Highlights
- Excluding the impact of ASC 606, net
business wins in the quarter were $590 million; a book to bill of
1.28.
- Excluding the impact of ASC 606,
closing backlog of $5,053 million, an increase of 17.2% year on
year.
- Quarter 1 reported revenue of $620.1
million. Excluding the impact of ASC 606, quarter 1 revenue was
$462.6 million, representing a 7.1% increase year on year.
- Reported income from operations was
$91.7 million, or 14.8% of revenue. Excluding the impact of ASC 606
income from operations was $92.8 million or 20.1% of revenue.
- Reported earnings per share of $1.42.
Excluding the impact of ASC 606, earnings per share of $1.44, an
11.6% increase year on year.
- Earnings guidance increased by $0.02 to
reflect quarter 1 share repurchases to $5.91 - $6.11. Revenue
guidance reconfirmed in the range of $2,520 - $2,640 million.
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 first quarter ended March 31, 2018.
CEO Dr. Steve Cutler commented, “I am very pleased with the
solid start we have made to 2018. The strong market demand for all
CRO services seen throughout 2017 has continued into this year.
During the first quarter we were awarded net business wins of $590
million, a book to bill of 1.28. Revenue grew by over 7% year on
year and, along with the continued leverage of our best in industry
support departments, we delivered further value to our shareholders
with earnings per share increasing by 11.6% to $1.44. During the
quarter we completed a further $38 million of our share repurchase
program and as a result we are increasing our earnings guidance by
$0.02 to $5.91 - $6.11, and reconfirming our revenue in the range
of $2,520 - $2,640 million.”
First Quarter 2018 Results
Excluding the impact of ASC 606, gross business wins in the
first quarter were $703 million and cancellations were $113
million. This resulted in net business wins of $590 million, a book
to bill of 1.28.
Reported revenue for quarter 1 was $620.1 million. Excluding the
impact of ASC 606, quarter 1 revenue increased to $462.6 million
from $432.0 million in the same quarter last year, an increase of
7.1%.
Income from operations in the quarter was $91.7 million or 14.8%
of revenue. Excluding the impact of ASC 606, income from operations
increased by 8.3% to $92.8 million, or 20.1% of revenue, compared
to $85.7 million or 19.8% for the same quarter last year.
Reported net income for the quarter was $78.1 million or 12.6%
of revenue. Excluding the impact of ASC 606, net income increased
by 10.7% to $79.0 million, compared with $71.4 million in the same
quarter last year.
Reported earnings per share on a diluted basis was $1.42.
Excluding the impact of ASC 606, diluted earnings per share in the
quarter increased by 11.6% to $1.44, compared to $1.29 per share
for the same quarter last year.
We continued our share repurchase program in the quarter, buying
$38.2 million worth of stock at an average price of $110.71 per
share.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 51 days at March
31, 2018, compared with 49 days at the end of December 2017 and 47
days at the end of March 2017.
Cash generated from operating activities for the quarter was
$40.5 million. Capital expenditure for the quarter was $8.3
million. As a result, at March 31, 2018, the company had net cash
of $4.6 million, compared to net cash of $11.6 million at December
31, 2017 and net debt of $29.6 million at the end of March
2017.
The new revenue recognition standard (ASU No. 2014-09) ‘Revenue
from Contracts with Customers’) is effective for ICON plc from
January 1, 2018. ICON has elected to adopt the new standard under
the cumulative effect transition method. Under this transition
method, the new standard is applied from January 1, 2018 without
restatement of comparative period amounts. The cumulative effect of
initially applying the new standard is reflected as an adjustment
to opening equity at the date of application. Results for the three
months ended March 2017 are therefore presented under the previous
revenue recognition accounting principles.
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 first quarter conference call tomorrow, May
3, 2018 at 09:00 EDT [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 98 locations in 38 countries and has approximately
13,380 employees. Further information is available at
www.iconplc.com.
Source: ICON plc
ICON/ICLR-F
ICON plc Condensed Consolidated
Statements of Operations Three Months ended March 31, 2018
and March 31, 2017 (Dollars, in thousands, except share and
per share data) (Unaudited)
Three Months Ended
March
31,
March
31,
2018
2017
Revenue:
Revenue
620,125 578,066
Reimbursable
expenses
- (146,112)
431,954
Costs and expenses:
Direct costs
- Reimbursable expenses (158,753) - - Other direct costs (271,839)
(250,459) Selling, general and administrative expense (80,915)
(81,389) Depreciation and amortization
(16,898) (14,448)
Total costs and
expenses (528,405)
(346,296)
Income from operations 91,720 85,658
Net interest expense (2,972)
(2,624)
Income before provision for income
taxes 88,748 83,034 Provision for income taxes
(10,650) (11,625)
Net
income 78,098 71,409
Net income per Ordinary Share: Basic
$1.45 $1.31 Diluted
$1.42 $1.29 Weighted
average number of Ordinary Shares outstanding: Basic
53,925,560 54,372,931
Diluted 54,985,790
55,371,826
ICON plc Impact of the adoption of
ASC 606 on revenue Three Months ended March 31, 2018 and
March 31, 2017 (Dollars, in thousands)
(Unaudited)
Three Months Ended March 31,
2018
Three Months, Ended March
31, 2017
As Reported
ASC 606 Adjustments
Balances without adoption of
ASC 606
As Reported
Revenue:
Revenue
620,125 1,231 621,356 578,066
Reimbursable expenses
(158,753)
(158,753) (146,112)
620,125 (157,522)
462,603
431,954
ICON plc Summary Balance Sheet
Data March 31, 2018 and December 31, 2017 (Dollars,
in thousands)
March 31,
December 31, 2018 2017
(Unaudited) (Audited) Cash and
short-term investments 353,542 360,448 Debt (348,980) (348,888) Net
(debt)/cash 4,562 11,560 Accounts receivable 393,940 379,501
Unbilled revenue 292,688 268,509 Payments on account (332,353)
(298,992) Total 354,275 349,018 Working Capital 535,340
534,960 Total Assets 2,219,445 2,146,618
Shareholder's Equity 1,204,995 1,191,000
ICON plc
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version on businesswire.com: https://www.businesswire.com/news/home/20180502006623/en/
ICONInvestor Relations1-888-381-7923orBrendan
BrennanChief Financial Officer+ 353 –1-291-2000orJonathan
CurtainVice President Corporate Finance and Investor Relations+1
215 616 3000http://www.iconplc.com
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