Quest by the Numbers: Capital Efficient, Profitable Growth. Mark Guinan Senior Vice President and Chief Financial Officer
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1 Quest by the Numbers: Capital Efficient, Profitable Growth Mark Guinan Senior Vice President and Chief Financial Officer
2 SAFE HARBOR DISCLOSURE The statements in the following presentation that are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management s current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the Company include, but are not limited to, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, changes in government regulations, changing relationships with customers, payers, suppliers or strategic partners and other factors discussed in the Company's most recently filed Annual Report on Form 10-K and in any of the Company's subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including those discussed in the Business, Risk Factors, Cautionary Factors that May Affect Future Results and Management s Discussion and Analysis of Financial Condition and Results of Operations sections of those reports. 2
3 In 2014, we outlined the following revenue & EPS expectations What we said: Grow REVENUE 2-5% Includes anticipated M&A of 1-2% Organic growth to accelerate What we re doing: Based on the midpoint of our 2016 guidance we re on track to deliver the following 2-yr CAGRs: Grow REVENUE by >2% Grow EARNINGS 8-10% Grow EARNINGS by ~8% 3
4 And here s a quick recap of the last two years Revenue EPS (including amortization) 2.8% $ % 0.7% 1.8% Organic growth $4.05 $ % 1.0% Growth from acquisitions YTD Nov Guidance Midpoint Guidance Midpoint 4
5 Providing color on key financial topics PLS Hospital outreach acquisition PSC footprint & cost savings opportunities Invigorate savings PAMA Equity earnings & unconsolidated JVs 5
6 Behind the Numbers Hospital Health System Lab Market $48 billion Reference $4 billion Inpatient $27 billion Hospital Outreach $17 billion Hospitals account for ~60% of the $79 billion U.S. lab market 6
7 Behind the Numbers PLS PLS strategy targets the Inpatient portion of the lab market Hospital Health System Lab Market $48 billion Inpatient $27 billion Hospital Outreach $17 billion Hospitals account for ~60% of the $79 billion U.S. lab market 7
8 Behind the Numbers: PLS Key PLS highlights Expands Quest s total addressable market Organic business win, not an acquisition Hospital lab volumes now booked as Quest volumes Quest often becomes sole reference partner PLS can lead to acquisition of hospital s outreach lab Margin and revenue per requisition implications Lower margins because Quest shares savings with hospital Lower revenue per requisition Often more routine testing with fewer tests per requisition Only billing for our costs plus a reasonable margin Don t have draw, billing, and bad debt costs which account for >20% of requisition costs Recognized revenue dependent on the scope of services PLS Partner Hospital beds 300 Hospital lab spend $10 mln Targeted lab savings 15% Lab savings to hospital $1.5 mln Quest recognized revenue $8.5 mln Quest cost of sales $7.2 mln Quest operating margin 15% 8
9 Behind the Numbers Hospital Outreach Acquisitions Hospital outreach acquisitions target the outreach portion of the lab market Hospital Health System Lab Market $48 billion Inpatient $27 billion Hospital Outreach $17 billion Hospitals account for ~60% of the $79 billion U.S. lab market 9
10 Behind the Numbers: Hospital outreach acquisition Quest acquires for $60 million 1, $75 $75,000 $45 0.8x 1.5x $40,500 25% $10,125 $3,750 5% Target Outreach Lab Quest P&L following acquisition ~20x $3,125 ~10x $6,325 Requisition Volume (000s) Assume some attrition Revenue per Requisition Lower rates to Quest fee schedule Revenue (000s) Operating Margin Very attractive OM Operating Income (000s) Net Income (000s) Creates long term partnership with hospital, not like a standard acquisition Asset worth different amounts to different purchasers based on cost structure Earn deal out on cost synergies Deal includes non-compete Outreach acquisition can lead to PLS agreement and/or reference work Can reduce costs for health plans and expand access 10
11 Behind the Numbers: PSC footprint & cost savings opportunities ~2,200 PSCs in Quest s Network Percentage of PSCs by Location Type 23% Retail Location PSC Expense Supplies / Other ~11% Medical / Office Building 77% Rent ~18% Percentage of PSCs by Number of FTEs Labor ~71% 3+ FTES 38% 62% 1-2 FTE
12 Expected Run Rate Savings Invigorate savings Invigorate savings contributed to P&L each year since 2012 ($ millions) $1,200 $1,000 $800 $752 $990 $1,100+ SAVINGS $ 1.3 billion $600 $520 $400 $200 $215 $169 $271 $245 $232 ~$200 $ E Realized Run rate beyond
13 Behind the Numbers PAMA headwinds manageable Quest revenue exposure to CLFS Approximate 2015 CLFS Revenue Reimbursement Pressure Potential Quest Impact Incremental price headwind on Quest 12% $900 mln Low-single-digit $23 mln 30 bps Mid-single-digit $45 mln 60 bps High-single-digit $72 mln 96 bps Max (10%) $90 mln 120 bps 13
14 Behind the Numbers Consolidated and unconsolidated joint ventures Consolidated JVs: Unconsolidated JVs: 14
15 Behind the Numbers Consolidated and unconsolidated joint ventures 15
16 Behind the Numbers Consolidated and unconsolidated joint ventures 16
17 GAAP EPS vs. adjusted EPS: A snapshot since 2013 Net income ($ Millions) $2,564 Cumulative 2013 Q EPS $17.38 EPS (ex amort) ($0.05) $17.38 $17.43 $205 $2,359 $1.34 $16.04 GAAP Adjusted GAAP Adj. incl. amort GAAP Adj. ex amort 17
18 Return the majority of free cash flow to shareholders through dividends and share buybacks % of FCF: 280% 50% 78% 89% $1,222 $636 $750 $664 $559 $436 $436 $ E FCF Div./Buyback Share Buybacks Repurchased $1.8 billion of shares since 2013 Existing authorization to buyback shares up to $532m Dividend Increasing 12.5% today to $1.80 annually 2%+ yield Increased 6x since
19 1/6/2011 4/1/2011 6/30/ /5/2011 1/5/2012 3/30/2012 6/29/2012 9/27/2012 1/9/2013 3/28/2013 6/28/2013 9/27/2013 1/3/2014 4/4/2014 7/7/ /3/2014 1/9/2015 4/6/2015 7/6/ /2/2015 1/8/2016 4/4/2016 7/1/2016 9/30/2016 1/25/2017 We ve increased the dividend for the 6 th consecutive year Dividend History since 2011 $0.60 $0.50 $0.40 $0.30 Announced: 10/25/11 +70% Announced: 11/16/ % $0.30 Announced: 1/30/14 +10% $0.33 Announced: 1/29/ % $0.38 Announced: 1/28/ % $0.40 Announced: 11/11/ % $0.45 $0.20 $0.10 $0.10 $0.17 $
20 Well-positioned to accelerate growth and create value U.S. Lab Market Accelerate Growth Drive Operational Excellence $79 billion 20
21 : Looking beyond 2016 Expect to continue accelerating top line growth Total revenue 3-5% Acquisitions 1-2% Earnings growth faster than revenue in the mid-to-high single-digit range High single-digit FCF growth 21
22 KEY TAKEAWAYS Revenue growth continues to accelerate Invigorate savings continue to be key source of value creation Our commitment remains to return a majority of FCF through dividends & buybacks 22
23 Appendix
24 Non-GAAP Reconciliations The following non-gaap measures for: (i) equivalent revenue growth; (ii) adjusted income from continuing operations; (iii) adjusted diluted EPS; (iv) adjusted diluted EPS excluding amortization expense; (v) free cash flow; and (vi) percentage of free cash flow returned to shareholders are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP, or adjusted, measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-gaap measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts or for incentive compensation purposes. We believe that these non-gaap measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The following tables reconcile reported GAAP measures to non-gaap adjusted measures: 24
25 Equivalent Revenue Growth The following tables reconcile equivalent revenue growth/(decline) and its components to the corresponding measures determined under GAAP: Year Ended December 31, 2015 Equivalent $ % Growth % Growth (dollars in millions) Prior year net revenues $ 7,435 Revenue growth/(decline) impacts: Organic (a) % 0.7% Business acquisitions (b) Business dispositions (c) (87) (1.2) N/A Current year net revenues $ 7, % 2.0% Nine Months Ended September 30, 2016 % Equivalent $ Growth % Growth (dollars in millions) Prior year net revenues $ 5,644 Revenue growth/(decline) impacts: Organic (a) % 1.8% Business acquisitions (b) Business dispositions (d) (145) (2.6) N/A Current year net revenues $ 5, % 2.8% a) Represents the estimated revenue growth/(decline) excluding the impact of business acquisitions and business dispositions. b) Represents the estimated impact of our business acquisitions on revenue growth. c) Represents clinical trials testing revenues reported in the third and fourth quarters of 2014 as a result of the contribution of our clinical clinical trials testing business to Q 2 Solutions, the clinical trials joint venture with Quintiles Transnational Holdings Inc, effective July 1, d) Represents clinical trials testing reported revenues for the first and second quarters of 2015, Celera products reported revenues for the first, second and third quarters of 2015 and Focus Diagnostics products revenues subsequent to April 2015 through the third quarter of In 2015, the company contributed its clinical trials testing business to the Q 2 Solutions joint venture. In 2016, the company wound down its Celera products business and completed its exit from the products business as a result of the sale of its Focus Diagnostics products business on May 13,
26 Adjusted Income from Continuing Operations, Adjusted Diluted EPS and Adjusted Diluted EPS Excluding Amortization Expense The following tables reconcile adjusting income from continuing operations, adjusted diluted EPS and adjusted diluted EPS excluding amortization expense to the corresponding measures determined under accounting principles GAAP: Adjusted income from continuing operations: Year Ended December 31, Nine Months Ended September 30, (dollars in millions) Cumulative Total Income from continuing operations attributable to Quest Diagnostics' common stockholders $ 814 $ 551 $ 709 $ 490 $ 2,564 Loss (gain) on disposition of business (a) 40 (334) (118) (412) Gain on sale of royalty rights (b) (474 ) (474) Retirement of debt and related refinancing charges (c) Restructuring and integration charges (d) Other (e) (6) 41 Income tax expense (benefit) associated with the special items (f) 117 (89) (27) Adjusted income from continuing operations $ 612 $ 598 $ 640 $ 509 $ 2,359 26
27 Adjusted Income from Continuing Operations, Adjusted Diluted EPS and Adjusted Diluted EPS Excluding Amortization Expense Adjusted diluted EPS excluding amortization expense: Nine Months Ended Year Ended December 31, September 30, (dollars in millions) Cumulative Total Diluted earnings per common share $ 5.31 $ 3.78 $ 4.87 $ 3.42 $ Loss (gain) on disposition of business (a) (f) 0.17 (1.30) (0.24) (1.37) Gain on sale of royalty rights (b) (f) (1.95) (1.95) Retirement of debt and related refinancing charges (c) (f) Restructuring and integration charges (d) (f) Other (e) (f) (0.09) 0.14 Certain income tax benefits (g) (f) (0.30) (0.40) (0.70) Adjusted diluted EPS Amortization expense (h) Adjusted diluted EPS excluding amortization expense $ 4.32 $ 4.50 $ 4.77 $ 3.84 $
28 a) For the year ended December 31, 2013, represents the $40 million pre-tax loss, or $25 million after-tax, associated with the sale of our Enterix products business. For the year ended December 31, 2015, represents the $334 million pre-tax gain, or $289 million after-tax, associated with the contribution of our clinical trials testing business to the Q 2 Solutions joint venture. For the nine months ended September 30, 2016, represents the $118 million pre-tax gain, or $34 million after-tax, associated with the sale of our Focus Diagnostics products business. b) Represents the $474 million pre-tax gain, or $298 million after-tax, associated with the sale of our ibrutinib royalty rights. c) For the year ended December 31, 2015, represents $150 million of pre-tax charges, or $90 million after-tax, associated with the retirement of debt resulting from the March 2015 cash tender offer and April 2015 redemption. For the nine months ended September 30, 2016, represents $48 million of pre-tax charges, or $30 million after-tax, associated with the retirement of debt resulting from the March 2016 cash tender offer. d) For the years ended December 31, 2013 to 2015, represents costs, primarily associated with workforce reductions and professional fees, incurred in connection with further restructuring and integrating our business. For the nine months ended September 30, 2016, represents costs, primarily associated with systems conversions and integrations, incurred in connection with further restructuring and integrating our business. e) For the year ended December 31, 2014, represents represents costs incurred related to certain legal matters, partially offset by a pre-tax gain of $9 million associated with a decrease in the fair value of the contingent consideration accrual associated with the Summit Health, Inc. acquisition. For the year ended December 31, 2015, primarily represents non-cash asset impairment charges and other costs associated with Celera Products and the winding down of another subsidiary as well as costs incurred related to certain legal matters, partially offset by a pre-tax gain of $13 million associated with a decrease in the fair value of the contingent consideration accrual associated with our Summit Health, Inc. acquisition. For the nine months ended September 30, 2016, primarily represents a net pre-tax gain of $6 million consisting of a gain on escrow recovery associated with an acquisition, partially offset by costs associated with winding down subsidiaries, non-cash asset impairment charges and costs incurred related to certain legal matters. 28
29 Income tax expense (benefit) associated with the special items: f) The following table summarizes the income tax expense (benefit) associated with the special items: Nine Months Ended September Year Ended December 31, 30, (dollars in millions) Loss (gain) on disposition of business $ (15 ) $ $ 145 $ 84 Gain on sale of royalty rights 176 Retirement of debt and related refinancing charges (60) (18) Restructuring and integration charges (44) (44) (43) (23) Certain income tax benefits (g) (44) (58) Other (1) (11) (6) $ 117 $ (89 ) $ (27) $ 37 For the loss on disposition of business in 2013, income tax benefits were calculated using a combined tax rate of 35.9%. For the gain on disposition of business in 2015, the income tax expense was calculated using a combined tax rate of 43.3%. For the gain on disposition of business in 2016, income tax expense resulted in a combined tax rate of 71.4%, which was significantly in excess of the combined statutory rate due to a lower tax basis in the assets sold, specifically the goodwill associated with the disposition. For the gain on sale of royalty rights in 2013, income tax expense was calculated using a combined tax rate of 37.1%. For the retirement of debt and related refinancing charges in 2015, income tax benefits were calculated using a combined tax rate of 40%. For the retirement of debt and related refinancing charges in 2016, income tax benefits were calculated such that the combined tax rate for the full year was 38.9%. For the restructuring and integration charges and other items, income tax impacts, where recorded, were calculated using combined tax rates of 38.9% for 2016, 38.9% for 2015, 38.2% for 2014 and 38.2% for
30 g) For the year ended December 31, 2014, represents a benefit associated with the favorable resolution of certain tax contingencies. For the year ended December 31, 2015, represents the recognition of a deferred income tax benefit associated with winding down a subsidiary. h) Represents the impact of amortization expense on diluted earnings per common share, net of the income tax benefit. The income tax benefits were primarily calculated using a combined tax rate of 38.9% for 2016, 38.9% for 2015, 38.2% for 2014 and 38.2% for The pre-tax amortization expense that is excluded from the calculation of adjusted diluted EPS excluding amortization expense is recorded in the company's statements of operations as follows: Year Ended December 31, Nine Months Ended September 30, Amortization of intangible assets $ 79 $ 94 $ 81 $ 54 Equity in earnings of equity method investees, net of taxes 8 12 $ 79 $ 94 $ 89 $ 66 30
31 Adjusted Diluted EPS Progress At Investor Day in 2014, the company provided a growth outlook for adjusted diluted EPS, consisting of a three year compound annual growth rate of 8-10%. The following table reconciles adjusted diluted EPS guidance used to measure progress against the Investor Day 2014 adjusted diluted EPS guidance to the corresponding measures determined under GAAP: Outlook for diluted EPS: Year Ended December 31, Compound Annual Growth Rate Diluted earnings per common share (a) $ 3.54 $ % Gain on disposition of business (b) (0.24) Retirement of debt and related refinancing charges (c) 0.21 Restructuring and integration charges (d) Other (e) 0.10 (0.09) Adjusted diluted EPS (f) $ 4.05 $ % 31
32 a) For the year ended December 31, 2014, represents the mid-point of the full year 2014 reported diluted earnings per common share guidance as stated in Exhibit 99.1 to the company's 8-K filed on October 23, For the year ended December 31, 2016, represents the mid-point of the full year 2016 reported diluted earnings per common share guidance as stated in Exhibit 99.1 to the company's 8-K filed on October 20, b) For the year ended December 31, 2016, represents the $118 million pre-tax gain, or $34 million after-tax, associated with the sale of our Focus Diagnostics products business. c) For the year ended December 31, 2016, represents $48 million of pre-tax charges, or $30 million after-tax, associated with the retirement of debt resulting from the March 2016 cash tender offer. d) For the year ended December 31, 2014, represents $91 million of pre-tax costs, or $59 million after-tax, primarily associated with workforce reductions and professional fees, incurred in connection with further restructuring and integrating our business incurred through September 30, For the year ended December 31, 2016, represents estimated full year pre-tax costs of $80 million, or $49 million after-tax, primarily associated with systems conversions and integration costs incurred in connection with further restructuring and integrating our business. e) For the year ended December 31, 2014, represents pre-tax costs of $19 million, or $15 million after-tax, principally related to certain legal matters incurred through September 30, For the year ended December 31, 2016, primarily represents a net pre-tax gain of $6 million consisting of a gain on escrow recovery associated with an acquisition, partially offset by costs associated with winding down subsidiaries, non-cash asset impairment charges and costs incurred related to certain legal matters incurred through September 30, f) For the year ended December 31, 2014, represents the mid-point of the full year 2014 adjusted diluted EPS guidance as stated in Exhibit 99.1 to the company's 8-K filed on October 23, For the year ended December 31, 2016, represents the mid-point of the full year 2016 adjusted diluted EPS excluding amortization expense guidance as stated in Exhibit 99.1 to the company's 8-K filed on October 20, 2016 of $5.10 less the estimated impact of amortization expense of $
33 Free Cash Flow and Cash Returned to Shareholders The following tables reconcile free cash flow and cash returned to shareholders to the corresponding measures determined under GAAP: Free cash flow: Year Ended December 31, 2013 (a) 2014 (a) 2015 (a) 2016 (b) (dollars in millions) Net cash provided by operating activities $ 667 $ 944 $ 822 $ 1,000 Less: Capital expenditures (231) (308) (263) (250) Free cash flow $ 436 $ 636 $ 559 $ 750 Cash returned to shareholders: Dividends paid $ 185 $ 187 $ 212 $ 224 Purchases of treasury stock 1, Cash returned to shareholders $ 1,222 $ 319 $ 436 $ 664 % of free cash flow returned to shareholders 280% 50% 78% 89% Net cash provided by (used in) investing activities $ 328 $ (1,025) $ (362) Net cash (used in) provided by financing activities $ (1,121) $ 86 $ (519) a) In the second quarter of 2016, the company elected to early adopt the accounting standard update that simplifies several aspects of the accounting for stock-based compensation award transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and accounting for forfeitures, effective January 1, As a result, certain reclassifications have been made to the prior year amounts to conform with the current period presentation. b) Represent estimated amounts for the full year. 33
34 2016 INVESTOR MEETING
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