$CTVA
Corteva, Inc.

2023 Q2 Form 10-Q Financial Statement

#000175567223000011 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $6.045B $4.884B $4.601B
YoY Change -3.31% 6.15% 10.12%
Cost Of Revenue $3.137B $2.771B $2.724B
YoY Change -5.6% 1.73% 12.56%
Gross Profit $2.908B $2.113B $1.877B
YoY Change -0.72% 12.57% 6.77%
Gross Profit Margin 48.11% 43.26% 40.8%
Selling, General & Admin $1.045B $726.0M $735.0M
YoY Change 2.75% -1.22% 0.27%
% of Gross Profit 35.94% 34.36% 39.16%
Research & Development $329.0M $316.0M $268.0M
YoY Change 11.15% 17.91% -4.63%
% of Gross Profit 11.31% 14.96% 14.28%
Depreciation & Amortization $306.0M $287.0M $307.0M
YoY Change 1.32% -6.51% 0.99%
% of Gross Profit 10.52% 13.58% 16.36%
Operating Expenses $1.374B $1.042B $1.003B
YoY Change 4.65% 3.89% -1.08%
Operating Profit $1.534B $1.071B $874.0M
YoY Change -5.07% 22.54% 17.47%
Interest Expense -$82.00M -$24.00M -$31.00M
YoY Change 241.67% -22.58% 72.22%
% of Operating Profit -5.35% -2.24% -3.55%
Other Income/Expense, Net -$134.0M -$71.00M $17.00M
YoY Change -373.47% -517.65% -94.96%
Pretax Income -$1.084B $776.0M $698.0M
YoY Change -181.69% 11.17% -11.76%
Income Tax $204.0M $169.0M $121.0M
% Of Pretax Income 21.78% 17.34%
Net Earnings $714.0M $595.0M $564.0M
YoY Change -26.32% 5.5% -6.0%
Net Earnings / Revenue 11.81% 12.18% 12.26%
Basic Earnings Per Share $1.00 $0.84 $0.78
Diluted Earnings Per Share $1.00 $0.83 $0.78
COMMON SHARES
Basic Shares Outstanding 710.9M shares 712.8M shares 727.0M shares
Diluted Shares Outstanding 713.7M shares 716.2M shares 730.9M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.616B $1.731B $2.321B
YoY Change -1.47% -25.42% -7.82%
Cash & Equivalents $2.563B $1.646B $2.031B
Short-Term Investments $53.00M $85.00M $290.0M
Other Short-Term Assets $1.008B $1.335B $1.296B
YoY Change 3.07% 3.01% -7.76%
Inventory $5.628B $6.585B $4.986B
Prepaid Expenses
Receivables $5.248B $6.883B $5.603B
Other Receivables $1.380B $1.344B $1.246B
Total Short-Term Assets $17.21B $18.33B $15.88B
YoY Change 16.55% 15.44% 5.6%
LONG-TERM ASSETS
Property, Plant & Equipment $4.306B $4.271B $4.333B
YoY Change 0.14% -1.43% 0.79%
Goodwill $10.54B $10.51B $10.11B
YoY Change 5.53% 3.95% -0.36%
Intangibles $9.985B $10.14B $9.865B
YoY Change 3.23% 2.76% -6.79%
Long-Term Investments $83.00M $87.00M $91.00M
YoY Change -10.75% -4.4% 42.19%
Other Assets $1.545B $1.660B $1.886B
YoY Change -5.79% -11.98% -5.08%
Total Long-Term Assets $26.98B $27.17B $26.76B
YoY Change 3.21% 1.55% -2.76%
TOTAL ASSETS
Total Short-Term Assets $17.21B $18.33B $15.88B
Total Long-Term Assets $26.98B $27.17B $26.76B
Total Assets $44.19B $45.50B $42.63B
YoY Change 8.03% 6.72% 0.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.379B $3.957B $3.685B
YoY Change -5.27% 7.38% 18.95%
Accrued Expenses $2.892B $2.477B $2.335B
YoY Change 17.85% 6.08% 4.29%
Deferred Revenue
YoY Change
Short-Term Debt $2.805B $3.680B $984.0M
YoY Change 310.09% 273.98% -19.21%
Long-Term Debt Due $195.0M $49.00M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $10.35B $13.23B $9.653B
YoY Change 31.7% 37.07% 7.27%
LONG-TERM LIABILITIES
Long-Term Debt $2.290B $1.241B $1.154B
YoY Change 78.49% 7.54% 4.72%
Other Long-Term Liabilities $1.722B $1.692B $1.704B
YoY Change 1.71% -0.7% -6.06%
Total Long-Term Liabilities $7.382B $6.430B $7.044B
YoY Change 5.77% -8.72% -19.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.35B $13.23B $9.653B
Total Long-Term Liabilities $7.382B $6.430B $7.044B
Total Liabilities $17.73B $19.66B $16.70B
YoY Change 19.5% 17.75% -6.04%
SHAREHOLDERS EQUITY
Retained Earnings $1.013B $487.0M $750.0M
YoY Change -19.09% -35.07% 179.85%
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 $26.22B $25.60B $25.70B
YoY Change
Total Liabilities & Shareholders Equity $44.19B $45.50B $42.63B
YoY Change 8.03% 6.72% 0.2%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $714.0M $595.0M $564.0M
YoY Change -26.32% 5.5% -6.0%
Depreciation, Depletion And Amortization $306.0M $287.0M $307.0M
YoY Change 1.32% -6.51% 0.99%
Cash From Operating Activities $812.0M -$3.311B -$2.730B
YoY Change -26.78% 21.28% 40.0%
INVESTING ACTIVITIES
Capital Expenditures $99.00M $151.0M -$179.0M
YoY Change -171.22% -184.36% 30.66%
Acquisitions -$1.463B $0.00
YoY Change
Other Investing Activities $66.00M -$1.360B $0.00
YoY Change -38.89% -100.0%
Cash From Investing Activities -$33.00M -$1.511B -$404.0M
YoY Change 6.45% 274.01% -1222.22%
FINANCING ACTIVITIES
Cash Dividend Paid $107.0M $102.0M
YoY Change 4.9% 5.15%
Common Stock Issuance & Retirement, Net $235.0M
YoY Change -32.86%
Debt Paid & Issued, Net $56.00M $0.00
YoY Change
Cash From Financing Activities 105.0M $3.274B $714.0M
YoY Change -117.27% 358.54% -13.03%
NET CHANGE
Cash From Operating Activities 812.0M -$3.311B -$2.730B
Cash From Investing Activities -33.00M -$1.511B -$404.0M
Cash From Financing Activities 105.0M $3.274B $714.0M
Net Change In Cash 884.0M -$1.550B -$2.451B
YoY Change 88.09% -36.76% 114.44%
FREE CASH FLOW
Cash From Operating Activities $812.0M -$3.311B -$2.730B
Capital Expenditures $99.00M $151.0M -$179.0M
Free Cash Flow $713.0M -$3.462B -$2.551B
YoY Change -42.87% 35.71% 40.71%

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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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<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%">Licenses of Intellectual Property</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%">Corteva enters into licensing arrangements with customers under which it licenses its intellectual property. Revenue from the majority of intellectual property licenses is derived from sales-based royalties. Revenue for licensing agreements that contain </span></div>sales-based royalties is recognized at the later of (i) when the subsequent sale occurs or (ii) when the performance obligation to which some or all of the royalty has been allocated is satisfied.
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Files In Submission

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