Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. | ||
Yes___X___ | No______ | |
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___ | |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule12g3-2(b) under the Securities Exchange Act of 1934. | ||
Yes______ | No___X___ | |
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82 N/A |
(Unaudited) | (Audited) | ||||||
March 31, 2019 | December 31, 2018 | ||||||
ASSETS | (in thousands) | ||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 417,638 | $ | 395,851 | |||
Available for sale investments | 60,299 | 59,910 | |||||
Accounts receivable, net | 415,341 | 414,791 | |||||
Unbilled revenue | 440,583 | 362,926 | |||||
Other receivables | 40,079 | 40,459 | |||||
Prepayments and other current assets | 39,757 | 36,801 | |||||
Income taxes receivable | 26,828 | 19,445 | |||||
Total current assets | 1,440,525 | 1,330,183 | |||||
Other Assets: | |||||||
Property, plant and equipment, net | 154,753 | 158,669 | |||||
Goodwill | 787,393 | 756,260 | |||||
Operating right-of-use assets | 111,775 | — | |||||
Other non-current assets | 18,906 | 14,525 | |||||
Non-current income taxes receivable | 13,822 | 20,023 | |||||
Non-current deferred tax asset | 12,937 | 13,577 | |||||
Investments in equity - long term | 9,482 | 6,963 | |||||
Intangible assets | 57,665 | 54,055 | |||||
Total Assets | $ | 2,607,258 | $ | 2,354,255 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 19,304 | $ | 13,288 | |||
Payments on account | 318,298 | 274,468 | |||||
Other liabilities | 363,787 | 317,143 | |||||
Income taxes payable | 10,885 | 5,724 | |||||
Total current liabilities | 712,274 | 610,623 | |||||
Other Liabilities: | |||||||
Non-current bank credit lines and loan facilities | 349,357 | 349,264 | |||||
Non-current operating lease liabilities | 83,165 | — | |||||
Non-current other liabilities | 14,128 | 13,446 | |||||
Non-current government grants | 847 | 877 | |||||
Non-current income taxes payable | 16,975 | 17,551 | |||||
Non-current deferred tax liability | 8,327 | 8,213 | |||||
Commitments and contingencies | — | — | |||||
Total Liabilities | 1,185,073 | 999,974 | |||||
Shareholders' Equity: | |||||||
Ordinary shares, par value 6 euro cents per share; 100,000,000 shares authorized, | |||||||
53,976,367 shares issued and outstanding at March 31, 2019 and | |||||||
53,971,706 shares issued and outstanding at December 31, 2018 | 4,658 | 4,658 | |||||
Additional paid‑in capital | 540,020 | 529,642 | |||||
Other undenominated capital | 997 | 983 | |||||
Accumulated other comprehensive income | (75,093 | ) | (69,328 | ) | |||
Retained earnings | 951,603 | 888,326 | |||||
Total Shareholders' Equity | 1,422,185 | 1,354,281 | |||||
Total Liabilities and Shareholders' Equity | $ | 2,607,258 | $ | 2,354,255 |
Three Months Ended | |||||||||
March 31, 2019 | March 31, 2018 | ||||||||
(in thousands except share and per share data) | |||||||||
Revenue | $ | 674,852 | $ | 620,125 | |||||
Costs and expenses: | |||||||||
Direct costs | 475,497 | 430,592 | |||||||
Selling, general and administrative expense | 81,912 | 80,915 | |||||||
Depreciation and amortization | 15,497 | 16,898 | |||||||
Total costs and expenses | 572,906 | 528,405 | |||||||
Income from operations | 101,946 | 91,720 | |||||||
Interest income | 1,745 | 823 | |||||||
Interest expense | (3,354 | ) | (3,795 | ) | |||||
Income before provision for income taxes | 100,337 | 88,748 | |||||||
Provision for income taxes | (12,040 | ) | (10,650 | ) | |||||
Net income | $ | 88,297 | $ | 78,098 | |||||
Net income per Ordinary Share: | |||||||||
Basic | $ | 1.64 | $ | 1.45 | |||||
Diluted | $ | 1.63 | $ | 1.42 | |||||
Weighted average number of Ordinary Shares outstanding: | |||||||||
Basic | 53,845,407 | 53,925,560 | |||||||
Diluted | 54,142,510 | 54,985,790 |
Three Months Ended | |||||||
March 31, 2019 | March 31, 2018 | ||||||
(in thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 88,297 | $ | 78,098 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Loss on disposal of property, plant and equipment | — | 2 | |||||
Depreciation expense | 11,582 | 11,850 | |||||
Amortization of operating right-of-use assets | 7,446 | — | |||||
Amortization of intangibles | 3,915 | 5,048 | |||||
Amortization of government grants | (11 | ) | (12 | ) | |||
Interest on short term investments | (268 | ) | (333 | ) | |||
Interest on non-current operating lease liability | 689 | — | |||||
Gain on re-measurement of financial assets | (500 | ) | — | ||||
Stock compensation expense | 7,079 | 9,392 | |||||
Amortization of gain on interest rate hedge | (231 | ) | (230 | ) | |||
Amortization of financing costs | 137 | 390 | |||||
Deferred taxes | 740 | (3,481 | ) | ||||
Changes in assets and liabilities: | |||||||
Decrease/(increase) in accounts receivable | 3,545 | (12,979 | ) | ||||
Increase in unbilled revenue | (79,478 | ) | (65,904 | ) | |||
Decrease/(increase) in other receivables | 398 | (2,866 | ) | ||||
Increase in prepayments and other current assets | (2,187 | ) | (10,358 | ) | |||
Increase in other non-current assets | (4,421 | ) | (179 | ) | |||
Increase in payments on account | 43,957 | 92,350 | |||||
Increase/(decrease) in other current liabilities | 16,432 | (56,787 | ) | ||||
Decrease in operating lease liabilities | (8,688 | ) | — | ||||
Decrease in other non-current liabilities | (13 | ) | (1,165 | ) | |||
Increase in income taxes payable | 2,907 | 4,300 | |||||
Decrease in deferred tax liability | (2,096 | ) | — | ||||
Increase/(decrease) in accounts payable | 5,403 | (6,668 | ) | ||||
Net cash provided by operating activities | 94,634 | 40,468 | |||||
Cash flows from investing activities: | |||||||
Purchase of property, plant and equipment | (7,034 | ) | (8,304 | ) | |||
Purchase of subsidiary undertakings | (42,349 | ) | (1,645 | ) | |||
Cash acquired with subsidiary undertaking | 686 | — | |||||
Purchase of available for sale investments | (81 | ) | (10,160 | ) | |||
Sale of available for sale investments | 239 | 6,253 | |||||
Purchase of investments in equity - long term | (2,019 | ) | — | ||||
Net cash used in investing activities | (50,558 | ) | (13,856 | ) | |||
Cash flows from financing activities: | |||||||
Financing costs | — | (823 | ) | ||||
Proceeds from exercise of equity compensation | 3,391 | 727 | |||||
Share issue costs | (4 | ) | (4 | ) | |||
Repurchase of ordinary shares | (25,000 | ) | (38,208 | ) | |||
Share repurchase costs | (20 | ) | (31 | ) | |||
Net cash used in financing activities | (21,633 | ) | (38,339 | ) | |||
Effect of exchange rate movements on cash | (656 | ) | 869 | ||||
Net increase/(decrease) in cash and cash equivalents | 21,787 | (10,858 | ) | ||||
Cash and cash equivalents at beginning of period | 395,851 | 282,859 | |||||
Cash and cash equivalents at end of period | $ | 417,638 | $ | 272,001 |
Shares | Amount | Additional Paid-in Capital | Other Undenominated Capital | Accumulated Other Comprehensive Income | Retained Earnings | Total | ||||||||||||||||||||
(dollars in thousands, except share data) | ||||||||||||||||||||||||||
Balance at December 31, 2018 | 53,971,706 | $ | 4,658 | $ | 529,642 | $ | 983 | $ | (69,328 | ) | $ | 888,326 | $ | 1,354,281 | ||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||
Net income | — | — | — | — | — | 88,297 | 88,297 | |||||||||||||||||||
Currency translation adjustment | — | — | — | — | (4,522 | ) | — | (4,522 | ) | |||||||||||||||||
Currency impact of long term funding (net of tax) | — | — | — | — | (1,236 | ) | — | (1,236 | ) | |||||||||||||||||
Unrealized capital gain – investments | — | — | — | — | 279 | — | 279 | |||||||||||||||||||
Amortization of interest rate hedge | — | — | — | — | (231 | ) | — | (231 | ) | |||||||||||||||||
Fair value of cash flow hedge (net of tax) | — | — | — | — | (55 | ) | — | (55 | ) | |||||||||||||||||
Total comprehensive income | — | — | — | — | (5,765 | ) | 88,297 | 82,532 | ||||||||||||||||||
Exercise of share options | 62,015 | 4 | 3,377 | — | — | — | 3,381 | |||||||||||||||||||
Issue of restricted share units | 142,899 | 10 | — | — | — | — | 10 | |||||||||||||||||||
Non-cash stock compensation expense | — | — | 7,005 | — | — | — | 7,005 | |||||||||||||||||||
Share issuance costs | — | — | (4 | ) | — | — | — | (4 | ) | |||||||||||||||||
Share repurchase program | (200,253 | ) | (14 | ) | — | 14 | — | (25,000 | ) | (25,000 | ) | |||||||||||||||
Share repurchase costs | — | — | — | — | — | (20 | ) | (20 | ) | |||||||||||||||||
Balance at March 31, 2019 | 53,976,367 | $ | 4,658 | $ | 540,020 | $ | 997 | $ | (75,093 | ) | $ | 951,603 | $ | 1,422,185 |
Three Months Ended | ||||||
March 31, 2019 | March 31, 2018 | |||||
(in thousands) | ||||||
Top client | $ | 99,994 | $ | 65,818 | ||
Clients 2-5 | 169,339 | 164,301 | ||||
Clients 6-10 | 89,067 | 98,539 | ||||
Clients 11-25 | 124,826 | 117,271 | ||||
Other | 191,626 | 174,196 | ||||
Total | $ | 674,852 | $ | 620,125 |
March 31, 2019 | December 31, 2018 | ||||||
(in thousands) | |||||||
Contract assets: | |||||||
Billed services (accounts receivable) | $ | 424,038 | $ | 423,680 | |||
Unbilled services (unbilled revenue) | 440,583 | 362,926 | |||||
Trade accounts receivable and unbilled revenue | 864,621 | 786,606 | |||||
Allowance for doubtful accounts | (8,697 | ) | (8,889 | ) | |||
Trade accounts receivable and unbilled revenue, net | $ | 855,924 | $ | 777,717 |
(in thousands, except percentages) | March 31, 2019 | December 31, 2018 | $ Change | % Change | ||||||||||
Unbilled services (unbilled revenue) | $ | 440,583 | $ | 362,926 | $ | 77,657 | 21.4 | % | ||||||
Unearned revenue (payments on account) | (318,298 | ) | (274,468 | ) | (43,830 | ) | 16.0 | % | ||||||
Net balance | $ | 122,285 | $ | 88,458 | $ | 33,827 | 38.2 | % |
Three Months Ended | Year Ended | ||||||
March 31, 2019 | December 31, 2018 | ||||||
(in thousands) | |||||||
Opening balance | $ | 756,260 | $ | 769,058 | |||
Current period acquisitions (Note 6) | 33,894 | — | |||||
Prior period acquisitions (Note 6) | — | 1,048 | |||||
Foreign exchange movement | (2,761 | ) | (13,846 | ) | |||
Closing balance | $ | 787,393 | $ | 756,260 |
January 25, | |||
2019 | |||
(in thousands) | |||
Cash | $ | 686 | |
Property, plant and equipment | 1,769 | ||
Operating right-of-use assets | 2,866 | ||
Goodwill* | 33,894 | ||
Intangible asset** | 8,061 | ||
Accounts receivable | 3,100 | ||
Unbilled revenue | 321 | ||
Prepayments and other current assets | 916 | ||
Other receivables | 43 | ||
Accounts payable | (650 | ) | |
Payments on account | (1,437 | ) | |
Other liabilities | (1,834 | ) | |
Non-current lease liabilities | (2,167 | ) | |
Non-current other liabilities | (1,123 | ) | |
Non-current deferred tax liability | (2,096 | ) | |
Net assets acquired | $ | 42,349 | |
Total consideration | $ | 42,349 |
Workforce reductions | Onerous Lease | Total | |||||||||
(in thousands) | |||||||||||
Initial restructuring charge recorded | $ | 9,684 | $ | 2,806 | $ | 12,490 | |||||
Utilization | (5,399 | ) | (672 | ) | (6,071 | ) | |||||
Provision at December 31, 2018 | $ | 4,285 | $ | 2,134 | $ | 6,419 | |||||
Utilization | (3,300 | ) | (305 | ) | (3,605 | ) | |||||
Provision at March 31, 2019 | $ | 985 | $ | 1,829 | $ | 2,814 |
Workforce Reductions | |||
(in thousands) | |||
Total provision recognized | $ | 7,753 | |
Utilized | (4,656 | ) | |
Provision at December 31, 2017 | $ | 3,097 | |
Utilized | (1,015 | ) | |
December 31, 2018 | $ | 2,082 | |
Utilized | — | ||
Provision at March 31, 2019 | $ | 2,082 |
Three Months Ended | |||
March 31, 2019 | |||
(in thousands) | |||
Operating lease costs | $ | 8,655 | |
Income from sub-leases | (520 | ) | |
Net operating lease costs | $ | 8,135 |
Minimum rental | |||
payments | |||
(in thousands) | |||
Due within 1 year | $ | 29,453 | |
Due between 1 and 5 years | 67,499 | ||
Thereafter | 18,660 | ||
Total future minimum lease payments | 115,612 | ||
Lease imputed interest | (3,502 | ) | |
Total | $ | 112,110 |
Three Months Ended | |||||||
March 31, 2019 | March 31, 2018 | ||||||
(in thousands) | |||||||
Provision for income taxes | $ | 12,040 | $ | 10,650 |
Three Months Ended | |||||
March 31, 2019 | March 31, 2018 | ||||
Weighted average number of ordinary shares outstanding for basic net income per ordinary share | 53,845,407 | 53,925,560 | |||
Effect of dilutive share options outstanding | 297,103 | 1,060,230 | |||
Weighted average number of ordinary shares outstanding for diluted net income per ordinary share | 54,142,510 | 54,985,790 |
Options Outstanding Number of Shares | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life | |||||||||
Outstanding at December 31, 2018 | 920,746 | $ | 74.32 | $ | 22.39 | |||||||
Granted | 88,734 | $ | 140.38 | $ | 43.59 | |||||||
Exercised | (62,015 | ) | $ | 54.52 | $ | 16.77 | ||||||
Forfeited | (18,696 | ) | $ | 79.71 | $ | 24.22 | ||||||
Outstanding at March 31, 2019 | 928,769 | $ | 81.84 | $ | 24.75 | 5.17 | ||||||
Exercisable at March 31, 2019 | 448,235 | $ | 61.79 | $ | 18.65 | 3.98 |
Options Outstanding Number of Shares | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | ||||||||
Non-vested outstanding at December 31, 2018 | 522,823 | $ | 88.18 | $ | 26.41 | |||||
Granted | 88,734 | $ | 140.38 | $ | 43.59 | |||||
Vested | (115,564 | ) | $ | 76.30 | $ | 22.69 | ||||
Forfeited | (15,459 | ) | $ | 92.16 | $ | 27.51 | ||||
Non-vested outstanding at March 31, 2019 | 480,534 | $ | 100.55 | $ | 30.44 |
Three Months Ended | |||||||
March 31, 2019 | March 31, 2018 | ||||||
Weighted average grant date fair value | $ | 43.59 | $ | 35.10 | |||
Assumptions: | |||||||
Expected volatility | 30 | % | 29 | % | |||
Dividend yield | — | % | — | % | |||
Risk-free interest rate | 2.59 | % | 2.63 | % | |||
Expected life | 5 years | 5 years |
PSU Outstanding Number of Shares | PSU Weighted Average Grant Date Fair Value | PSU Weighted Average Remaining Contractual Life | RSU Outstanding Number of Shares | RSU Weighted Average Grant Date Fair Value | RSU Weighted Average Remaining Contractual Life | ||||||||||||
Outstanding at December 31, 2018 | 251,053 | $ | 89.95 | 0.96 | 534,677 | $ | 89.50 | 1.22 | |||||||||
Granted | 55,102 | $ | 140.38 | 27,697 | $ | 140.38 | |||||||||||
Shares vested | (109,359 | ) | $ | 71.95 | (33,540 | ) | $ | 86.91 | |||||||||
Forfeited | (5,807 | ) | $ | 84.65 | (17,856 | ) | $ | 90.18 | |||||||||
Outstanding at March 31, 2019 | 190,989 | $ | 106.20 | 1.67 | 510,978 | $ | 92.40 | 1.10 |
Three Months Ended | |||||||
March 31, 2019 | March 31, 2018 | ||||||
(in thousands) | |||||||
Direct costs | $ | 3,901 | $ | 5,175 | |||
Selling, general and administrative | 3,178 | 4,217 | |||||
$ | 7,079 | $ | 9,392 |
Three Months Ended | |||||||
March 31, 2019 | March 31, 2018 | ||||||
(in thousands) | |||||||
Ireland | $ | 298,483 | $ | 235,110 | |||
Rest of Europe | 90,445 | 95,040 | |||||
U.S. | 218,540 | 225,670 | |||||
Rest of World | 67,384 | 64,305 | |||||
Total | $ | 674,852 | $ | 620,125 |
Three Months Ended | |||||||
March 31, 2019 | March 31, 2018 | ||||||
(in thousands) | |||||||
Ireland | $ | 70,621 | $ | 69,810 | |||
Rest of Europe | 5,850 | 5,168 | |||||
U.S. | 17,107 | 11,802 | |||||
Rest of World | 8,368 | 4,940 | |||||
Total | $ | 101,946 | $ | 91,720 |
March 31, 2019 | December 31, 2018 | ||||||
(in thousands) | |||||||
Ireland | $ | 100,915 | $ | 106,206 | |||
Rest of Europe | 9,450 | 9,807 | |||||
U.S. | 26,340 | 25,535 | |||||
Rest of World | 18,048 | 17,121 | |||||
Total | $ | 154,753 | $ | 158,669 | |||
Three Months Ended | |||||||
March 31, 2019 | March 31, 2018 | ||||||
(in thousands) | |||||||
Ireland | $ | 7,732 | $ | 7,885 | |||
Rest of Europe | 1,204 | 1,539 | |||||
U.S. | 5,412 | 6,299 | |||||
Rest of World | 1,149 | 1,175 | |||||
Total | $ | 15,497 | $ | 16,898 |
March 31, 2019 | December 31, 2018 | ||||||
(in thousands) | |||||||
Ireland | $ | 1,171,368 | $ | 1,073,411 | |||
Rest of Europe | 564,312 | 514,010 | |||||
U.S. | 727,520 | 646,512 | |||||
Rest of World | 144,058 | 120,322 | |||||
Total | $ | 2,607,258 | $ | 2,354,255 |
Three Months Ended | ||||||||
March 31, 2019 | March 31, 2018 | 2019 to 2018 | ||||||
Percentage | ||||||||
Percentage of Revenue | Increase/ (Decrease) | |||||||
Revenue | 100.0 | % | 100.0 | % | 8.8 | % | ||
Costs and expenses: | ||||||||
Direct costs | 70.5 | % | 69.4 | % | 10.4 | % | ||
Selling, general and administrative | 12.1 | % | 13.1 | % | 1.2 | % | ||
Depreciation | 1.7 | % | 1.9 | % | (2.3 | )% | ||
Amortization | 0.6 | % | 0.8 | % | (22.4 | )% | ||
Income from operations | 15.1 | % | 14.8 | % | 11.1 | % |
Balance December 31, 2018 | Drawn down/ (repaid) | Net cash inflow/ (outflow) | Other non- cash adjustments | Effect of exchange rates | Balance March 31, 2019 | ||||||||||||
$ (in thousands) | |||||||||||||||||
Cash and cash equivalents | 395,851 | — | 22,443 | — | (656 | ) | 417,638 | ||||||||||
Available for sale investments | 59,910 | — | (158 | ) | 547 | — | 60,299 | ||||||||||
Private placement notes | (349,264 | ) | — | — | (93 | ) | — | (349,357 | ) | ||||||||
106,497 | — | 22,285 | 454 | (656 | ) | 128,580 |
ICON plc | |||
/s/Brendan Brennan | |||
Date: | May 3, 2019 | Brendan Brennan | |
Chief Financial Officer |
Document and Entity Information |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | ICLR |
Entity Registrant Name | ICON PLC |
Entity Central Index Key | 0001060955 |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance Sheets (Parenthetical) - € / shares |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value (in EUR per share) | € 0.06 | € 0.06 |
Ordinary shares, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Ordinary shares, shares issued (in shares) | 53,976,367 | 53,971,706 |
Ordinary shares, shares outstanding (in shares) | 53,976,367 | 53,971,706 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Statement [Abstract] | ||
Revenue | $ 674,852 | $ 620,125 |
Costs and expenses: | ||
Direct costs | 475,497 | 430,592 |
Selling, general and administrative expense | 81,912 | 80,915 |
Depreciation and amortization | 15,497 | 16,898 |
Total costs and expenses | 572,906 | 528,405 |
Income from operations | 101,946 | 91,720 |
Interest income | 1,745 | 823 |
Interest expense | (3,354) | (3,795) |
Income before provision for income taxes | 100,337 | 88,748 |
Provision for income taxes | (12,040) | (10,650) |
Net income | $ 88,297 | $ 78,098 |
Net income per Ordinary Share: | ||
Basic (USD per share) | $ 1.64 | $ 1.45 |
Diluted (USD per share) | $ 1.63 | $ 1.42 |
Weighted average number of Ordinary Shares outstanding: | ||
Basic (in shares) | 53,845,407 | 53,925,560 |
Diluted (in shares) | 54,142,510 | 54,985,790 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These condensed consolidated financial statements which have been prepared in accordance with United States Generally Accepted Accounting Principles (“US GAAP”) have not been audited. The condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the operating results and financial position for the periods presented. The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures in the condensed consolidated financial statements. Actual results could differ from those estimates. The condensed consolidated financial statements should be read in conjunction with the accounting policies and notes to the consolidated financial statements included in ICON’s Form 20-F for the year ended December 31, 2018 (see note 2 - Significant Accounting Policies for impact of adoption of ASC 842 'Leases'). Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the fiscal period ending December 31, 2019. |
Significant accounting policies |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies The Company adopted Accounting Standards Codification (ASC) 842 'Leases', with a date of initial application of January 1, 2019. The lease accounting policy applied in preparation of the results for the three months ended March 31, 2019 therefore reflect application of ASC 842. ICON adopted the standard using the cumulative effect adjustment approach. Under this transition method, ICON has applied the new standard as at the date of initial application (i.e. January 1, 2019), without restatement of comparative period amounts. The cumulative effect of applying the new standard is recorded as an adjustment to the opening consolidated balance sheet as at the date of initial application (see note 14 Impact of change in accounting policies for further details). The comparative information has not been adjusted and therefore continues to be reported under ASC 840 ‘Leases’. The new standard requires lessees to recognize the rights and obligations resulting from virtually all leases on the balance sheet as right-of-use (ROU) assets with corresponding lease liabilities. The most significant impact of application of the new standard for ICON relates to the recognition of right-of-use assets and lease liabilities on the consolidated balance sheet for operating leases for certain property, vehicles and equipment. Prior to application of ASC 842, costs in respect of operating leases were charged to the consolidated statement of operations on a straight-line basis over the lease term. Pursuant to certain practical expedients available as part of adopting ASC 842, ICON has not reassessed; whether existing or expired contracts are or contain leases, the classification of existing or expired leases, or whether unamortized initial direct costs meet the new definition of initial direct costs under ASC 842. Additionally, ICON has elected to use hindsight in determining the lease term and in assessing impairment of ROU assets, if any. ICON determines if an arrangement is a lease at inception. Finance leases, if any, are depreciated on the same basis as property, plant and equipment. At March 31, 2019 and December 31, 2018, the Group did not account for any leases as finance leases. Operating leases are included in ROU assets, other current liabilities and lease liabilities on our consolidated balance sheet with lease amortization recognized on a straight-line basis over the lease term. ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date or date of transition. Our lease terms may also include options to extend or terminate. ICON actively reviews options to extend or terminate leases and adjusts the ROU asset and lease liability when it is reasonably certain the option will be exercised. The ROU asset is adjusted for any prepayments made at the date of commencement and any initial direct costs incurred. As most of ICON's leases do not provide an implicit rate, the discount rate used is based on the rate of traded corporate bonds available at the commencement date adjusted for country risk, liquidity and lease term. Leasehold improvements are amortized over the shorter of the depreciable lives of the corresponding fixed assets or the lease term including any applicable renewals. Certain property leases include variable lease payments resulting from periodic rent increases based on an index which are recognized as incurred on the statements of operations. ICON accounts for lease and non-lease components separately with lease components flowing through the consolidated balance sheet and non-lease components expensed directly to statement of operations. |
Revenue |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Revenue disaggregated by customer profile is as follows:
Trade accounts receivable, unbilled services (contract assets) and payments on account (contract liabilities) Trade accounts receivables and unbilled revenue are as follows:
Unbilled services and payments on account (contract assets and liabilities) were as follows:
Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. We record assets for amounts related to performance obligations that are satisfied but not yet billed and/or collected. These assets are recorded as unbilled receivables and therefore contract assets rather than accounts receivables when receipt of the consideration is conditional on something other than the passage of time. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations. Unbilled services/revenue balances arise where invoicing or billing is based on the timing of agreed milestones related to service contracts for clinical research. Contractual billing arrangements in respect of certain reimbursable expenses (principally investigators) require billing by the investigator to the Company prior to billing by the Company to the customer. Unbilled services as at March 31, 2019 increased by $77.7 million as compared to December 31, 2018. Payments on account increased by $43.8 million over the same period resulting in an increase of $33.8 million in the net balance of unbilled services and payments on account between December 31, 2018 and March 31, 2019. These fluctuations are primarily due to timing of payments and invoicing related to the Group's clinical trial management contracts. The bad debt expense recognized on the Group's receivables and unbilled services was de minimis for the three months ended March 31, 2019 and March 31, 2018. As of March 31, 2019 approximately $5.5 billion of revenue is expected to be recognized in the future in respect of unsatisfied performance obligations. The Company expects to recognize revenue on approximately 40% of the unsatisfied performance obligation over the next 12 months, with the remainder recognized thereafter over the duration of the customer contracts. |
Trade accounts receivable, unbilled services (contract assets) and payments on account (contract liabilities) |
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Contracts Receivable [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable, unbilled services (contract assets) and payments on account (contract liabilities) | Revenue Revenue disaggregated by customer profile is as follows:
Trade accounts receivable, unbilled services (contract assets) and payments on account (contract liabilities) Trade accounts receivables and unbilled revenue are as follows:
Unbilled services and payments on account (contract assets and liabilities) were as follows:
Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. We record assets for amounts related to performance obligations that are satisfied but not yet billed and/or collected. These assets are recorded as unbilled receivables and therefore contract assets rather than accounts receivables when receipt of the consideration is conditional on something other than the passage of time. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations. Unbilled services/revenue balances arise where invoicing or billing is based on the timing of agreed milestones related to service contracts for clinical research. Contractual billing arrangements in respect of certain reimbursable expenses (principally investigators) require billing by the investigator to the Company prior to billing by the Company to the customer. Unbilled services as at March 31, 2019 increased by $77.7 million as compared to December 31, 2018. Payments on account increased by $43.8 million over the same period resulting in an increase of $33.8 million in the net balance of unbilled services and payments on account between December 31, 2018 and March 31, 2019. These fluctuations are primarily due to timing of payments and invoicing related to the Group's clinical trial management contracts. The bad debt expense recognized on the Group's receivables and unbilled services was de minimis for the three months ended March 31, 2019 and March 31, 2018. As of March 31, 2019 approximately $5.5 billion of revenue is expected to be recognized in the future in respect of unsatisfied performance obligations. The Company expects to recognize revenue on approximately 40% of the unsatisfied performance obligation over the next 12 months, with the remainder recognized thereafter over the duration of the customer contracts. |
Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill
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Business Combinations |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Business Combinations Acquisitions – MolecularMD Corp On January 25, 2019 a subsidiary of the Company, ICON Laboratory Services Inc. acquired 100% of the share capital of MolecularMD Corp. MolecularMD is a molecular diagnostic specialty laboratory that enables the development and commercialization of precision medicines in oncology. The consideration on acquisition was $42.3 million. The acquisition of MolecularMD has been accounted for as a business combination in accordance with ASC 805 'Business Combinations'. The Company has made a provisional assessment of the fair value of assets acquired and liabilities assumed as at that date. The following table summarizes the Company’s fair values of the assets acquired and liabilities assumed:
*Goodwill represents the acquisition of an established workforce with experience in molecular diagnostic specialty laboratory services and commercialization of precision medicines in oncology. **The Company has made an initial estimate of separate intangible assets acquired of $8.1 million, being customer relationships and order book assets. This assessment is under review and will be finalized within 12 months of the date of acquisition. |
Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring Restructuring charges No restructuring charge was recognized during the three months ended March 31, 2019 or March 31, 2018. Prior Period Restructuring charges A restructuring charge of $12.5 million was recognized during the year ended December 31, 2018 under a restructuring plan adopted following a review of operations. The restructuring plan reflected resource rationalization across the business to improve resource utilization, resulting in a charge of $9.7 million and office consolidation resulting in the recognition of an onerous lease obligation of $2.8 million.
A restructuring charge of $7.8 million was recognized during the year ended December 31, 2017 under a restructuring plan adopted following a review of operations. The restructuring plan reflected resource rationalization across the business to improve resource utilization.
At March 31, 2019, $4.4 million is included within other liabilities and $0.5 million within non-current other liabilities. |
Operating leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases | Operating leases Lease costs recorded under operating leases for the three months ended March 31, 2019 were as follows:
Of the total cost of $8.1 million, $7.2 million is recorded within selling, general and administration costs and $0.9 million is recorded within direct costs. During the three months ended March 31, 2019, the Group did not incur any costs related to variable lease payments. The adoption of ASC 842 resulted in the recognition of operating right-of-use assets and lease liabilities of $106.5 million at January1, 2019. Additional right-of-use assets obtained in exchange for lease obligations during the three month ended March 31, 2019 totaled $13.0 million. The weighted average remaining lease term and weighted-average discount rate at March 31, 2019 were 5.51 years and 3.96%, respectively. Future minimum lease payments under non-cancellable leases as of March 31, 2019 were as follows:
Operating lease liabilities are presented as current and non-current. Operating lease liabilities of $28.1 million have been included in other liabilities as at March 31, 2019. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Income taxes recognized during the three months ended March 31, 2019 and March 31, 2018, comprise:
As at March 31, 2019 the Company maintains a $22.8 million liability (December 31, 2018: $22.5 million) for unrecognized tax benefit, which is comprised of $21.7 million (December 31, 2018: $21.4 million) related to items generating unrecognized tax benefits and $1.1 million (December 31, 2018: $1.1 million) for interest and related penalties to such items. The Company recognizes interest accrued on unrecognized tax benefits as an additional income tax expense. The Company has analyzed the filing positions in all of the significant federal, state and foreign jurisdictions where it is required to file income tax returns, as well as open tax years in these jurisdictions. The only periods subject to examination by the major tax jurisdictions where the Company does business are 2014 through 2018 tax years. The Company does not believe that the outcome of any examination will have a material impact on its financial statements. |
Net income per ordinary share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Net income per ordinary share | Net income per ordinary share Basic net income per ordinary share has been computed by dividing net income available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share is computed by adjusting the weighted average number of ordinary shares outstanding during the period for all potentially dilutive ordinary shares outstanding during the period and adjusting net income for any changes in income or loss that would result from the conversion of such potential ordinary shares. There is no difference in net income used for basic and diluted net income per ordinary share. The reconciliation of the number of shares used in the computation of basic and diluted net income per ordinary share is as follows:
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Share-based Awards |
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Share-based Awards | Share-based Awards Share Options On July 21, 2008, the Company adopted the Employee Share Option Plan 2008 (the “2008 Employee Plan”) pursuant to which the Compensation and Organization Committee of the Company’s Board of Directors may grant options to any employee, or any Director holding a salaried office or employment with the Company or a Subsidiary for the purchase of ordinary shares. On the same date, the Company also adopted the Consultants Share Option Plan 2008 (the “2008 Consultants Plan”), pursuant to which the Compensation and Organization Committee of the Company’s Board of Directors may grant options to any consultant, adviser or non-executive Director retained by the Company or any Subsidiary for the purchase of ordinary shares. On February 14, 2017, both the 2008 Employee Plan and the 2008 Consultants Plan (together the “2008 Option Plans”) were amended and restated in order to increase the number of options that can be issued under the 2008 Consultants Plan from 400,000 to 1.0 million and to extend the date for options to be granted under the 2008 Option Plans. An aggregate of 6.0 million ordinary shares have been reserved under the 2008 Employee Plan, as reduced by any shares issued or to be issued pursuant to options granted under the 2008 Consultants Plan, under which a limit of 1.0 million shares applies. Further, the maximum number of ordinary shares with respect to which options may be granted under the 2008 Employee Option Plan, during any calendar year to any employee shall be 400,000 ordinary shares. There is no individual limit under the 2008 Consultants Plan. No options may be granted under the 2008 Option Plans after February 14, 2027. Each option granted under the 2008 Option Plans will be an employee stock option, or NSO, as described in Section 422 or 423 of the Internal Revenue Code. Each grant of an option under the 2008 Options Plans will be evidenced by a Stock Option Agreement between the optionee and the Company. The exercise price will be specified in each Stock Option Agreement, however option prices will not be less than 100% of the fair market value of an ordinary share on the date the option is granted. On January 17, 2003, the Company adopted the Share Option Plan 2003 (the “2003 Share Option Plan”) pursuant to which the Compensation and Organization Committee of the Board could grant options to officers and other employees of the Company or its subsidiaries for the purchase of ordinary shares. An aggregate of 6.0 million ordinary shares were reserved under the 2003 Share Option Plan; and, in no event could the number of ordinary shares issued pursuant to options awarded under this plan exceed 10% of the outstanding shares, as defined in the 2003 Share Option Plan, at the time of the grant, unless the Board expressly determined otherwise. Further, the maximum number of ordinary shares with respect to which options could be granted under the 2003 Share Option Plan during any calendar year to any employee was 400,000 ordinary shares. The 2003 Share Option Plan expired on January 17, 2013. No new options may be granted under this plan. Share option awards are granted with an exercise price equal to the market price of the Company’s shares at date of grant. Prior to 2018, share options typically vest over a period of five years from date of grant and expire eight years from date of grant. Share options granted to non-executive directors since 2018 vest over 12 months and expire eight years from the date of grant. The maximum contractual term of options outstanding at March 31, 2019 is eight years. The following table summarizes option activity for the three months ended March 31, 2019:
The Company has outstanding options with fair values ranging from $9.72 to $43.59 per option or a weighted average fair value of $17.83 per option. The Company issues ordinary shares for all options exercised. The total amount of fully vested share options which remained outstanding at March 31, 2019 was 448,235. Fully vested share options at March 31, 2019 have an average remaining contractual term of 3.98 years, an average exercise price of $61.79 and a total intrinsic value of $33.5 million. The total intrinsic value of options exercised during the three months ended March 31, 2019 was $5.4 million (March 31, 2018: $1.8 million). The following table summarizes the movement in non-vested share options for the three months ended March 31, 2019:
Fair value of Stock Options Assumptions The weighted average fair value of options granted during the three months ended March 31, 2019 and March 31, 2018 was calculated using the Black-Scholes option pricing model. The weighted average grant date fair values and assumptions used were as follows:
Expected volatility is based on the historical volatility of our common stock over a period equal to the expected term of the options; the expected life represents the weighted average period of time that options granted are expected to be outstanding given consideration to vesting schedules and our historical experience of past vesting and termination patterns. The risk-free rate is based on the U.S. government zero-coupon bonds yield curve in effect at time of the grant for periods corresponding with the expected life of the option. Restricted Share Units and Performance Share Units On July 21, 2008, the Company adopted the 2008 Employees Restricted Share Unit Plan (the “2008 RSU Plan”) pursuant to which the Compensation and Organization Committee of the Company’s Board of Directors may select any employee, or any Director holding a salaried office or employment with the Company, or a Subsidiary to receive an award under the plan. An aggregate of 1.0 million ordinary shares have been reserved for issuance under the 2008 RSU Plan. On April 23, 2013, the Company adopted the 2013 Employees Restricted Share Unit and Performance Share Unit Plan (the “2013 RSU Plan”) pursuant to which the Compensation and Organization Committee of the Company’s Board of Directors may select any employee, or any Director holding a salaried office or employment with the Company, or a Subsidiary to receive an award under the plan. On May 11, 2015, the 2013 RSU Plan was amended and restated in order to increase the number of shares that can be issued under the RSU Plan by 2.5 million shares. Accordingly, an aggregate of 4.1 million ordinary shares have been reserved for issuance under the 2013 RSU Plan. The shares are awarded at par value and vest over a service period. Awards under the 2013 RSU Plan may be settled in cash or shares at the option of the Company. The Company has awarded RSUs and PSUs to certain key individuals of the Group. The following table summarizes RSU and PSU activity for the three months ended March 31, 2019:
The fair value of PSUs vested for the three months ended March 31, 2019 totaled $7.9 million (full year 2018: $14.7 million). The fair value of RSUs vested for the three months ended March 31, 2019 totaled $2.9 million (full year 2018: $18.8 million). The PSUs vest based on service and specified EPS targets over the period 2016 – 2019, 2017 – 2020, 2018 – 2021 and 2019 – 2022. Depending on the amount of EPS from 2016 to 2022, up to an additional 79,384 PSUs may also be granted. Non-cash stock compensation expense Non-cash stock compensation expense for the three months ended March 31, 2019 and March 31, 2018 has been allocated as follows:
Total non-cash stock compensation expense not yet recognized at March 31, 2019 amounted to $49.6 million. The weighted average period over which this is expected to be recognized is 2.48 years. The amendments required by Accounting Standards Update (‘ASU’) 2016-09 ‘Improvements to Employee Share-Based Payment Accounting’ require the Company to record all tax effects related to share-based payments through the income statement rather than additional paid in capital. The Company applied the updated standard prospectively during the year ended December 31, 2017. |
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Mar. 31, 2019 | |
Equity [Abstract] | |
Share Capital | Share Capital On January 8, 2019, the Company commenced a share buyback program of up to $1 million shares. The Company can acquire up to 10% of its outstanding ordinary shares (by way of redemption), in accordance with Irish law, the United States securities laws, and the Company’s constitutional documents through open market share acquisitions. The buyback program gives a broker authority to acquire the Company’s ordinary shares from time to time on the open market in accordance with agreed terms and limitations. The acquisition of shares pursuant to the buyback program was effected by way of redemption and cancellation of the shares, in accordance with the Constitution of the Company. During the three months ended March 31, 2019 200,253 ordinary shares were redeemed by the Company under this buyback program for a total consideration of $25.0 million. All ordinary shares that were redeemed under the buyback program were canceled in accordance with the Constitution of the Company and the nominal value of these shares transferred to an other undenominated capital reserve as required under Irish Company Law. |
Business Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure | Business Segment Information The Company determines and presents operating segments based on the information that is internally provided to the chief operating decision maker, together the (‘CODM’) in accordance with FASB ASC 280-10 Disclosures about Segments of an Enterprises and Related Information. The Company determined that the CODM was comprised of the Chief Executive Officer and the Chief Financial Officer. The Company determines and presents operating segments based on the information that is provided to the CODM. The Company operates as one single business segment, which is the provision of outsourced development services on a global basis to the pharmaceutical, biotechnology and medical devices industries. There have been no changes to the basis of segmentation or the measurement basis for the segment results in the period. The Company is a clinical research organization (“CRO”), providing outsourced development services on a global basis to the pharmaceutical, biotechnology and medical device industries. It specializes in the strategic development, management and analysis of programs that support all stages of the clinical development process - from compound selection to Phase I-IV clinical studies. The Company has the expertise and capability to conduct clinical trials in most major therapeutic areas on a global basis and has the operational flexibility to provide development services on a stand-alone basis or as part of an integrated “full service” solution. The Company has expanded predominately through internal growth together with a number of strategic acquisitions to enhance its expertise and capabilities in certain areas of the clinical development process. The Company is generally awarded projects based upon responses to requests for proposals received from companies in the pharmaceutical, biotechnology and medical device industries or work orders executed under our strategic partnership arrangements. Contracts with customers are generally entered into centrally, in most cases with ICON Clinical Research Limited (“ICON Ireland”), the Company’s principal operating subsidiary in Ireland. Revenues, which consist primarily of fees earned under these contracts, are allocated to individual entities within the Group, based on where the work is performed in accordance with the Company’s global transfer pricing model. ICON Ireland acts as the group entrepreneur under the Company’s global transfer pricing model given its role in the development and management of the group, its ownership of key intellectual property and customer relationships, its key role in the mitigation of risks faced by the group and its responsibility for maintaining the Company’s global network. ICON Ireland enters into the majority of the Company’s customer contracts. ICON Ireland remunerates other operating entities in the ICON Group on the basis of a guaranteed cost plus mark up for the services they perform in each of their local territories. The cost plus mark up for each ICON entity is established to ensure that each of ICON Ireland and the ICON entities that are involved in the conduct of services for customers, earn an appropriate arms-length return having regard to the assets owned, risks borne, and functions performed by each entity from these intercompany transactions. The cost plus mark up policy is reviewed annually to ensure that it is market appropriate. The geographic split of revenue disclosed for each region outside Ireland is the cost plus revenue attributable to these entities. The residual revenues of the Group, once each ICON entity has been paid its respective intercompany service fee, generally fall to be retained by ICON Ireland. As such revenues and income from operations in Ireland are a function of this global transfer pricing model and comprise revenues of the Group after deducting the cost plus revenues attributable to the activities performed outside Ireland. The Company's areas of operation outside of Ireland include the United States, United Kingdom, Belgium, France, Germany, Italy, Spain, The Netherlands, Sweden, Turkey, Poland, Czech Republic, Latvia, Russia, Ukraine, Hungary, Israel, Romania, Canada, Mexico, Brazil, Colombia, Argentina, Chile, Peru, India, China (including Hong Kong), South Korea, Japan, Thailand, Taiwan, Singapore, The Philippines, Australia, New Zealand, and South Africa. The geographical distribution of the Company’s segment measures as at March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and March 31, 2018 is as follows: a) The distribution of revenue by geographical area was as follows:
* All sales shown for Ireland are export sales. b) The distribution of income from operations by geographical area was as follows:
c) The distribution of property, plant and equipment, net, by geographical area was as follows:
d) The distribution of depreciation and amortization by geographical area was as follows:
e) The distribution of total assets by geographical area was as follows:
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Impact of change in accounting policies |
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Mar. 31, 2019 | |
Leases [Abstract] | |
Impact of change in accounting policies | Impact of change in accounting policies The new leasing standard (ASU No. 2016-02 ‘Leases’) was issued in February 2016. ASC 842 ‘Leases’ supersedes the current requirements in ASC 840 'Leases' and requires that lessees recognize rights and obligations from virtually all leases (other than leases that meet the definition of a short-term lease) on their balance sheets as right-of-use assets with corresponding lease liabilities. The ASU also provides additional guidance on how to classify leases and how to determine the lease term for accounting purposes. In July 2018, the Financial Accounting Standards Board (FASB) issued ASU No. 2018-11 'Leases (Topic 842): Targeted Improvements', which provides the option to adopt the standard retrospectively for each prior period presented, as initially set out in ASU No. 2016-02, or as of the adoption date with a cumulative-effect adjustment to the opening balance of retained earnings. ASC 842 became effective for ICON Plc with effect from January 1, 2019. ICON adopted the new standard as of January 1, 2019 under the cumulative effect adjustment approach. Under this transition method, the new standard is applied from January 1, 2019 without restatement of comparative period amounts. Results for the three months ended March 31, 2018 are therefore presented under the previous leasing accounting principles, ASC 840: 'Leases'. Operating lease liabilities and right-of-use assets have been recorded on the consolidated balance sheet as at January 1, 2019 of $106.5 million. There is no impact of adopting ASC 842 on opening retained earnings at January 1, 2019. |
Significant accounting policies (Policies) |
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Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
New accounting pronouncements | The Company adopted Accounting Standards Codification (ASC) 842 'Leases', with a date of initial application of January 1, 2019. The lease accounting policy applied in preparation of the results for the three months ended March 31, 2019 therefore reflect application of ASC 842. ICON adopted the standard using the cumulative effect adjustment approach. Under this transition method, ICON has applied the new standard as at the date of initial application (i.e. January 1, 2019), without restatement of comparative period amounts. The cumulative effect of applying the new standard is recorded as an adjustment to the opening consolidated balance sheet as at the date of initial application (see note 14 Impact of change in accounting policies for further details). The comparative information has not been adjusted and therefore continues to be reported under ASC 840 ‘Leases’. The new standard requires lessees to recognize the rights and obligations resulting from virtually all leases on the balance sheet as right-of-use (ROU) assets with corresponding lease liabilities. The most significant impact of application of the new standard for ICON relates to the recognition of right-of-use assets and lease liabilities on the consolidated balance sheet for operating leases for certain property, vehicles and equipment. Prior to application of ASC 842, costs in respect of operating leases were charged to the consolidated statement of operations on a straight-line basis over the lease term. Pursuant to certain practical expedients available as part of adopting ASC 842, ICON has not reassessed; whether existing or expired contracts are or contain leases, the classification of existing or expired leases, or whether unamortized initial direct costs meet the new definition of initial direct costs under ASC 842. Additionally, ICON has elected to use hindsight in determining the lease term and in assessing impairment of ROU assets, if any. ICON determines if an arrangement is a lease at inception. Finance leases, if any, are depreciated on the same basis as property, plant and equipment. At March 31, 2019 and December 31, 2018, the Group did not account for any leases as finance leases. Operating leases are included in ROU assets, other current liabilities and lease liabilities on our consolidated balance sheet with lease amortization recognized on a straight-line basis over the lease term. ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date or date of transition. Our lease terms may also include options to extend or terminate. ICON actively reviews options to extend or terminate leases and adjusts the ROU asset and lease liability when it is reasonably certain the option will be exercised. The ROU asset is adjusted for any prepayments made at the date of commencement and any initial direct costs incurred. As most of ICON's leases do not provide an implicit rate, the discount rate used is based on the rate of traded corporate bonds available at the commencement date adjusted for country risk, liquidity and lease term. Leasehold improvements are amortized over the shorter of the depreciable lives of the corresponding fixed assets or the lease term including any applicable renewals. Certain property leases include variable lease payments resulting from periodic rent increases based on an index which are recognized as incurred on the statements of operations. ICON accounts for lease and non-lease components separately with lease components flowing through the consolidated balance sheet and non-lease components expensed directly to statement of operations. |
Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | Revenue disaggregated by customer profile is as follows:
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Trade accounts receivable, unbilled services (contract assets) and payments on account (contract liabilities) (Tables) |
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Schedule of Contracts with Customers, Asset and Liabilities | Trade accounts receivables and unbilled revenue are as follows:
Unbilled services and payments on account (contract assets and liabilities) were as follows:
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Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill |
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Business Combinations (Tables) |
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Schedule of Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the Company’s fair values of the assets acquired and liabilities assumed:
*Goodwill represents the acquisition of an established workforce with experience in molecular diagnostic specialty laboratory services and commercialization of precision medicines in oncology. **The Company has made an initial estimate of separate intangible assets acquired of $8.1 million, being customer relationships and order book assets. This assessment is under review and will be finalized within 12 months of the date of acquisition. |
Restructuring (Tables) |
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Details of Movement in Restructuring Provisions Recognized |
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Operating leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Lease costs | Lease costs recorded under operating leases for the three months ended March 31, 2019 were as follows:
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Operating lease maturity | Future minimum lease payments under non-cancellable leases as of March 31, 2019 were as follows:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of income tax expense | Income taxes recognized during the three months ended March 31, 2019 and March 31, 2018, comprise:
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Net income per ordinary share (Tables) |
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Reconciliation of Number of Shares Used in Computation of Basic and Diluted Net Income Per Ordinary Share | The reconciliation of the number of shares used in the computation of basic and diluted net income per ordinary share is as follows:
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Share-based Awards (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share option activity | The following table summarizes option activity for the three months ended March 31, 2019:
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Schedule of movement in non-vested share options | The following table summarizes the movement in non-vested share options for the three months ended March 31, 2019:
|
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Schedule of weighted average fair values and assumptions used | The weighted average grant date fair values and assumptions used were as follows:
|
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Schedule of RSU and PSU activity | The following table summarizes RSU and PSU activity for the three months ended March 31, 2019:
|
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Schedule of non-cash stock compensation expense | Non-cash stock compensation expense for the three months ended March 31, 2019 and March 31, 2018 has been allocated as follows:
|
Business Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Revenue by Geographical Area | The distribution of revenue by geographical area was as follows:
* All sales shown for Ireland are export sales. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Income from Operations by Geographical Area | The distribution of income from operations by geographical area was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Property, Plant and Equipment, Net, by Geographical Area | The distribution of property, plant and equipment, net, by geographical area was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Depreciation and Amortization by Geographical Area | The distribution of depreciation and amortization by geographical area was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Total Assets by Geographical Area | The distribution of total assets by geographical area was as follows:
|
Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 674,852 | $ 620,125 |
Top client | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 99,994 | 65,818 |
Clients 2-5 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 169,339 | 164,301 |
Clients 6-10 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 89,067 | 98,539 |
Clients 11-25 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 124,826 | 117,271 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 191,626 | $ 174,196 |
Trade accounts receivable, unbilled services (contract assets) and payments on account (contract liabilities) - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Contracts Receivable [Abstract] | ||
Billed services (accounts receivable) | $ 424,038 | $ 423,680 |
Unbilled services (unbilled revenue) | 440,583 | 362,926 |
Trade accounts receivable and unbilled revenue | 864,621 | 786,606 |
Allowance for doubtful accounts | (8,697) | (8,889) |
Trade accounts receivable and unbilled revenue, net | 855,924 | 777,717 |
Unearned revenue (payments on account) | 318,298 | 274,468 |
Net balance | 122,285 | $ 88,458 |
Change in unbilled services (unbilled revenue) | 77,657 | |
Change in unearned revenue (payments on account) | (43,830) | |
Change in net balance | $ 33,827 | |
Change in unbilled services (unbilled revenue), percent | 21.40% | |
Change in unearned revenue (payments on account), percent | 16.00% | |
Change in net balance, percent | 38.20% |
Trade accounts receivable, unbilled services (contract assets) and payments on account (contract liabilities) - Revenue Remaining Performance Obligations (Details) $ in Billions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Contracts Receivable [Abstract] | |
Revenue, remaining performance obligation | $ 5.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Contracts Receivable [Abstract] | |
Revenue, remaining performance obligation, percent | 40.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Goodwill [Roll Forward] | ||
Opening balance | $ 756,260 | $ 769,058 |
Current period acquisitions (Note 6) | 33,894 | 0 |
Prior period acquisitions (Note 6) | 0 | 1,048 |
Foreign exchange movement | (2,761) | (13,846) |
Closing balance | $ 787,393 | $ 756,260 |
Business Combinations - Narrative (Details) - MolecularMD Corp $ in Thousands |
Jan. 25, 2019
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Percentage of share capital acquired | 100.00% |
Consideration transferred | $ 42,349 |
Business Combinations - Summary of Estimates of Fair values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Jan. 25, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 787,393 | $ 756,260 | $ 769,058 | |
MolecularMD Corp | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 686 | |||
Property, plant and equipment | 1,769 | |||
Operating right-of-use assets | 2,866 | |||
Goodwill | 33,894 | |||
Intangible asset | 8,061 | |||
Accounts receivable | 3,100 | |||
Unbilled revenue | 321 | |||
Prepayments and other current assets | 916 | |||
Other receivables | 43 | |||
Accounts payable | (650) | |||
Payments on account | (1,437) | |||
Other liabilities | (1,834) | |||
Non-current lease liabilities | (2,167) | |||
Non-current other liabilities | (1,123) | |||
Non-current deferred tax liability | (2,096) | |||
Net assets acquired | 42,349 | |||
Total consideration | $ 42,349 |
Restructuring - 2018 Restructuring Plan (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | $ 0 | $ 0 | |
Resource Rationalizations 2018 | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | $ 12,490,000 | ||
Restructuring, beginning balance | 6,419,000 | ||
Utilization | (3,605,000) | (6,071,000) | |
Restructuring, ending balance | 2,814,000 | 6,419,000 | |
Resource Rationalizations 2018 | Workforce Reduction | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | 9,684,000 | ||
Restructuring, beginning balance | 4,285,000 | ||
Utilization | (3,300,000) | (5,399,000) | |
Restructuring, ending balance | 985,000 | 4,285,000 | |
Resource Rationalizations 2018 | Onerous Lease | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | 2,806,000 | ||
Restructuring, beginning balance | 2,134,000 | ||
Utilization | (305,000) | (672,000) | |
Restructuring, ending balance | $ 1,829,000 | $ 2,134,000 |
Restructuring - 2017 Restructuring Plan (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges | $ 0 | $ 0 | ||
Resource Rationalizations 2017 | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges | $ 7,800,000 | |||
Resource Rationalizations 2017 | Workforce Reduction | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges | 7,753,000 | |||
Restructuring, beginning balance | 2,082,000 | $ 3,097,000 | $ 3,097,000 | |
Utilized | 0 | (1,015,000) | (4,656,000) | |
Restructuring, ending balance | $ 2,082,000 | $ 2,082,000 | $ 3,097,000 |
Operating leases - Lease Costs (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Leases [Abstract] | |
Operating lease costs | $ 8,655 |
Income from sub-leases | (520) |
Net operating lease costs | $ 8,135 |
Operating leases - Narrative (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Lessee, Lease, Description [Line Items] | |
Total lease cost | $ 8,135 |
Selling, general and administrative | |
Lessee, Lease, Description [Line Items] | |
Total lease cost | 7,200 |
Direct costs | |
Lessee, Lease, Description [Line Items] | |
Total lease cost | 900 |
Other liabilities | |
Lessee, Lease, Description [Line Items] | |
Operating lease liabilities, current | $ 28,100 |
Operating leases - Adjustments for Adoption and Other Items (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Jan. 01, 2019 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating right-of-use assets | $ 111,775 | |
Operating lease liabilities | 112,110 | |
Right-of-use assets obtained in exchange for lease obligations | $ 13,000 | |
Weighted average remaining lease term (in years) | 5 years 6 months 4 days | |
Weighted average discount rate | 3.96% | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating right-of-use assets | $ 106,500 | |
Operating lease liabilities | $ 106,500 |
Operating leases - Operating Lease Maturity (Details) $ in Thousands |
Mar. 31, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
Due within 1 year | $ 29,453 |
Due between 1 and 5 years | 67,499 |
Thereafter | 18,660 |
Total future minimum lease payments | 115,612 |
Lease imputed interest | (3,502) |
Operating lease liabilities | $ 112,110 |
Income Taxes - Income Taxes Recognized During Period (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 12,040 | $ 10,650 |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Liability for unrecognized tax benefit | $ 22.8 | $ 22.5 |
Items generating unrecognized tax benefits | 21.7 | 21.4 |
Interest and related penalties | $ 1.1 | $ 1.1 |
Net income per ordinary share - Reconciliation of Number of Shares Used in Computation of Basic and Diluted Net Income Per Ordinary Share (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Earnings Per Share [Abstract] | ||
Weighted average number of ordinary shares outstanding for basic net income per ordinary share (in shares) | 53,845,407 | 53,925,560 |
Effect of dilutive share options outstanding (in shares) | 297,103 | 1,060,230 |
Weighted average number of ordinary shares outstanding for diluted net income per ordinary share (in shares) | 54,142,510 | 54,985,790 |
Share-based Awards - Summary of Movement in Non-Vested Share Options (Details) - Employee Stock Option - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Options Outstanding Number of Shares | ||
Beginning Balance (in shares) | 522,823 | |
Granted (in shares) | 88,734 | |
Vested (in shares) | (115,564) | |
Forfeited (in shares) | (15,459) | |
Ending Balance (in shares) | 480,534 | |
Weighted Average Exercise Price | ||
Beginning balance (USD per share) | $ 88.18 | |
Granted (USD per share) | 140.38 | |
Vested (USD per share) | 76.30 | |
Forfeited (USD per share) | 92.16 | |
Ending balance (USD per share) | 100.55 | |
Weighted Average Fair Value | ||
Beginning Balance (USD per share) | 26.41 | |
Granted (USD per share) | 43.59 | $ 35.10 |
Vested (USD per share) | 22.69 | |
Forfeited (USD per share) | 27.51 | |
Ending Balance (USD per share) | $ 30.44 |
Share-based Awards - Schedule of Weighted Average Fair Values and Assumptions Used (Details) - Employee Stock Option - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value | $ 43.59 | $ 35.10 |
Assumptions: | ||
Expected volatility | 30.00% | 29.00% |
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 2.59% | 2.63% |
Expected life | 5 years | 5 years |
Share-based Awards - Schedule of Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 7,079 | $ 9,392 |
Direct costs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | 3,901 | 5,175 |
Selling, general and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 3,178 | $ 4,217 |
Share Capital - Narrative (Details) - Buyback Program - USD ($) |
3 Months Ended | |
---|---|---|
Jan. 08, 2019 |
Mar. 31, 2019 |
|
Equity, Class of Treasury Stock [Line Items] | ||
Stock repurchase program, authorized amount | $ 1,000,000 | |
Stock repurchased (in shares) | 200,253 | |
Stock repurchased | $ 25,000,000 | |
Maximum | ||
Equity, Class of Treasury Stock [Line Items] | ||
Share repurchase program, authorized percentage | 10.00% |
Business Segment Information - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Business Segment Information - Distribution of Net Revenue by Geographical Area (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Segment Reporting Information [Line Items] | ||
Revenue | $ 674,852 | $ 620,125 |
Ireland | ||
Segment Reporting Information [Line Items] | ||
Revenue | 298,483 | 235,110 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Revenue | 90,445 | 95,040 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Revenue | 218,540 | 225,670 |
Rest of World | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 67,384 | $ 64,305 |
Business Segment Information - Distribution Income from Operations, including Restructuring, by Geographical Area (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Segment Reporting Information [Line Items] | ||
Income from operations | $ 101,946 | $ 91,720 |
Ireland | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 70,621 | 69,810 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 5,850 | 5,168 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 17,107 | 11,802 |
Rest of World | ||
Segment Reporting Information [Line Items] | ||
Income from operations | $ 8,368 | $ 4,940 |
Business Segment Information - Distribution of Property, Plant and Equipment, Net, by Geographical Area (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 154,753 | $ 158,669 |
Ireland | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 100,915 | 106,206 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 9,450 | 9,807 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 26,340 | 25,535 |
Rest of World | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 18,048 | $ 17,121 |
Business Segment Information - Distribution of Depreciation and Amortization by Geographical Area (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 15,497 | $ 16,898 |
Ireland | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 7,732 | 7,885 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 1,204 | 1,539 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 5,412 | 6,299 |
Rest of World | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 1,149 | $ 1,175 |
Business Segment Information - Distribution of Total Assets by Geographical Area (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Assets | $ 2,607,258 | $ 2,354,255 |
Ireland | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,171,368 | 1,073,411 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Assets | 564,312 | 514,010 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Assets | 727,520 | 646,512 |
Rest of World | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 144,058 | $ 120,322 |
Impact of change in accounting policies - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Jan. 01, 2019 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease liabilities | $ 112,110,000 | ||
Operating right-of-use assets | 111,775,000 | ||
Net income | 88,297,000 | $ 78,098,000 | |
Retained Earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net income | $ 0 | $ 88,297,000 | |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease liabilities | 106,500,000 | ||
Operating right-of-use assets | $ 106,500,000 |
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