Highlights
- Record net business wins in the quarter of
$2,378 million ; a net book to bill of 1.26. Full year net business wins of$6,958 million ; a net book to bill of 1.27. - Closing backlog of
$19.1 billion , an increase of 2.6% on Q3 2021 or an increase of 9.5% year over year on a Combined Company basis. - Quarter 4 adjusted revenue of
$1,881.1 million representing a year on year increase of 147.4%. Full year revenue of$5,480.8 million representing a 95.9% increase on the prior year. On a Combined Company basis, Quarter 4 adjusted revenue increased 15.1% year over year, and full year 2021 revenue increased 24.8% year over year. - Adjusted EBITDA of
$332.5 million or 17.7% of adjusted revenue, a year on year increase of 130.7%. Full year adjusted EBITDA of$970.0 million representing a year on year increase of 90.6%. - Adjusted net income attributable to the Group was
$218.0 million or$2.63 per diluted share. Full year adjusted net income attributable to the Group of$666.4 million or$9.65 per diluted share. Full year 2021 adjusted earnings per share increased 31.2% year over year. - GAAP revenue for Quarter 4 was
$1,885.1 million and for the full year was$5,480.8 million . GAAP net income attributable to theGroup for Quarter 4 of$76.5 million and for the full year of$153.2 million . - Days sales outstanding reduced to 31 days from 57 days at
December 31, 2020 on a comparable basis. $500 million early repayment made on Term Loan B debt. Net debt balance of$4.682 billion with Net Debt to Adjusted EBITDA of 3.4x.- Board of Directors authorized share repurchase programme up to
$100 million . - Full year 2022 revenue guidance reaffirmed in the range of
$7,770 -$8,050 million , representing a year over year increase of 41.8% - 46.9%. - Full year 2022 adjusted earnings per share guidance reaffirmed in the range of
$11.55 -$11.95 . Adjusted earnings per share to exclude amortization, stock compensation, foreign exchange and transaction-related / integration-related adjustments.
CEO Dr.
Fourth Quarter 2021 Results
Gross business wins in the fourth quarter were
GAAP revenue for Quarter 4 was
GAAP net income attributable to the Group was
Adjusted EBITDA for Quarter 4 was
Cash generated from operating activities for the quarter was
Full Year 2021 Results
Gross business wins were
Full year revenue was
GAAP net income attributable to the Group was
Adjusted EBITDA was
Other Information
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 adjusted revenue, adjusted EBITDA, adjusted net income attributable to the Group and adjusted diluted earnings per share attributable to the Group. Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share exclude amortization, stock compensation, foreign exchange gains and losses and transaction-related / integration-related adjustments. 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.
To assist investors and analysts with year-over-year comparability for the merged business, we have included Combined Company information. These measures include financial information that combines the stand-alone
For the year ended
ICON will hold a 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, the impact of COVID-19 on our business, as well as other economic and global market conditions and other risks and uncertainties detailed from time to time in
Our full-year 2022 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. Such items include, but are not limited to, transaction-related / integration-related expenses, restructuring and related expenses, and other items not reflective of the company's ongoing operations.
Source:
ICON/ICLR-F
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
FOR THE THREE AND TWELVE MONTHS ENDED |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
(in thousands except share and per share data) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
1,885,121 |
|
|
$ |
760,229 |
|
|
$ |
5,480,826 |
|
|
$ |
2,797,288 |
|
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses: |
|
|
|
|
|
|
|
|
||||||||
Direct costs (excluding depreciation and amortization) |
|
1,357,303 |
|
|
535,347 |
|
|
3,972,612 |
|
|
1,979,883 |
|
||||
Selling, general and administrative expense |
|
202,716 |
|
|
88,140 |
|
|
585,330 |
|
|
342,449 |
|
||||
Depreciation and amortization |
|
139,670 |
|
|
17,145 |
|
|
314,987 |
|
|
66,126 |
|
||||
Transaction and integration-related expenses (credit) |
|
15,954 |
|
|
(262 |
) |
|
198,263 |
|
|
(759 |
) |
||||
Restructuring |
|
24,943 |
|
|
— |
|
|
31,105 |
|
|
18,089 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total costs and expenses |
|
1,740,586 |
|
|
640,370 |
|
|
5,102,297 |
|
|
2,405,788 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income from operations |
|
144,535 |
|
|
119,859 |
|
|
378,529 |
|
|
391,500 |
|
||||
Interest income |
|
78 |
|
|
206 |
|
|
574 |
|
|
2,724 |
|
||||
Interest expense |
|
(52,839 |
) |
|
(3,379 |
) |
|
(182,423 |
) |
|
(13,019 |
) |
||||
|
|
|
|
|
|
|
|
|
||||||||
Income before provision for income taxes |
|
91,774 |
|
|
116,686 |
|
|
196,680 |
|
|
381,205 |
|
||||
Provision for income taxes |
|
(14,616 |
) |
|
(15,169 |
) |
|
(41,334 |
) |
|
(47,875 |
) |
||||
|
|
|
|
|
|
|
|
|
||||||||
Income before share of earnings from equity method |
|
77,158 |
|
|
101,517 |
|
|
155,346 |
|
|
333,330 |
|
||||
Share of equity method investments |
|
(690 |
) |
|
(283 |
) |
|
(2,161 |
) |
|
(366 |
) |
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
76,468 |
|
|
101,234 |
|
|
153,185 |
|
|
332,964 |
|
||||
Net income attributable to noncontrolling interest |
|
— |
|
|
— |
|
|
— |
|
|
(633 |
) |
||||
Net income attributable to the Group |
|
$ |
76,468 |
|
|
$ |
101,234 |
|
|
$ |
153,185 |
|
|
$ |
332,331 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per Ordinary Share attributable to the Group: |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.94 |
|
|
$ |
1.92 |
|
|
$ |
2.28 |
|
|
$ |
6.20 |
|
Diluted |
|
$ |
0.92 |
|
|
$ |
1.90 |
|
|
$ |
2.25 |
|
|
$ |
6.15 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of Ordinary Shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic |
|
81,488,189 |
|
|
52,783,886 |
|
|
67,110,186 |
|
|
52,859,911 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Diluted |
|
82,827,674 |
|
|
53,291,849 |
|
|
68,068,311 |
|
|
53,283,585 |
|
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
AS AT |
|||||||
|
|
|
|
||||
|
|
|
|
||||
ASSETS |
(in thousands) |
||||||
Current Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
752,213 |
|
|
$ |
840,305 |
|
Available for sale investments |
1,712 |
|
|
1,729 |
|
||
Accounts receivable, net of allowance for credit losses |
1,342,770 |
|
|
715,271 |
|
||
Unbilled revenue |
623,121 |
|
|
428,684 |
|
||
Other receivables |
56,760 |
|
|
35,394 |
|
||
Prepayments and other current assets |
114,323 |
|
|
53,477 |
|
||
Income taxes receivable |
50,299 |
|
|
28,118 |
|
||
Total current assets |
2,941,198 |
|
|
2,102,978 |
|
||
|
|
|
|
||||
Other Assets: |
|
|
|
||||
Property, plant and equipment, net |
336,444 |
|
|
174,343 |
|
||
|
9,037,931 |
|
|
936,257 |
|
||
Operating right-of-use assets |
198,123 |
|
|
84,561 |
|
||
Other non-current assets |
70,557 |
|
|
20,773 |
|
||
Non-current income taxes receivable |
18,637 |
|
|
17,230 |
|
||
Deferred tax asset |
48,392 |
|
|
12,705 |
|
||
Equity method investments |
2,373 |
|
|
4,534 |
|
||
Investments in equity-long term |
22,592 |
|
|
15,765 |
|
||
Intangible assets |
4,710,843 |
|
|
66,460 |
|
||
Total Assets |
$ |
17,387,090 |
|
|
$ |
3,435,606 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
||||
Current Liabilities: |
|
|
|
||||
Accounts payable |
$ |
90,764 |
|
|
$ |
51,113 |
|
Unearned revenue |
1,323,961 |
|
|
660,883 |
|
||
Other liabilities |
949,629 |
|
|
399,769 |
|
||
Income taxes payable |
59,433 |
|
|
12,178 |
|
||
Current bank credit lines and loan facilities |
55,150 |
|
|
— |
|
||
Total current liabilities |
2,478,937 |
|
|
1,123,943 |
|
||
Other Liabilities: |
|
|
|
||||
Non-current bank credit lines and loan facilities |
5,381,162 |
|
|
348,477 |
|
||
Non-current operating lease liabilities |
159,483 |
|
|
60,801 |
|
||
Non-current other liabilities |
41,861 |
|
|
26,366 |
|
||
Non-current government grants |
735 |
|
|
838 |
|
||
Non-current income taxes payable |
172,109 |
|
|
14,539 |
|
||
Non-current deferred tax liability |
1,085,976 |
|
|
10,406 |
|
||
Commitments and contingencies |
— |
|
|
— |
|
||
Total Liabilities |
9,320,263 |
|
|
1,585,370 |
|
||
|
|
|
|
||||
Shareholders' Equity: |
|
|
|
||||
Ordinary shares, par value |
|
|
|
||||
81,554,683 shares issued and outstanding at |
|
|
|
||||
52,788,093 shares issued and outstanding at |
6,640 |
|
|
4,580 |
|
||
Additional paid-in capital |
6,733,910 |
|
|
617,104 |
|
||
Other undenominated capital |
1,134 |
|
|
1,134 |
|
||
Accumulated other comprehensive loss |
(90,937 |
) |
|
(35,477 |
) |
||
Retained earnings |
1,416,080 |
|
|
1,262,895 |
|
||
Total Shareholders' Equity |
8,066,827 |
|
|
1,850,236 |
|
||
Total Liabilities and Shareholders' Equity |
$ |
17,387,090 |
|
|
$ |
3,435,606 |
|
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
FOR THE TWELVE MONTHS ENDED |
|||||||
|
|
||||||
|
Twelve Months Ended |
||||||
|
|
|
|
||||
|
(in thousands) |
||||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
153,185 |
|
|
$ |
332,964 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization expense |
314,987 |
|
|
66,126 |
|
||
Impairment of long lived assets |
20,037 |
|
|
5,411 |
|
||
Reduction in carrying value of operating right-of-use assets |
45,339 |
|
|
28,480 |
|
||
Unrealised foreign exchange (gain)/loss |
(6,054 |
) |
|
5,979 |
|
||
Loss on extinguishment of debt |
73,894 |
|
|
— |
|
||
Loss on equity method investments |
2,161 |
|
|
366 |
|
||
Stock compensation expense |
133,844 |
|
|
26,271 |
|
||
Charge/(credit) on interest rate hedge |
891 |
|
|
(910 |
) |
||
Amortization of financing costs |
12,890 |
|
|
523 |
|
||
Deferred tax (benefit)/expense |
(60,616 |
) |
|
927 |
|
||
Other non-cash items |
3,589 |
|
|
(6,949 |
) |
||
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: |
|
|
|
||||
Accounts receivable |
113,513 |
|
|
(175,040 |
) |
||
Unbilled revenue |
(17,656 |
) |
|
(5,748 |
) |
||
Unearned revenue |
(69,121 |
) |
|
291,844 |
|
||
Other net assets |
108,259 |
|
|
(2,209 |
) |
||
Net cash provided by operating activities |
829,142 |
|
|
568,035 |
|
||
Cash flows from investing activities: |
|
|
|
||||
Purchase of property, plant and equipment |
(93,750 |
) |
|
(40,885 |
) |
||
Purchase of subsidiary undertakings |
(5,914,475 |
) |
|
(47,931 |
) |
||
Investment in equity method investments |
(2,450 |
) |
|
(2,450 |
) |
||
Loan to equity method investment |
(10,000 |
) |
|
— |
|
||
Sale of available for sale investments |
497 |
|
|
47,902 |
|
||
Purchase of available for sale investments |
(480 |
) |
|
— |
|
||
Purchase of investments in equity - long term |
(3,577 |
) |
|
(3,212 |
) |
||
Net cash used in investing activities |
(6,024,235 |
) |
|
(46,576 |
) |
||
Cash flows from financing activities: |
|
|
|
||||
Financing costs |
(30,328 |
) |
|
(1,554 |
) |
||
Drawdown of credit lines and facilities |
5,905,100 |
|
|
350,000 |
|
||
Repayment of credit lines and facilities |
(877,780 |
) |
|
(350,000 |
) |
||
Purchase of noncontrolling interest |
— |
|
|
(43,923 |
) |
||
Proceeds from exercise of equity compensation |
118,589 |
|
|
13,203 |
|
||
Share issue costs |
(853 |
) |
|
(14 |
) |
||
Repurchase of ordinary shares |
— |
|
|
(175,000 |
) |
||
Share repurchase costs |
— |
|
|
(140 |
) |
||
Settlement of interest rate hedge |
— |
|
|
(905 |
) |
||
Net cash provided by (used in) financing activities |
5,114,728 |
|
|
(208,333 |
) |
||
Effect of exchange rate movements on cash |
(7,727 |
) |
|
6,870 |
|
||
Net (decrease) increase in cash and cash equivalents |
(88,092 |
) |
|
319,996 |
|
||
Cash and cash equivalents at beginning of year |
840,305 |
|
|
520,309 |
|
||
Cash and cash equivalents at end of year |
$ |
752,213 |
|
|
$ |
840,305 |
|
|
||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||
FOR THE THREE AND TWELVE MONTHS ENDED |
||||||||||||||||
(UNAUDITED) |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
December |
|
December |
|
December |
|
December |
||||||||
|
|
(in thousands except share and per share data) |
||||||||||||||
|
|
|
|
|
|
|
||||||||||
Adjusted revenue |
|
|
|
|
|
|||||||||||
Revenue, as reported |
$ |
1,885,121 |
|
|
$ |
760,229 |
|
|
$ |
5,480,826 |
|
$ |
2,797,288 |
|
||
Acquisition related deferred revenue adjustment (a) |
|
|
(4,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted revenue |
|
$ |
1,881,121 |
|
|
$ |
760,229 |
|
|
$ |
5,480,826 |
|
|
$ |
2,797,288 |
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
||||||||
Net income attributable to the Group |
$ |
76,468 |
|
|
$ |
101,234 |
|
|
$ |
153,185 |
|
|
$ |
332,331 |
|
|
Net income attributable to non-controlling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
633 |
|
Share of equity method investments |
|
|
690 |
|
|
|
283 |
|
|
|
2,161 |
|
|
|
366 |
|
Provision for income taxes |
|
|
14,616 |
|
|
|
15,169 |
|
|
|
41,334 |
|
|
|
47,875 |
|
Net interest expense (b) |
|
|
52,761 |
|
|
|
3,173 |
|
|
|
181,849 |
|
|
|
10,295 |
|
Depreciation and amortization |
|
|
139,670 |
|
|
|
17,145 |
|
|
|
314,987 |
|
|
|
66,126 |
|
Stock-based compensation expense (c) |
|
|
19,410 |
|
|
|
6,402 |
|
|
|
61,397 |
|
|
|
27,833 |
|
Foreign currency losses (gains), net (d) |
|
|
(7,968 |
) |
|
|
1,001 |
|
|
|
(14,314 |
) |
|
|
5,979 |
|
Restructuring (e) |
|
|
24,943 |
|
|
|
— |
|
|
|
31,105 |
|
|
|
18,089 |
|
Acquisition related deferred revenue adjustment (a) |
|
|
(4,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transaction-related / integration-related costs (f) |
|
|
15,954 |
|
|
|
(262 |
) |
|
|
198,263 |
|
|
|
(759 |
) |
Adjusted EBITDA |
|
$ |
332,544 |
|
|
$ |
144,145 |
|
|
$ |
969,967 |
|
|
$ |
508,768 |
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income attributable to the Group and adjusted diluted net income per Ordinary Share attributable to the Group |
|
|
|
|
|
|
|
|
||||||||
Net income attributable to the Group |
$ |
76,468 |
|
|
$ |
101,234 |
|
|
$ |
153,185 |
|
|
$ |
332,331 |
|
|
Provision for income taxes |
|
|
14,616 |
|
|
|
15,169 |
|
|
|
41,334 |
|
|
|
47,875 |
|
Amortisation |
|
|
114,888 |
|
|
|
4,806 |
|
|
|
239,503 |
|
|
|
19,234 |
|
Stock-based compensation expense (c) |
|
|
19,410 |
|
|
|
6,402 |
|
|
|
61,397 |
|
|
|
27,833 |
|
Foreign currency losses (gains), net (d) |
|
|
(7,968 |
) |
|
|
1,001 |
|
|
|
(14,314 |
) |
|
|
5,979 |
|
Restructuring (e) |
|
|
24,943 |
|
|
|
— |
|
|
|
31,105 |
|
|
|
18,089 |
|
Acquisition related deferred revenue adjustment (a) |
|
|
(4,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transaction-related / integration-related costs (f) |
|
|
15,954 |
|
|
|
(262 |
) |
|
|
198,263 |
|
|
|
(759 |
) |
Transaction-related financing costs (g) |
|
|
8,484 |
|
|
|
— |
|
|
|
86,736 |
|
|
|
— |
|
Adjusted tax expense (h) |
|
|
(44,798 |
) |
|
|
(16,675 |
) |
|
|
(130,791 |
) |
|
|
(58,500 |
) |
Adjusted net income attributable to the Group |
|
$ |
217,997 |
|
|
$ |
111,675 |
|
|
$ |
666,419 |
|
|
$ |
392,082 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average number of Ordinary Shares outstanding |
|
|
82,827,674 |
|
|
|
53,291,849 |
|
|
|
|
|
53,283,585 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted net income per Ordinary Share attributable to the Group (i) |
|
$ |
2.63 |
|
|
$ |
2.10 |
|
|
$ |
9.65 |
|
|
$ |
7.36 |
|
|
|||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES (COMBINED COMPANY) |
|||||||||||||||
FOR THE THREE AND TWELVE MONTHS ENDED |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
|
|
|
|
|
|||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||
|
|
December |
|
December |
|
December |
|
December |
|||||||
|
|
(in thousands except share and per share data) |
|||||||||||||
|
|
|
|
|
|
|
|||||||||
Combined Company adjusted revenue |
|
|
|
|
|
||||||||||
Revenue, as reported |
$ |
1,885,121 |
|
|
$ |
760,229 |
|
$ |
5,480,826 |
|
|
$ |
2,797,288 |
|
|
Pre-merger PRA Health Sciences Revenue |
|
— |
|
|
|
873,458 |
|
|
1,981,173 |
|
|
|
3,183,365 |
|
|
Combined Company Revenue, before adjustments |
|
1,885,121 |
|
|
|
1,633,687 |
|
|
7,461,999 |
|
|
|
5,980,653 |
|
|
Acquisition related deferred revenue adjustment (a) |
|
|
(4,000 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
Combined Company adjusted revenue |
|
$ |
1,881,121 |
|
|
$ |
1,633,687 |
|
$ |
7,461,999 |
|
|
$ |
5,980,653 |
|
|
|
|
|
|
|
|
|
|
|||||||
Combined Company adjusted EBITDA |
|
|
|
|
|
|
|
|
|||||||
Net income attributable to the Group |
$ |
76,468 |
|
|
$ |
101,234 |
|
$ |
153,185 |
|
|
$ |
332,331 |
|
|
Pre-merger PRA Health Sciences Net income attributable to the Group |
|
— |
|
|
|
51,257 |
|
|
128,008 |
|
|
|
197,043 |
|
|
Combined Company Net income attributable to the Group |
|
76,468 |
|
|
|
152,491 |
|
|
281,194 |
|
|
|
529,374 |
|
|
Net income attributable to non-controlling interest |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
633 |
|
Share of equity method investments |
|
|
690 |
|
|
|
283 |
|
|
2,161 |
|
|
|
366 |
|
Provision for income taxes |
|
|
14,616 |
|
|
|
40,094 |
|
|
48,034 |
|
|
|
109,841 |
|
Net interest expense (b) |
|
|
52,761 |
|
|
|
10,651 |
|
|
191,740 |
|
|
|
53,875 |
|
Depreciation and amortization |
|
|
139,670 |
|
|
|
50,697 |
|
|
380,730 |
|
|
|
197,756 |
|
Stock-based compensation expense (c) |
|
|
19,410 |
|
|
|
25,202 |
|
|
98,901 |
|
|
|
97,246 |
|
Foreign currency losses (gains), net (d) |
|
|
(7,968 |
) |
|
|
14,464 |
|
|
(20,586 |
) |
|
|
31,478 |
|
Restructuring (e) |
|
|
24,943 |
|
|
|
— |
|
|
31,105 |
|
|
|
18,089 |
|
Acquisition related deferred revenue adjustment (a) |
|
|
(4,000 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
Transaction-related / integration-related costs (f) |
|
|
15,954 |
|
|
|
1,167 |
|
|
235,115 |
|
|
|
(42,219 |
) |
Combined Company adjusted EBITDA |
|
$ |
332,545 |
|
|
$ |
295,049 |
|
$ |
1,248,394 |
|
|
$ |
996,439 |
|
(a) |
In Q3 2021, an acquisition related deferred revenue adjustment was reflected representing non-cash adjustments resulting from the revaluation of deferred revenue and the subsequent charge to revenue in connection with business combinations. In Q4 2021, the charge to revenue was reversed as the company has taken the option to early adopt amendments to the relevant accounting standard. |
(b) |
Net interest expense includes losses on modification or extinguishment of debt. |
(c) |
Stock-based compensation expense represents the amount of recurring non-cash expense related to the Company’s equity compensation programs (inclusive of employer related taxes). |
(d) |
Foreign currency losses (gains), net relates to gains or losses that arise in connection with the revaluation of non-US dollar denominated assets and liabilities. We exclude these gains and losses from adjusted EBITDA and adjusted net income because fluctuations from period- to- period do not necessarily correspond to changes in our operating results. |
(e) |
Restructuring charges incurred relate to charges incurred in connection with the termination of leases at locations that are no longer being used and amounts incurred in connection with the elimination of redundant positions within the organisation. |
(f) |
Transaction-related / integration-related costs include expenses/credits associated with our acquisitions, share-based compensation expense related to the acceleration of share-based compensation awards and replacement share-based awards, contingent consideration valuation adjustments, and any other costs incurred directly related to the integration of these acquisitions. |
(g) |
Transaction-related financing costs includes costs incurred in connection with changes to our long-term debt and amortization of financing fees. We exclude these costs from Adjusted EBITDA and Adjusted Net Income because they result from financing decisions rather than from decisions made related to our ongoing operations. |
(h) |
Represents the tax effect of adjusted pre-tax income at our estimated effective tax rate. |
(i) |
Earnings per share for FY 2021 reflects sum of earnings per share for the four quarters of 2021. FY 2021 EPS calculated using the diluted weighted average number of Ordinary Shares in 2021 would be higher at |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220222005411/en/
Investor Relations +1888 381 7923 or
Brendan Brennan Chief Financial Officer +353 1 291 2000
All at ICON.
http://www.iconplc.com
Source: