1
ICON
Quarter 4 and Full Year 2013 Results
ended December 31st, 2013
Mr. Ciaran Murray, CEO
Mr. Brendan Brennan, CFO
Mr. ...
Certain statements contained herein including, without limitation, statements
containing the words “believes,” “anticipate...
3
Revenue
Quarterly Net Revenue
$300
$317
$334 $340 $345
Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
Client Concentration in Revenue
18%
48%
63%
76%
Top 1 Top 5 Top 10 Top 25
FY 2012
26%
53%
64%
78%
Top 1 Top 5 Top 10 Top 2...
Net Revenue By Geography
45.8%
42.3%
11.9%
FY 2012 FY 2013
45.4%
43.6%
11.0%
Europe
US
ROW
7
Gross Margin
Gross Margin
36.0% 36.1% 35.9%
37.1%
37.7%
Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
9
SG&A
SG&A as a % of revenue
24.4%
23.9%
23.2%
24.0%
23.0%
Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
11
Operating Margin
Operating Margin*
8.1%
8.7%
9.3%
9.8%
11.2%
Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
*Operating margins for Q1 2013 and Q2 ...
13
EPS
34
36
43 45
53
0
10
20
30
40
50
60
Q4 12 Q1 13 Q2 13 Q3 13 Q4 13
EPS
Cent
EPS.
Earnings per share *
*EPS for Q1 2013 and Q...
Q4 2012
31/12/12
Q3 2013
30/09/13
Q4 2013
31/12/13
DSO 40 40 32
Capital Expenditure $ 8.4 m $6.2m $6.1m
Net Cash Balance $...
16
Business Wins
1.37 1.48 1.48 1.47 1.43 1.38 1.31 1.22 1.23
New Business Wins and Net Book to Bill Ratios
ICON NB:B (Quarterly) ICON NB:B...
18
Backlog
Opening Backlog and Burn Rate
0.0%
3.0%
6.0%
9.0%
12.0%
15.0%
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
Q4 2012 Q1 2013 ...
$982m $987m
$1,027m
$1,072m $1,080m
Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
77% 77% 77% 77%
75%
Backlog forecast to be ear...
Guidance for 2014
21
Revenue Range EPS Range
$1,415- $1,465m $2.05- $2.20
Questions &
Answers
Quarterly Summary 2013
Q1 2013 Q2 2013 Q3 2013 Q4 2013
Net Revenue $ 317m $ 334m $ 340m $ 345m
Gross Margin 36.1% 35.9% 37...
Full Year 2013 Summary
FY 2012 FY 2013 Variance
Net Revenue $ 1,115m $ 1,336m 20%
Gross Margin 35.6% 36.7% 110 bps
SG&A (%...
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ICON Q4 13 earnings_call__final_ppt

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ICON Q4 13 earnings_call__final_ppt

  1. 1. 1 ICON Quarter 4 and Full Year 2013 Results ended December 31st, 2013 Mr. Ciaran Murray, CEO Mr. Brendan Brennan, CFO Mr. Simon Holmes, EVP IR & Corporate Development Dr. Steve Cutler, COO
  2. 2. Certain statements contained herein including, without limitation, statements containing the words “believes,” “anticipates,” “intends,” “expects” and words of similar import, constitute or may constitute forward-looking statements concerning the Group's operations, performance, financial condition and prospects. Because such statements involve known and unknown risks and uncertainties and depend on circumstances and events that may or may not occur in the future, actual results may differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties and as forward looking statements are not guarantees of future performance, investors and prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 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 consolidated income statement headed Consolidated Income Statements (US GAAP) Forward Looking Statement
  3. 3. 3 Revenue
  4. 4. Quarterly Net Revenue $300 $317 $334 $340 $345 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
  5. 5. Client Concentration in Revenue 18% 48% 63% 76% Top 1 Top 5 Top 10 Top 25 FY 2012 26% 53% 64% 78% Top 1 Top 5 Top 10 Top 25 FY 2013
  6. 6. Net Revenue By Geography 45.8% 42.3% 11.9% FY 2012 FY 2013 45.4% 43.6% 11.0% Europe US ROW
  7. 7. 7 Gross Margin
  8. 8. Gross Margin 36.0% 36.1% 35.9% 37.1% 37.7% Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
  9. 9. 9 SG&A
  10. 10. SG&A as a % of revenue 24.4% 23.9% 23.2% 24.0% 23.0% Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
  11. 11. 11 Operating Margin
  12. 12. Operating Margin* 8.1% 8.7% 9.3% 9.8% 11.2% Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 *Operating margins for Q1 2013 and Q2 2013 have been adjusted to exclude restructuring and other items of $4.4m and $4.6m respectively.
  13. 13. 13 EPS
  14. 14. 34 36 43 45 53 0 10 20 30 40 50 60 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 EPS Cent EPS. Earnings per share * *EPS for Q1 2013 and Q2 2013 have been adjusted to exclude restructuring and other items of $4.4m and $4.6m respectively.
  15. 15. Q4 2012 31/12/12 Q3 2013 30/09/13 Q4 2013 31/12/13 DSO 40 40 32 Capital Expenditure $ 8.4 m $6.2m $6.1m Net Cash Balance $190 m $219 m $321 m Balance Sheet Highlights
  16. 16. 16 Business Wins
  17. 17. 1.37 1.48 1.48 1.47 1.43 1.38 1.31 1.22 1.23 New Business Wins and Net Book to Bill Ratios ICON NB:B (Quarterly) ICON NB:B (12 mth avg) 1.27 1.53 1.35 1.59 1.26 1.33 1.10 1.22 1.29 358 485 477 496 423 481 496 471 540 308 385 373 450 378 422 364 415 446 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Gross Net
  18. 18. 18 Backlog
  19. 19. Opening Backlog and Burn Rate 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Burnratequaterly Backlog($bn) Opening Backlog Burn Rate
  20. 20. $982m $987m $1,027m $1,072m $1,080m Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 77% 77% 77% 77% 75% Backlog forecast to be earned in the next 12 months (US$ & % of total forecasts)
  21. 21. Guidance for 2014 21 Revenue Range EPS Range $1,415- $1,465m $2.05- $2.20
  22. 22. Questions & Answers
  23. 23. Quarterly Summary 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Net Revenue $ 317m $ 334m $ 340m $ 345m Gross Margin 36.1% 35.9% 37.1% 37.7% SG&A (% of revenue) 23.9% 23.2% 24.0% 23.0% Operating Margin 8.7% 9.3% 9.8% 11.2% Net Income Margin 7.0% 7.9% 8.2 % 9.7% EPS $0.36 $0.43 $0.45 $0.53 Book-to-Bill (TTM) 1.38 1.31 1.22 1.23
  24. 24. Full Year 2013 Summary FY 2012 FY 2013 Variance Net Revenue $ 1,115m $ 1,336m 20% Gross Margin 35.6% 36.7% 110 bps SG&A (% of revenue) 25.2% 23.5% 170 bps Operating Margin 6.6 % 9.7% 310 bps Net Income Margin 5.4% 8.2% 280 bps EPS $1.00 $1.77 + 77c Book-to-Bill (TTM) 1.43 1.23

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