ICON Public Limited (ICLR) 28 Feb 212020 Q4 Earnings call transcript

Company Profile

Participants

Jonathan Curtain	VP Corporate Finance & IR
Steve Cutler	CEO
Brendan Brennan	CFO
Colin Shannon	Chairman and CEO, PRA Health Sciences
Robert Jones	Goldman Sachs
Jack Meehan	Nephron Research
Tycho Peterson	JPMorgan
Erin Wright	Credit Suisse
Eric Coldwell	Robert W. Baird
David Windley	Jefferies
Sandy Draper	Truist Securities
Elizabeth Anderson	Evercore ISI
Donald Hooker	KeyBanc Capital Markets
George Hill	Deutsche Bank
John Kreger	William Blair
Juan Avendano	Bank of America
Dan Brennan	UBS

Call transcript

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to today's ICON PLC Q4 2020 Earnings Conference Call. [Operator Instructions] I must advise you that this conference is being recorded today, and that's Wednesday, the 24th of February 2021. I'd now like to hand the conference over to your first speaker today, Jonathan Curtain. Please go ahead, sir.

Jonathan Curtain

Thanks Jan. gentlemen. and ladies day Good Thank you quarter call the on joining full year us and XXXX. this ended covering for December XXst, the have we call Dr. on our Also CEO, today, CFO, Steve Mr. and our Cutler; be Brendan we and of Health Brennan PRA Colin are to CEO and Sciences. Shannon, joined delighted Chairman by would note today's accompany call call. that I is there that to and like our available slides website to are to this webcast download on forward-looking statements. Certain statements will in today's be call economic information statements industry are management's on available, conditions. and These current current expectations currently including and based Actual uncertainties those future forward-looking of statements results listeners stated or statements due forward-looking differ materially guarantees may from the performance. and implied to associated business, that not by risks company's cautioned and are are with

do statement uncertainties any company. any these otherwise. not update may publicly Forward-looking events, as information, the either the to risks undertake and relating reports filed date are statements as We of obligation forward-looking only result information by about or the be future SEC to of a More found new in statements made. they forward-looking are

In and meeting Sciences the preliminary a connection ICON the call ICON into not documents any this under the or be entered Act PRA by offer, This Section Please to made the offer PRA merger of and with to solicitation of XXXX. an means registration sell sale file of or law securities, transaction, offering any proposed No solicitation regulatory file or transaction. any a to the any Securities of containing in such other announced securities the to there SEC. offer each qualification statement also or ICON addition, jurisdiction. be of that constitute shall agreement. such proposed with which preliminary the regarding constitutes to registration buy lawful will of sale XX except shall have Form ICON in of of PRA. will prospectus nor definitive sell on a or a requirements jurisdiction ICON this prospectus call does Health of note, proxy expects In securities the was with buy a XF touch as a on of statement morning, SEC of transaction securities prior

Before on read and at investors making the investment stock any voting decisions, sec.gov. filed security and and financial when each includes of or non-GAAP websites statement our proxy registration to of encouraged and selected made holders This measures. statement/prospectus available carefully entire and ICON are PRA presentation

the the most measures, directly statements statement GAAP comparable refer of the For of U.S. -- please a unaudited. to consolidated has financial GAAP presentation consolidated operations press condensed release

While would opportunity to to Steve over participants I and with keep to one useful not now be hand for their comparable ask questions superior We'll our each therefore the question. non-GAAP the investors follow-up Cutler. to hour ask would non-GAAP financial to call the measures, limiting information are certain to for or believe purposes. a we is GAAP to more today comparison historical Dr. call measures substitute related CEO, like one one to an

Steve Cutler

day one ICON high-quality, that Health everyone. day intelligence XX and care has health in PRA become a a leading Jonathan values, with transaction innovative, culture This to organizations offices agreed employees clinical as acquire countries. CRO. combining two and similar It's you, over good exciting significant XX,XXX with strategic we growing the industry Thank brings and together ICON and world-leading Sciences, milestone, announce for CROs world's to and an of

organizations have offering for customers, strategic decided several With research There why delivering our for the and time. reasons are at expanded to ICON key of clinical addition opportunities paradigm growth value. unite significant patients, this will create bringing while we PRA, a employees, new shareholder to to proactively capabilities

service, by will therapeutic demands. With the meeting have current to of The reducing across one a the platform and highly top enhance XX,XXX and First, united complementary scale, and is clinical for the globe, biopharma for a two will have across companies, increasing solutions companies offerings, deeper majority to operational growth. will our all and be deliver market or over customer can enhanced $X and customers, through technology, pro world's essential broader partnerships future employees base and customer combined together, and joining data-driven care access segments. all key strategic billion, revenue cost. forma approximately number geographic health providing development sustainable patients we we businesses significantly time which extensive The with of CRO

synergies and finally, continue strategy combined here to expertise, platforms, by accretion full by XX%, PRA's patient hybrid ICON. perspective, press and can estimated Secondly, clinical our This significant trials priorities. highly in be cost common trial data and execute truly PRA's as Continuing and accelerated annual effective $XXX million, solutions pandemic health And evolve slide from transaction XX% technology applying and and data and will growing addition the driven thereafter. our and plus first shareholder innovate with accompanying approximately at PRA of to a area, transformation outlined a our strategic speed. this growth on and is the be on site share four solutions. focus we and be of up a services opportunities data in of we including mobile primary to has the global forefront decreasing The focus technology differentiated, build has in clinical trend health in and quality rate the real-world ICON's ICON anticipated momentum, opened this and is landscape and double-digit which will studies trial And home release site And at be and to year realized a been years. to to tax the delivering of We accretive, both integrating with stay. strategy the decentralize highest will deck, expertise, decentralized network, believe capabilities, connected the and to deliver trials. post-approval with our wearables leveraging to information to

to expect further in industry-leading growth quarter expanding and the of strength ICON robust demand and global term. platform sustainable by us to bookings business by industry also PRA longer reported evidenced from generate services full proactively over are strong which positions the will We advantage four of both the market, EPS an take our consolidating leverage companies. to enable current as

focus our the strong that customers development space to will longer engage confident drive clinical are term. We over the and our continue in growth

We functional will near-term The continue Network, need flexible also areas in broader revenue of and present Most language complementary larger our people and has solutions focused to mobile pandemic, and information data at have PRA of full-service technology and these development. solutions. evident been see services common our customer resilience. phase, strength Labs, strength of Site share scale, strength synergies combined current during and our and as is a nature such heart solutions The services, early health, delivering in grow. both home customer clinical the Specialty believe industry-leading, on employee demonstrated the global application, our our great operational COVID health, our opportunities excellence, cultures the Central culture Our notably, are delivery, for where will importantly, Accellacare across base. companies the and ICON people, and we

success, ensure will to Board, roles To significant the on expertise, and focus development and mission within service of device whom company. Chief harness strong I'm company the and expanded combined say we Officer, that the have and Brendan continue capabilities The Financial employees highly with teams geographies to expect delighted talent Officer. patient-centered headquartered leadership have Chief Both to join a career will in solid offer will PRA successful outstanding areas ICON history of serve Directors. be opportunities drug in key management will Murray combined company As businesses. be two PRA the and will record a to Colin. of our the Dublin, as development. and integrating the who the nominate exciting Executive Ireland. resides Board and organizations I the Directors experienced and a both will we delivery, continued serve excellence and operational will as and serve of of ICON track and as Ciaran in Chairman deliver one across our

turning like that, the the I'd couple thank the over all transaction months. ICON this to it together grateful to put call with worked Colin. very to over Before last and They've Colin, them. who we're and over I'll turn And hard, PRA of teams extremely to

Colin Shannon

and create the believe but presents organization stronger development, investments I to employees organization made XX,XXX optimize areas for know PRA we and assets as is both of and patient-centered ICON drugs is design to since PRA Steve of the efficiency with develop hello this need prided their and the in speed around incredibly our always better market, enhance Sciences to and and would a new ICON. of the Steve only at enthusiasm have and united vision frequently life-saving to all for forward a opportunity health, have real-world forces well connected transaction joining lives globe. patient XXXX, therapies clinical you, companies move and deliver to the care together health around more passion everyone. the I of I better we talked honored and achievements at proud a apply mobile serve to about itself such find and of like ICON I intelligence data PRA I'm missions innovator, historic new shares an in future. have and Health time trial our of to to leveraging on execution day the dedication echo also as to executive in devices. for solutions This patients. better this I and maximize unique has health evidence, been Thank our to positions care market and PRA wearables to aligned an to patient-centered that solutions culturally my the and the to not improving industry. new to serve ways to data focused Steve's as build serve being believe towards and patients we will work

focus Our choice segments, on shared from to to the continue small-early-stage ranging partnerships market the and a the segments. teams building will my and fully would strong, Steve the Directors of I continued of Board like intend through member new across respective our We they the these to organizations over integration I to companies. partner firms biotech customer world's following across biopharma of Brendan. forward businesses being largest support work all the closing. the look rest involvement of of all a to have hand long-term to now the call of as in organization as heritage

Brendan Brennan

you, Thank Colin.

shareholders stock The of the subject PRA shareholders. announcing XX% XX% has and cash forma PRA of transaction with that acquire Today, ownership currently transaction, well agreement PRA whereby terms as an all the approval share. consideration Firstly, by each is and to in stock XX% approved ICON common to closing approvals a of in Health cover ICON equity aggregate approximately comprised ICON The as XX% of QX with regulatory billion would Boards for deal. and we will -- to X.XXXX both and transaction close shares been and This $XX pro the I a definitive of shareholders definitive companies. PRA cash Directors of value agreement PRA Health like outstanding the expect to a consisting approximately of cash transition the we of in signed represents conditions are of the customary shares required We XXXX. receive and common shareholders. $XX the

year cash for million our $XXX times structures, value. ICON models, track of record have efficient through significant long Both and expertise, to of finance best mix including and operating our one. growth to of rate synergies, Upon we credit increasing financing. EBITDA, closing tax net expect transaction leverage be the future and we adjusted transaction, shareholder PRA approximately synergies. full effective a run We sustainable from and practice on execution, create expect expect value to a new hand the Using of shareholder X.X shared the management

single-digits, customers, to leverage our longer-term track the we pharma, leveraging we continued growth. with as growing relationships of growth our we demand, market base our support low strong terms of In strong high can outlook, believe And EBITDA infrastructure growth by midsized the we large our in a record have biotech and topline, of the teens. in Both look best-in-class the environment. adjusted grow strong deliver grow supported revenues EBITDA will companies our to expanded

to combined come synergies XX% of savings, areas, in approximately and adjusted IT be drive we a earnings the centers service As four combination leveraging number of annualized strong targeting tax in full range. EBITDA XX% processes will the will to plus including corporate growth optimizing XX% million, infrastructure, to and realized years. targeting blended Overall, approximately the growing The four be of mentioned, from at we in reduce range in will support are to cost and I business of And will and $XXX are XXXX, mid-teens of in growth year years. business support double-digit plus of per revenue costs, our close rate the share accretion this thereafter. these facility-related This excellence.

adjusted debt of which X.X As we enable will cash the we us to adjusted generate expect EBITDA close robust to target debt to grow, net to will of we times by continue from net end XXXX. below flows, to delever times EBITDA X.X to

billion, record our In which as of Full results, our the quarter and billion momentum demonstrated gross ICON objectives financial net in these $X.XXX This and in book-to-bill cancellations. of will $X.XXX in times. year million, billion hit the and the wins both union. our record quarter worth were of bring $X.XXX to by wins I ability X.XX business a were $XXX wins Consequently, talk FY delivering XXXX resulting confidence gross now track business that four and awards of and resulting strong briefly. billion, $X.XX cancellations million gives of is recorded shared a book-to-bill PRA into does QX results, times. financial to were against net X.XX us net Our a $XXX business in goals, of ICON achieved net

these a a or $XXX.X With on X.X% was represents the billion. to was four of Full constant quarter billion. X.X% a margin of X.X% decline in in a year-on-year currency year-on-year comparable currency quarter awards, This on our basis, basis. decrease quarter $XXX.X of was organic XX.X%. dollar $X.X income X.X%. This Revenue a a last year. backlog increase new This a represents Operating revenue a grew XXXX year basis four year-on-year on and million, constant declined X.X% last was This of of addition to quarter million. X.X% basis. -- the On dollar organic revenue or XX.X% revenue XX.X%. compared XX.X% constant increase and constant $X.XXXX for represents

to margin the the This of income of equating full to XXXX. to $XXX.X share million, share full per For Net Net to a earnings XXXX This the year quarter XX.X%, XXXX, quarter income per year of XX.X%, year. $X.XX per of $XXX.X $X.XX. for a for margin equated XX.X% of operating was XX.X% margin of $X.XX earnings compares margin attributable compared share $XXX.X the income a last for $X.XX. to earnings in of was per of XXXX. the full million, million, a to group year the diluted diluted in was share earnings comparable compares

standalone in of the revenues of and guiding in between range For billion, now to full back questions. XXXX, XX%. all $X for representing XX.X% range to to XX% are year growth growth like business, $X.X the I'd you to With of ICON $X.X we for operator, the of billion said, to that and XX% representing hand EPS $X.XX, the

Operator

question-and-answer the session. Ladies now sir. we [Operator will and will gentlemen, begin our you first take question. And Thank we Instructions]

the comes question from first Jones. Our Robert line of

Your is line open.

Robert Jones

teams for off. to the deal. to start and the just I congratulations Thanks maybe high guess Great. question both on level

attrition -- appreciate clearly nature. that And synergies driven from really to least big for on to kind always us lot customer be of had the driven things of was I combination, totally to the a of time, and space logic, surface, followed of the happened seem there's on scale. it does seems be long think just who've because employee CRO-on-CRO deals at be this I view a lot potential haven't that side and a for by most but that the there a

you the evolving question specific now? address is, So, the combination I what to that of then will needs specifically, brings why bear guess, think capabilities And really market? this do

Steve Cutler

Yes. Robert, that take let me first.

his for is over the And some interested terms sort to at for always about something why been as why the done this a One and market down that a admired it for you been or three over factors. looking acquisition of done, just years. many months. in really the highly in been for what have has been of now, this a target. think PRA of number have four years respected has and We've Colin us In this is came not And few all as years. been team know, competitor. the happened we last We've transaction now. last process we've have that we've now, involved

they we thought competitor were I us. and over an suppose. always been been, say, asset, They've so extremely for a And desirable good that's I as important many years, very

In services, We're late us That and of technology fit view. in well and point the that in our us. I very the They good terms fit well of in a of the terms focused the a the strengthening phase fit, X space terms two There around CRO. really opportunity, was of terms really customers, for it's from of that. a Phase organizations. in are of the a think, complementarity deepening for and culture works clinically between worked to data scale,

together and that out for changing of -- advantage really trials worked two really to opportunity opportunity, was fit And on really really organizations point from we opportunity. clinical it the as bring it moment, get are there's that view, take of the pandemic I come how and a well. So, then of suppose, strong pivotal the

to comes and terms different and really together that's in to innovation key patient functional mean, I very technology nicely therapeutic brings in clear, data sort data site, some of opportunities but medical fit capabilities. with also So, technology. of scale, key down more so we areas, the strategy. our PRA bring it and and ICON's

Our we opportunity health we pandemic believe those clinical new with global of our very services and this way changes trials, it whole combinations offer well their we in fit come and mobile called the a organization, which with whole with of us site health efficiency And home care doing out run to as intelligence platform. ties. we huge really taking we've network, level way we as clear really coined a the way do and to clinical health the the it, improve making trials a data clinical story and care another

there organizations were two the things So, number to coming of a drove making together. that decision together us really these bring to

Robert Jones

Okay. on Brendan, helpful. can where on as million breakdown give the And just synergies years. as COGS? guess, anything And four far Anything over you of $XXX million four just on the the the be the then one synergies, coming ramp $XXX years the versus are over would I maybe, the ramp us SG&A from, really

Brendan Brennan

view operational can to SG&A our us Sure give excellence all I from global the of yet, strong be that forward. we'll we to I as harmonizing our and it making looking Bob. from be down be opportunity certainly, leverage leverage we, sure it footprint kind Sure. the the well which and as of really we'll at give go support to nailed kind obviously, sure of office but can will infrastructure And well, systems, services be centers of mean looking broad company, book, point mentioned looking as We'll the perspective. really really obviously, as an that it's there. haven't our at as you Yes, efficient in continue software some some we growth a making as of notes

when areas And at every the looking to deliver into those as sufficiently major Bob, get we of But We course, numbers want to all get that, the effort on to those buckets. we'll time the of we're kind going over about make is ensure as four-year think estimate full that we a amount. can. fast So, for to we time. reasonable we're

confident have quite over in exact I number we do certainly, our to So, yet, the that -- we timing, ability get don't but feel period. that don't very

Robert Jones

and Thanks congrats great. Okay, again.

Operator

And Thank line the from question you. your Jack next comes of Meehan.

Your open. line is

Jack Meehan

if up provide color I morning Thank congrats ICON the you. a packing for you were deal. and could client the wondering on little as was you base versus bit more Good PRA.

some customer -- there be two some could and overlap color was there might you overlap companies? the around If us just give where between where

Steve Cutler

Sure. might Jack, that. about let jump me And then maybe talk Colin in.

the strong of We saw advantages I customers. really deal. think this is on the some complementarity one the of

said top strategic have -- XX We now the of a my with to I have pharma comments, combined we've partnerships as in gone, across companies the majority organization. we

very that important have We a focused an area I that's market. biotech strong the as And have franchise and within also been Colin on well.

that and in market delivery strength continued market. seen we've continue in So, that

see as look some key across there we work we'll risk at that those huge partnerships, are of us strategic strong is complementarities, don't well. with in key as the relationships So, with and have then customers, -- area. that look, customers in good we the very you the a other of there some customers, but or partnerships, it amount and see We overlap that, one have through relationships

say, have forward, view such Colin, in good of you add? it's the reasons moving one to do for my that that So, want from point space. I of the we complementarity and the features deal one of of on as

Colin Shannon

client thing it to looked as get the And here. support the to determining said, very great all really think the to we we complementary brief, is portfolio faster. and is well-diversified really that by clients, a was love I I the such the and know larger important support whole Steve looking fact the got of medicines are And smallest. is, we've thinking Steve that as of clients. to Just mix. fact that was the we factor types his that That's focused how ranging structure all We're organization clients, I helping actually a the on team because biotechs the about an very at patients it a it mix, the that. was, meets largest from innovations

fantastic So, it's opportunity. a

Brendan Brennan

add, that greater new customer just individual And could that, to the if just no make to I a XX%. in organization, than Jack, point will be

just diversification it customer of So, speaks again, the about base.

Jack Meehan

that's had revenue then was potential side. time. for whether any some potential over I synergy if touched the thoughts helpful. the synergies -- Yes, on there wondering be on cost And you've the cost you could

there's was do data there? from whether to there Specifically bringing thinking thoughts the work lab some whether your potential And be the investment more some central business potential in then solutions and could just PRA? and on

Steve Cutler

think, a Jack, I Yes, on significant the revenue opportunity synergies, see we certainly there.

I again, specialty the think, one, comments, the is lab I and obvious lab the mentioned in my both central lab. the

data bring. number decentralized on on really compelling really give that bring clinical We which us, of Services Accellacare together Network that area health going Our strongly is Health offering very the I trial front. and a Home with think, PRA nicely think, some platforms that to group, the plat technology data very and that is dovetail, a mobile The growing connected of at components moment. I very Site

synergies The there, I'm to So, really about that be opportunity. strong. the and enthused going very -- revenue are that's think we

Jack Meehan

Steve. Thanks

Operator

Thank line Tycho from you. question comes the Peterson. your And of next

is open. line Your

Tycho Peterson

focus company has is you to think talk segment post-close? about obviously you the Thanks. much Can Real-world of evidence of part the the business exposure how that just combined here.

Steve Cutler

and going on very press a that that an to on area I that entity. Tycho, data to the to exposure Yes, can to some we significantly engage opportunity down It's the move the technology forward. significant be and combined significant think, and further through PRA of that we, have bring

be jumps how we Our components to to late industry real-world we PRA that and their the bring that phase is through forward. of to top real-world handful data really is group, to up source in data drive within The believe, that important the providers. segment various the -- going really evidence

Tycho Peterson

then times. think the of And Network, You meaningful you Site little comments Accellacare it elaborate on your could that a just can mentioned Okay. on a be? you how bit leveraging couple

Steve Cutler

mean, network I that we have -- that Yes. growing. is Accellacare

the States. central And pandemic, much build the of see, with PMG to as they're us, in as acquisition network. the We they're our a onboard sort they through of to with we our that Europe increasingly very our decentralized trial global -- have course, way them in really numbers; people sites now to it overall They have going we and, role United MeDiNova grease the played part -- is with having -- the that. be of we decentralized certainly contribute recruitment the because major there patient model, of in contributing a skids the

components things. together. we This will But pulling obviously, there, key of is a And spend operationally all will offering on -- decentralized we are real come in forward for of something integrated we as of put adding, bit so the and to as an together need how the that DCT, PRA that little be to we say, the trial us I that basis allows platform there, time a and mobile together. that brings focus really go be the clinical strong the side

Tycho Peterson

forward? CRO always risks just see Bob not lastly, then been And attrition Jones Okay. on risks. any have potential curious the going where I'm smooth. mergers you the mentioned merger

Steve Cutler

that We're helping to very to and in play understand the to such sure going then team We'll various we'll them regular risks understand have. opportunities our our working are to they also we very We'll through working employees as basis it. what be forward. hard what be are. on be mitigate a the assessed decentralized which putting risks, and I we in we trials, bringing be make our think the to clear their part obviously emphasizing they communicating growth them both the outlined benefits, not needs customers looked strong work to Well, the We'll be scale entity. it to far as say a dedicated as outweigh the and the technology, the at stands overall, in very and opportunities, across of But one we've this. focus. a continue merger. that's terms together to plans new It's hard there we that focus continue, do at contemplated combined the aren't and risks organizations, That's to will a those the very as across the that it our employees moment with

going So, that, on We chunk going of be in get place course, decisions there our believe a it processes XXXX, how various doing beyond in put of why and communicating done, it's doing clear with very what as by we'll employees, to we're of tools and Certainly, place. we'll we'll little a good that end carefully customers, time. our it. is to but of with the -- are bit -- integration take and I go and believe, the and to we're as making to

is I think, as say, going to we're this not But overall, consider, time over. to far go we're to will the forward. going think the that that continue something deliver is to the current going I done be we some risks thinking be we're tomorrow. necessarily -- going benefits that it's this. So, as we portfolio to It on and we make something sure We're take on outweigh

Colin Shannon

fixed no needs distressed to are forward the within looking, just comments, as way to there's as way. if change industry. coming we about position you from a And that that happening bit here we When both were a little to that that's be asset we're being believe innovative of Steve's mind. well, the were add at And don't the looking this we in and any strength, our companies thinking

so of I actually looking think offering change. looking be have and for want and to employees attractive very at the together and a and a driving marketplace forward to that we're is join place how really going -- good that help evolution. to in we're be taking And what very we And doing can destination two And part to innovation bringing companies.

Tycho Peterson

you. Thank Okay.

Operator

your And you. question, Erin next line the comes Wright. from of Thank sir,

Erin. line open is now Your

Erin Wright

how you the the how and you're a larger better you're prospects thinking opportunity PRA? across Can given you of it's Thanks. and to segment how speak Great. that, that thinking leverage growth FSP can about portion about

Steve Cutler

we Yes, a in Colin, will growth, months over or We go have again, I'll space anticipate at and see XX forward. that. last FSP the and will maybe, seen in. jump that so, And crack have we then significant growth very the significant certainly

Phase X, and at -- that together more Phase some being of of interaction though, flexibility about our look those And two, talking customers the projects solutions. X our that having was an least importantly, think to an component I also two I significant the the of business of in component as resources hybrid and of at it's growth, registration combination FSP a product us between business. terms you sharing gives the putting integration, extent, large-scale important

will FSP So, a be continued us. a very focus significant for and

we'll as I And We're new know ourselves technology. getting We're far, place. by a think, FSP that to in that well. be, have very differentiating orientated. space. organization provider in We're moving more adding successful I industry. an the in PRA been largest that data space the We're As

So, an it's that key going a be opportunity us. area is and an Colin? for focus to

Colin Shannon

nicely. Yes. covered that Steve, you

productivity we And strategic their I way We'll our best client the only have we mind. offering, to us to we we utilize would mechanism their to our of service be out internal is drive try large of to But the client services can that services more nature. improved other it think the achieve and thing having able opportunity And to it's tools range lot make needs. add and provide a actually in expand that got try the change the gives work them. We to this to gains. is That's I help with goal our our of supply the why an try to And clients. figure don't opportunity. with them goals. to

lot the opportunities to service see client across base. So, whole a not our in offerings, of see expand FSP, we all but just we opportunity and of

Erin Wright

of did question deals, And sheet perspective. balance smaller But you Okay, sense Thanks. makes a scale obviously to ago? think optionality you broader great. bigger now global the with this be weighing a some more versus had maybe How looking here. think trials do about years with tuck-in today nature this, then from a CRO did it we're than clinical maybe you that several at

Steve Cutler

do. We Yes, do, Erin. we

way PRA been I of we've important -- the the the deal As got end the see never pharmaceutical the and recognition we we and on And we're pandemic. do the was competitor know strong is as organization this, to I the say, being the think, in such is. opportunity a bringing is -- trials. good don't it right huge We the And and heard of market they well also I PRA, I a a is I two I our back part But we'll coming of a running pandemic offer much trial a for we us really we're years. it's a long-term. a tunnel, and key of in so now. industry, but have move do partner, People good this really coming ICON the it's these see the out of the time industry think We point -- as right light combination a played the to said the and combination have a we vaccines. over pivotal clinical which public of time. industry, out what of -- this that, PRA, what That at time see role it. do really believe can clinical think look companies, forward that our the our to think, in the industry as like obviously, know

Erin Wright

Thank you. Great.

Operator

you. from the comes And line Coldwell. question your Eric next Thank of

now is line open. Your

Eric Coldwell

very Good good have Thanks I several. afternoon. morning, much.

what the will to clues in prior these be, bullet point you early Brendan, form. you adjusted looks EPS be for Let's any from it as on us ICON presentation curious moving I'm hopefully like GAAP. will non-GAAP? exclusions will if an what treat do have

Brendan Brennan

standard, certainly Well, kind to thinking we're only of at more industry stage, be about we'll of big items. Eric. kind line But look the this

many in, of honest. we them ICON if it to too think be be I put wouldn't

comp the deal will So, costs, be three. stock it amortization. and will big be They

Eric Coldwell

about what four amort. forma a to costs, pro Did that That's stock say times. I as-reported? say. was and that expected synergies? half you you Leverage is Deal and comp, for Or the

Brendan Brennan

includes That's synergies. well, the -- that

Eric Coldwell

Okay.

the that So, account? into leverage pulling synergies you're forward

Brendan Brennan

Yes.

Eric Coldwell

Steve. on of stuff could here. sure, notably respect there we I'm maybe look, being than And highly ICON Colin absent a be for leadership. Okay. lot other and PRA the Board, Obviously, But not management, one Colin behind scenes. the

certainly having has its I think benefits. continuity

top hand, there is On risk demand PRA the management, PRA market, growing might from missed having something, talent? flight other visible not CRO executives for where incredibly for unless in this increase I that in hot not

Colin Shannon

initial take Eric, is this I obviously, is the announcement that. of mean, let me the -- deal. this

four that may four going take the to we're thinking we we organization the until six of the on don't It's do call our don't execs assessment. going fact -- five the have of months they of be to So, months reason not PRA be any close. to as going for to -- any sort part

we'll that So, assess we how with best continuing come have the making And very a a interest manner and to the people. in little bit and in of have that sure will time objective together. how be doing people's -- us we organization

We have their right huge for there respect is said, and across organization. their as management what for I at talent team we PRA, ICON, recognize

meritocracy we over hard period to going a And going delivering that so this roles the and organizations. to of we looking customers. important what terms of deliver. together, bring And are to any in sort who we of two want forward time, overrun integration, our are be continue we'll doing come as organization for and the and that that. in for one and to our people. delivering people by but on we we'll us all together both good those rather really portfolios, making focus organizations. very well We're we the go focus going that's are we'll that sure are a make initially, to have certainly, Over but want on any have time, factor than of They a have, we to We'll way,

Eric Coldwell

of couple the capital debt apologize what's the expected weighted for quick transaction? But hogging of for Very costs, understandable. the Brendan, ones, here. A mic expected average cost

Brendan Brennan

of Weighted average capital? cost

Eric Coldwell

Yes.

Brendan Brennan

Go chime want ahead. you About...do in? to

Jonathan Curtain

Jonathan it's Yes. here. Eric,

to cost capital, of above be above weighted our We it'll XX%. be it so expect

Eric Coldwell

Okay. And the specifically? debt

Steve Cutler

to specifically, yes. debt referring That's

Brendan Brennan

Yes.

was the question Eric, Sorry, what debt? the on

Eric Coldwell

I'm sorry?

Brendan Brennan

sorry, side? on repeat I'm just the can question you the debt

Eric Coldwell

look, we can take this No, Yes. off-line.

actually think call -- now, I I we're with maybe thank you I'm luck this different pages much. -- I will Good might on one. with the very be everything. going cede to

Brendan Brennan

Thanks Eric.

Eric Coldwell

you Thank

Operator

next question Thank the of you. from comes And Windley. line your Dave

open. is line Your

DavidWindley

start teams. off, Good for the taking capabilities to But hope thanks. I Hi that and Steve on trials list slide XXXX to this. I want decentralized morning. both on questions. the hear gotten here. out -- said, we've with to it's probably Thanks are, unclear those think, Congratulations in trial the of you seems it like mean from my to compelling stimulus certainly I pandemic most slide among then the list That continue the types of to navigate into with to capabilities big temperature that need and think clients' synergy your you sense of addition as opportunities wondering of of the in trials And capabilities embrace you staff? trials perhaps can how to I'm and types that. aggressively might fewer affect to So, how that about that cost that, those feed a and question. differently. pricing executing on what's Colin kind

Steve Cutler

Yes, a Dave. question, that is big

a monitoring, the probably from the back within year But through moving we when hit whole really the to pandemic. of were much rightly if going around because whole has in of trials on have, like, of a know think I to we couple We perspective I the the a clear I and years. on-site it. on a don't very really way ago conversation, I minute has decentralized out, we're turned sort jumped I in and think a of -- back. run point a this as I'll monitoring about and you think us sort weeks, we Colin shift clinical forward said, quite all dime remote five on he trial pandemic you one, cede seen think, I as operations don't. I've industry

areas, these a opportunity. in the to our whole in trial going more the the But how base, trials there's I biotechs way know, a larger of decentralized seeing more across we're do word, them that we how and forward. from patient-centric and trials, companies can customer ambulatory-type we midsize is much in chronic decentralized an course, areas amount a interest in like and of offering run interest those customers, there's oncology, huge overused even our it's trial. And in you unprecedented, think but think in naturally our decentralized I on the wouldn't even unprecedented where

outlined, monitoring, six move, setting. next, the realistically, pretty guess, do another, I position think, to years. I the much of doing in, can us and monitoring We're market about it I advance decentralized going market the to to has a they're as in next start And much three the is, is very pivotal five to every a I segment in capabilities, think, or that XXX% a trials pandemic. put talk of months. off-site really some as a through those over that faster see aftereffects of in So, of of moving go you Colin we decentralized think, strong some But the significantly we not trials going because to trial are remote even we a fully or pandemic, component the the now extent decentralization, or,

think We'll or be So, there's be we to don't efficient effective in charging certainly it we and for much probably to customers be we and in back in monitor traveling terms And and see But that that maintain the margins movement, of anytime improve we to an will soon. of sites space pricing, see pricing terms coming that, I used do, inefficient in the different. we of even because more data. doing really some won't stuff that have way to the opportunity that.

trial study in utilize margin largest That we a a our we huge from pricing for us operation people and well. run I for think were from for think, much Asia. from the I as our way that to in opportunity, to how customers the be be more Argentina view. that talked more resources customer the point being monitor have. effective monitored us We've and large-scale able effective about Sites remotely allows in some us has to huge effective and remotely. It just that of our efficient opportunities brings we we of more a

trials do and there We a I'll them. do better in. maybe a sensible utilized, jump we're because margin going we Colin more and for more cheaper effectively forward. at can reasonable it let stronger more stop do a can we and and So, it more and can

Brendan Brennan

I together, now really expertise And little with of may same And quite and years to been thorough, add producing done and components data is there is Steve, thing that this with back mean would care mean, the trial us And how that quite taken what key as but quickly build only combination a that us optimized here this union, the get have that this a as able really I I with to components was we're offering. health and with to, ourselves. ICON. we've to using mingling of intelligence, it's gives is the as unique equally labor accelerate possible. out by one

seen is QX we're book-to-bill. together, to can that's that We've delighted take the seeing opportunities. and I that We So, old-fashioned volume these out of advantage I a had we're very, things there, getting through. work strong done think, a coming testament continue. faster, very record a so pipelines X.XX, XXX, an we to just was post

So, think positioned. I we're that nicely

David Windley

of Great. for splitting the I A kind here, Brendan. appreciate answers. one hair probably those

I the of EPS to but the after one that also accretion that your question, as number. answered adjusted before he you to relates me, wanted Eric's terms make understood stole from to sure In and

and term, should XX% the today? and Or longer we at you So, starting that be you the things going ICON the adjust, report for accretion to then when add you at double-digit way starting say adjusted are ICON XX%?

Brendan Brennan

it. on too Dave, With the point fine put to adjustments in, a

but that with take can the adjustments we So, like-for-like in, off-line basis. a well, so as

David Windley

Congrats. much. you Thank Okay. very

Operator

Draper. question Thank Sandy from line you. next the And your of comes

now line open. Your is

Sandy Draper

this very collars component there the and downside? this. limits I'll echo the the on of to -- terms my stock any Are the addressed in upside you think congratulations. Thank don't you Brendan, first I And question, guess or into much I

Brendan Brennan

Sandy, no colors there's nature. that No, of No.

Sandy Draper

of level? But any not past COVID, the to that? that's think wanted to you recovery about know, And Okay, and really of move just is COVID? are you're lift that numbers quick One, And we be then was quarter burn there seeing as PRA great. notable you don't looks we to when we I how fourth you're look willing do if as get maybe solid. just gave an the at And saw the the guidance once in that like ICON I assuming you're back any I and it they're in right? any rate the a Brendan, guidance comments Colin, projecting we I of make know rate. what don't there. of for and I around if envelope, little bit improvement stand-alone, through guys I comments so sort the would where a about potential for the new burn then up like make should sure ICON-specific, maybe sort second was and any have look fourth quarter thinking

Brendan Brennan

today, we yes, accept I out that. we're first the continual faster is as out part pretty we of anticipate to are we vaccine The burn that year. look revenue faster year, in XX% guidance revenue, very a with putting Sandy, a there the obviously, but mean, see XX.X% uplift be on our of the out a additional conversion even do I -- to we, into we think, will on no, pleased good we'll work, rates, of, will some the down year bit probably performance, little conversion. competing through growth overall as go we're think, when Obviously, kind I

to it is in it you exiting And half, I half of it dissimilar rates, out the can Sandy. passion opposed the math pans position, the the first not versus be the burn the year. on do faster will So, for the as how second think but

and So, to take that. I happy additional offline on helps, any questions hope that be

Sandy Draper

much. so Thanks

Operator

your line Elizabeth Thank question you. of And Anderson. the next comes from

open. is line Your

Elizabeth Anderson

COVID, maybe tactically position about the would question around for get today. your for guys. you Hi obviously, a net I just decision it how coming was us you competitive and Thanks cash how transaction like the you right and situation? bit more a little it? that but think Did you together? some guess, Can discussing help -- came had the on had Thanks. been out of transaction I were context the congrats long more talk now?

Steve Cutler

Sure. Elizabeth. Sure

to in an the for made into came an ongoing about ultimately believing prudent this the matter us I competitors time. of early highly -- role years. as XXXX. really thing another the transaction sensible And I we this that assessments that of And that I a record, we that early time key in was said, marketplace, interest off it's right on triggered in had four think back I such all And goes considered. really a As review do. and of of way that a think and we've our over is CRO

As on were focus were from a I clinical Suddenly, there that organizations. two compelling nice realized we view Colin we quickly a but tunnel and and point complementarity to we -- cultural came recognized this our really of things that view of uplift those back both came and to bringing the the months together. pandemic busy ability for to we customers, through on complementarity we for were of fit from here the light was with and strong early and at services, middle deeper the own XXXX, XXXX, to in the and was other a and pandemic, spoke of each a sailing that as broader geographies. point a -- the Really, sort and the ourselves intervened, argument we ships and us end in it saw get key then

PRA, a as technology start, area, that network been synergies bring bring they obvious revenue because benefits the I that's the fit. And fit, us talking. think from it, it were so and health to to our not amount got home huge to time I got to once down be so we We too started were the really just site of cultural a process taken, significant good that's It's say, clear our say, we the and really and to the how fit, ignore. just service us as happened.

years It where process we've as assessed this This thoroughly. the of has -- considering and very say, been something a been So, been market of week decided I through. number woke just that's last it's was we've we over that the process, a and really to kind we suddenly up went do. not

Elizabeth Anderson

Got guidance for changes just helpful. And what in can it, biggest are of guidance January? in you versus the about of XXXX, gave the terms raised in you talk the that's then your terms drivers

Brendan Brennan

in detailed going little January while I'm the -- better from QX, ramp some know which business But time, the last really, of a also we're just more little we've revenue. of described well, seen, the gotten here. the that. And ago. of that take obviously to Brendan had a some in of saw were we reasons excellent. to going of we suppose, Elizabeth, of great Yes, win those, in as I a to a which have saying and guidance we're into was we conversion I it is months. across strong customers we we're really on, perspective, terms and levels trials we It's those see vaccine is And PRA with, and give those of working wanted we patterns as We've over one the to got new visibility working certainly, couple didn't out

into gave us coming more so year well. the And comfort that little obviously, a as

the we're sure we're that numbers today. down really very with and So, extra that these correct make and we numbers confident hone took the were out ballpark, we time to in putting

Elizabeth Anderson

you. Thank it. Got

Operator

your Thank of from you. Donald next line And comes Hooker. the question

Your line now is open.

Donald Hooker

maybe that percent Great. performed what the you do we market do comparison, Good point of do CROs, think you the of top six the marketplace the I as do are the -- in see wanted an get XXXX, broader of the the outsourcing combination assessment to And CROs of what or over you all this the here. how have is CROs, think think the of obviously, context changes? now? CROs, private smaller you What market think of public -- can five a with CRO maybe just morning. but the outside

Steve Cutler

Yes, who and might that Jonathan that, in. want sort looks data after and Colin I'll to at maybe then take Donald, jump Curtain, of crack a

taking or we In larger within the And CROs, see still top the terms seven of that obviously of majority market. see the growth broader six we growth. the market, that

the CROs not that believe of think echelon the aren't that the top at or growing. as top are say, we don't don't same CROs six -- I I it's rate the but growing, so So smaller they're -- growing

and echelon in So, good the continuing believe that of of growth. top we take part really that, of that being market a being position puts to part us really to majority

There no mark. about many around CROs of very the are that. of terms question In percentage the know, still, that's top, competitive world. a you the of would market as is There's outside of hundreds the this

quite the top be think what five I got customers, accelerate go even share Jonathan, is. as up you that for certainly do us for market want market. to we'd that the -- that I best of if going in I grow, of position argue forward. add? frankly, to stay number employees vicinity top believe if to we shareholders, to we I -- we has market we probably cake, what that think and we're be companies. continues as We said, and particularly, continues our as grow time. anything best the echelon in in over and market -- And our the XX%-ish think our continue of There's our and about within Colin, further those the opportunity, to -- can that like, that's

Colin Shannon

Yes, Yes. you. I'll Steve. a little add Thank bit there,

them One grow aspects they beyond and here of without and organization, companies other our partner to that are the have keep to of up capability to continue the want into eating with size pharma that is massive, with that can XX%. the with they

industry. tier. some And able the And be top clients. a right see to more. out, ones all the the pharma thousands larger the and CROs not to to of are to at larger substantially the to of point companies there able just a start with the actually more you're offer I in workload. fragmented But we mean larger we'll looking that opportunity Steve's work of able are very So, continue share there's grow it's them done point, gives be by lot that's to to to now an some

Jonathan Curtain

Don, Jonathan here. Hey it's

amount add not to to Sorry, huge a that.

needs. back, larger the around what probably giving years an guess, the if go mindset, focus from say, therapeutic cater wanted is to XX evolution the no And diversification the, the seen seen I patients that there's scale broadening suppose, be market this the the recognize think we we've CROs their and last necessarily areas. I over you to customers mightn't our for that that backlog who mid-sized ago, the because potentially, find will customer look have I and of doubt type we've can work with they -- that have as in perspective -- And CROs and of on years, changing customer indeed maybe amongst -- their now even base. seen certain they're larger we've and I of assets think our number hard

to customers. a it's larger and our alongside offerings complementary those element services So, our rather

Donald Hooker

Great. think seen opportunity? any or might maybe have restart that And quick rescue amount With that this significant very that quarter. rescue a there I awards takeaways, about PRA of ICON struggling -- the Or year, guys follow-up were Was for CROs, that to both come disruptions how reported studies Or takeaways all a yet? operational strong of you the past studies see you maybe. do strong that's or over kind study and the you something reported very were year?

Steve Cutler

because opportunities, -- -- of think, a seen, very in come and haven't there's haven't what the They really, may We tend every growth, Not we've lag -- again. they us can strong to uptick five, small I from biotechs of component, think, obviously, The say come top it's has Donald. sort outside period, want -- then for midsized, Colin he's come with us. certainly a have usual our the rescues is. significant I we been COVID now any a been about -- after in rescue been been to rescue been might they but seen. And vaccine growth. along seen but uptick our a comment the for I and -- we can't what significant rate say not component

Colin Shannon

different substantially I echo from our well. that, as mix nothing There was Steve.

with So, I Steve. agree

Donald Hooker

you. your Thank merger. on congrats And Great.

Steve Cutler

you. Thank

Jonathan Curtain

Thanks Don.

Operator

question of George next from your And you. line the comes Thank Hill.

now is open. line Your

George Hill

recognition being think would taking how the couple readily and I a was access quick if appreciate you market I due know of Number would able people on or explosion I the I I are to trial you the one, people could talked in offering if on see deal. of trials market combined kind in there the since fee of process. you hard is to? locations? do But a guys untapped good comment two, see number I lastly, think get And transaction just think don't significant consumer of how You about on the Thanks. the interested of not Is is covered. to breakup space been trial you clinical Yes, has any ones, guess, comment in if have not kind morning already post Steve, much close. question. didn't if company's because you realized white about being how to much quickly lot you a of be I'd guys ask I the the

Colin Shannon

analysis Well, always the X% at only trial. that look that data a participate we eligible really patients in clinical approximately of shows

all that think will to that can and partners joint getting very talk -- clinical has trials help clients the streamline and patients of changing want achieve opportunity. a up as approach. can dramatically that together, we of on, us we Steve global earlier We medicines We faster. that, process to see ensure mentioned to that it's the a working support whole to quite closely And education huge speed of But the done. pandemic with that We And we actually going our be that. combination over been help time. clinical there's process. trial help So

Steve Cutler

comments there, George. with Colin's I'd and concur Yes

your white second space of terms little medical don't significant really we In question, very cover very we across segments. depth some don't space white and there's that cover,

think We clinically will a We to focused, strength focused be be brings and organization. organization. continue our and that a focus to clinically are and we great

in space. that's this engaging And as you and We'll active the and And fee? can even the that's as do to area decentralized around potential not further we sure really deliver having significant transaction. much on we'll acquisitions comment an those technology contemplated momentum a said continues open particularly in that providers we on to that that strongly. of and Brendan, be with want so opportunities that, be sorts trial market, into -- further this, so is as further making breakup always factor there that, future. do with we forward best moves innovation, the that space, There's the clinical we that are very can't

Brendan Brennan

They out, to maybe point breakup point, in included be those we just Yes, fees. at are the as There disclosed will yet. proxy. George, this haven't

this able be find you'll space, watch them. So, and to

George Hill

Thank appreciate. I guys. you. color Great

Operator

question Kreger. your Thank next you. John And the comes of from line

is line open. Your

John Kreger

necessarily thanks That's and a more how be company much. very allow Colin, agree where how seem able that doesn't combined it the is better? to necessarily you market combination category Hi the Do And more obvious can to out emerging will you of just little enhanced biotech? elaborate serve Steve does the emerging bit coming that that on one sort is of address you Thanks. scale biotech? innovation guys better helpful.

Colin Shannon

the be John. work a and we we to that work a they're been not emerging this for they important attention do with many they're of are lot even how of the and any in this to comes And talked to because about because grow Steve biotechs components further. going And wants to completely really to actually our of and many, expanding the a it client. that that that -- I it, doing innovation and realize I'll because piece shuffle, we manage years. our absolutely to ensure very this start continue with of going clients lost approach key their get that is very going one we're models that realized very on recognize of and We that that innovation so It's we've what and we and get powerful, here. going going in continue think our very, would element to about currently area to a part of that work for the to business. done that all long is continue amount we values way we're both Thanks all they Steve we that first Yes. that

Steve Cutler

when agree benefit sure perspective smaller John, being access just companies of biotech. concur scale areas. I'd to with said. are your And in these being Yes. with useful I'd the for terms Colin broaden around rare not what patients. Many to disease But enhanced companies, there's not And a areas, in the of rare able real you're to disease in and deepen I'm

market. So that care, complex the biotech model, We've their there make mantra shown ICON too of preeminent of really old been in think. that it has in deliver I mean, our market. customers, think, these of gone can we I very shown operationally The that. there's challenging a sort for guys I We've to been don't particularly an and PRA and that and really has old delivery-wise out we've successful also big we're away, opportunity, biotech. offering put compelling I deliver. we around trials. we really sort and have to the And can really shown, think, there

John Kreger

of that same of sort model the does for XXXX, significantly? in, XXXX? Thanks. the work, it you follow-up Great. quick change type one as out And work? Brendan, sort to Brendan. let's view COVID-related say, that of company What's durability your as Or combined maybe try is of of does about the

Brendan Brennan

Well, of certainly, market. John, at bolus a work the lot quite of vaccine variants there in side. lot is A And course, moment, the development. on as we're seeing that, know, a of of are that we

variants the should of development. I actual aren't But additional add-on or So say, seeing we still still seeing, we virus. so are --

foreseeable for during future it a So of business be XXXX, expect reasonable wins. certainly, we our to the do chunk generally

we countries, seeing getting increase I think vaccinations in in to globally there it's patients obviously drop-offs as say the are of advanced some probably new fair and are virus. numbers the the more of

vaccine of I But our tail development of future. treatment the the foreseeable something out significant expect be for and in that's during part to COVID a somewhat it would business COVID terms we XXXX. think So, to is going

John Kreger

you. Thank Great.

Operator

Thank question your Juan comes the you. next line And from of Avendano.

open. is Your line

Juan Avendano

be and management for in the turnover during congrats mergers, employee there question business is account can CRO the given relationship previous question biopharma Hello. Thank turnover the deal. integration. first significant on we've you CRO as My some And based. large project is what as well seen

any saw minimize So, talk than you you are the we be years? different what doing this recent And about can potential will near-term last to merger in mergers that two disruption? what ways CRO

Steve Cutler

those the making Juan. about talk employee we're recognize And I'll of that, address one we're Yes, integration place in detailed putting And that. that obviously them. then and sure the areas We plans is there. risks to minimizing turnover

a know them company. fashion, be going letting within we growth. have are in usual things the we're of looking employees things timely number company. a that there's We're making So, in about what making regular and This how Obviously, doing. role integration the decisions to the around opportunities our communication, sure they union grow at a process, really we there know where is whole the are

people normal role of cetera. lines be the sort be what something of expect combined their so various making well. more event that's is, and understand incentives that will as be et And people to to time retention that of we situations, the want place -- in And et employee of what in are, going what putting And there'll be emphasize then we'll them, sure there We'll as we for them an course forward. opportunities entity, things. the cetera,

less I forward. old a in move. organization anything industry, us. with give perhaps faster, attract to this a growth of And at and think, be this want integrated, forward. earlier to I our talent move work burdensome, overall, think, where is probably mentioned the decentralized So, there rather clearly, going say that. work would we'll is be I planes to trial, else. less be do, in will to huge people be people four to to things. and opportunity, different but story to being going And think, a we we than able to employees, I And of -- CRO, the particularly we'll we week, The way clinical there'll all employees, clinical as together be as days story of sorts going we compelling -- those on it'll as be a preeminent Colin We'll allowing -- in the CROs on put airports best be able believe our there'll be on, And of

think, be So, organization. are significant those I of our to opportunities, going within sorts

Juan Avendano

a And you. follow-up. Thank

do a thoughts Steve, As Data any to you businesses? for ICON to core business? you Solutions expect portfolio, you combined Data the do do And company specifically on into leverage early as the what PRA's to business any company? Solutions combined look you, could PRA's asset divest view And

Steve Cutler

of Yes, to we're of assess business, to one. all around us assess be making going we as it for and all statements any too it's constantly that way our early

in our call, I said, data I've includes CTMS, As we looks compelling. labs of to bring the combining complementarity and great on platforms our that the data that and times think, really us, those number one-view solution terms of around PRA data and us, sources sources opportunity, a see technology with and the our the to

the of really be the over that the then sure And to next we're that making of so we're going in bringing and customers. XX place months, to to benefit six that our right putting assessing sort

to So, our while any businesses, on statements always early we assess that. too it's make

Juan Avendano

you. Thank Great.

Operator

Brennan. the you. of question your Thank next And line from comes Dan

is line Your open.

Dan Brennan

was earlier, to taking Thanks wanted just I questions. Great. that asked for clarification. one Maybe just the but get

Eric's in other cost, can on asked term the is interest know $X of you billion what the debt. Brendan, the wondering that secured and on disclose but just So, if I just the indebtedness. it,

Brendan Brennan

didn't it interest quite You're catch-- Sorry, Dan? is I question just -- is your the cost, around

Dan Brennan

on Yes, the should exactly, assuming what of kind debt? rate be we

Brendan Brennan

longer high that. well We've to the bridge we'll at you facility good obviously is Yes, kind know, very place of of debt. and the got on a mean, Xs debt swap for in we'll in market types moment, we're move. But across I as Dan. the

the we're high in ballpark. X.XX, moment, that of the looking the kind two at of range, So, kind

Dan Brennan

million through PRA's scale it would you're color on you be combined to then purchasing about too asked applied was obviously, And I'm on you've you'll But some points wondering, know just the just or just that. $XXX helpful I'm help the synergies if on give of the the deck, of way just I to trying some savings, components it. would at us qualitative earlier can look know But obviously, give more any that, savings that and think think that? color? SG&A, not, get Got got getting just of said but meaningful. power, you conservative cost to some number be here, on you but that in some I to bullet us and

Brendan Brennan

lot combined to the say infrastructure the of around of what want is put a leverage I'd run in the that business. obviously, There's of lot support centers I we There's of IT services. systems. think, is way it. a the said, numbers, And combined about we excellence We've very it's Dan, at achievable, overlap looked our as will on how we we business.

time So, that achievable. And in the I frame given very, think very very we've a number. it's it achievable it's do there, certainly,

across getting those about very number So, feel to confident bullets. we that

Dan Brennan

to it. rate the talk wondering single-digit you you that? stand-alone about And revenue growth What's about thinking I ICON base businesses? combined to qualitative a assumed be of a terms ballpark? Any Like not you would give high you way then for the Just that's size on PRA color before us any potentially synergies. around synergy? both the factors, when you're the then And could going why synergies? standalone, at given they about all entity how and single-digit? think about include discussion but you're revenue any what of revenue in Got and they are of points high you've know potential kind could revenue how lot

Brendan Brennan

obviously, one, should both Well, as growth single-digit business standalone, in combination that well. we in be that is ballpark and the on Dan, particular high a see the do

-- Dan, things folks who of think sure you I about we're as absolutely they're making think terms doable. know, in

integrate more in Likewise, we imaging. phase. have. have don't pointed a see we the have we They that businesses, They a out we while and get elements these early have So, lot have we we that business. has opportunities. do data Steve lab

we'll first high look get the So, single-digits firing additional sure on and and I in suppose there is, we're those cross-sell cylinders to we're instance definitely let's there, make leverage. what But that all opportunities. as is saying then to

Dan Brennan

Great. you. guys. Thank Excellent

Operator

you. Thank

no the currently are further from there So, lines. phone questions

Steve Cutler

operator. you, thank Well, Okay.

just health close and Let and intelligence high-quality cultures with world-leading PRA me together growing saying by two CRO. of customer-centric create organizations union ICON similar the clinical brings to a

to strategies on and studies projects. highest with through use data Phase is focus X and on innovative technologies, we'll remaining leverage from quality focused post-approval trials expertise, of development executing Our the to and our current accelerate the delivering new while

the So, you of our months all. ICON I'd shout great Have employees, such day. the worked PRAs who of results and also both with out like strong and PRA together to bring ICONs, so team over few Thank to to the hard both this that, thank last the course a again, a all deal delivering XXXX. for over and

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