Highlights
- Net business wins in the quarter of $2,323 million; a net book
to bill of 1.20, and 1.25 on a trailing twelve month basis.
- Closing backlog of $20.0 billion, an increase of 2.1% on Q1
2022 or an increase of 10.7% year over year on a Combined Company
basis.
- Quarter 2 revenue of $1,935.2 million representing a year on
year increase of 122.1%. On a Combined Company basis, Quarter 2
revenue increased 0.9% year over year and 4.4% on a constant dollar
basis. Excluding COVID-related studies, revenue increased circa 16%
year over year on a constant dollar, Combined Company basis. YTD
revenue of $3,837.0 million representing a year on year increase of
121.9% or 127.4% on a constant dollar basis.
- Adjusted EBITDA of $354.3 million or 18.3% of revenue, a year
on year increase of 120.2%. On a Combined Company basis, adjusted
EBITDA increased 16.1% year over year. YTD Adjusted EBITDA of
$694.9 million or 18.1% of revenue, a year on year increase of
122.3%.
- Adjusted net income attributable to the Group was $235.8
million or $2.86 per diluted share, an increase of 24.4%. YTD
adjusted net income attributable to the Group of $463.7 million or
$5.62 per diluted share, an increase of 25.6% over the prior year
period.
- GAAP net income attributable to the Group for Quarter 2 of
$115.7 million.
- $100 million repayment made on Term Loan B debt. Net debt
balance of $4.43 billion with Net Debt to Adjusted EBITDA of
3.1x.
- Revised full year 2022 revenue guidance in the range of $7,690
- $7,810 million, representing a year over year increase of 40.3%
to 42.5%. Full year 2022 adjusted earnings per share guidance in
the range of $11.65 - $11.85, representing a year over year
increase of 20.7% to 22.8%, maintaining the midpoint of our
previous guidance. Adjusted earnings per share to exclude
amortization, stock compensation, foreign exchange 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 second quarter ended June
30, 2022.
CEO Dr. Steve Cutler commented, “ICON delivered strong results
in the second quarter, reflecting continued demand across our
service offering. On a combined company basis, financial
performance was driven by year over year constant dollar revenue
growth of 4.4% and circa 16% excluding COVID-related studies. On a
combined company basis, Adjusted EBITDA increased 16.1% year over
year. We are delighted with the continued progress of new ICON, as
our integration efforts are expected to deliver realized cost
synergies of $100 million for the full year, $25 million ahead of
our previous target for 2022.”
Dr. Cutler added, “We are revising our full year 2022 financial
guidance to reflect the impact of increasing macroeconomic
headwinds, specifically from the strengthening US Dollar and the
ongoing war in Ukraine. We now expect revenue for the full year to
be in the range of $7,690 - $7,810 million, an increase of 40.3% to
42.5% over full year 2021. Additionally, we continue to expect to
deliver significant year over year adjusted earnings per share
growth of 20.7% to 22.8%, resulting in a range of $11.65 - $11.85
for the full year 2022, maintaining the midpoint of our previous
guidance and reflecting strong operational execution and cost
management.”
Second Quarter 2022 Results
Gross business wins in the second quarter were $2,764 million
and cancellations were $441 million. This resulted in net business
wins of $2,323 million and a book to bill of 1.20.
Revenue for Quarter 2 was $1,935.2 million. This represents a
year on year increase of 122.1% or 129.9% on a constant currency
basis.
GAAP net income attributable to the Group was $115.7 million.
Adjusted net income attributable to the Group for the quarter was
$235.8 million resulting in an adjusted diluted earnings per share
of $2.86 compared to $2.30 per share for Quarter 2 2021.
Adjusted EBITDA for Quarter 2 was $354.3 million or 18.3% of
revenue, a year on year increase of 120.2%.
Cash generated from operating activities for the quarter was
$182.1 million. During the quarter, $28.2 million was spent on
capital expenditure. At June 30, 2022, the Group had cash and cash
equivalents of $614.9 million, compared to cash and cash
equivalents of $559.1 million at March 31, 2022 and $1,055.5
million at June 30, 2021. During the quarter, a $100 million Term
Loan B payment was made resulting in a net indebtedness balance of
$4.43 billion at year end.
Year to date 2022 Results
Gross business wins year to date were $5,547 million and
cancellations were $798 million. This resulted in net business wins
of $4,749 million and a book to bill of 1.24.
Year to date GAAP revenue was $3,837.0 million. This represents
a year on year increase of 121.9% or 127.4% on a constant currency
basis.
GAAP net income attributable to the Group year to date was
$227.7 million. Adjusted net income attributable to the Group was
$463.7 million resulting in an adjusted diluted earnings per share
of $5.62 compared to $4.48 per share for the equivalent prior year
period.
Adjusted EBITDA year to date was $694.9 million or 18.1% of
revenue, a year on year increase of 122.3%.
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 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 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.
To assist investors and analysts with year-over-year
comparability for the merged business, we have included Combined
Company information. These measures include financial information
that combines the stand-alone ICON plc and PRA Health Sciences,
Inc. information for revenue and Adjusted EBITDA, and other metrics
as if the merger had taken place on January 1, 2020, with
conforming adjustments to the current year presentation.
Specifically, these financials represent the simple addition of the
historical adjusted financials of each company. These combined
financials are not intended to represent pro forma financial
statements prepared in accordance with GAAP or Regulation S-X.
ICON will hold a conference call on July 28th, 2022 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 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, 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.
Our full-year 2022 guidance measures (other than revenue) are
provided on a non-GAAP basis without a reconciliation to the most
directly comparable GAAP measure because the company is unable to
predict with a reasonable degree of certainty certain items
contained in the GAAP measures without unreasonable efforts. Such
items include, but are not limited to, transaction-related /
integration-related expenses, restructuring and related expenses,
and other items not reflective of the company's ongoing
operations.
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 40,500 employees in 119
locations in 53 countries as at June 30, 2022. For further
information about ICON, visit: www.iconplc.com.
ICON plc CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2022 AND JUNE 30, 2021 (UNAUDITED)
Three Months Ended
Six Months Ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
(in thousands except share and
per share data)
Revenue
$ 1,935,193
$ 871,155
$ 3,836,957
$ 1,729,353
Costs and expenses:
Direct costs (excluding
depreciation and amortization)
1,392,062
631,123
2,770,529
1,257,367
Selling, general and
administrative expense
189,953
89,867
385,214
175,901
Depreciation and
amortization
144,019
17,276
285,424
34,681
Transaction and
integration-related expenses
8,884
20,017
20,969
32,518
Restructuring
22,486
—
26,693
—
Total costs and expenses
1,757,404
758,283
3,488,829
1,500,467
Income from operations
177,789
112,872
348,128
228,886
Interest income
166
186
293
443
Interest expense
(47,111)
(24,551)
(91,536)
(27,278)
Income before provision for income
taxes
130,844
88,507
256,885
202,051
Provision for income taxes
(14,254)
(14,133)
(27,540)
(30,281)
Income before share of earnings from
equity method investments
116,590
74,374
229,345
171,770
Share of equity method investments
(856)
(509)
(1,641)
(783)
Net income attributable to the Group
$ 115,734
$ 73,865
$ 227,704
$ 170,987
Net income per Ordinary Share attributable
to the Group:
Basic
$ 1.42
$ 1.40
$ 2.80
$ 3.23
Diluted
$ 1.41
$ 1.38
$ 2.76
$ 3.21
Weighted average number of Ordinary Shares
outstanding:
Basic
81,398,071
52,909,368
81,430,507
52,860,414
Diluted
82,312,946
53,381,501
82,462,842
53,294,435
ICON plc CONDENSED CONSOLIDATED
BALANCE SHEETS AS AT JUNE 30, 2022 AND DECEMBER 31,
2021
(Unaudited)
June, 30 2022
(Audited)
December, 31 2021
ASSETS
(in thousands)
Current Assets:
Cash and cash equivalents
$ 614,918
$ 752,213
Available for sale
investments
1,712
1,712
Accounts receivable, net of
allowance for credit losses
1,357,268
1,342,770
Unbilled revenue
709,477
623,121
Other receivables
63,838
56,760
Prepayments and other current
assets
130,977
114,323
Income taxes receivable
52,132
50,299
Total current assets
2,930,322
2,941,198
Non-current Assets:
Property, plant and equipment,
net
313,110
336,444
Goodwill
8,970,283
9,037,931
Intangible assets
4,508,453
4,710,843
Operating right-of-use
assets
160,417
198,123
Other receivables
53,236
70,557
Income taxes receivable
18,838
18,637
Deferred tax asset
54,051
48,392
Equity method investments
731
2,373
Investments in equity- long
term
26,891
22,592
Total Assets
$ 17,036,332
$ 17,387,090
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current Liabilities:
Accounts payable
$ 77,648
$ 90,764
Unearned revenue
1,191,778
1,323,961
Other liabilities
1,118,975
949,629
Income taxes payable
38,223
59,433
Current bank credit lines and
loan facilities
55,150
55,150
Total current liabilities
2,481,774
2,478,937
Non-current Liabilities:
Non-current bank credit lines
and loan facilities
4,990,500
5,381,162
Lease liabilities
147,300
159,483
Non-current other
liabilities
38,223
42,596
Non-current income taxes
payable
216,942
172,109
Deferred tax liability
1,015,580
1,085,976
Total Liabilities
8,890,319
9,320,263
Shareholders' Equity:
Ordinary shares, par value 6
euro cents per share; 100,000,000 shares authorized,
81,526,607 shares issued and
outstanding at June 30, 2022 and
81,554,683 shares issued and
outstanding at December 31, 2021
6,637
6,640
Additional paid‑in capital
6,787,365
$ 6,733,910
Other undenominated capital
1,162
1,134
Accumulated other comprehensive
income
(192,935)
(90,937)
Retained earnings
1,543,784
1,416,080
Total Shareholders' Equity
8,146,013
8,066,827
Total Liabilities and Equity
$ 17,036,332
$ 17,387,090
ICON plc CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30,
2022 AND JUNE 30, 2021 (UNAUDITED)
Six Months Ended
June 30, 2022
June 30, 2021
(in thousands)
Cash flows from operating
activities:
Net income
$ 227,704
$ 170,987
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
expense
285,424
34,681
Impairment of long lived
assets
20,749
—
Reduction in carrying value of
operating right-of-use assets
23,570
14,037
Loss on equity method
investments
1,641
783
Charge on interest rate
hedge
—
891
Amortization of financing costs
and debt discount
9,188
1,592
Stock compensation expense
38,186
14,874
Loss on extinguishment of
debt
—
14,434
Deferred tax benefit
(75,265)
3,313
Unrealized foreign exchange
gain
(37,421)
2,586
Other non-cash items
9,159
(3,909)
Changes in operating assets and
liabilities:
Accounts receivable
(41,032)
36,650
Unbilled revenue
(33,187)
12,690
Unearned revenue
(176,904)
14,534
Other net assets
157,154
(77,789)
Net cash provided by operating
activities
408,966
240,354
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(47,840)
(21,653)
Purchase of equity method
investment
—
(2,450)
Purchase of investments in
equity - long term
(799)
(1,771)
Net cash used in investing activities
(48,639)
(25,874)
Cash flows from financing
activities:
Proceeds from exercise of
equity compensation
15,140
182
Share issue costs
(3)
(10)
Repurchase of ordinary
shares
(99,983)
—
Share repurchase costs
(17)
—
Drawdown of bank credit lines
and loan facilities
25,000
—
Repayment of bank credit lines
and loan facilities
(425,000)
—
Net cash used in financing activities
(484,863)
172
Effect of exchange rate
movements on cash
(12,759)
539
Net (decrease)/ increase in cash and
cash equivalents
(137,295)
215,191
Cash and cash equivalents at beginning of
period
752,213
840,305
Cash and cash equivalents at end of
period
$ 614,918
$ 1,055,496
ICON plc RECONCILIATION OF NON-GAAP
MEASURES FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
AND JUNE 30, 2021 (UNAUDITED)
Three Months Ended
Six Months Ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
(in thousands except share and
per share data)
Adjusted EBITDA
Net income attributable to the Group
$ 115,734
$ 73,865
$ 227,704
$ 170,987
Share of equity method investments
856
509
1,641
783
Provision for income taxes
14,254
14,133
27,540
30,281
Net interest expense (a)
46,945
24,365
91,243
26,835
Depreciation and amortization
144,019
17,276
285,424
34,681
Stock-based compensation expense (b)
18,893
8,797
38,113
15,632
Foreign currency losses (gains), net
(c)
(17,817)
1,899
(24,417)
839
Restructuring (d)
22,486
—
26,693
—
Transaction-related / integration-related
costs (e)
8,884
20,017
20,969
32,518
Adjusted EBITDA
$ 354,254
$ 160,861
$ 694,910
$ 312,556
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
115,734
73,865
227,704
170,987
Provision for income taxes
14,254
14,133
27,540
30,281
Amortisation
118,325
4,058
233,127
8,741
Stock-based compensation expense (b)
18,893
8,797
38,113
15,632
Foreign currency losses (gains), net
(c)
(17,817)
1,899
(24,417)
839
Restructuring (d)
22,486
—
26,693
—
Transaction-related / integration-related
costs (e)
8,884
20,017
20,969
32,518
Transaction-related financing costs
(f)
3,504
22,125
9,255
22,479
Adjusted tax expense (g)
(48,465)
(22,000)
(95,238)
(42,872)
Adjusted net income attributable to the
Group
$ 235,798
$ 122,894
$ 463,746
$ 238,605
Diluted weighted average number of
Ordinary Shares outstanding
82,312,946
53,381,501
82,462,842
53,294,435
Adjusted diluted net income per
Ordinary Share attributable to the Group
$ 2.86
$ 2.30
$ 5.62
$ 4.48
ICON plc RECONCILIATION OF NON-GAAP
MEASURES (COMBINED COMPANY) FOR THE THREE AND SIX MONTHS
ENDED JUNE 30, 2022 AND JUNE 30, 2021 (UNAUDITED)
Three Months Ended
Six Months Ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
(in thousands except share and
per share data)
Combined Company adjusted
revenue
Revenue, as reported
$ 1,935,193
$ 871,155
$ 3,836,957
$ 1,729,353
Pre-merger PRA Health Sciences Revenue
—
1,047,398
—
1,981,173
Combined Company revenue
$ 1,935,193
$ 1,918,553
$ 3,836,957
$ 3,710,526
Combined Company adjusted
EBITDA
Net income attributable to the Group
$ 115,734
$ 73,865
$ 227,704
$ 170,987
Pre-merger PRA Health Sciences Net income
attributable to the Group
-
71,068
-
128,008
Combined Company Net income attributable
to the Group
$ 115,734
$ 144,933
$ 227,704
$ 298,995
Share of equity method investments
856
509
1,641
783
Provision for income taxes
14,254
1,138
27,540
36,981
Net interest expense (a)
46,945
29,043
91,243
36,726
Depreciation and amortization
144,019
50,451
285,424
100,424
Stock-based compensation expense (b)
18,893
27,529
38,113
53,136
Foreign currency losses (gains), net
(c)
(17,817)
8,015
(24,417)
(5,433)
Restructuring (d)
22,486
—
26,693
—
Transaction-related / integration-related
costs (e)
8,884
43,432
20,969
69,369
Combined Company adjusted
EBITDA
$ 354,254
$ 305,050
$ 694,910
$ 590,981
- Net interest expense includes losses on modification or
extinguishment of debt.
- 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).
- 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.
- 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.
- 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.
- 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.
- Represents the tax effect of adjusted pre-tax income at our
estimated effective tax rate.
http://www.iconplc.com
ICON/ICLR-F
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220727005923/en/
Investor Relations +1 888 381 7923 or Brendan Brennan Chief
Financial Officer +353 1 291 2000 Kate Haven Vice President
Investor Relations +1888 381 7923 http://www.iconplc.com
ICON (NASDAQ:ICLR)
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ICON (NASDAQ:ICLR)
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