PALM BEACH GARDENS, Fla., April 28, 2022 /PRNewswire/ -- Carrier Global Corporation (NYSE:CARR), leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, today reported financial results for the first quarter of 2022 and reiterated its full year outlook.
"Demand for our innovative solutions was strong in the first quarter as customers leverage our differentiated offerings to improve indoor environments and achieve their sustainability goals," said Carrier Chairman & CEO Dave Gitlin. "This drove double-digit organic sales growth and strong adjusted operating margin expansion, both of which exceeded our expectations. We are encouraged by this momentum and confident that key secular trends and our differentiated life-cycle solutions will drive continued strong growth."
First Quarter 2022 Results
Carrier's first quarter sales of $4.7 billion were down 1% compared to the prior year and organic sales grew 10% over the same period. Excluding Chubb sales from the first quarter of 2021, sales were up about 12%. Sales strength continued in the HVAC segment, with North America residential, light commercial, and controls all up over 20% in the quarter. Refrigeration sales were up 1% organically despite the difficult comparison against a record quarter for the Container business in 2021. Sales for the Fire and Security segment were up 4% organically. Excluding Chubb sales from the first quarter of 2021, Fire and Security segment sales were up 8%.
GAAP operating profit in the quarter of $1.7 billion was up over 200% from last year driven by the gain on the sale of Chubb and adjusted operating profit of $650 million was up 7%. Better than expected price realization helped mitigate continued supply chain challenges related to cost and availability headwinds. Price/cost was neutral in the first quarter.
Net income was $1.4 billion and adjusted net income was $473 million. GAAP EPS was $1.58 and adjusted EPS was $0.54. Net cash flows used in operating activities were $202 million and capital expenditures were $56 million, resulting in a free cash outflow of $258 million. The outflow was driven by working capital increases including the normal seasonal inventory build and the impact of supply chain challenges. During the first-quarter, Carrier repurchased $741 million of its common stock, repurchased $1.15 billion of its long-term notes and received $2.9 billion in cash proceeds from the divestiture of Chubb.
Full-Year 2022 Outlook** Carrier reaffirmed the following outlook for 2022, excluding the pending Toshiba acquisition:
2022 Outlook |
|
Sales |
~$20B Organic* up HSD FX ~(1%) Acquisitions ~1% Divestitures ~(10%) |
Adjusted Operating Margin* |
Up ~75 bps Y/Y |
Adjusted EPS* |
$2.20 - $2.30 |
Free Cash Flow* |
~$1.65B Includes ~$200M in tax payments on Chubb gain |
*Note: When the company provides expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See "Use and Definitions of Non-GAAP Financial Measures" below for additional information.
**As of April 28, 2022
Conference CallCarrier will host a webcast of its earnings conference call today, Thursday, April 28, 2022, at 8:30 a.m. ET. To access the webcast, visit the Events & Presentations section of the Carrier Investor Relations site at ir.carrier.com/news-and-events/events-and-presentations or to listen to the earnings call by phone, dial (877) 742-9091.
Cautionary StatementThis communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance or the separation from United Technologies Corporation (the "Separation"), since renamed Raytheon Technologies Corporation. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, the estimated costs associated with the Separation, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Contact: |
Media Inquiries |
Danielle Canzanella |
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561-365-1101 |
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Investor Relations |
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Sam Pearlstein |
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561-365-2251 |
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SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS
Following are tables that present selected financial data of Carrier Global Corporation ("Carrier"). Also included are reconciliations of non-GAAP measures to their most comparable GAAP measures.
Use and Definitions of Non-GAAP Financial MeasuresCarrier reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP").
We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables attached to this release. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.
Organic sales, adjusted operating profit, adjusted operating margin, incremental margins / earnings conversion, earnings before interest, taxes and depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted net income, adjusted earnings per share ("EPS"), the adjusted effective tax rate, and net debt are non-GAAP financial measures.
Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as "other significant items"). Adjusted operating profit represents operating profit (a GAAP measure), excluding restructuring costs and other significant items. Adjusted operating margin represents adjusted operating profit as a percentage of net sales (a GAAP measure). Incremental margins / earnings conversion represents the year-over-year change in adjusted operating profit divided by the year-over-year change in net sales. EBITDA represents net income attributable to common shareholders (a GAAP measure), adjusted for interest income and expense, income tax expense, and depreciation and amortization. Adjusted EBITDA represents EBITDA, as calculated above, excluding non-service pension benefit, non-controlling interest in subsidiaries' earnings from operations, restructuring costs and other significant items. Adjusted net income represents net income attributable to common shareowners (a GAAP measure), excluding restructuring costs and other significant items. Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs and other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs and other significant items. Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents. For the business segments, when applicable, adjustments of operating profit and operating margins represent operating profit, excluding restructuring and other significant items.
Free cash flow is a non-GAAP financial measure that represents net cash flows provided by operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Carrier's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of Carrier's common stock and distribution of earnings to shareowners.
When we provide our expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted effective tax rate, incremental margins/earnings conversion, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected net sales, operating profit, operating margin, effective tax rate, incremental operating margin, diluted EPS and net cash flows provided by operating activities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
Carrier Global Corporation Condensed Consolidated Statement of Operations |
|||
(Unaudited) |
|||
For the Three Months Ended |
|||
(In millions, except per share amounts) |
2022 |
2021 |
|
Net sales: |
|||
Product sales |
$ 4,170 |
$ 3,864 |
|
Service sales |
484 |
835 |
|
Total Net sales |
4,654 |
4,699 |
|
Costs and expenses |
|||
Cost of products sold |
(2,998) |
(2,724) |
|
Cost of services sold |
(363) |
(581) |
|
Research and development |
(125) |
(121) |
|
Selling, general and administrative |
(601) |
(743) |
|
Total Costs and expenses |
(4,087) |
(4,169) |
|
Equity method investment net earnings |
58 |
38 |
|
Other income (expense), net |
1,112 |
3 |
|
Operating profit |
1,737 |
571 |
|
Non-service pension (expense) benefit |
(1) |
18 |
|
Interest (expense) income, net |
(48) |
(93) |
|
Income from operations before income taxes |
1,688 |
496 |
|
Income tax (expense) benefit |
(301) |
(104) |
|
Net income from operations |
1,387 |
392 |
|
Less: Non-controlling interest in subsidiaries' earnings from operations |
8 |
8 |
|
Net income attributable to common shareowners |
$ 1,379 |
$ 384 |
|
Earnings per share |
|||
Basic |
$ 1.62 |
$ 0.44 |
|
Diluted |
$ 1.58 |
$ 0.43 |
|
Weighted average number of shares outstanding |
|||
Basic |
853.3 |
869.3 |
|
Diluted |
874.1 |
889.8 |
Carrier Global Corporation Condensed Consolidated Balance Sheet |
||||
(Unaudited) |
||||
(In millions) |
March 31, 2022 |
December 31, 2021 |
||
Assets |
||||
Cash and cash equivalents |
$ 3,604 |
$ 2,987 |
||
Accounts receivable, net |
2,599 |
2,403 |
||
Contract assets, current |
655 |
503 |
||
Inventories, net |
2,358 |
1,970 |
||
Assets held for sale |
— |
3,168 |
||
Other assets, current |
386 |
376 |
||
Total current assets |
9,602 |
11,407 |
||
Future income tax benefits |
517 |
563 |
||
Fixed assets, net |
1,825 |
1,826 |
||
Operating lease right-of-use assets |
596 |
640 |
||
Intangible assets, net |
488 |
509 |
||
Goodwill |
9,288 |
9,349 |
||
Pension and post-retirement assets |
37 |
43 |
||
Equity method investments |
1,638 |
1,593 |
||
Other assets |
202 |
242 |
||
Total Assets |
$ 24,193 |
$ 26,172 |
||
Liabilities and Equity |
||||
Accounts payable |
$ 2,519 |
$ 2,334 |
||
Accrued liabilities |
2,330 |
2,561 |
||
Contract liabilities, current |
426 |
415 |
||
Liabilities held for sale |
— |
1,134 |
||
Current portion of long-term debt |
256 |
183 |
||
Total current liabilities |
5,531 |
6,627 |
||
Long-term debt |
8,305 |
9,513 |
||
Future pension and post-retirement obligations |
376 |
380 |
||
Future income tax obligations |
366 |
354 |
||
Operating lease liabilities |
491 |
527 |
||
Other long-term liabilities |
1,694 |
1,677 |
||
Total Liabilities |
16,763 |
19,078 |
||
Equity |
||||
Common stock |
9 |
9 |
||
Treasury stock |
(1,270) |
(529) |
||
Additional paid-in capital |
5,415 |
5,411 |
||
Retained earnings |
4,244 |
2,865 |
||
Accumulated other comprehensive loss |
(1,297) |
(989) |
||
Non-controlling interest |
329 |
327 |
||
Total Equity |
7,430 |
7,094 |
||
Total Liabilities and Equity |
$ 24,193 |
$ 26,172 |
Carrier Global Corporation Condensed Consolidated Statement of Cash Flows |
||||
(Unaudited) |
||||
For the Three Months Ended |
||||
(In millions) |
2022 |
2021 |
||
Operating Activities |
||||
Net income from operations |
$ 1,387 |
$ 392 |
||
Adjustments to reconcile net income to net cash flows from operating activities: |
||||
Depreciation and amortization |
79 |
83 |
||
Deferred income tax provision |
48 |
(2) |
||
Stock-based compensation costs |
21 |
19 |
||
Equity method investment net earnings |
(58) |
(38) |
||
Distributions from equity method investments |
11 |
12 |
||
(Gain) loss on extinguishment of debt |
(36) |
— |
||
(Gain) loss on sale of investments |
(1,112) |
— |
||
Changes in operating assets and liabilities |
||||
Accounts receivable, net |
(207) |
(83) |
||
Contract assets, current |
(154) |
(44) |
||
Inventories, net |
(390) |
(248) |
||
Other assets, current |
(15) |
(23) |
||
Accounts payable and accrued liabilities |
132 |
151 |
||
Contract liabilities, current |
13 |
39 |
||
Defined benefit plan contributions |
(4) |
(24) |
||
Other operating activities, net |
83 |
(50) |
||
Net cash flows provided by (used in) operating activities |
(202) |
184 |
||
Investing Activities |
||||
Capital expenditures |
(56) |
(53) |
||
Investments in businesses, net of cash acquired |
(9) |
(6) |
||
Disposition of businesses |
2,935 |
— |
||
Settlement of derivative contracts, net |
(32) |
8 |
||
Other investing activities, net |
(18) |
2 |
||
Net cash flows provided by (used in) investing activities |
2,820 |
(49) |
||
Financing Activities |
||||
Increase (decrease) in short-term borrowings, net |
(33) |
28 |
||
Issuance of long-term debt |
14 |
51 |
||
Repayment of long-term debt |
(1,123) |
(570) |
||
Repurchases of common stock |
(734) |
(36) |
||
Dividends paid on common stock |
(129) |
(104) |
||
Dividends paid to non-controlling interest |
— |
(5) |
||
Other financing activities, net |
(15) |
(7) |
||
Net cash flows provided by (used in) financing activities |
(2,020) |
(643) |
||
Effect of foreign exchange rate changes on cash and cash equivalents |
(1) |
(9) |
||
Net increase (decrease) in cash and cash equivalents and restricted cash |
597 |
(517) |
||
Cash, cash equivalents and restricted cash, beginning of period |
3,025 |
3,120 |
||
Cash, cash equivalents and restricted cash, end of period |
3,622 |
2,603 |
||
Less: restricted cash |
18 |
4 |
||
Cash and cash equivalents, end of period |
$ 3,604 |
$ 2,599 |
Carrier Global Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Operating Profit |
|||||||||||
(Unaudited) |
|||||||||||
For the Three Months Ended March 31, 2022 |
|||||||||||
(In millions) |
HVAC |
Refrigeration |
Fire & Security |
Eliminations and Other |
General Corporate Expenses |
Carrier |
|||||
Net sales |
$ 2,970 |
$ 976 |
$ 818 |
$ (110) |
$ — |
$ 4,654 |
|||||
Segment operating profit |
$ 470 |
$ 107 |
$ 1,218 |
$ (24) |
$ (34) |
$ 1,737 |
|||||
Reported operating margin |
15.8 % |
11.0 % |
148.9 % |
37.3 % |
|||||||
Adjustments to segment operating profit: |
|||||||||||
Restructuring costs |
$ 4 |
$ — |
$ 6 |
$ — |
$ — |
$ 10 |
|||||
Chubb gain |
— |
— |
(1,112) |
— |
— |
(1,112) |
|||||
Acquisition and other related costs |
— |
— |
— |
— |
6 |
6 |
|||||
Russia/Ukraine asset impairment |
— |
5 |
4 |
— |
— |
9 |
|||||
Total adjustments to operating profit |
$ 4 |
$ 5 |
$ (1,102) |
$ — |
$ 6 |
$ (1,087) |
|||||
Adjusted operating profit |
$ 474 |
$ 112 |
$ 116 |
$ (24) |
$ (28) |
$ 650 |
|||||
Adjusted operating margin |
16.0 % |
11.5 % |
14.2 % |
14.0 % |
(Unaudited) |
|||||||||||
For the Three Months Ended March 31, 2021 |
|||||||||||
(In millions) |
HVAC |
Refrigeration |
Fire & Security |
Eliminations and Other |
General Corporate Expenses |
Carrier |
|||||
Net sales |
$ 2,486 |
$ 1,005 |
$ 1,304 |
$ (96) |
$ — |
$ 4,699 |
|||||
Segment operating profit |
$ 365 |
$ 127 |
$ 150 |
$ (40) |
$ (31) |
$ 571 |
|||||
Reported operating margin |
14.7 % |
12.6 % |
11.5 % |
12.2 % |
|||||||
Adjustments to segment operating profit: |
|||||||||||
Restructuring costs |
$ 4 |
$ 2 |
$ 11 |
$ — |
$ 1 |
$ 18 |
|||||
Chubb transaction costs |
— |
— |
3 |
— |
— |
3 |
|||||
Separation costs |
— |
— |
— |
— |
16 |
16 |
|||||
Total adjustments to operating profit |
$ 4 |
$ 2 |
$ 14 |
$ — |
$ 17 |
$ 37 |
|||||
Adjusted operating profit |
$ 369 |
$ 129 |
$ 164 |
$ (40) |
$ (14) |
$ 608 |
|||||
Adjusted operating margin |
14.8 % |
12.8 % |
12.6 % |
12.9 % |
Carrier Global Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results Net Income, Earnings Per Share, and Effective Tax Rate |
|||||
(Unaudited) |
|||||
For the Three Months Ended March 31, 2022 |
|||||
(In millions, except per share amounts) |
Reported |
Adjustments |
Adjusted |
||
Net sales |
$ 4,654 |
$ — |
$ 4,654 |
||
Operating profit |
$ 1,737 |
(1,087) |
a |
$ 650 |
|
Operating margin |
37.3 % |
14.0 % |
|||
Income from operations before income taxes |
$ 1,688 |
(1,115) |
a,b |
$ 573 |
|
Income tax expense |
$ (301) |
209 |
c |
$ (92) |
|
Income tax rate |
17.8 % |
16.0 % |
|||
Net income attributable to common shareowners |
$ 1,379 |
$ (906) |
$ 473 |
||
Summary of Adjustments: |
|||||
Restructuring costs |
$ 10 |
a |
|||
Chubb (gain) loss |
(1,112) |
a |
|||
Acquisition and other |
6 |
a |
|||
Russia/Ukraine asset impairment |
9 |
a |
|||
Debt extinguishment (gain), net (1) |
(28) |
b |
|||
Total adjustments |
$ (1,115) |
||||
Tax effect on adjustments above |
$ 209 |
||||
Total tax adjustments |
$ 209 |
c |
|||
Shares outstanding - Diluted |
874.1 |
874.1 |
|||
Earnings per share - Diluted |
$ 1.58 |
$ 0.54 |
(1) |
The Company repurchased approximately $1.15 billion of aggregate principal senior notes on March 30, 2022 and recognized a net gain of $33 million and wrote-off $5 million of unamortized deferred financing costs in Interest (expense) income, net on the accompanying Unaudited Condensed Consolidated Statement of Operations. |
Carrier Global Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results Net Income, Earnings Per Share, and Effective Tax Rate |
|||||
(Unaudited) |
|||||
For the Three Months Ended March 31, 2021 |
|||||
(In millions, except per share amounts) |
Reported |
Adjustments |
Adjusted |
||
Net sales |
$ 4,699 |
$ — |
$ 4,699 |
||
Operating profit |
$ 571 |
37 |
a |
$ 608 |
|
Operating margin |
12.2 % |
12.9 % |
|||
Income from operations before income taxes |
$ 496 |
56 |
a,b |
$ 552 |
|
Income tax expense |
$ (104) |
(13) |
c |
$ (117) |
|
Income tax rate |
21.0 % |
21.1 % |
|||
Net income attributable to common shareowners |
$ 384 |
$ 43 |
$ 427 |
||
Summary of Adjustments: |
|||||
Restructuring costs |
$ 18 |
a |
|||
Separation costs |
16 |
a |
|||
Acquisition and other related costs |
3 |
a |
|||
Debt issuance costs |
19 |
b |
|||
Total adjustments |
$ 56 |
||||
Tax effect on adjustments above |
$ (13) |
||||
Total tax adjustments |
$ (13) |
c |
|||
Shares outstanding - Diluted |
889.8 |
889.8 |
|||
Earnings per share - Diluted |
$ 0.43 |
$ 0.48 |
Carrier Global Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results |
|||||||||
Components of Changes in Net Sales |
|||||||||
For the Three Months Ended March 31, 2022 Compared with the Three Months Ended March 31, 2021 |
|||||||||
(Unaudited) |
|||||||||
Factors Contributing to Total % change in Net Sales |
|||||||||
Organic |
FX |
Acquisitions / |
Other |
Total |
|||||
HVAC |
18 % |
(2) % |
3 % |
— % |
19 % |
||||
Refrigeration |
1 % |
(4) % |
— % |
— % |
(3) % |
||||
Fire & Security |
4 % |
(1) % |
(40) % |
— % |
(37) % |
||||
Consolidated |
10 % |
(1) % |
(10) % |
— % |
(1) % |
Carrier Global Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results |
|||
Net Sales Excluding Impact of Chubb |
|||
(Unaudited) |
|||
For the Three Months Ended March 31, 2021 |
|||
Carrier |
Fire and |
||
Net Sales: |
|||
Reported |
$ 4,699 |
$ 1,304 |
|
Chubb |
(548) |
(548) |
|
Net sales excluding impact of Chubb |
$ 4,151 |
$ 756 |
|
Percentage increase in Net sales excluding impact of Chubb |
12 % |
8 % |
Free Cash Flow Reconciliation |
||||||||||||
(Unaudited) |
||||||||||||
Q1 |
Q2 |
Q3 |
Q4 |
FY |
Q1 |
|||||||
(In millions) |
2021 |
2021 |
2021 |
2021 |
2021 |
2022 |
||||||
Net cash flows provided by (used in) operating activities |
$ 184 |
$ 561 |
$ 579 |
$ 913 |
$ 2,237 |
$ (202) |
||||||
Less: Capital expenditures |
53 |
79 |
74 |
138 |
344 |
56 |
||||||
Free cash flow |
$ 131 |
$ 482 |
$ 505 |
$ 775 |
$ 1,893 |
$ (258) |
Net Debt Reconciliation |
||||
(Unaudited) |
||||
(In millions) |
March 31, 2022 |
December 31, 2021 |
||
Long-term debt |
$ 8,305 |
$ 9,513 |
||
Current portion of long-term debt |
256 |
183 |
||
Less: Cash and cash equivalents |
3,604 |
2,987 |
||
Net debt |
$ 4,957 |
$ 6,709 |
SOURCE Carrier Global Corporation
ПАЛМ-БИЧ-ГАРДЕНС, Флорида, 28 апреля 2022 г. /PRNewswire/ -- Корпорация Carrier Global (NYSE:CARR), ведущий мировой поставщик здоровых, безопасных, устойчивых и интеллектуальных решений для зданий и холодильных цепей, сегодня сообщила о финансовых результатах за первый квартал 2022 г. и подтвердила свой прогноз на весь год.
"Спрос на наши инновационные решения был высоким в первом квартале, поскольку клиенты используют наши дифференцированные предложения для улучшения условий внутри помещений и достижения своих целей в области устойчивого развития", - сказал председатель правления и генеральный директор Carrier Дэйв Гитлин. "Это привело к двузначному органическому росту продаж и значительному увеличению скорректированной операционной маржи, которые превзошли наши ожидания. Мы воодушевлены этим импульсом и уверены, что ключевые мировые тенденции и наши дифференцированные решения жизненного цикла будут способствовать дальнейшему сильному росту".
Результаты первого квартала 2022 года
Продажи Carrier в первом квартале в размере 4,7 миллиарда долларов снизились на 1% по сравнению с предыдущим годом, а органические продажи выросли на 10% за тот же период. Без учета продаж Chubb в первом квартале 2021 года продажи выросли примерно на 12%. Рост продаж продолжился в сегменте HVAC: в Северной Америке продажи жилых помещений, легких коммерческих помещений и контроля выросли более чем на 20% за квартал. Продажи холодильного оборудования органически выросли на 1%, несмотря на сложное сравнение с рекордным кварталом для контейнерного бизнеса в 2021 году. Продажи в сегменте пожарной безопасности выросли на 4% органически. Без учета продаж Chubb в первом квартале 2021 года продажи в сегменте пожарной безопасности выросли на 8%.
Операционная прибыль по GAAP за квартал в размере 1,7 миллиарда долларов выросла более чем на 200% по сравнению с прошлым годом благодаря прибыли от продажи Chubb, а скорректированная операционная прибыль в размере 650 миллионов долларов выросла на 7%. Более высокая, чем ожидалось, реализация цен помогла смягчить сохраняющиеся проблемы в цепочке поставок, связанные с препятствиями в отношении затрат и доступности. Соотношение цены и себестоимости в первом квартале было нейтральным.
Чистая прибыль составила 1,4 миллиарда долларов, а скорректированная чистая прибыль - 473 миллиона долларов. Прибыль на акцию по ОПБУ составила 1,58 доллара, а скорректированная прибыль на акцию - 0,54 доллара. Чистые денежные потоки, использованные в операционной деятельности, составили 202 миллиона долларов, а капитальные затраты составили 56 миллионов долларов, что привело к свободному оттоку денежных средств в размере 258 миллионов долларов. Отток был вызван увеличением оборотного капитала, включая обычное сезонное наращивание запасов и влияние проблем в цепочке поставок. В течение первого квартала Carrier выкупила свои обыкновенные акции на 741 миллион долларов, выкупила долгосрочные облигации на 1,15 миллиарда долларов и получила 2,9 миллиарда долларов денежных поступлений от продажи Chubb.
Прогноз на весь 2022 год** Carrier подтвердила следующий прогноз на 2022 год, исключая ожидаемое приобретение Toshiba:
2022 Outlook |
|
Sales |
~$20B Organic* up HSD FX ~(1%) Acquisitions ~1% Divestitures ~(10%) |
Adjusted Operating Margin* |
Up ~75 bps Y/Y |
Adjusted EPS* |
$2.20 - $2.30 |
Free Cash Flow* |
~$1.65B Includes ~$200M in tax payments on Chubb gain |
* Примечание: Когда компания предоставляет ожидания по органическим продажам, скорректированной операционной прибыли, скорректированной операционной марже, скорректированной прибыли на акцию и свободному денежному потоку на прогнозной основе, сверка различий между ожиданиями, не относящимися к GAAP, и соответствующими показателями GAAP, как правило, невозможна без необоснованных усилий. Дополнительную информацию см. в разделе "Использование и определения финансовых показателей, не относящихся к GAAP" ниже.
**По состоянию на 28 апреля 2022 года
Конференц-связь Carrier проведет веб-трансляцию своей телефонной конференции по доходам сегодня, в четверг, 28 апреля 2022 года, в 8:30 утра по восточному времени. Чтобы получить доступ к веб-трансляции, посетите раздел "Мероприятия и презентации" сайта по связям с инвесторами Carrier по адресу ir.carrier.com/news-and-events/events-and-presentations или, чтобы прослушать звонок о заработке по телефону, наберите (877) 742-9091.
Предостерегающее заявление Это сообщение содержит заявления, которые, в той мере, в какой они не являются заявлениями об исторических или текущих фактах, представляют собой "прогнозные заявления" в соответствии с законами о ценных бумагах. Эти заявления прогнозного характера предназначены для представления текущих ожиданий или планов руководства в отношении будущих операционных и финансовых показателей Перевозчика, основанных на допущениях, которые в настоящее время считаются обоснованными. Прогнозные заявления могут быть идентифицированы с помощью таких слов, как "полагать", "ожидать", "ожидания", "планы", "стратегия", "перспективы", "оценка", "проект", "цель", "ожидать", "будет", "должен, "видеть", "руководство", "прогноз", "уверен", "сценарий" и другие слова аналогичного значения в связи с обсуждением будущих операционных или финансовых показателей или отделением от United Technologies Corporation ("Отделение"), с тех пор переименованной в Raytheon Technologies Corporation. Прогнозные заявления могут включать, среди прочего, заявления, касающиеся будущих продаж, прибыли, движения денежных средств, результатов операций, использования денежных средств, выкупа акций, налоговых ставок и других показателей финансовых результатов или потенциальных будущих планов, стратегий или операций Carrier, предполагаемых затрат, связанных с разделением, Планы Перевозчика в отношении его задолженности и другие заявления, которые не являются историческими фактами. Все прогнозные заявления связаны с рисками, неопределенностями и другими факторами, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые выражены или подразумеваются в прогнозных заявлениях. Дополнительную информацию об определении факторов, которые могут привести к существенному отличию фактических результатов от заявленных в прогнозных заявлениях, см. в отчетах Carrier по формам 10-K, 10-Q и 8-K, которые время от времени подаются в Комиссию по ценным бумагам и биржам США или предоставляются ей. Любое прогнозное заявление относится только к дате, на которую оно сделано, и Перевозчик не берет на себя никаких обязательств по обновлению или пересмотру такого заявления, будь то в результате новой информации, будущих событий или иным образом, за исключением случаев, предусмотренных применимым законодательством.
Contact: |
Media Inquiries |
Danielle Canzanella |
|
561-365-1101 |
|
Investor Relations |
|
Sam Pearlstein |
|
561-365-2251 |
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отдельные финансовые данные, показатели и определения, не относящиеся к gaap
Ниже приведены таблицы, в которых представлены выбранные финансовые данные корпорации Carrier Global ("Перевозчик"). Также включены сверки показателей, не относящихся к GAAP, с их наиболее сопоставимыми показателями GAAP.
Использование и определения финансовых показателей, не относящихся к GAAP, Carrier сообщает о своих финансовых результатах в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах ("GAAP").
Мы дополняем представление нашей финансовой информации, определенной в соответствии с GAAP, определенной финансовой информацией, не относящейся к GAAP. Представленная информация, не относящаяся к GAAP, предоставляет инвесторам дополнительную полезную информацию, но ее не следует рассматривать изолированно или в качестве замены соответствующих показателей GAAP. Более того, другие компании могут по-разному определять показатели, не относящиеся к GAAP, что ограничивает полезность этих показателей для сравнения с такими другими компаниями. Мы призываем инвесторов полностью ознакомиться с нашей финансовой отчетностью и публичными отчетами и не полагаться на какой-либо отдельный финансовый показатель. Сверка показателей, не относящихся к GAAP, с соответствующими суммами, подготовленными в соответствии с GAAP, приведена в таблицах, прилагаемых к настоящему выпуску. В таблицах представлена дополнительная информация о статьях и суммах, которые были исключены из скорректированных показателей.
Органические продажи, скорректированная операционная прибыль, скорректированная операционная маржа, конвертация добавленной прибыли / прибыли, прибыль до вычета процентов, налогов и износа и амортизации ("EBITDA"), скорректированная EBITDA, скорректированная чистая прибыль, скорректированная прибыль на акцию ("EPS"), скорректированная эффективная ставка налога и чистый долг не являются- Финансовые показатели GAAP.
Органические продажи представляют собой консолидированные чистые продажи (показатель GAAP), исключая влияние пересчета иностранной валюты, приобретений и продаж, завершенных за предыдущие двенадцать месяцев, и других существенных статей неоперационного характера (далее именуемых "прочие существенные статьи"). Скорректированная операционная прибыль представляет собой операционную прибыль (показатель GAAP) без учета затрат на реструктуризацию и других существенных статей. Скорректированная операционная маржа представляет собой скорректированную операционную прибыль в процентах от чистых продаж (показатель GAAP). Приращение маржи/ прибыли представляет собой изменение скорректированной операционной прибыли по сравнению с предыдущим годом, деленное на изменение чистых продаж по сравнению с предыдущим годом. Показатель EBITDA представляет собой чистую прибыль, причитающуюся простым акционерам (показатель GAAP), скорректированную с учетом процентных доходов и расходов, расходов по налогу на прибыль, а также износа и амортизации. Скорректированный показатель EBITDA представляет собой показатель EBITDA, рассчитанный выше, без учета пенсионных выплат за выслугу лет, неконтролирующей доли участия в прибыли дочерних компаний от операционной деятельности, затрат на реструктуризацию и других существенных статей. Скорректированная чистая прибыль представляет собой чистую прибыль, приходящуюся на владельцев обыкновенных акций (показатель GAAP), без учета расходов на реструктуризацию и других существенных статей. Скорректированная прибыль на акцию представляет собой разводненную прибыль на акцию (показатель GAAP) без учета затрат на реструктуризацию и других существенных статей. Скорректированная эффективная налоговая ставка представляет собой эффективную налоговую ставку (показатель GAAP), исключая затраты на реструктуризацию и другие существенные статьи. Чистый долг представляет собой долгосрочный долг (показатель GAAP) за вычетом денежных средств и их эквивалентов. Для бизнес-сегментов, когда это применимо, корректировки операционной прибыли и операционной маржи представляют собой операционную прибыль, исключая реструктуризацию и другие существенные статьи.
Свободный денежный поток - это финансовый показатель, не относящийся к GAAP, который представляет собой чистые денежные потоки, обеспеченные операционной деятельностью (показатель GAAP) за вычетом капитальных затрат. Руководство считает, что свободный денежный поток является полезным показателем ликвидности и дополнительной основой для оценки способности Перевозчика финансировать свою деятельность, включая финансирование приобретений, обслуживание долга, выкуп обыкновенных акций Перевозчика и распределение прибыли между акционерами.
Когда мы предоставляем наши ожидания по органическим продажам, скорректированной операционной прибыли, скорректированной операционной марже, скорректированной эффективной налоговой ставке, конверсии дополнительной прибыли/прибыли, скорректированной прибыли на акцию и свободному денежному потоку на прогнозной основе, сверка различий между ожиданиями, не относящимися к GAAP, и соответствующими показателями GAAP (ожидаемый чистый продажи, операционная прибыль, операционная маржа, эффективная налоговая ставка, дополнительная операционная маржа, разводненная прибыль на акцию и чистые денежные потоки, предоставляемые операционной деятельностью), как правило, недоступны без необоснованных усилий из-за потенциально высокой изменчивости, сложности и низкой видимости статей, которые будут исключены из показателя GAAP в соответствующем будущем период, такие как необычные прибыли и убытки, конечный результат незавершенного судебного разбирательства, колебания валютных курсов, влияние и сроки потенциальных приобретений и отчуждений, будущие затраты на реструктуризацию и другие структурные изменения или их вероятное значение. Изменчивость исключенных статей может оказать значительное и потенциально непредсказуемое влияние на наши будущие результаты по ОПБУ.
Carrier Global Corporation Condensed Consolidated Statement of Operations |
|||
(Unaudited) |
|||
For the Three Months Ended |
|||
(In millions, except per share amounts) |
2022 |
2021 |
|
Net sales: |
|||
Product sales |
$ 4,170 |
$ 3,864 |
|
Service sales |
484 |
835 |
|
Total Net sales |
4,654 |
4,699 |
|
Costs and expenses |
|||
Cost of products sold |
(2,998) |
(2,724) |
|
Cost of services sold |
(363) |
(581) |
|
Research and development |
(125) |
(121) |
|
Selling, general and administrative |
(601) |
(743) |
|
Total Costs and expenses |
(4,087) |
(4,169) |
|
Equity method investment net earnings |
58 |
38 |
|
Other income (expense), net |
1,112 |
3 |
|
Operating profit |
1,737 |
571 |
|
Non-service pension (expense) benefit |
(1) |
18 |
|
Interest (expense) income, net |
(48) |
(93) |
|
Income from operations before income taxes |
1,688 |
496 |
|
Income tax (expense) benefit |
(301) |
(104) |
|
Net income from operations |
1,387 |
392 |
|
Less: Non-controlling interest in subsidiaries' earnings from operations |
8 |
8 |
|
Net income attributable to common shareowners |
$ 1,379 |
$ 384 |
|
Earnings per share |
|||
Basic |
$ 1.62 |
$ 0.44 |
|
Diluted |
$ 1.58 |
$ 0.43 |
|
Weighted average number of shares outstanding |
|||
Basic |
853.3 |
869.3 |
|
Diluted |
874.1 |
889.8 |
Carrier Global Corporation Condensed Consolidated Balance Sheet |
||||
(Unaudited) |
||||
(In millions) |
March 31, 2022 |
December 31, 2021 |
||
Assets |
||||
Cash and cash equivalents |
$ 3,604 |
$ 2,987 |
||
Accounts receivable, net |
2,599 |
2,403 |
||
Contract assets, current |
655 |
503 |
||
Inventories, net |
2,358 |
1,970 |
||
Assets held for sale |
— |
3,168 |
||
Other assets, current |
386 |
376 |
||
Total current assets |
9,602 |
11,407 |
||
Future income tax benefits |
517 |
563 |
||
Fixed assets, net |
1,825 |
1,826 |
||
Operating lease right-of-use assets |
596 |
640 |
||
Intangible assets, net |
488 |
509 |
||
Goodwill |
9,288 |
9,349 |
||
Pension and post-retirement assets |
37 |
43 |
||
Equity method investments |
1,638 |
1,593 |
||
Other assets |
202 |
242 |
||
Total Assets |
$ 24,193 |
$ 26,172 |
||
Liabilities and Equity |
||||
Accounts payable |
$ 2,519 |
$ 2,334 |
||
Accrued liabilities |
2,330 |
2,561 |
||
Contract liabilities, current |
426 |
415 |
||
Liabilities held for sale |
— |
1,134 |
||
Current portion of long-term debt |
256 |
183 |
||
Total current liabilities |
5,531 |
6,627 |
||
Long-term debt |
8,305 |
9,513 |
||
Future pension and post-retirement obligations |
376 |
380 |
||
Future income tax obligations |
366 |
354 |
||
Operating lease liabilities |
491 |
527 |
||
Other long-term liabilities |
1,694 |
1,677 |
||
Total Liabilities |
16,763 |
19,078 |
||
Equity |
||||
Common stock |
9 |
9 |
||
Treasury stock |
(1,270) |
(529) |
||
Additional paid-in capital |
5,415 |
5,411 |
||
Retained earnings |
4,244 |
2,865 |
||
Accumulated other comprehensive loss |
(1,297) |
(989) |
||
Non-controlling interest |
329 |
327 |
||
Total Equity |
7,430 |
7,094 |
||
Total Liabilities and Equity |
$ 24,193 |
$ 26,172 |
Carrier Global Corporation Condensed Consolidated Statement of Cash Flows |
||||
(Unaudited) |
||||
For the Three Months Ended |
||||
(In millions) |
2022 |
2021 |
||
Operating Activities |
||||
Net income from operations |
$ 1,387 |
$ 392 |
||
Adjustments to reconcile net income to net cash flows from operating activities: |
||||
Depreciation and amortization |
79 |
83 |
||
Deferred income tax provision |
48 |
(2) |
||
Stock-based compensation costs |
21 |
19 |
||
Equity method investment net earnings |
(58) |
(38) |
||
Distributions from equity method investments |
11 |
12 |
||
(Gain) loss on extinguishment of debt |
(36) |
— |
||
(Gain) loss on sale of investments |
(1,112) |
— |
||
Changes in operating assets and liabilities |
||||
Accounts receivable, net |
(207) |
(83) |
||
Contract assets, current |
(154) |
(44) |
||
Inventories, net |
(390) |
(248) |
||
Other assets, current |
(15) |
(23) |
||
Accounts payable and accrued liabilities |
132 |
151 |
||
Contract liabilities, current |
13 |
39 |
||
Defined benefit plan contributions |
(4) |
(24) |
||
Other operating activities, net |
83 |
(50) |
||
Net cash flows provided by (used in) operating activities |
(202) |
184 |
||
Investing Activities |
||||
Capital expenditures |
(56) |
(53) |
||
Investments in businesses, net of cash acquired |
(9) |
(6) |
||
Disposition of businesses |
2,935 |
— |
||
Settlement of derivative contracts, net |
(32) |
8 |
||
Other investing activities, net |
(18) |
2 |
||
Net cash flows provided by (used in) investing activities |
2,820 |
(49) |
||
Financing Activities |
||||
Increase (decrease) in short-term borrowings, net |
(33) |
28 |
||
Issuance of long-term debt |
14 |
51 |
||
Repayment of long-term debt |
(1,123) |
(570) |
||
Repurchases of common stock |
(734) |
(36) |
||
Dividends paid on common stock |
(129) |
(104) |
||
Dividends paid to non-controlling interest |
— |
(5) |
||
Other financing activities, net |
(15) |
(7) |
||
Net cash flows provided by (used in) financing activities |
(2,020) |
(643) |
||
Effect of foreign exchange rate changes on cash and cash equivalents |
(1) |
(9) |
||
Net increase (decrease) in cash and cash equivalents and restricted cash |
597 |
(517) |
||
Cash, cash equivalents and restricted cash, beginning of period |
3,025 |
3,120 |
||
Cash, cash equivalents and restricted cash, end of period |
3,622 |
2,603 |
||
Less: restricted cash |
18 |
4 |
||
Cash and cash equivalents, end of period |
$ 3,604 |
$ 2,599 |
Carrier Global Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Operating Profit |
|||||||||||
(Unaudited) |
|||||||||||
For the Three Months Ended March 31, 2022 |
|||||||||||
(In millions) |
HVAC |
Refrigeration |
Fire & Security |
Eliminations and Other |
General Corporate Expenses |
Carrier |
|||||
Net sales |
$ 2,970 |
$ 976 |
$ 818 |
$ (110) |
$ — |
$ 4,654 |
|||||
Segment operating profit |
$ 470 |
$ 107 |
$ 1,218 |
$ (24) |
$ (34) |
$ 1,737 |
|||||
Reported operating margin |
15.8 % |
11.0 % |
148.9 % |
37.3 % |
|||||||
Adjustments to segment operating profit: |
|||||||||||
Restructuring costs |
$ 4 |
$ — |
$ 6 |
$ — |
$ — |
$ 10 |
|||||
Chubb gain |
— |
— |
(1,112) |
— |
— |
(1,112) |
|||||
Acquisition and other related costs |
— |
— |
— |
— |
6 |
6 |
|||||
Russia/Ukraine asset impairment |
— |
5 |
4 |
— |
— |
9 |
|||||
Total adjustments to operating profit |
$ 4 |
$ 5 |
$ (1,102) |
$ — |
$ 6 |
$ (1,087) |
|||||
Adjusted operating profit |
$ 474 |
$ 112 |
$ 116 |
$ (24) |
$ (28) |
$ 650 |
|||||
Adjusted operating margin |
16.0 % |
11.5 % |
14.2 % |
14.0 % |
(Unaudited) |
|||||||||||
For the Three Months Ended March 31, 2021 |
|||||||||||
(In millions) |
HVAC |
Refrigeration |
Fire & Security |
Eliminations and Other |
General Corporate Expenses |
Carrier |
|||||
Net sales |
$ 2,486 |
$ 1,005 |
$ 1,304 |
$ (96) |
$ — |
$ 4,699 |
|||||
Segment operating profit |
$ 365 |
$ 127 |
$ 150 |
$ (40) |
$ (31) |
$ 571 |
|||||
Reported operating margin |
14.7 % |
12.6 % |
11.5 % |
12.2 % |
|||||||
Adjustments to segment operating profit: |
|||||||||||
Restructuring costs |
$ 4 |
$ 2 |
$ 11 |
$ — |
$ 1 |
$ 18 |
|||||
Chubb transaction costs |
— |
— |
3 |
— |
— |
3 |
|||||
Separation costs |
— |
— |
— |
— |
16 |
16 |
|||||
Total adjustments to operating profit |
$ 4 |
$ 2 |
$ 14 |
$ — |
$ 17 |
$ 37 |
|||||
Adjusted operating profit |
$ 369 |
$ 129 |
$ 164 |
$ (40) |
$ (14) |
$ 608 |
|||||
Adjusted operating margin |
14.8 % |
12.8 % |
12.6 % |
12.9 % |
Carrier Global Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results Net Income, Earnings Per Share, and Effective Tax Rate |
|||||
(Unaudited) |
|||||
For the Three Months Ended March 31, 2022 |
|||||
(In millions, except per share amounts) |
Reported |
Adjustments |
Adjusted |
||
Net sales |
$ 4,654 |
$ — |
$ 4,654 |
||
Operating profit |
$ 1,737 |
(1,087) |
a |
$ 650 |
|
Operating margin |
37.3 % |
14.0 % |
|||
Income from operations before income taxes |
$ 1,688 |
(1,115) |
a,b |
$ 573 |
|
Income tax expense |
$ (301) |
209 |
c |
$ (92) |
|
Income tax rate |
17.8 % |
16.0 % |
|||
Net income attributable to common shareowners |
$ 1,379 |
$ (906) |
$ 473 |
||
Summary of Adjustments: |
|||||
Restructuring costs |
$ 10 |
a |
|||
Chubb (gain) loss |
(1,112) |
a |
|||
Acquisition and other |
6 |
a |
|||
Russia/Ukraine asset impairment |
9 |
a |
|||
Debt extinguishment (gain), net (1) |
(28) |
b |
|||
Total adjustments |
$ (1,115) |
||||
Tax effect on adjustments above |
$ 209 |
||||
Total tax adjustments |
$ 209 |
c |
|||
Shares outstanding - Diluted |
874.1 |
874.1 |
|||
Earnings per share - Diluted |
$ 1.58 |
$ 0.54 |
(1) |
The Company repurchased approximately $1.15 billion of aggregate principal senior notes on March 30, 2022 and recognized a net gain of $33 million and wrote-off $5 million of unamortized deferred financing costs in Interest (expense) income, net on the accompanying Unaudited Condensed Consolidated Statement of Operations. |
Carrier Global Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results Net Income, Earnings Per Share, and Effective Tax Rate |
|||||
(Unaudited) |
|||||
For the Three Months Ended March 31, 2021 |
|||||
(In millions, except per share amounts) |
Reported |
Adjustments |
Adjusted |
||
Net sales |
$ 4,699 |
$ — |
$ 4,699 |
||
Operating profit |
$ 571 |
37 |
a |
$ 608 |
|
Operating margin |
12.2 % |
12.9 % |
|||
Income from operations before income taxes |
$ 496 |
56 |
a,b |
$ 552 |
|
Income tax expense |
$ (104) |
(13) |
c |
$ (117) |
|
Income tax rate |
21.0 % |
21.1 % |
|||
Net income attributable to common shareowners |
$ 384 |
$ 43 |
$ 427 |
||
Summary of Adjustments: |
|||||
Restructuring costs |
$ 18 |
a |
|||
Separation costs |
16 |
a |
|||
Acquisition and other related costs |
3 |
a |
|||
Debt issuance costs |
19 |
b |
|||
Total adjustments |
$ 56 |
||||
Tax effect on adjustments above |
$ (13) |
||||
Total tax adjustments |
$ (13) |
c |
|||
Shares outstanding - Diluted |
889.8 |
889.8 |
|||
Earnings per share - Diluted |
$ 0.43 |
$ 0.48 |
Carrier Global Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results |
|||||||||
Components of Changes in Net Sales |
|||||||||
For the Three Months Ended March 31, 2022 Compared with the Three Months Ended March 31, 2021 |
|||||||||
(Unaudited) |
|||||||||
Factors Contributing to Total % change in Net Sales |
|||||||||
Organic |
FX |
Acquisitions / |
Other |
Total |
|||||
HVAC |
18 % |
(2) % |
3 % |
— % |
19 % |
||||
Refrigeration |
1 % |
(4) % |
— % |
— % |
(3) % |
||||
Fire & Security |
4 % |
(1) % |
(40) % |
— % |
(37) % |
||||
Consolidated |
10 % |
(1) % |
(10) % |
— % |
(1) % |
Carrier Global Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results |
|||
Net Sales Excluding Impact of Chubb |
|||
(Unaudited) |
|||
For the Three Months Ended March 31, 2021 |
|||
Carrier |
Fire and |
||
Net Sales: |
|||
Reported |
$ 4,699 |
$ 1,304 |
|
Chubb |
(548) |
(548) |
|
Net sales excluding impact of Chubb |
$ 4,151 |
$ 756 |
|
Percentage increase in Net sales excluding impact of Chubb |
12 % |
8 % |
Free Cash Flow Reconciliation |
||||||||||||
(Unaudited) |
||||||||||||
Q1 |
Q2 |
Q3 |
Q4 |
FY |
Q1 |
|||||||
(In millions) |
2021 |
2021 |
2021 |
2021 |
2021 |
2022 |
||||||
Net cash flows provided by (used in) operating activities |
$ 184 |
$ 561 |
$ 579 |
$ 913 |
$ 2,237 |
$ (202) |
||||||
Less: Capital expenditures |
53 |
79 |
74 |
138 |
344 |
56 |
||||||
Free cash flow |
$ 131 |
$ 482 |
$ 505 |
$ 775 |
$ 1,893 |
$ (258) |
Net Debt Reconciliation |
||||
(Unaudited) |
||||
(In millions) |
March 31, 2022 |
December 31, 2021 |
||
Long-term debt |
$ 8,305 |
$ 9,513 |
||
Current portion of long-term debt |
256 |
183 |
||
Less: Cash and cash equivalents |
3,604 |
2,987 |
||
Net debt |
$ 4,957 |
$ 6,709 |
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