$ZTS
Zoetis Inc.

2014 Q2 Form 10-Q Financial Statement

#000155528014000274 Filed on August 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $1.158B $1.114B
YoY Change 3.95% 6.4%
Cost Of Revenue $413.0M $416.0M
YoY Change -0.72% 5.85%
Gross Profit $745.0M $698.0M
YoY Change 6.73% 6.73%
Gross Profit Margin 64.34% 62.66%
Selling, General & Admin $396.0M $399.0M
YoY Change -0.75% 18.05%
% of Gross Profit 53.15% 57.16%
Research & Development $92.00M $95.00M
YoY Change -3.16% -6.86%
% of Gross Profit 12.35% 13.61%
Depreciation & Amortization $51.00M $51.00M
YoY Change 0.0% 6.25%
% of Gross Profit 6.85% 7.31%
Operating Expenses $488.0M $494.0M
YoY Change -1.21% 12.27%
Operating Profit $257.0M $204.0M
YoY Change 25.98% -4.67%
Interest Expense $29.00M $32.00M
YoY Change -9.38% 300.0%
% of Operating Profit 11.28% 15.69%
Other Income/Expense, Net -$8.000M $10.00M
YoY Change -180.0%
Pretax Income $200.0M $187.0M
YoY Change 6.95% 9.36%
Income Tax $61.00M $59.00M
% Of Pretax Income 30.5% 31.55%
Net Earnings $136.0M $128.0M
YoY Change 6.25% 15.32%
Net Earnings / Revenue 11.74% 11.49%
Basic Earnings Per Share $0.27 $0.26
Diluted Earnings Per Share $0.27 $0.26
COMMON SHARES
Basic Shares Outstanding 501.0M shares 500.0M shares
Diluted Shares Outstanding 501.7M shares 500.2M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $578.0M $369.0M
YoY Change 56.64% 226.55%
Cash & Equivalents $578.0M $369.0M
Short-Term Investments
Other Short-Term Assets $207.0M $227.0M
YoY Change -8.81% -32.24%
Inventory $1.336B $1.257B
Prepaid Expenses
Receivables $1.098B $1.137B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.327B $3.082B
YoY Change 7.95% 22.01%
LONG-TERM ASSETS
Property, Plant & Equipment $1.309B $1.252B
YoY Change 4.55% 0.81%
Goodwill $984.0M $982.0M
YoY Change 0.2%
Intangibles $774.0M $834.0M
YoY Change -7.19%
Long-Term Investments
YoY Change
Other Assets $71.00M $57.00M
YoY Change 24.56% -75.54%
Total Long-Term Assets $3.195B $3.179B
YoY Change 0.5% -5.95%
TOTAL ASSETS
Total Short-Term Assets $3.327B $3.082B
Total Long-Term Assets $3.195B $3.179B
Total Assets $6.522B $6.261B
YoY Change 4.17% 6.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $337.0M $587.0M
YoY Change -42.59% 193.5%
Accrued Expenses $172.0M $157.0M
YoY Change 9.55% 12.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00M $12.00M
YoY Change 0.0%
Total Short-Term Liabilities $1.061B $1.321B
YoY Change -19.68% 64.1%
LONG-TERM LIABILITIES
Long-Term Debt $3.642B $3.640B
YoY Change 0.05% 528.67%
Other Long-Term Liabilities $168.0M $131.0M
YoY Change 28.24% -47.6%
Total Long-Term Liabilities $3.810B $3.771B
YoY Change 1.03% 354.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.061B $1.321B
Total Long-Term Liabilities $3.810B $3.771B
Total Liabilities $5.239B $5.438B
YoY Change -3.66% 175.76%
SHAREHOLDERS EQUITY
Retained Earnings $531.0M $109.0M
YoY Change 387.16%
Common Stock $5.000M $5.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 13.42K shares
Shareholders Equity $1.260B $800.0M
YoY Change
Total Liabilities & Shareholders Equity $6.522B $6.261B
YoY Change 4.17% 6.01%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $136.0M $128.0M
YoY Change 6.25% 15.32%
Depreciation, Depletion And Amortization $51.00M $51.00M
YoY Change 0.0% 6.25%
Cash From Operating Activities $159.0M -$12.00M
YoY Change -1425.0% 200.0%
INVESTING ACTIVITIES
Capital Expenditures -$42.00M -$58.00M
YoY Change -27.59% -287.1%
Acquisitions
YoY Change
Other Investing Activities -$8.000M $6.000M
YoY Change -233.33% 200.0%
Cash From Investing Activities -$50.00M -$52.00M
YoY Change -3.85% 57.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.00M -32.00M
YoY Change 21.88% -145.07%
NET CHANGE
Cash From Operating Activities 159.0M -12.00M
Cash From Investing Activities -50.00M -52.00M
Cash From Financing Activities -39.00M -32.00M
Net Change In Cash 70.00M -96.00M
YoY Change -172.92% -382.35%
FREE CASH FLOW
Cash From Operating Activities $159.0M -$12.00M
Capital Expenditures -$42.00M -$58.00M
Free Cash Flow $201.0M $46.00M
YoY Change 336.96% -231.43%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Zoetis Inc. (including its subsidiaries, collectively, Zoetis, the company, we, us or our) is a global leader in the discovery, development, manufacture and commercialization of animal health medicines and vaccines, with a focus on both livestock and companion animals. We organize and operate our business in </font><font style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:none;">four</font><font style="font-family:inherit;font-size:9pt;"> geographic regions: the United States (U.S.); Europe/Africa/Middle East (EuAfME); Canada/Latin America (CLAR); and Asia/Pacific (APAC). </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">We market our products in more than </font><font style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:none;">120</font><font style="font-family:inherit;font-size:9pt;"> countries, including developed markets and emerging markets. Our revenue is mostly generated in the U.S. and EuAfME. We have a diversified business, marketing products across </font><font style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:none;">eight</font><font style="font-family:inherit;font-size:9pt;"> core species: cattle, swine, poultry, sheep and fish (collectively, livestock) and dogs, cats and horses (collectively, companion animals); and within </font><font style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:none;">five</font><font style="font-family:inherit;font-size:9pt;"> major product categories: anti-infectives, vaccines, parasiticides, medicated feed additives and other pharmaceuticals.</font></div></div>
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