Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Zoetis Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Net Income Before Allocation to Noncontrolling Interests
- The net income exhibits notable volatility but generally trended upward from 2019 through mid-2023, peaking in June 2023 at 670 million USD. However, there is a moderate decline noted in the final quarters of 2023 and early 2024.
- Depreciation and Amortization Expense
- This expense has shown a consistent and gradual increase over the entire period, rising from 98 million USD in early 2019 to 126 million USD by the first quarter of 2024, indicating steady capital asset investment or amortization schedules.
- Share-Based Compensation Expense
- The expense remained relatively stable with slight fluctuations between 13 and 18 million USD, without a discernible trend upwards or downwards over the analyzed period.
- Asset Write-Offs and Impairments
- The data indicates irregular spikes, notably a substantial increase at the end of 2020 and in late 2022, reaching as high as 46 million USD, reflecting episodic asset impairments or write-offs rather than a steady trend.
- Provision for Losses on Inventory
- This provision fluctuates considerably, with noticeable peaks in late 2020 (49 million USD) and late 2022 to early 2023 (up to 35 million USD), suggesting periodic inventory challenges or adjustments.
- Deferred Taxes
- The deferred tax figures oscillate between negative and positive values, lacking a clear trend, though large negative spikes in late 2022 (-176 million USD) and some smaller fluctuations suggest varying tax timing differences.
- Accounts Receivable
- Changes in accounts receivable are volatile, with both positive and negative swings. There are marked decreases in early 2021 and mid-2023, possibly reflecting fluctuations in sales or collections.
- Inventories
- Inventory levels exhibit significant variability, with large decreases in some quarters (e.g., -235 million USD in early 2023) and occasional increases. This pattern may indicate fluctuating stock management policies or demand cycles.
- Other Assets and Liabilities
- Both other assets and liabilities show substantial variability across quarters, including significant positive and negative swings, which may be indicative of operational or balance sheet management strategies and timing differences in recognition.
- Net Cash Provided by Operating Activities
- Operating cash flows generally show positive values throughout, with peaks notably in late 2020, late 2022, and early 2024, suggesting strong cash generation capability. However, the magnitude varies significantly quarter to quarter.
- Capital Expenditures
- Capital expenditures display an increasing trend in absolute terms, often ranging from approximately 60 million USD to nearly 200 million USD per quarter, indicating sustained investment in fixed assets.
- Acquisitions
- Acquisition activity varies with intermittent large expenditures, including a peak in late 2022 (-216 million USD), reflecting occasional strategic purchases rather than a steady acquisition program.
- Net Cash Used in Investing Activities
- Investing cash flows generally represent significant cash outflows with peak usage during acquisition-heavy quarters or periods with high capital expenditure, with notable outflows in late 2022 and early 2023.
- Financing Activities
- Financing cash flows are highly variable, with notable inflows corresponding with debt issuance in mid-2020 and 2022, and considerable outflows during principal payments in other periods. Share repurchases and dividends consistently represent substantial cash outflows throughout the period.
- Purchases of Treasury Stock and Dividends Paid
- There is a clear pattern of consistent and significant cash outflows for treasury stock purchases and dividends throughout the entire period, suggesting a strong commitment to returning capital to shareholders.
- Effect of Exchange Rate Changes
- Foreign exchange effects on cash are somewhat volatile but generally moderate in magnitude, with both positive and negative impacts observed irregularly across quarters.
- Overall Cash Flow Trend
- The net change in cash and cash equivalents shows considerable quarter-to-quarter variability but no sustained accumulation or depletion trend. Periods of substantial increases in cash, such as mid-2020 and early 2023, are offset by episodes of reductions, indicating dynamic liquidity management.