IQVIA Holdings Inc. (NYSE:IQV) Q4 2019 Earnings Conference Call - Final Transcript

Feb 12, 2020 • 09:00 am ET

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IQVIA Holdings Inc. (NYSE:IQV) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. Welcome to the IQVIA Fourth Quarter 2019 Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to Andrew Markwick, Senior Vice President, Investor Relations and Treasury. Please go ahead.

Executive
Andrew Markwick

Thank you, Pama. Good morning, everyone. Thank you for joining our fourth quarter and full year 2019 earnings call. With me today are Ari Bousbib, Chairman and Chief Executive Officer; Michael McDonnell, Executive Vice President and Chief Financial Officer; Eric Sherbet, Executive Vice President and General Counsel; Nick Childs, Senior Vice President, Financial Planning and Analysis; and Jen Halchak, Senior Director, Investor Relations.

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 this call on the Events and Presentation 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, which are discussed in the Company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K and subsequent SEC filings.

In addition, we will discuss certain non-GAAP financial measures on this call, which should be considered as 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 now like to turn the call over to our Chairman and CEO, Ari Bousbib.

Executive
Ari Bousbib

Thank you, Andrew, and good morning, everyone. Thank you for joining our fourth quarter and full year 2019 earnings call where we will review how we closed 2019 and provide financial guidance for 2020. As you know, 2019 marks the final year of our three-year merger integration program. We've had 13 quarters [Phonetic] since our merger closed, and I am pleased that we have consistently delivered revenue, EBITDA, and EPS at or above expectations.

Let's review this most recent quarter in more detail. Fourth quarter revenue of $2,895 million came in $38 million above the high end of our guidance range. Revenue growth was 7.7% on a reported basis and 8.5% on a constant currency basis. If we take a look back at our three year growth performance, we grew revenue at 6.9% on average and we exited 2019 at 7.7% or 8.5% on a constant currency basis.

Recall at the time of the merger, we told you that total Company revenue growth would be 100 basis points to 200 basis points higher exiting the third year of our merger integration. And as you know, this was achieved during the third year of our merger integration. Full year 2019 revenue of $11,088 million grew 8% at constant currency, and almost 6% on an