ICON plc(US:ICLR)2025-04-30 20:18Financial Performance - First quarter 2025 revenue was $2,001.3 million, a decrease of 4.3% compared to Q1 2024[6] - GAAP net income for Q1 2025 was $154.2 million, resulting in diluted earnings per share of $1.90, down 15.6% year over year[7] - Adjusted EBITDA for Q1 2025 was $390.7 million, representing 19.5% of revenue, a decrease of 12.0% from Q1 2024[8] - Net income for the three months ended March 31, 2025, was $154,151,000, a decrease of 17.7% compared to $187,438,000 for the same period in 2024[23] - Adjusted EBITDA for the three months ended March 31, 2025, was $390,658,000, down 12.1% from $444,036,000 in the prior year[25] - Adjusted net income for the three months ended March 31, 2025, was $258,269,000, a decrease of 10.5% from $288,513,000 in 2024[25] Guidance and Projections - Full-year 2025 revenue guidance is updated to a range of $7,750 - $8,150 million, reflecting a year-over-year decrease of 6.4% to 1.6%[5] - Adjusted diluted earnings per share guidance for 2025 is now projected to be between $12.75 and $14.25, indicating a year-over-year change of -8.9% to +1.8%[9] Cash Flow and Capital Expenditures - Cash generated from operating activities in Q1 2025 was $268.2 million, with capital expenditures of $28.9 million[9] - Cash flows provided by operating activities decreased to $268,240,000 from $327,076,000, reflecting a decline of 18% year-over-year[23] - The company reported a net cash used in financing activities of $252,832,000, compared to $263,699,000 in the same period last year[23] - Cash and cash equivalents at the end of the period were $526,698,000, down from $396,082,000 at the end of the same period in 2024[23] Debt and Financial Ratios - As of March 31, 2025, net debt was $2.9 billion, with a net debt to adjusted EBITDA ratio of 1.7x[9] - The effective tax rate on adjusted net income for Q1 2025 was 16.5%[9] Shareholder Actions - The company repurchased ordinary shares amounting to $250,000,000 during the quarter, reflecting a strategic move to enhance shareholder value[23] - The diluted weighted average number of ordinary shares outstanding decreased to 80,924,355 from 83,249,303, indicating a reduction of approximately 2.8%[25] Business Operations - Net business wins in Q1 2025 were $2,022 million, with a book-to-bill ratio of 1.01[9] - The closing backlog as of March 31, 2025, was $24.7 billion, an increase of 6.0% year over year[9] - The company incurred restructuring charges of $39,346,000 during the quarter, which were not present in the same period last year[25] Currency Impact - The effect of exchange rate movements on cash resulted in a positive impact of $9,787,000 compared to a negative impact of $6,032,000 in the prior year[23]