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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 | |
---|---|---|---|---|---|---|---|---|---|---|
7.95 | 2.64% | 309.02 | 282.00 | 356.80 | 310.425 | 303.23 | 306.55 | 567,325 | 00:00:00 |
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)
|
||||
|
June 30, 2019
|
|
|
December 31, 2018
|
|
||
ASSETS
|
(in thousands)
|
||||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
370,208
|
|
|
$
|
395,851
|
|
Available for sale investments
|
61,071
|
|
|
59,910
|
|
||
Accounts receivable, net
|
431,981
|
|
|
414,791
|
|
||
Unbilled revenue
|
491,848
|
|
|
362,926
|
|
||
Other receivables
|
39,956
|
|
|
40,459
|
|
||
Prepayments and other current assets
|
41,010
|
|
|
36,801
|
|
||
Income taxes receivable
|
31,034
|
|
|
19,445
|
|
||
Total current assets
|
1,467,108
|
|
|
1,330,183
|
|
||
|
|
|
|
|
|
||
Other Assets:
|
|
|
|
|
|
||
Property, plant and equipment, net
|
156,231
|
|
|
158,669
|
|
||
Goodwill
|
854,741
|
|
|
756,260
|
|
||
Operating right-of-use assets
|
109,007
|
|
|
—
|
|
||
Other non-current assets
|
16,456
|
|
|
14,525
|
|
||
Non-current income taxes receivable
|
15,176
|
|
|
20,023
|
|
||
Non-current deferred tax asset
|
15,345
|
|
|
13,577
|
|
||
Investments in equity-long term
|
10,768
|
|
|
6,963
|
|
||
Intangible assets
|
74,264
|
|
|
54,055
|
|
||
Total Assets
|
$
|
2,719,096
|
|
|
$
|
2,354,255
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
20,226
|
|
|
$
|
13,288
|
|
Payments on account
|
321,484
|
|
|
274,468
|
|
||
Other liabilities
|
357,645
|
|
|
317,143
|
|
||
Income taxes payable
|
9,462
|
|
|
5,724
|
|
||
Total current liabilities
|
708,817
|
|
|
610,623
|
|
||
Other Liabilities:
|
|
|
|
|
|
||
Non-current bank credit lines and loan facilities
|
349,451
|
|
|
349,264
|
|
||
Non-current operating lease liabilities
|
79,570
|
|
|
—
|
|
||
Non-current other liabilities
|
14,580
|
|
|
13,446
|
|
||
Non-current government grants
|
847
|
|
|
877
|
|
||
Non-current income taxes payable
|
17,537
|
|
|
17,551
|
|
||
Non-current deferred tax liability
|
19,421
|
|
|
8,213
|
|
||
Commitments and contingencies
|
—
|
|
|
—
|
|
||
Total Liabilities
|
1,190,223
|
|
|
999,974
|
|
||
|
|
|
|
|
|
||
Shareholders' Equity:
|
|
|
|
|
|
||
Ordinary shares, par value 6 euro cents per share; 100,000,000 shares authorized,
|
|
|
|
|
|
||
54,078,698 shares issued and outstanding at June 30, 2019 and
|
|
|
|
|
|
||
53,971,706 shares issued and outstanding at December 31, 2018
|
4,664
|
|
|
4,658
|
|
||
Additional paid‑in capital
|
559,583
|
|
|
529,642
|
|
||
Other undenominated capital
|
1,017
|
|
|
983
|
|
||
Accumulated other comprehensive income
|
(72,669
|
)
|
|
(69,328
|
)
|
||
Retained earnings
|
1,003,328
|
|
|
888,326
|
|
||
Total Shareholders' Equity
|
1,495,923
|
|
|
1,354,281
|
|
||
Redeemable noncontrolling interest
|
32,950
|
|
|
—
|
|
||
Total Shareholders' Equity and Redeemable Noncontrolling Interest
|
1,528,873
|
|
|
1,354,281
|
|
||
Total Liabilities, Shareholders' Equity and Redeemable Noncontrolling Interest
|
$
|
2,719,096
|
|
|
$
|
2,354,255
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
||||
|
(in thousands except share and per share data)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
695,137
|
|
|
$
|
641,610
|
|
|
$
|
1,369,989
|
|
|
$
|
1,261,735
|
|
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|||||||
Direct costs
|
|
490,656
|
|
|
449,226
|
|
|
966,153
|
|
|
879,818
|
|
||||
Selling, general and administrative expense
|
|
83,203
|
|
|
80,936
|
|
|
165,115
|
|
|
161,851
|
|
||||
Depreciation and amortization
|
|
15,188
|
|
|
17,046
|
|
|
30,685
|
|
|
33,944
|
|
||||
Restructuring
|
|
—
|
|
|
12,490
|
|
|
—
|
|
|
12,490
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total costs and expenses
|
|
589,047
|
|
|
559,698
|
|
|
1,161,953
|
|
|
1,088,103
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income from operations
|
|
106,090
|
|
|
81,912
|
|
|
208,036
|
|
|
173,632
|
|
||||
Interest income
|
|
1,780
|
|
|
1,017
|
|
|
3,525
|
|
|
1,840
|
|
||||
Interest expense
|
|
(3,199
|
)
|
|
(3,302
|
)
|
|
(6,553
|
)
|
|
(7,097
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income before provision for income taxes
|
|
104,671
|
|
|
79,627
|
|
|
205,008
|
|
|
168,375
|
|
||||
Provision for income taxes
|
|
(12,456
|
)
|
|
(7,759
|
)
|
|
(24,496
|
)
|
|
(18,409
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
92,215
|
|
|
71,868
|
|
|
180,512
|
|
|
149,966
|
|
||||
Net income attributable to noncontrolling interest
|
|
(358
|
)
|
|
—
|
|
|
(358
|
)
|
|
—
|
|
||||
Net income attributable to the Group
|
|
$
|
91,857
|
|
|
$
|
71,868
|
|
|
$
|
180,154
|
|
|
$
|
149,966
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per Ordinary Share attributable to the Group:
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.70
|
|
|
$
|
1.33
|
|
|
$
|
3.34
|
|
|
$
|
2.78
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted
|
|
$
|
1.69
|
|
|
$
|
1.31
|
|
|
$
|
3.31
|
|
|
$
|
2.73
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of Ordinary Shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
53,957,446
|
|
|
54,109,702
|
|
|
53,901,427
|
|
|
54,017,631
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted
|
|
54,449,117
|
|
|
54,852,453
|
|
|
54,355,705
|
|
|
54,875,451
|
|
|
Six Months Ended
|
||||||
|
June 30, 2019
|
|
|
June 30, 2018
|
|
||
|
(in thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
180,512
|
|
|
$
|
149,966
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Loss on disposal of property, plant and equipment
|
29
|
|
|
2
|
|
||
Depreciation expense
|
22,916
|
|
|
23,779
|
|
||
Amortization of operating right-of-use assets
|
15,046
|
|
|
—
|
|
||
Amortization of intangibles
|
7,769
|
|
|
10,165
|
|
||
Amortization of government grants
|
(22
|
)
|
|
(24
|
)
|
||
Interest on short term investments
|
(538
|
)
|
|
(712
|
)
|
||
Interest on non-current operating lease liability
|
1,506
|
|
|
—
|
|
||
Gain on re-measurement of financial assets
|
(500
|
)
|
|
—
|
|
||
Stock compensation expense
|
12,834
|
|
|
16,430
|
|
||
Amortization of interest rate hedge
|
(464
|
)
|
|
(463
|
)
|
||
Amortization of financing costs
|
255
|
|
|
530
|
|
||
Deferred taxes
|
2,465
|
|
|
(2,745
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Increase in accounts receivable
|
(9,285
|
)
|
|
(26,685
|
)
|
||
Increase in unbilled revenue
|
(124,158
|
)
|
|
(51,052
|
)
|
||
Decrease/(increase) in other receivables
|
1,666
|
|
|
(5,082
|
)
|
||
(Increase)/decrease in prepayments and other current assets
|
(2,946
|
)
|
|
(7,223
|
)
|
||
Increase in other non-current assets
|
(1,925
|
)
|
|
(338
|
)
|
||
Increase in payments on account
|
42,263
|
|
|
2,616
|
|
||
Decrease in other current liabilities
|
(10,581
|
)
|
|
(21,547
|
)
|
||
Decrease in operating lease liabilities
|
(16,724
|
)
|
|
—
|
|
||
Increase/(decrease) in other non-current liabilities
|
147
|
|
|
(1,083
|
)
|
||
Decrease in income taxes payable
|
(3,191
|
)
|
|
(3,622
|
)
|
||
Increase/(decrease) in accounts payable
|
295
|
|
|
(3,241
|
)
|
||
Net cash provided by operating activities
|
117,369
|
|
|
79,671
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Purchase of property, plant and equipment
|
(18,217
|
)
|
|
(17,219
|
)
|
||
Purchase of subsidiary undertakings
|
(81,631
|
)
|
|
(1,645
|
)
|
||
Cash acquired with subsidiary undertaking
|
8,405
|
|
|
—
|
|
||
Purchase of available for sale investments
|
(9,105
|
)
|
|
(55,608
|
)
|
||
Sale of available for sale investments
|
9,061
|
|
|
49,708
|
|
||
Purchase of investments in equity - long term
|
(3,305
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(94,792
|
)
|
|
(24,764
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Financing costs
|
—
|
|
|
(823
|
)
|
||
Proceeds from exercise of equity compensation
|
17,054
|
|
|
10,334
|
|
||
Share issue costs
|
(6
|
)
|
|
(9
|
)
|
||
Repurchase of ordinary shares
|
(65,100
|
)
|
|
(54,172
|
)
|
||
Share repurchase costs
|
(52
|
)
|
|
(44
|
)
|
||
Net cash used in financing activities
|
(48,104
|
)
|
|
(44,714
|
)
|
||
Effect of exchange rate movements on cash
|
(116
|
)
|
|
(3,833
|
)
|
||
Net (decrease)/increase in cash and cash equivalents
|
(25,643
|
)
|
|
6,360
|
|
||
Cash and cash equivalents at beginning of period
|
395,851
|
|
|
282,859
|
|
||
Cash and cash equivalents at end of period
|
$
|
370,208
|
|
|
$
|
289,219
|
|
|
|
Group
|
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Additional
Paid-in
Capital
|
|
Other
Undenominated
Capital
|
|
Accumulated
Other
Comprehensive
Income
|
|
Retained
Earnings
|
|
Total
|
|
Redeemable Noncontrolling Interest
|
|
|||||||
|
(dollars in thousands, except share data)
|
||||||||||||||||||||||
Balance at December 31, 2018
|
53,971,706
|
|
$
|
4,658
|
|
$
|
529,642
|
|
$
|
983
|
|
$
|
(69,328
|
)
|
$
|
888,326
|
|
$
|
1,354,281
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Comprehensive income:
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income attributable to the group
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
180,154
|
|
180,154
|
|
—
|
|
|||||||
Currency translation adjustment
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,726
|
)
|
—
|
|
(2,726
|
)
|
—
|
|
|||||||
Currency impact of long term funding (net of tax)
|
—
|
|
—
|
|
—
|
|
—
|
|
(731
|
)
|
—
|
|
(731
|
)
|
—
|
|
|||||||
Unrealized capital gain – investments
|
—
|
|
—
|
|
—
|
|
—
|
|
580
|
|
—
|
|
580
|
|
—
|
|
|||||||
Amortization of interest rate hedge
|
—
|
|
—
|
|
—
|
|
—
|
|
(464
|
)
|
—
|
|
(464
|
)
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
(3,341
|
)
|
180,154
|
|
176,813
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
Exercise of share options
|
256,803
|
|
17
|
|
17,014
|
|
—
|
|
—
|
|
—
|
|
17,031
|
|
—
|
|
|||||||
Issue of restricted share units
|
346,424
|
|
23
|
|
—
|
|
—
|
|
—
|
|
—
|
|
23
|
|
—
|
|
|||||||
Non-cash stock compensation expense
|
—
|
|
—
|
|
12,933
|
|
—
|
|
—
|
|
—
|
|
12,933
|
|
—
|
|
|||||||
Share issuance costs
|
—
|
|
—
|
|
(6
|
)
|
—
|
|
—
|
|
—
|
|
(6
|
)
|
—
|
|
|||||||
Share repurchase program
|
(496,235
|
)
|
(34
|
)
|
—
|
|
34
|
|
—
|
|
(65,100
|
)
|
(65,100
|
)
|
—
|
|
|||||||
Share repurchase costs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(52
|
)
|
(52
|
)
|
—
|
|
|||||||
Acquisition of redeemable noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
32,592
|
|
|||||||
Net income attributable to redeemable noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
358
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at June 30, 2019
|
54,078,698
|
|
$
|
4,664
|
|
$
|
559,583
|
|
$
|
1,017
|
|
$
|
(72,669
|
)
|
$
|
1,003,328
|
|
$
|
1,495,923
|
|
$
|
32,950
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
June 30, 2019
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
June 30, 2018
|
|
||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||
|
|
|
|
|
|
||||||||
Top client
|
$
|
89,565
|
|
$
|
90,526
|
|
|
$
|
189,559
|
|
$
|
156,344
|
|
Clients 2-5
|
166,772
|
|
168,305
|
|
|
336,285
|
|
329,402
|
|
||||
Clients 6-10
|
87,725
|
|
98,901
|
|
|
166,499
|
|
194,132
|
|
||||
Clients 11-25
|
139,086
|
|
115,305
|
|
|
274,748
|
|
228,388
|
|
||||
Other
|
211,989
|
|
168,573
|
|
|
402,898
|
|
353,469
|
|
||||
|
|
|
|
|
|
||||||||
Total
|
$
|
695,137
|
|
$
|
641,610
|
|
|
$
|
1,369,989
|
|
$
|
1,261,735
|
|
|
June 30, 2019
|
|
|
December 31, 2018
|
|
||
|
(in thousands)
|
||||||
Contract assets:
|
|
|
|
||||
Billed services (accounts receivable)
|
$
|
436,695
|
|
|
$
|
423,680
|
|
Unbilled services (unbilled revenue)
|
491,848
|
|
|
362,926
|
|
||
Accounts receivable and unbilled revenue
|
928,543
|
|
|
786,606
|
|
||
Allowance for doubtful accounts
|
(4,714
|
)
|
|
(8,889
|
)
|
||
|
|
|
|
||||
Accounts receivable and unbilled revenue, net
|
$
|
923,829
|
|
|
$
|
777,717
|
|
(in thousands, except percentages)
|
June 30, 2019
|
|
|
December 31, 2018
|
|
|
$ Change
|
|
% Change
|
|||||
|
|
|
|
|
|
|||||||||
Unbilled services (unbilled revenue)
|
$
|
491,848
|
|
|
$
|
362,926
|
|
|
$
|
128,922
|
|
|
35.5
|
%
|
Unearned revenue (payments on account)
|
(321,484
|
)
|
|
(274,468
|
)
|
|
(47,016
|
)
|
|
17.1
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Net balance
|
$
|
170,364
|
|
|
$
|
88,458
|
|
|
$
|
81,906
|
|
|
92.6
|
%
|
|
Six Months Ended
|
|
|
Year Ended
|
|
||
|
June 30, 2019
|
|
|
December 31, 2018
|
|
||
|
(in thousands)
|
||||||
Opening balance
|
$
|
756,260
|
|
|
$
|
769,058
|
|
Current period acquisitions (Note 6)
|
101,895
|
|
|
—
|
|
||
Prior period acquisitions
|
—
|
|
|
1,048
|
|
||
Foreign exchange movement
|
(3,414
|
)
|
|
(13,846
|
)
|
||
|
|
|
|
||||
Closing balance
|
$
|
854,741
|
|
|
$
|
756,260
|
|
|
May 23,
|
|
|
|
2019
|
|
|
|
(in thousands)
|
|
|
Cash
|
$
|
7,719
|
|
Property, plant and equipment
|
670
|
|
|
Operating right-of-use assets
|
1,888
|
|
|
Goodwill*
|
74,325
|
|
|
Intangible asset**
|
15,069
|
|
|
Accounts receivable
|
3,488
|
|
|
Unbilled revenue
|
4,272
|
|
|
Prepayments and other current assets
|
406
|
|
|
Other receivables
|
819
|
|
|
Accounts payable
|
(5,484
|
)
|
|
Payments on account
|
(5,796
|
)
|
|
Other liabilities
|
(5,735
|
)
|
|
Non-current lease liabilities
|
(1,413
|
)
|
|
Non-current deferred tax liability
|
(3,513
|
)
|
|
|
|
||
Net assets acquired
|
$
|
86,715
|
|
|
|
||
Cash outflows
|
$
|
39,282
|
|
Contingent consideration
|
14,841
|
|
|
Redeemable noncontrolling interest
|
32,592
|
|
|
|
|
|
|
Total consideration (including redeemable noncontrolling interest)
|
$
|
86,715
|
|
|
January, 25
|
|
|
|
2019
|
|
|
|
(in thousands)
|
|
|
Cash
|
$
|
686
|
|
Property, plant and equipment
|
1,697
|
|
|
Operating right-of-use assets
|
2,866
|
|
|
Goodwill*
|
27,570
|
|
|
Intangible asset**
|
13,410
|
|
|
Accounts receivable
|
3,100
|
|
|
Unbilled revenue
|
2,421
|
|
|
Prepayments and other current assets
|
908
|
|
|
Other receivables
|
43
|
|
|
Accounts payable
|
(1,279
|
)
|
|
Payments on account
|
(540
|
)
|
|
Other liabilities
|
(1,932
|
)
|
|
Non-current lease liabilities
|
(2,167
|
)
|
|
Non-current other liabilities
|
(1,123
|
)
|
|
Non-current deferred tax liability
|
(3,487
|
)
|
|
|
|
|
|
Net assets acquired
|
$
|
42,173
|
|
|
|
|
|
Cash outflows
|
$
|
42,349
|
|
Working capital adjustment
|
(176
|
)
|
|
Total consideration
|
$
|
42,173
|
|
|
Workforce reductions
|
|
|
Onerous Lease
|
|
|
Total
|
|
|||
|
(in thousands)
|
||||||||||
Initial restructuring charge recorded
|
$
|
9,684
|
|
|
$
|
2,806
|
|
|
$
|
12,490
|
|
Utilization
|
(5,399
|
)
|
|
(672
|
)
|
|
(6,071
|
)
|
|||
Provision at December 31, 2018
|
$
|
4,285
|
|
|
$
|
2,134
|
|
|
$
|
6,419
|
|
Utilization
|
(3,430
|
)
|
|
(606
|
)
|
|
(4,036
|
)
|
|||
Provision at June 30, 2019
|
$
|
855
|
|
|
$
|
1,528
|
|
|
$
|
2,383
|
|
|
Workforce Reductions
|
|
|
(in thousands)
|
|
||
Total provision recognized
|
$
|
7,753
|
|
Utilized
|
(4,656
|
)
|
|
Provision at December 31, 2017
|
$
|
3,097
|
|
Utilized
|
(1,015
|
)
|
|
December 31, 2018
|
$
|
2,082
|
|
Utilized
|
(183
|
)
|
|
Provision at June 30, 2019
|
$
|
1,899
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
||
|
June 30, 2019
|
|
June 30, 2019
|
|
||
|
(in thousands)
|
|||||
Operating lease costs
|
$
|
8,964
|
|
$
|
17,619
|
|
Income from sub-leases
|
(547
|
)
|
(1,067
|
)
|
||
Net operating lease costs
|
$
|
8,417
|
|
$
|
16,552
|
|
|
Minimum rental
|
|
|
|
payments
|
|
|
|
(in thousands)
|
||
Due within 1 year
|
$
|
30,609
|
|
Due between 1 and 5 years
|
68,975
|
|
|
Thereafter
|
19,012
|
|
|
Total future minimum lease payments
|
118,596
|
|
|
Lease imputed interest
|
(10,045
|
)
|
|
Total
|
$
|
108,551
|
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||
|
June 30, 2019
|
|
|
June 30, 2018
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
||||
|
(in thousands)
|
(in thousands)
|
||||||||||||
Provision for income taxes
|
$
|
12,456
|
|
|
$
|
9,212
|
|
$
|
24,496
|
|
|
$
|
19,862
|
|
Tax impact of restructuring and other items
|
—
|
|
|
(1,453
|
)
|
—
|
|
|
(1,453
|
)
|
||||
Provision for income taxes
|
$
|
12,456
|
|
|
$
|
7,759
|
|
$
|
24,496
|
|
|
$
|
18,409
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30, 2019
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
Weighted average number of ordinary shares outstanding for basic net income per ordinary share
|
53,957,446
|
|
|
54,109,702
|
|
|
53,901,427
|
|
|
54,017,631
|
|
Effect of dilutive share options outstanding
|
491,671
|
|
|
742,751
|
|
|
454,278
|
|
|
857,820
|
|
Weighted average number of ordinary shares outstanding for diluted net income per ordinary share
|
54,449,117
|
|
|
54,852,453
|
|
|
54,355,705
|
|
|
54,875,451
|
|
|
Options
Outstanding
Number of Shares
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average Grant Date
Fair Value
|
|
|
Weighted
Average
Remaining
Contractual
Life
|
||
Outstanding at December 31, 2018
|
920,746
|
|
|
$
|
74.32
|
|
|
$
|
22.39
|
|
|
|
Granted
|
97,112
|
|
|
$
|
140.13
|
|
|
$
|
43.43
|
|
|
|
Exercised
|
(256,803
|
)
|
|
$
|
66.32
|
|
|
$
|
20.00
|
|
|
|
Forfeited
|
(18,102
|
)
|
|
$
|
79.97
|
|
|
$
|
24.34
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Outstanding at June 30, 2019
|
742,953
|
|
|
$
|
85.55
|
|
|
$
|
25.92
|
|
|
5.15
|
|
|
|
|
|
|
|
|
|||||
Exercisable at June 30, 2019
|
349,256
|
|
|
$
|
66.96
|
|
|
$
|
20.50
|
|
|
4.04
|
|
Options
Outstanding
Number of Shares
|
|
|
Weighted Average
Exercise Price
|
|
|
Weighted Average
Grant Date Fair Value
|
|
||
Non-vested outstanding at December 31, 2018
|
522,823
|
|
|
$
|
88.18
|
|
|
$
|
26.41
|
|
|
|
|
|
|
|
|
|
|
||
Granted
|
97,112
|
|
|
$
|
140.13
|
|
|
$
|
43.43
|
|
Vested
|
(211,373
|
)
|
|
$
|
85.90
|
|
|
$
|
26.09
|
|
Forfeited
|
(14,865
|
)
|
|
$
|
92.97
|
|
|
$
|
27.78
|
|
|
|
|
|
|
|
|
|
|
||
Non-vested outstanding at June 30, 2019
|
393,697
|
|
|
$
|
102.04
|
|
|
$
|
30.73
|
|
|
Six Months Ended
|
||||||
|
June 30, 2019
|
|
|
June 30, 2018
|
|
||
Weighted average grant date fair value
|
$
|
43.43
|
|
|
$
|
36.84
|
|
Assumptions:
|
|
|
|
|
|
||
Expected volatility
|
30
|
%
|
|
30
|
%
|
||
Dividend yield
|
—
|
%
|
|
—
|
%
|
||
Risk-free interest rate
|
2.55
|
%
|
|
2.73
|
%
|
||
Expected life
|
5 years
|
|
|
5 years
|
|
|
PSU
Outstanding
Number of
Shares
|
|
|
PSU
Weighted
Average Grant Date
Fair Value
|
|
|
PSU
Weighted
Average
Remaining
Contractual
Life
|
|
RSU
Outstanding
Number of
Shares
|
|
|
RSU
Weighted
Average Grant Date
Fair Value
|
|
|
RSU
Weighted
Average
Remaining
Contractual
Life
|
||
Outstanding at December 31, 2018
|
251,053
|
|
|
$
|
89.95
|
|
|
0.96
|
|
534,677
|
|
|
$
|
89.50
|
|
|
1.22
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Granted
|
60,182
|
|
|
$
|
140.13
|
|
|
|
|
156,142
|
|
|
$
|
137.99
|
|
|
|
Shares vested
|
(118,611
|
)
|
|
$
|
71.45
|
|
|
|
|
(229,654
|
)
|
|
$
|
68.82
|
|
|
|
Forfeited
|
(8,896
|
)
|
|
$
|
84.65
|
|
|
|
|
(32,098
|
)
|
|
$
|
95.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Outstanding at June 30, 2019
|
183,728
|
|
|
$
|
110.54
|
|
|
1.52
|
|
429,067
|
|
|
$
|
117.77
|
|
|
1.88
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2019
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Direct costs
|
$
|
3,171
|
|
|
$
|
3,878
|
|
|
$
|
7,072
|
|
|
$
|
9,053
|
|
Selling, general and administrative
|
2,584
|
|
|
3,160
|
|
|
5,762
|
|
|
7,377
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
|
$
|
5,755
|
|
|
$
|
7,038
|
|
|
$
|
12,834
|
|
|
$
|
16,430
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2019
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Ireland *
|
$
|
310,477
|
|
|
$
|
260,120
|
|
|
$
|
608,960
|
|
|
$
|
495,230
|
|
Rest of Europe
|
94,192
|
|
|
96,692
|
|
|
184,637
|
|
|
191,732
|
|
||||
U.S.
|
222,312
|
|
|
221,201
|
|
|
440,852
|
|
|
446,871
|
|
||||
Rest of World
|
68,156
|
|
|
63,597
|
|
|
135,540
|
|
|
127,902
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
$
|
695,137
|
|
|
$
|
641,610
|
|
|
$
|
1,369,989
|
|
|
$
|
1,261,735
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2019
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Ireland
|
$
|
78,052
|
|
|
$
|
49,587
|
|
|
$
|
148,673
|
|
|
$
|
119,397
|
|
Rest of Europe
|
5,663
|
|
|
11,658
|
|
|
11,513
|
|
|
16,826
|
|
||||
U.S.
|
16,300
|
|
|
14,703
|
|
|
33,407
|
|
|
26,505
|
|
||||
Rest of World
|
6,075
|
|
|
5,964
|
|
|
14,443
|
|
|
10,904
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
$
|
106,090
|
|
|
$
|
81,912
|
|
|
$
|
208,036
|
|
|
$
|
173,632
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2019
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Ireland
|
$
|
78,052
|
|
|
$
|
62,077
|
|
|
$
|
148,673
|
|
|
$
|
131,887
|
|
Rest of Europe
|
5,663
|
|
|
11,658
|
|
|
11,513
|
|
|
16,826
|
|
||||
U.S.
|
16,300
|
|
|
14,703
|
|
|
33,407
|
|
|
26,505
|
|
||||
Rest of World
|
6,075
|
|
|
5,964
|
|
|
14,443
|
|
|
10,904
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
$
|
106,090
|
|
|
$
|
94,402
|
|
|
$
|
208,036
|
|
|
$
|
186,122
|
|
|
June 30, 2019
|
|
|
December 31, 2018
|
|
||
|
(in thousands)
|
||||||
Ireland
|
$
|
101,858
|
|
|
$
|
106,206
|
|
Rest of Europe
|
10,387
|
|
|
9,807
|
|
||
U.S.
|
24,876
|
|
|
25,535
|
|
||
Rest of World
|
19,110
|
|
|
17,121
|
|
||
|
|
|
|
||||
Total
|
$
|
156,231
|
|
|
$
|
158,669
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2019
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Ireland
|
$
|
6,836
|
|
|
$
|
7,979
|
|
|
$
|
14,568
|
|
|
$
|
15,864
|
|
Rest of Europe
|
1,460
|
|
|
1,624
|
|
|
2,664
|
|
|
3,163
|
|
||||
U.S.
|
5,851
|
|
|
6,302
|
|
|
11,263
|
|
|
12,601
|
|
||||
Rest of World
|
1,041
|
|
|
1,141
|
|
|
2,190
|
|
|
2,316
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
$
|
15,188
|
|
|
$
|
17,046
|
|
|
$
|
30,685
|
|
|
$
|
33,944
|
|
|
June 30, 2019
|
|
|
December 31, 2018
|
|
||
|
(in thousands)
|
||||||
Ireland
|
$
|
1,167,602
|
|
|
$
|
1,073,411
|
|
Rest of Europe
|
649,996
|
|
|
514,010
|
|
||
U.S.
|
734,408
|
|
|
646,512
|
|
||
Rest of World
|
167,090
|
|
|
120,322
|
|
||
|
|
|
|
||||
Total
|
$
|
2,719,096
|
|
|
$
|
2,354,255
|
|
|
Three Months Ended
|
|
|
|||||
|
June 30, 2019
|
|
|
June 30, 2018
|
|
|
2019 to 2018
|
|
|
|
|
|
|
Percentage
|
|
||
|
Percentage of Revenue
|
|
Increase/
(Decrease) |
|
||||
Revenue
|
100.0
|
%
|
|
100.0
|
%
|
|
8.3
|
%
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Direct costs
|
70.6
|
%
|
|
70.0
|
%
|
|
9.2
|
%
|
Selling, general and administrative
|
12.0
|
%
|
|
12.6
|
%
|
|
2.8
|
%
|
Depreciation
|
1.6
|
%
|
|
1.9
|
%
|
|
(5.0
|
)%
|
Amortization
|
0.5
|
%
|
|
0.8
|
%
|
|
(24.7
|
)%
|
Restructuring
|
—
|
%
|
|
1.9
|
%
|
|
(100.0
|
)%
|
|
|
|
|
|
|
|
|
|
Income from operations
|
15.3
|
%
|
|
12.8
|
%
|
|
29.5
|
%
|
|
Six Months Ended
|
|
|
|||||
|
June 30, 2019
|
|
|
June 30, 2018
|
|
|
2019 to 2018
|
|
|
|
|
|
|
Percentage
|
|
||
|
Percentage of Revenue
|
|
Increase/
(Decrease) |
|
||||
Revenue
|
100.0
|
%
|
|
100.0
|
%
|
|
8.6
|
%
|
|
|
|
|
|
|
|||
Costs and expenses:
|
|
|
|
|
|
|||
Direct costs
|
70.5
|
%
|
|
69.7
|
%
|
|
9.8
|
%
|
Selling, general and administrative
|
12.1
|
%
|
|
12.8
|
%
|
|
2.0
|
%
|
Depreciation
|
1.7
|
%
|
|
1.9
|
%
|
|
(3.6
|
)%
|
Amortization
|
0.5
|
%
|
|
0.8
|
%
|
|
(23.6
|
)%
|
Restructuring
|
—
|
%
|
|
1.0
|
%
|
|
(100.0
|
)%
|
|
|
|
|
|
|
|||
Income from operations
|
15.2
|
%
|
|
13.8
|
%
|
|
19.8
|
%
|
|
Balance
December
31, 2018
|
|
|
Drawn
down/
(repaid)
|
|
|
Net cash
inflow/
(outflow)
|
|
|
Other non-
cash
adjustments
|
|
|
Effect of
exchange
rates
|
|
|
Balance
June 30, 2019
|
|
|
$ (in thousands)
|
||||||||||||||||
Cash and cash equivalents
|
395,851
|
|
|
—
|
|
|
(25,527
|
)
|
|
—
|
|
|
(116
|
)
|
|
370,208
|
|
Available for sale investments
|
59,910
|
|
|
—
|
|
|
44
|
|
|
1,117
|
|
|
—
|
|
|
61,071
|
|
Private placement notes
|
(349,264
|
)
|
|
—
|
|
|
—
|
|
|
(187
|
)
|
|
—
|
|
|
(349,451
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
106,497
|
|
|
—
|
|
|
(25,483
|
)
|
|
930
|
|
|
(116
|
)
|
|
81,828
|
|
|
|
|
ICON plc
|
|
|
|
|
|
|
|
|
|
|
|
/s/Brendan Brennan
|
Date:
|
August 1, 2019
|
|
Brendan Brennan
|
|
|
|
Chief Financial Officer
|
1 Year ICON Chart |
1 Month ICON Chart |
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