Highlights
- Quarter 4 gross business wins of $605
million, a gross book to bill of 1.39. Net business wins of $434
million, a net book to bill of 1.0. Full year gross business wins
of $2.3 billion, a gross book to bill of 1.39, net business wins of
$1.9 billion, a net book to bill of 1.13.
- Quarter 4 net revenue increased 7.9%
year on year to $435 million. Full year 2016 net revenue increased
5.8% to $1,666 million.
- Quarter 4 income from operations up
12.3% year on year to $84.6 million or 19.5% of revenue. Full year
2016 income from operations up 13.6% to $319.9 million or 19.2% of
revenue.
- Earnings per share for quarter 4 of
$1.33, up 19.8% year on year. Earnings per share on a pro forma
full year 2016 basis were $4.77, up 19.8% on 2015.
- Full year 2017 revenue guidance
reaffirmed in the range of $1,700 - $1,750 million, representing
growth of 2.0 – 5.0%. Earnings per share guidance in the range of
$5.00 - $5.20 representing an increase of 4.8 – 9.0%.
ICON plc (NASDAQ: ICLR), a global provider
of drug development solutions and services to the pharmaceutical,
biotechnology and medical device industries, today reported its
financial results for the fourth quarter and full year ended
December 31, 2016.
In the fourth quarter net revenue grew 7.9% year on year to
$435.1 million from $403.3 million in the same quarter in 2015.
This represented 8.4% constant currency growth and 4.2% constant
dollar organic growth year on year.
Income from operations in the quarter increased by 12.3% to
$84.6 million, or 19.5% of revenue, compared to $75.3 million or
18.7% for the same quarter in 2015.
Net income in the quarter increased by 17.1% to $74.3 million,
or $1.33 per share, on a diluted basis, compared with $63.4 million
or $1.11 per share for the same quarter in 2015. The tax rate
during the quarter benefitted from a positive one off item
resulting in a 9% effective rate. This impacted EPS positively by
circa 7 cent in the quarter.
Full year revenue increased by 5.8% to $1,666 million from
$1,575 million in 2015. This represented 6.4% constant currency
growth and 3.2% constant dollar organic growth year on year.
Full year income from operations increased by 13.6% to $319.9
million, or 19.2% of revenue, compared with $281.5 million or 17.9%
of revenue in the previous year.
Full year net income increased by 12.4% to $269.3 million,
compared with $239.5 million in 2015. Full year earnings per share
increased by 19.8% to a pro-forma $4.77 per share on a diluted
basis, compared to $3.98 per diluted share in 2015.
Day’s sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 50 days at December
31, 2016, compared with 50 days at the end of September 2016 and 41
days at the end of December 2015.
Cash generated from operating activities for the quarter was
$123.5 million and $259.2 million for the full year. Capital
expenditure for the quarter was $13.3 million and $42.6 million for
the full year. During the quarter ICON spent $110 million on share
repurchases. In addition, $54 million was spent on acquisitions in
2016. As a result, at December 31, 2016, the company had net debt
of $88 million, compared to net debt of $98 million at September
30, 2016 and net debt of $158 million at end of December 2015.
CEO, Ciaran Murray commented, “2016 was another good year for
ICON. We grew our backlog by 8% year on year to $4.2 billion,
constant currency revenues increased by 6.4% to $1.666 billion and
we exited 2016 with an operating margin of 19.5%. This enabled us
to grow EPS by 19.8% year on year to $4.77. We expect 2017 to be
another year of revenue and earnings growth as we continue to build
and diversify our customer base.”
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), this press
release contains certain non-GAAP financial measures, including
non-GAAP operating and net income and non-GAAP diluted earnings per
share. While non-GAAP financial measures are not superior to or a
substitute for the comparable GAAP measures, ICON believes certain
non-GAAP information is useful to investors for historical
comparison purposes.
ICON will hold its fourth quarter conference call today,
February 16, 2017 at 9:00 EST [14:00 Ireland & UK]. This call
and linked slide presentation can be accessed live from our website
at http://investor.iconplc.com. A recording will also be available
on the website for 90 days following the call. In addition, a
calendar of company events, including upcoming conference
presentations, is available on our website, under “Investors”. This
calendar will be updated regularly.
This press release contains forward-looking statements. These
statements are based on management's current expectations and
information currently available, including current economic and
industry conditions. These statements are not guarantees of future
performance or actual results, and actual results, developments and
business decisions may differ from those stated in this press
release. The forward-looking statements are subject to future
events, risks, uncertainties and other factors that could cause
actual results to differ materially from those projected in the
statements, including, but not limited to, the ability to enter
into new contracts, maintain client relationships, manage the
opening of new offices and offering of new services, the
integration of new business mergers and acquisitions, as well as
economic and global market conditions and other risks and
uncertainties detailed from time to time in SEC reports filed by
ICON, all of which are difficult to predict and some of which are
beyond our control. For these reasons, you should not place undue
reliance on these forward-looking statements when making investment
decisions. The word "expected" and variations of such words and
similar expressions are intended to identify forward-looking
statements. Forward-looking statements are only as of the date they
are made and we do not undertake any obligation to update publicly
any forward-looking statement, either as a result of new
information, future events or otherwise. More information about the
risks and uncertainties relating to these forward-looking
statements may be found in SEC reports filed by ICON, including its
Form 20-F, F-1, S-8 and F-3, which are available on the SEC's
website at http://www.sec.gov.
ICON plc is a global provider of drug development solutions and
services to the pharmaceutical, biotechnology and medical device
industries. The company specialises in the strategic development,
management and analysis of programs that support clinical
development - from compound selection to Phase I-IV clinical
studies. With headquarters in Dublin, Ireland, ICON currently,
operates from 87 locations in 38 countries and has approximately
12,500 employees. Further information is available at
www.iconplc.com.
ICON/ICLR-F
ICON plcConsolidated Income
Statements (Unaudited)(Before restructuring and other
items)
Three and Twelve Months ended December
31, 2016 and December 31, 2015(Dollars, in thousands, except
share and per share data)
Three Months Ended Twelve Months Ended
December31,
December31,
December31,
December31,
2016 2015
2016 2015 Revenue: Gross
revenue 610,465 577,059
2,364,956
2,161,618 Reimbursable expenses (175,331)
(173,710) (698,469) (586,640)
Net revenue 435,134 403,349 1,666,487 1,574,978
Costs and expenses: Direct costs 251,502 229,386
961,333 908,979 Selling, general and administrative expense 83,534
83,476 325,726 326,786 Depreciation and amortization
15,455 15,142 59,575
57,677
Total costs and expenses 350,491
328,004 1,346,634
1,293,442
Income from operations 84,643 75,345
319,853 281,536 Net interest expense (3,037)
(2,026) (11,522) (2,686)
Income before provision for income taxes 81,606
73,319 308,331 278,850 Provision for income taxes
(7,344) (9,890) (39,013)
(39,311)
Net income 74,262
63,429 269,318 239,539
Net income per Ordinary Share: Basic
$1.35 $1.14 $4.87 $4.08
Pro forma Diluted $1.33 $1.11
$4.77 $3.98 Weighted average
number of Ordinary Shares outstanding: Basic
54,930,541 55,783,113 55,248,900
58,746,935 Pro forma Diluted 55,685,863
56,919,553 56,407,136
60,185,678
Consolidated Income Statements
(Unaudited)(US GAAP)
Three and Twelve Months ended December
31, 2016 and December 31, 2015(Dollars, in thousands, except
share and per share data)
Three Months Ended Twelve Months Ended
December31,
December31,
December31,
December31,
2016 2015
2016 2015 Revenue: Gross
revenue 610,465 577,059
2,364,956
2,161,618 Reimbursable expenses (175,331)
(173,710) (698,469) (586,640)
Net revenue 435,134 403,349 1,666,487 1,574,978
Costs and expenses: Direct costs 251,502 229,386
961,333 908,979 Selling, general and administrative expense 83,534
83,476 325,726 326,786 Depreciation and amortization 15,455 15,142
59,575 57,677 Restructuring and other items -
- 8,159 -
Total costs
and expenses 350,491 328,004
1,354,793 1,293,442
Income from
operations 84,643 75,345 311,694 281,536 Net interest
expense (3,037) (2,026)
(11,522) (2,686)
Income before provision
for income taxes 81,606 73,319 300,172 278,850 Provision
for income taxes (7,344) (9,890)
(37,993) (39,311)
Net income
74,262 63,429
262,179
239,539 Net income per Ordinary Share:
Basic $1.35 $1.14 $4.75
$4.08 Diluted $1.33
$1.11 $4.65 $3.97
Weighted average number of Ordinary Shares outstanding:
Basic 54,930,541 55,783,113
55,248,900 58,746,935 Diluted
55,685,863 56,919,553 56,407,136
60,290,033
ICON plcSummary Balance Sheet
DataDecember 31, 2016 and December 31, 2015(Dollars,
in thousands)
December 31, December 31, 2016
2015 (Unaudited) (Audited) Cash
and short-term investments 260,587 189,901 Debt (348,511) (348,306)
Net (debt)/cash (87,924) (158,405) Accounts receivable
416,229 409,165 Unbilled revenue 192,687 173,649 Payments on
account (272,757) (318,697) Total 336,159 264,117 Working
Capital 463,552 290,939 Total Assets 1,825,843 1,717,209
Shareholder's Equity 945,174 763,096
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version on businesswire.com: http://www.businesswire.com/news/home/20170216005507/en/
ICON plcInvestor Relations, 1-888-381-7923orBrendan Brennan, +
353–1-291-2000Chief Financial OfficerorSimon Holmes, +
353–1-291-2000EVP Investor Relations and Corporate
Developmenthttp://www.iconplc.com
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