$DGX
QUEST DIAGNOSTICS INC

2020 Q2 Form 10-Q Financial Statement

#000102207920000160 Filed on July 24, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $1.000M $1.000M
YoY Change 0.0% -99.95%
Cost Of Revenue $1.221B $1.265B
YoY Change -3.48% 1.77%
Gross Profit $606.0M $688.0M
YoY Change -11.92% 1.78%
Gross Profit Margin 60600.0% 68800.0%
Selling, General & Admin $360.0M $362.0M
YoY Change -0.55% 3.13%
% of Gross Profit 59.41% 52.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $89.00M $81.00M
YoY Change 9.88% 5.19%
% of Gross Profit 14.69% 11.77%
Operating Expenses $360.0M $362.0M
YoY Change -0.55% 3.13%
Operating Profit $283.0M $307.0M
YoY Change -7.82% 0.66%
Interest Expense $42.00M $46.00M
YoY Change -8.7% 6.98%
% of Operating Profit 14.84% 14.98%
Other Income/Expense, Net -$28.00M -$42.00M
YoY Change -33.33% 2.44%
Pretax Income $255.0M $265.0M
YoY Change -3.77% 0.38%
Income Tax $66.00M $63.00M
% Of Pretax Income 25.88% 23.77%
Net Earnings $185.0M $226.0M
YoY Change -18.14% 3.2%
Net Earnings / Revenue 18500.0% 22600.0%
Basic Earnings Per Share $1.38 $1.67
Diluted Earnings Per Share $1.36 $1.66
COMMON SHARES
Basic Shares Outstanding 134.0M shares 135.0M shares
Diluted Shares Outstanding 136.0M shares 136.0M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $988.0M $273.0M
YoY Change 261.9% 106.82%
Cash & Equivalents $988.0M $273.0M
Short-Term Investments
Other Short-Term Assets $110.0M $97.00M
YoY Change 13.4% -29.2%
Inventory $154.0M $105.0M
Prepaid Expenses
Receivables $1.126B $1.088B
Other Receivables $2.000M $3.000M
Total Short-Term Assets $2.380B $1.566B
YoY Change 51.98% 10.67%
LONG-TERM ASSETS
Property, Plant & Equipment $1.505B $1.307B
YoY Change 15.15% 11.9%
Goodwill $6.789B $6.605B
YoY Change 2.79% 2.98%
Intangibles $1.141B $1.172B
YoY Change -2.65% 0.51%
Long-Term Investments $495.0M $458.0M
YoY Change 8.08% 0.44%
Other Assets $158.0M $141.0M
YoY Change 12.06% 10.16%
Total Long-Term Assets $10.61B $10.19B
YoY Change 4.08% 9.24%
TOTAL ASSETS
Total Short-Term Assets $2.380B $1.566B
Total Long-Term Assets $10.61B $10.19B
Total Assets $12.99B $11.76B
YoY Change 10.46% 9.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.142B $951.0M
YoY Change 20.08% -0.63%
Accrued Expenses $146.0M $146.0M
YoY Change 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $555.0M $807.0M
YoY Change -31.23% 164.59%
Total Short-Term Liabilities $1.843B $1.904B
YoY Change -3.2% 50.87%
LONG-TERM LIABILITIES
Long-Term Debt $4.020B $3.169B
YoY Change 26.85% -7.01%
Other Long-Term Liabilities $753.0M $689.0M
YoY Change 9.29% -6.64%
Total Long-Term Liabilities $4.773B $3.858B
YoY Change 23.72% 422.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.843B $1.904B
Total Long-Term Liabilities $4.773B $3.858B
Total Liabilities $6.616B $5.762B
YoY Change 14.82% 188.1%
SHAREHOLDERS EQUITY
Retained Earnings $8.307B $7.849B
YoY Change 5.84% 6.05%
Common Stock $2.766B $2.688B
YoY Change 2.9% 2.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.187B $5.020B
YoY Change 3.33% 5.55%
Treasury Stock Shares 83.00M shares 82.00M shares
Shareholders Equity $5.831B $5.459B
YoY Change
Total Liabilities & Shareholders Equity $12.99B $11.76B
YoY Change 10.46% 9.43%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $185.0M $226.0M
YoY Change -18.14% 3.2%
Depreciation, Depletion And Amortization $89.00M $81.00M
YoY Change 9.88% 5.19%
Cash From Operating Activities $355.0M $321.0M
YoY Change 10.59% -0.62%
INVESTING ACTIVITIES
Capital Expenditures -$82.00M -$85.00M
YoY Change -3.53% 8.97%
Acquisitions $120.0M $0.00
YoY Change -100.0%
Other Investing Activities -$123.0M -$7.000M
YoY Change 1657.14% -85.42%
Cash From Investing Activities -$205.0M -$92.00M
YoY Change 122.83% -26.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 496.0M -420.0M
YoY Change -218.1% 122.22%
NET CHANGE
Cash From Operating Activities 355.0M 321.0M
Cash From Investing Activities -205.0M -92.00M
Cash From Financing Activities 496.0M -420.0M
Net Change In Cash 646.0M -191.0M
YoY Change -438.22% -2487.5%
FREE CASH FLOW
Cash From Operating Activities $355.0M $321.0M
Capital Expenditures -$82.00M -$85.00M
Free Cash Flow $437.0M $406.0M
YoY Change 7.64% 1.25%

Facts In Submission

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Quest Diagnostics Inc
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CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Net Income Loss
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CY2019Q2 us-gaap Income Loss From Continuing Operations
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us-gaap Nature Of Operations
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DESCRIPTION OF BUSINESS<div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">        </span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">        </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Background</span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;">        </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.
us-gaap Use Of Estimates
UseOfEstimates
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.
us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2020Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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CY2019Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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CY2020Q2 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
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184000000 USD
CY2019Q2 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
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us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
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283000000 USD
us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
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369000000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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135000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2000000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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136000000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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136000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
135000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
136000000 shares
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