Company Quick10K Filing
Laboratory of America
Price167.00 EPS8
Shares99 P/E22
MCap16,500 P/FCF19
Net Debt5,740 EBIT1,531
TEV22,240 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-25
10-Q 2013-09-30 Filed 2013-10-28
10-Q 2013-06-30 Filed 2013-07-30
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-10-30
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-04-27
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-10-31
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-06-30 Filed 2010-07-27
10-Q 2010-03-31 Filed 2010-04-28
10-K 2009-12-31 Filed 2010-02-24
8-K 2020-07-28 Earnings
8-K 2020-07-07 Amend Bylaw, Exhibits
8-K 2020-07-06 Regulation FD
8-K 2020-05-13
8-K 2020-05-06
8-K 2020-05-05
8-K 2020-04-29
8-K 2020-04-06
8-K 2020-03-02
8-K 2020-02-13
8-K 2020-02-05
8-K 2020-01-13
8-K 2020-01-06
8-K 2019-12-03
8-K 2019-11-25
8-K 2019-11-22
8-K 2019-11-19
8-K 2019-11-18
8-K 2019-11-18
8-K 2019-11-01
8-K 2019-10-24
8-K 2019-10-22
8-K 2019-10-15
8-K 2019-10-03
8-K 2019-09-11
8-K 2019-08-29
8-K 2019-08-29
8-K 2019-07-29
8-K 2019-07-25
8-K 2019-07-22
8-K 2019-07-01
8-K 2019-06-25
8-K 2019-06-18
8-K 2019-06-07
8-K 2019-06-04
8-K 2019-06-04
8-K 2019-06-03
8-K 2019-05-10
8-K 2019-05-09
8-K 2019-05-02
8-K 2019-04-30
8-K 2019-04-17
8-K 2019-04-01
8-K 2019-04-01
8-K 2019-03-28
8-K 2019-03-11
8-K 2019-03-05
8-K 2019-02-19
8-K 2019-02-07
8-K 2019-02-07
8-K 2019-01-31
8-K 2019-01-22
8-K 2019-01-16
8-K 2019-01-15
8-K 2019-01-08
8-K 2019-01-03
8-K 2019-01-03
8-K 2019-01-03
8-K 2018-12-21
8-K 2018-12-20
8-K 2018-12-07
8-K 2018-12-07
8-K 2018-11-30
8-K 2018-11-28
8-K 2018-11-08
8-K 2018-11-01
8-K 2018-10-29
8-K 2018-10-24
8-K 2018-10-24
8-K 2018-10-18
8-K 2018-10-18
8-K 2018-10-17
8-K 2018-10-10
8-K 2018-10-01
8-K 2018-09-25
8-K 2018-09-24
8-K 2018-09-24
8-K 2018-09-11
8-K 2018-09-06
8-K 2018-07-25
8-K 2018-07-25
8-K 2018-07-16
8-K 2018-07-12
8-K 2018-07-02
8-K 2018-06-28
8-K 2018-06-27
8-K 2018-06-12
8-K 2018-06-11
8-K 2018-06-05
8-K 2018-06-01
8-K 2018-05-25
8-K 2018-05-24
8-K 2018-05-10
8-K 2018-05-03
8-K 2018-05-01
8-K 2018-04-30
8-K 2018-04-25
8-K 2018-04-25
8-K 2018-04-24
8-K 2018-04-23
8-K 2018-04-02
8-K 2018-03-22
8-K 2018-03-12
8-K 2018-03-09
8-K 2018-03-07
8-K 2018-03-06
8-K 2018-03-05
8-K 2018-02-28
8-K 2018-02-27
8-K 2018-02-23
8-K 2018-02-20
8-K 2018-02-06
8-K 2018-02-06
8-K 2018-01-19
8-K 2018-01-09
8-K 2018-01-08
8-K 2018-01-03
8-K 2018-01-02

LH 10Q Quarterly Report

Part I. Financial Information
Part II. Other Information
Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds (Dollars in Millions, Except per Share Data)
Item 5. Other Information
Item 6. Exhibits
EX-3.1 amendedandrestatedbyla.htm
EX-31.1 ex311q22020.htm
EX-31.2 ex312q22020.htm
EX-32.1 ex32q22020.htm

Laboratory of America Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
3.02.41.81.20.60.02012201420172020
Rev, G Profit, Net Income
3.72.20.7-0.7-2.2-3.72012201420172020
Ops, Inv, Fin

lh-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to  ______

Commission file number   1-11353
LABORATORY CORPORATION OF AMERICA HOLDINGS
(Exact name of registrant as specified in its charter)
Delaware13-3757370
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
358 South Main Street 
Burlington,North Carolina27215
(Address of principal executive offices)(Zip Code)

(Registrant's telephone number, including area code) 336-229-1127
Securities registered pursuant to Section 12(b) of the Exchange Act.

Title of Each Class   Trading Symbol   Name of exchange on which registered
Common Stock, $0.10 par value  LH    New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (paragraph 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No .

The number of shares outstanding of the issuer's common stock is 97.4 million shares as of July 29, 2020.


INDEX


INDEX


PART I. FINANCIAL INFORMATION

Item 1.
  
 
 June 30, 2020 and December 31, 2019
  
 
 Three and six months ended June 30, 2020 and 2019
  
Three and six months ended June 30, 2020 and 2019
 
 Three and six months ended June 30, 2020 and 2019
  
 
 Six months ended June 30, 2020 and 2019
  
 
  
Item 2.
  
Item 3.
  
Item 4.

PART II. OTHER INFORMATION

Item 1.
  
Item 1A.
  
Item 2.
Item 5.
  
Item 6.
1

INDEX

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(unaudited)
June 30,
2020
December 31,
2019
ASSETS  
Current assets:  
Cash and cash equivalents$557.0  $337.5  
Accounts receivable, net of allowance for doubtful accounts of $29.1 and $19.0 as of June 30, 2020 and December 31, 2019, respectively1,661.0  1,543.9  
Unbilled services535.4  481.4  
Supplies inventory342.3  244.7  
Prepaid expenses and other317.5  373.7  
Total current assets3,413.2  2,981.2  
Property, plant and equipment, net2,627.7  2,636.6  
Goodwill, net7,422.7  7,865.0  
Intangible assets, net3,877.2  4,034.5  
Joint venture partnerships and equity method investments72.3  84.9  
Deferred income taxes4.9  8.8  
Other assets, net431.1  435.4  
Total assets$17,849.1  $18,046.4  
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$534.1  $632.3  
Accrued expenses and other1,032.7  942.4  
Unearned revenue473.3  451.0  
Short-term operating lease liabilities195.3  206.5  
Short-term finance lease liabilities8.2  8.4  
Short-term borrowings and current portion of long-term debt790.8  415.2  
Total current liabilities3,034.4  2,655.8  
Long-term debt, less current portion5,416.6  5,789.8  
Operating lease liabilities615.5  596.6  
Financing lease liabilities87.5  91.1  
Deferred income taxes and other tax liabilities907.3  942.8  
Other liabilities415.6  383.2  
Total liabilities10,476.9  10,459.3  
Commitments and contingent liabilities
Noncontrolling interest19.5  20.1  
Shareholders’ equity:  
Common stock, 97.3 and 97.2 shares outstanding at June 30, 2020 and December 31, 2019, respectively9.0  9.0  
Additional paid-in capital32.1  26.8  
Retained earnings7,760.6  7,903.6  
Accumulated other comprehensive loss(449.0) (372.4) 
Total shareholders’ equity7,352.7  7,567.0  
Total liabilities and shareholders’ equity$17,849.1  $18,046.4  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2

INDEX

LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenues$2,768.8  $2,881.7  $5,592.6  $5,672.9  
Cost of revenues2,008.3  2,056.9  4,104.1  4,058.4  
Gross profit760.5  824.8  1,488.5  1,614.5  
Selling, general and administrative expenses396.3  415.3  791.8  809.1  
Amortization of intangibles and other assets60.1  60.2  122.4  117.3  
Goodwill and other asset impairments    437.4    
Restructuring and other charges6.4  13.6  31.8  34.2  
Operating income297.7  335.7  105.1  653.9  
Other income (expense):    
Interest expense(52.7) (59.1) (107.7) (115.8) 
    Equity method income (loss), net1.8  2.5  (4.8) 5.5  
Investment income2.5  1.4  5.1  2.0  
Other, net47.7  (10.5) 31.6  (20.9) 
Earnings before income taxes297.0  270.0  29.3  524.7  
Provision for income taxes65.4  79.3  114.6  148.1  
Net earnings (loss)231.6  190.7  (85.3) 376.6  
Less: Net earnings attributable to the noncontrolling interest  (0.3) (0.3) (0.6) 
Net earnings (loss) attributable to Laboratory Corporation of America Holdings$231.6  $190.4  $(85.6) $376.0  
Basic earnings (loss) per common share$2.38  $1.94  $(0.88) $3.82  
Diluted earnings (loss) per common share$2.37  $1.93  $(0.88) $3.79  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

INDEX

LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(in millions, except per share data)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Net earnings (loss)$231.6  $190.7  $(85.3) $376.6  
Foreign currency translation adjustments66.9  25.6  (80.5) 47.2  
Net benefit plan adjustments2.7  2.8  5.4  5.5  
Other comprehensive earnings (loss) before tax69.6  28.4  (75.1) 52.7  
Provision (benefit) for income tax related to items of comprehensive earnings(0.7) (0.8) (1.5) (1.5) 
Other comprehensive earnings (loss), net of tax68.9  27.6  (76.6) 51.2  
Comprehensive earnings (loss)300.5  218.3  (161.9) 427.8  
Less: Net earnings attributable to the noncontrolling interest  (0.3) (0.3) (0.6) 
Comprehensive earnings (loss) attributable to Laboratory Corporation of America Holdings$300.5  $218.0  $(162.2) $427.2  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

INDEX

LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS’ EQUITY
(in millions)
(unaudited)

Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Earnings (Loss)
Total
Shareholders’
Equity
BALANCE AT DECEMBER 31, 2018$11.7  $1,451.1  $7,079.8  $(1,108.1) $(463.1) $6,971.4  
Net earnings attributable to Laboratory Corporation of America Holdings    185.6      185.6  
Other comprehensive earnings, net of tax        23.6  23.6  
Issuance of common stock under employee stock plans  24.7        24.7  
Net share settlement tax payments from issuance of stock to employees      (19.4)   (19.4) 
Stock compensation  25.5        25.5  
Purchase of common stock(0.1) (100.0)       (100.1) 
BALANCE AT MARCH 31, 2019$11.6  $1,401.3  $7,265.4  $(1,127.5) $(439.5) $7,111.3  
Net earnings attributable to Laboratory Corporation of America Holdings    190.4      190.4  
Other comprehensive earnings, net of tax        27.6  27.6  
Issuance of common stock under employee stock plans  9.2        9.2  
Net share settlement tax payments from issuance of stock to employees      (20.7)   (20.7) 
Stock compensation  26.5        26.5  
Retirement of treasury stock(2.4) (1,145.8)   1,148.2      
Purchase of common stock(0.1) (199.8)       (199.9) 
BALANCE AT JUNE 30, 2019$9.1  $91.4  $7,455.8  $  $(411.9) $7,144.4  
BALANCE AT DECEMBER 31, 2019$9.0  $26.8  $7,903.6  $  $(372.4) $7,567.0  
Adoption of credit loss accounting standard    (7.0)     (7.0) 
Net earnings (loss) attributable to Laboratory Corporation of America Holdings    (317.2)     (317.2) 
Other comprehensive earnings (loss), net of tax        (145.5) (145.5) 
Issuance of common stock under employee stock plans  26.9        26.9  
Net share settlement tax payments from issuance of stock to employees  (22.0)       (22.0) 
Stock compensation  17.9        17.9  
Purchase of common stock  (49.6) (50.4)     (100.0) 
BALANCE AT MARCH 31, 2020$9.0  $  $7,529.0  $  $(517.9) $7,020.1  
Net earnings attributable to Laboratory Corporation of America Holdings    231.6      231.6  
Other comprehensive earnings, net of tax        68.9  68.9  
Issuance of common stock under employee stock plans  1.8        1.8  
Net share settlement tax payments from issuance of stock to employees  (9.5)       (9.5) 
Stock compensation  39.8        39.8  
Purchase of common stock            
BALANCE AT JUNE 30, 2020$9.0  $32.1  $7,760.6  $  $(449.0) $7,352.7