10-Q 1 iqv-20210930.htm 10-Q iqv-20210930
false2021Q3000147824212/3100014782422021-01-012021-09-30xbrli:shares00014782422021-10-20iso4217:USD00014782422021-07-012021-09-3000014782422020-07-012020-09-3000014782422020-01-012020-09-30iso4217:USDxbrli:shares00014782422021-09-3000014782422020-12-3100014782422019-12-3100014782422020-09-300001478242us-gaap:CommonStockMember2020-12-310001478242us-gaap:TreasuryStockMember2020-12-310001478242us-gaap:AdditionalPaidInCapitalMember2020-12-310001478242us-gaap:RetainedEarningsMember2020-12-310001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001478242us-gaap:NoncontrollingInterestMember2020-12-310001478242us-gaap:CommonStockMember2021-01-012021-03-310001478242us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100014782422021-01-012021-03-310001478242us-gaap:TreasuryStockMember2021-01-012021-03-310001478242us-gaap:RetainedEarningsMember2021-01-012021-03-310001478242us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001478242us-gaap:CommonStockMember2021-03-310001478242us-gaap:TreasuryStockMember2021-03-310001478242us-gaap:AdditionalPaidInCapitalMember2021-03-310001478242us-gaap:RetainedEarningsMember2021-03-310001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001478242us-gaap:NoncontrollingInterestMember2021-03-3100014782422021-03-310001478242us-gaap:CommonStockMember2021-04-012021-06-300001478242us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-3000014782422021-04-012021-06-300001478242us-gaap:TreasuryStockMember2021-04-012021-06-300001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001478242us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001478242us-gaap:RetainedEarningsMember2021-04-012021-06-300001478242us-gaap:CommonStockMember2021-06-300001478242us-gaap:TreasuryStockMember2021-06-300001478242us-gaap:AdditionalPaidInCapitalMember2021-06-300001478242us-gaap:RetainedEarningsMember2021-06-300001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001478242us-gaap:NoncontrollingInterestMember2021-06-3000014782422021-06-300001478242us-gaap:CommonStockMember2021-07-012021-09-300001478242us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001478242us-gaap:TreasuryStockMember2021-07-012021-09-300001478242us-gaap:RetainedEarningsMember2021-07-012021-09-300001478242us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001478242us-gaap:CommonStockMember2021-09-300001478242us-gaap:TreasuryStockMember2021-09-300001478242us-gaap:AdditionalPaidInCapitalMember2021-09-300001478242us-gaap:RetainedEarningsMember2021-09-300001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001478242us-gaap:NoncontrollingInterestMember2021-09-300001478242us-gaap:CommonStockMember2019-12-310001478242us-gaap:TreasuryStockMember2019-12-310001478242us-gaap:AdditionalPaidInCapitalMember2019-12-310001478242us-gaap:RetainedEarningsMember2019-12-310001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001478242us-gaap:NoncontrollingInterestMember2019-12-310001478242us-gaap:CommonStockMember2020-01-012020-03-310001478242us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-3100014782422020-01-012020-03-310001478242us-gaap:TreasuryStockMember2020-01-012020-03-310001478242us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001478242us-gaap:RetainedEarningsMember2020-01-012020-03-310001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001478242us-gaap:CommonStockMember2020-03-310001478242us-gaap:TreasuryStockMember2020-03-310001478242us-gaap:AdditionalPaidInCapitalMember2020-03-310001478242us-gaap:RetainedEarningsMember2020-03-310001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001478242us-gaap:NoncontrollingInterestMember2020-03-3100014782422020-03-310001478242us-gaap:CommonStockMember2020-04-012020-06-300001478242us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-3000014782422020-04-012020-06-300001478242us-gaap:RetainedEarningsMember2020-04-012020-06-300001478242us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001478242us-gaap:CommonStockMember2020-06-300001478242us-gaap:TreasuryStockMember2020-06-300001478242us-gaap:AdditionalPaidInCapitalMember2020-06-300001478242us-gaap:RetainedEarningsMember2020-06-300001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001478242us-gaap:NoncontrollingInterestMember2020-06-3000014782422020-06-300001478242us-gaap:CommonStockMember2020-07-012020-09-300001478242us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001478242us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001478242us-gaap:RetainedEarningsMember2020-07-012020-09-300001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001478242us-gaap:CommonStockMember2020-09-300001478242us-gaap:TreasuryStockMember2020-09-300001478242us-gaap:AdditionalPaidInCapitalMember2020-09-300001478242us-gaap:RetainedEarningsMember2020-09-300001478242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001478242us-gaap:NoncontrollingInterestMember2020-09-30iqv:Employeeiqv:Country0001478242srt:MinimumMember2021-09-300001478242srt:AmericasMemberiqv:TechnologyAndAnalyticsSolutionsMember2021-07-012021-09-300001478242srt:AmericasMemberiqv:ResearchAndDevelopmentSolutionsMember2021-07-012021-09-300001478242srt:AmericasMemberiqv:ContractSalesAndMedicalSolutionsMember2021-07-012021-09-300001478242srt:AmericasMember2021-07-012021-09-300001478242us-gaap:EMEAMemberiqv:TechnologyAndAnalyticsSolutionsMember2021-07-012021-09-300001478242iqv:ResearchAndDevelopmentSolutionsMemberus-gaap:EMEAMember2021-07-012021-09-300001478242us-gaap:EMEAMemberiqv:ContractSalesAndMedicalSolutionsMember2021-07-012021-09-300001478242us-gaap:EMEAMember2021-07-012021-09-300001478242srt:AsiaPacificMemberiqv:TechnologyAndAnalyticsSolutionsMember2021-07-012021-09-300001478242srt:AsiaPacificMemberiqv:ResearchAndDevelopmentSolutionsMember2021-07-012021-09-300001478242srt:AsiaPacificMemberiqv:ContractSalesAndMedicalSolutionsMember2021-07-012021-09-300001478242srt:AsiaPacificMember2021-07-012021-09-300001478242iqv:TechnologyAndAnalyticsSolutionsMember2021-07-012021-09-300001478242iqv:ResearchAndDevelopmentSolutionsMember2021-07-012021-09-300001478242iqv:ContractSalesAndMedicalSolutionsMember2021-07-012021-09-300001478242srt:AmericasMemberiqv:TechnologyAndAnalyticsSolutionsMember2020-07-012020-09-300001478242srt:AmericasMemberiqv:ResearchAndDevelopmentSolutionsMember2020-07-012020-09-300001478242srt:AmericasMemberiqv:ContractSalesAndMedicalSolutionsMember2020-07-012020-09-300001478242srt:AmericasMember2020-07-012020-09-300001478242us-gaap:EMEAMemberiqv:TechnologyAndAnalyticsSolutionsMember2020-07-012020-09-300001478242iqv:ResearchAndDevelopmentSolutionsMemberus-gaap:EMEAMember2020-07-012020-09-300001478242us-gaap:EMEAMemberiqv:ContractSalesAndMedicalSolutionsMember2020-07-012020-09-300001478242us-gaap:EMEAMember2020-07-012020-09-300001478242srt:AsiaPacificMemberiqv:TechnologyAndAnalyticsSolutionsMember2020-07-012020-09-300001478242srt:AsiaPacificMemberiqv:ResearchAndDevelopmentSolutionsMember2020-07-012020-09-300001478242srt:AsiaPacificMemberiqv:ContractSalesAndMedicalSolutionsMember2020-07-012020-09-300001478242srt:AsiaPacificMember2020-07-012020-09-300001478242iqv:TechnologyAndAnalyticsSolutionsMember2020-07-012020-09-300001478242iqv:ResearchAndDevelopmentSolutionsMember2020-07-012020-09-300001478242iqv:ContractSalesAndMedicalSolutionsMember2020-07-012020-09-300001478242srt:AmericasMemberiqv:TechnologyAndAnalyticsSolutionsMember2021-01-012021-09-300001478242srt:AmericasMemberiqv:ResearchAndDevelopmentSolutionsMember2021-01-012021-09-300001478242srt:AmericasMemberiqv:ContractSalesAndMedicalSolutionsMember2021-01-012021-09-300001478242srt:AmericasMember2021-01-012021-09-300001478242us-gaap:EMEAMemberiqv:TechnologyAndAnalyticsSolutionsMember2021-01-012021-09-300001478242iqv:ResearchAndDevelopmentSolutionsMemberus-gaap:EMEAMember2021-01-012021-09-300001478242us-gaap:EMEAMemberiqv:ContractSalesAndMedicalSolutionsMember2021-01-012021-09-300001478242us-gaap:EMEAMember2021-01-012021-09-300001478242srt:AsiaPacificMemberiqv:TechnologyAndAnalyticsSolutionsMember2021-01-012021-09-300001478242srt:AsiaPacificMemberiqv:ResearchAndDevelopmentSolutionsMember2021-01-012021-09-300001478242srt:AsiaPacificMemberiqv:ContractSalesAndMedicalSolutionsMember2021-01-012021-09-300001478242srt:AsiaPacificMember2021-01-012021-09-300001478242iqv:TechnologyAndAnalyticsSolutionsMember2021-01-012021-09-300001478242iqv:ResearchAndDevelopmentSolutionsMember2021-01-012021-09-300001478242iqv:ContractSalesAndMedicalSolutionsMember2021-01-012021-09-300001478242srt:AmericasMemberiqv:TechnologyAndAnalyticsSolutionsMember2020-01-012020-09-300001478242srt:AmericasMemberiqv:ResearchAndDevelopmentSolutionsMember2020-01-012020-09-300001478242srt:AmericasMemberiqv:ContractSalesAndMedicalSolutionsMember2020-01-012020-09-300001478242srt:AmericasMember2020-01-012020-09-300001478242us-gaap:EMEAMemberiqv:TechnologyAndAnalyticsSolutionsMember2020-01-012020-09-300001478242iqv:ResearchAndDevelopmentSolutionsMemberus-gaap:EMEAMember2020-01-012020-09-300001478242us-gaap:EMEAMemberiqv:ContractSalesAndMedicalSolutionsMember2020-01-012020-09-300001478242us-gaap:EMEAMember2020-01-012020-09-300001478242srt:AsiaPacificMemberiqv:TechnologyAndAnalyticsSolutionsMember2020-01-012020-09-300001478242srt:AsiaPacificMemberiqv:ResearchAndDevelopmentSolutionsMember2020-01-012020-09-300001478242srt:AsiaPacificMemberiqv:ContractSalesAndMedicalSolutionsMember2020-01-012020-09-300001478242srt:AsiaPacificMember2020-01-012020-09-300001478242iqv:TechnologyAndAnalyticsSolutionsMember2020-01-012020-09-300001478242iqv:ResearchAndDevelopmentSolutionsMember2020-01-012020-09-300001478242iqv:ContractSalesAndMedicalSolutionsMember2020-01-012020-09-30iqv:Customerxbrli:pure00014782422020-10-012021-09-300001478242iqv:TechnologyAndAnalyticsSolutionsMember2020-12-310001478242iqv:ResearchAndDevelopmentSolutionsMember2020-12-310001478242iqv:ContractSalesAndMedicalSolutionsMember2020-12-310001478242iqv:TechnologyAndAnalyticsSolutionsMember2021-09-300001478242iqv:ResearchAndDevelopmentSolutionsMember2021-09-300001478242iqv:ContractSalesAndMedicalSolutionsMember2021-09-300001478242us-gaap:ForeignExchangeForwardMemberiqv:OtherCurrentAssetsAndLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300001478242us-gaap:ForeignExchangeForwardMemberiqv:OtherCurrentAssetsAndLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001478242iqv:OtherAssetsAndLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300001478242iqv:OtherAssetsAndLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001478242us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMember2021-09-300001478242us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMember2020-12-310001478242us-gaap:ForeignExchangeForwardMember2021-07-012021-09-300001478242us-gaap:ForeignExchangeForwardMember2020-07-012020-09-300001478242us-gaap:ForeignExchangeForwardMember2021-01-012021-09-300001478242us-gaap:ForeignExchangeForwardMember2020-01-012020-09-300001478242us-gaap:InterestRateContractMember2021-07-012021-09-300001478242us-gaap:InterestRateContractMember2020-07-012020-09-300001478242us-gaap:InterestRateContractMember2021-01-012021-09-300001478242us-gaap:InterestRateContractMember2020-01-012020-09-300001478242iqv:FairValueInputsLevel1AndLevel2Member2021-09-300001478242iqv:FairValueInputsLevel1AndLevel2Member2020-12-310001478242us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001478242us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001478242us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001478242us-gaap:FairValueMeasurementsRecurringMember2021-09-300001478242iqv:ContingentConsiderationMember2020-12-310001478242iqv:ContingentConsiderationMember2019-12-310001478242iqv:ContingentConsiderationMember2021-01-012021-09-300001478242iqv:ContingentConsiderationMember2020-01-012020-09-300001478242iqv:ContingentConsiderationMember2021-09-300001478242iqv:ContingentConsiderationMember2020-09-300001478242us-gaap:RevolvingCreditFacilityMemberiqv:USDRevolvingCreditFacilityMember2021-09-300001478242us-gaap:RevolvingCreditFacilityMemberiqv:USDRevolvingCreditFacilityMember2021-01-012021-09-300001478242us-gaap:RevolvingCreditFacilityMemberiqv:USDRevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-300001478242us-gaap:LineOfCreditMemberiqv:AccountsReceivableFinancingFacilityMember2021-09-300001478242us-gaap:LineOfCreditMemberiqv:AccountsReceivableFinancingFacilityMember2021-01-012021-09-300001478242us-gaap:LineOfCreditMemberiqv:AccountsReceivableFinancingFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-09-30iso4217:GBP0001478242iqv:BankCreditFacilityMemberus-gaap:LineOfCreditMember2021-09-300001478242iqv:BankCreditFacilityMemberus-gaap:LineOfCreditMember2021-01-012021-09-300001478242iqv:BankCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2021-01-012021-09-300001478242us-gaap:DebtInstrumentRedemptionPeriodOneMemberiqv:SeniorSecuredFacilitiesTermALoanMembercurrency:USDus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-300001478242us-gaap:DebtInstrumentRedemptionPeriodOneMemberiqv:SeniorSecuredFacilitiesTermALoanMembercurrency:USDus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-310001478242us-gaap:DebtInstrumentRedemptionPeriodOneMembercurrency:USDiqv:SeniorSecuredFacilitiesTermALoan2Memberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-300001478242us-gaap:DebtInstrumentRedemptionPeriodOneMembercurrency:USDiqv:SeniorSecuredFacilitiesTermALoan2Memberus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-310001478242currency:USDus-gaap:DebtInstrumentRedemptionPeriodFourMemberus-gaap:LondonInterbankOfferedRateLIBORMemberiqv:SeniorSecuredTermALoanAtOnePointThirtyThreePercentMember2021-01-012021-09-300001478242currency:USDus-gaap:DebtInstrumentRedemptionPeriodFourMemberus-gaap:LondonInterbankOfferedRateLIBORMemberiqv:SeniorSecuredTermALoanAtOnePointThirtyThreePercentMember2021-09-300001478242currency:USDus-gaap:DebtInstrumentRedemptionPeriodFourMemberus-gaap:LondonInterbankOfferedRateLIBORMemberiqv:SeniorSecuredTermALoanAtOnePointThirtyThreePercentMember2020-12-310001478242us-gaap:DebtInstrumentRedemptionPeriodOneMemberiqv:SeniorSecuredFacilitiesTermALoanMembercurrency:EURus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-300001478242us-gaap:DebtInstrumentRedemptionPeriodOneMemberiqv:SeniorSecuredFacilitiesTermALoanMembercurrency:EURus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-310001478242iqv:SeniorSecuredTermALoanAtOnePointTwentyFivePecentMembercurrency:EURus-gaap:DebtInstrumentRedemptionPeriodFourMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-09-300001478242iqv:SeniorSecuredTermALoanAtOnePointTwentyFivePecentMembercurrency:USDus-gaap:DebtInstrumentRedemptionPeriodFourMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-300001478242iqv:SeniorSecuredTermALoanAtOnePointTwentyFivePecentMembercurrency:USDus-gaap:DebtInstrumentRedemptionPeriodFourMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-310001478242iqv:SeniorSecuredFacilitiesTermBLoanMembercurrency:USDus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-09-300001478242iqv:SeniorSecuredFacilitiesTermBLoanMembercurrency:USDus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-300001478242iqv:SeniorSecuredFacilitiesTermBLoanMembercurrency:USDus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-310001478242iqv:SeniorSecuredFacilitiesTermBLoanMembercurrency:EURus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-09-300001478242iqv:SeniorSecuredFacilitiesTermBLoanMembercurrency:EURus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-300001478242iqv:SeniorSecuredFacilitiesTermBLoanMembercurrency:EURus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-310001478242us-gaap:DebtInstrumentRedemptionPeriodThreeMemberiqv:SeniorSecuredFacilitiesTermBLoanMembercurrency:USDus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-09-300001478242us-gaap:DebtInstrumentRedemptionPeriodThreeMemberiqv:SeniorSecuredFacilitiesTermBLoanMembercurrency:USDus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-300001478242us-gaap:DebtInstrumentRedemptionPeriodThreeMemberiqv:SeniorSecuredFacilitiesTermBLoanMembercurrency:USDus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-310001478242us-gaap:DebtInstrumentRedemptionPeriodThreeMembercurrency:USDus-gaap:LondonInterbankOfferedRateLIBORMemberiqv:SeniorSecuredAdditionalTermBLoanMember2021-01-012021-09-300001478242us-gaap:DebtInstrumentRedemptionPeriodThreeMembercurrency:USDus-gaap:LondonInterbankOfferedRateLIBORMemberiqv:SeniorSecuredAdditionalTermBLoanMember2021-09-300001478242us-gaap:DebtInstrumentRedemptionPeriodThreeMembercurrency:USDus-gaap:LondonInterbankOfferedRateLIBORMemberiqv:SeniorSecuredAdditionalTermBLoanMember2020-12-310001478242us-gaap:DebtInstrumentRedemptionPeriodThreeMembercurrency:EURus-gaap:LondonInterbankOfferedRateLIBORMemberiqv:SeniorSecuredAdditionalTermBLoanMember2021-01-012021-09-300001478242us-gaap:DebtInstrumentRedemptionPeriodThreeMembercurrency:EURus-gaap:LondonInterbankOfferedRateLIBORMemberiqv:SeniorSecuredAdditionalTermBLoanMember2021-09-300001478242us-gaap:DebtInstrumentRedemptionPeriodThreeMembercurrency:EURus-gaap:LondonInterbankOfferedRateLIBORMemberiqv:SeniorSecuredAdditionalTermBLoanMember2020-12-310001478242us-gaap:SeniorNotesMemberiqv:DebtInstrumentRedemptionPeriodSixMembercurrency:USDiqv:FivePointZeroPercentageSeniorNotesMember2021-09-300001478242us-gaap:SeniorNotesMemberiqv:DebtInstrumentRedemptionPeriodSixMembercurrency:USDiqv:FivePointZeroPercentageSeniorNotesMember2020-12-310001478242us-gaap:SeniorNotesMembercurrency:USDiqv:FivePointZeroPercentageSeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodFourMember2021-09-300001478242us-gaap:SeniorNotesMembercurrency:USDiqv:FivePointZeroPercentageSeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodFourMember2020-12-310001478242us-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodThreeMembercurrency:EURiqv:TwoPointEightSevenFivePercentageSeniorNotesMember2021-09-300001478242us-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodThreeMembercurrency:EURiqv:TwoPointEightSevenFivePercentageSeniorNotesMember2020-12-310001478242iqv:ThreePointTwoFivePercentageSeniorNotesMemberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodThreeMembercurrency:EUR2021-09-300001478242iqv:ThreePointTwoFivePercentageSeniorNotesMemberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodThreeMembercurrency:EUR2020-12-310001478242us-gaap:SeniorNotesMembercurrency:EURiqv:DebtInstrumentRedemptionPeriodSevenMemberiqv:TwoPointTwoFivePercentageSeniorNotesMember2021-09-300001478242us-gaap:SeniorNotesMembercurrency:EURiqv:DebtInstrumentRedemptionPeriodSevenMemberiqv:TwoPointTwoFivePercentageSeniorNotesMember2020-12-310001478242us-gaap:SeniorNotesMembercurrency:EURiqv:DebtInstrumentRedemptionPeriodSevenMemberiqv:TwoPointEightSevenFivePercentageSeniorNotesMember2021-09-300001478242us-gaap:SeniorNotesMembercurrency:EURiqv:DebtInstrumentRedemptionPeriodSevenMemberiqv:TwoPointEightSevenFivePercentageSeniorNotesMember2020-12-310001478242us-gaap:SeniorNotesMemberiqv:OnePointSevenFivePercentageSeniorNotesMembercurrency:EURus-gaap:DebtInstrumentRedemptionPeriodFourMember2021-09-300001478242us-gaap:SeniorNotesMemberiqv:OnePointSevenFivePercentageSeniorNotesMembercurrency:EURus-gaap:DebtInstrumentRedemptionPeriodFourMember2020-12-310001478242us-gaap:SeniorNotesMembercurrency:EURiqv:DebtInstrumentRedemptionPeriodEightMemberiqv:TwoPointTwoFivePercentageSeniorNotesMember2021-09-300001478242us-gaap:SeniorNotesMembercurrency:EURiqv:DebtInstrumentRedemptionPeriodEightMemberiqv:TwoPointTwoFivePercentageSeniorNotesMember2020-12-310001478242us-gaap:DebtInstrumentRedemptionPeriodFiveMembercurrency:USDiqv:AccountsReceivableFinancingFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-300001478242us-gaap:DebtInstrumentRedemptionPeriodFiveMembercurrency:USDiqv:AccountsReceivableFinancingFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-310001478242currency:USDus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMemberiqv:SeniorSecuredAdditionalTermBLoanMember2021-01-012021-09-300001478242currency:USDiqv:AccountsReceivableFinancingFacilityMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-300001478242currency:USDiqv:AccountsReceivableFinancingFacilityMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-310001478242iqv:BankCreditFacilityMember2021-01-012021-09-300001478242iqv:SeniorSecuredFacilitiesTermALoanMember2021-08-252021-08-250001478242iqv:SeniorSecuredCreditFacilitiesMember2021-09-300001478242us-gaap:StandbyLettersOfCreditMember2021-09-300001478242iqv:SeniorSecuredFacilitiesTermBLoanMember2021-09-142021-09-140001478242iqv:AccountsReceivableFinancingFacilityMember2021-08-130001478242iqv:AccountsReceivableFinancingFacilityMember2021-08-120001478242iqv:BankruptcyRemoteSpecialPurposeEntitySPEMemberiqv:AccountsReceivableFinancingFacilityTermLoanMember2021-08-130001478242iqv:BankruptcyRemoteSpecialPurposeEntitySPEMemberiqv:AccountsReceivableFinancingFacilityRevolvingLoanCommitmentMember2021-08-13iso4217:EUR0001478242us-gaap:SeniorNotesMembercurrency:EUR2021-03-030001478242us-gaap:SeniorNotesMemberiqv:OnePointSevenFivePercentageSeniorNotesMembercurrency:EURus-gaap:DebtInstrumentRedemptionPeriodFourMember2021-03-030001478242us-gaap:SeniorNotesMembercurrency:EURiqv:DebtInstrumentRedemptionPeriodEightMemberiqv:TwoPointTwoFivePercentageSeniorNotesMember2021-03-030001478242us-gaap:SeniorNotesMemberiqv:OnePointSevenFivePercentageSeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodFourMember2021-03-032021-03-030001478242us-gaap:SeniorNotesMemberiqv:DebtInstrumentRedemptionPeriodEightMemberiqv:TwoPointTwoFivePercentageSeniorNotesMember2021-03-032021-03-03iqv:medical_doctor0001478242iqv:KoreanPharmaceuticalInformationCenterMember2014-02-132014-02-13iqv:private_individualiqv:Defendant0001478242iqv:KoreanPharmaceuticalInformationCenterMember2017-09-112017-09-110001478242iqv:KoreanPharmaceuticalInformationCenterMember2019-05-242019-05-240001478242iqv:SeoulCentralDistrictProsecutorsMember2015-07-232015-07-230001478242iqv:EmployeeMemberiqv:SeoulCentralDistrictProsecutorsMember2015-07-232015-07-230001478242iqv:EmployeeMemberiqv:SeoulCentralDistrictProsecutorsMember2020-07-142020-07-140001478242srt:MinimumMemberiqv:VeevaSystemsIncMember2017-05-132017-05-130001478242iqv:EquityRepurchaseUnderRepurchaseProgramMemberiqv:SecondaryPublicOfferingMember2021-01-012021-09-300001478242iqv:EquityRepurchaseUnderRepurchaseProgramMember2021-09-300001478242iqv:Q2SolutionsMember2021-04-010001478242iqv:Q2SolutionsMember2021-04-012021-04-010001478242us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2021-09-300001478242us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:CustomerRelationshipsMember2021-09-300001478242us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:CustomerRelationshipsMember2021-01-012021-09-300001478242us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:NoncompeteAgreementsMember2021-09-300001478242us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:NoncompeteAgreementsMember2021-01-012021-09-300001478242us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2021-09-300001478242us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2021-01-012021-09-300001478242us-gaap:TradeNamesMemberus-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2021-09-300001478242us-gaap:TradeNamesMemberus-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2021-01-012021-09-300001478242us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:OrderOrProductionBacklogMember2021-09-300001478242us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:OrderOrProductionBacklogMember2021-01-012021-09-300001478242iqv:SeveranceAndRelatedCostsMember2020-12-310001478242us-gaap:FacilityClosingMember2020-12-310001478242iqv:SeveranceAndRelatedCostsMember2021-01-012021-09-300001478242us-gaap:FacilityClosingMember2021-01-012021-09-300001478242iqv:SeveranceAndRelatedCostsMember2021-09-300001478242us-gaap:FacilityClosingMember2021-09-300001478242us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001478242us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001478242us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001478242us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-09-300001478242us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-09-300001478242us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-09-300001478242us-gaap:AccumulatedTranslationAdjustmentMember2021-09-300001478242us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-09-300001478242us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-09-300001478242us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2021-07-012021-09-300001478242us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2020-07-012020-09-300001478242us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2021-01-012021-09-300001478242us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2020-01-012020-09-300001478242us-gaap:SalesMemberus-gaap:ForeignExchangeForwardMember2021-07-012021-09-300001478242us-gaap:SalesMemberus-gaap:ForeignExchangeForwardMember2020-07-012020-09-300001478242us-gaap:SalesMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-09-300001478242us-gaap:SalesMemberus-gaap:ForeignExchangeForwardMember2020-01-012020-09-300001478242us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2021-07-012021-09-300001478242us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2020-07-012020-09-300001478242us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-09-300001478242us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2020-01-012020-09-30iqv:Segment0001478242us-gaap:OperatingSegmentsMemberiqv:TechnologyAndAnalyticsSolutionsMember2021-07-012021-09-300001478242us-gaap:OperatingSegmentsMemberiqv:TechnologyAndAnalyticsSolutionsMember2020-07-012020-09-300001478242us-gaap:OperatingSegmentsMemberiqv:TechnologyAndAnalyticsSolutionsMember2021-01-012021-09-300001478242us-gaap:OperatingSegmentsMemberiqv:TechnologyAndAnalyticsSolutionsMember2020-01-012020-09-300001478242iqv:ResearchAndDevelopmentSolutionsMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001478242iqv:ResearchAndDevelopmentSolutionsMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001478242iqv:ResearchAndDevelopmentSolutionsMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300001478242iqv:ResearchAndDevelopmentSolutionsMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001478242us-gaap:OperatingSegmentsMemberiqv:ContractSalesAndMedicalSolutionsMember2021-07-012021-09-300001478242us-gaap:OperatingSegmentsMemberiqv:ContractSalesAndMedicalSolutionsMember2020-07-012020-09-300001478242us-gaap:OperatingSegmentsMemberiqv:ContractSalesAndMedicalSolutionsMember2021-01-012021-09-300001478242us-gaap:OperatingSegmentsMemberiqv:ContractSalesAndMedicalSolutionsMember2020-01-012020-09-300001478242us-gaap:CorporateNonSegmentMember2021-07-012021-09-300001478242us-gaap:CorporateNonSegmentMember2020-07-012020-09-300001478242us-gaap:CorporateNonSegmentMember2021-01-012021-09-300001478242us-gaap:CorporateNonSegmentMember2020-01-012020-09-300001478242us-gaap:PerformanceSharesMember2021-07-012021-09-300001478242us-gaap:PerformanceSharesMember2020-07-012020-09-300001478242us-gaap:PerformanceSharesMember2021-01-012021-09-300001478242us-gaap:PerformanceSharesMember2020-01-012020-09-300001478242us-gaap:StockCompensationPlanMember2021-07-012021-09-300001478242us-gaap:StockCompensationPlanMember2020-07-012020-09-300001478242us-gaap:StockCompensationPlanMember2021-01-012021-09-300001478242us-gaap:StockCompensationPlanMember2020-01-012020-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________
FORM 10-Q
_________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to             .
Commission File Number: 001-35907
_________________________________________________________
IQVIA HOLDINGS INC.
iqv-20210930_g1.jpg
(Exact name of registrant as specified in its charter)
_________________________________________________________
Delaware27-1341991
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
4820 Emperor Blvd., Durham, North Carolina 27703
(Address of principal executive office and Zip Code)
(919998-2000
(Registrant’s telephone number, including area code)
_________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes x    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No x
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on which Registered
Common Stock, par value $0.01 per share
IQV
New York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.
Class
Number of Shares Outstanding
Common Stock $0.01 par value191,039,501shares outstandingas of October 20, 2021


IQVIA HOLDINGS INC.
FORM 10-Q
TABLE OF CONTENTS
Page

2

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share data)2021202020212020
Revenues$3,391 $2,786 $10,238 $8,061 
Costs of revenue, exclusive of depreciation and amortization2,253 1,800 6,869 5,328 
Selling, general and administrative expenses498 460 1,422 1,298 
Depreciation and amortization336 319 1,002 943 
Restructuring costs2 20 15 50 
Income from operations302 187 930 442 
Interest income(2)(1)(4)(4)
Interest expense92 100 285 314 
Loss on extinguishment of debt1  25 12 
Other income, net(62)(14)(128)(59)
Income before income taxes and equity in earnings of unconsolidated affiliates273 102 752 179 
Income tax expense (benefit) 12 (3)104 9 
Income before equity in earnings of unconsolidated affiliates261 105 648 170 
Equity in earnings of unconsolidated affiliates 3 5 8 
Net income261 108 653 178 
Net income attributable to non-controlling interests (7)(5)(18)
Net income attributable to IQVIA Holdings Inc.$261 $101 $648 $160 
Earnings per share attributable to common stockholders:
Basic$1.36 $0.53 $3.38 $0.84 
Diluted$1.34 $0.52 $3.32 $0.82 
Weighted average common shares outstanding:
Basic191.5 191.3 191.5 191.3 
Diluted195.3 194.9 195.0 194.9 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2021202020212020
Net income$261 $108 $653 $178 
Comprehensive income adjustments:
Unrealized (losses) gains on derivative instruments, net of income tax expense (benefit) of $, $(8), $, $(11)
(4)(1) (33)
Foreign currency translation, net of income tax (benefit) expense of $28, $(54), $66, $(83)
(117)130 (237)20 
Reclassification adjustments:
Losses on derivative instruments included in net income, net of income tax benefit of $1, $1, $2, $2
3 2 7 6 
Comprehensive income143 239 423 171 
Comprehensive income attributable to non-controlling interests (11)(5)(17)
Comprehensive income attributable to IQVIA Holdings Inc.$143 $228 $418 $154 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions, except per share data)September 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$1,470 $1,814 
Trade accounts receivable and unbilled services, net2,330 2,410 
Prepaid expenses164 159 
Income taxes receivable56 56 
Investments in debt, equity and other securities104 88 
Other current assets and receivables410 563 
Total current assets4,534 5,090 
Property and equipment, net485 482 
Operating lease right-of-use assets404 471 
Investments in debt, equity and other securities74 78 
Investments in unconsolidated affiliates84 84 
Goodwill13,124 12,654 
Other identifiable intangibles, net4,812 5,205 
Deferred income taxes105 114 
Deposits and other assets411 386 
Total assets$24,033 $24,564 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses$2,663 $2,813 
Unearned income1,826 1,252 
Income taxes payable53 102 
Current portion of long-term debt91 149 
Other current liabilities214 242 
Total current liabilities4,847 4,558 
Long-term debt, less current portion12,081 12,384 
Deferred income taxes297 338 
Operating lease liabilities323 371 
Other liabilities656 633 
Total liabilities18,204 18,284 
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock and additional paid-in capital, 400.0 shares authorized as of September 30, 2021 and December 31, 2020, $0.01 par value, 255.6 shares issued and 191.1 shares outstanding as of September 30, 2021; 254.7 shares issued and 191.2 shares outstanding as of December 31, 2020
10,747 11,095 
Retained earnings1,925 1,277 
Treasury stock, at cost, 64.5 and 63.5 shares as of September 30, 2021 and December 31, 2020, respectively
(6,398)(6,166)
Accumulated other comprehensive loss(445)(205)
Equity attributable to IQVIA Holdings Inc.’s stockholders5,829 6,001 
Non-controlling interests 279 
Total stockholders’ equity5,829 6,280 
Total liabilities and stockholders’ equity$24,033 $24,564 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months Ended September 30,
(in millions)20212020
Operating activities:
Net income$653 $178 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization1,002 943 
Amortization of debt issuance costs and discount14 13 
Stock-based compensation128 69 
Earnings from unconsolidated affiliates(5)(8)
Gain on investments, net(9)(17)
Benefit from deferred income taxes(83)(160)
Changes in operating assets and liabilities:
Change in accounts receivable, unbilled services and unearned income663 328 
Change in other operating assets and liabilities(113)(137)
Net cash provided by operating activities2,250 1,209 
Investing activities:
Acquisition of property, equipment and software(456)(440)
Acquisition of businesses, net of cash acquired(994)(118)
Purchases of marketable securities, net(9)(8)
Investments in unconsolidated affiliates, net of payments received(3)8 
Proceeds from sale of (investments in) equity securities5 (2)
Other1  
Net cash used in investing activities(1,456)(560)
Financing activities:
Proceeds from issuance of debt1,951 1,591 
Payment of debt issuance costs(40)(33)
Repayment of debt and principal payments on finance leases(2,068)(792)
Proceeds from revolving credit facility410 1,250 
Repayment of revolving credit facility(300)(1,610)
(Payments) related to employee stock option plans(51)(43)
Repurchase of common stock(202)(346)
Distributions to non-controlling interest, net (16)
Acquisition of Quest's non-controlling interest(758) 
Contingent consideration and deferred purchase price payments(39)(20)
Net cash used in financing activities(1,097)(19)
Effect of foreign currency exchange rate changes on cash(41)(3)
(Decrease) increase in cash and cash equivalents(344)627 
Cash and cash equivalents at beginning of period1,814 837 
Cash and cash equivalents at end of period$1,470 $1,464 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)
(in millions)Common
Stock
Shares
Treasury
Stock
Shares
Common
Stock
Additional
Paid-In
Capital
Retained EarningsTreasury
Stock
Accumulated
Other
Comprehensive
(Loss) Income
Non-
controlling
Interests
Total
Balance, December 31, 2020254.7 (63.5)$3 $11,092 $1,277 $(6,166)$(205)$279 $6,280 
Issuance of common stock0.7 — — (57)— — — — (57)
Repurchase of common stock— (0.3)— — — (62)— — (62)
Stock-based compensation— — — 30 — — — — 30 
Net income— — — — 212 — — 5 217 
Unrealized gains on derivative instruments, net of tax— — — — — — 6 — 6 
Foreign currency translation, net of tax— — — — — — (178) (178)
Reclassification adjustments, net of tax— — — — — — 1 — 1 
Balance, March 31, 2021255.4 (63.8)$3 $11,065 $1,489 $(6,228)$(376)$284 $6,237 
Issuance of common stock0.2 — — 1 — — — — 1 
Repurchase of common stock— (0.2)— — — (45)— — (45)
Stock-based compensation— — — 42 — — — — 42 
Acquisition of Quest's non-controlling interest, net of tax— — — (415)— — (10)(284)(709)
Net income— — — — 175 — —  175 
Unrealized losses on derivative instruments, net of tax— — — — — — (2)— (2)
Foreign currency translation, net of tax— — — — — — 58  58 
Reclassification adjustments, net of tax— — — — — — 3 — 3 
Balance, June 30, 2021255.6 (64.0)$3 $10,693 $1,664 $(6,273)$(327)$ $5,760 
Issuance of common stock — — 4 — — — — 4 
Repurchase of common stock— (0.5)— — — (125)— — (125)
Stock-based compensation— — — 48 — — — — 48 
Acquisition of Quest's non-controlling interest, net of tax— — (1)— — — — (1)
Net income— — — — 261 — —  261 
Unrealized losses on derivative instruments, net of tax— — — — — — (4)— (4)
Foreign currency translation, net of tax— — — — — — (117) (117)
Reclassification adjustments, net of tax— — — — — — 3 — 3 
Balance, September 30, 2021255.6 (64.5)$3 $10,744 $1,925 $(6,398)$(445)$ $5,829 














7

IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)
(in millions)Common Stock SharesTreasury
Stock
Shares
Common
Stock
Additional
Paid-In
Capital
Retained EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Non-
controlling
Interests
Total
Balance, December 31, 2019253.0 (60.7)$3 $11,046 $998 $(5,733)$(311)$260 $6,263 
Issuance of common stock0.8 — — (44)— — — — (44)
Repurchase of common stock— (2.1)— — — (332)— — (332)
Stock-based compensation— — — 7 — — — — 7 
Distributions to non-controlling interests, net— — — — — — — (5)(5)
Net income— — — — 82 — — 9 91 
Unrealized losses on derivative instruments, net of tax— — — — — — (39)— (39)
Foreign currency translation, net of tax— — — — — — (151)(4)(155)
Reclassification adjustments, net of tax— — — — — — 16 — 16 
Balance, March 31, 2020253.8 (62.8)$3 $11,009 $1,080 $(6,065)$(485)$260 $5,802 
Issuance of common stock0.3 — — 1 — — — — 1 
Repurchase of common stock— — — — — — — — — 
Stock-based compensation— — — 30 — — — — 30 
Net income— — — — (23)— — 2 (21)
Unrealized gains on derivative instruments, net of tax— — — — — — 7 — 7 
Foreign currency translation, net of tax— — — — — — 46 (1)45 
Reclassification adjustments, net of tax— — — — — — (12)— (12)
Balance, June 30, 2020254.1 (62.8)$3 $11,040 $1,057 $(6,065)$(444)$261 $5,852 
Issuance of common stock0.4 — — (3)— — — — (3)
Stock-based compensation— — — 30 — — — — 30 
Distributions to non-controlling interest, net— — — — — — — (11)(11)
Net income— — — — 101 — — 7 108 
Unrealized losses on derivative instruments, net of tax— — — — — — (1)— (1)
Foreign currency translation, net of tax— — — — — — 126 4 130 
Reclassification adjustments, net of tax— — — — — — 2 — 2 
Balance, September 30, 2020254.5 (62.8)$3 $11,067 $1,158 $(6,065)$(317)$261 $6,107 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8

IQVIA HOLDINGS INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(unaudited)
1. Summary of Significant Accounting Policies
The Company
IQVIA Holdings Inc. (together with its subsidiaries, the “Company” or “IQVIA”) is a leading global provider of advanced analytics, technology solutions and clinical research services to the life sciences industry. With approximately 77,000 employees, IQVIA conducts business in more than 100 countries.
Unaudited Interim Financial Information
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by GAAP.
Recently Issued Accounting Standards
Accounting pronouncements adopted
In March 2020, the Financial Accounting Standards Board ("FASB") issued new accounting guidance that provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The new accounting guidance became effective for the Company as of March 12, 2020 through December 31, 2022. The Company adopted this new accounting guidance on January 1, 2021. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements.
In January 2020, the FASB issued new accounting guidance that states any equity security transitioning from the alternative method of accounting to the equity method, or vice versa, due to an observable transaction, will be remeasured immediately before the transition. In addition, the new accounting guidance clarifies the accounting for certain non-derivative forward contracts or purchased call options to acquire equity securities stating such instruments will be measured using the fair value principles before settlement or exercise. The Company adopted this new accounting guidance on January 1, 2021. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements.
In December 2019, the FASB issued new accounting guidance to clarify and simplify the accounting for income taxes. Changes under the new guidance includes eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The Company adopted this new accounting guidance on January 1, 2021. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements.


9

2. Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations
The following tables represent revenues by geographic region and reportable segment for the three and nine months ended September 30, 2021 and 2020:
Three Months Ended September 30, 2021
(in millions)Technology &
Analytics Solutions
Research &
Development Solutions
Contract Sales &
Medical Solutions
Total
Revenues:
Americas$647 $942 $94 $1,683 
Europe and Africa529 448 42 1,019 
Asia-Pacific161 463 65 689 
Total revenues$1,337 $1,853 $201 $3,391 
Three Months Ended September 30, 2020
(in millions)Technology &
Analytics Solutions
Research &
Development Solutions
Contract Sales &
Medical Solutions
Total
Revenues:
Americas$599 $628 $76 $1,303 
Europe and Africa457 411 44 912 
Asia-Pacific151 361 59 571 
Total revenues$1,207 $1,400 $179 $2,786 
Nine Months Ended September 30, 2021
(in millions)Technology &
Analytics Solutions
Research &
Development Solutions
Contract Sales &
Medical Solutions
Total
Revenues:
Americas$1,882 $2,911 $258 $5,051 
Europe and Africa1,684 1,398 133 3,215 
Asia-Pacific472 1,303 197 1,972 
Total revenues$4,038 $5,612 $588 $10,238 
Nine Months Ended September 30, 2020
(in millions)Technology &
Analytics Solutions
Research &
Development Solutions
Contract Sales &
Medical Solutions
Total
Revenues:
Americas$1,747 $1,826 $247 $3,820 
Europe and Africa1,254 1,214 134 2,602 
Asia-Pacific432 1,036 171 1,639 
Total revenues$3,433 $4,076 $552 $8,061 

No customer accounted for 10% or more of consolidated revenues for the three and nine months ended September 30, 2021 or 2020.
Transaction Price Allocated to the Remaining Performance Obligations
As of September 30, 2021, approximately $25.5 billion of revenue is expected to be recognized in the future from remaining performance obligations. The Company expects to recognize revenue on approximately 35% of these remaining performance obligations over the next 12 months, with the balance recognized thereafter. The customer contract transaction price allocated to the remaining performance obligations differs from backlog in that it does not include wholly unperformed contracts under which the customer has a unilateral right to cancel the arrangement.
10

3. Trade Accounts Receivable, Unbilled Services and Unearned Income
Trade accounts receivables and unbilled services consist of the following:
(in millions)September 30, 2021December 31, 2020
Trade accounts receivable:
Billed$1,141 $1,181 
Unbilled services1,219 1,263 
Trade accounts receivable and unbilled services2,360 2,444 
Allowance for doubtful accounts(30)