2021 Q4 Form 10-K Financial Statement

#000102207922000027 Filed on February 28, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $2.744B $1.000M $3.002B
YoY Change -8.59% -66.67% 55.87%
Cost Of Revenue $1.679B $6.579B $1.822B
YoY Change -7.85% 13.35% 44.83%
Gross Profit $1.065B -$6.578B $1.269B
YoY Change -16.08% -281.06% 91.69%
Gross Profit Margin 38.81% -657800.0% 42.27%
Selling, General & Admin $442.0M $1.727B $436.0M
YoY Change 1.38% 11.42% 30.15%
% of Gross Profit 41.5% 34.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $106.0M $408.0M $98.00M
YoY Change 8.16% 13.02% 19.51%
% of Gross Profit 9.95% 7.72%
Operating Expenses $468.0M $1.727B $462.0M
YoY Change 1.3% 11.42% 69.85%
Operating Profit $597.0M $2.381B $807.0M
YoY Change -26.02% 20.8% 106.92%
Interest Expense -$37.00M $152.0M -$39.00M
YoY Change -5.13% -8.43% -7.14%
% of Operating Profit -6.2% 6.38% -4.83%
Other Income/Expense, Net $3.000M $218.0M $2.000M
YoY Change 50.0% -350.57% -71.43%
Pretax Income $502.0M $2.500B $758.0M
YoY Change -33.77% 31.58% 131.1%
Income Tax $114.0M $597.0M $191.0M
% Of Pretax Income 22.71% 23.88% 25.2%
Net Earnings $390.0M $1.995B $579.0M
YoY Change -32.64% 39.41% 128.85%
Net Earnings / Revenue 14.21% 199500.0% 19.29%
Basic Earnings Per Share $15.85 $4.28
Diluted Earnings Per Share $3.120M $15.55 $4.21
COMMON SHARES
Basic Shares Outstanding 122.7M shares 125.0M shares 134.8M shares
Diluted Shares Outstanding 128.0M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $872.0M $872.0M $1.158B
YoY Change -24.7% -24.7% -2.85%
Cash & Equivalents $872.0M $872.0M $1.158B
Short-Term Investments
Other Short-Term Assets $223.0M $223.0M $154.0M
YoY Change 44.81% 44.81% 37.5%
Inventory $208.0M $208.0M $223.0M
Prepaid Expenses
Receivables $1.438B $1.438B $1.520B
Other Receivables $0.00 $0.00 $3.000M
Total Short-Term Assets $2.741B $2.741B $3.058B
YoY Change -10.37% -10.37% 22.81%
LONG-TERM ASSETS
Property, Plant & Equipment $1.707B $2.304B $1.627B
YoY Change 4.92% 3.27% 11.98%
Goodwill $7.095B $6.873B
YoY Change 3.23% 3.84%
Intangibles $1.167B $1.167B
YoY Change 0.0% 4.1%
Long-Term Investments $141.0M $141.0M $521.0M
YoY Change -72.94% -72.94% 8.09%
Other Assets $163.0M $163.0M $176.0M
YoY Change -7.39% -7.39% 10.0%
Total Long-Term Assets $10.87B $10.87B $10.97B
YoY Change -0.89% -0.89% 5.94%
TOTAL ASSETS
Total Short-Term Assets $2.741B $2.741B $3.058B
Total Long-Term Assets $10.87B $10.87B $10.97B
Total Assets $13.61B $13.61B $14.03B
YoY Change -2.96% -2.96% 9.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600B $357.0M $1.633B
YoY Change -2.02% -19.96% 56.87%
Accrued Expenses $460.0M $1.189B $356.0M
YoY Change 29.21% 12.59% 59.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $116.0M $0.00
YoY Change -24.18%
Long-Term Debt Due $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% -99.75%
Total Short-Term Liabilities $1.753B $1.753B $1.776B
YoY Change -1.3% -1.3% -10.75%
LONG-TERM LIABILITIES
Long-Term Debt $4.010B $4.010B $4.013B
YoY Change -0.07% -0.07% 1.19%
Other Long-Term Liabilities $792.0M $1.286B $847.0M
YoY Change -6.49% -4.46% 19.13%
Total Long-Term Liabilities $4.802B $5.296B $4.860B
YoY Change -1.19% -1.18% 3.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.753B $1.753B $1.776B
Total Long-Term Liabilities $4.802B $5.296B $4.860B
Total Liabilities $6.555B $7.167B $6.636B
YoY Change -1.22% -1.38% -0.46%
SHAREHOLDERS EQUITY
Retained Earnings $7.649B $9.303B
YoY Change -17.78% 13.81%
Common Stock $2.262B $2.843B
YoY Change -20.44% 4.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.453B $5.366B
YoY Change -35.65% 2.84%
Treasury Stock Shares 43.00M shares 84.00M shares
Shareholders Equity $6.444B $6.444B $6.759B
YoY Change
Total Liabilities & Shareholders Equity $13.61B $13.61B $14.03B
YoY Change -2.96% -2.96% 9.21%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $390.0M $1.995B $579.0M
YoY Change -32.64% 39.41% 128.85%
Depreciation, Depletion And Amortization $106.0M $408.0M $98.00M
YoY Change 8.16% 13.02% 19.51%
Cash From Operating Activities $481.0M $2.233B $541.0M
YoY Change -11.09% 11.37% 55.46%
INVESTING ACTIVITIES
Capital Expenditures -$144.0M $403.0M -$162.0M
YoY Change -11.11% -3.59% -5.81%
Acquisitions $331.0M
YoY Change 0.3%
Other Investing Activities -$83.00M $3.000M -$6.000M
YoY Change 1283.33% -88.89% -108.33%
Cash From Investing Activities -$227.0M $21.00M -$168.0M
YoY Change 35.12% -102.72% 68.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.199B
YoY Change 576.62%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -369.0M -$2.540B -820.0M
YoY Change -55.0% 100.47% -260.78%
NET CHANGE
Cash From Operating Activities 481.0M $2.233B 541.0M
Cash From Investing Activities -227.0M $21.00M -168.0M
Cash From Financing Activities -369.0M -$2.540B -820.0M
Net Change In Cash -115.0M -$286.0M -447.0M
YoY Change -74.27% 741.18% -158.97%
FREE CASH FLOW
Cash From Operating Activities $481.0M $2.233B $541.0M
Capital Expenditures -$144.0M $403.0M -$162.0M
Free Cash Flow $625.0M $1.830B $703.0M
YoY Change -11.1% 15.31% 35.19%

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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:10pt;font-weight:400;line-height:120%">    </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    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.</span></div>
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