08/04/2022 | Press release | Distributed by Public on 08/04/2022 05:01
Fiscal Q3 | ||||
GAAP | Adjusted | |||
2021 | 2022 | 2021 | 2022 | |
Sales | $6,341 | $6,614 | $6,344 | $6,614 |
Segment EBITA | 1,020 | 998 | 1,027 | 998 |
EBIT | 825 | 553 | 848 | 809 |
Net income from continuing operations | 574 | 379 | 598 | 594 |
Diluted EPS from continuing operations | $0.80 | $0.55 | $0.83 | $0.85 |
Fiscal Q3 | ||||
GAAP | Adjusted | |||
2021 | 2022 | 2021 | 2022 | |
Sales | $2,212 | $2,426 | $2,212 | $2,426 |
Segment EBITA | 326 | 260 | 326 | 260 |
Segment EBITA Margin %
|
14.7% | 10.7% | 14.7% | 10.7% |
Fiscal Q3 | ||||
GAAP | Adjusted | |||
2021 | 2022 | 2021 | 2022 | |
Sales | $1,001 | $952 | $1,001 | $952 |
Segment EBITA | 105 | 83 | 105 | 83 |
Segment EBITA Margin %
|
10.5% | 8.7% | 10.5% | 8.7% |
Fiscal Q3 | ||||
GAAP | Adjusted | |||
2021 | 2022 | 2021 | 2022 | |
Sales | $703 | $665 | $703 | $665 |
Segment EBITA | 84 | 85 | 84 | 85 |
Segment EBITA Margin %
|
11.9% | 12.8% | 11.9% | 12.8% |
Fiscal Q3 | ||||
GAAP | Adjusted | |||
2021 | 2022 | 2021 | 2022 | |
Sales | $2,425 | $2,571 | $2,428 | $2,571 |
Segment EBITA | 505 | 570 | 512 | 570 |
Segment EBITA Margin %
|
20.8% | 22.2% | 21.1% | 22.2% |
Fiscal Q3 | ||||
GAAP | Adjusted | |||
2021 | 2022 | 2021 | 2022 | |
Corporate Expense | ($70) | ($96) | ($70) | ($87) |
INVESTOR CONTACTS: | MEDIA CONTACTS: |
Michael Gates
|
Danielle Canzanella
|
Direct: +1 414.524.5785 | Direct: +1 203.499.8297 |
Email: [email protected]
|
Email: [email protected]
|
JOHNSON CONTROLS INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data; unaudited)
|
||||
Three Months Ended June 30, | ||||
2022 | 2021 | |||
Net sales | $ | 6,614 | $ | 6,341 |
Cost of sales | 4,414 | 4,144 | ||
Gross profit | 2,200 | 2,197 | ||
Selling, general and administrative expenses | (1,589) | (1,367) | ||
Restructuring and impairment costs | (121) | (79) | ||
Net financing charges | (49) | (56) | ||
Equity income | 63 | 74 | ||
Income from continuing operations before income taxes | 504 | 769 | ||
Income tax provision | 61 | 108 | ||
Income from continuing operations | 443 | 661 | ||
Income from discontinued operations, net of tax | - | - | ||
Net income | 443 | 661 | ||
Less: Income from continuing operations attributable to noncontrolling interests |
64 | 87 | ||
Less: Income from discontinued operations attributable to noncontrolling interests |
- | - | ||
Net income attributable to JCI | $ | 379 | $ | 574 |
Income from continuing operations | $ | 379 | $ | 574 |
Income from discontinued operations | - | - | ||
Net income attributable to JCI | $ | 379 | $ | 574 |
Diluted earnings per share from continuing operations | $ | 0.55 | $ | 0.80 |
Diluted earnings per share from discontinued operations | - | - | ||
Diluted earnings per share | $ | 0.55 | $ | 0.80 |
Diluted weighted average shares | 694.9 | 719.7 | ||
Shares outstanding at period end | 688.8 | 712.2 | ||
JOHNSON CONTROLS INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data; unaudited)
|
||||
Nine Months Ended June 30, | ||||
2022 | 2021 | |||
Net sales | $ | 18,574 | $ | 17,276 |
Cost of sales | 12,526 | 11,408 | ||
Gross profit | 6,048 | 5,868 | ||
Selling, general and administrative expenses | (4,412) | (3,914) | ||
Restructuring and impairment costs | (554) | (175) | ||
Net financing charges | (153) | (159) | ||
Equity income | 175 | 188 | ||
Income from continuing operations before income taxes | 1,104 | 1,808 | ||
Income tax provision | 190 | 378 | ||
Income from continuing operations | 914 | 1,430 | ||
Income from discontinued operations, net of tax | - | 124 | ||
Net income | 914 | 1,554 | ||
Less: Income from continuing operations attributable to noncontrolling interests |
143 | 186 | ||
Less: Income from discontinued operations attributable to noncontrolling interests |
- | - | ||
Net income attributable to JCI | $ | 771 | $ | 1,368 |
Income from continuing operations | $ | 771 | $ | 1,244 |
Income from discontinued operations | - | 124 | ||
Net income attributable to JCI | $ | 771 | $ | 1,368 |
Diluted earnings per share from continuing operations | $ | 1.10 | $ | 1.72 |
Diluted earnings per share from discontinued operations | - | 0.17 | ||
Diluted earnings per share | $ | 1.10 | $ | 1.89 |
Diluted weighted average shares | 702.4 | 722.5 | ||
Shares outstanding at period end | 688.8 | 712.2 | ||
JOHNSON CONTROLS INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions; unaudited)
|
||||
June 30, 2022 |
September 30, 2021 |
|||
ASSETS | ||||
Cash and cash equivalents | $ | 1,506 | $ | 1,336 |
Accounts receivable - net | 5,850 | 5,613 | ||
Inventories | 2,574 | 2,057 | ||
Assets held for sale | 394 | - | ||
Other current assets | 1,235 | 992 | ||
Current assets | 11,559 | 9,998 | ||
Property, plant and equipment - net | 2,962 | 3,228 | ||
Goodwill | 17,725 | 18,335 | ||
Other intangible assets - net | 4,764 | 5,549 | ||
Investments in partially-owned affiliates | 1,070 | 1,066 | ||
Noncurrent assets held for sale | 892 | 156 | ||
Other noncurrent assets | 3,352 | 3,558 | ||
Total assets | $ | 42,324 | $ | 41,890 |
LIABILITIES AND EQUITY | ||||
Short-term debt and current portion of long-term debt | $ | 2,298 | $ | 234 |
Accounts payable and accrued expenses | 4,999 | 4,754 | ||
Liabilities held for sale | 261 | - | ||
Other current liabilities | 4,325 | 4,110 | ||
Current liabilities | 11,883 | 9,098 | ||
Long-term debt | 7,194 | 7,506 | ||
Other noncurrent liabilities | 6,055 | 6,533 | ||
Noncurrent liabilities held for sale | 49 | - | ||
Shareholders' equity attributable to JCI | 15,988 | 17,562 | ||
Noncontrolling interests | 1,155 | 1,191 | ||
Total liabilities and equity | $ | 42,324 | $ | 41,890 |
JOHNSON CONTROLS INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
|
||||
Three Months Ended June 30, | ||||
2022 | 2021 | |||
Operating Activities | ||||
Net income from continuing operations attributable to JCI | $ | 379 | $ | 574 |
Income from continuing operations attributable to noncontrolling interests | 64 | 87 | ||
Net income from continuing operations | 443 | 661 | ||
Adjustments to reconcile net income from continuing operations to cash provided by | ||||
operating activities: | ||||
Depreciation and amortization | 201 | 208 | ||
Pension and postretirement benefit expense (income) | 59 | (94) | ||
Pension and postretirement contributions | (7) | (15) | ||
Equity in earnings of partially-owned affiliates, net of dividends received | (45) | 41 | ||
Deferred income taxes | (144) | (19) | ||
Non-cash restructuring and impairment costs | 69 | 40 | ||
Other - net | 39 | (6) | ||
Changes in assets and liabilities, excluding acquisitions and divestitures: | ||||
Accounts receivable | (331) | (324) | ||
Inventories | (142) | 7 | ||
Other assets | (70) | 60 | ||
Restructuring reserves | 17 | (3) | ||
Accounts payable and accrued liabilities | 299 | 344 | ||
Accrued income taxes | 99 | (38) | ||
Cash provided by operating activities from continuing operations | 487 | 862 | ||
Investing Activities | ||||
Capital expenditures | (170) | (127) | ||
Acquisition of businesses, net of cash acquired | (112) | (697) | ||
Other - net | 26 | 57 | ||
Cash used by investing activities from continuing operations | (256) | (767) | ||
Financing Activities | ||||
Increase (decrease) in short and long-term debt - net | 175 | (31) | ||
Stock repurchases and retirements | (392) | (340) | ||
Payment of cash dividends | (244) | (193) | ||
Proceeds from the exercise of stock options | 2 | 27 | ||
Dividends paid to noncontrolling interests | (3) | (32) | ||
Employee equity-based compensation withholding taxes | - | (1) | ||
Other - net | 47 | (1) | ||
Cash used by financing activities from continuing operations | (415) | (571) | ||
Discontinued Operations | ||||
Net cash used by operating activities | - | (19) | ||
Net cash used by investing activities | - | - | ||
Net cash used by financing activities | - | - | ||
Net cash flows used by discontinued operations | - | (19) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (95) | 58 | ||
Changes in cash held for sale | - | - | ||
Decrease in cash, cash equivalents and restricted cash | $ | (279) | $ | (437) |
JOHNSON CONTROLS INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
|
||||
Nine Months Ended June 30, | ||||
2022 | 2021 | |||
Operating Activities | ||||
Net income from continuing operations attributable to JCI | $ | 771 | $ | 1,244 |
Income from continuing operations attributable to noncontrolling interests | 143 | 186 | ||
Net income from continuing operations | 914 | 1,430 | ||
Adjustments to reconcile net income from continuing operations to cash provided by | ||||
operating activities: | ||||
Depreciation and amortization | 633 | 627 | ||
Pension and postretirement benefit expense (income) | 8 | (393) | ||
Pension and postretirement contributions | (83) | (40) | ||
Equity in earnings of partially-owned affiliates, net of dividends received | (25) | (66) | ||
Deferred income taxes | (241) | 6 | ||
Non-cash restructuring and impairment costs | 430 | 94 | ||
Other - net | 32 | (38) | ||
Changes in assets and liabilities, excluding acquisitions and divestitures: | ||||
Accounts receivable | (637) | (157) | ||
Inventories | (761) | (204) | ||
Other assets | (276) | (30) | ||
Restructuring reserves | (2) | (27) | ||
Accounts payable and accrued liabilities | 788 | 854 | ||
Accrued income taxes | 31 | (34) | ||
Cash provided by operating activities from continuing operations | 811 | 2,022 | ||
Investing Activities | ||||
Capital expenditures | (430) | (324) | ||
Acquisition of businesses, net of cash acquired | (236) | (707) | ||
Business divestitures, net of cash divested | 16 | 19 | ||
Other - net | 62 | 126 | ||
Cash used by investing activities from continuing operations | (588) | (886) | ||
Financing Activities | ||||
Increase (decrease) in short and long-term debt - net | 2,234 | (64) | ||
Stock repurchases and retirements | (1,427) | (1,001) | ||
Payment of cash dividends | (674) | (570) | ||
Proceeds from the exercise of stock options | 15 | 160 | ||
Dividends paid to noncontrolling interests | (121) | (133) | ||
Cash paid to acquire a noncontrolling interest | - | (14) | ||
Employee equity-based compensation withholding taxes | (49) | (30) | ||
Other - net | 51 | 2 | ||
Cash provided (used) by financing activities from continuing operations | 29 | (1,650) | ||
Discontinued Operations | ||||
Net cash used by operating activities | (4) | (56) | ||
Net cash used by investing activities | - | - | ||
Net cash used by financing activities | - | - | ||
Net cash flows used by discontinued operations | (4) | (56) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (49) | 67 | ||
Changes in cash held for sale | - | - | ||
Increase (decrease) in cash, cash equivalents and restricted cash | $ | 199 | $ | (503) |
(in millions; unaudited) | Three Months Ended June 30, | |||||||
2022 | 2021 | |||||||
Actual |
Adjusted Non-GAAP |
Actual |
Adjusted Non-GAAP |
|||||
Net sales (1) | ||||||||
Building Solutions North America | $ | 2,426 | $ | 2,426 | $ | 2,212 | $ | 2,212 |
Building Solutions EMEA/LA | 952 | 952 | 1,001 | 1,001 | ||||
Building Solutions Asia Pacific | 665 | 665 | 703 | 703 | ||||
Global Products | 2,571 | 2,571 | 2,425 | 2,428 | ||||
Net sales | $ | 6,614 | $ | 6,614 | $ | 6,341 | $ | 6,344 |
Segment EBITA (1) | ||||||||
Building Solutions North America | $ | 260 | $ | 260 | $ | 326 | $ | 326 |
Building Solutions EMEA/LA | 83 | 83 | 105 | 105 | ||||
Building Solutions Asia Pacific | 85 | 85 | 84 | 84 | ||||
Global Products | 570 | 570 | 505 | 512 | ||||
Segment EBITA | 998 | 998 | 1,020 | 1,027 | ||||
Corporate expenses (2) | (96) | (87) | (70) | (70) | ||||
Amortization of intangible assets (3) | (102) | (102) | (112) | (109) | ||||
Net mark-to-market adjustments (4) | (126) | - | 66 | - | ||||
Restructuring and impairment costs (5) | (121) | - | (79) | - | ||||
EBIT (6) | 553 | 809 | 825 | 848 | ||||
EBIT margin | 8.4 | % | 12.2 | % | 13.0 | % | 13.4 | % |
Net financing charges | (49) | (49) | (56) | (56) | ||||
Income from continuing operations before income taxes | 504 | 760 | 769 | 792 | ||||
Income tax provision (7) | (61) | (102) | (108) | (107) | ||||
Income from continuing operations | 443 | 658 | 661 | 685 | ||||
Income from continuing operations attributable to noncontrolling interests (8) |
(64) | (64) | (87) | (87) | ||||
Net income from continuing operations attributable to JCI | $ | 379 | $ | 594 | $ | 574 | $ | 598 |
(in millions; unaudited) | Nine Months Ended June 30, | |||||||
2022 | 2021 | |||||||
Actual |
Adjusted Non-GAAP |
Actual |
Adjusted Non-GAAP |
|||||
Net sales (1) | ||||||||
Building Solutions North America | $ | 6,805 | $ | 6,805 | $ | 6,338 | $ | 6,338 |
Building Solutions EMEA/LA | 2,869 | 2,869 | 2,883 | 2,883 | ||||
Building Solutions Asia Pacific | 1,963 | 1,963 | 1,901 | 1,901 | ||||
Global Products | 6,937 | 6,937 | 6,154 | 6,157 | ||||
Net sales | $ | 18,574 | $ | 18,574 | $ | 17,276 | $ | 17,279 |
Segment EBITA (1) | ||||||||
Building Solutions North America | $ | 745 | $ | 745 | $ | 847 | $ | 847 |
Building Solutions EMEA/LA | 266 | 277 | 291 | 291 | ||||
Building Solutions Asia Pacific | 227 | 227 | 234 | 234 | ||||
Global Products | 1,283 | 1,240 | 1,001 | 1,008 | ||||
Segment EBITA | 2,521 | 2,489 | 2,373 | 2,380 | ||||
Corporate expenses (2) | (226) | (217) | (207) | (207) | ||||
Amortization of intangible assets (3) | (326) | (313) | (320) | (317) | ||||
Net mark-to-market adjustments (4) | (158) | - | 296 | - | ||||
Restructuring and impairment costs (5) | (554) | - | (175) | - | ||||
EBIT (6) | 1,257 | 1,959 | 1,967 | 1,856 | ||||
EBIT margin | 6.8 | % | 10.5 | % | 11.4 | % | 10.7 | % |
Net financing charges | (153) | (153) | (159) | (159) | ||||
Income from continuing operations before income taxes | 1,104 | 1,806 | 1,808 | 1,697 | ||||
Income tax provision (7) | (190) | (243) | (378) | (229) | ||||
Income from continuing operations | 914 | 1,563 | 1,430 | 1,468 | ||||
Income from continuing operations attributable to noncontrolling interests (8) |
(143) | (148) | (186) | (186) | ||||
Net income from continuing operations attributable to JCI | $ | 771 | $ | 1,415 | $ | 1,244 | $ | 1,282 |
(in millions) |
Building Solutions North America |
Building Solutions EMEA/LA |
Building Solutions Asia Pacific |
Global Products |
Consolidated JCI plc |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||
Net sales as reported | $ | 2,426 | $ | 2,212 | $ | 952 | $ | 1,001 | $ | 665 | $ | 703 | $ | 2,571 | $ | 2,425 | $ | 6,614 | $ | 6,341 |
Adjusting items: | ||||||||||||||||||||
Nonrecurring Silent-Aire purchase accounting impacts | - | - | - | - | - | - | - | 3 | - | 3 | ||||||||||
Adjusted net sales | $ | 2,426 | $ | 2,212 | $ | 952 | $ | 1,001 | $ | 665 | $ | 703 | $ | 2,571 | $ | 2,428 | $ | 6,614 | $ | 6,344 |
Segment EBITA as reported | $ | 260 | $ | 326 | $ | 83 | $ | 105 | $ | 85 | $ | 84 | $ | 570 | $ | 505 | $ | 998 | $ | 1,020 |
Segment EBITA margin as reported | 10.7 | % | 14.7 | % | 8.7 | % | 10.5 | % | 12.8 | % | 11.9 | % | 22.2 | % | 20.8 | % | 15.1 | % | 16.1 | % |
Adjusting items: | ||||||||||||||||||||
Nonrecurring Silent-Aire purchase accounting impacts and other costs | - | - | - | - | - | - | - | 7 | - | 7 | ||||||||||
Adjusted segment EBITA | $ | 260 | $ | 326 | $ | 83 | $ | 105 | $ | 85 | $ | 84 | $ | 570 | $ | 512 | $ | 998 | $ | 1,027 |
Adjusted segment EBITA margin | 10.7 | % | 14.7 | % | 8.7 | % | 10.5 | % | 12.8 | % | 11.9 | % | 22.2 | % | 21.1 | % | 15.1 | % | 16.2 | % |
(in millions) |
Building Solutions North America |
Building Solutions EMEA/LA |
Building Solutions Asia Pacific |
Global Products |
Consolidated JCI plc |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||
Net sales as reported | $ | 6,805 | $ | 6,338 | $ | 2,869 | $ | 2,883 | $ | 1,963 | $ | 1,901 | $ | 6,937 | $ | 6,154 | $ | 18,574 | $ | 17,276 |
Adjusting items: | ||||||||||||||||||||
Nonrecurring Silent-Aire purchase accounting impacts | - | - | - | - | - | - | - | 3 | - | 3 | ||||||||||
Adjusted net sales | $ | 6,805 | $ | 6,338 | $ | 2,869 | $ | 2,883 | $ | 1,963 | $ | 1,901 | $ | 6,937 | $ | 6,157 | $ | 18,574 | $ | 17,279 |
Segment EBITA as reported | $ | 745 | $ | 847 | $ | 266 | $ | 291 | $ | 227 | $ | 234 | $ | 1,283 | $ | 1,001 | $ | 2,521 | $ | 2,373 |
Segment EBITA margin as reported | 10.9 | % | 13.4 | % | 9.3 | % | 10.1 | % | 11.6 | % | 12.3 | % | 18.5 | % | 16.3 | % | 13.6 | % | 13.7 | % |
Adjusting items: | ||||||||||||||||||||
Silent-Aire earn-out adjustment | - | - | - | - | - | - | (43) | - | (43) | - | ||||||||||
Charges attributable to the suspension of operations in Russia | - | - | 11 | - | - | - | - | - | 11 | - | ||||||||||
Nonrecurring Silent-Aire purchase accounting impacts and other costs | - | - | - | - | - | - | - | 7 | - | 7 | ||||||||||
Adjusted segment EBITA | $ | 745 | $ | 847 | $ | 277 | $ | 291 | $ | 227 | $ | 234 | $ | 1,240 | $ | 1,008 | $ | 2,489 | $ | 2,380 |
Adjusted segment EBITA margin | 10.9 | % | 13.4 | % | 9.7 | % | 10.1 | % | 11.6 | % | 12.3 | % | 17.9 | % | 16.4 | % | 13.4 | % | 13.8 | % |
Net Income Attributable to JCI plc |
Net Income Attributable to JCI plc from Continuing Operations |
Net Income Attributable to JCI plc |
Net Income Attributable to JCI plc from Continuing Operations |
|||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||
Earnings per share as reported for JCI plc | $ | 0.55 | $ | 0.80 | $ | 0.55 | $ | 0.80 | $ | 1.10 | $ | 1.89 | $ | 1.10 | $ | 1.72 |
Adjusting items: | ||||||||||||||||
Net mark-to-market adjustments | 0.18 | (0.09) | 0.18 | (0.09) | 0.22 | (0.41) | 0.22 | (0.41) | ||||||||
Related tax impact | (0.05) | 0.02 | (0.05) | 0.02 | (0.06) | 0.10 | (0.06) | 0.10 | ||||||||
Restructuring and impairment costs | 0.17 | 0.11 | 0.17 | 0.11 | 0.79 | 0.24 | 0.79 | 0.24 | ||||||||
Related tax impact | (0.02) | (0.02) | (0.02) | (0.02) | (0.04) | (0.04) | (0.04) | (0.04) | ||||||||
NCI impact of restructuring and impairment costs | - | - | - | - | (0.01) | - | (0.01) | - | ||||||||
Power Solutions divestiture reserve adjustment | - | - | - | - | - | (0.21) | - | - | ||||||||
Related tax impact | - | - | - | - | - | 0.04 | - | - | ||||||||
Silent-Aire other nonrecurring costs | - | 0.01 | - | 0.01 | 0.02 | 0.01 | 0.02 | 0.01 | ||||||||
Silent-Aire earn-out adjustment | - | - | - | - | (0.06) | - | (0.06) | - | ||||||||
Charges attributable to the suspension of operations in Russia | - | - | - | - | 0.01 | - | 0.01 | - | ||||||||
Transaction/separation costs | 0.01 | - | 0.01 | - | 0.01 | - | 0.01 | - | ||||||||
Discrete tax items | 0.01 | - | 0.01 | - | 0.03 | 0.15 | 0.03 | 0.15 | ||||||||
Adjusted earnings per share for JCI plc* | $ | 0.85 | $ | 0.83 | $ | 0.85 | $ | 0.83 | $ | 2.01 | $ | 1.77 | $ | 2.01 | $ | 1.77 |
Three Months Ended | Nine Months Ended | |||
June 30, | June 30, | |||
2022 | 2021 | 2022 | 2021 | |
Weighted average shares outstanding for JCI plc | ||||
Basic weighted average shares outstanding | 692.2 | 714.5 | 698.6 | 718.2 |
Effect of dilutive securities: | ||||
Stock options, unvested restricted stock | ||||
and unvested performance share awards | 2.7 | 5.2 | 3.8 | 4.3 |
Diluted weighted average shares outstanding | 694.9 | 719.7 | 702.4 | 722.5 |
(in millions) |
Adjusted Net Sales for the Three Months Ended June 30, 2021 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Net Sales for the Three Months Ended June 30, 2021 |
Acquisitions | Organic Growth |
Net Sales for the Three Months Ended June 30, 2022 |
||||||||||||||||
Building Solutions North America | $ | 2,212 | $ | - | - | $ | (9) | - | $ | 2,203 | $ | 6 | - | $ | 217 | 10 | % | $ | 2,426 | 10 | % | ||
Building Solutions EMEA/LA | 1,001 | (7) | -1 | % | (88) | -9 | % | 906 | 9 | 1 | % | 37 | 4 | % | 952 | -5 | % | ||||||
Building Solutions Asia Pacific | 703 | - | - | (39) | -6 | % | 664 | 8 | 1 | % | (7) | -1 | % | 665 | -5 | % | |||||||
Total field | 3,916 | (7) | - | (136) | -3 | % | 3,773 | 23 | 1 | % | 247 | 7 | % | 4,043 | 3 | % | |||||||
Global Products | 2,428 | - | - | (122) | -5 | % | 2,306 | 50 | 2 | % | 215 | 9 | % | 2,571 | 6 | % | |||||||
Total net sales | $ | 6,344 | $ | (7) | - | $ | (258) | -4 | % | $ | 6,079 | $ | 73 | 1 | % | $ | 462 | 8 | % | $ | 6,614 | 4 | % |
(in millions) |
Adjusted Net Sales for the Nine Months Ended June 30, 2021 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Net Sales for the Nine Months Ended June 30, 2021 |
Acquisitions | Organic Growth |
Net Sales for the Nine Months Ended June 30, 2022 |
||||||||||||||||
Building Solutions North America | $ | 6,338 | $ | - | - | $ | (3) | - | $ | 6,335 | $ | 15 | - | $ | 455 | 7 | % | $ | 6,805 | 7 | % | ||
Building Solutions EMEA/LA | 2,883 | (16) | -1 | % | (155) | -5 | % | 2,712 | 24 | 1 | % | 133 | 5 | % | 2,869 | - | |||||||
Building Solutions Asia Pacific | 1,901 | (1) | - | (62) | -3 | % | 1,838 | 26 | 1 | % | 99 | 5 | % | 1,963 | 3 | % | |||||||
Total field | 11,122 | (17) | - | (220) | -2 | % | 10,885 | 65 | 1 | % | 687 | 6 | % | 11,637 | 5 | % | |||||||
Global Products | 6,154 | - | - | (193) | -3 | % | 5,961 | 254 | 4 | % | 722 | 12 | % | 6,937 | 13 | % | |||||||
Total net sales | $ | 17,276 | $ | (17) | - | $ | (413) | -2 | % | $ | 16,846 | $ | 319 | 2 | % | $ | 1,409 | 8 | % | $ | 18,574 | 8 | % |
(in millions) |
Adjusted Segment EBITA for the Three Months Ended June 30, 2021 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Segment EBITA for the Three Months Ended June 30, 2021 |
Acquisitions | Organic Growth |
Adjusted Segment EBITA for the Three Months Ended June 30, 2022 |
|||||||||||||||
Total segment EBITA | $ | 1,027 | $ | (1) | - | $ | (37) | -4 | % | $ | 989 | $ | 1 | - | $ | 8 | 1 | % | $ | 998 | -3 | % |
(in millions) |
Adjusted Net Sales for the Three Months Ended December 31, 2019 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Net Sales for the Three Months Ended December 31, 2019 |
Acquisitions | Organic Growth |
Adjusted Net Sales for the Three Months Ended December 31, 2020 |
||||||||||||||||
Building Solutions North America | $ | 2,167 | $ | - | - | $ | 3 | - | $ | 2,170 | $ | - | - | $ | (136) | -6 | % | $ | 2,034 | -6 | % | ||
Building Solutions EMEA/LA | 970 | - | - | 24 | 2 | % | 994 | 9 | 1 | % | (55) | -6 | % | 948 | -2 | % | |||||||
Building Solutions Asia Pacific | 620 | (2) | - | 28 | 5 | % | 646 | - | - | (42) | -7 | % | 604 | -3 | % | ||||||||
Total field | 3,757 | (2) | - | 55 | 1 | % | 3,810 | 9 | - | (233) | -6 | % | 3,586 | -5 | % | ||||||||
Global Products | 1,819 | (71) | -4 | % | 35 | 2 | % | 1,783 | - | - | (28) | -2 | % | 1,755 | -4 | % | |||||||
Total net sales | $ | 5,576 | $ | (73) | -1 | % | $ | 90 | 2 | % | $ | 5,593 | $ | 9 | - | $ | (261) | -5 | % | $ | 5,341 | -4 | % |
(in millions) |
Adjusted Net Sales for the Three Months Ended March 31, 2020 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Net Sales for the Three Months Ended March 31, 2020 |
Acquisitions | Organic Growth |
Adjusted Net Sales for the Three Months Ended March 31, 2021 |
||||||||||||||||
Building Solutions North America | $ | 2,175 | $ | - | - | $ | 13 | 1 | % | $ | 2,188 | $ | - | - | $ | (96) | -4 | % | $ | 2,092 | -4 | % | |
Building Solutions EMEA/LA | 891 | - | - | 44 | 5 | % | 935 | 4 | - | (5) | -1 | % | 934 | 5 | % | ||||||||
Building Solutions Asia Pacific | 518 | (2) | - | 29 | 6 | % | 545 | - | - | 49 | 9 | % | 594 | 15 | % | ||||||||
Total field | 3,584 | (2) | - | 86 | 2 | % | 3,668 | 4 | - | (52) | -1 | % | 3,620 | 1 | % | ||||||||
Global Products | 1,860 | (62) | -3 | % | 49 | 3 | % | 1,847 | - | - | 127 | 7 | % | 1,974 | 6 | % | |||||||
Total net sales | $ | 5,444 | $ | (64) | -1 | % | $ | 135 | 2 | % | $ | 5,515 | $ | 4 | - | $ | 75 | 1 | % | $ | 5,594 | 3 | % |
(in millions) |
Adjusted Net Sales for the Three Months Ended June 30, 2020 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Net Sales for the Three Months Ended June 30, 2020 |
Acquisitions | Organic Growth |
Adjusted Net Sales for the Three Months Ended June 30, 2021 |
|||||||||||||||||
Building Solutions North America | $ | 2,020 | $ | - | - | $ | 21 | 1 | % | $ | 2,041 | $ | - | - | $ | 171 | 8 | % | $ | 2,212 | 10 | % | ||
Building Solutions EMEA/LA | 795 | - | - | 60 | 8 | % | 855 | 10 | 1 | % | 136 | 16 | % | 1,001 | 26 | % | ||||||||
Building Solutions Asia Pacific | 579 | (3) | -1 | % | 40 | 7 | % | 616 | - | - | 87 | 14 | % | 703 | 21 | % | ||||||||
Total field | 3,394 | (3) | - | 121 | 4 | % | 3,512 | 10 | - | 394 | 11 | % | 3,916 | 15 | % | |||||||||
Global Products | 1,949 | (54) | -3 | % | 44 | 2 | % | 1,939 | 80 | 4 | % | 409 | 21 | % | 2,428 | 25 | % | |||||||
Total net sales | $ | 5,343 | $ | (57) | -1 | % | $ | 165 | 3 | % | $ | 5,451 | $ | 90 | 2 | % | $ | 803 | 15 | % | $ | 6,344 | 19 | % |
(in millions) |
Adjusted Net Sales for the Three Months Ended September 30, 2020 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Net Sales for the Three Months Ended September 30, 2020 |
Acquisitions | Organic Growth |
Adjusted Net Sales for the Three Months Ended September 30, 2021 |
|||||||||||||||||
Building Solutions North America | $ | 2,243 | $ | - | - | $ | 12 | 1 | % | $ | 2,255 | $ | 4 | - | $ | 88 | 4 | % | $ | 2,347 | 5 | % | ||
Building Solutions EMEA/LA | 957 | - | - | 17 | 2 | % | 974 | 14 | 1 | % | 13 | 1 | % | 1,001 | 5 | % | ||||||||
Building Solutions Asia Pacific | 651 | (2) | - | 18 | 3 | % | 667 | - | - | 48 | 7 | % | 715 | 10 | % | |||||||||
Total field | 3,851 | (2) | - | 47 | 1 | % | 3,896 | 18 | - | 149 | 4 | % | 4,063 | 6 | % | |||||||||
Global Products | 2,103 | (79) | -4 | % | 10 | - | 2,034 | 132 | 6 | % | 166 | 8 | % | 2,332 | 11 | % | ||||||||
Total net sales | $ | 5,954 | $ | (81) | -1 | % | $ | 57 | 1 | % | $ | 5,930 | $ | 150 | 3 | % | $ | 315 | 5 | % | $ | 6,395 | 7 | % |
(in millions) |
Adjusted Net Sales for the Twelve Months Ended September 30, 2020 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Net Sales for the Twelve Months Ended September 30, 2020 |
Acquisitions | Organic Growth |
Adjusted Net Sales for the Twelve Months Ended September 30, 2021 |
|||||||||||||||||
Building Solutions North America | $ | 8,605 | $ | - | - | $ | 49 | 1 | % | $ | 8,654 | $ | 4 | - | $ | 27 | - | $ | 8,685 | 1 | % | |||
Building Solutions EMEA/LA | 3,613 | - | - | 145 | 4 | % | 3,758 | 37 | 1 | % | 89 | 2 | % | 3,884 | 8 | % | ||||||||
Building Solutions Asia Pacific | 2,368 | (9) | - | 115 | 5 | % | 2,474 | - | - | 142 | 6 | % | 2,616 | 10 | % | |||||||||
Total field | 14,586 | (9) | - | 309 | 2 | % | 14,886 | 41 | - | 258 | 2 | % | 15,185 | 4 | % | |||||||||
Global Products | 7,731 | (266) | -3 | % | 138 | 2 | % | 7,603 | 212 | 3 | % | 674 | 9 | % | 8,489 | 10 | % | |||||||
Total net sales | $ | 22,317 | $ | (275) | -1 | % | $ | 447 | 2 | % | $ | 22,489 | $ | 253 | 1 | % | $ | 932 | 4 | % | $ | 23,674 | 6 | % |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | September 30, | ||||||||||||||||
(in millions) | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||
Net sales as re-casted | ||||||||||||||||||||
Building Solutions North America | $ | 2,034 | $ | 2,167 | $ | 2,092 | $ | 2,175 | $ | 2,212 | $ | 2,020 | $ | 2,347 | $ | 2,243 | $ | 8,685 | $ | 8,605 |
Building Solutions EMEA/LA | 948 | 970 | 934 | 891 | 1,001 | 795 | 1,001 | 957 | 3,884 | 3,613 | ||||||||||
Building Solutions Asia Pacific | 604 | 620 | 594 | 518 | 703 | 579 | 715 | 651 | 2,616 | 2,368 | ||||||||||
Global Products | 1,755 | 1,819 | 1,974 | 1,860 | 2,425 | 1,949 | 2,329 | 2,103 | 8,483 | 7,731 | ||||||||||
Net sales as re-casted | 5,341 | 5,576 | 5,594 | 5,444 | 6,341 | 5,343 | 6,392 | 5,954 | 23,668 | 22,317 | ||||||||||
Adjusting items (1) | ||||||||||||||||||||
Building Solutions North America | - | - | - | - | - | - | - | - | - | - | ||||||||||
Building Solutions EMEA/LA | - | - | - | - | - | - | - | - | - | - | ||||||||||
Building Solutions Asia Pacific | - | - | - | - | - | - | - | - | - | - | ||||||||||
Global Products | - | - | - | - | 3 | - | 3 | - | 6 | - | ||||||||||
Adjusting items | - | - | - | - | 3 | - | 3 | - | 6 | - | ||||||||||
Adjusted net sales | ||||||||||||||||||||
Building Solutions North America | 2,034 | 2,167 | 2,092 | 2,175 | 2,212 | 2,020 | 2,347 | 2,243 | 8,685 | 8,605 | ||||||||||
Building Solutions EMEA/LA | 948 | 970 | 934 | 891 | 1,001 | 795 | 1,001 | 957 | 3,884 | 3,613 | ||||||||||
Building Solutions Asia Pacific | 604 | 620 | 594 | 518 | 703 | 579 | 715 | 651 | 2,616 | 2,368 | ||||||||||
Global Products | 1,755 | 1,819 | 1,974 | 1,860 | 2,428 | 1,949 | 2,332 | 2,103 | 8,489 | 7,731 | ||||||||||
Adjusted net sales | $ | 5,341 | $ | 5,576 | $ | 5,594 | $ | 5,444 | $ | 6,344 | $ | 5,343 | $ | 6,395 | $ | 5,954 | $ | 23,674 | $ | 22,317 |
(in millions) |
Proforma Service Revenue for the Three Months Ended June 30, 2021 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Service Revenue for the Three Months Ended June 30, 2021 |
Acquisitions | Organic Growth |
Service Revenue for the Three Months Ended June 30, 2022 |
|||||||||||||||
Building Solutions North America | $ | 857 | $ | - | - | $ | (2) | - | $ | 855 | $ | 5 | 1 | % | $ | 85 | 10 | % | $ | 945 | 10 | % |
Building Solutions EMEA/LA | 427 | (7) | -2 | % | (38) | -9 | % | 382 | - | - | 33 | 9 | % | 415 | -3 | % | ||||||
Building Solutions Asia Pacific | 183 | - | - | (12) | -7 | % | 171 | 1 | 1 | % | - | - | 172 | -6 | % | |||||||
Total field | 1,467 | (7) | - | (52) | -4 | % | 1,408 | 6 | - | 118 | 8 | % | 1,532 | 4 | % | |||||||
Global Products | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||
Total net sales | $ | 1,467 | $ | (7) | - | $ | (52) | -4 | % | $ | 1,408 | $ | 6 | - | $ | 118 | 8 | % | $ | 1,532 | 4 | % |
(in millions) |
Proforma Service Revenue for the Three Months Ended December 31, 2019 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Service Revenue for the Three Months Ended December 31, 2019 |
Acquisitions | Organic Growth |
Proforma Service Revenue for the Three Months Ended December 31, 2020 |
|||||||||||||||
Building Solutions North America | $ | 811 | $ | - | - | $ | 1 | - | $ | 812 | $ | - | - | $ | (20) | -2 | % | $ | 792 | -2 | % | |
Building Solutions EMEA/LA | 414 | - | - | 5 | 1 | % | 419 | 3 | 1 | % | (5) | -1 | % | 417 | 1 | % | ||||||
Building Solutions Asia Pacific | 165 | (2) | -1 | % | 7 | 4 | % | 170 | - | - | (2) | -1 | % | 168 | 2 | % | ||||||
Total field | 1,390 | (2) | - | 13 | 1 | % | 1,401 | 3 | - | (27) | -2 | % | 1,377 | -1 | % | |||||||
Global Products | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||
Total service revenue | $ | 1,390 | $ | (2) | - | $ | 13 | 1 | % | $ | 1,401 | $ | 3 | - | $ | (27) | -2 | % | $ | 1,377 | -1 | % |
(in millions) |
Proforma Service Revenue for the Three Months Ended March 31, 2020 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Service Revenue for the Three Months Ended March 31, 2020 |
Acquisitions | Organic Growth |
Proforma Service Revenue for the Three Months Ended March 31, 2021 |
||||||||||||||
Building Solutions North America | $ | 818 | $ | - | - | $ | 4 | - | $ | 822 | $ | - | - | $ | (2) | - | $ | 820 | - | ||
Building Solutions EMEA/LA | 396 | - | - | 16 | 4 | % | 412 | 2 | - | (7) | -2 | % | 407 | 3 | % | ||||||
Building Solutions Asia Pacific | 160 | (2) | -1 | % | 11 | 7 | % | 169 | - | - | 2 | 1 | % | 171 | 7 | % | |||||
Total field | 1,374 | (2) | - | 31 | 2 | % | 1,403 | 2 | - | (7) | - | 1,398 | 2 | % | |||||||
Global Products | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||
Total service revenue | $ | 1,374 | $ | (2) | - | $ | 31 | 2 | % | $ | 1,403 | $ | 2 | - | $ | (7) | - | $ | 1,398 | 2 | % |
(in millions) |
Proforma Service Revenue for the Three Months Ended June 30, 2020 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Service Revenue for the Three Months Ended June 30, 2020 |
Acquisitions | Organic Growth |
Proforma Service Revenue for the Three Months Ended June 30, 2021 |
|||||||||||||||
Building Solutions North America | $ | 770 | $ | - | - | $ | 9 | 1 | % | $ | 779 | $ | - | - | $ | 78 | 10 | % | $ | 857 | 11 | % |
Building Solutions EMEA/LA | 349 | - | - | 26 | 7 | % | 375 | 4 | 1 | % | 48 | 13 | % | 427 | 22 | % | ||||||
Building Solutions Asia Pacific | 156 | (3) | -2 | % | 12 | 8 | % | 165 | - | - | 18 | 11 | % | 183 | 17 | % | ||||||
Total field | 1,275 | (3) | - | 47 | 4 | % | 1,319 | 4 | - | 144 | 11 | % | 1,467 | 15 | % | |||||||
Global Products | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||
Total service revenue | $ | 1,275 | $ | (3) | - | $ | 47 | 4 | % | $ | 1,319 | $ | 4 | - | $ | 144 | 11 | % | $ | 1,467 | 15 | % |
(in millions) |
Proforma Service Revenue for the Three Months Ended September 30, 2020 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Service Revenue for the Three Months Ended September 30, 2020 |
Acquisitions | Organic Growth |
Proforma Service Revenue for the Three Months Ended September 30, 2021 |
|||||||||||||||
Building Solutions North America | $ | 835 | $ | - | - | $ | 4 | - | $ | 839 | $ | 3 | - | $ | 62 | 7 | % | $ | 904 | 8 | % | |
Building Solutions EMEA/LA | 435 | - | - | 6 | 1 | % | 441 | 1 | - | (9) | -2 | % | 433 | - | ||||||||
Building Solutions Asia Pacific | 180 | (2) | -1 | % | 4 | 2 | % | 182 | - | - | 2 | 1 | % | 184 | 2 | % | ||||||
Total field | 1,450 | (2) | - | 14 | 1 | % | 1,462 | 4 | - | 55 | 4 | % | 1,521 | 5 | % | |||||||
Global Products | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||
Total service revenue | $ | 1,450 | $ | (2) | - | $ | 14 | 1 | % | $ | 1,462 | $ | 4 | - | $ | 55 | 4 | % | $ | 1,521 | 5 | % |
(in millions) |
Proforma Service Revenue for the Twelve Months Ended September 30, 2020 |
Base Year Adjustments - Divestitures and Other |
Base Year Adjustments - Foreign Currency |
Adjusted Base Service Revenue for the Twelve Months Ended September 30, 2020 |
Acquisitions | Organic Growth |
Proforma Service Revenue for the Twelve Months Ended September 30, 2021 |
|||||||||||||||
Building Solutions North America | $ | 3,234 | $ | - | - | $ | 18 | 1 | % | $ | 3,252 | $ | 3 | - | $ | 118 | 4 | % | $ | 3,373 | 4 | % |
Building Solutions EMEA/LA | 1,594 | - | - | 53 | 3 | % | 1,647 | 10 | 1 | % | 27 | 2 | % | 1,684 | 6 | % | ||||||
Building Solutions Asia Pacific | 661 | (9) | -1 | % | 34 | 5 | % | 686 | - | - | 20 | 3 | % | 706 | 7 | % | ||||||
Total field | 5,489 | (9) | - | 105 | 2 | % | 5,585 | 13 | - | 165 | 3 | % | 5,763 | 5 | % | |||||||
Global Products | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||
Total service revenue | $ | 5,489 | $ | (9) | - | $ | 105 | 2 | % | $ | 5,585 | $ | 13 | - | $ | 165 | 3 | % | $ | 5,763 | 5 | % |
Three Months Ended | Nine Months Ended | |||||||
(in millions) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||
Cash provided (used) by operating activities from continuing | ||||||||
operations | $ | 487 | $ | 862 | $ | 811 | $ | 2,022 |
Capital expenditures | (170) | (127) | (430) | (324) | ||||
Reported free cash flow | $ | 317 | $ | 735 | $ | 381 | $ | 1,698 |
Adjusted net income from continuing operations | ||||||||
attributable to JCI | $ | 594 | $ | 598 | $ | 1,415 | $ | 1,282 |
Adjusted free cash flow conversion | 53 | % | 123 | % | 27 | % | 132 | % |
(in millions) | June 30, 2022 | |
Short-term debt and current portion of long-term debt | $ | 2,298 |
Long-term debt | 7,194 | |
Total debt | 9,492 | |
Less: cash and cash equivalents | 1,506 | |
Total net debt | $ | 7,986 |
Last twelve months adjusted EBITDA | $ | 3,617 |
Total net debt to adjusted EBITDA | 2.2x |
(in millions) |
Last Twelve Months Ended June 30, 2022 |
|
Income from continuing operations | $ | 1,230 |
Income tax provision | 680 | |
Net financing charges | 200 | |
EBIT | 2,110 | |
Adjusting items: | ||
Net mark-to-market adjustments | 52 | |
Restructuring and impairment costs | 621 | |
Silent-Aire other nonrecurring costs | 26 | |
Silent-Aire earn-out adjustment | (43) | |
Charges attributable to the suspension of operations in Russia | 11 | |
Transaction/separation costs | 9 | |
Adjusted EBIT (1) | 2,786 | |
Depreciation and amortization | 831 | |
Adjusted EBITDA (1) | $ | 3,617 |
(in millions) | June 30, 2022 | June 30, 2021 | ||
Current assets | $ | 11,559 | $ | 10,310 |
Current liabilities | (11,883) | (9,285) | ||
Total working capital | (324) | 1,025 | ||
Less: cash and cash equivalents | (1,506) | (1,450) | ||
Less: assets held for sale | (394) | - | ||
Less: other current assets | (1,235) | (1,128) | ||
Add: short-term debt | 2,081 | 265 | ||
Add: current portion of long-term debt | 217 | 196 | ||
Add: accrued compensation and benefits | 874 | 996 | ||
Add: liabilities held for sale | 261 | - | ||
Add: other current liabilities | 2,479 | 2,460 | ||
Trade working capital | $ | 2,453 | $ | 2,364 |
Last twelve months net sales | $ | 24,966 | $ | 23,320 |
Trade working capital as a percentage of net sales | 9.8 | % | 10.2 | % |