Highlights
-
Backlog of business up 9% year on year to
$3.95 billion -
Quarter 1 gross business wins of
$514 million , a gross book to bill of 1.29. Net business wins of$440 million , a net book to bill of 1.10 -
Quarter 1 net revenue
$401 million , an increase of 3.2% year on year, 4.9% on a constant currency basis -
Quarter 1 income from operations of
$76.0 million or 19.0% of revenue, an increase of 14.0% year on year - Quarter 1 earnings per share 1.12 up 24% year on year
In the first quarter net revenue grew 3.2% year on year to
Income from operations in the quarter, increased by 14.0% to
Net income in the quarter increased by 12.7% to
Day's sales outstanding, comprising accounts receivable and unbilled
revenue less payments on account were 47 days at
Cash generated from operating activities for the quarter was
CEO,
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 today,
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
ICON/ICLR-F
|
|
|||||||||||
| Consolidated Income Statements (Unaudited) | |||||||||||
| (Before restructuring and other items) | |||||||||||
|
Three Months ended |
|||||||||||
| (Dollars, in thousands, except share and per share data) | |||||||||||
| Three Months Ended | |||||||||||
|
March 31, |
March |
||||||||||
|
2016 |
2015 |
||||||||||
| Revenue: | |||||||||||
| Gross revenue | 542,583 | 503,366 | |||||||||
| Reimbursable expenses | (142,061) | (115,135) | |||||||||
| Net revenue | 400,522 | 388,231 | |||||||||
| Costs and expenses: | |||||||||||
| Direct costs | 228,603 | 228,078 | |||||||||
| Selling, general and administrative expense | 80,789 | 79,555 | |||||||||
| Depreciation and amortization | 15,120 | 13,925 | |||||||||
| Total costs and expenses | 324,512 | 321,558 | |||||||||
| Income from operations | 76,010 | 66,673 | |||||||||
| Net interest expense | (2,881) | (3) | |||||||||
| Income before provision for income taxes | 73,129 | 66,670 | |||||||||
| Provision for income taxes | (10,165) | (10,801) | |||||||||
| Net income | 62,964 | 55,869 | |||||||||
| Net income per Ordinary Share: | |||||||||||
| Basic |
|
|
|||||||||
| Pro forma Diluted |
|
|
|||||||||
| Weighted average number of Ordinary Shares outstanding: | |||||||||||
| Basic | 55,011,019 | 60,281,059 | |||||||||
| Pro forma Diluted | 56,242,164 | 61,856,347 | |||||||||
| Consolidated Income Statements (Unaudited) | |||||||||||
| (US GAAP) | |||||||||||
|
Three Months ended |
|||||||||||
| (Dollars, in thousands, except share and per share data) | |||||||||||
| Three Months Ended | |||||||||||
|
March 31, |
March 31, |
||||||||||
|
2016 |
2015 |
||||||||||
| Revenue: | |||||||||||
| Gross revenue | 542,583 | 503,366 | |||||||||
| Reimbursable expenses | (142,061) | (115,135) | |||||||||
| Net revenue | 400,522 | 388,231 | |||||||||
| Costs and expenses: | |||||||||||
| Direct costs | 228,603 | 228,078 | |||||||||
| Selling, general and administrative expense | 80,789 | 79,555 | |||||||||
| Depreciation and amortization | 15,120 | 13,925 | |||||||||
| Restructuring and other items | 0 | 0 | |||||||||
| Total costs and expenses | 324,512 | 321,558 | |||||||||
| Income from operations | 76,010 | 66,673 | |||||||||
| Net interest expense | (2,881) | (3) | |||||||||
| Income before provision for income taxes | 73,129 | 66,670 | |||||||||
| Provision for income taxes | (10,165) | (10,801) | |||||||||
| Net income | 62,964 | 55,869 | |||||||||
| Net income per Ordinary Share: | |||||||||||
| Basic |
|
|
|||||||||
| Diluted |
|
|
|||||||||
| Weighted average number of Ordinary Shares outstanding: | |||||||||||
| Basic | 55,011,019 | 60,281,059 | |||||||||
| Diluted | 56,242,164 | 61,856,347 | |||||||||
|
|
||||||||||
| Summary Balance Sheet Data | ||||||||||
|
|
||||||||||
| (Dollars, in thousands) | ||||||||||
|
|
|
|||||||||
| 2016 | 2015 | |||||||||
| (Unaudited) | (Audited)* | |||||||||
| Cash and short-term investments | 247,857 | 189,901 | ||||||||
| Debt | (348,278) | (348,306) | ||||||||
| Net (debt)/cash | (100,421) | (158,405) | ||||||||
| Accounts receivable | 362,322 | 409,165 | ||||||||
| Unbilled revenue | 238,645 | 173,649 | ||||||||
| Payments on account | (318,061) | (318,697) | ||||||||
| Total | 282,906 | 264,117 | ||||||||
| Working Capital | 372,775 | 290,939 | ||||||||
| Total Assets | 1,796,135 | 1,717,209 | ||||||||
| Shareholder's Equity | 843,685 | 763,096 | ||||||||
*Due to amendments in US GAAP, the Senior Notes are shown net of
financing costs on the balance sheet with effect from Q1 2016 (
View source version on businesswire.com: http://www.businesswire.com/news/home/20160426005790/en/
Investor Relations, 1-888-381-7923
or
Chief Financial Officer
or
EVP Investor Relations and Corporate
Development
http://www.iconplc.com
Source:
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