$FTRE
Fortrea Holdings Inc.

2024 Q4 Form 10-Q Financial Statement

#000196504024000064 Filed on November 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $674.9M
YoY Change -13.07%
Cost Of Revenue $526.6M
YoY Change -18.65%
Gross Profit $148.3M
YoY Change 14.87%
Gross Profit Margin 21.97%
Selling, General & Admin $136.3M
YoY Change 72.75%
% of Gross Profit 91.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.20M
YoY Change -13.82%
% of Gross Profit 14.3%
Operating Expenses $136.3M
YoY Change 31.69%
Operating Profit -$18.00M
YoY Change -228.57%
Interest Expense -$22.40M
YoY Change -36.9%
% of Operating Profit
Other Income/Expense, Net $4.800M
YoY Change 33.33%
Pretax Income -$35.80M
YoY Change 100.0%
Income Tax -$17.30M
% Of Pretax Income
Net Earnings -$27.90M
YoY Change 112.98%
Net Earnings / Revenue -4.13%
Basic Earnings Per Share -$0.31
Diluted Earnings Per Share -$0.31
COMMON SHARES
Basic Shares Outstanding 89.70M shares 89.60M shares
Diluted Shares Outstanding 89.60M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.3M
YoY Change -2.05%
Cash & Equivalents $105.3M
Short-Term Investments
Other Short-Term Assets $142.5M
YoY Change 38.08%
Inventory
Prepaid Expenses
Receivables $689.1M
Other Receivables $0.00
Total Short-Term Assets $936.9M
YoY Change -25.51%
LONG-TERM ASSETS
Property, Plant & Equipment $173.1M
YoY Change -21.03%
Goodwill $1.767B
YoY Change -11.42%
Intangibles $691.2M
YoY Change
Long-Term Investments
YoY Change
Other Assets $92.30M
YoY Change 29.45%
Total Long-Term Assets $2.727B
YoY Change -10.86%
TOTAL ASSETS
Total Short-Term Assets $936.9M
Total Long-Term Assets $2.727B
Total Assets $3.664B
YoY Change -15.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $137.6M
YoY Change 7.25%
Accrued Expenses $323.1M
YoY Change -9.09%
Deferred Revenue $321.1M
YoY Change 21.26%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $795.8M
YoY Change 2.74%
LONG-TERM LIABILITIES
Long-Term Debt $1.125B
YoY Change -28.49%
Other Long-Term Liabilities $37.60M
YoY Change -63.74%
Total Long-Term Liabilities $1.162B
YoY Change -26.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $795.8M
Total Long-Term Liabilities $1.162B
Total Liabilities $2.150B
YoY Change -18.01%
SHAREHOLDERS EQUITY
Retained Earnings -$335.8M
YoY Change 2463.36%
Common Stock $100.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.514B
YoY Change
Total Liabilities & Shareholders Equity $3.664B
YoY Change -15.13%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$27.90M
YoY Change 112.98%
Depreciation, Depletion And Amortization $21.20M
YoY Change -13.82%
Cash From Operating Activities -$2.400M
YoY Change -400.0%
INVESTING ACTIVITIES
Capital Expenditures $8.200M
YoY Change 60.78%
Acquisitions
YoY Change
Other Investing Activities $100.0K
YoY Change -98.72%
Cash From Investing Activities -$8.100M
YoY Change -400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.00M
YoY Change 81.82%
NET CHANGE
Cash From Operating Activities -2.400M
Cash From Investing Activities -8.100M
Cash From Financing Activities -14.00M
Net Change In Cash -24.50M
YoY Change 483.33%
FREE CASH FLOW
Cash From Operating Activities -$2.400M
Capital Expenditures $8.200M
Free Cash Flow -$10.60M
YoY Change 146.51%

Facts In Submission

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<div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and unbilled services.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains cash and cash equivalents with various major financial institutions. These financial institutions are generally highly rated and geographically dispersed. The Company evaluates the relative credit standing of these financial institutions and has not sustained credit losses from instruments held at financial institutions.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all the Company’s accounts receivable and unbilled services are with companies in the pharmaceutical, biotechnology and medical device industries. As of September 30, 2024, one customer accounted for 15.6% of the Company's combined gross accounts receivable and unbilled services. As of December 31, 2023, two pharmaceutical companies accounted for approximately 17.0% and 11.2% of the Company's combined gross accounts receivable and unbilled services. Additionally, for the three months ended September 30, 2024, one customer accounted for approximately 15.1% of revenues, and for the nine months ended September 30, 2024, two customers accounted for approximately 14.2% and 10.4% of revenues. For the three months ended September 30, 2023, two customer accounted for 14.6% and 11.4% of revenues, and for the nine months ended September 30, 2023, two customer accounted for 11.1% and 10.6% of revenues. Concentrations of credit risk are mitigated due to the number of the Company’s customers as well as their dispersion across many different geographic regions. Additionally, the Company applies assumptions and judgments, including historical collection experience and reasonable and supportable forecasts, for assessing collectability and determining allowances for doubtful accounts.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain previously reported amounts have been reclassified to conform to the current year presentation. </span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the quarter ended March 31, 2024, a change in basis of presentation, to include information technology costs and certain facility costs in Selling, general and administrative expenses was made to improve comparability of costs against peer companies in the clinical research industry. As a result, the Company reclassified $39.0 and $117.3 from Direct costs, exclusive of depreciation and amortization, to Selling, general and administrative expenses, exclusive of depreciation and amortization in the condensed consolidated and combined statement of operations for the three and nine months ended </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">September 30, 2023</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, respectively, relating to information technology costs and certain facility charges. There is no impact on total operating expenses, operating income or net income during the period ended</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> September 30, 2023. Direct costs include payroll and related benefits for project-related employees, pass through costs,</span> facility costs related to phase I clinics and other direct costs from the Transition Services Agreement with Labcorp. Selling, general and administrative expenses consist primarily of administrative payroll and related benefit charges, information technology costs, other facility charges, advertising and promotional expenses, administrative travel and credit loss provisions.
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us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Provision For Doubtful Accounts
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2024Q3 us-gaap Revenue Remaining Performance Obligation
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CY2024Q3 us-gaap Revenue Remaining Performance Obligation Percentage
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us-gaap Restructuring Charges
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CY2024Q3 us-gaap Restructuring Reserve Noncurrent
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CY2023Q4 us-gaap Restructuring Reserve Noncurrent
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CY2023Q2 ftre Common Stock Separation Conversion Ratio
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CY2023Q2 us-gaap Common Stock Shares Outstanding
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CY2024Q3 us-gaap Income Loss From Continuing Operations
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CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2023Q3 us-gaap Income Loss From Continuing Operations
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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ShareBasedCompensation
27200000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
20900000 usd
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-13300000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-3500000 usd
ftre Increase Decrease In Accounts Receivable And Contract With Customer Asset Excluding Credit Loss Expense
IncreaseDecreaseInAccountsReceivableAndContractWithCustomerAssetExcludingCreditLossExpense
23100000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-600000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
45900000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-6000000.0 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-8600000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
150000000.0 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
30900000 usd
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
8100000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-22800000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
24000000.0 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
24000000.0 usd
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
1061400000 usd
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
570000000.0 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
26400000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
7700000 usd
ftre Special Payment To Former Parent
SpecialPaymentToFormerParent
1595000000 usd
ftre Proceeds From Payments To Former Parent Company
ProceedsFromPaymentsToFormerParentCompany
-135400000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-133100000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-700000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6600000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110400000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
103800000 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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0001965040-24-000064-index-headers.html Edgar Link pending
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0001965040-24-000064.txt Edgar Link pending
0001965040-24-000064-xbrl.zip Edgar Link pending
exhibit101-2023omnibusince.htm Edgar Link pending
exhibit102-2023omnibusince.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
ftre-20240930.htm Edgar Link pending
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q324exhibit-311.htm Edgar Link pending
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ftre-20240930_cal.xml Edgar Link unprocessable