Slide 1: ICON Q1 2024 Results
ICON Q1 2024 Results Period Ended March 31, 2024 April 24, 2024
Slide 2: Forward Looking Statement
Forward Looking Statement Statements included in this presentation which are not historical facts are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Forward-lookin
Slide 3: The world's leading CRO, powered by healthcare intelligence
The world’s leading CRO, powered by healthcare intelligence New ICONleading, ICON’s has the scaled scale, technology and dataus offering positions analytics well for to become further the healthcare penetration intelligence across the market partner of choice through differentiated solutions and per
Slide 4: Backlog Metrics
Backlog Metrics +10.1% Growth 22.8 23.4 21.7 22.2 21.2 $bn 9.6% 9.5% 9.5% 9.3% 9.2% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Closing Backlog Burn rate 3
Slide 5: Revenue
Revenue +5.7% Reported Growth 2,020 2,055 2,066 2,090 1,979 $m Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 4
Slide 6: Customer Concentration & Diversification
Customer Concentration & Diversification Percentage of Total Revenue Q1 2024 26.0% 15.4% 20.6% 38.0% Average revenue per customer (Q1 2024): Top 1-5: c5% on average Q4 2023 27.5% 16.2% 23.0% 33.3% Top 6-10: c3% on average Q1 2023 28.8% 13.7% 21.0% 36.5% Top 11-25: c1.5% on average Top 1-5 Customers
Slide 7: Adjusted EBITDA Margin
Adjusted EBITDA Margin 2,020 2,055 2,066 2,090 1,979 21.0% 21.7% 21.2% 20.2% 20.5% $m Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Revenue EBITDA Margin % Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-related costs Adjusted EBITDA Marg
Slide 8: Adjusted Earnings per Share attributable to the Group
Adjusted Earnings per Share attributable to the Group +19.7% Growth 3.46 3.47 3.30 3.11 2.90 $ Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-related costs Adjusted earnings per share is a no
Slide 9: Balance Sheet
Balance Sheet Q1 2024 Q4 2023 Q1 2023 $m (unless otherwise stated) 31-Mar-24 31-Dec-23 31-Mar-23 Cash and Cash Equivalents + Available for Sale Investments 398.0 380.1 281.5 Total Debt (3,499.5) (3,775.6) (4,488.7) Net (Debt) / Cash (3,101.5) (3,395.5) (4,207.2) Net Debt / TTM Adj EBITDA Ratio * 1.8
Slide 10: Cash Flow
Cash Flow Quarterly Cash Flow ($m) Q1 2024 Q4 2023 Q1 2023 Cash from Operating Activities 327.1 440.1 175.5 Capital Expenditure (27.2) (52.7) (26.7) Free Cash Flow* 300.0 387.4 148.8 * Excludes purchases of subsidiary undertakings 9
Slide 11: 2024 Updated Financial Guidance & Outlook
2024 Updated Financial Guidance & Outlook % increase FY2023 FY2024 Guidance (FY2024 Guidance vs. FY2023 Actuals) Revenue $8,120m $8,480m - $8,720m 4.4% - 7.4% Adjusted EPS* $12.79 $14.65 - $15.15 14.5% - 18.5% Key Assumptions for FY2024 Guidance – Effective tax rate of 16.5% – Excludes share repurch
Slide 12: Appendices
Appendices 11
Slide 13: Reconciliation of Non-GAAP Measures (Adjusted EBITDA)
Reconciliation of Non-GAAP Measures (Adjusted EBITDA) $000 except share and per share data Q1 2023 Q1 2024 Adjusted EBITDA Net income 116,654 187,438 Share of losses from equity method investments 383 - Income tax expense 14,273 28,324 Net interest expense 85,479 69,735 Depreciation and amortization
Slide 14: Reconciliation of Non-GAAP Measures (Adjusted Net Income & Adjusted EPS)
Reconciliation of Non-GAAP Measures (Adjusted Net Income & Adjusted EPS) $000 except share and per share data Q1 2023 Q1 2024 Adjusted net income and adjusted diluted net income per Ordinary Share Net Income 116,654 187,438 Income tax expense 14,273 28,324 Amortization 114,678 116,498 Stock-based co
Slide 15: Q1 2024 Adjusted Net Income Reconciliation
Q1 2024 Adjusted Net Income Reconciliation Q1 2023 Q1 2024 $000 except share and per share data GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue 1,978,578 - 1,978,578 2,090,386 - 2,090,386 Costs and expenses: Direct costs (excluding depreciation and amortization) (a) 1,395,546 (5,668) 1,3
Slide 16: Reconciliation of Non-GAAP Measures Notes
Reconciliation of Non-GAAP Measures Notes 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 con
Slide 17: ICONplc.com
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