ICON Quarter 2, 2009 Results ended June 30, 2009 Dr. John Climax, Chairman Mr. Peter Gray, CEO
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Transcript of ICON Quarter 2, 2009 Results ended June 30, 2009 Dr. John Climax, Chairman Mr. Peter Gray, CEO
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ICONQuarter 2, 2009 Results ended June 30, 2009
Dr. John Climax, Chairman
Mr. Peter Gray, CEO
Mr. Ciaran Murray, CFO
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Certain statements contained herein including, without limitation, statements
containing the words “believes,” “anticipates,” “intends,” “expects” and words of
similar import, constitute forward-looking statements concerning the Company's
operations, performance, financial condition and prospects. Because such
statements involve known and unknown risks and uncertainties, actual results
may differ materially from those expressed or implied by such forward-looking
statements. Given these uncertainties, prospective investors are cautioned not to
place undue reliance on such forward-looking statements. The Company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
This presentation includes selected non-GAAP financial measures. For a
presentation of the most directly comparable GAAP financial measures, please
refer to the press release consolidated income statement headed Consolidated
Income Statements (Unaudited) (US GAAP)
Forward Looking Statement
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$218.3m $220.0m
Q2 2008 Q2 2009
Quarterly Net Revenue Growth
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$24.4m
$29.3m
Q2 2008 Q2 2009
Quarterly Operating Income
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11.2%12.0% 12.0% 12.2%
13.3%
Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
Operating Margins(After charging non-cash stock compensation expense (SFAS123R))
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38c
31c
Q2 2008 Q2 2009
$22.8m
$18.8m
Quarterly Earnings per Share and Net Income
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Quarter ended
June 30, 2009
Quarter ended
March 31, 2009
Year ended
Dec 31, 2008
Cash from operating
activities 103.0 24.7 81.3
Capital Expenditure 8.3 8.1 67.9
Net Cash / (Debt) 83.2 (2.2) (4.3)
Net Accounts Receivable 163.6 210.3 230.3
DSOs 49 days 59 Days 69 Days
Balance Sheet$ million
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Outlook
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Business Wins
$296m
$393m
$394m
$321m
$317m
$337m$350m
$261m
$265m$266m
Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
Gross Awards
Net Awards
1.21.21.2
1.51.6
Book to Bill
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$1,859m$1,784m$1,748m$1,736m$1,633m
Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
Total Backlog
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$679m$673m$707m
$763m$752m
Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
77%77%74%
71%
75%
Backlog forecast to be earned in the next12 months (US$ & % of total forecasts)
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Guidance updated
Prior GuidanceImplied Q1
Update Updated Guidance
(issued 9th Jan 09) (issued 22nd July 09)
Revenue $930 - $980 m $930 m $880 - $900 m
EPS $1.40 - $1.52 $1.40 $1.38 - $1.44
Omaha Dilutive Impact (0.04 - 0.06c)
Implied Guidance $1.34 - $ 1.36
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Questions &
Answers
Dr John Climax, Chairman
Mr Peter Gray, CEO
Mr Ciaran Murray, CFO
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Q2 income from operations ↑ 20%
Q2 Operating margin of 13.3%
Q2 EPS ↑ 22%
Net cash of $83.2 million, Q2 v $2.2m of net debt, Q1
Book-to-bill ratio 1.2
Summary Quarter 2, 2009