- \n
- \nNet business wins in the quarter of $2,415 million; a net book to bill of 1.22.<\/p>\n<\/li>\n
- \nClosing backlog of $21.2 billion, an increase of 2.4% on quarter four 2022 or an increase of 8.4% on quarter one 2022.<\/p>\n<\/li>\n
- \nFirst quarter revenue of $1,978.6 million representing an increase of 4.0% on prior year revenue and 5.3% on a constant currency organic basis.<\/p>\n<\/li>\n
- \nQuarter one adjusted EBITDA of $399.1 million or 20.2% of revenue, an increase of 17.2% on quarter one 2022.<\/p>\n<\/li>\n
- \nGAAP net income attributable to the Group for quarter one of $116.7 million or $1.41 per diluted share.<\/p>\n<\/li>\n
- \nQuarter one adjusted net income attributable to the Group was $239.8 million or $2.90 per diluted share, an increase of 5.1% on quarter one 2022 adjusted earnings per share.<\/p>\n<\/li>\n
- \n$250 million repayment made on Term Loan B debt. Net debt balance of $4.2 billion with Net debt to adjusted EBITDA ratio of 2.8x.<\/p>\n<\/li>\n
- \nFull year 2023 revenue guidance reaffirmed in the range of $7,940 – $8,340 million, representing a year-on-year increase of 2.6% to 7.7%, and full year 2023 adjusted earnings per share1<\/sup> guidance in the range of $12.40 – $13.05, representing a year-on-year increase of 5.5% to 11.1%. Adjusted earnings per share to exclude amortization, stock compensation, foreign exchange restructuring and transaction-related \/ integration-related adjustments.<\/p>\n<\/li>\n<\/ul>\n
DUBLIN–(BUSINESS WIRE<\/a>)–ICON plc<\/a> (NASDAQ: ICLR), a world-leading healthcare intelligence and clinical research organization, today reported its financial results for the first quarter ended March 31, 2023.<\/p>\n
\nCEO, Dr. Steve Cutler commented, \u201cICON\u2019s first quarter results reflect continued demand for our broad portfolio of services despite the challenging macroeconomic environment. Our unique position in providing scaled full-service, functional and hybrid solutions is resonating well across customer segments, resulting in 8.4% backlog growth on quarter one 2022. Financial performance was solid with year-over-year revenue growth of 5.3% on a constant currency organic basis, along with another strong quarter of adjusted EBITDA growth, increasing 17.2% over quarter one 2022. Adjusted earnings per share increased 5.1% on a year-over-year basis, despite the anticipated substantial increase in interest expense. We are reaffirming our financial outlook for the full year 2023, with revenue guidance of $7,940 – $8,340 million and adjusted earnings per share of $12.40 \u2013 $13.05.\u201d<\/i><\/p>\n
First Quarter 2023 Results<\/b><\/p>\n
\nGross business wins in the quarter were $2,858 million and cancellations were $443 million. This resulted in net business wins of $2,415 million and a book to bill of 1.22.<\/p>\n
\nRevenue for the first quarter was $1,978.6 million. This represents an increase of 4.0% on prior year revenue or 5.3% on a constant currency organic basis.<\/p>\n
\nGAAP net income attributable to the Group was $116.7 million resulting in $1.41 diluted earnings per share in quarter one 2023 compared to $1.36 diluted earnings per share in quarter one 2022. Adjusted net income attributable to the Group for the quarter was $239.8 million resulting in an adjusted diluted earnings per share of $2.90 compared to $2.76 per share for the first quarter 2022.<\/p>\n
\nAdjusted EBITDA for the first quarter was $399.1 million or 20.2% of revenue, a year-on-year increase of 17.2%.<\/p>\n
\nCash generated from operating activities for the quarter was $175.5 million. During the quarter $26.7 million was spent on capital expenditure. At March 31, 2023, the Group had cash and cash equivalents of $279.9 million, compared to cash and cash equivalents of $288.8 million at December 31, 2022 and $559.1 million at March 31, 2022. $80 million of the revolving credit facility was drawn down at March 31, 2023. Additionally, $250 million of Term Loan B payments were made during the quarter resulting in a net indebtedness of $4.2 billion at March 31, 2023.<\/p>\n
\nOther Information<\/b><\/p>\n
\nIn 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 attributable to the Group and adjusted diluted earnings per share attributable to the Group. 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.<\/p>\n
\nICON will hold a conference call on April 27, 2023 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>. A recording will also be available on the website for 90 days following the call. In addition, a calendar of company events<\/a>, including upcoming conference presentations, is available on our website, under \u201cInvestors\u201d. This calendar will be updated regularly.<\/p>\n
\nThis 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, the impact of COVID-19 on our business, 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<\/a>.<\/p>\n
\n(1) Our full-year 2023 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.<\/p>\n
\nICON 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 41,150 employees in 109 locations in 53 countries as at March 31, 2023. For further information about ICON, visit: www.iconplc.com<\/a>.<\/p>\n\n
\nICON\/ICLR-F<\/p>\n
ICON plc<\/b><\/p>\n
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p>\n
FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND MARCH 31, 2022<\/b><\/p>\n
(UNAUDITED)<\/b><\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n March 31, 2023<\/b><\/p>\n<\/td>\n
\n March 31, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (in thousands except share and per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRevenue<\/p>\n<\/td>\n
\n \n$ 1,978,578<\/p>\n<\/td>\n
\n \n$ 1,901,764<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCosts and expenses:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDirect costs (excluding depreciation and amortization)<\/p>\n<\/td>\n
\n \n1,395,546<\/p>\n<\/td>\n
\n \n1,378,467<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSelling, general and administrative expense<\/p>\n<\/td>\n
\n \n200,006<\/p>\n<\/td>\n
\n \n195,261<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization<\/p>\n<\/td>\n
\n \n145,126<\/p>\n<\/td>\n
\n \n141,405<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTransaction and integration-related expenses<\/p>\n<\/td>\n
\n \n11,382<\/p>\n<\/td>\n
\n \n12,085<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRestructuring<\/p>\n<\/td>\n
\n \n9,729<\/p>\n<\/td>\n
\n \n4,207<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal costs and expenses<\/p>\n<\/td>\n
\n \n1,761,789<\/p>\n<\/td>\n
\n \n1,731,425<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome from operations<\/p>\n<\/td>\n
\n \n216,789<\/p>\n<\/td>\n
\n \n170,339<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest income<\/p>\n<\/td>\n
\n \n1,072<\/p>\n<\/td>\n
\n \n127<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expense<\/p>\n<\/td>\n
\n \n(86,551)<\/p>\n<\/td>\n
\n \n(44,425)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome before provision for income taxes<\/p>\n<\/td>\n
\n \n131,310<\/p>\n<\/td>\n
\n \n126,041<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvision for income taxes<\/p>\n<\/td>\n
\n \n(14,273)<\/p>\n<\/td>\n
\n \n(13,286)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome before share of earnings from equity method investments<\/p>\n<\/td>\n
\n \n117,037<\/p>\n<\/td>\n
\n \n112,755<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare of equity method investments<\/p>\n<\/td>\n
\n \n(383)<\/p>\n<\/td>\n
\n \n(785)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income attributable to the Group<\/p>\n<\/td>\n
\n \n$ 116,654<\/p>\n<\/td>\n
\n \n$ 111,970<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income per Ordinary Share attributable to the Group:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic<\/p>\n<\/td>\n
\n \n$ 1.43<\/p>\n<\/td>\n
\n \n$ 1.37<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted<\/p>\n<\/td>\n
\n \n$ 1.41<\/p>\n<\/td>\n
\n \n$ 1.36<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average number of Ordinary Shares outstanding:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic<\/p>\n<\/td>\n
\n \n81,784,389<\/p>\n<\/td>\n
\n \n81,463,303<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted<\/p>\n<\/td>\n
\n \n82,605,659<\/p>\n<\/td>\n
\n \n82,613,098<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nICON plc<\/b><\/p>\n
CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022<\/b><\/p>\n
\n
\n \u00a0<\/td>\n \n (Unaudited)<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n (Audited)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n March 31, 2023<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n December 31, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n ASSETS<\/b><\/p>\n<\/td>\n
\n (in thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent Assets:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents<\/p>\n<\/td>\n
\n \n$ 279,880<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$ 288,768<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAvailable for sale investments<\/p>\n<\/td>\n
\n \n1,653<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n1,713<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts receivable, net of allowance for credit losses<\/p>\n<\/td>\n
\n \n1,802,726<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n1,731,388<\/p>\n<\/td>\n<\/tr>\n
\n \n \nUnbilled revenue<\/p>\n<\/td>\n
\n \n974,260<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n957,655<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther receivables<\/p>\n<\/td>\n
\n \n143,727<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n63,658<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepayments and other current assets<\/p>\n<\/td>\n
\n \n170,167<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n137,094<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome taxes receivable<\/p>\n<\/td>\n
\n \n56,820<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n48,790<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current assets<\/p>\n<\/td>\n
\n \n3,429,233<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n3,229,066<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-current Assets:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty, plant and equipment, net<\/p>\n<\/td>\n
\n \n348,106<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n350,320<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGoodwill<\/p>\n<\/td>\n
\n \n8,979,134<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n8,971,670<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIntangible assets<\/p>\n<\/td>\n
\n \n4,164,410<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n4,278,659<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating right-of-use assets<\/p>\n<\/td>\n
\n \n150,495<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n153,832<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther receivables<\/p>\n<\/td>\n
\n \n71,612<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n70,790<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome taxes receivable<\/p>\n<\/td>\n
\n \n22,076<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n21,380<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred tax asset<\/p>\n<\/td>\n
\n \n89,406<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n76,930<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInvestments in equity- long term<\/p>\n<\/td>\n
\n \n32,052<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n32,631<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Assets<\/p>\n<\/td>\n
\n \n$ 17,286,524<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$ 17,185,278<\/p>\n<\/td>\n<\/tr>\n
\n \n LIABILITIES AND SHAREHOLDERS\u2019 EQUITY<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent Liabilities:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable<\/p>\n<\/td>\n
\n \n$ 85,126<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$ 81,194<\/p>\n<\/td>\n<\/tr>\n
\n \n \nUnearned revenue<\/p>\n<\/td>\n
\n \n1,580,235<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n1,507,449<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther liabilities<\/p>\n<\/td>\n
\n \n1,029,893<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n1,005,025<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome taxes payable<\/p>\n<\/td>\n
\n \n68,676<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n41,783<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent bank credit lines and loan facilities<\/p>\n<\/td>\n
\n \n135,150<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n55,150<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current liabilities<\/p>\n<\/td>\n
\n \n2,899,080<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n2,690,601<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-current Liabilities:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-current bank credit lines and loan facilities<\/p>\n<\/td>\n
\n \n4,353,534<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n4,599,037<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLease liabilities<\/p>\n<\/td>\n
\n \n133,048<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n131,644<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-current other liabilities<\/p>\n<\/td>\n
\n \n46,177<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n38,260<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-current income taxes payable<\/p>\n<\/td>\n
\n \n243,813<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n239,188<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred tax liability<\/p>\n<\/td>\n
\n \n957,019<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n988,585<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Liabilities<\/p>\n<\/td>\n
\n \n8,632,671<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n8,687,315<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShareholders’ Equity:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOrdinary shares, par value 6 euro cents per share; 100,000,000 shares authorized,<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n81,928,422 shares issued and outstanding at March 31, 2023 and<\/p>\n
\n81,723,555 shares issued and outstanding at December 31, 2022.<\/p>\n<\/td>\n
\n \n6,662<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n6,649<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdditional paid\u2011in capital<\/p>\n<\/td>\n
\n \n6,867,887<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n6,840,306<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther undenominated capital<\/p>\n<\/td>\n
\n \n1,162<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n1,162<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccumulated other comprehensive income<\/p>\n<\/td>\n
\n \n(159,896)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(171,538)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRetained earnings<\/p>\n<\/td>\n
\n \n1,938,038<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n1,821,384<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Shareholders’ Equity<\/p>\n<\/td>\n
\n \n8,653,853<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n8,497,963<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Liabilities and Equity<\/p>\n<\/td>\n
\n \n$ 17,286,524<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$ 17,185,278<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nICON plc<\/b><\/p>\n
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/p>\n
FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND MARCH 31, 2022<\/b><\/p>\n
(UNAUDITED)<\/b><\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n March 31, 2023<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n March 31, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (in thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Cash flows from operating activities:<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income<\/p>\n<\/td>\n
\n \n$ 116,654<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$ 111,970<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments to reconcile net income to net cash provided by operating activities:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization expense<\/p>\n<\/td>\n
\n \n145,126<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n141,405<\/p>\n<\/td>\n<\/tr>\n
\n \n \nImpairment of long lived assets<\/p>\n<\/td>\n
\n \n6,933<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,574<\/p>\n<\/td>\n<\/tr>\n
\n \n \nReduction in carrying value of operating right-of-use assets<\/p>\n<\/td>\n
\n \n11,304<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n13,077<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoss on equity method investments<\/p>\n<\/td>\n
\n \n383<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n785<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCharge on cash flow hedge<\/p>\n<\/td>\n
\n \n2,253<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization of financing costs and debt discount<\/p>\n<\/td>\n
\n \n4,497<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,781<\/p>\n<\/td>\n<\/tr>\n
\n \n \nStock compensation expense<\/p>\n<\/td>\n
\n \n14,759<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n18,903<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred taxes<\/p>\n<\/td>\n
\n \n(43,823)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(34,702)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nForeign exchange movements<\/p>\n<\/td>\n
\n \n(1,319)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(7,323)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther non-cash items<\/p>\n<\/td>\n
\n \n17,534<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,895)<\/p>\n<\/td>\n<\/tr>\n
\n \n Changes in assets and liabilities:<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts receivable<\/p>\n<\/td>\n
\n \n(93,259)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(35,461)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nUnbilled revenue<\/p>\n<\/td>\n
\n \n(18,346)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(55,427)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nUnearned revenue<\/p>\n<\/td>\n
\n \n80,990<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(16,812)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther net assets<\/p>\n<\/td>\n
\n \n(68,186)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n84,041<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash provided by operating activities<\/p>\n<\/td>\n
\n \n175,500<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n226,916<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash flows from investing activities:<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPurchase of property, plant and equipment<\/p>\n<\/td>\n
\n \n(26,744)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(19,632)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSale of available for sale investments<\/p>\n<\/td>\n
\n \n482<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPurchase of available for sale investments<\/p>\n<\/td>\n
\n \n(422)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSale of investments in equity – long term<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n96<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPurchase of investments in equity – long term<\/p>\n<\/td>\n
\n \n(1,358)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash used in investing activities<\/p>\n<\/td>\n
\n \n(28,042)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(19,536)<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash flows from financing activities:<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDrawdown of bank credit lines and loan facilities<\/p>\n<\/td>\n
\n \n180,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRepayment of bank credit lines and loan facilities<\/p>\n<\/td>\n
\n \n(350,000)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(300,000)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from exercise of equity compensation<\/p>\n<\/td>\n
\n \n12,940<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7,491<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare issue costs<\/p>\n<\/td>\n
\n \n(4)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(3)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRepurchase of ordinary shares<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(99,983)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare repurchase costs<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(17)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash used in financing activities<\/p>\n<\/td>\n
\n \n(157,064)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(392,512)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEffect of exchange rate movements on cash<\/p>\n<\/td>\n
\n \n718<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(7,983)<\/p>\n<\/td>\n<\/tr>\n
\n \n Net (decrease)\/ increase in cash and cash equivalents<\/b><\/p>\n<\/td>\n
\n (8,888)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (193,115)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at beginning of period<\/p>\n<\/td>\n
\n \n288,768<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n752,213<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash and cash equivalents at end of period<\/b><\/p>\n<\/td>\n
\n $ 279,880<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $ 559,098<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n
ICON plc<\/b><\/p>\n
RECONCILIATION OF NON-GAAP MEASURES<\/b><\/p>\n
FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND MARCH 31, 2022<\/b><\/p>\n
(UNAUDITED)<\/b><\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n March 31, 2023<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n March 31, 2022<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (in thousands except share and per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income attributable to the Group<\/p>\n<\/td>\n
\n \n$ 116,654<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$ 111,970<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare of equity method investments<\/p>\n<\/td>\n
\n \n383<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n785<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvision for income taxes<\/p>\n<\/td>\n
\n \n14,273<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n13,286<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet interest expense<\/p>\n<\/td>\n
\n \n85,479<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n44,298<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization<\/p>\n<\/td>\n
\n \n145,126<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n141,405<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nStock-based compensation expense (a)<\/sup><\/p>\n<\/td>\n
\n \n14,759<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n19,220<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nForeign currency losses (gains), net (b)<\/sup><\/p>\n<\/td>\n
\n \n1,338<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(6,646)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRestructuring (c)<\/sup><\/p>\n<\/td>\n
\n \n9,729<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n4,207<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTransaction-related \/ integration-related costs (d)<\/sup><\/p>\n<\/td>\n
\n \n11,382<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n12,085<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n
\n \n$ 399,123<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$ 340,610<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted net income attributable to the Group and adjusted diluted net income per Ordinary Share attributable to the Group<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income attributable to the Group<\/p>\n<\/td>\n
\n \n$ 116,654<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$ 111,970<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvision for income taxes<\/p>\n<\/td>\n
\n \n14,273<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n13,286<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization<\/p>\n<\/td>\n
\n \n114,678<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n114,802<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nStock-based compensation expense (a)<\/sup><\/p>\n<\/td>\n
\n \n14,759<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n19,220<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nForeign currency losses (gains), net (b)<\/sup><\/p>\n<\/td>\n
\n \n1,338<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(6,646)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRestructuring (c)<\/sup><\/p>\n<\/td>\n
\n \n9,729<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n4,207<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTransaction-related \/ integration-related costs (d)<\/sup><\/p>\n<\/td>\n
\n \n11,382<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n12,085<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTransaction-related financing costs (e)<\/sup><\/p>\n<\/td>\n
\n \n4,498<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n5,781<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted tax expense (f)<\/sup><\/p>\n<\/td>\n
\n \n(47,469)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(46,744)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted net income attributable to the Group<\/b><\/p>\n<\/td>\n
\n \n$ 239,842<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$ 227,961<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted weighted average number of Ordinary Shares outstanding<\/p>\n<\/td>\n
\n \n82,605,659<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n82,613,098<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted diluted net income per Ordinary Share attributable to the Group<\/b><\/p>\n<\/td>\n
\n \n$ 2.90<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$ 2.76<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\n(a) Stock-based compensation expense represents the amount of recurring non-cash expense related to the Company\u2019s equity compensation programs (inclusive of employer related taxes).<\/p>\n
\n(b) Foreign currency losses (gains), net relates to gains or losses that arise in connection with the revaluation 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.<\/p>\n
\n(c) Restructuring charges incurred relate to charges incurred in connection with the termination of leases at locations that are no longer being used and amounts incurred in connection with the elimination of redundant positions within the organization.<\/p>\n
\n(d) Transaction-related \/ integration-related costs include expenses\/credits associated with our acquisitions and any other costs incurred directly related to the integration of these acquisitions.<\/p>\n
\n(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.<\/p>\n
\n(f) Represents the tax effect of adjusted pre-tax income at our estimated effective tax rate.<\/p>\n
http:\/\/www.iconplc.com<\/a><\/p>\n
<\/p>\n
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<\/td>\n<\/tr>\n