Pre-paid Legal Services, Inc. (PPD) Reports Q4 EPS of $0.33 on Revenues of $1.046B; Offers FY20 Revenue Outlook

Pre-paid Legal Services, Inc. (NASDAQ: PPD) reported Q4 EPS of $0.33, versus $0.27 reported last year. Revenue for the quarter came in at $1.05 billion, versus $978.6 million reported last year.

Highlights

• Fourth quarter revenue of $1,046.9 million, representing 7.0% growth over the fourth quarter of 2018
• Full year revenue of $4,031.0 million, representing 7.5% growth over the prior year
• Full year segment revenues of $3,143.7 million, representing 10.8% growth over the prior year
• Net authorizations and a net book-to-bill ratio of $1,012.9 million and 1.24x for the fourth quarter; $3,827.3 million and 1.22x for the full year
• Ending backlog of $7.1 billion, an increase of 11.9% over the prior year end
• Net income attributable to common stockholders of $6.8 million for the fourth quarter; $54.7 million for the full year
• Adjusted EBITDA of $213.6 million for the fourth quarter; $776.9 million for the full year
• Full year 2020 guidance for revenue of $4.353 billion to $4.474 billion; Adjusted EBITDA of $855 million to $870 million

“Our fourth quarter and full year results reflect solid commercial and financial success enabled by effective execution of our growth strategy,” said David Simmons, PPD’s chairman and CEO. “We continue to progress our mission to help customers bring life-changing therapies to patients. Our record net authorizations and ending backlog combined with our stable backlog conversion rate, position us well for continued growth in 2020.”

“Our financial performance in 2019, ending backlog and healthy net authorizations to close out the year give us confidence in our ability to continue delivering solid results,” said Chris Scully, PPD’s executive vice president and CFO. “As a result, based on the current outlook, we expect to land in the top half of our full year 2020 guidance range for revenue and adjusted EBITDA.”

GUIDANCE:

Pre-paid Legal Services, Inc. sees FY2020 revenue of $4.353-4.474 billion.

For earnings history and earnings-related data on Pre-paid Legal Services, Inc. (PPD) click here.

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