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Dan Rizwan

Senior Vice President and Equity Research Analyst at Jefferies

Dan Rizwan is a Senior Vice President and Equity Research Analyst at Jefferies, specializing in coverage of the U.S. software sector with an emphasis on companies such as Salesforce, ServiceNow, Workday, and Microsoft. He has built a reputation for high-conviction calls and deep industry insight, consistently delivering actionable investment research with strong success metrics as reflected by a top decile ranking on TipRanks and a track record of above-market returns. Rizwan began his financial career at Morgan Stanley after earning his degree from Georgetown University, joining Jefferies in 2018 where he quickly advanced to his current role. He holds FINRA Series 7, 63, and 86/87 licenses, underscoring his professional credibility and regulatory compliance.

Dan Rizwan's questions to Corteva (CTVA) leadership

Question · Q3 2025

Dan Rizwan asked about the drivers of free cash flow, specifically how working capital, particularly as a percentage of sales, should be considered over the long term on an annual basis.

Answer

EVP and CFO David Johnson noted that year-over-year free cash flow improvement has been significantly driven by working capital, with increases in receivables due to volume/sales growth and a decline in inventory. He mentioned that Q4 typically involves inventory building. For long-term working capital as a percentage of sales, Johnson suggested that the average of the last couple of years serves as a good indication for future plans.

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Question · Q3 2025

Dan Rizwan asked about the drivers of Corteva's free cash flow, specifically how working capital, particularly as a percentage of sales, should be considered over the long term on an annual basis.

Answer

CFO David Johnson noted that year-over-year free cash flow improvement has been significantly driven by working capital, with increased receivables due to volume/sales and a decline in inventory. He expects some inventory build in Q4, contributing to the $1.9 billion (or potentially higher) free cash flow. For long-term working capital as a percentage of sales, he suggested using the average of the last couple of years as a good indication.

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