INC Research Reports Third Quarter 2016 Results

October 31, 2016

Highlights

  • Book-to-bill of 1.3x, 1.2x and 1.2x for the three, nine and twelve months ended September 30, 2016, respectively.
  • Net new business awards of $330.1 million and $934.5 million for the three and nine months ended September 30, 2016, respectively.
  • Net service revenue growth of 10.7% and 14.0% for the three and nine months ended September 30, 2016, respectively.
  • GAAP diluted earnings per share of $0.49 and $1.35 for the three and nine months ended September 30, 2016, respectively.
  • Adjusted diluted earnings per share of $0.64 and $1.83 for the three and nine months ended September 30, 2016, respectively, representing growth of approximately 10.3% and 25.3%, respectively.

RALEIGH, N.C., Oct. 31, 2016 (GLOBE NEWSWIRE) -- INC Research Holdings, Inc. (Nasdaq:INCR), a leading global Phase I to Phase IV contract research organization, today reported financial results for the third quarter and year-to-date periods ended September 30, 2016.

“INC Research continues to deliver on our business strategy, achieving strong revenue growth and net new business awards for the third quarter,” commented Chief Executive Officer Alistair Macdonald. “Our ability to build strategic relationships with biopharmaceutical customers in critical drug development regions across the globe is increasingly being recognized as a key differentiator, with INC recently being awarded the 2016 Asia Pacific Contract Research Outsourcing Services Customer Value Leadership Award from leading growth consulting firm Frost & Sullivan.” Mr. Macdonald concluded, “I am pleased to have the opportunity to serve as CEO of an organization with such a strong leadership team and employees who have a relentless passion for drug development and improving patient lives. I look forward to leading INC Research on our journey to becoming ‘CRO of Choice’ and to driving value for employees, customers, sites and investors across the globe as we work to bring new therapies to market for patients.”

Third Quarter 2016 Results

Net service revenue for the three months ended September 30, 2016, increased by 10.7% to $259.6 million, compared to net service revenue of $234.5 million for the three months ended September 30, 2015. Net service revenue for the nine months ended September 30, 2016, increased by 14.0% to $767.4 million, compared to net service revenue of $673.4 million for the nine months ended September 30, 2015. In 2016, revenue has grown across all therapeutic areas and has been particularly strong in the central nervous system ("CNS"), oncology and other complex therapeutic areas. During the three and nine months ended September 30, 2016, fluctuations in foreign currency exchange rates resulted in an unfavorable impact of $2.6 million and $8.6 million, respectively, on net service revenue compared to the same periods in the prior year.    

Income from operations for the three months ended September 30, 2016, decreased 11.2% to $39.4 million, compared to $44.3 million for the three months ended September 30, 2015. Income from operations for the nine months ended September 30, 2016 decreased 1.0% to $111.6 million, compared to $112.7 million for the nine months ended September 30, 2015. Operating margin for the three and nine months ended September 30, 2016, was 15.2% and 14.5%, respectively, compared to 18.9% and 16.7% for the same periods in the prior year.

The Company's income from operations includes certain expenses and transactions that it believes are not representative of its core operations, as described in more detail below under “Use of Non-GAAP Financial Measures.” Excluding these items, adjusted income from operations was $56.7 million for the three months ended September 30, 2016, compared to $56.0 million for the three months ended September 30, 2015, representing growth of 1.3%. Adjusted income from operations was $163.9 million for the nine months ended September 30, 2016, compared to $151.2 million for the nine months ended September 30, 2015, representing growth of 8.4%. Adjusted operating margin for the three and nine months ended September 30, 2016, was 21.8% and 21.4%, respectively, compared to 23.9% and 22.5% for the same periods in 2015.

The Company reported net income for the three months ended September 30, 2016, of $27.3 million, resulting in diluted earnings per share of $0.49, compared to net income of $37.8 million, or $0.64 per diluted share, for the three months ended September 30, 2015. The Company reported net income for the nine months ended September 30, 2016, of $75.1 million, resulting in diluted earnings per share of $1.35, compared to net income of $86.4 million, or $1.42 per diluted share, for the nine months ended September 30, 2015. Adjusted net income for the three months ended September 30, 2016, was $35.3 million, or $0.64 per diluted share, compared to $33.9 million, or $0.58 per diluted share, for the same period in the prior year. Adjusted net income for the nine months ended September 30, 2016, was $102.1 million, or $1.83 per diluted share, compared to $88.8 million, or $1.46 per diluted share, for the same period in the prior year.

Adjusted EBITDA for the three months ended September 30, 2016, increased 2.8% to $62.0 million, up from $60.3 million for the three months ended September 30, 2015. Adjusted EBITDA for the nine months ended September 30, 2016, increased 8.7% to $179.2 million, up from $164.8 million for the nine months ended September 30, 2015. Adjusted EBITDA margins decreased to 23.9% and 23.3%, for the three and nine months ended September 30, 2016, respectively, from 25.7% and 24.5%, for the three and nine months ended September 30, 2015, respectively.

Important disclosures about and reconciliations of non-GAAP measures, including adjusted income from operations, adjusted operating margin, adjusted net income and adjusted diluted earnings per share,  EBITDA and adjusted EBITDA, to the corresponding GAAP measures, are provided below and attached to this press release.

New Business Awards and Backlog

Backlog grew by 12.3% to $2.0 billion as of September 30, 2016, as compared to $1.8 billion as of September 30, 2015. Net new business awards were $330.1 million, representing a book-to-bill ratio of 1.3x, for the three months ended September 30, 2016, as compared to $327.7 million for the three months ended September 30, 2015. Net new business awards were $934.5 million, representing a book-to-bill ratio of 1.2x, for the nine months ended September 30, 2016, as compared to $879.1 million for the nine months ended September 30, 2015. Net new business awards were higher in the first nine months of 2016 compared to the first nine months of 2015 primarily due to the continued growth of the Company's CNS therapeutic area. 

Business Outlook

The Company is updating its 2016 full-year guidance as outlined in the following table.  The guidance takes into account a number of factors, including our current sales pipeline, existing backlog and our expectations for net awards for the remainder of 2016. Further, our guidance is based on current foreign currency exchange rates, current interest rates, our expected tax rates, and does not take into account the effects of future stock repurchases.  

  Guidance Issued   Guidance Issued
  10/31/2016   7/28/2016
  Low   High   Low   High
Net service revenue $1,030 million   $1,040 million   $1,030 million   $1,040 million
GAAP diluted EPS $ 1.74     $ 1.81     $ 1.74     $ 1.85  
Adjusted diluted EPS $ 2.48     $ 2.52     $ 2.39     $ 2.50  
                               

Important disclosures about and reconciliations of non-GAAP measures, including adjusted net income and diluted adjusted earnings per share, to the corresponding GAAP measures are provided below and attached to this press release.

Webcast and Conference Call Details

INC Research will host a conference call at 8:00 a.m. EDT on October 31, 2016, to discuss its third quarter 2016 financial results.  The live webcast will be available in listen-only mode in the Events section of the Company's Investor Relations website at investor.incresearch.com.  To participate via phone, please dial +1 (877) 930-8058 within the United States or +1 (253) 336-7551 outside the United States, approximately 15 minutes before the scheduled start of the call.  The conference ID for the call is 97766026.

An archived replay of the conference call will be available online at investor.incresearch.com after 1:00 p.m. EDT on October 31, 2016.  In addition, an audio replay will be available for one week following the call and will be accessible by dialing +1 (855) 859-2056 within the United States or +1 (404) 537-3406 outside the United States.  The audio replay ID is 97766026.

About INC Research

INC Research (Nasdaq:INCR) is a leading global contract research organization providing the full range of Phase I to Phase IV clinical development services for the biopharmaceutical and medical device industries. Leveraging the breadth of our service offerings and the depth of our therapeutic expertise across multiple patient populations, INC Research connects customers, clinical research sites and patients to accelerate the delivery of new medicines to market. The Company was named “Best Contract Research Organization” in December 2015 by a distinguished panel for Scrip Intelligence and ranked “Top CRO to Work With” among large global CROs in the 2015 CenterWatch Global Investigative Site Relationship SurveyINC Research is headquartered in Raleigh, NC, with operations across six continents and experience spanning more than 110 countries. For more information, please visit www.incresearch.com and connect with us on LinkedIn and Twitter @inc_research.

Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this press release, including our updated 2016 guidance, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to: our ability to adequately price our contracts and not overrun cost estimates; general and international economic, political and other risks, including currency and stock market fluctuations and the uncertain economic environment in Europe as a result of the recent vote by the United Kingdom to exit from the European Union; fluctuations in our financial results; our ability to maintain or generate new business awards; our backlog not being indicative of future revenues and our ability to realize the anticipated future revenue reflected in our backlog; reliance on key personnel; our Board and corporate governance transition as a relatively new public company that has recently lost “controlled company” status; our customer or therapeutic area concentration; our ability to increase our market share, grow our business and execute our growth strategies; and the other risk factors set forth in our Form 10-K for the year ended December 31, 2015, Form 10-Q for the quarter ended June 30, 2016 and other SEC filings, copies of which are available free of charge on our website at investor.incresearch.com. INC Research assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with GAAP, this press release contains the following non-GAAP financial measures: Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Net Income (including Adjusted Diluted Earnings per Share), EBITDA and Adjusted EBITDA.  A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of operations, balance sheets or statements of cash flows of the Company.

The Company defines Adjusted Income from Operations as income from operations excluding expenses and transactions that the Company believes are not representative of its core operations, namely, acquisition-related amortization, restructuring, CEO transition and other costs, transaction expenses, asset impairment charges, share-based compensation expense, and contingent consideration related to acquisitions and other.  The Company defines Adjusted Operating Margin as adjusted income from operations as a percentage of net service revenue.

The Company defines Adjusted Net Income (including Adjusted Diluted Earnings per Share) as net income (including diluted earnings per share) excluding the items excluded from adjusted income from operations mentioned previously, other expense (income), and loss on extinguishment of debt. After giving effect to these items and other unusual tax impacts during the period, the Company has also included an adjustment to its income tax rate to reflect the expected long-term income tax rate.

EBITDA represents earnings before interest, taxes, depreciation and amortization.  The Company defines Adjusted EBITDA as EBITDA excluding certain expenses and transactions that the Company believes are not representative of its core operations, namely, restructuring, CEO transition and other costs, transaction expenses, asset impairment charges, share-based compensation expense, contingent consideration related to acquisitions and other, other expense (income), and loss on extinguishment of debt.  The Company presents EBITDA and Adjusted EBITDA because it believes they are useful metrics for investors as they are commonly used by investors, analysts and debt holders to measure the Company's financial performance and its ability to service its debt obligations, fund capital expenditures and meet working capital requirements.

Each of the non-GAAP measures noted above are used by management and the Board to evaluate the Company's core operating results as they exclude items whose fluctuations from period-to-period do not necessarily correspond to changes in the core operations of the business. Adjusted Income from Operations, Adjusted Operating Margin, EBITDA, Adjusted EBITDA and Adjusted Net Income (including Adjusted Diluted Earnings per Share) are used by management and the Board to assess the Company's business. The Company believes these measures are used by investors, analysts and debt holders to measure the Company's performance.

Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP.  Also, other companies might calculate these measures differently. Investors are encouraged to review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures included in this press release and the accompanying tables.

 
INC Research Holdings, Inc. and Subsidiaries
GAAP Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
  2016   2015   2016   2015
Net service revenue $ 259,557     $ 234,494     $ 767,358     $ 673,384  
Reimbursable out-of-pocket expenses 132,234     115,651     437,167     322,970  
Total revenue 391,791     350,145     1,204,525     996,354  
               
Costs and operating expenses:              
Direct costs 159,641     135,530     471,196     398,988  
Reimbursable out-of-pocket expenses 132,234     115,651     437,167     322,970  
Selling, general and administrative 41,743     40,429     127,818     113,354  
Restructuring, CEO transition and other costs 2,881     (28 )   10,283     1,566  
Transaction expenses 1,127     403     2,857     922  
Asset impairment charges             3,931  
Depreciation 5,305     4,357     15,257     13,543  
Amortization 9,464     9,462     28,388     28,413  
Total operating expenses 352,395     305,804     1,092,966     883,687  
Income from operations 39,396     44,341     111,559     112,667  
               
Other income (expense), net:              
Interest income 62     28     139     157  
Interest expense (3,226 )   (3,065 )   (9,317 )   (12,687 )
Loss on extinguishment of debt (439 )       (439 )   (9,795 )
Other (expense) income, net (2,384 )   (1,003 )   (10,761 )   4,138  
Total other expense, net (5,987 )   (4,040 )   (20,378 )   (18,187 )
Income before provision for income taxes 33,409     40,301     91,181     94,480  
Income tax expense (6,078 )   (2,487 )   (16,042 )   (8,089 )
Net income $ 27,331     $ 37,814     $ 75,139     $ 86,391  
               
Earnings per share:              
Basic $ 0.50     $ 0.67     $ 1.39     $ 1.47  
Diluted $ 0.49     $ 0.64     $ 1.35     $ 1.42  
Weighted average common shares outstanding:              
Basic 54,186     56,325     54,147     58,583  
Diluted 55,567     58,764     55,836     60,826  
                       


 
INC Research Holdings, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
(in thousands)
(unaudited)
 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
  2016   2015   2016   2015
Adjusted Income from Operations:              
GAAP income from operations $ 39,396     $ 44,341     $ 111,559     $ 112,667  
Amortization (a) 9,464     9,462     28,388     28,413  
Restructuring, CEO transition and other costs (b) 2,881     (28 )   10,283     1,566  
Transaction expenses (c) 1,127     403     2,857     922  
Asset impairment charges (d)             3,931  
Share-based compensation (e) 3,517     1,668     9,404     3,288  
Contingent consideration and other (f) 321     114     1,406     446  
Adjusted Income from Operations $ 56,706     $ 55,960     $ 163,897     $ 151,233  
GAAP Operating Margin 15.2 %   18.9 %   14.5 %   16.7 %
Adjusted Operating Margin 21.8 %   23.9 %   21.4 %   22.5 %
               
EBITDA and Adjusted EBITDA:              
Net income as reported $ 27,331     $ 37,814     $ 75,139     $ 86,391  
Interest expense, net 3,164     3,037     9,178     12,530  
Income tax expense 6,078     2,487     16,042     8,089  
Depreciation 5,305     4,357     15,257     13,543  
Amortization 9,464     9,462     28,388     28,413  
EBITDA 51,342     57,157     144,004     148,966  
Restructuring, CEO transition and other costs (b) 2,881     (28 )   10,283     1,566  
Transaction expenses (c) 1,127     403     2,857     922  
Asset impairment charges (d)             3,931  
Share-based compensation (e) 3,517     1,668     9,404     3,288  
Contingent consideration and other (f) 321     114     1,406     446  
Other expense (income) (g) 2,384     1,003     10,761     (4,138 )
Loss on extinguishment of debt (h) 439         439     9,795  
Adjusted EBITDA $ 62,011     $ 60,317     $ 179,154     $ 164,776  
Adjusted EBITDA Margin 23.9 %   25.7 %   23.3 %   24.5 %
                       


 
INC Research Holdings, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures (Continued)
(in thousands, except per share data)
(unaudited)
 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
  2016   2015   2016   2015
Adjusted Net Income:              
Net income as reported $ 27,331     $ 37,814     $ 75,139     $ 86,391  
Amortization (a) 9,464     9,462     28,388     28,413  
Restructuring, CEO transition and other costs (b) 2,881     (28 )   10,283     1,566  
Transaction expenses (c) 1,127     403     2,857     922  
Asset impairment charges (d)             3,931  
Share-based compensation (e) 3,517     1,668     9,404     3,288  
Contingent consideration and other (f) 321     114     1,406     446  
Other expense (income) (g) 2,384     1,003     10,761     (4,138 )
Loss on extinguishment of debt (h) 439         439     9,795  
Adjust income tax to normalized rate (i) (12,126 )   (16,565 )   (36,563 )   (41,845 )
Adjusted Net Income $ 35,338     $ 33,871     $ 102,114     $ 88,769  
               
Adjusted Diluted Earnings per Share $ 0.64     $ 0.58     $ 1.83     $ 1.46  
Diluted weighted average common shares outstanding 55,567     58,764     55,836     60,826  
                       


(a) Represents the amortization of intangible assets primarily for customer relationships and backlog.
   
(b) Restructuring, CEO transition and other costs consist of: (i) severance costs associated with a reduction of workforce in line with the Company's expectations of future business operations, (ii) transition costs associated with the transition to the Company's new Chief Executive Officer ("CEO"), (iii) legal and consulting costs incurred for the continued consolidation of legal entities and restructuring of the Company's contract financial process to meet the requirements of upcoming accounting regulation changes, and (iv) lease obligation and termination costs in connection with abandonment and closure of redundant facilities.
   
(c) Represents fees associated with stock repurchases, debt placement and refinancings and other corporate transactions.
   
(d) Represents impairment of goodwill and long-lived assets associated with the Company's Phase I Services reporting unit.
   
(e) Represents share-based compensation expense related to awards granted under equity incentive plans.
   
(f) Represents contingent consideration expense incurred as a result of acquisitions and other expenses accounted for as compensation expense under GAAP.
   
(g) Represents other (income) expense comprised primarily of foreign exchange gains and losses.
   
(h) Represents loss on extinguishment of debt associated with the 2015 debt refinancing and 2016 debt amendment.
   
(i) Adjustment for the income tax effect of the non-GAAP adjustments made to arrive at adjusted net income using the estimated effective tax rate of 34% in 2016 and 36% in 2015.  In 2015, the Company's effective tax rate has been adjusted in order to reflect the removal of the tax impact of its valuation allowances recorded against its deferred tax assets and changes in the assertion to indefinitely reinvest the undistributed earnings of foreign subsidiaries.  Historically, the Company has recorded a valuation allowance against some of its deferred tax assets, but believes that these valuation allowances cause significant fluctuations in its financial results that are not indicative of the Company's underlying financial performance.  Specifically, the majority of the Company's revenue was generated in jurisdictions in which it recognized no tax expense or benefit due to changes in this valuation allowance.


 
INC Research Holdings, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Full-Year 2016 Guidance
(in millions, except per share data)
(unaudited)
 
  Adjusted Net Income   Adjusted Diluted
Earnings Per Share
  Low   High   Low   High
Net income and diluted earnings per share $ 97.0     $ 101.0     $ 1.74     $ 1.81  
Adjustments:              
Amortization (a)   37.8       37.8          
Share-based compensation expense (a)   14.5       14.5          
Contingent consideration and other expense (a)   1.7       1.7          
Restructuring, CEO transition and other costs (a)   13.8       13.8          
Transaction Costs (a)   3.3       3.3          
Loss on extinguishment of debt   0.4       0.4          
Other (a)   11.1       11.2          
Income tax effect of share-based compensation (b)   (17.7 )     (17.7 )        
Income tax effect of above adjustments (c)   (24.9 )     (25.5 )        
Adjusted net income and adjusted diluted earnings per share $ 137.0     $ 140.5     $ 2.48     $ 2.52  


(a) Amounts are estimates with an estimated range of +/- 5% and are presented gross without the benefit of income tax reduction.
   
(b) Income tax effect of share-based compensation is calculated using the statutory rates applicable to the tax jurisdictions of the applicable deduction, plus the amount of discrete tax adjustments related to excess tax benefits on share-based payments as a result of share-based payments activity.
   
(c) Income tax expense is calculated and the adjustments are tax-affected at an approximate rate of 34%, which is the midpoint of our range for the expected income tax rate of 33% to 35%, less the Income tax effect of share-based compensation. This adjustment also reverses the impact of unusual tax items during the period.



 
INC Research Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
 
  September 30, 2016   December 31, 2015
ASSETS      
Current assets:      
Cash and cash equivalents $ 102,948     $ 85,011  
Restricted cash 634     452  
Accounts receivable:      
Billed, net 178,954     158,315  
Unbilled 168,497     139,697  
Prepaid expenses and other current assets 36,008     38,571  
Total current assets 487,041     422,046  
Property and equipment, net 45,960     44,813  
Goodwill 553,026     553,008  
Intangible assets, net 124,004     152,340  
Deferred income taxes 10,512     12,073  
Other long-term assets 23,611     26,939  
Total assets $ 1,244,154     $ 1,211,219  
       
LIABILITIES AND SHAREHOLDERS' EQUITY      
Current liabilities:      
Accounts payable $ 22,206     $ 22,497  
Accrued liabilities 146,146     111,262  
Deferred revenue 283,431     311,029  
Current portion of long-term debt 30,938     29,804  
Total current liabilities 482,721     474,592  
Long-term debt, less current portion 466,641     472,035  
Deferred income taxes 4,062     28,066  
Other long-term liabilities 28,868     19,092  
Total liabilities 982,292     993,785  
       
Commitments and contingencies      
       
Shareholders' equity:      
Preferred stock, $0.01 par value; 30,000,000 authorized, 0 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively      
Common stock, $0.01 par value; 600,000,000 shares authorized; 53,579,958 and 53,871,484 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 536     539  
Additional paid-in-capital 565,457     559,910  
Accumulated other comprehensive loss, net of taxes (36,649 )   (41,543 )
Accumulated deficit (267,482 )   (301,472 )
Total shareholders' equity 261,862     217,434  
Total liabilities and shareholders' equity $ 1,244,154     $ 1,211,219  
               


 
INC Research Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
  Nine Months Ended
September 30,
  2016   2015
Operating activities      
Net income $ 75,139     $ 86,391  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 43,645     41,956  
Loss on extinguishment of debt 439     9,795  
Stock repurchase costs     922  
Amortization of capitalized loan fees 765     1,079  
Share-based compensation 9,404     3,288  
Provision for (recovery of) doubtful accounts 1,927     (440 )
Deferred income tax benefit (5,226 )   112  
Foreign currency adjustments 18,789     (2,302 )
Asset impairment charges     3,931  
Other adjustments 160     (152 )
Changes in operating assets and liabilities:      
Accounts receivable billed and unbilled (58,748 )   (84,107 )
Accounts payable and accrued liabilities (894 )   (2,085 )
Deferred revenue 5,753     93,753  
Other assets and liabilities 3,971     (11,019 )
Net cash provided by operating activities 95,124     141,122  
Investing activities      
Purchases of property and equipment (16,826 )   (11,565 )
Net cash used in investing activities (16,826 )   (11,565 )
Financing activities      
Payments on long-term debt     (475,001 )
Proceeds from issuance of long-term debt     525,000  
Payments of debt financing costs (868 )   (4,987 )
Proceeds from revolving credit facility 100,000      
Repayments of revolving credit facility (105,000 )    
Payments related to business combinations     (973 )
Principal payments toward capital lease obligations     (398 )
Payments of stock repurchase costs     (922 )
Payments for repurchase of common stock (64,500 )   (150,000 )
Payments related to tax withholding for share-based compensation (825 )   (3,161 )
Proceeds from the exercise of stock options 14,415     1,058  
Net cash used in financing activities (56,778 )   (109,384 )
Effect of exchange rate changes on cash and cash equivalents (3,583 )   (10,535 )
Net change in cash and cash equivalents 17,937     9,638  
Cash and cash equivalents at the beginning of the period 85,011     126,453  
Cash and cash equivalents at the end of the period $ 102,948     $ 136,091  
               
Investor Relations Contact:
Ronnie Speight
Vice President, Investor Relations
Phone: +1 (919) 745-2745
Email: Investor.Relations@incresearch.com

Press/Media Contact:
Lori Dorer
Senior Director, Corporate Communications
Phone: +1 (513) 763-1380
Email: Corporate.Communications@incresearch.com

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