$DGX
Quest Diagnostics Inc

2017 Q1 Form 10-Q Financial Statement

#000102207917000118 Filed on April 21, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $1.817B $1.863B
YoY Change -2.47% 1.31%
Cost Of Revenue $1.165B $1.144B
YoY Change 1.84% -1.63%
Gross Profit $652.0M $719.0M
YoY Change -9.32% 6.36%
Gross Profit Margin 35.88% 38.59%
Selling, General & Admin $355.0M $442.0M
YoY Change -19.68% 5.49%
% of Gross Profit 54.45% 61.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.00M $62.00M
YoY Change 0.0% -20.51%
% of Gross Profit 9.51% 8.62%
Operating Expenses $355.0M $442.0M
YoY Change -19.68% 5.49%
Operating Profit $279.0M $257.0M
YoY Change 8.56% 12.72%
Interest Expense $37.00M $36.00M
YoY Change 2.78% -20.0%
% of Operating Profit 13.26% 14.01%
Other Income/Expense, Net -$33.00M -$85.00M
YoY Change -61.18% -30.89%
Pretax Income $246.0M $172.0M
YoY Change 43.02% 53.57%
Income Tax $78.00M $67.00M
% Of Pretax Income 31.71% 38.95%
Net Earnings $164.0M $103.0M
YoY Change 59.22% 68.85%
Net Earnings / Revenue 9.03% 5.53%
Basic Earnings Per Share $1.19 $0.72
Diluted Earnings Per Share $1.16 $0.71
COMMON SHARES
Basic Shares Outstanding 137.0M shares 143.0M shares
Diluted Shares Outstanding 141.0M shares 144.0M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $367.0M $128.0M
YoY Change 186.72% -86.86%
Cash & Equivalents $367.0M $128.0M
Short-Term Investments
Other Short-Term Assets $154.0M $331.0M
YoY Change -53.47% -4.34%
Inventory $77.00M $82.00M
Prepaid Expenses
Receivables $960.0M $952.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.558B $1.493B
YoY Change 4.35% -37.14%
LONG-TERM ASSETS
Property, Plant & Equipment $1.027B $925.0M
YoY Change 11.03% 2.55%
Goodwill $6.001B $5.996B
YoY Change 0.08% 0.17%
Intangibles $933.0M $1.008B
YoY Change -7.44% -3.17%
Long-Term Investments $443.0M $471.0M
YoY Change -5.94%
Other Assets $147.0M $204.0M
YoY Change -27.94% -19.69%
Total Long-Term Assets $8.551B $8.604B
YoY Change -0.62% 4.44%
TOTAL ASSETS
Total Short-Term Assets $1.558B $1.493B
Total Long-Term Assets $8.551B $8.604B
Total Assets $10.11B $10.10B
YoY Change 0.12% -4.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $979.0M $932.0M
YoY Change 5.04% -10.9%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $158.0M
YoY Change -96.2% -84.85%
Total Short-Term Liabilities $985.0M $1.090B
YoY Change -9.63% -47.82%
LONG-TERM LIABILITIES
Long-Term Debt $3.725B $3.740B
YoY Change -0.4% 1.41%
Other Long-Term Liabilities $658.0M $529.0M
YoY Change 24.39% -6.37%
Total Long-Term Liabilities $658.0M $4.269B
YoY Change -84.59% 0.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $985.0M $1.090B
Total Long-Term Liabilities $658.0M $4.269B
Total Liabilities $1.643B $5.359B
YoY Change -69.34% -15.5%
SHAREHOLDERS EQUITY
Retained Earnings $6.715B $6.244B
YoY Change 7.54% 8.99%
Common Stock $2.544B $2.495B
YoY Change 1.96% 2.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.561B $4.063B
YoY Change 12.26% 4.58%
Treasury Stock Shares 79.00M shares 75.00M shares
Shareholders Equity $4.630B $4.636B
YoY Change
Total Liabilities & Shareholders Equity $10.11B $10.10B
YoY Change 0.12% -4.86%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $164.0M $103.0M
YoY Change 59.22% 68.85%
Depreciation, Depletion And Amortization $62.00M $62.00M
YoY Change 0.0% -20.51%
Cash From Operating Activities $196.0M $153.0M
YoY Change 28.1% 194.23%
INVESTING ACTIVITIES
Capital Expenditures $42.00M $47.00M
YoY Change -10.64% -16.07%
Acquisitions $1.000M $135.0M
YoY Change -99.26%
Other Investing Activities $4.000M $8.000M
YoY Change -50.0% -900.0%
Cash From Investing Activities -$47.00M -$190.0M
YoY Change -75.26% 245.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $150.0M $115.0M
YoY Change 30.43% 4.55%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$166.0M $32.00M
YoY Change -618.75% -95.92%
NET CHANGE
Cash From Operating Activities $196.0M $153.0M
Cash From Investing Activities -$47.00M -$190.0M
Cash From Financing Activities -$166.0M $32.00M
Net Change In Cash -$17.00M -$5.000M
YoY Change 240.0% -100.64%
FREE CASH FLOW
Cash From Operating Activities $196.0M $153.0M
Capital Expenditures $42.00M $47.00M
Free Cash Flow $154.0M $106.0M
YoY Change 45.28% -2750.0%

Facts In Submission

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CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2016Q1 us-gaap Nonoperating Income Expense
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CY2017Q1 us-gaap Nonoperating Income Expense
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CY2016Q1 us-gaap Operating Income Loss
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CY2017Q1 us-gaap Operating Income Loss
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CY2016Q4 us-gaap Other Assets Noncurrent
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CY2017Q1 us-gaap Other Assets Noncurrent
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CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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4000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2016Q4 us-gaap Other Liabilities Noncurrent
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CY2017Q1 us-gaap Other Liabilities Noncurrent
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-1000000 USD
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-49000000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
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3000000 USD
CY2016Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
0 USD
CY2017Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1000000 USD
CY2016Q1 us-gaap Payments For Proceeds From Other Investing Activities
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8000000 USD
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
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4000000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
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115000000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
150000000 USD
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
55000000 USD
CY2017Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
62000000 USD
CY2016Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
9000000 USD
CY2017Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
9000000 USD
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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8000000 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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135000000 USD
CY2017Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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1000000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
47000000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
42000000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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164000000 USD
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CY2017Q1 us-gaap Proceeds From Issuance Of Debt
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0 USD
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
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0 USD
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
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33000000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
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7000000 USD
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46000000 USD
CY2016Q1 us-gaap Profit Loss
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115000000 USD
CY2017Q1 us-gaap Profit Loss
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CY2016Q4 us-gaap Property Plant And Equipment Net
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CY2017Q1 us-gaap Property Plant And Equipment Net
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CY2016Q1 us-gaap Provision For Doubtful Accounts
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CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
84000000 USD
CY2016Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
77000000 USD
CY2017Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
78000000 USD
CY2016Q1 us-gaap Repayments Of Debt
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453000000 USD
CY2017Q1 us-gaap Repayments Of Debt
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2000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
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CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1899000000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
442000000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
437000000 USD
CY2016Q1 us-gaap Share Based Compensation
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18000000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2016Q1 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
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200000 shares
CY2017Q1 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
900000 shares
CY2016Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
5000000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
5000000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
7000000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
46000000 USD
CY2017Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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1200000000 USD
CY2016Q4 us-gaap Stockholders Equity
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4628000000 USD
CY2017Q1 us-gaap Stockholders Equity
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4630000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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4713000000 USD
CY2015Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
70000000 USD
CY2016Q1 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
72000000 USD
CY2016Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
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77000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4660000000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4665000000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4663000000 USD
CY2017Q1 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
78000000 USD
CY2016Q1 us-gaap Temporary Equity Net Income
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2000000 USD
CY2017Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
1000000 USD
CY2016Q4 us-gaap Treasury Stock Shares
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79000000 shares
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
79000000 shares
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TreasuryStockValue
4460000000 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
4561000000 USD
CY2016Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
115000000 USD
CY2017Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
150000000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144000000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
141000000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143000000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
137000000 shares
CY2017Q1 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 a broad range of customers, including patients, clinicians, hospitals, integrated delivery networks ("IDNs"), health plans, employers and accountable care organizations ("ACOs"). The Company offers the broadest access in the United States to diagnostic information services through its nationwide network of laboratories, 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 testing, non-routine (including advanced diagnostics) 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 and healthcare providers. The Company is the leading provider of risk assessment services for the life insurance industry. In addition, the Company offers healthcare organizations and clinicians robust information technology solutions. Prior to the sale of the Focus Diagnostics products business on May 13, 2016, the Company's diagnostics products business manufactured and marketed diagnostic products.</font></div></div>
CY2017Q1 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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