$OTIS
Otis Worldwide Corp

2022 Q4 Form 10-Q Financial Statement

#000178133522000045 Filed on October 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $3.439B $3.344B
YoY Change -3.64% -7.62%
Cost Of Revenue $2.479B $2.373B
YoY Change -2.02% -7.3%
Gross Profit $960.0M $971.0M
YoY Change -7.6% -8.4%
Gross Profit Margin 27.92% 29.04%
Selling, General & Admin $448.0M $417.0M
YoY Change -7.05% -12.94%
% of Gross Profit 46.67% 42.95%
Research & Development $38.00M $37.00M
YoY Change -17.39% -5.13%
% of Gross Profit 3.96% 3.81%
Depreciation & Amortization $46.00M $48.00M
YoY Change -9.8% -4.0%
% of Gross Profit 4.79% 4.94%
Operating Expenses $469.0M $454.0M
YoY Change -10.15% -12.36%
Operating Profit $491.0M $529.0M
YoY Change -5.03% -2.4%
Interest Expense -$36.00M -$35.00M
YoY Change -18.18% 6.06%
% of Operating Profit -7.33% -6.62%
Other Income/Expense, Net $0.00 -$1.000M
YoY Change -100.0% -50.0%
Pretax Income $455.0M $493.0M
YoY Change 1.79% -2.76%
Income Tax $137.0M $143.0M
% Of Pretax Income 30.11% 29.01%
Net Earnings $297.0M $324.0M
YoY Change 5.69% -2.11%
Net Earnings / Revenue 8.64% 9.69%
Basic Earnings Per Share $0.77
Diluted Earnings Per Share $709.3K $0.77
COMMON SHARES
Basic Shares Outstanding 416.6M shares 420.2M shares
Diluted Shares Outstanding 421.2M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.189B $1.034B
YoY Change -24.03% -33.42%
Cash & Equivalents $1.189B $1.034B
Short-Term Investments
Other Short-Term Assets $311.0M $441.0M
YoY Change -18.59% 0.0%
Inventory $617.0M $603.0M
Prepaid Expenses
Receivables $3.357B $3.103B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.143B $5.829B
YoY Change -25.64% -8.56%
LONG-TERM ASSETS
Property, Plant & Equipment $719.0M $692.0M
YoY Change -7.11% -10.71%
Goodwill $1.567B $1.448B
YoY Change -6.0% -14.92%
Intangibles $369.0M $346.0M
YoY Change -11.93% -20.28%
Long-Term Investments
YoY Change
Other Assets $287.0M $273.0M
YoY Change -3.37% -2.85%
Total Long-Term Assets $3.676B $3.513B
YoY Change -8.51% -14.25%
TOTAL ASSETS
Total Short-Term Assets $6.143B $5.829B
Total Long-Term Assets $3.676B $3.513B
Total Assets $9.819B $9.342B
YoY Change -20.03% -10.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.717B $1.521B
YoY Change 10.35% -8.48%
Accrued Expenses $1.794B $1.662B
YoY Change -9.98% -12.76%
Deferred Revenue $2.662B $2.706B
YoY Change -0.45% -1.89%
Short-Term Debt $139.0M $103.0M
YoY Change 479.17% 171.05%
Long-Term Debt Due $531.0M $0.00
YoY Change
Total Short-Term Liabilities $6.843B $5.992B
YoY Change 9.54% -5.83%
LONG-TERM LIABILITIES
Long-Term Debt $6.098B $6.459B
YoY Change -15.88% 18.34%
Other Long-Term Liabilities $556.0M $550.0M
YoY Change -8.25% -9.98%
Total Long-Term Liabilities $6.654B $7.009B
YoY Change -15.29% 15.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.843B $5.992B
Total Long-Term Liabilities $6.654B $7.009B
Total Liabilities $14.48B $14.08B
YoY Change -5.11% 2.7%
SHAREHOLDERS EQUITY
Retained Earnings -$2.865B -$3.042B
YoY Change 26.99% 26.54%
Common Stock $162.0M $134.0M
YoY Change 36.13% 31.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.575B $1.425B
YoY Change 117.24% 96.55%
Treasury Stock Shares
Shareholders Equity -$4.870B -$4.913B
YoY Change
Total Liabilities & Shareholders Equity $9.819B $9.342B
YoY Change -20.03% -10.79%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $297.0M $324.0M
YoY Change 5.69% -2.11%
Depreciation, Depletion And Amortization $46.00M $48.00M
YoY Change -9.8% -4.0%
Cash From Operating Activities $464.0M $239.0M
YoY Change 67.51% -32.68%
INVESTING ACTIVITIES
Capital Expenditures -$34.00M -$24.00M
YoY Change -17.07% -22.58%
Acquisitions
YoY Change
Other Investing Activities -$61.00M $96.00M
YoY Change -390.48% 231.03%
Cash From Investing Activities -$95.00M $72.00M
YoY Change 375.0% -3700.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -250.0M -465.0M
YoY Change -114.89% -34.04%
NET CHANGE
Cash From Operating Activities 464.0M 239.0M
Cash From Investing Activities -95.00M 72.00M
Cash From Financing Activities -250.0M -465.0M
Net Change In Cash 119.0M -154.0M
YoY Change -93.85% -56.25%
FREE CASH FLOW
Cash From Operating Activities $464.0M $239.0M
Capital Expenditures -$34.00M -$24.00M
Free Cash Flow $498.0M $263.0M
YoY Change 56.6% -31.87%

Facts In Submission

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General<div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Condensed Consolidated Financial Statements as of September 30, 2022 and for the quarters and nine months ended September 30, 2022 and 2021 are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the results for the interim periods. The Condensed Consolidated Balance Sheet as of December 31, 2021 was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States ("U.S."). The results reported in these Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the Company's annual consolidated financial statements and accompanying notes included in our Annual Report on </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1781335/000178133522000007/otis-20211231.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Form 10-K</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for fiscal year 2021 ("2021 Form 10-K" or "Form 10-K").</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless the context otherwise requires, references to "Otis", "we", "us", "our" and "the Company" refer to Otis Worldwide Corporation and its subsidiaries.</span></div><div><span><br/></span></div><div style="text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There have been no changes to the Company's significant accounting policies described in the Company's Form 10-K that have a material impact on the Company's Condensed Consolidated Financial Statements and the related notes. </span></div><div style="text-indent:22.5pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revisions</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As previously disclosed, in 2021 the Company identified a misclassification between noncontrolling interest and redeemable noncontrolling interest. Accordingly, the Company adjusted the noncontrolling interest and redeemable noncontrolling interest in the Condensed Consolidated Statements of Changes in Equity as of September 30, 2021, resulting in an increase to Redeemab</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">le noncontrolling interest of $102 million, a decrease to Noncontrolling interest of $73 million and a decrease to Accumulated deficit of $29 million. Refer to Note 2 of the Company’s audited consolidated financial statements and notes thereto included in our 2021 </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1781335/000178133522000007/otis-20211231.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Form 10-K</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Zardoya Otis Tender Offer</span></div><div><span><br/></span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company previously announced its Tender Offer to acquire all of the issued and outstanding shares of Zardoya Otis not owned by the Company in cash, and its intention to delist the shares of Zardoya Otis from the Spanish stock exchanges subsequent to the Tender Offer. The price per share of the Tender Offer was €7.07 in cash as of March 31, 2022, after adjustments for dividends paid. The Tender Offer was approved by the Spanish regulator on February 28, 2022. As a result of the Tender Offer approval, the issued and outstanding shares of Zardoya Otis owned by Euro Syns, S.A. were reclassified to current liabilities as Forward purchase agreement, and the remaining shares not owned by the Company were deemed redeemable at the option of the other shareholders and were reclassified from Noncontrolling interest to Redeemable noncontrolling interest on our Condensed Consolidated Balance Sheets. The difference between the historical noncontrolling interest carrying value in the balance sheet and the fair value of the Tender Offer was recorded to Accumulated deficit.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The results of the Tender Offer were announced on April 7, 2022, with tenders, including of the Euro Syns, S.A.' shares, of 45.49% of the shares outstanding accepted, resulting in the Company owning 95.51% of Zardoya Otis. The shares tendered to the Company were settled in cash on April 12, 2022 for approximately €1.5 billion from the Company's restricted cash held in escrow. The acquisition and settlement of the remaining issued and outstanding shares of Zardoya Otis not owned by the Company for approximately €150 million occurred in the second quarter, with the automatic delisting of Zardoya Otis shares on May 9, 2022.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company owned a controlling interest and had operational control of Zardoya Otis as of and for the periods ended September 30, 2022 and 2021, and all other periods during 2022 and 2021, and therefore its financial results are included in our Condensed Consolidated Financial Statements. The Company owned 50.02% of Zardoya Otis as of March 31, 2022, and 100% as of June 30 and September 30, 2022.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Separation</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 3, 2020, the Company became an independent publicly-traded company (the "Separation") through a pro-rata distribution of 0.5 shares of Common Stock for every share of United Technologies Corporation, subsequently renamed to Raytheon Technologies Corporation ("UTC" or "RTX", as applicable), common stock held at the close of business on the record date of March 19, 2020. Otis began to trade as a separate public company (New York Stock Exchange: OTIS) on April 3, 2020.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We assessed certain accounting matters that generally require consideration of forecasted financial information in the context of the information reasonably available to us and the unknown future impacts of COVID-19 as of September 30, 2022 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for credit losses, the carrying value of our goodwill and other long-lived assets, financial assets and revenue recognition. While there was not a material impact to our Condensed Consolidated Financial Statements as of September 30, 2022 and for the quarters and nine months ended September 30, 2022 and 2021, respectively, resulting from our assessments of these matters, future assessment of our current expectations at that time of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to our Condensed Consolidated Financial Statements in future reporting periods.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also assessed certain accounting matters as they relate to the ongoing conflict between Russia and Ukraine, including, but not limited to our allowance for credit losses, the carrying value of long-lived assets, revenue recognition and the classification of assets. There was not a material impact to our Condensed Consolidated Financial Statements as of September 30, 2022 and for the quarter and nine months ended September 30, 2022 resulting from our assessment of these matters. We continue to assess the impact on our results of operations, financial position and overall performance as the situation develops and any broader implications it may have on the global economy. Additionally, the Company sold its business in Russia during the third quarter of 2022. See Note 6, "Business Acquisitions, Dispositions, Goodwill and Intangible Assets" for additional information regarding the sale of our Russia business.</span></div>
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