01—Abstract
Summary
Summary of the 10-K/A filed March 5, 2020. Cited figures are marked; the original filing is the authoritative source.
This filing is the Item 15 section of Laboratory Corporation of America Holdings (now Labcorp Holdings Inc.), which lists the financial statements and schedules and provides an index of exhibits.
It states that the consolidated financial statements and the report of the independent registered public accounting firm are included, and that financial statement schedules are omitted because they are inapplicable or their information appears in the consolidated financial statements or notes. The text contains no reported revenue, earnings, or other financial results. The exhibit index shows the company's recent debt and governance activity.
It lists the Thirteenth and Fourteenth Supplemental Indentures, both dated November 25, 2019, which cover the form of the 2024 Notes and the form of the 2029 Notes. It also lists an Amended and Restated By-Laws document, as amended February 5, 2020, and a Term Loan Credit Agreement dated June 3, 2019, with Bank of America, N.A. as administrative agent. Several exhibits are management contracts or compensatory plans, including executive employment, transition, and retirement agreements and equity incentive plans.
The filing also indicates that the Chief Executive Officer and Chief Financial Officer certifications for a Form 10-K/A are filed with it, along with the list of subsidiaries, the auditor consent from PricewaterhouseCoopers LLP, powers of attorney for directors, and XBRL cover-page and inline XBRL exhibits. Items marked as previously filed were filed with the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
02—Key points
Key Highlights
- Item 15 states that the consolidated financial statements and the report of the independent registered public accounting firm are included, and that financial statement schedules are omitted.
- Amended and Restated By-Laws, as amended February 5, 2020, are filed with this report.
- Thirteenth and Fourteenth Supplemental Indentures, both dated November 25, 2019, cover the forms of the 2024 Notes and 2029 Notes under the indenture with U.S. Bank National Association, as trustee.
- A Term Loan Credit Agreement dated June 3, 2019, with Bank of America, N.A. as administrative agent, is incorporated by reference.
- The exhibit index includes multiple management contracts and compensatory plans, such as the 2016 Omnibus Incentive Plan, the 2016 Employee Stock Purchase Plan, and executive employment and transition agreements.
- Form 10-K/A certifications from the CEO and CFO are filed with this report, along with the PricewaterhouseCoopers LLP consent.
- The filing contains no reported revenue, earnings, or other financial results; it is an exhibit index.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2019, Labcorp Holdings kept $0.07.
- Revenue$11.55B100.0%
- Cost of revenue−$8.30B71.9%
- Gross profit$3.25B28.1%
- Operating costs−$1.92B16.6%
- Operating income$1.33B11.5%
- Interest, other & tax−$506.4M4.4%
- Net income$823.8M7.1%
Where FY2019 revenue went
$11.55B- Cost of revenue: $8.30B, 72% of revenue
- SG&A: $1.62B, 14% of revenue
- Net income: $823.8M, 7.1% of revenue
- Other operating costs: $297.8M, 2.6% of revenue
- Interest, other & tax: $506.4M, 4.4% of revenue
Kept 7.1% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2019filed March 5, 2020Financial Statements
FY2019 against FY2018
| Line item | FY2019FY2018 | Change |
|---|---|---|
| Revenue | $11.55B$11.33B | +2.0% |
| Cost of Revenue | $8.30B$8.16B | +1.8% |
| Gross Profit | $3.25B$3.18B | +2.4% |
| SG&A Expenses | $1.62B$1.57B | +3.4% |
| Operating Income | $1.33B$1.33B | +0.3% |
| Interest Expense | $240.70M$244.20M | −1.4% |
| Net Income | $823.80M$883.70M | −6.8% |
| EPS (Basic) | $8.42$8.71 | −3.3% |
| EPS (Diluted) | $8.35$8.61 | −3.0% |
| Shares Outstanding (Basic) | 97.90M101.40M | −3.5% |
| Shares Outstanding (Diluted) | 98.60M102.60M | −3.9% |
05—Questions
Frequently Asked Questions
Does this filing report the company's financial results?
The filing states that the consolidated financial statements and the auditor's report are included, but the text provided in this filing contains only the Item 15 exhibit index and no reported revenue, earnings, or other figures.
What new debt documents are listed in this filing?
The exhibit index lists the Thirteenth and Fourteenth Supplemental Indentures, both dated November 25, 2019, covering the form of the 2024 Notes and the form of the 2029 Notes with U.S. Bank National Association, as trustee.
Were any governance documents amended?
Yes. The filing lists the Amended and Restated By-Laws of the company, as amended February 5, 2020, as an exhibit filed with this report.
Which exhibits relate to executive compensation?
The index lists several management contracts and compensatory plans, including the 2016 Omnibus Incentive Plan, the 2016 Employee Stock Purchase Plan, the Master Senior Executive Change in Control Severance Plan, an executive employment agreement with Adam H. Schechter dated June 4, 2019, and a transition agreement with David P. King dated August 6, 2019.
06—Continue