$ZTS
Zoetis Inc.

2021 Q4 Form 10-Q Financial Statement

#000155528021000334 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $1.967B $1.990B $1.807B
YoY Change 8.85% 11.42% 7.95%
Cost Of Revenue $596.0M $586.0M $598.0M
YoY Change -0.33% 7.33% 13.69%
Gross Profit $1.371B $1.404B $1.209B
YoY Change 13.4% 13.23% 5.31%
Gross Profit Margin 69.7% 70.55% 66.91%
Selling, General & Admin $593.0M $504.0M $520.0M
YoY Change 14.04% 18.87% 10.17%
% of Gross Profit 43.25% 35.9% 43.01%
Research & Development $138.0M $132.0M $133.0M
YoY Change 3.76% 17.86% 0.76%
% of Gross Profit 10.07% 9.4% 11.0%
Depreciation & Amortization $117.0M $110.0M $109.0M
YoY Change 7.34% -0.9% 0.0%
% of Gross Profit 8.53% 7.83% 9.02%
Operating Expenses $774.0M $636.0M $697.0M
YoY Change 11.05% 18.66% 8.4%
Operating Profit $597.0M $768.0M $512.0M
YoY Change 16.6% 9.09% 1.39%
Interest Expense -$59.00M $56.00M -$62.00M
YoY Change -4.84% -9.68% 24.0%
% of Operating Profit -9.88% 7.29% -12.11%
Other Income/Expense, Net -$4.000M
YoY Change
Pretax Income $506.0M $659.0M $420.0M
YoY Change 20.48% 10.39% -3.89%
Income Tax $93.00M $107.0M $62.00M
% Of Pretax Income 18.38% 16.24% 14.76%
Net Earnings $414.0M $552.0M $359.0M
YoY Change 15.32% 15.24% -6.51%
Net Earnings / Revenue 21.05% 27.74% 19.87%
Basic Earnings Per Share $1.16
Diluted Earnings Per Share $870.5K $1.16 $749.8K
COMMON SHARES
Basic Shares Outstanding 473.1M shares 474.0M shares 475.3M shares
Diluted Shares Outstanding 476.3M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.482B $3.272B $3.602B
YoY Change -3.33% -10.38% 86.44%
Cash & Equivalents $3.485B $3.274B $3.604B
Short-Term Investments
Other Short-Term Assets $389.0M $381.0M $366.0M
YoY Change 6.28% -18.06% 15.09%
Inventory $1.923B $1.875B $1.628B
Prepaid Expenses
Receivables $1.133B $1.152B $1.013B
Other Receivables $47.00M $0.00 $48.00M
Total Short-Term Assets $6.930B $6.682B $6.611B
YoY Change 4.83% -1.11% 39.24%
LONG-TERM ASSETS
Property, Plant & Equipment $2.422B $2.338B $2.202B
YoY Change 9.99% 11.39% 13.51%
Goodwill $2.682B $2.703B $2.694B
YoY Change -0.45% 0.48% 3.94%
Intangibles $1.474B $1.572B $1.710B
YoY Change -13.8% -12.37% -9.52%
Long-Term Investments
YoY Change
Other Assets $111.0M $112.0M $106.0M
YoY Change 4.72% 19.15% 8.16%
Total Long-Term Assets $6.970B $7.023B $6.989B
YoY Change -0.27% 0.79% 3.51%
TOTAL ASSETS
Total Short-Term Assets $6.930B $6.682B $6.611B
Total Long-Term Assets $6.970B $7.023B $6.989B
Total Assets $13.90B $13.71B $13.60B
YoY Change 2.21% -0.15% 18.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $436.0M $387.0M $457.0M
YoY Change -4.6% 8.4% 51.83%
Accrued Expenses $710.0M $932.0M $556.0M
YoY Change 27.7% 27.67% 2.39%
Deferred Revenue $4.000M
YoY Change -63.64%
Short-Term Debt $0.00 $0.00 $4.000M
YoY Change -100.0% -100.0%
Long-Term Debt Due $0.00 $0.00 $600.0M
YoY Change -100.0% -100.0% 20.0%
Total Short-Term Liabilities $1.797B $1.471B $2.170B
YoY Change -17.19% -38.71% 20.16%
LONG-TERM LIABILITIES
Long-Term Debt $6.592B $6.592B $6.595B
YoY Change -0.05% -0.05% 10.9%
Other Long-Term Liabilities $239.0M $251.0M $270.0M
YoY Change -11.48% -11.31% 17.9%
Total Long-Term Liabilities $6.831B $6.843B $6.865B
YoY Change -0.5% -0.51% 11.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.797B $1.471B $2.170B
Total Long-Term Liabilities $6.831B $6.843B $6.865B
Total Liabilities $9.356B $9.024B $9.836B
YoY Change -4.88% -10.81% 11.3%
SHAREHOLDERS EQUITY
Retained Earnings $7.186B $7.044B $5.659B
YoY Change 26.98% 27.47% 27.83%
Common Stock $5.000M $5.000M $5.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.952B $2.759B $2.230B
YoY Change 32.38% 23.5% 9.21%
Treasury Stock Shares 29.32M shares 28.52M shares 26.60M shares
Shareholders Equity $4.543B $4.679B $3.769B
YoY Change
Total Liabilities & Shareholders Equity $13.90B $13.71B $13.61B
YoY Change 2.14% -0.15% 17.88%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income $414.0M $552.0M $359.0M
YoY Change 15.32% 15.24% -6.51%
Depreciation, Depletion And Amortization $117.0M $110.0M $109.0M
YoY Change 7.34% -0.9% 0.0%
Cash From Operating Activities $679.0M $653.0M $718.0M
YoY Change -5.43% 16.19% 23.37%
INVESTING ACTIVITIES
Capital Expenditures -$168.0M -$119.0M -$152.0M
YoY Change 10.53% 1.71% -8.43%
Acquisitions
YoY Change
Other Investing Activities $26.00M $5.000M -$25.00M
YoY Change -204.0% -108.77% -46.81%
Cash From Investing Activities -$142.0M -$114.0M -$177.0M
YoY Change -19.77% -34.48% -16.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -314.0M -919.0M -597.0M
YoY Change -47.4% 888.17% 138.8%
NET CHANGE
Cash From Operating Activities 679.0M 653.0M 718.0M
Cash From Investing Activities -142.0M -114.0M -177.0M
Cash From Financing Activities -314.0M -919.0M -597.0M
Net Change In Cash 223.0M -380.0M -56.00M
YoY Change -498.21% -228.81% -147.06%
FREE CASH FLOW
Cash From Operating Activities $679.0M $653.0M $718.0M
Capital Expenditures -$168.0M -$119.0M -$152.0M
Free Cash Flow $847.0M $772.0M $870.0M
YoY Change -2.64% 13.7% 16.31%

Facts In Submission

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<div style="margin-bottom:6pt;margin-top:12pt;padding-left:18pt;text-indent:-18pt"><span style="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-bottom:6pt;margin-top:6pt"><span style="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 animal health industry, focused on the discovery, development, manufacture and commercialization of medicines, vaccines, diagnostic products, biodevices, genetic tests and precision livestock farming technology. 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: dogs, cats and horses (collectively, companion animals) and cattle, swine, poultry, fish and sheep (collectively, livestock); and within seven major product categories: vaccines, parasiticides, anti-infectives, dermatology, other pharmaceutical products, medicated feed additives and animal health diagnostics.
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CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2021Q3 zts Long Term Debt Maturity After Year Four
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CY2021Q3 us-gaap Debt Instrument Carrying Amount
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CY2021Q3 us-gaap Interest Expense
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us-gaap Interest Expense
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170000000 USD
CY2020Q3 us-gaap Interest Expense
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us-gaap Interest Expense
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CY2021Q3 us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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CY2020Q3 us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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CY2021Q3 us-gaap Derivative Fair Value Of Derivative Net
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CY2021Q3 us-gaap Derivative Asset Fair Value Of Collateral
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us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
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CY2021Q3 us-gaap Goodwill Gross
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CY2021Q3 us-gaap Goodwill
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CY2021Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0053
us-gaap Amortization Of Intangible Assets
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178000000 USD
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CY2021Q3 us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2021Q3 us-gaap Allocated Share Based Compensation Expense
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CY2020Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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284198 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
160.73
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
37.81
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2021Q3 us-gaap Common Stock Shares Authorized
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6000000000 shares
CY2021Q3 us-gaap Preferred Stock Shares Authorized
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1000000000 shares
CY2021Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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879000000 USD
CY2021Q3 us-gaap Profit Loss
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CY2020Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Profit Loss
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1278000000 USD
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0 USD
CY2020Q3 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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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.01
CY2021Q3 us-gaap Net Income Loss
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552000000 USD
CY2020Q3 us-gaap Net Income Loss
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479000000 USD
us-gaap Net Income Loss
NetIncomeLoss
1623000000 USD
us-gaap Net Income Loss
NetIncomeLoss
1279000000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
474000000.0 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
475500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
474800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
475500000 shares
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2300000 shares
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000.0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2300000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000.0 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
476300000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
478500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
477100000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
478500000 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.42
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.69
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.16
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.40
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.67
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 September 30, 2021, 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
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
659000000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
597000000 USD
CY2021Q3 us-gaap Depreciation Depletion And Amortization
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110000000 USD
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
111000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1982000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1576000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
331000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
332000000 USD

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