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- ...

Financial Performance & Growth - Corteva's net sales for FY 2021 reached $1565 billion, a 10% increase[33,37] - Organic sales for FY 2021 also grew by 9%, reaching $1550 billion[39,43] - Operating EBITDA for FY 2021 increased by 11% to $262 million[45,49] - Operating EBITDA margin improved by 178 bps in FY 2021[52] - Crop Protection sales increased 12% to $7253 billion in FY2021[81] - Seed sales increased 8% to $8402 billion in FY2021[120] Regional Performance - North America reported a 5% increase in net sales in FY 2021, with organic growth of 4%[56] - EMEA reported a 10% increase in net sales in FY 2021, with organic growth of 6%[56] - Latin America reported a 3% increase in net sales in FY 2021, with organic growth of 26%[56] - Asia Pacific reported a 26% increase in net sales in FY 2021, with organic growth of 27%[56] 2022 Outlook - The company projects net sales between $167 billion and $170 billion in 2022, representing an 8% growth at the midpoint[64] - Operating EPS is projected to be between $230 and $250 in 2022, a 12% growth at the midpoint[62,64] - Free cash flow is expected to be between $13 billion and $16 billion in 2022[61]

Corteva, Inc. (NYSE:CTVA) Q4 2021 Earnings Conference Call February 3, 2022 9:00 AM ET Company Participants Jeff Rudolph - Vice President of Investor Relations Chuck Magro - Chief Executive Officer Dave Anderson - Executive Vice President & Chief Financial Officer Tim Glenn - Executive Vice President & Chief Commercial Officer Rajan Gajaria - Executive Vice President of Business Platforms Conference Call Participants Joel Jackson - BMO Capital Markets Vincent Andrews - Morgan Stanley Kevin McCarthy - Vertic ...

Financial Data and Key Metrics Changes - Corteva reported a 24% organic growth in both seed and crop protection compared to the prior year, driven by strong demand particularly in Latin America and North America [12][13] - Year-to-date organic sales increased by 9% to just over $12 billion, with EBITDA of $2.31 billion, up 25% year-over-year [14][19] - The company experienced a seasonal loss of $51 million in operating EBITDA for the quarter, an improvement of over $120 million compared to the previous year [13][14] Business Line Data and Key Metrics Changes - In North America, organic sales were up 5%, with seed sales benefiting from increased planted areas for corn and soybeans [15] - Crop protection in North America delivered a 10% year-to-date organic sales increase, with strong demand for new technologies [16] - Latin America saw a remarkable 27% organic sales growth, driven by strong volumes and price gains [17] Market Data and Key Metrics Changes - North America experienced a 2% increase in corn prices and a 3% decrease in soybean prices due to competitive pressures [15] - In Europe, the Middle East, and Africa, organic sales grew by 7%, impacted by corn supply shortages [16] - Asia-Pacific delivered 7% organic sales growth, with crop protection growing by 11% due to demand for new products [18] Company Strategy and Development Direction - The company aims to leverage its strong operational performance and customer relationships to drive long-term solutions to global agricultural issues [11] - Corteva is focused on sustainability and innovation, with a commitment to delivering value for shareholders while addressing climate change [11][39] - The management team is committed to executing the strategic plan and enhancing operational excellence [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the agricultural market's positive outlook for 2022, with expectations of good planted acreage in corn and soybeans [43] - The company anticipates continued supply chain challenges and cost inflation, but remains focused on pricing strategies to mitigate these impacts [21][31] - The outlook for 2021 has been raised, expecting reported net sales in the range of $15.5 to $15.7 billion, reflecting strong market fundamentals [25][26] Other Important Information - The company is raising its full-year operating EBITDA guidance to a range of $2.5 to $2.6 billion, representing a 22% improvement over 2020 [26] - Corteva is also increasing its free cash flow guidance to a range of $550 million, reflecting improved operational disciplines [50][51] Q&A Session Summary Question: Insights from a new CEO's perspective on Corteva's strengths and areas for improvement - The new CEO expressed positive early impressions of the company's operations and emphasized the importance of customer focus and sustainability initiatives [35][36][39] Question: Confidence in achieving 2022 targets - The CEO reaffirmed confidence in the management team and the positive agricultural backdrop, indicating potential for long-term value creation [42][43] Question: Growth potential of the biologics business - The management highlighted the importance of unique technology and strong commercial capabilities in driving growth in the biologics sector [46][49] Question: Drivers of increased free cash flow guidance - The CFO explained that improved working capital management and operational disciplines contributed to the increased cash flow guidance [51][54] Question: Pricing strategies in response to competitive pressures - The management discussed proactive pricing strategies to capture value and mitigate inflationary pressures in both seed and crop protection segments [60][64]

| --- | --- | --- | |-------|-----------------------------------|-------| | | | | | | 3Q 2021 Earnings Conference Call | | | | November 4, 2021 | | 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 fo ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share CTVA New York Stock Exchange 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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38 ...