$ZTS
Zoetis Inc.

2023 Q3 Form 10-Q Financial Statement

#000155528023000205 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $2.151B $2.180B
YoY Change 7.44% 6.24%
Cost Of Revenue $638.0M $606.0M
YoY Change 5.11% -3.04%
Gross Profit $1.513B $1.574B
YoY Change 8.46% 10.3%
Gross Profit Margin 70.34% 72.2%
Selling, General & Admin $525.0M $556.0M
YoY Change 4.79% 5.1%
% of Gross Profit 34.7% 35.32%
Research & Development $152.0M $146.0M
YoY Change 13.43% 8.15%
% of Gross Profit 10.05% 9.28%
Depreciation & Amortization $124.0M $121.0M
YoY Change 7.83% 3.42%
% of Gross Profit 8.2% 7.69%
Operating Expenses $677.0M $737.0M
YoY Change 6.61% 10.99%
Operating Profit $836.0M $837.0M
YoY Change 10.0% 9.7%
Interest Expense $59.00M -$48.00M
YoY Change 11.32% -190.57%
% of Operating Profit 7.06% -5.73%
Other Income/Expense, Net -$6.000M $104.0M
YoY Change -300.0% -5300.0%
Pretax Income $717.0M $872.0M
YoY Change 7.5% 30.15%
Income Tax $121.0M $202.0M
% Of Pretax Income 16.88% 23.17%
Net Earnings $596.0M $671.0M
YoY Change 12.67% 26.84%
Net Earnings / Revenue 27.71% 30.78%
Basic Earnings Per Share $1.29 $1.45
Diluted Earnings Per Share $1.29 $1.45
COMMON SHARES
Basic Shares Outstanding 460.3M shares 462.1M shares
Diluted Shares Outstanding 461.4M shares 462.9M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.751B $1.714B
YoY Change -30.04% -35.27%
Cash & Equivalents $1.754B $1.714B
Short-Term Investments
Other Short-Term Assets $467.0M $446.0M
YoY Change -15.4% -11.33%
Inventory $2.744B $2.701B
Prepaid Expenses
Receivables $1.257B $1.322B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.222B $6.183B
YoY Change -5.02% -7.04%
LONG-TERM ASSETS
Property, Plant & Equipment $3.092B $3.235B
YoY Change 17.88% 26.42%
Goodwill $2.762B $2.714B
YoY Change 2.6% -0.22%
Intangibles $1.398B $1.252B
YoY Change 5.99% -9.93%
Long-Term Investments
YoY Change
Other Assets $216.0M $365.0M
YoY Change 34.16% 148.3%
Total Long-Term Assets $7.884B $7.566B
YoY Change 10.68% 6.28%
TOTAL ASSETS
Total Short-Term Assets $6.222B $6.183B
Total Long-Term Assets $7.884B $7.566B
Total Assets $14.11B $13.75B
YoY Change 3.16% -0.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $388.0M $464.0M
YoY Change 4.02% 7.91%
Accrued Expenses $977.0M $936.0M
YoY Change 4.38% 0.32%
Deferred Revenue
YoY Change
Short-Term Debt $2.000M $2.000M
YoY Change -33.33% 0.0%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $1.608B $1.769B
YoY Change -44.17% -42.02%
LONG-TERM LIABILITIES
Long-Term Debt $6.552B $6.555B
YoY Change 25.76% 25.55%
Other Long-Term Liabilities $259.0M $683.0M
YoY Change 8.37% 193.13%
Total Long-Term Liabilities $6.811B $7.238B
YoY Change 25.0% 32.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.608B $1.769B
Total Long-Term Liabilities $6.811B $7.238B
Total Liabilities $9.032B $9.124B
YoY Change 0.22% -0.72%
SHAREHOLDERS EQUITY
Retained Earnings $10.14B $9.543B
YoY Change 18.83% 19.23%
Common Stock $5.000M $5.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.369B $5.126B
YoY Change 29.72% 36.11%
Treasury Stock Shares
Shareholders Equity $5.078B $4.625B
YoY Change
Total Liabilities & Shareholders Equity $14.11B $13.75B
YoY Change 3.16% -0.15%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $596.0M $671.0M
YoY Change 12.67% 26.84%
Depreciation, Depletion And Amortization $124.0M $121.0M
YoY Change 7.83% 3.42%
Cash From Operating Activities $724.0M $183.0M
YoY Change 37.64% -45.54%
INVESTING ACTIVITIES
Capital Expenditures $145.0M $166.0M
YoY Change -194.16% -213.7%
Acquisitions
YoY Change
Other Investing Activities -$126.0M $86.00M
YoY Change -520.0% -250.88%
Cash From Investing Activities -$271.0M -$80.00M
YoY Change 118.55% -60.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -416.0M -494.0M
YoY Change -21.36% -19.02%
NET CHANGE
Cash From Operating Activities 724.0M 183.0M
Cash From Investing Activities -271.0M -80.00M
Cash From Financing Activities -416.0M -494.0M
Net Change In Cash 37.00M -391.0M
YoY Change -129.13% -18.03%
FREE CASH FLOW
Cash From Operating Activities $724.0M $183.0M
Capital Expenditures $145.0M $166.0M
Free Cash Flow $579.0M $17.00M
YoY Change -14.85% -96.47%

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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0092
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2863
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y2M12D
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
6000000000 shares
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000000 shares
CY2023Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
2000000000 shares
CY2023Q2 us-gaap Profit Loss
ProfitLoss
670000000 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
529000000 usd
us-gaap Profit Loss
ProfitLoss
1221000000 usd
us-gaap Profit Loss
ProfitLoss
1123000000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000000 usd
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2000000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
671000000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
529000000 usd
us-gaap Net Income Loss
NetIncomeLoss
1223000000 usd
us-gaap Net Income Loss
NetIncomeLoss
1124000000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
461900000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
470000000.0 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
462700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
471100000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000.0 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1500000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1100000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1700000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
462900000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
471500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
463800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
472800000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.45
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.39
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.45
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.64
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.38
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 June 30, 2023, recorded amounts for the estimated fair value of these indemnifications were not material.
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
872000000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
670000000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
121000000 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
117000000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1569000000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1397000000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
241000000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
231000000 usd

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