$DGX
Quest Diagnostics Inc

2021 Q1 Form 10-Q Financial Statement

#000102207921000070 Filed on April 23, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $1.000M
YoY Change -100.0% -99.95%
Cost Of Revenue $1.626B $1.270B
YoY Change 28.03% 2.09%
Gross Profit -$1.626B $552.0M
YoY Change -394.57% -14.68%
Gross Profit Margin 55200.0%
Selling, General & Admin $407.0M $347.0M
YoY Change 17.29% -9.64%
% of Gross Profit 62.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $101.0M $85.00M
YoY Change 18.82% 1.19%
% of Gross Profit 15.4%
Operating Expenses $407.0M $347.0M
YoY Change 17.29% -9.64%
Operating Profit $660.0M $175.0M
YoY Change 277.14% -29.44%
Interest Expense $38.00M $42.00M
YoY Change -9.52% -6.67%
% of Operating Profit 5.76% 24.0%
Other Income/Expense, Net -$34.00M -$57.00M
YoY Change -40.35% 62.86%
Pretax Income $626.0M $118.0M
YoY Change 430.51% -44.6%
Income Tax $153.0M $26.00M
% Of Pretax Income 24.44% 22.03%
Net Earnings $469.0M $99.00M
YoY Change 373.74% -39.63%
Net Earnings / Revenue 9900.0%
Basic Earnings Per Share $3.52 $0.74
Diluted Earnings Per Share $3.46 $0.73
COMMON SHARES
Basic Shares Outstanding 133.0M shares 134.0M shares
Diluted Shares Outstanding 135.0M shares 135.0M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.230B $342.0M
YoY Change 259.65% -26.29%
Cash & Equivalents $1.230B $342.0M
Short-Term Investments
Other Short-Term Assets $163.0M $118.0M
YoY Change 38.14% -12.59%
Inventory $223.0M $126.0M
Prepaid Expenses
Receivables $1.382B $972.0M
Other Receivables $1.000M $2.000M
Total Short-Term Assets $2.999B $1.560B
YoY Change 92.24% -12.26%
LONG-TERM ASSETS
Property, Plant & Equipment $1.624B $1.461B
YoY Change 11.16% 14.41%
Goodwill $6.870B $6.694B
YoY Change 2.63% 1.35%
Intangibles $1.141B $1.138B
YoY Change 0.26% -5.17%
Long-Term Investments $527.0M $496.0M
YoY Change 6.25% 9.25%
Other Assets $170.0M $188.0M
YoY Change -9.57% 49.21%
Total Long-Term Assets $10.93B $10.49B
YoY Change 4.22% 3.25%
TOTAL ASSETS
Total Short-Term Assets $2.999B $1.560B
Total Long-Term Assets $10.93B $10.49B
Total Assets $13.93B $12.05B
YoY Change 15.62% 0.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.559B $981.0M
YoY Change 58.92% -4.66%
Accrued Expenses $146.0M $145.0M
YoY Change 0.69% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $3.000M
YoY Change -33.33% -99.73%
Total Short-Term Liabilities $1.707B $1.129B
YoY Change 51.2% -50.53%
LONG-TERM LIABILITIES
Long-Term Debt $4.010B $4.033B
YoY Change -0.57% 28.81%
Other Long-Term Liabilities $842.0M $699.0M
YoY Change 20.46% -1.96%
Total Long-Term Liabilities $842.0M $4.732B
YoY Change -82.21% 23.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.707B $1.129B
Total Long-Term Liabilities $842.0M $4.732B
Total Liabilities $2.549B $5.861B
YoY Change -56.51% -4.33%
SHAREHOLDERS EQUITY
Retained Earnings $9.690B $8.197B
YoY Change 18.21% 6.54%
Common Stock $2.826B $2.740B
YoY Change 3.14% 2.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.740B $5.222B
YoY Change 9.92% 3.98%
Treasury Stock Shares 86.00M shares 83.00M shares
Shareholders Equity $6.745B $5.657B
YoY Change
Total Liabilities & Shareholders Equity $13.93B $12.05B
YoY Change 15.62% 0.94%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $469.0M $99.00M
YoY Change 373.74% -39.63%
Depreciation, Depletion And Amortization $101.0M $85.00M
YoY Change 18.82% 1.19%
Cash From Operating Activities $731.0M $247.0M
YoY Change 195.95% -10.18%
INVESTING ACTIVITIES
Capital Expenditures $86.00M $83.00M
YoY Change 3.61% 76.6%
Acquisitions $0.00 $108.0M
YoY Change -100.0% 92.86%
Other Investing Activities $7.000M $15.00M
YoY Change -53.33% 114.29%
Cash From Investing Activities -$93.00M -$206.0M
YoY Change -54.85% 87.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $410.0M $75.00M
YoY Change 446.67% 41.51%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$566.0M -$891.0M
YoY Change -36.48% -643.29%
NET CHANGE
Cash From Operating Activities $731.0M $247.0M
Cash From Investing Activities -$93.00M -$206.0M
Cash From Financing Activities -$566.0M -$891.0M
Net Change In Cash $72.00M -$850.0M
YoY Change -108.47% -358.36%
FREE CASH FLOW
Cash From Operating Activities $731.0M $247.0M
Capital Expenditures $86.00M $83.00M
Free Cash Flow $645.0M $164.0M
YoY Change 293.29% -28.07%

Facts In Submission

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21000000 USD
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410000000 USD
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OtherComprehensiveIncomeLossNetOfTax
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MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
76000000 USD
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
DESCRIPTION OF BUSINESS<div><span style="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="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">    </span><span style="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="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, accountable care organizations ("ACOs"), and direct contract entities ("DCEs"). 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. 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.
CY2021Q1 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.
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
469000000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
99000000 USD
CY2021Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
1000000 USD
CY2020Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
0 USD
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NetIncomeLossAvailableToCommonStockholdersDiluted
468000000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
99000000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
133000000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
134000000 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000000 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
135000000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
135000000 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.52
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.74
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.46
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.73
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1000000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2000000 shares
CY2021Q1 us-gaap Debt Instrument Fair Value
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4400000000 USD
CY2020Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
4600000000 USD
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1167000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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74000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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98000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
96000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
93000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
92000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
86000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
366000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
905000000 USD
CY2021Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
1000000 USD
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4000000 USD
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.62
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.56
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1000000000 USD
CY2021Q1 dgx Stock Repurchase Program Additional Amount Authorized
StockRepurchaseProgramAdditionalAmountAuthorized
1000000000 USD
CY2021Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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2500000000 USD
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StockIssuedDuringPeriodSharesTreasuryStockReissued
600000 shares
CY2020Q1 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
1100000 shares
CY2021Q1 us-gaap Depreciation
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74000000 USD
CY2020Q1 us-gaap Depreciation
Depreciation
60000000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
27000000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
25000000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
101000000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
85000000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
38000000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
42000000 USD
CY2021Q1 us-gaap Interest And Dividend Income Operating
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CY2020Q1 us-gaap Interest And Dividend Income Operating
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CY2021Q1 us-gaap Interest Income Expense Net
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CY2020Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2021Q1 us-gaap Interest Paid
InterestPaid
32000000 USD
CY2020Q1 us-gaap Interest Paid
InterestPaid
48000000 USD
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
7000000 USD
CY2020Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
18000000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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30000000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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11000000 USD
CY2021Q1 us-gaap Dividends Payable Current And Noncurrent
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82000000 USD
CY2020Q1 us-gaap Dividends Payable Current And Noncurrent
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75000000 USD
CY2021Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
0 USD
CY2020Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
131000000 USD
CY2021Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
CY2020Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
20000000 USD
CY2021Q1 dgx Fair Value Of Net Assets Acquired
FairValueOfNetAssetsAcquired
0 USD
CY2020Q1 dgx Fair Value Of Net Assets Acquired
FairValueOfNetAssetsAcquired
111000000 USD
CY2021Q1 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0 USD
CY2020Q4 us-gaap Goodwill
Goodwill
6873000000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
6619000000 USD
CY2021Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 USD
CY2020 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
247000000 USD
CY2021Q1 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
-3000000 USD
CY2020 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
7000000 USD
CY2021Q1 us-gaap Goodwill
Goodwill
6870000000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
6873000000 USD
CY2021Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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1968000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
827000000 USD
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1141000000 USD
CY2020Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1967000000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
800000000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1822000000 USD
CY2020Q1 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
3000000 USD
CY2021Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
CY2020Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
108000000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
36000000 USD
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
32000000 USD
CY2020Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
2 claim
CY2020Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
2 claim
CY2021Q1 us-gaap Malpractice Loss Contingency Accrual Undiscounted
MalpracticeLossContingencyAccrualUndiscounted
142000000 USD
CY2020Q4 us-gaap Malpractice Loss Contingency Accrual Undiscounted
MalpracticeLossContingencyAccrualUndiscounted
138000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2720000000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
660000000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
175000000 USD
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-34000000 USD
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-57000000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
626000000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
118000000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
153000000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26000000 USD
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
17000000 USD
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
14000000 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
490000000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
106000000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
21000000 USD
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
7000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
469000000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
99000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2720000000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1822000000 USD
CY2021Q1 dgx Percentageof Net Revenues
PercentageofNetRevenues
1
CY2020Q1 dgx Percentageof Net Revenues
PercentageofNetRevenues
1
CY2021Q1 dgx Percentageof Net Accounts Receivable
PercentageofNetAccountsReceivable
1
CY2020Q4 dgx Percentageof Net Accounts Receivable
PercentageofNetAccountsReceivable
1

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