$ZTS
Zoetis Inc.

2019 Q4 Form 10-Q Financial Statement

#000155528019000270 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $1.674B $1.584B $1.564B
YoY Change 7.03% 7.03% 7.12%
Cost Of Revenue $526.0M $479.0M $534.0M
YoY Change -1.5% 1.27% 22.76%
Gross Profit $1.148B $1.105B $1.030B
YoY Change 11.46% 9.73% 0.49%
Gross Profit Margin 68.58% 69.76% 65.86%
Selling, General & Admin $472.0M $391.0M $420.0M
YoY Change 12.38% 6.54% 28.05%
% of Gross Profit 41.11% 35.38% 40.78%
Research & Development $132.0M $112.0M $125.0M
YoY Change 5.6% 3.7% 30.21%
% of Gross Profit 11.5% 10.14% 12.14%
Depreciation & Amortization $109.0M $107.0M $101.0M
YoY Change 7.92% 27.38% 74.14%
% of Gross Profit 9.49% 9.68% 9.81%
Operating Expenses $643.0M $503.0M $587.0M
YoY Change 9.54% 5.89% 38.44%
Operating Profit $505.0M $602.0M $443.0M
YoY Change 14.0% 13.16% -26.29%
Interest Expense -$50.00M $56.00M -$53.00M
YoY Change -5.66% 3.7% -223.26%
% of Operating Profit -9.9% 9.3% -11.96%
Other Income/Expense, Net $26.00M
YoY Change 36.84%
Pretax Income $437.0M $528.0M $418.0M
YoY Change 4.55% 26.32% -2.79%
Income Tax $53.00M $95.00M $73.00M
% Of Pretax Income 12.13% 17.99% 17.46%
Net Earnings $384.0M $433.0M $345.0M
YoY Change 11.3% 24.78% 325.93%
Net Earnings / Revenue 22.94% 27.34% 22.06%
Basic Earnings Per Share $0.81 $0.91 $0.72
Diluted Earnings Per Share $0.80 $0.90 $0.71
COMMON SHARES
Basic Shares Outstanding 476.3M shares 477.8M shares 480.5M shares
Diluted Shares Outstanding 481.5M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.932B $1.823B $1.701B
YoY Change 13.58% 31.06% -14.13%
Cash & Equivalents $1.934B $1.815B $1.602B
Short-Term Investments $0.00 $12.00M $99.00M
Other Short-Term Assets $318.0M $322.0M $271.0M
YoY Change 17.34% 2.22% 18.86%
Inventory $1.410B $1.439B $1.391B
Prepaid Expenses
Receivables $1.086B $1.030B $1.036B
Other Receivables $37.00M $0.00 $41.00M
Total Short-Term Assets $4.748B $4.618B $4.399B
YoY Change 7.93% 13.3% 4.32%
LONG-TERM ASSETS
Property, Plant & Equipment $1.940B $1.813B $1.658B
YoY Change 17.01% 16.52% 15.54%
Goodwill $2.592B $2.550B $2.519B
YoY Change 2.9% 0.51% 66.82%
Intangibles $1.890B $1.935B $2.046B
YoY Change -7.62% -8.73% 61.23%
Long-Term Investments
YoY Change
Other Assets $98.00M $91.00M $94.00M
YoY Change 4.26% -6.19% 25.33%
Total Long-Term Assets $6.752B $6.654B $6.401B
YoY Change 5.48% 4.25% 46.04%
TOTAL ASSETS
Total Short-Term Assets $4.748B $4.618B $4.399B
Total Long-Term Assets $6.752B $6.654B $6.401B
Total Assets $11.50B $11.27B $10.80B
YoY Change 6.48% 7.77% 25.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $301.0M $284.0M $313.0M
YoY Change -3.83% 19.33% 19.92%
Accrued Expenses $543.0M $702.0M $487.0M
YoY Change 11.5% 7.83% 12.73%
Deferred Revenue $11.00M $8.000M $2.000M
YoY Change 450.0% 300.0%
Short-Term Debt $0.00 $0.00 $9.000M
YoY Change -100.0%
Long-Term Debt Due $500.0M $0.00 $0.00
YoY Change
Total Short-Term Liabilities $1.806B $1.052B $1.223B
YoY Change 47.67% 4.89% 11.79%
LONG-TERM LIABILITIES
Long-Term Debt $5.947B $6.447B $6.443B
YoY Change -7.7% 0.09% 30.08%
Other Long-Term Liabilities $229.0M $198.0M $187.0M
YoY Change 22.46% -1.49% -6.97%
Total Long-Term Liabilities $6.176B $6.645B $6.630B
YoY Change -6.85% 0.05% 28.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.806B $1.052B $1.223B
Total Long-Term Liabilities $6.176B $6.645B $6.630B
Total Liabilities $8.837B $8.594B $8.592B
YoY Change 2.85% 3.03% 26.35%
SHAREHOLDERS EQUITY
Retained Earnings $4.427B $4.217B $3.270B
YoY Change 35.38% 37.5% 55.05%
Common Stock $5.000M $5.000M $5.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.042B $1.876B $1.487B
YoY Change 37.32% 39.48% 74.53%
Treasury Stock Shares 26.40M shares 25.10M shares 22.30M shares
Shareholders Equity $2.708B $2.678B $2.185B
YoY Change
Total Liabilities & Shareholders Equity $11.55B $11.27B $10.78B
YoY Change 7.13% 7.77% 25.52%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income $384.0M $433.0M $345.0M
YoY Change 11.3% 24.78% 325.93%
Depreciation, Depletion And Amortization $109.0M $107.0M $101.0M
YoY Change 7.92% 27.38% 74.14%
Cash From Operating Activities $582.0M $506.0M $584.0M
YoY Change -0.34% -8.0% 33.03%
INVESTING ACTIVITIES
Capital Expenditures -$166.0M -$128.0M -$138.0M
YoY Change 20.29% 72.97% 6.15%
Acquisitions
YoY Change
Other Investing Activities -$47.00M -$81.00M $64.00M
YoY Change -173.44% -95.93% 3100.0%
Cash From Investing Activities -$213.0M -$209.0M -$74.00M
YoY Change 187.84% -89.87% -42.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -250.0M -232.0M -197.0M
YoY Change 26.9% -118.37% -120.61%
NET CHANGE
Cash From Operating Activities 582.0M 506.0M 584.0M
Cash From Investing Activities -213.0M -209.0M -74.00M
Cash From Financing Activities -250.0M -232.0M -197.0M
Net Change In Cash 119.0M 65.00M 313.0M
YoY Change -61.98% -125.9% -75.3%
FREE CASH FLOW
Cash From Operating Activities $582.0M $506.0M $584.0M
Capital Expenditures -$166.0M -$128.0M -$138.0M
Free Cash Flow $748.0M $634.0M $722.0M
YoY Change 3.6% 1.6% 26.89%

Facts In Submission

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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: vaccines, anti-infectives, 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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us-gaap Variable Lease Payment
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us-gaap Operating Lease Payments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
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24000000 USD
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OperatingLeasesFutureMinimumPaymentsDueThereafter
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OperatingLeasesFutureMinimumPaymentsDue
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OperatingLeasesRentExpenseNet
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CY2019Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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InventoryFinishedGoodsNetOfReserves
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CY2019Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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InventoryWorkInProcessNetOfReserves
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CY2019Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
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3005000000 USD
us-gaap Allocated Share Based Compensation Expense
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us-gaap Goodwill Acquired During Period
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58000000 USD
us-gaap Goodwill Other Increase Decrease
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CY2019Q3 us-gaap Goodwill
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2550000000 USD
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CY2018Q4 us-gaap Goodwill Gross
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CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1070000000 USD
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1719000000 USD
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216000000 USD
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1070000000 USD
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906000000 USD
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60000000 USD
us-gaap Amortization Of Intangible Assets
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176000000 USD
CY2018Q3 us-gaap Amortization Of Intangible Assets
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45000000 USD
us-gaap Amortization Of Intangible Assets
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96000000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
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1000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
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5000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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444789 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
21.82
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0257
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.0075
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2308
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
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CY2019Q3 us-gaap Common Stock Shares Authorized
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6000000000 shares
CY2019Q3 us-gaap Preferred Stock Shares Authorized
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CY2019Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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1900000000 USD
CY2019Q3 us-gaap Profit Loss
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CY2018Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Profit Loss
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CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0 USD
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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-4000000 USD
CY2019Q3 us-gaap Net Income Loss
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433000000 USD
CY2018Q3 us-gaap Net Income Loss
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347000000 USD
us-gaap Net Income Loss
NetIncomeLoss
1116000000 USD
us-gaap Net Income Loss
NetIncomeLoss
1083000000 USD
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
477800000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
482000000.0 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
478700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
483900000 shares
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3700000 shares
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3800000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3600000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3800000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
481500000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
485800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
482300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
487700000 shares
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.91
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.24
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.71
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.22
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1000000 shares
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;">September 30, 2019</span>, recorded amounts for the estimated fair value of these indemnifications were not significant.
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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528000000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
418000000 USD
CY2019Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
107000000 USD
CY2018Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
84000000 USD
CY2019Q3 us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
20000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1364000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1272000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
303000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
207000000 USD
CY2019Q3 us-gaap Inventory Adjustments
InventoryAdjustments
68000000 USD
us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
20000000 USD

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