$ZTS
Zoetis Inc.

2023 Q2 Form 10-Q Financial Statement

#000155528023000150 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $2.180B $2.000B $1.986B
YoY Change 6.24% 0.7% 6.15%
Cost Of Revenue $606.0M $588.0M $569.0M
YoY Change -3.04% 3.34% 3.64%
Gross Profit $1.574B $1.412B $1.417B
YoY Change 10.3% -0.35% 7.19%
Gross Profit Margin 72.2% 70.6% 71.35%
Selling, General & Admin $556.0M $505.0M $465.0M
YoY Change 5.1% 8.6% 13.69%
% of Gross Profit 35.32% 35.76% 32.82%
Research & Development $146.0M $142.0M $122.0M
YoY Change 8.15% 16.39% 3.39%
% of Gross Profit 9.28% 10.06% 8.61%
Depreciation & Amortization $121.0M $120.0M $114.0M
YoY Change 3.42% 5.26% 4.59%
% of Gross Profit 7.69% 8.5% 8.05%
Operating Expenses $737.0M $647.0M $587.0M
YoY Change 10.99% 10.22% 11.39%
Operating Profit $837.0M $765.0M $830.0M
YoY Change 9.7% -7.83% 4.4%
Interest Expense -$48.00M $63.00M $53.00M
YoY Change -190.57% 18.87% -7.02%
% of Operating Profit -5.73% 8.24% 6.39%
Other Income/Expense, Net $104.0M $53.00M -$7.000M
YoY Change -5300.0% -857.14% 250.0%
Pretax Income $872.0M $697.0M $727.0M
YoY Change 30.15% -4.13% 5.82%
Income Tax $202.0M $146.0M $133.0M
% Of Pretax Income 23.17% 20.95% 18.29%
Net Earnings $671.0M $552.0M $595.0M
YoY Change 26.84% -7.23% 6.44%
Net Earnings / Revenue 30.78% 27.6% 29.96%
Basic Earnings Per Share $1.45 $1.19 $1.26
Diluted Earnings Per Share $1.45 $1.19 $1.26
COMMON SHARES
Basic Shares Outstanding 462.1M shares 463.4M shares 472.2M shares
Diluted Shares Outstanding 462.9M shares 464.6M shares 474.1M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.714B $2.105B $3.132B
YoY Change -35.27% -32.79% -13.0%
Cash & Equivalents $1.714B $2.109B $3.135B
Short-Term Investments
Other Short-Term Assets $446.0M $411.0M $423.0M
YoY Change -11.33% -2.84% 15.26%
Inventory $2.701B $2.563B $2.057B
Prepaid Expenses
Receivables $1.322B $1.186B $1.222B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.183B $6.269B $6.837B
YoY Change -7.04% -8.31% 0.63%
LONG-TERM ASSETS
Property, Plant & Equipment $3.235B $2.913B $2.487B
YoY Change 26.42% 17.13% 11.67%
Goodwill $2.714B $2.738B $2.685B
YoY Change -0.22% 1.97% -0.81%
Intangibles $1.252B $1.314B $1.430B
YoY Change -9.93% -8.11% -14.42%
Long-Term Investments
YoY Change
Other Assets $365.0M $143.0M $129.0M
YoY Change 148.3% 10.85% 19.44%
Total Long-Term Assets $7.566B $7.485B $7.023B
YoY Change 6.28% 6.58% 0.3%
TOTAL ASSETS
Total Short-Term Assets $6.183B $6.269B $6.837B
Total Long-Term Assets $7.566B $7.485B $7.023B
Total Assets $13.75B $13.75B $13.86B
YoY Change -0.15% -0.76% 0.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $464.0M $424.0M $402.0M
YoY Change 7.91% 5.47% 16.18%
Accrued Expenses $936.0M $933.0M $888.0M
YoY Change 0.32% 5.07% 9.23%
Deferred Revenue
YoY Change
Short-Term Debt $2.000M $3.000M $0.00
YoY Change 0.0% -100.0%
Long-Term Debt Due $0.00 $0.00 $1.350B
YoY Change -100.0% -100.0% 125.0%
Total Short-Term Liabilities $1.769B $1.915B $3.034B
YoY Change -42.02% -36.88% 46.85%
LONG-TERM LIABILITIES
Long-Term Debt $6.555B $6.559B $5.228B
YoY Change 25.55% 25.46% -20.63%
Other Long-Term Liabilities $683.0M $216.0M $241.0M
YoY Change 193.13% -10.37% 2.55%
Total Long-Term Liabilities $7.238B $6.775B $5.469B
YoY Change 32.71% 23.88% -19.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.769B $1.915B $3.034B
Total Long-Term Liabilities $7.238B $6.775B $5.469B
Total Liabilities $9.124B $9.263B $9.202B
YoY Change -0.72% 0.66% -5.17%
SHAREHOLDERS EQUITY
Retained Earnings $9.543B $9.045B $7.628B
YoY Change 19.23% 18.58% 25.07%
Common Stock $5.000M $5.000M $5.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.126B $4.807B $3.317B
YoY Change 36.11% 44.92% 37.52%
Treasury Stock Shares 39.40M shares 30.68M shares
Shareholders Equity $4.625B $4.494B $4.658B
YoY Change
Total Liabilities & Shareholders Equity $13.75B $13.75B $13.86B
YoY Change -0.15% -0.76% 0.46%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $671.0M $552.0M $595.0M
YoY Change 26.84% -7.23% 6.44%
Depreciation, Depletion And Amortization $121.0M $120.0M $114.0M
YoY Change 3.42% 5.26% 4.59%
Cash From Operating Activities $183.0M $549.0M $309.0M
YoY Change -45.54% 77.67% -22.75%
INVESTING ACTIVITIES
Capital Expenditures $166.0M $223.0M $115.0M
YoY Change -213.7% 93.91% 49.35%
Acquisitions
YoY Change
Other Investing Activities $86.00M $7.000M -$3.000M
YoY Change -250.88% -333.33%
Cash From Investing Activities -$80.00M -$216.0M -$118.0M
YoY Change -60.59% 83.05% 87.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $361.0M
YoY Change 99.45%
Debt Paid & Issued, Net $1.350B $0.00
YoY Change
Cash From Financing Activities -494.0M -$1.802B -$545.0M
YoY Change -19.02% 230.64% 60.77%
NET CHANGE
Cash From Operating Activities 183.0M $549.0M $309.0M
Cash From Investing Activities -80.00M -$216.0M -$118.0M
Cash From Financing Activities -494.0M -$1.802B -$545.0M
Net Change In Cash -391.0M -$1.472B -$350.0M
YoY Change -18.03% 320.57% 17400.0%
FREE CASH FLOW
Cash From Operating Activities $183.0M $549.0M $309.0M
Capital Expenditures $166.0M $223.0M $115.0M
Free Cash Flow $17.00M $326.0M $194.0M
YoY Change -96.47% 68.04% -39.94%

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<div style="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-top:3pt"><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, commercializing 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, other pharmaceutical products, dermatology, anti-infectives, medicated feed additives and animal health diagnostics.
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0384
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0092
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2863
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y2M12D
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
6000000000 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000000 shares
CY2023Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
2300000000 shares
CY2023Q1 us-gaap Profit Loss
ProfitLoss
551000000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
594000000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000000 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
552000000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
595000000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
463500000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
472200000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1100000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1900000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
464600000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
474100000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.19
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.26
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.19
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.26
CY2019Q3 zts Number Of Multinational Companies
NumberOfMultinationalCompanies
39 companies
CY2023Q1 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, 2023, recorded amounts for the estimated fair value of these indemnifications were not material.
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
697000000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
727000000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
120000000 usd
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
114000000 usd

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