
(in millions, except per share data)	June 30, 2019			December 31, 2018			(in millions, except per share data)	March 31, 2020		December 31, 2019
ASSETS							ASSETS
Current assets:							Current assets:
Cash and cash equivalents	$	938		$	891		Cash and cash equivalents	$	927	$	837
Trade accounts receivable and unbilled services, net		2,401			2,394		Trade accounts receivable and unbilled services, net	2,634		2,582
Prepaid expenses		180			151		Prepaid expenses	173		138
Income taxes receivable		64			69		Income taxes receivable	49		56
Investments in debt, equity and other securities		56			47		Investments in debt, equity and other securities	63		62
Other current assets and receivables		339			322		Other current assets and receivables	431		451
Total current assets		3,978			3,874		Total current assets	4,277		4,126
Property and equipment, net		458			434		Property and equipment, net	445		458
Operating lease right-of-use assets		498			—		Operating lease right-of-use assets	489		496
Investments in debt, equity and other securities		48			41		Investments in debt, equity and other securities	72		65
Investments in unconsolidated affiliates		104			101		Investments in unconsolidated affiliates	71		87
Goodwill		11,937			11,800		Goodwill	11,989		12,159
Other identifiable intangibles, net		5,701			5,951		Other identifiable intangibles, net	5,328		5,514
Deferred income taxes		102			109		Deferred income taxes	120		119
Deposits and other assets		242			239		Deposits and other assets	287		227
Total assets	$	23,068		$	22,549		Total assets	$	23,078	$	23,251
LIABILITIES AND STOCKHOLDERS’ EQUITY							LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:							Current liabilities:
Accounts payable and accrued expenses	$	2,139		$	2,295		Accounts payable and accrued expenses	$	2,384	$	2,512
Unearned income		934			1,007		Unearned income	1,036		1,014
Income taxes payable		111			100		Income taxes payable	94		108
Current portion of long-term debt		100			100		Current portion of long-term debt	139		100
Other current liabilities		211			32		Other current liabilities	254		211
Total current liabilities		3,495			3,534		Total current liabilities	3,907		3,945
Long-term debt		11,299			10,907		Long-term debt	11,894		11,545
Deferred income taxes		671			736		Deferred income taxes	618		646
Operating lease liabilities		398			—		Operating lease liabilities	366		396
Other liabilities		424			418		Other liabilities	491		456
Total liabilities		16,287			15,595		Total liabilities	17,276		16,988
Commitments and contingencies							Commitments and contingencies
Stockholders’ equity:							Stockholders’ equity:
Common stock and additional paid-in capital, 400.0 shares authorized at June 30, 2019 and December 31, 2018, $0.01 par value, 252.6 and 251.5 shares issued at June 30, 2019 and December 31, 2018, respectively		10,964			10,901
Common stock and additional paid-in capital, 400.0 shares authorized at March 31, 2020 and December 31, 2019, $0.01 par value, 253.8 shares issued and 191.0 shares outstanding at March 31, 2020; 253.0 shares issued and 192.3 shares outstanding at December 31, 2019							Common stock and additional paid-in capital, 400.0 shares authorized at March 31, 2020 and December 31, 2019, $0.01 par value, 253.8 shares issued and 191.0 shares outstanding at March 31, 2020; 253.0 shares issued and 192.3 shares outstanding at December 31, 2019	11,012		11,049
Retained earnings		925			807		Retained earnings	1,080		998
Treasury stock, at cost, 56.8 and 54.0 shares at June 30, 2019 and December 31, 2018, respectively		(5,151	)		(4,770	)
Treasury stock, at cost, 62.8 and 60.7 shares at March 31, 2020 and December 31, 2019, respectively							Treasury stock, at cost, 62.8 and 60.7 shares at March 31, 2020 and December 31, 2019, respectively	(6,065)		(5,733)
Accumulated other comprehensive loss		(215	)		(224	)	Accumulated other comprehensive loss	(485)		(311)
Equity attributable to IQVIA Holdings Inc.’s stockholders		6,523			6,714		Equity attributable to IQVIA Holdings Inc.’s stockholders	5,542		6,003
Non-controlling interests		258			240		Non-controlling interests	260		260
Total stockholders’ equity		6,781			6,954		Total stockholders’ equity	5,802		6,263
Total liabilities and stockholders’ equity	$	23,068		$	22,549		Total liabilities and stockholders’ equity	$	23,078	$	23,251

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

~~(unaudited)~~

(in millions)

Common
Stock
Shares

Treasury
Stock
Shares

Common
Stock

Additional
Paid-In
Capital

Retained Earnings

Treasury
Stock

Accumulated
Other
Comprehensive
(Loss) Income

Non-
controlling
Interests

Total

Balance, December 31, 2018

251.5

(54.0
)

$
3

$
10,898

$
807

$
(4,770
)

$
(224
)

$
240

$
6,954

Issuance of common stock

0.7

—

—

5

—

—

—

—

5

Repurchase of common stock

—

(1.0
)

—

—

—

(145
)

—

—

(145
)
Stock-based compensation

—

—

—

21

—

—

—

—

21

Net income

—

—

—

—

58

—

—

9

67

Unrealized losses on derivative instruments,
net of tax

—

—

—

—

—

—

(5
)

—

(5
)
Foreign currency translation, net of tax

—

—

—

—

—

—

(32
)

1

(31
)
Reclassification adjustments, net of tax

—

—

—

—

—

—

(1
)

—

(1
)
Balance, March 31, 2019

252.2

(55.0
)

3

10,924

865

(4,915
)

(262
)

250

6,865

Issuance of common stock

0.4

—

—

8

—

—

—

—

8

Repurchase of common stock

—

(1.8
)

—

—

—

(236
)

—

—

(236
)
Stock-based compensation

—

—

—

29

—

—

—

—

29

Distribution to non-controlling interest

—

—

—

—

—

—

—

(2
)

(2
)
Net income

—

—

—

—

60

—

—

11

71

Unrealized losses on derivative instruments,
net of tax

—

—

—

—

—

—

(13
)

—

(13
)
Foreign currency translation, net of tax

—

—

—

—

—

—

63

(1
)

62

Reclassification adjustments, net of tax

—

—

—

—

—

—

(3
)

—

(3
)
Balance, June 30, 2019

252.6

(56.8
)

$
3

$
10,961

$
925

$
(5,151
)

$
(215
)

$
258

$
6,781

(in millions)

Common
Stock
Shares

Treasury
Stock
Shares

Common
Stock

Additional
Paid-In
Capital

Retained Earnings

Treasury
Stock

Accumulated
Other
Comprehensive
Income (Loss)

Non-
controlling
Interests

Total

Balance, December 31, 2017

249.5

(41.4
)

$
2

$
10,780

$
538

$
(3,374
)

$
49

$
249

$
8,244

Issuance of common stock

0.5

—

—

(5
)

—

—

—

—

(5
)
Repurchase of common stock

—

(0.9
)

—

—

—

(86
)

—

—

(86
)
Stock-based compensation

—

—

—

20

—

—

—

—

20

Net income

—

—

—

—

69

—

—

4

73

Unrealized gains on derivative instruments,
net of tax

—

—

—

—

—

—

1

—

1

Foreign currency translation, net of tax

—

—

—

—

—

—

203

4

207

Reclassification adjustments, net of tax

—

—

—

—

—

—

1

—

1

Other

—

—

—

—

(2
)

—

—

—

(2
)
Balance, March 31, 2018

250.0

(42.3
)

2

10,795

605

(3,460
)

254

257

8,453

Issuance of common stock

0.4

—

—

13

—

—

—

—

13

Repurchase of common stock

—

(5.6
)

1

—

—

(573
)

—

—

(572
)
Stock-based compensation

—

—

—

25

—

—

—

—

25

Distribution to non-controlling interest

—

—

—

—

—

—

—

(19
)

(19
)
Contribution from non-controlling interest

—

—

—

—

—

—

—

10

10

Net income

—

—

—

—

61

—

—

7

68

Unrealized gains on derivative instruments,
net of tax

—

—

—

—

—

—

3

—

3

Foreign currency translation, net of tax

—

—

—

—

—

—

(360
)

(5
)

(365
)
Reclassification adjustments, net of tax

—

—

—

—

—

—

(1
)

—

(1
)
Other

—

—

—

—

(1
)

—

—

—

(1
)
Balance, June 30, 2018

250.4

(47.9
)

$
3

$
10,833

$
665

$
(4,033
)

$
(104
)

$
250

$
7,614

(unaudited)


(in millions)	Common Stock Shares	Treasury Stock Shares	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive (Loss) Income		Non- controlling Interests		Total
Balance, December 31, 2019	253.0	(60.7)	$	3	$	11,046	$	998	$	(5,733)	$	(311)	$	260	$	6,263
Issuance of common stock	0.8	—	—		(44)		—		—		—		—		(44)
Repurchase of common stock	—	(2.1)	—		—		—		(332)		—		—		(332)
Stock-based compensation	—	—	—		7		—		—		—		—		7
Distributions to non-controlling interests	—	—	—		—		—		—		—		(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, 2020	253.8	(62.8)	$	3	$	11,009	$	1,080	$	(6,065)	$	(485)	$	260	$	5,802


(in millions)	Common Stock Shares	Treasury Stock Shares	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Non- controlling Interests		Total
Balance, December 31, 2018	251.5	(54)	$	3	$	10,898	$	807	$	(4,770)	$	(224)	$	240	$	6,954
Issuance of common stock	0.7	—	—		5		—		—		—		—		5
Repurchase of common stock	—	(1)	—		—		—		(145)		—		—		(145)
Stock-based compensation	—	—	—		21		—		—		—		—		21
Net income	—	—	—		—		58		—		—		9		67
Unrealized losses on derivative instruments, net of tax	—	—	—		—		—		—		(5)		—		(5)
Foreign currency translation, net of tax	—	—	—		—		—		—		(32)		1		(31)
Reclassification adjustments, net of tax	—	—	—		—		—		—		(1)		—		(1)
Balance, March 31, 2019	252.2	(55)	$	3	$	10,924	$	865	$	(4,915)	$	(262)	$	250	$	6,865

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of co ntents

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 contract research services to the life sciences industry. With approximately ~~61,000~~67,000 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, ~~2019.~~2020. 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, ~~2018.~~ 2019. The balance sheet at December 31, ~~2018~~2019 has been derived from the audited consolidated financial statements of the Company but does not include all the disclosures required by GAAP.

Additionally, t

~~Leases~~

~~The Company determines if an arrangement is~~he outbreak of the novel coronavirus, or COVID-19, and the various governmental, industry and consumer actions related thereto, could have a ~~lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities,~~material and ~~operating lease liabilities~~adverse effect on our ~~condensed consolidated balance sheets.~~

~~Operating lease ROU assets~~business, financial condition and ~~operating lease liabilities~~results of operations. These effects, which largely depend on future developments that cannot be accurately predicted and are ~~recognized based~~uncertain, could include a negative impact on the ~~present value~~availability of our key personnel, temporary closures of our facilities or the ~~future minimum lease~~facilities of our business partners, customers, suppliers, third party service providers or other vendors, an increased risk of customer defaults or delays in payments ~~over~~or purchasing decisions, and the ~~lease term at commencement date.~~ interruption of domestic and global supply chains, distribution channels, liquidity and capital or financial markets.As ~~most~~COVID-19 continues to spread, we have and may continue to experience disruptions that could severely impact our business. As such the results for the three months ended March 31, 2020 may not be indicative of results for the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made before lease commencement and initial direct costs and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

~~The Company has lease agreements with lease and non-lease components that the Company has elected to account for as single lease components.~~

full year.

Recently Issued Accounting Standards

Accounting pronouncements adopted

In February 2018, the FASB issued new accounting guidance that will allow a reclassification from accumulated other comprehensive income to retained earnings for “stranded income tax effects” resulting from the Tax Act. Because the income statement impact related to the reduction of the historical corporate income tax rate under the Tax Act is required to be included in income tax expense, the guidance acknowledges that the income tax effects of items within accumulated other comprehensive income (“stranded income tax effects”) do not reflect the appropriate income tax rate. The Company adopted this new accounting guidance on January 1, 2019 using the aggregate portfolio approach. The Company elected the option to not reclassify accumulated other comprehensive income to retained earnings for “stranded income tax effects” resulting from the Tax Act.

In August 2017, the FASB issued new accounting guidance that will allow more financial and nonfinancial hedging strategies to be eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess hedge effectiveness. It is intended to more closely align hedge accounting with risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The Company adopted this new accounting guidance on January 1, 2019. ~~The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements.~~

In February 2016, the FASB issued new accounting guidance that requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. The income statement will reflect lease expense for operating leases, and amortization and interest expense for financing leases. The Company adopted this new accounting guidance on January 1, 2019 and elected the practical expedients upon transition that retained the lease classification, initial direct costs and determination of whether contracts are or contain a lease, for any leases that existed prior to adoption of the new guidance. The Company also elected the transition method that allows comparative periods to be presented in the year of adoption in accordance with existing guidance. The adoption of this standard had a material impact on the Company’s condensed consolidated balance sheets but did not have a material impact on the Company’s condensed consolidated results of operations or cash flows.

~~Accounting pronouncements being evaluated~~

In August 2018, the FASB issued new accounting guidance that clarifies and aligns the accounting for implementation costs for hosting arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The ~~new accounting guidance will be effective for the~~ Company ~~on January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of~~adopted this new accounting guidance on ~~its consolidated financial statements.~~

In August 2018, the FASB issued new accounting guidance that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The new accounting guidance will be effective for the Company on January 1, ~~2021. Early adoption is permitted.~~ 2020. The adoption of this new accounting guidance isdid not ~~expected to~~ have a material effect on the Company’s consolidated financial statements.

In August 2018, the FASB issued new accounting guidance that modifies the disclosure requirements in Topic 820, Fair Value Measurement, by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ~~The~~This new accounting guidance ~~will be effective~~also modifies the disclosure requirements for ~~the~~employers that sponsor defined benefit pension or other postretirement plans. The Company adopted this new accounting guidance on January 1, 2020. ~~Early adoption is permitted.~~ The adoption of this new accounting guidance isdid not ~~expected to~~ have a material effect on the Company’s consolidated financial statements.

Table of co ntents

In January 2017, the FASB issued new accounting guidance that simplifies the measurement of goodwill by eliminating the step two impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill. The new guidance requires a comparison of the Company’s fair value of a reporting unit with the carrying amount and the Company is required to recognize an impairment charge for the amount by which the carrying amount exceeds the fair value. The Company adopted this new accounting guidance ~~will be effective for the Company~~ on January 1, 2020. ~~Early adoption is permitted.~~ The adoption of this new accounting guidance isdid not ~~expected to~~ have a material effect on the Company’s consolidated financial statements.

In June 2016, the FASB issued a new accounting standard intended to provide financial statement users with more decision-useful information about expected credit losses and other commitments to extend credit held by the reporting entity. The standard replaces the incurred loss impairment methodology in current GAAP with one that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ~~standard~~Company adopted this new accounting guidance on January 1, 2020. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. This is based on factors including the Company's assessment of historical losses, client's creditworthiness and the fact that the Company's trade receivables are short term in duration.

Accounting pronouncements being evaluated

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 new accounting guidance will be effective for the Company on January 1, ~~2020.~~2021 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its 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 new accounting guidance will be effective for the Company on January 1, 2021. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements.

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, 2019~~March 31, 2020 and ~~2018:~~

2019:


	Three Months Ended June 30, 2019									Three Months Ended March 31, 2020
(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total		(in millions)		Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:									Revenues:
Americas	$	588	$	642	$	100	$	1,330	Americas		$	581	$	670	$	91	$	1,342
Europe and Africa		376		448		49		873	Europe and Africa		396		428		50		874
Asia-Pacific		138		345		54		537	Asia-Pacific		140		343		55		538
Total revenues	$	1,102	$	1,435	$	203	$	2,740	Total revenues		$	1,117	$	1,441	$	196	$	2,754

The Company elected the alternative modified transition method and as such, included the following prior period information as previously disclosed in accordance with Accounting Standards Codification (“ASC”) 840.

The Company has continued to take restructuring actions in ~~2019~~2020 to align its resources and reduce overcapacity to adapt to changing market conditions and integrate acquisitions. These actions include ~~closing facilities,~~ consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements. These restructuring actions are expected to continue into ~~2020. During the first quarter~~2021.


	Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended March 31,
(in millions)	2019			2018			2019			2018			(in millions)	2020		2019
Revenues													Revenues
Technology & Analytics Solutions	$	1,102		$	1,011		$	2,177		$	1,996		Technology & Analytics Solutions	$	1,117	$	1,075
Research & Development Solutions		1,435			1,350			2,851			2,715		Research & Development Solutions	1,441		1,416
Contract Sales & Medical Solutions		203			206			396			419		Contract Sales & Medical Solutions	196		193
Total revenues		2,740			2,567			5,424			5,130		Total revenues	2,754		2,684
Costs of revenue, exclusive of depreciation and amortization													Costs of revenue, exclusive of depreciation and amortization
Technology & Analytics Solutions		656			582			1,289			1,129		Technology & Analytics Solutions	666		633
Research & Development Solutions		971			921			1,917			1,844		Research & Development Solutions	988		946
Contract Sales & Medical Solutions		172			171			341			353		Contract Sales & Medical Solutions	170		169
Total costs of revenue		1,799			1,674			3,547			3,326		Total costs of revenue	1,824		1,748
Selling, general and administrative expenses													Selling, general and administrative expenses
Technology & Analytics Solutions		188			186			372			368		Technology & Analytics Solutions	183		184
Research & Development Solutions		176			174			357			348		Research & Development Solutions	185		181
Contract Sales & Medical Solutions		15			17			30			35		Contract Sales & Medical Solutions	15		15
General corporate and unallocated		57			47			96			93		General corporate and unallocated	24		39
Total selling, general and administrative expenses		436			424			855			844		Total selling, general and administrative expenses	407		419
Segment profit													Segment profit
Technology & Analytics Solutions		258			243			516			499		Technology & Analytics Solutions	268		258
Research & Development Solutions		288			255			577			523		Research & Development Solutions	268		289
Contract Sales & Medical Solutions		16			18			25			31		Contract Sales & Medical Solutions	11		9
Total segment profit		562			516			1,118			1,053		Total segment profit	547		556
General corporate and unallocated		(57	)		(47	)		(96	)		(93	)	General corporate and unallocated	(24)		(39)
Depreciation and amortization		(294	)		(282	)		(589	)		(564	)	Depreciation and amortization	(316)		(295)
Restructuring costs		(14	)		(17	)		(26	)		(43	)	Restructuring costs	(14)		(12)
Total income from operations	$	197		$	170		$	407		$	353		Total income from operations	$	193	$	210

The $125 million increase in costs of revenues, exclusive of depreciation and amortization, for the three months ended June 30, 2019 as compared to the same period in 2018 included a constant currency increase of approximately $168 million, or 10.0%, and a positive impact of approximately $43 million from the effects of foreign currency fluctuations. The constant currency increase consisted of a $90 million increase in Technology & Analytics Solutions, a $74 million increase in Research & Development Solutions and a $4 million increase in Contract Sales & Medical Solutions.

The $221 million increase in costs of revenues, exclusive of depreciation and amortization, for the six months ended June 30, 2019 as compared to the same period in 2018 included a constant currency increase of approximately $319 million, or 9.6%, and a positive impact of approximately $98 million from the effects of foreign currency fluctuations. The constant currency increase consisted of a $196 million increase in Technology & Analytics Solutions and a $127 million increase in Research & Development Solutions offset by a $4 million decrease in Contract Sales & Medical Solutions.

~~During the second quarter of 2018, we recognized loss on extinguishment of debt for fees and expenses incurred related to the refinancing of our senior secured credit facilities of $2 million.~~


Delaware						27-1341991
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

	~~Page~~
			Page
PART I—FINANCIAL INFORMATION					3

Item 1.			Financial Statements (unaudited)	3

			Condensed Consolidated Statements of Income for the three ~~and six~~ months ended ~~June 30, 2019~~March 31 , 20 20 and ~~2018~~20 1 9	3

			Condensed Consolidated Statements of Comprehensive Income for the three ~~and six~~ months ended ~~June 30, 2019~~March 31 , 20 20 and ~~2018~~201 9	4

			Condensed Consolidated Balance Sheets as of ~~June 30, 2019~~March 31 , 20 20 and December 31, ~~2018~~201 9	5

			Condensed Consolidated Statements of Cash Flows for the ~~six~~three months ended ~~June 30, 2019~~March 31 , 20 20 and ~~2018~~201 9	6

			Condensed Consolidated Statements of Stockholders’ Equity for three ~~and six~~ months ended ~~June 30, 2019~~ March 31, 20 20 and ~~2018~~201 9	7

			Notes to Condensed Consolidated Financial Statements	9 8

Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations	22 20

Item 3.			Quantitative and Qualitative Disclosures About Market Risk	32 29

Item 4.			Controls and Procedures	32 29


PART II—OTHER INFORMATION			32		30

Item 1.			Legal Proceedings	32 30

Item ~~1A.~~ 1A.			Risk Factors	32 30

Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds	32 30

Item 6.		Exhibits	~~Exhibits~~32		34

SIGNATURES			35		33


	Six Months Ended June 30,							Three Months Ended March 31,
(in millions)	2019			2018			(in millions)	2020		2019
Operating activities:							Operating activities:
Net income	$	138		$	141		Net income	$	91	$	67
Adjustments to reconcile net income to cash provided by operating activities:							Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		589			564		Depreciation and amortization	316		295
Amortization of debt issuance costs and discount		6			5		Amortization of debt issuance costs and discount	3		3
Stock-based compensation		60			47		Stock-based compensation	—		26
Earnings from unconsolidated affiliates		—			(11	)
Gain on investments, net		(5	)		(3	)
(Earnings) loss from unconsolidated affiliates							(Earnings) loss from unconsolidated affiliates	(6)		1
Loss (gain) on investments, net							Loss (gain) on investments, net	8		(3)
Benefit from deferred income taxes		(66	)		(114	)	Benefit from deferred income taxes	(40)		(12)
Changes in operating assets and liabilities:							Changes in operating assets and liabilities:
Change in accounts receivable, unbilled services and unearned income		(52	)		(114	)	Change in accounts receivable, unbilled services and unearned income	(84)		(76)
Change in other operating assets and liabilities		(166	)		(22	)	Change in other operating assets and liabilities	(125)		(188)
Net cash provided by operating activities		504			493		Net cash provided by operating activities	163		113
Investing activities:							Investing activities:
Acquisition of property, equipment and software		(296	)		(198	)	Acquisition of property, equipment and software	(141)		(141)
Acquisition of businesses, net of cash acquired		(201	)		(227	)	Acquisition of businesses, net of cash acquired	(14)		(175)
Purchases of marketable securities, net		(2	)		—		Purchases of marketable securities, net	(7)		(2)
Investments in unconsolidated affiliates, net of payments received		(3	)		(5	)	Investments in unconsolidated affiliates, net of payments received	17		2
Investments in equity securities		(10	)		(20	)	Investments in equity securities	(6)		—
Other		2			—		Other	1		1
Net cash used in investing activities		(510	)		(450	)	Net cash used in investing activities	(150)		(315)
Financing activities:							Financing activities:
Proceeds from issuance of debt		1,100			1,631		Proceeds from issuance of debt	800		—
Payment of debt issuance costs		(11	)		(20	)	Payment of debt issuance costs	(11)		—
Repayment of debt and principal payments on capital lease obligations		(50	)		(682	)	Repayment of debt and principal payments on capital lease obligations	(25)		(25)
Proceeds from revolving credit facility		1,100			1,460		Proceeds from revolving credit facility	990		790
Repayment of revolving credit facility		(1,720	)		(1,779	)	Repayment of revolving credit facility	(1,250)		(385)
Proceeds (payments) related to employee stock option plans		12			(2	)
(Payments) proceeds related to employee stock option plans							(Payments) proceeds related to employee stock option plans	(41)		9
Repurchase of common stock		(381	)		(668	)	Repurchase of common stock	(345)		(145)
Distributions to non-controlling interest, net		(2	)		(9	)	Distributions to non-controlling interest, net	(5)		—
Contingent consideration and deferred purchase price payments		(20	)		(24	)	Contingent consideration and deferred purchase price payments	(6)		(16)
Net cash provided by (used in) financing activities		28			(93	)
Net cash provided by financing activities							Net cash provided by financing activities	107		228
Effect of foreign currency exchange rate changes on cash		25			(30	)	Effect of foreign currency exchange rate changes on cash	(30)		19
Increase (decrease) in cash and cash equivalents		47			(80	)
Increase in cash and cash equivalents							Increase in cash and cash equivalents	90		45
Cash and cash equivalents at beginning of period		891			959		Cash and cash equivalents at beginning of period	837		891
Cash and cash equivalents at end of period	$	938		$	879		Cash and cash equivalents at end of period	$	927	$	936


(in millions)	June 30, 2019			December 31, 2018			(in millions)	March 31, 2020		December 31, 2019
Trade accounts receivable:							Trade accounts receivable:
Billed	$	1,120		$	1,279		Billed	$	1,309	$	1,312
Unbilled services		1,294			1,130		Unbilled services	1,341		1,286
Trade accounts receivable and unbilled services		2,414			2,409		Trade accounts receivable and unbilled services	2,650		2,598
Allowance for doubtful accounts		(13	)		(15	)	Allowance for doubtful accounts	(16)		(16)
Trade accounts receivable and unbilled services, net	$	2,401		$	2,394		Trade accounts receivable and unbilled services, net	$	2,634	$	2,582

(in millions, except percentages)	June 30, 2019			December 31, 2018			Change

(in millions)									(in millions)	March 31, 2020		December 31, 2019		Change
Unbilled services	$	1,294		$	1,130		$	164	Unbilled services	$	1,341	$	1,286	$	55
Unearned income		(934	)		(1,007	)		73	Unearned income	(1,036)		(1,014)		(22)
Net balance	$	360		$	123		$	237	Net balance	$	305	$	272	$	33


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended March 31,
(in millions, except per share data)	2019			2018			2019			2018			(in millions, except per share data)	2020		2019
Revenues	$	2,740		$	2,567		$	5,424		$	5,130		Revenues	$	2,754	$	2,684
Costs of revenue, exclusive of depreciation and amortization		1,799			1,674			3,547			3,326		Costs of revenue, exclusive of depreciation and amortization	1,824		1,748
Selling, general and administrative expenses		436			424			855			844		Selling, general and administrative expenses	407		419
Depreciation and amortization		294			282			589			564		Depreciation and amortization	316		295
Restructuring costs		14			17			26			43		Restructuring costs	14		12
Income from operations		197			170			407			353		Income from operations	193		210
Interest income		(2	)		(1	)		(4	)		(3	)	Interest income	(2)		(2)
Interest expense		114			107			224			203		Interest expense	106		110
Loss on extinguishment of debt		—			2			—			2
Other expense (income), net		7			(26	)		—			(22	)

Other income, net													Other income, net	(13)		(7)
Income before income taxes and equity in earnings of unconsolidated affiliates		78			88			187			173		Income before income taxes and equity in earnings of unconsolidated affiliates	102		109
Income tax expense		8			24			49			43		Income tax expense	17		41
Income before equity in earnings of unconsolidated affiliates		70			64			138			130		Income before equity in earnings of unconsolidated affiliates	85		68
Equity in earnings of unconsolidated affiliates		1			4			—			11
Equity in earnings (loss) of unconsolidated affiliates													Equity in earnings (loss) of unconsolidated affiliates	6		(1)
Net income		71			68			138			141		Net income	91		67
Net income attributable to non-controlling interests		(11	)		(7	)		(20	)		(11	)	Net income attributable to non-controlling interests	(9)		(9)
Net income attributable to IQVIA Holdings Inc.	$	60		$	61		$	118		$	130		Net income attributable to IQVIA Holdings Inc.	$	82	$	58
Earnings per share attributable to common stockholders:													Earnings per share attributable to common stockholders:
Basic	$	0.31		$	0.30		$	0.60		$	0.63		Basic	$	0.43	$	0.29
Diluted	$	0.30		$	0.29		$	0.59		$	0.62		Diluted	$	0.42	$	0.29
Weighted average common shares outstanding:													Weighted average common shares outstanding:
Basic		196.2			205.7			196.6			206.6		Basic	191.6		197.0
Diluted		200.6			209.9			201.2			210.9		Diluted	195.7		201.7


	Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended March 31,
(in millions)	2019			2018			2019			2018			(in millions)	2020		2019
Net income	$	71		$	68		$	138		$	141		Net income	$	91	$	67
Comprehensive income (loss) adjustments:													Comprehensive income (loss) adjustments:
Unrealized (losses) gains on derivative instruments, net of income tax (benefit) expense of ($4), $2, ($5) and $2		(13	)		3			(18	)		4
Foreign currency translation, net of income tax (benefit) expense of ($22), $68, $8 and $28		62			(365	)		31			(158	)
Unrealized losses on derivative instruments, net of income tax benefit of ($7) and ($1)													Unrealized losses on derivative instruments, net of income tax benefit of ($7) and ($1)	(39)		(5)
Foreign currency translation, net of income tax expense of $23 and $30													Foreign currency translation, net of income tax expense of $23 and $30	(155)		(31)
Reclassification adjustments:													Reclassification adjustments:
Gains on derivative instruments included in net income, net of income tax (benefit) expense of $—, $—, ($1) and $1		(3	)		(1	)		(4	)		—
Comprehensive income (loss)		117			(295	)		147			(13	)
Losses (gains) on derivative instruments included in net income, net of income tax expense (benefit) of $0 and ($1)													Losses (gains) on derivative instruments included in net income, net of income tax expense (benefit) of $0 and ($1)	16		(1)
Comprehensive (loss) income													Comprehensive (loss) income	(87)		30
Comprehensive income attributable to non-controlling interests		(10	)		(2	)		(20	)		(10	)	Comprehensive income attributable to non-controlling interests	(5)		(10)
Comprehensive income (loss) attributable to IQVIA Holdings Inc.	$	107		$	(297	)	$	127		$	(23	)
Comprehensive (loss) income attributable to IQVIA Holdings Inc.													Comprehensive (loss) income attributable to IQVIA Holdings Inc.	$	(92)	$	20

	Three Months Ended June 30, 2018
(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas	$	508	$	631	$	92	$	1,231
Europe and Africa		374		414		59		847
Asia-Pacific		129		305		55		489
Total revenues	$	1,011	$	1,350	$	206	$	2,567

	Six Months Ended June 30, 2019
(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas	$	1,142	$	1,283	$	194	$	2,619
Europe and Africa		759		904		100		1,763
Asia-Pacific		276		664		102		1,042
Total revenues	$	2,177	$	2,851	$	396	$	5,424

	Six Months Ended June 30, 2018
(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas	$	979	$	1,239	$	185	$	2,403
Europe and Africa		752		861		124		1,737
Asia-Pacific		265		615		110		990
Total revenues	$	1,996	$	2,715	$	419	$	5,130


	Three Months Ended March 31, 2019
(in millions)		Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas		$	553	$	642	$	94	$	1,289
Europe and Africa		383		456		51		890
Asia-Pacific		139		318		48		505
Total revenues		$	1,075	$	1,416	$	193	$	2,684


(in millions)	Classification	Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
Operating lease cost ⁽¹⁾	Selling, general and administrative expenses	$	49	$	48


(in millions)	Six Months Ended June 30, 2019			(in millions)	Three Months Ended March 31, 2020			Three Months Ended March 31, 2019
Supplemental Cash Flow:				Supplemental Cash Flow:
Cash paid for amounts included in the measurement of lease liabilities:				Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	92		Operating cash flows from operating leases	$	46		$	53

Right-of-use assets obtained in exchange for lease obligations:				Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	28		Operating leases	$	32		$	20
Finance leases				Finance leases	$	58		$	—
Weighted Average Remaining Lease Term:				Weighted Average Remaining Lease Term:
Operating leases	5.22 years			Operating leases	4.75 years			5.11 years
Finance leases				Finance leases	24.75 years			—
Weighted Average Discount Rate:				Weighted Average Discount Rate:
Operating leases		4.26	%	Operating leases	4.20		%	4.31		%
Finance leases				Finance leases	3.41 %			—


Unobservable Input	Probability of target achievement	Range of potential payment
Revenue target	100%	0%-100%
EBITDA target	100%	0%-100%
Operational target	50%	0%-100%


(in millions)	Balance Sheet Classification	March 31, 2020										December 31, 2019
				Assets		Liabilities		Notional		Assets		Liabilities		Notional
Derivatives designated as hedging instruments:
Foreign exchange forward contracts	Other current assets and liabilities	$	1	$	3	$	131	$	4	$	—	$	148
Interest rate swaps	Other assets and liabilities	—		50		1,500		—		27		875
Interest rate caps	Deposits and other assets	—		—		—		—		—		—
Derivatives not designated as hedging instruments:
Interest rate swaps	Other liabilities	—		2		319		—		3		325
Total derivatives		$	1	$	55			$	4	$	30


(in millions)	Level 1		Level 2		Level 3		Total		(in millions)	Level 1		Level 2		Level 3		Total
Assets:									Assets:
Marketable securities	$	69	$	—	$	—	$	69	Marketable securities	80		$	—	$	—	$	80
Derivatives		—		1		—		1	Derivatives	—		$	1	—		1
Total	$	69	$	1	$	—	$	70	Total	$	80	$	1	$	—	$	81
Liabilities:									Liabilities:
Derivatives	$	—	$	36	$	—	$	36	Derivatives	$	—	$	55	$	—	$	55
Contingent consideration		—		—		108		108	Contingent consideration	—		—		98		98
Total	$	—	$	36	$	108	$	144	Total	$	—	$	55	$	98	$	153

~~Facility~~	~~Interest Rates~~
Facility		Interest Rates
$1,500 million (revolving credit facility)		LIBOR in the relevant currency borrowed plus a margin of 1.50% at ~~June 30, 2019~~ March 31, 2020
$25 million (receivables financing facility)		LIBOR Market Index Rate ~~(2.40%~~(1.89% at ~~June 30, 2019)~~March 31, 2020) plus 0.90%
£10 million (approximately ~~$13~~$12 million) (general banking facility)		Bank’s base rate of ~~0.75%~~0.10% at ~~June 30, 2019~~March 31, 2020 plus 1%


(in millions)			(in millions)
Remainder of 2019	$	50
2020		400
Remainder of 2020			Remainder of 2020	104
2021		100	2021	139
2022		100	2022	439
2023		1,811	2023	1,790
2024			2024	2,473
Thereafter		8,992	Thereafter	7,155
	$	11,453		12,100

	Amortization
(in millions)	Period	2019
Total cost of acquisitions, net of cash acquired⁽¹⁾		$	236
Amounts recorded in the condensed consolidated balance sheets:
Goodwill			145
Portion of goodwill deductible for income tax purposes			98
Intangible assets:
Customer relationships	6-13 years		59
Non-compete agreements	3-5 years		4
Software	3-8 years		26
Trade names	1-8 years		3
Total intangible assets		$	92


(in millions)	Severance and Related Costs			Facility Exit Costs			Total			(in millions)	Severance and Related Costs		Facility Exit Costs		Total
Balance at December 31, 2018	$	47		$	27		$	74
Balance at December 31, 2019										Balance at December 31, 2019	$	64	$	3	$	67
Expense, net of reversals		26			—			26		Expense, net of reversals	15		(1)		14
Payments		(27	)		(15	)		(42	)	Payments	(17)		(1)		(18)
Foreign currency translation and other		—			(9	)		(9	)	Foreign currency translation and other	(1)		1		—
Balance at June 30, 2019	$	46		$	3		$	49
Balance at March 31, 2020										Balance at March 31, 2020	$	61	$	2	$	63

(in millions)	Foreign Currency Translation			Derivative Instruments			Defined Benefit Plans		Income Taxes			Total
Balance at December 31, 2018	$	(419	)	$	(1	)	$	19	$	177		$	(224	)
Other comprehensive income (loss) before reclassifications		39			(23	)		—		(3	)		13
Reclassification adjustments		—			(5	)		—		1			(4	)
Balance at June 30, 2019	$	(380	)	$	(29	)	$	19	$	175		$	(215	)

	Affected Financial Statement	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)														(in millions)	Affected Financial Statement Line Item	Three Months Ended March 31,
(in millions)	Line Item	2019			2018			2019			2018			(in millions)	Affected Financial Statement Line Item			2020		2019
Derivative instruments:														Derivative instruments:
Foreign exchange forward contracts	Revenues	$	—		$	(1	)	$	1		$	(3	)	Foreign exchange forward contracts	Revenues	$	2	$	1
Foreign exchange forward contracts	Other expense (income), net		(3	)		—			(6	)		4		Foreign exchange forward contracts	Other expense (income), net	14		(3)
Total before income taxes			(3	)		(1	)		(5	)		1		Total before income taxes		16		(2)
Income tax (benefit) expense			—			—			(1	)		1		Income tax (benefit) expense		—		(1)
Total net of income taxes		$	(3	)	$	(1	)	$	(4	)	$	—		Total net of income taxes		$	16	$	(1)

Three Months Ended June 30, 2019 and 2018

Three Months Ended March 31, 2020 and 2019											Three Months Ended March 31, 2020 and 2019
	Segment Revenues				Segment Profit							Segment Revenues						Segment Profit
(in millions)	2019		2018		2019			2018			(in millions)	2020		2019		2020		2019
Technology & Analytics Solutions	$	1,102	$	1,011	$	258		$	243		Technology & Analytics Solutions	$	1,117	$	1,075	$	268	$	258
Research & Development Solutions		1,435		1,350		288			255		Research & Development Solutions	1,441		1,416		268		289
Contract Sales & Medical Solutions		203		206		16			18		Contract Sales & Medical Solutions	196		193		11		9
Total		2,740		2,567		562			516		Total	2,754		2,684		547		556
General corporate and unallocated						(57	)		(47	)	General corporate and unallocated					(24)		(39)
Depreciation and amortization						(294	)		(282	)	Depreciation and amortization					(316)		(295)
Restructuring costs						(14	)		(17	)	Restructuring costs					(14)		(12)
Consolidated	$	2,740	$	2,567	$	197		$	170		Consolidated	$	2,754	$	2,684	$	193	$	210

Six Months Ended June 30, 2019 and 2018
	Segment Revenues				Segment Profit
(in millions)	2019		2018		2019			2018
Technology & Analytics Solutions	$	2,177	$	1,996	$	516		$	499
Research & Development Solutions		2,851		2,715		577			523
Contract Sales & Medical Solutions		396		419		25			31
Total		5,424		5,130		1,118			1,053
General corporate and unallocated						(96	)		(93	)
Depreciation and amortization						(589	)		(564	)
Restructuring costs						(26	)		(43	)
Consolidated	$	5,424	$	5,130	$	407		$	353


	Three Months Ended June 30,				Change							Three Months Ended Three Months Ended March 31,						Change
(in millions)	2019		2018		$			%			(in millions)	2020		2019		$		%
Revenues	$	203	$	206	$	(3	)		(1.5	)%	Revenues	$	196	$	193	$	3	1.6	%
Costs of revenue, exclusive of depreciation and amortization		172		171		1			0.6		Costs of revenue, exclusive of depreciation and amortization	170		169		1		0.6	%
Selling, general and administrative expenses		15		17		(2	)		(11.8	)	Selling, general and administrative expenses	15		15		—		—
Segment profit	$	16	$	18	$	(2	)		(11.1	)%	Segment profit	$	11	$	9	$	2	22.2	%

(in millions, except per share data)	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
April 1, 2019 — April 30, 2019		—	$	—		—	$	2,144
May 1, 2019 — May 31, 2019		1.2	$	134.14		1.2	$	1,988
June 1, 2019 — June 30, 2019		0.6	$	135.68		0.6	$	1,908
		1.8				1.8



IQVIA HOLDINGS INC.

/s/ Michael R. McDonnell
Michael R. McDonnell Executive Vice President and Chief Financial Officer (On behalf of the Registrant and as Principal Financial Officer)