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Express Scripts 2014 Annual Report
58
EXPRESS SCRIPTS HOLDING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
(in millions) 2014 2013 2012
Cashflowsfromoperatingactivities:
Netincome $ 2,035.0 $ 1,872.7 $ 1,330.1
Netlossfromdiscontinuedoperations,netoftax — 53.6 32.3
Netincomefromcontinuingoperations 2,035.0 1,926.3 1,362.4
Adjustmentstoreconcilenetincometonetcashprovidedbyoperatingactivities:
Depreciationandamortization 2,242.9 2,447.0 1,871.4
Deferredincometaxes (430.5) (573.7) (389.0)
Employeestock-basedcompensationexpense 111.0 164.7 410.0
Other,net (8.3) 29.2 70.5
Changesinoperatingassetsandliabilities
Accountsreceivable (2,042.4) 1,254.0 345.7
Inventories (242.1) (218.9) (515.0)
Othercurrentandnoncurrentassets (170.0) 94.2 303.2
Claimsandrebatespayable 1,720.4 (672.2) 82.8
Accountspayable 271.7 15.9 963.1
Accruedexpenses 948.9 450.8 149.9
Othercurrentandnoncurrentliabilities 112.4 (148.4) 96.1
Netcashprovidedbyoperatingactivities—continuingoperations 4,549.0 4,768.9 4,751.1
Netcash(usedin)providedbyoperatingactivities—discontinuedoperations — (11.4) 30.5
Netcashflowsprovidedbyoperatingactivities 4,549.0 4,757.5 4,781.6
Cashflowsfrominvestingactivities:
Purchasesofpropertyandequipment (436.6) (423.0) (160.2)
Acquisitions,netofcashacquired 2.2 (14.5) (10,326.0)
Proceedsfromthesaleofbusiness — 356.9 61.5
Other 22.5 10.6 (4.0)
Netcashusedininvestingactivities—continuingoperations (411.9) (70.0) (10,428.7)
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 (411.9) (72.1) (10,391.7)
Cashflowsfromfinancingactivities:
Treasurystockacquired (4,493.0) (4,055.2) —
Repaymentoflong-termdebt (2,834.3) (1,931.6) (3,868.5)
Proceedsfromlong-termdebt,netofdiscounts 2,490.1 — 7,458.9
Netproceedsfromemployeestockplans 510.5 466.0 326.0
Excesstaxbenefitrelatingtoemployeestock-basedcompensation 94.0 42.7 45.3
Distributionspaidtonon-controllinginterest (24.8) (31.7) (8.1)
Deferredfinancingfees (18.6) — (103.2)
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)
Other (13.6) 15.0 —
Netcash(usedin)providedbyfinancingactivities—continuingoperations (4,289.7) (5,494.8) 2,850.4
Netcashusedinfinancingactivities—discontinuedoperations — — (26.8)
Netcash(usedin)providedbyfinancingactivities (4,289.7) (5,494.8) 2,823.6
Effectofforeigncurrencytranslationadjustment (6.2) (5.7) 2.0
Lesscashdecrease(increase)attributabletodiscontinuedoperations — 13.4 (42.5)
Netdecreaseincashandcashequivalents (158.8) (801.7) (2,827.0)
Cashandcashequivalentsatbeginningofyear 1,991.4 2,793.1 5,620.1
Cashandcashequivalentsatendofyear $ 1,832.6 $ 1,991.4 $ 2,793.1
Supplementaldata:
Cashpaidduringtheyearfor:
Incometaxpayments,netofrefunds $ 1,310.9 $ 1,648.4 $ 1,164.0
Interest 529.4 548.1 587.3
See accompanying Notes to Consolidated Financial Statements
54