Deere & Company

- The company emphasizes disciplined capital allocation and strong liquidity, supported by a solid A credit rating. - In 2021, they generated strong cash flow and returned over $3.5 billion to shareholders through dividends and share repurchases. - There is no explicit mention of plans for new fundraising through debt or equity in the provided pages. - The focus for 2022 is on investing organically and inorganically (M&A), supported by cash flow and liquidity. - They plan increased R&D investment (+17%) and targeted M&A aligned with strategic growth priorities. - No indications of pursuing new debt or equity fundraising; the strategy appears to prioritize existing resources and capital discipline.

- Increased R&D investment by 17% in 2022, focused on developing the tech stack including autonomy, digital solutions, connectivity, and electrification. - Continued active M&A strategy aligned with thematic trends around sense and act platform, autonomy, and digital solutions. - Plans to demonstrate new technologies at Investor Tech Day in mid-2022. - Focus on organic and inorganic investments to accelerate growth, guided by the smart industrial strategy launched in 2020. - Emphasis on technology stack investments to unlock next-gen customer value in profitability and sustainability. - Infrastructure-related investments anticipated to enhance the technology stack and customer-facing capabilities. - Strategic capital allocation prioritizes areas where the company can differentiate and create the most value. - No significant inventory build planned; focus is on meeting strong demand rather than stockpiling inventory.

- Deere forecasts strong demand growth for fiscal year 2022 across key segments including large agricultural equipment, construction, and forestry. - Large Ag products' order books are full or near-full, indicating sustained high sales velocity into 2022. - Construction and forestry segments are expected to experience net sales growth of 10% to 15%. - Earthmoving and compact equipment demand is projected to exceed production, keeping inventory levels low. - Precision Ag sales are expected to grow 15% to 20%, with North American Small Ag and Turf expected to be flat. - New technology adoption (e.g., AutoPath, ExactRate, See and Spray Ultimate) is driving incremental sales and higher take rates. - Deere anticipates ongoing recovery and replacement demand supported by demographics like fleet aging, low used inventory, and input cost pressures favoring precision technology. - Overall equipment operations sales growth is expected despite supply chain challenges. - Full-year revenue outlook includes continued price realization and volume growth, with raw material headwinds factored in.

- Full-year 2022 net income forecast: $6.5 billion to $7 billion (Page 2). - Production and Precision Ag net sales forecast: up 20%-25% in fiscal 2022; operating margin forecast: 20%-21% (Page 1). - Small Ag and Turf net sales forecast: up 15%-20%; operating margin forecast: 16%-17% (Page 1). - Construction and Forestry net sales forecast: up 10%-15% with an operating margin between 13.5%-14.5% (Page 2). - Anticipated $2 billion in raw material and logistics headwinds in 2022, with two-thirds expected in H1 2022; expect pricing to outpace these costs over the year though possibly price-cost negative in Q1 (Page 2). - R&D investment up 17% in 2022, focusing on technology and future growth areas (Page 3). - Expect financial services net income of $870 million in 2022, benefiting from portfolio growth (Page 2). - Earnings per diluted share for 2021 was $18.99; expect continued growth aligned with operational performance (Page 1).

- The company mentions an early order program, particularly for Production and Precision Ag equipment. - There is strong customer demand reflected in these early order programs. - The supply chain challenges and strikes have caused some risks, but the company is confident in meeting demand for planting season and fulfilling early orders. - They have managed to surge components into production lines to meet customer needs. - Dealers and customers have been kept informed about order status and potential risks. - Demand is currently above the industry's ability to produce, with inventory levels at historically low levels. - There is an expectation of continued strong demand extending beyond 2022 due to low inventory and aging fleets.