We have derived the following consolidated statements of income data for 2017, 2016 and 2015 and consolidated balance sheet data as of December 31, 2017 and 2016 from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. We have derived the following consolidated statements of income data for 2014 and 2013 and consolidated balance sheet data as of December 31, 2015, 2014 and 2013 from our audited consolidated financial statements not included in this Annual Report on Form 10-K. You should read the consolidated financial data set forth below in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K and the information under Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” On October 3, 2016, we completed a merger of equals transaction with IMS Health. Pursuant to the terms of the merger agreement dated as of May 3, 2016 between Quintiles and IMS Health, IMS Health was merged with and into Quintiles, and the separate corporate existence of IMS Health ceased, with Quintiles continuing as the surviving corporation. We have included the results of operations of acquired businesses, including IMS Health, from the date of acquisition. As a result, our period to period results of operations vary depending on the dates and sizes of the acquisitions. Accordingly, this selected financial data is not necessarily comparable or indicative of our future results. You should read this selected consolidated financial data in conjunction with our audited consolidated financial statements and related footnotes included elsewhere in this Annual Report on Form 10-K.
Year Ended December 31,
(in millions, except per share data)
2017
2016(4)
2015
2014
2013
Statement of Income Data:
Revenues
$
8,060
$
5,364
$
4,326
$
4,165
$
3,808
Reimbursed expenses
1,679
1,514
1,411
1,295
1,291
Total revenues
9,739
6,878
5,737
5,460
5,099
Costs of revenue, exclusive of depreciation and amortization
4,622
3,236
2,705
2,664
2,452
Costs of revenue, reimbursed expenses
1,679
1,514
1,411
1,295
1,291
Selling, general and administrative expenses
1,605
1,011
815
781
772
Depreciation and amortization
1,011
289
128
121
108
Restructuring costs
63
71
30
9
14
Merger related costs(1)
—
87
—
—
—
Impairment charges(2)
40
28
2
—
—
Income from operations
719
642
646
590
462
Interest expense, net
339
140
97
97
119
Loss on extinguishment of debt
19
31
8
—
20
Other expense (income), net
30
(8
)
2
(8
)
—
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates
331
479
539
501
323
Income tax (benefit) expense(3)
(987
)
345
159
149
96
Income before equity in earnings (losses) of unconsolidated affiliates
1,318
134
380
352
227
Equity in earnings (losses) of unconsolidated affiliates
10
(4
)
8
5
(1
)
Net income
1,328
130
388
357
226
Net (income) loss attributable to non-controlling interests
(19
)
(15
)
(1
)
—
1
Net income attributable to IQVIA Holdings Inc.
$
1,309
$
115
$
387
$
357
$
227
Year Ended December 31,
(in millions, except per share data)
2017
2016(4)
2015
2014
2013
Earnings per share attributable to common stockholders:
Basic
$
6.01
$
0.77
$
3.15
$
2.78
$
1.83
Diluted
$
5.88
$
0.76
$
3.08
$
2.72
$
1.77
Cash dividends declared per common share
$
—
$
—
$
—
$
—
$
—
Weighted average common shares outstanding:
Basic
217.8
149.1
123.0
128.0
124.1
Diluted
222.6
152.0
125.6
131.1
127.9
Year Ended December 31,
(in millions)
2017
2016(4)
2015
2014
2013
Statement of Cash Flow Data:
Net cash provided by (used in):
Operating activities
$
970
$
860
$
476
$
433
$
393
Investing activities
(1,190
)
1,731
(67
)
(173
)
(236
)
Financing activities
(72
)
(2,284
)
(249
)
(130
)
71
Other Financial Data:
Capital expenditures
$
(369
)
$
(164
)
$
(78
)
$
(83
)
$
(88
)
Cash dividend paid to common stockholders
—
—
—
—
—
As of December 31,
(in millions)
2017
2016(4)
2015
2014
2013
Balance Sheet Data:
Cash and cash equivalents
$
959
$
1,198
$
977
$
867
$
777
Investments in debt, equity and other securities
54
53
33
35
40
Trade accounts receivable and unbilled services, net
1,993
1,707
1,166
975
924
Property and equipment, net
440
406
188
190
200
Total assets
22,742
21,208
3,926
3,296
3,054
Total long-term liabilities
11,480
9,643
2,668
2,528
2,239
Total debt(5)
10,269
7,219
2,501
2,306
2,061
Total stockholders’ equity (deficit)
8,358
8,860
(336
)
(704
)
(667
)
(1)
Merger related costs include the direct and incremental costs associated with our merger with IMS Health Holdings, Inc., on October 3, 2016 (the “Merger”).
(2)
In 2017, we recognized $40 million of impairment losses for declines in fair value of goodwill ($39.6 million) and identifiable intangible assets ($0.4 million) in Encore, which we sold in the third quarter of 2017. In 2016, we recognized $28 million of impairment losses for declines in fair value of goodwill ($23 million) and identifiable intangible assets ($5 million) in Encore. In 2015, we wrote down $2 million related to long-lived assets.
(3)
Income tax expense in 2017 includes $(977) million related to the enactment of the Tax Act and $(261) million related to purchase accounting amortization as a result of the Merger. Income tax expense in 2016 includes $252 million related to a change in our indefinitely reinvested assertion on our cumulative foreign earnings as a result of the Merger.
(4)
Includes the acquisition of IMS Health effective October 3, 2016.
(5)
Excludes $44 million, $19 million, $33 million, $22 million and $28 million of unamortized discounts and debt issuance costs as of December 31, 2017, 2016, 2015, 2014 and 2013.
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