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Otis Worldwide Corp (OTIS) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Otis Worldwide Corp

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CIK: 1781335 Ticker: OTIS

Exhibit 99

OTIS REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS

Delivers strong fourth quarter and full year results with organic sales and EPS growth;
announces 2022 outlook

•4Q Net sales up 2.2% and organic sales up 2.8% with GAAP EPS up 12.1% and adjusted EPS up 9.1%
•4Q New Equipment orders up 7.3%; FY up 13.2%; backlog up 1%, up 3% at constant currency
•Maintenance portfolio units up 3%
•FY Net sales up 12.1% and organic sales up 8.9% with GAAP EPS up 38.9% and adjusted EPS up 19.4%
•FY GAAP cash flow from operations of $1.8 billion; free cash flow of $1.6 billion, or 128% of net income
•Announcing 2022 outlook* with organic sales up 2.5 to 4.5%, adjusted earnings per share of $3.20 to $3.30 and free cash flow of ~$1.6 billion

FARMINGTON, Conn., January 31, 2022 – Otis Worldwide Corporation (NYSE:OTIS) reported full year net sales of $14.3 billion with 8.9% organic growth. GAAP diluted earnings per share (EPS) increased 38.9% to $2.89 and adjusted diluted EPS increased 19.4% to $3.01.

"Otis delivered a strong fourth quarter, capping an excellent year as we continued to execute on our long-term strategy and provide innovative solutions and services to our customers. Despite ongoing macro challenges in 2021, we achieved consistent and broad-based organic sales growth and margin expansion, grew our maintenance portfolio at the highest rate in over 10 years and gained share in New Equipment for the second consecutive year. Additionally, our continued robust cash flow generation enabled us to strategically deploy capital to create long-term value for all stakeholders," said President and CEO Judy Marks. "We are confident this momentum will continue in 2022 and beyond, positioning us to deliver on our financial commitments and advance ESG priorities."

Key Figures
($ millions, except per share amounts)Quarter Ended December 31,Year Ended December 31,
20212020Y/YY/Y (CFX)20212020Y/YY/Y (CFX)
Net sales$3,569 $3,493 2.2 %2.9 %$14,298 $12,756 12.1 %9.1 %
Organic sales2.8 %8.9 %
GAAP
Operating profit$496 $440 $56 $2,108 $1,639 $469 
Operating profit margin13.9 %12.6 %130 bps14.7 %12.8 %190 bps
Net income$281 $251 12.0 %$1,246 $906 37.5 %
Earnings per share$0.65 $0.58 12.1 %$2.89 $2.08 38.9 %
Adjusted non-GAAP comparison
Operating profit$520 $509 $11 $21 $2,191 $1,919 $272 $210 
Operating profit margin14.6 %14.6 %0 bps15.3 %15.0 %30 bps
Net income$310 $288 7.6 %$1,297 $1,096 18.3 %
Earnings per share$0.72 $0.66 9.1 %$3.01 $2.52 19.4 %

Fourth quarter net sales of $3.6 billion increased 2.2%, with a 2.8% increase in organic sales. Organic sales increased 1.2% in New Equipment and increased 4.0% in Service.

The following information was filed by Otis Worldwide Corp (OTIS) on Monday, January 31, 2022 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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Inside Otis Worldwide Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
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 Debt Issuance Expenses (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
Business Overview (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)
Equity (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
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)
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)
Stock
Subsequent Events
Subsequent Events (Details)
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: 0001781335-22-000007
Submitted to the SEC: Fri Feb 04 2022 4:12:47 PM EST
Accepted by the SEC: Fri Feb 04 2022
Period: Friday, December 31, 2021
Industry: Electronic And Other Electrical Equipment No Computer Equip

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