$DGX
QUEST DIAGNOSTICS INC

2018 Q4 Form 10-Q Financial Statement

#000102207918000180 Filed on October 24, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $1.839B $1.889B $1.856B
YoY Change -1.39% 1.78% -1.54%
Cost Of Revenue $1.215B $1.222B $1.190B
YoY Change 2.97% 2.69% 2.85%
Gross Profit $604.0M $667.0M $666.0M
YoY Change -9.99% 0.15% -8.52%
Gross Profit Margin 32.84% 35.31% 35.88%
Selling, General & Admin $329.0M $354.0M $348.0M
YoY Change -7.06% 1.72% -14.91%
% of Gross Profit 54.47% 53.07% 52.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $81.00M $77.00M $69.00M
YoY Change 10.96% 11.59% 9.52%
% of Gross Profit 13.41% 11.54% 10.36%
Operating Expenses $353.0M $354.0M $348.0M
YoY Change -5.61% 1.72% -14.91%
Operating Profit $251.0M $304.0M $298.0M
YoY Change -15.49% 2.01% -7.45%
Interest Expense -$43.00M $42.00M $39.00M
YoY Change 10.26% 7.69% 5.41%
% of Operating Profit -17.13% 13.82% 13.09%
Other Income/Expense, Net -$10.00M -$38.00M -$40.00M
YoY Change -350.0% -5.0% 21.21%
Pretax Income $167.0M $266.0M $258.0M
YoY Change -28.63% 3.1% -10.73%
Income Tax $39.00M $48.00M $92.00M
% Of Pretax Income 23.35% 18.05% 35.66%
Net Earnings $127.0M $213.0M $161.0M
YoY Change -50.0% 32.3% -16.15%
Net Earnings / Revenue 6.91% 11.28% 8.67%
Basic Earnings Per Share $0.93 $1.56 $1.18
Diluted Earnings Per Share $0.92 $1.53 $1.15
COMMON SHARES
Basic Shares Outstanding 136.1M shares 136.0M shares 137.0M shares
Diluted Shares Outstanding 139.0M shares 140.0M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $135.0M $263.0M $350.0M
YoY Change -1.46% -24.86% -13.79%
Cash & Equivalents $135.0M $263.0M $350.0M
Short-Term Investments
Other Short-Term Assets $144.0M $148.0M $134.0M
YoY Change -4.0% 10.45% -28.72%
Inventory $99.00M $95.00M $100.0M
Prepaid Expenses
Receivables $1.012B $1.097B $960.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.390B $1.603B $1.544B
YoY Change 6.43% 3.82% -5.97%
LONG-TERM ASSETS
Property, Plant & Equipment $1.288B $1.194B $1.097B
YoY Change 12.49% 8.84% 15.23%
Goodwill $6.563B $6.447B $6.164B
YoY Change 3.6% 4.59% 2.73%
Intangibles $1.207B $1.168B $1.029B
YoY Change 7.86% 13.51% 5.86%
Long-Term Investments $436.0M $456.0M $459.0M
YoY Change -5.63% -0.65% 1.55%
Other Assets $119.0M $118.0M $146.0M
YoY Change -12.5% -19.18% -5.81%
Total Long-Term Assets $9.613B $9.383B $8.895B
YoY Change 4.52% 5.49% 4.27%
TOTAL ASSETS
Total Short-Term Assets $1.390B $1.603B $1.544B
Total Long-Term Assets $9.613B $9.383B $8.895B
Total Assets $11.00B $10.99B $10.44B
YoY Change 4.76% 5.24% 2.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.021B $1.085B $1.047B
YoY Change 0.0% 3.63% 0.77%
Accrued Expenses $274.0M
YoY Change 11.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $464.0M $304.0M $5.000M
YoY Change 1188.89% 5980.0% -28.57%
Total Short-Term Liabilities $1.485B $1.389B $1.052B
YoY Change 40.49% 32.03% 0.57%
LONG-TERM LIABILITIES
Long-Term Debt $3.429B $3.394B $3.759B
YoY Change -8.51% -9.71% -1.47%
Other Long-Term Liabilities $745.0M $761.0M $722.0M
YoY Change 12.37% 5.4% 33.21%
Total Long-Term Liabilities $4.174B $761.0M $722.0M
YoY Change -5.37% 5.4% -83.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.485B $1.389B $1.052B
Total Long-Term Liabilities $4.174B $761.0M $722.0M
Total Liabilities $5.659B $2.150B $1.774B
YoY Change 3.49% 21.2% -67.17%
SHAREHOLDERS EQUITY
Retained Earnings $7.602B $7.546B $6.946B
YoY Change 6.5% 8.64% 6.53%
Common Stock $2.669B $2.658B $2.587B
YoY Change 2.1% 2.74% 2.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.996B $4.829B $4.691B
YoY Change 4.45% 2.94% 8.49%
Treasury Stock Shares 82.00M shares 81.00M shares 80.00M shares
Shareholders Equity $5.216B $5.317B $4.794B
YoY Change
Total Liabilities & Shareholders Equity $11.00B $10.99B $10.44B
YoY Change 4.76% 5.24% 2.61%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $127.0M $213.0M $161.0M
YoY Change -50.0% 32.3% -16.15%
Depreciation, Depletion And Amortization $81.00M $77.00M $69.00M
YoY Change 10.96% 11.59% 9.52%
Cash From Operating Activities $295.0M $402.0M $362.0M
YoY Change -8.67% 11.05% 20.27%
INVESTING ACTIVITIES
Capital Expenditures -$151.0M -$81.00M -$63.00M
YoY Change 84.15% 28.57% 3.28%
Acquisitions $54.00M $187.0M
YoY Change -71.12% 4575.0%
Other Investing Activities -$195.0M -$44.00M -$184.0M
YoY Change -31.34% -76.09% 1572.73%
Cash From Investing Activities -$346.0M -$125.0M -$247.0M
YoY Change -5.46% -49.39% 243.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -77.00M -146.0M -79.00M
YoY Change -54.71% 84.81% -25.47%
NET CHANGE
Cash From Operating Activities 295.0M 402.0M 362.0M
Cash From Investing Activities -346.0M -125.0M -247.0M
Cash From Financing Activities -77.00M -146.0M -79.00M
Net Change In Cash -128.0M 131.0M 36.00M
YoY Change -39.91% 263.89% -70.73%
FREE CASH FLOW
Cash From Operating Activities $295.0M $402.0M $362.0M
Capital Expenditures -$151.0M -$81.00M -$63.00M
Free Cash Flow $446.0M $483.0M $425.0M
YoY Change 10.12% 13.65% 17.4%

Facts In Submission

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us-gaap Severance Costs1
SeveranceCosts1
9000000 USD
CY2018Q3 us-gaap Severance Costs1
SeveranceCosts1
4000000 USD
us-gaap Severance Costs1
SeveranceCosts1
19000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
54000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
53000000 USD
us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
2300000 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 information and insights based on the industry-leading menu of routine, non-routine and advanced clinical testing and anatomic pathology testing, and other diagnostic information services. The Company provides services to a broad range of customers, including patients, clinicians, hospitals, independent 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 and the Company's connectivity resources, including call centers and mobile paramedics, nurses and other health and wellness professionals. The Company is the world's leading provider of diagnostic information services. 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 businesses ("DS") are the leading provider of risk assessment services for the life insurance industry and offer healthcare organizations and clinicians robust information technology solutions.</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-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the adoption of the new accounting standard associated with clarifying presentation and classification in the statement of cash flows, certain reclassifications have been made to the prior period financial statements to conform with the current period presentation. In addition, the Company adopted the new revenue recognition accounting standard on a full retrospective basis, which required the Company to restate certain previously reported results. For further details regarding the impact of these new accounting standards, see </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">New Accounting Pronouncements</font><font style="font-family:inherit;font-size:10pt;">.</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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0001022079-18-000180.txt Edgar Link pending
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