$OTIS
Otis Worldwide Corp

2023 Q4 Form 10-Q Financial Statement

#000178133523000038 Filed on October 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $3.620B $3.523B
YoY Change 5.26% 5.35%
Cost Of Revenue $2.552B $2.477B
YoY Change 2.94% 4.38%
Gross Profit $1.068B $1.046B
YoY Change 11.25% 7.72%
Gross Profit Margin 29.5% 29.69%
Selling, General & Admin $462.0M $452.0M
YoY Change 3.13% 8.39%
% of Gross Profit 43.26% 43.21%
Research & Development $37.00M $36.00M
YoY Change -2.63% -2.7%
% of Gross Profit 3.46% 3.44%
Depreciation & Amortization $48.00M $46.00M
YoY Change 4.35% -4.17%
% of Gross Profit 4.49% 4.4%
Operating Expenses $510.0M $488.0M
YoY Change 8.74% 7.49%
Operating Profit $558.0M $571.0M
YoY Change 13.65% 7.94%
Interest Expense -$41.00M -$39.00M
YoY Change 13.89% 11.43%
% of Operating Profit -7.35% -6.83%
Other Income/Expense, Net -$4.000M $0.00
YoY Change -100.0%
Pretax Income $477.0M $532.0M
YoY Change 4.84% 7.91%
Income Tax $133.0M $137.0M
% Of Pretax Income 27.88% 25.75%
Net Earnings $323.0M $376.0M
YoY Change 8.75% 16.05%
Net Earnings / Revenue 8.92% 10.67%
Basic Earnings Per Share $0.92
Diluted Earnings Per Share $0.79 $0.91
COMMON SHARES
Basic Shares Outstanding 409.3M shares 411.7M shares
Diluted Shares Outstanding 413.7M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.274B $1.636B
YoY Change 7.15% 58.22%
Cash & Equivalents $1.274B $1.636B
Short-Term Investments
Other Short-Term Assets $259.0M $301.0M
YoY Change -16.72% -31.75%
Inventory $612.0M $624.0M
Prepaid Expenses
Receivables $3.538B $3.455B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.400B $6.749B
YoY Change 4.18% 15.78%
LONG-TERM ASSETS
Property, Plant & Equipment $727.0M $708.0M
YoY Change 1.11% 2.31%
Goodwill $1.588B $1.547B
YoY Change 1.34% 6.84%
Intangibles $335.0M $336.0M
YoY Change -9.21% -2.89%
Long-Term Investments
YoY Change
Other Assets $328.0M $343.0M
YoY Change 14.29% 25.64%
Total Long-Term Assets $3.717B $3.641B
YoY Change 1.12% 3.64%
TOTAL ASSETS
Total Short-Term Assets $6.400B $6.749B
Total Long-Term Assets $3.717B $3.641B
Total Assets $10.12B $10.39B
YoY Change 3.03% 11.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.878B $1.655B
YoY Change 9.38% 8.81%
Accrued Expenses $1.873B $1.725B
YoY Change 4.4% 3.79%
Deferred Revenue $2.696B $2.784B
YoY Change 1.28% 2.88%
Short-Term Debt $32.00M $54.00M
YoY Change -76.98% -47.57%
Long-Term Debt Due $0.00 $531.0M
YoY Change -100.0%
Total Short-Term Liabilities $6.479B $6.749B
YoY Change -5.32% 12.63%
LONG-TERM LIABILITIES
Long-Term Debt $6.866B $6.822B
YoY Change 12.59% 5.62%
Other Long-Term Liabilities $493.0M $488.0M
YoY Change -11.33% -11.27%
Total Long-Term Liabilities $7.359B $7.310B
YoY Change 10.6% 4.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.479B $6.749B
Total Long-Term Liabilities $7.359B $7.310B
Total Liabilities $14.84B $15.00B
YoY Change 2.44% 6.57%
SHAREHOLDERS EQUITY
Retained Earnings -$2.005B -$2.183B
YoY Change -30.02% -28.24%
Common Stock $213.0M $198.0M
YoY Change 31.48% 47.76%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.382B $2.155B
YoY Change 51.24% 51.23%
Treasury Stock Shares
Shareholders Equity -$4.924B -$4.788B
YoY Change
Total Liabilities & Shareholders Equity $10.12B $10.39B
YoY Change 3.03% 11.22%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $323.0M $376.0M
YoY Change 8.75% 16.05%
Depreciation, Depletion And Amortization $48.00M $46.00M
YoY Change 4.35% -4.17%
Cash From Operating Activities $597.0M $306.0M
YoY Change 28.66% 28.03%
INVESTING ACTIVITIES
Capital Expenditures $42.00M $34.00M
YoY Change -223.53% -241.67%
Acquisitions
YoY Change
Other Investing Activities -$9.000M -$7.000M
YoY Change -85.25% -107.29%
Cash From Investing Activities -$51.00M -$41.00M
YoY Change -46.32% -156.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -932.0M 167.0M
YoY Change 272.8% -135.91%
NET CHANGE
Cash From Operating Activities 597.0M 306.0M
Cash From Investing Activities -51.00M -41.00M
Cash From Financing Activities -932.0M 167.0M
Net Change In Cash -386.0M 432.0M
YoY Change -424.37% -380.52%
FREE CASH FLOW
Cash From Operating Activities $597.0M $306.0M
Capital Expenditures $42.00M $34.00M
Free Cash Flow $555.0M $272.0M
YoY Change 11.45% 3.42%

Facts In Submission

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General<div><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, 2023 and for the quarters and nine months ended September 30, 2023 and 2022 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, 2022 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/1781335/000178133523000009/otis-20221231.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 2022 ("2022 Form 10-K" or "Form 10-K").</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div><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><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 2022 Form 10-K that have a material impact on the Company's Condensed Consolidated Financial Statements and the related notes. Certain amounts presented in the prior period have been reclassified to conform to the current period presentation, which are immaterial.</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><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 macroeconomic developments, including inflationary pressures, higher interest rates and tighter credit conditions, as of September 30, 2023 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, 2023 and for the quarters and nine months ended September 30, 2023 and 2022 resulting from our assessments of these matters, future assessment of our expectations of the magnitude and duration of these macroeconomic developments, 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><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 and the war in Israel and Gaza, 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, 2023 and for the quarters and nine months ended September 30, 2023 and 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 situations develop and any broader implications they may have on the global economy. </span></div><div><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%">Supplier Finance Programs.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> On January 1, 2023, we adopted ASU No. 2022-04, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Liabilities - Supplier Finance Programs (Topic 450-50)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Disclosure of Supplier Finance Program Obligations </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period. </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain Otis subsidiaries participate in supplier finance programs, under which we agree to pay third-party financial institutions the stated amounts of confirmed invoices from suppliers on the original maturity dates of the invoices, while the participating suppliers generally have the ability to sell, or otherwise pledge as collateral, their receivables from the Company to the participating financial institutions. Our obligations to suppliers, including the amounts due and scheduled payment dates, are not impacted by the suppliers' decisions to sell their receivables to the financial institutions, or otherwise pledge their receivables as collateral, under these arrangements. The Company is not a party to the arrangements between the suppliers and the financial institutions, and the Company's payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. Based on the applicable supplier agreements, the maturity dates of these supplier invoices can range between 30 and 120 days from the invoice date. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The outstanding obligations confirmed by the Company as valid to the financial institutions under our supplier finance programs were $537 million and $564 million as of September 30, 2023 and December 31, 2022, respectively. These obligations are included in Accounts payable in the Condensed Consolidated Balance Sheets, and all activity related to the obligations is presented within operating activities on the Condensed Consolidated Statements of Cash Flows.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company or the financial institutions may terminate the agreements with advanced notice. Otis has pledged no assets in connection with its supplier finance programs.</span></div>
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