Fortrea Holdings Inc
For the period ended Mar 31, 2024. Filed May 24, 2024.
View on SEC.govAbout this filing
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 May 24, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY
| Common Stock | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Amounts | Additional Paid-in Capital | Former Parent Investment | Accumulated Deficit | AccumulatedOtherComprehensiveLoss | TotalEquity | |
| Balance at December 31, 2023 | 88.8 | $0.1 | $1,998.0 | $— | $(68.5) | $(215.5) | $1,714.1 |
| Net loss | — | — | — | — | (101.0) | — | (101.0) |
| Other comprehensive loss, net of tax | — | — | — | — | — | (26.1) | (26.1) |
| Stock compensation | — | — | 15.1 | — | — | — | 15.1 |
| Issuance of common stock | 0.6 | — | — | — | — | — | — |
| Net share settlement tax payments from issuance of stock to employees | — | — | (10.4) | — | — | — | (10.4) |
| Other | — | — | 0.2 | — | — | — | 0.2 |
| Balance at March 31, 2024 | 89.4 | $0.1 | $2,002.9 | $— | $(169.5) | $(241.6) | $1,591.9 |
| Common Stock | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Amounts | Additional Paid-in Capital | Former Parent Investment | Accumulated Deficit | AccumulatedOtherComprehensiveLoss | TotalEquity | |
| Balance at December 31, 2022 | — | $— | $— | $3,614.8 | $— | $(274.8) | $3,340.0 |
| Net income | — | — | — | 12.5 | — | — | 12.5 |
| Other comprehensive income, net of tax | — | — | — | — | — | 19.1 | 19.1 |
| Net transfers from Former Parent | — | — | — | 31.2 | — | — | 31.2 |
| Balance at March 31, 2023 | — | $— | $— | $3,658.5 | $— | $(255.7) | $3,402.8 |
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $(101.0) | $12.5 |
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
| Depreciation and amortization | 23.5 | 23.1 |
| Stock compensation | 15.1 | 6.7 |
| Operating lease right-of-use asset expense | 6.2 | 7.8 |
| Goodwill and other asset impairments | 24.0 | — |
| Deferred income taxes | 4.2 | (3.6) |
| Other, net | (12.1) | 0.9 |
| Changes in assets and liabilities: | ||
| Decrease in accounts receivable and unbilled services, net | 40.5 | 27.3 |
| Increase in prepaid expenses and other | (25.5) | (19.1) |
| Increase (decrease) in accounts payable | (0.9) | 20.4 |
| Increase (decrease) in unearned revenue | 26.4 | (12.9) |
| Decrease in accrued expenses and other | (26.0) | (65.1) |
| Net cash used for operating activities | (25.6) | (2.0) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Capital expenditures | (9.3) | (16.2) |
| Proceeds from sale of assets | 0.1 | — |
| Net cash used for investing activities | (9.2) | (16.2) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from revolving credit facilities | 271.0 | — |
| Payments on revolving credit facilities | (242.0) | — |
| Principal payments of long-term debt | (7.7) | — |
| Net transfers to Former Parent | — | 24.5 |
| Net cash provided by financing activities | 21.3 | 24.5 |
| Effect of exchange rate changes on cash and cash equivalents | (2.3) | 1.5 |
| Net change in cash and cash equivalents | (15.8) | 7.8 |
| Cash and cash equivalents at beginning of period | 108.6 | 110.4 |
| Cash and cash equivalents at end of period | $92.8 | $118.2 |
The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated and combined statements of cash flows.
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