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___ | |||||||
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, 2021 | December 31, 2020 | ||||||||||
ASSETS | (in thousands) | ||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Available for sale investments | |||||||||||
Accounts receivable, net of allowance for credit losses | |||||||||||
Unbilled revenue | |||||||||||
Other receivables | |||||||||||
Prepayments and other current assets | |||||||||||
Income taxes receivable | |||||||||||
Total current assets | |||||||||||
Other Assets: | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill | |||||||||||
Operating right-of-use assets | |||||||||||
Other non-current assets | |||||||||||
Non-current income taxes receivable | |||||||||||
Non-current deferred tax asset | |||||||||||
Equity method investments | |||||||||||
Investments in equity-long term | |||||||||||
Intangible assets | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Unearned revenue | |||||||||||
Other liabilities | |||||||||||
Income taxes payable | |||||||||||
Current bank credit lines and loan facilities | |||||||||||
Total current liabilities | |||||||||||
Other Liabilities: | |||||||||||
Non-current bank credit lines and loan facilities | |||||||||||
Non-current operating lease liabilities | |||||||||||
Non-current other liabilities | |||||||||||
Non-current government grants | |||||||||||
Non-current income taxes payable | |||||||||||
Non-current deferred tax liability | |||||||||||
Commitments and contingencies | |||||||||||
Total Liabilities | |||||||||||
Shareholders' Equity: | |||||||||||
Ordinary shares, par value | |||||||||||
Additional paid-in capital | |||||||||||
Other undenominated capital | |||||||||||
Accumulated other comprehensive income | ( | ( | |||||||||
Retained earnings | |||||||||||
Total Shareholders' Equity | |||||||||||
Total Liabilities and Shareholders' Equity | $ | $ |
Three Months Ended | ||||||||||||||
March 31, 2021 | March 31, 2020 | |||||||||||||
(in thousands except share and per share data) | ||||||||||||||
Revenue | $ | $ | ||||||||||||
Costs and expenses: | ||||||||||||||
Direct costs | ||||||||||||||
Selling, general and administrative expense | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Total costs and expenses | ||||||||||||||
Income from operations | ||||||||||||||
Interest income | ||||||||||||||
Interest expense | ( | ( | ||||||||||||
Income before provision for income taxes | ||||||||||||||
Provision for income taxes | ( | ( | ||||||||||||
Income before share of earnings from equity method investments | ||||||||||||||
Share of equity method investments | ( | |||||||||||||
Net income | ||||||||||||||
Net income attributable to noncontrolling interest | ( | |||||||||||||
Net income attributable to the Group | $ | $ | ||||||||||||
Net income per Ordinary Share attributable to the Group (note 11): | ||||||||||||||
Basic | $ | $ | ||||||||||||
Diluted | $ | $ | ||||||||||||
Weighted average number of Ordinary Shares outstanding: | ||||||||||||||
Basic | ||||||||||||||
Diluted |
Three Months Ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Gain)/loss on disposal of property, plant and equipment | ( | ||||||||||
Depreciation expense | |||||||||||
Reduction in carrying value of operating right-of-use assets | |||||||||||
Amortization of intangibles | |||||||||||
Amortization of government grants | ( | ( | |||||||||
Interest on non-current operating lease liability | |||||||||||
Realized gain on sale of short term investments | ( | ||||||||||
(Gain)/loss on re-measurement of financial assets | ( | ||||||||||
Loss on equity method investments | |||||||||||
Stock compensation expense | |||||||||||
Amortization of interest rate hedge | ( | ||||||||||
Amortization of financing costs | |||||||||||
Deferred taxes | ( | ( | |||||||||
Changes in assets and liabilities: | |||||||||||
Decrease in accounts receivable | |||||||||||
Decrease/(increase) in unbilled revenue | ( | ||||||||||
Decrease in other receivables | |||||||||||
Increase in prepayments and other current assets | ( | ( | |||||||||
(Increase)/decrease in other non-current assets | ( | ||||||||||
(Decrease)/increase in unearned revenue | ( | ||||||||||
(Decrease)/increase in other current liabilities | ( | ||||||||||
Decrease in operating lease liabilities | ( | ( | |||||||||
Increase in other non-current liabilities | |||||||||||
Increase in income taxes payable | |||||||||||
Decrease in accounts payable | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchase of property, plant and equipment | ( | ( | |||||||||
Purchase of subsidiary undertakings | ( | ||||||||||
Cash acquired with subsidiary undertaking | |||||||||||
Sale of available for sale investments | |||||||||||
Purchase of investments in equity - long term | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of equity compensation | |||||||||||
Share issue costs | ( | ( | |||||||||
Repurchase of ordinary shares | ( | ||||||||||
Share repurchase costs | ( | ||||||||||
Net cash used in financing activities | ( | ||||||||||
Effect of exchange rate movements on cash | ( | ( | |||||||||
Net increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
Group | |||||||||||||||||||||||
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, 2020 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||
Currency translation adjustment | — | — | — | — | ( | — | ( | ||||||||||||||||
Currency impact of long term funding (net of tax) | — | — | — | — | ( | — | ( | ||||||||||||||||
Amortization of interest rate hedge | — | — | — | — | — | ||||||||||||||||||
Total comprehensive income | — | — | — | — | ( | ||||||||||||||||||
Exercise of share options | — | — | — | ||||||||||||||||||||
Issue of restricted share units | — | — | — | — | |||||||||||||||||||
Non-cash stock compensation expense | — | — | — | — | — | ||||||||||||||||||
Share issuance costs | — | — | ( | — | — | — | ( | ||||||||||||||||
Share repurchase program | — | — | |||||||||||||||||||||
Share repurchase costs | — | — | — | — | — | ||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | $ |
Three Months Ended | ||||||||
March 31, 2021 | March 31, 2020 | |||||||
(in thousands) | ||||||||
Top client | $ | $ | ||||||
Clients 2-5 | ||||||||
Clients 6-10 | ||||||||
Clients 11-25 | ||||||||
Other | ||||||||
Total | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Contract assets: | |||||||||||
Billed services (accounts receivable) | $ | $ | |||||||||
Unbilled services (unbilled revenue) | |||||||||||
Accounts receivable and unbilled revenue | |||||||||||
Allowance for credit losses | ( | ( | |||||||||
Accounts receivable and unbilled revenue, net | $ | $ |
(in thousands, except percentages) | March 31, 2021 | December 31, 2020 | $ Change | % Change | |||||||||||||||||||
Unbilled services (unbilled revenue) | $ | $ | $ | ( | ( | % | |||||||||||||||||
Unearned revenue (payments on account) | ( | ( | ( | % | |||||||||||||||||||
Net balance | $ | ( | $ | ( | $ | ( | % |
Three Months Ended | Year Ended | ||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Opening balance | $ | $ | |||||||||
Current period acquisitions (Note 6) | |||||||||||
Prior period acquisitions | |||||||||||
Foreign exchange movement | ( | ||||||||||
Closing balance | $ | $ |
January 22, | |||||
2020 | |||||
(in thousands) | |||||
Cash & cash equivalents | $ | ||||
Property, plant and equipment | |||||
Operating right of use assets | |||||
Goodwill * | |||||
Customer relationships | |||||
Order backlog | |||||
Accounts receivable | |||||
Prepayments and other current assets | |||||
Accounts payable | ( | ||||
Unearned revenue | ( | ||||
Other liabilities | ( | ||||
Current lease liabilities | ( | ||||
Non-current lease liabilities | ( | ||||
Non-current deferred tax liability | ( | ||||
Net assets acquired | $ | ||||
Cash outflows | $ | ||||
Working capital adjustment paid | |||||
Contingent consideration ** | |||||
Total consideration | $ |
Ownership Percentage | Carrying Value | Carrying Value | |||||||||
March 31, 2021 | March 31, 2021 | December 31, 2020 | |||||||||
(in thousands) | |||||||||||
Oncacare Limited | % | $ | $ | ||||||||
Workforce reductions | Onerous Lease | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Initial restructuring charge recorded | $ | $ | $ | ||||||||||||||
Utilization | ( | ( | ( | ||||||||||||||
Foreign exchange movement | |||||||||||||||||
Provision at December 31, 2020 | |||||||||||||||||
Utilization | ( | ( | ( | ||||||||||||||
Foreign exchange movement | ( | ( | |||||||||||||||
Provision at March 31, 2021 | $ | $ | $ | ||||||||||||||
Minimum rental payments | |||||
(in thousands) | |||||
March 31, 2021 | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total future minimum lease payments (including related costs) | |||||
Lease imputed interest | ( | ||||
Total | $ |
Workforce reductions | Onerous Lease | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Initial restructuring charge recorded | $ | $ | $ | ||||||||||||||
Utilization | ( | ( | ( | ||||||||||||||
Provision at December 31, 2018 | $ | $ | $ | ||||||||||||||
Utilization | ( | ( | ( | ||||||||||||||
Provision at December 31, 2019 | $ | $ | $ | ||||||||||||||
Utilization | ( | ( | ( | ||||||||||||||
Provision at December 31, 2020 | $ | $ | $ | ||||||||||||||
Utilization | ( | ( | |||||||||||||||
Provision at March 31, 2021 | $ | $ | $ |
Three Months Ended | ||||||||
March 31, 2021 | March 31, 2020 | |||||||
(in thousands) | ||||||||
Operating lease costs | $ | $ | ||||||
Income from sub-leases | ( | ( | ||||||
Net operating lease costs | $ | $ |
Minimum rental payments | |||||
(in thousands) | |||||
March 31, 2021 | |||||
Due within 1 year | $ | ||||
Due between 1 and 5 years | |||||
Thereafter | |||||
Total future minimum lease payments | |||||
Lease imputed interest | ( | ||||
Total | $ |
Three Months Ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Provision for income taxes | $ | $ |
Three Months Ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
Weighted average number of ordinary shares outstanding for basic net income per ordinary share | |||||||||||
Effect of dilutive share options outstanding | |||||||||||
Weighted average number of ordinary shares outstanding for diluted net income per ordinary share |
Three Months Ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Net income attributable to the Group | $ | $ | |||||||||
Noncontrolling interest adjustment to redemption amount | ( | ||||||||||
Net income attributable to the Group (including NCI redemption adjustment) | $ | $ | |||||||||
Three Months Ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
Net income per Ordinary Share attributable to the Group (including NCI redemption adjustment): | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Options Outstanding Number of Shares | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life | ||||||||||||||||||||
Outstanding at December 31, 2020 | $ | $ | |||||||||||||||||||||
Granted | $ | $ | |||||||||||||||||||||
Exercised | $ | $ | |||||||||||||||||||||
Canceled/expired | $ | $ | |||||||||||||||||||||
Outstanding at March 31, 2021 | $ | $ | |||||||||||||||||||||
Exercisable at March 31, 2021 | $ | $ |
Options Outstanding Number of Shares | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | |||||||||||||||
Non-vested outstanding at December 31, 2020 | $ | $ | |||||||||||||||
Granted | $ | $ | |||||||||||||||
Vested | ( | $ | $ | ||||||||||||||
Forfeited | $ | $ | |||||||||||||||
Non-vested outstanding at March 31, 2021 | $ | $ |
Three Months Ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
Weighted average grant date fair value | $ | $ | |||||||||
Assumptions: | |||||||||||
Expected volatility | % | % | |||||||||
Dividend yield | % | % | |||||||||
Risk-free interest rate | % | % | |||||||||
Expected life |
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, 2020 | $ | $ | |||||||||||||||||||||||||||||||||
Granted | $ | $ | |||||||||||||||||||||||||||||||||
Shares vested | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Forfeited | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Outstanding at March 31, 2021 | $ | $ |
Three Months Ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Direct costs | $ | $ | |||||||||
Selling, general and administrative | |||||||||||
$ | $ |
Three Months Ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Ireland * | $ | $ | |||||||||
Rest of Europe | |||||||||||
U.S. | |||||||||||
Rest of World | |||||||||||
Total | $ | $ |
Three Months Ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Ireland | $ | $ | |||||||||
Rest of Europe | |||||||||||
U.S. | |||||||||||
Rest of World | |||||||||||
Total | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Ireland | $ | $ | |||||||||
Rest of Europe | |||||||||||
U.S. | |||||||||||
Rest of World | |||||||||||
Total | $ | $ | |||||||||
Three Months Ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Ireland | $ | $ | |||||||||
Rest of Europe | |||||||||||
U.S. | |||||||||||
Rest of World | |||||||||||
Total | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Ireland | $ | $ | |||||||||
Rest of Europe | |||||||||||
U.S. | |||||||||||
Rest of World | |||||||||||
Total | $ | $ |
Three Months Ended | |||||||||||||||||
March 31, 2021 | March 31, 2020 | 2020 to 2021 | |||||||||||||||
Percentage of Revenue | Percentage Increase/ (Decrease) | ||||||||||||||||
Revenue | 100.0 | % | 100.0 | % | 20.0 | % | |||||||||||
Costs and expenses: | |||||||||||||||||
Direct costs | 73.0 | % | 70.7 | % | 23.9 | % | |||||||||||
Selling, general and administrative | 11.5 | % | 12.2 | % | 13.0 | % | |||||||||||
Depreciation | 1.5 | % | 1.5 | % | 11.5 | % | |||||||||||
Amortization | 0.5 | % | 0.7 | % | (4.6) | % | |||||||||||
Income from operations | 13.5 | % | 14.9 | % | 9.1 | % |
Three Months Ended March 31, | Change | |||||||||||||
(dollars in thousands) | 2021 | 2020 | $ | % | ||||||||||
Revenue | $ | 858,198 | $ | 715,102 | $ | 143,096 | 20.0 | % |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | Change | ||||||||
Direct costs | $ | 626,244 | $ | 505,293 | $ | 120,951 | |||||
% of revenue | 73.0 | % | 70.7 | % | 23.9 | % |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | Change | ||||||||
Selling, general and administrative expenses | $ | 98,535 | $ | 87,196 | $ | 11,339 | |||||
% of revenue | 11.5 | % | 12.2 | % | 13.0 | % |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | Change | ||||||||
Depreciation | $ | 12,722 | $ | 11,413 | $ | 1,309 | |||||
% of revenue | 1.5 | % | 1.5 | % | 11.5 | % | |||||
Amortization | $ | 4,683 | $ | 4,909 | $ | (226) | |||||
% of revenue | 0.5 | % | 0.7 | % | (4.6) | % |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | Change | ||||||||
Income from operations | $ | 116,014 | $ | 106,291 | $ | 9,723 | |||||
% of revenue | 13.5 | % | 14.9 | % | 9.1 | % | |||||
Income from operations (excl. transaction costs) | $ | 128,515 | $ | 106,291 | $ | 22,224 | |||||
% of revenue (excl. transaction costs) | 15.0 | % | 14.9 | % | 20.9 | % |
Three Months Ended March 31, | Change | |||||||||||||
(dollars in thousands) | 2021 | 2020 | $ | % | ||||||||||
Interest income | $ | 257 | $ | 1,809 | $ | (1,552) | (85.8) | % | ||||||
Interest expense | $ | (2,727) | $ | (3,181) | $ | 454 | (14.3) | % |
Three Months Ended March 31, | Change | ||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Income tax expense | $ | 16,148 | $ | 12,590 | $ | 3,558 | |||||
Effective income tax rate | 14.2 | % | 12.0 | % | 28.3 | % | |||||
Income tax expense (excl. transaction costs) | $ | 16,432 | $ | 12,590 | $ | 3,842 | |||||
Effective income tax rate (excl. transaction costs) | 13.0 | % | 12.0 | % | 30.5 | % |
Balance December 31, 2020 | Drawn down/ (repaid) | Net cash inflow/ (outflow) | Other non- cash adjustments | Effect of exchange rates | Balance March 31, 2021 | ||||||||||||||||||||||||||||||
$ (in thousands) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 840,305 | — | 102,617 | — | (467) | 942,455 | |||||||||||||||||||||||||||||
Available for sale investments | 1,729 | — | — | — | — | 1,729 | |||||||||||||||||||||||||||||
Private placement notes | (348,477) | — | — | (115) | — | (348,592) | |||||||||||||||||||||||||||||
493,557 | — | 102,617 | (115) | (467) | 595,592 |
ICON plc | |||||||||||
/s/Brendan Brennan | |||||||||||
Date: | April 30, 2021 | Brendan Brennan | |||||||||
Chief Financial Officer |
Cover |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Document Fiscal Year Focus | 2021 |
Entity Registrant Name | ICON plc |
Amendment Flag | false |
Document Fiscal Period Focus | Q1 |
Entity Central Index Key | 0001060955 |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Mar. 31, 2021 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - € / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value (in EUR cents per share) | € 6 | € 6 |
Ordinary shares, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Ordinary shares, shares issued (in shares) | 52,858,190 | 52,788,093 |
Ordinary shares, shares outstanding (in shares) | 52,858,190 | 52,788,093 |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (UNAUDITED) - 3 months ended Mar. 31, 2021 - USD ($) $ in Thousands |
Total |
Ordinary Shares |
Additional Paid-in Capital |
Other Undenominated Capital |
Accumulated Other Comprehensive Income |
Retained Earnings |
---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2020 | 52,788,093 | 52,788,093 | ||||
Beginning balance at Dec. 31, 2020 | $ 1,850,236 | $ 4,580 | $ 617,104 | $ 1,134 | $ (35,477) | $ 1,262,895 |
Comprehensive income: | ||||||
Net income | 97,122 | 97,122 | ||||
Currency translation adjustment | (19,151) | (19,151) | ||||
Currency impact of long term funding (net of tax) | (402) | (402) | ||||
Amortization of interest rate hedge | 56 | 56 | ||||
Total comprehensive income | 77,625 | (19,497) | 97,122 | |||
Exercise of share options (in shares) | 0 | |||||
Exercise of share options | 0 | $ 0 | 0 | |||
Issue of restricted share units (in shares) | 70,097 | |||||
Issue of restricted share units | 5 | $ 5 | ||||
Non-cash stock compensation expense | 6,310 | 6,310 | ||||
Share issuance costs | (5) | (5) | ||||
Share repurchase program (in shares) | 0 | |||||
Share repurchase program | 0 | $ 0 | 0 | 0 | ||
Share repurchase costs | $ 0 | 0 | ||||
Ending balance (in shares) at Mar. 31, 2021 | 52,858,190 | 52,858,190 | ||||
Ending balance at Mar. 31, 2021 | $ 1,934,171 | $ 4,585 | $ 623,409 | $ 1,134 | $ (54,974) | $ 1,360,017 |
Basis of presentation |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
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, 2020 (see note 2 - Significant accounting policies for impact of adoption of any new accounting standards). Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal period ending December 31, 2021.
|
Significant accounting policies |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies Redeemable noncontrolling interests and equity On May 23, 2019, ICON acquired a majority ownership interest in MeDiNova. Included in the purchase agreement are put and call option arrangements with the noncontrolling interest holders that require (put option) or enable (call option) ICON to purchase the remaining minority ownership at a future date. The option is accounted for as temporary equity, which is presented separately as redeemable noncontrolling interest on the Condensed Consolidated Balance Sheet. This classification reflects the assessment that the instruments are contingently redeemable in accordance with ASC 480-10-S99 'Distinguishing Liabilities from Equity'. Redeemable noncontrolling interests are accreted to their redemption value over the period from the date of issuance to the first date on which the option is exercisable. The change in the option's redemption value is recorded against retained earnings. In a computation of earnings per share, the accretion of redeemable noncontrolling interests to their redemption value is a reduction of net income attributable to the Group. Basic and diluted net income per ordinary share attributable to the Group includes the adjustment to reflect the accretion of the noncontrolling interest to its redemption value. On March 9, 2020 ICON exercised its option to call the outstanding shares in the noncontrolling interest to take 100% ownership of MeDiNova. On exercise of the call option, the noncontrolling interest is extinguished and a liability was recorded for the amount payable to the former noncontrolling interest holders. This liability was settled on July 17, 2020 for $43.9 million. Financial assets - credit losses On January 1, 2020, the Group adopted ASU 2016-13 'Measurement of Credit Losses on Financial Instruments (ASC 326)', which significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. The update provides guidance on the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The amendment replaces the current incurred loss impairment approach with a methodology to reflect expected credit losses and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The Group adopted ASC 326 using the modified retrospective method for all in scope financial assets. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The impact of transitioning to the new standard at January 1, 2020 was immaterial and no adjustment was recorded to retained earnings for the cumulative effect of adopting ASC 326. On transition to ASC 326, the Group has revised the methodology to calculate the allowance for credit losses. The Group's estimate of expected credit losses considers historical credit loss information that is adjusted, where necessary, for current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The Group's receivables and unbilled services are predominantly due from large and mid-tier pharmaceutical and biotechnology companies that share similar risk characteristics. The Group monitors their portfolio of receivables and unbilled services for any deterioration in current or expected credit quality (for example, expected delinquency level), and adjusts the allowance for credit losses as required. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in the Condensed Consolidated Statement of Operations. Losses are charged against the allowance when management believes the uncollectibility of a previously provisioned amount is confirmed. Leases The new leasing standard ( 'Leases') was effective and adopted by ICON from January 1, 2019. ASC 842 'Leases' supersedes the 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. ICON adopted the new standard under the . Under this transition method, the new standard is applied from January 1, 2019 without restatement of comparative period amounts. Operating lease liabilities and right-of-use assets of $106.5 million were recorded on the Condensed Consolidated Balance Sheet as at January 1, 2019. There was no impact of adopting ASC 842 on opening retained earnings at January 1, 2019.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Revenue disaggregated by customer profile is as follows:
Accounts receivables and unbilled revenue are as follows:
Unbilled services and unearned revenue or 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 services 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 or billed in advance of the revenue being earned. 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. As there is no contractual right to set-off between unbilled services (contract assets) and unearned revenue (contract liabilities), each are separately presented gross on the Condensed Consolidated Balance Sheet. Unbilled services as at March 31, 2021 decreased by $12.3 million compared to December 31, 2020. Unearned revenue decreased by $50.4 million over the same period resulting in an increase of $38.1 million in the net balance of unbilled services and unearned revenue or payments on account between December 31, 2020 and March 31, 2021. These fluctuations are primarily due to timing of payments and invoicing related to the Group's clinical trial management contracts. Billings and payments are established by contractual provisions including predetermined payment schedules which may or may not correspond to the timing of the transfer of control of the Company's services under the contract. Unbilled services arise from long-term contracts when a cost-based input method of revenue recognition is applied and revenue recognized exceeds the amount billed to the customer. The credit loss expense and allowance for credit losses recognized on the Group's receivables and unbilled services was de minimis for the three months ended March 31, 2021 and March 31, 2020. As of March 31, 2021 approximately $6.5 billion (March 31, 2020: $5.4 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 42% of the unsatisfied performance obligation over the next 12 months, with the remainder recognized thereafter over the duration of the customer contracts.
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Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities) | Revenue Revenue disaggregated by customer profile is as follows:
Accounts receivables and unbilled revenue are as follows:
Unbilled services and unearned revenue or 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 services 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 or billed in advance of the revenue being earned. 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. As there is no contractual right to set-off between unbilled services (contract assets) and unearned revenue (contract liabilities), each are separately presented gross on the Condensed Consolidated Balance Sheet. Unbilled services as at March 31, 2021 decreased by $12.3 million compared to December 31, 2020. Unearned revenue decreased by $50.4 million over the same period resulting in an increase of $38.1 million in the net balance of unbilled services and unearned revenue or payments on account between December 31, 2020 and March 31, 2021. These fluctuations are primarily due to timing of payments and invoicing related to the Group's clinical trial management contracts. Billings and payments are established by contractual provisions including predetermined payment schedules which may or may not correspond to the timing of the transfer of control of the Company's services under the contract. Unbilled services arise from long-term contracts when a cost-based input method of revenue recognition is applied and revenue recognized exceeds the amount billed to the customer. The credit loss expense and allowance for credit losses recognized on the Group's receivables and unbilled services was de minimis for the three months ended March 31, 2021 and March 31, 2020. As of March 31, 2021 approximately $6.5 billion (March 31, 2020: $5.4 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 42% of the unsatisfied performance obligation over the next 12 months, with the remainder recognized thereafter over the duration of the customer contracts.
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Goodwill |
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Goodwill | Goodwill
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Business combinations |
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Business combinations | Business combinations Acquisitions – MedPass Group ("MedPass") On January 22, 2020 a subsidiary of the Company, ICON Investments Limited acquired 100% of the equity share capital of the MedPass Group. MedPass is the leading European medical device CRO, regulatory and reimbursement consultancy, that specializes in medical device development and market access. The acquisition of MedPass further enhances ICON’s Medical Device and Diagnostic Research services, through the addition of new regulatory and clinical capabilities in Europe. The integration of MedPass’s services brings noted expertise in complex class 3 medical devices, interventional cardiology and structural heart devices. Accounting for the acquisition of MedPass was finalized in the period ended December 31, 2020. The acquisition of MedPass has been accounted for as a business combination in accordance with ASC 805 'Business Combinations'. The Company has made an 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 that specializes in medical device development and market access. None of the goodwill recognized is expected to be deductible for income tax purposes. ** The fair value of the contingent consideration was estimated at the date of acquisition as $Nil. Depending on performance of MedPass for the 12 month period ended December 31, 2020, the total consideration could have increased by a maximum of $6.7 million in contingent consideration. In January 2021, the contingent consideration was finalized and a value of $Nil was payable. Acquisitions – CRN Holdings LLC (trading as Symphony Clinical Research ("Symphony")) On September 24, 2019 a subsidiary of the Company, ICON Clinical Research LLC, acquired a 100% interest in Symphony. Symphony is a leading provider of at-home trial services and site support services. The acquisition of Symphony further enhances our site & patient services offering. Accounting for the acquisition of Symphony was finalized in the period ended September 30, 2020. The total consideration was $37.8 million and resulted in the recognition of $22.9 million in Goodwill. The total consideration included $2.5 million in contingent consideration, which was dependent on Symphony meeting certain revenue targets. The fair value of the contingent consideration was estimated at the date of acquisition. On June 12, 2020 the contingent consideration was settled at its revised fair value in the amount of $0.5 million. The change in fair value has been recorded in the selling, general and administrative expense line of the Condensed Consolidated Statement of Operations in the year ended December 31, 2020. Acquisitions – MeDiNova On May 23, 2019 a subsidiary of the Company, ICON Clinical Research (U.K.) Limited acquired a 60% majority shareholding in MeDiNova, a site network with research sites in key markets in Europe and Africa. On March 9, 2020 ICON exercised its option to call the outstanding shares in the noncontrolling interest to take 100% ownership of MeDiNova. The acquisition further enhances ICON's patient recruitment capabilities in EMEA and complements ICON's existing site network in the US, PMG Research. Accounting for the acquisition of MeDiNova was finalized in the period ended June 30, 2020. The total consideration was $86.2 million and resulted in the recognition of $81.8 million in Goodwill. The total consideration included $32.6 million to reflect the fair value of the redeemable noncontrolling interest. The fair value of the redeemable noncontrolling interest was estimated by applying an income based approach. The valuation approach used was based on the future earnings of the company times an appropriate earnings multiple. Effective from March 9, 2020, the noncontrolling interest was derecognized and a liability was recognized, representing the assessment of the redemption value of the noncontrolling interest. This liability was settled on July 17, 2020 for $43.9 million. Acquisitions – MolecularMD Corp ("MMD") On January 25, 2019 a subsidiary of the Company, ICON Laboratory Services, Inc. acquired 100% of the share capital of MMD. MMD is a molecular diagnostic specialty laboratory that enables the development and commercialization of precision medicines in oncology. Accounting for the acquisition of MMD was finalized in the year ended December 31, 2019. The total consideration was $42.2 million and resulted in the recognition of $22.4 million in Goodwill.
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Equity method investments |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investments | Equity method investments The Company has invested $4.9 million to obtain a 49% interest in the voting share capital of Oncacare Limited ("Oncacare"). The Company’s investment in Oncacare is accounted for under the equity method due to the Company's ability to exercise significant influence over Oncacare that is considered to be greater than minor. The Company records its pro rata share of the earnings/losses of this investment in 'Share of equity method investments' in the Condensed Consolidated Statement of Operations. See additional details in note 2 - Significant accounting policies. The majority investor has the right to sell the 51% majority voting share capital exclusively to the Company in a two and half year period commencing January 1, 2023 and ICON also has the right to acquire the 51% majority voting share capital from August 1, 2025. The following table represents our equity method investments at March 31, 2021:
The Company has invested $4.9 million in Oncacare, of which, $2.5 million has been paid with the remainder to be paid in the next twelve months. The Company has recorded a loss of $0.3 million representing its pro rata share of the losses in Oncacare for the three month period ended March 31, 2021.
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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, 2021 (March 31, 2020: $Nil). Prior Period Restructuring charges A restructuring charge of $18.1 million was recognized in the year ended December 31, 2020 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 $11.4 million and office consolidation resulting in a charge for onerous lease obligations of $6.7 million, including the recognition of an impairment of right of use assets of $5.4 million and provision for other related costs of $1.3 million. No additional charge was recorded during the three months ended March 31, 2021.
Future minimum lease payments (including related costs), associated with the 2020 restructuring plan, under the non-cancelable onerous leases as at March 31, 2021 were as follows:
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. No additional charge was recorded during the three months ended March 31, 2021.
At March 31, 2021, $5.2 million is included within other liabilities and $3.1 million within non-current other liabilities.
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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, 2021 and March 31, 2020 were as follows:
Of the total cost of $7.6 million incurred in the three months ended March 31, 2021 (March 31, 2020: $7.8 million), $7.0 million (March 31, 2020: $7.1 million) is recorded within selling, general and administration costs and $0.6 million (March 31, 2020: $0.7 million) is recorded within direct costs. During the three months ended March 31, 2021 and March 31, 2020, costs incurred by the Group related to variable lease payments was de minimis. Right-of-use assets obtained during the three months ended March 31, 2021 excluding early termination options, now reasonably certain to be exercised of $4.2 million, totaled $2.9 million (March 31, 2020: $4.3 million). The weighted average remaining lease term and weighted-average discount rate at March 31, 2021 were 4.04 years and 2.54%, respectively. Future minimum lease payments under non-cancelable leases as of March 31, 2021 were as follows:
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Income taxes |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes Income taxes recognized during the three months ended March 31, 2021 and March 31, 2020, comprise:
As at March 31, 2021 the Company maintains a $19.3 million liability (December 31, 2020: $19.6 million) for unrecognized tax benefit, which is comprised of $18.8 million (December 31, 2020: $19.1 million) related to items generating unrecognized tax benefits and $0.5 million (December 31, 2020: $0.5 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 audit by the major tax jurisdictions where the Company does business are the 2016 through 2020 tax years. During such audits, local tax authorities may challenge the positions taken by us in our tax returns.
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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 attributable to the Group 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. Basic and diluted net income per ordinary share attributable to the Group includes the adjustment to reflect the accretion of the noncontrolling interest in MeDiNova to its redemption value. The reconciliation of the number of shares used in the computation of basic and diluted net income per ordinary share is as follows:
The reconciliation of net income attributable to the Group and net income attributable to the Group (including NCI redemption amount) as used to calculate net income per ordinary share attributable to the Group is as follows:
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Share-based awards |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 0.4 million 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 0.4 million 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 0.4 million 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 during 2018 vest over 12 months and expire eight years from the date of grant. The maximum contractual term of options outstanding at March 31, 2021 is eight years. The following table summarizes option activity for the three months ended March 31, 2021:
The Company has outstanding options with fair values ranging from $11.78 to $48.36 per option or a weighted average fair value of $24.18 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, 2021 was 318,676. Fully vested share options at March 31, 2021 have an average remaining contractual term of 3.83 years, an average exercise price of $92.36 and a total intrinsic value of $33.1 million. The total intrinsic value of options exercised during the three months ended March 31, 2021 was $Nil (March 31, 2020: $3.5 million). The following table summarizes the movement in non-vested share options for the three months ended March 31, 2021:
Fair value of Stock Options Assumptions The weighted average fair value of options granted during the three months ended March 31, 2021 and March 31, 2020 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 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. On April 30 2019, the Company approved the 2019 Consultants and Directors Restricted Share Unit Plan (the “2019 Consultants RSU Plan”), which was effective as of May 16, 2019, pursuant to which the Compensation and Organization Committee of the Company’s Board of Directors may select any consultant, adviser or non-executive Director retained by the Company, or a Subsidiary to receive an award under the plan. 250,000 ordinary shares have been reserved for issuance under the 2019 Consultants RSU Plan. The awards are at par value and vest over a service period. Awards granted to non-executive directors during 2019 and 2020 vest over twelve months. 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, 2021:
The fair value of PSUs vested for the three months ended March 31, 2021 totaled $4.8 million (full year 2020: $5.3 million). The fair value of RSUs vested for the three months ended March 31, 2021 totaled $3.8 million (full year 2020: $14.3 million). The PSUs vest based on service and specified EPS targets over the periods 2018 – 2020, 2019 – 2021, 2020 – 2022 and 2021 - 2023. Depending on the amount of EPS from 2018 to 2023, up to an additional 83,334 PSUs may also be granted. Non-cash stock compensation expense Non-cash stock compensation expense for the three months ended March 31, 2021 and March 31, 2020 has been allocated as follows:
Total non-cash stock compensation expense not yet recognized at March 31, 2021 amounted to $61.7 million. The weighted average period over which this is expected to be recognized is 2.43 years.
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Share capital |
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Mar. 31, 2021 | |
Equity [Abstract] | |
Share capital | Share capital 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. On January 8, 2019, the Company commenced a share buyback program of up to 1.0 million ordinary shares which was completed during the year ended December 31, 2019 for total consideration of $141.6 million. On October 22, 2019, the Company commenced a further share buyback program. At December 31, 2019, 35,100 ordinary shares were redeemed for a total consideration of $5.3 million. During the year ended December 31, 2020, 1,235,218 ordinary shares were redeemed by the Company under this buyback program for a total consideration of $175.0 million. During the three months ended March 31, 2021, no ordinary shares were redeemed by the Company under this buyback program 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. 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 other undenominated capital reserve as required under Irish Company Law.
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Business segment information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business segment information | Business segment information The Company determines and presents operating segments based on the information that is internally provided to the chief operating decision maker, the (‘CODM’) in accordance with ASC 280 'Segment Reporting'. 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, Austria, Belgium, Bulgaria, Czechia, France, Germany, Hungary, Italy, Latvia, Poland, Portugal, Romania, Russia, Serbia, Spain, Sweden, Switzerland, The Netherlands, Turkey, Ukraine, Canada, Argentina, Brazil, Chile, Colombia, Mexico, Peru, China (including Hong Kong), India, Israel, Japan, Malaysia, Singapore, South Korea, The Philippines, Taiwan, Thailand, Australia, New Zealand and South Africa. The geographical distribution of the Company’s segment measures as at March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and March 31, 2020 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 long-lived assets (including right-of-use assets), net, by geographical area was as follows:
d) The distribution of depreciation, amortization and reduction in carrying value of the right-of-use assets 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 |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of change in accounting policies | Impact of change in accounting policies ASC 326 Financial Instruments - Credit Losses ASU 2016-13 'Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments' (ASU 2016-13) was effective, and adopted by the Group, from January 1, 2020. Primarily, ASU 2016-13 introduces an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The objectives of previous loss methodologies for instruments within the scope of this update generally delayed recognition of the full amount of credit losses until the loss was probable of occurring. Under ASU 2016-13, losses reflect an entity’s current estimate of all expected credit losses including, in addition to the consideration of past events and current conditions, as under the current guidance, incorporating the use of forecast information to provide more timely and accurate credit loss estimates. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with ASC 842 on leases. In addition, ASC 326 changed the accounting for available-for-sale (AFS) debt securities to require credit losses to be presented as an allowance rather than as a write-down to align the income statement recognition of credit losses on AFS debt securities with the reporting period in which the changes occur. The Group adopted ASC 326 using the modified retrospective method on January 1, 2020. The adoption of ASC 326 did not have a material impact on the Group and there was no impact of adopting ASC 326 on opening balances at January 1, 2020.
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Significant accounting policies (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Redeemable noncontrolling interests and equity | Redeemable noncontrolling interests and equity On May 23, 2019, ICON acquired a majority ownership interest in MeDiNova. Included in the purchase agreement are put and call option arrangements with the noncontrolling interest holders that require (put option) or enable (call option) ICON to purchase the remaining minority ownership at a future date. The option is accounted for as temporary equity, which is presented separately as redeemable noncontrolling interest on the Condensed Consolidated Balance Sheet. This classification reflects the assessment that the instruments are contingently redeemable in accordance with ASC 480-10-S99 'Distinguishing Liabilities from Equity'. Redeemable noncontrolling interests are accreted to their redemption value over the period from the date of issuance to the first date on which the option is exercisable. The change in the option's redemption value is recorded against retained earnings. In a computation of earnings per share, the accretion of redeemable noncontrolling interests to their redemption value is a reduction of net income attributable to the Group. Basic and diluted net income per ordinary share attributable to the Group includes the adjustment to reflect the accretion of the noncontrolling interest to its redemption value.
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New accounting pronouncements | Financial assets - credit losses On January 1, 2020, the Group adopted ASU 2016-13 'Measurement of Credit Losses on Financial Instruments (ASC 326)', which significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. The update provides guidance on the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The amendment replaces the current incurred loss impairment approach with a methodology to reflect expected credit losses and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The Group adopted ASC 326 using the modified retrospective method for all in scope financial assets. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The impact of transitioning to the new standard at January 1, 2020 was immaterial and no adjustment was recorded to retained earnings for the cumulative effect of adopting ASC 326. On transition to ASC 326, the Group has revised the methodology to calculate the allowance for credit losses. The Group's estimate of expected credit losses considers historical credit loss information that is adjusted, where necessary, for current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The Group's receivables and unbilled services are predominantly due from large and mid-tier pharmaceutical and biotechnology companies that share similar risk characteristics. The Group monitors their portfolio of receivables and unbilled services for any deterioration in current or expected credit quality (for example, expected delinquency level), and adjusts the allowance for credit losses as required. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in the Condensed Consolidated Statement of Operations. Losses are charged against the allowance when management believes the uncollectibility of a previously provisioned amount is confirmed. Leases The new leasing standard ( 'Leases') was effective and adopted by ICON from January 1, 2019. ASC 842 'Leases' supersedes the 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. ICON adopted the new standard under the . Under this transition method, the new standard is applied from January 1, 2019 without restatement of comparative period amounts. Operating lease liabilities and right-of-use assets of $106.5 million were recorded on the Condensed Consolidated Balance Sheet as at January 1, 2019. There was no impact of adopting ASC 842 on opening retained earnings at January 1, 2019.
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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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Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities) (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contracts with Customers, Asset and Liabilities | Accounts receivables and unbilled revenue are as follows:
Unbilled services and unearned revenue or 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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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 that specializes in medical device development and market access. None of the goodwill recognized is expected to be deductible for income tax purposes. ** The fair value of the contingent consideration was estimated at the date of acquisition as $Nil. Depending on performance of MedPass for the 12 month period ended December 31, 2020, the total consideration could have increased by a maximum of $6.7 million in contingent consideration. In January 2021, the contingent consideration was finalized and a value of $Nil was payable.
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Equity method investments (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investments | The following table represents our equity method investments at March 31, 2021:
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Restructuring (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of movement in restructuring charge |
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Schedule of Operating Lease Maturity | Future minimum lease payments (including related costs), associated with the 2020 restructuring plan, under the non-cancelable onerous leases as at March 31, 2021 were as follows:
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Operating leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Costs | Lease costs recorded under operating leases for the three months ended March 31, 2021 and March 31, 2020 were as follows:
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Schedule of Operating Lease Maturity | Future minimum lease payments (including related costs), associated with the 2020 restructuring plan, under the non-cancelable onerous leases as at March 31, 2021 were as follows:
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Income taxes (Tables) |
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Schedule of Components of Income Tax Expense | Income taxes recognized during the three months ended March 31, 2021 and March 31, 2020, comprise:
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Net income per ordinary share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The reconciliation of the number of shares used in the computation of basic and diluted net income per ordinary share is as follows:
The reconciliation of net income attributable to the Group and net income attributable to the Group (including NCI redemption amount) as used to calculate net income per ordinary share attributable to the Group is as follows:
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Share-based awards (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share Option Activity | The following table summarizes option activity for the three months ended March 31, 2021:
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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, 2021:
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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, 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Non-cash Stock Compensation Expense | Non-cash stock compensation expense for the three months ended March 31, 2021 and March 31, 2020 has been allocated as follows:
|
Business segment information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Revenue by Geographical Area | The distribution of revenue by geographical area was as follows:
|
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Distribution of income from operations by geographical area | The distribution of income from operations by geographical area was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Long-lived Assets, Net, by Geographical Area | The distribution of long-lived assets (including right-of-use assets), net, by geographical area was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Depreciation and Amortization by Geographical Area | The distribution of depreciation, amortization and reduction in carrying value of the right-of-use assets by geographical area was as follows:
|
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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, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 858,198 | $ 715,102 |
Top client | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 164,294 | 81,267 |
Clients 2-5 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 229,900 | 203,741 |
Clients 6-10 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 124,098 | 88,191 |
Clients 11-25 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 141,124 | 124,618 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 198,782 | $ 217,285 |
Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities) - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||
Billed services (accounts receivable) | $ 666,728 | $ 722,420 |
Unbilled services (unbilled revenue) | 416,352 | 428,684 |
Accounts receivable and unbilled revenue | 1,083,080 | 1,151,104 |
Allowance for credit losses | (7,018) | (7,149) |
Accounts receivable and unbilled revenue, net | 1,076,062 | 1,143,955 |
Change in unbilled services (unbilled revenue) | $ (12,332) | |
Percentage change in unbilled services (unbilled revenue) | (2.90%) | |
Unearned revenue (payments on account) | $ (610,477) | (660,883) |
Change in unearned revenue (payments on account) | $ 50,406 | |
Percentage change in unearned revenue (payments on account) | (7.60%) | |
Net balance | $ (194,125) | $ (232,199) |
Change in net balance | $ 38,074 | |
Percentage change in net balance | (16.40%) |
Accounts receivable, unbilled revenue (contract assets) and unearned revenue or payments on account (contract liabilities) - Narrative (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Decrease in unbilled services (unbilled revenue) | $ (12,332) |
Decrease in unearned revenue (payments on account) | (50,406) |
Increase in net balance | 38,074 |
Revenue, remaining performance obligation | $ 6,500,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | 42.00% |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Goodwill [Roll Forward] | ||
Opening balance | $ 936,257 | $ 883,170 |
Current period acquisitions (Note 6) | 0 | 27,191 |
Prior period acquisitions | 0 | 123 |
Foreign exchange movement | (8,519) | 25,773 |
Closing balance | $ 927,738 | $ 936,257 |
Equity method investments (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Jul. 24, 2020 |
|
Equity Method Investments and Joint Ventures [Abstract] | ||||
Oncacare Limited | $ 4,260 | $ 4,534 | $ 4,900 | |
Equity method investment, ownership percentage | 49.00% | |||
Equity method investment, majority ownership percentage | 51.00% | |||
Equity method investment, period majority voting share capital can be sold to the company | 2 years 6 months | |||
Payments to Acquire Equity Method Investments | $ 2,500 | |||
Share of equity method investments | $ (274) | $ 0 |
Restructuring charges - Future Minimum Lease Payments (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Operating Lease - Future Minimum Lease Payments [Line Items] | |
Total future minimum lease payments | $ 80,495 |
Lease imputed interest | (4,528) |
Total | 75,967 |
Onerous Lease | Resource rationalization, 2020 | |
Operating Lease - Future Minimum Lease Payments [Line Items] | |
2021 | 1,928 |
2022 | 1,907 |
2023 | 1,004 |
2024 | 140 |
2025 | 140 |
Thereafter | 397 |
Total future minimum lease payments | 5,516 |
Lease imputed interest | (438) |
Total | $ 5,078 |
Operating leases - Lease Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Leases [Abstract] | ||
Operating lease costs | $ 7,789 | $ 8,089 |
Income from sub-leases | (211) | (268) |
Net operating lease costs | $ 7,578 | $ 7,821 |
Operating leases - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Lessee, Lease, Description [Line Items] | ||
Total lease cost | $ 7,578 | $ 7,821 |
Early termination options reasonably certain to be exercised | 4,200 | |
Right-of-use assets obtained in exchange for lease obligations | $ 2,900 | 4,300 |
Weighted average remaining lease term | 4 years 14 days | |
Weighted average discount rate | 2.54% | |
Other liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities | $ 23,800 | 24,800 |
Selling, general and administration costs | ||
Lessee, Lease, Description [Line Items] | ||
Total lease cost | 7,000 | 7,100 |
Direct costs | ||
Lessee, Lease, Description [Line Items] | ||
Total lease cost | $ 600 | $ 700 |
Operating leases - Operating Lease Maturity (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
Due within 1 year | $ 25,393 |
Due between 1 and 5 years | 47,653 |
Thereafter | 7,449 |
Total future minimum lease payments | 80,495 |
Lease imputed interest | (4,528) |
Total | $ 75,967 |
Income taxes - Income Taxes Recognized During Period (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 16,148 | $ 12,590 |
Income taxes - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Liability for unrecognized tax benefit | $ 19.3 | $ 19.6 |
Items generating unrecognized tax benefits | 18.8 | 19.1 |
Interest and related penalties | $ 0.5 | $ 0.5 |
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, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Weighted average number of ordinary shares outstanding for basic net income per ordinary share (in shares) | 52,811,460 | 53,348,355 |
Effect of dilutive share options outstanding (in shares) | 498,993 | 556,667 |
Weighted average number of ordinary shares outstanding for diluted net income per ordinary share (in shares) | 53,310,453 | 53,905,022 |
Net income per ordinary share - Reconciliation of Net Income Attributable to the Group and Net Income Attributable To the Group (Including NCI Redemption Amount) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Net income attributable to the Group | $ 97,122 | $ 91,696 |
Noncontrolling interest adjustment to redemption amount | 0 | (4,522) |
Net income attributable to the Group (including NCI redemption adjustment) | $ 97,122 | $ 87,174 |
Net income per Ordinary Share attributable to the Group (including NCI redemption adjustment): | ||
Basic (USD per share) | $ 1.84 | $ 1.63 |
Diluted (USD per share) | $ 1.82 | $ 1.62 |
Share-based awards - Summary of Movement in Non-Vested Share Options (Details) - Employee Stock Option - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Options Outstanding Number of Shares | ||
Non-vested outstanding at beginning of period (in shares) | 328,901 | |
Granted (in shares) | 95,287 | |
Vested (in shares) | (93,831) | |
Forfeited (in shares) | 0 | |
Non-vested outstanding at end of period (in shares) | 330,357 | |
Weighted Average Exercise Price | ||
Non-vested outstanding at beginning of period (USD per share) | $ 125.89 | |
Granted (USD per share) | 174.96 | |
Vested (USD per share) | 114.50 | |
Forfeited (USD per share) | 0 | |
Non-vested outstanding at end of period (USD per share) | 143.28 | |
Weighted Average Grant Date Fair Value | ||
Non-vested outstanding at beginning of period (USD per share) | 36.24 | |
Granted (USD per share) | 48.36 | $ 42.11 |
Vested (USD per share) | 33.29 | |
Forfeited (USD per share) | 0 | |
Non-vested outstanding at end of period (USD per share) | $ 40.57 |
Share-based awards - Schedule of Weighted Average Fair Values and Assumptions Used (Details) - Employee Stock Option - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value | $ 48.36 | $ 42.11 | ||
Assumptions: | ||||
Expected volatility | 30.00% | 28.00% | ||
Dividend yield | 0.00% | 0.00% | ||
Risk-free interest rate | 0.73% | 0.78% | ||
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, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 6,394 | $ 6,069 |
Direct costs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | 2,055 | 1,835 |
Selling, general and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 4,339 | $ 4,234 |
Share capital (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2019 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Jan. 08, 2019 |
|
Equity, Class of Treasury Stock [Line Items] | |||||
Shares redeemed, value | $ 0 | ||||
Buyback Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share repurchase program, number of shares authorized to be repurchased (in shares) | 1,000,000.0 | ||||
Shares redeemed, value | $ 5,300 | $ 175,000 | $ 141,600 | ||
Shares redeemed (in shares) | 35,100 | 0 | 1,235,218 | ||
Buyback Program | 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, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Business segment information - Distribution of Revenue by Geographical Area (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting Information [Line Items] | ||
Revenue | $ 858,198 | $ 715,102 |
Ireland | ||
Segment Reporting Information [Line Items] | ||
Revenue | 308,121 | 314,972 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Revenue | 120,354 | 102,431 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Revenue | 352,496 | 225,467 |
Rest of World | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 77,227 | $ 72,232 |
Business segment information - Distribution of Income from Operations, Including Restructuring, by Geographical Area (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting Information [Line Items] | ||
Income from operations, including restructuring | $ 116,014 | $ 106,291 |
Ireland | ||
Segment Reporting Information [Line Items] | ||
Income from operations, including restructuring | 88,912 | 73,935 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Income from operations, including restructuring | 7,610 | 10,696 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Income from operations, including restructuring | 13,237 | 13,891 |
Rest of World | ||
Segment Reporting Information [Line Items] | ||
Income from operations, including restructuring | $ 6,255 | $ 7,769 |
Business segment information - Distribution of Long-lived Assets, Net, by Geographical Area (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Long-lived assets, net | $ 240,383 | $ 258,904 |
Ireland | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets, net | 110,595 | 118,361 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets, net | 31,524 | 36,723 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets, net | 62,832 | 65,152 |
Rest of World | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets, net | $ 35,432 | $ 38,668 |
Business segment information - Distribution of Depreciation and Amortization by Geographical Area (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting Information [Line Items] | ||
Depreciation, amortization and reduction in carrying value of right-of-use assets | $ 24,520 | $ 23,650 |
Ireland | ||
Segment Reporting Information [Line Items] | ||
Depreciation, amortization and reduction in carrying value of right-of-use assets | 9,039 | 8,241 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Depreciation, amortization and reduction in carrying value of right-of-use assets | 3,967 | 3,815 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Depreciation, amortization and reduction in carrying value of right-of-use assets | 8,548 | 8,639 |
Rest of World | ||
Segment Reporting Information [Line Items] | ||
Depreciation, amortization and reduction in carrying value of right-of-use assets | $ 2,966 | $ 2,955 |
Business segment information - Distribution of Total Assets by Geographical Area (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Assets | $ 3,466,576 | $ 3,435,606 |
Ireland | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,796,639 | 1,675,980 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Assets | 661,674 | 671,218 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Assets | 830,561 | 909,202 |
Rest of World | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 177,702 | $ 179,206 |
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