Selected Financial Data
since 2005
Income Statement
Express Scripts Holding Co., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenues | Operating income | Net income attributable to Express Scripts |
|---|---|---|---|
| Dec 31, 2017 | 100,064,600) | 5,494,000) | 4,517,400) |
| Dec 31, 2016 | 100,287,500) | 5,087,800) | 3,404,400) |
| Dec 31, 2015 | 101,751,800) | 4,339,300) | 2,476,400) |
| Dec 31, 2014 | 100,887,100) | 3,602,400) | 2,007,600) |
| Dec 31, 2013 | 104,098,800) | 3,551,700) | 1,844,600) |
| Dec 31, 2012 | 93,858,100) | 2,784,500) | 1,312,900) |
| Dec 31, 2011 | 46,128,300) | 2,314,400) | 1,275,800) |
| Dec 31, 2010 | 44,973,200) | 2,070,900) | 1,181,200) |
| Dec 31, 2009 | 24,748,900) | 1,498,400) | 827,600) |
| Dec 31, 2008 | 21,978,000) | 1,280,500) | 776,100) |
| Dec 31, 2007 | 18,273,600) | 1,061,000) | 567,800) |
| Dec 31, 2006 | 17,660,000) | 824,100) | 474,400) |
| Dec 31, 2005 | 16,266,000) | 643,000) | 400,000) |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2017 is characterized by aggressive revenue expansion followed by a period of stabilization, while profitability metrics demonstrated consistent and accelerating growth throughout the entire period.
- Revenue Trends
- Revenues experienced a multi-stage growth pattern. From 2005 to 2009, growth was steady, increasing from 16.27 billion to 24.75 billion. A significant escalation occurred between 2009 and 2012, where revenues surged from 24.75 billion to 93.86 billion, representing a nearly fourfold increase in three years. Revenues peaked in 2013 at 104.10 billion before entering a plateau phase, maintaining a consistent range between 100 billion and 101.75 billion from 2014 through 2017.
- Operating Income Performance
- Operating income exhibited a continuous upward trend without the plateau observed in total revenues. Starting at 643 million in 2005, operating income rose to 5.49 billion by 2017. This consistent growth, particularly during the 2014-2017 period when revenues remained flat, indicates a significant improvement in operational efficiency and margin expansion.
- Net Income Analysis
- Net income attributable to the company followed a similar positive trajectory to operating income, growing from 400 million in 2005 to 4.52 billion in 2017. There is a notable acceleration in net income growth in the final four years of the period; the net income more than doubled from 2.01 billion in 2014 to 4.52 billion in 2017, suggesting strong bottom-line growth and effective cost management during the revenue stabilization phase.
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Balance Sheet: Assets
Express Scripts Holding Co., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2017 | 11,957,100) | 54,255,800) |
| Dec 31, 2016 | 12,363,400) | 51,744,900) |
| Dec 31, 2015 | 12,059,500) | 53,243,300) |
| Dec 31, 2014 | 10,568,100) | 53,798,900) |
| Dec 31, 2013 | 8,491,400) | 53,548,200) |
| Dec 31, 2012 | 10,756,900) | 58,111,200) |
| Dec 31, 2011 | 8,058,000) | 15,607,000) |
| Dec 31, 2010 | 2,941,300) | 10,557,800) |
| Dec 31, 2009 | 4,143,500) | 11,931,200) |
| Dec 31, 2008 | 2,043,800) | 5,509,200) |
| Dec 31, 2007 | 1,967,800) | 5,256,400) |
| Dec 31, 2006 | 1,772,100) | 5,108,100) |
| Dec 31, 2005 | 2,257,000) | 5,493,000) |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Between 2005 and 2017, the asset base underwent a period of relative stability followed by a phase of aggressive expansion, characterized by a significant shift in the composition of the balance sheet.
- Current Asset Trends
- Current assets remained relatively flat between 2005 and 2008, fluctuating within a narrow range of 1.77 billion to 2.04 billion. Starting in 2009, a growth trend emerged, with values peaking at 12.36 billion in 2016. While there was a slight correction in 2010, the long-term trajectory indicates a substantial increase in short-term liquidity and operational resources over the observed period.
- Total Asset Growth and Volatility
- Total assets exhibited modest growth from 2005 to 2008, maintaining a baseline around 5.1 billion to 5.5 billion. A significant expansion occurred in 2009, where assets more than doubled to 11.93 billion. The most dramatic increase is observed in 2012, when total assets surged from 15.61 billion to 58.11 billion. Following this spike, the total asset value entered a period of stabilization, fluctuating between approximately 51.74 billion and 54.26 billion from 2013 through 2017.
- Analysis of Asset Composition
- A divergence between current assets and total assets became prominent in 2012. In the early period (2005–2008), current assets represented a significant portion of the total balance sheet, often exceeding 40%. However, the massive surge in total assets in 2012, which was not matched by a proportional increase in current assets, indicates a substantial accumulation of non-current assets. By 2017, current assets constituted approximately 22% of total assets, reflecting a structural shift toward long-term holdings or intangible assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Express Scripts Holding Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Total Express Scripts stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2017 | 17,846,400) | 36,130,500) | 16,014,400) | 18,119,600) |
| Dec 31, 2016 | 16,428,100) | 35,501,100) | 15,568,300) | 16,236,000) |
| Dec 31, 2015 | 17,155,300) | 35,862,800) | 15,592,700) | 17,372,800) |
| Dec 31, 2014 | 17,016,900) | 33,734,900) | 13,568,000) | 20,054,200) |
| Dec 31, 2013 | 13,235,300) | 31,703,400) | 13,947,000) | 21,837,400) |
| Dec 31, 2012 | 13,057,400) | 34,715,500) | 15,915,000) | 23,385,000) |
| Dec 31, 2011 | 5,458,100) | 13,131,700) | 8,076,300) | 2,473,700) |
| Dec 31, 2010 | 3,917,200) | 6,951,200) | 2,493,800) | 3,606,600) |
| Dec 31, 2009 | 5,456,800) | 8,379,400) | 3,832,600) | 3,551,800) |
| Dec 31, 2008 | 2,721,700) | 4,431,000) | 1,760,300) | 1,078,200) |
| Dec 31, 2007 | 2,475,000) | 4,560,000) | 2,020,400) | 696,400) |
| Dec 31, 2006 | 2,429,400) | 3,983,200) | 1,450,500) | 1,124,900) |
| Dec 31, 2005 | 2,394,000) | 4,028,000) | 1,511,000) | 1,465,000) |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a period of relative stability between 2005 and 2011, followed by a substantial expansion in scale starting in 2012. This transition is characterized by a simultaneous and sharp increase in both total liabilities and stockholders' equity, indicating a fundamental shift in the organization's capital structure and operational scale.
- Liability Growth and Composition
- Total liabilities remained under 15 million US$ from 2005 through 2011, with a notable but temporary spike in 2009. A significant escalation occurred in 2012, where total liabilities jumped from approximately 13.1 billion US$ to 34.7 billion US$. From 2012 to 2017, total liabilities plateaued, fluctuating within a range of 31.7 billion US$ to 36.1 billion US$.
- Debt Obligations
- Total debt followed a trajectory similar to total liabilities, remaining below 8.1 billion US$ until 2011. In 2012, debt surged to 15.9 billion US$, nearly doubling the previous year's level. Following this peak, debt levels stabilized, ending the period at 16.0 billion US$ in 2017, suggesting a period of debt maintenance rather than further aggressive borrowing.
- Current Liability Trends
- Short-term obligations showed steady growth from 2005 to 2011, followed by a precipitous increase in 2012 to 13.1 billion US$. This trend continued upward, reaching 17.8 billion US$ by 2017. The increasing proportion of current liabilities relative to total liabilities indicates a growing reliance on short-term financing or an increase in operational payables.
- Equity Dynamics
- Stockholders' equity experienced significant volatility in the early period, reaching a low of 696.4 million US$ in 2007. A transformative increase occurred in 2012, with equity rising from 2.47 billion US$ to 23.4 billion US$. After this peak, equity saw a gradual decline to 17.4 billion US$ in 2015 before recovering to 18.1 billion US$ by 2017.
- Capital Structure Shift
- The data reveals a pivot in the leverage profile around 2012. Prior to 2012, the balance sheet was characterized by lower absolute values and higher volatility in equity. Post-2012, the company maintained a much larger balance sheet with a more balanced, albeit high, distribution between debt and equity, reflecting a scaled-up financial position.
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Cash Flow Statement
Express Scripts Holding Co., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash flows provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2017 | 5,351,300) | (3,690,600) | (2,433,200) |
| Dec 31, 2016 | 4,919,400) | (351,900) | (4,677,800) |
| Dec 31, 2015 | 4,848,300) | (268,500) | (3,217,000) |
| Dec 31, 2014 | 4,549,000) | (411,900) | (4,289,700) |
| Dec 31, 2013 | 4,768,900) | (70,000) | (5,494,800) |
| Dec 31, 2012 | 4,752,200) | (10,429,100) | 2,850,400) |
| Dec 31, 2011 | 2,193,100) | (123,900) | 3,029,400) |
| Dec 31, 2010 | 2,105,100) | (145,100) | (2,523,000) |
| Dec 31, 2009 | 1,757,600) | (4,822,400) | 3,587,000) |
| Dec 31, 2008 | 1,095,600) | (320,600) | (680,400) |
| Dec 31, 2007 | 848,100) | (55,800) | (469,700) |
| Dec 31, 2006 | 658,600) | (101,000) | (904,700) |
| Dec 31, 2005 | 793,000) | (1,369,000) | 887,000) |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile of the entity from 2005 to 2017 is characterized by a substantial and consistent expansion in operational cash generation, punctuated by strategic investment spikes and a later shift toward aggressive capital redistribution.
- Operating Cash Flow Trends
- A sustained upward trajectory in net cash provided by operating activities is evident. From 2005 to 2011, cash flows grew from US$ 793 million to approximately US$ 2.19 billion. A significant inflection point occurred in 2012, where operating cash flows more than doubled to US$ 4.75 billion. This elevated level of liquidity was maintained through 2017, culminating in a peak of US$ 5.35 billion, indicating a strong and scalable core business model capable of generating increasing liquidity.
- Investing Cash Flow Patterns
- Investing activities are marked by sporadic, high-magnitude outflows rather than steady capital expenditures. While most years show relatively modest outflows, two major investment events are observed: a US$ 4.82 billion outflow in 2009 and a peak outflow of US$ 10.43 billion in 2012. A further significant expenditure of US$ 3.69 billion occurred in 2017. These patterns suggest a strategy based on periodic large-scale acquisitions or strategic asset purchases rather than incremental organic growth investments.
- Financing Cash Flow Dynamics
- The financing activities reflect a transition from capital acquisition to capital return. Between 2005 and 2012, financing flows fluctuated, with notable inflows in 2009, 2011, and 2012, likely used to fund the aforementioned investing activities. However, starting in 2013, the trend shifted decisively toward net outflows, with annual cash used in financing ranging from US$ 2.43 billion to US$ 5.49 billion. This suggests a period of intensified debt repayment, dividend distributions, or share repurchases.
Overall, the financial data reveals a mature cash cycle where the growth in operating cash flows has provided the necessary liquidity to fund major strategic investments and subsequently support a robust program of returning capital to shareholders or reducing leverage.
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Per Share Data
Express Scripts Holding Co., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2017 | 7.79 | 7.74 | 0.00 |
| Dec 31, 2016 | 5.43 | 5.39 | 0.00 |
| Dec 31, 2015 | 3.59 | 3.56 | 0.00 |
| Dec 31, 2014 | 2.68 | 2.64 | 0.00 |
| Dec 31, 2013 | 2.28 | 2.25 | 0.00 |
| Dec 31, 2012 | 1.80 | 1.76 | 0.00 |
| Dec 31, 2011 | 2.55 | 2.53 | 0.00 |
| Dec 31, 2010 | 2.19 | 2.17 | 0.00 |
| Dec 31, 2009 | 1.57 | 1.56 | 0.00 |
| Dec 31, 2008 | 1.56 | 1.54 | 0.00 |
| Dec 31, 2007 | 1.09 | 1.08 | 0.00 |
| Dec 31, 2006 | 0.85 | 0.84 | 0.00 |
| Dec 31, 2005 | 0.68 | 0.67 | 0.00 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
Analysis of the per share earnings from 2005 to 2017 reveals a significant and sustained upward trend in profitability. Basic and diluted earnings per share exhibited strong long-term growth, characterized by a steady initial ascent, a temporary mid-period contraction, and a final phase of accelerated expansion.
- Earnings Per Share Growth Trajectory
- Basic earnings per share grew from 0.68 US$ in 2005 to 7.79 US$ by 2017. The growth was consistent from 2005 through 2011, peaking at 2.55 US$. A notable decline occurred in 2012, with earnings dropping to 1.80 US$. Following this dip, a recovery period began in 2013, leading to a period of rapid acceleration between 2014 and 2017, during which Basic EPS increased from 2.68 US$ to 7.79 US$.
- Dilution Impact
- Diluted earnings per share closely mirrored the movement of basic earnings, rising from 0.67 US$ in 2005 to 7.74 US$ in 2017. The marginal difference between basic and diluted figures suggests that dilutive instruments had a negligible impact on the reported earnings per share throughout the observed period.
- Dividend Distributions
- No dividend per share values were recorded for any year between 2005 and 2017, indicating a policy of retaining earnings rather than distributing them to shareholders through dividends.
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