2022 Q4 Form 10-Q Financial Statement

#000175567222000026 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022 Q2
Revenue $3.825B $2.777B $6.252B
YoY Change 9.95% 17.12% 11.11%
Cost Of Revenue $2.510B $1.879B $3.323B
YoY Change 12.46% 20.6% 10.4%
Gross Profit $1.315B $898.0M $2.929B
YoY Change 5.45% 10.46% 11.92%
Gross Profit Margin 34.38% 32.34% 46.85%
Selling, General & Admin $764.0M $657.0M $1.017B
YoY Change -5.21% -2.23% 1.9%
% of Gross Profit 58.1% 73.16% 34.72%
Research & Development $340.0M $312.0M $296.0M
YoY Change 7.59% 5.05% 1.02%
% of Gross Profit 25.86% 34.74% 10.11%
Depreciation & Amortization $304.0M $310.0M $302.0M
YoY Change -4.1% 0.32% -3.51%
% of Gross Profit 23.12% 34.52% 10.31%
Operating Expenses $1.270B $969.0M $1.313B
YoY Change -2.38% 0.0% 1.7%
Operating Profit $45.00M -$71.00M $1.616B
YoY Change -183.33% -54.49% 21.87%
Interest Expense -$36.00M $4.000M -$24.00M
YoY Change -357.14% -66.67% 2300.0%
% of Operating Profit -80.0% -1.49%
Other Income/Expense, Net -$149.0M $23.00M $49.00M
YoY Change -150.68% -93.92% -83.56%
Pretax Income -$203.0M -$396.0M $1.327B
YoY Change -182.86% -5050.0% 1.92%
Income Tax -$162.0M -$74.00M $325.0M
% Of Pretax Income 24.49%
Net Earnings -$55.00M -$331.0M $969.0M
YoY Change -134.59% -1203.33% -0.1%
Net Earnings / Revenue -1.44% -11.92% 15.5%
Basic Earnings Per Share -$0.46 $1.34
Diluted Earnings Per Share -$76.96K -$0.46 $1.33
COMMON SHARES
Basic Shares Outstanding 714.5M shares 718.6M shares 723.0M shares
Diluted Shares Outstanding 718.7M shares 726.7M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.315B $2.318B $2.655B
YoY Change -27.06% -19.57% -8.45%
Cash & Equivalents $3.191B $2.199B $2.401B
Short-Term Investments $124.0M $119.0M $254.0M
Other Short-Term Assets $968.0M $1.039B $978.0M
YoY Change -4.16% 0.97% -7.03%
Inventory $6.811B $5.415B $4.184B
Prepaid Expenses
Receivables $4.168B $3.642B $4.457B
Other Receivables $1.440B $1.398B $1.185B
Total Short-Term Assets $16.80B $15.05B $14.76B
YoY Change 8.03% 6.36% 3.35%
LONG-TERM ASSETS
Property, Plant & Equipment $4.254B $4.185B $4.300B
YoY Change -1.73% -2.9% -0.94%
Goodwill $9.962B $9.791B $9.987B
YoY Change -1.43% -3.35% -2.16%
Intangibles $9.339B $9.461B $9.673B
YoY Change -7.02% -7.47% -7.11%
Long-Term Investments $102.0M $91.00M $93.00M
YoY Change 34.21% 35.82% 36.76%
Other Assets $2.166B $1.671B $1.640B
YoY Change 20.07% -6.96% -5.75%
Total Long-Term Assets $25.82B $25.61B $26.14B
YoY Change -3.64% -5.08% -3.93%
TOTAL ASSETS
Total Short-Term Assets $16.80B $15.05B $14.76B
Total Long-Term Assets $25.82B $25.61B $26.14B
Total Assets $42.62B $40.65B $40.91B
YoY Change 0.65% -1.15% -1.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.895B $4.140B $3.567B
YoY Change 18.64% 17.88% 16.19%
Accrued Expenses $2.254B $2.115B $2.454B
YoY Change 8.99% -0.89% -2.73%
Deferred Revenue
YoY Change
Short-Term Debt $23.00M $1.369B $684.0M
YoY Change 43.75% 70.7% 38.46%
Long-Term Debt Due $24.00M $0.00 $0.00
YoY Change 2300.0% -100.0% -100.0%
Total Short-Term Liabilities $10.74B $8.918B $7.856B
YoY Change 12.41% 14.26% 8.33%
LONG-TERM LIABILITIES
Long-Term Debt $1.283B $1.277B $1.283B
YoY Change 16.64% 15.99% 16.53%
Other Long-Term Liabilities $3.931B $1.621B $1.693B
YoY Change 128.68% -5.97% -6.77%
Total Long-Term Liabilities $5.214B $6.649B $6.979B
YoY Change -27.21% -20.26% -19.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.74B $8.918B $7.856B
Total Long-Term Liabilities $5.214B $6.649B $6.979B
Total Liabilities $17.32B $15.57B $14.84B
YoY Change 3.56% -3.57% -6.53%
SHAREHOLDERS EQUITY
Retained Earnings $250.0M $614.0M $1.252B
YoY Change -52.29% -7.81% 33.05%
Common Stock $7.000M $7.000M $7.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.30B $24.84B $25.83B
YoY Change
Total Liabilities & Shareholders Equity $42.62B $40.65B $40.91B
YoY Change 0.65% -1.15% -1.42%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022 Q2
OPERATING ACTIVITIES
Net Income -$55.00M -$331.0M $969.0M
YoY Change -134.59% -1203.33% -0.1%
Depreciation, Depletion And Amortization $304.0M $310.0M $302.0M
YoY Change -4.1% 0.32% -3.51%
Cash From Operating Activities $3.018B -$525.0M $1.109B
YoY Change -14.89% 198.3% -15.15%
INVESTING ACTIVITIES
Capital Expenditures -$145.0M -$142.0M -$139.0M
YoY Change -9.38% -1.39% 5.3%
Acquisitions
YoY Change
Other Investing Activities -$48.00M $138.0M $108.0M
YoY Change 4700.0% -445.0% 36.71%
Cash From Investing Activities -$193.0M -$4.000M -$31.00M
YoY Change 19.88% -97.83% -41.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.843B 557.0M -608.0M
YoY Change 13.0% 42.09% -28.3%
NET CHANGE
Cash From Operating Activities 3.018B -525.0M 1.109B
Cash From Investing Activities -193.0M -4.000M -31.00M
Cash From Financing Activities -1.843B 557.0M -608.0M
Net Change In Cash 982.0M 28.00M 470.0M
YoY Change -44.01% -12.5% 15.76%
FREE CASH FLOW
Cash From Operating Activities $3.018B -$525.0M $1.109B
Capital Expenditures -$145.0M -$142.0M -$139.0M
Free Cash Flow $3.163B -$383.0M $1.248B
YoY Change -14.65% 1096.88% -13.27%

Facts In Submission

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Products</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of Corteva's revenue is derived from product sales. Product sales consist of sales of Corteva's products to farmers, distributors, and manufacturers. Corteva considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. However, the company has some long-term contracts which can span multiple years. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue from product sales is recognized when the customer obtains control of the company's product, which occurs at a point in time according to shipping terms. Payment terms are generally less than one year from invoicing. The company elected the practical expedient and does not adjust the promised amount of consideration for the effects of a significant financing component when the company expects it will be one year or less between when a customer obtains control of the company's product and when payment is due. When the company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to or at shipment), these are considered fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. In addition, the company elected the practical expedient to expense any costs to obtain contracts as incurred, as the amortization period for these costs would have been one year or less.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The transaction price includes estimates of variable consideration, such as rights of return, rebates, and discounts, that are reductions in revenue. All estimates are based on the company's historical experience, anticipated performance, and the company's best judgment at the time the estimate is made. Estimates of variable consideration included in the transaction price primarily utilize the expected value method based on historical experience. These estimates are reassessed each reporting period and are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur upon resolution of uncertainty associated with the variable consideration. The majority of contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit. For contracts with multiple performance obligations, the company allocates the transaction price to each performance obligation based on the relative standalone selling price. The standalone selling price is the observable price which depicts the price as if sold to a similar customer in similar circumstances.</span></div>
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