Net income (loss) attributable to inVentiv Health, Inc. $ (45,085 ) $ (6,451 ) $ 3,988 $ 2,463 $ (45,085 ) |
Consolidating Statement of Comprehensive Loss | CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS Three Months Ended March 31, 2016 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net Income (loss) $ (19,077 ) $ 17,097 $ 12,698 $ (29,357 ) $ (18,639 ) Other comprehensive income (loss): Foreign currency translation adjustment 5,419 2,662 6,119 (8,781 ) 5,419 Total other comprehensive income (loss) 5,419 2,662 6,119 (8,781 ) 5,419 Total comprehensive income (loss) (13,658 ) 19,759 18,817 (38,138 ) (13,220 ) Less: Comprehensive (income) loss attributable to the noncontrolling interest — — (438 ) — (438 ) Total comprehensive income (loss) attributable to inVentiv Health, Inc. $ (13,658 ) $ 19,759 $ 18,379 $ (38,138 ) $ (13,658 ) CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS Three Months Ended March 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net Income (loss) $ (45,085 ) $ (6,451 ) $ 4,111 $ 2,463 $ (44,962 ) Other comprehensive income (loss): Foreign currency translation adjustment (5,445 ) (5,435 ) (4,011 ) 9,446 (5,445 ) Total other comprehensive income (loss) (5,445 ) (5,435 ) (4,011 ) 9,446 (5,445 ) Total comprehensive income (loss) (50,530 ) (11,886 ) 100 11,909 (50,407 ) Less: Comprehensive (income) loss attributable to the noncontrolling interest — — (123 ) — (123 ) Total comprehensive income (loss) attributable to inVentiv Health, Inc. $ (50,530 ) $ (11,886 ) $ (23 ) $ 11,909 $ (50,530 ) |
Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Cash flows from operating activities: Net cash provided by (used in) operating activities $ (36,631 ) $ 15,585 $ 19,486 $ (8,060 ) $ (9,620 ) Cash flows from investing activities: Purchases of property and equipment (1,811 ) (1,401 ) (2,958 ) — (6,170 ) Proceeds from vehicle sales and rebates on vehicle leases — 3,979 — — 3,979 Intercompany transfers 37,937 17,988 — (55,925 ) — Other, net (1,491 ) — 525 — (966 ) Net cash provided by (used in) investing activities 34,635 20,566 (2,433 ) (55,925 ) (3,157 ) Cash flows from financing activities: Repayments on capital leases and other financing arrangements (972 ) (7,896 ) (39 ) — (8,907 ) Repurchase of Notes (22,790 ) — — — (22,790 ) Payment on installment note and contingent consideration related to acquisition (2,174 ) — — — (2,174 ) Intercompany transfers — (28,255 ) (31,320 ) 59,575 — Other, net 464 — (68 ) — 396 Net cash provided by (used in) financing activities (25,472 ) (36,151 ) (31,427 ) 59,575 (33,475 ) Effects of foreign currency exchange rate changes on cash — — 2,048 — 2,048 Net increase (decrease) in cash and cash equivalents (27,468 ) — (12,326 ) (4,410 ) (44,204 ) Cash and cash equivalents, beginning of period 55,226 — 148,970 (82,879 ) 121,317 Cash and cash equivalents, end of period $ 27,758 $ — $ 136,644 $ (87,289 ) $ 77,113 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Cash flows from operating activities: Net cash provided by (used in) operating activities $ (37,855 ) $ 37,407 $ 8,984 $ (6,385 ) $ 2,151 Cash flows from investing activities: Purchases of property and equipment (2,777 ) (5,199 ) (1,823 ) — (9,799 ) Proceeds from vehicle sales and rebates on vehicle leases — 3,093 — — 3,093 Intercompany transfers 51,656 — — (51,656 ) — Other, net (238 ) — — — (238 ) Net cash provided by (used in) investing activities 48,641 (2,106 ) (1,823 ) (51,656 ) (6,944 ) Cash flows from financing activities: Repayments on capital leases and other financing arrangements (983 ) (7,816 ) (125 ) — (8,924 ) Borrowings under line of credit 17,000 — — — 17,000 Repayments on line of credit (17,000 ) — — — (17,000 ) Payment on installment note and contingent consideration related to acquisition (1,917 ) — — — (1,917 ) Intercompany transfers — (30,924 ) 6,980 23,944 — Other, net 93 — (68 ) — 25 Net cash provided by (used in) financing activities (2,807 ) (38,740 ) 6,787 23,944 (10,816 ) Effects of foreign currency exchange rate changes on cash — — (2,797 ) — (2,797 ) Net increase (decrease) in cash and cash equivalents 7,979 (3,439 ) 11,151 (34,097 ) (18,406 ) Cash and cash equivalents, beginning of period 19,643 3,439 86,014 (52,037 ) 57,059 Cash and cash equivalents, end of period $ 27,622 $ — $ 97,165 $ (86,134 ) $ 38,653 |
Organization and Business - Add
Organization and Business - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of reportable segments | 2 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Line items] | ||
Recognized loss on dissolution of a joint venture | $ (1.6) | |
SG&A Expenses [Member] | ||
Organization, Consolidation and Presentation of Financial Statements [Line items] | ||
Prior period reclassification adjustment | (9.3) | |
Cost of Revenues [Member] | ||
Organization, Consolidation and Presentation of Financial Statements [Line items] | ||
Prior period reclassification adjustment | $ 9.3 | |
InVentiv Health, Inc. [Member] | ||
Organization, Consolidation and Presentation of Financial Statements [Line items] | ||
Minority interest owned percentage | 60.00% |
Goodwill - Schedule of Carrying
Goodwill - Schedule of Carrying Amount of Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill [Line Items] | |
Net goodwill, Beginning balance | $ 895,369 |
Foreign currency translation | 1,396 |
Net goodwill, Ending balance | 896,765 |
Clinical [Member] | |
Goodwill [Line Items] | |
Net goodwill, Beginning balance | 382,215 |
Foreign currency translation | (1) |
Net goodwill, Ending balance | 382,214 |
Commercial [Member] | |
Goodwill [Line Items] | |
Net goodwill, Beginning balance | 513,154 |
Foreign currency translation | 1,397 |
Net goodwill, Ending balance | $ 514,551 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Accumulated goodwill impairment losses | $ 478.3 | $ 478.3 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | $ 507,622 | $ 507,107 |
Finite-lived intangible assets, Accumulated Amortization | (291,007) | (281,554) |
Finite-lived intangible assets, Net | 216,615 | 225,553 |
Intangible assets, Gross | 616,926 | 616,200 |
Intangible assets, net | 325,919 | 334,646 |
Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | 366,169 | 365,777 |
Finite-lived intangible assets, Accumulated Amortization | (156,458) | (148,679) |
Finite-lived intangible assets, Net | 209,711 | 217,098 |
Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | 27,090 | 27,003 |
Finite-lived intangible assets, Accumulated Amortization | (26,364) | (26,206) |
Finite-lived intangible assets, Net | 726 | 797 |
Tradenames [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | 18,314 | 18,293 |
Finite-lived intangible assets, Accumulated Amortization | (16,787) | (16,657) |
Finite-lived intangible assets, Net | 1,527 | 1,636 |
Indefinite-lived intangible assets | 109,304 | 109,093 |
Backlog [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | 95,029 | 95,014 |
Finite-lived intangible assets, Accumulated Amortization | (90,783) | (89,427) |
Finite-lived intangible assets, Net | 4,246 | 5,587 |
Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | 1,020 | 1,020 |
Finite-lived intangible assets, Accumulated Amortization | (615) | (585) |
Finite-lived intangible assets, Net | $ 405 | $ 435 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total borrowings | $ 2,227,313,000 | $ 2,214,937,000 |
Less: unamortized premium (discount) | (7,993,000) | (9,030,000) |
Less: unamortized deferred financing costs | (31,367,000) | (35,431,000) |
Less: current portion of capital leases and other financing arrangements | (25,296,000) | (23,333,000) |
Total long-term borrowings, net of current portion | 2,162,657,000 | 2,147,143,000 |
Senior Secured Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 575,300,000 | |
Senior Secured Credit Facilities [Member] | Term Loan Facility B3 Loans, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 129,645,000 | 129,645,000 |
Senior Secured Credit Facilities [Member] | Term Loan Facility B4 Loans, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 445,694,000 | 445,694,000 |
Senior Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 625,000,000 | 625,000,000 |
ABL Facility [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 0 | |
Junior Lien Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 579,837,000 | 569,691,000 |
Senior Unsecured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 376,316,000 | 376,316,000 |
Capital Leases and Other Financing Arrangements [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | $ 70,821,000 | $ 68,591,000 |
Debt - Summary of Debt (Parenth
Debt - Summary of Debt (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Senior Secured Credit Facilities [Member] | Term Loan Facility B3 Loans, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,018 | 2,018 |
Senior Secured Credit Facilities [Member] | Term Loan Facility B4 Loans, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,018 | 2,018 |
Senior Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,018 | 2,018 |
Junior Lien Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,018 | 2,018 |
Senior Unsecured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,018 | 2,018 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Aug. 15, 2014 | Aug. 12, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Jul. 01, 2015 | Aug. 16, 2013 |
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 2,227,313,000 | $ 2,214,937,000 | ||||
Repurchased and cancelled aggregate principal amount | 23,700,000 | |||||
Cash paid for repurchase of debt | 22,790,000 | |||||
Gain on extinguishment of debt | 221,000 | |||||
Net cash position in cash pool | 34,400,000 | |||||
Gross cash position in cash pool | 113,600,000 | |||||
Cash pool borrowings | 79,200,000 | |||||
Open Market Purchases [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Cash paid for repurchase of debt | $ 23,100,000 | |||||
Junior Lien Notes Exchange Offer [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, total consideration | $ 50,000,000 | |||||
Debt instrument, discount percentage | 5.00% | |||||
Increase in margin of the term loan | 0.25% | |||||
Senior Secured Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 575,300,000 | |||||
Senior Secured Credit Facilities [Member] | Term Loan Facility B3 Loans, Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 129,645,000 | $ 129,645,000 | ||||
Maturity year | 2,018 | 2,018 | ||||
Senior Secured Credit Facilities [Member] | Term Loan Facility B4 Loans, Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 445,694,000 | $ 445,694,000 | ||||
Maturity year | 2,018 | 2,018 | ||||
Senior Secured Notes, Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 625,000,000 | $ 625,000,000 | ||||
Maturity year | 2,018 | 2,018 | ||||
ABL Facility [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 0 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | |||||
Debt Instrument, maturity date | Aug. 16, 2018 | |||||
Line of Credit Facility, additional borrowing capacity | $ 131,200,000 | |||||
ABL Facility [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000,000 | |||||
Amount outstanding | 18,800,000 | |||||
Junior Lien Secured Notes, Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 579,837,000 | $ 569,691,000 | ||||
Maturity year | 2,018 | 2,018 | ||||
Junior Lien Secured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Description of interest payment | six semi-annual interest payments | |||||
Debt instrument, cash interest rate | 10.00% | |||||
Debt instrument, PIK interest rate | 12.00% | |||||
Junior lien secured notes issued | $ 25,000,000 | |||||
Issuance of Junior Lien Secured Notes for backstop fees | $ 7,000,000 | |||||
Senior Unsecured Notes, Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 376,316,000 | $ 376,316,000 | ||||
Maturity year | 2,018 | 2,018 | ||||
Senior Unsecured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Exchange Offer Amount | $ 475,000,000 | |||||
Debt instrument, interest rate of Junior Lien Secured Notes | 10%/12% | |||||
Debt instrument, interest rate | 10.00% | |||||
Maturity year | 2,018 | 2,018 | ||||
Debt instrument, total consideration | $ 26,300,000 | |||||
Unamortized discount | $ 1,300,000 | |||||
Capital Leases and Other Financing Arrangements [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 70,821,000 | $ 68,591,000 | ||||
International ABL Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total borrowings | 0 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,900,000 | $ 20,000,000 |
Debt - Summary of Carrying Amou
Debt - Summary of Carrying Amounts and Estimated Fair Values of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Senior Secured Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 568,497 | $ 567,673 |
Estimated fair value | 573,576 | 570,051 |
Senior Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value | 619,410 | 618,616 |
Estimated fair value | 643,750 | 633,594 |
Junior Lien Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value | 564,027 | 551,552 |
Estimated fair value | 583,461 | 537,646 |
Senior Unsecured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value | 365,197 | 364,043 |
Estimated fair value | $ 372,553 | $ 371,142 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - Master Services Agreement (MSA) [Member] - Pending Litigation [Member] - USD ($) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2015 | Dec. 31, 2013 | Mar. 31, 2016 | |
Cel-Sci Corporation Against PharmaNet [Member] | |||
Loss Contingencies [Line Items] | |||
Damages claim on arbitration description | October 31, 2013 | ||
Damages claim on arbitration | $ 50,000,000 | ||
inVentiv Health Clinical, LLC Against Cel-Sci Corporation [Member] | |||
Loss Contingencies [Line Items] | |||
Damages claim on arbitration | $ 2,000,000 | $ 2,000,000 | |
Counterclaim on other equitable remedies | $ 20,000,000 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - Customer Concentration Risk [Member] - Client | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of credit risk | 12.00% | |
Number of clients accounted | 1 | 0 |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of credit risk | 10.00% | |
Number of clients accounted | 1 | |
Maximum [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of credit risk | 10.00% |
Common Stock and Stock Incent41
Common Stock and Stock Incentive Plans - Additional Information (Detail) - 2010 Equity Incentive Plan [Member] - USD ($) | Mar. 25, 2016 | Jul. 02, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares approved for granted | 106,218 | |
2015 Exchange Program [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
New option award terms | one-for-one | |
Number of shares exchanged from RSU awards to Option awards | 148,748 | |
Incremental stock compensation cost for awards | $ 0 | |
Option Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares approved for granted | 102,496 | |
Mom RSU and Time Based Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares approved for granted | 3,722 | |
Time Based Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of vesting under the plan | 35.00% | |
Time Based Options [Member] | Option Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of vesting under the plan | 35.00% | |
Performance Based Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of vesting under the plan | 65.00% | |
Performance Based Options [Member] | Option Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of vesting under the plan | 65.00% |
Termination Benefits and Othe42
Termination Benefits and Other Cost Reduction Actions - Summary of Real Estate Consolidations, Elimination of Redundant Functions and Employees Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring And Related Activities [Abstract] | ||
Employee severance and related costs | $ 2,745 | $ 2,579 |
Facilities-related costs | 1,385 | 176 |
Total | $ 4,130 | $ 2,755 |
Termination Benefits and Othe43
Termination Benefits and Other Cost Reduction Actions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Cost And Reserve [Line Items] | ||
Restructuring costs | $ 4,130 | $ 2,755 |
Non cash portion of net costs related to abandoned assets | 200 | |
Clinical [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring costs | 1,200 | 1,000 |
Commercial [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring costs | 2,900 | 1,700 |
Corporate [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring costs | 100 | |
Cost of Revenues [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring costs | 1,500 | 1,300 |
SG&A Expenses [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring costs | $ 2,600 | $ 1,400 |
Termination Benefits and Othe44
Termination Benefits and Other Cost Reduction Actions - Summary of Company's Restructuring Reserve (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Cost And Reserve [Line Items] | ||
Restructuring Reserve, Beginning Balance | $ 8,187 | |
Net Costs | 4,130 | $ 2,755 |
Cash Payments | (4,503) | |
Restructuring Reserve, Ending Balance | 7,814 | |
Employee Severance and Related Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring Reserve, Beginning Balance | 4,245 | |
Net Costs | 2,745 | |
Cash Payments | (3,115) | |
Restructuring Reserve, Ending Balance | 3,875 | |
Facilities-Related Charges [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring Reserve, Beginning Balance | 3,942 | |
Net Costs | 1,385 | |
Cash Payments | (1,388) | |
Restructuring Reserve, Ending Balance | $ 3,939 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
Consolidated effective tax rate | (78.10%) | (11.60%) | |
Scenario, Forecast [Member] | |||
Income Taxes [Line Items] | |||
Income tax expense related to amortization | $ 8.5 | ||
Estimated unamortized balance of tax deductible goodwill and indefinite-lived intangible assets | $ 111.4 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) | Dec. 05, 2012USD ($) | Nov. 12, 2012 | Aug. 31, 2010USD ($) | Mar. 31, 2016USD ($)Entity | Mar. 31, 2015USD ($)Entity | Dec. 31, 2015shares | Aug. 12, 2014USD ($) |
Junior Lien Notes Exchange Offer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument, total consideration | $ 50,000,000 | ||||||
Junior Lien Secured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Junior lien secured notes issued | 25,000,000 | ||||||
Senior Unsecured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument, total consideration | $ 26,300,000 | ||||||
Senior unsecured notes interest percentage | 10.00% | ||||||
Mr. Meister [Member] | Multiple of Money ("MOM") Options [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of common stock shares issued for stock options and other stock awards | shares | 38,054 | ||||||
Blane Walter [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction service amount threshold | $ 120,000 | ||||||
Services fees | $ 0 | $ 1,800,000 | |||||
Blane Walter [Member] | InVentiv Health, Inc. [Member] | Minimum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of interest hold | 10.00% | ||||||
THL [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee description | THL Management Agreement, THL Managers will receive an aggregate annual management fee in an amount per year equal to the greater of (a) $2.5 million or (b) 1.5% of EBITDA | ||||||
Percentage of management fee in EBITDA | 1.50% | ||||||
Annual management fee | $ 2,500,000 | $ 900,000 | $ 700,000 | ||||
Number of entities | Entity | 3 | 4 | |||||
Related parties, description of transaction | THL or its affiliates held a 10% or greater interest that provided services exceeding $120,000 in value to the Company | ||||||
Related party transaction service amount threshold | $ 120,000 | ||||||
Services fees | $ 400,000 | $ 1,600,000 | |||||
THL [Member] | InVentiv Health, Inc. [Member] | Minimum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of interest hold | 10.00% | ||||||
Liberty Lane [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Annual management fee | $ 800,000 | $ 1,000,000 | $ 200,000 | ||||
Percentage of common stock options granted as compensation | 1.40% | ||||||
Affiliates of Thomas H. Lee Partners L.P., Liberty Lane and Blane Walter [Member] | Junior Lien Notes Exchange Offer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument, total consideration | $ 50,000,000 | ||||||
Affiliates of Thomas H. Lee Partners L.P., Liberty Lane and Blane Walter [Member] | Junior Lien Secured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Junior lien secured notes issued | 25,000,000 | ||||||
Affiliates of Thomas H. Lee Partners L.P., Liberty Lane and Blane Walter [Member] | Senior Unsecured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument, total consideration | $ 26,300,000 | ||||||
Senior unsecured notes interest percentage | 10.00% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amount of contingent consideration obligation | $ 0.4 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities at fair value | $ 10.6 | $ 10.8 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)Segment | Mar. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Intersegments sales | $ 541,296 | $ 450,977 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Intersegments sales | (4,489) | (3,233) |
Intersegment Eliminations [Member] | Clinical to Commercial [Member] | ||
Segment Reporting Information [Line Items] | ||
Intersegments sales | 100 | 600 |
Intersegment Eliminations [Member] | Commercial To Clinical Or Corporate And Other Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Intersegments sales | $ 4,400 | $ 2,600 |
Segment Information - Schedule
Segment Information - Schedule of Selected Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Consolidated net revenues | $ 541,296 | $ 450,977 |
Operating income (loss) | 45,164 | 17,558 |
Depreciation and amortization | (23,763) | (25,003) |
Stock-based compensation | (1,417) | (470) |
Operating expenses | (587,115) | (500,742) |
Interest income (expense), net | (55,853) | (56,463) |
Gain on extinguishment of debt | 221 | |
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | (10,468) | (38,905) |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | 79,332 | 48,630 |
Operating Segments [Member] | Clinical [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated net revenues | 254,859 | 219,664 |
Operating income (loss) | 42,736 | 25,649 |
Operating Segments [Member] | Commercial [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated net revenues | 290,926 | 234,546 |
Operating income (loss) | 48,920 | 31,879 |
Operating Segments [Member] | Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (12,324) | (8,898) |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated net revenues | (4,489) | (3,233) |
Other Unallocated Charges [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating expenses | $ (8,988) | $ (5,599) |
Guarantor Financial Informati50
Guarantor Financial Information - Condensed Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 77,113 | $ 121,317 | $ 38,653 | $ 57,059 |
Restricted cash | 2,554 | 1,607 | ||
Accounts receivable, net of allowances for doubtful accounts | 328,326 | 359,081 | ||
Unbilled services | 261,723 | 207,465 | ||
Prepaid expenses and other current assets | 45,059 | 42,930 | ||
Income tax receivable | 1,022 | 1,076 | ||
Total current assets | 715,797 | 733,476 | ||
Property and equipment, net | 139,172 | 142,032 | ||
Goodwill | 896,765 | 895,369 | ||
Intangible assets, net | 325,919 | 334,646 | ||
Non-current deferred tax assets | 10,421 | 10,032 | ||
Other assets | 39,721 | 37,134 | ||
Total assets | 2,127,795 | 2,152,689 | ||
Current liabilities: | ||||
Current portion of capital lease obligations and other financing arrangements | 25,296 | 23,333 | ||
Accrued payroll, accounts payable and accrued expenses | 318,948 | 333,726 | ||
Income taxes payable | 3,829 | 5,484 | ||
Deferred revenue and client advances | 246,621 | 246,656 | ||
Total current liabilities | 594,694 | 609,199 | ||
Capital lease obligations, net of current portion | 45,525 | 45,258 | ||
Long-term debt, net of current portion | 2,117,132 | 2,101,885 | ||
Non-current income tax liability | 7,567 | 5,942 | ||
Deferred tax liability | 79,106 | 73,360 | ||
Other non-current liabilities | 66,750 | 88,153 | ||
Total liabilities | 2,910,774 | 2,923,797 | ||
Total inVentiv Health, Inc. stockholder’s deficit | (784,977) | (772,736) | ||
Noncontrolling interest | 1,998 | 1,628 | ||
Total stockholder’s deficit | (782,979) | (771,108) | ||
Total liabilities and stockholder’s deficit | 2,127,795 | 2,152,689 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | (87,289) | (82,879) | (86,134) | (52,037) |
Intercompany receivables | (1,414,950) | (1,388,167) | ||
Income tax receivable | (104) | |||
Total current assets | (1,502,239) | (1,471,150) | ||
Non-current intercompany receivables | (458,035) | (480,417) | ||
Investment in consolidated subsidiaries | (807,813) | (769,670) | ||
Total assets | (2,768,087) | (2,721,237) | ||
Current liabilities: | ||||
Current portion of capital lease obligations and other financing arrangements | (79,229) | (73,282) | ||
Accrued payroll, accounts payable and accrued expenses | (8,060) | (9,597) | ||
Intercompany payables | (1,414,950) | (1,388,167) | ||
Income taxes payable | (104) | |||
Total current liabilities | (1,502,239) | (1,471,150) | ||
Non-current intercompany liabilities | (458,035) | (480,417) | ||
Total liabilities | (1,960,274) | (1,951,567) | ||
Total inVentiv Health, Inc. stockholder’s deficit | (807,813) | (769,670) | ||
Total stockholder’s deficit | (807,813) | (769,670) | ||
Total liabilities and stockholder’s deficit | (2,768,087) | (2,721,237) | ||
Inventiv Health Inc [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 27,758 | 55,226 | 27,622 | 19,643 |
Restricted cash | 1,716 | 226 | ||
Intercompany receivables | 504,621 | 529,457 | ||
Prepaid expenses and other current assets | 7,364 | 8,839 | ||
Income tax receivable | 26 | 104 | ||
Total current assets | 541,485 | 593,852 | ||
Property and equipment, net | 21,369 | 23,227 | ||
Other assets | 20,331 | 19,084 | ||
Non-current intercompany receivables | 429,168 | 416,161 | ||
Investment in consolidated subsidiaries | 700,686 | 676,479 | ||
Total assets | 1,713,039 | 1,728,803 | ||
Current liabilities: | ||||
Current portion of capital lease obligations and other financing arrangements | 1,429 | 1,936 | ||
Accrued payroll, accounts payable and accrued expenses | 78,168 | 71,953 | ||
Intercompany payables | 857,790 | 820,965 | ||
Total current liabilities | 937,387 | 894,854 | ||
Long-term debt, net of current portion | 1,547,653 | 1,533,197 | ||
Deferred tax liability | 74 | 74 | ||
Other non-current liabilities | 12,902 | 38,494 | ||
Non-current intercompany liabilities | 34,920 | |||
Total liabilities | 2,498,016 | 2,501,539 | ||
Total inVentiv Health, Inc. stockholder’s deficit | (784,977) | (772,736) | ||
Total stockholder’s deficit | (784,977) | (772,736) | ||
Total liabilities and stockholder’s deficit | 1,713,039 | 1,728,803 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 3,439 | |||
Accounts receivable, net of allowances for doubtful accounts | 266,930 | 292,548 | ||
Unbilled services | 223,422 | 174,070 | ||
Intercompany receivables | 825,469 | 840,499 | ||
Prepaid expenses and other current assets | 19,001 | 11,401 | ||
Total current assets | 1,334,822 | 1,318,518 | ||
Property and equipment, net | 98,916 | 101,507 | ||
Goodwill | 855,317 | 855,317 | ||
Intangible assets, net | 319,311 | 328,239 | ||
Other assets | 4,330 | 4,491 | ||
Non-current intercompany receivables | 28,867 | 29,235 | ||
Investment in consolidated subsidiaries | 107,127 | 93,191 | ||
Total assets | 2,748,690 | 2,730,498 | ||
Current liabilities: | ||||
Current portion of capital lease obligations and other financing arrangements | 23,831 | 21,324 | ||
Accrued payroll, accounts payable and accrued expenses | 182,536 | 200,063 | ||
Intercompany payables | 537,244 | 542,500 | ||
Income taxes payable | 449 | 165 | ||
Deferred revenue and client advances | 189,789 | 190,828 | ||
Total current liabilities | 933,849 | 954,880 | ||
Capital lease obligations, net of current portion | 45,512 | 45,247 | ||
Long-term debt, net of current portion | 569,479 | 568,688 | ||
Non-current income tax liability | 4,807 | 4,806 | ||
Deferred tax liability | 77,854 | 73,047 | ||
Other non-current liabilities | 31,599 | 30,896 | ||
Non-current intercompany liabilities | 429,157 | 416,260 | ||
Total liabilities | 2,092,257 | 2,093,824 | ||
Total inVentiv Health, Inc. stockholder’s deficit | 656,433 | 636,674 | ||
Total stockholder’s deficit | 656,433 | 636,674 | ||
Total liabilities and stockholder’s deficit | 2,748,690 | 2,730,498 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 136,644 | 148,970 | $ 97,165 | $ 86,014 |
Restricted cash | 838 | 1,381 | ||
Accounts receivable, net of allowances for doubtful accounts | 61,396 | 66,533 | ||
Unbilled services | 38,301 | 33,395 | ||
Intercompany receivables | 84,860 | 18,211 | ||
Prepaid expenses and other current assets | 18,694 | 22,690 | ||
Income tax receivable | 996 | 1,076 | ||
Total current assets | 341,729 | 292,256 | ||
Property and equipment, net | 18,887 | 17,298 | ||
Goodwill | 41,448 | 40,052 | ||
Intangible assets, net | 6,608 | 6,407 | ||
Non-current deferred tax assets | 10,421 | 10,032 | ||
Other assets | 15,060 | 13,559 | ||
Non-current intercompany receivables | 35,021 | |||
Total assets | 434,153 | 414,625 | ||
Current liabilities: | ||||
Current portion of capital lease obligations and other financing arrangements | 79,265 | 73,355 | ||
Accrued payroll, accounts payable and accrued expenses | 66,304 | 71,307 | ||
Intercompany payables | 19,916 | 24,702 | ||
Income taxes payable | 3,380 | 5,423 | ||
Deferred revenue and client advances | 56,832 | 55,828 | ||
Total current liabilities | 225,697 | 230,615 | ||
Capital lease obligations, net of current portion | 13 | 11 | ||
Non-current income tax liability | 2,760 | 1,136 | ||
Deferred tax liability | 1,178 | 239 | ||
Other non-current liabilities | 22,249 | 18,763 | ||
Non-current intercompany liabilities | 28,878 | 29,237 | ||
Total liabilities | 280,775 | 280,001 | ||
Total inVentiv Health, Inc. stockholder’s deficit | 151,380 | 132,996 | ||
Noncontrolling interest | 1,998 | 1,628 | ||
Total stockholder’s deficit | 153,378 | 134,624 | ||
Total liabilities and stockholder’s deficit | $ 434,153 | $ 414,625 |
Guarantor Financial Informati51
Guarantor Financial Information - Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Income Statements Captions [Line Items] | ||
Net revenues | $ 541,296 | $ 450,977 |
Reimbursed out-of-pocket expenses | 90,983 | 67,323 |
Total revenues | 632,279 | 518,300 |
Operating expenses: | ||
Cost of revenues | 372,376 | 300,505 |
Reimbursable out-of-pocket expenses | 90,983 | 67,323 |
Selling, general and administrative expenses | 123,756 | 132,914 |
Total operating expenses | 587,115 | 500,742 |
Operating income (loss) | 45,164 | 17,558 |
Gain on extinguishment of debt | 221 | |
Interest income (expense), net | (55,853) | (56,463) |
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | (10,468) | (38,905) |
Income tax (provision) benefit | (8,176) | (4,528) |
Income (loss) before income (loss) from equity investments | (18,644) | (43,433) |
Income (loss) from equity investments | 5 | (1,529) |
Net income (loss) | (18,639) | (44,962) |
Less: Net (income) loss attributable to the noncontrolling interest | (438) | (123) |
Net income (loss) attributable to inVentiv Health, Inc. | (19,077) | (45,085) |
Eliminations [Member] | ||
Condensed Income Statements Captions [Line Items] | ||
Net revenues | (7,973) | (5,755) |
Reimbursed out-of-pocket expenses | (49) | (76) |
Total revenues | (8,022) | (5,831) |
Operating expenses: | ||
Cost of revenues | (7,314) | (5,262) |
Reimbursable out-of-pocket expenses | (49) | (76) |
Selling, general and administrative expenses | (659) | (493) |
Total operating expenses | (8,022) | (5,831) |
Income (loss) from equity investments | (29,357) | 2,463 |
Net income (loss) | (29,357) | 2,463 |
Net income (loss) attributable to inVentiv Health, Inc. | (29,357) | 2,463 |
Inventiv Health Inc [Member] | ||
Operating expenses: | ||
Selling, general and administrative expenses | 21,129 | 16,087 |
Allocation of intercompany costs | (13,899) | (9,900) |
Total operating expenses | 7,230 | 6,187 |
Operating income (loss) | (7,230) | (6,187) |
Gain on extinguishment of debt | 221 | |
Interest income (expense), net | (43,831) | (44,398) |
Intercompany interest income (expense) | 12,975 | 11,122 |
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | (37,865) | (39,463) |
Income (loss) before income (loss) from equity investments | (37,865) | (39,463) |
Income (loss) from equity investments | 18,788 | (5,622) |
Net income (loss) | (19,077) | (45,085) |
Net income (loss) attributable to inVentiv Health, Inc. | (19,077) | (45,085) |
Guarantor Subsidiaries [Member] | ||
Condensed Income Statements Captions [Line Items] | ||
Net revenues | 419,336 | 346,981 |
Reimbursed out-of-pocket expenses | 83,818 | 59,616 |
Total revenues | 503,154 | 406,597 |
Operating expenses: | ||
Cost of revenues | 300,392 | 236,463 |
Reimbursable out-of-pocket expenses | 83,818 | 59,616 |
Selling, general and administrative expenses | 71,369 | 84,539 |
Allocation of intercompany costs | 10,915 | 7,944 |
Total operating expenses | 466,494 | 388,562 |
Operating income (loss) | 36,660 | 18,035 |
Interest income (expense), net | (12,277) | (12,169) |
Intercompany interest income (expense) | (12,715) | (10,972) |
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | 11,668 | (5,106) |
Income tax (provision) benefit | (5,145) | (2,975) |
Income (loss) before income (loss) from equity investments | 6,523 | (8,081) |
Income (loss) from equity investments | 10,574 | 1,630 |
Net income (loss) | 17,097 | (6,451) |
Net income (loss) attributable to inVentiv Health, Inc. | 17,097 | (6,451) |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Income Statements Captions [Line Items] | ||
Net revenues | 129,933 | 109,751 |
Reimbursed out-of-pocket expenses | 7,214 | 7,783 |
Total revenues | 137,147 | 117,534 |
Operating expenses: | ||
Cost of revenues | 79,298 | 69,304 |
Reimbursable out-of-pocket expenses | 7,214 | 7,783 |
Selling, general and administrative expenses | 31,917 | 32,781 |
Allocation of intercompany costs | 2,984 | 1,956 |
Total operating expenses | 121,413 | 111,824 |
Operating income (loss) | 15,734 | 5,710 |
Interest income (expense), net | 255 | 104 |
Intercompany interest income (expense) | (260) | (150) |
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | 15,729 | 5,664 |
Income tax (provision) benefit | (3,031) | (1,553) |
Income (loss) before income (loss) from equity investments | 12,698 | 4,111 |
Net income (loss) | 12,698 | 4,111 |
Less: Net (income) loss attributable to the noncontrolling interest | (438) | (123) |
Net income (loss) attributable to inVentiv Health, Inc. | $ 12,260 | $ 3,988 |
Guarantor Financial Informati52
Guarantor Financial Information - Consolidating Statement of Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Statement Of Income Captions [Line Items] | ||
Net Income (loss) | $ (18,639) | $ (44,962) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 5,419 | (5,445) |
Total other comprehensive income (loss) | 5,419 | (5,445) |
Total comprehensive income (loss) | (13,220) | (50,407) |
Less: Comprehensive (income) loss attributable to the noncontrolling interest | (438) | (123) |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | (13,658) | (50,530) |
Eliminations [Member] | ||
Condensed Statement Of Income Captions [Line Items] | ||
Net Income (loss) | (29,357) | 2,463 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | (8,781) | 9,446 |
Total other comprehensive income (loss) | (8,781) | 9,446 |
Total comprehensive income (loss) | (38,138) | 11,909 |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | (38,138) | 11,909 |
Inventiv Health Inc [Member] | ||
Condensed Statement Of Income Captions [Line Items] | ||
Net Income (loss) | (19,077) | (45,085) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 5,419 | (5,445) |
Total other comprehensive income (loss) | 5,419 | (5,445) |
Total comprehensive income (loss) | (13,658) | (50,530) |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | (13,658) | (50,530) |
Guarantor Subsidiaries [Member] | ||
Condensed Statement Of Income Captions [Line Items] | ||
Net Income (loss) | 17,097 | (6,451) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 2,662 | (5,435) |
Total other comprehensive income (loss) | 2,662 | (5,435) |
Total comprehensive income (loss) | 19,759 | (11,886) |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | 19,759 | (11,886) |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Statement Of Income Captions [Line Items] | ||
Net Income (loss) | 12,698 | 4,111 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 6,119 | (4,011) |
Total other comprehensive income (loss) | 6,119 | (4,011) |
Total comprehensive income (loss) | 18,817 | 100 |
Less: Comprehensive (income) loss attributable to the noncontrolling interest | (438) | (123) |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | $ 18,379 | $ (23) |
Guarantor Financial Informati53
Guarantor Financial Information - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | $ (9,620) | $ 2,151 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (6,170) | (9,799) |
Proceeds from vehicle sales and rebates on vehicle leases | 3,979 | 3,093 |
Other, net | (966) | (238) |
Net cash provided by (used in) investing activities | (3,157) | (6,944) |
Cash flows from financing activities: | ||
Repayments on capital leases and other financing arrangements | (8,907) | (8,924) |
Borrowings under line of credit | 17,000 | |
Repayment on line of credit | (17,000) | |
Repurchase of Notes | (22,790) | |
Payment on installment note and contingent consideration related to acquisition | (2,174) | (1,917) |
Other, net | 396 | 25 |
Net cash provided by (used in) financing activities | (33,475) | (10,816) |
Effects of foreign currency exchange rate changes on cash | 2,048 | (2,797) |
Net increase (decrease) in cash and cash equivalents | (44,204) | (18,406) |
Cash and cash equivalents, beginning of period | 121,317 | 57,059 |
Cash and cash equivalents, end of period | 77,113 | 38,653 |
Eliminations [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (8,060) | (6,385) |
Cash flows from investing activities: | ||
Intercompany transfers | (55,925) | (51,656) |
Net cash provided by (used in) investing activities | (55,925) | (51,656) |
Cash flows from financing activities: | ||
Intercompany transfers | 59,575 | 23,944 |
Net cash provided by (used in) financing activities | 59,575 | 23,944 |
Net increase (decrease) in cash and cash equivalents | (4,410) | (34,097) |
Cash and cash equivalents, beginning of period | (82,879) | (52,037) |
Cash and cash equivalents, end of period | (87,289) | (86,134) |
Inventiv Health Inc [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (36,631) | (37,855) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,811) | (2,777) |
Intercompany transfers | 37,937 | 51,656 |
Other, net | (1,491) | (238) |
Net cash provided by (used in) investing activities | 34,635 | 48,641 |
Cash flows from financing activities: | ||
Repayments on capital leases and other financing arrangements | (972) | (983) |
Borrowings under line of credit | 17,000 | |
Repayment on line of credit | (17,000) | |
Repurchase of Notes | (22,790) | |
Payment on installment note and contingent consideration related to acquisition | (2,174) | (1,917) |
Other, net | 464 | 93 |
Net cash provided by (used in) financing activities | (25,472) | (2,807) |
Net increase (decrease) in cash and cash equivalents | (27,468) | 7,979 |
Cash and cash equivalents, beginning of period | 55,226 | 19,643 |
Cash and cash equivalents, end of period | 27,758 | 27,622 |
Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 15,585 | 37,407 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,401) | (5,199) |
Proceeds from vehicle sales and rebates on vehicle leases | 3,979 | 3,093 |
Intercompany transfers | 17,988 | |
Net cash provided by (used in) investing activities | 20,566 | (2,106) |
Cash flows from financing activities: | ||
Repayments on capital leases and other financing arrangements | (7,896) | (7,816) |
Intercompany transfers | (28,255) | (30,924) |
Net cash provided by (used in) financing activities | (36,151) | (38,740) |
Net increase (decrease) in cash and cash equivalents | (3,439) | |
Cash and cash equivalents, beginning of period | 3,439 | |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 19,486 | 8,984 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (2,958) | (1,823) |
Other, net | 525 | |
Net cash provided by (used in) investing activities | (2,433) | (1,823) |
Cash flows from financing activities: | ||
Repayments on capital leases and other financing arrangements | (39) | (125) |
Intercompany transfers | (31,320) | 6,980 |
Other, net | (68) | (68) |
Net cash provided by (used in) financing activities | (31,427) | 6,787 |
Effects of foreign currency exchange rate changes on cash | 2,048 | (2,797) |
Net increase (decrease) in cash and cash equivalents | (12,326) | 11,151 |
Cash and cash equivalents, beginning of period | 148,970 | 86,014 |
Cash and cash equivalents, end of period | $ 136,644 | $ 97,165 |