Slide 1: ICON Q2 2024 Results
ICON Q2 2024 Results Period Ended June 30, 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 +9.9% Growth 23.4 23.8 22.2 22.8 21.7 $bn 9.5% 9.5% 9.3% 9.2% 9.1% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Closing Backlog Burn rate 3
Slide 5: Revenue
Revenue +5.3% Constant Currency Growth 2,055 2,066 2,090 2,120 2,020 $m Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 4
Slide 6: Customer Concentration & Diversification
Customer Concentration & Diversification Percentage of Total Revenue Q2 2024 24.7% 14.6% 21.6% 39.1% Average revenue per customer (Q2 2024): Top 1-5: c5% on average Q1 2024 26.0% 15.4% 20.6% 38.0% Top 6-10: c3% on average Q2 2023 26.2% 14.1% 20.8% 38.9% Top 11-25: c1.5% on average Top 1-5 Customers
Slide 7: Adjusted EBITDA Margin
Adjusted EBITDA Margin 2,055 2,066 2,090 2,120 2,020 2,000 1,500 21.7% 20.5% 21.0% 21.2% 21.2% $m 1,000 500 - Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Revenue EBITDA Margin % Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-related co
Slide 8: Adjusted Earnings per Share
Adjusted Earnings per Share +20.6% Growth 3.75 3.46 3.47 3.30 3.11 $ Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-related costs Adjusted earnings per share is a non-GAAP financial measure.
Slide 9: Balance Sheet
Balance Sheet $m (unless otherwise stated) 30-Jun-24 31-Dec-23 30-Jun-23 Cash and Cash Equivalents + Available for Sale Investments 506.6 380.1 271.8 Total Debt (3,437.9) (3,775.6) (4,312.1) Net (Debt) / Cash (2,931.4) (3,395.5) (4,040.3) Net Debt / TTM Adj EBITDA Ratio * 1.7x 2.0x 2.5x DSO (days) 5
Slide 10: Cash Flow
Cash Flow Quarterly Cash Flow ($m) Q2 2024 Q1 2024 Q2 2023 Cash from Operating Activities 218.6 327.1 203.9 Capital Expenditure (36.3) (27.2) (32.1) Free Cash Flow* 182.4 300.0 171.7 TTM Cash Flow ($m) Q2 2024 Q1 2024 Q2 2023 Cash from Operating Activities 1,327.3 1,312.6 533.7 Capital Expenditure (
Slide 11: 2024 Updated Financial Guidance & Outlook
2024 Updated Financial Guidance & Outlook % increase FY2023 FY2024 Guidance Notes (FY2024 Guidance vs. FY2023 Actuals) • Reduction of COVID- related revenue to c1.5-2% total FY2024 Revenue $8,120.2m $8,450m - $8,550m 4.1% - 5.3% from previous expectation of c3-4% • c$20m FX headwind Adjusted EPS* $1
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 Q2 2023 Q2 2024 Adjusted EBITDA Net income 115,598 146,910 Income tax expense 9,629 23,344 Net interest expense 84,257 59,603 Depreciation and amortization 145,059 149,635 Stock-based compensation expense (a)
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 Q2 2023 Q2 2024 Adjusted net income and adjusted diluted net income per Ordinary Share Net Income 115,598 146,910 Income tax expense 9,629 23,344 Amortization 114,617 116,489 Stock-based com
Slide 15: Q2 2024 Adjusted Net Income Reconciliation
Q2 2024 Adjusted Net Income Reconciliation Q2 2023 Q2 2024 $000 except share and per share data GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue 2,020,251 - 2,020,251 2,120,159 - 2,120,159 Costs and expenses: Direct costs (excluding depreciation and amortization) (a) 1,429,540 (6,421) 1,4
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 (gains)/losses, net relates to gains or losses that arise in con
Slide 17: ICONplc.com
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