Express Scripts Holding Co. | 2013 | FY | 3


Condensed Consolidating Statement of Cash Flows
(in millions)
Express
Scripts
Holding
Company
 
Express
Scripts, Inc.
 
Medco
Health
Solutions,
Inc.
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
For the year ended December 31, 2013
Net cash flows provided by (used in) operating activities
$
(214.1
)
 
$
2,731.3

 
$
765.9

 
$
556.0

 
$
929.1

 
$
(10.7
)
 
$
4,757.5

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(398.3
)
 

 
(16.5
)
 
(8.2
)
 

 
(423.0
)
Proceeds from the sale of business

 
1.6

 

 
355.3

 

 

 
356.9

Acquisitions, net of cash acquired

 

 

 

 
(14.5
)
 

 
(14.5
)
Other

 
14.0

 

 

 
(3.4
)
 

 
10.6

Net cash (used in) provided by investing activities—continuing operations

 
(382.7
)
 

 
338.8

 
(26.1
)
 

 
(70.0
)
Net cash used in investing activities—discontinued operations

 

 

 

 
(2.1
)
 

 
(2.1
)
Net cash (used in) provided by investing activities

 
(382.7
)
 

 
338.8

 
(28.2
)
 

 
(72.1
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Treasury stock acquired
(4,055.2
)
 

 

 

 

 

 
(4,055.2
)
Repayment of long-term debt
(631.6
)
 
(1,000.0
)
 
(300.0
)
 

 

 

 
(1,931.6
)
Net proceeds from employee stock plans
466.0

 

 

 

 

 

 
466.0

Excess tax benefit relating to employee stock-based compensation

 
26.6

 
16.1

 

 

 

 
42.7

Distributions paid to non-controlling interest

 

 

 

 
(31.7
)
 

 
(31.7
)
Other

 

 

 
(13.0
)
 
28.0

 

 
15.0

Net intercompany transactions
4,434.9

 
(2,575.9
)
 
(478.4
)
 
(964.7
)
 
(415.9
)
 

 

Net cash (used in) provided by financing activities—continuing operations
214.1

 
(3,549.3
)
 
(762.3
)
 
(977.7
)
 
(419.6
)
 

 
(5,494.8
)
Net cash used in financing activities— discontinued operations

 

 

 

 
(10.7
)
 
10.7

 

Net cash (used in) provided by financing activities
214.1

 
(3,549.3
)
 
(762.3
)
 
(977.7
)
 
(430.3
)
 
10.7

 
(5,494.8
)
Effect of foreign currency translation adjustment

 

 

 

 
(5.7
)
 

 
(5.7
)
Less cash attributable to discontinued operations

 

 

 

 
13.4

 

 
13.4

Net (decrease) increase in cash and cash equivalents

 
(1,200.7
)
 
3.6

 
(82.9
)
 
478.3

 

 
(801.7
)
Cash and cash equivalents at beginning of year

 
2,346.6

 

 
126.9

 
319.6

 

 
2,793.1

Cash and cash equivalents at end of year
$

 
$
1,145.9

 
$
3.6

 
$
44.0

 
$
797.9

 
$

 
$
1,991.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows
(in millions)
Express
Scripts
Holding
Company
 
Express
Scripts, Inc.
 
Medco
Health
Solutions,
Inc.
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
For the year ended December 31, 2012
Net cash flows provided by (used in) operating activities
$
(147.3
)
 
$
655.1

 
$
3,355.4

 
$
916.7

 
$
1.7

 
$

 
$
4,781.6

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(70.0
)
 

 
(85.9
)
 
(4.3
)
 

 
(160.2
)
Proceeds from the sale of business

 
31.5

 
30.0

 

 

 

 
61.5

Acquisitions, net of cash acquired
(10,283.6
)
 

 

 

 
(42.4
)
 

 
(10,326.0
)
Other

 
(5.0
)
 

 

 
1.0

 

 
(4.0
)
Net cash (used in) provided by investing activities—continuing operations
(10,283.6
)
 
(43.5
)
 
30.0

 
(85.9
)
 
(45.7
)
 

 
(10,428.7
)
Acquisitions, cash acquired— discontinued operations

 

 

 

 
42.4

 

 
42.4

Net cash used in investing activities— discontinued operations

 

 

 
(3.8
)
 
(1.6
)
 

 
(5.4
)
Net cash (used in) provided by investing activities
(10,283.6
)
 
(43.5
)
 
30.0

 
(89.7
)
 
(4.9
)
 

 
(10,391.7
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Repayment of long-term debt
(1,368.4
)
 
(1,000.1
)
 
(1,500.0
)
 

 

 

 
(3,868.5
)
Net proceeds from employee stock plans
295.2

 

 
30.8

 

 

 

 
326.0

Excess tax benefit relating to employee stock-based compensation

 
37.2

 
8.1

 

 

 

 
45.3

Distributions paid to non-controlling interest

 

 

 

 
(8.1
)
 

 
(8.1
)
Proceeds from long-term debt, net of discounts
7,458.9

 

 

 

 

 

 
7,458.9

Repayment of revolving credit line, net

 

 
(1,000.0
)
 

 

 

 
(1,000.0
)
Proceeds from accounts receivable financing facility

 

 

 

 
600.0

 

 
600.0

Repayment of accounts receivable financing facility

 

 

 

 
(600.0
)
 

 
(600.0
)
Deferred financing fees
(52.4
)
 
(50.8
)
 

 

 

 

 
(103.2
)
Net intercompany transactions
4,097.6

 
(2,773.5
)
 
(924.3
)
 
(705.5
)
 
305.7

 

 

Net cash provided by (used in) financing activities—continuing operations
10,430.9

 
(3,787.2
)
 
(3,385.4
)
 
(705.5
)
 
297.6

 

 
2,850.4

Net cash used in financing activities— discontinued operations

 

 

 

 
(26.8
)
 

 
(26.8
)
Net cash provided by (used in) financing activities
10,430.9

 
(3,787.2
)
 
(3,385.4
)
 
(705.5
)
 
270.8

 

 
2,823.6

Effect of foreign currency translation adjustment

 

 

 

 
2.0

 

 
2.0

Less cash attributable to discontinued operations

 

 

 

 
(42.5
)
 

 
(42.5
)
Net (decrease) increase in cash and cash equivalents

 
(3,175.6
)
 

 
121.5

 
227.1

 

 
(2,827.0
)
Cash and cash equivalents at beginning of year

 
5,522.2

 

 
5.4

 
92.5

 

 
5,620.1

Cash and cash equivalents at end of year
$

 
$
2,346.6

 
$

 
$
126.9

 
$
319.6

 
$

 
$
2,793.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows
(in millions)
Express
Scripts
Holding
Company
 
Express
Scripts, Inc.
 
Medco
Health
Solutions,
Inc.
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
For the year ended December 31, 2011
Net cash flows provided by (used in) operating activities
$
(14.1
)
 
$
1,426.4

 
$

 
$
753.1

 
$
27.7

 
$

 
$
2,193.1

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(124.9
)
 

 
(13.4
)
 
(6.1
)
 

 
(144.4
)
Other

 
(1.0
)
 

 
1.3

 
20.2

 

 
20.5

Net cash (used in) provided by investing activities

 
(125.9
)
 

 
(12.1
)
 
14.1

 

 
(123.9
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Treasury stock acquired

 
(2,515.7
)
 

 

 

 

 
(2,515.7
)
Repayment of long-term debt

 
(0.1
)
 

 

 

 

 
(0.1
)
Net proceeds from employee stock plans

 
32.2

 

 

 

 

 
32.2

Excess tax benefit relating to employee stock-based compensation

 
28.3

 

 

 

 

 
28.3

Distributions paid to non-controlling interest

 

 

 

 
(1.1
)
 

 
(1.1
)
Proceeds from long-term debt, net of discounts
4,086.3

 
1,494.0

 

 

 

 

 
5,580.3

Deferred financing fees
(29.2
)
 
(62.4
)
 

 

 

 

 
(91.6
)
Other

 
(2.9
)
 

 

 

 

 
(2.9
)
Net intercompany transactions
(4,043.0
)
 
4,791.6

 

 
(744.6
)
 
(4.0
)
 

 

Net cash provided by (used in) financing activities
14.1

 
3,765.0

 

 
(744.6
)
 
(5.1
)
 

 
3,029.4

Effect of foreign currency translation adjustment

 

 

 

 
(2.2
)
 

 
(2.2
)
Net increase (decrease) in cash and cash equivalents

 
5,065.5

 

 
(3.6
)
 
34.5

 

 
5,096.4

Cash and cash equivalents at beginning of year

 
456.7

 

 
9.0

 
58.0

 

 
523.7

Cash and cash equivalents at end of year
$

 
$
5,522.2

 
$

 
$
5.4

 
$
92.5

 
$

 
$
5,620.1


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