PRAH - Earnings call transcript Q2 2018 | PRA Health Sciences, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the PRA Health Sciences, Inc.

Second Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this call may be recorded. to Vice host for President Sciences. like Tim today's PRA now Senior McClain, of would introduce for your conference, Health I Legal Affairs go Please sir. ahead

Timothy McClain

for thank you our earnings XXXX second will Bonello, Colin Executive results. for Thank our morning Chief Today, Health and quarter our and Good joining second financial Danielle. teleconference. us discuss Officer; the Shannon, quarter Chief PRA Sciences' Officer you Mike Financial

prepared remarks, be we questions. our Following available will for

additional release, website. press is an our financial to with Relations' our information in supplement of addition Investor the In available investor portion

you Before section teleconference we on with our begin, with risks of that Actual from I'd factors XX, our are forward-looking by which filed the include SEC business, or and like results this to in to forward-looking during stated uncertainties differ the due risk materially remind our those and responses associated statements. February discussed XX-K may remarks Form may implied statements XXXX.

over are portion CEO, would to GAAP turn the financial with with in GAAP be how in helpful Colin and financial non-GAAP measures like complete no management website. We discuss risk any providing understanding measures. and Certain obligation of is views statements. in updated these in assume helps investor A that our Our call this the results our gain I press most measures release investor call accordance forward-looking investors on from our Shannon. measures these comparable to included we reconciliation our non-GAAP believe with may our the the financial to we results. more Please that and time-to-time the calculated supplement to financial factors presented update note SEC. a of are filings relations of will and now earnings measure consistent available

Colin Shannon

produced for second the for PRA, was an a of approximately and acquisitions and covering to Thank approximately new business rates. you, at ASC approximately second XX% double-digit quarter Revenue XX% conference joining another which income exchange second report of second adoption which represents of that of revenue the revenue, rates. quarter per excludes increase our XX% at and results. which net exchange our of Good thank the $XX was versus morning growth. quarter impact XXXX delighted the income was for year-over-year quarter actual financial strong Organic revenue, year-over-year quarter quarter net call was million, you second foreign reimbursement the the XXX, approximately Tim. adjusted net $XXX growth, Adjusted increase approximately actual XXXX. $X, income an for XXXX. XX% versus quarter million, diluted share Adjusted increase was of foreign I'm

increased record $XXX business of of awards, times. the new of approximately business a representing when second net XX% with level new net quarter compared Our a book-to-bill XXXX to net million X.X of

our and business impact The reimbursement new in new backlog and X% finishing the sequential Data calculation increasing book-to-bill and ASC of revenue at net awards XX% addition excludes from excludes Solutions Our awards billion. has excludes a it of our revenue segment. on year-over-year, our approximately adopting of XXX, approximately $X.X basis ratio resulted revenue

Data backlog previously our our As not Solutions include segment. disclosed, we've does

XX% backlog. consistent pharmaceutical from with we or be The including coming quarters, awards the our addition, revenue new approximately to previous and from coming biotech XX% sector. continues pass-throughs investigator of business In not in sector approximately of are awards new mix the our with

with plans of of our second clients the the with I'm Symphony how In to our exclude continues Quickly with be revenue. representing quarter client results. five XXX. approximately segment impact addition, are with quarter, of metrics Health. integration largest top happy revenue representing XX% client progressing. the also ASC X% our pleased I'm mentioning for well-diversified, our base adopting Both approximately

Although about team the optimistic thank XXXX in PRA full we first Symphony's quarter for commitment clients remain forecast. of year was lower and performance our sciences. continued XXXX, range to at would the like our the to their our of In Health end financial closing, I

and through delighted the are with strong to are well-positioned like would our XXXX. more Bonello, financial Officer, growth Mike We our quarterly results who Financial in financial continued to believe will results we I hand detail. in for call Chief go our

Mike Bonello

Colin you, and morning. good Thank

XXXX. exchange at ASC $XX.X on the million second on for reported of the revenue XX.X% impact XXX, of Symphony of constant revenues Revenue segment increased the constant XX.X% by rates million was exchange for Research actual XXXX, second $XXX.X currency Health acquisition of $XXX.X of the and a reimbursement million at basis. quarter quarter $XXX.X Solutions the adoption rates second quarter of the and foreign of consolidated XXXX revenue, of million XXXX. a segment XX.X% for For XX.X% grew currency to foreign our Clinical the the compared the in quarter second segment actual We basis. and excluding and in Data Revenue,

$XXX.X in derived cost adoption direct revenue. from XXXX direct our also increase currency of effect XXXX related second pharmaceutical revenue unfavorable for the concentration costs from was Data large foreign million an labor-related of XX% quarter to companies. increase Research revenue all our $XXX.X to included costs of metrics and XXXX, XXXX. direct biotechnology The segment of costs Total second in $X.X ASC million. other from exclude not the reimbursement companies, Solutions in in which Regarding Solutions These the our and XXX, second in in from results. was XX% our The from were large million XX% of the mid-sized our of concentration to quarter second small costs pharmaceutical primarily Data Clinical of we quarter million our $XX.X quarter segment, included companies, compared biotechnology segment, direct and increase XX% an in companies,

reimbursement the $XX.X functions. were of the in an excludes of XXXX, in compared Cash the the a to second efforts increase the XX.X% increased operational to is second share compared excluding reimbursement total items months result XXth, quarter impact second correspond of was flow the the due of for performance $XX.X certain or costs effectively and June ASC compared from second adoption provided our the expenses earlier. XXXX. primarily XXX the Adjusted fluctuation in in direct to The mentioned $XX.X Excluding increase which of in direct of quarter quarter and XX.X% of primarily XXXX adoption net three of per revenue increase XXXX. period-to-period a million I the $XX.X percentage ended service net diluted second cash a and The The direct decrease share quarter share XXX revenue increased SG&A does of cost our not quarter the and as million quarter compared XXXX, to as revenue expenses our our June Adjusted per of XXXX. results the in of to second capital. in was service optimization SG&A whose for XXth, of of revenue the XX.X% months revenue, benefit income, the by our working to of million operating percentage to necessarily $X operations million operating three of leverage and ended of ASC for XXXX impact quarter administrative of continued XXXX. XX.X% costs selling revenue, XX.X% for to effect second were per is in income XXXX. salary $X.XX of in grew changes XX.X% in to the

June XXth, XXXX. $XX.X Our XXXX were net days million at $XX XXXX. days in sales of Capital quarter XX million second quarter the compared the second outstanding in was to expenditures of

continue technology expansion and reflect to infrastructure our information in our Our investment the of growth. to capital our support expenditures

by which was Our the cash to XXth, in is XXth, less The to was compared was net million defined overall related equivalents XXXX. to cash Net our billion our on second borrowings and million million outstanding increase our debt June of debt quarter, end as acquisitions. June the attributable foreign total XXXX, balance debt at subsidiaries. of cash $XX.X $XXX.X held at $XXX.X $X.X

During applicable million, increased to The extended the May second to and to X.XX%, XXXX, agreement. of capacity amendment financing our X.X% borrowing date $XXX amended XXst, XXXX. quarter from our maturity receivable accounts margin the decreased we our

June XX% of at revenue, excluding and the revenues total denominated concentration expenses our U.S. XXth, currency XXXX, of Regarding impact U.S. reimbursement XXX ASC dollars the in were in dollars. of of were our adoption denominated XX% while

currently our expenses Our with quarters, have are less X% while naturally hedged. euro prior in of denominated revenue of we GBP, in than X% denominated GBP. our to exposure continues be Consistent

we to to ways previously reduce continue discussed, on As we work this exposure. have

XXXX our press we As discussed updating our release, in guidance. are

of currency growth growth $X.XX We and and of are excluding and revenues to adopting constant XX% XX% XX%, growth impact revenue. the adopting between organic representing XX% reported of currency excluding billion XX%, revenue, reimbursement billion, to $X.XX and impact reimbursement XX%, constant XXX of to the as XXX of estimating

reimbursable ASC our customers to statements. of net the income inclusion may the share. everyone and investigator XXX implemented cost share is of entitled create revenue the on per net adoption project. progress forecast variability remind calculation our financial costs the between per of and we projects timing I progress in per GAAP The of and and the to of our diluted investigator out-of-pocket $X.XX the we the life expect guidance the a ASC the in out-of-pocket The XXXX dependent of share service adjusted to this reimbursable to diluted fees their of the income $X.XX We amount of and between difference we're and amount the receive magnitude and share per that $X.XX $X.XX between relative respective to want beginning recognize from in over timing XXX. requires fees difference accounting portion previous of of compared and costs revenue compared

the will and had earnings effective impact future per which net Tax the income as discussed of tax So guidance far Act. our do we ASC adoption incorporates rate Jobs XXX. our impact an changes on have XXXX, share. adjusted full GAAP Cuts we from from material that annual We expectations, Should we expect adoption approximately or accordingly. income, have from actual net XX%, results we will And the our our differ anticipate the income, be update U.S. expected not previously, a related in year to immaterial

this if of there differ related distribution if issued the Act. U.S. additional in may the pretax rate Tax interpretation, geographic analysis, from guidance tax Jobs are effective our or changes estimate to earnings and the Our changes is Cuts if or

line the of British Finally, prepared we'd other questions. rates our euro questions. are XXXX. now And be exchange foreign exchange your a for of pound our currency XX, now a of rate Operator, as remarks. rate updated and take may happy X.X That open exchange guidance you June X.XX. assumes All concludes to

Operator

our Thank you. from And David Jefferies. Windley comes [Operator Instructions] from first question

now question. to is please go please mute, open, we'll unmute. is the on Pardon David, ahead. line next Your phone me, if go your And

Our question Kreger William Blair. John from from next

now please is go Your ahead. line open,

John Kreger

Hi, half. Thanks. in the is thanks doing we're implies Question the very driving Mike, around organic around much. from what of revenue X% And that guidance. I math XX% growth if It slowdown right. think in so, about the if the quarter? second correct? this Is second

Mike Bonello

And guided with initiated John. that's guidance to when true, our is That February. we back we what in consistent

Just there. things two

think had potentially talked the second beginning the be we year. could cancellations of that year in I you of that the that back about in remember if coming half some the we

half look sure in right periods relatively that back the XX%. are we at high, accordingly. We if you around those our the growth XXXX those making scheduled Also, was XX%, of have year,

So, growth period-over-period, that's bit. periods, what's little a down the when compare the you two slowing

John Kreger

your talk there very key been that then Great. one had some operations with Colin, that Thanks. clients. on you any about has of merger impact prominent Can or Thanks. And relationship? if among bookings

Colin Shannon

there no John, has Actually, been no, change.

to value regulatory and relationship a still Europe you can. through of still piece provide hard to work got our we both from assistance progressing continue But acquisition aware, are and and hurdles a in has couple the as them is with We Asia. get any to

at ask need just to -- and with way deal their if disposal time. right the that can. help we I'm sure them, and when get we We involved So, in make any at ourselves them available they'll to with

John Kreger

Great. Thank you.

Operator

Hooker Thank from comes you. And from Donald our next KeyBanc. question

now line ahead. please Your open, go is

Donald Hooker

Yes, good morning.

burn, work is question over full of time. So, more which sort out higher great, I'm burn. on the assuming service Obviously, which plays backlog obviously,

think about wonderful. that's there -- to forward time, a is in is I backlog Thanks. sort So, a think burn for way of over of going modeling? natural floor But sort guess this there

Colin Shannon

that to things little have -- What quarters. over of be happening running. take really extra up slower seem We've and of we've have to is few It's time that awards bit getting in been starting. just a finding get just the noticed we been couple the mainly getting been last

seemed looking At noticed the Before we've beginning for get we happening point, at And going. to often. one the of them always that quite quickly year. example, we're

and the But we and expect to that start anticipated previous it what slower were. wasn't as We cancellations has the well much trials. they the burn be rate replaced are a been to quite compared finding we

So, larger oncology durational particularly of trials, the programs. follow that lots of I there's think we're we're longer doing lot seeing a with And studies ons.

say, some that we're XXX a So, significant of, getting months. like studies over time are period

So, tenure we're studies. getting

out bulk the is done it duration the first is events. longer of with few in there certainly trials Although years, there follow-on

Donald Hooker

are your looks is And with of which then where going I And great. Are expensive? margins margins, -- staffing you're Okay. lot bringing a your, new contract you -- is the EBITDA up your are labor, so little with which bit, you what be like and great situation it new staff That's staff? in guess, of also your bit a of And onboarding your business. more and operating color. can sort use

Colin Shannon

And full to we've starting -- feeling by of come of like little year. to that bit ready start sort surge. pause of actually We're ahead. we're nice obviously the the going -- XX% of for the XX% it's that -- Well, next these they are of from bookings getting XX%, taking when a all to steam start through, advantage had last

should It's improving do internal implemented. a looking them We're systems, taking awful still an function, We looking efficiency. drive lot over opportunity of get on last the this We're at years. each to to took nice work staff processes. we're consolidation. of little few on at to right So, margin couple and we're being next with good of improvement we a see that us expecting maintained start with year-on-year. the improvement. that's And quarters And helping to bit it's our continuing period in been line over of our and --

Donald Hooker

you the color. Thank for

Operator

Thank question And Windley Jefferies. next our you. from comes with Dave

now is ahead. line Your open, go please

David Windley

questions. taking for my thanks Hi,

So, I dropped again. my to here -- phones our our so call office in had in

can the of last some if studies if couple timing partners? missed Colin, I in reprioritize of And you the might what more But about particular, of that? think, the status of last apologize that rework could to or for on the was either I wins us because desire come the before. an back. project proactively talk, canceling recent from larger talked client's you end potential the on about alluded call of your potential So, this kind I then wondering to the and of to quarter that strategic or strategic of those give Thanks. Wondered the and year if a win So, be? update a awards you at you of out kind

Colin Shannon

Thank David. Sure you.

it has impact studies actually work of Yes, it out there very can slippage The -- situation swap back. very was fast the really of no we it durations. was come a different then piece. of back. with impact cancellation pre-quarter form with couple before that a came the because a way a of and burning different quarters compared the On It's a

And so margin look things the took we at strengthened, improvements. get to and knowing and that, time really effort internally look

the to well. awarded are progressing our then quarter. we good this time of, spent a the call. we beginning consolidating strengthening partnership, alluded which fact in And situation. last it are I internal new a I were we say, really and Things exceedingly mentioned So, that delighted,

structure. We partnership together are putting the

of the getting with We've was would awards. to are start we anticipated to [Indiscernible] can really close work finalized. done getting it's actually through now QX just pretty client, we working always and it's before benefits that It get We actually -- with piece the things got before it be getting that. the

future us preferred purely I pretty I it was we has finding because them QX's to just its are -- second things because had we this, it's done. awful know target our every in just the So, area. prudent other we how another And were were opportunities. -- But at we And the on pretty always in year. be we that clients. show lot have And actually we -- we mention quarter, to But it invited might think, be for I different interesting and for from clients client anything, of was some as, hoping interestingly, that of therapeutic end actually have opportunities. last way it but for of didn't brand will much new it were and to gone And the think oncology. on own a awarded we we got an quarter have of accelerate, well partnership this wanting remain seem for that.

and whole are progressive of IT. want a Some lot very

wanting shared blinded Some that particular competitors in doing instance, know scored scored our that which this we've get includes scoring, Parallel manage adaptive against And when so against. marks obviously and we pleasing things technology, maximum we're it we to X done. in are the And innovation, results a we monitoring that our was just e-platform we directly got to we in [whether], our very don't company. competitors. But our were are general, accordingly. But

that's was therapeutic progressing pleasing. got of we lot opportunities. a seeing very, are area award And and actually a we as nice partnerships very new up nicely We're building that and So new well. so these

our So, future potential. we're good about feeling very

David Windley

Donald's reading here, but -- full of question kind about pause. about That's the staffing, be leaves Colin. I a talked you To you answer. great tea can Thank you, may

level maybe And where you also said around ramp You to to before of push your systems or something of ability people and this that next about this kind your effect. or have able world. staff before Right, are? your and loading optimize talked the be

And about are the to to I'm seen so strong with and reaccelerate I levels wins what organic ago? in just is clinical growth Thanks. that you might guess anticipating is, you poised curious your have we book-to-bill, that several described quarters that

Colin Shannon

new I a of just of yes. the cancellations can the think maintain the of for back, year, that impact rest depending, the And of if some did too mention We a booking coming same in awards the all we fill to continued seeing obviously, lot strength that were the business the volume. type the But difficult obviously, are of in kick to the end lot strong really starting up. the time toward And -- of larger bulk the building the studies really really year. frame. of is of we're

So, yes, are And think end good in there of staff. might feeling very we the year ramp-up about be and next I a the year.

So, ramp-up is wanted will of we that that a our get to our if need because want view, that what to to consider realistic we -- didn't we've ahead room fast, sure ourselves we we're all that make hit wanted We not there we issuing tried do when guidance. give obviously still in guidance. some we

David Windley

Thank good. you. Appreciate answers. Very the

Operator

Thank Eric you. Coldwell Baird. from question comes from And our next

open, is go now line Your please ahead.

Eric Coldwell

which Curious fairly of information, quarters. our frankly, Symphony? of a on bit on What over years? little last and two a next limited relative the on outlook the you're revenue bit model, a is What growth, was more phase Hey, couple at Thoughts it was the there? miss predicated to What you the detail integration good you the if thank are get for we could morning. doing integration? with

comments And I'm Thanks for any you're then, cross-selling integration great? with thinking much. update would revenue on be or opportunity on so growth? So some for the CRO hoping what

Colin Shannon

acquired goal as But major it, in maximize a Obviously, different we well. to you we When mind. you. our sure have as of we make business Eric. is the sector. this opportunity this Thanks plays obviously Thank strategic had business is know

We this are business. learning

of seasonal one always in lot up that We gearing of traditionally had and year. activity that opportunities cyclical and of we really are being the very QX. towards -- business are And bulk quarters finding is a very, the in the with the that the end first they've finding couple of awarded

the at been a close are less a lot activity, more, in really starting where getting slower got It's it the that still things that a get to introduce of lot for But but been are going of they're to and case of look our And be of there's good in They've business. maybe see we'll we're to we're So, a slowly push, each to But and preparing continue on always they're start lot their lot obviously use very impact starting these opportunities we themselves clients future. and we're doing have having manage leads bring to seeing of the drive. some and the optimistic to duration deals, quarter. an way has, Let that business we visibility a a there, them let's as was the seasonality understand of, a PRA just to that them. able future this sale. understand better of believe year to run

augmenting where are to We And help we them going providing can. We're supporting as and is best need we where everything we them nicely. as can.

little They are the are They're performance. obviously we through a of with take bit working a parts their with that's details. the team. And collaboration a We It abreast very keep them company. on. with time. seeing other of lot going everything did of are pleased very of diligent of lot We in

excited only And where actually heading. the we the seeing an the see is this about benefit the now combination. group. the we're in Yes, it think so collaboration months I acceleration I'm last that of of pretty rest few of PRA they're in

Eric Coldwell

And for sense you Colin, share constant-dollar growth? goals revenue or any growth, you do any revenue have can our

Colin Shannon

area. at think we've double-digit -- of and the That's low a to I be it's the in expected where we Yes, guidance, our end it year. by got

Eric Coldwell

guys. much so Thanks great. That's

Operator

comes next Barclays. Meehan our from And question from you. Jack Thank

now ahead. go is please line open, Your

Jack Meehan

as just just scale that's it the on morning just year? comfortable a leverageable trending good Symphony stick you with be Health of you the going And into platform, think how bit more the on elaborate theme margins little end want could start you to just the if going the everybody. to I to there? and how you Thanks as and are get

Colin Shannon

lot used are to the significantly. of fixed improve a an interesting because have then amount that, question It's significant can cost there. an and to when to And once talking we're when they it, a there But comes growth package hit we decent the beyond it margins inflection about, significantly. acquire of and point start and improve you a data. that margins start point sell They've got the nice levels

-- because of in a there's So, there's lot investment data. the

satisfied done impact. what where with to are opportunities is have there. see an So, we've for where we're sources pretty we're And But modeled continuing to with new we've be. in will intend have that the we we we the can look margins. We do that and obviously obviously, future that data

until So, that down situation to much we a a it's term be it involving still to will of we these though whole. benefit say feel agreements. longer very positive the It's lock company fair as some an

Jack Meehan

start Great. year for thanks of the a target for point? Can been is It's cash the for the you slower that starts a of color. just in, terms pour the And deployment generation. that us bit maybe help free full at just little with in are year? priorities turning flow to to as of the there this profile. cash what the what And

Mike Bonello

look that at with either debt is be over to be acquisitions DSO million to of cash. year. $XXX projecting for we're still strategic improvement paying our calls, tuck-in we'll going that. the has in on other down We're year last range Colin as that million, or Jeff. majority the And of kind Yes, full $XXX driving commented Obviously,

Jack Meehan

you, Mike. Thank

Operator

De Thank you. of next And comes Derik our America. Bruin from question Bank from

now please Your ahead. line open, is go

Unidentified Analyst

Derik. Hi, this behalf [Indiscernible] is on of

quarter. net of posted times north the or changes in quarterly share at better book-to-bills book-to-bill you competitors what or times. to competitive reversals used your quarterly the to any seeing notable last market was in You're even we're in of couple dynamics relative competitive But X.X years? X.X couple second net the changes a of gain Are

Colin Shannon

with last I visibility them that we're not in who before. the A lot RFPs. new seeing we've for clients of think the worked is highest call volume I mentioned of

a take can number us that they iterations an before Sometimes of award. give actually

the So, obviously it year so. for or might time. them our be client But impress keep is goal a next mind in and the to

bear us a lot know in business high are we important that the not longer-term, to it a good market where gains get is the So, dynamics leave impression. look still may and saw a seeing share and we visibility feel that strong. that companies visibility activities fruit It's We for are of quarter. there's We of there volume. that for. development PAREXEL, But lasting that big our with We're any pretty say are we private hard out flow. don't very PPD RFP

going. we conservative see to difficult We've a very very, been it's consistent. see agree where sector. our take So, we pretty to are way in across things believe new the authorizations. I bookings lovely such strong the I are

that what converts book, major us is to We are sure the goal we into building up that's the is it we correlating growth. to and you'll see it reflecting make start soon, through our see revenue and And recognition. for

Mike Bonello

And business, for be it different. only forget our could have quarter. slightly We each XX in don't solutions business. backlog And that company for a doing we strategic only, only we of take months that

Unidentified Analyst

on and then EBITDA revenue And a you you. what was your sequential ASC Thank in pickup Did margin. under nice of tell it. XXX? SG&A your net adjusted your adjusted explicitly percentage us had Got as -- gross you a margin

Mike Bonello

Yes, little a over XX%. it's roughly -- XX

Unidentified Analyst

margin adjusted That's SG&A? the and gross

Mike Bonello

XX%. roughly was SG&A And

Unidentified Analyst

And you. one quick Thank it. last very Got then one.

embedded your you ASC adoption can total You guidance? your what's and for to tell do revenue revenue with the has under What's of FX. XXX. your impact us of of in did in the narrow guidance I revenue embedded expectation reimbursable it suspect But some that XXX? down ASC

Mike Bonello

roughly were look we the FX. pass-through are impacts back And did and full in you at revenue, Yes, February, right, Juan. It's investigator two at coming range with it was and XX% Sure. of XX% our line initiated in we revenue. as our between We kind down. more kind bring service that to we year XX% of guidance of the were XX%. And when looking

with percentages more adjusted those in seeing get we're it to line we happening. actually what So is

Unidentified Analyst

you. Thank

Operator

with Wright Erin Credit from comes question next our Suisse. And you. Thank

Your go line is now ahead. please open,

Erin Wright

an on with so about much. when have has terms in follow-up onboarding be you Do that Thanks. on should plan earlier or you'll and relationship of new new of Shire Shire. how according could that thinking timing business? or of progressed visibility in the to visibility you what business of Thanks how the magnitude terms now Takeda, do we question have think Great. And better at know mix And to bring or on A looked Takeda? type you Board?

Colin Shannon

we to that's continue them. a -- decision Takeda. Obviously, work this is with And will for partnered them We with diligently.

a got invested they anything don't work share we any of the And them. can only have, with lot people -- public. obviously conversations in have partnership. We that's closely We

So, domain. really don't of color and public very then you nice anything lot for Takeda, know call had anybody which the was that's else I a following thought the I everybody. saw from with And your we note that in different added

So, very avail for rather would that us. best we talk client meantime, been as helpful. thank as obviously, ourselves than can. I it in prefer And about to, you we the that's everyone. I to And help think sharing with typically our them

Erin Wright

there? environment you standpoint, a question, Thanks. Great. a seeing broader Thanks. And fairly is are anything behaving everyone then rationally pricing out just from

Colin Shannon

-- and pretty but impact the And we That it. it people always the playing prices. are to things rational. a buy we where when And the be industry's where isn't nobody trying odd It's this is start occasion, always very got instance be There'll long-term. stable. really benefits see may to client. have seen found the last got from it's too -- a because where long general, odd you game client guarded something generally foolish in into short-term studies -- against, pretty they're We've

Erin Wright

Okay, you. Thank great.

Operator

Thank SunTrust. Instructions] next Sandy from our comes you. [Operator question Draper And from

now go line Your please ahead. open, is

Sandy Draper

questions answered. very been have my Thanks of Lot much. and asked

So, I probably housekeeping commentary. appreciate just for all Maybe the a item, Mike.

is done, Just on what's then you that out you're earn remind integration? Symphony, of are sort on that's way earn of once outs more there changed either plans guys out Just left, one there out, one an can the actually left? And once many to still integrate? update is earn you however out the that standalone. And in you the earn the plan Thanks. -- do -- that's -- outs me terms are there? they And think or about on why another

Colin Shannon

And another their all out Yes, of devices And benefits and them group continue new uninterrupted, the XXXX. reason and the integration that's bigger of almost be earn to part are also work they exactly the have are to actually seeing excited to we actually accelerating and opportunities. seeing allowed some because why really. is our for we the I'm own there of

always I've and bigger be crafting this latter really of and that in integration. looking accelerate business. -- do will way felt I So, faster towards always a a growth And that year half this and acceleration more the the to opportunities

the So, the we that getting year, this the pace earn starting had inroads and with of out end toward deal yes, but we're are to we make already. of end to to

Sandy Draper

I great. Okay, the what guys metrics you on out? they earn being appreciate different that are Colin. that, disclosed further are judged And have

Mike Bonello

purchase the agreement. stock in Yes, Sandy, that's

Sandy Draper

much. very Okay, great. you thank

Operator

no to showing turn Officer, to call I'm like And Executive remarks. the you. further closing Chief for Colin questions. Shannon now back any I Thank would

Colin Shannon

call Well, in our for thank participating today. you everyone

questions, any have day. feel have hope you contact to please great free us. you again other additional and If Thanks a

Operator

Thank does thank conference. you. This participating and for today's you Ladies conclude in program. today's gentlemen,

may Everyone, have great a day. disconnect. You all

PRA Health Sciences (PRAH) 4 Aug 182018 Q2 Earnings call transcript