Name: IQVIA Holdings Inc. (NYSE:IQV) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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IQVIA Holdings Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Revenues	14,410)	13,874)	11,359)	11,088)	10,412)
Cost of revenues, exclusive of depreciation and amortization	(9,382)	(9,233)	(7,500)	(7,300)	(6,746)
Gross profit	5,028)	4,641)	3,859)	3,788)	3,666)
Selling, general and administrative expenses	(2,071)	(1,964)	(1,789)	(1,734)	(1,716)
Depreciation and amortization	(1,130)	(1,264)	(1,287)	(1,202)	(1,141)
Restructuring costs	(28)	(20)	(52)	(75)	(68)
Income from operations	1,799)	1,393)	731)	777)	741)
Interest income	13)	6)	6)	9)	8)
Interest expense	(416)	(375)	(416)	(447)	(414)
Loss on extinguishment of debt	—)	(26)	(13)	(24)	(2)
Other income (expense), net	(33)	130)	65)	37)	(5)
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates	1,363)	1,128)	373)	352)	328)
Income tax expense	(260)	(163)	(72)	(116)	(59)
Income before equity in earnings (losses) of unconsolidated affiliates	1,103)	965)	301)	236)	269)
Equity in earnings (losses) of unconsolidated affiliates	(12)	6)	7)	(9)	15)
Net income	1,091)	971)	308)	227)	284)
Net income attributable to non-controlling interests	—)	(5)	(29)	(36)	(25)
Net income attributable to IQVIA Holdings Inc.	1,091)	966)	279)	191)	259)

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 financial performance between 2018 and 2022 is characterized by consistent revenue growth and a significant acceleration in net profitability, particularly starting in 2021. Revenues increased from 10,412 million USD in 2018 to 14,410 million USD in 2022, representing a cumulative growth of approximately 38%. Gross profit followed a similar upward trajectory, rising from 3,666 million USD to 5,028 million USD over the same period, indicating a stable gross margin profile.

Operational Efficiency and Expense Management: Operating income demonstrated substantial expansion, growing from 741 million USD in 2018 to 1,799 million USD in 2022. This growth outpaced revenue increases, suggesting the presence of operating leverage. Selling, general, and administrative expenses were managed conservatively, increasing by only 20.6% over five years despite the 38% increase in revenue. Furthermore, depreciation and amortization peaked in 2020 at 1,287 million USD before trending downward to 1,130 million USD by 2022, contributing to improved operating margins.
Profitability and Net Income Trends: Net income attributable to the company exhibited a dramatic increase in the latter two years of the period. After fluctuating between 191 million USD and 279 million USD from 2018 to 2020, net income surged to 966 million USD in 2021 and 1,091 million USD in 2022. This shift indicates a significant improvement in the conversion of operating profit to bottom-line earnings.
Interest and Non-Operating Items: Interest expenses remained relatively stable, fluctuating within a narrow range between 375 million USD and 447 million USD. Losses on the extinguishment of debt were recurring but varied in magnitude, peaking at 26 million USD in 2021. Other income, net, showed volatility, with a notable peak of 130 million USD in 2021 before returning to a negative 33 million USD in 2022.
Taxation and Affiliate Impact: Income tax expenses rose in correlation with higher pre-tax earnings, increasing from 59 million USD in 2018 to 260 million USD in 2022. Equity in earnings from unconsolidated affiliates remained a negligible factor in overall profitability, showing minor fluctuations and a slight negative impact of 12 million USD in 2022.

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