Iqvia Holdings, Inc. · NYSE:IQV
Iqvia — Q1 2023 Earnings Presentation
15 slides from Iqvia's earnings presentation, Apr 27, 2023
Slide 1: Q1 2023 Earnings Call
Q1 2023 Earnings Call April 27, 2023 1
Slide 2: Legal: Safe Harbor Statement for Forward-Looking Statements
Legal This presentation should be viewed in conjunction with IQVIA’s Q1 2023 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 19
Slide 3: Legal: Non-GAAP Information
Legal Non-GAAP Information This presentation includes information based on financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”), such as Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted Earnings per Share, and Free Cash Flow. N
Slide 4: 1st Quarter Results
1st Quarter Results $M, except per share data Revenue Adjusted EBITDA(1) Adjusted Diluted EPS(1) 2.4% AFx 4.7% CFx 4.8% AFx (0.8)% AFx $3,652 $3,568 $851 $812 $2.45 $2.47 Dollars are at actual foreign exchange rates. AFx is actual currency. CFx is constant currency. (1) See reconciliation of non-GAA
Slide 5: 1st Quarter Revenue
1st Quarter Revenue $M 2023 2022 VPY% AFx VPY% CFx Technology & Analytics Solutions $1,444 $1,439 0.3% 2.9% Research & Development Solutions $2,026 $1,934 4.8% 6.5% Contract Sales & Medical Solutions $182 $195 (6.7)% (1.0)% Revenue $3,652 $3,568 2.4% 4.7% Dollars are at actual foreign exchange rates
Slide 6: 1st Quarter Profit
1st Quarter Profit $M, except per share data 2023 2022 Adjusted EBITDA (1) $851 $812 Net Income $289 $325 Diluted Earnings per Share $1.53 $1.68 Adjusted Net Income (1) $462 $477 Adjusted Diluted Earnings per $2.45 $2.47 Share (1) Dollars are at actual foreign exchange rates. 1. See reconciliations
Slide 7: R&D Solutions Backlog
R&D Solutions Backlog $B Up over 40% since Q1 2020 Up over 10% YoY Dollars are at actual foreign exchange rates. 7
Slide 8: 1st Quarter Balance Sheet and Cash Flow Items and Metrics
1st Quarter Balance Sheet and Cash Flow Items and Metrics $M Cash & Cash Equivalents $1,494 Gross Debt $13,176 Net Debt $11,682 Gross Leverage Ratio (1) 3.89x Net Leverage Ratio (1) 3.45x Net Cash Provided by Operating Activities $417 Capital Expenditures $164 Free Cash Flow (2) $253 Dollars are at
Slide 9: Full Year 2023 Guidance
Full Year 2023 Guidance $M, except per share data Guidance VPY% +9% to 11% excluding the Revenue $15,150 – $15,400 5.1% – 6.9% impact of FX, acquisitions and COVID-related work Adj. EBITDA $3,625 – $3,695 8.3% – 10.4% Adj. Diluted EPS $10.26 – $10.56 1.0% – 3.9%(1) (1) Adjusted Diluted EPS growth wo
Slide 10: Q2 2023 Guidance
Q2 2023 Guidance $M, except per share data Guidance Revenue $3,675 - $3,750 Adjusted EBITDA $850 - $875 Adjusted Diluted EPS $2.30 - $2.44 All financial guidance assumes April 25, 2023 foreign exchange rates remain in effect for the forecast period. 10
Slide 11: Q&A
Q&A 11
Slide 12: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation Three Months Ended March 31, (in millions) 2023 2022 Net Income $ 289 $ 325 Provision for income taxes 71 71 Depreciation and amortization 253 255 Interest expense, net 135 85 Loss in unconsolidated affiliates 2 4 Deferred revenue purchase accounting adju
Slide 13: Net Income to Adj. Net Income and Per Share Data Reconciliation
Net Income to Adj. Net Income and Per Share Data Reconciliation Three Months Ended March 31, (in millions, except per share data) 2023 2022 Net Income $ 289 $ 325 Provision for income taxes 71 71 Purchase accounting amortization (1) 123 134 Loss in unconsolidated affiliates 2 4 Deferred revenue purc
Slide 14: Operating Cash Flow to Free Cash Flow Reconciliation
Operating Cash Flow to Free Cash Flow Reconciliation Three Months Ended March 31, (in millions, except per share data) 2023 Net Cash provided by Operating Activities $ 417 Acquisition of property, equipment and software (164) Free Cash Flow $ 253 14
Slide 15: Leverage Ratios
Leverage Ratios (in millions) Gross Debt, net of Unamortized Discount and Debt Issuance Costs, as of March 31, 2023 $ 13,176 Net Debt as of March 31, 2023 $ 11,682 Adjusted EBITDA for the twelve months ended March 31, 2023 $ 3,385 Gross Leverage Ratio (Gross Debt/LTM Adjusted EBITDA) 3.89x Net Lever