ICON plc(US:ICLR)2024-07-24 20:21Financial Performance - Revenue for Q2 2024 was $2,120.2 million, representing a year-over-year increase of 4.9% or 5.3% on a constant currency basis[6]. - Adjusted earnings per share for Q2 2024 increased by 20.6% to $3.75 compared to $3.11 in Q2 2023[7]. - Net business wins for Q2 2024 were $2,579 million, reflecting a 6.6% increase compared to Q2 2023, with a book-to-bill ratio of 1.22[10]. - Adjusted EBITDA for Q2 2024 was $450.4 million, representing 21.2% of revenue and an 8.7% increase year-over-year[8]. - GAAP net income for Q2 2024 was $146.9 million, resulting in diluted earnings per share of $1.76, a 25.7% increase from Q2 2023[7]. - Year-to-date revenue for 2024 was $4,210.5 million, reflecting a year-over-year increase of 5.3%[13]. - Net income for the six months ended June 30, 2024, was $334,348, a 44.1% increase compared to $232,252 for the same period in 2023[25]. - Adjusted EBITDA for the six months ended June 30, 2024, reached $894,441, reflecting a 10% increase from $813,369 in the prior year[27]. - Adjusted diluted net income per Ordinary Share for the six months ended June 30, 2024, was $7.22, up from $6.01 in 2023, representing a growth of 20.2%[27]. Cash Flow and Assets - Cash generated from operating activities for Q2 2024 was $218.6 million, with cash and cash equivalents at $506.6 million as of June 30, 2024[11]. - Cash and cash equivalents at the end of the period rose to $506,553, compared to $270,176 at the end of June 30, 2023, marking an increase of 87.5%[25]. - The company reported a net cash provided by operating activities of $545,665 for the six months ended June 30, 2024, compared to $379,381 in the same period of 2023, an increase of 43.8%[25]. - Total current assets increased to $3,603,716, up from $3,411,470, representing a growth of 5.6%[23]. - Total assets slightly decreased to $16,968,861 from $16,989,863, a decline of 0.1%[23]. Liabilities and Equity - Total liabilities decreased to $7,383,735 from $7,749,120, a reduction of 4.7%[23]. - Retained earnings increased to $2,768,067, up from $2,433,719, indicating a growth of 13.8%[23]. Guidance and Backlog - Full-year 2024 revenue guidance has been updated to a range of $8,450 - $8,550 million, indicating a year-over-year growth of approximately 5% at the midpoint[5]. - The closing backlog as of June 30, 2024, was $23.8 billion, an increase of 9.9% compared to Q2 2023[10]. Other Financial Activities - The company successfully refinanced a $2 billion Term Loan Bond, securing net interest savings of approximately $110 million for 2024[10]. - The company incurred $12,559 in impairment of operating right-of-use assets and related property, plant, and equipment during the six months ended June 30, 2024[25].