02/14/2018 | 01:01pm CEST
IQVIA Holdings Inc. (“IQVIA”) (NYSE: IQV), a arch all-around provider of information, avant-garde technology solutions and adjustment assay casework focused on application abstracts and science to advice healthcare audience accretion bigger solutions for their patients, today appear banking after-effects for the division and full-year concluded December 31, 2017. On October 3, 2016, the alliance of Quintiles Transnational Holdings Inc. and IMS Health Holdings, Inc. was completed. To aid investors and analysts with year-over-year allegory for the alloyed business, we are including aggregation banking advice that combines the stand-alone Quintiles and IMS Health banking advice for acquirement and Adapted EBITDA as if the alliance had taken abode on January 1, 2016, with befitting adjustments to the accepted year presentation.
Fourth-Quarter 2017 Operating After-effects
Acquirement for the fourth division of $2,161 actor added 10.7 percent on a appear basis, and 8.4 percent on a connected bill basis, compared to the fourth division of 2016. Beneath acquirement accounting rules, a allocation of IMS Health’s deferred revenue, which would accept contrarily been accomplished as acquirement in the fourth division of 2016, was eliminated. Excluding this $55 actor deferred acquirement adjustment, acquirement for the fourth division added 7.7 percent on a appear base and 5.5 percent on a connected bill basis.
Commercial Solutions acquirement of $1,027 actor grew 10.6 percent appear and 7.8 percent at connected currency. Assay & Development Solutions acquirement of $947 actor grew 6.6 percent appear and 5.0 percent on a connected bill basis. Integrated Engagement Casework acquirement of $187 actor beneath 3.3 percent appear and 4.7 percent at connected currency.
Fourth-quarter 2017 Adapted EBITDA was $582 million. GAAP net assets was $1,076 actor and GAAP adulterated balance per allotment was $5.02. During the fourth quarter, and as a aftereffect of the Tax Cuts and Jobs Act allowable in 2017, the aggregation revalued its deferred taxes at the lower U.S. accumulated tax rate, and antipodal its deferred tax accountability on undistributed balance net of the anew allowable alteration tax. This resulted in a conditional account of $977 actor to GAAP net assets and $4.56 to GAAP adulterated balance per share. Adapted Net Assets was $300 actor and Adapted Adulterated Balance per Allotment was $1.40.
“We bankrupt out the year with fourth-quarter banking after-effects on or aloft our targets, apprenticed by able operational execution,” said Ari Bousbib, administrator and CEO of IQVIA. “We are admiring with our beforehand during our aboriginal abounding year as a alloyed aggregation and attending advanced to carrying accession solid achievement in 2018.”
Full-Year 2017 Operating After-effects
Acquirement of $8,060 actor for the abounding year of 2017 added 4.3 percent appear and 4.2 percent on a connected bill basis, compared to the accumulated aggregation after-effects in 2016. Excluding the $55 actor deferred acquirement acclimation in the fourth division of 2016 and the $8 actor deferred acquirement acclimation in the aboriginal and added abode of 2017, acquirement for the abounding year added 3.7 percent on a appear base and 3.5 percent on a connected bill basis.
Commercial Solutions acquirement of $3,638 actor for the abounding year of 2017 added 4.4 percent on a appear base and 4.0 percent on a connected bill basis, compared to the accumulated aggregation after-effects in 2016. Commercial Solutions acquirement beforehand was partially account by the Encore business, a bequest Quintiles provider business, which was bald in July 2017.
Assay & Development Solutions acquirement of $3,647 actor for the abounding year of 2017 grew 4.3 percent appear and 4.4 percent on a connected bill basis, compared to the accumulated aggregation after-effects in 2016. Assay & Development Solutions acquirement beforehand was impacted by a year-over-year abatement in the aboriginal analytic development business, due to a adeptness closing in Europe during 2016, as able-bodied as anemic bookings and aerial cancellations in the third division of 2016. Assay & Development Solutions apprenticed net new business totaled $4.54 billion for the 12 months concluded December 31, 2017. The aftermost twelve months book-to-bill adjustment was 1.24 and apprenticed excess was $10.54 billion at December 31, 2017.
Integrated Engagement Casework acquirement of $783 actor for the abounding year of 2017 beneath 2.6 percent appear and 2.0 percent at connected currency, compared to the accumulated aggregation after-effects in 2016. Year-over-year comparisons for Integrated Engagement Casework were impacted by the dispatch of $9 actor of acquirement in the added division of 2016 for the modification of a royalty-based sales force arrangement.
For the abounding year of 2017, Adapted EBITDA was $2,047 million. GAAP net assets was $1,309 actor and GAAP adulterated balance per allotment was $5.88. The Tax Cuts and Jobs Act allowable in 2017 resulted in a conditional account of $977 actor to GAAP net assets and $4.39 to GAAP adulterated balance per share. Adapted Net Assets was $1,039 actor and Adapted Adulterated Balance per Allotment was $4.67.
As of December 31, 2017, banknote and banknote equivalents were $959 actor and debt was $10,225 million, consistent in net debt of $9,266 million. At the end of the fourth division of 2017, IQVIA’s Gross Leverage Adjustment was 5.0 times, and Net Leverage Adjustment was 4.5 times abaft 12-month accumulated aggregation Adapted EBITDA.
On November 27, 2017, the aggregation repurchased $255 actor of banal from the company’s clandestine disinterestedness sponsors. This repurchase was completed in affiliation with an underwritten accessory attainable alms and was alfresco of IQVIA’s absolute allotment repurchase program. The aggregation additionally repurchased $114 actor of its banal in the attainable market, for a absolute repurchase of $369 actor during the fourth quarter.
On February 14, 2018, the IQVIA lath accustomed an access of the post-merger allotment repurchase allotment by $1.5 billion to a absolute of $5.0 billion, with $1.7 billion allotment remaining.
Full-Year 2018 Advice
On January 1, 2018, IQVIA adopted ASC 606 “Revenue from Affairs with Customers,” which replaces ASC 605. Beneath the new standard, the aggregation will admit acquirement in the Assay & Development Solutions articulation on a allotment of achievement basis. Additionally, ASC 606 requires that account acquirement and reimbursed amount acquirement be advised consistently and presented as one band on the assets statement. For comparability, 2017 basic adapt financials accept been provided in the advice table below. Acquirement for 2017 includes $1,679 actor of reimbursed amount acquirement beforehand beyond all three advertisement segments. In addition, back 2017 acquirement is adapt beneath ASC 606, both acquirement and accumulation are bargain by $37 actor as acquirement accustomed in a accustomed aeon beneath the antecedent access is reallocated to above-mentioned and approaching periods.
In addition, the Tax Cuts and Jobs Act allowable in 2017, which provided a abatement in the U.S. accumulated assets tax amount from 35 percent to 21 percent, will aftereffect in a abridgement in the company’s Adapted Book Tax amount activity forward.
For full-year 2018, IQVIA provides advice in the table below. Advice has been provided across-the-board of ASC 606, and for allegory only, 2018 advice has additionally been provided excluding the appulse of this accounting standard. As a aftereffect of the admittance of reimbursed amount revenue, full-year 2018 absolute aggregation acquirement beforehand and Assay & Development Solutions acquirement beforehand are accepted to be lower than they contrarily would accept been beneath ASC 605, as canyon through is currently accustomed at a slower clip than account acquirement based on our college mix of projects in their aboriginal phases.
except per allotment data)
y/y 14.5% – 19.8%
y/y 14.3% – 19.9%
Excludes reimbursed amount revenue.
2018 advice is based on a basic adapt of 2017 financials, across-the-board of the acceptance of ASC 606 “Revenue from Affairs with Customers”, which will be accomplished during the aboriginal division of 2018 and the adapt amounts are accordingly accountable to change.
Adapted Book Tax Amount is authentic as adapted book tax amount disconnected by adapted pre-tax income, Adapted Banknote Tax Amount is authentic as banknote taxes disconnected by adapted pre-tax income.
First-Quarter 2018 Advice
Across-the-board of the acceptance of ASC 606, IQVIA expects aboriginal division 2018 acquirement amid $2,420 actor and $2,470 million, Adapted EBITDA amid $520 actor and $540 actor and Adapted Adulterated Balance per Allotment amid $1.23 and $1.30.
This banking advice assumes accepted adopted bill barter ante abide in aftereffect for the of the year.
Webcast & Appointment Alarm Details
IQVIA will host a appointment alarm at 9:00 a.m. Eastern Time today to altercate its fourth-quarter and full-year 2017 banking after-effects and 2018 guidance. To participate, amuse punch 1-800-919-0370 in the United States and Canada or 1-212-271-4651 alfresco the United States about 15 account afore the appointed alpha of the call. The appointment alarm and a presentation will be attainable alive via webcast on the Investors area of the IQVIA website at http://ir.iqvia.com. An archived epitomize of the webcast will be attainable online at http://ir.iqvia.com afterwards 1:00 p.m. Eastern Time today.
IQVIA (NYSE:IQV) is a arch all-around provider of information, avant-garde technology solutions and adjustment assay casework focused on application abstracts and science to advice healthcare audience accretion bigger solutions for their patients. Formed through the alliance of IMS Health and Quintiles, IQVIA offers a ample ambit of solutions that accouter advances in healthcare information, technology, analytics and animal adeptness to drive healthcare forward. IQVIA enables companies to amend approaches to analytic development and commercialization, innovate with aplomb as able-bodied as beforehand allusive healthcare outcomes. IQVIA has added than 55,000 advisers operating in added than 100 countries, all committed to authoritative the abeyant of animal abstracts science a reality. IQVIA’s access to animal abstracts science is powered by the IQVIA CORE™, active different actionable insights at the circle of big data, transformative technology and analytics with all-encompassing area expertise. IQVIA’s insights and beheading capabilities advice biotech, medical device, and biologic companies, medical researchers, government agencies, payers and added healthcare stakeholders tap into a added compassionate of diseases, animal behaviors and accurate advances, in an accomplishment to beforehand their aisle against cures.
Cautionary Statements Regarding Advanced Looking Statements
This columnist absolution contains “forward-looking statements” aural the acceptation of the federal balance laws, including Area 27A of the Balance Act of 1933, as amended, and Area 21E of the Balance Barter Act of 1934, as amended, including, afterwards limitation, our 2018 guidance. In this context, advanced statements generally abode accepted approaching business and banking achievement and banking condition, and generally accommodate words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” agnate expressions, and variations or negatives of these words. Actual after-effects may alter materially from our expectations due to a cardinal of factors, including, but not bound to, the following: best of our affairs may be concluded on abbreviate notice, and we may lose or acquaintance delays with ample applicant affairs or be clumsy to access into new contracts; artifice of restrictions on our use of abstracts by abstracts suppliers or their abnegation to authorization abstracts to us; any abortion by us to accede with contractual, authoritative or ethical requirements beneath our contracts, including accepted or changes to abstracts aegis and aloofness laws; breaches or abusage of our or our outsourcing partners’ aegis or communications systems; accouterments and software failures, delays in the operation of our computer and communications systems or the abortion to apparatus arrangement enhancements; abortion to accommodated our abundance or business transformation objectives; abortion to auspiciously advance in beforehand opportunities; our adeptness to assure our bookish acreage rights and our susceptibility to claims by others that we are anarchic on their bookish acreage rights; the cessation or disability to access third affair licenses for technology or bookish property; any abortion by us to accurately and appropriate amount and codify amount estimates for contracts, or to certificate change orders; the amount at which our excess converts to revenue; our adeptness to acquire, advance and apparatus technology all-important for our business; alliance in the industries in which our audience operate; risks accompanying to applicant or ameliorative concentration; the risks associated with operating on a all-around basis, including bill or barter amount fluctuations and acknowledged compliance, including anti-corruption laws; risks accompanying to changes in accounting standards, including the appulse of the changes to the acquirement acceptance standards; accepted bread-and-er altitude in the markets in which we operate, including banking bazaar altitude and risks accompanying to sales to government entities; the appulse of changes in tax laws and regulations; and our adeptness to auspiciously integrate, and accomplish accepted allowances from, our acquired businesses. For a added altercation of the risks apropos to the accumulated company’s business, see the “Risk Factors” in our anniversary address on Form 10-K for the budgetary year concluded December 31, 2016, filed with the SEC, as such factors may be adapted or adapted from time to time in our consecutive alternate and added filings with the SEC, which are attainable on the SEC’s website at www.sec.gov. These factors should not be construed as all-embracing and should be apprehend in affiliation with the added cautionary statements that are included in this absolution and in our filings with the SEC. We accept no obligation to amend any such advanced account afterwards the date of this release, whether as a aftereffect of new information, approaching developments or otherwise.
Note on Non-GAAP Banking Measures
Non-GAAP results, such as Adapted EBITDA, Adapted Net Income, and Adapted Adulterated EPS are presented alone as a supplement to the company’s banking statements based on GAAP. Non-GAAP banking advice is provided to enhance compassionate of the company’s banking performance, but none of these non-GAAP banking measures are accustomed agreement beneath GAAP, and non-GAAP measures should not be advised in a from, or as a acting assay for, the company’s after-effects of operations as bent in accordance with GAAP. Definitions and reconciliations of non-GAAP measures to the best anon commensurable GAAP measures are provided aural the schedules absorbed to this release. The aggregation uses non-GAAP measures in its operational and banking accommodation making, and believes that it is advantageous to exclude assertive items in adjustment to focus on what it commendations to be a added allusive indicator of the basal operating achievement of the business. As a result, centralized administration letters affection non-GAAP measures which are additionally acclimated to adapt cardinal affairs and anniversary budgets and assay administration compensation. The aggregation additionally believes that investors may accretion non-GAAP banking measures advantageous for the aforementioned reasons, although investors are cautioned that non-GAAP banking measures are not a acting for GAAP disclosures.
Our 2018 advice measures (other than revenue) are provided on a non-GAAP base because the aggregation is clumsy to analytic adumbrate assertive items independent in the GAAP measures. Such items include, but are not bound to, accretion and affiliation accompanying expenses, restructuring and accompanying charges, stock-based advantage and added items not cogitating of the company’s advancing operations.
Non-GAAP measures are frequently acclimated by balance analysts, investors and added absorbed parties in their appraisal of companies commensurable to the company, abounding of which present non-GAAP measures back advertisement their results. Non-GAAP measures accept limitations as an analytic tool. They are not presentations fabricated in accordance with GAAP, are not measures of banking action or clamminess and should not be advised as an another to accumulation or accident for the aeon bent in accordance with GAAP or operating banknote flows bent in accordance with GAAP. Non-GAAP measures are not necessarily commensurable to analogously blue-blooded measures acclimated by added companies. As a result, you should not accede such achievement measures in a from, or as a acting assay for, the company’s after-effects of operations as bent in accordance with GAAP.
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Assets afore assets taxes and disinterestedness in balance (losses) of unconsolidated affiliates
Assets (loss) afore disinterestedness in balance (losses) of unconsolidated affiliates
Accepted banal and added paid-in capital, 400.0 shares accustomed at December 31, 2017 and 2016, $0.01 par value, 249.5 and 248.3 shares issued at December 31, 2017 and 2016, appropriately
Treasury stock, at cost, 41.4 and 12.9 shares at December 31, 2017 and 2016, appropriately
Acquittal of accumulated added absolute accident on concluded absorption amount swaps
(1) 2016 includes $2,031 actor of banknote acquired in the Alliance
Net Assets (Net Loss)
Gross Debt, net of Original Issue Discount, as of December 31, 2017
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