$ZTS
Zoetis Inc.

2022 Q4 Form 10-Q Financial Statement

#000155528022000276 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $2.040B $2.002B
YoY Change 3.71% 0.6%
Cost Of Revenue $651.0M $607.0M
YoY Change 9.23% 3.58%
Gross Profit $1.389B $1.395B
YoY Change 1.31% -0.64%
Gross Profit Margin 68.09% 69.68%
Selling, General & Admin $514.0M $501.0M
YoY Change -13.32% -0.6%
% of Gross Profit 37.01% 35.91%
Research & Development $148.0M $134.0M
YoY Change 7.25% 1.52%
% of Gross Profit 10.66% 9.61%
Depreciation & Amortization $119.0M $115.0M
YoY Change 1.71% 4.55%
% of Gross Profit 8.57% 8.24%
Operating Expenses $691.0M $635.0M
YoY Change -10.72% -0.16%
Operating Profit $698.0M $760.0M
YoY Change 16.92% -1.04%
Interest Expense -$58.00M $53.00M
YoY Change -1.69% -5.36%
% of Operating Profit -8.31% 6.97%
Other Income/Expense, Net $3.000M
YoY Change -175.0%
Pretax Income $592.0M $667.0M
YoY Change 17.0% 1.21%
Income Tax $132.0M $139.0M
% Of Pretax Income 22.3% 20.84%
Net Earnings $461.0M $529.0M
YoY Change 11.35% -4.17%
Net Earnings / Revenue 22.6% 26.42%
Basic Earnings Per Share $1.13
Diluted Earnings Per Share $0.99 $1.13
COMMON SHARES
Basic Shares Outstanding 466.1M shares 468.1M shares
Diluted Shares Outstanding 469.1M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.577B $2.503B
YoY Change 2.73% -23.5%
Cash & Equivalents $3.581B $2.507B
Short-Term Investments
Other Short-Term Assets $365.0M $552.0M
YoY Change -6.17% 44.88%
Inventory $2.345B $2.303B
Prepaid Expenses
Receivables $1.215B $1.189B
Other Receivables $71.00M $0.00
Total Short-Term Assets $7.506B $6.551B
YoY Change 8.31% -1.96%
LONG-TERM ASSETS
Property, Plant & Equipment $2.753B $2.623B
YoY Change 13.67% 12.19%
Goodwill $2.746B $2.692B
YoY Change 2.39% -0.41%
Intangibles $1.380B $1.319B
YoY Change -6.38% -16.09%
Long-Term Investments
YoY Change
Other Assets $147.0M $161.0M
YoY Change 32.43% 43.75%
Total Long-Term Assets $7.394B $7.123B
YoY Change 6.08% 1.42%
TOTAL ASSETS
Total Short-Term Assets $7.506B $6.551B
Total Long-Term Assets $7.394B $7.123B
Total Assets $14.90B $13.67B
YoY Change 7.19% -0.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $405.0M $373.0M
YoY Change -7.11% -3.62%
Accrued Expenses $682.0M $936.0M
YoY Change -3.94% 0.43%
Deferred Revenue
YoY Change
Short-Term Debt $2.000M $3.000M
YoY Change
Long-Term Debt Due $1.350B $1.350B
YoY Change
Total Short-Term Liabilities $3.167B $2.880B
YoY Change 76.24% 95.79%
LONG-TERM LIABILITIES
Long-Term Debt $6.552B $5.210B
YoY Change -0.61% -20.96%
Other Long-Term Liabilities $217.0M $239.0M
YoY Change -9.21% -4.78%
Total Long-Term Liabilities $6.769B $5.449B
YoY Change -0.91% -20.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.167B $2.880B
Total Long-Term Liabilities $6.769B $5.449B
Total Liabilities $10.52B $9.012B
YoY Change 12.46% -0.13%
SHAREHOLDERS EQUITY
Retained Earnings $8.668B $8.533B
YoY Change 20.62% 21.14%
Common Stock $5.000M $5.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.539B $4.139B
YoY Change 53.76% 50.02%
Treasury Stock Shares 38.10M shares 35.45M shares
Shareholders Equity $4.405B $4.663B
YoY Change
Total Liabilities & Shareholders Equity $14.93B $13.67B
YoY Change 7.37% -0.23%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $461.0M $529.0M
YoY Change 11.35% -4.17%
Depreciation, Depletion And Amortization $119.0M $115.0M
YoY Change 1.71% 4.55%
Cash From Operating Activities $741.0M $526.0M
YoY Change 9.13% -19.45%
INVESTING ACTIVITIES
Capital Expenditures $171.0M -$154.0M
YoY Change -201.79% 29.41%
Acquisitions
YoY Change
Other Investing Activities -$267.0M $30.00M
YoY Change -1126.92% 500.0%
Cash From Investing Activities -$438.0M -$124.0M
YoY Change 208.45% 8.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 780.0M -529.0M
YoY Change -348.41% -42.44%
NET CHANGE
Cash From Operating Activities 741.0M 526.0M
Cash From Investing Activities -438.0M -124.0M
Cash From Financing Activities 780.0M -529.0M
Net Change In Cash 1.083B -127.0M
YoY Change 385.65% -66.58%
FREE CASH FLOW
Cash From Operating Activities $741.0M $526.0M
Capital Expenditures $171.0M -$154.0M
Free Cash Flow $570.0M $680.0M
YoY Change -32.7% -11.92%

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 and services, biodevices, genetic tests and precision animal health 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: parasiticides, vaccines, dermatology, anti-infectives, other pharmaceutical products, animal health diagnostics and medicated feed additives.
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CY2022Q3 zts Long Term Debt Maturity After Year Four
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CY2022Q3 us-gaap Debt Instrument Carrying Amount
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CY2022Q3 us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Interest Costs Capitalized
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CY2021Q3 us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
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CY2022Q3 us-gaap Derivative Fair Value Of Derivative Net
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CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
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us-gaap Goodwill Period Increase Decrease
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us-gaap Goodwill Other Increase Decrease
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CY2022Q3 us-gaap Goodwill
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CY2022Q3 us-gaap Goodwill Gross
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CY2022Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2022Q3 us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2021Q3 us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2022Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
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CY2022Q3 us-gaap Profit Loss
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CY2021Q3 us-gaap Profit Loss
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CY2022Q3 us-gaap Allocated Share Based Compensation Expense
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CY2021Q3 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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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
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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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
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2022Q3 us-gaap Common Stock Shares Authorized
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CY2022Q3 us-gaap Preferred Stock Shares Authorized
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us-gaap Profit Loss
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us-gaap Profit Loss
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CY2022Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2021Q3 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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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2022Q3 us-gaap Net Income Loss
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
552000000 usd
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
467800000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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474000000.0 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
470000000.0 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1300000 shares
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2300000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1600000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2300000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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469100000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
476300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
471600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
477100000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
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1.13
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.52
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.42
CY2022Q3 us-gaap Earnings Per Share Diluted
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1.13
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.51
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.40
CY2019Q3 zts Number Of Multinational Companies
NumberOfMultinationalCompanies
39 companies
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, 2022, 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
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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667000000 usd
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
659000000 usd
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
115000000 usd
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
110000000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1982000000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
346000000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
331000000 usd

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