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     105  0 Kommentare ICON Reports Fourth Quarter and Full Year 2023 Results

    ICON plc (NASDAQ:ICLR), a world-leading healthcare intelligence and clinical research organization, today reported its financial results for the fourth quarter and year ended December 31, 2023.

    CEO, Dr. Steve Cutler commented, “With our focus on delivering innovative clinical development solutions, ICON’s solid performance in quarter four and the full year 2023 reflects continued market leadership across the customer segments we serve. Our team delivered strong financial results despite challenging macroeconomic conditions, resulting in full year adjusted EBITDA growth of 15% and adjusted EPS growth of 9% over full year 2022.

    We remain encouraged by the positive demand environment as we enter this year, and as such, reaffirm our previously issued financial guidance for the full year 2024, with revenue in the range of $8,400 - $8,800 million, and adjusted earnings per share in the range of $14.50 - $15.30.

    Fourth Quarter 2023 Results

    Gross business wins in the fourth quarter were $2,992 million and cancellations were $461 million. This resulted in net business wins of $2,531 million and a book to bill of 1.22.

    Revenue for the fourth quarter was $2,066.2 million. This represents an increase of 5.3% on prior year revenue or 4.1% on a constant currency basis.

    GAAP net income was $216.4 million resulting in $2.60 diluted earnings per share in quarter four 2023 compared to $1.42 diluted earnings per share in quarter four 2022. Adjusted net income for the quarter was $287.5 million resulting in an adjusted diluted earnings per share of $3.46 compared to $3.13 per share for the fourth quarter 2022.

    Adjusted EBITDA for the fourth quarter was $448.2 million or 21.7% of revenue, a year-on-year increase of 10.7%.

    The effective tax rate on adjusted net income in quarter four was 15.2%.

    Cash generated from operating activities for the quarter was $440.1 million. During the quarter $52.7 million was spent on capital expenditure. At December 31, 2023, the Group had cash and cash equivalents of $378.1 million, compared to cash and cash equivalents of $313.1 million at September 30, 2023 and $288.8 million at December 31, 2022. $65 million of the revolving credit facility was drawn down in the quarter and $85 million was repaid. Additionally, $250.0 million of Term Loan B payments were made during the quarter resulting in a net indebtedness of $3.4 billion at December 31, 2023.

    Full Year 2023 Results

    Gross business wins were $11,765 million and cancellations were $1,819 million. This resulted in net business wins of $9,946 million and a book to bill of 1.22.

    Full year revenue was $8,120.2 million. This represents a year on year increase of 4.9% on a reported basis and 4.6% on a constant currency basis.

    GAAP net income was $612.3 million resulting in $7.40 diluted earnings per share for the full year 2023. Adjusted net income was $1,058.2 million resulting in an adjusted diluted earnings per share of $12.79 compared to $11.75 per share for the equivalent prior year period.

    Adjusted EBITDA was $1,694.1 million or 20.9% of revenue, a year on year increase of 14.5%.

    The effective tax rate on adjusted net income in 2023 was 15.5%.

    Cash generated from operating activities in 2023 was $1,161.0 million. $140.7 million was spent on capital expenditure. $370 million of the revolving credit facility was drawn down and $315 million was repaid. Additionally, $950.0 million of Term Loan B payments were made in the year.

    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 February 22, 2024 at 08:00 EST [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 41,100 employees in 106 locations in 53 countries as at December 31, 2023. For further information about ICON, visit: www.iconplc.com.

    ICON/ICLR-F

    ICON plc

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

    (UNAUDITED)

     

     

    Three Months Ended

     

    Twelve Months Ended

     

    December 31,
    2023

     

    December 31,
    2022

     

    December 31,
    2023

     

    December 31,
    2022

     

    (in thousands except share and per share data)

     

     

     

     

     

     

     

     

    Revenue

    $

    2,066,248

     

     

    $

    1,962,002

     

     

    $

    8,120,176

     

     

    $

    7,741,386

     

     

     

     

     

     

     

     

     

    Costs and expenses:

     

     

     

     

     

     

     

    Direct costs (excluding depreciation and amortization)

     

    1,445,727

     

     

     

    1,380,679

     

     

     

    5,719,949

     

     

     

    5,527,045

     

    Selling, general and administrative

     

    195,560

     

     

     

    226,753

     

     

     

    768,559

     

     

     

    778,753

     

    Depreciation and amortization

     

    149,733

     

     

     

    142,228

     

     

     

    585,950

     

     

     

    569,513

     

    Transaction and integration related

     

    9,660

     

     

     

    10,725

     

     

     

    44,176

     

     

     

    39,695

     

    Restructuring

     

     

     

     

    (1,747

    )

     

     

    45,390

     

     

     

    31,143

     

     

     

     

     

     

     

     

     

    Total costs and expenses

     

    1,800,680

     

     

     

    1,758,638

     

     

     

    7,164,024

     

     

     

    6,946,149

     

     

     

     

     

     

     

     

     

    Income from operations

     

    265,568

     

     

     

    203,364

     

     

     

    956,152

     

     

     

    795,237

     

    Interest income

     

    1,720

     

     

     

    618

     

     

     

    5,014

     

     

     

    2,345

     

    Interest expense

     

    (81,034

    )

     

     

    (75,185

    )

     

     

    (336,699

    )

     

     

    (229,731

    )

     

     

     

     

     

     

     

     

    Income before income tax expense

     

    186,254

     

     

     

    128,797

     

     

     

    624,467

     

     

     

    567,851

     

    Income tax expense

     

    30,164

     

     

     

    (10,859

    )

     

     

    (11,749

    )

     

     

    (59,411

    )

     

     

     

     

     

     

     

     

    Income before share of losses from equity method investments

     

    216,418

     

     

     

    117,938

     

     

     

    612,718

     

     

     

    508,440

     

    Share of losses from equity method investments

     

     

     

     

    (493

    )

     

     

    (383

    )

     

     

    (3,136

    )

     

     

     

     

     

     

     

     

    Net income

    $

    216,418

     

     

    $

    117,445

     

     

    $

    612,335

     

     

    $

    505,304

     

     

     

     

     

     

     

     

     

    Net income per Ordinary Share:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

    $

    2.63

     

     

    $

    1.44

     

     

    $

    7.46

     

     

    $

    6.20

     

    Diluted

    $

    2.60

     

     

    $

    1.42

     

     

    $

    7.40

     

     

    $

    6.13

     

     

     

     

     

     

     

     

     

    Weighted average number of Ordinary Shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    82,399,478

     

     

     

    81,683,430

     

     

     

    82,101,813

     

     

     

    81,532,320

     

    Diluted

     

    83,112,757

     

     

     

    82,452,097

     

     

     

    82,717,640

     

     

     

    82,468,363

     

    ICON plc

    CONDENSED CONSOLIDATED BALANCE SHEETS

    AS AT DECEMBER 31, 2023 AND DECEMBER 31, 2022

    (UNAUDITED)

     

     

    December 31, 2023

     

    December 31, 2022

    ASSETS

    (in thousands)

    Current Assets:

     

     

     

    Cash and cash equivalents

    $

    378,102

     

     

    $

    288,768

     

    Available for sale investments

     

    1,954

     

     

     

    1,713

     

    Accounts receivable, net of allowance for credit losses

     

    1,790,322

     

     

     

    1,731,388

     

    Unbilled revenue

     

    951,936

     

     

     

    957,655

     

    Other receivables

     

    65,797

     

     

     

    63,658

     

    Prepayments and other current assets

     

    132,105

     

     

     

    137,094

     

    Income taxes receivable

     

    91,254

     

     

     

    48,790

     

    Total current assets

     

    3,411,470

     

     

     

    3,229,066

     

    Non-current Assets:

     

     

     

    Property, plant and equipment, net

     

    361,184

     

     

     

    350,320

     

    Goodwill

     

    9,022,075

     

     

     

    8,971,670

     

    Intangible assets, net

     

    3,855,865

     

     

     

    4,278,659

     

    Operating right-of-use assets

     

    140,333

     

     

     

    153,832

     

    Other receivables

     

    78,470

     

     

     

    70,790

     

    Income taxes receivable

     

     

     

     

    21,380

     

    Deferred tax asset

     

    73,662

     

     

     

    76,930

     

    Investments in equity- long term

     

    46,804

     

     

     

    32,631

     

    Total Assets

    $

    16,989,863

     

     

    $

    17,185,278

     

     

     

     

     

    LIABILITIES AND SHAREHOLDERS’ EQUITY

     

     

     

    Current Liabilities:

     

     

     

    Accounts payable

    $

    131,584

     

     

    $

    81,194

     

    Unearned revenue

     

    1,654,507

     

     

     

    1,507,449

     

    Other liabilities

     

    915,399

     

     

     

    1,005,025

     

    Income taxes payable

     

    13,968

     

     

     

    41,783

     

    Current bank credit lines and loan facilities

     

    110,150

     

     

     

    55,150

     

    Total current liabilities

     

    2,825,608

     

     

     

    2,690,601

     

    Non-current Liabilities:

     

     

     

    Non-current bank credit lines and loan facilities

     

    3,665,439

     

     

     

    4,599,037

     

    Lease liabilities

     

    126,321

     

     

     

    131,644

     

    Non-current other liabilities

     

    45,998

     

     

     

    38,260

     

    Non-current income taxes payable

     

    186,654

     

     

     

    239,188

     

    Deferred tax liability

     

    899,100

     

     

     

    988,585

     

    Total Liabilities

     

    7,749,120

     

     

     

    8,687,315

     

     

     

     

     

    Shareholders' Equity:

     

     

     

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

     

     

     

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

    81,723,555 shares issued and outstanding at December 31, 2022.

     

    6,699

     

     

     

    6,649

     

    Additional paid‑in capital

     

    6,942,669

     

     

     

    6,840,306

     

    Other undenominated capital

     

    1,162

     

     

     

    1,162

     

    Accumulated other comprehensive loss

     

    (143,506

    )

     

     

    (171,538

    )

    Retained earnings

     

    2,433,719

     

     

     

    1,821,384

     

    Total Shareholders' Equity

     

    9,240,743

     

     

     

    8,497,963

     

    Total Liabilities and Shareholders' Equity

    $

    16,989,863

     

     

    $

    17,185,278

     

    ICON plc

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

    (UNAUDITED)

     

     

    Twelve Months Ended

     

    December 31, 2023

     

    December 31, 2022

     

    (in thousands)

    Cash flows from operating activities:

     

     

     

    Net income

    $

    612,335

     

     

    $

    505,304

     

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

     

     

     

    Depreciation and amortization expense

     

    585,950

     

     

     

    569,513

     

    Impairment of long lived assets

     

    8,686

     

     

     

    28,767

     

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

     

    41,546

     

     

     

    45,215

     

    Loss on equity method investments

     

    383

     

     

     

    3,136

     

    Acquisition related gain

     

    (6,160

    )

     

     

     

    Charge on cash flow hedge

     

    2,407

     

     

     

     

    Amortization of financing costs and debt discount

     

    16,402

     

     

     

    17,749

     

    Stock compensation expense

     

    55,667

     

     

     

    70,523

     

    Deferred tax benefit

     

    (85,403

    )

     

     

    (124,985

    )

    Unrealized foreign exchange movements

     

    19,706

     

     

     

    (13,009

    )

    Other non-cash items

     

    24,332

     

     

     

    11,324

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    (83,296

    )

     

     

    (420,695

    )

    Unbilled revenue

     

    4,716

     

     

     

    (332,592

    )

    Unearned revenue

     

    134,566

     

     

     

    192,944

     

    Other net assets

     

    (170,810

    )

     

     

    10,121

     

    Net cash provided by operating activities

     

    1,161,027

     

     

     

    563,315

     

    Cash flows from investing activities:

     

     

     

    Purchase of property, plant and equipment

     

    (140,692

    )

     

     

    (142,160

    )

    Purchase of subsidiary undertakings (net of cash acquired)

     

    (71,766

    )

     

     

     

    Sale of available for sale investments

     

    2,616

     

     

     

    481

     

    Purchase of available for sale investments

     

    (2,857

    )

     

     

    (482

    )

    Proceeds from investments in equity - long term

     

     

     

     

    1,906

     

    Purchase of investments in equity - long term

     

    (13,954

    )

     

     

    (5,612

    )

    Net cash used in investing activities

     

    (226,653

    )

     

     

    (145,867

    )

    Cash flows from financing activities:

     

     

     

    Drawdown of credit lines and facilities

     

    370,000

     

     

     

    75,000

     

    Repayment of credit lines and facilities

     

    (1,265,000

    )

     

     

    (875,000

    )

    Proceeds from exercise of equity compensation

     

    50,973

     

     

     

    35,844

     

    Share issue costs

     

    (16

    )

     

     

    (17

    )

    Repurchase of ordinary shares

     

     

     

     

    (99,983

    )

    Share repurchase costs

     

     

     

     

    (17

    )

    Net cash used in financing activities

     

    (844,043

    )

     

     

    (864,173

    )

    Effect of exchange rate movements on cash

     

    (997

    )

     

     

    (16,720

    )

    Net increase/(decrease) in cash and cash equivalents

     

    89,334

     

     

     

    (463,445

    )

    Cash and cash equivalents at beginning of year

     

    288,768

     

     

     

    752,213

     

    Cash and cash equivalents at end of year

    $

    378,102

     

     

    $

    288,768

     

    ICON plc

    RECONCILIATION OF NON-GAAP MEASURES

    FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

    (UNAUDITED)

     

     

    Three Months Ended

     

    Twelve Months Ended

     

    December
    31, 2023

     

    December
    31, 2022

     

    December
    31, 2023

     

    December
    31, 2022

     

    (in thousands except share and per share data)

     

     

     

     

     

     

     

     

    Adjusted EBITDA

     

     

     

     

     

     

     

    Net income

    $

    216,418

     

     

    $

    117,445

     

     

    $

    612,335

     

     

    $

    505,304

     

    Share of losses from equity method investments

     

     

     

     

    493

     

     

     

    383

     

     

     

    3,136

     

    Income tax expense

     

    (30,164

    )

     

     

    10,859

     

     

     

    11,749

     

     

     

    59,411

     

    Net interest expense

     

    79,314

     

     

     

    74,567

     

     

     

    331,685

     

     

     

    227,386

     

    Depreciation and amortization

     

    149,733

     

     

     

    142,228

     

     

     

    585,950

     

     

     

    569,513

     

    Stock-based compensation expense (a)

     

    7,845

     

     

     

    15,047

     

     

     

    55,667

     

     

     

    69,889

     

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

     

    15,381

     

     

     

    35,399

     

     

     

    12,916

     

     

     

    (25,997

    )

    Oncacare (gain) (g)

     

     

     

     

     

     

     

    (6,160

    )

     

     

     

    Restructuring (c)

     

     

     

     

    (1,747

    )

     

     

    45,390

     

     

     

    31,143

     

    Transaction and integration related costs (d)

     

    9,660

     

     

     

    10,725

     

     

     

    44,176

     

     

     

    39,695

     

    Adjusted EBITDA

    $

    448,187

     

     

    $

    405,016

     

     

    $

    1,694,091

     

     

    $

    1,479,480

     

     

     

     

     

     

     

     

     

    Adjusted net income and adjusted diluted net income per Ordinary Share

     

     

     

     

     

     

     

    Net income

    $

    216,418

     

     

    $

    117,445

     

     

    $

    612,335

     

     

    $

    505,304

     

    Income tax expense

     

    (30,164

    )

     

     

    10,859

     

     

     

    11,749

     

     

     

    59,411

     

    Amortization

     

    115,986

     

     

     

    114,969

     

     

     

    459,854

     

     

     

    463,087

     

    Stock-based compensation expense (a)

     

    7,845

     

     

     

    15,047

     

     

     

    55,667

     

     

     

    69,889

     

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

     

    15,381

     

     

     

    35,399

     

     

     

    12,916

     

     

     

    (25,997

    )

    Restructuring (c)

     

     

     

     

    (1,747

    )

     

     

    45,390

     

     

     

    31,143

     

    Oncacare (gain) (g)

     

     

     

     

     

     

     

    (6,160

    )

     

     

     

    Transaction and integration related costs (d)

     

    9,660

     

     

     

    10,725

     

     

     

    44,176

     

     

     

    39,695

     

    Transaction-related financing costs (e)

     

    3,916

     

     

     

    4,205

     

     

     

    16,402

     

     

     

    17,814

     

    Adjusted tax expense (f)

     

    (51,535

    )

     

     

    (49,174

    )

     

     

    (194,152

    )

     

     

    (191,667

    )

    Adjusted net income

    $

    287,507

     

     

    $

    257,728

     

     

    $

    1,058,177

     

     

    $

    968,679

     

     

     

     

     

     

     

     

     

    Diluted weighted average number of Ordinary Shares outstanding

     

    83,112,757

     

     

     

    82,452,097

     

     

     

    82,717,640

     

     

     

    82,468,363

     

     

     

     

     

     

     

     

     

    Adjusted diluted net income per Ordinary Share

    $

    3.46

     

     

    $

    3.13

     

     

    $

    12.79

     

     

    $

    11.75

     

    (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 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/credits 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.

     


    The Icon Stock at the time of publication of the news with a raise of +0,44 % to 263,5EUR on Lang & Schwarz stock exchange (21. Februar 2024, 22:18 Uhr).


    Business Wire (engl.)
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    ICON Reports Fourth Quarter and Full Year 2023 Results ICON plc (NASDAQ:ICLR), a world-leading healthcare intelligence and clinical research organization, today reported its financial results for the fourth quarter and year ended December 31, 2023. CEO, Dr. Steve Cutler commented, “With our focus on …