Slide 1: First Quarter 2016
First Quarter 2016 April 21, 2016
Slide 2: Safe Harbor Disclosure
Safe Harbor Disclosure The statements in this presentation which 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 esti
Slide 3: Q1 2016 Performance
Q1 2016 Performance ($ in millions, except per share data) Q1 Δ Prior Year Net Revenues, As Reported ................................................ $ 1,863 1.3% Net Revenue Growth, on an Equivalent Basis* ................ 3.6% DIS Revenues...........................................................
Slide 4: 2016 Outlook
2016 Outlook* • Revenues to be between $7.52 billion and $7.59 billion, an increase of 1.5% to 2.5% over 2015 revenues on an equivalent basis. • Adjusted diluted EPS excluding amortization expense to be between $5.02 and $5.17. • Adjusted cash provided by operations to approximate $1 billion. • Capi
Slide 5: Non-GAAP Reconciliations
Non-GAAP Reconciliations The adjusted measures on page 3 are presented because management believes those measures are useful adjuncts to reported results under accounting principles generally accepted in the United States when comparing results of operations from period to period. Adjusted measures
Slide 6: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 31, 2016 2015 (dollars in millions, except per share data) Adjusted diluted EPS excluding amortization expense: Diluted earnings per common share .......................................... $ 0.70 $ 0.42 Retirement of debt and related refinancing char
Slide 7: Non-GAAP Reconciliations
Non-GAAP Reconciliations (a) For the three months ended March 31, 2016, represents costs primarily associated with systems conversions and integration costs incurred in connection with further restructuring and integrating our business. For the three months ended March 31, 2015, represents costs pri
Slide 8: Non-GAAP Reconciliations
Non-GAAP Reconciliations (c) Retirement of debt and related refinancing charges represent charges associated with cash tender offers where the company purchased $200 million and $250 million in March 2016 and March 2015, respectively, of its 6.95% Senior Notes due July 2037 and 5.75% Senior Notes du
Slide 9: Non-GAAP Reconciliations
Non-GAAP Reconciliations (f) Effective July 1, 2015, the company contributed its clinical trials testing business to the Q2 Solutions joint venture. Clinical trials testing revenues reported in the first quarter of 2015 are excluded to provide 2015 revenue on an equivalent basis. (g) For the three m
Slide 10: 2016 Outlook Non-GAAP Reconciliations
2016 Outlook Non-GAAP Reconciliations The outlook for adjusted diluted EPS excluding amortization expense represents management’s estimates for the full year 2016 before the impact of special items and amortization expense. The outlook for adjusted cash provided by operations represents management’s
Slide 11: 2016 Outlook Non-GAAP Reconciliations
2016 Outlook Non-GAAP Reconciliations (a) Represents pre-tax charges of $48 million, incurred through March 31, 2016, associated with the retirement of debt and related refinancing charges in connection with the March 2016 cash tender offer. (b) Represents pre-tax charges of $21 million primarily as
Slide 12: 2016 Outlook Non-GAAP Reconciliations
2016 Outlook Non-GAAP Reconciliations The outlook for 1.5% to 2.5% revenue growth on an equivalent basis in 2016 represents management’s estimates for 2016 versus reported 2015 revenues adjusted to exclude the 2015 revenues from the clinical trials testing business. In 2015, the company contributed
Slide 13: Quest Diagnostics
(@ ) Quest Diagnostics