$ZTS
Zoetis Inc.

2019 Q1 Form 10-Q Financial Statement

#000155528019000169 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $1.455B $1.366B
YoY Change 6.52%
Cost Of Revenue $518.0M $447.0M
YoY Change 15.88%
Gross Profit $937.0M $919.0M
YoY Change 1.96%
Gross Profit Margin 64.4% 67.28%
Selling, General & Admin $369.0M $338.0M
YoY Change 9.17%
% of Gross Profit 39.38% 36.78%
Research & Development $102.0M $97.00M
YoY Change 5.15%
% of Gross Profit 10.89% 10.55%
Depreciation & Amortization $98.00M $60.00M
YoY Change 63.33%
% of Gross Profit 10.46% 6.53%
Operating Expenses $471.0M $435.0M
YoY Change 8.28%
Operating Profit $466.0M $484.0M
YoY Change -3.72%
Interest Expense $56.00M $47.00M
YoY Change 19.15%
% of Operating Profit 12.02% 9.71%
Other Income/Expense, Net $14.00M $5.000M
YoY Change 180.0%
Pretax Income $381.0M $417.0M
YoY Change -8.63%
Income Tax $69.00M $67.00M
% Of Pretax Income 18.11% 16.07%
Net Earnings $312.0M $352.0M
YoY Change -11.36%
Net Earnings / Revenue 21.44% 25.77%
Basic Earnings Per Share $0.65 $0.72
Diluted Earnings Per Share $0.65 $0.72
COMMON SHARES
Basic Shares Outstanding 479.6M shares 485.9M shares
Diluted Shares Outstanding 483.1M shares 489.8M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.790B $1.654B
YoY Change 8.22%
Cash & Equivalents $1.728B $1.654B
Short-Term Investments $65.00M
Other Short-Term Assets $255.0M $229.0M
YoY Change 11.35%
Inventory $1.361B $1.441B
Prepaid Expenses
Receivables $970.0M $943.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.379B $4.267B
YoY Change 2.62%
LONG-TERM ASSETS
Property, Plant & Equipment $1.683B $1.453B
YoY Change 15.83%
Goodwill $2.522B $1.532B
YoY Change 64.62%
Intangibles $1.989B $1.280B
YoY Change 55.39%
Long-Term Investments
YoY Change
Other Assets $87.00M $78.00M
YoY Change 11.54%
Total Long-Term Assets $6.504B $4.423B
YoY Change 47.05%
TOTAL ASSETS
Total Short-Term Assets $4.379B $4.267B
Total Long-Term Assets $6.504B $4.423B
Total Assets $10.88B $8.690B
YoY Change 25.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $235.0M $217.0M
YoY Change 8.29%
Accrued Expenses $681.0M $601.0M
YoY Change 13.31%
Deferred Revenue $1.000M $2.000M
YoY Change -50.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $1.082B $1.000B
YoY Change 8.2%
LONG-TERM LIABILITIES
Long-Term Debt $6.444B $4.954B
YoY Change 30.08%
Other Long-Term Liabilities $181.0M $211.0M
YoY Change -14.22%
Total Long-Term Liabilities $6.625B $5.165B
YoY Change 28.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.082B $1.000B
Total Long-Term Liabilities $6.625B $5.165B
Total Liabilities $8.566B $6.715B
YoY Change 27.57%
SHAREHOLDERS EQUITY
Retained Earnings $3.495B $2.399B
YoY Change 45.69%
Common Stock $5.000M $5.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.593B $1.005B
YoY Change 58.51%
Treasury Stock Shares 22.90M shares 17.17M shares
Shareholders Equity $2.317B $1.960B
YoY Change
Total Liabilities & Shareholders Equity $10.88B $8.690B
YoY Change 25.24%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $312.0M $352.0M
YoY Change -11.36%
Depreciation, Depletion And Amortization $98.00M $60.00M
YoY Change 63.33%
Cash From Operating Activities $389.0M $389.0M
YoY Change 0.0%
INVESTING ACTIVITIES
Capital Expenditures $63.00M $53.00M
YoY Change 18.87%
Acquisitions $0.00
YoY Change
Other Investing Activities -$4.000M $0.00
YoY Change
Cash From Investing Activities -$23.00M -$45.00M
YoY Change -48.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $150.0M $190.0M
YoY Change -21.05%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$243.0M -$262.0M
YoY Change -7.25%
NET CHANGE
Cash From Operating Activities $389.0M $389.0M
Cash From Investing Activities -$23.00M -$45.00M
Cash From Financing Activities -$243.0M -$262.0M
Net Change In Cash $126.0M $82.00M
YoY Change 53.66%
FREE CASH FLOW
Cash From Operating Activities $389.0M $389.0M
Capital Expenditures $63.00M $53.00M
Free Cash Flow $326.0M $336.0M
YoY Change -2.98%

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etis 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, vaccines and diagnostic products with a focus on both livestock and companion animals. We organize and operate our business in <span style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:none;"><span>two</span></span><span style="font-family:inherit;font-size:9pt;"> geographic regions: the United States (U.S.) and International. </span><span style="font-family:inherit;font-size:9pt;">We directly market our products in approximately </span><span style="font-family:inherit;font-size:9pt;"><span>45</span></span><span style="font-family:inherit;font-size:9pt;"> countries across North America, Europe, Africa, Asia, Australia and South America. Our products are sold in more than </span><span style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:none;"><span>100</span></span><span style="font-family:inherit;font-size:9pt;"> countries, including developed markets and emerging markets. We have a diversified business, marketing products across </span><span style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:none;"><span>eight</span></span><span 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 </span><span style="font-family:inherit;font-size:9pt;"><span>six</span></span> major product categories: anti-infectives, vaccines, parasiticides, medicated feed additives, animal health diagnostics and other pharmaceuticals.
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Abaxis, Inc. (Abaxis), a California corporation and a leader in the development, manufacture and marketing of diagnostic instruments for veterinary point-of-care services.
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CommonStockSharesIssued
501890000 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
22330000 shares
CY2019Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
22870000 shares
CY2019Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2019Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
501890000 shares
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
352000000 USD
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
479600000 shares
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2018Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
60000000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
312000000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
350000000 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2000000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
312000000 USD
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
485900000 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3500000 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3900000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
483100000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
489800000 shares
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.72
CY2019Q1 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
the ordinary course of business and in connection with the sale of assets and businesses, we indemnify our counterparties against certain liabilities that may arise in connection with the transaction or related to activities prior to the transaction. These indemnifications typically pertain to environmental, tax, employee and/or product-related matters and patent-infringement claims. If the indemnified party were to make a successful claim pursuant to the terms of the indemnification, we would be required to reimburse the loss. These indemnifications are generally subject to threshold amounts, specified claim periods and other restrictions and limitations. Historically, we have not paid significant amounts under these provisions and, as of <span style="font-family:inherit;font-size:9pt;">March 31, 2019</span>, recorded amounts for the estimated fair value of these indemnifications were not significant.
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
381000000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
417000000 USD
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
98000000 USD
CY2019Q1 us-gaap Inventory Adjustments
InventoryAdjustments
68000000 USD

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