IQVIA (IQV) 20 Oct 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the IQVIA Third Quarter 2020 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] As a reminder this call is being recorded. would Senior turn and Vice I to call Treasury. time, Markwick, Andrew President, this like the to over At Investor Relations Mr. Markwick, conference. your please begin

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

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

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

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

in coming with of expectations. in sequential above our our financial quarter results third improvement marked a nice the The performance, high-end

second will raised third recovery early guidance stronger the based the for quarter, our raising signs we a these quarter, next in recovery sets the This for recall of performance on EPS. of are end of we adjusted revenue, that diluted the our guidance of in expected Based and EBITDA, You on than at adjusted us the expecting up again continuation fourth full-year trends We're year. for quarter. year. ranges course well

pandemic, us, the growth currently our XXXX. next we impact business today for As back Ron the most to in behind we think return in more our are XXXX you for indicates trajectory. and to a promised and XXXX and our XXXX performance onset this see, COVID talk guidance discuss we outlook our significant April we detail what later. will outlook year, on about strong to at of will Based

the review the quick the of we in update, in quarter, sites with improvement flare-ups around Before we even to the the accessibility world. operational clinical Solutions business continue a R&D seen gradual experience we've localized a resource

are are of up first visits. pace back effective baseline picked The significantly for and virtual pretty activity initiation and during number to the on-site return quarter, for exceeded where remain inaccessible We In sites monitoring are remote physically to visits, monitoring, similar on-site remote of a last to and visits monitoring site solutions proving startup quarter, workarounds. the visits. seeing to instances we be levels clinical much

well. to course, recruitment have trends follow Of as special started

or resilient expected in demand. every & data remained Technology to almost supply very had Analytics, crisis has throughout TAS little Moving in We've as area. interruption this

relies development remains which pause has entirely are We've technology analytics One business, you in-person offerings the by and remarkably discussed we interactions. almost of now. and clients our added to bringing essentially that know, consulting performing clients, for continue Our of to pandemic. well, is face-to-face is on mission being for very therefore are course, event critical interaction, information impacts and of the before XXX. services strong. this be insulated the the to that area Demand businesses hampered on our from lack total number experienced management significant as XX business of disruption clients our year, OCE The

teams on client OCE quarter, data previously real-time and the of solution. successfully assessing products. Optimizer, base sales planning effectively tools During we map-based and saved time to alignment resources rolled These are sales spent the out territory a appropriate and rep focused amounts management ensure significant

business we field our business, to performed so to interactions, has continues clients Finally, of revenue, have in-person before, reps lack also be while expected their continuing development slowed have CSMS for of largely due which said as reps us. demand the would impacts but soft, been have we field modestly far retained existing with has than the and better engagements business course as

above quarter backdrop, the was that $X,XXX This the guidance range. of against end now came Now came strong performance. third at for from Revenue results. revenue let's million organic million, which our review high beat third in operational our $XX quarter

end to the EBITDA performance range. Third was beat productivity. and of better $XX with a operational quarter adjusted The beat $XXX EBITDA guidance high our million million, versus was due

adjusted below-the-line quarter was through diluted EPS the $X.XX, reflecting zero. Third drop item essentially EBITDA out netted the to because

$XX.X throughs September backlog, to of contracted XXXX. including XX.X% Third as XX, quarter pass billion grew R&DS year-over-year

contracted financial pass book-to-bill September including now of but it was clinical will throughs pass XX, on for X.XX strength, pass The particularly strong. We throughs, X.XX ratio more the was excluding for and turn X.XX over and at to Ron and throughs. LTM The contracted XXXX, throughs. I pass our ratio, performance. were details X.XX excluding book-to-bill including third have net broad-based full-service lab bookings quarter

Thank Ari, everyone. morning good and you,

revenue. to first turn Let's

revenue up $X,XXX X.X% first was was was million and revenue reported, at at Solutions, X.X% X.X% In of flat months at X.X% at constant rate, million, $X,XXX down Technology and constant X.X% and Revenue constant of Analytics the $X,XXX Solutions Analytics $X,XXX constant actual third and XX.X% million, revenue X.X% grew grew Solutions for nine $X,XXX was in currency. the at was million down Third reported, constant and currency. year Year-to-date, currency. reported, of reported, quarter & Tech currency. X.X% FX X.X% & of quarter revenue million currency. R&D which

FX Excluding throughs, million X.X% third million million, year-over-year constant on reported, the revenue of and pass actual and Medical $XXX Solution revenue at of down X.X%. grew FX Year-to-date R&D X.X% rate, basis $XXX down X.X% rate, $X,XXX Year-to-date, currency Contract was at constant Sales and XX.X% XX.X in third was at of quarter was currency. impact at a revenue revenue constant quarter. the currency. X.X% Solutions and down actual %

for to represented adjusted which adjusted was down moving the $XXX growth X.X%, $X,XXX year-to-date quarter, of P&L, Now EBITDA third EBITDA million. million was

million, Third diluted $XXX and $XXX GAAP net share was per earnings net $X.XX. million share income million, year-to-date. was was quarter GAAP income GAAP Adjusted was and $XXX Year-to-date the income diluted earnings and $X.XX. $XXX GAAP million quarter per for

the diluted X.X% grew quarter Year-to-date in diluted per earnings $X.XX. Our share adjusted share adjusted per third earnings at $X.XX. was

were remains grew an in increase both convert billion to backlog, the I double add at R&DS about, booking and close months, which the that are RFPs Now business as Consequent the XX.X% the we and activity digits expect of growing mentioned, would $XX.X, at outlook Ari strong. quite positive remains turning robust on year-over-year as over our low of $X.X June this to versus over Solutions we talked backlog where new volume backlog to that renew XX with and R&D activity XX, is dollars. quite million $XXX next Ari

XX. billion the cash of in adjusted Moving the was where was as from billion EBITDA total June bright million down it to which the was equivalents flow to year. $XXX and last quarter, quarter, resulting Capital third and $XXX in spending debt were over quarter. ratio was million now, XX% at last a saw September $X.X operations in in Cash net million. month cash Cash flow M&A cash we was as EBITDA, flow up spot X.X at September expenditures tick a $XX.X in and that balance $XX.X our of Due negligible you strong XX, leverage were at XX $XXX the trailing sheet net billion. and cash from was resulted debt XX free quarter. flow times our

the about year. first double same last nine year, of is was period cash flow For the million $XXX free which months the

in any shares repurchase as to expecting know, recovering remaining COVID-XX quarters, currently you became the as repurchase liquidity as suspended and we authorization not resume well Underlying outbreak suspension we and very under and $X well, almost sheet, solid third undrawn flow the is an with as but cash or Closing program, have when have result balance is temporarily quarter we cash the our did about pandemic second March, disruptions. program. have the of from a demand reminder, Now in robust our revolver a program. We position. $X.X we repurchase on share business billion is repurchase a share on repurchase and COVID-XX share we billion a the of the and all are this, of lifted activity, of share opportunistically

turn let's to guidance. Now

our continuing momentum business, adjusted guidance adjusted the we Given range in the full-year revenue, EBITDA, raising diluted are for EPS.

over and which congestions that be localized the between results. a increase is quarter revenue Our million, full-year to that we impact expect $XXX now to at million improve assumes on fourth have will material an fourth assume of guidance midpoint prior full-year will fourth continue our of the flare-ups COVID-XX the the guidance and XXXX for during business XXXX quarter of We quarter, and the million for specifically, not of $XX,XXX $XX,XXX range.

our be fourth a representing at the million of over range. and an increase we guidance the adjusted to increase revenue $X,XXX This million $X,XXX again represent prior growth full-year profit, X.X now million of range, the For quarter to $XX $X.XX adjusted $X.XX, million, and guidance expecting which to we of be and full-year XX.X%. $X.XX implies between over guidance, EPS are the of to our $X,XXX midpoint EBITDA midpoint is which of prior expect $X,XXX million diluted at

Now, the timing with segment the range, to range double-digits, reach Solutions pass-through down this point are to based perspective, similar be working with the single revenue of this we wider we we revenue uncertain to would is Analytics quarter. revenue, this we pass to & guidance or in year expect Technology the in trials associated of growth COVID third of growth high and to up guide From on the timing normally Solutions move would that what caveat due the CSMS than in our could growth through rate the digits a revenue on. saw R&D at midpoint that a be revenues at

foreign X.X% For between be exchange to rates XX.X% profit, $X.XX fourth $XXX growth that $XXX to remain to for be of in and This the of XX, between $X.XX to diluted September XX.X%, rest and representing million, quarter effect growth EPS year. XXXX of at adjusted EBITDA guidance expect million we adjusted XX.X%. and assumes or the

advance result the we the XXXX years, have course. the prior versus process is done indicated as than outlook, start in provide now in at As earlier we're a would decided of position our our much this we've to to and and planning we a pandemic, ordinary

For of our XXXX $XX,XXX expect at to the million. full-year we growth the versus in XX.X% to guide. range represents million of midpoint revenue This XX.X% XXXX, $XX,XXX the

to such We largely XX.X% diluted XX.X% million, EBITDA line EPS with detail guidance, $XXX expect to compared activity. effective range growth expect about guidance. of more of of our the be XXXX to we interest representing $X.XX, the approximately which little you, tax and XXXX $X,XXX XXXX. to depreciation our be also other million, to the compared million minority our EPS for repurchase midpoint at of A bit $X.XX represent share adjusted in the of the range XX.X% and a to items The $X,XXX approximately finally, will of midpoint amortization growth to we're to would as remain assuming and expense of below-the-line adjusted interest guidance $XX operational of and XX.X% million, assumes rate expense of adjusted $XXX continuation in million,

to of majority assumption the will improve conditions Our continue will guidance on return during that fourth to XXXX. normal the quarter, and is in business predicated that XXXX business

our be Our of will view in there for but work, incorporates tail R&DS that will business. COVID primarily also growth come from base XXXX outlook some our

team's critical be proud our this to the health with public pleased COVID that we're a crisis. to we're presented summary, in throughout the and navigate challenges has to contributor the to year, ability solution So

quarter has and Our of business in to services growth well, revenue, another adapted record R&DS returning achieving bookings.

Technology has Solutions growth management business to Analytics improved returned headwinds of Our despite pre rates COVID & sequentially the the business. and event

us share of diluted full-year lift our expecting are the guidance the liquidity Our program, suspension enabled to strong and performance solid EPS, enabled combined recovery and our fourth continued a finally, adjusted year-to-date with adjusted and overall the EBITDA, to we for company and quarter now repurchase us in and for very XXXX. performance raise free flow cash has has strong position revenue, our this

So, with it that, hand over Q&A. back to let the me operator for

from And comes Instructions] the question Eric Coldwell Baird. first [Operator with

I Thanks did morning. that last share of the very peers. much, could was You give all good with virtually think us this us percent quarter you COVID-related your metric did trials? bookings from your curious and if the quarter, I of as came

quarter I contracted it the think the at was about bookings, looking XX%. services in

assume And, basis through I vaccine higher on of large pass given Ari, nature those studies? a the

the of lot the of we had awards to sense. it's around of from I think -- the XXX many pass the volume different. small them you throughs the mean I Yes, since protocol like hard, reviews. we throughs a awards different close pass start pandemic, of mean world, a and is Look, the so of very COVID have gives I timing

work awarded been for Some phase part tiny, we very several entire trials large of I work. not of that think trials, work three. in range They to, have but are some you them five example, had fees Operation we from the the the on Speed normal four doing protocol course, on have are necessarily of we, of -- lab vaccine that Warp of are reviews,

numbers. got other got cases we've service the in pass of through of get couple cases we've work. and there in got and, sometimes we've the work, the In big we'll lab full -- course, So pharmacovigilance work, a

yet some involved, we in know, through quarter who of have QX, have mostly strong that not include that later very revenue. lot stage probably than you have do in seek pass very of work that which from clinical revenue as some that, are through, competitors pass are have we in at quarter, have does trials prior given our through numbers service in in a include full we of seen vaccine been -- So and flow throughs. that this pass does work big some already work not it to will A where numbers -- into full our is in our of revenue through revenue pass or

investors the on peak work plays focused be bookings would to helpful, and that, on just I be trials to fully the could need in When very revenue and/or a That's COVID-related number you a if that of which comparisons quarters. at year-over-year how developing? do get several expect back you offset COVID follow over next from are point obviously we the might to any quarter out to

developing about I obviously. look, talking I'm well you're mean XXXX sorry, Yes, in --

Yes, and [multiple speakers] yes. --

happen. and for up, back look, we we mean, up, give of Eric, I would shape as April, a try we've spent to wanted what in have time, so a mentioned a spent to you sense Yes, bottom lot reviewing of XXXX time, lot would how

we in of across would business work assessment what everything revenue subsequent know, or you our be probabilities with and segments affect derived an As of periods. piece

seen, to traditional three with I the okay, work pass pass no have applies the of same revenue the words and just vaccine to dollar is fact. in so you would and but irrelevant service see to dollars are I've through our to that's profit, on don't trial you throughs the each there two trials XX it's one service us, no trial large of on is a cases impact whatsoever. the revenue, or full-service whereas of if Most where trials. So is that's profits, there's a remember COVID pass the the service know through, impact When in are totally through past a case full revenue, $X once to or again, one, versus of we to it revenue ratio $XX has pass other normal COVID

it So, it makes predict. to very difficult

So that's trial. one COVID of element the

the the the we've for that worthwhile There get course, to be not and two, one The it's vaccine that feel possibility continue into others or sponsor account taken ones or vaccine gets a approved, is, economically of vaccine trials trial. that to could second cancelled. three,

experience fact unusually an know COVID, traditional well from other In versus work of vaccine cancellation before that historically, we risk drug developments. carries high

So feel we've of with that all all of we we possibility know all such so have that. guidance, good many and we and into in that, mind, about anticipated of feel in that and factored good our and we our in many scenarios,

supposed it's to clients for resources do the projects that their mind have hold clients come on the us by clients many whether of in bear goes COVID, were fact working have have for you was online, Now, projects, lot new work away we attention, and XXXX. our in phase when devoted to our told that have a back put because been to that in supposed therapeutics that go or vaccine to been work, expect, they'll they on

that factored That's our have of into diversified of variability in of that's R&DS the a business will or do business. not have we alluding such do benefit all our a a at if we've both that, potential bookings So a portfolio be what and TAS of drop our you're there guidance. either to, no a that as within kind expect we lot revenue, and we IQVIA, having sudden, concern wide

a a pharmacovigilance, lot You lot should and of COVID from also realize tracking authorities we other words that public for interest sponsors health in getting are from also patients.

to in in is preparedness, are where COVID FDA, that our with this interest of the going monitoring the taught general. of of the we perhaps Project future, in the but at put interesting COVID. growth, press you've strong we exposed forward place in on that terms also of know pandemic-related time experiencing seen hope of crisis be and the the We tracking, things happen all double-digit Our all has in last and terms patients exactly continued terms work ever, who lot expect crises a looking potentially world will it that in in magnitude us of business been patient we going real will to have -- all and what we CARE release are understand

and a their of patient at-risk drug the what map been been been records, and than between determine they've vitamins what's what other taking, of We our history they've to regimens all populations under, today. connecting precision done with understanding types medical are a dots trying lot more de-identified

those all or in to and pipe, those I irrespective crisis projects the expect ends the whether are So of continue COVID of not.

So our again, factored everything guidance. has into been

Ari, very the thank answers, you detailed for appreciate much I it.

question Next from comes William with Blair. John Kreger

continue COVID-related. thanks of much. about Ari, were that, of Hi, very to I kind your mentioned to think bookings Eric you that on just XX%

other the For start broadly a fairly to you basis those in say up XX%, you studies that's and enroll able or still reasonable are would impaired?

my initiation activity, in remarks, to has business startup Well, you. with improvement. area visits site respect that's introductory strongest as said and which okay, the that Thank the -- I our site seen of

visits and follow. fact, site to starting of back initiation are to levels, obviously the recruitment In positions baseline

good on quite I that in actually The think are moves front. So trials very recovered. sites hasn't accessibility that flight to for

right. at the I We -- at team about XX%, I about, look say currently are my to want

the a site value sites to interestingly as is are There site. it's globally expected, but very if of opening We a tiny, sites is That's look bit at are are relative below normal site accessibility. currently critical site, what are for a about that would doesn't because our have and mean sites incremental not much. we XX% back global, not you a we that

the on focused that are significant. are most ones we So

we're in-flight to for returning and activity gradually trials, that's normal So there.

levels, visits be momentum, activities are has the our but guidance. recruitment put For and was essentially recruitment on again pre-COVID but fundamentally good will startup lives, they new quarter, all everything level throughout that significantly think into patient in don't going resumed, we're again and as baseline normally initiation recover sometime gradually hold, essentially and is because site was a XXXX, we normally site back, okay, we increased to where has of should factored that patient we the trails, have disrupted,

can suite the by follow-up, in new you us talked development? your is where Great, give is an thank OCT that the you. One of still about a focus launch year-end, table? on on about sort I think past, sense technology quick you've

Yes, absolutely.

with along platform also the suites. in therefore expanded As portal. coming patient we've great to health behind, digital have tech OCT you such and success we we sides know, partners eCOA, digital includes on we eConsent, with as patient relationship available today from tools the patient cloud, suite and clinical for had products seven our technologies The and Salesforce,

have live and include go the the We and digital of based the trial year, before year will the management mobile probably will risk CRA monitoring, by products of the end CTMS, end suite the platform. the

will referring will claiming available the of OCT, this behind doing Again, fully are coming commercial our OCT this from also in but again, we the So be we're on you're the orchestrated to, solution, end side. in we that area, year. be as Thank by you. share fair

Sounds good. Thank you.

Next comes Sachs. Jones with Bob from Goldman question

guess, Ari, taking you're there, to that are saying follow-up patient up. getting thanks I site back and questions. normal recruitment Great, catching obviously the maybe just activations for a

is what I already play to RDS and XXXX RDS of has kind now that lot that You out guidance range, saw to importantly, what needs of kind pass XQ, the needs just I what to to course to these in a happen more RDS and through to in X.X%, around XQ 'XX to course growth seeing or a it of between improve, over and that of to normal is happen see you're guess, get growth in order get to there double-digit targets? needs X think the of

in QX, growth XXXX. do and we've mid-teens said double-digit or we be okay, Well, should expect seeing reaching look, in that we RDS

really years. used that's extraordinary, for happen, past and this I you all that assuming; mean to. we're that, we are all seeing God being clarity on significance will and today are it's with the be about live more I elections look, these as okay? happen conditions when continue going of been know no I bottom-up, I reply there new to earlier with a rate to stable guidance So, we are based always acquisitions forbid, again, feel course sometime good will, means out or that pandemic, all this spent on two there is do done XXXX as at so to being to more we're to bit going that year. assumption we assumes seeing are behind us, of my This needs of like The what out environment, say people described it environment, more and in any needs there the project-by-project question, and new normal, learning people what two in to mean haven't organic stability in election to assumes be we this this, part, will all you these live that all haven't -- if will we Business thing, we're there, that Eric's we've of with business we happen clarity today, on, vaccines least things three is be moving learned happen, very guidance. say at normal seeing of happen done Conditions," a we of behind, what today, the in nothing improvements Obviously, again, vaccines or anything XXXX is nothing the is needs that that what that the due trends "Normal most work when an business factors should we is it the means the and during our the to point make to have unclear, we for

maybe on That's just fair, we and guess one spent TAS. a follow-up, of haven't time I lot

you but we've as the You what's little to driving you're but spend little it about the mentioned behind time world in just know you more talking the TAS? more just growth highest evidence, I a years. bit clarity seen that Can get in rates record resilient, in segment? bit a performance real growth seeing think there described wanted I maybe the

anything, say of the our sales, a of of way and or for relatively of clients A the resilience performance critical precise there Look, lot we if different guys critical without of back can't hasn't people mission beginning the year, and business, at mission the do the the with giving it out the here the was. was guidance it business insane and the are, probably data pandemic. the there what We now reflection visibility, balance like were of proves you lot I is looks felt for to more of we the are we moved. is -- we I Certainly global. it's had because best and we it's that geniuses, or how a the have to If mean, and visibility, that less businesses are we on us because got target allow we've we're they visibility, that have not pandemic it

analytics, capability. from this the So, different internal there and feedback are have business critical, modeling and model strong The that. we can stages parts deep of extremely and our We've very, analytics, clients pandemic positive database, our predictive in is had out, seen different we very of clients. the world, TAS have so our

the the of part had we why a business is which there again, is that headwinds. So, face-to-face

you it's the disclosed the not in have I past. huge if business, a numbers think

had out business it a business, Now, again, we business, business, clinical now business waivered that but the evidence by and digits are a not in even at to Remember, if if guidance trial it's our you on, day, the June it a we goals of solid some want trajectory, course we've our in bit it's 'XX was so issues if to $XX the grow, accessibility a it's practically, so the on real-world had is a If it's even continued $XX end business of it's headwind million we real-world X side a driven has there. site basis. million big add… and XXXs, but but to work, technology told digits gave to our happen, Phase in again of double some perform expect strong didn't solidify in gradually this which high some had do did but growth, this it's long-term and similar you Vision and returning continue to and single offerings. a we way to the we when on back Ron, we headwinds 'XX when disappear, and

emphasize, disruption consulting one very our was year, there Bob, analytics a just where in would we I Yes, thing to business strong, I and continued early think be if were the surprise expecting versus and has quite it's that highlighted our affected, remarks that his consulting were prepared visits development that has we strong. in in some fact business expecting been being activity, hasn't, face-to-face and to Ari selling analytics and due

that. Thanks it. for all Appreciate

JPMorgan. Peterson Tycho from with comes question Next

R&D, really about? can guess you have flare-ups, assume contribute of Ari, starting and then, know resumption initiation I and then, growth the XQ ahead with mid-teens what a of impact taken as just confidence we levels, visits that Hey, won't steps the to to results? you AstraZeneca, Thanks. any with about COVID that and is could of that kind try you back asking trials halted talked what I'm to impact I to flare-up look gives R&D, have site baseline of talked mitigate to you XXXX us much how you but you does of in been J&J any sense the thanks. guidance give

are in number the I of general of interruptions a XX,XXX, of XX,XXX, we're so you adverse vaccine me amounts talking occurrence. are mean, trials in impacts one delays fasteners events. because why of XX,XXX which all, number, work. I case Yes, Yes, mean enrolling common arguably big, you where vaccine have is In massive XX,XXX, in first patients trial. asked about the trials the the reasons of huge, about trials vaccine the the a the There is in are people in

the an by have cause don't again, It's and are that interruption in. of adverse our more those way, all expect but vaccine -- in in adverse before, as I going are guidance, trial, we've we will factored likely. mentioned You're cancellations that events also trials and to events, the and there

about, of the of finally, we and there the revenue, again vaccine since only work, most one look, is factored down of bear put our lost probabilities mind, that talked the result we for So, and that on XXX% is cancellation in, frankly, one revenue on, full service so and trial, through. is in all we pass in

work. So, COVID and this is

the effort. or making small margin So, a part that's the margin even all, it's to likely not because contribution it's at right, the revenue it's or on we're maybe of like of service, our portion service, the not a

vaccine, was you the the what had? for question that's So, other and

it XX% Yes, growth mitigate COVID whether outlook and confidence I on you do year? set then any talked growth taking about impact, that to you flare-ups? contributes what gives COVID to no think mentions much about you're impact you talked mean, the how next steps proactive from was XXXX of and initiation awards, but it levels, being You but

to I creating have the vote, give to don't very it's you but contribution expect. growth double-digit Yes, exact the strong we that not what's

COVID R&DS revenue in We solid year like the next excluding growth even answer. in have short That's work.

Right.

not without underlying COVID but… this our the the growth way, By that growth work year, growth, also, great

QX In also…

guidance, our that's next it factoring what's we Yes, in proportion work in yes, mean already same also, the we if yes, eventually, with as -- or now, with QX the all look, occurrence, people to end but and of the by it's in again, see vaccines frequency flare-ups, happening. we year, the but of I the advent continues learn and how of this, that and will think year,

a people mind, lot again not China, of China guidance. our the also I'd some occur monitoring couldn't think it's catch-up entirely, XXX% is is around to good are work you back remote again, I this. but monitoring, I requirement -- be plus all document do still regulatory okay? There that's did the that mean, at, a Also a accessible. shared and with just source normal year require on when to going access not has world verification If site. things China, to forget the that have regulatory flare-ups the authorities by to bear by work, that we factored in should remote to say XXX%, way not into are we FDA, in this There source We in it's document people look the all are move site, explicitly remotely. we XX%

to might less that to what safety do efficacy like at for there's again, do. requirements reduced that able but remotely be of and data so, we changed points we general, So that critical still in key on will the be work obviously, data, has is have number and not example, looked data

you quarters, of to all that is, catch-up needs if that So, in will. the work, "Pent-up Demand" be addressed coming

Ari, return then, last and it year? CSMS, on quick low one can call next to, that know Okay, growth you single-digit

go went not that, they they don't assumed went I'm go down about and I directions. because know up, to wrong prediction on would down. and assumed I I CSMS, and both they would going to up, make venture they I've in have been

don't flattish five if So, look, plus into of our is kind factored okay, plus it's next for X%, I X%, flattish flattish know; growth, what's guidance year. growth,

Okay, you. thank

when as when on we and guidance detail ordinary sure we do, the see detail will the I'm segments the full-year on QX three because More at 'XX we results, the guidance beginning business and on derive the on and of based in overall we results traditionally now, give segments continue. there, course we'll we share made can segments more that momentum you provide comments and the

with Credit Next question Wright from Suisse. Erin comes

Thanks.

it In deployments embedded that terms topic overall was share you want terms of that guess this repurchase in your to, clarify, in a growth your pointing what's and quarter the and largely for guidance on guidance the capital to-date, I active well, repurchase been to of you activity, as here, you're acquisition and on have past practices? the XXXX-XXXX, fourth activity share any just mentioned guess, with consistent assume I I activity does organic

the fourth mean You quarter?

XXXX. and quarter Fourth

Yes.

you congratulations back. have all, Erin, of first to you, So, to nice

Thank you.

we secondly, not our have program. any look, And share we done since repurchase suspended

that. first in the pre-pandemic. quarter sponsor about repurchased and when that that we you we than into and last were the other know shares primary was sold quarter first That the shares So, in secondary, participated the

M&A have anything year that shares have and to markets. and be start the Ron… we there's seen the before don't of the we're since nothing by so, we of I lots to end what of but the this different is the We year, that year materially the earnings bought anyway, probably optimistically after what's In haven't activity. done time didn't, and will than with for we've respect all to would XXXX, then. negligible mean now relatively release, had assumption, share, at acquisitions, the We the be start going balance wish since a $XX here there no, way I we the

in which of we'll is billion assumption course expect about on the XXXX XXXX together, trade-off two can during spend repurchase between you $X.X we'll acquisition there and Well, the valid our is share some year. the between a normal the two, in

before. pandemic. had we before what we is That what that's had And

past with Consistent practice.

just ample and can efforts guess cost terms and worse little are mitigation further things continue correct? get flexibility, a I then great, flare-ups, standpoint, see bit you levers in from here to do there you cost mitigation Okay, if a these pull of

a to Yes. you maintained restructuring point, good add decision -- made a might do as I mean, as had make I of not we deliberate and by large, you workforce. Erin, very compensation We any employment, well. our know base and not

we've we and and recovery care two, of we situation wanted you and our people, on resources, the in of to crisis done thing focus do obviously, and to talents our the all, -- take and and anticipated strong know, First XXXX, number anything. our dictated preserve was that that not so, to V-shaped right QX the people

us base productivity, any force that we've work had remotely. we can our and have and like a is do learned sustained for the would tell we've we at change you environment levers, would reducing despite different workforce obviously, had in then strong long-term, only companies thing we that to most that not situation compensation, or look systemic way that I totally Now, to our

We have to roles Work very and XX,XXX as of we important and Future have -- trying called you on the know, which people. we're determine study about going internally,

day are actually home. you roles do pandemic, the where Japan, having what for office? a all we for home at that's assist roles the so the people, Again, not this what's during and on others so learnt and detailing and which office when to are need from there not So, dependent and in space the different are there work we've interacting workstation with really going can behind example, of lot What an be need, are we required we if do a like company, other geographies, just your in forth. presence countries and physical

of got lot our so, touched. on levers et it and are questions more a be like investments by significant no that but estate roles, IT will questions for but be and that large not remote very depending most will there is capabilities even to real companies, making, footprint we've we changes So, the cetera, we to the again, further there solidified have

Okay, great. Thank you.

from comes question Citigroup. Donnelly Next Patrick with

you on just that, bookings the the you monitoring, talk trial during you Are through mean pandemic. pick -- you lot Thank Ari, about up? and shift in the any of maybe general notable it's back trials I for do that how taking Maybe virtual activity talk side, guess seeing remote see or are question. positioned? guys towards I that.

remote? are about take talking wants Yes, You this? anybody to

to are substitute onsite, if the and here, am there been for site not remote to not requirement largely onsite documentation still have but monitoring able your we to but me answer guidelines. side, side under the doing Yes, otherwise source be XXX% stop specific the remote on I be because we -- check FDA monitoring question Patrick would the work at

tele different patient we than is things include virtual should user Now, and trials that health Virtual nursing, say home --patient phlebotomy nature. services, diaries remote of trials. monitoring visits,

sometimes are so, So, quite are trials in different think regard, in and fact is they two people virtual terms these they I are monitoring. saying doing what confused, doing when remote that that are

monitoring trial that right. a and happens that mean it of has but not some whereas activities is remote either, Virtual the may visit been some monitored components technology that is virtual, trial doesn't to different remotely. been the of the that designed remotely. of remote monitoring that be designed be which trials could that monitored Right, uses be from monitoring be remotely than everything, just Not monitored there are of regular which -- has start, won't data all onsite to a trial component be a is of

I guess the just talks resiliency helpful. TAS lengthy guys Bob's up the you Okay, that's on and on quality question, there. had business following about

guess that 'XX, I in Outlook we single digit 'XX. the I single see seems certainly think just for this to love growth guess more quarter. bullish you or conversations see little certainly trending encouraging this assume there, question XQ side? positively, outlook key would but growth, high on when two continuing it's for the further one I next granularity So, on digit high about drivers customer

assuming -- developed on our the again very what is see the reason we TAS continues, have guidance pandemic performed worst there well. today in of see we no and Look, we

environment, and most high stable So, parts certainly business. continue trajectory are there return we so, now, to our we growth aren't when the digit will where specific things single any of

the the the before services of The double analytics to solid the to mid the is was mean fire digit single high single kind Technology just and stable. on again on is OCE way, was in It up in pace. now real positive digits, remember business and that data very a cylinders, it of that before low business was firing before their to grow continue to range. pandemic, continues high already to so deployments well frank. pick pandemic. that's I end way. double and and territory mean continued on zero continues same very are all on and on to digit be fire Now territory to it is business at growth and of strong expected The as I be world digit

license very and all revenue. will add, might Going well the start generating that of I

of expect revenue nice very nice TAS a margins. not of We business, huge but portion

four all of no reason math momentum, look that is that there you so, that when have continue, is that you and will at rate, growth have big that's [indiscernible]. no, you Andrew, to and any… will this company's of there the is So, big and and bad no -- this segments said big would there good our no that -- is anticipate business affect no guy one there do guy

We are approaching of the the top hour.

quickly, one more do wondering was operator. squeeze I want So, we to in

Stifel. Rosenbaum with is from Shlomo question The

XX,XXX the out you for you little want much talk incumbent to more about you point were like the of a Hi, very Ari me on in the to piggyback thank patients? of I bit time, mentioned One squeezing question. there seats at if can at just just end. last deploy.

it changing of Just had rates in about talked or do you going in is like that earnings you to kind there and this think terms long is How really run take, the competitively, where calls? you of are? is same anything prior

with moving you, is thirds momentum exactly the of Shlomo. continued This about that OCS same Yes, thank two time.

company. client and As I XXX is client, with since now as one XX mean in There as new different total of the of the have clients, are about it's now we remarks, I introductory count talk wins my that the one. another that's clients. beginning the mentioned competitors we won same year five. distinct five that We out When there count

You mentioned XX,XXX.

-- me correct are XX we think Andrew, I at if - I now XX,XXX. wrong, am

Maybe just around yes. XX,

users XX,XXX pipeline. to deployment, to expect of conversations close grow. nice Yes, in we Lots go. continue That's and to that a continue to

you, you here momentum changes. Thank everyone. is the Thank unabated. No So, Shlomo.

time questions to Thank the earnings with and fourth available much. will throughout quarter call, I be always, XXXX any taking the again as for have you forward on very speaking you day. our us thanks to today. you to We join Thanks Jen and and might everyone, follow-up look take

conference This today's call. concludes

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