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    ICON Reports Third Quarter 2024 Results

    10/23/24 4:15:00 PM ET
    $ICLR
    Biotechnology: Commercial Physical & Biological Resarch
    Health Care
    Get the next $ICLR alert in real time by email

    Highlights

    • Net business wins in the quarter of $2,328 million. Reflects a net book to bill in the quarter of 1.15, and a trailing twelve month net book to bill of 1.21.
    • Closing backlog of $24.3 billion, an increase of 2.1% on quarter two 2024 and 9.4% on quarter three 2023.
    • Quarter three revenue of $2,030.0 million. Quarter three adjusted EBITDA of $418.8 million or 20.6% of revenue.
    • GAAP net income for the quarter of $197.1 million or $2.36 per diluted share, an increase of 19.8% on quarter three 2023 diluted earnings per share.
    • Quarter three adjusted net income was $279.2 million or $3.35 per diluted share, an increase of 1.5% on quarter three 2023 adjusted diluted earnings per share.
    • Net debt balance of $2.7 billion at September 30, 2024 with net debt to adjusted EBITDA ratio of 1.6x.
    • Cash generated from operating activities for the quarter was $402.7 million, an increase of 17.9% on quarter three 2023.
    • $100.0 million worth of stock repurchased at an average price of $297.
    • Updating full-year 2024 financial revenue guidance in the range of $8,260 - $8,300 million, representing a year over year increase of 1.7% to 2.2%. Updating full-year 2024 adjusted earnings per share* guidance in the range of $13.90 - $14.10, representing a year over year increase of 8.7% to 10.2%. Adjusted earnings per share to exclude amortization, stock compensation, restructuring, foreign exchange and transaction-related / integrated-related adjustments.

    ICON plc (NASDAQ:ICLR), a world-leading healthcare intelligence and clinical research organization, today reported its financial results for the third quarter ended September 30, 2024.

    CEO, Dr. Steve Cutler commented, "ICON's results for the third quarter did not meet the expectations we had previously provided due to specific customer and division-level impacts. Our revenue shortfall was attributable to more material headwinds from two large customers undergoing budget cuts and changes in their development model, lower than anticipated vaccine-related activity, and ongoing cautiousness from biotech customers resulting in award and study delays.

    We expect these impacts to continue into quarter four, and as a result, we are taking decisive action to realign our resources to forecasted activity. With these actions, we are updating our full year adjusted earnings per share guidance to between $13.90 and $14.10, representing year over year growth of 8.7% to 10.2%.

    The fundamentals of our business remain strong and we saw further success in the quarter with a new top 10 pharma strategic partnership win, which has already started contributing to our pipeline of awards. This win, coupled with other recently executed partnerships, supports our outlook for growth over the medium term."

    Third Quarter 2024 Results

    Gross business wins in the third quarter were $2,832 million and cancellations were $504 million. This resulted in net business wins of $2,328 million and a book to bill of 1.15.

    Revenue for the third quarter was $2,030 million. This represents a decrease of 1.2% on prior year revenue or 1.0% on a constant currency basis.

    GAAP net income was $197.1 million resulting in $2.36 diluted earnings per share in quarter three 2024 compared to $1.97 diluted earnings per share in quarter three 2023, an increase of 19.8% year over year. Adjusted net income for the quarter was $279.2 million resulting in an adjusted diluted earnings per share of $3.35 compared to $3.30 per share for the third quarter 2023.

    Adjusted EBITDA for the third quarter was $418.8 million or 20.6% of revenue, a year-on-year decrease of 3.2%.

    The effective tax rate on adjusted net income in quarter three 2024 was 16.5%.

    Cash generated from operating activities for the quarter was $402.7 million. During the quarter $43.3 million was spent on capital expenditure. At September 30, 2024, the Group had cash and cash equivalents of $695.5 million, compared to cash and cash equivalents of $506.6 million at June 30, 2024 and $313.1 million at September 30, 2023. $100.0 million worth of stock was repurchased at an average price of $297. $50.0 million of the revolving credit facility was drawn down in the quarter and $50.0 million was repaid. Additionally, $7.4 million of Term Loan B payments were made during the quarter. Net indebtedness as at September 30, 2024 was $2.7 billion.

    Year to date 2024 Results

    Gross business wins year to date were $9,017 million and cancellations were $1,457 million. This resulted in net business wins of $7,560 million and a book to bill of 1.21.

    Year to date revenue was $6,240.6 million. This represents a year on year increase of 3.1% or 3.2% on a constant currency basis.

    GAAP net income year to date was $531.5 million resulting in $6.38 diluted earnings per share compared to $4.79 per share for the equivalent prior year period. This represents an increase of 33.2%. Adjusted net income was $880.3 million resulting in an adjusted diluted earnings per share of $10.57 compared to $9.31 per share for the equivalent prior year period. This represents an increase of 13.5%.

    Adjusted EBITDA year to date was $1,313.2 million or 21.0% of revenue, a year on year increase of 5.4%.

    Other Information

    In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income and adjusted diluted earnings per share. Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share exclude amortization, stock compensation, foreign exchange gains and losses, restructuring and transaction-related / integration-related adjustments. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, ICON believes certain non-GAAP information is useful to investors for historical comparison purposes.

    ICON will hold a conference call on October 24, 2024 at 08:00 EDT [13:00 Ireland & UK]. This call and linked slide presentation can be accessed live from our website at http://investor.iconplc.com. A recording will also be available on the website for 90 days following the call. In addition, a calendar of company events, including upcoming conference presentations, is available on our website, under "Investors". This calendar will be updated regularly.

    This press release contains forward-looking statements, including statements about our financial guidance. These statements are based on management's current expectations and information currently available, including current economic and industry conditions. These statements are not guarantees of future performance or actual results, and actual results, developments and business decisions may differ from those stated in this press release. The forward-looking statements are subject to future events, risks, uncertainties and other factors that could cause actual results to differ materially from those projected in the statements, including, but not limited to, the ability to enter into new contracts, maintain client relationships, manage the opening of new offices and offering of new services, the integration of new business mergers and acquisitions, as well as other economic and global market conditions and other risks and uncertainties detailed from time to time in SEC reports filed by ICON, all of which are difficult to predict and some of which are beyond our control. For these reasons, you should not place undue reliance on these forward-looking statements when making investment decisions. The word "expected" and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only as of the date they are made and we do not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise. More information about the risks and uncertainties relating to these forward-looking statements may be found in SEC reports filed by ICON, including its Form 20-F, F-1, F-4, S-8, F-3 and certain other reports, which are available on the SEC's website at http://www.sec.gov.

    * Our full-year 2024 guidance adjusted earnings per share measures are provided on a non-GAAP basis because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the company is unable to address the probable significance of the unavailable information.

    ICON plc is a world-leading healthcare intelligence and clinical research organization. From molecule to medicine, we advance clinical research providing outsourced services to pharmaceutical, biotechnology, medical device and government and public health organizations. We develop new innovations, drive emerging therapies forward and improve patient lives. With headquarters in Dublin, Ireland, ICON employed approximately 42,250 employees in 106 locations in 55 countries as at September 30, 2024. For further information about ICON, visit: www.iconplc.com.

    ICON/ICLR-F

     

    ICON plc

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND SEPTEMBER 30, 2023

    (UNAUDITED)

     

     

     

     

     

    Three Months Ended

     

    Nine Months Ended

     

    September 30,

    2024

     

    September 30,

    2023

     

    September 30,

    2024

     

    September 30,

    2023

     

    (in thousands except share and per share data)

     

     

     

     

     

     

     

     

    Revenue

    $

    2,030,030

     

     

    $

    2,055,099

     

     

    $

    6,240,575

     

     

    $

    6,053,928

     

     

     

     

     

     

     

     

     

    Costs and expenses:

     

     

     

     

     

     

     

    Direct costs (excluding depreciation and amortization)

     

    1,438,616

     

     

     

    1,449,136

     

     

     

    4,403,583

     

     

     

    4,274,222

     

    Selling, general and administrative

     

    205,095

     

     

     

    185,187

     

     

     

    576,903

     

     

     

    572,999

     

    Depreciation and amortization

     

    93,029

     

     

     

    146,032

     

     

     

    391,845

     

     

     

    436,217

     

    Transaction and integration related

     

    7,856

     

     

     

    10,433

     

     

     

    21,667

     

     

     

    34,516

     

    Restructuring

     

    —

     

     

     

    —

     

     

     

    45,789

     

     

     

    45,390

     

    Total costs and expenses

     

    1,744,596

     

     

     

    1,790,788

     

     

     

    5,439,787

     

     

     

    5,363,344

     

     

     

     

     

     

     

     

     

    Income from operations

     

    285,434

     

     

     

    264,311

     

     

     

    800,788

     

     

     

    690,584

     

    Interest income

     

    2,434

     

     

     

    1,273

     

     

     

    5,601

     

     

     

    3,294

     

    Interest expense

     

    (53,303

    )

     

     

    (83,908

    )

     

     

    (185,808

    )

     

     

    (255,665

    )

     

     

     

     

     

     

     

     

    Income before income tax expense

     

    234,565

     

     

     

    181,676

     

     

     

    620,581

     

     

     

    438,213

     

    Income tax expense

     

    (37,437

    )

     

     

    (18,011

    )

     

     

    (89,105

    )

     

     

    (41,913

    )

     

     

     

     

     

     

     

     

    Income before share of losses from equity method investments

     

    197,128

     

     

     

    163,665

     

     

     

    531,476

     

     

     

    396,300

     

    Share of losses from equity method investments

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (383

    )

    Net income

    $

    197,128

     

     

    $

    163,665

     

     

    $

    531,476

     

     

    $

    395,917

     

     

     

     

     

     

     

     

     

    Net income per Ordinary Share:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

    $

    2.38

     

     

    $

    1.99

     

     

    $

    6.43

     

     

    $

    4.83

     

    Diluted

    $

    2.36

     

     

    $

    1.97

     

     

    $

    6.38

     

     

    $

    4.79

     

     

     

     

     

     

     

     

     

    Weighted average number of Ordinary Shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    82,831,300

     

     

     

    82,215,627

     

     

     

    82,716,842

     

     

     

    82,001,500

     

    Diluted

     

    83,445,827

     

     

     

    82,972,888

     

     

     

    83,305,441

     

     

     

    82,737,073

     

     
     

    ICON plc

    CONDENSED CONSOLIDATED BALANCE SHEETS

    AS AT SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

    (UNAUDITED)

     

     

    September 30,

    2024

     

    December 31,

    2023

    ASSETS

    (in thousands)

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    695,507

     

     

    $

    378,102

     

    Available for sale investments

     

    —

     

     

     

    1,954

     

    Accounts receivable, net of allowance for credit losses

     

    1,396,080

     

     

     

    1,790,322

     

    Unbilled revenue

     

    1,361,198

     

     

     

    951,936

     

    Other receivables

     

    82,760

     

     

     

    65,797

     

    Prepayments and other current assets

     

    140,536

     

     

     

    132,105

     

    Income taxes receivable

     

    102,931

     

     

     

    91,254

     

    Total current assets

    $

    3,779,012

     

     

    $

    3,411,470

     

     

     

     

     

    Non-current assets:

     

     

     

    Property, plant and equipment

     

    365,726

     

     

     

    361,184

     

    Goodwill

     

    9,085,447

     

     

     

    9,022,075

     

    Intangible assets

     

    3,605,814

     

     

     

    3,855,865

     

    Operating right-of-use assets

     

    156,955

     

     

     

    140,333

     

    Other receivables

     

    88,445

     

     

     

    78,470

     

    Deferred tax asset

     

    75,993

     

     

     

    73,662

     

    Investments in equity

     

    53,720

     

     

     

    46,804

     

    Total Assets

    $

    17,211,112

     

     

    $

    16,989,863

     

     

     

     

     

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    106,172

     

     

    $

    131,584

     

    Unearned revenue

     

    1,585,257

     

     

     

    1,654,507

     

    Other liabilities

     

    1,045,134

     

     

     

    915,399

     

    Income taxes payable

     

    52,585

     

     

     

    13,968

     

    Current bank credit lines, loan facilities and notes

     

    29,762

     

     

     

    110,150

     

    Total current liabilities

    $

    2,818,910

     

     

    $

    2,825,608

     

     

     

     

     

    Non-current liabilities:

     

     

     

    Non-current bank credit lines, loan facilities and notes

     

    3,402,368

     

     

     

    3,665,439

     

    Lease liabilities

     

    145,714

     

     

     

    126,321

     

    Non-current other liabilities

     

    50,157

     

     

     

    45,998

     

    Non-current income taxes payable

     

    201,135

     

     

     

    186,654

     

    Deferred tax liability

     

    818,329

     

     

     

    899,100

     

    Commitments and contingencies

     

    —

     

     

     

    —

     

    Total Liabilities

    $

    7,436,613

     

     

    $

    7,749,120

     

     

     

     

     

    Shareholders' Equity:

     

     

     

    Ordinary shares, par value 6 euro cents per share; 100,000,000 shares authorized,

     

     

     

    82,559,366 shares issued and outstanding at September 30, 2024 and

     

     

     

    82,495,086 shares issued and outstanding at December 31, 2023

     

    6,703

     

     

     

    6,699

     

    Additional paid‑in capital

     

    7,011,547

     

     

     

    6,942,669

     

    Other undenominated capital

     

    1,184

     

     

     

    1,162

     

    Accumulated other comprehensive loss

     

    (110,062

    )

     

     

    (143,506

    )

    Retained earnings

     

    2,865,127

     

     

     

    2,433,719

     

    Total Shareholders' Equity

    $

    9,774,499

     

     

    $

    9,240,743

     

    Total Liabilities and Shareholders' Equity

    $

    17,211,112

     

     

    $

    16,989,863

     

     
     

    ICON plc

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND SEPTEMBER 30, 2023

    (UNAUDITED)

     

     

    Nine Months Ended

     

    September 30,

    2024

     

    September 30,

    2023

     

    (in thousands)

    Cash flows provided by operating activities:

     

     

     

    Net income

    $

    531,476

     

     

    $

    395,917

     

     

     

     

     

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

     

     

     

    Depreciation and amortization expense

     

    391,845

     

     

     

    436,217

     

    Impairment of operating right-of-use assets and related property, plant and equipment

     

    12,559

     

     

     

    8,845

     

    Reduction in carrying value of operating right-of-use assets

     

    29,820

     

     

     

    33,979

     

    Loss on equity method investments

     

    —

     

     

     

    383

     

    Acquisition-related gain

     

    —

     

     

     

    (6,160

    )

    Amortization of financing costs and debt discount

     

    22,066

     

     

     

    12,485

     

    Stock compensation expense

     

    41,183

     

     

     

    47,303

     

    Deferred tax benefit

     

    (86,579

    )

     

     

    (114,487

    )

    Unrealized foreign exchange movements

     

    34,018

     

     

     

    (7,670

    )

    Other non-cash items

     

    26,828

     

     

     

    21,966

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    352,795

     

     

     

    (139,096

    )

    Unbilled revenue

     

    (423,533

    )

     

     

    14,370

     

    Unearned revenue

     

    (72,930

    )

     

     

    158,269

     

    Other net assets

     

    88,790

     

     

     

    (141,425

    )

    Net cash provided by operating activities

     

    948,338

     

     

     

    720,896

     

     

     

     

     

    Cash flows used in investing activities:

     

     

     

    Purchase of property, plant and equipment

     

    (106,772

    )

     

     

    (87,980

    )

    Purchase of subsidiary undertakings (net of cash acquired)

     

    (85,629

    )

     

     

    (5,100

    )

    Movement of available for sale investments

     

    1,954

     

     

     

    (241

    )

    Proceeds from investments in equity

     

    2,671

     

     

     

    —

     

    Purchase of investments in equity

     

    (10,131

    )

     

     

    (10,829

    )

    Net cash used in investing activities

     

    (197,907

    )

     

     

    (104,150

    )

     

     

     

     

    Cash flows used in financing activities:

     

     

     

    New Notes issue costs

     

    (12,678

    )

     

     

    —

     

    Drawdown of credit lines and loan facilities

     

    2,242,480

     

     

     

    305,000

     

    Repayment of credit lines and loan facilities

     

    (2,595,323

    )

     

     

    (930,000

    )

    Proceeds from exercise of equity compensation

     

    32,379

     

     

     

    36,517

     

    Share issue costs

     

    (17

    )

     

     

    (14

    )

    Repurchase of ordinary shares

     

    (100,000

    )

     

     

    —

     

    Share repurchase costs

     

    (68

    )

     

     

    —

     

    Net cash used in financing activities

     

    (433,227

    )

     

     

    (588,497

    )

     

     

     

     

    Effect of exchange rate movements on cash

     

    201

     

     

     

    (3,952

    )

    Net increase in cash and cash equivalents

     

    317,405

     

     

     

    24,297

     

    Cash and cash equivalents at beginning of period

     

    378,102

     

     

     

    288,768

     

    Cash and cash equivalents at end of period

    $

    695,507

     

     

    $

    313,065

     

     
     

    ICON plc

    RECONCILIATION OF NON-GAAP MEASURES

    FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND SEPTEMBER 30, 2023

    (UNAUDITED)

     

     

    Three Months Ended

     

    Nine Months Ended

     

    September 30,

    2024

     

    September 30,

    2023

     

    September 30,

    2024

     

    September 30,

    2023

     

    (in thousands except share and per share data)

     

     

     

     

     

     

     

     

    Adjusted EBITDA

     

     

     

     

     

     

     

    Net income

    $

    197,128

     

     

    $

    163,665

     

     

    $

    531,476

     

     

    $

    395,917

     

    Share of losses from equity method investments

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    383

     

    Income tax expense

     

    37,437

     

     

     

    18,011

     

     

     

    89,105

     

     

     

    41,913

     

    Net interest expense

     

    50,869

     

     

     

    82,635

     

     

     

    180,207

     

     

     

    252,371

     

    Depreciation and amortization

     

    93,029

     

     

     

    146,032

     

     

     

    391,845

     

     

     

    436,217

     

    Stock-based compensation expense (a)

     

    13,038

     

     

     

    16,465

     

     

     

    41,183

     

     

     

    47,822

     

    Foreign currency losses/(gains), net (b)

     

    19,434

     

     

     

    (4,706

    )

     

     

    11,960

     

     

     

    (2,465

    )

    Oncacare (gain) (g)

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (6,160

    )

    Restructuring (c)

     

    —

     

     

     

    —

     

     

     

    45,789

     

     

     

    45,390

     

    Transaction and integration related costs (d)

     

    7,856

     

     

     

    10,433

     

     

     

    21,667

     

     

     

    34,516

     

    Adjusted EBITDA

    $

    418,791

     

     

    $

    432,535

     

     

    $

    1,313,232

     

     

    $

    1,245,904

     

     

     

     

     

     

     

     

     

    Adjusted net income and adjusted diluted net income per Ordinary Share

     

     

     

     

     

     

     

    Net income

    $

    197,128

     

     

    $

    163,665

     

     

    $

    531,476

     

     

    $

    395,917

     

    Income tax expense

     

    37,437

     

     

     

    18,011

     

     

     

    89,105

     

     

     

    41,913

     

    Amortization

     

    58,026

     

     

     

    114,573

     

     

     

    291,013

     

     

     

    343,868

     

    Stock-based compensation expense (a)

     

    13,038

     

     

     

    16,465

     

     

     

    41,183

     

     

     

    47,822

     

    Foreign currency losses/(gains), net (b)

     

    19,434

     

     

     

    (4,706

    )

     

     

    11,960

     

     

     

    (2,465

    )

    Restructuring (c)

     

    —

     

     

     

    —

     

     

     

    45,789

     

     

     

    45,390

     

    Oncacare (gain) (g)

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (6,160

    )

    Transaction and integration related costs (d)

     

    7,856

     

     

     

    10,433

     

     

     

    21,667

     

     

     

    34,516

     

    Transaction-related financing costs (e)

     

    1,462

     

     

     

    4,587

     

     

     

    22,066

     

     

     

    12,486

     

    Adjusted tax expense (f)

     

    (55,173

    )

     

     

    (49,100

    )

     

     

    (173,953

    )

     

     

    (142,617

    )

    Adjusted net income

    $

    279,208

     

     

    $

    273,928

     

     

    $

    880,306

     

     

    $

    770,670

     

     

     

     

     

     

     

     

     

    Diluted weighted average number of Ordinary Shares outstanding

     

    83,445,827

     

     

     

    82,972,888

     

     

     

    83,305,441

     

     

     

    82,737,073

     

     

     

     

     

     

     

     

     

    Adjusted diluted net income per Ordinary Share

    $

    3.35

     

     

    $

    3.30

     

     

    $

    10.57

     

     

    $

    9.31

     

     

    (a)

    Stock-based compensation expense represents the amount of recurring expense related to the company's equity compensation programs (inclusive of employer related taxes).

    (b)

    Foreign currency losses/(gains), net relates to gains or losses that arise in connection with the revaluation, or settlement, of non-US dollar denominated assets and liabilities. We exclude these gains and losses from adjusted EBITDA and adjusted net income because fluctuations from period- to- period do not necessarily correspond to changes in our operating results.

    (c)

    Restructuring relates to charges incurred in connection with the company's realignments of its workforce, with the elimination of redundant positions as well as reviewing its global office footprint and optimizing its locations to best fit the requirements of the company.

    (d)

    Transaction and integration related costs include expenses associated with our acquisitions and any other costs incurred directly related to the integration of these acquisitions.

    (e)

    Transaction-related financing costs includes costs incurred in connection with changes to our long-term debt and amortization of financing fees. We exclude these costs from adjusted EBITDA and adjusted net income because they result from financing decisions rather than from decisions made related to our ongoing operations.

    (f)

    Represents the tax effect of adjusted pre-tax income at our estimated effective tax rate.

    (g)

    On April 20, 2023, the Company completed the purchase of the majority investor's 51% majority voting share capital of Oncacare Limited ("Oncacare"). This gave rise to an acquisition-related gain of $6.2 million. This gain was excluded from adjusted EBITDA and adjusted net income.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241023957406/en/

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