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IQVIA Reports Fourth-Quarter and Full-Year 2020 Results Raises Full-Year 2021 Guidance

February 10, 2021
  • Revenue of $3,298 million for the fourth quarter grew 13.9 percent year-over-year
  • Adjusted EBITDA of $735 million for the fourth quarter increased 14.5 percent year-over-year
  • GAAP Diluted Earnings per Share of $0.61 for the fourth quarter; Adjusted Diluted Earnings per Share of $2.11 for the fourth quarter grew 21.3 percent year-over-year
  • Technology & Analytics Solutions fourth-quarter revenue growth was 17.4 percent year-over-year; R&D Solutions fourth-quarter revenue growth was 14.5 percent year-over-year
  • Record fourth-quarter and full-year Free Cash Flow of $574 million and $1.34 billion, respectively
  • Full-year 2021 guidance raised for revenue, Adjusted EBITDA and Adjusted Diluted EPS

DANBURY, Conn. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--

IQVIA Holdings Inc. (“IQVIA”) (NYSE:IQV), a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry, today reported financial results for the quarter ended December 31, 2020.

Fourth-Quarter 2020 Operating Results
Revenue for the fourth quarter of $3,298 million increased 13.9 percent on a reported basis and 12.2 percent at constant currency, compared to the fourth quarter of 2019. Technology & Analytics Solutions (TAS) revenue of $1,425 million grew 17.4 percent on a reported basis and 15.1 percent at constant currency. Research & Development Solutions (R&DS) revenue of $1,684 million grew 14.5 percent on a reported basis and 13.2 percent at constant currency. Excluding the impact of pass throughs, R&DS revenue increased 12.3 percent year-over-year on a reported basis. Contract Sales & Medical Solutions (CSMS) revenue of $189 million was lower by 10.0 percent on a reported basis and by 11.9 percent at constant currency.

R&DS contracted backlog, including reimbursed expenses, grew 18.5 percent year-over-year to $22.6 billion at December 31, 2020. The company expects approximately $5.9 billion of this backlog to convert to revenue in the next twelve months, representing growth of 13.5 percent compared to December 31, 2019. The fourth quarter contracted net book-to-bill ratio was 1.41x including reimbursed expenses and 1.42x excluding reimbursed expenses. For the year ended December 31, 2020, the contracted net book-to-bill ratio was 1.53x including reimbursed expenses and 1.44x excluding reimbursed expenses.

Fourth-quarter 2020 Adjusted EBITDA was $735 million, up 14.5 percent compared to the fourth quarter of 2019. GAAP net income was $119 million, and GAAP diluted earnings per share was $0.61. Adjusted Net Income was $411 million and Adjusted Diluted Earnings per Share was $2.11, up 21.3 percent compared to the fourth quarter of 2019.

“We closed 2020 with a strong quarter, delivering double-digit growth across all key financial metrics versus what had been a very strong fourth quarter in 2019, once again exceeding our financial targets,” said Ari Bousbib, chairman and CEO of IQVIA. “As expected, R&DS recovered sharply and TAS continued to build on its strong momentum, with both segments reporting mid-teens revenue growth in the quarter. The key markets we serve remain robust and our new business wins in these markets continue to accelerate. As a result of this performance, and the solid momentum we are seeing, we are raising our 2021 financial guidance.”

Full-Year 2020 Operating Results
Revenue of $11,359 million for the full year of 2020 grew 2.4 percent on a reported basis and 2.3 percent at constant currency, compared to 2019. TAS revenue of $4,858 million increased 8.3 percent on a reported basis and 8.1 percent at constant currency. R&DS revenue of $5,760 million was lower by 0.5 percent on a reported basis and by 0.7 percent at constant currency. Excluding the impact of pass throughs, R&DS revenue grew 2.2 percent year-over-year on a reported basis. CSMS revenue of $741 million was lower by 9.0 percent on a reported basis and by 9.2 percent at constant currency.

Adjusted EBITDA for the full year of 2020 was $2,384 million. GAAP net income was $279 million and GAAP diluted earnings per share was $1.43. Adjusted Net Income was $1,252 million and Adjusted Diluted Earnings per Share was $6.42.

Financial Position
As of December 31, 2020, cash and cash equivalents were $1,814 million and debt was $12,533 million, resulting in net debt of $10,719 million. At year-end 2020, IQVIA’s Net Leverage Ratio was 4.5x trailing twelve month Adjusted EBITDA. Free Cash Flow for the fourth quarter was $574 million, bringing full-year Free Cash Flow to $1,343 million.

Share Repurchase
During the fourth quarter of 2020, the company repurchased $102 million of its common stock, resulting in full year share repurchases of $423 million. IQVIA had $918 million of share repurchase authorization remaining as of December 31, 2020.

Full-Year 2021 Guidance
For the full year of 2021, the company is raising its guidance ranges as follows:

($ in millions, except per share data)

 

Updated

Prior(1)

Revenue

$12,550 - $12,900

$12,300 - $12,600 

Adjusted EBITDA

$2,760 - $2,840

$2,725 - $2,800 

Adjusted Diluted EPS

 

$7.77 - $8.08

$7.65 - $7.95

(1) Provided on Q3 2020 earnings call on October 20, 2020

First-Quarter 2021 Guidance
For the first quarter of 2021, the company is providing guidance as follows:

($ in millions, except per share data)

 

Guidance

VPY%(1)

Revenue

 

$3,150 - $3,200

14.4% - 16.2% 

Adjusted EBITDA

 

$660 - $675

17.4% - 20.1% 

Adjusted Diluted EPS

 

$1.81 - $1.87

20.7% - 24.7%

(1) Growth rates are at actual foreign exchange rates

All financial guidance assumes current foreign currency exchange rates remain in effect for the period forecast.

Webcast & Conference Call Details
IQVIA will host a conference call at 9:00 a.m. Eastern Time today to discuss its fourth-quarter and full-year 2020 results and its first-quarter and full-year 2021 guidance. To listen to the event and view the presentation slides via webcast, join from the IQVIA Investor Relations website at http://ir.iqvia.com. To participate in the conference call, interested parties must register in advance by clicking on this link. Following registration, participants will receive a confirmation email containing details on how to join the conference call, including the dial-in and a unique passcode and registrant ID. At the time of the live event, registered participants connect to the call using the information provided in the confirmation email and will be placed directly into the call.

About IQVIA
IQVIA (NYSE:IQV) is a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry. IQVIA creates intelligent connections across all aspects of healthcare through its analytics, transformative technology, big data resources and extensive domain expertise. IQVIA Connected Intelligence™ delivers powerful insights with speed and agility — enabling customers to accelerate the clinical development and commercialization of innovative medical treatments that improve healthcare outcomes for patients. With approximately 70,000 employees, IQVIA conducts operations in more than 100 countries.

IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analysing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviour and scientific advances, in an effort to advance their path toward cures. To learn more, visit www.iqvia.com.

Cautionary Statements Regarding Forward-Looking Statements
This press release 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 Securities Exchange Act of 1934, as amended, including, without limitation, our first quarter and full-year 2021 guidance. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “assume,” “anticipate,” “intend,” “plan,” “forecast,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Actual results may differ materially from our expectations due to a number of factors, including, but not limited to, the following: business disruptions caused by natural disasters, pandemics such as the COVID-19 (coronavirus) outbreak and the public health policy responses to the outbreak, international conflicts or other disruptions outside of our control; our ability to accurately model or forecast the impact of the spread and/or containment of COVID-19, among other sources of business interruption, on our operations and financial results; most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts; the market for our services may not grow as we expect; we may be unable to successfully develop and market new services or enter new markets; imposition of restrictions on our use of data by data suppliers or their refusal to license data to us; any failure by us to comply with contractual, regulatory or ethical requirements under our contracts, including current or changes to data protection and privacy laws; breaches or misuse of our or our outsourcing partners’ security or communications systems; failure to meet our productivity or business transformation objectives; failure to successfully invest in growth opportunities; our ability to protect our intellectual property rights and our susceptibility to claims by others that we are infringing on their intellectual property rights; the expiration or inability to acquire third party licenses for technology or intellectual property; any failure by us to accurately and timely price and formulate cost estimates for contracts, or to document change orders; hardware and software failures, delays in the operation of our computer and communications systems or the failure to implement system enhancements; the rate at which our backlog converts to revenue; our ability to acquire, develop and implement technology necessary for our business; consolidation in the industries in which our clients operate; risks related to client or therapeutic concentration; government regulators or our customers may limit the scope of prescription or withdraw products from the market, and government regulators may impose new regulatory requirements or may adopt new regulations affecting the biopharmaceutical industry; the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws; risks related to changes in accounting standards; general economic conditions in the markets in which we operate, including financial market conditions and risks related to sales to government entities; the impact of changes in tax laws and regulations; our ability to successfully integrate, and achieve expected benefits from, our acquired businesses; and risks and uncertainty associated with providing guidance and forecasts earlier than is our customary practice. For a further discussion of the risks relating to the combined company’s business, see the “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC, as such factors may be amended or updated from time to time in our subsequent periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We assume no obligation to update any such forward-looking statement after the date of this release, whether as a result of new information, future developments or otherwise.

Note on Non-GAAP Financial Measures
Non-GAAP results, such as Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS are presented only as a supplement to the company’s financial statements based on GAAP. Non-GAAP financial information is provided to enhance understanding of the company’s financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP, and non-GAAP measures should not be considered in isolation from, or as a substitute analysis for, the company’s results of operations as determined in accordance with GAAP. Definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measures are provided within the schedules attached to this release. The company uses non-GAAP measures in its operational and financial decision making, and believes that it is useful to exclude certain items in order to focus on what it regards to be a more meaningful indicator of the underlying operating performance of the business. For example, the Company excludes all the amortization of intangible assets associated with acquired customer relationships and backlog, databases, non-compete agreements and trademarks, trade names and other from non-GAAP expense and income measures as such amounts can be significantly impacted by the timing and size of acquisitions. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that revenue generated from such intangibles is included within revenue in determining net income attributable to IQVIA Holdings Inc. As a result, internal management reports feature non-GAAP measures which are also used to prepare strategic plans and annual budgets and review management compensation. The company also believes that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures.

Our first-quarter and full-year 2021 guidance measures (other than revenue) are provided on a non-GAAP basis because the company is unable to reasonably predict certain items contained in the GAAP measures. Such items include, but are not limited to, acquisition and integration related expenses, restructuring and related charges, stock-based compensation and other items not reflective of the company's ongoing operations.

Non-GAAP measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to the company, many of which present non-GAAP measures when reporting their results. Non-GAAP measures have limitations as an analytical tool. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. Non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, the company’s results of operations as determined in accordance with GAAP.

IQVIAFIN

 

Table 1
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(preliminary and unaudited)

 

 

 

Year Ended December 31,

(in millions, except per share data)

 

2020

 

2019

 

2018

Revenues

 

$

11,359

 

 

$

11,088

 

 

$

10,412

 

Costs of revenue, exclusive of depreciation and amortization

 

7,500

 

 

7,300

 

 

6,746

 

Selling, general and administrative expenses

 

1,789

 

 

1,734

 

 

1,716

 

Depreciation and amortization

 

1,287

 

 

1,202

 

 

1,141

 

Restructuring costs

 

52

 

 

75

 

 

68

 

Income from operations

 

731

 

 

777

 

 

741

 

Interest income

 

(6

)

 

(9

)

 

(8

)

Interest expense

 

416

 

 

447

 

 

414

 

Loss on extinguishment of debt

 

13

 

 

24

 

 

2

 

Other (income) expense, net

 

(65

)

 

(37

)

 

5

 

Income before income taxes and equity in earnings of unconsolidated affiliates

 

373

 

 

352

 

 

328

 

Income tax expense

 

72

 

 

116

 

 

59

 

Income before equity in earnings (losses) of unconsolidated affiliates

 

301

 

 

236

 

 

269

 

Equity in earnings (losses) of unconsolidated affiliates

 

7

 

 

(9

)

 

15

 

Net income

 

308

 

 

227

 

 

284

 

Net income attributable to non-controlling interests

 

(29

)

 

(36

)

 

(25

)

Net income attributable to IQVIA Holdings Inc.

 

279

 

 

191

 

 

259

 

Earnings per share attributable to common stockholders:

 

 

 

 

 

 

Basic

 

$

1.46

 

 

$

0.98

 

 

$

1.27

 

Diluted

 

$

1.43

 

 

$

0.96

 

 

$

1.24

 

Weighted average common shares outstanding:

 

 

 

 

 

 

Basic

 

191.3

 

 

195.1

 

 

203.7

 

Diluted

 

195.0

 

 

199.6

 

 

208.2

 

   

Table 2
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(preliminary and unaudited)

   

 

 

December 31,

(in millions, except per share data)

 

2020

 

2019

ASSETS

 

 

 

 

Cash and cash equivalents

 

$

1,814

 

 

$

837

 

Trade accounts receivable and unbilled services, net

 

2,410

 

 

2,582

 

Prepaid expenses

 

159

 

 

138

 

Income taxes receivable

 

56

 

 

56

 

Investments in debt, equity and other securities

 

88

 

 

62

 

Other current assets and receivables

 

563

 

 

451

 

Total current assets

 

5,090

 

 

4,126

 

Property and equipment, net

 

482

 

 

458

 

Operating lease right-of-use assets

 

471

 

 

496

 

Investments in debt, equity and other securities

 

78

 

 

65

 

Investments in unconsolidated affiliates

 

84

 

 

87

 

Goodwill

 

12,654

 

 

12,159

 

Other identifiable intangibles, net

 

5,205

 

 

5,514

 

Deferred income taxes

 

114

 

 

119

 

Deposits and other assets

 

386

 

 

227

 

Total assets

 

$

24,564

 

 

$

23,251

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and accrued expenses

 

$

2,813

 

 

$

2,512

 

Unearned income

 

1,252

 

 

1,014

 

Income taxes payable

 

102

 

 

108

 

Current portion of long-term debt

 

149

 

 

100

 

Other current liabilities

 

242

 

 

211

 

Total current liabilities

 

4,558

 

 

3,945

 

Long-term debt, less current portion

 

12,384

 

 

11,545

 

Deferred income taxes

 

338

 

 

646

 

Operating lease liabilities

 

371

 

 

396

 

Other liabilities

 

633

 

 

456

 

Total liabilities

 

18,284

 

 

16,988

 

Commitments and contingencies

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock and additional paid-in capital, 400.0 shares authorized at
  December 31, 2020 and 2019, $0.01 par value, 254.7 shares issued and 191.2 shares
  outstanding at December 31, 2020; 253.0 shares issued and 192.3 shares outstanding
  at December 31, 2019

 

11,095

 

 

11,049

 

Retained earnings

 

1,277

 

 

998

 

Treasury stock, at cost, 63.5 and 60.7 shares at December 31, 2020 and 2019, respectively

 

(6,166

)

 

(5,733

)

Accumulated other comprehensive loss

 

(205

)

 

(311

)

Equity attributable to IQVIA Holdings Inc.’s stockholders

 

6,001

 

 

6,003

 

Non-controlling interests

 

279

 

 

260

 

Total stockholders’ equity

 

6,280

 

 

6,263

 

Total liabilities and stockholders’ equity

 

$

24,564

 

 

$

23,251

 

   

Table 3
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(preliminary and unaudited)

   

 

 

Year Ended December 31,

(in millions)

 

2020

 

2019

 

2018

Operating activities:

 

 

 

 

 

 

Net income

 

$

308

 

 

$

227

 

 

$

284

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

1,287

 

 

1,202

 

 

1,141

 

Amortization of debt issuance costs and discount

 

18

 

 

13

 

 

11

 

Stock-based compensation

 

95

 

 

146

 

 

113

 

Loss on disposals of property and equipment, net

 

 

 

1

 

 

 

(Earnings) loss from unconsolidated affiliates

 

(7

)

 

9

 

 

(15

)

(Gain) loss on investments, net

 

(25

)

 

(43

)

 

3

 

Benefit from deferred income taxes

 

(176

)

 

(157

)

 

(177

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable and unbilled services

 

255

 

 

(122

)

 

(297

)

Prepaid expenses and other assets

 

(146

)

 

(92

)

 

(66

)

Accounts payable and accrued expenses

 

253

 

 

240

 

 

368

 

Unearned income

 

180

 

 

(2

)

 

7

 

Income taxes payable and other liabilities

 

(83

)

 

(5

)

 

(118

)

Net cash provided by operating activities

 

1,959

 

 

1,417

 

 

1,254

 

Investing activities:

 

 

 

 

 

 

Acquisition of property, equipment and software

 

(616

)

 

(582

)

 

(459

)

Net cash paid for acquisition of businesses

 

(177

)

 

(588

)

 

(309

)

Purchases of marketable securities, net

 

(9

)

 

(3

)

 

(4

)

Investments in unconsolidated affiliates, net of payments received

 

10

 

 

 

 

(17

)

(Investments in) proceeds from sale of equity securities

 

(2

)

 

(22

)

 

(23

)

Other

 

(2

)

 

5

 

 

2

 

Net cash used in investing activities

 

(796

)

 

(1,190

)

 

(810

)

Financing activities:

 

 

 

 

 

 

Proceeds from issuance of debt

 

1,591

 

 

1,900

 

 

1,631

 

Payment of debt issuance costs

 

(33

)

 

(47

)

 

(22

)

Repayment of debt

 

(864

)

 

(899

)

 

(732

)

Proceeds from revolving credit facility

 

1,250

 

 

2,522

 

 

2,445

 

Repayment of revolving credit facility

 

(1,635

)

 

(2,776

)

 

(2,329

)

(Payments) proceeds related to employee stock option plans

 

(44

)

 

11

 

 

15

 

Repurchase of common stock

 

(447

)

 

(949

)

 

(1,405

)

Distributions to non-controlling interest, net

 

(13

)

 

(18

)

 

(31

)

Contingent consideration and deferred purchase price payments

 

(22

)

 

(20

)

 

(24

)

Net cash used in financing activities

 

(217

)

 

(276

)

 

(452

)

Effect of foreign currency exchange rate changes on cash

 

31

 

 

(5

)

 

(60

)

Increase (decrease) in cash and cash equivalents

 

977

 

 

(54

)

 

(68

)

Cash and cash equivalents at beginning of period

 

837

 

 

891

 

 

959

 

Cash and cash equivalents at end of period

 

$

1,814

 

 

$

837

 

 

$

891

 

 

Table 4
IQVIA HOLDINGS INC. AND SUBSIDIARIES
NET INCOME TO ADJUSTED EBITDA RECONCILIATION
(preliminary and unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

(in millions)

 

2020

 

2019

 

2020

 

2019

Net Income Attributable to IQVIA Holdings Inc.

 

$

119

 

 

$

16

 

 

$

279

 

 

$

191

 

Provision for income taxes

 

63

 

 

68

 

 

72

 

 

116

 

Depreciation and amortization

 

344

 

 

314

 

 

1,287

 

 

1,202

 

Interest expense, net

 

100

 

 

107

 

 

410

 

 

438

 

Loss (income) in unconsolidated affiliates

 

1

 

 

8

 

 

(7

)

 

9

 

Income from non-controlling interests

 

11

 

 

4

 

 

29

 

 

36

 

Deferred revenue purchasing accounting adjustments

 

 

 

2

 

 

1

 

 

10

 

Stock-based compensation

 

26

 

 

59

 

 

95

 

 

146

 

Other expense (income), net

 

12

 

 

(29

)

 

(23

)

 

(6

)

Loss on extinguishment of debt

 

1

 

 

 

 

13

 

 

24

 

Restructuring and related charges

 

20

 

 

32

 

 

85

 

 

77

 

Acquisition and integration related charges

 

38

 

 

61

 

 

143

 

 

157

 

Adjusted EBITDA

 

$

735

 

 

$

642

 

 

$

2,384

 

 

$

2,400

 

 

Table 5
IQVIA HOLDINGS INC. AND SUBSIDIARIES
NET INCOME TO ADJUSTED NET INCOME RECONCILIATION
(preliminary and unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

(in millions, except per share data)

 

2020

 

2019

 

2020

 

2019

Net Income Attributable to IQVIA Holdings Inc.

 

$

119

 

 

$

16

 

 

$

279

 

 

$

191

 

Provision for income taxes

 

63

 

 

68

 

 

72

 

 

116

 

Purchase accounting amortization (1)

 

242

 

 

238

 

 

933

 

 

914

 

Loss (income) in unconsolidated affiliates

 

1

 

 

8

 

 

(7

)

 

9

 

Income from non-controlling interests

 

11

 

 

4

 

 

29

 

 

36

 

Deferred revenue purchasing accounting adjustments

 

 

 

2

 

 

1

 

 

10

 

Stock-based compensation

 

26

 

 

59

 

 

95

 

 

146

 

Other expense (income), net

 

12

 

 

(29

)

 

(23

)

 

(6

)

Loss on extinguishment of debt

 

1

 

 

 

 

13

 

 

24

 

Royalty hedge gain

 

 

 

 

 

 

 

6

 

Restructuring and related charges

 

20

 

 

32

 

 

85

 

 

77

 

Acquisition and integration related charges

 

38

 

 

61

 

 

143

 

 

157

 

Adjusted Pre Tax Income

 

$

533

 

 

$

459

 

 

$

1,620

 

 

$

1,680

 

Adjusted tax expense

 

(107

)

 

(109

)

 

(330

)

 

(359

)

Income from non-controlling interests

 

(11

)

 

(4

)

 

(29

)

 

(36

)

Minority interest effect in non-GAAP adjustments(2)

 

(4

)

 

(3

)

 

(9

)

 

(9

)

Adjusted Net Income

 

$

411

 

 

$

343

 

 

$

1,252

 

 

$

1,276

 

 

 

 

 

 

 

 

 

 

Adjusted earnings per share attributable to common stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

2.15

 

 

$

1.78

 

 

$

6.54

 

 

$

6.54

 

Diluted

 

$

2.11

 

 

$

1.74

 

 

$

6.42

 

 

$

6.39

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

191.5

 

 

192.6

 

 

191.3

 

 

195.1

 

Diluted

 

195.0

 

 

197.1

 

 

195.0

 

 

199.6

 

(1)

Reflects all the amortization of acquired intangible assets.

(2)

Reflects the portion of Q2 Solutions' after-tax non-GAAP adjustments attributable to the minority interest partner.

 

Table 6
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CALCULATION OF GROSS AND NET LEVERAGE RATIOS
AS OF DECEMBER 31, 2020
(preliminary and unaudited)

 

(in millions)

 

 

 

Gross Debt, net of Original Issue Discount, as of December 31, 2020

 

 

$

12,533

 

Net Debt as of December 31, 2020

 

 

$

10,719

 

Adjusted EBITDA for the twelve months ended December 31, 2020

 

 

$

2,384

 

Gross Leverage Ratio (Gross Debt/LTM Adjusted EBITDA)

 

 

5.3x

Net Leverage Ratio (Net Debt/LTM Adjusted EBITDA)

 

 

4.5x

 

Andrew Markwick, IQVIA Investor Relations (andrew.markwick@iqvia.com)
+1.973.257.7144

Tor Constantino, IQVIA Media Relations (tor.constantino@iqvia.com)
+1.484.567.6732

Source: IQVIA Holdings Inc.

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