IQVIA Holdings Inc. (NYSE:IQV) Q4 2017 Earnings Conference Call - Final Transcript
Feb 14, 2018 • 09:00 am ET
Ladies and gentlemen, thank you for standing by. Welcome to the IQVIA Fourth quarter 2017 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. As a reminder, this conference is being recorded, Wednesday, February 14, 2018.
I would now like to turn the conference over to Andrew Markwick, Vice President, Investor Relations. Please go ahead.
Thank you. Good morning, everyone. Thank you for joining our fourth quarter 2017 earnings call. With me today are Ari Bousbib, Chairman and Chief Executive Officer; and Michael McDonnell, Executive Vice President and Chief Financial Officer. Today, we will be referencing a presentation that will be visible during this call for those of you on our webcast. This presentation will also be available following the call on the Events & Presentations section of our IQVIA Investor Relations website at ir.iqvia.com.
Before we begin, I would like to caution listeners that certain information discussed by management during this conference call will include forward-looking statements. Actual results could differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with the Company's business, including the impact of the changes to the revenue recognition accounting standards which is discussed in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and subsequent SEC filings.
During this call, we will discuss accounting standard ASC 606 Revenue from Contracts with Customers. Preliminary 2017 financials have been provided inclusive of the adoption of ASC 606. The recast of these financials will be finalized during the first quarter of 2018 and is therefore subject to change. In addition, we will discuss certain non-GAAP financial measures on this call which should be considered a supplement to and not a substitute for financial measures prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the comparable GAAP measures is included in the press release and conference call presentation. I would also like to point out that as with other global businesses, we have been impacted by year-over-year foreign currency fluctuations.
I would now like to turn the call over to our Chairman and CEO, Ari Bousbib.
Thank you, Andrew, and good morning, everyone. Thank you for joining our fourth quarter 2017 earnings call where we will close out 2017 and provide guidance for 2018. I'm pleased to report that we finished 2017 with strong financial results. For this final quarter, we delivered revenue and profit numbers at the higher end or above our guidance range.
The IQVIA team delivered solid operational performance and executed well on integration plans during our first full year as a merged company. Let's review the quarter. Fourth quarter revenue of $2.161 billion, grew 10.7%. And when adjusting for merger-related deferred revenue in the fourth quarter of '16, revenue grew 7.7%. Fourth quarter Commercial Solutions revenue growth was 10.6%, R&D Solutions 6.6% and Integrated Engagement Services revenue was down about 3%.
Adjusted EBITDA was $582 million. I'm pleased to report that we delivered