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Covetrus (CVET)

Covetrus is a global animal-health technology and services company dedicated to empowering veterinary practice partners to drive improved health and financial outcomes. The company is bringing together products, services, and technology into a single platform that connects its customers to the solutions and insights they need to work best. Covetrus' passion for the well-being of animals and those who care for them drives them to advance the world of veterinary medicine. Covetrus is headquartered in Portland, Maine with more than 5,500 employees serving over 100,000 customers around the globe.

Company profile

Ticker
CVET
Exchange
CEO
Benjamin Wolin
Employees
Incorporated
Location
Fiscal year end
Former names
HS Spinco, Inc.
SEC CIK
Subsidiaries
Abase Comércio e Representações Ltda • AH UK Animal Health (Pvt) Ltd • Animal Health Holding (Austria) B.V. • Animal Health Holding (Netherlands) B.V. • Animal Health Logistics LLC • Animal Healthcare Services Limited • Animalytix LLC • Anitek (Pty) Ltd. • Appointmaster LLC • Assistovet Systems SAS ...
IRS number
831448706

CVET stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 87M 87M 87M 87M 87M 87M
Cash burn (monthly) 10M 11.92M (no burn) 1.17M 2M (no burn)
Cash used (since last report) 30.57M 36.43M n/a 3.57M 6.11M n/a
Cash remaining 56.43M 50.57M n/a 83.43M 80.89M n/a
Runway (months of cash) 5.6 4.2 n/a 71.5 40.4 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Sep 22 Matthew Malenfant Common Stock Payment of exercise Dispose F No No 20.82 7,631 158.88K 84,304
1 Sep 22 Matthew Malenfant Common Stock Option exercise Acquire M No No 0 1,643 0 91,935
1 Sep 22 Matthew Malenfant Common Stock Option exercise Acquire M No No 0 6,994 0 90,292
1 Sep 22 Matthew Malenfant Common Stock Option exercise Acquire M No No 0 18,403 0 83,298
1 Sep 22 Matthew Malenfant RSU Common Stock Option exercise Dispose M No No 0 1,643 0 9,855
1 Sep 22 Matthew Malenfant RSU Common Stock Option exercise Dispose M No No 0 6,994 0 14,201
1 Sep 22 Matthew Malenfant RSU Common Stock Option exercise Dispose M No No 0 18,403 0 55,209
1 Sep 22 Benjamin Wolin Common Stock Payment of exercise Dispose F No No 20.82 3,306 68.83K 198,711
1 Sep 22 Benjamin Wolin Common Stock Option exercise Acquire M No No 0 7,529 0 202,017
1 Sep 22 Benjamin Wolin RSU Common Stock Option exercise Dispose M No No 0 7,529 0 45,168
13F holders Current Prev Q Change
Total holders 260 252 +3.2%
Opened positions 58 39 +48.7%
Closed positions 50 33 +51.5%
Increased positions 66 90 -26.7%
Reduced positions 79 58 +36.2%
13F shares Current Prev Q Change
Total value 3.67B 3.03B +21.3%
Total shares 162.73M 162.82M -0.1%
Total puts 22.5K 22.8K -1.3%
Total calls 24.1K 10.5K +129.5%
Total put/call ratio 0.9 2.2 -57.0%
Largest owners Shares Value Change
Clayton, Dubilier & Rice 33.73M $699.95M +0.0%
CD&R VFC 33.67M $661.96M 0.0%
BLK Blackrock 17.03M $353.39M +3.3%
Vanguard 11.66M $241.9M +0.9%
Wellington Management 8.37M $173.74M +0.2%
STT State Street 3.88M $80.48M +0.9%
Dimensional Fund Advisors 3.08M $64.01M +23.3%
Pentwater Capital Management 2.92M $60.62M NEW
Balyasny Asset Management 2.9M $60.1M NEW
Freshford Capital Management 2.8M $58.13M -27.8%
Largest transactions Shares Bought/sold Change
JPM JPMorgan Chase & Co. 393.32K -4.55M -92.0%
Pentwater Capital Management 2.92M +2.92M NEW
Balyasny Asset Management 2.9M +2.9M NEW
Select Equity 59.27K -1.45M -96.1%
Kovitz Investment Group Partners 15.78K -1.36M -98.8%
Alpine Associates Management 1.26M +1.26M NEW
Water Island Capital 1.25M +1.25M NEW
Millennium Management 387.03K -1.24M -76.3%
SCHF (gpe) 457.29K -1.22M -72.8%
CNH Partners 1.17M +1.17M NEW

Financial report summary

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Management Discussion
  • The difference between our tax expense and the tax expense using the statutory tax rates for the jurisdictions in which we operate, for this period, primarily relates to valuation allowances due to uncertainty regarding the realization of future tax benefits from certain U.S. and non-U.S. losses.
  • The difference between our tax expense and the tax expense using the statutory tax rates for the jurisdictions in which we operate, for this period, primarily related to valuation allowances due to uncertainty regarding the realization of future tax benefits from certain U.S. deferred tax assets and certain expenses not deductible in the U.S.
  • The difference between our tax expense and the tax expense using the statutory tax rates for the jurisdictions in which we operate, for this period, primarily relates to valuation allowances due to uncertainty regarding the realization of future tax benefits from certain U.S. and non-U.S. losses and items recorded discretely.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Avg
New words: absence, absent, advisory, affiliate, al, appraisal, array, assumption, attention, award, baseline, Bidco, breach, Cayman, Clayton, Commission, consummate, consummated, consummating, Corgi, customary, Delaware, delay, Dubilier, enjoin, enjoined, entertainment, event, exacerbated, exempted, failure, governmental, hearing, inability, incorporated, indirectly, Jeffrey, Joel, Justice, Matthew, merge, Merger, merit, motivate, occurrence, Ohio, par, parasiticide, partnership, pending, perfected, preliminarily, proceeding, prohibiting, properly, proposed, proxy, qualified, Rayfield, receipt, repaid, rescissory, Rice, row, Rule, Ryan, Section, shareholder, Shiva, Southern, Stanley, Stein, surviving, thereon, timeframe, TPG, treasury, turn, uncured, VFC, voted, waiver, Whitfield, wholly, withdrawn
Removed: incremental, largest, prevailing, reset