Elanco Animal Health (ELAN) Q4 FY2023 earnings: revenue $1.0 billion, up 5.5% on the year

Elanco Animal Health Inc. (ELAN) reported revenue of $1.0 billion for Q4 FY2023, the quarter ended 31 December 2023, up 5.5% on the same quarter a year earlier. Net income was -$141 million, and diluted earnings per share $-0.29. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue$1.0 billionup 5.5%

Net income-$141 million

Diluted EPS$-0.29

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,035	1,068	n/a	n/a
Cost of revenue	516	487	n/a	n/a
Gross profit	519	581	n/a	n/a
Gross margin	50.1%	54.4%	n/a
Research and development	79.0	86.0	n/a	n/a
Selling, general and administrative	292	313	n/a	n/a
Operating income	-127	-1,097	n/a	n/a
Operating margin	-12.3%	-102.7%	n/a
Interest expense	67.0	72.0	n/a	n/a
Pre-tax income	-127	-1,097	n/a	n/a
Income tax	14.0	-1.0	n/a	n/a
Net income	-141	-1,096	n/a	n/a
Net margin	-13.6%	-102.6%	n/a
Diluted EPS	-$0.29	-$2.22	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	157	198	n/a	n/a
Capital expenditure	41.0	33.0	n/a	n/a
Free cash flow	116	165	n/a	n/a
Free cash flow margin	11.2%	15.4%	n/a
Cash from investing	-35.0	-36.0	n/a	n/a
Cash from financing	-139	-157	n/a	n/a
Depreciation and amortisation	171	173	n/a	n/a
Share-based compensation	15.0	10.0	n/a	n/a
Diluted shares, weighted	493m	493m	n/a	n/a
Shares outstanding at period end	493m	493m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	6,223	6,134	n/a	n/a
Debt	5,774	5,909	n/a	n/a
Operating lease liabilities	110	n/a	n/a	n/a
Other liabilities	2,255	2,301	n/a	n/a
Total liabilities and equity	14,362	14,344	n/a	n/a
Fixed assets	1,026	992	n/a	n/a
Goodwill	5,094	4,902	n/a	n/a
Intangible assets	4,494	4,475	n/a	n/a
Cash and equivalents	352	369	n/a	n/a
Receivables	842	911	n/a	n/a
Inventory	1,735	1,690	n/a	n/a
Other assets	819	1,005	n/a	n/a
Total assets	14,362	14,344	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,068	1,035	1,205	1,184	1,030	1,020	1,193	1,241	1,137	1,144	1,371	1,368
Cost of revenue	487	516	515	495	492	501	509	528	530	555	586	570
Gross profit	581	519	690	689	538	519	684	713	607	589	785	798
Gross margin	54%	50%	57%	58%	52%	51%	57%	57%	53%	51%	57%	58%
R&D	86.0	79.0	87.0	89.0	87.0	81.0	94.0	92.0	89.0	93.0	97.0	92.0
SG&A	313	292	337	354	323	300	341	400	351	338	381	449
Operating income	-1,097	-127	12.0	-32.0	559	-51.0	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	-103%	-12%	1%	-3%	54%	-5%	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	72.0	67.0	66.0	65.0	58.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	-1,097	-127	12.0	-32.0	559	-51.0	60.0	25.0	-50.0	-259	87.0	56.0
Tax rate	n/a	n/a	-167%	n/a	35%	n/a	-12%	56%	n/a	n/a	34%	4%
Net income	-1,096	-141	32.0	-50.0	364	-8.0	67.0	11.0	-34.0	-276	57.0	54.0
Net margin	-103%	-14%	3%	-4%	35%	-1%	6%	1%	-3%	-24%	4%	4%
Diluted EPS	-$2.22	-$0.29	$0.06	-$0.10	$0.73	-$0.02	$0.13	$0.02	-$0.07	-$0.56	$0.11	$0.11
Operating cash flow	198	157	2.0	200	162	177	-4.0	237	219	108	13.0	277
Capital expenditure	33.0	41.0	24.0	34.0	42.0	47.0	65.0	57.0	92.0	62.0	51.0	33.0
Free cash flow	165	116	-22.0	166	120	130	-69.0	180	127	46.0	-38.0	244
Shares outstanding	493m	493m	494m	494m	494m	494m	496m	497m	497m	497m	499m	500m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 26 February 2024, accession 0001739104-24-000009: the filing on EDGAR. All of Elanco Animal Health Inc.'s filings: EDGAR company page.

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