Labcorp Holdings (LH) FY2020 results: revenue $14.0 billion, up 21.0% on the year
Labcorp Holdings Inc. (LH) reported revenue of $14.0 billion for fiscal 2020, the year ended 31 December 2020, up 21.0% on the year before. Net income was $1.6 billion, up 88.9%, and diluted earnings per share $15.88. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$14.0 billion
+21.0% on the year
FY2013FY2020
Operating margin
17.5%
11.5% a year earlier
FY2013FY2020
Net income
$1.6 billion
+88.9% on the year
FY2013FY2020
Diluted EPS
$15.88
+90.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
13,978
11,555
11,333
+21.0%
Cost of revenue
9,026
8,302
8,157
+8.7%
Gross profit
4,953
3,252
3,176
+52.3%
Gross margin
35.4%
28.1%
28.0%
Selling, general and administrative
1,729
1,624
1,571
+6.5%
Operating income
2,445
1,330
1,326
+83.8%
Operating margin
17.5%
11.5%
11.7%
Interest expense
207
241
244
-13.8%
Income tax
662
280
384
+136.5%
Net income
1,556
824
884
+88.9%
Net margin
11.1%
7.1%
7.8%
Diluted EPS
$15.88
$8.35
$8.61
+90.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,135
1,445
1,305
+47.8%
Capital expenditure
382
400
380
-4.6%
Free cash flow
1,754
1,044
926
+67.9%
Free cash flow margin
12.5%
9.0%
8.2%
Cash from investing
-643
-1,283
207
Cash from financing
-517
-253
-1,390
Depreciation and amortisation
625
577
552
+8.2%
Share-based compensation
112
107
91.6
+4.4%
Buybacks
100
450
700
-77.8%
Dividends paid
0.0
n/a
n/a
Diluted shares, weighted
98m
99m
103m
-0.6%
Shares outstanding at period end
98m
97m
99m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
9,437
7,644
7,048
+23.5%
Debt
5,796
6,205
6,001
-6.6%
Operating lease liabilities
678
597
0.0
+13.6%
Finance lease liabilities
84.4
91.1
51.0
-7.4%
Other liabilities
4,077
3,510
3,085
+16.2%
Total liabilities and equity
20,072
18,046
16,185
+11.2%
Fixed assets
2,730
2,637
1,740
+3.5%
Goodwill
7,752
7,865
7,360
-1.4%
Intangible assets
3,961
4,034
3,911
-1.8%
Cash and equivalents
1,321
338
427
+291.3%
Receivables
2,480
1,544
1,468
+60.6%
Inventory
423
245
237
+72.9%
Other assets
1,406
1,384
1,042
+1.6%
Total assets
20,072
18,046
16,185
+11.2%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.