Icon Plc · NASDAQ:ICLR
Icon — Q4 2024 Earnings Presentation
17 slides from Icon's earnings presentation, Feb 20, 2025
Slide 1: ICON plc Q4 and FY 2024 Results
ICON plc Q4 and FY 2024 Results Period Ended December 31, 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: Key considerations for ICON in 2025
Key considerations for ICON in 2025 We view 2025 as a transition period due to a combination of market and customer-specific factors We will continue to manage the business appropriately based on the environment • Leveraging technology, automation and overall cost management initiatives ICON is well
Slide 4: Backlog Metrics
Backlog Metrics +8.3% Growth 23.8 24.3 24.7 22.8 23.4 $bn 9.3% 9.2% 9.1% 8.5% 8.4% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Closing Backlog Burn rate 3
Slide 5: Revenue
Revenue +2.0% Growth 2,066 2,090 2,120 8,282 2,030 2,041 8,120 $m Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY23 FY24 4
Slide 6: Customer Concentration & Diversification
Customer Concentration & Diversification Percentage of Total Revenue Q4 2024 26.2% 16.0% 22.1% 35.6% Average revenue per customer (Q4 2024): Q3 2024 24.8% 15.9% 22.3% 37.0% Top 1-5: c5% on average Q4 2023 27.5% 16.2% 23.0% 33.3% Top 6-10: c3% on average Top 11-25: c1.5% on average FY24 25.0% 15.8% 2
Slide 7: Adjusted EBITDA Margin
Adjusted EBITDA Margin 2,066 2,090 2,120 2,030 2,041 8,120 8,282 2,000 21.7% 1,500 21.2% 21.2% 20.6% 20.7% 20.9% 21.0% 1,000 $m 500 - Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY23 FY24 Revenue EBITDA Margin % Notes: All values exclude amortization, stock compensation, restructuring, FX and transactio
Slide 8: Adjusted Earnings per Share
Adjusted Earnings per Share +9.5% Growth 3.75 3.46 3.47 3.43 14.00 3.35 12.79 $ Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY23 FY24 Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-related costs Adjusted earnings per share is a non-GAA
Slide 9: Balance Sheet
Balance Sheet $m (unless otherwise stated) 31-Dec-24 30-Sep-24 31-Dec-23 Cash and Cash Equivalents + Available for Sale Investments 538.8 695.5 380.1 Total Debt (3,426.2) (3,432.1) (3,775.6) Net (Debt) / Cash (2,887.4) (2,736.6) (3,395.5) Net Debt / TTM Adj EBITDA Ratio 1.7x 1.6x 2.0x DSO (days) 47
Slide 10: Cash Flow
Cash Flow Quarterly Cash Flow ($m) Q4 2024 Q3 2024 Q4 2023 Cash from Operating Activities 338.3 402.7 440.1 Capital Expenditure (61.3) (43.3) (52.7) Free Cash Flow* 277.0 359.4 387.4 Full Year Cash Flow ($m) FY 2024 FY 2023 Cash from Operating Activities 1,286.7 1,161.0 Capital Expenditure (168.1) (
Slide 11: 2025 Financial Guidance & Outlook
2025 Financial Guidance & Outlook Full-year 2024 Full-year 2025 % change Actual Results Guidance Revenue $8,282m $8,050m - $8,650m (2.8%) - 4.4% Adjusted EPS* $14.00 $13.00 - $15.00 (7.1%) - 7.1% Key Assumptions for 2025 Guidance – Excludes future share repurchases – Excludes M&A – Total capital exp
Slide 12: Appendices
Appendices
Slide 13: Reconciliation of Non-GAAP Measures (Adjusted EBITDA)
Reconciliation of Non-GAAP Measures (Adjusted EBITDA) $000 except share and per share data Q4 2023 Q4 2024 FY 2023 FY2024 Adjusted EBITDA Net income 216,418 259,998 612,335 791,474 Share of losses from equity method investments - - 383 - Income tax expense (30,164) (11,395) 11,749 77,710 Net interes
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 Q4 2023 Q4 2024 FY 2023 FY2024 Adjusted net income and adjusted diluted net income per Ordinary Share Net Income 216,418 259,998 612,335 791,474 Income tax expense (30,164) (11,395) 11,749 7
Slide 15: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Q4 2024 FY 2024 $000 except share and per share data GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue 2,041,101 - 2,041,101 8,281,676 - 8,281,676 Costs and expenses: Direct costs (excluding depreciation and amortization) (a) 1,441,736 (4,279) 1,437,457 5
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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