$ZTS
Zoetis Inc.

2015 Q1 Form 10-Q Financial Statement

#000155528015000169 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $1.102B $1.097B
YoY Change 0.46% 0.64%
Cost Of Revenue $394.0M $379.0M
YoY Change 3.96% -5.72%
Gross Profit $708.0M $718.0M
YoY Change -1.39% 4.36%
Gross Profit Margin 64.25% 65.45%
Selling, General & Admin $354.0M $356.0M
YoY Change -0.56% -0.28%
% of Gross Profit 50.0% 49.58%
Research & Development $80.00M $87.00M
YoY Change -8.05% -3.33%
% of Gross Profit 11.3% 12.12%
Depreciation & Amortization $48.00M $50.00M
YoY Change -4.0% -1.96%
% of Gross Profit 6.78% 6.96%
Operating Expenses $434.0M $443.0M
YoY Change -2.03% -0.89%
Operating Profit $274.0M $275.0M
YoY Change -0.36% 14.11%
Interest Expense $28.00M $29.00M
YoY Change -3.45% 31.82%
% of Operating Profit 10.22% 10.55%
Other Income/Expense, Net $0.00 -$1.000M
YoY Change -100.0% -80.0%
Pretax Income $230.0M $227.0M
YoY Change 1.32% 18.23%
Income Tax $65.00M $72.00M
% Of Pretax Income 28.26% 31.72%
Net Earnings $165.0M $155.0M
YoY Change 6.45% 10.71%
Net Earnings / Revenue 14.97% 14.13%
Basic Earnings Per Share $0.33 $0.31
Diluted Earnings Per Share $0.33 $0.31
COMMON SHARES
Basic Shares Outstanding 501.1M shares 500.2M shares
Diluted Shares Outstanding 503.2M shares 500.7M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $559.0M $506.0M
YoY Change 10.47% 8.12%
Cash & Equivalents $559.0M $506.0M
Short-Term Investments
Other Short-Term Assets $213.0M $205.0M
YoY Change 3.9% 9.04%
Inventory $1.346B $1.316B
Prepaid Expenses
Receivables $905.0M $1.100B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.110B $3.222B
YoY Change -3.48% 9.52%
LONG-TERM ASSETS
Property, Plant & Equipment $1.301B $1.292B
YoY Change 0.7% 4.45%
Goodwill $1.169B $982.0M
YoY Change 19.04% -0.3%
Intangibles $735.0M $787.0M
YoY Change -6.61% -7.95%
Long-Term Investments
YoY Change
Other Assets $58.00M $63.00M
YoY Change -7.94% 5.0%
Total Long-Term Assets $3.320B $3.181B
YoY Change 4.37% -0.59%
TOTAL ASSETS
Total Short-Term Assets $3.110B $3.222B
Total Long-Term Assets $3.320B $3.181B
Total Assets $6.430B $6.403B
YoY Change 0.42% 4.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $256.0M $363.0M
YoY Change -29.48% 32.0%
Accrued Expenses $599.0M $177.0M
YoY Change 238.42% 34.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0M $16.00M
YoY Change 2400.0% 166.67%
Total Short-Term Liabilities $1.370B $1.127B
YoY Change 21.56% -12.43%
LONG-TERM LIABILITIES
Long-Term Debt $3.243B $3.642B
YoY Change -10.96% 0.05%
Other Long-Term Liabilities $199.0M $165.0M
YoY Change 20.61% 36.36%
Total Long-Term Liabilities $3.442B $3.807B
YoY Change -9.59% 1.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.370B $1.127B
Total Long-Term Liabilities $3.442B $3.807B
Total Liabilities $5.125B $5.304B
YoY Change -3.37% -2.1%
SHAREHOLDERS EQUITY
Retained Earnings $832.0M $395.0M
YoY Change 110.63% 2938.46%
Common Stock $5.000M $5.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $49.00M $0.00
YoY Change
Treasury Stock Shares 1.087M shares 6.763K shares
Shareholders Equity $1.278B $1.077B
YoY Change
Total Liabilities & Shareholders Equity $6.430B $6.403B
YoY Change 0.42% 4.25%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $165.0M $155.0M
YoY Change 6.45% 10.71%
Depreciation, Depletion And Amortization $48.00M $50.00M
YoY Change -4.0% -1.96%
Cash From Operating Activities $60.00M -$23.00M
YoY Change -360.87% -108.19%
INVESTING ACTIVITIES
Capital Expenditures $45.00M $45.00M
YoY Change 0.0% 104.55%
Acquisitions $230.0M $0.00
YoY Change
Other Investing Activities -$229.0M
YoY Change
Cash From Investing Activities -$274.0M -$45.00M
YoY Change 508.89% 104.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $48.00M $0.00
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -$94.00M -$35.00M
YoY Change 168.57% -67.59%
NET CHANGE
Cash From Operating Activities $60.00M -$23.00M
Cash From Investing Activities -$274.0M -$45.00M
Cash From Financing Activities -$94.00M -$35.00M
Net Change In Cash -$308.0M -$103.0M
YoY Change 199.03% -168.21%
FREE CASH FLOW
Cash From Operating Activities $60.00M -$23.00M
Capital Expenditures $45.00M $45.00M
Free Cash Flow $15.00M -$68.00M
YoY Change -122.06% -126.25%

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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 directly market our products in approximately </font><font style="font-family:inherit;font-size:9pt;">70</font><font style="font-family:inherit;font-size:9pt;"> countries across North America, Europe, Africa, Asia, Australia and South America, and our products are sold 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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