$DGX
QUEST DIAGNOSTICS INC

2016 Q2 Form 10-Q Financial Statement

#000102207916000308 Filed on July 25, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $1.906B $1.925B
YoY Change -0.99% 1.21%
Cost Of Revenue $1.155B $1.182B
YoY Change -2.28% 0.68%
Gross Profit $751.0M $743.0M
YoY Change 1.08% 2.06%
Gross Profit Margin 39.4% 38.6%
Selling, General & Admin $430.0M $429.0M
YoY Change 0.23% -2.5%
% of Gross Profit 57.26% 57.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $61.00M $75.00M
YoY Change -18.67% -7.41%
% of Gross Profit 8.12% 10.09%
Operating Expenses $430.0M $429.0M
YoY Change 0.23% -2.5%
Operating Profit $422.0M $301.0M
YoY Change 40.2% 14.89%
Interest Expense $35.00M $37.00M
YoY Change -5.41% -11.9%
% of Operating Profit 8.29% 12.29%
Other Income/Expense, Net -$39.00M -$101.0M
YoY Change -61.39% 206.06%
Pretax Income $383.0M $207.0M
YoY Change 85.02% -9.61%
Income Tax $183.0M $78.00M
% Of Pretax Income 47.78% 37.68%
Net Earnings $195.0M $118.0M
YoY Change 65.25% -11.28%
Net Earnings / Revenue 10.23% 6.13%
Basic Earnings Per Share $1.38 $0.82
Diluted Earnings Per Share $1.37 $0.81
COMMON SHARES
Basic Shares Outstanding 140.0M shares 144.0M shares
Diluted Shares Outstanding 142.0M shares 145.0M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $283.0M $150.0M
YoY Change 88.67% 4.17%
Cash & Equivalents $283.0M $150.0M
Short-Term Investments
Other Short-Term Assets $172.0M $334.0M
YoY Change -48.5% 15.57%
Inventory $80.00M $109.0M
Prepaid Expenses
Receivables $975.0M $937.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.510B $1.530B
YoY Change -1.31% 1.66%
LONG-TERM ASSETS
Property, Plant & Equipment $937.0M $906.0M
YoY Change 3.42% 2.49%
Goodwill $5.996B $5.987B
YoY Change 0.15% -0.61%
Intangibles $990.0M $1.022B
YoY Change -3.13% -8.5%
Long-Term Investments $453.0M
YoY Change
Other Assets $223.0M $219.0M
YoY Change 1.83% -3.52%
Total Long-Term Assets $8.599B $8.190B
YoY Change 4.99% -0.75%
TOTAL ASSETS
Total Short-Term Assets $1.510B $1.530B
Total Long-Term Assets $8.599B $8.190B
Total Assets $10.11B $9.720B
YoY Change 4.0% -0.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.104B $1.074B
YoY Change 2.79% 3.47%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $7.000M $168.0M
YoY Change -95.83% 572.0%
Total Short-Term Liabilities $1.111B $1.242B
YoY Change -10.55% -1.27%
LONG-TERM LIABILITIES
Long-Term Debt $3.835B $3.568B
YoY Change 7.48% -4.55%
Other Long-Term Liabilities $520.0M $566.0M
YoY Change -8.13% -11.84%
Total Long-Term Liabilities $4.355B $4.134B
YoY Change 5.35% -5.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.111B $1.242B
Total Long-Term Liabilities $4.355B $4.134B
Total Liabilities $5.466B $5.376B
YoY Change 1.67% -4.65%
SHAREHOLDERS EQUITY
Retained Earnings $6.384B $5.793B
YoY Change 10.2% 5.33%
Common Stock $2.474B $2.446B
YoY Change 1.14% 2.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.265B $3.900B
YoY Change 9.36% 2.74%
Treasury Stock Shares 77.00M shares 72.00M shares
Shareholders Equity $4.537B $4.314B
YoY Change
Total Liabilities & Shareholders Equity $10.11B $9.720B
YoY Change 4.0% -0.38%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $195.0M $118.0M
YoY Change 65.25% -11.28%
Depreciation, Depletion And Amortization $61.00M $75.00M
YoY Change -18.67% -7.41%
Cash From Operating Activities $311.0M $285.0M
YoY Change 9.12% 1.79%
INVESTING ACTIVITIES
Capital Expenditures -$57.00M -$61.00M
YoY Change -6.56% 24.49%
Acquisitions $0.00 $6.000M
YoY Change -100.0% -96.15%
Other Investing Activities $274.0M -$7.000M
YoY Change -4014.29% -95.51%
Cash From Investing Activities $217.0M -$68.00M
YoY Change -419.12% -66.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -373.0M -1.041B
YoY Change -64.17% 1288.0%
NET CHANGE
Cash From Operating Activities 311.0M 285.0M
Cash From Investing Activities 217.0M -68.00M
Cash From Financing Activities -373.0M -1.041B
Net Change In Cash 155.0M -824.0M
YoY Change -118.81%
FREE CASH FLOW
Cash From Operating Activities $311.0M $285.0M
Capital Expenditures -$57.00M -$61.00M
Free Cash Flow $368.0M $346.0M
YoY Change 6.36% 5.17%

Facts In Submission

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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </font></div></div>
us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DESCRIPTION OF BUSINESS</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Background</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Quest Diagnostics Incorporated and its subsidiaries ("Quest Diagnostics" or the "Company") empower people to take action to improve health outcomes.&#160; The Company uses its extensive database of clinical lab results to derive diagnostic insights that reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management.&#160; The Company's diagnostic information services business ("DIS") provides insights through clinical testing and related services to patients, physicians, hospitals, accountable care organizations ("ACOs"), integrated delivery networks ("IDNs"), health plans, employers and others. The Company offers the broadest access in the United States to diagnostic information services through its nationwide network of laboratories, Company-owned patient service centers and phlebotomists in physician offices. The Company is the world's leading provider of diagnostic information services, which includes providing clinical testing services such as routine (including drugs-of-abuse) testing, advanced testing solutions (including gene-based and esoteric testing), and anatomic pathology services, as well as related services and insights. The Company provides interpretive consultation with one of the largest medical and scientific staffs in the industry and hundreds of M.D.s and Ph.D.s, many of whom are recognized leaders in their fields. The Company's Diagnostic Solutions ("DS") businesses offer a variety of solutions for life insurers, healthcare providers and others. The Company is the leading provider of risk assessment services for the life insurance industry. In addition, the Company offers healthcare organizations, clinicians and patients robust information technology solutions. Prior to the sale of the Focus Diagnostics products business on May 13, 2016 (see Note 6), the Company's diagnostics products business manufactured and marketed diagnostic products. Prior to the contribution of its clinical trials testing business to the Q</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">2</sup></font><font style="font-family:inherit;font-size:10pt;"> Solutions joint venture on July 1, 2015, the Company's clinical trials testing business was a leading provider of central laboratory testing for clinical trials.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior to the Company's clinical trials central laboratory services joint venture, Q</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">2</sup></font><font style="font-family:inherit;font-size:10pt;"> Solutions, the earnings of the Company's equity method investees consisted of earnings that were not directly taxable to the investees, in which case it was appropriate to present equity in earnings of equity method investees before income tax expense on the consolidated statements of operations. The earnings of Q</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">2</sup></font><font style="font-family:inherit;font-size:10pt;"> Solutions, which closed on July 1, 2015, includes earnings that are directly taxable to the joint venture. As a result of the Q</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">2</sup></font><font style="font-family:inherit;font-size:10pt;"> Solutions transaction, the current period presentation of equity in earnings of equity method investees is required to be presented below income tax expense on the consolidated statements of operations. The Company's equity in earnings of equity method investees on the consolidated statements of operations for the three and six months ended June 30, 2015 has been reclassified to conform with the current period presentation. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the early adoption of the accounting standard update ("ASU") associated with simplifying several aspects of stock-based compensation, certain reclassifications have been made to the prior period financial statements to conform with the current period presentation. For further details regarding the impact of the ASU, see </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">New Accounting Pronouncements. </font></div></div>

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