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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________
FORM 10-Q
_________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 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
_________________________________________________________
IQVIA HOLDINGS INC.
(Exact name of registrant as specified in its charter)
_________________________________________________________
Delaware27-1341991
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
4820 Emperor Blvd., Durham, North Carolina 27703
(Address of principal executive office and Zip Code)
(919998-2000
(Registrant’s telephone number, including area code)
_________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes x    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No x
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on which Registered
Common Stock, par value $0.01 per share
IQV
New York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.
Class
Number of Shares Outstanding
Common Stock $0.01 par value191,612,337shares outstandingas of July 23, 2021


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

2

Table of contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share data)2021202020212020
Revenues$3,438 $2,521 $6,847 $5,275 
Costs of revenue, exclusive of depreciation and amortization2,323 1,704 4,616 3,528 
Selling, general and administrative expenses482 431 924 838 
Depreciation and amortization343 308 666 624 
Restructuring costs4 16 13 30 
Income from operations286 62 628 255 
Interest income(1)(1)(2)(3)
Interest expense94 108 193 214 
Loss on extinguishment of debt 12 24 12 
Other income, net(29)(32)(66)(45)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates222 (25)479 77 
Income tax expense (benefit) 48 (5)92 12 
Income (loss) before equity in earnings of unconsolidated affiliates174 (20)387 65 
Equity in earnings (loss) of unconsolidated affiliates1 (1)5 5 
Net income (loss)175 (21)392 70 
Net income attributable to non-controlling interests (2)(5)(11)
Net income (loss) attributable to IQVIA Holdings Inc.$175 $(23)$387 $59 
Earnings (loss) per share attributable to common stockholders:
Basic$0.91 $(0.12)$2.02 $0.31 
Diluted$0.90 $(0.12)$1.99 $0.30 
Weighted average common shares outstanding:
Basic191.6 190.9 191.6 191.3 
Diluted194.9 190.9 194.9 195.0 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

Table of contents
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2021202020212020
Net income (loss)$175 $(21)$392 $70 
Comprehensive income (loss) adjustments:
Unrealized (losses) gains on derivative instruments, net of income tax expense (benefit) of $(1), $(3), $, $(11)
(2)7 4 (32)
Foreign currency translation, net of income tax (benefit) expense of $(23), $(29), $39, $(6)
58 45 (120)(110)
Reclassification adjustments:
Losses (gains) on derivative instruments included in net income, net of income tax benefit of $, $1, $1, $1
3 (12)4 4 
Comprehensive income (loss)234 19 280 (68)
Comprehensive income attributable to non-controlling interests (1)(5)(6)
Comprehensive income (loss) attributable to IQVIA Holdings Inc.$234 $18 $275 $(74)
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

Table of contents
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions, except per share data)June 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$1,807 $1,814 
Trade accounts receivable and unbilled services, net2,276 2,410 
Prepaid expenses178 159 
Income taxes receivable69 56 
Investments in debt, equity and other securities104 88 
Other current assets and receivables634 563 
Total current assets5,068 5,090 
Property and equipment, net470 482 
Operating lease right-of-use assets430 471 
Investments in debt, equity and other securities74 78 
Investments in unconsolidated affiliates84 84 
Goodwill12,551 12,654 
Other identifiable intangibles, net4,770 5,205 
Deferred income taxes105 114 
Deposits and other assets385 386 
Total assets$23,937 $24,564 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses$2,756 $2,813 
Unearned income1,597 1,252 
Income taxes payable101 102 
Current portion of long-term debt147 149 
Other current liabilities218 242 
Total current liabilities4,819 4,558 
Long-term debt, less current portion12,140 12,384 
Deferred income taxes266 338 
Operating lease liabilities345 371 
Other liabilities607 633 
Total liabilities18,177 18,284 
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock and additional paid-in capital, 400.0 shares authorized as of June 30, 2021 and December 31, 2020, $0.01 par value, 255.6 shares issued and 191.6 shares outstanding as of June 30, 2021; 254.7 shares issued and 191.2 shares outstanding as of December 31, 2020
10,696 11,095 
Retained earnings1,664 1,277 
Treasury stock, at cost, 64.0 and 63.5 shares as of June 30, 2021 and December 31, 2020, respectively
(6,273)(6,166)
Accumulated other comprehensive loss(327)(205)
Equity attributable to IQVIA Holdings Inc.’s stockholders5,760 6,001 
Non-controlling interests 279 
Total stockholders’ equity5,760 6,280 
Total liabilities and stockholders’ equity$23,937 $24,564 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Table of contents
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Six Months Ended June 30,
(in millions)20212020
Operating activities:
Net income$392 $70 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization666 624 
Amortization of debt issuance costs and discount10 8 
Stock-based compensation80 36 
Earnings from unconsolidated affiliates(5)(5)
Gain on investments, net(9)(14)
Benefit from deferred income taxes(43)(102)
Changes in operating assets and liabilities:
Change in accounts receivable, unbilled services and unearned income481 208 
Change in other operating assets and liabilities(166)(190)
Net cash provided by operating activities1,406 635 
Investing activities:
Acquisition of property, equipment and software(294)(283)
Acquisition of businesses, net of cash acquired(65)(92)
Purchases of marketable securities, net(8)(7)
Investments in unconsolidated affiliates, net of payments received(3)15 
Proceeds from sale of (investments in) equity securities9 (2)
Net cash used in investing activities(361)(369)
Financing activities:
Proceeds from issuance of debt1,751 1,590 
Payment of debt issuance costs(32)(33)
Repayment of debt and principal payments on capital lease obligations(1,794)(755)
Proceeds from revolving credit facility 1,250 
Repayment of revolving credit facility (1,610)
(Payments) related to employee stock option plans(55)(41)
Repurchase of common stock(107)(346)
Distributions to non-controlling interest, net (5)
Acquisition of Quest's non-controlling interest(756) 
Contingent consideration and deferred purchase price payments(38)(16)
Net cash (used in) provided by financing activities(1,031)34 
Effect of foreign currency exchange rate changes on cash(21)(28)
(Decrease) increase in cash and cash equivalents(7)272 
Cash and cash equivalents at beginning of period1,814 837 
Cash and cash equivalents at end of period$1,807 $1,109 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

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IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)
(in millions)Common
Stock
Shares
Treasury
Stock
Shares
Common
Stock
Additional
Paid-In
Capital
Retained EarningsTreasury
Stock
Accumulated
Other
Comprehensive
(Loss) Income
Non-
controlling
Interests
Total
Balance, December 31, 2020254.7 (63.5)$3 $11,092 $1,277 $(6,166)$(205)$279 $6,280 
Issuance of common stock0.7 — — (57)— — — — (57)
Repurchase of common stock— (0.3)— — — (62)— — (62)
Stock-based compensation— — — 30 — — — — 30 
Net income— — — — 212 — — 5 217 
Unrealized gains on derivative instruments, net of tax— — — — — — 6 — 6 
Foreign currency translation, net of tax— — — — — — (178) (178)
Reclassification adjustments, net of tax— — — — — — 1 — 1 
Balance, March 31, 2021255.4 (63.8)$3 $11,065 $1,489 $(6,228)$(376)$284 $6,237 
Issuance of common stock0.2 — — 1 — — — — 1 
Repurchase of common stock— (0.2)— — — (45)— — (45)
Stock-based compensation— — — 42 — — — — 42 
Acquisition of Quest's non-controlling interest, net of tax— — — (415)— — (10)(284)(709)
Net income— — — — 175 — —  175 
Unrealized losses on derivative instruments, net of tax— — — — — — (2)— (2)
Foreign currency translation, net of tax— — — — — — 58  58 
Reclassification adjustments, net of tax— — — — — — 3 — 3 
Balance, June 30, 2021255.6 (64.0)$3 $10,693 $1,664 $(6,273)$(327)$ $5,760 
(in millions)Common Stock SharesTreasury
Stock
Shares
Common
Stock
Additional
Paid-In
Capital
Retained EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Non-
controlling
Interests
Total
Balance, December 31, 2019253.0 (60.7)$3 $11,046 $998 $(5,733)$(311)$260 $6,263 
Issuance of common stock0.8 — — (44)— — — — (44)
Repurchase of common stock— (2.1)— — — (332)— — (332)
Stock-based compensation— — — 7 — — — — 7 
Distributions to non-controlling interests, net— — — — — — — (5)(5)
Net income— — — — 82 — — 9 91 
Unrealized losses on derivative instruments, net of tax— — — — — — (39)— (39)
Foreign currency translation, net of tax— — — — — — (151)(4)(155)
Reclassification adjustments, net of tax— — — — — — 16 — 16 
Balance, March 31, 2020253.8 (62.8)$3 $11,009 $1,080 $(6,065)$(485)$260 $5,802 
Issuance of common stock0.3 — — 1 — — — — 1 
Repurchase of common stock—  — — —  — —  
Stock-based compensation— — — 30 — — — — 30 
Distributions to non-controlling interests, net— — — — — — —   
Net income— — — — (23)— — 2 (21)
Unrealized gains on derivative instruments, net of tax— — — — — — 7 — 7 
Foreign currency translation, net of tax— — — — — — 46 (1)45 
Reclassification adjustments, net of tax— — — — — — (12)— (12)
Balance, June 30, 2020254.1 (62.8)$3 $11,040 $1,057 $(6,065)$(444)$261 $5,852 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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IQVIA HOLDINGS INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(unaudited)
1. Summary of Significant Accounting Policies
The Company
IQVIA Holdings Inc. (together with its subsidiaries, the “Company” or “IQVIA”) is a leading global provider of advanced analytics, technology solutions and clinical research services to the life sciences industry. With approximately 74,000 employees, IQVIA conducts business in more than 100 countries.
Unaudited Interim Financial Information
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by GAAP.
Recently Issued Accounting Standards
Accounting pronouncements adopted
In March 2020, the Financial Accounting Standards Board ("FASB") issued new accounting guidance that provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The new accounting guidance became effective for the Company as of March 12, 2020 through December 31, 2022. The Company adopted this new accounting guidance on January 1, 2021. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements.
In January 2020, the FASB issued new accounting guidance that states any equity security transitioning from the alternative method of accounting to the equity method, or vice versa, due to an observable transaction, will be remeasured immediately before the transition. In addition, the new accounting guidance clarifies the accounting for certain non-derivative forward contracts or purchased call options to acquire equity securities stating such instruments will be measured using the fair value principles before settlement or exercise. The Company adopted this new accounting guidance on January 1, 2021. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements.
In December 2019, the FASB issued new accounting guidance to clarify and simplify the accounting for income taxes. Changes under the new guidance includes eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The Company adopted this new accounting guidance on January 1, 2021. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements.


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2. Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations
The following tables represent revenues by geographic region and reportable segment for the three and six months ended June 30, 2021 and 2020:
Three Months Ended June 30, 2021
(in millions)Technology &
Analytics Solutions
Research &
Development Solutions
Contract Sales &
Medical Solutions
Total
Revenues:
Americas$635 $935 $86 $1,656 
Europe and Africa565 507 42 1,114 
Asia-Pacific153 449 66 668 
Total revenues$1,353 $1,891 $194 $3,438 
Three Months Ended June 30, 2020
(in millions)Technology &
Analytics Solutions
Research &
Development Solutions
Contract Sales &
Medical Solutions
Total
Revenues:
Americas$567 $528 $80 $1,175 
Europe and Africa401 375 40 816 
Asia-Pacific141 332 57 530 
Total revenues$1,109 $1,235 $177 $2,521 
Six Months Ended June 30, 2021
(in millions)Technology &
Analytics Solutions
Research &
Development Solutions
Contract Sales &
Medical Solutions
Total
Revenues:
Americas$1,235 $1,969 $164 $3,368 
Europe and Africa1,155 950 91 2,196 
Asia-Pacific311 840 132 1,283 
Total revenues$2,701 $3,759 $387 $6,847 
Six Months Ended June 30, 2020
(in millions)Technology &
Analytics Solutions
Research &
Development Solutions
Contract Sales &
Medical Solutions
Total
Revenues:
Americas$1,148 $1,198 $171 $2,517 
Europe and Africa797 803 90 1,690 
Asia-Pacific281 675 112 1,068 
Total revenues$2,226 $2,676 $373 $5,275 

No customer accounted for 10% or more of consolidated revenues for the three and six months ended June 30, 2021 or 2020.
Transaction Price Allocated to the Remaining Performance Obligations
As of June 30, 2021, approximately $26.2 billion of revenue is expected to be recognized in the future from remaining performance obligations. The Company expects to recognize revenue on approximately 35% of these remaining performance obligations over the next 12 months, with the balance recognized thereafter. The customer contract transaction price allocated to the remaining performance obligations differs from backlog in that it does not include wholly unperformed contracts under which the customer has a unilateral right to cancel the arrangement.
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3. Trade Accounts Receivable, Unbilled Services and Unearned Income
Trade accounts receivables and unbilled services consist of the following:
(in millions)June 30, 2021December 31, 2020
Trade accounts receivable:
Billed$1,146 $1,181 
Unbilled services1,161 1,263 
Trade accounts receivable and unbilled services2,307 2,444 
Allowance for doubtful accounts(31)(34)
Trade accounts receivable and unbilled services, net$2,276 $2,410 
Unbilled services and unearned income were as follows:
(in millions, except percentages)June 30, 2021December 31, 2020
Change
Unbilled services$1,161 $1,263 $(102)
Unearned income(1,597)(1,252)(345)
Net balance$(436)$11 $(447)
Unbilled services, which is comprised of approximately 64% of unbilled receivables and 36% of contract assets as of June 30, 2021, decreased by $102 million as compared to December 31, 2020. Contract assets are unbilled services for which invoicing is based on the timing of certain milestones related to service contracts for clinical research whereas unbilled receivables are billable upon the passage of time. Unearned income increased by $345 million over the same period resulting in a decrease of $447 million in the net balance of unbilled services and unearned income between December 31, 2020 and June 30, 2021. The change in the net balance is driven by the difference in timing of revenue recognition in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, related to the Company’s Research & Development Solutions contracts (which is based on the percentage of costs incurred) versus the timing of invoicing, which is based on certain milestones.

Bad debt expense recognized on the Company’s receivables and unbilled services was not material for the three and six months ended June 30, 2021 and 2020.
4. Goodwill
The following is a summary of goodwill by reportable segment for the six months ended June 30, 2021:
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsConsolidated
Balance as of December 31, 2020$10,864 $1,646 $144 $12,654 
Business combinations43 25  68 
Impact of foreign currency fluctuations and other(181)(3)13 (171)
Balance as of June 30, 2021$10,726 $1,668 $157 $12,551 






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5. Derivatives
The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table:
(in millions)Balance Sheet ClassificationJune 30, 2021December 31, 2020
AssetsLiabilitiesNotionalAssetsLiabilitiesNotional
Derivatives designated as hedging instruments:
Foreign exchange forward contractsOther current assets and liabilities$1 $ $65 $5 $ $70 
Interest rate swapsOther assets and liabilities 42 1,800  55 1,800 
Derivatives not designated as hedging instruments:
Interest rate swapsOther liabilities    1 356 
Total derivatives$1 $42 $5 $56 
The effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2021202020212020
Foreign exchange forward contracts$(2)$ $(4)$(6)
Interest rate derivatives3 (10)13 (33)
Total$1 $(10)$9 $(39)
The amount of foreign exchange losses related to the net investment hedge included in the cumulative translation adjustment component of accumulated other comprehensive loss (“AOCI”) for the six months ended June 30, 2021 was $206 million.
6. Fair Value Measurements
The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
Level 1 — Quoted prices in active markets for identical assets or liabilities.
Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3 — Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values as of June 30, 2021 and December 31, 2020 due to their short-term nature. As of June 30, 2021 and December 31, 2020, the fair value of total debt approximated $12,439 million and $12,746 million, respectively, as determined under Level 1 and Level 2 measurements for these financial instruments.
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Recurring Fair Value Measurements
The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of June 30, 2021:
(in millions)Level 1Level 2Level 3Total
Assets:
Marketable securities$137 $ $ $137 
Derivatives 1  1 
Total$137 $1 $ $138 
Liabilities:
Derivatives$