Highlights
- Net business wins in the quarter of $2,350 million; a net book
to bill of 1.20. Full year net business wins of $9,450 million; a
net book to bill of 1.22.
- Closing backlog in the quarter of $20.7 billion, an increase of
2.4% on quarter three 2022 or an increase of 8.7% on quarter four
2021.
- Quarter four revenue of $1,962 million, representing an
increase of 4.3% on quarter four 2021 adjusted revenue and 7.6% on
a constant currency organic basis. Full year revenue of $7,741.4
million, representing an increase of 41.2% on full year 2021
revenue or 45.4% on a constant currency basis.
- Record quarter four adjusted EBITDA1 of $405 million or 20.6%
of revenue, an increase of 21.8% on quarter four 2021. Full year
adjusted EBITDA of $1,479.5 million or 19.1% of revenue, an
increase of 52.5% on full year 2021.
- GAAP net income attributable to the Group for quarter four of
$117.4 million or $1.42 per diluted share. Full year GAAP net
income attributable to the Group of $505.3 million or $6.13 per
diluted share.
- Adjusted net income1 attributable to the Group for quarter four
of $257.7 million or $3.13 per diluted share, an increase of 19% on
prior year quarter four. Full year adjusted net income attributable
to the Group of $968.7 million or $11.75 per diluted share, an
increase of 21.8% on full year 2021.
- $200 million repayment made on Term Loan B debt during quarter
four, bringing full year repayments to $800 million. Net debt
balance of $4.4 billion with net debt to adjusted EBITDA ratio of
2.9x. Hedging solution finalized resulting in proportion of fixed
debt amounting to circa 60% of total debt, providing greater
certainty on interest expenses going forward.
- Full year 2023 revenue guidance reaffirmed in the range of
$7,940 - $8,340 million, representing a year over year increase of
2.6% to 7.7%, and full year 2023 adjusted earnings per share1
guidance in the range of $12.40 - $13.05, representing a year over
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.
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,
2022.
CEO, Dr. Steve Cutler commented, “ICON continued its positive
momentum in the fourth quarter of 2022, with 7.6% constant currency
revenue growth year over year, and delivering on our full-year
financial outlook in a dynamic market environment. We saw solid
demand across our portfolio of services, resulting in backlog
growth of 8.7% on a year over year basis. The combination of strong
underlying operational performance and focused cost management
delivered outstanding adjusted EBITDA1 growth of 22% and adjusted
earnings per share1 growth of 19% on a year-over-year basis in
quarter four.
As we turn to 2023, demand for our services has continued as we
remain focused on meeting the evolving needs of our customers and
further invest in our comprehensive offering to deliver enhanced
outcomes in clinical development. As such, we are reaffirming our
previously announced financial outlook for the full year 2023, with
revenue guidance in the range of $7,940 - $8,340 million and
adjusted earnings per share1 guidance in the range of $12.40 -
$13.05.”
Fourth Quarter 2022 Results
Gross business wins in the quarter were $2,705 million and
cancellations were $355 million. This resulted in net business wins
of $2,350 million and a book to bill of 1.20.
Revenue for quarter four was $1,962 million. This represents an
increase of 4.3% on prior year adjusted revenue or 7.6% on a
constant currency organic basis.
GAAP net income attributable to the Group was $117.4 million
resulting in $1.42 diluted earnings per share in quarter four 2022
compared to $0.92 diluted earnings per share in quarter four 2021.
Adjusted net income1 attributable to the Group for the quarter was
$257.7 million resulting in an adjusted diluted earnings per share1
of $3.13 compared to $2.63 per share in quarter four 2021.
Adjusted EBITDA1 for quarter four was $405 million or 20.6% of
revenue, a year on year increase of 21.8%.
Full Year 2022 Results
Gross business wins were $10,991 million and cancellations were
$1,542 million. This resulted in net business wins of $9,450
million and a book to bill of 1.22.
Full year revenue was $7,741.4 million. This represents an
increase of 41.2% on prior year revenue or 45.4% on a constant
currency basis.
GAAP net income attributable to the Group was $505.3 million
resulting in GAAP diluted earnings per share of $6.13 for the full
year 2022 compared to $2.25 GAAP diluted earnings per share for the
full year 2021. Adjusted net income1 attributable to the Group was
$968.7 million resulting in an adjusted diluted earnings per share1
of $11.75 compared to $9.65 per share for the equivalent prior year
period.
Adjusted EBITDA1 was $1,479.5 million or 19.1% of revenue, a
year on year increase of 52.5%.
Cash generated from operating activities for the year was $563.3
million. During the year, $142.2 million was spent on capital
expenditure. At December 31, 2022, the Group had cash and cash
equivalents of $288.8 million, compared to cash and cash
equivalents of $609.2 million at September 30, 2022 and $752.2
million at December 31, 2021. During the year, $800 million of Term
Loan B payments were made resulting in a net indebtedness balance
of $4.4 billion at December 31, 2022.
Other Information
Colin Shannon resigned from the Board of Directors in December
2022, having served as a non-executive director since the
completion of the PRA Health Sciences transaction in July 2021.
Ciaran Murray, Chairman of the Board, commented, “I would like to
thank Colin for his service to ICON, and his support and
contribution to the integration of ICON and PRA.”
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 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.
ICON will hold a conference call on February 23, 2023 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, 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.
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 111
locations in 53 countries as at December 31, 2022. For further
information about ICON, visit: www.iconplc.com.
1
Refer to “Other Information” for a
discussion of the Company’s use of non-GAAP financial measures, and
to “Reconciliation of Non-GAAP Measures” for reconciliations of
non-GAAP results to applicable GAAP results. 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.
Source: ICON plc
ICON/ICLR-F
ICON plc CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND TWELVE
MONTHS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021
(UNAUDITED)
Three Months Ended
Twelve Months Ended
December 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
(in thousands except share and
per share data)
Revenue
$
1,962,002
$
1,885,121
$
7,741,386
$
5,480,826
Costs and expenses:
Direct costs (excluding depreciation and
amortization)
1,380,679
1,357,303
5,527,045
3,972,612
Selling, general and administrative
expense
226,753
202,716
778,753
585,330
Depreciation and amortization
142,228
139,670
569,513
314,987
Transaction and integration-related
expenses
10,725
15,954
39,695
198,263
Restructuring
(1,747
)
24,943
31,143
31,105
Total costs and expenses
1,758,638
1,740,586
6,946,149
5,102,297
Income from operations
203,364
144,535
795,237
378,529
Interest income
618
78
2,345
574
Interest expense
(75,185
)
(52,839
)
(229,731
)
(182,423
)
Income before provision for income
taxes
128,797
91,774
567,851
196,680
Provision for income taxes
(10,859
)
(14,616
)
(59,411
)
(41,334
)
Income before share of earnings from
equity method investments
117,938
77,158
508,440
155,346
Share of equity method investments
(493
)
(690
)
(3,136
)
(2,161
)
Net income attributable to the Group
$
117,445
$
76,468
$
505,304
$
153,185
Net income per Ordinary Share attributable
to the Group:
Basic
$
1.44
$
0.94
$
6.20
$
2.28
Diluted
$
1.42
$
0.92
$
6.13
$
2.25
Weighted average number of Ordinary Shares
outstanding:
Basic
81,683,430
81,488,189
81,532,320
67,110,186
Diluted
82,452,097
82,827,674
82,468,363
68,068,311
ICON plc CONDENSED
CONSOLIDATED BALANCE SHEETS AS AT DECEMBER 31, 2022 AND DECEMBER
31, 2021
UNAUDITED
December 31,
2022
December 31,
2021
ASSETS
(in thousands)
Current Assets:
Cash and cash equivalents
$
288,768
$
752,213
Available for sale investments
1,713
1,712
Accounts receivable, net of allowance for
credit losses
1,731,388
1,342,770
Unbilled revenue
957,655
623,121
Other receivables
63,658
56,760
Prepayments and other current assets
137,094
114,323
Income taxes receivable
48,790
50,299
Total current assets
3,229,066
2,941,198
Non-current Assets:
Property, plant and equipment, net
350,320
336,444
Goodwill
8,971,670
9,037,931
Intangible assets
4,278,659
4,710,843
Operating right-of-use assets
153,832
198,123
Other receivables
70,790
70,557
Income taxes receivable
21,380
18,637
Deferred tax asset
76,930
48,392
Equity method investments
—
2,373
Investments in equity- long term
32,631
22,592
Total Assets
$
17,185,278
$
17,387,090
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current Liabilities:
Accounts payable
$
81,194
$
90,764
Unearned revenue
1,507,449
1,323,961
Other liabilities
1,005,025
949,629
Income taxes payable
41,783
59,433
Current bank credit lines and loan
facilities
55,150
55,150
Total current liabilities
2,690,601
2,478,937
Non-current Liabilities:
Non-current bank credit lines and loan
facilities
4,599,037
5,381,162
Lease liabilities
131,644
159,483
Non-current other liabilities
38,260
42,596
Non-current income taxes payable
239,188
172,109
Deferred tax liability
988,585
1,085,976
Total Liabilities
8,687,315
9,320,263
Shareholders' Equity:
Ordinary shares, par value 6 euro cents
per share; 100,000,000 shares authorized,
81,723,555 shares issued and outstanding
at December 31, 2022 and
81,554,683 shares issued and outstanding
at December 31, 2021.
6,649
6,640
Additional paid‑in capital
6,840,306
6,733,910
Other undenominated capital
1,162
1,134
Accumulated other comprehensive income
(171,538
)
(90,937
)
Retained earnings
1,821,384
1,416,080
Total Shareholders' Equity
8,497,963
8,066,827
Total Liabilities and Equity
$
17,185,278
$
17,387,090
ICON plc CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 2022 AND DECEMBER 31, 2021 (UNAUDITED)
Twelve Months Ended
December 31,
2022
December 31,
2021
(in thousands)
Cash flows from operating
activities:
Net income
$
505,304
$
153,185
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization expense
569,513
314,987
Impairment of long lived assets
28,767
20,037
Reduction in carrying value of operating
right-of-use assets
45,215
45,339
Loss on equity method investments
3,136
2,161
Amortization of financing costs and debt
discount
17,749
12,890
Stock compensation expense
70,523
133,844
Loss on extinguishment of debt
—
14,434
Deferred taxes
(124,985
)
(60,616
)
Unrealised FX
(13,009
)
(6,054
)
Loss on issuance of debt
—
59,460
Other non-cash items
11,324
4,480
Changes in assets and
liabilities:
Accounts receivable
(420,695
)
113,513
Unbilled revenue
(332,592
)
(17,656
)
Unearned revenue
192,944
(69,121
)
Other net assets
10,121
108,259
Net cash provided by operating
activities
563,315
829,142
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(142,160
)
(93,750
)
Purchase of subsidiary undertakings
—
(5,914,475
)
Purchase of equity method investments
—
(2,450
)
Loan to equity method investment
—
(10,000
)
Sale of available for sale investments
481
497
Purchase of available for sale
investments
(482
)
(480
)
Proceeds from investments in equity – long
term
1,906
500
Purchase of investments in equity - long
term
(5,612
)
(4,077
)
Net cash used in investing activities
(145,867
)
(6,024,235
)
Cash flows from financing
activities:
Financing costs
—
(30,328
)
Proceeds from exercise of equity
compensation
35,844
118,589
Share issue costs
(17
)
(853
)
Repurchase of ordinary shares
(99,983
)
—
Share repurchase costs
(17
)
—
Drawdown of bank credit lines and loan
facilities
75,000
5,905,100
Repayment of bank credit lines and loan
facilities
(875,000
)
(877,780
)
Net cash used in financing activities
(864,173
)
5,114,728
Effect of exchange rate movements on
cash
(16,720
)
(7,727
)
Net (decrease)/ increase in cash and
cash equivalents
(463,445
)
(88,092
)
Cash and cash equivalents at beginning of
period
752,213
840,305
Cash and cash equivalents at end of
period
$
288,768
$
752,213
ICON plc RECONCILIATION OF
NON-GAAP MEASURES FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER
31, 2022 AND DECEMBER 31, 2021 (UNAUDITED)
Three Months Ended
Twelve Months Ended
December 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
(in thousands except share and
per share data)
Adjusted revenue
Revenue, as reported
$
1,962,002
$
1,885,121
$
7,741,386
$
5,480,826
Acquisition related deferred revenue
adjustment (a)
—
(4,000
)
—
—
Adjusted revenue
$
1,962,002
$
1,881,121
$
7,741,386
$
5,480,826
Adjusted EBITDA
Net income attributable to the Group
$
117,445
$
76,468
$
505,304
$
153,185
Share of equity method investments
493
690
3,136
2,161
Provision for income taxes
10,859
14,616
59,411
41,334
Net interest expense (b)
74,567
52,761
227,386
181,849
Depreciation and amortization
142,228
139,670
569,513
314,987
Stock-based compensation expense (c)
15,047
19,410
69,889
61,397
Foreign currency losses (gains), net
(d)
35,399
(7,968
)
(25,997
)
(14,314
)
Acquisition related deferred revenue
adjustment (a)
—
(4,000
)
—
—
Restructuring (e)
(1,747
)
24,943
31,143
31,105
Transaction-related / integration-related
costs (f)
10,725
15,954
39,695
198,263
Adjusted EBITDA
$
405,016
$
332,544
$
1,479,480
$
969,967
Adjusted net income attributable to the
Group and adjusted diluted net income per Ordinary Share
attributable to the Group
Net income attributable to the Group
$
117,445
$
76,468
$
505,304
$
153,185
Provision for income taxes
10,859
14,616
59,411
41,334
Amortisation
114,969
114,888
463,087
239,503
Stock-based compensation expense (c)
15,047
19,410
69,889
61,397
Foreign currency losses (gains), net
(d)
35,399
(7,968
)
(25,997
)
(14,314
)
Restructuring (e)
(1,747
)
24,943
31,143
31,105
Acquisition related deferred revenue
adjustment (a)
—
(4,000
)
—
—
Transaction-related / integration-related
costs (f)
10,725
15,954
39,695
198,263
Transaction-related financing costs
(g)
4,205
8,484
17,814
86,736
Adjusted tax expense (h)
(49,174
)
(44,798
)
(191,667
)
(130,791
)
Adjusted net income attributable to the
Group
$
257,728
$
217,997
$
968,679
$
666,419
Diluted weighted average number of
Ordinary Shares outstanding
82,452,097
82,827,674
82,468,363
Adjusted diluted net income per
Ordinary Share attributable to the Group
$
3.13
$
2.63
$
11.75
$
9.65
(a)
Acquisition related deferred revenue
adjustment represents non-cash adjustments resulting from the
revaluation of deferred revenue and the subsequent charge to
revenue in connection with business combinations
(b)
Net interest expense includes losses on
modification or extinguishment of debt.
(c)
Stock-based compensation expense
represents the amount of recurring non-cash expense related to the
Company’s equity compensation programs (inclusive of employer
related taxes).
(d)
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.
(e)
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.
(f)
Transaction-related / integration-related
costs include expenses/credits associated with our acquisitions,
share-based compensation expense related to the acceleration of
share-based compensation awards and replacement share-based awards,
contingent consideration valuation adjustments, and any other costs
incurred directly related to the integration of these
acquisitions.
(g)
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.
(h)
Represents the tax effect of adjusted
pre-tax income at our estimated effective tax rate.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230222005853/en/
Investor Relations +1 888 381 7923 or Brendan Brennan Chief
Financial Officer +353 1 291 2000 Kate Haven Vice President
Investor Relations +1 888 381 7923 All at ICON
http://www.iconplc.com
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