ICON Public : Q3 2022 Earnings Call Slides

ICON Q3 2022 Results

Period Ended September 30th, 2022

Dr. Steve Cutler, CEO

Brendan Brennan, CFO

Kate Haven, VP Investor Relations

Forward Looking Statement

Statements included in this presentation which are not historical facts are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 (the "PSLRA"). Forward-looking statements may be identified by the use of future tense or other forward looking words such as "believe", "expect", "anticipate", "should", "may", "strategy", or other variations or comparable terminology. The forward looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, our results could be materially adversely affected. The risks and uncertainties include, but are not limited to, dependence on the pharmaceutical industry and certain clients, the need to regularly win projects and then to execute them efficiently and correctly, the challenges presented by rapid growth, our expectations concerning the ongoing impact of the novel coronavirus identified as 'COVID-19' on our operational results, the challenges associated with the integration of PRA Health Sciences, Inc., competition and the continuing consolidation of the industry, the dependence on certain key executives, changes in the regulatory environment and other factors identified in the Company's SEC reports, including the Form 20-F filed on March 1, 2022 and any future filings with the SEC. The Company has no obligation under the PSLRA to update any forward looking statements and does not intend to do so.

This presentation includes selected non-GAAP financial measures. For a presentation of the most directly comparable GAAP financial measures, please refer to the press release section titled "Condensed Consolidated Statement of Operations". Please also refer to the Appendix of this presentation for reconciliations of Non-GAAP financial measures contained herein to the most directly comparable GAAP financial measures. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, we believe certain non-GAAP information is more useful to investors for historical comparison purposes.

Our full-year 2022 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. Such items include, but are not limited to, transaction-related /integration-related expenses, restructuring and related expenses, and other items not reflective of the company's ongoing operations.

The information contained in this presentation is being provided for your convenience and information only. This information is accurate as of the date of its initial presentation. If you plan to use this information for any purpose, verification of its continued accuracy is your responsibility. ICON assumes no duty to update or revise the information contained in this presentation.

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Backlog Metrics

18.6	19.1	19.6	20.0	20.2

10.4%

10.1%

10.0%

9.9%

9.7%

$bn

Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
			Closing Backlog		Burn rate

Revenue

+3.9% Reported Growth

+7.4% Constant Currency Organic Growth

1,870	1,881	1,902	1,935	1,942

$m

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Client Concentration

Percentage of Revenue

Q3 2022		8.6%	19.2%	13.9%		20.9%
													Largest Customer
Q2 2022		8.7%	18.5%	13.5%		19.1%							Top 2-5 Customers
								Top 6-10 Customers
Q3 2021		8.3%	19.9%	15.2%		21.4%							Top 11-25 Customers
	0%	20%	40%	60%	80%	100%