PPD, Inc. (PPD) Misses Q4 EPS by 1c, Revenues Beat; Offers 1Q & FY21 Revenues Guidance Above Consensus, Provides 1Q & FY21 EPS Outlook

PPD, Inc. (NASDAQ: PPD) reported Q4 EPS of $0.35, $0.01 worse than the analyst estimate of $0.36. Revenue for the quarter came in at $1.3 billion versus the consensus estimate of $1.28 billion.

Highlights

• Fourth quarter net authorizations of $1,297.6 million, representing 28.1% growth and resulting in a net book-to-bill ratio of 1.30x on a historical basis
• Full year net authorizations of $4,613.7 million, representing 20.5% growth and resulting in a net book-to-bill ratio of 1.32x on a historical basis
• Ending backlog of $8,187.9 million, an increase of 15.9% over the prior year-end on a historical basis
• Fourth quarter and full year revenue of $1,364.3 million and $4,681.5 million, representing growth of 30.3% and 16.1% over the same periods in 2019, respectively
• Fourth quarter and full year net income attributable to common stockholders of $73.1 million and $120.2 million, representing growth of 980.2% and 119.8% over the same periods in 2019, respectively
• Fourth quarter and full year adjusted EBITDA of $251.9 million and $875.7 million, representing 17.9% and 12.7% growth over the same periods in 2019, respectively
• Fourth quarter and full year diluted EPS of $0.20 and $0.35 and adjusted diluted EPS of $0.39 and $1.19, respectively
• Full year 2021 guidance: revenue of $5,145 million to $5,304 million; adjusted EBITDA of $970 million to $1,000 million; adjusted diluted EPS of $1.37 to $1.45
• First quarter 2021 guidance: revenue of $1,277 million to $1,302 million; adjusted EBITDA of $225 million to $229 million; adjusted diluted EPS of $0.30 to $0.32

“PPD’s talent and culture have been instrumental to our success,” said David Simmons, PPD’s chairman and CEO. “The challenges of the pandemic put a spotlight on our people, differentiated capabilities and therapeutic expertise – and PPD excelled in that spotlight. Not only have we played a key role in developing vaccines and therapeutics to prevent and treat COVID-19, but our unwavering commitment to study continuity and deployment of innovative solutions in this dynamic environment produced outstanding financial results. As we add another year of double-digit growth to our long track record of strong performance, we are very well positioned for 2021.”

GUIDANCE:

PPD, Inc. sees Q1 2021 EPS of $0.30-$0.32, versus the consensus of $0.32. PPD, Inc. sees Q1 2021 revenue of $1.277-1.302 billion, versus the consensus of $1.23 billion.

PPD, Inc. sees FY2021 EPS of $1.37-$1.45, versus the consensus of $1.39. PPD, Inc. sees FY2021 revenue of $5.145-5.304 billion, versus the consensus of $5.06 billion.

First quarter and full year 2021 guidance assumes foreign exchange rates will remain in effect through the first quarter and full year. PPD’s guidance for adjusted diluted EPS also assumes (i) an estimated full year adjusted tax rate of between 23% and 24% and (ii) diluted weighted-average shares outstanding of 358 million as of March 31, 2021 and 360 million as of December 31, 2021, respectively.

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

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