$DGX
Quest Diagnostics Inc

2022 Q1 Form 10-Q Financial Statement

#000102207922000074 Filed on April 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue $1.646B $1.626B
YoY Change 1.23% 28.03%
Gross Profit -$1.646B -$1.626B
YoY Change 1.23% -394.57%
Gross Profit Margin
Selling, General & Admin $425.0M $407.0M
YoY Change 4.42% 17.29%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $106.0M $101.0M
YoY Change 4.95% 18.82%
% of Gross Profit
Operating Expenses $425.0M $407.0M
YoY Change 4.42% 17.29%
Operating Profit $513.0M $660.0M
YoY Change -22.27% 277.14%
Interest Expense $37.00M $38.00M
YoY Change -2.63% -9.52%
% of Operating Profit 7.21% 5.76%
Other Income/Expense, Net -$61.00M -$34.00M
YoY Change 79.41% -40.35%
Pretax Income $452.0M $626.0M
YoY Change -27.8% 430.51%
Income Tax $110.0M $153.0M
% Of Pretax Income 24.34% 24.44%
Net Earnings $355.0M $469.0M
YoY Change -24.31% 373.74%
Net Earnings / Revenue
Basic Earnings Per Share $2.97 $3.52
Diluted Earnings Per Share $2.92 $3.46
COMMON SHARES
Basic Shares Outstanding 119.0M shares 133.0M shares
Diluted Shares Outstanding 121.0M shares 135.0M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $712.0M $1.230B
YoY Change -42.11% 259.65%
Cash & Equivalents $712.0M $1.230B
Short-Term Investments
Other Short-Term Assets $195.0M $163.0M
YoY Change 19.63% 38.14%
Inventory $197.0M $223.0M
Prepaid Expenses
Receivables $1.371B $1.382B
Other Receivables $0.00 $1.000M
Total Short-Term Assets $2.475B $2.999B
YoY Change -17.47% 92.24%
LONG-TERM ASSETS
Property, Plant & Equipment $1.668B $1.624B
YoY Change 2.71% 11.16%
Goodwill $7.197B $6.870B
YoY Change 4.76% 2.63%
Intangibles $1.172B $1.141B
YoY Change 2.72% 0.26%
Long-Term Investments $155.0M $527.0M
YoY Change -70.59% 6.25%
Other Assets $155.0M $170.0M
YoY Change -8.82% -9.57%
Total Long-Term Assets $10.97B $10.93B
YoY Change 0.32% 4.22%
TOTAL ASSETS
Total Short-Term Assets $2.475B $2.999B
Total Long-Term Assets $10.97B $10.93B
Total Assets $13.44B $13.93B
YoY Change -3.51% 15.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.544B $1.559B
YoY Change -0.96% 58.92%
Accrued Expenses $154.0M $146.0M
YoY Change 5.48% 0.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M
YoY Change 0.0% -33.33%
Total Short-Term Liabilities $1.700B $1.707B
YoY Change -0.41% 51.2%
LONG-TERM LIABILITIES
Long-Term Debt $3.985B $4.010B
YoY Change -0.62% -0.57%
Other Long-Term Liabilities $742.0M $842.0M
YoY Change -11.88% 20.46%
Total Long-Term Liabilities $742.0M $842.0M
YoY Change -11.88% -82.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.700B $1.707B
Total Long-Term Liabilities $742.0M $842.0M
Total Liabilities $2.442B $2.549B
YoY Change -4.2% -56.51%
SHAREHOLDERS EQUITY
Retained Earnings $7.926B $9.690B
YoY Change -18.2% 18.21%
Common Stock $2.228B $2.826B
YoY Change -21.16% 3.14%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.761B $5.740B
YoY Change -34.48% 9.92%
Treasury Stock Shares 45.00M shares 86.00M shares
Shareholders Equity $6.377B $6.745B
YoY Change
Total Liabilities & Shareholders Equity $13.44B $13.93B
YoY Change -3.51% 15.62%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $355.0M $469.0M
YoY Change -24.31% 373.74%
Depreciation, Depletion And Amortization $106.0M $101.0M
YoY Change 4.95% 18.82%
Cash From Operating Activities $480.0M $731.0M
YoY Change -34.34% 195.95%
INVESTING ACTIVITIES
Capital Expenditures $63.00M $86.00M
YoY Change -26.74% 3.61%
Acquisitions $105.0M $0.00
YoY Change -100.0%
Other Investing Activities $1.000M $7.000M
YoY Change -85.71% -53.33%
Cash From Investing Activities -$169.0M -$93.00M
YoY Change 81.72% -54.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $373.0M $410.0M
YoY Change -9.02% 446.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$471.0M -$566.0M
YoY Change -16.78% -36.48%
NET CHANGE
Cash From Operating Activities $480.0M $731.0M
Cash From Investing Activities -$169.0M -$93.00M
Cash From Financing Activities -$471.0M -$566.0M
Net Change In Cash -$160.0M $72.00M
YoY Change -322.22% -108.47%
FREE CASH FLOW
Cash From Operating Activities $480.0M $731.0M
Capital Expenditures $63.00M $86.00M
Free Cash Flow $417.0M $645.0M
YoY Change -35.35% 293.29%

Facts In Submission

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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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NetIncomeLossExcludingRedeemableNoncontrollingInterest
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TemporaryEquityNetIncome
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82000000 USD
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MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
22000000 USD
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TemporaryequityNoncontrollinginterestDecreasefromDistributionstoNoncontrollingInterestHolders
7000000 USD
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18000000 USD
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79000000 USD
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.97
CY2022Q1 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 an 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.
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
355000000 USD
CY2021Q1 us-gaap Net Income Loss
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469000000 USD
CY2022Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
1000000 USD
CY2022Q1 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 Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
1000000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
354000000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
468000000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
119000000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
133000000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2000000 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2000000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121000000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
135000000 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.52
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.92
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.46
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
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1000000 shares
CY2022Q1 us-gaap Debt Instrument Fair Value
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4100000000 USD
CY2021Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
4400000000 USD
CY2021Q4 us-gaap Goodwill
Goodwill
7095000000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
6873000000 USD
CY2022Q1 us-gaap Goodwill Acquired During Period
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96000000 USD
CY2021 us-gaap Goodwill Acquired During Period
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228000000 USD
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6000000 USD
CY2021 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
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CY2022Q1 us-gaap Goodwill
Goodwill
7197000000 USD
CY2021Q4 us-gaap Goodwill
Goodwill
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CY2022Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2102000000 USD
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FiniteLivedIntangibleAssetsAccumulatedAmortization
930000000 USD
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
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1172000000 USD
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2070000000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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903000000 USD
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1167000000 USD
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80000000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
106000000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
102000000 USD
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101000000 USD
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95000000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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85000000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
367000000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
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936000000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
27000000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
27000000 USD
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
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0.66
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CommonStockDividendsPerShareDeclared
0.62
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CommonStockDividendsPerShareDeclared
0.62
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0.62
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.62
CY2022Q1 dgx Stock Repurchase Program Additional Amount Authorized
StockRepurchaseProgramAdditionalAmountAuthorized
1000000000 USD
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1300000000 USD
CY2022Q1 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
500000 shares
CY2021Q1 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
600000 shares
CY2022Q1 us-gaap Depreciation
Depreciation
79000000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
74000000 USD
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
106000000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
101000000 USD
CY2022Q1 us-gaap Interest Expense
InterestExpense
37000000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
38000000 USD
CY2022Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
0 USD
CY2021Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
0 USD
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InterestIncomeExpenseNet
-37000000 USD
CY2021Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-38000000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
32000000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
32000000 USD
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
23000000 USD
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
7000000 USD
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
22000000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
30000000 USD
CY2022Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
78000000 USD
CY2021Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
82000000 USD
CY2022Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
142000000 USD
CY2022Q1 us-gaap Liabilities Assumed1
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15000000 USD
CY2021Q1 us-gaap Liabilities Assumed1
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0 USD
CY2022Q1 dgx Fair Value Of Net Assets Acquired
FairValueOfNetAssetsAcquired
127000000 USD
CY2022Q1 dgx Mergerconsiderationpaidpayablenet
Mergerconsiderationpaidpayablenet
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CY2021Q1 dgx Mergerconsiderationpaidpayablenet
Mergerconsiderationpaidpayablenet
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CY2022Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
109000000 USD
CY2021Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2022Q1 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
4000000 USD
CY2021Q1 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0 USD
CY2022Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
105000000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
63000000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
36000000 USD
CY2020Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
2 claim
CY2020Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
2 claim
CY2022Q1 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
2 claim
CY2022Q1 us-gaap Malpractice Loss Contingency Accrual Undiscounted
MalpracticeLossContingencyAccrualUndiscounted
158000000 USD
CY2021Q4 us-gaap Malpractice Loss Contingency Accrual Undiscounted
MalpracticeLossContingencyAccrualUndiscounted
159000000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2611000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2720000000 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
513000000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
660000000 USD
CY2022Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-61000000 USD
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-34000000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
452000000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
626000000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
110000000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
153000000 USD
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
31000000 USD
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
17000000 USD
CY2022Q1 us-gaap Profit Loss
ProfitLoss
373000000 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
490000000 USD
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
18000000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
21000000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
355000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
469000000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2611000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2720000000 USD
CY2022Q1 dgx Percentageof Net Revenues
PercentageofNetRevenues
1
CY2021Q1 dgx Percentageof Net Revenues
PercentageofNetRevenues
1
CY2022Q1 dgx Percentageof Net Accounts Receivable
PercentageofNetAccountsReceivable
1
CY2021Q4 dgx Percentageof Net Accounts Receivable
PercentageofNetAccountsReceivable
1
CY2022Q1 dgx Stock Repurchase Program Additional Amount Authorized
StockRepurchaseProgramAdditionalAmountAuthorized
1000000000 USD

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