LABORATORY CORP OF AMERICA HOLDINGS

For the period ended Dec 31, 2023. Filed Feb 26, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 26, 2024

LH$370.88-0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Index

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2023	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$419.2	$1,280.6	$2,379.5
Earnings from discontinued operations	(38.8)	(277.1)	(181.9)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	577.3	537.2	577.0
Stock compensation	128.7	116.8	132.9
Operating lease right-of-use asset expense	168.0	172.5	164.0
Goodwill and other asset impairments	349.0	261.7	—
Deferred income taxes	(78.1)	26.3	(37.3)
Other, net	38.9	23.0	(34.1)
Change in assets and liabilities (net of effects of acquisitions and divestitures):
(Increase) decrease in accounts receivable	(103.8)	46.5	267.4
(Increase) decrease in unbilled services	28.5	(23.4)	(41.1)
(Increase) decrease in inventory	(0.7)	(45.5)	2.8
Increase in prepaid expenses and other	(25.8)	(244.1)	(41.5)
Increase (decrease) in accounts payable	(42.4)	285.4	(5.3)
Increase in deferred revenue	105.5	67.8	3.8
Decrease in accrued expenses and other	(323.2)	(462.9)	(339.9)
Net cash provided by continuing operating activities	1,202.3	1,764.8	2,846.3
Net cash provided by discontinued operating activities	125.4	191.1	263.3
Net cash provided by operating activities	1,327.7	1,955.9	3,109.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(453.6)	(429.3)	(421.5)
Purchase of investments	(29.0)	(17.4)	(27.8)
Proceeds from sale of assets	0.6	1.4	87.3
Proceeds from sale or distribution of investments	6.7	5.2	13.2
Proceeds from exit from swaps	—	2.9	—
Proceeds from sale of business	—	1.6	—
Acquisition of businesses, net of cash acquired	(671.5)	(1,164.0)	(496.9)
Net cash used for continuing investing activities	(1,146.8)	(1,599.6)	(845.7)
Net cash used for discontinued investing activities	(24.7)	(52.6)	(38.9)
Net cash used for investing activities	(1,171.5)	(1,652.2)	(884.6)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior note offerings	—	—	1,000.0
Payments on senior notes	(300.0)	—	(1,000.0)
Payments on term loan	—	—	(375.0)
Proceeds from revolving credit facilities	2,488.2	787.4	—
Payments on revolving credit facilities	(2,488.2)	(787.4)	—
Net share settlement tax payments from issuance of stock to employees	(39.8)	(50.6)	(47.5)
Net proceeds from issuance of stock to employees	54.4	50.6	51.7
Dividends paid	(254.0)	(195.2)	—
Purchase of common stock	(1,000.0)	(1,100.0)	(1,668.5)
Other	(19.6)	(27.0)	(26.5)
Net cash used for continuing financing activities	(1,559.0)	(1,322.2)	(2,065.8)
Net cash provided by discontinued financing activities	1,499.7	—	—
Net cash used for financing activities	(59.3)	(1,322.2)	(2,065.8)
Effect of exchange rate changes on cash and cash equivalents	9.9	(24.2)	(7.3)
Net increase (decrease) in cash and cash equivalents	106.8	(1,042.7)	151.9
Cash and cash equivalents at beginning of period	430.0	1,472.7	1,320.8
Less cash and cash equivalents of discontinued operations at the end of the period	—	109.4	91.3
Cash and cash equivalents at end of period	$536.8	$320.6	$1,381.4

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