Slide 1: ICON plc Q1 2025 Results
ICON plc Q1 2025 Results Period Ended March 31, 2025
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 in quarter one
Key considerations in quarter one Challenging clinical market dynamics with elevated cancellations, overall cautious customer behavior Executing on cost management initiatives based on the environment ICON is capturing opportunity with evidence of progress across customer groups • Large pharma win r
Slide 4: Backlog Metrics
Backlog Metrics +6.0% Growth 23.8 24.3 24.7 24.7 23.4 $bn 9.2% 9.1% 8.5% 8.4% 8.1% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Closing Backlog Burn rate 3
Slide 5: Revenue
Revenue 2,090 2,120 2,030 2,041 2,001 $m Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 4
Slide 6: Customer Concentration & Diversification
Customer Concentration & Diversification Percentage of Total Revenue Average revenue per customer (Q1 2025): Q1 2025 24.9% 15.3% 23.8% 36.0% Top 1-5: c5% on average Q4 2024 26.2% 16.0% 22.1% 35.6% Top 6-10: c3% on average Top 11-25: c1.6% on average Q1 2024 26.0% 15.4% 20.6% 38.0% Top 1-5 Customers
Slide 7: Adjusted EBITDA Margin
Adjusted EBITDA Margin 2,090 2,120 2,030 2,041 2,001 2,000 1,500 21.2% 21.2% 20.6% 20.7% 19.5% 1,000 $m 500 - Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 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 3.75 3.47 3.35 3.43 3.19 $ Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-related costs and their related taxation effect Adjusted earnings per share is a non-GAAP
Slide 9: Balance Sheet
Balance Sheet $m (unless otherwise stated) 31-Mar-25 31-Dec-24 31-Mar-24 Cash and Cash Equivalents + Available for Sale Investments 526.7 538.8 398.0 Total Debt (3,420.2) (3,426.2) (3,499.5) Net (Debt) / Cash (2,893.5) (2,887.4) (3,101.5) Net Debt / TTM Adj EBITDA Ratio 1.7x 1.7x 1.8x DSO (days) 49
Slide 10: 2025 Updated Financial Guidance & Outlook
2025 Updated Financial Guidance & Outlook Full-year 2024 Full-year 2025 % change Actual Results Guidance Revenue $8,282m $7,750m - $8,150m -6.4% to -1.6% Adjusted EPS* $14.00 $12.75 - $14.25 -8.9% to +1.8% Key Assumptions for 2025 Guidance – Excludes future share repurchases – Excludes M&A – Total c
Slide 11: Appendices
Appendices
Slide 12: Reconciliation of Non-GAAP Measures (Adjusted EBITDA)
Reconciliation of Non-GAAP Measures (Adjusted EBITDA) $000 except share and per share data Q1 2024 Q1 2025 Adjusted EBITDA Net income 187,438 154,151 Income tax expense 28,324 19,603 Net interest expense 69,735 45,807 Depreciation and amortization 149,181 95,958 Stock-based compensation expense (a)
Slide 13: 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 2024 Q1 2025 Adjusted net income and adjusted diluted net income per Ordinary Share Net Income 187,438 154,151 Income tax expense 28,324 19,603 Amortization 116,498 58,946 Stock-based com
Slide 14: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Q1 2024 Q1 2025 $000 except share and per share data GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue 2,090,386 - 2,090,386 2,001,332 - 2,001,332 Costs and expenses: Direct costs (excluding depreciation and amortization) (a) 1,471,367 (6,746) 1,464,621 1
Slide 15: 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 16: ICONplc.com
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