QUEST DIAGNOSTICS INC
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
DGX$258.44-0.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $921 | $908 | $1,015 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 493 | 439 | 437 |
| Provision for credit losses | 5 | 1 | 3 |
| Deferred income tax provision (benefit) | 13 | (49) | 1 |
| Stock-based compensation expense | 88 | 77 | 77 |
| Other, net | 15 | 41 | 66 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (71) | (15) | 246 |
| Accounts payable and accrued expenses | (67) | (55) | (149) |
| Income taxes payable | 16 | (2) | (31) |
| Other assets and liabilities, net | (79) | (73) | 53 |
| Net cash provided by operating activities | 1,334 | 1,272 | 1,718 |
| Cash flows from investing activities: | |||
| Business acquisitions, net of cash acquired | (2,164) | (611) | (144) |
| Capital expenditures | (425) | (408) | (404) |
| Other investing activities, net | 41 | (42) | 5 |
| Net cash used in investing activities | (2,548) | (1,061) | (543) |
| Cash flows from financing activities: | |||
| Proceeds from borrowings | 1,846 | 2,592 | — |
| Repayments of debt | (303) | (1,844) | (2) |
| Purchases of treasury stock | (151) | (275) | (1,408) |
| Exercise of stock options | 73 | 72 | 123 |
| Employee payroll tax withholdings on stock issued under stock-based compensation plans | (24) | (28) | (28) |
| Dividends paid | (331) | (314) | (305) |
| Distributions to noncontrolling interest partners | (47) | (57) | (73) |
| Other financing activities, net | 21 | 14 | (39) |
| Net cash provided by (used in) financing activities | 1,084 | 160 | (1,732) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (7) | — | — |
| Net change in cash and cash equivalents and restricted cash | (137) | 371 | (557) |
| Cash and cash equivalents and restricted cash, beginning of year | 686 | 315 | 872 |
| Cash and cash equivalents and restricted cash, end of year | $549 | $686 | $315 |
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