2023 Q3 Form 10-Q Financial Statement

#000102207923000136 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $2.295B $2.338B
YoY Change -7.68% 116800.0%
Cost Of Revenue $1.541B $1.546B
YoY Change -4.76% -4.03%
Gross Profit $754.0M $792.0M
YoY Change -13.13% -149.22%
Gross Profit Margin 32.85% 33.88%
Selling, General & Admin $380.0M $409.0M
YoY Change -18.1% -3.08%
% of Gross Profit 50.4% 51.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $111.0M $112.0M
YoY Change 2.78% 4.67%
% of Gross Profit 14.72% 14.14%
Operating Expenses $380.0M $437.0M
YoY Change -18.1% 3.55%
Operating Profit $342.0M $355.0M
YoY Change -12.76% -8.51%
Interest Expense $41.00M -$37.00M
YoY Change 10.81% -197.37%
% of Operating Profit 11.99% -10.42%
Other Income/Expense, Net -$43.00M $6.000M
YoY Change 4.88% -109.23%
Pretax Income $299.0M $317.0M
YoY Change -14.81% -1.86%
Income Tax $68.00M $75.00M
% Of Pretax Income 22.74% 23.66%
Net Earnings $225.0M $234.0M
YoY Change -12.11% 0.0%
Net Earnings / Revenue 9.8% 10.01%
Basic Earnings Per Share $1.99 $2.08
Diluted Earnings Per Share $1.96 $2.05
COMMON SHARES
Basic Shares Outstanding 112.2M shares 112.0M shares
Diluted Shares Outstanding 114.0M shares 114.0M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $143.0M $126.0M
YoY Change -79.57% -84.05%
Cash & Equivalents $143.0M $126.0M
Short-Term Investments
Other Short-Term Assets $207.0M $188.0M
YoY Change 21.05% 20.51%
Inventory $184.0M $184.0M
Prepaid Expenses
Receivables $1.281B $1.235B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.815B $1.733B
YoY Change -22.24% -28.57%
LONG-TERM ASSETS
Property, Plant & Equipment $1.830B $2.425B
YoY Change 7.21% 45.73%
Goodwill $7.732B $7.733B
YoY Change 7.54% 7.48%
Intangibles $1.219B $1.247B
YoY Change 9.33% 9.0%
Long-Term Investments $130.0M $135.0M
YoY Change -5.8% -8.16%
Other Assets $149.0M $152.0M
YoY Change 12.88% 10.95%
Total Long-Term Assets $11.67B $11.69B
YoY Change 7.14% 7.4%
TOTAL ASSETS
Total Short-Term Assets $1.815B $1.733B
Total Long-Term Assets $11.67B $11.69B
Total Assets $13.48B $13.43B
YoY Change 1.96% 0.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.157B $1.201B
YoY Change -20.04% -15.42%
Accrued Expenses $157.0M $156.0M
YoY Change 2.61% 0.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $304.0M $518.0M
YoY Change 15100.0% 25800.0%
Total Short-Term Liabilities $1.618B $1.875B
YoY Change 1.0% 18.9%
LONG-TERM LIABILITIES
Long-Term Debt $3.946B $3.777B
YoY Change -0.85% -5.17%
Other Long-Term Liabilities $874.0M $1.409B
YoY Change 11.05% 93.54%
Total Long-Term Liabilities $874.0M $5.186B
YoY Change 11.05% 612.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.618B $1.875B
Total Long-Term Liabilities $874.0M $5.186B
Total Liabilities $2.492B $7.176B
YoY Change 4.31% 211.32%
SHAREHOLDERS EQUITY
Retained Earnings $8.711B $8.566B
YoY Change 5.42% 5.98%
Common Stock $2.304B $2.286B
YoY Change 1.32% 1.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.570B $4.587B
YoY Change 7.0% 17.59%
Treasury Stock Shares
Shareholders Equity $6.425B $6.249B
YoY Change
Total Liabilities & Shareholders Equity $13.48B $13.43B
YoY Change 1.96% 0.85%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $225.0M $234.0M
YoY Change -12.11% 0.0%
Depreciation, Depletion And Amortization $111.0M $112.0M
YoY Change 2.78% 4.67%
Cash From Operating Activities $207.0M $444.0M
YoY Change -58.76% 10.45%
INVESTING ACTIVITIES
Capital Expenditures $105.0M $104.0M
YoY Change -188.98% -236.84%
Acquisitions $2.000M $578.0M
YoY Change 57700.0%
Other Investing Activities -$2.000M -$578.0M
YoY Change 9533.33%
Cash From Investing Activities -$107.0M -$682.0M
YoY Change -9.32% 731.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -83.00M 189.0M
YoY Change -82.49% -178.1%
NET CHANGE
Cash From Operating Activities 207.0M 444.0M
Cash From Investing Activities -107.0M -682.0M
Cash From Financing Activities -83.00M 189.0M
Net Change In Cash 17.00M -49.00M
YoY Change -118.89% -162.82%
FREE CASH FLOW
Cash From Operating Activities $207.0M $444.0M
Capital Expenditures $105.0M $104.0M
Free Cash Flow $102.0M $340.0M
YoY Change -83.55% -28.87%

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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, consumers, 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. 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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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
775000000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
75000000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
77000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
140000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
187000000 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
7000000 usd
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
12000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
35000000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
249000000 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
250000000 usd
us-gaap Profit Loss
ProfitLoss
466000000 usd
us-gaap Profit Loss
ProfitLoss
623000000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
14000000 usd
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
16000000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
29000000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
34000000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
235000000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
234000000 usd
us-gaap Net Income Loss
NetIncomeLoss
437000000 usd
us-gaap Net Income Loss
NetIncomeLoss
589000000 usd
CY2023Q2 dgx Revenue From Contract With Customer Excluding Assessed Tax Percent
RevenueFromContractWithCustomerExcludingAssessedTaxPercent
1
CY2022Q2 dgx Revenue From Contract With Customer Excluding Assessed Tax Percent
RevenueFromContractWithCustomerExcludingAssessedTaxPercent
1
dgx Revenue From Contract With Customer Excluding Assessed Tax Percent
RevenueFromContractWithCustomerExcludingAssessedTaxPercent
1
dgx Revenue From Contract With Customer Excluding Assessed Tax Percent
RevenueFromContractWithCustomerExcludingAssessedTaxPercent
1
CY2023Q2 dgx Percentageof Net Revenues
PercentageofNetRevenues
1
CY2022Q2 dgx Percentageof Net Revenues
PercentageofNetRevenues
1
dgx Percentageof Net Revenues
PercentageofNetRevenues
1
dgx Percentageof Net Revenues
PercentageofNetRevenues
1
CY2023Q2 dgx Percentageof Net Accounts Receivable
PercentageofNetAccountsReceivable
1
CY2022Q4 dgx Percentageof Net Accounts Receivable
PercentageofNetAccountsReceivable
1
CY2023Q1 dgx Stock Repurchase Program Additional Amount Authorized
StockRepurchaseProgramAdditionalAmountAuthorized
1000000000 usd

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