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 ...

Financial Data and Key Metrics Changes - Revenue for Q3 2021 was $3.391 billion, growing 21.7% on a reported basis and 21.1% at constant currency, with year-to-date revenue at $10.238 billion, growing 27% reported and 25% at constant currency [31][14] - Adjusted EBITDA for Q3 was $728 million, up 20.5%, with year-to-date adjusted EBITDA at $2.194 billion, growing 33.1% year-over-year [34] - Adjusted diluted EPS for Q3 was $2.17, growing 33.1%, with year-to-date adjusted net income at $1.264 billion or $6.48 per share [34][15] - The company raised its full-year 2021 revenue guidance by $188 million, now expecting revenue between $13.775 billion and $13.850 billion, representing year-over-year growth of 21.3% to 21.9% [38] Business Line Data and Key Metrics Changes - Technology & Analytics Solutions revenue for Q3 was $1.337 billion, up 10.8% reported and 9.9% at constant currency, with year-to-date revenue at $4.38 billion, up 17.6% reported and 14.9% at constant currency [31] - R&D Solutions revenue for Q3 was $1.853 billion, up 32.4% at actual FX rates and 31.9% at constant currency, with year-to-date revenue at $5.612 billion, up 37.7% reported and 36.2% at constant currency [32] - Contract sales in Medical Solutions revenue for Q3 was $201 million, up 12.3% reported and 12.8% at constant currency, with year-to-date revenue at $588 million, growing 6.5% reported and 5.1% at constant currency [33] Market Data and Key Metrics Changes - The pipeline of late-stage molecules is at an all-time high with almost 3,000 molecules in active Phase II or Phase III development [12] - Clinical trial starts are trending well ahead of recent years, with year-to-date starts up 23% over 2020 and 13% over 2019 [12] - New drug approvals by the FDA are keeping pace with historically high levels, with 40 new drugs approved year-to-date [12] Company Strategy and Development Direction - The company is focusing on expanding its lab capabilities, recently opening a new 160,000 square foot innovation laboratory in North Carolina [27] - The company is investing in decentralized trials (DCT) and has developed innovative clinical patient engagement offerings to improve recruitment and diversity in clinical trials [21][24] - The company plans to provide financial guidance for 2022 at the upcoming analyst and investor conference on November 16 [13] Management's Comments on Operating Environment and Future Outlook - Management remains bullish on the outlook for end markets and the company, citing strong dynamics in the life sciences industry [12] - The company has learned to manage disruptions caused by COVID-19, and the operational impact has been minimal [10] - Management acknowledged challenges in the labor market but noted that margin expansion has continued despite cost pressures [50] Other Important Information - The company reported a net leverage ratio of 3.65x trailing 12-month adjusted EBITDA as of September 30 [36] - Free cash flow for the year-to-date was almost $1.8 billion, showing a strong improvement trend over the past three years [37] Q&A Session Summary Question: Operational implications of DCT and OCT offerings - Management noted that DCT increases productivity and reduces labor, enabling more efficient execution of trials [47] Question: Impact of labor market on EBITDA margins - Management confirmed that the tight labor market is a headwind for margins, but productivity measures have helped offset this [50] Question: M&A spend in the quarter - Management indicated that M&A contributions were minimal in Q3, with a larger impact expected in Q4 [54] Question: COVID contributions to revenue and bookings - Management stated that COVID-related work is expected to taper off gradually, with a strong underlying business in other therapeutic areas [68] Question: Market share trends in R&DS - Management expressed confidence in gaining market share due to disruptions among competitors and a strong biotech environment [105]

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 June 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 ____ ...

| --- | --- | |-----------------------|-------| | | | | | | | | | | Q2 2021 Earnings Call | | | July 27, 2021 | | IQVIA Template (V2.1.0) Legal IQVIA Template (V2.1.0) 1 This presentation should be viewed in conjunction with IQVIA's Q2 2021 earnings call Safe Harbor Statement for Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securitie ...

IQVIA Holdings, Inc. (NYSE:IQV) Q2 2021 Earnings Conference Call July 27, 2021 9:00 AM ET Company Participants Nicholas Childs - SVP, Financial Planning & Analysis Ari Bousbib - Chairman, President & CEO Ronald Bruehlman - EVP & CFO Conference Call Participants Eric Coldwell - Robert W. Baird & Co. Shlomo Rosenbaum - Stifel, Nicolaus & Company John Kreger - William Blair & Company Tycho Peterson - JPMorgan Chase & Co. Jack Meehan - Nephron Research Daniel Leonard - Wells Fargo Securities Patrick Donnelly - ...

```markdown [PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported significant year-over-year growth for the first quarter of 2021, with revenues increasing to $3.41 billion from $2.75 billion and net income attributable to IQVIA rising to $212 million from $82 million. This performance was supported by strong cash flow from operations, which surged to $867 million. The balance sheet shows a healthy liquidity position with $2.31 billion in cash and cash equivalents as of March 31, 2021 [Condensed Consolidated Statements of Income](index=3&type=page&id=Condensed%20Consolidated%20Statements%20of%20Income) For the three months ended March 31, 2021, revenues grew 23.8% year-over-year to $3.41 billion. Net income attributable to IQVIA Holdings Inc. increased significantly to $212 million, or $1.09 per diluted share, compared to $82 million, or $0.42 per diluted share, in the prior-year period Q1 2021 vs Q1 2020 Income Statement Highlights | Metric | Q1 2021 (in millions) | Q1 2020 (in millions) | YoY Change | | :--- | :--- | :--- | :--- | | Revenues | $3,409 | $2,754 | +23.8% | | Income from operations | $342 | $193 | +77.2% | | Net income attributable to IQVIA | $212 | $82 | +158.5% | | Diluted EPS | $1.09 | $0.42 | +159.5% | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets were $24.47 billion, a slight decrease from $24.56 billion at year-end 2020. Cash and cash equivalents increased to $2.31 billion from $1.81 billion. Total debt stood at $12.24 billion, down from $12.53 billion at the end of 2020 Balance Sheet Summary | Metric (in millions) | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,305 | $1,814 | | Total current assets | $5,579 | $5,090 | | Goodwill | $12,415 | $12,654 | | Total assets | $24,467 | $24,564 | | Long-term debt | $12,092 | $12,384 | | Total liabilities | $18,230 | $18,284 | | Total stockholders' equity | $6,237 | $6,280 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first three months of 2021, net cash provided by operating activities was $867 million, a substantial increase from $163 million in the same period of 2020. Net cash used in investing activities was $176 million, while net cash used in financing activities was $168 million, primarily due to debt repayments Cash Flow Summary (Three Months Ended March 31) | Cash Flow Activity (in millions) | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $867 | $163 | | Net cash used in investing activities | $(176) | $(150) | | Net cash (used in) provided by financing activities | $(168) | $107 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail revenue recognition, debt refinancing, segment performance, and a significant subsequent event. The company generated $3.41 billion in revenue in Q1 2021, with the Americas being the largest region. As of March 31, 2021, remaining performance obligations were approximately $26.1 billion. In March 2021, the company issued €1.45 billion in new senior notes to redeem existing debt. Post-quarter, on April 1, 2021, IQVIA acquired the remaining 40% of Q² Solutions for $760 million Revenues by Segment and Geography (Q1 2021, in millions) | Region | Technology & Analytics | Research & Development | Contract Sales & Medical | Total | | :--- | :--- | :--- | :--- | :--- | | Americas | $600 | $1,034 | $78 | $1,712 | | Europe and Africa | $590 | $443 | $49 | $1,082 | | Asia-Pacific | $158 | $391 | $66 | $615 | | **Total** | **$1,348** | **$1,868** | **$193** | **$3,409** | - As of March 31, 2021, the company had approximately **$26.1 billion** in remaining performance obligations, with about **35%** expected to be recognized as revenue over the next 12 months[29](index=29&type=chunk) - On March 3, 2021, an IQVIA subsidiary issued **€1.45 billion** in new senior notes (1.750% due 2026 and 2.250% due 2029) and used the proceeds to redeem its outstanding 3.250% senior notes due 2025[47](index=47&type=chunk) - On April 1, 2021, the company acquired the remaining **40%** non-controlling interest in Q² Solutions from Quest Diagnostics for **$760 million** in cash, resulting in 100% ownership[61](index=61&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 23.8% revenue growth in Q1 2021 to strong performance across its segments, particularly a 29.6% increase in Research & Development Solutions, driven by large COVID-19 vaccine clinical trials. Technology & Analytics Solutions also saw robust growth of 20.7%. The company's liquidity remains strong, with $2.3 billion in cash and $1.5 billion available under its revolving credit facility. A significant debt refinancing was completed in March 2021 to lower interest costs [Consolidated Results of Operations](index=21&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated revenues for Q1 2021 increased by $655 million (23.8%) year-over-year, with constant currency growth of 21.4%. This was driven by a $405 million increase in Research & Development Solutions and a $191 million increase in Technology & Analytics Solutions. Costs of revenue rose by $469 million, in line with revenue growth. Selling, general and administrative expenses increased by $35 million, but decreased as a percentage of revenue from 14.8% to 13.0% Consolidated Revenue Change (Q1 2021 vs Q1 2020) | Metric | Amount (in millions) | Percentage | | :--- | :--- | :--- | | Total Revenue Increase | $655 | 23.8% | | Constant Currency Growth | $588 | 21.4% | - Selling, general and administrative expenses as a percentage of revenues decreased from **14.8%** in Q1 2020 to **13.0%** in Q1 2021[75](index=75&type=chunk) - A loss on extinguishment of debt of **$24 million** was recognized in Q1 2021 related to the refinancing of the 3.250% senior notes due 2025[80](index=80&type=chunk) [Segment Results of Operations](index=24&type=section&id=Segment%20Results%20of%20Operations) In Q1 2021, Technology & Analytics Solutions revenue grew 20.7% to $1.35 billion, with segment profit up 30.2%. Research & Development Solutions revenue surged 29.6% to $1.87 billion, driven by COVID-19 vaccine trials, with segment profit increasing 35.1%. Contract Sales & Medical Solutions revenue declined slightly by 1.5% to $193 million, but segment profit grew significantly by 81.8% due to cost management Segment Performance (Q1 2021 vs Q1 2020, in millions) | Segment | Revenue 2021 | Revenue 2020 | Revenue Growth | Profit 2021 | Profit 2020 | Profit Growth | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Technology & Analytics | $1,348 | $1,117 | 20.7% | $349 | $268 | 30.2% | | Research & Development | $1,868 | $1,441 | 29.6% | $362 | $268 | 35.1% | | Contract Sales & Medical | $193 | $196 | (1.5)% | $20 | $11 | 81.8% | - The Research & Development Solutions segment's contracted backlog increased from **$22.6 billion** at year-end 2020 to **$23.2 billion** as of March 31, 2021[91](index=91&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity position is strong, with a cash balance of $2.31 billion at March 31, 2021. Operating cash flow for the quarter was a robust $867 million. In March 2021, the company issued €1.45 billion in new senior notes to refinance existing debt, aiming to reduce interest expense. Total indebtedness was $12.3 billion as of quarter-end, with an additional $1.5 billion available under the revolving credit facility. The company also repurchased $50.5 million of its common stock during the quarter - Cash balance was **$2,305 million** as of March 31, 2021, an increase from **$1,814 million** as of December 31, 2020[101](index=101&type=chunk) - Cash provided by operating activities increased significantly to **$867 million** in Q1 2021, compared to **$163 million** in Q1 2020, driven by higher collections and an increase in unearned income[107](index=107&type=chunk) - Total indebtedness was **$12.3 billion** as of March 31, 2021, with an additional **$1.5 billion** available under the revolving credit facility[106](index=106&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=29&type=page&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes to its quantitative and qualitative disclosures about market risk compared to those described in its Annual Report on Form 10-K for the year ended December 31, 2020 - There have been no material changes to the company's market risk disclosures from the 2020 Form 10-K[113](index=113&type=chunk) [Item 4. Controls and Procedures](index=29&type=page&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2021. No material changes to the internal control over financial reporting were identified during the quarter - Based on an evaluation as of the end of the period, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[114](index=114&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[115](index=115&type=chunk) [PART II—OTHER INFORMATION](index=30&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is party to legal proceedings incidental to its business but does not believe their resolution is reasonably likely to have a material adverse effect on its financial statements - The company does not expect ongoing legal proceedings to have a material adverse effect on its financial statements[117](index=117&type=chunk) [Item 1A. Risk Factors](index=30&type=page&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - No material changes have been made to the risk factors disclosed in the 2020 Form 10-K[118](index=118&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=page&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2021, the company repurchased 265,809 shares of its common stock for $50.5 million under its authorized Repurchase Program. As of March 31, 2021, approximately $0.9 billion remained available for future repurchases under the program Q1 2021 Share Repurchase Activity | Metric | Value | | :--- | :--- | | Shares Repurchased | 265,809 | | Total Cost | $50.5 million | | Average Price Paid Per Share | $189.95 | - As of March 31, 2021, the company has remaining authorization to repurchase up to approximately **$0.9 billion** of its common stock[123](index=123&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the quarterly report, including certifications by the CEO and CFO and interactive data files ```

Financial Data and Key Metrics Changes - Revenue for Q1 2021 grew 24% on a reported basis and 21% at constant currency, reaching $3.409 billion, exceeding guidance by $209 million [13][22] - Adjusted EBITDA increased by 32% to $744 million, with margins expanding by 140 basis points despite headwinds from higher pass-through revenue [24][35] - Adjusted diluted EPS rose 45% to $2.18, reflecting strong adjusted EBITDA drop-through [14][25] Business Line Data and Key Metrics Changes - Technology & Analytics Solutions (TAS) revenue was $1.348 billion, up 20.7% reported and 17.1% at constant currency [22] - R&D Solutions revenue improved by 29.6% at actual FX rates and 28.1% at constant currency, with pass-through revenues contributing 770 basis points to growth [23] - CSMS revenue decreased by 1.5% reported and 4.1% at constant currency, indicating challenges in this segment [24] Market Data and Key Metrics Changes - Contracted backlog in R&D Solutions grew 18.3% year-over-year to $23.2 billion, with next 12 months' revenue from backlog increasing by 31.1% to $6.5 billion [19][20] - The company noted pent-up demand across therapy areas due to trials being delayed or not started during the pandemic [11][12] Company Strategy and Development Direction - The company plans to update its Vision 2022 goals later in the year, reflecting on the strong performance and favorable market conditions [12] - The acquisition of Q Squared Solutions aims to enhance bioanalytical and genomic capabilities, positioning the company for growth in these areas [21][92] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the pandemic has accelerated the adoption of new technologies, which will lead to lasting changes in drug development [10] - The outlook for the rest of the year has improved, prompting the company to raise its guidance for revenue and adjusted EBITDA [28][30] Other Important Information - The company achieved a net leverage ratio of 3.9 times trailing 12-month adjusted EBITDA, marking a significant improvement [26] - Free cash flow for the quarter was strong at $718 million, with a focus on improving cash flow management [27][116] Q&A Session Summary Question: Long-term guidance and M&A activity - Management indicated that long-term guidance will be updated later this year, reflecting the reset year of 2020 and the need for strategic planning [40][41] - Regarding M&A, the company is focused on acquiring capabilities that enhance its technology offerings, while also observing industry consolidation [42][43] Question: COVID-related trials and revenue impact - Management confirmed that COVID vaccine trials have significantly impacted revenue, contributing about half of the total company revenue growth in Q1 [52][56] Question: Real World evidence trends - The company reported strong double-digit growth in Real World evidence, with increasing demand for patient monitoring and data collection tools [69][70] Question: Hiring and wage inflation - Management acknowledged the challenges of hiring in a competitive labor market but noted that anticipated wage inflation is factored into guidance [105][107] Question: Free cash flow outlook - Management expects free cash flow to remain strong but noted that it can be lumpy and is influenced by various factors [116][117] Question: Backlog improvement and patient recruitment - The significant increase in next 12 months' backlog was attributed to improved patient recruitment and a strong pipeline of RFPs [122]

Q1 2021 Financial Performance - Revenue increased to $3409 million, a 23.8% increase AFx (actual currency) and 21.4% increase CFx (constant currency) compared to $2754 million in Q1 2020 [8] - Adjusted EBITDA reached $744 million, up 32.4% AFx from $562 million in Q1 2020 [8] - Adjusted Diluted EPS rose to $2.18, a 45.3% increase AFx from $1.50 in Q1 2020 [8] - Net income was $212 million, significantly higher than the $82 million reported in Q1 2020 [9] Segment Performance - Technology & Analytics Solutions revenue grew to $1348 million, a 20.7% increase AFx and 17.1% increase CFx compared to $1117 million in Q1 2020 [8] - Research & Development Solutions revenue increased to $1868 million, a 29.6% increase AFx and 28.1% increase CFx compared to $1441 million in Q1 2020 [8] - Contract Sales & Medical Solutions revenue decreased slightly to $193 million, a (1.5)% decrease AFx and (4.1)% decrease CFx compared to $196 million in Q1 2020 [8] Balance Sheet and Cash Flow - Cash and cash equivalents stood at $2305 million [12] - Gross debt amounted to $12236 million, with net debt at $9931 million [12] - Free cash flow was $718 million [12] Full-Year 2021 Guidance - Revenue is projected to be between $13200 million and $13500 million, representing a 16.2% - 18.8% increase [13] - Adjusted EBITDA is expected to be between $2900 million and $2965 million, a 21.6% - 24.4% increase [13] - Adjusted Diluted EPS is forecasted to be between $8.50 and $8.75, a 32.4% - 36.3% increase [13]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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. (Exact name of registrant as specified in its charter) Delaware 27-1341991 (State or other jurisdiction ...

Financial Data and Key Metrics Changes - Revenue for Q4 2020 was $3,298 million, growing 13.9% on a reported basis and 12.2% at constant currency, exceeding guidance by $108 million [13][29] - Adjusted EBITDA for Q4 was $735 million, reflecting a growth of 14.5%, with adjusted diluted EPS of $2.11, up 21.3% [14][35] - Full year revenue was $11,359 million, up 2.4% reported and 2.3% at constant currency [29] Business Line Data and Key Metrics Changes - Technology & Analytics Solutions (TAS) revenue for Q4 was $1,425 million, increasing 17.4% reported and 15.1% at constant currency [30] - R&D Solutions (R&DS) revenue for Q4 was $1,684 million, up 14.5% at actual FX rates and 13.2% at constant currency [31] - CSMS revenue for Q4 was $189 million, down 10% reported and 11.9% at constant currency [33] Market Data and Key Metrics Changes - The contracted backlog grew 18.5% year-over-year to $22.6 billion at December 31, 2020, with expected revenue conversion of $5.9 billion over the next 12 months, up 13.5% year-over-year [26][36] - Cash flow from operations was $750 million in Q4, up 29% year-over-year, with free cash flow for the full year at $1.34 billion, up 61% [39] Company Strategy and Development Direction - The company aims to leverage its technology offerings and real-world data capabilities to support clients and governments, particularly in the context of COVID-19 [20][78] - The company is focused on reducing net leverage, targeting a ratio between 3.5 and 4 times by the end of 2022, with expectations of progress in 2021 [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong growth trajectory for 2021, with double-digit revenue growth expected across segments [50] - The company anticipates continued demand for R&D services related to COVID-19, alongside a robust pipeline of non-COVID opportunities [66][68] Other Important Information - The company resumed share repurchase activity, repurchasing $110 million of shares in Q4, with a total of $423 million for the full year [40] - The company has $3.3 billion in liquidity available, including an undrawn revolver of $1.5 billion and cash [41] Q&A Session Summary Question: Insights on TAS growth and sustainability - Management noted that TAS has been more insulated from COVID impacts, with growth driven by real-world evidence projects for governments, but expects a decline in COVID-related work in the second half of 2021 [54][57] Question: R&DS growth and COVID-related work - Management indicated that while COVID work has significantly contributed to R&DS growth, strong underlying service growth is expected to continue even post-COVID [64][68] Question: Site accessibility and trial design impacts - Site access remains around 70%, with improvements in remote monitoring capabilities allowing for continued service delivery despite challenges [86][90] Question: Backlog conversion expectations - Management stated that backlog conversion is difficult to model, but expects faster conversion of COVID-related work, with a more normal rate for other backlog items [109] Question: FX guidance clarification - Management clarified that the FX guidance for 2021 includes a 200 basis points tailwind compared to previous guidance of 150 basis points [116][120] Question: Cash flow improvement drivers - The improvement in cash flow was primarily driven by better collections performance and timely billing, with COVID-related work contributing positively [121][123] Question: OCE revenue generation timeline - Management indicated that while OCE is gaining traction, significant revenue impact is not expected until later years, but strong growth is anticipated as implementations are completed [131]