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Express Scripts 2013 Annual Report 62
EXPRESS SCRIPTS HOLDING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
(in millions) 2013 2012 2011
Cash flows from operating activities:
Net income $ 1,872.7 $ 1,330.1 $ 1,278.5
Net loss from discontinued operations, net of tax 53.6 32.3 —
Net income from continuing operations 1,926.3 1,362.4 1,278.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 2,447.0 1,871.4 253.4
Deferred income taxes (573.7) (389.0) 137.8
Employee stock-based compensation expense 164.7 410.0 48.8
Other, net 29.2 70.5 97.1
Changes in operating assets and liabilities
Accounts receivable 1,254.0 345.7 (206.1)
Inventories (218.9) (515.0) 8.0
Other current and noncurrent assets 94.2 303.2 119.2
Claims and rebates payable (672.2) 82.8 207.5
Accounts payable 15.9 963.1 271.4
Other current and noncurrent liabilities 302.4 246.0 (22.5)
Net cash provided by operating activities—continuing operations 4,768.9 4,751.1 2,193.1
Net cash (used in) provided by operating activities—discontinued operations (11.4) 30.5 —
Net cash flows provided by operating activities 4,757.5 4,781.6 2,193.1
Cash flows from investing activities:
Purchases of property and equipment (423.0) (160.2) (144.4)
Proceeds from the sale of business 356.9 61.5 —
Acquisitions, net of cash acquired (14.5) (10,326.0) —
Other 10.6 (4.0) 20.5
Net cash used in investing activities—continuing operations (70.0) (10,428.7) (123.9)
Acquisitions, cash acquired—discontinued operations — 42.4 —
Net cash used in investing activities—discontinued operations (2.1) (5.4) —
Net cash used in investing activities (72.1) (10,391.7) (123.9)
Cash flows from financing activities:
Treasury stock acquired (4,055.2) — (2,515.7)
Repayment of long-term debt (1,931.6) (3,868.5) (0.1)
Net proceeds from employee stock plans 466.0 326.0 32.2
Excess tax benefit relating to employee stock-based compensation 42.7 45.3 28.3
Distributions paid to non-controlling interest (31.7) (8.1) (1.1)
Proceeds from long-term debt, net of discounts — 7,458.9 5,580.3
Repayment of revolving credit line, net — (1,000.0) —
Proceeds from accounts receivable financing facility — 600.0 —
Repayment of accounts receivable financing facility — (600.0) —
Deferred financing fees — (103.2) (91.6)
Other 15.0 — (2.9)
Net cash (used in) provided by financing activities—continuing operations (5,494.8) 2,850.4 3,029.4
Net cash used in financing activities—discontinued operations — (26.8) —
Net cash (used in) provided by financing activities (5,494.8) 2,823.6 3,029.4
Effect of foreign currency translation adjustment (5.7) 2.0 (2.2)
Less cash decrease (increase) attributable to discontinued operations 13.4 (42.5) —
Net (decrease) increase in cash and cash equivalents (801.7) (2,827.0) 5,096.4
Cash and cash equivalents at beginning of year 2,793.1 5,620.1 523.7
Cash and cash equivalents at end of year $ 1,991.4 $ 2,793.1 $ 5,620.1
Supplemental data:
Cash paid during the year for:
Income tax payments, net of refunds $ 1,648.4 $ 1,164.0 $ 487.3
Interest 548.1 587.3 181.6
See accompanying Notes to Consolidated Financial Statements