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IQVIA Holdings Inc. (NYSE:IQV)

This company has been moved to the archive! The financial data has not been updated since November 1, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

IQVIA Holdings Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable 2.55 2.52 2.37 2.47 1.94
Client contract related 4.20 3.58 3.46 3.28 3.01
Compensation, including bonuses, fringe benefits and payroll taxes 3.87 3.83 3.47 2.95 2.93
Professional fees 0.39 0.41 0.37 0.34 0.40
Contingent consideration and deferred purchase price 0.36 0.13 0.24 0.22 0.40
Interest 0.17 0.23 0.22 0.23 0.20
Restructuring 0.10 0.12 0.22 0.29 0.33
Other 1.45 1.26 1.11 1.01 0.98
Accrued expenses 10.54% 9.56% 9.09% 8.33% 8.24%
Accounts payable and accrued expenses 13.09% 12.07% 11.45% 10.80% 10.18%
Unearned income 7.09 7.39 5.10 4.36 4.47
Income taxes payable 0.64 0.55 0.42 0.46 0.44
Current portion of long-term debt 0.60 0.37 0.61 0.43 0.44
Current finance lease liabilities 0.02 0.04 0.00 0.00 0.00
Other current liabilities 0.58 0.80 0.99 0.91 0.14
Current liabilities 22.02% 21.23% 18.56% 16.97% 15.67%
Long-term debt, less current portion 49.71 48.74 50.42 49.65 48.37
Deferred income taxes 1.83 1.66 1.38 2.78 3.26
Long-term operating lease liabilities 1.04 1.27 1.51 1.70 0.00
Long-term finance lease liabilities 0.88 0.72 0.50 0.00 0.00
Other liabilities 1.76 1.91 2.08 1.96 1.85
Noncurrent liabilities 55.23% 54.30% 55.88% 56.10% 53.49%
Total liabilities 77.25% 75.53% 74.43% 73.06% 69.16%
Common stock and additional paid-in capital, $0.01 par value 43.01 43.65 45.17 47.52 48.34
Retained earnings 13.16 9.09 5.20 4.29 3.58
Treasury stock, at cost -30.55 -26.62 -25.10 -24.66 -21.15
Accumulated other comprehensive loss -2.87 -1.64 -0.83 -1.34 -0.99
Equity attributable to IQVIA Holdings Inc.’s stockholders 22.75% 24.47% 24.43% 25.82% 29.78%
Non-controlling interests 0.00 0.00 1.14 1.12 1.06
Total stockholders’ equity 22.75% 24.47% 25.57% 26.94% 30.84%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The capital structure of the organization exhibits a clear trend toward increased leverage over the five-year period from 2018 to 2022. Total liabilities have risen steadily from 69.16% to 77.25% of total liabilities and stockholders’ equity, while total stockholders’ equity has concurrently declined from 30.84% to 22.75%.

Liability Composition and Trends
Total liabilities have expanded consistently year-over-year. This growth is driven by both current and noncurrent obligations. Current liabilities increased from 15.67% in 2018 to 22.02% in 2022. Within this category, accrued expenses and unearned income showed notable growth, rising to 10.54% and 7.09% respectively by 2022, suggesting an increase in short-term operational obligations and deferred revenue.
Long-Term Debt Profile
Long-term debt, excluding the current portion, remains the most significant component of the balance sheet, consistently representing approximately 48% to 50% of total liabilities and stockholders’ equity. The relative stability of this figure indicates that while total leverage is increasing, the weight of long-term debt as a proportion of the total capital structure has remained largely constant.
Equity Dynamics and Shareholder Returns
A divergence is observed within the stockholders’ equity section. Retained earnings have grown significantly, increasing from 3.58% in 2018 to 13.16% in 2022, reflecting consistent profit accumulation. However, this growth is offset by a substantial increase in treasury stock, which moved from -21.15% to -30.55% over the same period. This suggests an aggressive share repurchase strategy that has contributed to the overall reduction in total equity.
Other Financial Obligations
Deferred income taxes showed a downward trend, decreasing from 3.26% in 2018 to 1.83% in 2022. Additionally, long-term operating lease liabilities peaked in 2019 at 1.70% before gradually declining to 1.04% by 2022, while long-term finance lease liabilities emerged in 2020 and grew slightly to 0.88% by the end of the period.

In summary, the financial position is characterized by a strategic shift toward higher leverage, where the expansion of liabilities and aggressive share buybacks have outweighed the growth in retained earnings, resulting in a reduced equity base relative to total assets.

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