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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ICON PLC | NASDAQ:ICLR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.66 | -0.55% | 299.955 | 299.52 | 300.17 | 304.22 | 295.75 | 302.96 | 63,571 | 15:24:43 |
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
|
||
Yes___
X
___
|
No___
_
___
|
|
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
|
||
Yes______
|
No___
X
___
|
|
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
|
||
Yes______
|
No___
X
___
|
|
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule12g3-2(b) under the Securities Exchange Act of 1934.
|
||
Yes______
|
No___
X
___
|
|
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82
N/A
|
(Unaudited)
|
(Audited)
|
|||||||
September 30,
|
December 31,
|
|||||||
2016
|
2015
|
*
|
||||||
ASSETS
|
(in thousands)
|
|||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
219,308
|
$
|
103,911
|
||||
Short term investments - available for sale
|
84,412
|
85,990
|
||||||
Accounts receivable, net
|
403,667
|
409,165
|
||||||
Unbilled revenue
|
196,863
|
173,649
|
||||||
Other receivables
|
42,718
|
30,935
|
||||||
Prepayments and other current assets
|
39,339
|
36,128
|
||||||
Income taxes receivable
|
22,443
|
22,961
|
||||||
Total current assets
|
1,008,750
|
862,739
|
||||||
Other Assets:
|
||||||||
Property, plant and equipment, net
|
151,375
|
150,218
|
||||||
Goodwill
|
626,657
|
588,434
|
||||||
Non-current other assets
|
13,667
|
11,591
|
||||||
Non-current income taxes receivable
|
12,577
|
11,362
|
||||||
Non-current deferred tax asset
|
23,895
|
26,738
|
||||||
Intangible assets
|
63,557
|
66,127
|
||||||
Total Assets
|
$
|
1,900,478
|
$
|
1,717,209
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
5,053
|
$
|
7,021
|
||||
Payments on account
|
250,833
|
318,697
|
||||||
Other liabilities
|
188,207
|
231,879
|
||||||
Income taxes payable
|
13,868
|
14,203
|
||||||
Total current liabilities
|
457,961
|
571,800
|
||||||
Other Liabilities:
|
||||||||
Non-current bank credit lines and loan facilities
|
401,417
|
348,306
|
||||||
Non-current other liabilities
|
22,317
|
12,224
|
||||||
Non-current government grants
|
958
|
959
|
||||||
Non-current income taxes payable
|
20,939
|
16,180
|
||||||
Non-current deferred tax liability
|
5,026
|
4,644
|
||||||
Shareholders' Equity:
|
||||||||
Ordinary shares, par value 6 euro cents per share; 100,000,000 shares authorized,
|
||||||||
55,827,713 shares issued and outstanding at September 30, 2016 and
|
||||||||
54,958,912 shares issued and outstanding at December 31, 2015
|
4,697
|
4,679
|
||||||
Additional paid‑in capital
|
427,120
|
383,395
|
||||||
Capital redemption reserve
|
715
|
715
|
||||||
Accumulated other comprehensive income
|
(64,532
|
)
|
(61,636
|
)
|
||||
Retained earnings
|
623,860
|
435,943
|
||||||
Total Shareholders' Equity
|
991,860
|
763,096
|
||||||
Total Liabilities and Shareholders' Equity
|
$
|
1,900,478
|
$
|
1,717,209
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
September
30, |
September
30,
|
|||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(in thousands except share and per share data)
|
||||||||||||||||
Revenue:
|
||||||||||||||||
Gross revenue
|
$
|
622,261
|
$
|
557,095
|
$
|
1,754,491
|
$
|
1,584,559
|
||||||||
Reimbursable expenses
|
(202,060
|
)
|
(162,354
|
)
|
(523,138
|
)
|
(412,930
|
)
|
||||||||
Net revenue
|
420,201
|
394,741
|
1,231,353
|
1,171,629
|
||||||||||||
Costs and expenses:
|
||||||||||||||||
Direct costs
|
243,244
|
226,555
|
709,831
|
679,593
|
||||||||||||
Selling, general and administrative expense
|
81,235
|
82,435
|
242,192
|
243,310
|
||||||||||||
Depreciation and amortization
|
14,543
|
14,366
|
44,120
|
42,535
|
||||||||||||
Restructuring
|
4,065
|
-
|
8,159
|
-
|
||||||||||||
Total costs and expenses
|
343,087
|
323,356
|
1,004,302
|
965,438
|
||||||||||||
Income from operations
|
77,114
|
71,385
|
227,051
|
206,191
|
||||||||||||
Interest income
|
462
|
531
|
1,155
|
1,026
|
||||||||||||
Interest expense
|
(3,227
|
)
|
(1,178
|
)
|
(9,640
|
)
|
(1,686
|
)
|
||||||||
Income before provision for income taxes
|
74,349
|
70,738
|
218,566
|
205,531
|
||||||||||||
Provision for income taxes
|
(10,470
|
)
|
(9,196
|
)
|
(30,649
|
)
|
(29,534
|
)
|
||||||||
Net income
|
$
|
63,879
|
$
|
61,542
|
$
|
187,917
|
$
|
175,997
|
||||||||
Net income per Ordinary Share:
|
||||||||||||||||
Basic
|
$
|
1.15
|
$
|
1.05
|
$
|
3.39
|
$
|
2.95
|
||||||||
Diluted
|
$
|
1.13
|
$
|
1.02
|
$
|
3.33
|
$
|
2.85
|
||||||||
Weighted average number of Ordinary Shares outstanding:
|
||||||||||||||||
Basic
|
55,734,773
|
58,659,782
|
55,355,020
|
59,728,608
|
||||||||||||
Diluted
|
56,645,239
|
60,369,898
|
56,475,319
|
61,785,849
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
|
Nine Months Ended
|
||||||||
September
30,
|
September
30,
|
|||||||
2016
|
2015
|
|||||||
Cash flows from operating activities:
|
(in thousands)
|
|||||||
Net income
|
$
|
187,917
|
$
|
175,997
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Loss on disposal of property, plant and equipment
|
27
|
7
|
||||||
Depreciation expense
|
31,374
|
30,037
|
||||||
Amortization of intangibles
|
12,746
|
12,498
|
||||||
Amortization of grants
|
(33
|
)
|
(29
|
)
|
||||
Accrued interest on short term investments
|
(498
|
)
|
-
|
|||||
Realised gain on sale of short term investments
|
(39
|
)
|
-
|
|||||
Share compensation expense
|
31,135
|
24,043
|
||||||
Amortization of gain on interest rate hedge
|
(693
|
)
|
-
|
|||||
Amortization of financing costs
|
422
|
-
|
||||||
Deferred taxes
|
3,262
|
(749
|
)
|
|||||
Changes in assets and liabilities:
|
||||||||
Decrease/(increase) in accounts receivable
|
17,825
|
(7,817
|
)
|
|||||
Increase in unbilled revenue
|
(18,373
|
)
|
(50,707
|
)
|
||||
Increase in other receivables
|
(11,876
|
)
|
(10,701
|
)
|
||||
Increase in prepayments and other current assets
|
(1,395
|
)
|
(11,718
|
)
|
||||
(Increase)/decrease in other non-current assets
|
(1,857
|
)
|
272
|
|||||
(Decrease)/increase in payments on account
|
(67,868
|
)
|
10,615
|
|||||
Decrease in other current liabilities
|
(48,200
|
)
|
(20,363
|
)
|
||||
Increase in other non-current liabilities
|
4,118
|
1,843
|
||||||
Increase in income taxes payable
|
4,163
|
9,097
|
||||||
(Decrease)/increase in accounts payable
|
(2,826
|
)
|
1,102
|
|||||
Change in deferred tax liability
|
(3,666
|
)
|
-
|
|||||
Net cash provided by operating activities
|
135,665
|
163,427
|
||||||
Cash flows from investing activities:
|
||||||||
Purchase of property, plant and equipment
|
(29,345
|
)
|
(36,255
|
)
|
||||
Purchase of subsidiary undertakings
|
(54,009
|
)
|
(102,756
|
)
|
||||
Cash acquired with subsidiary undertaking
|
1,842
|
-
|
||||||
Purchase of short term investments
|
(19,047
|
)
|
(9,652
|
)
|
||||
Sale of short term investments
|
21,484
|
25,170
|
||||||
Net cash used in investing activities
|
(79,075
|
)
|
(123,493
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from exercise of share options & restricted share units
|
7,243
|
18,375
|
||||||
Share issuance costs
|
(16
|
)
|
(6
|
)
|
||||
Tax benefit from the exercise of share options
|
5,381
|
3,014
|
||||||
Repurchase of ordinary shares
|
-
|
(286,923
|
)
|
|||||
Share repurchase costs
|
-
|
(802
|
)
|
|||||
Drawdown of bank credit lines and loan facilities
|
73,000
|
350,000
|
||||||
Repayment of bank credit lines and loan facilities
|
(20,000
|
) |
-
|
|||||
Financing costs
|
(6,626
|
)
|
-
|
|||||
Net cash provided by financing activities
|
58,982
|
83,658
|
||||||
Effect of exchange rate movements on cash
|
(175
|
)
|
(7,244
|
)
|
||||
Net increase in cash and cash equivalents
|
115,397
|
116,348
|
||||||
Cash and cash equivalents at beginning of period
|
103,911
|
118,900
|
||||||
Cash and cash equivalents at end of period
|
$
|
219,308
|
$
|
235,248
|
||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
|
Shares
|
Amount
|
Additional
Paid-in
Capital
|
Capital
Redemption
Reserve
|
Accumulated
Other
Comprehensive
Income
|
Retained
Earnings
|
Total
|
||||||||||||||||||||||
(dollars in thousands, except share data)
|
||||||||||||||||||||||||||||
Balance at December 31, 2015
|
54,958,912
|
$
|
4,679
|
$
|
383,395
|
$
|
715
|
$
|
(61,636
|
)
|
$
|
435,943
|
$
|
763,096
|
||||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
187,917
|
187,917
|
|||||||||||||||||||||
Currency translation adjustment
|
-
|
-
|
-
|
-
|
(3,664
|
)
|
-
|
(3,664
|
)
|
|||||||||||||||||||
Currency impact of long term funding
|
-
|
-
|
-
|
-
|
750
|
-
|
750
|
|||||||||||||||||||||
Tax on currency impact of long term funding
|
-
|
-
|
-
|
-
|
389
|
-
|
389
|
|||||||||||||||||||||
Unrealized capital gain – investments
|
-
|
-
|
-
|
-
|
322
|
-
|
322
|
|||||||||||||||||||||
Amortization of interest rate hedge |
-
|
-
|
-
|
-
|
(693
|
) |
-
|
(693
|
) | |||||||||||||||||||
Total comprehensive income
|
-
|
-
|
-
|
-
|
(2,896
|
)
|
187,917
|
185,021
|
||||||||||||||||||||
Exercise of share options
|
268,713
|
18
|
7,185
|
-
|
-
|
-
|
7,203
|
|||||||||||||||||||||
Issue of restricted share units
|
600,088
|
-
|
40
|
-
|
-
|
-
|
40
|
|||||||||||||||||||||
Share issuance costs
|
-
|
-
|
(16
|
)
|
-
|
-
|
-
|
(16
|
)
|
|||||||||||||||||||
Non-cash stock compensation expense
|
-
|
-
|
31,135
|
-
|
-
|
-
|
31,135
|
|||||||||||||||||||||
Tax benefit on exercise of options
|
-
|
-
|
5,381
|
-
|
-
|
-
|
5,381
|
|||||||||||||||||||||
Balance at September 30, 2016
|
55,827,713
|
$
|
4,697
|
$
|
427,120
|
$
|
715
|
$
|
(64,532
|
)
|
$
|
623,860
|
$
|
991,860
|
Nine months ended
|
Year ended
|
|||||||
September 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
(in thousands)
|
||||||||
Opening balance
|
$
|
588,434
|
$
|
463,324
|
||||
Current period acquisitions (Note 3)
|
39,376
|
133,123
|
||||||
Prior period acquisitions (Note 3)
|
5,403
|
4,418
|
||||||
Foreign exchange movement
|
(6,556
|
)
|
(12,431
|
)
|
||||
Closing balance
|
$
|
626,657
|
$
|
588,434
|
September 15,
|
||||
2016
|
||||
(in thousands)
|
||||
Cash
|
$
|
1,842
|
||
Property, plant and equipment
|
938
|
|||
Goodwill*
|
39,376
|
|||
Intangible assets**
|
9,844
|
|||
Accounts receivable
|
11,815
|
|||
Unbilled revenue
|
4,160
|
|||
Prepayments and other current assets
|
2,012
|
|||
Accounts payable
|
(917
|
)
|
||
Other liabilities
|
(4,667
|
)
|
||
Non-current other liabilities
|
(7
|
) | ||
Net assets acquired
|
$
|
64,396
|
||
Cash consideration |
$
|
52,396 | ||
Contingent consideration
|
|
12,000
|
||
Net purchase consideration
|
$
|
64,396
|
December 4,
|
||||
2015
|
||||
(in thousands)
|
||||
Cash |
$
|
194 | ||
Property, plant and equipment
|
|
712
|
||
Goodwill*
|
46,442
|
|||
Intangible assets**
|
10,582
|
|||
Accounts receivable
|
12,747
|
|||
Prepayments and other current assets
|
1,329
|
|||
Accounts payable
|
(530
|
)
|
||
Other liabilities
|
(2,656
|
)
|
||
Non-current deferred tax liability
|
(3,666
|
)
|
||
Net assets acquired
|
65,154
|
|||
Cash consideration
|
53,681
|
|||
Other liabilities assumed | 9,860 | |||
Working capital adjustment
|
1,613
|
|||
Total cash outflows
|
65,154
|
February 27,
|
||||
2015
|
||||
(in thousands)
|
||||
Property, plant and equipment
|
$
|
1,049
|
||
Goodwill*
|
92,084
|
|||
Customer lists
|
22,752
|
|||
Order backlog
|
2,521
|
|||
Accounts receivable
Unbilled Revenue
|
5,240
4,324
|
|||
Prepayments and other current assets
|
621
|
|||
Accounts payable
|
(749
|
)
|
||
Payments on account
|
(4,186
|
) | ||
Deferred tax liability
|
(2,171
|
)
|
||
Other liabilities
|
(5,483
|
)
|
||
Net assets acquired
|
$
|
116,002
|
||
Cash consideration
|
$
|
108,717
|
||
Other liabilities assumed**
|
11,283
|
|||
Gross cash outflows
|
120,000
|
|||
Working capital adjustment
|
(3,998
|
)
|
||
Net cash outflows
|
$
|
116,002
|
* |
Goodwill represents the acquisition of an established workforce with experience in the provision of strategic payer-validated market access solutions while the acquisition of Complete Healthcare Communications comprises an established workforce with significant communication experience working with medical affairs, commercial and brand development teams within the life science industry.
|
** |
Payments made at acquisition date of $11.3 million were in respect of certain one-time liabilities which have subsequently been discharged.
|
May 7,
|
||||
2014
|
||||
(in thousands)
|
||||
Property, plant and equipment
|
$
|
6,924
|
||
Goodwill*
|
125,627
|
|||
Customer relationships
|
21,400
|
|||
Order backlog
|
7,900
|
|||
Cash and cash equivalents
|
3,484
|
|||
Accounts receivable
|
25,091
|
|||
Unbilled revenue
|
21,154
|
|||
Prepayments and other current assets
|
4,180
|
|||
Non-current assets
|
2,911
|
|||
Accounts payable
|
(9,565
|
)
|
||
Other liabilities
|
(29,782
|
)
|
||
Payments on account
|
(31,094
|
)
|
||
Non-current other liabilities
|
(11,303
|
)
|
||
Loan notes payable**
|
(17,790
|
)
|
||
Net assets acquired
|
$
|
119,137
|
||
Cash consideration
|
$
|
143,500
|
||
Working capital adjustment
|
(1,964
|
)
|
||
141,536
|
||||
Adjustments to cash consideration**
|
(22,399
|
)
|
||
Net purchase consideration
|
$
|
119,137
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Restructuring charges
|
$
|
4,065
|
-
|
$
|
8,159
|
-
|
||||||||||
Total
|
$
|
4,065
|
-
|
$
|
8,159
|
-
|
Workforce
reductions
|
Office
consolidation
|
Total
|
||||||||||
(in thousands)
|
(in thousands)
|
(in thousands)
|
||||||||||
Q2 initial restructuring charge recorded
|
$
|
4,094
|
-
|
$
|
4,094
|
|||||||
Cash payments
|
(901
|
)
|
-
|
(901
|
)
|
|||||||
Provision at June 30, 2016
|
3,193
|
3,193
|
||||||||||
Q3 restructuring charge recorded
|
2,096
|
1,969
|
4,065
|
|||||||||
Cash payments
|
(2,243
|
)
|
-
|
(2,243
|
)
|
|||||||
Provision at September 30, 2016
|
$
|
3,046
|
$
|
1,969
|
$
|
5,015
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
|
(in thousands)
|
(in thousands)
|
||||||||||||||
Provision for income taxes before restructuring and other items
|
$
|
10,979
|
$
|
9,196
|
$
|
31,669
|
$
|
29,534
|
||||||||
Tax impact of restructuring and other items
|
(509
|
)
|
-
|
(1,020
|
)
|
-
|
||||||||||
Provision for income taxes after restructuring and other items
|
$
|
10,470
|
$
|
9,196
|
$
|
30,649
|
$
|
29,534
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Weighted average number of
ordinary shares outstanding for
basic net income per ordinary share
|
55,734,773
|
58,659,782
|
55,355,020
|
59,728,608
|
||||||||||||
Effect of dilutive share options
outstanding
|
910,466
|
1,710,116
|
1,120,299
|
2,057,241
|
||||||||||||
Weighted average number of
ordinary shares outstanding for
diluted net income per ordinary
share
|
56,645,239
|
60,369,898
|
56,475,319
|
61,785,849
|
Options
Outstanding
Number of Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Fair Value
|
Weighted
Average
Remaining
Contractual
Life
|
|||||||||||||
Outstanding at December 31, 2015
|
1,626,582
|
$
|
34.87
|
$
|
11.94
|
|||||||||||
Granted
|
256,191
|
$
|
69.61
|
$
|
20.10
|
|||||||||||
Exercised
|
(268,713
|
)
|
$
|
26.81
|
$
|
10.10
|
||||||||||
Forfeited
|
(19,825
|
)
|
$
|
30.96
|
$
|
11.47
|
||||||||||
Outstanding at September 30, 2016
|
1,594,235
|
$
|
41.86
|
$
|
13.57
|
4.72
|
||||||||||
Exercisable at September 30, 2016
|
739,901
|
$
|
29.35
|
$
|
10.63
|
3.38
|
Options
Outstanding
Number of Shares
|
Weighted Average
Exercise Price
|
Weighted Average
Fair Value
|
||||||||||
Non vested outstanding at December 31, 2015
|
968,853
|
$
|
42.14
|
$
|
13.69
|
|||||||
Granted
|
256,191
|
$
|
69.61
|
$
|
20.10
|
|||||||
Vested
|
(353,888
|
)
|
$
|
37.04
|
$
|
12.58
|
||||||
Forfeited
|
(16,822
|
)
|
$
|
32.27
|
$
|
11.78
|
||||||
Non vested outstanding at September 30, 2016
|
854,334
|
$
|
52.69
|
$
|
16.11
|
Nine Months Ended
|
||||||||
September
30,
|
September
30,
|
|||||||
2016
|
2015
|
|||||||
Weighted average fair value
|
$
|
20.10
|
$
|
19.75
|
||||
Assumptions:
|
||||||||
Expected volatility
|
30
|
%
|
30
|
%
|
||||
Dividend yield
|
0
|
%
|
0
|
%
|
||||
Risk-free interest rate
|
1.39
|
%
|
1.58
|
%
|
||||
Expected life
|
5 years
|
5 years
|
PSU
Outstanding
Number of
Shares
|
PSU
Weighted
Average
Fair Value
|
PSU
Weighted
Average
Remaining
Contractual
Life
|
RSU
Outstanding
Number of
Shares
|
RSU
Weighted
Average
Fair Value
|
RSU
Weighted
Average
Remaining
Contractual
Life
|
|||||||||||||||||||
Outstanding at December 31, 2015
|
901,773
|
$
|
48.33
|
1.22
|
1,067,613
|
$
|
48.30
|
1.48
|
||||||||||||||||
Granted
|
247,992
|
$
|
71.58
|
373,630
|
$
|
66.93
|
||||||||||||||||||
Shares vested
|
(311,492
|
)
|
$
|
33.09
|
(292,229
|
)
|
$
|
35.92
|
||||||||||||||||
Forfeited
|
(7,750
|
)
|
$
|
56.58
|
(108,504
|
)
|
$
|
51.96
|
||||||||||||||||
Outstanding at September 30, 2016
|
830,523
|
$
|
60.73
|
1.36
|
1,040,510
|
$
|
58.09
|
1.62
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Direct costs
|
$
|
5,755
|
$
|
4,976
|
$
|
16,830
|
$
|
12,942
|
||||||||
Selling, general and administrative
|
4,690
|
4,055
|
14,305
|
11,101
|
||||||||||||
$
|
10,445
|
$
|
9,031
|
$
|
31,135
|
$
|
24,043
|
Three Months ended
|
Nine Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Ireland
|
$
|
97,299
|
$
|
113,060
|
$
|
293,787
|
$
|
332,563
|
||||||||
Rest of Europe
|
76,427
|
79,077
|
231,505
|
241,705
|
||||||||||||
U.S.
|
204,265
|
161,144
|
581,732
|
475,508
|
||||||||||||
Rest of World
|
42,210
|
41,460
|
124,329
|
121,853
|
||||||||||||
Total
|
$
|
420,201
|
$
|
394,741
|
$
|
1,231,353
|
$
|
1,171,629
|
|
Three Months ended
|
Nine Months Ended
|
||||||||||||||
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Ireland
|
$
|
63,933
|
$
|
56,612
|
$
|
178,081
|
$
|
153,620
|
||||||||
Rest of Europe
|
837
|
3,871
|
9,144
|
14,178
|
||||||||||||
U.S.
|
11,471
|
8,129
|
34,081
|
30,576
|
||||||||||||
Rest of World
|
873
|
2,773
|
5,745
|
7,817
|
||||||||||||
Total
|
$
|
77,114
|
$
|
71,385
|
$
|
227,051
|
$
|
206,191
|
|
Three Months ended
|
Nine Months Ended
|
||||||||||||||
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Ireland
|
$
|
64,821
|
$
|
56,612
|
$
|
182,698
|
$
|
153,620
|
||||||||
Rest of Europe
|
1,364
|
3,871
|
9,979
|
14,178
|
||||||||||||
U.S.
|
13,813
|
8,129
|
36,423
|
30,576
|
||||||||||||
Rest of World
|
1,181
|
2,773
|
6,110
|
7,817
|
||||||||||||
Total
|
$
|
81,179
|
$
|
71,385
|
$
|
235,210
|
$
|
206,191
|
September
30,
|
December
31,
|
|||||||
2016
|
2015
|
|||||||
(in thousands)
|
||||||||
Ireland
|
$
|
106,945
|
$
|
101,736
|
||||
Rest of Europe
|
6,829
|
7,334
|
||||||
U.S.
|
31,185
|
34,520
|
||||||
Rest of World
|
6,416
|
6,628
|
||||||
Total
|
$
|
151,375
|
$
|
150,218
|
|
Three Months ended
|
Nine Months Ended
|
||||||||||||||
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Ireland
|
$
|
6,588
|
$
|
5,144
|
$
|
19,146
|
$
|
14,972
|
||||||||
Rest of Europe
|
1,730
|
2,003
|
5,265
|
6,217
|
||||||||||||
U.S.
|
5,368
|
6,277
|
17,154
|
18,412
|
||||||||||||
Rest of World
|
857
|
942
|
2,555
|
2,934
|
||||||||||||
Total
|
$
|
14,543
|
$
|
14,366
|
$
|
44,120
|
$
|
42,535
|
September
30,
|
December
31,
|
|||||||
2016
|
2015
|
*
|
||||||
(in thousands)
|
||||||||
Ireland
|
$
|
822,071
|
$
|
663,060
|
||||
Rest of Europe
|
352,394
|
343,733
|
||||||
U.S.
|
658,016
|
641,769
|
||||||
Rest of World
|
67,997
|
68,647
|
||||||
Total
|
$
|
1,900,478
|
$
|
1,717,209
|
Three Months Ended
|
||||||||||||
September
30,
2016
|
September
30,
2015
|
2016
to 2015
|
||||||||||
Percentage
|
||||||||||||
Percentage of Net Revenue
|
Increase/
(Decrease)
|
|||||||||||
Net revenue
|
100.0
|
%
|
100.0
|
%
|
6.4
|
%
|
||||||
Costs and expenses:
|
||||||||||||
Direct costs
|
57.9
|
%
|
57.4
|
%
|
7.4
|
%
|
||||||
Selling, general and administrative
|
19.3
|
%
|
20.9
|
%
|
(1.5
|
)%
|
||||||
Depreciation |
2.5
|
%
|
2.6 | % |
3.0
|
%
|
||||||
Amortization | 0.9 | % | 1.0 | % | (3.3 | )% | ||||||
Restructuring
|
1.0
|
%
|
-
|
%
|
100
|
%
|
||||||
Income from operations
|
18.4
|
%
|
18.1
|
%
|
8.0
|
%
|
Nine Months Ended
|
||||||||||||
September
30
,
2016
|
September
30,
2015
|
2016
to 2015
|
||||||||||
Percentage
|
||||||||||||
Percentage of Net Revenue
|
Increase/
(Decrease)
|
|||||||||||
Net revenue
|
100.0
|
%
|
100.0
|
%
|
5.1
|
%
|
||||||
Costs and expenses:
|
||||||||||||
Direct costs
|
57.7
|
%
|
58.0
|
%
|
4.5
|
%
|
||||||
Selling, general and administrative
|
19.7
|
%
|
20.8
|
%
|
(0.5
|
%)
|
||||||
Depreciation
|
2.5
|
%
|
2.5
|
%
|
4.5
|
%
|
||||||
Amortization
|
1.0
|
%
|
1.1
|
%
|
2.0
|
%
|
||||||
Restructuring
|
0.7
|
%
|
-
|
100
|
%
|
|||||||
Income from operations
|
18.4
|
%
|
17.6
|
%
|
10.1
|
%
|
|
|
ICON plc
|
|
|
|
/s/ Brendan Brennan | ||
Date: October 24, 2016 | Brendan Brennan | |
|
|
Chief Financial Officer
|
1 Year ICON Chart |
1 Month ICON Chart |
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