Highlights
- Excluding the impact of ASC 606, record
net business wins in the quarter of $605 million, a book to bill of
1.27.
- Excluding the impact of ASC 606,
closing backlog of $5.3 billion, an increase of 10.5% year on
year.
- Quarter 3 reported revenue of $655.0
million. Excluding the impact of ASC 606, quarter 3 revenue was
$476.4 million, representing an 8.2% increase year on year.
- Reported income from operations was
$97.9 million, or 15.0% of revenue. Excluding the impact of ASC
606, income from operations was $98.8 million, a 16.4% increase
year on year.
- Reported earnings per share of $1.54.
Year to date earnings per share before non-recurring charges of
$4.47. Excluding the impact of ASC 606, earnings per share was
$1.55, a 14.8% increase year on year.
ICON plc (NASDAQ: ICLR), a global provider
of drug development solutions and services to the pharmaceutical,
biotechnology and medical device industries, today reported its
financial results for the third quarter ended September 30,
2018.
CEO Dr. Steve Cutler commented, “Quarter 3 was another strong
quarter for ICON. Net business wins were a record $605 million,
representing a book to bill of 1.27 and our backlog grew by 11%
over last year to $5.3 billion. As a result, revenue grew over 8%
to $476 million compared to the same quarter last year and earnings
per share increased by 15% to $1.55. I am very pleased with our
continued ability to execute our strategic plans which position us
well for sustainable revenue and EPS growth.”
Third Quarter 2018 Results
Excluding the impact of ASC 606, gross business wins in the
third quarter were $716 million and cancellations were $111
million. This resulted in net business wins of $605 million, a book
to bill of 1.27.
Reported revenue for quarter 3 was $655.0 million. Excluding the
impact of ASC 606, quarter 3 revenue increased to $476.4 million
from $440.3 million in the same quarter last year, an increase of
8.2%.
Reported income from operations in the quarter was $97.9 million
or 15.0% of revenue. Excluding the impact of ASC 606, income from
operations increased by 16.4% to $98.8 million, or 20.7% of
revenue, compared to $84.9 million or 19.3% for the same quarter
last year.
Reported net income for the quarter was $84.5 million or 12.9%
of revenue. Excluding the impact of ASC 606, net income increased
by 15.1% to $85.3 million, compared with $74.2 million in the same
quarter last year.
Reported earnings per share on a diluted basis was $1.54.
Excluding the impact of ASC 606, diluted earnings per share
increased by 14.8% to $1.55, compared to $1.35 per share for the
same quarter last year.
Year to date 2018 Results
Excluding the impact of ASC 606, gross business wins year to
date were $2,139 million and cancellations were $344 million. This
resulted in net business wins of $1,795 million, a book to bill of
1.27.
Year to date reported revenue was $1,916.8 million. Excluding
the impact of ASC 606, year to date revenue increased to $1,412.9
million from $1,303.3 million in the same quarter last year, an
increase of 8.4%.
Reported income from operations year to date, before
non-recurring charges was $284.1 million or 14.8% of revenue.
Excluding the impact of ASC 606, income from operations before
non-recurring charges increased by 12.2% to $287.6 million, or
20.4% of revenue, compared to $256.3 million or 19.7% for the same
quarter last year.
Reported net income year to date, before non-recurring charges
was $245.5 million or 12.8% of revenue. Excluding the impact of ASC
606, net income before non-recurring charges increased by 14.5% to
$248.7 million, compared with $217.2 million in the same quarter
last year.
Reported earnings per share year to date on a diluted basis
before non-recurring charges was $4.47. Excluding the impact of ASC
606, diluted earnings per share before non-recurring charges
increased by 14.4% to $4.53, compared to $3.96 per share for the
same quarter last year.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 49 days at
September 30, 2018, compared with 49 days at the end of June 2018
and 50 days at the end of September 2017.
Cash generated from operating activities for the quarter was
$128.1 million. Capital expenditure for the quarter was $11.2
million. As a result, at September 30, 2018, the company had net
cash of $142.3 million, compared to net cash of $23.9 million at
June 30, 2018 and net debt of $56.3 million at the end of September
2017.
The new revenue recognition standard (ASU No. 2014-09) ‘Revenue
from Contracts with Customers’ was effective for ICON plc from
January 1, 2018. ICON has elected to adopt the new standard under
the cumulative effect transition method. Under this transition
method, the new standard is applied from January 1, 2018 without
restatement of comparative period amounts. The cumulative effect of
initially applying the new standard is reflected as an adjustment
to opening equity at the date of application. Results for the three
and nine months ended September 2017 are therefore presented under
the previous revenue recognition accounting principles.
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
non-GAAP operating and net income and non-GAAP diluted earnings per
share. 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 its third quarter conference call tomorrow,
October 25th, 2018 at 09:00 EDT [14:00 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. 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
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, S-8 and F-3, which are available on the SEC's
website at http://www.sec.gov.
ICON plc is a global provider of drug development solutions and
services to the pharmaceutical, biotechnology and medical device
industries. The company specialises in the strategic development,
management and analysis of programs that support clinical
development - from compound selection to Phase I-IV clinical
studies. With headquarters in Dublin, Ireland, ICON currently,
operates from 93 locations in 37 countries and has approximately
13,620 employees. Further information is available at
www.iconplc.com.
Source: ICON plcContact: Investor Relations +1888 381 7923
orBrendan Brennan Chief Financial Officer +353 1 291 2000Jonathan
Curtain Vice President Corporate Finance and Investor Relations +1
215 616 3000
All at ICON.
ICON plc
Condensed Consolidated Statements of
Operations
(Before restructuring and other
items)
Three and Nine Months ended September 30,
2018 and September 30, 2017
(Dollars, in thousands, except share and per
share data)
(Unaudited)
Three Months Ended Nine Months Ended
September
September September
September 30, 2018
30, 2017 30, 2018
30, 2017 Revenue: Revenue 655,017
596,169 1,916,752 1,766,016 Reimbursable expenses (155,846)
(462,716) 440,323 1,303,300
Costs and
expenses: Direct costs
- Reimbursable expenses
(179,642) - (507,708) -
- Other direct costs
(279,554) (259,672) (831,306) (760,175) Selling, general and
administrative expense (80,819) (79,433) (242,670) (241,655)
Depreciation and amortization (17,062) (16,280) (51,006) (45,123)
Total costs and expenses (557,077) (355,385)
(1,632,690) (1,046,953)
Income from operations 97,940
84,938 284,062 256,347 Net interest expense (1,887) (2,545)
(7,144) (7,769)
Income before provision for income
taxes 96,053 82,393 276,918 248,578 Provision for income
taxes (11,526) (8,239) (31,388) (31,414)
Net income
84,527 74,154 245,530 217,164 Net income per Ordinary Share:
Basic $1.55 $1.37 $4.54 $4.01 Diluted $1.54 $1.35
$4.47 $3.96 Weighted average number of Ordinary Shares
outstanding: Basic 54,368,656 54,109,566 54,134,639
54,110,022 Diluted 54,901,404 54,756,184 54,888,151
54,840,112
ICON plc
Condensed Consolidated Statements of
Operations
(US GAAP)
Three and Nine Months ended September 30,
2018 and September 30, 2017
(Dollars, in thousands, except share and per
share data)
(Unaudited)
Three Months Ended Nine Months Ended
September
September September
September 30, 2018
30, 2017 30, 2018
30, 2017 Revenue: Revenue 655,017
596,169 1,916,752 1,766,016 Reimbursable expenses (155,846)
(462,716) 440,323 1,303,300
Costs and
expenses: Direct costs
- Reimbursable expenses
(179,642) - (507,708) -
- Other direct costs
(279,554) (259,672) (831,306) (760,175) Selling, general and
administrative expense (80,819) (79,433) (242,670) (241,655)
Depreciation and amortization (17,062) (16,280) (51,006) (45,123)
Restructuring costs - - (12,490) (7,753)
Total costs and
expenses (557,077) (355,385) (1,645,180) (1,054,706)
Income from operations 97,940 84,938 271,572 248,594
Net interest expense (1,887) (2,545) (7,144) (7,769)
Income before provision for income taxes 96,053 82,393
264,428 240,825 Provision for income taxes (11,526) (8,239)
(29,935) (30,445)
Net income 84,527 74,154 234,493
210,380 Net income per Ordinary Share: Basic $1.55
$1.37 $4.33 $3.89 Diluted $1.54 $1.35 $4.27 $3.84
Weighted average number of Ordinary Shares outstanding:
Basic 54,368,656 54,109,566 54,134,639 54,110,022 Diluted
54,901,404 54,756,184 54,888,151 54,840,112
ICON plc
Impact of the adoption of ASC 606 on
revenue
Three and Nine Months ended September 30,
2018 and September 30, 2017
(Dollars, in thousands)
(Unaudited)
Three Months Ended September 30, 2018
Three Months, Ended September 30,
2017
As Reported ASC 606 Adjustments
Balances without adoption of ASC 606
As Reported
Revenue: Revenue 655,017 1,022 656,039 596,169 Reimbursable
expenses (179,642) (179,642) (155,846)
655,017
(178,620) 476,397 440,323
Nine Months Ended September 30, 2018
Nine Months, Ended September 30,
2017
As Reported ASC 606 Adjustments
Balances without adoption of ASC 606
As Reported
Revenue: Revenue 1,916,752 3,867 1,920,619 1,766,016
Reimbursable expenses (507,708) (507,708) (462,716)
1,916,752 (503,841) 1,412,911 1,303,300
ICON plc
Summary Balance Sheet Data
September 30, 2018 and June 30, 2018
(Dollars, in thousands)
September 30, June 30, 2018
2018 (Unaudited) (Unaudited)
Cash and short-term investments 491,482 372,996 Debt (349,169)
(349,074) Net cash/(debt) 142,313 23,922 Net Accounts
Receivable 358,151 352,332 Working Capital 703,401 600,398
Total Assets 2,325,728 2,174,496 Shareholder's Equity
1,334,484 1,238,748
ICON/ICLR-F
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version on businesswire.com: https://www.businesswire.com/news/home/20181024005803/en/
ICON plcInvestor Relations+1 888 381 7923orBrendan BrennanChief
Financial Officer+353 1 291 2000orJonathan CurtainVice President
Corporate Finance & Investor Relations+1 215 616
3000http://www.iconplc.com
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