$DGX
Quest Diagnostics Inc

2016 Q4 Form 10-Q Financial Statement

#000102207916000332 Filed on October 21, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $1.861B $1.885B $1.880B
YoY Change 0.65% 0.27% -1.26%
Cost Of Revenue $1.124B $1.157B $1.162B
YoY Change -2.01% -0.43% -1.36%
Gross Profit $701.0M $728.0M $718.0M
YoY Change 0.29% 1.39% -1.1%
Gross Profit Margin 37.67% 38.62% 38.19%
Selling, General & Admin $67.00M $409.0M $402.0M
YoY Change -84.38% 1.74% -9.87%
% of Gross Profit 9.56% 56.18% 55.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $63.00M $63.00M $77.00M
YoY Change -14.86% -18.18% -2.53%
% of Gross Profit 8.99% 8.65% 10.72%
Operating Expenses $92.00M $409.0M $402.0M
YoY Change -80.0% 1.74% -9.87%
Operating Profit $609.0M $322.0M $631.0M
YoY Change 154.81% -48.97% 146.48%
Interest Expense -$36.00M $37.00M $35.00M
YoY Change 28.57% 5.71% -16.67%
% of Operating Profit -5.91% 11.49% 5.55%
Other Income/Expense, Net $2.000M -$33.00M -$39.00M
YoY Change -33.33% -15.38% -7.14%
Pretax Income $242.0M $289.0M $592.0M
YoY Change 13.08% -51.18% 176.64%
Income Tax $84.00M $95.00M $239.0M
% Of Pretax Income 34.71% 32.87% 40.37%
Net Earnings $155.0M $192.0M $342.0M
YoY Change -17.55% -43.86% 165.12%
Net Earnings / Revenue 8.33% 10.19% 18.19%
Basic Earnings Per Share $1.11 $1.37 $2.37
Diluted Earnings Per Share $1.09 $1.34 $2.35
COMMON SHARES
Basic Shares Outstanding 138.6M shares 139.0M shares 144.0M shares
Diluted Shares Outstanding 142.0M shares 145.0M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $359.0M $406.0M $123.0M
YoY Change 169.92% 230.08% -27.65%
Cash & Equivalents $359.0M $406.0M $123.0M
Short-Term Investments
Other Short-Term Assets $164.0M $188.0M $525.0M
YoY Change -57.18% -64.19% 59.57%
Inventory $82.00M $82.00M $86.00M
Prepaid Expenses
Receivables $926.0M $966.0M $914.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.531B $1.642B $1.648B
YoY Change 2.0% -0.36% 5.44%
LONG-TERM ASSETS
Property, Plant & Equipment $1.029B $952.0M $886.0M
YoY Change 11.24% 7.45% -0.23%
Goodwill $6.000B $6.000B $5.895B
YoY Change 1.61% 1.78% -2.17%
Intangibles $949.0M $972.0M $1.004B
YoY Change -3.56% -3.19% -8.31%
Long-Term Investments $443.0M $452.0M $478.0M
YoY Change -6.34% -5.44%
Other Assets $148.0M $155.0M $163.0M
YoY Change -14.94% -4.91% -28.82%
Total Long-Term Assets $8.569B $8.531B $8.426B
YoY Change 1.28% 1.25% 2.28%
TOTAL ASSETS
Total Short-Term Assets $1.531B $1.642B $1.648B
Total Long-Term Assets $8.569B $8.531B $8.426B
Total Assets $10.10B $10.17B $10.07B
YoY Change 1.39% 0.98% 2.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $261.0M $1.039B $973.0M
YoY Change -6.45% 6.78% -8.03%
Accrued Expenses $254.0M
YoY Change -1.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $6.000M $7.000M $160.0M
YoY Change -96.23% -95.63% 627.27%
Total Short-Term Liabilities $981.0M $1.046B $1.133B
YoY Change -16.37% -7.68% -4.79%
LONG-TERM LIABILITIES
Long-Term Debt $3.728B $3.815B $3.571B
YoY Change 6.76% 6.83% -4.31%
Other Long-Term Liabilities $654.0M $542.0M $680.0M
YoY Change 27.24% -20.29% 1.64%
Total Long-Term Liabilities $4.382B $4.357B $4.251B
YoY Change 9.39% 2.49% -3.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $981.0M $1.046B $1.133B
Total Long-Term Liabilities $4.382B $4.357B $4.251B
Total Liabilities $5.363B $5.403B $5.384B
YoY Change 3.55% 0.35% -3.7%
SHAREHOLDERS EQUITY
Retained Earnings $6.613B $6.520B $6.066B
YoY Change 6.68% 7.48% 8.69%
Common Stock $2.547B $2.528B $2.471B
YoY Change 2.58% 2.31% 2.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.460B $4.324B $3.917B
YoY Change 12.63% 10.39% 3.3%
Treasury Stock Shares 79.00M shares 77.00M shares 72.00M shares
Shareholders Equity $4.628B $4.663B $4.589B
YoY Change
Total Liabilities & Shareholders Equity $10.10B $10.17B $10.07B
YoY Change 1.39% 0.98% 2.79%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $155.0M $192.0M $342.0M
YoY Change -17.55% -43.86% 165.12%
Depreciation, Depletion And Amortization $63.00M $63.00M $77.00M
YoY Change -14.86% -18.18% -2.53%
Cash From Operating Activities $351.0M $301.0M $212.0M
YoY Change 29.04% 41.98% -21.77%
INVESTING ACTIVITIES
Capital Expenditures -$128.0M -$61.00M -$52.00M
YoY Change 36.17% 17.31% -49.02%
Acquisitions $4.000M $35.00M
YoY Change -88.57% 1650.0%
Other Investing Activities $46.00M -$11.00M -$62.00M
YoY Change -248.39% -82.26% -788.89%
Cash From Investing Activities -$82.00M -$72.00M -$114.0M
YoY Change -34.4% -36.84% 22.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -291.0M -106.0M -125.0M
YoY Change 112.41% -15.2% -17.76%
NET CHANGE
Cash From Operating Activities 351.0M 301.0M 212.0M
Cash From Investing Activities -82.00M -72.00M -114.0M
Cash From Financing Activities -291.0M -106.0M -125.0M
Net Change In Cash -22.00M 123.0M -27.00M
YoY Change -320.0% -555.56% -203.85%
FREE CASH FLOW
Cash From Operating Activities $351.0M $301.0M $212.0M
Capital Expenditures -$128.0M -$61.00M -$52.00M
Free Cash Flow $479.0M $362.0M $264.0M
YoY Change 30.87% 37.12% -29.22%

Facts In Submission

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WeightedAverageNumberOfSharesOutstandingBasic
144000000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
139000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
141000000 shares
us-gaap Nature Of Operations
NatureOfOperations
<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;"></font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">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%;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>
us-gaap Use Of Estimates
UseOfEstimates
<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>

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