ICON Reports Third Quarter 2024 Results
ICON (NASDAQ: ICLR) reported Q3 2024 financial results with net business wins of $2,328 million and a book-to-bill ratio of 1.15. Revenue decreased 1.2% to $2,030 million, while adjusted EBITDA was $418.8 million (20.6% of revenue). GAAP net income reached $197.1 million ($2.36 per diluted share), up 19.8% YoY. The company updated its full-year 2024 guidance, projecting revenue of $8,260-$8,300 million (1.7-2.2% YoY growth) and adjusted EPS of $13.90-$14.10. The quarter faced headwinds from customer budget cuts, lower vaccine activity, and biotech delays. The company secured a new top 10 pharma partnership and maintained a strong closing backlog of $24.3 billion.
ICON (NASDAQ: ICLR) ha riportato i risultati finanziari del terzo trimestre 2024 con guadagni commerciali netti di 2.328 milioni di dollari e un rapporto book-to-bill di 1,15. I ricavi sono diminuiti dell'1,2%, raggiungendo i 2.030 milioni di dollari, mentre l'EBITDA rettificato è stato di 418,8 milioni di dollari (20,6% dei ricavi). Il reddito netto secondo i principi contabili GAAP ha raggiunto i 197,1 milioni di dollari (2,36 dollari per azione diluita), in aumento del 19,8% rispetto all'anno precedente. L'azienda ha aggiornato le previsioni per l'intero anno 2024, prevedendo ricavi di 8.260-8.300 milioni di dollari (crescita annuale del 1,7-2,2%) e un EPS rettificato di 13,90-14,10 dollari. Il trimestre ha affrontato difficoltà a causa dei tagli di budget dei clienti, di una minore attività vaccinale e di ritardi nel settore biotech. L'azienda ha assicurato una nuova partnership con una delle prime 10 aziende farmaceutiche e ha mantenuto un robusto backlog di chiusura di 24,3 miliardi di dollari.
ICON (NASDAQ: ICLR) reportó los resultados financieros del tercer trimestre de 2024 con ganancias netas de negocios de 2,328 millones de dólares y una relación de book-to-bill de 1.15. Los ingresos disminuyeron un 1.2% a 2,030 millones de dólares, mientras que el EBITDA ajustado fue de 418.8 millones de dólares (20.6% de los ingresos). El ingreso neto según GAAP alcanzó los 197.1 millones de dólares (2.36 dólares por acción diluida), un aumento del 19.8% interanual. La empresa actualizó su guía para todo el año 2024, proyectando ingresos de 8,260 a 8,300 millones de dólares (crecimiento interanual del 1.7% al 2.2%) y EPS ajustado de 13.90 a 14.10 dólares. El trimestre enfrentó vientos en contra debido a los recortes presupuestarios de los clientes, a una menor actividad en vacunas y a retrasos en biotecnología. La empresa aseguró una nueva asociación con una de las 10 principales farmacéuticas y mantuvo un fuerte backlog de cierre de 24.3 mil millones de dólares.
ICON (NASDAQ: ICLR)은 2024년 3분기 재무 결과를 보고하며 순사업 성과로 23억2800만 달러를 기록하고, 수주 대 발주 비율이 1.15라고 발표했습니다. 수익은 1.2% 감소하여 20억3000만 달러에 달했으며, 조정된 EBITDA는 4억1880만 달러(수익의 20.6%)였습니다. GAAP 기준 순이익은 1억9710만 달러(희석 주당 2.36달러)로, 전년 대비 19.8% 증가했습니다. 회사는 2024년 전체 연도 전망을 업데이트하며, 수익이 82억6000만에서 83억 달러(전년 대비 1.7-2.2% 성장) 및 조정된 EPS가 13.90~14.10달러로 예상된다고 밝혔습니다. 이번 분기는 고객 예산 삭감, 낮은 백신 활동, 생명공학 지연 등으로 어려움을 겪었습니다. 회사는 상위 10개의 제약 회사와의 새로운 파트너십을 확보했으며, 243억 달러의 강력한 미체결 주문 잔고를 유지했습니다.
ICON (NASDAQ: ICLR) a publié les résultats financiers pour le troisième trimestre 2024, avec des gains nets d'affaires de 2,328 millions de dollars et un ratio de book-to-bill de 1,15. Le chiffre d'affaires a diminué de 1,2% pour s'établir à 2,030 millions de dollars, tandis que l'EBITDA ajusté était de 418,8 millions de dollars (20,6% du chiffre d'affaires). Le résultat net selon les normes GAAP a atteint 197,1 millions de dollars (2,36 dollars par action diluée), en hausse de 19,8% par rapport à l'année précédente. L'entreprise a mis à jour ses prévisions pour l'année complète 2024, projetant un chiffre d'affaires de 8,260 à 8,300 millions de dollars (croissance de 1,7 à 2,2% par rapport à l'année précédente) et un BPA ajusté de 13,90 à 14,10 dollars. Le trimestre a été confronté à des obstacles en raison de réductions budgétaires chez les clients, d'une activité vaccinale plus faible et de retards dans le secteur de la biotechnologie. L'entreprise a assuré un nouveau partenariat avec l'une des 10 plus grandes entreprises pharmaceutiques et a maintenu un solide carnet de commandes de 24,3 milliards de dollars.
ICON (NASDAQ: ICLR) berichtete über die Finanzergebnisse des dritten Quartals 2024 mit einem Nettogewinn aus Geschäften von 2,328 Millionen Dollar und einem Verhältnis von Buchungsaufträgen zu Rechnungen von 1,15. Der Umsatz sank um 1,2% auf 2,030 Millionen Dollar, während das bereinigte EBITDA 418,8 Millionen Dollar betrug (20,6% des Umsatzes). Der GAAP-Nettoertrag erreichte 197,1 Millionen Dollar (2,36 Dollar je verwässerter Aktie), ein Anstieg von 19,8% im Jahresvergleich. Das Unternehmen aktualisierte die Jahresprognose für 2024 und prognostiziert einen Umsatz von 8,260 bis 8,300 Millionen Dollar (Jahreswachstum von 1,7-2,2%) sowie ein bereinigtes EPS von 13,90 bis 14,10 Dollar. Im Quartal gab es Herausforderungen durch Budgetkürzungen bei Kunden, geringere Impfaktivitäten und Verzögerungen im Biotechnologiesektor. Das Unternehmen sicherte sich eine neue Partnerschaft mit einem der Top-10-Pharmaunternehmen und hielt einen soliden Auftragsbestand von 24,3 Milliarden Dollar.
- Net business wins of $2,328M with book-to-bill ratio of 1.15
- Backlog increased 9.4% YoY to $24.3B
- GAAP EPS grew 19.8% YoY to $2.36
- Operating cash flow increased 17.9% YoY to $402.7M
- New strategic partnership with top 10 pharma company secured
- Revenue declined 1.2% YoY to $2,030M
- Adjusted EBITDA margin decreased to 20.6% from previous year
- Headwinds from major customers' budget cuts
- Lower than anticipated vaccine-related activity
- Reduced full-year guidance due to continued challenges
Insights
ICON's Q3 2024 results present a mixed picture. While achieving a healthy net book to bill ratio of 1.15 and growing backlog by
The CRO market dynamics revealed in ICON's results highlight shifting industry trends. The slowdown in vaccine-related activities and biotech funding constraints are creating near-term pressure. However, the
Highlights
-
Net business wins in the quarter of
. Reflects a net book to bill in the quarter of 1.15, and a trailing twelve month net book to bill of 1.21.$2,328 million
-
Closing backlog of
, an increase of$24.3 billion 2.1% on quarter two 2024 and9.4% on quarter three 2023.
-
Quarter three revenue of
. Quarter three adjusted EBITDA of$2,030.0 million or$418.8 million 20.6% of revenue.
-
GAAP net income for the quarter of
or$197.1 million per diluted share, an increase of$2.36 19.8% on quarter three 2023 diluted earnings per share.
-
Quarter three adjusted net income was
or$279.2 million per diluted share, an increase of$3.35 1.5% on quarter three 2023 adjusted diluted earnings per share.
-
Net debt balance of
at September 30, 2024 with net debt to adjusted EBITDA ratio of 1.6x.$2.7 billion
-
Cash generated from operating activities for the quarter was
, an increase of$402.7 million 17.9% on quarter three 2023.
-
worth of stock repurchased at an average price of$100.0 million .$297
-
Updating full-year 2024 financial revenue guidance in the range of
-$8,260 , representing a year over year increase of$8,300 million 1.7% to2.2% . Updating full-year 2024 adjusted earnings per share* guidance in the range of -$13.90 , representing a year over year increase of$14.10 8.7% to10.2% . Adjusted earnings per share to exclude amortization, stock compensation, restructuring, foreign exchange and transaction-related / integrated-related adjustments.
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
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
Revenue for the third quarter was
GAAP net income was
Adjusted EBITDA for the third quarter was
The effective tax rate on adjusted net income in quarter three 2024 was
Cash generated from operating activities for the quarter was
Year to date 2024 Results
Gross business wins year to date were
Year to date revenue was
GAAP net income year to date was
Adjusted EBITDA year to date was
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
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
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,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||
|
(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,
|
|
December 31,
|
||||
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 |
|
|
|
||||
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,
|
|
September 30,
|
||||
|
(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,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||
|
(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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023957406/en/
Investor Relations +1 888 381 7923
Brendan Brennan Chief Financial Officer
Kate Haven Vice President Investor Relations +1 888 381 7923
http://www.iconplc.com
Source: ICON plc
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