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

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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IQVIA Holdings Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net income (loss)	303)	297)	289)	227)	283)	256)	325)	318)	261)	175)	217)	130)	108)	(21)	91)	20)	69)	71)	67)	76)	67)	68)	73)
Depreciation and amortization	297)	259)	253)	357)	248)	270)	255)	262)	336)	343)	323)	344)	319)	308)	316)	314)	299)	294)	295)	294)	283)	282)	282)
Amortization of debt issuance costs and discount	5)	4)	4)	4)	4)	3)	4)	3)	4)	5)	5)	5)	5)	5)	3)	3)	4)	3)	3)	3)	3)	2)	3)
Stock-based compensation	47)	50)	75)	58)	61)	45)	30)	42)	48)	48)	32)	26)	33)	36)	—)	59)	27)	34)	26)	35)	31)	26)	21)
(Gain) loss on disposals of property and equipment, net	—)	—)	—)	(10)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1)	—)	—)	—)	—)	—)	—)	—)
(Earnings) losses from unconsolidated affiliates	(5)	(3)	2)	—)	7)	1)	4)	(1)	—)	(1)	(4)	1)	(3)	1)	(6)	8)	1)	(1)	1)	(2)	(2)	(5)	(6)
(Gain) loss on investments, net	5)	(6)	(4)	(8)	6)	18)	11)	(7)	—)	(12)	3)	(8)	(3)	(22)	8)	(43)	5)	(2)	(3)	6)	—)	(3)	—)
Benefit from deferred income taxes	(47)	(43)	(27)	(63)	(24)	(18)	(10)	(55)	(40)	(4)	(39)	(16)	(58)	(62)	(40)	(3)	(88)	(54)	(12)	6)	(69)	(88)	(26)
Change in accounts receivable, unbilled services and unearned income	(107)	(27)	(107)	(302)	55)	(197)	54)	(210)	182)	139)	342)	107)	120)	292)	(84)	43)	(115)	24)	(76)	(71)	(105)	64)	(178)
Change in other operating assets and liabilities	85)	(129)	(68)	297)	223)	(49)	(165)	340)	53)	(154)	(12)	161)	53)	(65)	(125)	181)	128)	22)	(188)	70)	136)	(35)	13)
Changes in operating assets and liabilities	(22)	(156)	(175)	(5)	278)	(246)	(111)	130)	235)	(15)	330)	268)	173)	227)	(209)	224)	13)	46)	(264)	(1)	31)	29)	(165)
Adjustments to reconcile net income (loss) to cash provided by operating activities	280)	105)	128)	333)	580)	73)	183)	374)	583)	364)	650)	620)	466)	493)	72)	563)	261)	320)	46)	341)	277)	243)	109)
Net cash provided by operating activities	583)	402)	417)	560)	863)	329)	508)	692)	844)	539)	867)	750)	574)	472)	163)	583)	330)	391)	113)	417)	344)	311)	182)
Acquisition of property, equipment and software	(146)	(160)	(164)	(171)	(165)	(161)	(177)	(184)	(162)	(145)	(149)	(176)	(157)	(142)	(141)	(137)	(149)	(155)	(141)	(138)	(123)	(110)	(88)
Acquisition of businesses, net of cash acquired	(425)	(426)	(18)	(303)	(548)	(34)	(430)	(464)	(929)	(46)	(19)	(59)	(26)	(78)	(14)	(127)	(260)	(26)	(175)	(54)	(28)	(207)	(20)
Purchases of marketable securities, net	—)	—)	(4)	(1)	(1)	—)	(3)	(1)	(1)	(1)	(7)	(1)	(1)	—)	(7)	(1)	—)	—)	(2)	(1)	(3)	1)	(1)
Investments in unconsolidated affiliates, net of payments received	(3)	(6)	(7)	(6)	(4)	(4)	(6)	(2)	—)	(2)	(1)	2)	(7)	(2)	17)	(3)	6)	(5)	2)	7)	(19)	(9)	4)
(Investments in) proceeds from sale of debt and equity securities	—)	—)	(36)	—)	—)	—)	—)	—)	(4)	10)	(1)	—)	—)	4)	(6)	(12)	—)	(10)	—)	—)	(3)	(20)	—)
Other	1)	(4)	7)	4)	1)	—)	3)	4)	1)	(1)	1)	(2)	—)	(1)	1)	—)	3)	1)	1)	8)	(6)	15)	(15)
Net cash used in investing activities	(573)	(596)	(222)	(477)	(717)	(199)	(613)	(647)	(1,095)	(185)	(176)	(236)	(191)	(219)	(150)	(280)	(400)	(195)	(315)	(178)	(182)	(330)	(120)
Proceeds from issuance of debt	—)	1,250)	—)	—)	—)	1,250)	—)	—)	200)	—)	1,751)	—)	1)	790)	800)	—)	800)	1,100)	—)	—)	—)	1,631)	—)
Payment of debt issuance costs	(1)	(18)	—)	—)	—)	(5)	—)	—)	(8)	—)	(32)	—)	—)	(22)	(11)	—)	(36)	(11)	—)	1)	(3)	(20)	—)
Repayment of debt and principal payments on finance leases	(41)	(38)	(39)	(548)	(39)	(23)	(24)	(23)	(274)	(36)	(1,758)	(72)	(37)	(730)	(25)	(24)	(825)	(25)	(25)	(25)	(25)	(656)	(26)
Proceeds from revolving credit facility	450)	1,084)	475)	850)	350)	200)	950)	400)	410)	—)	—)	—)	—)	260)	990)	812)	610)	310)	790)	645)	340)	1,055)	405)
Repayment of revolving credit facility	(400)	(1,684)	(100)	(425)	(350)	(950)	(300)	(300)	(300)	—)	—)	(25)	—)	(360)	(1,250)	(846)	(210)	(1,335)	(385)	(160)	(390)	(1,479)	(300)
(Payments) proceeds related to employee stock option plans	—)	—)	(58)	(1)	(1)	(2)	(67)	(8)	4)	1)	(56)	(1)	(2)	—)	(41)	(4)	3)	3)	9)	(3)	20)	9)	(11)
Repurchase of common stock	(144)	(490)	(129)	(65)	(210)	(490)	(403)	(204)	(95)	(45)	(62)	(101)	—)	(1)	(345)	(270)	(298)	(236)	(145)	(604)	(133)	(573)	(95)
Distributions to non-controlling interest, net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	3)	(11)	—)	(5)	(12)	(4)	(2)	—)	(12)	(10)	(9)	—)
Acquisition of Quest’s non-controlling interest	—)	—)	—)	—)	—)	—)	—)	—)	(2)	(756)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Contingent consideration and deferred purchase price payments	(8)	(9)	(62)	(4)	(1)	(9)	(12)	(3)	(1)	(27)	(11)	(2)	(4)	(10)	(6)	1)	(1)	(4)	(16)	—)	—)	(10)	(14)
Net cash provided by (used in) financing activities	(144)	95)	87)	(193)	(251)	(29)	144)	(138)	(66)	(863)	(168)	(198)	(53)	(73)	107)	(343)	39)	(200)	228)	(158)	(201)	(52)	(41)
Effect of foreign currency exchange rate changes on cash	(24)	(13)	(4)	52)	(49)	(60)	(18)	(11)	(20)	11)	(32)	34)	25)	2)	(30)	14)	(44)	6)	19)	(17)	(13)	(10)	(20)
Increase (decrease) in cash and cash equivalents	(158)	(112)	278)	(58)	(154)	41)	21)	(104)	(337)	(498)	491)	350)	355)	182)	90)	(26)	(75)	2)	45)	64)	(52)	(81)	1)

Operating cash flow exhibits a strong long-term growth trajectory, characterized by a significant increase in both net income and net cash provided by operating activities. Net income transitioned from a range of 67 to 76 million USD in 2018 to consistently exceeding 200 million USD per quarter from 2021 through 2023. This growth is supported by substantial and relatively stable non-cash adjustments, specifically depreciation and amortization, which consistently ranged between 248 and 344 million USD throughout the analyzed period.

Operating Cash Flow Dynamics: Net cash provided by operating activities demonstrated a marked upward trend, peaking at 867 million USD in March 2021 and 863 million USD in September 2022. Working capital management shows significant volatility, particularly within accounts receivable and unbilled services, where fluctuations frequently ranged from negative 302 million USD to positive 342 million USD, indicating seasonal or project-based timing differences in cash collection.
Investing Activity and Capital Allocation: Investing activities are characterized by persistent cash outflows, driven by two primary drivers: steady capital expenditures and aggressive business acquisitions. Expenditures for property, equipment, and software remained relatively consistent, generally fluctuating between 140 and 180 million USD per quarter. In contrast, acquisition spending showed extreme volatility, with a notable surge in September 2021 reaching 929 million USD, and continued high spending in 2022 and 2023, suggesting a strategic emphasis on inorganic growth.
Financing Activity and Capital Structure: Financing activities reflect a complex strategy of debt cycling and shareholder returns. The use of revolving credit facilities is frequent and high-volume, with quarterly proceeds and repayments often exceeding 1 billion USD. Debt issuance provided significant liquidity injections, such as the 1.75 billion USD in March 2021 and 1.25 billion USD in June 2022. Concurrently, a consistent commitment to shareholder returns is observed through the repurchase of common stock, with outflows frequently ranging from 100 to 600 million USD per quarter.
Overall Liquidity Position: The net change in cash and cash equivalents fluctuates significantly due to the timing of large-scale acquisitions and debt repayments. While operating activities generate robust cash surpluses, these are frequently offset by heavy investing and financing outflows. The capacity to fund substantial acquisitions and share repurchases is sustained by the combination of strong internal operational cash generation and strategic access to debt markets.

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IQVIA Holdings Inc. (NYSE:IQV)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data