Slide 1: ICON Q4 2023 and FY 2023 Results
ICON Q4 2023 and FY 2023 Results Period Ended December 31, 2023 Dr. Steve Cutler, CEO Brendan Brennan, CFO Kate Haven, VP Investor Relations
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 theservice 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 perf
Slide 4: Backlog Metrics
Backlog Metrics +10.0% Growth 22.2 22.8 21.2 21.7 20.7 $bn 9.7% 9.6% 9.5% 9.5% 9.3% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Closing Backlog Burn rate 3
Slide 5: Revenue
Revenue +5.3% Growth +4.9% Growth 2,020 2,055 2,066 8,120 1,962 1,979 7,741 $m Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY22 FY23 4
Slide 6: Customer Concentration & Diversification
Customer Concentration & Diversification Percentage of Total Revenue Q4 2023 9.5% 18.0% 16.2% 23.0% 33.3% Average revenue per customer Q3 2023 8.5% 17.1% 14.7% 21.8% 37.9% (Q4 2023): Top 2-5: c4.5% on average Q4 2022 9.2% 20.2% 15.2% 23.2% 32.2% Top 6-10: c3% on average FY23 8.9% 17.9% 14.6% 21.5% 3
Slide 7: Adjusted EBITDA Margin
Adjusted EBITDA Margin 2,020 2,055 2,066 8,120 1,962 1,979 7,741 21.0% 21.7% 20.9% 20.6% 20.2% 20.5% 19.1% $m Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY22 FY23 Revenue EBITDA Margin % Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-
Slide 8: Adjusted Earnings per Share attributable to the Group
Adjusted Earnings per Share attributable to the Group +10.5% Growth +8.9% Growth 12.79 3.30 3.46 11.75 3.13 3.11 2.90 $ Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY22 FY23 Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-related costs
Slide 9: Balance Sheet
Balance Sheet Q4 2023 Q3 2023 Q4 2022 $m (unless otherwise stated) 31-Dec-23 30-Sep-23 31-Dec-22 Cash and Cash Equivalents + Available for Sale Investments 380.1 315.0 290.5 Total Debt (3,775.6) (4,041.7) (4,654.2) Net (Debt) / Cash (3,395.5) (3,726.7) (4,363.7) Net Debt / TTM Adj EBITDA Ratio * 2.0
Slide 10: Cash Flow
Cash Flow Quarterly Cash Flow ($m) Q4 2023 Q3 2023 Q4 2022 Cash from Operating Activities 440.1 341.5 (59.4) Capital Expenditure (52.7) (29.1) (57.0) Free Cash Flow* 387.4 312.4 (116.4) Full Year Cash Flow ($m) FY 2023 FY 2022 Cash from Operating Activities 1,161.0 563.3 Capital Expenditure (140.7)
Slide 11: 2024 Financial Guidance & Outlook
2024 Financial Guidance & Outlook % increase FY2023 FY2024 Guidance (FY2024 Guidance vs. FY2023 Actuals) Revenue $8,120.2m $8,400m - $8,800m 3.4% - 8.4% Adjusted EPS* $12.79 $14.50 - $15.30 13.4% - 19.6% Key Assumptions for FY2024 Guidance – Effective tax rate of 16.5% – Excludes share repurchase ac
Slide 12: Appendices
Appendices 11
Slide 13: Reconciliation of Non-GAAP Measures (Adjusted EBITDA)
Reconciliation of Non-GAAP Measures (Adjusted EBITDA) 2022 2023 $m except share and per share data Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Adjusted EBITDA Net income 112.0 115.7 160.2 117.4 505.3 116.7 115.6 163.7 216.4 612.3 Share of losses from equity method
Slide 14: Reconciliation of Non-GAAP Measures (Adjusted Net Income & Adjusted EPS)
Reconciliation of Non-GAAP Measures (Adjusted Net Income & Adjusted EPS) 2022 2023 $m except share and per share data Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Adjusted net income and adjusted diluted net income per Ordinary Share Net Income 112.0 115.7 160.2 11
Slide 15: Q4 2023 & FY 2023 Adjusted Net Income Reconciliation
Q4 2023 & FY 2023 Adjusted Net Income Reconciliation Q4 2023 FY 2023 $m except share and per share data GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue 2,066.2 - 2,066.2 8,120.2 - 8,120.2 Costs and expenses: (a) 1,445.7 (7.9) 1,437.9 5,719.9 (26.6) 5,693.4 Direct costs (excluding depreci
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
ICONplc.com © 2024 ICON. All rights reserved.