INVENTIV HEALTH INC (VTIV) [Rocket]

In millions, except per share items	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-09	Dec-31-08	Dec-31-07	Dec-31-06	Dec-31-05
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Commercial	1,059.9	943.7	784.1
Clinical	947.9	870.3	865.0
inVentiv Communications				311.8	343.2	290.4	208.4	46.6
inVentiv Patient Outcomes				139.7	125.9	100.5	61.9	25.9
Other	313.5	259.2	255.3	620.5	650.7	586.4	495.9	483.8
Total revenues [+]	2,321.3	2,073.2	1,904.5	1,072.0	1,119.8	977.3	766.2	556.3
Services	1,994.3	1,806.4	1,644.6
Reimbursements	327.0	266.8	259.9
Revenue growth [+]	12.0%	8.9%		-4.3%	14.6%	27.5%	37.7%	58.0%
Commercial	12.3%	20.4%
Clinical	8.9%	0.6%
inVentiv Communications				-9.2%	18.2%	39.3%	347.2%
inVentiv Patient Outcomes				10.9%	25.3%	62.2%	139.1%
Cost of goods sold [+]	1,653.7	1,470.4	1,344.7	729.6	772.4	681.6	410.2	327.6
Cost of services	1,326.8	1,203.6	1,084.8
Reimbursable costs	327.0	266.8	259.9
Gross profit	667.5	602.8	559.8	342.3	347.4	295.7	356.1	228.7
Gross margin	28.8%	29.1%	29.4%	31.9%	31.0%	30.3%	46.5%	41.1%
Selling, general and administrative	525.2	529.4	538.3	241.8	241.7	200.9	141.4	79.3
Equity in earnings	-1.3	-0.4	0.0	-0.1	-0.1	0.6	0.2	0.1
Other operating expenses	-3.2	-4.2	-19.2				136.6	89.4
EBITDA [+]	239.3	184.5	146.7	133.8	141.6	124.5	99.0	77.5
EBITDA growth	29.7%	25.7%		-5.5%	13.7%	25.8%	27.7%	54.8%
EBITDA margin	10.3%	8.9%	7.7%	12.5%	12.6%	12.7%	12.9%	13.9%
Depreciation	47.5	40.6	33.8	20.9	20.9	18.2	15.1	15.5
EBITA	191.8	143.9	112.9	112.9	120.7	106.3	83.8	62.0
EBITA margin	8.3%	6.9%	5.9%	10.5%	10.8%	10.9%	10.9%	11.1%
Amortization of intangibles	47.6	66.7	72.2	12.4	15.1	10.9	5.6	1.9
EBIT [+]	144.3	77.2	40.7	100.5	105.6	95.4	78.2	60.1
EBIT growth	86.9%	89.5%		-4.8%	10.7%	21.9%	30.2%	75.8%
EBIT margin	6.2%	3.7%	2.1%	9.4%	9.4%	9.8%	10.2%	10.8%
Non-recurring items [+]	72.4	28.2	43.9		267.8
Asset impairment	69.2	24.0	38.9		267.8
Interest expense, net [+]	228.2	217.0	209.2	22.9	23.5	17.7	8.7	2.5
Interest expense	228.3	217.5	209.4	23.1	25.5	20.7	11.4	4.0
Interest income	0.1	0.4	0.1	0.2	2.0	3.0	2.7	1.4
Other income (expense), net [+]	12.6	-9.7	-0.8				-39.5	-28.7
Other	-11.3
Pre-tax income	-143.7	-177.7	-213.2	77.6	-185.7	77.7	30.0	28.9
Income taxes	-5.6	-2.5	-3.0	29.9	-58.2	29.4	-19.2	-14.2
Tax rate	3.9%	1.4%	1.4%	38.5%	31.3%	37.8%
Minority interest	0.9	0.8	1.2	-0.8	-1.1	-1.1	-1.2	-0.2
Earnings from continuing ops	-151.5	-181.5	-217.3	-0.8	-1.1	-1.1	49.2	43.1
Earnings from discontinued ops		-8.2	-20.2	47.7	-126.9	48.6		43.9
Net income	-151.5	-189.6	-237.6	46.9	-128.0	47.5	51.2	86.9
Net margin	-6.5%	-9.1%	-12.5%	4.4%	-11.4%	4.9%	6.7%	15.6%

Basic EPS [+]				($0.02)	($0.03)	($0.03)	$1.69	$1.60
Growth				-30.1%	2.4%	-102.0%	5.3%	27.4%
Diluted EPS [+]				($0.02)	($0.03)	($0.03)	$1.64	$1.53
Growth				-30.7%	4.6%	-102.0%	7.0%	29.1%

Shares outstanding (basic) [+]				33.5	33.0	31.6	29.2	26.9
Growth				1.4%	4.6%	8.3%	8.5%	12.2%
Shares outstanding (diluted) [+]				33.8	33.0	32.3	30.1	28.2
Growth				2.3%	2.4%	7.3%	6.7%	10.7%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.