Fortrea Holdings Inc. Files Q1 2024 10-Q

TL;DR

FTRE Q1 2024 10-Q filed. Financials updated.

AI Summary

Fortrea Holdings Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly Silver Spinco Inc., reported financial results for the first quarter of 2024. Key financial data and balance sheet information as of March 31, 2024, and December 31, 2023, are included in the filing.

Why It Matters

This filing provides investors with the latest financial performance and position of Fortrea Holdings Inc., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 20240331 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20240524 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Fortrea Holdings Inc. (company) — Filer of the 10-Q
• Silver Spinco Inc. (company) — Former name of Fortrea Holdings Inc.
• 20240331 (date) — End of the reporting period
• 20240524 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value FTRE The NASDAQ Stock Market

Filing Documents

• ftre-20240331.htm (10-Q) — 2616KB
• q124exhibit-311.htm (EX-31.1) — 10KB
• q124exhibit-312.htm (EX-31.2) — 10KB
• q124exhibit321.htm (EX-32.1) — 6KB
• q124exhibit-322.htm (EX-32.2) — 6KB
• 0001965040-24-000036.txt ( ) — 15776KB
• ftre-20240331.xsd (EX-101.SCH) — 58KB
• ftre-20240331_cal.xml (EX-101.CAL) — 84KB
• ftre-20240331_def.xml (EX-101.DEF) — 380KB
• ftre-20240331_lab.xml (EX-101.LAB) — 711KB
• ftre-20240331_pre.xml (EX-101.PRE) — 616KB
• ftre-20240331_htm.xml (XML) — 4273KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated and Combined Balance Sheets March 31, 2024 and December 31, 2023 2 Condensed Consolidated and Combined Statements of Operations Three months ended March 31, 2024 and 2023 3 Condensed Consolidated and Combined Statements of Comprehensive Income (Loss) Three months ended March 31, 2024 and 2023 4 Condensed Consolidated and Combined Statements of Changes in Equity Three months ended March 31, 2024 and 2023 5 Condensed Consolidated and Combined Statements of Cash Flows Three months ended March 31, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated and Combined Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 4.

Controls and Procedures

Controls and Procedures 55

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 56 Item 1A.

Risk Factors

Risk Factors 56 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 3. Defaults Upon Senior Securities 57 Item 4. Mine Safety Disclosures 57 Item 5. Other Information 57 Item 6. Exhibits 58 1

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) FORTREA HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 92.8 $ 108.6 Accounts receivable and unbilled services, net 941.0 988.5 Prepaid expenses and other 91.3 84.6 Current assets of discontinued operations 74.9 69.1 Total current assets 1,200.0 1,250.8 Property, plant and equipment, net 167.4 172.6 Goodwill, net 1,727.6 1,739.4 Intangible assets, net 707.9 728.1 Deferred income taxes 3.2 3.2 Other assets, net 89.0 69.7 Long-term assets of discontinued operations 345.1 368.8 Total assets $ 4,240.2 $ 4,332.6 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 131.3 $ 132.9 Accrued expenses and other current liabilities 328.7 335.5 Unearned revenue 236.9 214.2 Current portion of long-term debt 55.0 26.1 Short-term operating lease liabilities 15.2 17.2 Current liabilities of discontinued operations 51.2 52.5 Total current liabilities 818.3 778.4 Long-term debt, less current portion 1,559.4 1,565.9 Operating lease liabilities 59.5 62.8 Deferred income taxes and other tax liabilities 150.7 147.7 Long-term liabilities of discontinued operations 31.5 31.6 Other liabilities 28.9 32.1 Total liabilities $ 2,648.3 $ 2,618.5 Commitments and contingent liabilities (Note 9) Equity Common stock, 89.4 and 88.8 shares outstanding at March 31, 2024 and December 31, 2023, respectively 0.1 0.1 Additional paid-in capital 2,002.9 1,998.0 Accumulated deficit ( 169.5 ) ( 68.5 ) Accumulated other comprehensive loss ( 241.6 ) ( 215.5 ) Total equity $ 1,591.9 $ 1,714.1 Total liabilities and equity $ 4,240.2 $ 4,332.6 The accompanying notes are an integral part of these unaudited condensed consolidated and combined financial statements. 2 FORTREA HOLDINGS INC. CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) Three Mont

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