IQV - Earnings call transcript Q2 2020

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Operator

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the IQVIA Second Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder this call is being recorded. Thank you. I would like to now turn the call over to Andrew Markwick, Senior Vice President, Investor Relations and Treasury. Mr. conference. your begin please Markwick,

Andrew Markwick

Officer; and Thank and be you. second Jen presentation Senior the Senior Financial for our X; Executive ir.iqvia.com. IQVIA Ron Chief our visible Thank today and Sherbet, Vice and Vice This Chief and Analysis; also available will website Eric Financial Counsel; of successor, morning, a Relations XXXX President, Relations. Investor earnings presentation as Nick everyone. Officer; Investor Childs, referencing during Executive and quarter Chairman those be on Events who Ari we you McDonnell, Presentations webcast. call. following Executive that Halchak, are section Today, on President for Planning at Director, General will joining be our this Bruehlman, of Bousbib, Good President you Michael Mike's With call will the this August Vice call, me be of call will on

impacts, the Exchange with uncertainties which and including I and Actual SEC Annual XX-K company's by statements. management by due subsequent Before we conference or including to discussed certain materially those forward-looking this include risks stated would are filings. that Report listeners the company's our the begin, statements, business, from in associated Commission, with discussed and will COVID-XX implied call, filings could during Securities information differ results on forward-looking caution to Form like

and press our now I turn would call like call accordance A this CEO, of measures is which supplement and to these non-GAAP for to measures In presentation. prepared the to financial substitute included conference addition, certain and as Bousbib. over with in considered the reconciliation we Ari to should not be the measures GAAP. Chairman GAAP will financial in call, discuss non-GAAP a release on measures comparable

Ari Bousbib

good call. Andrew, you morning for earnings XXXX everyone. our second you, quarter Thank and Thank joining

the take to wanted saw his wish earnings role and want this you I thank to I I'm for to so him last get opportunity results, the announcement Before will back, in to but last to thank for our delighted never be the to Interim welcome sure Biogen. Ron, successor. also and Many all I at already to really Financial back well we so to a his new know we you IQVIA and sure he the service him want Mike's serve night, and left, agreeing thank CFO decide permanent him him Ron Chief chair. him Officer you until of and I'm on as welcome call, are

revenue, our guidance Now year revenue, adjusted for all came to are our results; adjusted in earnings EBITDA guidance also we Today, ranges. updating raising and our our year and and the earnings full EBITDA ranges. above

you quick to numbers, Before like we a update. review the give I'd operational

out COVID-XX world, weeks, United XX%, improvement the saw ago. States. During pretty geographies of third as couple the business, flare-ups progress with several accessibility the solutions again months our XX%. set in around and result R&D XX% to June. sites three about April, quarter, of of what past accessibility for we site gradual The we in much access quarter second line is line we when guidance. the the told of in site the second you with clinical the at site into somewhat the continuing today, that that Average to of the progress we point XX% should global research quarter, Global quarter localized in especially, I the reopenings in made, in second parts at assumption the it's improved and in approximately a of in slowing was has been end

visits. monitoring we've have accessible, the in become seen number onsite improvement of sites an As

visit, result, quarter. and remote fact, In remote from peak number the have reduced visits on-site are as visits the second the a of now in exceeding

and remote sites like wherever remains inaccessible, deliver virtual to ensuring still course, ability solutions our Of are critical trials continuity. to monitoring trial

for trials patients are in-person treatment. Now, slowly returning enrolled begun who already in have

would by you expect, therapeutic area. this As varies

patients than come dermatology at rate trials, returning are of patients. parts outbreaks pace a enrolled hampered in-person recovery patients the U.S. recent example, for treatment. willing oncology have Also, the For of in faster number the are in the who of to in in

improving, startup but For patients trials the of been slow. pace yet obviously started, not has and still site that have slow. recruitment It's

patient trials, is of has and second levels. which new XX% quarter, now during normal recruitment the had about baseline for been enrollment virtually at past over For weeks, example, resumed few halted the

awarded improve We cancellations expect material to as and not a of due development strong. continue therapeutics vaccine with basically clients, as backlog, our continue, at work. trials such wide We Interactions levels COVID-XX very of remained hold clients has of virtually. to volume value RFP been similar COVID-XX. activity have has Defenses range to to related course, had team in Big XXXX. adjust and any to continue business the this R&DS working lab over to R&DS time. still And

Study have virtual solutions we have week, Awards a of actually in potential of virtual for development accelerated collaboration vaccine. Of has a doubled, Hub. trial will a accelerate you base. COVID our small announced seen, more interest COVID-XX, albeit to course, last our trials solution, relatively with broadly AstraZeneca including

seamless trial virtual deliver to experience. our patient technology platform, leveraging a Study Hub, are We

eCOA As digital you platform communication. know, combined the eConsent, and telemedicine,

Moving & to Technology Analytics.

interruption in continue or to supply little data, demand. very have We

ad to clients Technology around remain the the There momentum world for such and good have started fastest production & have course. data ordinary deliveries Our our our well. as Real World services real fully Analytics adjusted resume, is Selling Tech. in activities had decision in we've growing making work, continue delayed but and businesses, as hoc still working operational, centers virtually to some as

strong continues even with the expand in Real to World this in business quarter. Our environment, growth

our reminder, a TAS of are Real World in As our results the business segment. reported

customers in results. continue deployments in as to their accelerate In not to the clients XX Technology have XX,XXX platform. So XXX still OCE have are potential customers of and unlike the included faster. and the running and Most these the so now this over OCE, OCE that R&DS get growth early even up progress of CRO clients space, added users in represent look deployment. scheduled, has peers, stage our We XXXX. far as chosen usage on they is new of platform

win our when far, going rate this approximately against is segment incumbent So in XX%. the head-to-head

cancellations. Finally, any we've in experienced our CSMS not business, material

course we've experienced impacts reps, for as which Although, expected, revenue. of demand softer field

in development Additionally, slowed business has segment. this considerably

is the midpoint the second results. $XXX million for quarter $X,XXX,XXX,XXX, in Let's quarter of the now review at second guidance range. which a above Revenue came our

beat of million from $XX $XXX FX pass-throughs. and came million Now this

adjusted $XX guidance, midpoint beat entirely $XXX and a with was performance. EBITDA versus quarter million, operational came Second the this million better of from our

$X.XX. was Second quarter adjusted EPS diluted

backlog, as with EBP in large and ratio quarter June contracted full including quarter XX for of the Second X.XX The lab. pass-throughs We particular including was book-to-bill book-to-bill pass-throughs well year-over-year ratio X.XX to the XX, The our pharma book-to-bill was excluding X.XX. grew including $XX.X quarter quarter. good contracted at service contracted for contracted XX.X% broad-based strength XXXX, as June our billion XXXX. clients, by ratio LTM pass-throughs, We R&DS second clients net was at pass-throughs. clinical and pass-throughs and X.XX, excluding in the in awards growth had saw in offering, strength booking second

preserve we the said during employment As previously, effort our every we've possible for extent and not compensation affected make to we to crisis employees. this to have continued based

expectations. Of costs in reduce these discretionary well course, and other of our came spend to a EBITDA we've above actions, worked adjusted and result as our

was you adjust when see, revenue beat FX, the for margin can You incremental drop that pass-throughs XX%. over through on the and

So critical to direction. are work in around in R&DS. to considering flare-ups be far, reopening the our world, things allowing Sites several globally, us resume even the seem moving right

see be out. and the we the will more of recovery sharp detail cautiously in the to how continue year. optimistic, second We playing half a review anticipate end Mike back in we

Finally, XXXX on planning process. our a update quick

As shared this before our the provide of you, already started earlier is to XXXX plan usual end I've we year. guidance than and this process with

associated in a together currently orders work trends operational and to we change anticipate, awards, Given see trajectory. our we've demand, we that XXXX, we previous COVID that return as as the in positive optimistic client catch-up and seen the with growth the will remain execution well

to it we for Mike to half quarter, guidance. our year turn the see play of some more over how the out, detail upward revisions on the second I'll Now, the and

Michael McDonnell

Ari, and good morning you, everyone. Thank

Turning first quarter compared second to $X.XXX billion was XXXX. of second quarter revenue; in billion revenue to the $X.XXX

billion XXXX. First the half billion revenue compared to was half $X.XXX first $X.XXX in of

to Analytics was Solutions & compared quarter billion second billion $X.XXX in of in quarter XXXX. the $X.XXX Second revenue Technology

XXXX. of Analytics billion compared quarter Tech $X.XXX & revenue billion of in revenue XXXX. Solutions $X.XXX the half $X.XXX First with for billion $X.XXX compared with was second R&D the Solutions quarter second first was half

First half was XXXX. with half the billion in revenue in R&D billion compared $X.XXX Solutions first $X.XXX of

second Medical & of XXXX. million Solutions Sales compared was in with contract revenue $XXX the $XXX quarter quarter Second million

First Medical million half of first revenue in half $XXX XXXX. contract the & compared to Sales $XXX was Solutions million

profit, to adjusted quarter, $XXX for for the million $X.XXX half. first EBITDA was the and now second billion Turning

$XX diluted share. Second a per GAAP was net loss loss quarter in resulting million, $X.XX

had income for net half $XXX diluted $X.XX share. net per $XXX for share. of was first per the was income For per first Adjusted earnings or $XX GAAP half, the million Adjusted quarter million net second share. we $X.XX income of $X.XX or or the million

$XX.X billion grew at R&D Solutions to now June XX.X% XX, turn Let's backlog backlog; XXXX. to closing

we to-date experienced no and COVID-XX New business remain material cancellations. have wins strong related

sheet; Let's was the totaled cash $XX billion resulting June XX, and of and billion. net $X.X balance approximately $XX.X debt now billion, review at debt cash equivalents in

leverage ratio impacts EBITDA. EBITDA, adjusted trailing month result first XX, As adjusted our XXXX, COVID-XX up XX half X.X the our our of slightly as on times to June net a ticked related of

of to year-to-date. Cash times, to our X X.X $XXX from quarter exit leverage XXXX. As operating in was flow $XXX free flow activities committed a range a $XXX year-to-date, bringing we million or reminder, million the million, was the continue for quarter ratio to was to million the and CapEx as for cash second $XXX we be million quarter $XXX $XXX and million year-to-date.

we you we any and COVID-XX the approximately we second activity. shares pandemic in had a billion quarter, when suspended in outbreak not became As of of authorization repurchase remaining. the XXXX, temporarily repurchase June as share share March, know, XX repurchase Accordingly, of did $X

right share our continue program. reinitiate to to evaluate will the time repurchase We

sheet facility and We liquidity. revolving continue $X.X billion June At to undrawn. our billion the $X.X credit on balance XX, was of have had cash we strong

research of M&A includes We adjusted of and leverage as cushion, has EBITDA have share that half also have with clinical quarter at $X on we us impact let's our relative out unusual progression of global we I that first a lot and move significant our XXXX and capital interact guidance; sites from our assumptions ability of a throughout maintenance allocation, which to And point outlined to earnings covenants, our activities. coverage clients accessible finally, CapEx, the billion These to our the suffered provided development time. and even business guidance XXXX, And our to virus, the would regarding to flexibility call, assumptions EBITDA first repurchases. over interest with supported COVID-XX. now, percentage support

apparent of wider quarter, the we that had global prolonged became more the During it spread than would and virus become second the assumed.

the percentage progressed sites have activities our tracked accessible with expectations, in assumptions. us, However, our to line original development better of than business and

made also We of quarter. the beginning fourth be XXX% research assumption would time had the sites clinical at of accessible the the by that

we site However, trial April given our than now backlog segment performance happening improved current the of the of factors execute incremental and restricted environment, remote execution better the XX, world, of previously Together, the been have XXXX. COVID-XX we Based financial access expectations this, against and XXXX of thought, versus see on our better we better capabilities. ability business than forecasting evaluation better in outlook the and year, our these beginning company's to the XXXX. at anticipated. performance this quarter, company's we for are in are in our expected performance around, of work to second spite But, to balance this able expected conditions contribute on in the TAS use R&DS than the now in through overcome to work including localized around initially flare-ups more

headwind revenue new as of and raising average still we for which on quarter. approximately now on year constant the of $XX,XXX,XXX,XXX, a note full result, expect guidance. Please the rates the the year-over-year that currency based increase exchange basis full year-over-year. the are our second FX an ranges a XX% a revenue approximately At the full points represents guidance midpoint, represents FX billion million year represents impact growth to XX range, end which at favorable of year. growth As $XXX midpoint represents of of the $XX be slight We of our guidance between

rates between to between of year $X,XXX,XXX,XXX $X.XX expect adjusted the remain EBITDA diluted expect effect This in the the EPS currency year. and be guidance profit, end to adjusted $X,XXX,XXX,XXX and $X.XX. For quarter we second the for assumes at we and full be foreign of rest

Now turning quarter of to guidance for XXXX. the third

end the $X,XXX,XXX,XXX. be $X.XX to at $XXX constant through the million the we and rates adjusted to between FX expect $XXX Adjusted expected the of third quarter Assuming expected is and second is to end quarter, $X,XXX,XXX,XXX be be between diluted EPS EBITDA revenue million. And of $X.XX. between and remain

we quarter adjusted ranges. guidance of our and above EBITDA EPS summary, second the adjusted So top revenue, delivered in all end

the signs of We back the of end year. are encouraging seeing migration conditions business normal by a to

COVID-XX globally. We are our unique help utilizing against to the fight capabilities in

this I is privilege I call my Chief already back and to Vision And I I XXXX its as work Q&A. of very the hand well Ari mentioned earnings for with our And Financial I of we in team. the the our to XXXX firmly and since guidance at grateful start for are the a our to the to be learned last to shareholder what success. the that, planning am Ari leadership ambitions. call, IQVIA. the accomplished. rooting IQVIA incredibly let been intend We return over positioned as have me lot incredibly of remain its is opportunity a a full past growth operator to It's company for we trajectory. and it years, proud IQVIA's year, executive a have the anticipation believe and achieve in with four finally, with merger. serve raised continued Officer for for have will am

Operator

George Bank. Your Instructions] question [Operator from Deutsche the line first comes Hill from of

open. line Your is now

George Hill

I any guess, in win is taking cancellations you the strong. guys the is, competitive lot. talk whether But how question the been rate’s just You change as and process the to And you're selection covered know would I seen it haven't I relates any have share. environment ask a think first you you COVID-XX? guess I and about going

Ari Bousbib

the when related trials we COVID, their resilience haven't itself, still Good small With crisis are points are vaccine just focused - wide of already refer mean, trials. There And they of are our COVID-XX, material the to way priorities, to about - you, large we on Thank won A George. their they that the a to a few it long-term backlog morning. not were were on or focused variety for lab diseases for are I before the no to emerged. speaking the ranging from ones. respect those customers of we've number of in that cancellations changed publicized. things. are and and work to wide Again, well trials, all They the cancellations other and view. COVID-XX

are funded There small government. Some U.S. two companies. that trials biopharma are are vaccine vaccine nominal by product fees are the to related of multimillion-dollar There for currently reviews them trials.

we So mentioned with have we which introductory mentioned in I which one the work operational of which won, remarks, AstraZeneca. speed, one my is -

of a we've them the in there. we continued has customer we decision-making from of our the terms share. of significant contributing work this forum. unique to own is for crisis, to information had I that win gain many were out crisis to their point that that gained are out extraordinary become the the So we've capabilities terms pace. want continued them say to COVID-XX-related shown We've in highly, the closer criticality overall wins, certainly, with is, can market highly a base realtime the a And believe got at high this we've of amount think differentiated. we of competitive we I as very process. lot providing of All resolution And COVID-XX I feedback are the to during in I - And weekly customers our work crisis. well

these in are we so discounting government-sponsored, cases, many because those. And are

here. the service and the foreseeable so. somewhere role part they represent they to So in bookings believe they to of our or a were quarter. of play of mid-teens sort bookings the in future continue are they in teens I our And quarter, important, in going are the a

And a piece a wasn't kind so it activities. our - but 'make negligible bookings it's or of not break it' set of dollar it of

George Hill

huge maybe financial can at IQVIA. crisis. moving versus environment of environment? Mike, through And the little a monitoring could the COVID the if be a remote the missed on-site to has to going bit guess I process played Mike, ask, we've implications you I about And as there quick follow-up. the talk you're part a Remote of gone

Michael McDonnell

the as that, remote obviously, the now number is access about time We're to still could we visits where in look, mean, those visits. normal I now accelerating a environment replaced visits but overcome I - remote went. has - of And were of peak it said on-site sometime of have versus - I The fashion started think our said remote are the everyone in as we in asking my You're remarks, in dramatically steep visits. have the May, frame. we not yes. increased. order remarks, not And the my I site, monitoring, June in actual - number because pace, the remote simply

source the to be the course, et know site each verification revised data again, still accordingly. able is of using safety, budget, meet As those accessible, are helpful visit of now will and Bear to remote visits that to mostly I then meet in-person mind, to and patients important it to and sites. in we trial said, to cetera in are are and clients we XX% their - to the are while order have it's ensure sites required but obligations criteria,

more So George. as we see Thank an site. this as well back we as of go opportunity you, to

Operator

Peterson Your comes from of from Tycho next question JPMorgan. the line

now open. line Your is

Tycho Peterson

this all guess, see in color. I’m just Ari, curious half and some the the of cases, business the take anticipation to I implications back mitigate year about much how into can the R&DS now flare-up for of other Thanks. appreciate impact. the XQ in try to on you your of in other of steps you I risk of and site, CSMS reopening the heading and to

Ari Bousbib

mention the Did or CSMS you CSMS? question? what's -

Tycho Peterson

cases into can COVID to you steps of then any flare-up heading some half advance the impact. see the of would of and about back take just and was question and in the that year risk the the you more The mitigate - XQ where in

Michael McDonnell

Was that Tycho who's asked? Was George that still?

Tycho Peterson

It's No. Tycho.

Michael McDonnell

Tycho, hearing on sorry. trouble We're end. our having

Tycho Peterson

in can The cases question mitigate the regions. take back going you of flare-up for a COVID these and cases impact some the in are half other XQ and of the is steps about risks number up the year back of in to

Ari Bousbib

disclose to And over we - material, it's we which these you - at but, that Florida, Yes. California, I know the adept don't have in I XXX,XXX XXX%, not there's certainly flare-ups sites issue our United around The States far. sites back very Europe U.S. Carolina, Asia exactly become to parts pretty is monitoring. that some mean, the South Texas, globally. main and again, transitioning here there, not that be quite are look, much the of to world. out to remote where, in is, mean should we've going flare-ups but not up but

the quarter, think and have using adapt, second mean, remote a have - of able capabilities. been to workarounds we So, we number yes, I during our I now

were when in in we And way, think, more on the site made metric progression terms in a was data learning accessibility three out I assumptions of for that ones of on base geographies third been the the disease made we assumptions. And exactly these than as that XXXX, crisis. are rest own were ahead that so, ago, also maybe the should modeling And quarter, And educated of these to disease. of were to had thought the other out we that the those the a and we in months I better we just many business. the China our the as about are, ahead that that that that made April the of we that folks there project feel we we’re - internal to we base optimistic is, we fact and point ourselves course and our we getting world predicted. assumptions adapt that of that too using

were accessibility exactly So, while optimistic, site people respect once it not so on we thought were target with in we overly again, fact, and, turned to optimistic. out

months bit believe, if I'm we the not than next think, I precise are ago. our right three more little were we anything, three suggesting months because are So, even - educated right we that, But, now, a ago, now I three are I for they think, were we months. and models more

Tycho Peterson

And then Ari, follow-up. one

You XXX thinking talked growth where consensus a next normal XX% return to off essentially next and the to about right it be XXX year. way for growth about would that Is be is. year?

Ari Bousbib

before than of that this said earlier correctly XXXX, going year we year, beginning that is than for I you more much guidance to not at is the as because, out, have next give That point are the visibility. usual. and for year we

have need we to still this in work I hopefully if a let mean, future work have able this not I'll a have We're done going know to don't third that I we have that's but speculate, the getting XXXX goal, I'm you but we we should that give you the than okay? maybe not be too in any more as there distant books plans. this terms so Thank you. been do because we'll quarter, that We our of visibility in to in know year we our visibility. usual year, plus that the more of numbers. should want progress

Operator

from Sachs. the Robert of Goldman next Your question line comes Jones from

line Your now open. is

Robert Jones

engaging. last enjoyed maybe around questions, numbers the forward the luck on but you. definitely to question. it. I guess just put yes And maybe in some Thanks with Good Ari, Mike, line to for that look next endeavor, of working now and

over the looks expect I you it visibility the revenue XX% back last NTM half like to second it in X% is, you the at backlog on of up year-over-year the of revenue backlog implies growth guidance into half come out in total revenue, a that about at The commented think of versus the updated first XXXX? just half But XXXX? that does the XQ. you backlog dynamic update what and have could - that with Is get just better convert what

Ari Bousbib

you Yes, I take? mean Andrew, - to do want

Andrew Markwick

Yes XX backlog sure. Yes, a the in I the large I mean quarter-over-quarter. QX the months indicator revenue And sequential of from considerably end growth think ultimate was It yes, billion, the increased and next at business. $X.X of billion trajectory $X.X the revenue at sits that's for move. now future forward-looking

pleased very So we're with that.

we XXXX said obviously, dig as guidance, I Ari think... forward earlier. started want with when process, our we looking And plans think I but into to that providing to we're still

Ari Bousbib

you a I our over won know, Yes market is - the this disproportionate but those as think the Bob, a the or gains haven't believe, you're that piece thinking right we proportion into year started. fact wins share translated that are And - of have market the that's big it I Part about backlog this past new of so. of way.

our trial book the of where is is site spot, so not That's And usual slower. is even big being conversion the ongoing. saw business because to than majority is of sweet Patient a little revenue The vast speak, COVID-XX activity start-up you a is the a in why little crisis. enrollment which so slower piece, the typically slower. without

the this executing the And are at we in and site the about with sites, monitoring. weren't was has you that trials that yet, where that sites with able returning insights. - now so are and when site for not Then more we phase, with had the in we're impact already to remote to And you trials up cetera. to really crisis issue et COVID-XX for because And and get activity patients were trial just on start-up patients added of that because much - running. that spot were crisis patients you can the not think - simply sweet people But enrolled. around difficult, is around the work, and work started worked

and has it's been slowed a delayed, of So difficult. kind more was and bit. is difficult Similarly, patient that more enrollment down

now normal But my week. enrolling, in we introductory patients into are baseline said I still per at recruited of are number only remarks, of We as back trial. XX% patients

So up, I been be executed. orders pushed have more and you change work be that's in will, And of the course, That's it's pent-up, do catching you executed needs think on-site the need going that's to - I should XX part data now back we're kind of that the revenue the why if And we that addition, up. going of into next revenue see to to before, that's to for done. mentioned months. verification.

needs to So visits, despite site. on the still be done - remote a piece work of the

to a as our high continue So pace, very And finally, book-to-bill ratios. at additional. high we shown book then that's by

what up revenue believe As all adds that next is of XX months from backlog. we to expected the

Robert Jones

the what follow-up utilizing of trying better And Is the No, segment than elements Ari, clients some of I better know a maybe just meetings? remarks, a in ton there. analytics quick prepared driving to TAS. sense I safety that know get touched Is within of components Maybe the are performance clearly studies? more expected. was there's the in but TAS? it What it lot specifically for - I guess a performance sense. of the makes virtual all Just just on a there you many on

Ari Bousbib

Real-World data you thing, the look, I usual Ron, turn as to don't why mean, mean want I I well. Yes, here? technology, to add

Ron Bruehlman

actually gone remains has Real-World. that's of of in We've look, also have been decisions the client well. a and tech the although TAS sector delayed there continued Yes seen strong, segment some been strongest has result been the as part Analytics implementations COVID. solutions

Real-World. that particular there is in would is say, strength I but the we So across board, see

Ari Bousbib

dried the part of scheduling business in and weakness the It's in out. the we next is of with face-to-face physicians, world, signs around essentially the are People that conference that organize TAS, requires And where said quarters. the professionals in-person, few revival. before, business again, show as has interestingly, to healthcare conferences the help meetings beginning clients we

to in come revenue, think, largely hold a good. that's but going else has very as as, been hole created our and So that to everything has which back. certainly, greatly brought it's why But, I done TAS a hasn't performed is

Ron Bruehlman

[TAS] remains and data solid. everything, Yes very yes

Ari Bousbib

Very yes. stable,

Operator

Your line the Patrick from Citi. of next Donnelly from question comes

open. Your line is now

Patrick Donnelly

just follow-up kind OCE? either relative expectations? on kind customers TAS And in some appreciate there? Can to us clients the discuss a you color maybe Can well. what to question XXXX. offering you're you how I over of converting from new certainly, that's so just the then there about give bit or Real-World wins, your just competitive far Maybe getting know on you doing feedback a noted you're trending you the are more that of hearing again, of XX

Ari Bousbib

really now and So again, performed well. XXX wins. crossed very we're has mark, the team XXX-customer at We've the

We exceptions, deployments, see accelerations any lot implementations. midst several in implementation for of peak deploying of there. amazing large, we're large, team continue e-mail I the the of including job of think crisis. our not cases an went slowdowns Generally, many the clients, middle Spain large they by I to one the on - in - for live handful in success. with seeing actually COVID We over somewhat of way, remember the did a a of seeing the from congratulating an the in I in saw crisis -

Detailing, well - platform our very got which the We've OCE within called on for continues secure deployment. compliance Remote Generally, remote to is the most tended rise. the So, things to module in a demand have detailing go space. OCE

the which has last wins. has strong pipeline commercial been HCP launched four our management, a quarter We also space, engagement And building. in solution already compliance

So frankly few a OCE, - terms of very to seen according I where we've the haven't of for again areas we it's all we handful on other any well seen expectations. think hand, acceleration. But going And slowdowns - redeploy. a some couldn't in

we So could as it's essentially have well expected. going as

Patrick Donnelly

of Now did maybe do Ari, some more I we you the on Are that of the you good are guys pretty cost about have to feeling one there, revenue back cost Are to help know there, the you just from talked for control should cadence I quick kind side, place? costs controls? to Maybe a your cost easing about guess of margin visibility? that planning have planning? margin in come measures are think us some line then some headwinds, the come of times that think how pretty insulating terms And already. out? on I and the controls. the about of comfortable just the a enough, kind you. you bottom job about the point you some those you go-forward, Thank of the talked few going think good you're your XXXX in

Ari Bousbib

yes. Okay, - want I do to... to Ron, mean want you you

Ron Bruehlman

cost taken efficiency due And in quickly they how comes margin going - on we're some of costs get to back. improve to Look sure. of as margin later is I it's keep so the and second we're Certainly, down. come the We've on to half lot to drop can. in year could business of there out. And a naturally, we will continue first back. obviously think pressure try to T&E the this out take should more costs we to the see think keeping crisis. revenue wherever pressure out COVID in Yes going don't looking early I always all and in the to expansion on. half and We

looked One I office space reducing at that right carefully are other of renegotiating the think spend. obviously companies And contracts, needs, reassessing our than now. is T&E, lot third-party things doing which we've which has vendor of we're fallen a very off,

that will as think I the be going margin progression. forward positive cost will So trends

Ari Bousbib

Yes, again, base. cost I you large see have we can mean a

go again, dramatic levers to me, many employees, with profit. impact and we do a or to for we the are can we mitigate want employment. restructurings, taken not affecting no are there situation very, of the emphasize, worse, a where that few use Nothing furloughs nothing becomes as And were to not out ordinary plan small action there so very I virtually, And any really pockets, were have There course. respect few hundred there but to reason secondly, our so. through are times. company, going then we again, here we XXXX, We a is, talking I'm the I recovery very We're and expect expect to, V-shaped our I very we XXXX. And difficult employees. to - to talented people-based employees. know do want a a a are and And we that strong they're but business. for going need do strong well about and want to services we a protect didn't

So the as actions crisis. we result didn't of take or any restructuring base compensation a

Operator

Coldwell question from from next of Baird. Your comes Eric line the

open. is line Your now

Eric Coldwell

looking future a in headwind. the here, there, heard mix? evidence. endeavors. a Mike, Last tale off, changed trials? prospective believe of you first luck in RWE prospective particular between the work, if RWE highlighted IMS some were the quarter, with old could Thanks, old couple business quick retrospective RWE good Quintiles' There I two good A of or mention and and dynamics questions Real-World could your that but of I Q&A, work anything What what morning strength more be with the cities, like the be

Ari Bousbib

Well you It's much. that's unparalleled our question. thoughtful is I'll use are patient-level remind to understanding a in And well we which your don't that doing Real-World. data, And yes, - a very, you, you're really that it’s very to ability an - asset very flatter want why at company. the I right, okay is too to

a that XXX useful. lives, to retrospective And patient strong. We us extremely patient - has lives unique capabilities have extremely been now studies. over of did EXXX been have unique business technology we which conduct of the lot enable million part - The

those and physical better there them have to access To and are proven as has sites. accessibility as many restricted for know, The has are site - the the you also while but than thought. sites shut - Real-World experience is have still second restricted, that access is but for trial than were been where less have than sites is a a opposed trial degree, that, actually clinical to many Real-World tended studies factor while to restricted doctor site. offices, hospitals access it down, the somewhat And clinical would we of better was

Real-World So aggregate. know, expected. for mind numbers our you we would as than only peers has trials. CRO our site when we report Bear better competitors, done, report metrics, result in as And in clinical those a accessibility we have again, report also,

Eric Coldwell

you. authorizations reports space one is of two that IQV basis. thank companies the helpful contracted Yes, on in a

a extremely duration I'd was some contract from big months, but thoughts. that fires. COVID at have Clearly, strong this that know not there - have And and My your contracted be other the to between lag you is We couple has putting the but what awards, contract normal maybe out that IQV? think seen but love hunch am would contracts a maybe are headwind, award environment? given but time? global be quickly, speculation in the the I curious, would of to pushed could hear I uncertainty clients out was being changed in how then trials you award changes COVID specific and

Ari Bousbib

correct general your Well, is assumption okay.

You're kind lag to a okay. trying kind period is revenue that. to of assumption. booking reduce of between months' up But could XX-day and time. that The be two months, We're good XX lag

were we certainly six-month months the of to six expect happen COVID to the to and and situation into in Europe we back are then because it And up award three the depending be XX XX as the XX say. with has getting months, booking booking to the could up to But lag to get unable days, between revenue be to sites already we in back between we lag up could rest simply months, further that lag we XX are a contracting dynamics. U.S. lag days, on study we XX of started. normal, let's to - client, And course, and the the And So Asia, that world, revenue and between pushed are going and speak.

has some execution. mean, in delays yes, I it So created

faster hand, has suggested much partially On that. the it but are COVID-XX you burn, offset as trials to begun other

Ron Bruehlman

one Eric, thing.

Eric Coldwell

Yes.

Ron Bruehlman

Both were strong very awards and the quarter. in bookings contracted

So you either it… look way at

Ari Bousbib

mean materially materially Yes, mean had to reporting the Ron on the I was awards done - - you of good awards. than I would say if - awards higher - point. And remember quarter, higher basis. a old on makes it basically did this which I be I book-to-bills, that want having don't we X.XX, way

Eric Coldwell

some a just one, earlier I last you therapies in for helpful, vaccines responses. There accounted work Did were phone COVID total of across clarification. mid-teens hear contracted of your in Very that one and issues awards? say your

Ari Bousbib

services yes. in Yes, yes,

Eric Coldwell

thanks Yes, guys. okay. Great,

Andrew Markwick

we're to Operator, top the up Okay. think of I now. the hour

we join us again third have our on of everyone, and out we've for forward available XXXX that any for time Thank to think the today, take questions we day. are to of taking the I and may rest the you with call. call. So to you, earnings run look for time I you quarter Jen the speaking

Ari Bousbib

And Mike and Ron.

Andrew Markwick

Yes. join will Mike us Ron as and well.

Ari Bousbib

everyone. you, thank Okay,

Operator

This call. concludes today's conference

You may now disconnect.

IQVIA (IQV) 22 Jul 202020 Q2 Earnings call transcript