LABORATORY CORP OF AMERICA HOLDINGS
For the period ended Mar 31, 2024. Filed Apr 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 30, 2024
LH$370.88-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
INDEX
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net earnings | $228.3 | $213.3 |
| Earnings from discontinued operations, net of tax | — | (4.9) |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
| Depreciation and amortization | 154.5 | 142.1 |
| Stock compensation | 31.6 | 32.9 |
| Operating lease right-of-use asset expense | 44.1 | 40.5 |
| Goodwill and other asset impairments | 2.5 | 2.2 |
| Deferred income taxes | (19.5) | 27.2 |
| Other | (3.0) | 9.6 |
| Change in assets and liabilities (net of effects of acquisitions and divestitures): | ||
| Increase in accounts receivable | (187.1) | (108.4) |
| Decrease in unbilled services | 63.9 | 56.9 |
| Increase in supplies inventory | (0.6) | (10.0) |
| Increase in prepaid expenses and other | (24.9) | (57.5) |
| Decrease in accounts payable | (121.1) | (77.7) |
| (Decrease) increase in unearned revenue | (41.6) | 16.3 |
| Decrease in accrued expenses and other | (156.9) | (96.8) |
| Net cash provided by (used for) continuing operating activities | (29.8) | 185.7 |
| Net cash used for discontinued operating activities | — | (64.5) |
| Net cash provided by (used for) operating activities | (29.8) | 121.2 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Capital expenditures | (133.8) | (78.2) |
| Proceeds from sale of assets | 0.1 | 0.1 |
| Proceeds from sale of business | 13.5 | — |
| Investments in equity affiliates | (13.7) | (6.1) |
| Acquisition of businesses, net of cash acquired | (259.2) | 0.2 |
| Net cash used for continuing investing activities | (393.1) | (84.0) |
| Net cash used for discontinued investing activities | — | (15.7) |
| Net cash used for investing activities | (393.1) | (99.7) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from revolving credit facilities | 253.2 | 827.9 |
| Payments on revolving credit facilities | (210.8) | (827.9) |
| Net share settlement tax payments from issuance of stock to employees | (14.7) | (20.5) |
| Net proceeds from issuance of stock to employees | 26.7 | 27.6 |
| Dividends paid | (62.1) | (64.4) |
| Other | (4.0) | (3.3) |
| Net cash used for continuing financing activities | (11.7) | (60.6) |
| Net cash provided by discontinued financing activities | — | — |
| Net cash used for financing activities | (11.7) | (60.6) |
| Effect of exchange rate changes on cash and cash equivalents | (2.9) | 3.0 |
| Net decrease in cash and cash equivalents | (437.5) | (36.1) |
| Cash and cash equivalents at beginning of period | 536.8 | 430.0 |
| Less: Cash and cash equivalents of discontinued operations at end of period | $— | $99.1 |
| Cash and cash equivalents at end of period | $99.3 | $294.8 |
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