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Otis Worldwide Corp (OTIS) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Otis Worldwide Corp

CIK: 1781335 Ticker: OTIS

Exhibit 99
OTIS REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS

Delivers strong fourth quarter results with organic sales growth; announces 2021 outlook

4Q Net sales up 4.2% with organic growth of 1.3%; FY net sales down 2.8% with organic down 2.1%
4Q GAAP operating profit up $4 million with 40 bps of margin contraction; FY down $175 million with 100 bps of margin contraction
4Q Adjusted operating profit up $36 million with 50 bps of margin expansion; FY up $47 million with 70 bps of margin expansion
4Q New Equipment orders down 3.5%; FY down 2.7%; backlog up 6%, 2% at constant currency
FY GAAP cash flow from operations of $1.5 billion; free cash flow of $1.3 billion
Announcing 2021 outlook* with organic sales up 2 to 4%, adjusted earnings per share of $2.67 to $2.77 and free cash flow conversion ~120%

FARMINGTON, Conn., February 1, 2021 – Otis Worldwide Corporation (NYSE:OTIS) reported fourth quarter 2020 net sales of $3.5 billion with 1.3% organic growth. GAAP diluted earnings per share (EPS) increased 16.0% to $0.58 and adjusted diluted EPS increased 40.4% to $0.66. Full year net sales of $12.8 billion decreased 2.1% organically with GAAP diluted EPS decreasing 19.4% to $2.08 and adjusted diluted EPS increasing 12.5% to $2.52.

"Otis delivered a strong fourth quarter, ending a solid first year as an independent company. We returned to growth in the quarter while continuing to grow share, expand adjusted margin and generate robust cash flow demonstrating the dedication of our colleagues around the world to meet our commitments, even in trying economic times," said President and CEO Judy Marks. "By combining this positive momentum with improvements in our end markets, we expect to deliver 2% to 4% organic sales growth with high single-digit adjusted EPS growth and free cash flow conversion of about 120% in 2021*. This outlook reflects the resiliency of the business model, strength of our long-term strategy and a commitment to create value for our customers and shareholders."

Key Figures
($ millions, except per share amounts)Quarter Ended December 31,Year Ended December 31,
20202019Y/YY/Y (CFX)20202019Y/YY/Y (CFX)
Net sales$3,493 $3,353 4.2 %1.6 %$12,756 $13,118 (2.8)%(2.4)%
Organic sales1.3 %(2.1)%
GAAP
Operating profit$440 $436 $$1,639 $1,814 $(175)
Operating profit margin12.6 %13.0 %(40) bps12.8 %13.8 %(100) bps
Net income$251 $218 15.1 %$906 $1,116 (18.8)%
Earnings per share$0.58 $0.50 16.0 %$2.08 $2.58 (19.4)%
Adjusted non-GAAP comparison
Operating profit$509 $473 $36 $19 $1,919 $1,872 $47 $52 
Operating profit margin14.6 %14.1 %50 bps30 bps15.0 %14.3 %70 bps70 bps
Net income$288 $205 40.5 %$1,096 $971 12.9 %
Earnings per share$0.66 $0.47 40.4 %$2.52 $2.24 12.5 %



The following information was filed by Otis Worldwide Corp (OTIS) on Monday, February 1, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accounts Receivable, Net
Accounts Receivable, Net (Tables)
Accounts Receivable, Net - Narrative (Details)
Accounts Receivable, Net - Schedule Of Accounts Receivable (Details)
Accounts Receivable, Net - Schedule Of Allowance For Credit Losses (Details)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Accrued Liabilities - Narrative (Details)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Borrowings And Lines Of Credit
Borrowings And Lines Of Credit (Tables)
Borrowings And Lines Of Credit - Long-Term Debt (Details)
Borrowings And Lines Of Credit - Narrative (Details)
Borrowings And Lines Of Credit - Schedule Of Average Interest Expense Rate (Details)
Borrowings And Lines Of Credit - Schedule Of Maturities And Repayments Of Principal On Long-Term Debt (Details)
Borrowings And Lines Of Credit - Short-Term Borrowings (Details)
Business Acquisitions, Goodwill, And Intangible Assets
Business Acquisitions, Goodwill, And Intangible Assets (Tables)
Business Acquisitions, Goodwill, And Intangible Assets - Narrative (Details)
Business Acquisitions, Goodwill, And Intangible Assets - Schedule Of Future Intangible Assets (Details)
Business Acquisitions, Goodwill, And Intangible Assets - Schedule Of Goodwill (Details)
Business Acquisitions, Goodwill, And Intangible Assets - Schedule Of Intangible Assets (Details)
Business Overview And Separation From United Technologies Corporation
Business Overview And Separation From United Technologies Corporation (Details)
Contingent Liabilities
Contingent Liabilities (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Accumulated Benefit Obligation In Excess Of Plan Assets (Details)
Employee Benefit Plans - Assumptions Used In Calculating Defined Benefit Plan (Details)
Employee Benefit Plans - Employee Savings Plans (Details)
Employee Benefit Plans - Multiemployer Benefit Plans Narrative (Details)
Employee Benefit Plans - Net Periodic Costs And Other Changes Recognized In Oci (Details)
Employee Benefit Plans - Obligation And Funded Status (Details)
Employee Benefit Plans - Pension Plans Narrative (Details)
Employee Benefit Plans - Plan Assets By Category (Details)
Employee Benefit Plans - Projected Benefit Obligation In Excess Of Plan Assets (Details)
Employee Benefit Plans - Schedule Of Amounts For Pension And Retirement Expenses (Details)
Employee Benefit Plans - Schedule Of Multi-Employer Contributions (Details)
Employee Benefit Plans - Schedule Of Share Based Compensation Award Activity (Details)
Employee Benefit Plans - Schedule Of Share-Based Compensation And Related Income Tax Benefits (Details)
Employee Benefit Plans - Share-Based Compensation Narrative (Details)
Employee Benefit Plans - Stock Option Valuation Assumptions (Details)
Employee Benefit Plans - Stock Options, Appreciation Rights, Performance Units, And Restricted Stock Aggregate Intrinsic Values (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Balance Sheet Grouping (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Recurring And Nonrecurring (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Narrative (Details)
Financial Instruments - Schedule Of Fair Value Of Derivative Instruments (Details)
Financial Instruments - Schedule Of Gain (Loss) On Derivative Instruments In Other Income (Details)
Financial Instruments - Schedule Of Gain (Loss) On Derivative Instruments Reclassified From Oci (Details)
Fixed Assets
Fixed Assets (Details)
Fixed Assets (Tables)
Guarantees
Guarantees (Tables)
Guarantees - Narrative (Details)
Guarantees - Product Warranty Disclosure (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Income Before Income Taxes (Details)
Income Taxes - Narrative (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Reconciliation Of Effective Income Tax Rate (Details)
Income Taxes - Tax Credit And Loss Carryforwards (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Leases (Notes)
Leases (Tables)
Leases - Narrative (Details)
Leases - Operating Lease Liabilities (Details)
Leases - Operating Lease Rou Assets And Liabilities (Details)
Leases - Supplemental Information Related To Operating Leases (Details)
Leases - Supplemental Operating Lease Cash Flow Information (Details)
Other Long-Term Liabilities
Other Long-Term Liabilities (Details)
Other Long-Term Liabilities (Tables)
Related Parties
Related Parties (Tables)
Related Parties - Changes In Balance Sheet (Details)
Related Parties - Narrative (Details)
Related Parties - Schedule Of Separation Costs (Details)
Related Parties - Schedule Of Separation Related Transactions (Details)
Related Parties - Schedule Of Shared Allocated Costs Before Separation (Details)
Restructuring Costs
Restructuring Costs (Tables)
Restructuring Costs - Narrative (Details)
Restructuring Costs - Restructuring Roll Forward (Details)
Restructuring Costs - Schedule Of Pretax Restructuring Costs (Details)
Restructuring Costs - Schedule Of Restructuring Costs Expected, Incurred, And Remaining (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract With Customer, Assets And Liabilities (Details)
Revenue Recognition - Narrative (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Segment Financial Data
Segment Financial Data (Tables)
Segment Financial Data - Geographic External Sales (Details)
Segment Financial Data - Net Sales By Sales Type (Details)
Segment Financial Data - Segment Information (Details)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Ticker: OTIS
CIK: 1781335
Form Type: 10-K Annual Report
Accession Number: 0001781335-21-000023
Submitted to the SEC: Fri Feb 05 2021 6:04:52 AM EST
Accepted by the SEC: Fri Feb 05 2021
Period: Thursday, December 31, 2020
Industry: Electronic And Other Electrical Equipment No Computer Equip

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