$DGX
Quest Diagnostics Inc

2022 Q3 Form 10-Q Financial Statement

#000102207922000123 Filed on July 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $2.486B $2.000M $0.00
YoY Change
Cost Of Revenue $1.618B $1.611B $1.646B
YoY Change -3.11% 2.94% 1.23%
Gross Profit $868.0M -$1.609B -$1.646B
YoY Change -151.98% 2.81% 1.23%
Gross Profit Margin 34.92% -80450.0%
Selling, General & Admin $464.0M $422.0M $425.0M
YoY Change 8.67% -1.63% 4.42%
% of Gross Profit 53.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $108.0M $107.0M $106.0M
YoY Change 6.93% 7.0% 4.95%
% of Gross Profit 12.44%
Operating Expenses $464.0M $422.0M $425.0M
YoY Change 8.67% -1.63% 4.42%
Operating Profit $392.0M $388.0M $513.0M
YoY Change -39.88% -27.2% -22.27%
Interest Expense $37.00M $38.00M $37.00M
YoY Change -2.63% 0.0% -2.63%
% of Operating Profit 9.44% 9.79% 7.21%
Other Income/Expense, Net -$41.00M -$65.00M -$61.00M
YoY Change -2150.0% -122.89% 79.41%
Pretax Income $351.0M $323.0M $452.0M
YoY Change -46.33% -60.47% -27.8%
Income Tax $81.00M $77.00M $110.0M
% Of Pretax Income 23.08% 23.84% 24.34%
Net Earnings $256.0M $234.0M $355.0M
YoY Change -49.31% -62.92% -24.31%
Net Earnings / Revenue 10.3% 11700.0%
Basic Earnings Per Share $2.20 $2.00 $2.97
Diluted Earnings Per Share $2.17 $1.96 $2.92
COMMON SHARES
Basic Shares Outstanding 116.6M shares 117.0M shares 119.0M shares
Diluted Shares Outstanding 118.0M shares 119.0M shares 121.0M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $700.0M $790.0M $712.0M
YoY Change -29.08% 41.07% -42.11%
Cash & Equivalents $700.0M $790.0M $712.0M
Short-Term Investments
Other Short-Term Assets $171.0M $156.0M $195.0M
YoY Change -9.52% 18.18% 19.63%
Inventory $183.0M $187.0M $197.0M
Prepaid Expenses
Receivables $1.280B $1.293B $1.371B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.334B $2.426B $2.475B
YoY Change -18.22% 13.05% -17.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.707B $1.664B $1.668B
YoY Change 4.47% 2.59% 2.71%
Goodwill $7.190B $7.195B $7.197B
YoY Change 1.88% 2.13% 4.76%
Intangibles $1.115B $1.144B $1.172B
YoY Change -3.21% -2.39% 2.72%
Long-Term Investments $138.0M $147.0M $155.0M
YoY Change 11.29% 32.43% -70.59%
Other Assets $132.0M $137.0M $155.0M
YoY Change -14.84% -22.16% -8.82%
Total Long-Term Assets $10.89B $10.89B $10.97B
YoY Change 1.6% 1.6% 0.32%
TOTAL ASSETS
Total Short-Term Assets $2.334B $2.426B $2.475B
Total Long-Term Assets $10.89B $10.89B $10.97B
Total Assets $13.22B $13.31B $13.44B
YoY Change -2.57% 3.51% -3.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.447B $1.420B $1.544B
YoY Change -10.12% 1.14% -0.96%
Accrued Expenses $153.0M $155.0M $154.0M
YoY Change 3.38% 6.9% 5.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M $2.000M
YoY Change 100.0% 0.0% 0.0%
Total Short-Term Liabilities $1.602B $1.577B $1.700B
YoY Change -8.93% 1.68% -0.41%
LONG-TERM LIABILITIES
Long-Term Debt $3.980B $3.983B $3.985B
YoY Change -0.65% -0.62% -0.62%
Other Long-Term Liabilities $787.0M $728.0M $742.0M
YoY Change -1.75% -8.08% -11.88%
Total Long-Term Liabilities $787.0M $728.0M $742.0M
YoY Change -1.75% -8.08% -11.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.602B $1.577B $1.700B
Total Long-Term Liabilities $787.0M $728.0M $742.0M
Total Liabilities $2.389B $2.305B $2.442B
YoY Change -6.68% -1.62% -4.2%
SHAREHOLDERS EQUITY
Retained Earnings $8.263B $8.083B $7.926B
YoY Change 12.68% -21.11% -18.2%
Common Stock $2.274B $2.252B $2.228B
YoY Change 17.34% -11.93% -21.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.271B $3.901B $3.761B
YoY Change 49.02% -43.41% -34.48%
Treasury Stock Shares 48.00M shares 45.00M shares 45.00M shares
Shareholders Equity $6.235B $6.411B $6.377B
YoY Change
Total Liabilities & Shareholders Equity $13.22B $13.31B $13.44B
YoY Change -2.57% 3.51% -3.51%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $256.0M $234.0M $355.0M
YoY Change -49.31% -62.92% -24.31%
Depreciation, Depletion And Amortization $108.0M $107.0M $106.0M
YoY Change 6.93% 7.0% 4.95%
Cash From Operating Activities $502.0M $402.0M $480.0M
YoY Change -10.52% -12.61% -34.34%
INVESTING ACTIVITIES
Capital Expenditures -$118.0M -$76.00M $63.00M
YoY Change 32.58% -9.52% -26.74%
Acquisitions $0.00 $1.000M $105.0M
YoY Change -100.0% -99.57%
Other Investing Activities $0.00 -$6.000M $1.000M
YoY Change -100.0% -101.15% -85.71%
Cash From Investing Activities -$118.0M -$82.00M -$169.0M
YoY Change 22.92% -118.76% 81.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $373.0M
YoY Change -9.02%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -474.0M -242.0M -$471.0M
YoY Change 1147.37% -84.56% -16.78%
NET CHANGE
Cash From Operating Activities 502.0M 402.0M $480.0M
Cash From Investing Activities -118.0M -82.00M -$169.0M
Cash From Financing Activities -474.0M -242.0M -$471.0M
Net Change In Cash -90.00M 78.00M -$160.0M
YoY Change -121.08% -111.64% -322.22%
FREE CASH FLOW
Cash From Operating Activities $502.0M $402.0M $480.0M
Capital Expenditures -$118.0M -$76.00M $63.00M
Free Cash Flow $620.0M $478.0M $417.0M
YoY Change -4.62% -12.13% -35.35%

Facts In Submission

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dei Entity Registrant Name
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Quest Diagnostics Inc
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dei Entity Tax Identification Number
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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: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.
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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.
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