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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, 2022
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-20220930_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 value185,740,023shares outstandingas of October 21, 2022


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)2022202120222021
Revenues$3,562 $3,391 $10,671 $10,238 
Cost of revenues, exclusive of depreciation and amortization2,321 2,253 6,975 6,869 
Selling, general and administrative expenses517 498 1,488 1,422 
Depreciation and amortization248 336 773 1,002 
Restructuring costs4 2 15 15 
Income from operations472 302 1,420 930 
Interest income(4)(2)(7)(4)
Interest expense108 92 288 285 
Loss on extinguishment of debt 1  25 
Other expense (income), net8 (62)51 (128)
Income before income taxes and equity in (losses) earnings of unconsolidated affiliates360 273 1,088 752 
Income tax expense 70 12 212 104 
Income before equity in (losses) earnings of unconsolidated affiliates290 261 876 648 
Equity in (losses) earnings of unconsolidated affiliates(7) (12)5 
Net income283 261 864 653 
Net income attributable to non-controlling interests   (5)
Net income attributable to IQVIA Holdings Inc.$283 $261 $864 $648 
Earnings per share attributable to common stockholders:
Basic$1.52 $1.36 $4.59 $3.38 
Diluted$1.49 $1.34 $4.52 $3.32 
Weighted average common shares outstanding:
Basic186.5 191.5 188.3 191.5 
Diluted189.4 195.3 191.3 195.0 
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)2022202120222021
Net income$283 $261 $864 $653 
Comprehensive income adjustments:
Unrealized gains (losses) on derivative instruments, net of income tax expense of $2, $, $10, $
6 (4)29  
Defined benefit plan adjustments, net of income tax expense of $2, $, $2, $
10  4  
Foreign currency translation, net of income tax expense of $84, $28, $195, $66
(218)(117)(539)(237)
Reclassification adjustments:
Reclassifications on derivative instruments included in net income, net of income tax benefit of $, $1, $4, $2
1 3 14 7 
Comprehensive income82 143 372 423 
Comprehensive income attributable to non-controlling interests   (5)
Comprehensive income attributable to IQVIA Holdings Inc.$82 $143 $372 $418 
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, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$1,274 $1,366 
Trade accounts receivable and unbilled services, net2,640 2,551 
Prepaid expenses176 156 
Income taxes receivable47 58 
Investments in debt, equity and other securities87 111 
Other current assets and receivables528 521 
Total current assets4,752 4,763 
Property and equipment, net507 497 
Operating lease right-of-use assets333 406 
Investments in debt, equity and other securities64 76 
Investments in unconsolidated affiliates87 88 
Goodwill13,177 13,301 
Other identifiable intangibles, net4,718 4,943 
Deferred income taxes97 124 
Deposits and other assets488 491 
Total assets$24,223 $24,689 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses$2,971 $2,981 
Unearned income1,842 1,825 
Income taxes payable124 137 
Current portion of long-term debt151 91 
Other current liabilities165 207 
Total current liabilities5,253 5,241 
Long-term debt, less current portion12,243 12,034 
Deferred income taxes560 410 
Operating lease liabilities259 313 
Other liabilities561 649 
Total liabilities18,876 18,647 
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock and additional paid-in capital, 400.0 shares authorized as of September 30, 2022 and December 31, 2021, $0.01 par value, 256.3 shares issued and 185.8 shares outstanding as of September 30, 2022; 255.8 shares issued and 190.6 shares outstanding as of December 31, 2021
10,853 10,777 
Retained earnings3,107 2,243 
Treasury stock, at cost, 70.5 and 65.2 shares as of September 30, 2022 and December 31, 2021, respectively
(7,715)(6,572)
Accumulated other comprehensive loss(898)(406)
Total stockholders’ equity5,347 6,042 
Total liabilities and stockholders’ equity$24,223 $24,689 
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)20222021
Operating activities:
Net income$864 $653 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization773 1,002 
Amortization of debt issuance costs and discount11 14 
Stock-based compensation136 128 
Losses (earnings) from unconsolidated affiliates12 (5)
Loss (gain) on investments, net35 (9)
Benefit from deferred income taxes(52)(83)
Changes in operating assets and liabilities:
Change in accounts receivable, unbilled services and unearned income(88)663 
Change in other operating assets and liabilities9 (113)
Net cash provided by operating activities1,700 2,250 
Investing activities:
Acquisition of property, equipment and software(503)(456)
Acquisition of businesses, net of cash acquired(1,012)(994)
Purchases of marketable securities, net(4)(9)
Investments in unconsolidated affiliates, net of payments received(14)(3)
Proceeds from sale of equity securities 5 
Other4 1 
Net cash used in investing activities(1,529)(1,456)
Financing activities:
Proceeds from issuance of debt1,250 1,951 
Payment of debt issuance costs(5)(40)
Repayment of debt and principal payments on finance leases(86)(2,068)
Proceeds from revolving credit facility1,500 410 
Repayment of revolving credit facility(1,600)(300)
Payments related to employee stock option plans(70)(51)
Repurchase of common stock(1,103)(202)
Acquisition of Quest's non-controlling interest (758)
Contingent consideration and deferred purchase price payments(22)(39)
Net cash used in financing activities(136)(1,097)
Effect of foreign currency exchange rate changes on cash(127)(41)
Decrease in cash and cash equivalents(92)(344)
Cash and cash equivalents at beginning of period1,366 1,814 
Cash and cash equivalents at end of period$1,274 $1,470 
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
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
(Loss) Income
Non-
controlling
Interests
Total
Balance, December 31, 2021255.8 (65.2)$3 $10,774 $2,243 $(6,572)$(406)$ $6,042 
Issuance of common stock0.4 — — (67)— — — — (67)
Repurchase of common stock— (1.7)— — — (403)— — (403)
Stock-based compensation— — — 35 — — — — 35 
Net income— — — — 325 — — — 325 
Unrealized gains on derivative instruments, net of tax— — — — — — 30 — 30 
Defined benefit plan adjustments, net of tax— — — — — — (2)— (2)
Foreign currency translation, net of tax— — — — — — (40)— (40)
Reclassification adjustments, net of tax— — — — — — (1)— (1)
Balance, March 31, 2022256.2 (66.9)3 10,742 2,568 (6,975)(419) 5,919 
Issuance of common stock0.1 — — (2)— — — — (2)
Repurchase of common stock— (2.8)— — — (590)— — (590)
Stock-based compensation— — — 47 — — — — 47 
Net income— — — — 256 — — — 256 
Unrealized losses on derivative instruments, net of tax— — — — — — (7)— (7)
Defined benefit plan adjustments, net of tax— — — — — — (4)— (4)
Foreign currency translation, net of tax— — — — — — (281)— (281)
Reclassification adjustments, net of tax— — — — — — 14 — 14 
Balance, June 30, 2022256.3 (69.7)3 10,787 2,824 (7,565)(697) 5,352 
Issuance of common stock — — (1)— — — — (1)
Repurchase of common stock— (0.8)— — — (150)— — (150)
Stock-based compensation— — — 64 — — — — 64 
Net income— — — — 283 — —  283 
Unrealized gains on derivative instruments, net of tax— — — — — — 6 — 6 
Defined benefit plan adjustments, net of tax— — — — — — 10 — 10 
Foreign currency translation, net of tax— — — — — — (218) (218)
Reclassification adjustments, net of tax— — — — — — 1 — 1 
Balance, September 30, 2022256.3 (70.5)$3 $10,850 $3,107 $(7,715)$(898)$ $5,347 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

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
Earnings
Treasury
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 

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 85,000 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, 2022. 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, 2021. The balance sheet as of December 31, 2021 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 October 2021, the Financial Accounting Standards Board ("FASB") issued new accounting guidance that requires contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Under previous GAAP, an acquirer generally recognized assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with ASC 606, at fair value on the acquisition date. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. The Company adopted this new accounting guidance effective January 1, 2022. The adoption of this new accounting guidance did not have a material impact on the Company's consolidated financial statements for the three and nine months ended September 30, 2022. The impact of this guidance on the Company's consolidated financial statements for the remainder of the year will depend on the size and nature of future acquisitions, if any.
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, 2022 and 2021:
Three Months Ended September 30, 2022
(in millions)Technology &
Analytics Solutions
Research &
Development Solutions
Contract Sales &
Medical Solutions
Total
Revenues:
Americas$746 $960 $91 $1,797 
Europe and Africa503 488 40 1,031 
Asia-Pacific151 531 52 734 
Total revenues$1,400 $1,979 $183 $3,562 
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 
Nine Months Ended September 30, 2022
(in millions)Technology &
Analytics Solutions
Research &
Development Solutions
Contract Sales &
Medical Solutions
Total
Revenues:
Americas$2,143 $2,772 $270 $5,185 
Europe and Africa1,639 1,527 129 3,295 
Asia-Pacific465 1,564 162 2,191 
Total revenues$4,247 $5,863 $561 $10,671 
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 
No individual customer represented 10% or more of consolidated revenues for the three and nine months ended September 30, 2022 or 2021.
Transaction Price Allocated to the Remaining Performance Obligations
As of September 30, 2022, approximately $27.9 billion of revenue is expected to be recognized in the future from remaining performance obligations. The Company expects to recognize revenue on approximately 30% of these remaining performance obligations over the next twelve 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, 2022December 31, 2021
Billed$1,145 $1,275 
Unbilled services1,526 1,309 
Trade accounts receivable and unbilled services