IQVIA Holdings Inc. Q3 FY2023 results: revenue $3.7 billion, up 4.9% on the year

IQVIA Holdings Inc. (IQV) reported revenue of $3.7 billion for Q3 FY2023, the quarter ended 30 September 2023, up 4.9% on the same quarter a year earlier. Net income was $303 million, up 7.1% on the year, and diluted earnings per share $1.63. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$3.7 billionup 4.9%

Net income$303 millionup 7.1%

Diluted EPS$1.63

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Q2 FY2023	A year earlier	Change on the year
Revenue	3,736	3,728	n/a	n/a
Gross profit	862	850	n/a	n/a
Gross margin	23.1%	22.8%	n/a
Selling, general and administrative	502	482	n/a	n/a
Operating income	481	524	n/a	n/a
Operating margin	12.9%	14.1%	n/a
Interest expense	181	169	n/a	n/a
Pre-tax income	349	375	n/a	n/a
Income tax	51.0	81.0	n/a	n/a
Effective tax rate	14.6%	21.6%	n/a
Net income	303	297	n/a	n/a
Net margin	8.1%	8.0%	n/a
Diluted EPS	$1.63	$1.59	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Q2 FY2023	A year earlier	Change on the year
Operating cash flow	583	402	n/a	n/a
Capital expenditure	146	160	n/a	n/a
Free cash flow	437	242	n/a	n/a
Free cash flow margin	11.7%	6.5%	n/a
Depreciation and amortisation	297	259	n/a	n/a
Share-based compensation	47.0	50.0	n/a	n/a
Buybacks	144	490	n/a	n/a
Diluted shares, weighted	186m	187m	n/a	n/a
Shares outstanding at period end	182m	183m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Q2 FY2023	A year earlier	Change on the year
Total assets	25,977	26,036	n/a	n/a
Cash and equivalents	1,224	1,382	n/a	n/a
Receivables	3,227	3,139	n/a	n/a
Goodwill	14,288	14,178	n/a	n/a
Long-term debt	12,322	12,433	n/a	n/a
Borrowings, as the company tags them	13,689	13,839	n/a	n/a
Operating lease liabilities	217	242	n/a	n/a
Shareholders' equity	5,805	5,748	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	3,728	3,736	3,868	3,737	3,814	3,896	3,958	3,829	4,017	4,100	4,364	4,151
Gross profit	850	862	n/a	827	863	915	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	23%	23%	n/a	22%	23%	23%	n/a	n/a	n/a	n/a	n/a	n/a
SG&A	482	502	556	508	509	522	453	508	509	514	468	502
Operating income	524	481	501	506	520	550	626	496	506	553	627	514
Operating margin	14%	13%	13%	14%	14%	14%	16%	13%	13%	13%	14%	12%
Interest expense	169	181	181	166	163	170	171	165	182	189	193	192
Pre-tax income	375	349	373	340	436	349	544	323	323	408	537	328
Tax rate	22%	15%	-27%	14%	17%	19%	21%	19%	17%	19%	11%	18%
Net income	297	303	469	288	363	285	437	249	266	331	514	274
Net margin	8%	8%	12%	8%	10%	7%	11%	7%	7%	8%	12%	7%
Diluted EPS	$1.59	$1.63	$2.54	$1.56	$1.97	$1.55	$2.41	$1.40	$1.54	$1.93	$2.97	$1.61
Operating cash flow	402	583	747	522	588	721	885	568	443	908	735	618
Capital expenditure	160	146	179	145	143	150	164	142	151	136	174	127
Free cash flow	242	437	568	377	445	571	721	426	292	772	561	491
Buybacks	490	144	229	0.0	0.0	200	1,150	375	657	0.0	212	552
Shares outstanding	183m	182m	182m	182m	182m	182m	176m	174m	170m	170m	170m	167m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 1 November 2023, accession 0001478242-23-000101: the filing on EDGAR. All of IQVIA Holdings Inc.'s filings: EDGAR company page.

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