$ZTS
Zoetis Inc.

2020 Q1 Form 10-Q Financial Statement

#000155528020000199 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $1.534B $1.455B
YoY Change 5.43% 6.52%
Cost Of Revenue $459.0M $518.0M
YoY Change -11.39% 15.88%
Gross Profit $1.075B $937.0M
YoY Change 14.73% 1.96%
Gross Profit Margin 70.08% 64.4%
Selling, General & Admin $389.0M $369.0M
YoY Change 5.42% 9.17%
% of Gross Profit 36.19% 39.38%
Research & Development $107.0M $102.0M
YoY Change 4.9% 5.15%
% of Gross Profit 9.95% 10.89%
Depreciation & Amortization $110.0M $98.00M
YoY Change 12.24% 63.33%
% of Gross Profit 10.23% 10.46%
Operating Expenses $496.0M $471.0M
YoY Change 5.31% 8.28%
Operating Profit $579.0M $466.0M
YoY Change 24.25% -3.72%
Interest Expense $53.00M $56.00M
YoY Change -5.36% 19.15%
% of Operating Profit 9.15% 12.02%
Other Income/Expense, Net $20.00M $14.00M
YoY Change 42.86% 180.0%
Pretax Income $497.0M $381.0M
YoY Change 30.45% -8.63%
Income Tax $74.00M $69.00M
% Of Pretax Income 14.89% 18.11%
Net Earnings $423.0M $312.0M
YoY Change 35.58% -11.36%
Net Earnings / Revenue 27.57% 21.44%
Basic Earnings Per Share $0.89 $0.65
Diluted Earnings Per Share $0.88 $0.65
COMMON SHARES
Basic Shares Outstanding 475.6M shares 479.6M shares
Diluted Shares Outstanding 479.0M shares 483.1M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.950B $1.790B
YoY Change 8.94% 8.22%
Cash & Equivalents $1.951B $1.728B
Short-Term Investments $65.00M
Other Short-Term Assets $375.0M $255.0M
YoY Change 47.06% 11.35%
Inventory $1.481B $1.361B
Prepaid Expenses
Receivables $965.0M $970.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.772B $4.379B
YoY Change 8.97% 2.62%
LONG-TERM ASSETS
Property, Plant & Equipment $1.977B $1.683B
YoY Change 17.47% 15.83%
Goodwill $2.583B $2.522B
YoY Change 2.42% 64.62%
Intangibles $1.821B $1.989B
YoY Change -8.45% 55.39%
Long-Term Investments
YoY Change
Other Assets $105.0M $87.00M
YoY Change 20.69% 11.54%
Total Long-Term Assets $6.756B $6.504B
YoY Change 3.87% 47.05%
TOTAL ASSETS
Total Short-Term Assets $4.772B $4.379B
Total Long-Term Assets $6.756B $6.504B
Total Assets $11.53B $10.88B
YoY Change 5.93% 25.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $265.0M $235.0M
YoY Change 12.77% 8.29%
Accrued Expenses $721.0M $681.0M
YoY Change 5.87% 13.31%
Deferred Revenue $3.000M $1.000M
YoY Change 200.0% -50.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0M $0.00
YoY Change
Total Short-Term Liabilities $1.721B $1.082B
YoY Change 59.06% 8.2%
LONG-TERM LIABILITIES
Long-Term Debt $5.963B $6.444B
YoY Change -7.46% 30.08%
Other Long-Term Liabilities $251.0M $181.0M
YoY Change 38.67% -14.22%
Total Long-Term Liabilities $6.214B $6.625B
YoY Change -6.2% 28.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.721B $1.082B
Total Long-Term Liabilities $6.214B $6.625B
Total Liabilities $8.775B $8.566B
YoY Change 2.44% 27.57%
SHAREHOLDERS EQUITY
Retained Earnings $4.764B $3.495B
YoY Change 36.31% 45.69%
Common Stock $5.000M $5.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.252B $1.593B
YoY Change 41.37% 58.51%
Treasury Stock Shares 27.00M shares 22.90M shares
Shareholders Equity $2.753B $2.317B
YoY Change
Total Liabilities & Shareholders Equity $11.53B $10.88B
YoY Change 5.93% 25.24%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $423.0M $312.0M
YoY Change 35.58% -11.36%
Depreciation, Depletion And Amortization $110.0M $98.00M
YoY Change 12.24% 63.33%
Cash From Operating Activities $408.0M $389.0M
YoY Change 4.88% 0.0%
INVESTING ACTIVITIES
Capital Expenditures $94.00M $63.00M
YoY Change 49.21% 18.87%
Acquisitions
YoY Change
Other Investing Activities $1.000M -$4.000M
YoY Change -125.0%
Cash From Investing Activities -$57.00M -$23.00M
YoY Change 147.83% -48.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $250.0M $150.0M
YoY Change 66.67% -21.05%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$328.0M -$243.0M
YoY Change 34.98% -7.25%
NET CHANGE
Cash From Operating Activities $408.0M $389.0M
Cash From Investing Activities -$57.00M -$23.00M
Cash From Financing Activities -$328.0M -$243.0M
Net Change In Cash $17.00M $126.0M
YoY Change -86.51% 53.66%
FREE CASH FLOW
Cash From Operating Activities $408.0M $389.0M
Capital Expenditures $94.00M $63.00M
Free Cash Flow $314.0M $326.0M
YoY Change -3.68% -2.98%

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<div style="text-indent:-18pt;padding-left:18pt;margin-top:12pt;margin-bottom:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;">1. Organization </span></div><div style="margin-top:6pt;margin-bottom:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">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, vaccines and diagnostic products with a focus on both livestock and companion animals. We organize and operate our business in two geographic regions: the United States (U.S.) and International. </span></div>We directly market our products in approximately 45 countries across North America, Europe, Africa, Asia, Australia and South America. Our products are sold in more than 100 countries, including developed markets and emerging markets. We have a diversified business, marketing products across eight core species: cattle, swine, poultry, fish and sheep (collectively, livestock) and dogs, cats and horses (collectively, companion animals); and within seven major product categories: vaccines, anti-infectives, parasiticides, other pharmaceuticals, dermatology, medicated feed additives and animal health diagnostics.
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CommonStockSharesAuthorized
6000000000 shares
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000000 shares
CY2020Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1400000000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
423000000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
312000000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
475600000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
479600000 shares
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3400000 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3500000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
479000000.0 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
483100000 shares
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.89
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.88
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
CY2020Q1 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
B. Guarantees and IndemnificationsIn 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 March 31, 2020, recorded amounts for the estimated fair value of these indemnifications were not significant.
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
497000000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
381000000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
110000000 USD
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
98000000 USD
CY2019Q1 us-gaap Inventory Adjustments
InventoryAdjustments
68000000 USD

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