PPD - Earnings call transcript Q3 2021

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Operator

Hello, and welcome to the PPD Third Quarter 2021 Earnings Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Tracy Krumme, PPD's VP and Head of Investor Relations. Please go ahead.

Tracy Krumme

Good morning, everyone, and thank you for joining our third quarter 2021 earnings call. share and are Chris to Chairman Simmons, today CEO; and Scully, me our David results PPD's With our CFO.

I of forward-looking Form our XX-Q subject refer to begin, our XX-K differences in that and we would XXXX these results. remind material a to for Before Please actual everyone could discussions cause include Form risks annual statements most to are our risks. recent our that discussion and uncertainties like that report on

to commercial performance, metrics of references net calls. be we'll doing periods. non-GAAP and are all statement maintain important revenue, to doing results be including backlog, also a of exception previous When on the which on authorizations prior with we'll to income basis. on XXX financial our XXX basis so ASC like are our With earnings details to with a basis. comparability consistent historical to a would so referring I ASC remind related you performance, to an When referring few

Lastly, and over that, would Thermo today. be our with due remarks a that the out turn Q&A Fisher between will conducting we prepared PPD transaction to point I session like And Scientific, to following the David. I'll call pending to not

David Simmons

segments. good our you, share today. I'm that you Thank pleased and morning, both for Tracy, to quarter strong QX Thank everyone. joining across us marked another

PPD, colleagues with and last Thermo on around our To consistently mentioned evident business most need. the would end, results. while patients like proposed is call, it customers for Fisher usual, in for world Scientific, to that importantly, we to is merger our I delivering in As which forward the our as look the thank I still

the this significantly; highlights: we against to Laboratory as of our growth lastly, few in and business adjusted year-over-year impressive a up ratio short, book-to-bill Now third, third revenue balance of segments X.Xx strengthen quarter on one EBITDA record book growth with note second, In grow we net fourth, ratio leverage our growth realized achieved highest to quarter Services First, continues me of particularly growth with finally, Clinical of growth. let be story of XX.X% and net to sheet year-over-year we net XX% authorizations delivered end, performance XX%; with and a as our share of each of our continues of robust further to I'd we our as X.XX; continues rates September reduced the liquidity third is position PPD the XXXX; XX. quarter

to their committed with as relationships presenting existing value-added delivering remain continue flourish to we on customers Our priorities and solutions.

Our and new position of early model with customers. to well success engagement us continue record track

towards effectively continues grow. ever. the and as now year. during modalities In are ending decentralized than growth as We shift since have XX% To which globally, addition, new that our prosecute important our stand capabilities of last to record more pandemic, an September been backlog, represents expertise XX,XXX trials our more accelerating tested such as team colleagues at vaccine and patient-centric and in battle

our make just grow recent training not and highlight PPD's accolades on are upskilling place industry has retaining one's and and hiring, focus in new colleagues development, However, Several been work a and career. colleagues. we laser-focused both our and excellence existing on to great which talented also training PPD

new of to evolve develop ecosystem that the customers. a to Lastly, as technologies before broader participants, rapidly grow the bring drug even development with differentiated we we and continue to and more capabilities than landscape continues

we our of to call hand transaction. Fisher Chris to the create year-end, review as Thermo to about ahead I'll the be after look close for opportunities and company's we that I'm we may to excited trajectory new With offerings over part that As innovative that, financial results. able

Chris Scully

last to I'll Similar Good our quarter, right David. morning, into dive everyone. results. Thanks,

XX.X% over quarter to With and quarter third ending XX.X% the On up segments. of strong lab X book-to-bill underpinned performance XX.X%. with clinical with continued growth respect authorizations EBITDA labs. commercial clinical closed revenue the XX% year, both Adjusted grew last across and year-over-year. solid in net X.XXx. growth over the We the year, net to XX.X% The ratio a last for in in P&L, growth backlog, was grew of the QX front, record growth by quarter XX.X% business contributed

and Our growth margin. backlog resourcing EBITDA outpaced our timing growth of temporarily robust growth to revenue a EBITDA the as support adjusted hiring adjusted of impacted

revenue XX.X% comparable higher EBITDA However, year-over-year revenue GAAP on were earnings for adjusted studies, total our share. percentage grew similar. to P&L, refer remained measures. out as non-GAAP EPS growth year-to-date a has of measures generally rates Rounding a which our $X.XX relatively of release to basis, reconciliations COVID a to Please revenue, for the adjusted for excluding indirect the and our

capacity liquidity, time revolver the September available to our balance position cash With position. our over and year $X.XX as closed to billion Turning last liquidity balance our quarter sheet. billion. our of and We XX.X% liquidity up same to the ever respect the representing of total increased cash XX, $X.XX with highest

of ratio of X.Xx XX as March XX. September leverage improved X.Xx as from trailing of June and to down XX EBITDA, X.Xx net XX-month Our adjusted as

a phase after customers organization thankful about closing excited opportunities and merger, drug with need. consistently and colleagues for PPD, Before our for industry in our incredibly the our Fisher with the conclude we're further next to that, of our operator, momentum we'll potential growth. comments being I'll to And accelerate about Thermo of development our wrapping up, the across With strong healthy patients backdrop, echo David's incredibly delivering call.

PPD (PPD) 28 Oct 212021 Q3 Earnings call transcript