IQVIA (IQV) 27 Apr 232023 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the IQVIA First Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded. Thank you.

I would now like to turn the call over to Nick Childs, Senior Vice President, Investor Relations and Treasury. Mr. conference. your begin please Childs,

Ron Thank and and you, joining me Thank for Vice Planning Sherbet, Executive morning, are Chief Financial President Financial President, Officer; Param, Counsel; and first quarter Mike Senior good Eric Director, Officer; Chief our and With Vice Bousbib, everyone. Executive XXXX Investor Vice Ari and Gustavo President you Relations. Executive Chairman Mike, Analysis; Bruehlman, General earnings today Senior and call. Fedock,

that will presentation Presentations for call a be available referencing visible on Relations call be will Events section we this this will those Investor IQVIA our website during Today, and following our the in webcast. also at you of of ir.iqvia.com. This presentation be

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

in certain measures should to measures financial the comparable to non-GAAP non-GAAP press will this measures call, in and on the accordance included which release presentation. prepared measures we addition, not a In reconciliation A be these of discuss supplement a conference for considered financial and substitute with call is GAAP. GAAP

turn Chairman CEO. and now like our to I call the to over would

delivered on quarter quarter today targets. good joining results. all to first our morning, our very everyone. again and financial we Thank us Thank another you This where was for much, discuss Nick, you

trial the impact to macroeconomic our us perform The the and well clinical the exchange XX% commercial despite activity grew demand healthy. our short COVID-related quarter for in environment of be dynamics. work. foreign industry allowed and to favorable. revenue continues prospects businesses our remain remains The the long-cycle resilient for Our broader organic, Global diversification of and excluding business

share $XX.X XX I'd this on signs to setting companies encouraging in the $XXX you EBT with together like morning, development sequentially billion. year QX impact few the and pharmaceutical According crisis. A XXXX. from QX. a digit particularly research March [ph] double to the month banking versus BioWorld, funding spent about funding prior a was billion record and That largest despite up versus was strong for EBT up concerns the was

of There in in start QX, large up a expects pharma a industry ongoing XX last FDA years That's approvals XXXX. a approvals the highlights business. activity commercial one M&A prior positive in the significant of X And years. M&A be off from the an primarily are X the to average the were was smaller quarter. largest for to strong This by companies spend There decade. over the first for in demand our indicator XXXX molecules is pharma. acquiring which and that's large

That represented couple Net you billion. quarterly of bookings QX growth. a metrics our show share healthy Internally, with were continued this I'll book-to-bill X.XX. morning. new a $X.X demand

record foreign of reached the excluding exchange. XX.X%, versus As and a our prior basis and on a backlog new a year impact result, grew reported XX.X%

about fact, decline, sequentially XX%, new levels we XXXX. levels and flow back was to RFP Our pre-pandemic double mitigate selection increased impact was record. set quarterly This It Site have investigator are site productivity or attrition to in proteges they the up that the year-over-year. spoke a staff's that. digits up calls. prior continued [ph] that Operationally, unfavorable below versus of in slightly helped QX now,

discretionary our see in currency, was and excluding but our excluding to growth constant upper within related some was expectations. Within we for was work, at end work, revenue X% quarter organic the to currency, COVID-related that That the XX% TAS, was organic end. of the expectations, continue the TAS R&DS quarter. well COVID-related towards spending. client constant at cautiousness growth above lower

of summary, mostly the us diversification businesses resilience slower businesses, The review in results. to let a that businesses. spending, that, remains demonstrating IQVIA operate can balance the the in is In long-cycle despite of our healthy first discretionary effectively short-cycle with growth some as industry cautiousness macro current environments. context, short-cycle quarter with company allows demand under different our me that And the

a X.X% constant as X.X% the constant and grew grew line year an and basis, currency XX% top Revenue to COVID-related periods, on a for on excluding work at the currency last we compared at first basis. company, both quarter reported from organic

increased EBITDA and driven revenue adjusted cost quarter by discipline. ongoing growth First X.X%, management

as diluted step-up adjusted declined slightly onetime rates. quarter by in expected EPS of the $X.XX driven interest First

Excluding the expense call, tax and discussed rate interest EPS headwinds that the growth prior we U.K. diluted adjusted our exceeded X%. in

a deliver first omnichannel program highlights share pharma a IQVIA's to of business quarter. IQVIA, awarded region. client to our powered effective with few Pacific Asia in deal and omnichannel AI personalized with like digital marketing engagements the insights I'd the [ph] top XX teams Within activity marketing recommendations provides in TAS, ML ACP

our the for burden differentiated to In MS mobility. patients patient This ability a services award launching won client These biotech limited IQVIA the our to for and and IQVIA capabilities patient's deliver the new selected offering. home. monitoring in-home with based treatment is testing quarter, an ease on

the and part including post patient enrollment. pregnant our with our experience breadth severe data to outcomes of efficiency this large capabilities, and real-world safety certain strong analytics XX of major TAS a faster drug safety with We assess Moving to pharma prescribing asthma. increased authorization the top business. contract with trials, to IQVIA won was women asthma to impact capabilities delivery a relevant in a the due client study and of our the our awarded

awarded are increased identify risk prevalence top a a including by to cardiovascular response in is in disease, protein. global large this in pharma in C-reactive This protein cardiovascular inflammation the to Also quarter, associated of body. patients study the of an liver levels heart attack measuring the by with Elevated of and stroke. produced we intervention blood the XX were high-risk with the high-sensitivity protein

our ability was to will capabilities and management a selected cardiovascular study real-world a the This patients. based therapeutic expertise IQVIA of lab and significant in future with clinical have impact cost-efficient connect manner. on on

R&DS. to Moving

strong our momentum of $X.X billion X.XX our Continued X.XX with into in net book-to-bill bookings quarter, translating of brings new in. to book-to-bill a quarter, which the in LTM

in continues strategic deal. a a quarter. highlights few into to quarter, big partnership largest area. This the Oncology cutting-edge A therapeutic biotech is high-profile And company the a entered our IQVIA. be with in

awarded with potential tumor novel antibody development trial, we fact, first were across several our opportunities a In already is types. which for bispecific

to regulatory different are simultaneously. clinical trial designed integrated antibodies biomarker and our design, target protocol Bispecific medical and end-to-end leverage This our bind specialized development expertise, including X molecules project will solution, optimize and turn, analytics capabilities We client helped these the are reduce which, market. together design operations, clinical time the really only technology. bring to in with and to company ability trial the

Importantly, within this going portfolio. opportunities this large partnership forward, client's creates multiple oncology

that strong clients was further two We trials including diversifies a several with success business of our FSP This FSP [ph] and with win incumbents with provider competitive major our continue recent pharma. significant in and segment. against award a clinical a it our to have share preferred portfolio increases notable wins,

this suite. innovations among workflows teams. XX% and to will it site and months. We to network we XX% our sites approximately XX research already introduced deployed across expect in sites next deploy new of XX streamline real-time IQVIA technology network collaboration continue study we recently, document the technology cloud-based within our clinical allow a our deploy of to that countries, We to Most in platform new

site study to an which time the The technology very increase site. for support, are all is of and up where goal monitoring of and safety important, which continuous this patient frees especially site of quality the at in compliance staff we shortages productivity, at experienced deploying environment reviews site more

global our of a nice Finally, couple IQVIA team. accolades for

our I the received the proud business First, against of Certificate organizations fight COVID-XX. to to that President impact that is significant a prestigious Singaporean in commendation, share which had awarded am lab

the for This supporting of in recognition a contributions fact, Service unique a impact of employees Award pandemic. the health. five received In of Medal outstanding in play is we our to their Singapore role manage public the Public nice

its green the global practices sustainable campaign Nation's lab future. for achieved sustainability by as is United Zero" zero science. This standard the international certification best lab global towards recognized to Second, certification a carbon our to business practicing "Race Scotland-based for recently lab a commitment gold

I will financial now turn our details it over to Ron on for more performance.

Ari, Thanks, everyone. and good morning,

Let's start revenue. reviewing by

growth organic constant $X.XXX is X.X% $XXX constant work quarter a currencies. In billion and First both revenue which excluding the currency $XXX were COVID-related and XXXX. year down business, from about In COVID-related at million, our was X.X% XX%. quarter, approximately of this the quarter base first million revenues of reported versus last, was basis that all on grew at

reported $X.XXX currency. and billion, Technology at X.X% revenue Solutions & X.X% Analytics was constant up

Excluding organic was growth all COVID-related work, X%. TAS constant in at currency

was revenue of currency X.X% $X.XXX X.X% was at constant at and Solutions in XX%. and all constant growth work, COVID-related R&D currency organic excluding [ph] billion reported R&DS up

$XXX and in currency. constant excluding X.X% reported or of CSMS also at Solutions at CSMS. was Sales currency million growth the And revenue work, X% declined Contract COVID-related X% constant Finally, and Medical all organic decline

earnings was was in $XXX to GAAP Let's that's $XXX diluted earnings $X.XX. X.X%. per net per income was share was the GAAP diluted growth Adjusted net first was of down EBITDA $X.XX. million and P&L. move share for million million, quarter, income adjusted Adjusted $XXX

its continues Solutions momentum. our graph our growth sustained backlog strong demonstrates past of growth shows R&D of the X highlighted, This already as business. which over years, So the the clinical

over XX% backlog year-over-year. March XX and Our $XX.X years record the which over a at stood X was last up growing billion at XX%

XX, that $XX.XXX net billion. the totaled cash was Gross and resulted Reviewing billion. March $XX.XXX equivalents balance of debt debt At in sheet. and $X.XXX cash billion,

times the trailing at adjusted ended ratio quarter leverage net X.X EBITDA. Our XX-month

quarter leaves million, the strong we was In repurchased cash million. at and over slightly in with CapEx under First $X.X program. $XXX current free remaining resulting $XXX of shares, from million, us and flow was $XXX of cash billion quarter, the that million $XXX flow operations

remains full Let's now to unchanged. the XXXX for go Guidance the guidance. year

this work constant to of We XXX COVID-related million basis XX%. assume revenue grow of to step points excluding between about continue guidance organically at approximately from continues expect $XXX currency and acquisitions contribution X% versus to COVID-related and XXXX. And down revenue revenue

adjusted and growth billion, We're billion represents our of $X.XXX reaffirming to of $X.XXX on EBITDA that XX.X%. guidance also X.X% to year-over-year

this percentage these And on in step-up the guidance U.K. impact approximately in $XX.XX. And includes $XX.XX together, points. rates rate adjusted guidance tax diluted a of impact the diluted the the our growth rate. XX reaffirming we're to of and items by year-over-year share Lastly, interest corporate nonoperational per earnings EPS increase adjusted year-over-year

Excluding to is expected XX% adjusted diluted items, these XX%. per grow to earnings share

on X.X% quarter billion. X.X% That's constant expect reported on $X.XXX $X.XXX and we basis Let's our and In X.X% guidance. revenue QX, to a growth move billion second X.X% to a between be of to to basis. currency

is And expected a $X.XX declining EBITDA million X.X% XX. X.X% off between on rates keep Adjusted $XXX interest for a be to flat $X.XX, that which on adjusted second X.X%, $XXX would year-over-year in started EPS is swap very mind that billion favorable roll is a million, was quarter the up expected because $X diluted be to year and had between to be we toughest and ago basis. to and the compare expense March also rising. It

the step-up the expect XX% X% and of increased we in U.K. expense excluding EPS tax second to an diluted grow adjusted So the between rate, interest and quarter.

currency April for of that the of assumes continue the rates our guidance year. foreign XX all as of balance Now

excluding XX% revenue QX and the work. demand healthy was organic, foreign new with industry-leading new in to remains another growth in our financial RFPs So backlog net our We delivered quarterly representing industry were quarter And up of impact accelerating exchange a XX% business our growth QX record versus COVID-related summarize, over of sequentially bookings performance. Underlying and in XX% the solid $X.X of of year-over-year. QX billion, $XX.X billion, reached and XXXX. of

the well choppy rest discretionary of is year the environment our on delivering which spend, resilience We've the the been XX% full less Despite XX% macro of observed organic of macro the growth, guidance numbers. the COVID-related in through cycle turbulent. thanks some thus revenue Therefore, excluding cautiousness we've the mostly portfolio, short-cycle and and items. navigating to reaffirming nonoperational currency, adjusted work growth EPS constant long excluding and X% are XX% affected at we our to to by and

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

question the Stifel. Instructions] [Operator comes line Shlomo Your first Rosenbaum of from you at Thank

open. is line Your

there of very the you my Ari, bit You but questions. for had is you Or might of mix Thank is expected got of nature item? a any over rounding a going there about little to for can you else on strong the kind a last change talk burn? book-to-bill, Hi. amount that bookings, to over strong it be quarter Is to consistent the revenue, Or seems much - taking this backlog convert to there? backlog - quarter? or there? something is of revenue that there very

you, read anything. bookings had months bookings. way, strong we essentially Thank time, QX. Yes. one wouldn't next It's and the from the No. is It of that Look, first to QX I highest revenue by bookings our very flat Shlomo. was XX quarter not

bookings, can't XX any it's to time I detect Next seasonality but the that, happened. first months it not

read the wouldn't margins typically I of anything that the to slower. And are burn it. wouldn't projects mix, know, of an with, just read or a might little a But more anything taken at little It's have into regular into impact. as So quarter you mix an at question oncology, all. I bit into months pass-throughs it we're of That of delayed. a in reverting share increasing which

Okay. Thank you.

Thanks, Shlomo.

you. Thank

comes JPMorgan. Your line of of Samuel the next Anne from question

line Your is open.

I impacted, of you but taking to some was of could quarter, the to seems Hi. December purchasing maybe patterns. the analytics the TAS the that the within hoping fourth business Thank unique some speak for you it like was question. maybe In business. consulting and dynamics was

from So you to so it's the is much of what driving what's your guidance? saw hit going how come year that remainder in And carryover the of then back the confidence your in fourth that could quarter? this you

quarter in Anne. range was a Look, Yes. expected. question. the we Thank It's TAS you, the within good first growth

we organic And X% constant year, right that. an for gave the think therefore, X% ex is guidance You guidance on is currency our that basis the correct COVID to are I X%. under clearly

did that. under QX we But tell that be to expect just fully you did we

start So more in we in to saw quarter for were slower our and so suggest, in assume business. in you due this suggest, customers' first into the as we expected discretionary a for X% we to December a the you X% spending X% and expectations QX, the and cautiousness over, this as X%, start was going slower the year assume we to spill why that's the to

The discretionary reason spend TAS. just before, expectation cycle many TAS piece it's consulting the the and say, about, And contains little lower the it's total long-term want due the is our the a is XX% business entire under business to That analytics than of shortest portfolio. times of and growth as I in why TAS. of said to we most activity

seeing not projects. decisions is of cancellations not what are not to So we projects, conduct the

but customers part be done. an things the done the need that a second. is be to confidence For in those these as the have they pricing be products be pushing most And to part, are what are studies, discretionary done, projects the for latter that to part, of projects to access are point. and they have to to okay? right. need gives timing will seeing don't one don't applies to project us we most be decisions done some the right and to done, That the No has do. aspect year, example, need that this delaying need at These market But that

So to maintain that's organic currency year. X% we for X% constant excluding why the guidance our

canceling actually Now anything. we so in delaying the continue we need a improve situation consistent the project. from with It's eventually stronger seeing quarter. walking end not projects. the second We with half away to the at what those customers the quarter. in of any assuming to and projects expect are saw pipelines expect cautiousness spend second And the we're that because on the QX, to do Again, into or line customers growth first we're just far

much. That's color. helpful Thank so extremely you

you. Thank

the Jefferies. comes David question of at line Windley next from Your

open. line is Your

if Ari, my talk could for Good in R&DS the wondered question. Thanks taking morning. I business. you

studies we're seasonally productive you the that into moving are consulting point more similar As and in our a trial. the forward of fourth a of lot that revenue in of highlight, seeing, in stages of kind I data strong quarter. first patient different in not is describing sitting review and I from what a to TAS bookings, in guess, that limbo you're The kind of guess, thing lot studies,

I those forward? insights financial of funding help any from keeping there. is a that. And them have that kind and into And I'd you forward? be move of some moving if wondered can is Or if issue them tools it curious views your your

Okay. you Well suggest. I'm repeat, doing five not row. I how simply are of Dave, to want clearly quarters it. to know thanks as been repeat a can. to of this what question, I are and we state any seeing don't all, funding times for And I on - the the definitively no in I've We question. the many I use one opportunity not, going is for first as

We front. of everything share some seeing on are is introductory not funding my In issue. the remarks, statistics. I up Actually any funding the

we cancellations, unusual not our saying be could it. we portfolio. decision-making any that are delays, are It So seeing that are not seeing just of any within others any postponing

The of over quarter, total of billion year-over-year, it's almost more X% year-over-year, competitors the at It's mid overall 'XX it's up I It's pipeline the up backlog $XX than even before, up EBP some there. of RFP versus the $XX said billion. the our with, mid are XX% than the entire is, it's both and again, XX%. more qualified flow a almost again, X%. $X.X and bookings record qualified which segments up growth actually up again, is strong billion of record net an is pipeline. X% out double pipeline, Once indicator, is [ph] earlier smaller high. a Also The QX in sequentially digits. over

And from our seen, any is the of of peers. current strong X.XX think I what environment. I've in highest extremely book-to-bill Our the

on a year-over-year. is basis. up backlog That's more reported Our than XX%

up it's FX, XX.X%. Excluding

some of look is with to here, I'm share but here. this? everything metrics segment, mid everything to large do honestly, other got it's here, again, have I've So trying Nick, add - to any if you at again, lot you what EBP. the by across color numbers we a green is board,

and would thing mean they any not are guess, I slowdown of I trials. Yes. getting to week your and of they're only signing there I this ready, pushing earlier wanting I as say the and clients talked in not forward. of we trials seeing terms Dave, the team, start we're think soon is pushing sort and saw as to sort question

seeing down to we're delays, slow starts. So any clients trying not

same We not and about. forward you're and not dynamics are move - trials the that seeing seeing asking

Dave, there's some faster And the if because be of burn the the Yes. the sites. site. That some industry the at weren't anywhere, and any we of at could there just in would slowness labor one where place it's faster the the could of burn issues labor execution issues if

Right. impact Ron as to remarks, in we I and offset stock And some brought unfavorable we about talked of of mentioned been my up have shortages because before that able introductory and that been just of rest and was to accelerating. selection do us helped continue productivity in digits year. the I mentioned up site increased the the that so expect we'll year-over-year we quarter, has it double

I order free our rapidly the and also productivity. at more site mentioned are to in We personnel up remarks, - introducing time introductory my in also technology increase

that. or stage dramatic pipeline to there of different from fulsome - the add your you they cetera. attributed weakness Danaher, could lot that about seeing protects your are how a a of you very of Thermo, If companies there's et could are companies been to is also slowdowns. I other this positioning mean, what Maybe seeing, talk Very, that I have Yes. lot week mean, answer. just I

your answer Yes. I mean the in is question.

clinical looked do numbers. primate you spot We that. it is operate the continues III years, it's We what at zero. the even momentum. Phase the have for primate by X issue stuff. all affected We've at process, the see very of trial the already majority strong And of in vast the not our in We're sweet issue, we a wouldn't in next

on number the clients. FSP are And incumbents of the we we in know continue board it's displaced the I in marketplace. gave large just to We true occasions winning across gain examples share. segment, with a in oncology, I

is don't the coming whatsoever mentioned encountered. peak year really not issues and is say David. I work, we you, pre-pandemic to that now a operational amazing think said attrition see so more the back and enables I said good. attrition that, I levels front, ago, faster. I issues no very do down. more levels, that us actually are any lot the the to is well had have lot a attrition, which horrendous before - which a XX% over I - on barely R&DS mean, of we than below which that we're And Thank for and the I execution XX%,

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

Your line is open.

I a on of couple morning. want good fronts. on Thanks, to hit reimbursables

off, big bit First quite I quarter, a looks expected less revenue faster like comp revenue, on a would it grew reimbursable COVID revenue. have this it was such actually than service

have the contract there? of industry there volatility is the that's more. seeing what big would headwind, Or terms it exposure less company-specific something mixed is driving of expected over So bag did outside just I underlying reimbursables that Is COVID or in the dynamic the you timing? higher? with all COVID We're pass-through

full suggest, read of volatility COVID trials. executed. work, reimbursable what for of much Well, this disappearance as you less the quarter of depends and COVID in mix on because actually was, basis, wouldn't expecting on those Okay. the very expenses which look, the we're I pass-through expenses because you a year the obviously vaccine high

-- by way, asked the same do I you I'm the the And the similar why note our they I religiously not -- gave at -- with me that read question -- the first or and be agree the and team when I to don't I we the I before more to call, know first is to you honest, you book-to-bill our flash think draft reported asked your So rationale. less book-to-bill XXX, X.XX. only we I ,

to is in happen. seen quarters, the recent expected have essentially which we to you've converge, what tended essentially numbers As

happened discrepancy think which the the it reimbursable is you as a there you last happened very or expenses what of we as not than close none bookings. is ago that. understanding Nick extra of or expenses give a our that change that if to quarter again, it wouldn't years is book-to-bill. on X We terms it standard more this and and when book-to-bill, actually was of more granularity going ex big -- might Eric's do any when in is of and But will it's or here the The quarter, and competitors color is in to reimbursable But quarter report give XXX significant breakdown disclosed I there helps level the read in you or quarter, Ron, any commentary question.

quarter. in this just XXX quarter. years Yes. correct in the a and be on XXX higher there in pass-throughs years what little on with We we'll work over have And exactly time rolling you're revenue book-to-bill, and I too much services and is wouldn't a there But the pass-through versus from X, longer it's pass-through as a a versus the we're wasn't X the in change off, quarter-to-quarter did book-to-bill. X since significant the Look, the COVID read to bit decline period, yes, about, the revenues. in into book-to-bill -- now difference said, Ari to talk analysis we talk should the there's accounting when on only

there faster recognize modeling few pass-through the - past this on don't this NDS the in - true on built Yes. I - next is more were That's as based on that you'll know the why don't accelerated. revenue. the I first did result, a we during backlog. -- quarter same past we because again, And I our just I going And Eric, quarter. quarters we think it's the a we - execute It's the we mentioned more saw. see

Can have one follow-up? I

Go Normally, no, but you. Thank it's ahead. you.

for wanted juggling flow here. reports to on and and hit expectations we're just the overlapping year, through cash I

this. So you mention I the quarter? the what in I'm missed DSO Did was sorry if

we give number. No, DSO explicit didn't an

number. fact, typically In a give don't we

quarter, the is of a in in because thing want comp flow incentive were comp remind the cash our flow quarter paid incentive We annual would for is back weak to You quarter. the with calculate. typically One guys most cash first can everyone quarter. happy in first the -- I it's

strong some but too. is unusually with there's were happy biggest. quite strong flow. as strong. last comp probably cash was impacts not Yes, first tax cash year the quarter for It We was our year, flow as Incentive and last an

Yes.

we improved it's flattish, So right? if

is year-over-year on basis, quarter-to-quarter with the On a DSOs to a through bit basis do COVID-related up lot that a got. a has that flattish. little fairly it's the of we advances and burning

So it expected. was fully

much. very it. Appreciate Thanks

of next Smock comes Max at from Blair. the Your line question William

is line Your open. now

for not to in one shortage NHP years. wanted would just clarify, I I said clarify it the to see any And just comment the questions X that your earlier situation. impact you continues from about next response to of you Dave's wanted the NHP even if

limit later-stage more the would of your into kind that great exposure drugs trials over internally wouldn't here? done some number the about Just work potential hear wondering, to Just be getting the at to of evaluate point, you've next...

they we don't other will happen. worried but I be become mean, I about all. -- I this and don't Again, in theory, that yes, mean models, eventually not there at available. will we're expect to

get just the to trials. Yes. The III related takes discovery II and length X time of between that. long from in the There's years a it Phase to delay work Phase the

there is happen. it theoretically, protracted if industry. affects yes, We to that in don't of a expect the course, issue, So everybody

Okay, you. great. Thank

the Your Securities. of Guggenheim Sandy question from comes next Draper at line

open. now is line Your

much. very Thanks

to Eric's process can list. notes. I his I I I get need that. on like think can't fast flash quick get distribution it do sounds enough to

burn. was backlog assumption less question. little about sequentially it from burn to bit talking interest looks on is Ari, what I'm maybe the or a reconcile terms [ph] a were there's trying stepped the in my little down of from bit reimbursables. So the My my question, fourth quarter backlog to you calculation, Ron, X.X%. On X% like

think I But would less COVID course of Thanks. that. out do sort which of trend have burn just to expecting et backlog faster the as So Or X.X% stable you work, wanted to verify is cetera, year? think down the play this about off it reasonable you're over is to it how you then thinking the burning, of

Look, tell I in quarter, next those And affect had calculate to burn a up you'll the there. quarter, in strong like lot you the pass-through particularly some, I quarter's quarter-to-quarter which on of then wouldn't we to pay emphasis bookings, like see internally. backlog lot the attention variations we trial. later you, burn fourth impacts the one as get It's like pushes a backlog but put that burn it something of that any you'll can not very rate. tend

complicated So we overall, to trial. to in made longer, on work the more oncology particular, slower be tend burn Ari trials, in trials point, tend as

on others So it we of the projects, some may more the but of a average consideration have industry is based variation driver. than slower long-term mix macro burn that's upon in sort particular of our a than quarter-to-quarter

Okay, helpful. Ron. Thanks, great. That's

Your Cowen. next from line comes question Charles of Rhyee TD from the

is Your now open. line

Hi. I dig Charles. This segment. is Lucas on the for want TAS into to

about seeing softness You XQ. consulting guys in analytics and talked some

real-world performed platforms? in you called of some out also how wins real-world talk evidence within performance and more evidence. offerings XQ, more other the in Can technology specifically guys the and they You about TAS

solid together we them very about because technology, faster the Look, be tend to the real and and our in to growers continued world they're talk growers quarter.

be lot was and information is shorter because that business really We've As grower. it about in a down the slowed delayed. business being slower consulting and the that out, can a always cycle quarter Ari talked of pointed analytics

that. know you So about

a bit business really some really together, business. kind of of underlying we why the that. And as It's relates versus in as in being the of and piece business, saw That's TAS to so difference the rate you the growth shorter quarters prior a that little slowdown cycle core simple consulting analytics delayed. it

of Your next Bank question comes of Bruin of from the line De Derik America.

is open. line now Your

than dynamics, in that? terms of reducing This Yes, you're be target. is what Will would has I to there the biotech impact which prepared wondering spend just explore from Chaff those you the larger of you Is of that great. the seeing the But R&D that you a environment. if pickup helping acquirer any obviously at flagged could on there the for been is in know I'm funding the M&A, Derik. remarks,

you. Thank Yes.

do included to the funding It's nothing numbers. spend M&A to clarify, Just with the not in funding. has

are heightened and is tailwind a M&A obviously, for points. plus, The different these two activity So and is independent a us.

buying be work know, that you needs clients done. for large molecules to got which As are we've

is this you. a favorable Thank trend So us. for generally

of next Credit question comes Suisse. Dan line from Your the Leonard at

is line Your now open.

you. Thank made difference could sequentially trends volume there you. a that value And you that and grew was volume you RFPs is and I any between that's number. I XX% just hoping RFP trends? Thank assume comment revisit

The growth incorrect. in Thank your No, mentioned we assumption numbers dollars. you. are is

Yes.

are the all It's we've on all So numbers volume. given, Dan, call dollar-based. that a growth the not

that's how it to And important. because we track that's tend what's

Elizabeth comes Evercore Anderson question the ISI. next at line of from Your

is now line open. Your

for it this volume. terms Thanks guys. just and talked Hi, the contribution about I in I of the in just question. you you you total pricing comment of said year? to dollars wondering if dollar the know terms was could R&DS on

over like year. mid- to revenue TAS Are high the that terms still in sort of of you sort in continue type accelerate thinking then And be see pacing half Thank range? of the single-digit should just you. of the to that of we back secondly,

on on comment What first The just correct. I'm the That's the was pipeline. Yes. sorry. currently question? based our expectation TAS is

Yes, there, hear sorry. I I'm your question didn't first

It could quarter contribution just on Sure. pricing the have of of terms in first to contributed was that revenue year-over-year basis? sort the of a results in increases

was Nothing negligible.

vary pick years, I pricing Yes. from of X remember, get I wouldn't and it if for mean, get upfront. all you it kind to mean got trials all that don't a Elizabeth. again, up. anything all I X to to We while the say large, takes are

course the So the trials. of the over leads in pricing

question, will more we one please. And take Okay.

you. Thank

ahead. Justin comes the at final of line question Bowers Deutsche go Please Bank. from Your

Thank you.

market you Just sort for for access of to you. studies that? a Thank that between you a marketplace tailwind are when pricing of lead on are bit And respect approvals? IRA that can the change sort FDA done two-parter. business, in One little with then in bit also RWE, hearing with any and us might the demand there of and time educate velocity a of a be the seeing

Yes. Thank you, Justin.

first any... the On you Nick, have question,

on real different. You growth world nothing said the -

strong. Remains

same. changed the really on Remains very side. nothing real-world - strong, Nothing

sometimes get do around really trial, good before are they who -- well early, early clients we before it's the approval. And it the studies approval, the There results when to really, to FDA start - On like even they data get varies. sometimes in strong, is want of the prepared. time are those the

Sometimes the on it's a it little later. Again, it depends, depends by the market. way,

Europe has geographies markets the do cetera, a to in may Some when with and Europe drug it clients others, approvals occur. et before to introduce in specific in in or some decide

delay discretionary. really it. quarter-on-quarter to [indiscernible] you why, it So is no going that's lead There's be you can And It's but done, time. varies. to have again, when do

I of picking on IR share on quick sponsors you're it into you are field is just that about thinking full the it both to into you appreciate [indiscernible]. guys is leaning it legislation? specific leaning in the it. area? those relates some that those R&DS, the a more - And are seeing are Are gains Yes. there. follow-up we're making just or market may, up RWE, service board I more things if in there And on as across just any the Is the there? just Or

Okay.

briefly questions. the and days one, any rest for answer Justin, going will day to four that last just suggest next few you then be the And your I questions. of available team I'm here and further thank the the to answer the

share, I've did way and But there's again quarter. no before, on it. market about the question said this your it - we around

share, are that's well. terms the in that's in on segments, And we remarks, growing as it's ratio was have my can base revenue, gaining the board, this a assume the there faster again, mentioned in I it We by but a then is quarter therapeutic are introductory segments, specific ongoing. lot oncology, in across The area. gain around a we largest past of book-to-bill and that we particularly share know significant high FSP you

give So Thank share. that's you. the I on you color can

Childs, questions. no back turn call there At time, I'll are Mr. the further this over to you.

joining and Thanks, everyone. day to be on might to the quarter today, Thank us team follow-up you, the other any call. second everyone, earnings you to take forward will and we have. of rest again available you look Myself the speaking for questions our

concludes Thank This call. today's you. conference

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