Company and Industry Key Points **1. Strategic Growth and Focus Areas**: * **Operational Excellence**: Emphasis on safety, quality, lean operations, and competitive cost structure. * **Expanded Offerings**: Development of machines to cater to various customer price points. * **Services**: Target to double services revenue from $14 billion to $28 billion by 2026. * **Sustainability**: Addition of sustainability as a core focus area, driven by energy transition and growing global energy demand. * **Energy Transition**: Opportunities in electric vehicles, mining equipment for commodities, LNG infrastructure, and grid stability. * **Infrastructure**: Opportunities in energy transition investments and infrastructure bill. [1][4][5][6][7][8][9] **2. Market Performance and Outlook**: * **Strong Demand**: Sales increased by more than 20% in 2021 and double-digit growth in the first quarter of 2022. * **Supply Chain Constraints**: Challenge in meeting demand due to supply chain constraints. * **China Market**: Expected to be slightly below 2019 levels due to economic cycle and equipment purchases over the past two years. * **Recession Concerns**: No signs of slowdown in core markets, with strong demand across most sectors. [11][12][13] **3. Business Model and Innovation**: * **Autonomous Mining**: Scaling autonomous mining capabilities from 25 to 10-15 trucks, improving productivity and flexibility. * **Electrification**: Introduction of electric underground loaders and battery-powered machines for mining applications. * **Grid Modernization**: Ability to provide grid stability through reciprocating engine and gas turbine generator sets. * **Remanufacturing**: Positive impact on sustainability and cost reduction. [39][61][32][69] **4. Service and Subscription Model**: * **Service Revenue Target**: Increased confidence in reaching the $28 billion target by 2026. * **Digital Capabilities**: Investments in digital capabilities and AI to enhance service offerings. * **Customer Value Agreements (CVAs)**: 50% of sales with CVAs attached, supporting service growth. [65][66] **5. Mergers and Acquisitions (M&A)**: * **Acquisitions**: Focus on acquiring technologies and capabilities in services, sustainability, and technology. * **Divestitures**: Exiting non-profitable businesses and focusing on areas with better growth potential. [83][86] **6. Financial Performance**: * **Free Cash Flow**: Returned 101% of free cash flow to shareholders over the past three years. * **Profitability**: Met margin targets each year for the last five years, despite challenges like COVID-19. [92]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-768 CATERPILLAR INC. (Exact name of registrant as specified in its charter) Delaware 37-0602744 (State or other jurisdicti ...

Caterpillar Inc. (NYSE:CAT) Q1 2022 Earnings Conference Call April 28, 2022 8:30 AM ET Company Participants Ryan Fiedler - Director, Investor Relations Jim Umpleby - Chairman and Chief Executive Officer Andrew Bonfield - Chief Financial Officer Kyle Epley - Vice President, Global Finance Services Rob Rengel - Senior Investor Relations Manager Conference Call Participants Rob Wertheimer - Melius Research Jamie Cook - Credit Suisse Mig Dobre - Baird Steve Volkmann - Jefferies David Raso - Evercore Tami Zakari ...

Table of Contents FORM 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 1-768 CATERPILLAR INC. (Exact name of Registrant as specified in its charter) Delaware 37-0602744 (State or other jurisd ...

Caterpillar Inc. (NYSE:CAT) Q4 2021 Results Conference Call January 28, 2022 8:30 AM ET Company Participants Jennifer Driscoll - Head, IR Jim Umpleby - Chairman and CEO Andrew Bonfield - CFO Kyle Epley - VP, Global Finance Services Rob Rengel - Senior Manager and IR Conference Call Participants Jerry Revich - Goldman Sachs Robert Wertheimer - Melius Research David Raso - Evercore Jamie Cook - Credit Suisse Larry De Maria - William Blair Chad Dillard - Bernstein Nicole DeBlase - Deutsche Bank Ross Gilardi - ...

Caterpillar Inc. Conference Call Summary Company Overview - **Company**: Caterpillar Inc. (NYSE: CAT) - **Event**: Alliance Bernstein 37th Annual Strategic Decisions Conference - **Date**: June 2, 2021 Key Points Company Strategy - **Three Main Pillars**: - **Operational Excellence**: Focus on safety, quality, lean operations, and a competitive cost structure [5] - **Expanded Offerings**: Introduction of life cycle value products to capture a broader customer base without discounting premium products [6] - **Services**: Emphasis on post-sale customer support to drive long-term profitable growth [7] Financial Performance - **Investor Day Targets**: Caterpillar aims to achieve 300 to 600 basis points higher operating margin compared to historical performance (2010-2016) [8] - **Free Cash Flow**: Achieved $5 billion to $6 billion in free cash flow from 2017 to 2019, and over $3 billion during the pandemic despite a 22% drop in top-line revenue [10] - **Dividends**: Caterpillar has a history of 27 years of increasing dividends, with intentions to return all free cash flow to shareholders [10] Services Growth - **Revenue Target**: Aim to double services revenue from $14 billion in 2016 to $28 billion by 2026 [11] - **Digital Investments**: Significant investments in digital capabilities, including AI and connected assets, to enhance service offerings [11] Sustainability Initiatives - **2030 Goals**: New sustainability report with aggressive goals for operations and customer support in achieving sustainability objectives [12] - **Innovative Products**: Introduction of products like dynamic gas blending engines and hydrogen-capable engines to reduce carbon footprints [13] Mining Sector Opportunities - **Commodity Demand**: Strong demand for commodities driven by energy transition, with Caterpillar positioned to benefit from this trend [14] - **Autonomous Solutions**: Caterpillar has hundreds of autonomous trucks in operation, enhancing productivity and operational efficiency [15] Supply Chain and Pricing - **Supply Chain Challenges**: Acknowledgment of ongoing supply chain issues, particularly with semiconductors, but efforts to mitigate impacts on customer demand [28] - **Pricing Power**: Caterpillar is focused on maintaining competitive pricing while managing structural costs and leveraging strong commodity prices for operational leverage [25] Competitive Landscape - **China Market**: Caterpillar has a strong presence in China, accounting for 5% to 10% of revenues, and is focused on competing effectively against local players [47] - **Autonomous Technology**: Continuous investment in autonomous solutions, including recent acquisitions to enhance capabilities [52] Future Outlook - **Investment in R&D**: Caterpillar is committed to investing in R&D to remain competitive, particularly in digital and sustainability initiatives [66] - **Portfolio Optimization**: Ongoing evaluation of business units to ensure resources are allocated to areas with the best growth potential [72] Cash Flow Management - **Channel Inventory Management**: Introduction of new processes to optimize dealer inventory and reduce volatility in supply [76] Additional Insights - **Customer Engagement**: Caterpillar is actively engaging with customers to understand their needs for sustainability and product offerings [44] - **Service Growth Focus**: Construction industries represent the largest opportunity for service growth, with strategies in place to enhance service offerings across all segments [60] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Caterpillar's commitment to operational excellence, sustainability, and customer success in a competitive landscape.

Caterpillar Inc (NYSE:CAT) Conference Call Summary Company Overview - **Company**: Caterpillar Inc - **Date**: March 2, 2021 - **Participants**: - Jennifer Driscoll - Director of Investor Relations - Andrew Bonfield - CFO Key Points Financial Performance - **Sales and Revenues**: $41.7 billion, down 22% year-on-year [4] - **Adjusted Operating Margins**: 11.8%, down 400 basis points due to lower volume and unfavorable pricing [4] - **Profit per Share**: - Down to $5.46 (adjusted profit per share) [4] - Restructuring profit per share: $6.56 [4] - **Free Cash Flow**: Returned 110% of ME&T free cash flow to shareholders over the last three years, retiring approximately 10% of average shares [4] Market Segments - **Services Revenue**: Represented about 41% of total ME&T sales, although down year-on-year [6] - **Sales Decline**: All three segments saw sales down by over 20% [6] - **New Product Launch**: Launched GX excavators in China, targeting utility-type customers [7][8] Investment and R&D - **Investment in Business**: Continued investment in R&D despite pandemic challenges [9] - **Focus on Electrification and Hydrogen Technologies**: Significant investments in these areas, including a Clean Air Excellence Award for Dynamic Gas Blending engine [10][11] Operational Excellence - **Operational Focus**: Emphasis on improving efficiency and reducing procurement costs [12][14] - **Restructuring**: Sale of marine propulsion business and restructuring of longwall mining and hydraulic mining shovels businesses [13] Market Outlook - **Upcycle Capacity**: Sufficient capacity for the upcoming upcycle, with modest CapEx needs anticipated [16] - **Cash Generation**: Generated $3.1 billion in cash flow during a down year, indicating strong cash generation ability [17] - **Revenue and EPS Growth**: Historical framework suggests revenues could more than double and EPS could triple in a recovery cycle [19][21] Strategic Acquisitions - **M&A Strategy**: Focus on opportunistic acquisitions aligned with market conditions and strategic goals, including technology and services [26][28] - **Recent Acquisition**: Acquired Marble Robotics to enhance capabilities in autonomy within mining [28] Autonomy and Technology - **Growing Interest in Autonomy**: Increased conversations with Tier 1 miners regarding autonomous solutions [38] - **Challenges in Retrofitting**: Existing mines face challenges in retrofitting for autonomy due to infrastructure needs [39] ESG and Future Investments - **Commitment to ESG**: Investments in technologies that reduce emissions and improve sustainability [10][11] - **Future Technology Focus**: Open to acquiring technologies that enhance competitive advantage, particularly in electrification [34][35] Conclusion - **Positive Outlook for 2021**: Expectations for a positive year ahead, with a focus on meeting demand and managing supply effectively [45] This summary encapsulates the key insights from the conference call, highlighting Caterpillar's financial performance, market strategies, and future outlook.

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-768 CATERPILLAR INC. (Exact name of registrant as specified in its charter) Delaware 37-0602744 (State or other jurisd ...

Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-768 CATERPILLAR INC. (Exact name of registrant as specified in its charter) Delaware 37-0602744 (State or other jurisdictio ...

Table of Contents Title of each class Trading Symbol (s) Name of each exchange on which registered UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-768 CATERPILLAR INC. (Exact name of regis ...