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Johnson Controls International plc (NYSE: JCI ) Q1 2024 Earnings Call Transcript January 30, 2024

Johnson Controls International plc beats earnings expectations. Reported EPS is $0.51, expectations were $0.5.

Operator: Good morning, and welcome to the Johnson Controls First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentation there will be an opportunity to ask questions. [Operator Instructions]. Please note today's event is being recorded. I would now like to turn the conference over to Jim Lucas, Vice President, Investor Relations. Please go ahead.

Jim Lucas: Good morning and thank you for joining our conference call to discuss Johnson Controls' first quarter fiscal 2024 results. The press release and related tables that were issued earlier this morning as well as the conference call slide presentation can be found on the Investor Relations portion of our website at johnsoncontrols.com. Joining me on the call today are Johnson Controls' Chairman and Chief Executive Officer, George Oliver; Chief Financial Officer, Olivier Leonetti; and newly appointed Chief Financial Officer, Marc Vandiepenbeeck. Before we begin, let me remind you that during our presentation today, we will make forward-looking statements. Actual results may differ materially from those indicated by forward-looking statements due to a variety of risks and uncertainties.

Please note that we assume no obligation to update these forward-looking statements even if the actual results or future expectations change materially. Please refer to our SEC filings for a detailed discussion of these risks and uncertainties in addition to the inherent limitations of such forward-looking statements. We will also reference certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are contained in the schedules attached to our press release, and in the appendix of this presentation, both of which can be found on the Investor Relations section of Johnson Controls website. I will now turn the call over to George.

George R. Oliver: Thanks, Jim, and good morning, everyone. Thank you for joining us on the call today. Now let's begin with Slide 3. We are gaining momentum as we exit the first quarter. Our team has been unbelievable in managing through the recent cyber disruption which occurred early in the quarter. While it is challenging to comprehensively quantify the overall business impact as we recovered from the incident, we are back on track. In fact, over the course of the last 120 days since the cyber incident, we have connected with many of our key customers, solidifying already strong relationships and strengthening their trust and confidence in Johnson Controls. It is clear from their feedback that our value proposition continues to resonate, and customers believe in our products and services.

As we enter the new calendar year we are seeing positive signs. During the quarter, we delivered solid first quarter results, generally in line with our forecast. The fundamentals of our business are strong as we met expectations for sales, margins, and adjusted EPS in the face of headwinds from the cyber disruption, ongoing weakness in global residential HVAC, and significant slowing in China. Olivier will discuss the details of our financials more specifically later in the call. Looking forward, we expect fiscal 2024 to return to more normalized seasonality in our businesses and the operating environment to be more in line with what we saw prior to the pandemic and recent supply chain disruptions. Our position of building a leading digital building solutions platform continues to be core to our strategy, and we are pleased with the strength of our applied HVAC business, especially as we serve the fast growing data center market.

We are updating our fiscal 2024 guidance today, reducing the full year adjusted EPS range by $0.05, reflecting growing headwinds in China. Our commercially focused portfolio and long cycle backlog driven businesses, in addition to our record backlog, gives us more clarity of improvement as fiscal 2024 progresses. Before we continue, I would like to take the time to thank Olivier for his partnership over the last few years, and wish him the best of luck in the next chapter of his career. When Olivier informed me that he was taking a role outside the company, we implemented our internal succession plan, and I am very pleased that Marc Vandiepenbeeck is assuming the role of CFO. Marc has been with Johnson Controls for nearly 20 years, with increasing responsibility in finance roles, including CFO of Building Solutions North America.

Last year, we moved Marc into an operating role as President of EMEALA. Marc brings deep finance expertise and understanding of our customers, global markets, and operational knowledge. I am confident that we will continue to build on the foundations already in place, and I look forward to partnering with Marc in his new role. Now turning to Slide 4, I'd like to highlight the strong foundation of operational excellence at Johnson Controls and our value creation framework. We are capturing the secular trends across sustainable and healthy buildings. We have the right strategy and operating system in place to create value for our shareholders and as part of our commitment to disciplined capital allocation, we remain focused on deploying resources to the right opportunities.

Our team has made great progress the last two years, creating a digital services model, and our investments have been a key enabler. The addition of FM Systems gave us increased capabilities to serve our customers as they improve their workplace environments. Digital is a strong enabler to creating recurring revenue, retaining customers, and supporting higher sustainable service growth rates. Within service we are changing the game from deploying a mechanical contractor to creating multiple options for our customers. We are increasing job size, improving margins, and creating scalable solutions. In addition, we are maximizing value creation through digitally enabled offerings and accelerating our life cycle solutions entitlements across all of our domains.

Our team's model has a strong foundation and we will continue to accelerate the pace of change. At the same time, we have successfully removed many layers of cost across the organization. But we know there is more work to be done. We serve an incredible market, and it is on us to capitalize on the opportunities in front of us. We will continue to simplify and standardize across our portfolio. As we continue to focus on simplifying the company, we are always assessing opportunities to advance our transformation into a comprehensive solutions provider for commercial buildings. As part of the continuous evaluation of our portfolio, we are in the early stages of pursuing strategic alternatives of our non-commercial product lines, in line with our objective to maximize value to our shareholders.

We are very excited about our future and are confident we are on the right path to simplify our portfolio, drive margin expansion, deliver consistent cash flow, while serving our customers in the best possible way. I will now turn the call over to Olivier to go through the financial details of the quarter. Olivier.

Olivier C. Leonetti: Thanks, George and good morning, everyone. Let me start with the summary on Slide 5. As George discussed at the beginning of the call, our team did an incredible job responding to the cyber incident. The disruptions we experienced during the quarter were factored into the guidance we provided last month. Total revenue of $6.1 billion was flat year-over-year, while organic sales were down 1% as continued declines in global residential HVAC and accelerated weakness in China's in-store business more than offset mid-single digit growth in service and continued growth in applied HVAC. Segment margins declined 90 basis points to 12.8%, impacted by tough comps in our shorter cycle global products business, coupled with ongoing weakness in China's macro environment.

Adjusted EPS of $0.51 exceeded our guidance of $0.48 to $0.50 as we return to more normalized seasonality. The quarter was impacted by lost momentum from the cyber incident, accelerated weakness in China, and tough comps in our global products business. Below the line, we saw headwinds from net financing charges due to higher interest rates and increased debt levels in line with historical trends. On the balance sheet we ended the first quarter with approximately $1.8 billion in available cash and net debt increased to 2.2 times, which is within our long-term target range of 2 to 2.5 times. The elevated cash position was a direct result of positive action to mitigate the potential impacts of the cyber incident on cash flow. Adjusted free cash flow improved $180 million year-over-year, and we anticipate further improvement as we progress through the fiscal year.

Let's now discuss our segment results in more detail in Slide 6 through 8. Beginning on Slide 6, organic sales in our global products business declined 1% year-over-year, with volume declines offsetting price. Global products saw continued strength in commercial HVAC, which grew low single digits after growing low double digits in the comparable period one year ago. We have been investing in our applied HVAC business for the last couple of years, deploying resources to align to more attractive opportunities, resulting in further share gains in calendar 2023. Fire and Security declined low single digits. We believe that the majority of the tough year-over-year comparisons in the shorter cycleandric [ph] business have bottomed out, and we should see a return to growth in calendar 2024.

Industrial refrigeration had another strong quarter, growing over 35%, driven by EMEALA. Global residential declined high single digits driven by greater than 20% decline in North America which more than offset low single digit growth in the rest of the world. North America continues to face market softness and we believe we have one more quarter with these challenges before the industry begins to see growth in the second half of the year. We're improving our North America market share and see momentum building. Despite ongoing weaknesses in the European heat pump market, rest of world benefited from strong growth in Japan. Our book to bid business continues to normalize with improved lead times and our global product third-party backlog decreased 10% from the prior year to $2.3 billion.

Adjusted segment ABA margins declined 240 basis points to 17.9% as we benefited from insurance proceeds from a warehouse fire in the comparable period last year. We are beginning to see better cost absorption in our factory and expect global products margins to improve throughout the rest of the fiscal year. Moving to Slide 7 to discuss building solutions performance. Orders increased 1% as mid-single digit order growth in North America and EMEALA was more than offset by greater than 30% decline in APAC, which was primarily the result of further deterioration of the China-installed business. As the China real estate market continues to weaken and the outlook remains mixed, we have begun to optimize our go-to-market strategy and have become more selective in the business we pursue.

Organic sales were flat in the quarter against a tougher comparison of low double-digit growth in the prior year quarter. Install declined mid-single digits and more than offset mid-single digit growth in service. Segment margins declined 10 basis points as accelerated weakness in China offset positive mix in the quarter. Building Solutions backlog remains at record levels, growing 7% to $12.1 billion. Service backlog is flat and installed backlog grew 8% year-over-year. Let's discuss the building solutions performance by region on Slide 8. Orders in North America increased 6% as we continue to see strong demand across our HVAC and controls platform, growing high single digits following heightened growth in the comparative period a year ago.

Overall, there was broad-based demand in our healthcare, data center, government, and education sectors. Install orders increased 9% year-over-year with solid growth in both new construction and retrofit. Sales in North America were up 4% organically with strong growth across our HVAC and controls platform up low-teens year-over-year. Our Install business grew 4% with continued momentum in new construction up over 25% year-over-year. Organic sales in service grew 4% in a quarter, benefiting from high single digit growth in our recurring revenue contracts. Segment margins expanded 20 basis points year-over-year to 11.5%, driven by the continued execution of higher margin backlog and strength in our higher margin service business. Total backlog ended the quarter at $8.4 billion, up 11% year-over-year.

In EMEALA, orders were up 5% with continuous strength in service up 12%. Demand in institutional gained momentum in the quarter, growing 50% year-over-year, driven by public projects in Europe. Industrial refrigeration had another strong quarter with greater than 45% growth. Sales in EMEALA grew 2% organically, led by high single-digit growth in service with high single-digit growth from our recurring contracts and strong double-digit growth in our shorter-cycle transactional business. Applied commercial HVAC and Fire and Security grew low single digits within the quarter. Segment EBITDA margins of 7.7% remained flat as the growth in service was offset by the conversion of lower margin installed backlog. We anticipate strong margin expansion in EMEALA through the remainder of the fiscal year.

Backlog was up 10% year-over-year to $2.4 billion. In Asia-Pacific, as I mentioned earlier, orders declined 31% due to further deterioration of the China-installed business and were being more strategic in the deals we select. Overall, APAC-severed orders grew low single digits, driven by high single digit growth in our shorter-term transactional business. Sales in the Asia Pacific declined 21% as the installation business was impacted primarily by accelerated weakness in China. Our service business grew 5% in the quarter. The weakness in China's installed business was broad based across the overall portfolio with HVAC and controls down high-teens and Fire and Security down 20%. Segment EBITDA margins declined 140 basis points to 9.1% as weakness in China offset positive mix in our service business.

Backlog of $1.3 billion declined 21% year-over-year. I would now like to turn the call over to Marc to discuss our second quarter and fiscal year 2024 guidance. Marc?

Marc Vandiepenbeeck: Thank you, Olivier, and good morning, everyone. Before I discuss our guidance on Slide 9, I want to say how excited I am for the opportunity to partner with George as we simplify and transform Johnson Controls into a comprehensive solution provider for commercial buildings. We exited our first quarter with a cyber-incident behind us and the momentum we lost at the start of the year has recovered. We entered the second quarter with a backlog that remains at historical levels, a healthy pipeline of opportunities, and strong momentum in our industry-leading service business. We are introducing second quarter sales guidance of approximately flat year-on-year, which assume continued weakness in China and global residential HVAC.

We expect strong contribution from North America and EMEALA, led once again by our resilient service business. As we return to seasonality more in line with historical patterns, global product has one more challenging quarter before stabilizing in the second half. For the second quarter, we expect segment EBITDA margin to be approximately 14.5%, and adjusted EPS to be in the range of $0.74 to $0.78. For the full year, we continue to expect the top-line growth of mid-single digit led by stronger performance in North America, further improvement in EMEALA, stabilization in global products, and a cautious outlook on China. We expect segment EBITDA margin to expand approximately 50 to 75 basis points for the full year, as price costs remain positive and mix continue to improve throughout the year.

As George mentioned earlier in the call, given the weakening macro outlook in China, we are updating our adjusted EPS guidance range to approximately $3.60 to $3.75. The overall guide assumes a return to normal seasonality, second-half stabilization of global products, and a conversion of higher margin backlog in Building Solutions. We continue to expect adjusted free cash flow conversion of approximately 85% for the full year. The improvement we saw in cash flow for the start of the year demonstrate that our working capital improvement are gaining momentum. With that, operator, please open up the lines for questions.

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Artificial Intelligence Computing Leadership from NVIDIA

Press Release Details

Tsmc and synopsys bring breakthrough nvidia computational lithography platform to production.

SAN JOSE, Calif., March 18, 2024 (GLOBE NEWSWIRE) -- GTC --   NVIDIA today announced that TSMC and Synopsys are going into production with NVIDIA’s computational lithography platform to accelerate manufacturing and push the limits of physics for the next generation of advanced semiconductor chips.

TSMC, the world’s leading foundry, and Synopsys , the leader in silicon to systems design solutions, have integrated NVIDIA cuLitho with their software, manufacturing processes and systems to speed chip fabrication, and in the future support the latest-generation NVIDIA Blackwell architecture GPUs.

“Computational lithography is a cornerstone of chip manufacturing,” said Jensen Huang, founder and CEO of NVIDIA. “Our work on cuLitho, in partnership with TSMC and Synopsys, applies accelerated computing and generative AI to open new frontiers for semiconductor scaling.”

NVIDIA also introduced new generative AI algorithms that enhance cuLitho, a library for GPU-accelerated computational lithography, dramatically improving the semiconductor manufacturing process over current CPU-based methods.

Semiconductor Leaders Advance cuLitho Platform Computational lithography is the most compute-intensive workload in the semiconductor manufacturing process, consuming tens of billions of hours per year on CPUs. A typical mask set for a chip — a key step in its production — could take 30 million or more hours of CPU compute time, necessitating large data centers within semiconductor foundries. With accelerated computing, 350 NVIDIA H100 systems can now replace 40,000 CPU systems, accelerating production time, while reducing costs, space and power.

“Our work with NVIDIA to integrate GPU-accelerated computing in the TSMC workflow has resulted in great leaps in performance, dramatic throughput improvement, shortened cycle time and reduced power requirements,” said Dr. C.C. Wei, CEO of TSMC. “We are moving NVIDIA cuLitho into production at TSMC, leveraging this computational lithography technology to drive a critical component of semiconductor scaling.”

Since its introduction last year, cuLitho has enabled TSMC to open new opportunities for innovative patterning technologies. In testing cuLitho on shared workflows, the companies jointly realized a 45x speedup of curvilinear flows and a nearly 60x improvement on more traditional Manhattan-style flows. These two types of flows differ — with curvilinear the mask shapes are represented by curves, while Manhattan mask shapes are constrained to be either horizontal or vertical.

“For more than two decades Synopsys Proteus mask synthesis software products have been the production-proven choice for accelerating computational lithography — the most demanding workload in semiconductor manufacturing,” said Sassine Ghazi, president and CEO of Synopsys. “With the move to advanced nodes, computational lithography has dramatically increased in complexity and compute cost. Our collaboration with TSMC and NVIDIA is critical to enabling angstrom-level scaling as we pioneer advanced technologies to reduce turnaround time by orders of magnitude through the power of accelerated computing.”

Synopsys is the pioneer in delivering advanced techniques for accelerating the performance of computational lithography. Synopsys’ Proteus ™ optical proximity correction software running on the NVIDIA cuLitho software library significantly speeds computational workloads compared to current CPU-based methods. With Proteus mask synthesis products, manufacturers like TSMC can achieve exceptional precision, efficiency and speed in proximity correction, model building for correction, and analyzing proximity effects on corrected and uncorrected IC layout patterns, revolutionizing the chip fabrication process.

Breakthrough Generative AI Support for Computational Lithography NVIDIA has developed algorithms to apply generative AI to further enhance the value of the cuLitho platform. The new generative AI workflow delivers an additional 2x speedup on top of the accelerated processes enabled through cuLitho. The application of generative AI enables creation of a near-perfect inverse mask or inverse solution to account for diffraction of light. The final mask is then derived by traditional and physically rigorous methods, speeding up the overall optical proximity correction (OPC) process by a factor of two.

Many changes in the fab process currently necessitate a revision in OPC, driving up the amount of compute required and creating bottlenecks in the fab development cycle. These costs and bottlenecks are alleviated with the accelerated computing cuLitho provides and generative AI, enabling fabs to allocate available compute capacity and engineering bandwidth to design more novel solutions in development of new technologies for 2nm and beyond.

To learn more, watch Huang’s GTC keynote . Register for GTC to attend 900+ sessions from NVIDIA and industry leaders through March 21.

About NVIDIA Since its founding in 1993, NVIDIA (NASDAQ: NVDA) has been a pioneer in accelerated computing. The company’s invention of the GPU in 1999 sparked the growth of the PC gaming market, redefined computer graphics, ignited the era of modern AI and is fueling industrial digitalization across markets. NVIDIA is now a full-stack computing infrastructure company with data-center-scale offerings that are reshaping industry. More information at https://nvidianews.nvidia.com/ .

For further information, contact: Liz Archibald NVIDIA Corporate Communications [email protected]

Certain statements in this press release including, but not limited to, statements as to: the benefits, impact, performance, features, and availability of NVIDIA’s products and technologies, including NVIDIA’s computational lithography platform, NVIDIA Blackwell architecture GPUs, NVIDIA H100 systems, and the NVIDIA cuLitho software library; third parties using our products, services and platforms and our collaborations with them; our work on cuLitho, in partnership with third parties, applying accelerated computing and generative AI to open new frontiers for semiconductor scaling; the new generative AI algorithms introduced by NVIDIA that enhance cuLitho dramatically improving the semiconductor manufacturing process over current CPU-based methods; a typical mask set for a chip taking 30 million or more hours of CPU compute time, necessitating large data centers within semiconductor foundries; the ability of manufacturers like TSMC to achieve exceptional precision, efficiency and speed in proximity correction, model building for correction, and analyzing proximity effects on corrected and uncorrected IC layout patterns, revolutionizing the chip fabrication process with Synopsys’ Proteus mask synthesis products; the application of generative AI enabling creation of a near-perfect inverse mask or inverse solution to account for diffraction of light; and the accelerated computing cuLitho provides and generative AI enabling fabs to allocate available compute capacity and engineering bandwidth to design more novel solutions in development of new technologies for 2nm and beyond are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners' products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company's website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2024 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0109143f-51c4-43da-83a2-ffde9a3b44d2

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NVIDIA cuLitho

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NVIDIA cuLitho is going into production with TSMC and Synopsys, accelerating semiconductor manufacturing for the next generation of chips.

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