Icon PLC 6-K, filed Feb 21, 2024

Icon PLC (ICLR)

6-K 2024-02-21 For: 2024-02-21

View Original

Added on April 10, 2026

About this 6-K

Icon PLC filed this 6-K on February 21, 2024.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
	Form 20-F __X___	Form 40-F ______

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___


Exhibit			Description

99.1			ICON plc Press Release issued February 21, 2024 - ICON Reports Fourth Quarter and Full Year 2023 Results


						ICON plc



						/s/ Brendan Brennan
Date: February 21, 2024						Brendan Brennan Chief Financial Officer


	Three Months Ended				Twelve Months Ended
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
	(in thousands except share and per share data)

Revenue	$	2,066,248	$	1,962,002	$	8,120,176	$	7,741,386

Costs and expenses:
Direct costs (excluding depreciation and amortization)	1,445,727		1,380,679		5,719,949		5,527,045
Selling, general and administrative	195,560		226,753		768,559		778,753
Depreciation and amortization	149,733		142,228		585,950		569,513
Transaction and integration related	9,660		10,725		44,176		39,695
Restructuring	—		(1,747)		45,390		31,143

Total costs and expenses	1,800,680		1,758,638		7,164,024		6,946,149

Income from operations	265,568		203,364		956,152		795,237
Interest income	1,720		618		5,014		2,345
Interest expense	(81,034)		(75,185)		(336,699)		(229,731)

Income before income tax expense	186,254		128,797		624,467		567,851
Income tax expense	30,164		(10,859)		(11,749)		(59,411)

Income before share of losses from equity method investments	216,418		117,938		612,718		508,440
Share of losses from equity method investments	—		(493)		(383)		(3,136)



Net income	$	216,418	$	117,445	$	612,335	$	505,304

Net income per Ordinary Share:

Basic	$	2.63	$	1.44	$	7.46	$	6.20
Diluted	$	2.60	$	1.42	$	7.40	$	6.13

Weighted average number of Ordinary Shares outstanding:

Basic	82,399,478		81,683,430		82,101,813		81,532,320

Diluted	83,112,757		82,452,097		82,717,640		82,468,363


	December 31, 2023		December 31, 2022
ASSETS	(in thousands)
Current Assets:
Cash and cash equivalents	$	378,102	$	288,768
Available for sale investments	1,954		1,713
Accounts receivable, net of allowance for credit losses	1,790,322		1,731,388
Unbilled revenue	951,936		957,655
Other receivables	65,797		63,658
Prepayments and other current assets	132,105		137,094
Income taxes receivable	91,254		48,790
Total current assets	3,411,470		3,229,066
Non-current Assets:
Property, plant and equipment, net	361,184		350,320
Goodwill	9,022,075		8,971,670
Intangible assets, net	3,855,865		4,278,659
Operating right-of-use assets	140,333		153,832
Other receivables	78,470		70,790
Income taxes receivable	—		21,380
Deferred tax asset	73,662		76,930

Investments in equity- long term	46,804		32,631
Total Assets	$	16,989,863	$	17,185,278

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	131,584	$	81,194
Unearned revenue	1,654,507		1,507,449
Other liabilities	915,399		1,005,025
Income taxes payable	13,968		41,783
Current bank credit lines and loan facilities	110,150		55,150
Total current liabilities	2,825,608		2,690,601
Non-current Liabilities:
Non-current bank credit lines and loan facilities	3,665,439		4,599,037
Lease liabilities	126,321		131,644
Non-current other liabilities	45,998		38,260
Non-current income taxes payable	186,654		239,188
Deferred tax liability	899,100		988,585

Total Liabilities	7,749,120		8,687,315

Shareholders' Equity:
Ordinary shares, par value 6 euro cents per share; 100,000,000 shares authorized,
82,495,086 shares issued and outstanding at December 31, 2023 and 81,723,555 shares issued and outstanding at December 31, 2022.	6,699		6,649
Additional paid‑in capital	6,942,669		6,840,306
Other undenominated capital	1,162		1,162
Accumulated other comprehensive loss	(143,506)		(171,538)
Retained earnings	2,433,719		1,821,384
Total Shareholders' Equity	9,240,743		8,497,963
Total Liabilities and Shareholders' Equity	$	16,989,863	$	17,185,278


	Twelve Months Ended
	December 31, 2023		December 31, 2022
	(in thousands)
Cash flows from operating activities:
Net income	$	612,335	$	505,304
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	585,950		569,513
Impairment of long lived assets	8,686		28,767
Reduction in carrying value of operating right-of-use assets	41,546		45,215
Loss on equity method investments	383		3,136
Acquisition related gain	(6,160)		—
Charge on cash flow hedge	2,407		—
Amortization of financing costs and debt discount	16,402		17,749
Stock compensation expense	55,667		70,523

Deferred tax benefit	(85,403)		(124,985)
Unrealized foreign exchange movements	19,706		(13,009)

Other non-cash items	24,332		11,324
Changes in operating assets and liabilities:
Accounts receivable	(83,296)		(420,695)
Unbilled revenue	4,716		(332,592)
Unearned revenue	134,566		192,944
Other net assets	(170,810)		10,121
Net cash provided by operating activities	1,161,027		563,315
Cash flows from investing activities:
Purchase of property, plant and equipment	(140,692)		(142,160)
Purchase of subsidiary undertakings (net of cash acquired)	(71,766)		—


Sale of available for sale investments	2,616		481
Purchase of available for sale investments	(2,857)		(482)
Proceeds from investments in equity - long term	—		1,906
Purchase of investments in equity - long term	(13,954)		(5,612)
Net cash used in investing activities	(226,653)		(145,867)
Cash flows from financing activities:
Drawdown of credit lines and facilities	370,000		75,000
Repayment of credit lines and facilities	(1,265,000)		(875,000)
Proceeds from exercise of equity compensation	50,973		35,844