10-Q 1 synh-10q_20210930.htm 10-Q synh-10q_20210930.htm
false 2021 Q3 0001610950 --12-31 2192400000 1981700000 2021 2192400000 1981700000 http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613Member http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613Member http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613Member http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613Member http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613Member http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613Member http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613Member http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613Member 0001610950 2021-01-01 2021-09-30 xbrli:shares 0001610950 2021-10-27 iso4217:USD 0001610950 2021-07-01 2021-09-30 0001610950 2020-07-01 2020-09-30 0001610950 2020-01-01 2020-09-30 iso4217:USD xbrli:shares 0001610950 2021-09-30 0001610950 2020-12-31 0001610950 2019-12-31 0001610950 2020-09-30 0001610950 2021-06-30 0001610950 2020-06-30 0001610950 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2019-12-31 0001610950 us-gaap:CommonStockMember 2021-06-30 0001610950 us-gaap:CommonStockMember 2020-06-30 0001610950 us-gaap:CommonStockMember 2020-12-31 0001610950 us-gaap:CommonStockMember 2019-12-31 0001610950 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001610950 us-gaap:CommonStockMember 2021-01-01 2021-09-30 0001610950 us-gaap:CommonStockMember 2020-01-01 2020-09-30 0001610950 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0001610950 us-gaap:CommonStockMember 2021-09-30 0001610950 us-gaap:CommonStockMember 2020-09-30 0001610950 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001610950 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001610950 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001610950 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001610950 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001610950 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-09-30 0001610950 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-09-30 0001610950 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30 0001610950 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0001610950 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001610950 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001610950 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001610950 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001610950 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001610950 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01 2021-09-30 0001610950 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001610950 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-09-30 0001610950 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-09-30 0001610950 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-09-30 0001610950 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0001610950 us-gaap:RetainedEarningsMember 2021-06-30 0001610950 us-gaap:RetainedEarningsMember 2020-06-30 0001610950 us-gaap:RetainedEarningsMember 2020-12-31 0001610950 us-gaap:RetainedEarningsMember 2019-12-31 0001610950 us-gaap:RetainedEarningsMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2019-12-31 0001610950 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0001610950 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001610950 us-gaap:RetainedEarningsMember 2021-01-01 2021-09-30 0001610950 us-gaap:RetainedEarningsMember 2020-01-01 2020-09-30 0001610950 us-gaap:RetainedEarningsMember 2021-09-30 0001610950 us-gaap:RetainedEarningsMember 2020-09-30 synh:Segment 0001610950 synh:ClinicalSolutionsSegmentMember 2020-12-31 0001610950 synh:CommercialSolutionsSegmentMember 2020-12-31 0001610950 synh:ClinicalSolutionsSegmentMember 2021-01-01 2021-09-30 0001610950 synh:CommercialSolutionsSegmentMember 2021-01-01 2021-09-30 0001610950 synh:ClinicalSolutionsSegmentMember 2021-09-30 0001610950 synh:CommercialSolutionsSegmentMember 2021-09-30 0001610950 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-06-30 0001610950 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-06-30 0001610950 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-12-31 0001610950 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-12-31 0001610950 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-07-01 2021-09-30 0001610950 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-07-01 2020-09-30 0001610950 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-01-01 2021-09-30 0001610950 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-09-30 0001610950 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-09-30 0001610950 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-09-30 0001610950 us-gaap:AccumulatedTranslationAdjustmentMember 2021-06-30 0001610950 us-gaap:AccumulatedTranslationAdjustmentMember 2020-06-30 0001610950 us-gaap:AccumulatedTranslationAdjustmentMember 2020-12-31 0001610950 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0001610950 us-gaap:AccumulatedTranslationAdjustmentMember 2021-07-01 2021-09-30 0001610950 us-gaap:AccumulatedTranslationAdjustmentMember 2020-07-01 2020-09-30 0001610950 us-gaap:AccumulatedTranslationAdjustmentMember 2021-01-01 2021-09-30 0001610950 us-gaap:AccumulatedTranslationAdjustmentMember 2020-01-01 2020-09-30 0001610950 us-gaap:AccumulatedTranslationAdjustmentMember 2021-09-30 0001610950 us-gaap:AccumulatedTranslationAdjustmentMember 2020-09-30 0001610950 synh:StudyKikAcquisitionMember 2021-09-12 2021-09-13 0001610950 synh:StudyKikAcquisitionMember 2021-09-13 0001610950 synh:StudyKikAcquisitionMember us-gaap:CustomerRelationshipsMember 2021-09-12 2021-09-13 0001610950 synh:StudyKikAcquisitionMember synh:BacklogMember 2021-09-12 2021-09-13 0001610950 synh:StudyKikAcquisitionMember us-gaap:TradeNamesMember 2021-09-12 2021-09-13 0001610950 synh:StudyKikAcquisitionMember synh:PatientCommunitiesMember 2021-09-12 2021-09-13 0001610950 synh:StudyKikAcquisitionMember synh:AcquiredTechnologyMember 2021-09-12 2021-09-13 0001610950 synh:SynteractAcquisitionMember 2020-12-08 2020-12-09 xbrli:pure 0001610950 synh:SynteractAcquisitionMember 2020-12-09 0001610950 synh:SynteractAcquisitionMember 2021-01-01 2021-03-31 0001610950 synh:IllingworthResearchMember 2020-12-16 2020-12-17 0001610950 synh:IllingworthResearchMember 2021-01-01 2021-03-31 0001610950 synh:IllingworthResearchMember 2020-12-17 0001610950 srt:MaximumMember synh:RelatedPartyMember 2020-04-01 2020-06-30 0001610950 synh:RelatedPartyMember 2021-06-30 0001610950 2020-10-01 2020-12-31 0001610950 synh:ClinicalSolutionsSegmentMember 2020-10-01 2020-12-31 0001610950 synh:ClinicalSolutionsSegmentMember 2021-04-01 2021-06-30 0001610950 2020-04-01 2020-06-30 0001610950 us-gaap:SecuredDebtMember synh:TermLoanATrancheOneDueMarch2024Member 2021-09-30 0001610950 us-gaap:SecuredDebtMember synh:TermLoanATrancheOneDueMarch2024Member 2020-12-31 0001610950 us-gaap:SecuredDebtMember synh:TermLoanATrancheTwoDueAugust2024Member 2021-09-30 0001610950 us-gaap:SecuredDebtMember synh:TermLoanATrancheTwoDueAugust2024Member 2020-12-31 0001610950 us-gaap:SecuredDebtMember synh:A2017CreditAgreementAmendmentNo2TermLoanBDueAugust2024Member 2020-12-31 0001610950 us-gaap:SecuredDebtMember synh:A2017CreditAgreementRevolvingCreditFacilityDueAugust2024Member 2021-09-30 0001610950 us-gaap:SecuredDebtMember synh:AccountsReceivableFinancingAgreementDueOctober2022Member synh:AccountsReceivableSecuritizationMember 2021-09-30 0001610950 us-gaap:SecuredDebtMember synh:AccountsReceivableFinancingAgreementDueOctober2022Member synh:AccountsReceivableSecuritizationMember 2020-12-31 0001610950 us-gaap:SecuredDebtMember 2021-09-30 0001610950 us-gaap:SecuredDebtMember 2020-12-31 0001610950 us-gaap:UnsecuredDebtMember synh:SeniorUnsecuredNotesDueJanuary2029Member 2021-09-30 0001610950 us-gaap:UnsecuredDebtMember synh:SeniorUnsecuredNotesDueJanuary2029Member 2020-12-31 0001610950 us-gaap:UnsecuredDebtMember 2021-09-30 0001610950 us-gaap:UnsecuredDebtMember 2020-12-31 0001610950 synh:A2017CreditAgreementAmendmentNo2TermLoanADueMarch2024Member synh:TermLoanMember us-gaap:SecuredDebtMember 2021-09-30 0001610950 synh:A2017CreditAgreementTermLoanBDueAugust2024Member synh:TermLoanMember us-gaap:SecuredDebtMember 2021-09-30 0001610950 synh:CreditAgreementAmendmentNo5TermLoanAMember synh:IncrementalTermLoanMember us-gaap:SecuredDebtMember 2021-09-30 0001610950 synh:A2017CreditAgreementAmendmentNo2TermLoanBDueAugust2024Member us-gaap:RevolvingCreditFacilityMember us-gaap:SecuredDebtMember 2021-09-30 0001610950 synh:A2017CreditAgreementAmendmentNo2TermLoanBDueAugust2024Member us-gaap:SecuredDebtMember 2021-02-27 2021-02-28 0001610950 synh:A2017CreditAgreementAmendmentNo2TermLoanBDueAugust2024Member synh:TermLoanMember us-gaap:SecuredDebtMember srt:MaximumMember 2021-02-28 0001610950 synh:A2017CreditAgreementAmendmentNo2TermLoanBDueAugust2024Member synh:TermLoanMember us-gaap:SecuredDebtMember srt:MinimumMember 2021-02-28 0001610950 synh:A2017CreditAgreementAmendmentNo2TermLoanADueMarch2024Member us-gaap:SecuredDebtMember 2021-01-01 2021-09-30 0001610950 synh:A2017CreditAgreementTermLoanBDueAugust2024Member us-gaap:SecuredDebtMember 2021-01-01 2021-09-30 0001610950 synh:CreditAgreementAmendmentNo5TermLoanAMember synh:TermLoanMember us-gaap:SecuredDebtMember 2021-09-30 0001610950 us-gaap:SecuredDebtMember 2021-01-01 2021-09-30 0001610950 synh:A2017CreditAgreementRevolvingCreditFacilityDueAugust2024Member us-gaap:LetterOfCreditMember us-gaap:SecuredDebtMember 2021-09-30 0001610950 us-gaap:RevolvingCreditFacilityMember us-gaap:SecuredDebtMember 2021-09-30 0001610950 us-gaap:LetterOfCreditMember us-gaap:SecuredDebtMember 2021-09-30 0001610950 synh:AccountsReceivableFinancingAgreementDueOctober2022Member synh:AccountsReceivableSecuritizationMember us-gaap:SecuredDebtMember srt:SubsidiariesMember 2021-01-27 0001610950 synh:AccountsReceivableFinancingAgreementDueOctober2022Member synh:AccountsReceivableSecuritizationMember us-gaap:SecuredDebtMember srt:SubsidiariesMember 2021-01-28 0001610950 synh:AccountsReceivableFinancingAgreementDueOctober2022Member 2021-01-26 2021-01-28 0001610950 synh:AccountsReceivableFinancingAgreementDueOctober2022Member synh:AccountsReceivableSecuritizationMember us-gaap:SecuredDebtMember srt:SubsidiariesMember synh:FederalFundsRateMember 2021-01-01 2021-03-31 0001610950 synh:AccountsReceivableFinancingAgreementDueSeptember2021Member synh:AccountsReceivableSecuritizationMember us-gaap:SecuredDebtMember 2021-09-30 0001610950 srt:SubsidiariesMember synh:AccountsReceivableFinancingAgreementDueSeptember2021Member synh:AccountsReceivableSecuritizationMember us-gaap:SecuredDebtMember 2021-09-30 0001610950 srt:SubsidiariesMember synh:AccountsReceivableFinancingAgreementDueOctober2024Member synh:AccountsReceivableSecuritizationMember us-gaap:SecuredDebtMember 2021-10-12 0001610950 srt:SubsidiariesMember synh:AccountsReceivableFinancingAgreementDueOctober2024Member synh:AccountsReceivableSecuritizationMember us-gaap:SecuredDebtMember 2021-10-13 0001610950 synh:AccountsReceivableFinancingAgreementDueOctober2024Member 2021-10-11 2021-10-13 0001610950 synh:InterestRateSwapExpiringJune302021Member 2018-12-31 0001610950 synh:InterestRateSwapExpiringMarch312023Member 2020-03-31 0001610950 synh:InterestRateSwapExpiringMarch312023Member 2021-06-30 0001610950 synh:InterestRateSwapExpiringMarch312023Member 2021-09-30 0001610950 us-gaap:ForeignExchangeForwardMember 2021-09-30 0001610950 us-gaap:ForeignExchangeForwardMember 2021-07-01 2021-09-30 0001610950 us-gaap:ForeignExchangeForwardMember 2021-01-01 2021-09-30 0001610950 us-gaap:AccruedLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2021-09-30 0001610950 us-gaap:AccruedLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2020-12-31 0001610950 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2021-09-30 0001610950 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2020-12-31 0001610950 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2021-09-30 0001610950 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2020-12-31 0001610950 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001610950 us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001610950 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember srt:PartnershipInterestMember us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001610950 srt:PartnershipInterestMember us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001610950 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001610950 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0001610950 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001610950 us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001610950 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember srt:PartnershipInterestMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001610950 srt:PartnershipInterestMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001610950 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001610950 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001610950 synh:HealthcareAndLifeSciencesIndustryMember 2021-09-30 synh:EquityFund 0001610950 us-gaap:FairValueMeasurementsNonrecurringMember 2021-09-30 0001610950 us-gaap:FairValueMeasurementsNonrecurringMember 2020-12-31 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember us-gaap:CarryingReportedAmountFairValueDisclosureMember synh:A2017CreditAgreementAmendmentNo2TermLoanATrancheOneDueMarch2024Member 2021-09-30 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember us-gaap:CarryingReportedAmountFairValueDisclosureMember synh:A2017CreditAgreementAmendmentNo2TermLoanATrancheTwoDueAugust2024Member 2021-09-30 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember us-gaap:EstimateOfFairValueFairValueDisclosureMember synh:A2017CreditAgreementAmendmentNo2TermLoanATrancheOneDueMarch2024Member 2021-09-30 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember us-gaap:EstimateOfFairValueFairValueDisclosureMember synh:A2017CreditAgreementAmendmentNo2TermLoanATrancheTwoDueAugust2024Member 2021-09-30 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember us-gaap:CarryingReportedAmountFairValueDisclosureMember synh:A2017CreditAgreementAmendmentNo2TermLoanATrancheOneDueMarch2024Member 2020-12-31 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember us-gaap:CarryingReportedAmountFairValueDisclosureMember synh:A2017CreditAgreementAmendmentNo2TermLoanATrancheTwoDueAugust2024Member 2020-12-31 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember us-gaap:CarryingReportedAmountFairValueDisclosureMember synh:A2017CreditAgreementAmendmentNo2TermLoanBDueAugust2024Member 2020-12-31 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember us-gaap:EstimateOfFairValueFairValueDisclosureMember synh:A2017CreditAgreementAmendmentNo2TermLoanATrancheOneDueMarch2024Member 2020-12-31 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember us-gaap:EstimateOfFairValueFairValueDisclosureMember synh:A2017CreditAgreementAmendmentNo2TermLoanATrancheTwoDueAugust2024Member 2020-12-31 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember us-gaap:EstimateOfFairValueFairValueDisclosureMember synh:A2017CreditAgreementAmendmentNo2TermLoanBDueAugust2024Member 2020-12-31 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:UnsecuredDebtMember us-gaap:CarryingReportedAmountFairValueDisclosureMember synh:SeniorNoteDue2029Member 2021-09-30 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:UnsecuredDebtMember us-gaap:EstimateOfFairValueFairValueDisclosureMember synh:SeniorNoteDue2029Member 2021-09-30 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:UnsecuredDebtMember us-gaap:CarryingReportedAmountFairValueDisclosureMember synh:SeniorNoteDue2029Member 2020-12-31 0001610950 us-gaap:FairValueInputsLevel2Member us-gaap:UnsecuredDebtMember us-gaap:EstimateOfFairValueFairValueDisclosureMember synh:SeniorNoteDue2029Member 2020-12-31 0001610950 us-gaap:EmployeeSeveranceMember 2021-07-01 2021-09-30 0001610950 us-gaap:EmployeeSeveranceMember 2020-07-01 2020-09-30 0001610950 us-gaap:EmployeeSeveranceMember 2021-01-01 2021-09-30 0001610950 us-gaap:EmployeeSeveranceMember 2020-01-01 2020-09-30 0001610950 us-gaap:FacilityClosingMember 2021-07-01 2021-09-30 0001610950 us-gaap:FacilityClosingMember 2020-07-01 2020-09-30 0001610950 us-gaap:FacilityClosingMember 2021-01-01 2021-09-30 0001610950 us-gaap:FacilityClosingMember 2020-01-01 2020-09-30 0001610950 us-gaap:OtherRestructuringMember 2021-07-01 2021-09-30 0001610950 us-gaap:OtherRestructuringMember 2020-07-01 2020-09-30 0001610950 us-gaap:OtherRestructuringMember 2021-01-01 2021-09-30 0001610950 us-gaap:OtherRestructuringMember 2020-01-01 2020-09-30 0001610950 us-gaap:EmployeeSeveranceMember us-gaap:BusinessRestructuringReservesMember 2020-12-31 0001610950 us-gaap:BusinessRestructuringReservesMember 2020-12-31 0001610950 us-gaap:EmployeeSeveranceMember us-gaap:BusinessRestructuringReservesMember 2021-01-01 2021-09-30 0001610950 us-gaap:OtherRestructuringMember us-gaap:BusinessRestructuringReservesMember 2021-01-01 2021-09-30 0001610950 us-gaap:BusinessRestructuringReservesMember 2021-01-01 2021-09-30 0001610950 us-gaap:EmployeeSeveranceMember us-gaap:BusinessRestructuringReservesMember 2021-09-30 0001610950 us-gaap:BusinessRestructuringReservesMember 2021-09-30 0001610950 us-gaap:CommonClassAMember 2020-11-17 0001610950 us-gaap:CommonClassAMember 2021-01-01 2021-09-30 0001610950 us-gaap:CommonStockMember 2021-03-01 2021-03-31 0001610950 us-gaap:CommonStockMember 2021-05-01 2021-05-31 0001610950 us-gaap:CommonStockMember 2021-06-01 2021-06-30 0001610950 us-gaap:CommonStockMember 2021-01-01 2021-09-30 0001610950 us-gaap:CommonStockMember 2021-09-30 0001610950 us-gaap:ForeignCountryMember 2021-01-01 2021-09-30 0001610950 srt:MinimumMember 2021-01-01 2021-09-30 0001610950 srt:MaximumMember 2021-01-01 2021-09-30 0001610950 synh:ClinicalSolutionsSegmentMember us-gaap:OperatingSegmentsMember 2021-07-01 2021-09-30 0001610950 synh:ClinicalSolutionsSegmentMember us-gaap:OperatingSegmentsMember 2020-07-01 2020-09-30 0001610950 synh:ClinicalSolutionsSegmentMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-09-30 0001610950 synh:ClinicalSolutionsSegmentMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-09-30 0001610950 synh:CommercialSolutionsSegmentMember us-gaap:OperatingSegmentsMember 2021-07-01 2021-09-30 0001610950 synh:CommercialSolutionsSegmentMember us-gaap:OperatingSegmentsMember 2020-07-01 2020-09-30 0001610950 synh:CommercialSolutionsSegmentMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-09-30 0001610950 synh:CommercialSolutionsSegmentMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-09-30 0001610950 us-gaap:OperatingSegmentsMember 2021-07-01 2021-09-30 0001610950 us-gaap:OperatingSegmentsMember 2020-07-01 2020-09-30 0001610950 us-gaap:OperatingSegmentsMember 2021-01-01 2021-09-30 0001610950 us-gaap:OperatingSegmentsMember 2020-01-01 2020-09-30 0001610950 us-gaap:CorporateNonSegmentMember synh:CostofServicesMember 2021-07-01 2021-09-30 0001610950 us-gaap:CorporateNonSegmentMember synh:CostofServicesMember 2020-07-01 2020-09-30 0001610950 us-gaap:CorporateNonSegmentMember synh:CostofServicesMember 2021-01-01 2021-09-30 0001610950 us-gaap:CorporateNonSegmentMember synh:CostofServicesMember 2020-01-01 2020-09-30 0001610950 us-gaap:CorporateNonSegmentMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2021-07-01 2021-09-30 0001610950 us-gaap:CorporateNonSegmentMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2020-07-01 2020-09-30 0001610950 us-gaap:CorporateNonSegmentMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2021-01-01 2021-09-30 0001610950 us-gaap:CorporateNonSegmentMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2020-01-01 2020-09-30 0001610950 us-gaap:CorporateNonSegmentMember 2021-07-01 2021-09-30 0001610950 us-gaap:CorporateNonSegmentMember 2020-07-01 2020-09-30 0001610950 us-gaap:CorporateNonSegmentMember 2021-01-01 2021-09-30 0001610950 us-gaap:CorporateNonSegmentMember 2020-01-01 2020-09-30 0001610950 srt:NorthAmericaMember 2021-07-01 2021-09-30 0001610950 srt:NorthAmericaMember 2020-07-01 2020-09-30 0001610950 srt:NorthAmericaMember 2021-01-01 2021-09-30 0001610950 srt:NorthAmericaMember 2020-01-01 2020-09-30 0001610950 us-gaap:EMEAMember 2021-07-01 2021-09-30 0001610950 us-gaap:EMEAMember 2020-07-01 2020-09-30 0001610950 us-gaap:EMEAMember 2021-01-01 2021-09-30 0001610950 us-gaap:EMEAMember 2020-01-01 2020-09-30 0001610950 srt:AsiaPacificMember 2021-07-01 2021-09-30 0001610950 srt:AsiaPacificMember 2020-07-01 2020-09-30 0001610950 srt:AsiaPacificMember 2021-01-01 2021-09-30 0001610950 srt:AsiaPacificMember 2020-01-01 2020-09-30 0001610950 srt:LatinAmericaMember 2021-07-01 2021-09-30 0001610950 srt:LatinAmericaMember 2020-07-01 2020-09-30 0001610950 srt:LatinAmericaMember 2021-01-01 2021-09-30 0001610950 srt:LatinAmericaMember 2020-01-01 2020-09-30 0001610950 country:US 2021-07-01 2021-09-30 0001610950 country:US 2020-07-01 2020-09-30 0001610950 country:US 2021-01-01 2021-09-30 0001610950 country:US 2020-01-01 2020-09-30 0001610950 country:US us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2021-07-01 2021-09-30 0001610950 country:US us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2020-07-01 2020-09-30 0001610950 country:US us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2021-01-01 2021-09-30 0001610950 country:US us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2020-01-01 2020-09-30 0001610950 srt:NorthAmericaMember 2021-09-30 0001610950 srt:NorthAmericaMember 2020-12-31 0001610950 us-gaap:EMEAMember 2021-09-30 0001610950 us-gaap:EMEAMember 2020-12-31 0001610950 srt:AsiaPacificMember 2021-09-30 0001610950 srt:AsiaPacificMember 2020-12-31 0001610950 srt:LatinAmericaMember 2021-09-30 0001610950 srt:LatinAmericaMember 2020-12-31 0001610950 country:US 2021-09-30 0001610950 country:US 2020-12-31 0001610950 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember us-gaap:OtherCustomerMember 2021-07-01 2021-09-30 0001610950 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember us-gaap:OtherCustomerMember 2020-07-01 2020-09-30 0001610950 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember us-gaap:OtherCustomerMember 2021-01-01 2021-09-30 0001610950 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember us-gaap:OtherCustomerMember 2020-01-01 2020-09-30 0001610950 us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:OtherCustomerMember 2021-01-01 2021-09-30 0001610950 us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:OtherCustomerMember 2020-01-01 2020-12-31 0001610950 srt:DirectorMember 2021-01-01 2021-09-30 synh:Customer 0001610950 srt:MaximumMember 2021-05-01 2021-05-31 0001610950 2021-04-01 2021-06-30 synh:numberOfAction 0001610950 us-gaap:PendingLitigationMember synh:BermudezAndVaitkuvieneActionsMember 2017-12-01 2017-12-01 0001610950 synh:InVentivMergerMember us-gaap:FairValueMeasurementsRecurringMember 2021-03-31 0001610950 synh:InVentivMergerMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

FORM 10-Q 

(Mark One)

 

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

 

For the quarterly period ended September 30, 2021

or

 

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

 

For the transition period from            to            .

Commission File Number: 001-36730

 

SYNEOS HEALTH, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

27-3403111

(State or other jurisdiction of incorporation or organization)

 

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

 

1030 Sync Street, Morrisville, North Carolina 27560-5468

(Address of principal executive offices and Zip Code)

(919876-9300

(Registrant’s telephone number, including area code)

N/A

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

 

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value per share

SYNH

The Nasdaq Stock Market LLC

 

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

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

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

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

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

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

As of October 27, 2021, there were approximately 103,692,056 shares of the registrant’s common stock outstanding.

 

 


Table of Contents

 

 

SYNEOS HEALTH, INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

Page

 

 

 

Item 1.

Financial Statements

3

 

 

 

 

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

3

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020 (unaudited)

4

 

 

 

 

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

5

 

 

 

 

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

6

 

 

 

 

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

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

8

 

 

 

Item 2.

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

27

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

 

 

 

Item 4.

Controls and Procedures

43

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

43

 

 

 

Item 1A.

Risk Factors

43

 

 

 

Item 2.

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

43

 

 

 

Item 5.

Other Information

44

 

 

 

Item 6.

Exhibits

45

 

 

 

 

Signature

46

 

 

2


Table of Contents

 

 

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements.

 

SYNEOS HEALTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands, except per share data)

 

Revenue

 

$

1,348,230

 

 

$

1,099,004

 

 

$

3,839,586

 

 

$

3,275,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs (exclusive of depreciation and amortization)

 

 

1,031,887

 

 

 

820,228

 

 

 

2,969,718

 

 

 

2,550,134

 

Selling, general, and administrative expenses

 

 

139,524

 

 

 

118,051

 

 

 

421,507

 

 

 

351,942

 

Restructuring and other costs

 

 

7,209

 

 

 

6,523

 

 

 

18,403

 

 

 

23,414

 

Depreciation

 

 

17,680

 

 

 

17,301

 

 

 

54,285

 

 

 

51,830

 

Amortization

 

 

38,574

 

 

 

38,147

 

 

 

117,618

 

 

 

115,746

 

Total operating expenses

 

 

1,234,874

 

 

 

1,000,250

 

 

 

3,581,531

 

 

 

3,093,066

 

Income from operations

 

 

113,356

 

 

 

98,754

 

 

 

258,055

 

 

 

182,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

76

 

 

 

126

 

 

 

5

 

 

 

(332

)

Interest expense

 

 

16,698

 

 

 

20,316

 

 

 

62,645

 

 

 

68,458

 

Loss on extinguishment of debt

 

 

 

 

 

346

 

 

 

2,802

 

 

 

346

 

Other (income) expense, net

 

 

(3,827

)

 

 

10,596

 

 

 

(5,856

)

 

 

(2,573

)

Total other expense, net

 

 

12,947

 

 

 

31,384

 

 

 

59,596

 

 

 

65,899

 

Income before provision for income taxes

 

 

100,409

 

 

 

67,370

 

 

 

198,459

 

 

 

116,793

 

Income tax expense

 

 

22,166

 

 

 

3,954

 

 

 

39,587

 

 

 

15,892

 

Net income

 

$

78,243

 

 

$

63,416

 

 

$

158,872

 

 

$

100,901

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.76

 

 

$

0.61

 

 

$

1.53

 

 

$

0.97

 

Diluted

 

$

0.75

 

 

$

0.60

 

 

$

1.51

 

 

$

0.96

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

103,562

 

 

 

104,277

 

 

 

103,924

 

 

 

104,247

 

Diluted

 

 

104,785

 

 

 

105,588

 

 

 

105,087

 

 

 

105,483

 

 

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

3


Table of Contents

 

SYNEOS HEALTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Net income

 

$

78,243

 

 

$

63,416

 

 

$

158,872

 

 

$

100,901

 

Unrealized gain (loss) on derivative instruments, net of income tax expense (benefit) of $317, $1,384, $3,926, and $(5,203), respectively

 

 

936

 

 

 

5,219

 

 

 

11,581

 

 

 

(6,642

)

Foreign currency translation adjustments, net of income tax (benefit) expense of $(1,102), $0, $(1,260), and $0, respectively

 

 

(23,687

)

 

 

33,832

 

 

 

(19,172

)

 

 

(12,086

)

Comprehensive income

 

$

55,492

 

 

$

102,467

 

 

$

151,281

 

 

$

82,173

 

 

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

4


Table of Contents

 

SYNEOS HEALTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

(in thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash

 

$

122,535

 

 

$

272,173

 

Accounts receivable and unbilled services, net

 

 

1,527,032

 

 

 

1,344,781

 

Prepaid expenses and other current assets

 

 

114,632

 

 

 

121,058

 

Total current assets

 

 

1,764,199

 

 

 

1,738,012

 

Property and equipment, net

 

 

205,479

 

 

 

216,200

 

Operating lease right-of-use assets

 

 

221,101

 

 

 

223,285

 

Goodwill

 

 

4,896,907

 

 

 

4,776,178

 

Intangible assets, net

 

 

880,847

 

 

 

933,525

 

Deferred income tax assets

 

 

39,032

 

 

 

35,059

 

Other long-term assets

 

 

209,394

 

 

 

141,047

 

Total assets

 

$

8,216,959

 

 

$

8,063,306

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

110,347

 

 

$

113,684

 

Accrued expenses

 

 

693,599

 

 

 

611,042

 

Deferred revenue

 

 

819,903

 

 

 

793,068

 

Current portion of operating lease obligations

 

 

45,842

 

 

 

42,082

 

Current portion of finance lease obligations

 

 

18,580

 

 

 

17,455

 

Total current liabilities

 

 

1,688,271

 

 

 

1,577,331

 

Long-term debt

 

 

2,894,262

 

 

 

2,902,054

 

Operating lease long-term obligations

 

 

215,907

 

 

 

221,760

 

Finance lease long-term obligations

 

 

29,579

 

 

 

31,522

 

Deferred income tax liabilities

 

 

7,532

 

 

 

20,216

 

Other long-term liabilities

 

 

61,297

 

 

 

68,311

 

Total liabilities

 

 

4,896,848

 

 

 

4,821,194

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Common stock, $0.01 par value; 600,000 shares authorized, 103,688 and 103,935 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

1,037

 

 

 

1,039

 

Additional paid-in capital

 

 

3,456,378

 

 

 

3,461,747

 

Accumulated other comprehensive loss, net of taxes

 

 

(48,392

)

 

 

(40,801

)

Accumulated deficit

 

 

(88,912

)

 

 

(179,873

)

Total shareholders’ equity

 

 

3,320,111

 

 

 

3,242,112

 

Total liabilities and shareholders’ equity

 

$

8,216,959

 

 

$

8,063,306

 

 

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

5


Table of Contents

 

SYNEOS HEALTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

158,872

 

 

$

100,901

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

171,903

 

 

 

167,576

 

Share-based compensation

 

 

48,891

 

 

 

47,266

 

Provision for doubtful accounts

 

 

51

 

 

 

1,357

 

(Benefit from) provision for deferred income taxes

 

 

(21,324

)

 

 

21,306

 

Foreign currency transaction gains

 

 

(6,320

)

 

 

(7,747

)

Fair value adjustment of contingent obligations

 

 

(597

)

 

 

(3,791

)

Loss on extinguishment of debt

 

 

2,802

 

 

 

346

 

Other non-cash items

 

 

6,657

 

 

 

1,881

 

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

 

 

 

 

 

 

 

 

Accounts receivable, unbilled services, and deferred revenue

 

 

(154,162

)

 

 

15,542

 

Accounts payable and accrued expenses

 

 

99,417

 

 

 

(2,226

)

Other assets and liabilities

 

 

(41,891

)

 

 

(31,244

)

Net cash provided by operating activities

 

 

264,299

 

 

 

311,167

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Payments related to acquisitions of businesses, net of cash acquired

 

 

(226,347

)

 

 

 

Proceeds from notes receivable from divestiture

 

 

5,000

 

 

 

 

Purchases of property and equipment

 

 

(29,917

)

 

 

(38,493

)

Investments in unconsolidated affiliates

 

 

(5,074

)

 

 

(6,859

)

Loan to unconsolidated affiliate

 

 

(3,844

)

 

 

 

Net cash used in investing activities

 

 

(260,182

)

 

 

(45,352

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

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

 

 

494,505

 

 

 

 

Payments of debt financing costs

 

 

(544

)

 

 

(300

)

Repayments of long-term debt

 

 

(602,277

)

 

 

(113,750

)

Proceeds from accounts receivable financing agreement

 

 

65,000

 

 

 

31,600

 

Repayments of accounts receivable financing agreement

 

 

 

 

 

(6,600

)

Proceeds from revolving line of credit

 

 

30,000

 

 

 

300,000

 

Repayments of revolving line of credit

 

 

 

 

 

(300,000

)

Payments of contingent consideration related to acquisitions

 

 

(7,197

)

 

 

(26,634

)

Payments of finance leases

 

 

(12,748

)

 

 

(12,735

)

Payments for repurchases of common stock

 

 

(117,521

)

 

 

(62,029

)

Proceeds from exercises of stock options

 

 

26,223

 

 

 

22,973

 

Payments related to tax withholdings for share-based compensation

 

 

(30,924

)

 

 

(20,701

)

Net cash used in financing activities

 

 

(155,483

)

 

 

(188,176

)

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

 

 

1,728

 

 

 

7,568

 

Net change in cash, cash equivalents, and restricted cash

 

 

(149,638

)

 

 

85,207

 

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

 

 

272,173

 

 

 

163,689

 

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

 

$

122,535

 

 

$

248,896

 

 

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

6


Table of Contents

 

SYNEOS HEALTH, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Shareholders’ equity, beginning balance

 

$

3,238,614

 

 

$

2,999,684

 

 

$

3,242,112

 

 

$

3,029,654

 

Impact from adoption of ASU 2016-13

 

 

 

 

 

 

 

 

 

 

 

(2,771

)

Shareholders’ equity, adjusted beginning balance

 

 

3,238,614

 

 

 

2,999,684

 

 

 

3,242,112

 

 

 

3,026,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

 

1,035

 

 

 

1,042

 

 

 

1,039

 

 

 

1,039

 

Repurchases of common stock

 

 

 

 

 

(5

)

 

 

(15

)

 

 

(11

)

Issuances of common stock

 

 

2

 

 

 

3

 

 

 

13

 

 

 

12

 

Ending balance

 

 

1,037

 

 

 

1,040

 

 

 

1,037

 

 

 

1,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional paid-in capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

 

3,430,375

 

 

 

3,446,852

 

 

 

3,461,747

 

 

 

3,441,471

 

Repurchases of common stock

 

 

 

 

 

(16,795

)

 

 

(49,595

)

 

 

(36,529

)

Issuances of common stock

 

 

10,904

 

 

 

9,231

 

 

 

(4,665

)

 

 

2,173

 

Share-based compensation

 

 

15,099

 

 

 

15,093

 

 

 

48,891

 

 

 

47,266

 

Ending balance

 

 

3,456,378

 

 

 

3,454,381

 

 

 

3,456,378

 

 

 

3,454,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

 

(25,641

)

 

 

(129,372

)

 

 

(40,801

)

 

 

(71,593

)

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

 

 

936

 

 

 

5,219

 

 

 

11,581

 

 

 

(6,642

)

Foreign currency translation adjustment, net of taxes

 

 

(23,687

)

 

 

33,832

 

 

 

(19,172

)

 

 

(12,086

)

Ending balance

 

 

(48,392

)

 

 

(90,321

)

 

 

(48,392

)

 

 

(90,321

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated deficit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

 

(167,155

)

 

 

(318,838