ICON plc(ICLR) - 2023 Q2 - Quarterly Report

Revenue Performance - ICON reported second quarter 2023 revenue of $2,020.3 million, representing a year-over-year increase of 4.4%[5] - Year-to-date revenue reached$ 3,998.8 million, reflecting a year-over-year increase of 4.2%[10] - The company revised its full-year 2023 revenue guidance to a range of $8,070 -$ 8,210 million, indicating a growth of 4.3% to 6.1% year-over-year[4] Profitability Metrics - Adjusted EBITDA for the second quarter was $414.2 million, accounting for 20.5% of revenue, with a year-over-year growth of 16.9%[7] - Adjusted net income for the second quarter was$ 256.9 million, leading to an adjusted diluted earnings per share of $3.11, an increase of 8.7% from the prior year[7] - Adjusted EBITDA for the six months ended June 30, 2023, was$ 813,369 thousand, up from $694,910 thousand in the same period of 2022, reflecting an increase of 17.0%[28] - Adjusted net income attributable to the Group for the six months ended June 30, 2023, was$ 496,742 thousand, compared to $463,746 thousand in the same period of 2022, an increase of 7.1%[28] - Adjusted diluted net income per Ordinary Share attributable to the Group for the six months ended June 30, 2023, was$ 6.01, up from $5.62 in the same period of 2022, an increase of 6.9%[28] Cash Flow and Capital Expenditures - Cash generated from operating activities for the quarter was$ 203.9 million, with capital expenditures of $32.1 million[9] - Cash flows from operating activities for the six months ended June 30, 2023, were$ 379,381 thousand, compared to $408,966 thousand for the same period in 2022, indicating a decrease of 7.2%[26] - The company reported a net cash used in investing activities of$ 68,653 thousand for the six months ended June 30, 2023, compared to $48,639 thousand in the same period of 2022, an increase of 41.2%[26] - Cash and cash equivalents at the end of the period on June 30, 2023, were$ 270,176 thousand, down from $614,918 thousand at the end of the same period in 2022, a decrease of 56.1%[26] Business Wins and Backlog - The company achieved net business wins of$ 2,419 million in the second quarter, resulting in a book-to-bill ratio of 1.20[6] - The closing backlog increased to $21.7 billion, up 2.2% from the first quarter of 2023 and 8.5% from the second quarter of 2022[5] Debt and Taxation - The net debt balance stood at$ 4.0 billion, with a net debt to adjusted EBITDA ratio of 2.5x[5] - The effective tax rate for the second quarter was 15.2%, with an updated estimate for the full-year 2023 effective tax rate at 15.5%[8] Shareholder Information - The diluted weighted average number of Ordinary Shares outstanding for the six months ended June 30, 2023, was 82,617,391, compared to 82,462,842 for the same period in 2022[28] Acquisitions - The company completed the acquisition of a 51% majority voting share capital of Oncacare Limited, resulting in an acquisition-related gain of $6,160 thousand[33] Overall Income - Net income for the six months ended June 30, 2023, was$ 232,252 thousand, a slight increase from $227,704 thousand in the same period of 2022, representing a growth of 2.4%[26] - Total liabilities and equity as of June 30, 2023, were$ 17,107,660 thousand, a decrease from $17,185,278 thousand as of the previous period[23]