2017 Q4 Form 10-K Financial Statement

#000156459018002340 Filed on February 16, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $2.161B $2.019B $1.969B
YoY Change 10.65% 77.73% 68.72%
Cost Of Revenue $1.607B $1.165B $1.154B
YoY Change 8.83% 67.39% 57.01%
Gross Profit $914.0M $854.0M $815.0M
YoY Change 6.09% 94.09% 88.66%
Gross Profit Margin 42.3% 42.3% 41.39%
Selling, General & Admin $469.0M $394.0M $378.0M
YoY Change 51.19% 68.66% 50.84%
% of Gross Profit 51.31% 46.14% 46.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $278.0M $256.0M $245.0M
YoY Change 45.86% 639.82% 665.63%
% of Gross Profit 30.42% 29.98% 30.06%
Operating Expenses $747.0M $650.0M $378.0M
YoY Change 24.67% 178.13% 50.84%
Operating Profit $142.0M $195.0M $126.0M
YoY Change -1.39% 16.07% -16.56%
Interest Expense -$95.00M -$91.00M -$80.00M
YoY Change 37.28% -471.35% 270.37%
% of Operating Profit -66.9% -46.67% -63.49%
Other Income/Expense, Net -$16.00M $0.00 $2.000M
YoY Change -240.35% -100.0% -28.57%
Pretax Income $33.00M $86.00M $48.00M
YoY Change -40.86% -39.57% -63.61%
Income Tax -$33.00M -$3.000M -$14.00M
% Of Pretax Income -100.0% -3.49% -29.17%
Net Earnings $1.027B $88.00M $62.00M
YoY Change -676.97% -11.11% -28.74%
Net Earnings / Revenue 47.52% 4.36% 3.15%
Basic Earnings Per Share $4.91 $0.41 $0.28
Diluted Earnings Per Share $4.79 $0.40 $0.28
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.005B $1.147B $945.0M
YoY Change -18.82% -8.24% -4.83%
Cash & Equivalents $959.0M $1.103B $902.0M
Short-Term Investments $46.00M $44.00M $43.00M
Other Short-Term Assets $259.0M $284.0M $275.0M
YoY Change 10.21% 185.02% 67.68%
Inventory
Prepaid Expenses $146.0M $146.0M $153.0M
Receivables $2.097B $1.859B $1.845B
Other Receivables $47.00M $56.00M $41.00M
Total Short-Term Assets $3.554B $3.492B $3.259B
YoY Change 6.5% 32.12% 33.73%
LONG-TERM ASSETS
Property, Plant & Equipment $440.0M $428.0M $430.0M
YoY Change 8.37% 132.37% 126.32%
Goodwill $11.85B $11.60B $11.26B
YoY Change 10.47% 1577.37%
Intangibles $6.591B $6.567B $6.493B
YoY Change 3.15% 1793.51%
Long-Term Investments $70.00M $75.00M $70.00M
YoY Change -14.63% 10.29% 7.69%
Other Assets $344.0M $285.0M $272.0M
YoY Change 29.32% 46.15% 34.65%
Total Long-Term Assets $19.30B $18.95B $18.52B
YoY Change 8.01% 1175.72% 1113.83%
TOTAL ASSETS
Total Short-Term Assets $3.554B $3.492B $3.259B
Total Long-Term Assets $19.30B $18.95B $18.52B
Total Assets $22.86B $22.45B $21.78B
YoY Change 7.78% 443.62% 449.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $322.0M $1.894B $1.678B
YoY Change 28.8% 109.51% 93.99%
Accrued Expenses $1.664B
YoY Change 11.45%
Deferred Revenue $985.0M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $103.0M $103.0M $94.00M
YoY Change 11.96% 110.2% 91.84%
Total Short-Term Liabilities $3.156B $2.853B $2.660B
YoY Change 16.67% 76.12% 66.25%
LONG-TERM LIABILITIES
Long-Term Debt $10.12B $9.651B $8.858B
YoY Change 42.4% 304.32% 269.39%
Other Long-Term Liabilities $440.0M $420.0M $421.0M
YoY Change 9.45% 120.4% 132.6%
Total Long-Term Liabilities $10.56B $10.07B $9.279B
YoY Change 40.64% 5184.81% 259.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.156B $2.853B $2.660B
Total Long-Term Liabilities $10.56B $10.07B $9.279B
Total Liabilities $14.61B $14.94B $14.01B
YoY Change 18.34% 254.76% 216.85%
SHAREHOLDERS EQUITY
Retained Earnings $538.0M -$166.0M -$255.0M
YoY Change -234.84% -24.96%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.374B $3.252B $2.694B
YoY Change 237.4%
Treasury Stock Shares $41.40M $40.20M $34.30M
Shareholders Equity $7.995B $7.264B $7.539B
YoY Change
Total Liabilities & Shareholders Equity $22.86B $22.45B $21.78B
YoY Change 7.78% 443.62% 449.63%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $1.027B $88.00M $62.00M
YoY Change -676.97% -11.11% -28.74%
Depreciation, Depletion And Amortization $278.0M $256.0M $245.0M
YoY Change 45.86% 639.82% 665.63%
Cash From Operating Activities $233.0M $436.0M $245.0M
YoY Change -47.89% 67.56% 503.45%
INVESTING ACTIVITIES
Capital Expenditures -$102.0M -$89.00M -$100.0M
YoY Change 18.74% 329.95% 220.51%
Acquisitions
YoY Change
Other Investing Activities -$314.0M -$245.0M -$100.0M
YoY Change -116.54% 15212.5% -762.25%
Cash From Investing Activities -$416.0M -$334.0M -$200.0M
YoY Change -122.95% 1397.76% 1142.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 45.00M 93.00M -34.00M
YoY Change -102.04% 281.15% -65.13%
NET CHANGE
Cash From Operating Activities 233.0M 436.0M 245.0M
Cash From Investing Activities -416.0M -334.0M -200.0M
Cash From Financing Activities 45.00M 93.00M -34.00M
Net Change In Cash -138.0M 195.0M 11.00M
YoY Change -355.08% -25.66% -115.07%
FREE CASH FLOW
Cash From Operating Activities $233.0M $436.0M $245.0M
Capital Expenditures -$102.0M -$89.00M -$100.0M
Free Cash Flow $335.0M $525.0M $345.0M
YoY Change -37.15% 86.9% 380.5%

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CY2017 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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<div> <p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.73%;">The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These estimates are based on historical experience and various other assumptions believed reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes changes to the estimates and related disclosures as experience develops or new information becomes known. Actual results may differ from those estimates. </p></div>
CY2017 us-gaap Revenue Recognition Loyalty Programs
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<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Accrued Loyalty</p> <p style="margin-bottom:0pt;margin-top:12pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.73%;">The Company owns businesses that manage co-pay reimbursements on behalf of its pharmaceutical customers. These customers prefund the reimbursements and the Company includes this cash on its balance sheet. The Company draws on this cash to pay pharmacies as consumers use these programs. <font style="Background-color:#FFFFFF;">Accrued loyalty was $143 million and $131 million, as of December 31, 2017 and 2016, respectively, and </font>included within accrued<font style="Background-color:#FFFFFF;"> expenses on the consolidated balance sheet.</font></p></div>
CY2017 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk </p> <p style="margin-bottom:12pt;margin-top:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.67%;">Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and cash equivalent balances with high-quality financial institutions and, consequently, the Company believes that such funds are subject to minimal credit risk. Investment policies have been implemented that limit purchases of marketable securities to investment grade securities. Substantially all revenues for Commercial Solutions, Research&#160;&amp; Development Solutions and Integrated Engagement Services are earned by performing services under contracts with various pharmaceutical, biotechnology, medical device and healthcare companies. The concentration of credit risk is equal to the outstanding accounts receivable and unbilled services balances, less the unearned income related thereto, and such risk is subject to the financial and industry conditions of the Company&#8217;s clients. The Company does not require collateral or other securities to support client receivables. Credit losses have been immaterial and reasonably within management&#8217;s expectations. No client accounted for 10% or more of consolidated revenues in 2017, 2016 or 2015. </p></div>
CY2017 us-gaap Derivative Inception Dates
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2016-06-30
CY2017Q4 dei Entity Number Of Employees
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55000
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38000000
CY2017 us-gaap Contract Termination Claims Description
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Most contracts may be terminated upon 30 to 90 days notice by the client, however, in the event of termination, contract provisions typically require payment for services rendered through the date of termination, as well as for subsequent services rendered to close out the contract.
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1.00
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CY2017 us-gaap Defined Benefit Plan Alternative Method Used To Amortize Net Gains And Losses
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The Company utilizes a corridor approach to amortizing unrecognized gains and losses in the pension and postretirement benefit plans. Amortization occurs when the accumulated unrecognized net gain or loss balance exceeds the criterion of 10% of the larger of the beginning balances of the projected benefit obligation or the market-related value of the plan assets. The excess unrecognized gain or loss balance is then amortized using the straight-line method over the average remaining service life of active employees expected to receive benefits.
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483000000
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67000000
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407000000
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474000000
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44000000
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109000000
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19000000
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103000000
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103000000
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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378000000
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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1652000000
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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34000000
CY2017Q4 iqv Long Term Debt Maturities Repayments Of Principal Thereafter
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7999000000
CY2017Q4 us-gaap Long Term Debt
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CY2017 us-gaap Operating Leases Rent Expense Net
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197000000
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OperatingLeasesRentExpenseNet
127000000
CY2017 iqv Operating Lease Expiration Year
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2029
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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169000000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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135000000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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115000000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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75000000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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157000000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
745000000
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1200
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280
CY2014Q1 us-gaap Loss Contingency Number Of Plaintiffs
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900
CY2017Q3 us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
200
CY2014Q1 us-gaap Loss Contingency Number Of Defendants
LossContingencyNumberOfDefendants
2
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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1000000
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
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0
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017 iqv Payments For Contingent Consideration And Deferred Purchase
PaymentsForContingentConsiderationAndDeferredPurchase
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CY2015 us-gaap Income Taxes Paid Net
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CY2015 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
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CY2017 us-gaap Cash Dividends Paid To Parent Company
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CY2016 us-gaap Cash Dividends Paid To Parent Company
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CY2015 us-gaap Cash Dividends Paid To Parent Company
CashDividendsPaidToParentCompany
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