Corteva, Inc. (CTVA) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18
	8-K	10-K	10-K	10-K	10-K
Revenues:
Seed		8,402	7,756	7,590	7,842
Crop Protection		7,253	6,461	6,256	6,445
UNITED STATES		6,782	6,510	6,255	6,725
Total revenues	17,455	15,655	14,217	13,846	14,287
Revenue growth [+]	11.5%	10.1%	2.7%	-3.1%
Seed		8.3%	2.2%	-3.2%
Crop Protection		12.3%	3.3%	-2.9%
UNITED STATES		4.2%	4.1%	-7.0%
Latin America		26.4%	-2.9%	2.6%
Cost of goods sold	10,436	9,220	8,507	8,575	9,948
Gross profit	7,019	6,435	5,710	5,271	4,339
Gross margin	40.2%	41.1%	40.2%	38.1%	30.4%
Selling, general and administrative	3,173	3,209	3,043	3,065	3,041
Research and development	1,216	1,187	1,142	1,147	1,355
Other operating expenses	483	289	335	992	1,848
EBITDA [+]	2,668	2,472	1,872	1,191	494
EBITDA growth	7.9%	32.1%	57.2%	141.1%
EBITDA margin	15.3%	15.8%	13.2%	8.6%	3.5%
Depreciation and amortization	521	722	682	1,124	2,399
EBITA	2,147	1,750	1,190	67	-1,905
EBITA margin	12.3%	11.2%	8.4%	0.5%	-13.3%
Amortization of intangibles	702	722	682	475	391
EBIT [+]	1,445	1,028	508	-408	-2,296
EBIT growth	40.6%	102.4%	-224.5%	-82.2%
EBIT margin	8.3%	6.6%	3.6%	-2.9%	-16.1%
Non-recurring items [+]					4,503
Asset impairment					4,503
Interest expense	79	30	45	136	337
Interest expense	79	30	45	136	337
Other income (expense), net [+]	60	1,348	212	228	330
Gain (loss) on debt retirement				-13	-81
Other	60
Pre-tax income	1,426	2,346	675	-316	-6,806
Income taxes	1,426	524	-81	-46	-31
Tax rate	100.0%	22.3%		14.6%	0.5%
Minority interest	11	10	20	18	38
Earnings from continuing ops	1,147	3,634	1,492	-288	-13,588
Earnings from discontinued ops		-53	-55	-671	1,748
Net income	1,147	3,581	1,437	-959	-11,840
Net margin	6.6%	22.9%	10.1%	-6.9%	-82.9%

Basic EPS [+]	$1.59	$4.94	$1.99	($0.38)	($18.13)
Growth	-67.8%	147.8%	-618.6%	-97.9%
Diluted EPS [+]	$1.58	$4.90	$1.99	($0.38)	($18.13)
Growth	-67.7%	146.7%	-616.9%	-97.9%

Dividends per share [+]	$0.58	$0.54	$0.52	$0.26
Growth	7.5%	4.1%	100.2%

Shares outstanding (basic) [+]	721	736	749	750	749
Growth	-2.1%	-1.7%	-0.1%	0.0%
Shares outstanding (diluted) [+]	725	742	751	750	749
Growth	-2.3%	-1.3%	0.2%	0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.