Fortrea Holdings Inc
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income (loss) | $(328.5) | $(25.2) | $186.2 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 86.9 | 98.0 | 93.6 |
| Stock compensation | 58.4 | 42.7 | 25.4 |
| Credit loss expense | 22.2 | 27.8 | 3.4 |
| Operating lease right-of-use asset expense | 14.0 | 27.4 | 24.9 |
| Operating lease right-of-use asset impairment | 4.8 | — | — |
| Goodwill and other asset impairments | 24.0 | 13.4 | 9.8 |
| Deferred income taxes | (24.6) | (41.6) | (16.5) |
| Loss on sale of business | 19.6 | — | — |
| Write-off of debt issuance costs | 12.2 | — | — |
| Other, net | 9.3 | (1.0) | 4.1 |
| Change in assets and liabilities: | |||
| Decrease (increase) in accounts receivable and unbilled services, net | 309.9 | (53.4) | (108.4) |
| (Increase) in prepaid expenses and other | (78.1) | (3.4) | (9.1) |
| Increase in accounts payable | 7.2 | 55.3 | 24.8 |
| Increase (decrease) in deferred revenue | 140.0 | (2.2) | (30.1) |
| (Decrease) increase in accrued expenses and other | (14.5) | 30.6 | (125.4) |
| Net cash provided by operating activities | 262.8 | 168.4 | 82.7 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Capital expenditures | (25.5) | (40.3) | (54.4) |
| Proceeds from sale of business, net | 276.6 | — | — |
| Proceeds from sale of assets | 0.5 | 8.5 | 0.4 |
| Net cash provided by (used for) investing activities | 251.6 | (31.8) | (54.0) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from revolving credit facilities | 826.5 | 164.0 | — |
| Payments on revolving credit facilities | (826.5) | (164.0) | — |
| Proceeds from term loans | — | 1,061.4 | — |
| Proceeds from issuance of senior notes | — | 570.0 | — |
| Debt issuance costs | (0.7) | (26.4) | — |
| Principal payments on long-term debt | (482.7) | (15.4) | — |
| Payments for taxes related to net share settlement of stock awards | (14.4) | — | — |
| Special payment to Former Parent | — | (1,595.0) | — |
| Net transfers to Former Parent | — | (135.4) | (6.3) |
| Net cash used for financing activities | (497.8) | (140.8) | (6.3) |
| Effect of exchange rate changes on cash and cash equivalents | (6.7) | 2.4 | (6.6) |
| Net change in cash and cash equivalents | 9.9 | (1.8) | 15.8 |
| Cash and cash equivalents at beginning of period | 108.6 | 110.4 | 94.6 |
| Cash and cash equivalents at end of period | $118.5 | $108.6 | $110.4 |
The cash flows related to discontinued operations have not been segregated and are included in the consolidated and combined statements of cash flows.
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