Glenn A. Eisenberg
you, our well update results Thank My today quarter comments an as first guidance. provide on focus Dave. on company's the XXXX will as
our with off evaluation its impact accounting we prepared full our January method, retrospective ASC quarter on numbers. the to tables numbers XXX. X, that prior both full-year the given we unless the financial advise using the our XXXX our On XXXX are back of guidance. recognition that new meaning revenue press ASC the XXX, of accounting as XXXX, performance follow, start restated you standard, better we In the discussion remarks, I'll XXXX However, we enable references XXXX the release, our XXX the to all adopted restated and press to a In results ASC XXX results results XXXX results well as session first release, ASC and Q&A our XXXX standard, otherwise. to specifically provided under include of and our and
additional provided related Form furnished this X-K information on also morning. We
the to tables, $XXX million, the can company's standard. by impact is net for revenues you enterprise from As compared XXXX see increased X%, the that full-year accounting the the or prior
effect into the inclusion periods. Our revenue. these standard of new adjusted future because completion underlying expenses changes recognize the of or $XX X% from operating accounting calculation has other The accounting fees prior the the used pass-through million decreased deferring earnings to investigator income percentage and standard of
decreased $X.XX flow. There As differently. or a cash share on ASC result, XXXX was X%. affects Furthermore, earnings in impact XXX our businesses per no
meaning requires does bad debt rather than not expense, SG&A reduction the lower operating to our to as our For income new standard but an revenue is Diagnostics, revenue treat a us as change.
therefore margins are reported Our higher.
in in release, prior as points revenue the in income. accounting margins result, to $XX Specifically, quarter, no change was method. compared for was current There are of basis the now million as higher. XX by operating And the lower back seen press a the accounting first under the table
expenses us new investigator fees the other to expense. revenue Development, Drug both For and and standard pass-through to requires add
both result revenue lower. a in the margins and As are increases expense, our of reported
tied over be business, To clinical because now these not contracts incurred pass-through timing when addition, expenses, timing be contracts these clear, life. only fees later contract services in recognized. the the of they recognition life the and of of do In tend affect the investigator the total the to our change, of which are earnings to expenses are other the revenue
that contracts, are of all business's have new by Development than XXX standard. We reviewed affected Drug more this the
of basis Drug in by income method. margin. quarter, first in revenue a decreased XXX the the million, or key together, increased prior resulting EPS consolidated adjusted the lower quarter couple on our operating wrap of accounting by $X.XX million Putting Development $X $X by in increased $XXX first X%. the resulting prior X%, up under points in to by standard, current all to declined X% revenues accounting $XXX million For or income compared while decline To accounting noting. it our million worth point discussion, compared the or a Operating accounting
its the although the numbers operating and over under look clear First, strong are different, a improving year year trends both company's accounting bit methodologies. performance
Second, X.X%, $XXX of of was quarter billion, an organic quarter $X.X ASC for points. year, XX.X% revenue that, XXX from impact With I'll acquisitions compared basis the XXX no revenue cash increased on translation Operating and currency $XXX flow. XX.X% foreign over last XX.X%, the results. review of benefited Revenue million added million our or year. was or we to first income quarter for as has increase XX% last
acquisitions, charges due $XXX tax operating had lower offset The mix decline implementation tax for PAMA result restructuring special which employees adjusted million The of from reimbursement Access was The acquisition in due the the special to integration the rate growth, from compared the or to was one-time to XX.X% amortization, of The charges, Medicare the income was year. and a special business impact year. revenue down we basis [Protecting This quarter, reform initiative, XX compared the revenue and During excluding related to to lower $XXX process the in implementation Act]. items operating to Medicare as by operating was savings rate acquisitions. tax million point of the organic to income, was due partially last excludes restructuring XX.X% primarily benefit of XX.X% and XX.X%, Adjusted million bonus from quarter primarily amortization margin U.S. $XX LaunchPad our items, in due year. or adjusted reform. and from was charges and to XX.X% million non-bonus-eligible of last increase XX.X% tax last to rate improvement $XX
into vesting. We to cash driven by payment over quarter, of tax continue related net million amortization, stock expected to XX%, quarter came full per to translated which the XX% the $XXX other benefit $XXX in excludes higher X% Adjusted ago. The compared up compared year $X.XX rate the to year expenditures working restructuring tax for quarter rate tax expect of partially million benefit last the performance share. the was and of X.X% capital be were charges primarily earnings $XXX a to reform in $XX last as year. and $X.XX the or approximately to million and totaled flow growth, year. XXXX million due $XX to or the the special by reform items, Operating support Strong revenue operational one-time higher of first bonus in EPS, Capital quarter adjusted of XX.X% as diluted earnings. or cash reduction offset was million
to $XXX last As a flow was cash million $XX compared result, quarter million year. the free in
stock. the of quarter, $XX we million During repurchased
XX, our authorized March in share our an On commitment of demonstrating repurchase XX, the repurchase we million share program. to total approved had $XXX $X remaining the returning of increase billion program capital previously shareholders. to authorization continued a under board of April company's As to
March months' quarter. the The to end times XXXX. of cash And pro million, balance debt total leverage unchanged XX at at of EBITDA. up as last XX Our $XXX $X.X last from forma X.X was company's at was billion, the million from gross $XXX restated the debt end quarter remained of
Total approximately revenue of quarter measured Revenue over X.X% negative Revenue review partially primarily increased requisition organic of X.X%, XX from acquisition PAMA. and increase Now, volume translation requisitions X.X%. increase volume the performance the partially by I'll an impact acquisitions, organic increased by basis currency per acquisitions, with segment $X.X for our offset by by offset to points, impact volume was last driven was PAMA. which X% X% due LabCorp the billion, volume and from year. beginning The from Diagnostics. in the the of benefit was was
adverse income growth XX.X% volume addition, revenue income last or LabCorp XX.X% quarter organic to to increase weather. by The due adjusted million strong $XXX approximately impacted Diagnostics' In acquisitions growth. negatively was operating adjusted and due million the or X% primarily compared revenue was was to in year. of for million operating $XX $XXX
impact by a from from The negative the margin was addition, by the revenue weather due settlement growth. negative impact In PAMA, legal adverse quarter. partially the offset favorable in decline operating in offset strong was mostly to
was the last Drug foreign and Adjusted the the $XXX year Revenue of review of operating points XX% or and demand remain I'll track improvement Now, X.X% to Development. currency million was $XXX revenue basis Covance an acquisitions. point integration book-to-bill. accelerated net organic billion, cost operating due and XXXX. We performance primarily delivered Development increase of net by million and $XX savings acquisitions, on was from translation. of another demand, for synergies due Drug income $XX was to to savings organic of in organic over strong The of The year. of quarter orders the million of end the for driven of LaunchPad LaunchPad to in increase $XX savings. Chiltern XX% deliver net segment XXX the $X.X XXX growth quarter margin LaunchPad million or benefit last Covance compared and from basis income million from by
to at revenues book-to-bill XXXX. from compared $X.X next at approximately $X.X billion, book-to-bill the December net this convert months, net XX, billion $X.X backlog X.XX were over XX we times of For And to end of quarter of and the to into as up of X.XX $X.X $X.X increased months. times. orders results Backlog and XX end the billion, of the net trailing XXXX. the translating months' billion expect XX These respectively into a orders billion trailing of net
year as guidance, Now, in and restated guidance results I'll repayment. impacts are which deployment XX discuss cash towards foreign the includes our of share anticipated as acquisitions, XXXX debt free all for light XXXX in March the of mentioned repurchases the assumes XXX. ASC exchange rates the reminder, from of And of remainder currently a flow and
$XX.X includes We over XXXX currency X.X% and benefit prior an XX XX% translation. of which to basis growth of is growth currency XX% of translation. our of increase the expect to of over points revenue to strong favorable due This billion, XX% revenue organic approximately guidance
X% We due X.X% which growth billion, XX expect $X.X currency organic X.X% to growth. of LabCorp revenue translation. guidance includes XXXX of benefit strong over Diagnostics' to primarily to revenue This of an prior approximately points is of over of the our increase X% basis
Covance expect XXXX XXXX This high-single-digit Drug increase of XX% guidance billion, of of track the includes translation. points due our prior to mid- is basis to favorable $X.X revenue businesses. in on organic benefit to translation. XX% We revenue of Development to currency deliver our across to which growth remain growth approximately XX% of of currency We XX% an XXX over
$XX.XX in to XX% Our from adjusted of adjusted EPS is is to guidance. unchanged increase prior XXXX our This $X.XX. guidance of range $XX.XX, XX% an over EPS
from includes negative share guidance in $X.XX full ASC prior EPS from However, the it XXXX impact for of the XXX accounting no now impact the assumed projected $X.XX whereas our change. per to year
We first an through the in of the expect due results remainder to new this the standard year. offset improved to outlook our earnings and strong for quarter reduction accounting
concludes Operator? and cash our to between be We expect prior unchanged flow billion remarks, $X.X from take now formal we'll $X.X guidance. free billion, and This questions.
