UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________ IQVIA HOLDINGS INC. (Exact name of registrant as specified in its charter) _________________________________________________________ (State or other jurisdiction of incorporation or organization) Delaware 27-1341991 (I.R.S. Employer Identification Number) FORM 10-Q _________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

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 March 31, 2023 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. (NYSE:IQV) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET Company Participants Nick Childs - Senior Vice President, Investor Relations and Treasurer Ari Bousbib - Chairman and Chief Executive Officer Ron Bruehlman - Executive Vice President and Chief Financial Officer Eric Sherbet - Executive Vice President and General Counsel Mike Fedock - Senior Vice President, Financial Planning and Analysis Gustavo Perrone - Senior Director, Investor Relations Conference Call Participants ...

Market Value and Stock Information - The company's aggregate market value of voting and non-voting common stock held by non-affiliates was approximately $40.2 billion as of June 30, 2022[7] - The company has approximately 185,722,621 shares of common stock outstanding as of February 6, 2023[7] Data and Information Assets - The company's proprietary data set contains approximately 60 petabytes of data sourced from approximately 150,000 data suppliers and covering over one million data feeds globally[26] - The company's data includes more than 1.2 billion comprehensive, longitudinal, non-identified patient records[26] - The company delivers information and insights on over 85% of the world's pharmaceuticals, as measured by 2021 sales[26] - The company receives approximately 100 billion healthcare records annually[27] - The company's proprietary data set includes product level tracking in 93 markets[27] - The company's data set covers treatments and outcomes on more than 1.2 billion unique non-identified patient records globally[27] - The company has one of the largest and most comprehensive collections of healthcare information, including over 1.2 billion non-identified patient records and approximately 60 petabytes of proprietary data[26] - The company's healthcare-specific global IT infrastructure processes approximately 100 billion healthcare records annually, applying privacy, security, and operational protections[27] - The company's analytics-driven clinical development leverages product-level tracking in 93 markets and information on treatments and outcomes from over 1.2 billion unique non-identified patient records[27] - The company's information networks include more than 1.2 billion unique non-identified patient records globally[39] - The company’s information networks include more than 1.2 billion unique non-identified patient records globally[39] Market Opportunity and Industry Trends - The company's market opportunity is estimated to be greater than $300 billion, consisting of outsourced research and development, real-world evidence, and connected health and technology-enabled clinical and commercial operations markets[28] - The life sciences industry generated approximately $1.48 trillion in revenues in 2022, with expected global revenue growth ranging from 3% to 6% between 2023 and 2027[29] - Pharmaceutical spending in emerging markets is projected to grow at a 5% to 8% CAGR through 2027[29] - Biopharmaceutical spending on drug development totaled approximately $160 billion in 2022, with an outsourced portion estimated at $43 billion[29] - The total addressable market for Real-World Evidence and connected health is approximately $62 billion, with $22 billion in life sciences and $40 billion in connected healthcare[29] - The total addressable market for technology-enabled commercial operations is approximately $78 billion, including IT services and commercial services[29] - Approximately 300 new molecular entities (NMEs) are expected to be approved between 2023 and 2027, averaging 60 per year[30] - The company estimates the total market for research and development and commercial operations to be more than $300 billion in 2022[40] - The company's market opportunity is estimated to be greater than $300 billion, encompassing outsourced research and development, real-world evidence, and technology-enabled clinical and commercial operations markets[28] - The company's market size estimates are derived from third-party sources, internal research, and projected growth rates for various segments[28] - The life sciences industry generated approximately $1.48 trillion in revenues in 2022, with expected global revenue growth ranging from 3% to 6% between 2023 and 2027[29] - Spending on pharmaceuticals in emerging markets is projected to grow at a 5% to 8% CAGR through 2027[29] - Biopharmaceutical spending on drug development totaled approximately $160 billion in 2022, with an outsourced portion estimated at $43 billion[29] - The total addressable market for Real-World Evidence and connected health is approximately $62 billion, split into $22 billion for life sciences and $40 billion for connected healthcare[29] - The technology-enabled commercial operations market is valued at approximately $78 billion, including IT services and commercial services[29] - Approximately 300 new molecular entities (NMEs) are expected to be approved between 2023 and 2027, averaging 60 per year[30] - The company’s client base includes over 10,000 clients in over 100 countries, with a total estimated market for research and development and commercial operations exceeding $300 billion in 2022[40] Workforce and Organizational Structure - The company has a global workforce of approximately 86,000 employees, including 29,000 in Technology & Analytics Solutions and 46,000 in Research & Development Solutions[29] - The company has a global workforce of approximately 86,000 employees, including 29,000 in Technology & Analytics Solutions and 46,000 in Research & Development Solutions[29] Client and Revenue Information - No single client accounted for 10% or more of the company's total revenues in 2022, with the largest client contributing approximately 7%[56] - No single client accounted for 10% or more of the company’s total revenues in 2022, with the largest client contributing approximately 7%[56] Competitive Landscape - The company operates in a highly competitive market for Research & Development Solutions, competing against traditional CROs, biopharmaceutical companies, universities, and teaching hospitals[58] - The company's primary competitors include Labcorp Drug Development, ICON plc, Parexel International Corporation, Pharmaceutical Product Development, Inc. (now part of Thermo Fisher Scientific Inc.), and Syneos Health[58] - The company operates in a highly competitive market for Research & Development Solutions, competing against traditional CROs, biopharmaceutical companies, universities, and teaching hospitals[58] Product and Service Offerings - The company offers hundreds of distinct services, applications, technology platforms, and solutions across three reportable segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions[43] - The company's real-world solutions ecosystem includes retrospective database analytics, prospective real-world data collection technology platforms, and scientific expertise[27] - The company's proprietary clinical and commercial applications support clients in increasing clinical operations performance, regulatory compliance, and sales operations management[27] - The company offers hundreds of distinct services, applications, technology platforms, and solutions across three reportable segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions[43] - The company's offerings complement each other and can provide enhanced value to clients when delivered together, with each segment driving demand for the other[43]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________ (State or other jurisdiction of incorporation or organization) Delaware 27-1341991 (I.R.S. Employer Identification Number) 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 ...

IQVIA Holdings (NYSE:IQV) Q3 2022 Earnings Conference Call October 26, 2022 9:00 AM ET Company Participants Nick Childs - Senior Vice President, Investor Relations and Treasurer Ari Bousbib - Chairman and Chief Executive Officer Ron Bruehlman - Executive Vice President and Chief Financial Officer Conference Call Participants Dave Windley - Jefferies John Sourbeer - UBS Sandy Draper - Guggenheim Shlomo Rosenbaum - Stifel Justin Bowers - Deutsche Bank Patrick Donnelly - Citi Luke Sergott - Barclays Operator L ...

| --- | --- | |-----------------------|-------| | | | | | | | | | | Q3 2022 Earnings Call | | | October 26, 2022 | | IQVIA Template (V2.1.0) Legal IQVIA Template (V2.1.0) 1 This presentation should be viewed in conjunction with IQVIA's Q3 2022 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 Securi ...

PART I—FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) IQVIA's unaudited condensed consolidated financial statements for Q2 and H1 2022 and 2021 are presented, including income, balance sheets, cash flows, and detailed accounting notes [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202022%20and%202021) Three Months Ended June 30, 2022 vs. 2021 | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :------- | | Revenues | $3,541 | $3,438 | $103 | 3.0% | | Income from operations | $453 | $286 | $167 | 58.4% | | Net income attributable to IQVIA Holdings Inc. | $256 | $175 | $81 | 46.3% | | Diluted EPS | $1.34 | $0.90 | $0.44 | 48.9% | Six Months Ended June 30, 2022 vs. 2021 | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :------- | | Revenues | $7,109 | $6,847 | $262 | 3.8% | | Income from operations | $948 | $628 | $320 | 50.9% | | Net income attributable to IQVIA Holdings Inc. | $581 | $387 | $194 | 50.1% | | Diluted EPS | $3.02 | $1.99 | $1.03 | 51.8% | [Condensed Consolidated Statements of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202022%20and%202021) Three Months Ended June 30, 2022 vs. 2021 | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :------------------------------------------------ | :-------------- | :-------------- | :---------------- | | Net income | $256 | $175 | $81 | | Comprehensive (loss) income attributable to IQVIA Holdings Inc. | $(22) | $234 | $(256) | Six Months Ended June 30, 2022 vs. 2021 | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :------------------------------------------------ | :-------------- | :-------------- | :---------------- | | Net income | $581 | $392 | $189 | | Comprehensive (loss) income attributable to IQVIA Holdings Inc. | $290 | $275 | $15 | - Foreign currency translation had a significant negative impact on comprehensive income, resulting in a **$(281) million loss** for the three months ended June 30, 2022, and a **$(321) million loss** for the six months ended June 30, 2022[13](index=13&type=chunk) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202022%20and%20December%2031%2C%202021) As of June 30, 2022 vs. December 31, 2021 | Metric | June 30, 2022 (millions) | Dec 31, 2021 (millions) | Change (millions) | % Change | | :-------------------------------- | :----------------------- | :---------------------- | :---------------- | :------- | | Total assets | $24,413 | $24,689 | $(276) | (1.1)% | | Total liabilities | $19,061 | $18,647 | $414 | 2.2% | | Total stockholders' equity | $5,352 | $6,042 | $(690) | (11.4)% | | Cash and cash equivalents | $1,428 | $1,366 | $62 | 4.5% | | Long-term debt, less current portion | $12,615 | $12,034 | $581 | 4.8% | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20six%20months%20ended%20June%2030%2C%202022%20and%202021) Six Months Ended June 30, 2022 vs. 2021 | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :------------------------------------ | :-------------- | :-------------- | :---------------- | | Net cash provided by operating activities | $837 | $1,406 | $(569) | | Net cash used in investing activities | $(812) | $(361) | $(451) | | Net cash provided by (used in) financing activities | $115 | $(1,031) | $1,146 | | Increase (decrease) in cash and cash equivalents | $62 | $(7) | $69 | - The decrease in operating cash flow was primarily due to lower cash collections from unearned income (**$286 million**) and accounts receivable and unbilled services (**$338 million**), partially offset by higher cash-related net income (**$103 million**)[135](index=135&type=chunk) - The increase in cash used in investing activities was mainly due to higher cash used for business acquisitions (**$399 million increase**) and property, equipment, and software acquisitions (**$44 million increase**)[136](index=136&type=chunk) - The shift to cash provided by financing activities was driven by a decrease in debt and principal payments (**$1,747 million decrease**) and the absence of cash payments for Quest's non-controlling interest acquisition (**$756 million decrease**), partially offset by increased common stock repurchases (**$786 million increase**)[137](index=137&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20for%20three%20and%20six%20months%20ended%20June%2030%2C%202022%20and%202021) Balance as of June 30, 2022 vs. December 31, 2021 | Metric | June 30, 2022 (millions) | Dec 31, 2021 (millions) | Change (millions) | | :-------------------------------- | :----------------------- | :---------------------- | :---------------- | | Total stockholders' equity | $5,352 | $6,042 | $(690) | | Retained earnings | $2,824 | $2,243 | $581 | | Treasury stock, at cost | $(7,565) | $(6,572) | $(993) | | Accumulated other comprehensive loss | $(697) | $(406) | $(291) | - Repurchase of common stock for the six months ended June 30, 2022, totaled **$993 million**[19](index=19&type=chunk) - Foreign currency translation negatively impacted accumulated other comprehensive loss by **$(281) million** for the three months ended June 30, 2022, and **$(40) million** for the period from December 31, 2021, to March 31, 2022[19](index=19&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [1. Summary of Significant Accounting Policies](index=8&type=section&id=1.%20Summary%20of%20Significant%20Accounting%20Policies) - IQVIA is a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry, operating in over 100 countries with approximately **83,000 employees**[21](index=21&type=chunk) - The company adopted new accounting guidance for contract assets and liabilities in business combinations effective January 1, 2022, which did not have a material impact on the financial statements for the three and six months ended June 30, 2022[23](index=23&type=chunk) [2. Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations](index=9&type=section&id=2.%20Revenues%20by%20Geography%2C%20Concentration%20of%20Credit%20Risk%20and%20Remaining%20Performance%20O%20bligations) Revenues by Geographic Region (Three Months Ended June 30, 2022 vs. 2021) | Region | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | | :--------------- | :-------------- | :-------------- | :---------------- | :------- | | Americas | $1,670 | $1,656 | $14 | 0.8% | | Europe and Africa | $1,115 | $1,114 | $1 | 0.1% | | Asia-Pacific | $756 | $668 | $88 | 13.2% | | **Total** | **$3,541** | **$3,438** | **$103** | **3.0%** | Revenues by Geographic Region (Six Months Ended June 30, 2022 vs. 2021) | Region | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | | :--------------- | :-------------- | :-------------- | :---------------- | :------- | | Americas | $3,388 | $3,368 | $20 | 0.6% | | Europe and Africa | $2,264 | $2,196 | $68 | 3.1% | | Asia-Pacific | $1,457 | $1,283 | $174 | 13.6% | | **Total** | **$7,109** | **$6,847** | **$262** | **3.8%** | - As of June 30, 2022, approximately **$28.7 billion** of revenue is expected from remaining performance obligations, with about **30%** recognized in the next twelve months[26](index=26&type=chunk) [3. Trade Accounts Receivable, Unbilled Services and Unearned Income](index=10&type=section&id=3.%20Trade%20Accounts%20Receivable%2C%20Unbilled%20Services%20and%20Unearned%20Income) Trade Accounts Receivable and Unbilled Services (June 30, 2022 vs. December 31, 2021) | Metric | June 30, 2022 (millions) | Dec 31, 2021 (millions) | Change (millions) | % Change | | :------------------------------------ | :----------------------- | :---------------------- | :---------------- | :------- | | Billed | $1,261 | $1,275 | $(14) | (1.1)% | | Unbilled services | $1,446 | $1,309 | $137 | 10.5% | | **Trade accounts receivable and unbilled services, net** | **$2,679** | **$2,551** | **$128** | **5.0%** | - Unbilled services increased by **$137 million**, while unearned income decreased by **$15 million**, resulting in a net increase of **$152 million** in the net balance of unbilled services and unearned income between December 31, 2021, and June 30, 2022[27](index=27&type=chunk) [4. Goodwill](index=10&type=section&id=4.%20Goodwill) Goodwill by Segment (Six Months Ended June 30, 2022) | Segment | Dec 31, 2021 (millions) | Business Combinations (millions) | Foreign Currency Fluctuations (millions) | June 30, 2022 (millions) | | :-------------------------------- | :---------------------- | :----------------------------- | :--------------------------------------- | :----------------------- | | Technology & Analytics Solutions | $11,337 | $72 | $(471) | $10,938 | | Research & Development Solutions | $1,802 | $237 | $(25) | $2,014 | | Contract Sales & Medical Solutions | $162 | $0 | $(10) | $152 | | **Consolidated** | **$13,301** | **$309** | **$(506)** | **$13,104** | - Goodwill decreased by **$197 million** from December 31, 2021, to June 30, 2022, primarily due to the impact of foreign currency fluctuations (**$506 million decrease**), partially offset by goodwill from business combinations (**$309 million increase**)[29](index=29&type=chunk) [5. Derivatives](index=11&type=section&id=5.%20Derivatives) Fair Value of Derivative Instruments (June 30, 2022 vs. December 31, 2021) | Instrument | Classification | June 30, 2022 Assets (millions) | June 30, 2022 Liabilities (millions) | Dec 31, 2021 Assets (millions) | Dec 31, 2021 Liabilities (millions) | | :-------------------------- | :-------------------------------- | :------------------------------ | :--------------------------------- | :----------------------------- | :------------------------------- | | Foreign exchange forward contracts | Other current assets and liabilities | $0 | $10 | $0 | $3 | | Interest rate swaps | Other current assets, other assets and liabilities | $35 | $0 | $4 | $24 | | **Total derivatives** | | **$35** | **$10** | **$4** | **$27** | - The pre-tax effect of cash flow hedging instruments on other comprehensive income for the six months ended June 30, 2022, was a gain of **$48 million**, compared to **$9 million** in the prior year[30](index=30&type=chunk) - Foreign exchange gains related to net investment hedges included in AOCI were **$466 million** for the six months ended June 30, 2022, up from **$206 million** in 2021[30](index=30&type=chunk) [6. Fair Value Measurements](index=11&type=section&id=6.%20Fair%20Value%20Measurements) Recurring Fair Value Measurements (June 30, 2022) | Category | Level 1 (millions) | Level 2 (millions) | Level 3 (millions) | Total (millions) | | :------------------ | :----------------- | :----------------- | :----------------- | :--------------- | | Assets: Marketable securities | $117 | $0 | $0 | $117 | | Assets: Derivatives | $0 | $35 | $0 | $35 | | Liabilities: Derivatives | $0 | $10 | $0 | $10 | | Liabilities: Contingent consideration | $0 | $0 | $76 | $76 | - The fair value of total debt approximated **$12,050 million** as of June 30, 2022, primarily determined using Level 1 and Level 2 measurements[32](index=32&type=chunk) - Contingent consideration, valued using Level 3 unobservable inputs, remained at **$76 million** as of June 30, 2022, with **81%** of maximum potential payments accrued[35](index=35&type=chunk)[36](index=36&type=chunk) - Non-recurring fair value measurements for Level 3 assets totaled approximately **$17,969 million**, including goodwill (**$13,104 million**) and other identifiable intangibles (**$4,733 million**)[37](index=37&type=chunk) [7. Credit Arrangements](index=13&type=section&id=7.%20Credit%20Arrangements) Total Debt (June 30, 2022 vs. December 31, 2021) | Metric | June 30, 2022 (millions) | Dec 31, 2021 (millions) | Change (millions) | % Change | | :-------------------------------- | :----------------------- | :---------------------- | :---------------- | :------- | | Principal amount of debt | $12,824 | $12,185 | $639 | 5.2% | | Long-term debt, less current portion | $12,615 | $12,034 | $581 | 4.8% | - On June 16, 2022, the Company borrowed **$1,250 million** in Additional Term A Loans, primarily used to repay **$950 million** of outstanding revolving credit loans and for general corporate purposes[40](index=40&type=chunk) - As of June 30, 2022, the Company's Senior Secured Credit Facilities provided up to approximately **$8,173 million** in financing, including **$6,673 million** principal debt outstanding and **$1,500 million** available borrowing capacity on the revolving credit facility[41](index=41&type=chunk) - The Company was in compliance with all material financial covenants under its financing arrangements as of June 30, 2022[42](index=42&type=chunk) [8. Contingencies](index=14&type=section&id=8.%20Contingencies) - Management does not expect the impact of pending legal and tax proceedings, claims, and litigation to have a material adverse effect on the Company's results of operations, cash flows, or financial position, though unfavorable outcomes could be material for the period resolved[46](index=46&type=chunk) - Key Legal Proceedings include Korean privacy lawsuits (IMS Korea) regarding data collection and handling, IQVIA's lawsuit against Veeva Systems, Inc. for intellectual property misappropriation, and MedImpact's lawsuit against IQVIA (Dimensions Healthcare LLC acquisition) for intellectual property misuse, with IQVIA filing a countersuit against MedImpact[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) [9. Stockholders' Equity](index=16&type=section&id=9.%20Stockholders'%20Equity) - The Board increased the stock repurchase authorization by an additional **$2.0 billion** on February 10, 2022, bringing the total authorized under the Repurchase Program to **$9.725 billion** since its inception[55](index=55&type=chunk) - During the six months ended June 30, 2022, the Company repurchased **4.5 million shares** of common stock for **$993 million** under the Repurchase Program[56](index=56&type=chunk) - As of June 30, 2022, approximately **$1.5 billion** remained authorized for repurchase under the program[56](index=56&type=chunk) [10. Business Combinations](index=16&type=section&id=10.%20Business%20Combinations) - The Company completed several individually immaterial acquisitions during the first six months of 2022, recording **$309 million** in goodwill, primarily for assembled workforce and expected synergies[57](index=57&type=chunk)[58](index=58&type=chunk) Preliminary Estimated Fair Value of Certain Intangible Assets Acquired (June 30, 2022) | Intangible Asset | Amortization Period | Fair Value (millions) | | :-------------------------- | :------------------ | :-------------------- | | Customer relationships | 1-17 years | $161 | | Non-compete agreements | 3 years | $3 | | Software and related assets | 3-5 years | $15 | | Trade names | 2 years | $3 | | Backlog | 1-4 years | $14 | | Databases | 5 years | $3 | | **Total Other identifiable intangibles** | | **$199** | [11. Restructuring](index=17&type=section&id=11.%20Restructuring) - The Company continued restructuring actions in 2022 to align resources, reduce overcapacity, and integrate acquisitions, with actions expected to continue into 2023[61](index=61&type=chunk) Restructuring Accruals (Six Months Ended June 30, 2022) | Metric | Amount (millions) | | :-------------------------- | :---------------- | | Balance as of December 31, 2021 | $30 | | Expense, net of reversals | $11 | | Payments | $(16) | | Foreign currency translation and other | $(2) | | **Balance as of June 30, 2022** | **$23** | - Reversals were due to changes in estimates primarily from the redeployment of staff and higher than expected voluntary terminations[62](index=62&type=chunk) [12. Income Taxes](index=18&type=section&id=12.%20Income%20Taxes) - Effective Income Tax Rates: * Q2 2022: **21.6%** (vs. 21.6% in Q2 2021) * First Six Months 2022: **19.5%** (vs. 19.2% in First Six Months 2021)[63](index=63&type=chunk) - The effective tax rate was favorably impacted by excess tax benefits from share-based compensation awards: **$1 million** in Q2 2022 (vs. $6 million in Q2 2021) and **$14 million** in the first six months of 2022 (vs. $23 million in 2021)[63](index=63&type=chunk) [13. Accumulated Other Comprehensive (Loss) Income](index=18&type=section&id=13.%20Accumulated%20Other%20Comprehensive%20(Loss)%20Income) Components of AOCI (June 30, 2022 vs. December 31, 2021) | Component | Dec 31, 2021 (millions) | June 30, 2022 (millions) | Change (millions) | | :-------------------------- | :---------------------- | :----------------------- | :---------------- | | Foreign Currency Translation | $(570) | $(780) | $(210) | | Derivative Instruments | $(21) | $27 | $48 | | Defined Benefit Plans | $5 | $(1) | $(6) | | Income Taxes | $180 | $57 | $(123) | | **Total AOCI** | **$(406)** | **$(697)** | **$(291)** | - Reclassification adjustments from AOCI into the condensed consolidated statements of income totaled **$(13) million** net of income taxes for the six months ended June 30, 2022[64](index=64&type=chunk) [14. Segments](index=18&type=section&id=14.%20Segments) - IQVIA operates through three reportable segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions[65](index=65&type=chunk) Segment Revenues (Three Months Ended June 30, 2022 vs. 2021) | Segment | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :------- | | Technology & Analytics Solutions | $1,408 | $1,353 | $55 | 4.1% | | Research & Development Solutions | $1,950 | $1,891 | $59 | 3.1% | | Contract Sales & Medical Solutions | $183 | $194 | $(11) | (5.7)% | | **Total revenues** | **$3,541** | **$3,438** | **$103** | **3.0%** | Segment Profit (Three Months Ended June 30, 2022 vs. 2021) | Segment | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :------- | | Technology & Analytics Solutions | $384 | $352 | $32 | 9.1% | | Research & Development Solutions | $398 | $343 | $55 | 16.0% | | Contract Sales & Medical Solutions | $13 | $20 | $(7) | (35.0)% | | **Total segment profit** | **$795** | **$715** | **$80** | **11.2%** | [15. Earnings Per Share](index=19&type=section&id=15.%20Earnings%20Per%20Share) Earnings Per Share (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 ($) | 2021 ($) | Change ($) | % Change | | :---------- | :--- | :--- | :----- | :------- | | Basic EPS | $1.36 | $0.91 | $0.45 | 49.5% | | Diluted EPS | $1.34 | $0.90 | $0.44 | 48.9% | Earnings Per Share (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 ($) | 2021 ($) | Change ($) | % Change | | :---------- | :--- | :--- | :----- | :------- | | Basic EPS | $3.07 | $2.02 | $1.05 | 52.0% | | Diluted EPS | $3.02 | $1.99 | $1.03 | 51.8% | - Weighted average common shares outstanding (diluted) decreased to **191.1 million** for Q2 2022 from 194.9 million for Q2 2021, and to **192.2 million** for the first six months of 2022 from 194.9 million for the same period in 2021[68](index=68&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses IQVIA's financial performance and condition for Q2 and H1 2022, analyzing consolidated and segment results, liquidity, and capital resources [Cautionary Statement for Forward-Looking Information](index=21&type=section&id=Cautionary%20Statement%20for%20Forward-Looking%20Information) - The discussion contains forward-looking statements subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from expectations[72](index=72&type=chunk) - Key risk factors include business disruptions (e.g., pandemics, conflicts), contract termination risk, market growth uncertainty, data use restrictions, security breaches, and global operating risks like currency fluctuations[73](index=73&type=chunk) [Overview](index=21&type=section&id=Overview) - IQVIA is a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry, with approximately **83,000 employees** in over 100 countries[74](index=74&type=chunk) - The company focuses on protecting individual patient privacy using privacy-enhancing technologies to generate insights for healthcare stakeholders[75](index=75&type=chunk) - IQVIA is managed through three reportable segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions[76](index=76&type=chunk) [Sources of Revenue](index=22&type=section&id=Sources%20of%20Revenue) - Total revenues are primarily derived from the provision of services, with no material product revenues[77](index=77&type=chunk) [Costs and Expenses](index=22&type=section&id=Costs%20and%20Expenses) - Costs and expenses primarily include cost of revenues (compensation, data acquisition/processing, direct service contract expenses, reimbursed expenses) and selling, general and administrative expenses (sales, marketing, administrative functions)[78](index=78&type=chunk) - Depreciation and amortization are also significant cost components[78](index=78&type=chunk) [Foreign Currency Translation](index=22&type=section&id=Foreign%20Currency%20Translation) - Approximately **35%** of revenues in the first six months of 2022 were denominated in non-USD currencies, making results susceptible to foreign currency exchange rate fluctuations[79](index=79&type=chunk) - Constant currency reporting is used to facilitate period-to-period comparisons by excluding the effects of foreign currency rate fluctuations[79](index=79&type=chunk) [Consolidated Results of Operations](index=22&type=section&id=Consolidated%20Results%20of%20Operations) [Revenues](index=22&type=section&id=Revenues) Consolidated Revenues (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | Constant Currency Growth (millions) | | :------- | :-------------- | :-------------- | :---------------- | :------- | :-------------------------------- | | Revenues | $3,541 | $3,438 | $103 | 3.0% | $244 (7.1%) | Consolidated Revenues (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | Constant Currency Growth (millions) | | :------- | :-------------- | :-------------- | :---------------- | :------- | :-------------------------------- | | Revenues | $7,109 | $6,847 | $262 | 3.8% | $475 (6.9%) | - Constant currency revenue growth for Q2 2022 was driven by Technology & Analytics Solutions (**$127 million increase**) and Research & Development Solutions (**$113 million increase**)[82](index=82&type=chunk) [Cost of Revenues, exclusive of Depreciation and Amortization](index=23&type=section&id=Cost%20of%20Revenues%2C%20exclusive%20of%20Depreciation%20and%20Amortization) Cost of Revenues (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % of Revenues (2022) | % of Revenues (2021) | Constant Currency Growth (millions) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :------------------- | :------------------- | :-------------------------------- | | Cost of revenues, exclusive of D&A | $2,331 | $2,323 | $8 | 65.8% | 67.6% | $134 (5.8%) | Cost of Revenues (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % of Revenues (2022) | % of Revenues (2021) | Constant Currency Growth (millions) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :------------------- | :------------------- | :-------------------------------- | | Cost of revenues, exclusive of D&A | $4,654 | $4,616 | $38 | 65.5% | 67.4% | $229 (5.0%) | - The constant currency increase for both periods was primarily due to increases in Technology & Analytics Solutions and Research & Development Solutions[84](index=84&type=chunk)[85](index=85&type=chunk) [Selling, General and Administrative Expenses](index=23&type=section&id=Selling%2C%20General%20and%20Administrative%20Expenses) SG&A Expenses (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % of Revenues (2022) | % of Revenues (2021) | Constant Currency Growth (millions) | | :------------------------------------ | :-------------- | :-------------- | :---------------- | :------------------- | :------------------- | :-------------------------------- | | SG&A expenses | $483 | $482 | $1 | 13.6% | 14.0% | $25 (5.2%) | SG&A Expenses (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % of Revenues (2022) | % of Revenues (2021) | Constant Currency Growth (millions) | | :------------------------------------ | :-------------- | :-------------- | :---------------- | :------------------- | :------------------- | :-------------------------------- | | SG&A expenses | $971 | $924 | $47 | 13.7% | 13.5% | $83 (9.0%) | - The constant currency increase for both periods was primarily due to increases in Technology & Analytics Solutions and Research & Development Solutions, partially offset by a decrease in general corporate and unallocated expenses[86](index=86&type=chunk)[87](index=87&type=chunk) [Depreciation and Amortization](index=24&type=section&id=Depreciation%20and%20Amortization) Depreciation and Amortization (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % of Revenues (2022) | % of Revenues (2021) | | :-------------------------- | :-------------- | :-------------- | :---------------- | :------------------- | :------------------- | | Depreciation and amortization | $270 | $343 | $(73) | 7.6% | 10.0% | Depreciation and Amortization (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % of Revenues (2022) | % of Revenues (2021) | | :-------------------------- | :-------------- | :-------------- | :---------------- | :------------------- | :------------------- | | Depreciation and amortization | $525 | $666 | $(141) | 7.4% | 9.7% | - The decrease was primarily due to certain intangible assets from the Quintiles and IMS Health merger becoming fully amortized in 2021, partially offset by increased amortization from 2021 and 2022 acquisitions and higher capitalized software balances[88](index=88&type=chunk) [Restructuring Costs](index=24&type=section&id=Restructuring%20Costs) Restructuring Costs (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | | :------------------ | :-------------- | :-------------- | | Restructuring costs | $4 | $4 | Restructuring Costs (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | | :------------------ | :-------------- | :-------------- | | Restructuring costs | $11 | $13 | - Restructuring costs were incurred due to ongoing efforts to streamline global operations, including consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements, expected to continue into 2023[89](index=89&type=chunk) [Interest Income and Interest Expense](index=24&type=section&id=Interest%20Income%20and%20Interest%20Expense) Interest Income (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | | :------------- | :-------------- | :-------------- | | Interest income | $(2) | $(1) | Interest Expense (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | | :------------- | :-------------- | :-------------- | | Interest expense | $94 | $94 | Interest Expense (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :------------- | :-------------- | :-------------- | :---------------- | | Interest expense | $180 | $193 | $(13) | - Interest expense for the six months ended June 30, 2022, was lower than the prior year due to refinancing existing term A loans and redeeming **3.250% senior notes due 2025** in 2021, partially offset by interest on new senior notes issued in 2021 and revolving credit facility interest[91](index=91&type=chunk) [Loss on Extinguishment of Debt](index=24&type=section&id=Loss%20on%20Extinguishment%20of%20Debt) - No loss on extinguishment of debt was recognized for the three and six months ended June 30, 2022[92](index=92&type=chunk) - A **$24 million loss** on extinguishment of debt was recognized for the six months ended June 30, 2021, related to the refinancing of **3.250% senior notes due 2025**[92](index=92&type=chunk) [Other Expense (Income), Net](index=24&type=section&id=Other%20Expense%20(Income)%2C%20Net) Other Expense (Income), Net (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :-------------------------- | :-------------- | :-------------- | :---------------- | | Other expense (income), net | $33 | $(29) | $62 | Other Expense (Income), Net (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :-------------------------- | :-------------- | :-------------- | :---------------- | | Other expense (income), net | $43 | $(66) | $109 | - The increase in other expense (income), net for both periods was primarily due to foreign currency losses and losses on investments in mutual funds[93](index=93&type=chunk) [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) Income Tax Expense (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :---------------- | :-------------- | :-------------- | :---------------- | | Income tax expense | $71 | $48 | $23 | | Effective income tax rate | 21.6% | 21.6% | 0.0% | Income Tax Expense (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :---------------- | :-------------- | :-------------- | :---------------- | | Income tax expense | $142 | $92 | $50 | | Effective income tax rate | 19.5% | 19.2% | 0.3% | - The effective income tax rate was favorably impacted by excess tax benefits from share-based compensation awards (**$1 million** in Q2 2022 vs. $6 million in Q2 2021; **$14 million** in H1 2022 vs. $23 million in H1 2021)[94](index=94&type=chunk) [Equity in (Losses) Earnings of Unconsolidated Affiliates](index=25&type=section&id=Equity%20in%20(Losses)%20Earnings%20of%20Unconsolidated%20Af%20iliates) Equity in (Losses) Earnings of Unconsolidated Affiliates (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :------------------------------------------------ | :-------------- | :-------------- | :---------------- | | Equity in (losses) earnings of unconsolidated affiliates | $(1) | $1 | $(2) | Equity in (Losses) Earnings of Unconsolidated Affiliates (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :------------------------------------------------ | :-------------- | :-------------- | :---------------- | | Equity in (losses) earnings of unconsolidated affiliates | $(5) | $5 | $(10) | - The decrease in equity in earnings for both periods was due to losses in the operations of unconsolidated affiliates[95](index=95&type=chunk) [Net Income Attributable to Non-controlling Interests](index=25&type=section&id=Net%20Income%20Attributable%20to%20Non-controlling%20Interests) Net Income Attributable to Non-controlling Interests (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :------------------------------------------ | :-------------- | :-------------- | :---------------- | | Net income attributable to non-controlling interests | $0 | $(5) | $5 | - The decrease in net income attributable to non-controlling interests for the six months ended June 30, 2022, was due to the Company's acquisition of Quest's 40% non-controlling interest in Q Solutions on April 1, 2021[96](index=96&type=chunk) [Segment Results of Operations](index=25&type=section&id=Segment%20Results%20of%20Operations) [Technology & Analytics Solutions](index=26&type=section&id=Technology%20%26%20Analytics%20Solutions) Segment Performance (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | Constant Currency Growth (millions) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :------- | :-------------------------------- | | Revenues | $1,408 | $1,353 | $55 | 4.1% | $127 (9.4%) | | Cost of revenues, exclusive of D&A | $828 | $808 | $20 | 2.5% | $58 (7.2%) | | Selling, general and administrative expenses | $196 | $193 | $3 | 1.6% | $17 (8.8%) | | Segment profit | $384 | $352 | $32 | 9.1% | | Segment Performance (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | Constant Currency Growth (millions) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :------- | :-------------------------------- | | Revenues | $2,847 | $2,701 | $146 | 5.4% | $259 (9.6%) | | Cost of revenues, exclusive of D&A | $1,662 | $1,620 | $42 | 2.6% | $102 (6.3%) | | Selling, general and administrative expenses | $415 | $380 | $35 | 9.2% | $56 (14.7%) | | Segment profit | $770 | $701 | $69 | 9.8% | | - Revenue growth was driven by higher technology, real-world, and consulting and analytical services across all regions[102](index=102&type=chunk) - Increases in costs and SG&A were primarily due to higher compensation and related expenses to support revenue growth[104](index=104&type=chunk)[106](index=106&type=chunk) [Research & Development Solutions](index=27&type=section&id=Research%20%26%20Development%20Solutions) Segment Performance (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | Constant Currency Growth (millions) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :------- | :-------------------------------- | | Revenues | $1,950 | $1,891 | $59 | 3.1% | $113 (6.0%) | | Cost of revenues, exclusive of D&A | $1,348 | $1,355 | $(7) | (0.5)% | $70 (5.2%) | | Selling, general and administrative expenses | $204 | $193 | $11 | 5.7% | $17 (8.8%) | | Segment profit | $398 | $343 | $55 | 16.0% | | Segment Performance (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | Constant Currency Growth (millions) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :------- | :-------------------------------- | | Revenues | $3,884 | $3,759 | $125 | 3.3% | $201 (5.3%) | | Cost of revenues, exclusive of D&A | $2,670 | $2,676 | $(6) | (0.2)% | $106 (4.0%) | | Selling, general and administrative expenses | $415 | $378 | $37 | 9.8% | $46 (12.2%) | | Segment profit | $799 | $705 | $94 | 13.3% | | - Contracted backlog increased to **$25.6 billion** as of June 30, 2022, from **$24.8 billion** as of December 31, 2021, with approximately **$7.0 billion** expected to convert to revenue in the next twelve months[108](index=108&type=chunk) - Revenue growth was primarily due to volume-related increases in clinical services and lab testing, particularly in Europe, Africa, and Asia-Pacific, partially offset by a decrease in COVID-19 related work in the Americas[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - Increases in costs and SG&A were mainly due to higher compensation and related expenses driven by volume increases in clinical services and lab testing[113](index=113&type=chunk)[115](index=115&type=chunk) [Contract Sales & Medical Solutions](index=28&type=section&id=Contract%20Sales%20%26%20Medical%20Solutions) Segment Performance (Three Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | Constant Currency Growth (millions) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :------- | :-------------------------------- | | Revenues | $183 | $194 | $(11) | (5.7)% | $4 (2.1%) | | Cost of revenues, exclusive of D&A | $155 | $160 | $(5) | (3.1)% | $6 (3.8%) | | Selling, general and administrative expenses | $15 | $14 | $1 | 7.1% | $1 (7.1%) | | Segment profit | $13 | $20 | $(7) | (35.0)% | | Segment Performance (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | % Change | Constant Currency Growth (millions) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :------- | :-------------------------------- | | Revenues | $378 | $387 | $(9) | (2.3)% | $15 (3.9%) | | Cost of revenues, exclusive of D&A | $322 | $320 | $2 | 0.6% | $21 (6.6%) | | Selling, general and administrative expenses | $31 | $27 | $4 | 14.8% | $5 (18.5%) | | Segment profit | $25 | $40 | $(15) | (37.5)% | | - Constant currency revenue growth was largely due to volume increases in services performed in the Americas and Europe and Africa regions[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - Increases in costs and SG&A were primarily due to higher compensation, related expenses, and IT-related expenses[121](index=121&type=chunk)[123](index=123&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) [Overview](index=29&type=section&id=Overview) - Principal liquidity sources are operating cash flows, supplemented by revolving credit and receivables financing facilities, and access to capital markets[124](index=124&type=chunk) - Cash and cash equivalents increased to **$1,428 million** as of June 30, 2022, from **$1,366 million** as of December 31, 2021[126](index=126&type=chunk) - Management believes current cash, future operating cash flows, and available credit facilities are sufficient to fund operations, capital expenditures, and debt obligations for at least the next 12 months[128](index=128&type=chunk) [Equity Repurchase Program](index=30&type=section&id=Equity%20Repurchase%20Program) - The Board increased the stock repurchase authorization by an additional **$2.0 billion** on February 10, 2022, bringing the total authorized to **$9.725 billion** since the program's inception[129](index=129&type=chunk) - During the six months ended June 30, 2022, the Company repurchased **4.5 million shares** for **$993 million**[130](index=130&type=chunk) - As of June 30, 2022, approximately **$1.5 billion** remained authorized for repurchase[130](index=130&type=chunk) [Debt](index=30&type=section&id=Debt) - As of June 30, 2022, total indebtedness was **$12.8 billion**, excluding **$1,500 million** of additional available borrowings under the revolving credit facility[131](index=131&type=chunk) - The Company was in compliance with all material restrictive covenants in its long-term debt arrangements[131](index=131&type=chunk) [Senior Secured Credit Facilities](index=30&type=section&id=Senior%20Secured%20Credit%20Facilities) - On June 16, 2022, the Company borrowed **$1,250 million** in Additional Term A Loans, used to repay **$950 million** of outstanding revolving credit loans and for general corporate purposes[132](index=132&type=chunk) - As of June 30, 2022, the facilities provided up to approximately **$8,173 million** in financing, including **$6,673 million** principal debt outstanding and **$1,500 million** available borrowing capacity on the revolving credit facility[133](index=133&type=chunk) [Receivables Financing Facility](index=30&type=section&id=Receivables%20Financing%20Facility) - As of June 30, 2022, no additional amounts of revolving loan commitments were available under the receivables financing facility[134](index=134&type=chunk) [Cash Flow from Operating Activities](index=31&type=section&id=Cash%20Flow%20from%20Operating%20Activities) Net Cash Provided by Operating Activities (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | | Net cash provided by operating activities | $837 | $1,406 | $(569) | - The decrease was primarily due to lower cash collections from unearned income (**$286 million decrease**) and accounts receivable/unbilled services (**$338 million decrease**), and less cash from other operating assets and liabilities (**$48 million decrease**), partially offset by higher cash-related net income (**$103 million increase**)[135](index=135&type=chunk) [Cash Flow from Investing Activities](index=31&type=section&id=Cash%20Flow%20from%20Investing%20Activities) Net Cash Used in Investing Activities (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :------------------------------ | :-------------- | :-------------- | :---------------- | | Net cash used in investing activities | $(812) | $(361) | $(451) | - The increase in cash used was primarily driven by more cash used for business acquisitions (**$399 million increase**) and acquisitions of property, equipment, and software (**$44 million increase**)[136](index=136&type=chunk) [Cash Flow from Financing Activities](index=31&type=section&id=Cash%20Flow%20from%20Financing%20Activities) Net Cash Provided by (Used in) Financing Activities (Six Months Ended June 30, 2022 vs. 2021) | Metric | 2022 (millions) | 2021 (millions) | Change (millions) | | :------------------------------------------ | :-------------- | :-------------- | :---------------- | | Net cash provided by (used in) financing activities | $115 | $(1,031) | $1,146 | - The increase in cash provided by financing activities was primarily due to a decrease in debt and principal payments (**$1,747 million decrease**) and the absence of cash payments for Quest's non-controlling interest acquisition (**$756 million decrease**), partially offset by an increase in cash used to repurchase common stock (**$786 million increase**)[137](index=137&type=chunk) [Off-Balance Sheet Arrangements](index=31&type=section&id=Off-Balance%20Sheet%20Arrangements) - The Company does not have any material off-balance sheet arrangements[138](index=138&type=chunk) [Contractual Obligations and Commitments](index=31&type=section&id=Contractual%20Obligations%20and%20Commitments) - There have been no material changes, outside of the ordinary course of business, to the Company's contractual obligations as previously disclosed in its 2021 Form 10-K[139](index=139&type=chunk) [Application of Critical Accounting Policies](index=31&type=section&id=Application%20of%20Critical%20Accounting%20Policies) - There have been no material changes to the Company's critical accounting policies as previously disclosed in its 2021 Form 10-K[140](index=140&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there have been no material changes to the Company's quantitative and qualitative disclosures about market risk compared to those described in its 2021 Form 10-K - No material changes to quantitative and qualitative disclosures about market risk compared to the 2021 Form 10-K[141](index=141&type=chunk) [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details the evaluation of the Company's disclosure controls and procedures and reports on any changes in internal control over financial reporting - Management, with CEO and CFO participation, concluded that disclosure controls and procedures were **effective** as of June 30, 2022[142](index=142&type=chunk) - No changes in internal control over financial reporting materially affected or are reasonably likely to materially affect internal control over financial reporting during the period[143](index=143&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8 of the condensed consolidated financial statements for details on legal proceedings, stating that while outcomes could differ from expectations, management does not believe they are reasonably likely to have a material adverse effect on the financial statements - Information on legal proceedings is incorporated by reference from Note 8 to the condensed consolidated financial statements[146](index=146&type=chunk) - Management does not believe the resolution of current legal matters is reasonably likely to have a material adverse effect on the financial statements[145](index=145&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the Company's 2021 Form 10-K - No material changes from the risk factors previously disclosed in the 2021 Form 10-K[147](index=147&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the Company's equity repurchase program, including authorization increases and actual repurchases during the period [Recent Sales of Unregistered Securities](index=33&type=section&id=Recent%20Sales%20of%20Unregistered%20Securities) - Not applicable[148](index=148&type=chunk) [Use of Proceeds from Registered Securities](index=33&type=section&id=Use%20of%20Proceeds%20from%20Registered%20Securities) - Not applicable[149](index=149&type=chunk) [Purchases of Equity Securities by the Issuer](index=33&type=section&id=Purchases%20of%20Equity%20Securities%20by%20the%20Issuer) Monthly Equity Repurchase Program Activity (Three Months Ended June 30, 2022) | Period | Total Number of Shares Purchased (millions) | Average Price Paid Per Share ($) | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (millions) | | :-------------------------- | :------------------------------------------ | :--------------------------- | :------------------------------------------------------------------------------------------------ | | April 1, 2022 — April 30, 2022 | 0.2 | $219.32 | $2,070.3 | | May 1, 2022 — May 31, 2022 | 1.3 | $208.58 | $1,807.8 | | June 1, 2022 — June 30, 2022 | 1.3 | $210.50 | $1,530.3 | | **Total** | **2.8** | | | - The Board increased the stock repurchase authorization by an additional **$2.0 billion** on February 10, 2022, bringing the total authorized to **$9.725 billion**[150](index=150&type=chunk) - As of June 30, 2022, approximately **$1.5 billion** remained authorized for repurchase[153](index=153&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed or furnished as part of the report, including Amendment No. 1 to the Credit Agreement, CEO and CFO certifications, and Interactive Data Files - Exhibit 10.1: Amendment No. 1 to the Fifth Amended and Restated Credit Agreement, dated **June 16, 2022**[158](index=158&type=chunk) - Exhibits 31.1, 31.2, 32.1, 32.2: CEO and CFO certifications pursuant to Sarbanes-Oxley Act[158](index=158&type=chunk) - Exhibits 101, 104: Interactive Data Files (XBRL) pursuant to Rule 405 of Regulation S-T[158](index=158&type=chunk) SIGNATURES - The Quarterly Report on Form 10-Q was signed on behalf of IQVIA Holdings Inc. by Ronald E. Bruehlman, Executive Vice President and Chief Financial Officer, on **July 22, 2022**[160](index=160&type=chunk)[161](index=161&type=chunk)

IQVIA Holdings Inc. (NYSE:IQV) Q2 2022 Earnings Conference Call July 21, 2022 9:00 AM ET Company Participants Ari Bousbib - Chairman, Chief Executive Officer Ron Bruehlman - Executive Vice President, Chief Financial Officer Mike Fedock - Senior Vice President, Financial Planning and Analysis Nick Childs - Senior Vice President, Investor Relations and Corporate Communications Conference Call Participants Sandy Draper - Guggenheim Eric Coldwell - Baird Elizabeth Anderson - Evercore Derik de Bruin - Bank of A ...

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 March 31, 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 ___ ...