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Salesforce-Certified-Sales-Cloud-Consultant Study Guide - Certified Sales Cloud Consultant Updated: 2023

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Exam Code: Salesforce-Certified-Sales-Cloud-Consultant Certified Sales Cloud Consultant Study Guide November 2023 by team

Salesforce-Certified-Sales-Cloud-Consultant Certified Sales Cloud Consultant

Content: 60 multiple-choice/multiple-select questions and 5 non-scored questions

Time allotted to complete the exam: 105 minutes

Passing score: 62%

Registration fee: USD 200, plus applicable taxes as required per local law

Retake fee: USD 100, plus applicable taxes as required per local law

Delivery options: Proctored test delivered onsite at a testing center or in an online proctored environment. Click here for information on scheduling an exam.

References: No hard-copy or online materials may be referenced during the exam.

Prerequisite: Salesforce Administrator credential

Please note: When evaluating questions and answers, please consider all currently available features including those available in either Lightning Experience or Salesforce Classic.

The Salesforce Sales Cloud Consultant test measures a candidate’s knowledge and skills related to the following objectives. A candidate should have hands-on experience implementing Sales Cloud solutions and have demonstrated the application of each of the features/functions below.

Industry Knowledge: 7%

Explain the factors that influence sales metrics, KPIs, and business challenges.

Explain common sales processes and key considerations.

Describe the common marketing processes and key implementation considerations.

Implementation Strategies: 12%

Given a scenario, determine how to facilitate a successful consulting engagement (plan, gather requirements, design, build, test, and document).

Given a scenario, determine appropriate sales deployment considerations.

Given a scenario, measure the success of a Sales Cloud implementation project.

Sales Cloud Solution Design: 21%

Given a set of requirements, design an end-to-end sales process from lead to opportunity to quote to close to order.

Given a scenario, analyze customer requirements to determine an appropriate solution design considering capabilities, limitations, and design trade-offs.

Given a scenario, identify an appropriate approach when designing the lead conversion process.

Describe the implementation considerations when designing a sales process. (validation rules, automation, record types, page layouts, and triggers).

Given a scenario, determine when it is appropriate to include custom application development or a third-party application.

Describe the appropriate use cases for Account and Opportunity Teams and the effect on sales roles, visibility, access, and reporting.

Explain the capabilities and use cases for Enterprise Territory Management.

Explain the capabilities, use cases, and design considerations when implementing Orders.

Explain the capabilities, use cases, and design considerations of Salesforce mobile applications pertinent to the sales process.

Explain the capabilities and use cases for Sales Cloud Einstein as it relates to the sales process.

Marketing and Leads: 8%

Explain how marketing capabilities support the sales process.

Given a scenario, recommend appropriate methods for lead scoring and criteria for lead qualification.

Explain the best practices for managing lead data quality.

Describe the best practices for using lead automation tools and campaign management.

Account and Contact Management: 13%

Given a scenario, explain how the ownership of account and contact records drive visibility of related sales information such as opportunities, activities, etc.

Explain the various methods for establishing relationships between accounts and contacts.

Given a scenario, explain the impact of having an account hierarchy.

Given a scenario, explain the methods for populating and maintaining account and contact data using data enrichment tools.

Given a scenario, explain the use cases and implications for implementing person accounts.

Opportunity Management: 13%

Given a set of requirements, determine how to support different sales process scenarios.

Given a scenario, determine the relationships between sales stages, forecast, and pipeline.

Given a scenario, describe the relationships between opportunities to assets, product line items and schedules, price books, quotes, contracts, campaigns, etc.

Given a set of requirements, determine the appropriate forecasting solution.

Describe the implementation considerations of multi-currency and advanced currency management on Opportunities.

Sales Productivity: 9%

Given a scenario, determine the key features that help to enable and measure sales productivity and adoption.

Identify use cases and considerations for using email and productivity tools.

Given a scenario, identify the appropriate mobile solution to Strengthen sales productivity.

Explain the use cases and best practices for using Chatter to enable collaboration in the sales process.

Sales Cloud Analytics: 9%

Given a set of desired metrics, determine the appropriate report, dashboard, or reporting snapshot solution.

Describe the implementation considerations of multi-currency on reports and dashboards.

Given a scenario, determine permissions and access to Reports and Dashboards.

Integration and Data Management: 8%

Explain the use cases and considerations for integrations common to Sales Cloud implementations.

Explain the use cases and considerations for data migration in Sales Cloud.

Given a scenario, analyze the implications and design considerations of large data and transaction volumes.

Explain how integration facilitates the exchange of data between Salesforce organizations.
Certified Sales Cloud Consultant
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Certified Sales Cloud Consultant
Question: 90
A Consultant is configuring Einstein Forecasting to help the sales team predict how much they will sell by the end of a
forecasting period.
Which two considerations should the consultant keep in mind to ensure that predictions are displayed? Choose 2
A. Predictions are based only on thestandard close date and Amount fields.
B. Predictions are only shown when at least 12 months of Opportunity data exists.
Answer: A,B
Question: 91
Cloud Kicks (CK) operates in multiple countries and wants to track historical exchange rates. The consultant at CX
has implemented dated exchange rates by using Advanced Currency Management.
How is the converted currency amount calculation on Opportunities determined?
A. The close date regardless of the opportunity stage
B. The close date only when the stage is closed
C. The current exchange rate regardless of the close date
D. The exchange rate at the time the opportunity is closed
Answer: A
Question: 92
Cloud Kicks wants to utilize Opportunities to report and track subscriptions to its Shoe of the Month club. Subscribers
can make a single payment or pay weekly, monthly, or quarterly.
Which solution should the consultant recommend to meet the requirement?
A. Enable schedules on the Product object.
B. Activate schedules on the Opportunity object.
C. Implement contracts with a lookup to the Opportunity object.
D. Configure assets with a lookup to the Opportunity object.
Answer: A
Question: 93
Cloud Kicks is concerned that the sales team is taking longer to dose opportunities in comparison to the same time last
year. The VP of sales wants to determine the number of closed deals on a monthly basis and compare the month-over-
month results.
Which two actions should the consultant take to meet the requirement? Choose 2 answers
A. Create a report based on the Opportunity reporting snapshot.
B. Create a dashboard component and schedule the dashboard to refresh monthly.
C. Schedule a reporting snapshot of the Opportunity History object to run monthly.
D. Schedule a reporting snapshot of the Opportunity object to run monthly.
Answer: A,D
Question: 94
During the requirements gathering workshops at Cloud Kicks, the project team and subject matter experts bring up
new ideas to incorporate4 into thecurrent project.
Which best practice should the consultant use to refocus the meeting and stay on topic?
A. Tell key stakeholders that the team is focused on other ideas,
B. Remind the team of the purpose and scope of this project.
C. Incorporate the new ideas into the solution design.
D. Invite only the subject matter experts to subsequent workshops.
Answer: B
Question: 95
The admin at Cloud Kicks needs to understand the adoption of Salesforce Files and multi-factor authentication.
What should a consultant recommend analysing adoption?
A. Review the Setup Audit Trail.
B. Create a report forthe Login History object.
C. Run the Salesforce Optimizer.
D. Open the Lightning Usage App.
Answer: C,D
Question: 96
Cloud Kicks sales reps want to see all of their current opportunities, and the full details, with a minimal amount of
navigation or dicks to cycle through them.
Which functionality should theconsultant recommend?
A. Construct a new Sales Console app including opportunities.
B. Create a My Opportunities report and open each opportunity in a new browser tab.
C. Create a My Team Opportunities report and open each opportunity in a new browsertab.
D. From the My Opportunities list view, select the Split View option.
Answer: D
Question: 97
Cloud Kicks(CK) is migrating Account and Contact information from a legacy CRM system into Salesforce using
Data Loader. Accounts in the legacy system have a unique ID field that is used to related Contacts to Accounts in the
legacy system, CK wants to automaticallymatch these Contacts to the relevant Accounts when loading Contacts into
What should a consultant recommend to meet the requirement?
A. Create Mater-Detail on Contact.
B. Create Master-Detail on Account.
C. Create External ID on Contact.
D. Create External ID on Account.
Answer: D
Question: 98
Cloud Kicks (CK) VP of technology wantsto start using Salesforce for all the sales teams automation. CK migrated
70 million records from a legacy database to the datawarehouse that will be synced with Salesforce. CK wants to
search and cross-reference records with the original source database.
What should a consultant recommend meeting this requirement?
A. Use the standard External ID field and map this to the source record ID value.
B. Use a custom External ID field and map this to the source record ID value.
C. Use the standard External ID field and map this to the Salesforce record ID value.
D. Use a custom field named External ID and map this to the Salesforce record ID value.
Answer: B
Question: 99
Multiple sales reps work together to close opportunities at Good Kicks. Management needs to know how much each
sales nap receives onopportunities they dose to maintain accurate quota reports.
Which solution should a consultant recommend to meet the requirement?
A. Set the organization-wide sharing default for the Opportunity object to Private.
B. Create custom fields on the Opportunityobject for sales reps to enter a credit percentage.
C. Enable Opportunity Spats and add the Opportunity Splits related list to Opportunity page layouts.
D. Enable Opportunity Team Selling and create a report grouped by Opportunity team member.
Answer: C
Question: 100
Cloud Kicks is in the process of implementing Salesforce for its sales teams. Senior management has concerns about
What should a consultant recommend to encourage adoption?
A. Establish goals and key metrics.
B. supply users access to a Sandbox environment.
C. Define the sales process.
D. Plan a first release with minimum features
Answer: A
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With well over $10 billion in revenue, serving more than 150,000 customers, and plans to grow 100% in the next few years alone, Salesforce needs no introduction.

Since they began the cloud software movement in 1999, Salesforce has revolutionised CRM software with cloud technology. Today, Salesforce helps its customers use the cloud to Strengthen the way they interact with their customers across sales, service, marketing, and more.

Key to the company’s continued success is its “trailblazer” ethos: Just as its co-founder/CEO Marc Benioff sparked a cloud revolution by challenging the status-quo, Salesforce encourages employees to innovate, whether they’re a top executive or entry-level employee.

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Written by the Priests and Pastoral Associates of Priests for Life


This study guide is based on the Vatican Translation of Humanae Vitae


Table of Contents:



Introduction to the Study Guide

Summary of the Introduction to the Encyclical and Section I: New Aspects of the Problem and Competency of the Magisterium

A Summary of Section II. Doctrinal Principles

Summary of Section III. Pastoral Directives 

Essay: Finding Our Way Back Home

Essay: Life, Purity and Humanae Vitae

Essay: The Transmission of Life -- On Whose Terms?

The Contraception of Grief: A Personal Testimony

Glossary of Terms




A Study Guide to Humanae Vitae

Fr. Frank Pavone, National Director, Priests for Life


Forty years is not a long time in Church history. Indeed, we are still living in the moment of Humanae Vitae (issued on July 25, 1968), and of the challenge it presents to the world.

Humanae Vitae does not identify the key problem of our day in the realm of sex or birth or "the pill," but rather in the myth that we can be God. Pope Paul writes at the beginning of the document, "But the most remarkable development of all is to be seen in man's stupendous progress in the domination and rational organization of the forces of nature to the point that he is endeavoring to extend this control over every aspect of his own life -- over his body, over his mind and emotions, over his social life, and even over the laws that regulate the transmission of life” (n.2).


The Pope here is painting a wider vision of the problem. We think everything belongs to us, but the reality is that we belong to God. "Humanae Vitae" means "Of human life." Human life came from God, belongs to God, and goes back to God. "You are not your own," St. Paul declares. "You have been bought, and at a price" (1 Cor. 6:19-20). Sex and having children are aspects of a whole cluster of realities that make up our lives and activities. We suffer from the illusion that all of these activities belong to us. “This is my life, my body, my choice.


The problem we face is not that our society is obsessed with sex. Rather, it is afraid of it-- afraid of the total reality and power of what it represents, where it comes from, and where it leads. Sex properly understood requires that we acknowledge God who made it. More than that, sex can never be separated from its purpose: to insert us into this immense, powerful movement of life and love that started when God said "Let there be light" (Genesis 1:3) and culminates when the Spirit and the Bride say "Come, Lord Jesus!" (Revelation 22:17).


Sexual activity means so much that it is wrong to diminish its message or deny its full reality: it belongs in the context of committed love (sealed by marriage) and openness to life precisely because this is the only context great enough to hold its message and reflect the greater reality to which the gift of sexuality points us and to which it commits us.


This is a reality that is bigger than all of us. It is the self-giving which starts in the Trinity, and is revealed in a startling way on the Cross, and then challenges each of us in our daily interaction with others, with God, and with our own eternal destiny. It is so real and so big that it is scary. That's why so many today are afraid of the full reality and meaning of sex. That's why Pope Paul VI wrote Humanae Vitae.


That is also why our Priests for Life pastoral team wrote this Study Guide. We have also established a special website,, to promote the teachings of this document. It is our daily prayer that this effort will lead many believers to understand, embrace, and proclaim the beautiful truth of human life. 




James J. Pinto, Jr., M.E.V.
Editor: A Study Guide to Humanae Vitae 


This Study Guide will be most effective if one first thoroughly familiarizes himself with its content and layout. Review the table of contents and the location of each section listed. The Study Guide is to be used by an individual or group as a side by side companion with the text  of Humanae Vitae included in this booklet. The three Essays offer unique insight with questions for further discussion. The Contraception of Grief: A Personal Testimony presents a riveting and practical witness to why Humanae Vitae is the wholesome truth.


The Glossary assists the reader in clarifying some key terms contained in the Encyclical. Glossary terms are listed by the number/paragraph in which they first appear. The terms will be marked with an *asterisk in the Humanae Vitae text as a note to the reader that the term is contained in the Glossary. 


After practicing Fr. Pavone’s Foreword one should read the Summary of the Introduction and Section I, followed by the practicing of the Introduction and Section I. of Humanae Vitae itself. After completing the Introduction and Section I. of Humanae Vitae; the reader answers the series of questions below the Summary of the Introduction and Section I.  The sequence followed for the Introduction and Section I is repeated for each following section: practicing the Study Guide Section Summary, practicing of the corresponding Encyclical section itself and returning to the Study Guide questions for that particular section. The questions are meant to refer the reader back to particular paragraphs/numbers (n.or n.n.) of that section where he/she will find the answers. One may work on the answers to these questions while practicing the paragraph/number, or, wait until he/she has read the entire section and then complete the answers. Continual returning to the text of the encyclical helps emphasize that the document itself is the primary source of instruction and the basis for individual and group applications. 


The three Essays have several questions at their conclusion to help foster reflection and discussion. A personal witness to the truth and wisdom of Humanae Vitae is presented in The Contraception of Grief: A Personal Testimony. 


This Study Guide is meant to be a “springboard” to delve more deeply into Humanae Vitae and its themes, in order to stimulate reflection, and a lifestyle of holiness. 


For those considering the possibility of facilitating a study group, this study guide lends itself to a discussion study group method of learning. While a leader/facilitator encourages the group and keeps it “on track”, it is the individual sharing and group dynamic that contribute most to the learning process. The facilitator is not a lecturer, neither is he there to supply all the answers. The facilitator seeks to shepherd the group learning process and does everything possible to solicit their contributions. Members interact and learn from everyone, including the facilitator. A Facilitator’s Guide is available through Priests for Life at The Facilitator’s Guide seeks to assist you in leading a group and lays out suggested study sessions.


It is our hope, that on the fortieth anniversary of Humanae Vitae, this study guide will assist in promoting the Church’s clear and authoritative word on transmitting human life. May all who hear this true, prophetic and lovely word be assured that: the Church has always issued appropriate documents on the nature of marriage, the correct use of conjugal rights, and the duties of spouses. These documents have been more copious in recent times. (n.4)


Mon, 23 Oct 2023 11:59:00 -0500 en text/html
HubSpot vs Salesforce (2023) – Which CRM Is Best and Why?

Our content is funded in part by commercial partnerships, at no extra cost to you and without impact to our editorial impartiality. Click to Learn More

Our research shows that HubSpot is better than Salesforce for sales and marketing, as well as being one of the best CRMs for small businesses, thanks to its robust free plan. On the other hand, Salesforce is better than HubSpot for customer service because it offers more communication channels to reach customers.

If you're in the market for CRM, you've almost certainly heard of Salesforce, as its easily the most popular CRM in the world, boasting a whopping third of CRM market share. Subsequently, Salesforce offers a lot of pricing plans for different sizes and types of businesses, which is why getting a quote for your business is likely your best move.

Still, the HubSpot vs Salesforce matchup is a lot closer than you might think. In this guide, we'll cover all the specifics about these two CRM providers — from features and pricing to customer support and ease of use — and explain when and why one might be a better fit for your business.

We'll be pitting HubSpot vs Salesforce head to head throughout this article. Of course, these aren't the only CRM tools to consider. Check out some of these further alternatives, below. Or, scroll on to learn more about Salesforce and Hubspot.


HubSpot vs. Salesforce – Which Should You Choose?

Before we get to all the nitty gritty details of HubSpot vs Salesforce, understanding the fundamental differences between the two popular CRMs will help you make a decision when it comes to choosing for your business. Here are some basics about the differences between HubSpot and Salesforce:

  • HubSpot is better for small businesses than Salesforce
  • Salesforce is better for larger businesses than HubSpot
  • HubSpot offers an easier to use interface than Salesforce
  • Salesforce offers better analytics and reporting tools than HubSpot
  • HubSpot has better sales and marketing features than Salesforce
  • Salesforce has better customer service features than HubSpot
  • HubSpot offers a free forever plan, and Salesforce doesn't

In earnest, Salesforce and HubSpot are a lot more similar than many other popular CRM providers in the market, but the free forever plan is a big differentiator between the two. Salesforce not only has no free plan, but also has a higher price tag than most HubSpot plans, which is why the former is better for larger businesses, and the latter more focused on smaller businesses.

Read to compare CRM providers?

Salesforce isn't the only name in the game.

HubSpot vs Salesforce Pricing

Both HubSpot and Salesforce can become very expensive, very fast, which can be concerning for businesses trying to navigate the looming recession. That's why it's essential to only sign up to the tiered plan that's right for the needs of your business. You can use our simple CRM tailored quotes form to narrow it down and get a price quote to help you decide.

Of course, HubSpot has one advantage over Salesforce – there's a free tier to HubSpot CRM. This isn't a short-term trial, either – you can use HubSpot free forever, should you choose. But, on the paid plans, you'll have far more HubSpot features – and these paid plans aren't always better value than Salesforce equivalents.

Both HubSpot and Salesforce offer industry-specific options, each with their own set of plans. This means that entry-level plans for sales businesses, for example, could be a different price than those of marketing businesses. Take note of that while checking out the breakdown below.

HubSpot Pricing

First off, we'll start with the Hubs. HubSpot offers three different types of service, or Hubs, aimed at the different purposes of CRM: sales, marketing, and customer service.

The Sales Hub and Service Hub are priced similarly, but the Marketing Hub is a bit more expensive, which is commonplace for marketing-focused CRM providers. Take a look at how these HubSpot Hubs match up against each other below and read on for an in-depth look at each Hub.

Check out our complete guide to HubSpot pricing for more information

HubSpot Sales Hub pricing

The HubSpot Sales Hub starts off quite affordable, but as you can see from the table below, it gets expensive pretty fast. The entry price is enticing, particularly considering the free plan is available, but the advanced features — like lead scoring and custom reports — don't unlock until you hit the Professional plan, which is far above the industry standard on price.

It's also worth remembering that the Sales Hub pricing plans have a minimum number of users required and per user pricing, so you'll definitely be paying more than the per month price listed. Here's how all of the HubSpot Sales Hub plans match up against each other:

(minimum 2 users)

(minimum 5 users)

(minimum 10 users)

Predictive scoring

HubSpot Service Hub pricing

As is also the case with Salesforce, the Service Hub is identically priced to the Sales Hub. This means that the prices start pretty competitive in the entry-level plans, but they get expensive fast. While the Starter plan is quite competitive in the industry, substantially undercutting Salesforce, the Professional plan ramps up the price by a lot, with the Enterprise sending it up even further.

Like the Sales Hub, the HubSpot Service Hub also has the same minimum user requirement and per user pricing, so your monthly cost is going to be higher than these listed prices. Here's how the HubSpot Service Hub pricing plans match up against each other:

(minimum 2 users)

(minimum 5 users)

HubSpot Marketing Hub pricing

If you thought the Sales Hub and Service Hub options were expensive, just wait until you see the Marketing Hub options. Prices are decidedly higher compared to HubSpot alternatives, although the Starter plan still stays below the comparative Salesforce plans by quite a bit.

The Marketing Hub does away with the per user pricing, and instead charges users based on the number of marketing contacts they would like to reach, starting at 1,000. Here's a breakdown of the Marketing Hub pricing plans:

Salesforce Pricing

Similar to HubSpot's Hubs, Salesforce offers different types of services depending on your needs, dubbed Clouds, for sales, marketing, and service. Each one offers a different set of pricing plans, but Salesforce offers some mix and match options that can save you some money if you want dual functionality.

Much like HubSpot, the Sales Cloud and Service Cloud are priced similarly, and can be combined for a cheaper option. Again, the Marketing Cloud is much more expensive, as it provides a wide range of additional features that are more valuable.

Check out our full guide to Salesforce pricing for more information

Salesforce Sales Cloud

The Sales Cloud is arguably the most popular option from Salesforce, despite being quite expensive compared to other Salesforce alternatives. The starting price is well ahead of the industry average (around $15 per month), and the more expensive plans are indeed far ahead of the market. Still, as one of the more feature-heavy options on this list, you're definitely getting what you pay for.

Unlike HubSpot, Salesforce does not have user minimum requirements for its plans, so what you see is what you'll pay for all options. Check out how these plans match up against each other below:

File storage: 1GB
Data storage: 10GB + 20MB per license

File storage: 10GB + 2GB per license
Data storage: 10GB + 20MB per license

File storage: 10GB + 2GB per license
Data storage: 10GB + 20MB per license

File storage: 10GB + 2GB per license
Data storage: 10GB + 20MB per license


Salesforce Service Cloud

In the same way that the Sales Hub and Service Hub cost the same for HubSpot, the Sales Cloud and Service Cloud from Salesforce also have nearly identical pricing, although the Service Cloud offers a few more pricing options, with five plans instead of four, adding an Unlimited+ plan that costs quite a bit more for advanced functionality like generative AI features.

The Service Cloud also doesn't have a minimum user requirement, so you'll pay the amount you see on the table below. Check out how these plans match up against each other now:

Website Live Chat Comms Channel

Requires Telephony Integration

Requires Telephony integration

Requires Telephony Integration or Service Cloud Voice Add-on

Yes – but limited to 1 license

Additional cost

Yes (Maximum of 2).

Yes (maximum of 2)

Yes (maxium of 2)

Yes (maximum of 2)

Yes (maximum of 2)

  • Internal knowledge base
  • Agent monitoring
  • Unified Case Queue
  • Task Dashboard
  • Team Comms
  • Manual Ticket Routing
  • User hierarchy
  • Int. knowledge base
  • Team SLAs
  • Agent monitoring
  • Ind. Targets
  • Unif. Case Queue
  • Calendar
  • Task Dashboard
  • Team Comms
  • Manual Ticket Routing
  • User hierarchy
  • Int. knowledge base
  • Team SLAs
  • Agent monitoring
  • Ind. Targets
  • Unif. Case Queue
  • Calendar
  • Task Dashboard
  • Team Comms
  • Manual Ticket Routing
  • User hierarchy
  • Int. knowledge base
  • Team SLAs
  • Agent monitoring
  • Ind. Targets
  • Unif. Case Queue
  • Calendar
  • Task Dashboard
  • Team Comms
  • Manual Ticket Routing
  • User hierarchy
  • Int. knowledge base
  • Team SLAs
  • Agent monitoring
  • Ind. Targets
  • Unif. Case Queue
  • Calendar
  • Task Dashboard
  • Team Comms
  • Manual Ticket Routing

Salesforce Marketing Cloud Engagement

The prices in the Salesforce Marketing Cloud are a bit jarring at first, but trust us, it's for good reason. The outrageously high prices stem from the fact that the Marketing Cloud is filled with a wide range of automation features that can handle operations in a streamlined way. Still, that doesn't change how expensive these plans are, making them clearly aimed at larger businesses than small startups.

Thankfully, these plans don't have a minimum user requirement either, but at this prices, you're going to be paying a lot no matter what. Here are how the Marketing Cloud Engagement pricing plans match up:

Custom automation builder

30 days

30 days

30 days

HubSpot vs Salesforce: Head-to-Head

Now that we understand the basics about how Salesforce and HubSpot differ on pricing and functionality, it's time to dig a little deeper. In this section, we'll explore how HubSpot and Salesforce compare on everything, including features, integrations, ease of use, customer support, reporting and analytics, automation, and training.

Salesforce and HubSpot both have a lot of features

Because Salesforce and HubSpot are both considered high-end CRM options, they both offer a vast array of features for a myriad of purposes. As we've said a few times now, it all comes down to what you need those features for, which is what we'll breakdown in this section.

Marketing features

When it comes to the specific features on Salesforce Marketing Cloud versus HubSpot Marketing Hub, we found that it's honestly not even close. HubSpot Marketing Hub is our top choice for CRM for marketing, thanks to its vast array of marketing channels, including content, social, email, and paid. Salesforce offers some very rudimentary options for channels like social, paid, and content, which is why we supply HubSpot the advantage on this one.

Additionally, we found HubSpot offers more when it comes to customer support, providing onboarding for new users and better customer support when you run into a problem.

Personalization in Email Marketing on HubSpot
Image: testing

Sales features

You'd think with a name like Salesforce that the popular CRM would easily take the cake on sales features. However, we found that HubSpot absolutely holds its own, offering plenty of options for your business. In fact, HubSpot beats Salesforce on features like lead capture and lead conversion. Still, Salesforce offers better customer support, so it's pretty much a toss-up between these two popular options.

The sales forecasting dashboard in Salesforce
Image: testing

Service features

Here is where Salesforce really shines. We found customer support CRM features thoroughly embedded in the Salesforce Service Hub, giving it an edge over HubSpot's Service Hub. It provides more communication channels, more ticketing channels, and more offline functionality than HubSpot.

The only weak spot we found for Salesforce when it comes to customer service features is customer feedback functionality, like surveys, as the CRM offers none to speak of. Still, that shouldn't deter you, as the other features more than make up for this small oversight.

Service Cloud dashboard in Salesforce
Image: testing

HubSpot is easier to use than Salesforce

While a massive feature catalog is a huge benefit for Salesforce, we found that it does create a lot of extra work, which can seriously impede ease of use – particularly for beginners. We found that the platform is laden with very specific terminology that needs to be learnt before it makes any sense, which could create a substantial learning curve for those unfamiliar with the software.

With HubSpot, you're getting a comprehensive, intuitive interface that is easy to navigate, even if you aren't familiar with CRM software. The biggest highlight with managing business contacts with HubSpot is the tidy user-interface where you view all the information related to a contact. HubSpot has designed a clear way of providing a holistic view of who your contact is, what interaction you’ve had, and where they work.

Simply put, HubSpot is built for ease of use, with a simple layout that will let you easily access all the tools available on the platform. There's even a little help icon at the bottom of some screens, which will provide you with tailored advice on how to move forward (pictured below).

In fact, HubSpot is so dedicated to improving ease of use that it tested its software on drunk users to be sure it's as straightforward as possible, no matter how impaired you might be.

Pop up Help Options in HubSpot
Image: testing

Which features do you need?

See how well each top CRM service functions now:

Salesforce has better customer support

While Salesforce may be lacking in the ease-of-use department, we found the customer support options to be quite robust, which can make it worth the hassle. Not only does Salesforce offer a huge catalog of online documentation and tutorial videos that can help you figure out any issues, but you'll also become part of the massive Salesforce community of users, who can help you solve any problems.

Our researchers found that HubSpot does not offer 24/7 live support on any of its plans, even the ones that cost thousands of dollars per month. Salesforce, on the other hand, provides it for an additional cost, and includes it for all Unlimited plans.

If you require an real person to walk you through the complication of Salesforce, you're all set there too. Once you're logged into the platform, you can phone, email, and live chat with representatives to hammer out the details of your problem, so you don't have to rely on forms and forums to get it done.

Best for growing businesses


  • 30-day free trial
  • Tailored pricing plans
  • Provides sales and service functionality
  • Lots of analytics and data provided


  • Lacks basic marketing features
  • Limited help and support functionality
  • Busy interface can be hard to use

Salesforce has better reporting and analytics

As you might expect, Salesforce's robust feature catalog comes with equally robust reporting and analytics functionality. We found the built-in system to be widely customizable, just like the rest of the platform, giving you complete control over what you track and how you track it. We found that the best part of Salesforce analytics was that it allows you to store large levels of information, including emails, tasks, call logs, contact information, outreach campaign data and lead information.

Plus, with the new analytics add-on Tableau, you'll be able to get a full 360-degree view of how your customers interact with your business, giving you more actionable insights for improving sales.

HubSpot also offers a lot of reporting tools, and they're quite comparable to Salesforce actually. However, the only metric you get in every plan is to view revenue data, while other features like custom reports and sales forecasts are only available in the more expensive plans, which means you'll have to pay a lot to get access to the same features.

An example Sales Rep dashboard in Salesforce Sales Cloud
Image: testing

HubSpot and Salesforce offer lots of integrations with other software

While both HubSpot and Salesforce are considered two of the most robust CRM options on the market, they can't do it all. In that case, you might be interested in integrating these platforms with other third-party apps that can, in fact, do it all. Fortunately, both Salesforce and HubSpot offer a lot when it comes to integrations, so no need to worry there.

Both HubSpot and Salesforce offer massive app stores that can unlock a wide range of functionalities for your business. They can integrate with Google Workplace, WordPress, FreshBooks, Eventbrite, and dozens of others.

HubSpot Salesforce Integration

If you really can't decide between the two, HubSpot has a peculiar feature that allows you to sync information from Salesforce into HubSpot and then back again. This is very different from the usual features that let you import data from Salesforce in order to migrate to a new platform. It seems curious to offer deep integration with a competitor, but there are situations where this integration could become useful. If you already use HubSpot's Marketing Hub, for example, but the sales team is on Salesforce, then this integration could help bridge the gap between the data held by the two teams.

HubSpot's integration is bi-directional, which means you can send information to Salesforce as well as pull information from it. There are limits to how much data you can pull from Salesforce on any given day, depending on how many API calls your contract with Salesforce allows.

This feature is nice enough if you need it, though having both teams on the same platform would be much easier and offer more seamless data sharing. Salesforce integration is not available on the free or Starter tiers, requiring at least Sales Hub Professional.


  • Free plan available
  • Provides sales, marketing, and service functionality
  • Tidy, easy to navigate interface


  • Limited customization
  • Basically no customer support
  • File storage limit to 5 documents

HubSpot has simpler implementation and training

Because HubSpot is easy to use, the setup process is pretty easy. You won't have to spend hours setting up your metrics, your analytics, or your integrations, as most of them will be set up for you upon installation. If you do need a bit of help, you can sign up for onboarding sessions for between $1,500 and $5,000 for your whole team, which is obviously not very cheap.

More specifically, the first part of the onboarding process for HubSpot — where you’re following a demo — is quite easy to follow and provides hands-on information on how to use the platform.

With Salesforce, you're a lot more likely to need the help getting started, and the company offers a wide range of helpful tools to do so. Between the online community of users and the robust support team, you'll be taken care of and you'll need it, too, due to the complicated nature of the CRM. Salesforce even offers training seminars, which typically cost approximately $4,500. Again, definitely not the cheapest option.

In fact, our research found that the setup process for Salesforce was a full three minutes longer than that of HubSpot, mostly due to the clunkiness of the Salesforce platform and the ease of customer data import on HubSpot (pictured below).

Customer Data Import in HubSpot
Image: testing

Salesforce has better automation

One of the primary reasons why a business would sign up for CRM software is the use of automation to make business life a bit easier. Powered by artificial intelligence, these features can make a huge difference in freeing up time and resources for human employees to really get work done.

This matchup is a close one, but in the end, Salesforce's Einstein takes the cake. The AI-powered tool can help you automate a wide range of processes, from lead management to customer onboarding, with a world-leading company's resources behind it. Even better, these automation features are available at a much lower price than HubSpot, which is always beneficial.

Salesforce does, however, have a trick up its sleeve with Salesforce Marketing Cloud Account Engagement. This functionality – which is a part of the wider Salesforce Marketing Cloud – can automate sales funnels for new prospective customers and gives a killer edge to Salesforce's marketing capabilities.

Because CRM software is built on automation, HubSpot has solid options as well, although they're a bit less consolidated. Tools like lead and contact management features automation capabilities, with simple “if this then that” functionality, allowing you to automate where you see fit. Still, our research found HubSpot automation workflows to be complicated, which is unfortunate due to their invaluable nature for sales and marketing teams.

Cases page on Salesforce Lightning
Image: Testing

Other CRM Alternatives

While HubSpot and Salesforce are considered two of the best options out there when it comes to CRM, they aren't the only providers available. In fact, there are plenty of great alternatives to HubSpot and Salesforce out there for everything from marketing to sales to customer service. Take a look at some of the options below or check out our guide to the best easy CRMs for a different perspective on the market.

Best CRM for Sales

Yes, it's hard to beat Salesforce when it comes to sales, as you may have guessed from the name. Still, it's an incredibly robust option that can be a bit intimidating for smaller businesses or just businesses that don't need all those features. If you're looking for a provider that's a bit more manageable, like Zoho CRM, we've done a bunch of research on the subject and can help you find a better CRM for sales.

Best CRM for Marketing

HubSpot is truly a top-tier CRM for marketing, mostly because it offers a robust set of marketing features in its free plan. Even better, our research found that it offers great marketing integrations, like one with Canva that will allow you to design email elements straight from the email editing space.

Still, HubSpot is not perfect for everyone. The high prices and the massive feature catalog can be too much for some, which means that another alternative could be a better fit. Fortunately, we've done the research to find some of the best options out there for CRM for marketing, including options like Pipedrive. Take a look and get started today.

Get started
Click to get started and compare prices for your business

Microsoft Dynamics 365 Marketing

21 days

30 days

14 days

A very expensive option that provides robust email and omnichannel features

The best option for businesses looking to scale

A good option for email, but not great for scalability

A bit too expensive for most, but great for managing teams closely

A good budget option for covering multiple marketing channels

A suitable all-in-one platform for sales and marketing but a bit expensive

Best CRM for Customer Service

Neither HubSpot nor Salesforce are ideal as CRM for customer service, although they certainly provide some robust options to handle it. Salesforce is definitely better than HubSpot for customer service, mostly because we found it to provide a single hub that houses communication, so you can more effectively stay in touch with potential customers, while seeing all the information you need.

Still, we've done the research and found a wide range of other options that might be a better fit for your business. Zendesk is one of our favorite but take a look at some of the other CRM alternatives to get started today.

Website Live Chat Comms Channel
Get started
Click to get started and compare prices for your business

Microsoft Dynamics 365 Customer Service

30 days

30 days

21 days

15 days

30 days

30 days

An fully-featured yet pricey CRM solution with excellent team management tools.

A robust platform aimed at businesses looking to scale

A practical option with lots of channels but no survey functionality

An affordable option with plenty of features for smaller businesses

A great, customizable platform aimed at larger businesses

A solid budget option with low costs and few features

A weak offering with few native service channels available

Requires Telephony integration/Voice add-on on all plans

Requires Telephony integration on Support plans, available on Suite plans

Available with Omnichannel plans

Available with Enterprise plan

Limited to 1 license (Essentials), unavailable (Pro), additional cost (Enterprise)

Available with Omnichannel plans

Available with Enterprise plan

About Our Research

If you've made it this far, you've likely realized that takes our recommendations quite seriously. For all our business software reviews and guides, we've spent hours and hours doing in-depth research to bring you the most valuable, insightful, actionable information that ensure your business makes the right choice on the first try.

For CRM, we had a specific set of metrics by which we rated and ranked eleven different providers to supply you a clear picture of which ones are the best. The metrics we use are pricing, features, customization, team infrastructure, customer support, and scalability.

If you want to learn more about exactly what goes into our process here at, feel free to check out our thorough research guide for a peak behind the curtain.

HubSpot or Salesforce: - Which CRM Is Better?

If price is an issue and HubSpot's basic CRM is all you need, then you might get by with that, and if you need HubSpot's added features, the CRM's pricing is pretty good. Though for smaller teams with five or less, HubSpot doesn't beat Salesforce Essentials' pricing.

As far as features go, they both offer the key tools you need from a CRM, and both have third-party integrations and deep online support pages. If you don't have Gmail or Outlook as your corporate email of choice, then HubSpot is probably easier to deal with. In terms of interface, HubSpot is a little simpler compared to Salesforce, making the learning curve a little steeper with the latter.

That concludes our basic look at HubSpot and Salesforce but the best way to find the CRM that's right for your team is to get a customized quote based on your company's needs. Click the Get Quote button below to get started and find the CRM that's right for you.

Not exactly – they're both CRMs, but the functionality of each is decidedly different. Salesforce is a robust CRM with lots of features and a large company behind it to provide unparalleled customer support for users, making it perfect for larger companies. HubSpot, on the other hand, is aimed at smaller businesses, featuring an easier to use platform that's intuitive even for beginners. Plus, HubSpot offers a free plan, which Salesforce does not.

This truly depends on what you're looking for. Salesforce is considered the industry standard for CRMs, but it isn't perfect for every business. If you're a smaller company looking for an easy-to-use platform with a gentle learning curve, HubSpot is going to be the better option. However, if you need a robust CRM with lots of features, Salesforce is the most popular option for good reason.

HubSpot does offer users a free plan, rather than a trial, which can last forever – but it's understandably pretty weak. You'll have access to basic features, like contact management, task tracking, and forms, but you'll miss out on essentials like reporting and analytics. Still, it's a great way to test out the software before committing to a premium plan.

Salesforce has a somewhat affordable starting price of $25 per user, per month, which makes it within the budget of many small businesses. Still, with its robust functionality and sometimes hard to use interface, it can be a bit overwhelming for small businesses. HubSpot is a better option we've found, given its ease of use and affordable plans, not to mention a free forever option.

Salesforce does not offer a free forever plan, which means you'll have to pay $25 per user, per month minimum to use the platform for an extended period of time. Salesforce does, however, offer a 30-day free trial, which should be plenty of time to get a feel for the software before you commit.
Thu, 27 Sep 2018 02:16:00 -0500 en-US text/html
Selecting Your Program

Our programs vary in length from a week to a full academic year.  We offer short-term programs that take place during the summer, spring break, or winter break, as well as long-term programs that cover one or two semesters. 

If you are looking for a semester program, consider whether you would prefer to go abroad in the spring or fall.  Due to differences in academic calendars around the world, some programs work best for Purdue students in one semester or the other, so the search allows you to specify.  If you are open to spring and fall programs, selecting the “Semester” option will bring up results for both.

For adventurous students, we also offer programs that cover two semesters!  Many returning students say they wish they had studied abroad longer, and the cultural immersion and cost effectiveness of a year-long program can be hard to beat. 

Students interested in summer opportunities often ask if they can search for Maymester programs.  We don’t categorize these separately from other summer programs, but it’s possible to search for programs beginning in May.  See “Program Start Month” below.

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Study Abroad Consultants No result found, try new keyword!Want to Study in USA? List of Best Study in USA Education Consultants in India for Students. Get Free guidance for course/university selection. While financial institutions feel the concerns are ... Tue, 03 May 2022 12:00:00 -0500 en-US text/html IQVIA Holdings Inc. (NYSE:IQV) Q3 2023 Earnings Call Transcript

IQVIA Holdings Inc. (NYSE:IQV) Q3 2023 Earnings Call Transcript November 1, 2023

IQVIA Holdings Inc. beats earnings expectations. Reported EPS is $2.49, expectations were $2.46.

Operator: Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the IQVIA’s Third Quarter 2023 Earnings Conference Call. [Operator Instructions]. I would now like to turn the call over to Nick Childs, Senior Vice President, Investor Relations and Treasury. Mr. Childs, please begin your conference.

Nicholas Childs: Thank you, Regina, and good morning, everyone. Thank you for joining our third quarter 2023 earnings call. With me today are Ari Bousbib, Chairman and Chief Executive Officer; Ron Bruehlman, Executive Vice President and Chief Financial Officer; Eric Sherbet, Executive Vice President and General Counsel; Mike Fedock, Senior Vice President, Financial Planning and Analysis; and Gustavo Perrone, Senior Director, Investor Relations. Today, we’ll 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 in the Events and Presentations section of our IQVIA Investor Relations website at Before we begin, I would like to caution listeners that certain information discussed by management during this conference call will include forward-looking statements.

A close up view of a person’s hands typing on a computer keyboard, emphasizing internet-based information technology services.

The real 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 a supplement to and as 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: Thank you, Nick, and good morning, everyone. Thank you for joining us today to discuss our third quarter results. So in line with our expectations, R&DS is performing very well. The TAS business continued to grow, but revenue fell short of what we had expected. About half of our total revenue shortfall came from foreign exchange headwinds versus our previous guidance, and the other half from persistent weakness in demand in the TAS segment. Despite the TAS revenue shortfall, our productivity actions allowed us to deliver on our profit guidance. We continue to receive questions about the health of the industry and customer demand. And I’d like to supply you the latest of what we are seeing in the market. Let’s start on the clinical development side.

Demand in the R&DS segment remains strong. Net new bookings exceeded $2.6 billion, representing a quarterly book-to-bill of 1.24x overall, including pass-throughs. And given that this quarter, there is a significant difference between services bookings and bookings with pass-through, I note that our services bookings were the highest ever at $2.3 billion, resulting in a 1.4x services book-to-bill. Our backlog reached $28.8 billion, growing 11.7% versus prior year, another historic high. Our quarterly RFP flow was up 10% year-over-year with growth across all customer segments. Our strong performance is supported by continued healthy market dynamics. Emerging biotech funding was strong in the quarter. According to BioWorld, third quarter EVP funding was $18.7 billion, the largest quarter this year.

Year-to-date, EVP funding through Q3 was up 8% versus prior year. If you look at the first half, large pharma R&D spend, it was above 20% of net revenues, highlighting continued strong R&D activity within large pharma as well. Based on these indicators, the clinical trial industry remains healthy. Our strong market position, market wins, scale and differentiated offerings supply us confidence that our R&DS business will continue to deliver above-market growth. Turning now to TAS. On the commercial side of our business, we are obviously facing a tougher macro environment. Our clients remain cautious with their spending and have extended their decision-making time lines beyond what we would have normally expected. I’m sure you also saw that several large pharma have announced significant cost reduction programs.

And obviously, we are a significant vendor to large pharma. Now we had anticipated to see improvements as we progress through the year, specifically in the quarter, we usually see activity pick up in September after the slower July, August summer months. It didn’t happen. While we still have growth for the segment as a whole, we experienced further declines in our Analytics and Consulting business somewhat slower-than-expected growth in the discretionary parts of our real-world business as well as some impact from the China situation. While the acceleration we are anticipating is taking longer than expected, based on our pipeline, we remain confident that there will be a rebound in demand sometime in 2024. We know this because the pipeline of opportunities remain strong even as decision time lines are elongated, and negotiations with our customers have become more difficult.

We also know this because historically, going back 25 years, every time there was a pullback in spend on the commercial side. The industry adapts and comes back within a year or two. With this as context, let’s now review the third quarter results. Revenue for the third quarter grew 4.9% on a reported basis, 4.1% at constant currency. Compared to last year, and excluding COVID related work from both periods, we grew the top line approximately 8.5% on a constant currency basis, and that includes approximately 1.5 points of contribution from acquisitions. Third quarter adjusted EBITDA increased 9.1%, driven by revenue growth and ongoing cost management discipline. Third quarter adjusted diluted EPS of $2.49 faced the ongoing headwind of the step-up in interest expense and the U.K. corporate tax rate.

If you exclude the impact of these nonoperational items, our adjusted diluted EPS growth underlying was 13%. Let me share a few highlights of business activity in the quarter. And let me start with TAS. This quarter, IQVIA was awarded several noteworthy analytics contracts to support our clients’ go-to-market strategies. For example, an EBP clients selected IQVIA to provide analytics around key prescriber and payer trends for their women’s health products. In another significant win this quarter, IQVIA secured a large U.S. data analytics contract with a top 10 pharma client that has been buying from a competitor for over a decade. We also received an award from an EBP client to support the launch of their first branded product into the diabetes market.

This will be an end-to-end launch solution, including field reps, inside sales reps, OCE, information management infrastructure, data analytics, commercial compliance and co-pay card operations. Also in the quarter, I’m sure you saw that we received an award from Sanofi to deploy our OCE platform within the Middle East and Africa markets. Sanofi has been using IQVIA in many markets around the world to support the HCP engagement. On the tech side, we’ve been getting some questions about our partnership with Salesforce. And I just want to confirm that IQVIA has been a key life sciences partner to Salesforce for many years now with offerings that span from clinical to commercial. And we plan to continue this strong partnership with Salesforce, combining our life sciences domain expertise and intelligence with sales force technologies and platforms.

Moving now to Real-World. We were awarded multiple rare disease studies from both large pharma and biotech clients, highlighting our expertise and differentiated offerings within this growing therapeutic area including innovative study design, patient recruitment and AI-enabled technology to provide unique solutions. A couple of examples. The top 20 large pharma awarded IQVIA a 10-year study to Strengthen patient treatment for a rare genetic liver disease. The Japanese EVP client awarded IQVIA 2 large post-marketing surveillance studies on rare diseases in the circulatory nervous and muscular systems. Moving now to R&DS. We entered into a strategic collaboration with the Coalition for Epidemic Preparedness Innovations, CEPI, aimed at enhancing the world’s ability to rapidly conduct clinical research for vaccines and other biological countermeasures against emerging infectious diseases.

This collaboration is a key enabler of CEPI’s mission goal, which is sponsored by the G7 and G20 countries to develop safe, effective and globally accessible vaccines against emerging disease outbreaks within 100 days. We’ve also entered into an innovative strategic collaboration with Argenx, a global immunology biotech company leveraging our connected intelligence capabilities we bring together end-to-end asset development services, ranging from regulatory to market authorization to integrated technology-enabled pharmacovigilance safety tracking. This will allow Argenx to accelerate the market launch of new rare disease therapies to autoimmune patients. In the quarter, a top 10 pharma client renewed the FSP partnership with IQVIA as they look to design and launch their new clinical monitoring model.

IQVIA will codevelop the solution leveraging our expertise, innovative tech-enabled approach and exceptional delivery performance. IQVIA has remained the sole global medical information center provider by one of our large pharma clients. IQVIA differentiates in the market as the only provider to have successfully utilized an AI, natural language processing solution for medical information. As has been the case in the last few years, R&DS continues to win big in oncology with multiple awards in the quarter, a few examples. IQVIA won a late-stage program with a biotech company developing immuno-oncology therapies, we were selected after successful delivery of an earlier stage trial as well as our unparalleled data analytics to help identify patients and populations with unmet needs.

We were awarded a Phase III oncology trial from a large cutting-edge biotech company. IQVIA was selected for our expertise in endometrial carcinoma cancer as well as our ability to accelerate trial start-up. This is an important trial, given the unmet medical need and limited treatment options for patients with this condition. Also, IQVIA was awarded 2 large global oncology trials from a midsized pharma client. IQVIA was selected due to our strategic design and operational expertise in oncology including our ability to manage multiple large complex trials and our experience in managing the unique safety profile of these molecules. With that, I will turn it over to Ron for more details on our financial performance.

Ronald Bruehlman: Thanks, Ari, and good morning, everyone. Let’s start by reviewing revenue. Third quarter revenue of $3,736 million grew 4.9% on a reported basis and 4.1% at constant currency. Now in the quarter, COVID-related revenues were about $95 million, down about $125 million versus the third quarter of 2022. Excluding all COVID related work from both this year and last, constant currency growth was approximately 8.5%. As Ari mentioned, acquisitions contributed about 150 basis points of this growth. Technology & Analytics Solutions revenue was $1,431 million, that’s up 2.2% on a reported basis and 0.9% at constant currency. And excluding all COVID-related work, constant currency growth in TAS was 5%. R&D Solutions revenue of $2,122 million was up 7.2% reported and 6.4% at constant currency.

Excluding all COVID-related work, constant currency growth in R&DS was 11%. Lastly, Contract Sales & Medical Solutions or CSMS revenue of $183 million was flat on a reported basis and up 4.9% at constant currency. Year-to-date revenue of $11,116 million grew 4.2% on a reported basis and 4.8% at constant currency. Excluding all COVID-related work, constant currency growth was 11% year-to-date. Technology & Analytics Solutions revenue year-to-date was $4,331 million, up 2% reported and 2.4% at constant currency and excluding all COVID-related work, growth at constant currency and TAS year-to-date was 7%. R&D Solutions year-to-date revenue of $6,244 million was up 6.5% at real FX rates and 6.8% at constant currency. Excluding all COVID-related work, growth at constant currency and R&DS was 14% year-to-date.

And finally, Contract Sales and Medical Solutions year-to-date revenue of $541 million declined 3.6% reported and increased 1.2% at constant currency. Let’s move down the P&L. Adjusted EBITDA in the quarter was $888 million, representing growth of 9.1%, while year-to-date adjusted EBITDA was $2,603 million, up 7.3% year-over-year. Third quarter GAAP net income was $303 million, and GAAP diluted earnings per share was $1.63. Year-to-date, GAAP net income was $889 million or $4.76 of earnings per diluted share. Adjusted net income was $462 million for the third quarter, and adjusted diluted earnings per share was $2.49. Year-to-date, adjusted net income was $1,378 million, or $7.37 per diluted share. Excluding the year-over-year impact of the step-up in interest rates and the increase in the U.K. corporate tax rate, adjusted diluted earnings per share grew 13% in the third quarter and 12% year-to-date.

Now it’s already reviewed, R&D Solutions delivered another strong quarter of bookings. Backlog at September 30 stood at $28.8 billion, up almost 12% year-over-year and 33% higher in the last 3 years. Yes, let’s review the balance sheet. As of September 30, cash and cash equivalents totaled $1,224 million and gross debt was $13,631 million and that resulted in net debt of $12,407 million. Our net leverage ratio ended the quarter at 3.52x trailing 12-month adjusted EBITDA. Third quarter cash flow from operations was $583 million and capital expenditures were $146 million, resulting in free cash flow of $437 million. You saw in the quarter that we repurchased $144 million of our shares, which puts our year-to-date share repurchase activity just slightly below $800 million.

This leaves us with just under $2.6 billion of share repurchase authorization remaining under the current program. Yes. Let’s turn to guidance. We’re updating our guidance to reflect both the slower growth in the TAS segment and the headwind from foreign exchange rates compared to our previous guide, we currently expect revenue to be between $14,885 million and $14,920 million, which represents year-over-year growth of 3.3% to 3.5%. Excluding approximately $600 million of COVID-related revenue step down versus 2022, this guidance represents growth at constant currency of approximately 9%, including about 140 basis points of contribution from acquisitions. To reflect these changes in revenue, we’re also updating our guidance for full year adjusted EBITDA to $3,560 million to $3,570 million, and this represents year-over-year growth of 6.4% to 6.7%.

It also implies 70 basis points of margin expansion for the year. Lastly, we’re updating our guidance for adjusted diluted EPS to $10.16 to $10.23, which is flat to up 0.7% versus the prior year. This includes the year-over-year impact of the step-up in interest rates and the increase in U.K. corporate tax rate. If you were to exclude these items, adjusted diluted earnings per share is now expected to grow 11% to 12%. But based on this full year outlook, our implied fourth quarter guidance is as follows. For revenue, we expect between $3,769 million and $3,804 million or growth of 0.8% to 1.7% on a reported basis and 0.7% to 1.6% on a constant currency basis. Adjusted EBITDA is expected to be between $957 million and $967 million, up 4% to 5.1%.

Net yield margin expansion of about 80 basis points in the quarter. Adjusted diluted EPS is expected to be between $2.79 and $2.86, growing 0.4% to 2.9% year-over-year. Excluding the step-up in interest expense and the increased U.K. tax rate, we’re expecting fourth quarter adjusted diluted EPS to grow 10% to 13%. Now all of our guidance assumes that foreign currency rates as of October 30 continue for the balance of the year. Now as is our custom, we plan to provide you with a detailed 2024 full year guidance on our Q4 earnings call in February. However, while it’s early, and we’re still in the midst of our planning process, we thought it would be helpful to share a preliminary view that would help you frame how we see 2024. We see reported revenue growth in the mid-single digits in 2024.

This includes a further step down of approximately $300 million in covered revenue, which is about 200 basis points of headwind to revenue growth. As well as another 100 basis points of headwind from foreign exchange rates, assuming current foreign currency exchange rates remain in effect of 2024. We see adjusted EBITDA margins expanding 50 basis points, and this will drive high single-digit adjusted diluted EPS growth. Now, I trust this preliminary look at 2024 is helpful to you. Again, we will, as is our custom, supply you more detailed guidance and specificity for 2024 when we release our full year earnings early next year. So to summarize, despite client caution and spending levels below our expectations, the TAS business continued its growth in the quarter.

While the near-term growth outlook for TAS is below our previous expectations, we’re confident in the longer-term fundamentals of the business as our pipelines indicate there will be a rebound in demand sometime in 2024. In the quarter, we delivered another strong performance in R&DS with 11% revenue growth at constant currency, excluding COVID-related work, quarterly net new bookings were strong at over $2.6 billion, representing a book-to-bill of 1.24x, and we reached a historic high of $2.3 billion in services bookings representing a services book-to-bill of 1.4x out. Our industry-leading backlog reached a new record of $28.8 billion, up approximately 12% year-over-year. And finally, leading indicators on the clinical side remains strong as evidenced by our quarterly RFP growth of 10% versus the prior year, with growth across all customer segments.

With that, let me hand it back over to the operator to open up the conference for Q&A.

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Q&A Session

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Operator: [Operator Instructions]. Your first question comes from the line of Elizabeth Anderson with Evercore ISI.

Elizabeth Anderson: One thing that I was just trying to work through for my own sort of benefit is sort of the commentary, I think, Ari, you alluded to in terms of some of the pullback in R&D spend on the pharma side. And the sort of continued strength of R&DS in terms of bookings and what you’re seeing in terms of RFPs. Could you help us sort of think about how you think about those 2 factors sort of that commentary where you sort of think pharma’s growth is going to be sort of the remainder of this year and next year? And that — and maybe remind us of how that’s played out in prior cycles?

Ari Bousbib: Yes. You’re asking — Elizabeth, thanks for your question. You’re asking about contrasting the pullback in spend on the commercial side versus continued strength in R&DS.

Elizabeth Anderson: Sorry, R&DS, more specifically, sorry?

Ari Bousbib: Yes. But there is no pull back on spend in R&DS. I don’t think I said that. I said the opposite. Funding in R&DS has been very strong. I’m sorry if I misspoke — was misunderstood, but there is no pullback in R&DS quite the opposite. I mentioned in my introductory comments that the — if you look at the EBP sector, which has been under pressure and people have been concerned about, we see EBP funding in the quarter actually higher than it was last year. And I think year-to-date, I mentioned that funding was up 8% year-over-year. So I also mentioned that we are experiencing a strong continued RFP flow growth. It’s actually up 10% in the quarter year-over-year. So I think it’s quite the opposite. Our world continue at a record high level, again, higher than last year.

To supply you some more color, our qualified pipeline is up 16% year-over-year and continues to be very, very strong. Our total pipeline as well, very strong, record high historically. I mentioned our book-to-bill in the quarter is 1.24x and basis, including pass-throughs, and when you exclude pass-throughs and you just focus on services, our book-to-bill is 1.4x. Our services bookings were $2.3 billion in the quarter. That’s a historic high for us. So again, nothing that we see and we’ve been handling this point over and over again in the environment or in an all internal metric leads us to believe there is anything changed on the R&DS spend. There are different dynamics. It is true that we have — we see our clients, large pharma, especially explore new models with more FSP or hybrid type of services awarded.

I mentioned we won some large FSPs, which explains, of course, the lower amount of pass-throughs in the quarter in our bookings. But other than that, the spend is strong and our prospects for the business continue to be very strong on the R&DS side.

Elizabeth Anderson: Ari, that’s super helpful. And so when we take the sort of pharma R&D commentary that you said about some of the pullbacks that — and some of the spending cuts in there, you would say that you guys are seeing — you’re still seeing strong demand within that specific pharma segment, maybe yes, further and they’re cutting costs by pushing more into FSP and maybe there’s some anecdotal large pharma companies that are cutting with the sort of broader strength across that. That’s the correct way to interpret what you’re saying on the large pharma?

Ari Bousbib: Yes. I mean — large pharma, you saw, I think 2/3 of the top 10 large pharma and we know that, that’s basically the case. The vast majority of large pharma companies have announced either publicly or internally a significant cost-cutting program, that’s due to the macro environment, which is very challenging. Concerns raised by the IRA and the general issues that we see geopolitical problems all over the world, continuing wars in Europe, the Middle East. And of course, we have the situation in China which has all but frozen the market for multinational corporations in China. So all of those are headwinds plus the companies that were very active during the COVID years are seeing dramatic pullbacks in revenue and all of that is putting pressure on margins.

And as a result, large pharma has been — and I would say, unusually so, very aggressive in launching cost reduction programs. Now I said before that, that is not reflected. So far, we haven’t seen that in the R&D side of the house. Again, I want to reiterate very strong strength. I mean a good momentum in the business and all the metrics show that there is no slowdown there. Again, not surprising. It’s a long-cycle business. However, we’re bearing the brunt of those cost reduction initiatives on the TAS segment where we see that projects that should take a certain amount of time are taking a lot more time to get decided or awarded. And we see our clients negotiating on terms a lot harder than they ever were. And all of that has caused us to come short on the TAS segment in our revenues.

But again, we’re confident that this is will rebound. We know this because the pipelines continue to be very strong on the TAS segment. And we — if you look back at every time there was a pullback of source from large pharma in history, whether you go back to the 2008, ’10 period or anytime some big legislation was enacted. There was always a little bit of a pullback. And then it came back, the company — the industry is very innovative and comes back growing and our business goes along with it. So we’re confident that we’ll come back sometime in ’24. Thank you, Elizabeth.

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

Charles Rhyee: Just wanted to follow up on the TAS segment here. You talked about sort of longer time lines. But when you’re in discussions with clients, do they continue to express an intention to kind of continue with the projects? Or are they sort of just on hold? And how much of this is — you mentioned the IRA. How much would you attribute to sort of the pharma companies kind of reviewing pipelines and projects overall? And do you have a sense of how long that kind of process could take? You mentioned sort of reacceleration sometime in ’24, but is — do you think that’s early next year? Or could that stretch into later next year?

Ari Bousbib: Yes. Well, thank you, Charles. I mean, look, I want to distinguish again between the clinical development side of the house and the commercial shorter cycle part of the house where there are more pockets of spend that are more discretionary from a time line standpoint. So again, on the clinical side of the house, yes, there are reviews of pipelines and so on and which molecules are worthwhile developing, there’s more analysis. But this is at the early, early stage of the process. As you know, we are primarily almost entirely a Phase III clinical trial company. And so we are not seeing that, and we will not be seeing that for another several years, if it were to affect the pipeline. I remind you that the number of molecules coming down the pipe is at a record high.

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