2019 Q1 Form 10-Q Financial Statement

#000102207919000118 Filed on April 24, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $1.891B $1.884B
YoY Change 0.37% 3.69%
Cost Of Revenue $1.244B $1.226B
YoY Change 1.47% 5.24%
Gross Profit $647.0M $658.0M
YoY Change -1.67% 0.92%
Gross Profit Margin 34.21% 34.93%
Selling, General & Admin $384.0M $363.0M
YoY Change 5.79% 2.25%
% of Gross Profit 59.35% 55.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $84.00M $74.00M
YoY Change 13.51% 19.35%
% of Gross Profit 12.98% 11.25%
Operating Expenses $384.0M $363.0M
YoY Change 5.79% 2.25%
Operating Profit $248.0M $272.0M
YoY Change -8.82% -2.51%
Interest Expense $45.00M $41.00M
YoY Change 9.76% 10.81%
% of Operating Profit 18.15% 15.07%
Other Income/Expense, Net -$35.00M -$43.00M
YoY Change -18.6% 30.3%
Pretax Income $213.0M $229.0M
YoY Change -6.99% -6.91%
Income Tax $50.00M $52.00M
% Of Pretax Income 23.47% 22.71%
Net Earnings $164.0M $177.0M
YoY Change -7.34% 7.93%
Net Earnings / Revenue 8.67% 9.39%
Basic Earnings Per Share $1.22 $1.30
Diluted Earnings Per Share $1.20 $1.27
COMMON SHARES
Basic Shares Outstanding 134.0M shares 136.0M shares
Diluted Shares Outstanding 136.0M shares 139.0M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $464.0M $124.0M
YoY Change 274.19% -66.21%
Cash & Equivalents $464.0M $124.0M
Short-Term Investments
Other Short-Term Assets $135.0M $127.0M
YoY Change 6.3% -17.53%
Inventory $98.00M $94.00M
Prepaid Expenses
Receivables $1.079B $1.026B
Other Receivables $2.000M $0.00
Total Short-Term Assets $1.778B $1.371B
YoY Change 29.69% -12.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.277B $1.156B
YoY Change 10.47% 12.56%
Goodwill $6.605B $6.392B
YoY Change 3.33% 6.52%
Intangibles $1.200B $1.174B
YoY Change 2.21% 25.83%
Long-Term Investments $454.0M $474.0M
YoY Change -4.22% 7.0%
Other Assets $126.0M $128.0M
YoY Change -1.56% -12.93%
Total Long-Term Assets $10.16B $9.324B
YoY Change 8.96% 9.04%
TOTAL ASSETS
Total Short-Term Assets $1.778B $1.371B
Total Long-Term Assets $10.16B $9.324B
Total Assets $11.94B $10.70B
YoY Change 11.61% 5.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.029B $976.0M
YoY Change 5.43% -0.31%
Accrued Expenses $145.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.108B $141.0M
YoY Change 685.82% 2250.0%
Total Short-Term Liabilities $2.282B $1.117B
YoY Change 104.3% 13.4%
LONG-TERM LIABILITIES
Long-Term Debt $3.131B $3.718B
YoY Change -15.79% -0.19%
Other Long-Term Liabilities $713.0M $717.0M
YoY Change -0.56% 8.97%
Total Long-Term Liabilities $3.844B $717.0M
YoY Change 436.12% 8.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.282B $1.117B
Total Long-Term Liabilities $3.844B $717.0M
Total Liabilities $6.126B $1.834B
YoY Change 234.02% 11.63%
SHAREHOLDERS EQUITY
Retained Earnings $7.694B $7.249B
YoY Change 6.14% 7.95%
Common Stock $2.673B $2.618B
YoY Change 2.1% 2.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.022B $4.796B
YoY Change 4.71% 5.15%
Treasury Stock Shares 83.00M shares 81.00M shares
Shareholders Equity $5.290B $5.030B
YoY Change
Total Liabilities & Shareholders Equity $11.94B $10.70B
YoY Change 11.61% 5.8%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $164.0M $177.0M
YoY Change -7.34% 7.93%
Depreciation, Depletion And Amortization $84.00M $74.00M
YoY Change 13.51% 19.35%
Cash From Operating Activities $275.0M $180.0M
YoY Change 52.78% -8.16%
INVESTING ACTIVITIES
Capital Expenditures $47.00M $73.00M
YoY Change -35.62% 73.81%
Acquisitions $56.00M $130.0M
YoY Change -56.92% 12900.0%
Other Investing Activities $7.000M $1.000M
YoY Change 600.0% -75.0%
Cash From Investing Activities -$110.0M -$204.0M
YoY Change -46.08% 334.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $53.00M $50.00M
YoY Change 6.0% -66.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $164.0M $11.00M
YoY Change 1390.91% -106.63%
NET CHANGE
Cash From Operating Activities $275.0M $180.0M
Cash From Investing Activities -$110.0M -$204.0M
Cash From Financing Activities $164.0M $11.00M
Net Change In Cash $329.0M -$13.00M
YoY Change -2630.77% -23.53%
FREE CASH FLOW
Cash From Operating Activities $275.0M $180.0M
Capital Expenditures $47.00M $73.00M
Free Cash Flow $228.0M $107.0M
YoY Change 113.08% -30.52%

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CY2019Q1 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;"></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>
CY2019Q1 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>

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