$ELAN
Elanco Animal Health Inc

2021 Q1 Form 10-Q Financial Statement

#000173910421000008 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $1.242B $658.0M
YoY Change 88.75% -10.0%
Cost Of Revenue $569.0M $333.0M
YoY Change 70.87% -3.14%
Gross Profit $673.0M $325.0M
YoY Change 107.08% -16.09%
Gross Profit Margin 54.19% 49.39%
Selling, General & Admin $348.0M $182.0M
YoY Change 91.21% 0.5%
% of Gross Profit 51.71% 56.0%
Research & Development $89.00M $67.00M
YoY Change 32.84% 4.52%
% of Gross Profit 13.22% 20.62%
Depreciation & Amortization $202.0M $82.00M
YoY Change 146.34% 9.04%
% of Gross Profit 30.01% 25.23%
Operating Expenses $437.0M $249.0M
YoY Change 75.5% 1.55%
Operating Profit $236.0M $76.00M
YoY Change 210.53% -46.52%
Interest Expense $61.00M $16.00M
YoY Change 281.25% -23.08%
% of Operating Profit 25.85% 21.05%
Other Income/Expense, Net $0.00 -$1.000M
YoY Change -100.0% -61.54%
Pretax Income -$80.00M -$68.00M
YoY Change 17.65% -251.79%
Income Tax -$19.00M -$19.00M
% Of Pretax Income
Net Earnings -$61.00M -$49.00M
YoY Change 24.49% -255.56%
Net Earnings / Revenue -4.91% -7.45%
Basic Earnings Per Share -$0.12 -$0.12
Diluted Earnings Per Share -$0.12 -$0.12
COMMON SHARES
Basic Shares Outstanding 486.7M shares 403.9M shares
Diluted Shares Outstanding 486.7M shares 403.9M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $515.0M $1.206B
YoY Change -57.3% 343.38%
Cash & Equivalents $515.0M $1.206B
Short-Term Investments
Other Short-Term Assets $273.0M $143.0M
YoY Change 90.91% -0.69%
Inventory $1.424B $1.019B
Prepaid Expenses
Receivables $1.028B $676.8M
Other Receivables $104.0M $66.90M
Total Short-Term Assets $3.344B $3.121B
YoY Change 7.16% 36.97%
LONG-TERM ASSETS
Property, Plant & Equipment $1.271B $930.1M
YoY Change 36.65% -0.01%
Goodwill $6.016B $3.004B
YoY Change 100.27% 2.42%
Intangibles $6.032B $2.456B
YoY Change 145.65% 2.89%
Long-Term Investments $34.00M $20.00M
YoY Change 70.0% 27.39%
Other Assets $325.0M $217.0M
YoY Change 49.77% -1.05%
Total Long-Term Assets $13.64B $6.607B
YoY Change 106.52% 2.13%
TOTAL ASSETS
Total Short-Term Assets $3.344B $3.121B
Total Long-Term Assets $13.64B $6.607B
Total Assets $16.99B $9.727B
YoY Change 74.64% 11.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $411.0M $215.0M
YoY Change 91.16% -14.72%
Accrued Expenses $114.0M $56.00M
YoY Change 103.57% -34.88%
Deferred Revenue $331.0M $192.7M
YoY Change 71.77% 12.23%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $605.0M $26.00M
YoY Change 2226.92% -10.34%
Total Short-Term Liabilities $2.034B $707.5M
YoY Change 187.49% -0.1%
LONG-TERM LIABILITIES
Long-Term Debt $5.556B $2.036B
YoY Change 172.94% -16.46%
Other Long-Term Liabilities $247.0M $150.3M
YoY Change 64.34% -10.75%
Total Long-Term Liabilities $5.803B $2.186B
YoY Change 165.47% -16.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.034B $707.5M
Total Long-Term Liabilities $5.803B $2.186B
Total Liabilities $8.981B $3.066B
YoY Change 192.95% -13.67%
SHAREHOLDERS EQUITY
Retained Earnings -$538.0M $33.80M
YoY Change -1691.72% -29.44%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.007B $6.661B
YoY Change
Total Liabilities & Shareholders Equity $16.99B $9.727B
YoY Change 74.64% 11.2%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$61.00M -$49.00M
YoY Change 24.49% -255.56%
Depreciation, Depletion And Amortization $202.0M $82.00M
YoY Change 146.34% 9.04%
Cash From Operating Activities $22.00M $4.000M
YoY Change 450.0% -50.62%
INVESTING ACTIVITIES
Capital Expenditures $18.00M $13.00M
YoY Change 38.46% -53.57%
Acquisitions -$73.00M $0.00
YoY Change
Other Investing Activities $7.000M $0.00
YoY Change -100.0%
Cash From Investing Activities $10.00M -$20.00M
YoY Change -150.0% -35.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.000M $897.0M
YoY Change -99.78% -364.21%
NET CHANGE
Cash From Operating Activities $22.00M $4.000M
Cash From Investing Activities $10.00M -$20.00M
Cash From Financing Activities $2.000M $897.0M
Net Change In Cash $9.000M $872.0M
YoY Change -98.97% -331.36%
FREE CASH FLOW
Cash From Operating Activities $22.00M $4.000M
Capital Expenditures $18.00M $13.00M
Free Cash Flow $4.000M -$9.000M
YoY Change -144.44% -54.77%

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CY2020Q1 us-gaap Repayments Of Long Term Lines Of Credit
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371000000 USD
CY2021Q1 us-gaap Proceeds From Lines Of Credit
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50000000 USD
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CY2020Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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0 USD
CY2020Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2021Q1 us-gaap Payments Of Debt Issuance Costs
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CY2020Q1 us-gaap Payments Of Debt Issuance Costs
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CY2020Q1 elan Proceeds From Payments To Transactions With Parent
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-15000000 USD
CY2021Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2020Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Basis Of Accounting
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<div><span style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1. Basis of Presentation and Summary of Significant Accounting Policies</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Elanco was formed as a wholly-owned subsidiary of Eli Lilly and Company (Lilly). Elanco Parent was formed in May 2018 to serve as the ultimate parent company of substantially all of the animal health businesses of Lilly. In September 2018, Elanco Parent completed an initial public offering (IPO). In connection with the completion of the IPO, through a series of equity and other transactions, Lilly transferred to Elanco Parent the animal health businesses that form its business. The disposition of Elanco shares by Lilly was completed in March 2019, which resulted in the full separation of Elanco.</span></div><div style="text-align:justify;text-indent:9pt"><span><br/></span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with the United States (U.S.) Securities and Exchange Commission (SEC) requirements for interim reporting. As permitted under those rules, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the U.S. (GAAP) have been condensed or omitted. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our consolidated and combined financial statements and accompanying notes for the year ended December 31, 2020 included in our Annual Report on Form 10-K filed with the SEC on March 1, 2021.</span></div><div style="text-align:justify;text-indent:9pt"><span><br/></span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In our opinion, the financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for fair presentation of the results of operations for the periods shown. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. </span></div><div style="text-align:justify;text-indent:9pt"><span><br/></span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The significant accounting policies set forth in Note 4 to the consolidated and combined financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020 appropriately represent, in all material respects, the current status of our accounting policies, except as it relates to the adoption of the standard that was effective January 1, 2021 as described in Note 2: Implementation of New Financial Accounting Pronouncements.</span></div><div style="text-align:justify;text-indent:9pt"><span><br/></span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On August 1, 2020, we completed the previously announced acquisition of Bayer Animal Health. See Note 4: Acquisitions and Divestitures for additional information.</span></div>
CY2020Q4 us-gaap Contract With Customer Liability
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217000000 USD
CY2019Q4 us-gaap Contract With Customer Liability
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176000000 USD
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
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142000000 USD
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
71000000 USD
CY2021Q1 elan Contract With Customer Liability Increase From Cash Receipts
ContractWithCustomerLiabilityIncreaseFromCashReceipts
106000000 USD
CY2020Q1 elan Contract With Customer Liability Increase From Cash Receipts
ContractWithCustomerLiabilityIncreaseFromCashReceipts
87000000 USD
CY2021Q1 elan Contract With Customer Liability Foreign Currency Translation
ContractWithCustomerLiabilityForeignCurrencyTranslation
-2000000 USD
CY2020Q1 elan Contract With Customer Liability Foreign Currency Translation
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CY2021Q1 us-gaap Contract With Customer Liability
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251000000 USD
CY2020Q1 us-gaap Contract With Customer Liability
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159000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1242000000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
658000000 USD
CY2020Q3 elan Payments To Acquire Businesses Before Working Capital Adjustment
PaymentsToAcquireBusinessesBeforeWorkingCapitalAdjustment
5170000000 USD
CY2020Q3 elan Business Combination Consideration Transferred Working Capital Adjustments
BusinessCombinationConsiderationTransferredWorkingCapitalAdjustments
112000000 USD
CY2021Q1 us-gaap Severance Costs1
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26000000 USD
CY2020Q1 us-gaap Severance Costs1
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CY2020Q1 us-gaap Business Exit Costs1
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CY2021Q1 us-gaap Business Combination Integration Related Costs
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CY2020Q1 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
76000000 USD
CY2021Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
9000000 USD
CY2020Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 USD
CY2021Q1 us-gaap Disposal Group Not Discontinued Operation Loss Gain On Write Down
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2000000 USD
CY2020Q1 us-gaap Disposal Group Not Discontinued Operation Loss Gain On Write Down
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1000000 USD
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4000000 USD
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0 USD
CY2021Q1 us-gaap Restructuring Settlement And Impairment Provisions
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CY2020Q1 us-gaap Restructuring Settlement And Impairment Provisions
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75000000 USD
CY2021Q1 us-gaap Restructuring Reserve Accrual Adjustment1
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CY2020Q1 us-gaap Restructuring Reserve Accrual Adjustment1
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CY2020Q1 us-gaap Restructuring Reserve
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CY2020Q4 us-gaap Restructuring Reserve
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CY2021Q1 us-gaap Restructuring Charges
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CY2021Q1 us-gaap Restructuring Reserve Accrual Adjustment1
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CY2021Q1 us-gaap Payments For Restructuring
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CY2021Q1 us-gaap Restructuring Reserve
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CY2021Q1 elan Restructuring Expected Payment Term
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CY2021Q1 us-gaap Inventory Finished Goods
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CY2020Q4 us-gaap Inventory Finished Goods
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CY2021Q1 us-gaap Inventory Work In Process
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CY2020Q4 us-gaap Inventory Work In Process
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CY2021Q1 us-gaap Inventory Raw Materials And Supplies
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211000000 USD
CY2020Q4 us-gaap Inventory Raw Materials And Supplies
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CY2020Q4 us-gaap Inventory Gross
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CY2021Q1 us-gaap Inventory Lifo Reserve
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CY2020Q4 us-gaap Inventory Lifo Reserve
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CY2020Q4 us-gaap Inventory Net
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CY2020Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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25000000 shares
CY2020Q1 us-gaap Sale Of Stock Consideration Received On Transaction
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768000000 USD
CY2021Q1 us-gaap Deferred Finance Costs Net
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93000000 USD
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CY2021Q1 us-gaap Long Term Debt
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CY2020Q4 us-gaap Long Term Debt
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CY2021Q1 us-gaap Long Term Debt Current
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CY2021Q1 us-gaap Long Term Debt Noncurrent
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CY2021Q1 us-gaap Equity Method Investments
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CY2020Q4 us-gaap Equity Method Investments
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CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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53000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax
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0 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax
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-11000000 USD
CY2021Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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-28000000 USD
CY2021Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2021Q1 us-gaap Income Tax Expense Benefit
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CY2021Q1 us-gaap Income Tax Expense Benefit
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CY2020Q1 us-gaap Income Tax Expense Benefit
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-19000000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.235
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.276
CY2021Q1 us-gaap Income Tax Expense Benefit
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-19000000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.235
CY2021Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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2000000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
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-19000000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.276
CY2020Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2020Q4 elan Loss Contingency Percent Of Te Us Issued Involved In Lawsuit
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0.0500
CY2021Q1 us-gaap Litigation Reserve
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CY2020Q4 us-gaap Litigation Reserve
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0 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q1 us-gaap Net Income Loss
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CY2020Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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403900000 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0 shares
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Earnings Per Share Basic
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CY2020Q1 us-gaap Earnings Per Share Basic
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CY2021Q1 us-gaap Earnings Per Share Diluted
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-0.12
CY2020Q1 us-gaap Earnings Per Share Diluted
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1600000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1800000 shares

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