$DGX
Quest Diagnostics Inc

2020 Q1 Form 10-Q Financial Statement

#000102207920000107 Filed on May 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $1.000M $1.891B
YoY Change -99.95% 0.37%
Cost Of Revenue $1.270B $1.244B
YoY Change 2.09% 1.47%
Gross Profit $552.0M $647.0M
YoY Change -14.68% -1.67%
Gross Profit Margin 55200.0% 34.21%
Selling, General & Admin $347.0M $384.0M
YoY Change -9.64% 5.79%
% of Gross Profit 62.86% 59.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $85.00M $84.00M
YoY Change 1.19% 13.51%
% of Gross Profit 15.4% 12.98%
Operating Expenses $347.0M $384.0M
YoY Change -9.64% 5.79%
Operating Profit $175.0M $248.0M
YoY Change -29.44% -8.82%
Interest Expense $42.00M $45.00M
YoY Change -6.67% 9.76%
% of Operating Profit 24.0% 18.15%
Other Income/Expense, Net -$57.00M -$35.00M
YoY Change 62.86% -18.6%
Pretax Income $118.0M $213.0M
YoY Change -44.6% -6.99%
Income Tax $26.00M $50.00M
% Of Pretax Income 22.03% 23.47%
Net Earnings $99.00M $164.0M
YoY Change -39.63% -7.34%
Net Earnings / Revenue 9900.0% 8.67%
Basic Earnings Per Share $0.74 $1.22
Diluted Earnings Per Share $0.73 $1.20
COMMON SHARES
Basic Shares Outstanding 134.0M shares 134.0M shares
Diluted Shares Outstanding 135.0M shares 136.0M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $342.0M $464.0M
YoY Change -26.29% 274.19%
Cash & Equivalents $342.0M $464.0M
Short-Term Investments
Other Short-Term Assets $118.0M $135.0M
YoY Change -12.59% 6.3%
Inventory $126.0M $98.00M
Prepaid Expenses
Receivables $972.0M $1.079B
Other Receivables $2.000M $2.000M
Total Short-Term Assets $1.560B $1.778B
YoY Change -12.26% 29.69%
LONG-TERM ASSETS
Property, Plant & Equipment $1.461B $1.277B
YoY Change 14.41% 10.47%
Goodwill $6.694B $6.605B
YoY Change 1.35% 3.33%
Intangibles $1.138B $1.200B
YoY Change -5.17% 2.21%
Long-Term Investments $496.0M $454.0M
YoY Change 9.25% -4.22%
Other Assets $188.0M $126.0M
YoY Change 49.21% -1.56%
Total Long-Term Assets $10.49B $10.16B
YoY Change 3.25% 8.96%
TOTAL ASSETS
Total Short-Term Assets $1.560B $1.778B
Total Long-Term Assets $10.49B $10.16B
Total Assets $12.05B $11.94B
YoY Change 0.94% 11.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $981.0M $1.029B
YoY Change -4.66% 5.43%
Accrued Expenses $145.0M $145.0M
YoY Change 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $1.108B
YoY Change -99.73% 685.82%
Total Short-Term Liabilities $1.129B $2.282B
YoY Change -50.53% 104.3%
LONG-TERM LIABILITIES
Long-Term Debt $4.033B $3.131B
YoY Change 28.81% -15.79%
Other Long-Term Liabilities $699.0M $713.0M
YoY Change -1.96% -0.56%
Total Long-Term Liabilities $4.732B $3.844B
YoY Change 23.1% 436.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.129B $2.282B
Total Long-Term Liabilities $4.732B $3.844B
Total Liabilities $5.861B $6.126B
YoY Change -4.33% 234.02%
SHAREHOLDERS EQUITY
Retained Earnings $8.197B $7.694B
YoY Change 6.54% 6.14%
Common Stock $2.740B $2.673B
YoY Change 2.51% 2.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.222B $5.022B
YoY Change 3.98% 4.71%
Treasury Stock Shares 83.00M shares 83.00M shares
Shareholders Equity $5.657B $5.290B
YoY Change
Total Liabilities & Shareholders Equity $12.05B $11.94B
YoY Change 0.94% 11.61%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $99.00M $164.0M
YoY Change -39.63% -7.34%
Depreciation, Depletion And Amortization $85.00M $84.00M
YoY Change 1.19% 13.51%
Cash From Operating Activities $247.0M $275.0M
YoY Change -10.18% 52.78%
INVESTING ACTIVITIES
Capital Expenditures $83.00M $47.00M
YoY Change 76.6% -35.62%
Acquisitions $108.0M $56.00M
YoY Change 92.86% -56.92%
Other Investing Activities $15.00M $7.000M
YoY Change 114.29% 600.0%
Cash From Investing Activities -$206.0M -$110.0M
YoY Change 87.27% -46.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $75.00M $53.00M
YoY Change 41.51% 6.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$891.0M $164.0M
YoY Change -643.29% 1390.91%
NET CHANGE
Cash From Operating Activities $247.0M $275.0M
Cash From Investing Activities -$206.0M -$110.0M
Cash From Financing Activities -$891.0M $164.0M
Net Change In Cash -$850.0M $329.0M
YoY Change -358.36% -2630.77%
FREE CASH FLOW
Cash From Operating Activities $247.0M $275.0M
Capital Expenditures $83.00M $47.00M
Free Cash Flow $164.0M $228.0M
YoY Change -28.07% 113.08%

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CY2020Q1 us-gaap Nature Of Operations
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DESCRIPTION OF BUSINESS<div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">    </span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;"/><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Background</span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;">    </span></div>Quest Diagnostics Incorporated and its subsidiaries ("Quest Diagnostics" or the "Company") empower people to take action to improve health outcomes.  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.  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.
CY2020Q1 us-gaap Use Of Estimates
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<div style="line-height:120%;text-indent:48px;font-size:10pt;"><span 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. </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div>
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q1 us-gaap Earnings Per Share Diluted
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CY2019Q1 us-gaap Net Income Loss
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CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q1 us-gaap Depreciation
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CY2019Q1 us-gaap Amortization Of Intangible Assets
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CY2020Q1 us-gaap Depreciation Depletion And Amortization
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CY2019Q1 us-gaap Depreciation Depletion And Amortization
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CY2020Q1 us-gaap Interest Expense
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CY2019Q1 us-gaap Interest Expense
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CY2020Q1 us-gaap Dividends Payable Current And Noncurrent
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CY2020Q1 us-gaap Fair Value Of Assets Acquired
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CY2019Q1 us-gaap Fair Value Of Assets Acquired
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61000000 USD
CY2020Q1 us-gaap Liabilities Assumed1
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20000000 USD
CY2019Q1 us-gaap Liabilities Assumed1
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CY2020Q1 dgx Fair Value Of Net Assets Acquired
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CY2019Q1 dgx Fair Value Of Net Assets Acquired
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CY2020Q1 dgx Mergerconsiderationpaidpayablenet
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CY2019Q1 dgx Mergerconsiderationpaidpayablenet
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CY2020Q1 us-gaap Payments To Acquire Businesses Gross
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CY2019Q1 us-gaap Payments To Acquire Businesses Gross
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56000000 USD
CY2020Q1 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
3000000 USD
CY2019Q1 us-gaap Cash Acquired From Acquisition
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CY2020Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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56000000 USD
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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32000000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
25000000 USD
CY2020Q1 dgx Percentageof Net Revenues
PercentageofNetRevenues
1
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
99000000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
164000000 USD
CY2019Q1 dgx Percentageof Net Revenues
PercentageofNetRevenues
1
CY2020Q1 us-gaap Malpractice Loss Contingency Accrual Undiscounted
MalpracticeLossContingencyAccrualUndiscounted
135000000 USD
CY2019Q4 us-gaap Malpractice Loss Contingency Accrual Undiscounted
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132000000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1822000000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1891000000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
175000000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
248000000 USD
CY2020Q1 us-gaap Nonoperating Income Expense
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CY2019Q1 us-gaap Nonoperating Income Expense
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CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
118000000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
213000000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26000000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
50000000 USD
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
14000000 USD
CY2019Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
13000000 USD
CY2020Q1 us-gaap Profit Loss
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106000000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
176000000 USD
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
7000000 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
12000000 USD
CY2020Q1 dgx Percentageof Net Accounts Receivable
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1
CY2019Q4 dgx Percentageof Net Accounts Receivable
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1
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.220
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.237
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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8000000 USD
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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3000000 USD

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