ICON
Q3 2020
Period Ended September 30th, 2020
Dr. Steve Cutler, CEO
Brendan Brennan, CFO
Jonathan Curtain, VP Corporate Finance & Investor Relations
Accountability & Delivery | Collaboration | Partnership | Integrity
Forward Looking Statement
Certain statements in today's call will be forward looking statements. These statements are based on management's current expectations and information currently available, including current economic and industry conditions. Actual results may differ materially from those stated or implied by forward looking statements due to risks and uncertainties associated with the company's business and listeners are cautioned that forward looking statements are not guarantees of future performance. 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 the company.
This presentation includes selected non-GAAP financial measures. For a presentation of the most directly comparable GAAP financial measures, please refer to the press release statement headed Condensed Consolidated Statements of Operations (US GAAP) (Unaudited). While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, we believe certain non-GAAP information is more useful to investors for historical comparison purposes.
Backlog Metrics
+11.8% | ||
9.4 | ||
9.1 | ||
8.6 | 8.7 | |
8.4 | ||
8.7% | 8.7% | 8.3% | 7.8% | |
$bn | ||||
7.1% | ||||
Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | |
Closing Backlog | Burn rate | ||||
Revenue
710 | 725 | 715 | 702 |
620 |
$m
Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 |
Client Concentration
Percentage of Revenue | |||||||||
Q3 2019 | 24.9% | 12.8% | 18.9% | ||||||
11.4% | |||||||||
Largest Customer | |||||||||
Q2 2020 | 12.1% | 28.9% | 13.9% | 16.4% | Top 2-5 Customers | ||||
Top 6-10 Customers | |||||||||
Q3 2020 | 12.4% | 26.0% | 12.7% | 16.8% | Top 11-25 Customers | ||||
0% | 20% | 40% | 60% | 80% |
Gross Margin
Percentage of Revenue
710 | 725 | 715 | 702 |
620 |
29.7% 29.9% 29.3% 28.1% 29.7%
$m
Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 |
Revenue Gross Margin %
SG&A
Percentage of Revenue
710 | 725 | 715 | 702 |
620 |
$m
12.0% | 11.9% | 12.2% | 13.5% | 11.8% |
Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 |
Revenue SG&A %
Operating Margin
Percentage of Revenue
710 | 725 | 715 | 702 |
620 |
$m
15.5% | 15.9% | 14.9% | 15.4% |
12.1% |
Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020* | Q3 2020 |
Revenue | Operating Margin % | |||
* Excludes impact of non-recurring charges
Earnings per Share attributable to the Group
174 | 183 | 172 |
170 |
120
¢
Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020* | Q3 2020 |
* Excludes impact of non-recurring charges
Balance Sheet and Cash Flow
Q3 2020 | Q2 2020 | Q3 2019 | |
30-Sept-20 | 30-Jun-20 | 30-Sept-19 | |
DSO* | 45 | 53 | 56 |
Capital Expenditure | $6.9m | $9.9m | $13.7m |
Cash from Operating Activities | $112.0m | $117.9m | $160.7m |
Net Cash Balance | $359.8m | $244.0m | $121.7m |
Gross Cash Balance | $709.7m | $593.8m | $471.2m |
* Calculated on a comparative non-GAAP basis
Q3 Year-on-Year Comparison Summary
Revenue^
Gross Margin
SG&A (percentage of revenue)
Operating Margin
Net Income attributable to Group (percentage of revenue)
EPS attributable to Group
^ 1.2% reported decline. 1.9% constant currency decline
Q3 2020 | Q3 2019 |
$702m | $710m |
29.7% | 29.7% |
11.8% | 12.0% |
15.4% | 15.5% |
13.1% | 13.3% |
172c | 174c |
FY 2020 Guidance
Previous | Current | |||
Revenue | $2,650m | - $2,750m | $2,750m | - $2,810m |
EPS | $6.00 | - $6.50 | $6.35 | - $6.50 |
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ICON plc published this content on 21 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2020 20:29:05 UTC