Ron Bruehlman
Executive Vice President and Chief Financial Officer at IQVIA
Thanks, Ari, and good morning everyone. Let's start by reviewing revenue. The second quarter revenue of $3,541 million grew 3% on a reported basis and 7.1% at constant currency. In the quarter COVID, related revenues were approximately $250 million, which was down about $300 million versus in the second quarter of 2021. In our base business that is excluding all COVID-related work from both this year and last organic growth at constant currency was 16%. Technology and Analytics Solutions revenue for the second quarter was $1,408 million, up 4.1% reported and 9.4% in constant currency. Now, excluding all COVID, related work organic growth at constant currency in Tech was 10%. Research and Development Solution's second-quarter revenue of $1,950 million was up 3.1% reported and 6% at constant currency, and excluding all COVID-related work organic growth at constant currency and R&DS was 22%. Contract Sales and Medical Solutions or CSMS's second-quarter revenue of $183 million declined 5.7% reported but grew 2.1% at constant currency. Excluding all COVID-related work, organic growth at constant currency in CSMS was 7%.
The first half revenue of $7,109 million grew 3.8% on a reported basis and 6.9% at constant currency. In our base business that is excluding all COVID-related work. Organic growth at constant currency for the first half was 14%. Technology and Analytics Solutions revenue for the first half was $2,847 million, up 5.4% reported and 9.6% at constant currency. Excluding all COVID-related work, organic growth at constant currency in Tech was 10% for the first half. R&D Solution's first half revenue of $3,884 million was up 3.3% at actual FX rates and 5.3% at constant currency. Excluding all COVID-related work, organic growth at constant currency in R&DS was 19%. Finally, our Contract Sales and Medical Solutions or CSMS first half revenue of $378 million declined 2.3% reported and grew 3.9% at constant currency. Excluding all COVID-related work, organic growth at constant currency in CSMS was 6%.
Now let's move down the P&L. Our adjusted EBITDA in the quarter was $800 million, representing a growth of 10.8% while the first-half adjusted EBITDA was $1,612 million, up 10% year-over-year. Second quarter GAAP net income was $256 million and GAAP diluted earnings per share were $1.34. For the first half, we had a GAAP net income of $581 million or $3.02 of earnings per diluted share. Adjusted net income was $466 million for the second quarter and adjusted diluted earnings per share grew 14.6% to $2.44. For the first half adjusted net income was $943 million or $4.91 per share. Now as Ari highlighted R&D Solutions delivered yet another strong quarter of new business. This graph that we're showing here shows the growth of our backlog over the past few years at the actual currency rate and it demonstrates the sustained strength of our clinical business through the COVID pandemic.
Now you'll recall that as our bookings reached record levels during the pandemic, many of you expressed concern about a looming so-called COVID clear and we told you then that our COVID-related bookings would be replaced by new programs that expand the breadth of our therapeutic area of expertise and in fact, that's what happened. As of June 30, our contracted backlog stands at a record $25.6 billion, including pass-throughs that's a 50% increase over about three years. The COVID contribution to our backlog, which peaked at 11% growing in 2021, it's now approximately 6%.
Okay, let's turn to the balance sheet as of June 30 cash and cash equivalents totaled $1,428 million and gross debt was $12,767 million resulting in net debt of $11,339 million. Our net leverage ratio, as of June 30 was 3.58 times the trailing 12-month adjusted EBITDA. Second quarter cash flow from operations was $329 million and capex was $161 million, resulting in a free cash flow of $168 million for the quarter. Now, this was somewhat lower than prior quarter mainly reflected the timing of cash collections, which we expect to normalize in the second half. You saw in the quarter that we are quite active in the market, repurchasing $590 million of our shares in this puts our year-to-date share repurchase activity just shy of $1 billion this leaves us with slightly over $1.5 billion of share repurchase authorization remaining under the current program.
Okay, moving to guidance. Our full-year 2022 revenue expectation at constant currency remains unchanged. On a reported basis the strengthening of the dollar since April is causing an incremental full-year revenue headwind from foreign currency translation of approximately $125 million based on rates as of this Monday, July 18, we're updating our revenue guidance to reflect this. For the full year we now expect revenue to be between $14,400 million and $14,550 million which represents year-over-year growth of 7.4% to 8.5% at constant currency and 3.8% to 4.9% at actual FX rates. As a reminder, this equates the low to mid-teens organic growth at constant currency excluding COVID-related work.
Our projected revenue growth includes just over 150 basis points of contribution from M&A. Since FX fluctuations had a minimal impact on our profit our adjusted EBITDA guidance remains unchanged. We are tightening the guidance range here to between $3,345 million and $3,395 million which represents year-over-year growth of 10.7% to 12.3% and our adjusted diluted EPS guidance also remains unchanged. We are tightening the range here to between $10 and $10.20 which translates the year-over-year growth at 10.7% to 13%.
Our full-year 2022 guidance assumes that foreign currency rates as of July 18 continue for the balance of the year. Since issuing our initial guidance at our analyst and investor conference in November FX fluctuations have caused a full-year revenue headwind of over $400 million. Moving to our third quarter guidance, we expect revenue to be between $3,515 million and $3,565 million a growth of 8.4% to 9.8% on a constant currency basis and 3.7% to 5.1% on a reported basis. Excluding COVID-related work, we expect organic revenue growth at constant currency to be in the low to mid-teens in the third quarter. Adjusted EBITDA is expected to be between $805 million and $820 million, up 10.6% to 12.6% and adjusted diluted EPS is expected to be between $2.34 and $2.42 growing 7.8% to 11.5%.
So to summarize, we delivered a very strong second quarter. Our base business delivered mid-teens organic growth at constant currency excluding COVID-related work. Our R&DS business had another strong bookings quarter with over $2.6 billion of net new business. Contracted backlog at the end of the quarter is at a new record of $25.6 billion, up over 7% year-over-year. We repurchased nearly $600 million of our shares while maintaining our net leverage ratio of approximately 3.6 times trailing 12-month adjusted EBITDA and finally, we adjusted our revenue guidance to reflect changes in foreign exchange that held our earnings guidance unchanged.
And with that let me turn it back over to our operator for Q&A.