$ELAN
Elanco Animal Health Inc

2022 Q4 Form 10-Q Financial Statement

#000173910422000017 Filed on November 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $981.0M $1.028B
YoY Change -11.86% -9.11%
Cost Of Revenue $448.0M $472.0M
YoY Change -12.5% -5.98%
Gross Profit $533.0M $556.0M
YoY Change -11.31% -11.61%
Gross Profit Margin 54.33% 54.09%
Selling, General & Admin $304.0M $298.0M
YoY Change -7.6% -12.87%
% of Gross Profit 57.04% 53.6%
Research & Development $80.00M $78.00M
YoY Change -13.04% -17.02%
% of Gross Profit 15.01% 14.03%
Depreciation & Amortization $168.0M $128.0M
YoY Change -3.45% -24.71%
% of Gross Profit 31.52% 23.02%
Operating Expenses $514.0M $376.0M
YoY Change -8.21% -13.76%
Operating Profit $19.00M $180.0M
YoY Change -53.66% -6.74%
Interest Expense -$62.00M $60.00M
YoY Change 12.73% 0.0%
% of Operating Profit -326.32% 33.33%
Other Income/Expense, Net -$15.00M -$8.000M
YoY Change -600.0% -27.27%
Pretax Income -$83.00M -$42.00M
YoY Change -31.4% -67.69%
Income Tax -$28.00M $7.000M
% Of Pretax Income
Net Earnings -$55.00M -$49.00M
YoY Change -43.3% -52.88%
Net Earnings / Revenue -5.61% -4.77%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.11 -$0.10
COMMON SHARES
Basic Shares Outstanding 474.2M shares 474.1M shares
Diluted Shares Outstanding 488.4M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $345.0M $460.0M
YoY Change -45.92% 1.55%
Cash & Equivalents $345.0M $460.0M
Short-Term Investments
Other Short-Term Assets $394.0M $326.0M
YoY Change 66.24% 34.71%
Inventory $1.538B $1.340B
Prepaid Expenses
Receivables $797.0M $804.0M
Other Receivables $205.0M $224.0M
Total Short-Term Assets $3.279B $3.154B
YoY Change 0.09% -0.19%
LONG-TERM ASSETS
Property, Plant & Equipment $999.0M $936.0M
YoY Change -5.84% -10.09%
Goodwill $5.993B $5.716B
YoY Change -2.9% -7.67%
Intangibles $4.842B $4.766B
YoY Change -13.33% -18.05%
Long-Term Investments $27.00M $28.00M
YoY Change 22.73% 33.33%
Other Assets $378.0M $376.0M
YoY Change -2.33% 5.32%
Total Long-Term Assets $12.21B $11.79B
YoY Change -7.53% -12.02%
TOTAL ASSETS
Total Short-Term Assets $3.279B $3.154B
Total Long-Term Assets $12.21B $11.79B
Total Assets $15.49B $14.95B
YoY Change -6.02% -9.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $390.0M $350.0M
YoY Change -6.7% -19.72%
Accrued Expenses $146.0M $136.0M
YoY Change -21.08% -14.47%
Deferred Revenue $324.0M $298.0M
YoY Change 2.53% -5.7%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $388.0M $394.0M
YoY Change 31.97% 545.9%
Total Short-Term Liabilities $1.702B $1.613B
YoY Change 3.59% 18.43%
LONG-TERM LIABILITIES
Long-Term Debt $5.448B $5.507B
YoY Change -9.58% -12.21%
Other Long-Term Liabilities $229.0M $225.0M
YoY Change -12.26% 2.27%
Total Long-Term Liabilities $5.677B $5.732B
YoY Change -9.69% -11.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.702B $1.613B
Total Long-Term Liabilities $5.677B $5.732B
Total Liabilities $8.202B $8.203B
YoY Change -8.31% -7.66%
SHAREHOLDERS EQUITY
Retained Earnings -$1.057B -$972.0M
YoY Change 11.38% 14.08%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.289B $6.745B
YoY Change
Total Liabilities & Shareholders Equity $15.49B $14.95B
YoY Change -6.02% -9.76%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$55.00M -$49.00M
YoY Change -43.3% -52.88%
Depreciation, Depletion And Amortization $168.0M $128.0M
YoY Change -3.45% -24.71%
Cash From Operating Activities $13.00M $189.0M
YoY Change -94.17% 112.36%
INVESTING ACTIVITIES
Capital Expenditures $79.00M -$46.00M
YoY Change -186.81% 84.0%
Acquisitions
YoY Change
Other Investing Activities $3.000M $9.000M
YoY Change -82.35% -102.16%
Cash From Investing Activities -$76.00M -$37.00M
YoY Change 2.7% -91.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -84.00M -169.0M
YoY Change -290.91% -173.16%
NET CHANGE
Cash From Operating Activities 13.00M 189.0M
Cash From Investing Activities -76.00M -37.00M
Cash From Financing Activities -84.00M -169.0M
Net Change In Cash -147.0M -17.00M
YoY Change -176.17% -85.95%
FREE CASH FLOW
Cash From Operating Activities $13.00M $189.0M
Capital Expenditures $79.00M -$46.00M
Free Cash Flow -$66.00M $235.0M
YoY Change -121.02% 106.14%

Facts In Submission

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<div><span style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 2. 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%">We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with the 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 Form 10-Q should be read in conjunction with our consolidated financial statements and accompanying notes for the year ended December 31, 2021 included in our Form 10-K filed with the SEC on February 28, 2022 (</span><span style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1739104/000173910422000005/elan-20211231.htm" style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">2021 Form 10-K</a></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). In addition, results for interim periods should not be considered indicative of results for any other interim period or for the full year ending December 31, 2022 or any other future period. </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. Certain reclassifications of prior year information have been made to conform to the current year's presentation.</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 3 to the consolidated financial statements in our </span><span style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1739104/000173910422000005/elan-20211231.htm" style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">2021 Form 10-K</a></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> appropriately represent, in all material respects, the current status of our accounting policies, except as it relates to goodwill and the adoption of the standard that was effective January 1, 2022 as described in Note 3: 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:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:107%">Goodwill</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%">Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. We evaluate goodwill for impairment at least annually and when certain qualitative impairment indicators are present. When required, a comparison of fair value to the carrying amount of our single reporting unit is performed to determine the amount of any impairment. We begin by assessing qualitative factors to determine whether it is more likely than not that the fair value of our single reporting unit is less than its carrying value. Based on that qualitative assessment, if we conclude that it is more likely than not that the fair value of our single reporting unit is less than its carrying value, we conduct a quantitative goodwill impairment test, which involves comparing the estimated fair value of our single reporting unit with its carrying value, including goodwill. We estimate the fair value of our single reporting unit using a combination of the income and market approach. If the carrying value of the reporting unit exceeds its estimated fair value, we recognize an impairment loss for the difference.</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%">During the third quarter of 2022, a significant change in our market capitalization relative to our book value, among other factors, triggered a quantitative goodwill impairment test. As of September 30, 2022, our single reporting unit was tested for impairment using the quantitative approach described above, resulting in an estimated fair value that exceeded the carrying amount by more than 20%. Therefore, no impairment existed with respect to our goodwill.</span></div>
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CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
5507000000 usd
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6025000000 usd
CY2022Q3 us-gaap Equity Method Investments
EquityMethodInvestments
28000000 usd
CY2021Q4 us-gaap Equity Method Investments
EquityMethodInvestments
22000000 usd
CY2022Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
13000000 usd
us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
22000000 usd
elan Interest Rate Cash Flow Hedge Gain Loss Stranded Tax Benefits Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossStrandedTaxBenefitsReclassifiedToEarningsNet
17000000 usd
CY2022Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2000000 usd
CY2021Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-8000000 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-12000000 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-22000000 usd
CY2022Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
106000000 usd
CY2022Q3 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P25Y
CY2022Q3 elan Tax Incremental Financing Estimated Total Incentive To Be Funded
TaxIncrementalFinancingEstimatedTotalIncentiveToBeFunded
64000000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7000000 usd
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-26000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-71000000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.171
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.200
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
3.156
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.159
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34000000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.171
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
3.156
elan Interest Rate Cash Flow Hedge Gain Loss Stranded Tax Benefits Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossStrandedTaxBenefitsReclassifiedToEarningsNet
17000000 usd
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-26000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-71000000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1028000000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1131000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3430000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3652000000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-49000000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-104000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-23000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-375000000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
488400000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
487300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
488300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
487100000 shares
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
488400000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
487300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
488300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
487100000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.77
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.77
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4400000 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3700000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2600000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3900000 shares

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