Corteva, Inc. (NYSE:CTVA) Q4 2022 Earnings Conference Call February 2, 2023 9:00 AM ET Company Participants Kim Booth - Vice President of Investor Relations Chuck Magro - Chief Executive Officer Dave Anderson - Executive Vice President & Chief Financial Officer Tim Glenn - Executive Vice President, Seed Business Unit Robert King - Executive Vice President, Crop Protection Business Unit Conference Call Participants Vincent Andrews - Morgan Stanley David Begleiter - Deutsche Bank Cory Murphy - Vertical Resear ...

Corteva, Inc. (NYSE:CTVA) Corteva Signs Agreement to Acquire Stoller Group December 5, 2022 11:00 AM ET Company Participants Kim Booth - VP, IR Chuck Magro - CEO Dave Anderson - EVP, CFO Robert King - EVP, Crop Protection Business Unit Conference Call Participants Vincent Andrews - Morgan Stanley David Begleiter - Deutsche Bank Christopher Parkinson - Mizuho Securities Joel Jackson - BMO Capital Markets Operator Good day, ladies and gentlemen, and welcome to the Corteva Investor Relations Webcast Call. At ...

Corteva, Inc. (NYSE:CTVA) Q3 2022 Results Conference Call November 4, 2022 9:00 AM ET Company Participants Kim Booth - VP, IR Chuck Magro - CEO Dave Anderson - EVP, CFO Tim Glenn - EVP, Seed Business Unit Robert King - EVP, Crop Protection Business Unit Conference Call Participants Arun Viswanathan - RBC Capital Markets Ben Theurer - Barclays Christopher Parkinson - Mizuho David Begleiter - Deutsche Bank Frank Mitsch - Fermium Research Jeff Zekauskas - JP Morgan Joel Jackson - BMO Capital Markets Josh Spec ...

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, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38710 Corteva, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 82-4979096 (State or other Jurisdiction of Incorporation or Organiz ...

Corteva, Inc. (NYSE:CTVA) Q2 2022 Earnings Conference Call August 5, 2022 9:00 AM ET Company Participants Kim Booth - IR Chuck Magro - CEO Dave Anderson - EVP and CFO Tim Glenn - EVP, Seed Business Unit Robert King - EVP, Crop Protection Business Unit Conference Call Participants Vincent Andrews - Morgan Stanley Joel Jackson - BMO Capital Markets David Begleiter - Deutsche Bank Kevin McCarthy - Vertical Research Partners Chris Parkinson - Mizuho P.J. Juvekar - Citi Jeffrey Zekauskas - JP Morgan Steve Byrne ...

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 June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38710 Corteva, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 82-4979096 (State or other Jurisdiction of Incorporation or Organization ...

| --- | --- | --- | |-------|-----------------------------------|-------| | | | | | | 1Q 2022 Earnings Conference Call | | | | May 5, 2022 | | Safe Harbor Regarding Forward-Looking Statements 2 Forward-Looking Statements This presentation contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for for ...

Corteva, Inc. (NYSE:CTVA) Q1 2022 Earnings Conference Call May 5, 2022 8:30 AM ET Company Participants Jeff Rudolph – Vice President-Investor Relations Chuck Magro – Chief Executive Officer Dave Anderson – Executive Vice President and Chief Financial Officer Tim Glenn – Executive Vice President-Seed Business Unit Robert King – Executive Vice President-Crop Protection Business Unit Conference Call Participants Vincent Andrews – Morgan Stanley Dave Begleiter – Deutsche Bank Chris Parkinson – Mizuho Kevin McCa ...

[Part I Financial Information](index=5&type=section&id=Part%20I%20Financial%20Information) This section presents the unaudited consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for Corteva, Inc [Item 1. Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents Corteva, Inc.'s unaudited consolidated financial statements for Q1 2022, including statements of operations, balance sheets, cash flows, and detailed notes [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Corteva reported Q1 2022 net sales of $4.6 billion, a 10% increase, but net income attributable to Corteva decreased to $564 million, resulting in diluted EPS of $0.78 Consolidated Statements of Operations (Q1 2022 vs Q1 2021) | Financial Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | **Net sales** | $4,601 million | $4,178 million | | Cost of goods sold | $2,724 million | $2,420 million | | Income from continuing operations before income taxes | $698 million | $791 million | | **Net income attributable to Corteva** | $564 million | $600 million | | **Diluted earnings per share** | $0.78 | $0.80 | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Corteva's total assets reached $42.6 billion as of March 31, 2022, with cash and equivalents decreasing to $2.0 billion due to seasonal working capital needs Consolidated Balance Sheet Highlights | Balance Sheet Item | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,031 million | $4,459 million | | Accounts and notes receivable - net | $7,275 million | $4,811 million | | Inventories | $4,986 million | $5,180 million | | Total current assets | $15,878 million | $15,546 million | | Goodwill | $10,109 million | $10,107 million | | Total Assets | $42,633 million | $42,344 million | | Total current liabilities | $9,653 million | $9,558 million | | Long-term debt | $1,154 million | $1,100 million | | Total Equity | $25,936 million | $25,623 million | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The company experienced a net cash outflow of $2.73 billion from operating activities in Q1 2022, a larger outflow than prior year, primarily due to increased working capital Cash Flow Summary (Q1 2022 vs Q1 2021) | Cash Flow Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | **Cash used for operating activities** | $(2,730) million | $(1,950) million | | Cash (used for) provided by investing activities | $(404) million | $36 million | | **Cash provided by financing activities** | $714 million | $821 million | | Decrease in cash, cash equivalents | $(2,451) million | $(1,143) million | [Notes to the Interim Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Notes%20to%20the%20Interim%20Consolidated%20Financial%20Statements%20(Unaudited)) This section provides detailed disclosures on accounting policies, segment information, and significant legal proceedings, including PFAS litigation and derivative instruments - The company's revenue is primarily derived from product sales of seeds and crop protection products, recognized at a point in time when the customer obtains control. Revenue recognized in Q1 2022 from deferred revenue at the beginning of the period was **$1,339 million**[34](index=34&type=chunk)[35](index=35&type=chunk)[42](index=42&type=chunk) - The company has significant legal proceedings, particularly related to legacy EID businesses concerning PFAS, PFOA, and PFOS. A key development is the January 2021 Memorandum of Understanding (MOU) with Chemours and DuPont, establishing a cost-sharing arrangement and a **$1 billion** escrow account to manage potential future PFAS liabilities[87](index=87&type=chunk)[88](index=88&type=chunk)[96](index=96&type=chunk) - The company utilizes derivative instruments, including foreign currency and commodity contracts, to manage financial risks. As of March 31, 2022, the notional amount of foreign currency contracts designated as hedges was **$1,043 million**, and for commodity contracts, it was **$531 million**[143](index=143&type=chunk)[148](index=148&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 financial results, highlighting a 10% net sales increase, strong liquidity, and the impact of global economic conditions, including the Russia-Ukraine conflict [Recent Developments](index=41&type=section&id=Recent%20Developments) The company is navigating global economic volatility, announcing its withdrawal from Russia, which accounts for about 2% of annual net sales, and continuing its share repurchase program - In April 2022, the company announced its decision to withdraw from Russia, initiating a plan to stop production and business activities. Russia contributes approximately **2%** of the company's annual net sales[190](index=190&type=chunk) - Under its 2021 Share Buyback Plan, the company repurchased **4,585,000 shares** for a total cost of **$235 million** during the three months ended March 31, 2022[191](index=191&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Net sales for Q1 2022 increased 10% to $4.6 billion, driven by price and volume gains, while COGS increased to 59% of net sales, and Operating EBITDA improved to $1,039 million Net Sales Change by Region (Q1 2022 vs. Q1 2021) | Region | Net Sales Change % | Price & Product Mix % | Volume % | Currency % | | :--- | :--- | :--- | :--- | :--- | | North America | 15% | 8% | 7% | 0% | | EMEA | (1)% | 9% | 3% | (13)% | | Latin America | 25% | 12% | 14% | (1)% | | Asia Pacific | 16% | 5% | 17% | (3)% | | **Total** | **10%** | **9%** | **7%** | **(6)%** | - COGS increased from **$2,420 million** to **$2,724 million** YoY, driven by higher volumes, input costs, freight, and logistics[195](index=195&type=chunk)[202](index=202&type=chunk) - Other Income decreased significantly from **$337 million** to **$17 million**, primarily due to lower non-operating pension credits, estimated settlement reserves for Lorsban®, and increased exchange losses[209](index=209&type=chunk) [Segment Reviews](index=46&type=section&id=Segment%20Reviews) The Seed segment saw a 1% sales increase to $2.52 billion, while the Crop Protection segment had a strong quarter with sales up 23% to $2.08 billion, leading to a 53% surge in its operating EBITDA Seed Segment Performance (Q1 2022 vs Q1 2021) | Metric | Q1 2022 | Q1 2021 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $2,524 million | $2,492 million | +1% | | Segment Operating EBITDA | $569 million | $617 million | -8% | - Seed segment sales growth was driven by an **8% price increase**, particularly in corn, but was offset by seasonal timing of deliveries in North America and unfavorable currency impacts from the Turkish Lira and Euro[230](index=230&type=chunk)[231](index=231&type=chunk) Crop Protection Segment Performance (Q1 2022 vs Q1 2021) | Metric | Q1 2022 | Q1 2021 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $2,077 million | $1,686 million | +23% | | Segment Operating EBITDA | $491 million | $321 million | +53% | - Crop Protection volume growth was driven by strong early demand for herbicides in North America and continued penetration of new products like Enlist™, Arylex™, and Rinskor™[236](index=236&type=chunk) [Liquidity & Capital Resources](index=50&type=section&id=Liquidity%20%26%20Capital%20Resources) The company's liquidity remains strong despite cash decreasing to $2.3 billion due to seasonal working capital, supported by $6.6 billion in credit facilities and capital returns - Cash used for operating activities increased to **$(2,730) million** in Q1 2022 from **$(1,950) million** in Q1 2021, driven by higher working capital requirements[259](index=259&type=chunk) - The company has access to approximately **$6.6 billion** in committed and uncommitted unused credit lines as of March 31, 2022[248](index=248&type=chunk) - In Q1 2022, the company repurchased **$235 million** of its common stock and paid a dividend of **$0.14 per share**[262](index=262&type=chunk)[263](index=263&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to Note 15 of the financial statements and the 2021 Annual Report for detailed information on market risks, including foreign currency and commodity price exposures - The company's disclosures on market risk, including the use of financial instruments and sensitivity analysis, are detailed in Note 15 of the interim financial statements and in the 2021 Annual Report[272](index=272&type=chunk) [Item 4. Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of March 31, 2022, the company's disclosure controls and procedures were effective[278](index=278&type=chunk) - No material changes were made to the company's internal control over financial reporting during the first quarter of 2022[279](index=279&type=chunk) [Part II Other Information](index=55&type=section&id=Part%20II%20Other%20Information) This section covers legal proceedings, updated risk factors, and details on unregistered sales of equity securities and the use of proceeds [Item 1. Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including an FTC investigation, Lorsban® lawsuits, and significant legacy PFAS litigation from EID, along with DOJ charges related to a 2014 incident - The company received a subpoena from the FTC in May 2020 regarding potential anticompetitive conduct related to certain crop protection products. Corteva is cooperating and believes material liability is remote[286](index=286&type=chunk) - The company faces personal injury and remediation lawsuits related to chlorpyrifos (Lorsban®), with an accrual established for the estimated resolution of certain claims[287](index=287&type=chunk) - EID and a former employee were indicted by the DOJ in January 2021 over a 2014 fatal chemical release at the La Porte, Texas plant. One felony charge was dismissed, and a trial on remaining charges is scheduled for October 2022[291](index=291&type=chunk)[294](index=294&type=chunk) [Item 1A. Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) This section supplements existing risk factors with a new, specific risk concerning the Russia-Ukraine conflict, detailing potential impacts on supply chain, costs, and geopolitical stability - A significant new risk factor is the ongoing Russia-Ukraine conflict, which has led to the company's decision to withdraw from Russia[306](index=306&type=chunk) - Potential impacts from the conflict include shortages in materials, increased costs for transportation and energy, supply disruptions, and adverse changes to foreign exchange rates, which could heighten many of the company's other known risks[306](index=306&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2022, Corteva repurchased 4.58 million shares of common stock for approximately $235 million under its buyback program, with $1.015 billion remaining Issuer Purchases of Equity Securities (Q1 2022) | Month | Total Number of Shares Purchased | Average Price Paid per Share | Approximate Value Remaining in Program (millions) | | :--- | :--- | :--- | :--- | | January 2022 | 1,311,419 | $47.31 | $1,188 | | February 2022 | 1,269,140 | $49.94 | $1,125 | | March 2022 | 2,004,820 | $54.83 | $1,015 | | **Total** | **4,585,379** | **$51.32** | **$1,015** | [Consolidated Financial Statements of E.I. du Pont de Nemours and Company (Unaudited)](index=60&type=section&id=Consolidated%20Financial%20Statements%20of%20E.I.%20du%20Pont%20de%20Nemours%20and%20Company%20(Unaudited)) This section presents the separate unaudited consolidated financial statements for E.I. du Pont de Nemours and Company (EID), a subsidiary of Corteva, highlighting key differences like preferred stock and related-party loans [EID Financial Statements and Notes](index=60&type=section&id=EID%20Financial%20Statements%20and%20Notes) This section presents EID's separate consolidated financial statements, largely mirroring Corteva's, with key differences including preferred stock, a related-party loan from Corteva, and Q1 2022 net income of $560 million - EID is a subsidiary of Corteva, and its financial statements are presented with reduced disclosure. The primary differences from Corteva's consolidated statements relate to EID's preferred stock, a related-party loan from Corteva, and its capital structure[331](index=331&type=chunk) - As of March 31, 2022, EID had an outstanding related-party loan from Corteva, Inc. of **$1,825 million**, which incurred **$9 million** in interest expense for the quarter[335](index=335&type=chunk) EID Consolidated Statement of Operations (Q1 2022 vs Q1 2021) | Financial Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net sales | $4,601 million | $4,178 million | | Interest expense | $18 million | $22 million | | Income from continuing operations before income taxes | $689 million | $776 million | | **Net income attributable to EID** | $559 million | $591 million |

2021 ____________________________________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (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 Commission File Number 001-38710 Corteva, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 82- ...