Fortrea Holdings Inc
For the period ended Dec 31, 2023. Filed Mar 13, 2024.
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FY2023 · Filed Mar 13, 2024
FTRE$21.39-3.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated and Combined Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income (loss) | $(3.4) | $192.9 | $98.0 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 96.4 | 92.7 | 166.3 |
| Stock compensation | 42.7 | 25.4 | 27.5 |
| Operating lease right-of-use asset expense | 27.4 | 24.9 | 32.5 |
| Goodwill and other asset impairment | — | 9.8 | — |
| Deferred income taxes | (40.5) | (16.5) | (30.2) |
| Other, net | (1.0) | 4.1 | 2.9 |
| Change in assets and liabilities: | |||
| Increase in accounts receivable and unbilled services, net | (28.8) | (105.0) | (187.6) |
| Increase in prepaid expenses and other | (2.0) | (12.2) | (25.7) |
| Increase (decrease) in accounts payable | 51.1 | 22.4 | (6.2) |
| Increase (decrease) in deferred revenue | (3.4) | (32.5) | 39.6 |
| Increase (decrease) in accrued expenses and other | 28.9 | (118.5) | 52.7 |
| Net cash provided by operating activities | 167.4 | 87.5 | 169.8 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Capital expenditures | (40.3) | (54.4) | (26.5) |
| Proceeds from sale of assets | 8.5 | 0.4 | 0.3 |
| Net cash used for investing activities | (31.8) | (54.0) | (26.2) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from revolving credit facilities | 164.0 | — | — |
| Payments on revolving credit facilities | (164.0) | — | — |
| Proceeds from term loans | 1,061.4 | — | — |
| Proceeds from issuance of senior notes | 570.0 | — | — |
| Debt issuance costs | (26.4) | — | — |
| Principal payments of long-term debt | (15.4) | — | — |
| Special payment to Former Parent | (1,595.0) | — | — |
| Net transfers (to) from Former Parent | (133.6) | (8.7) | (128.5) |
| Net cash used for financing activities | (139.0) | (8.7) | (128.5) |
| Effect of exchange rate changes on cash and cash equivalents | — | (7.4) | (0.8) |
| Net (decrease) increase in cash and cash equivalents | (3.4) | 17.4 | 14.3 |
| Cash and cash equivalents at beginning of period | 112.0 | 94.6 | 80.3 |
| Cash and cash equivalents at end of period | $108.6 | $112.0 | $94.6 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.