We have derived the following consolidated statements of income data for 2019, 2018 and 2017 and consolidated balance sheet data as of December 31, 2019 and 2018 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 2016 and 2015 and consolidated balance sheet data as of December 31, 2017, 2016 and 2015 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.” Effective January 1, 2018, we adopted the requirements of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) and ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”) using the full retrospective method. As a result of the adoption of ASU 2014-09 and ASU 2017-07, the Company retrospectively adjusted related presentations. We have included the results of operations of acquired businesses from the respective date of acquisition. As a result, our period to period results of operations vary depending on the dates and sizes of the acquisitions. Effective January 1, 2019, we adopted the requirements of ASU 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification and elected the transition method which allows for disclosures to be updated prospectively and prior periods to be presented in accordance with previous guidance. 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)
2019
2018
2017(4)
2016(4)(5)
2015
Statement of Income Data:
Revenues
$
11,088
$
10,412
$
9,702
$
6,815
$
5,737
Costs of revenue, exclusive of depreciation and amortization
7,300
6,746
6,301
4,748
4,116
Selling, general and administrative expenses
1,734
1,716
1,622
1,016
815
Depreciation and amortization
1,202
1,141
1,011
289
128
Impairment charges(1)
—
—
40
28
2
Restructuring costs
75
68
63
71
30
Merger related costs(2)
—
—
—
87
—
Income from operations
777
741
665
576
646
Interest expense, net
438
406
339
140
97
Loss on extinguishment of debt
24
2
19
31
8
Other expense (income), net
(37
)
5
13
(11
)
2
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates
352
328
294
416
539
Income tax expense (benefit)(3)
116
59
(992
)
325
159
Income before equity in earnings (losses) of unconsolidated affiliates
236
269
1,286
91
380
Equity in earnings (losses) of unconsolidated affiliates
(9
)
15
10
(4
)
8
Net income
227
284
1,296
87
388
Net income attributable to non-controlling interests
(36
)
(25
)
(19
)
(15
)
(1
)
Net income attributable to IQVIA Holdings Inc.
$
191
$
259
$
1,277
$
72
$
387
Year Ended December 31,
(in millions, except per share data)
2019
2018
2017(4)
2016(4)(5)
2015
Earnings per share attributable to common stockholders:
Basic
$
0.98
$
1.27
$
5.86
$
0.48
$
3.15
Diluted
$
0.96
$
1.24
$
5.74
$
0.47
$
3.08
Weighted average common shares outstanding:
Basic
195.1
203.7
217.8
149.1
123.0
Diluted
199.6
208.2
222.6
152.0
125.6
Year Ended December 31,
(in millions)
2019
2018
2017(4)
2016(4)(5)
2015
Statement of Cash Flow Data:
Net cash provided by (used in):
Operating activities
$
1,417
$
1,254
$
970
$
860
$
476
Investing activities
(1,190
)
(810
)
(1,190
)
1,731
(67
)
Financing activities
(276
)
(452
)
(72
)
(2,284
)
(249
)
Other Financial Data:
Capital expenditures
$
(582
)
$
(459
)
$
(369
)
$
(164
)
$
(78
)
As of December 31,
(in millions)
2019
2018
2017(4)
2016(4)(5)
2015
Balance Sheet Data:
Cash and cash equivalents
$
837
$
891
$
959
$
1,198
$
977
Investments in debt, equity and other securities
127
88
54
53
33
Trade accounts receivable and unbilled services, net
2,582
2,394
2,097
1,816
1,166
Property and equipment, net
458
434
440
406
188
Total assets
23,251
22,549
22,857
21,312
3,926
Total long-term liabilities
13,043
12,061
11,457
9,609
2,668
Total debt(6)
11,705
11,056
10,269
7,219
2,501
Total stockholders’ equity (deficit)
6,263
6,954
8,244
8,781
(336
)
(1)
In 2017, we recognized $40 million of impairment losses for declines in fair value of goodwill and identifiable intangible assets 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.
(2)
Merger related costs include the direct and incremental costs associated with the Merger.
(3)
Income tax expense in 2019 includes a reversal of $25 million related to a reversal of an FDII benefit in 2018 due to proposed regulations being issued in 2019. Income tax expense in 2018 includes $(35) million related to finalization of SAB 118 and the impacts of GILTI and FDII. Income tax expense in 2017 includes $(966) 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)
As a result of the adoption of ASU 2014-09, we retrospectively adjusted 2017 and 2016 related presentations.
(5)
Includes the acquisition of IMS Health effective October 3, 2016.
(6)
Excludes $60 million, $49 million, $44 million, $19 million, $33 million and $22 million of unamortized discounts and debt issuance costs as of December 31, 2019, 2018, 2017, 2016, and 2015.
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