OTIS 8-K Current Reports

Leadership ChangesRegulation FDExhibits & Filings

Otis Worldwide 8-K Report, Financial Results (Oct 28, 2026)

Otis Worldwide Corporation (NYSE: OTIS) reported third quarter 2026 results on October 28, 2026, with net sales of $3.9 billion ($3,914 million), up 6% versus the prior year, and organic sales also up 6%. Service net sales grew 8% to $2.6 billion, with organic Service sales up 7%, while New Equipment net sales rose 3% to $1.3 billion, with organic sales up 3%. GAAP operating profit increased $34 million to $620 million, but adjusted operating profit declined $6 million to $626 million, and the adjusted operating profit margin fell 110 basis points to 16.0%. GAAP diluted EPS rose 14% to $1.08, while adjusted EPS was flat at $1.05. Segment profitability was mixed. Service segment operating profit margin contracted 130 basis points to 24.2% year over year but improved 100 basis points sequentially, while New Equipment segment operating profit fell $17 million to $42 million, with its margin down 150 basis points to 3.2%, driven by unfavorable price and mix and a decline in China. Modernization orders rose 10% at constant currency and backlog rose 20%. Management maintained its full-year 2026 outlook, including net sales of $15.1 to $15.3 billion and adjusted EPS of $4.01 to $4.05. Cash generation and shareholder returns were also highlighted. Third-quarter operating cash flow was $337 million and adjusted free cash flow was $272 million. Year to date, Otis generated $1.0 billion in operating cash flow and $834 million in adjusted free cash flow, and returned approximately $1.3 billion to shareholders through roughly $800 million of share repurchases and approximately $500 million of dividends. The filing furnishes the press release as Exhibit 99 and it is not deemed filed under Section 18 of the Exchange Act.

Oct 28, 2026 8-K

Otis Worldwide 8-K Report, Executive Changes (Sep 15, 2026)

Otis Worldwide Corporation announced on September 15, 2026 that Chair, Chief Executive Officer and President Judith F. Marks will retire as part of a long-planned CEO succession. Under a letter agreement dated September 13, 2026, Ms. Marks will remain in her roles through the Transition Date, which is the earlier of the start date of her successor (currently expected in the first half of 2027) and July 31, 2027. She will also resign from the Board on that date. If the Transition Date occurs before July 31, 2027, she will serve as a non-employee senior advisor through July 31, 2027, receiving no cash compensation, while her outstanding equity awards continue to vest under their terms. The Board has launched a comprehensive search, overseen by a succession committee chaired by Christopher J. Kearney, and has retained Spencer Stuart to consider both internal and external candidates. The press release frames the transition as the execution of a long-standing succession plan and highlights Ms. Marks' tenure, including the April 2020 separation from United Technologies Corporation, roughly 25% growth in the service portfolio to approximately 2.5 million units, and $8.4 billion of capital returned to shareholders since becoming a standalone company, including $3.4 billion in dividends and $5 billion in share buybacks. For investors, the key items are the timing of the leadership change, the advisory arrangement, and the pending selection of a new CEO. The filing does not state any change to financial guidance or operating results.

Sep 15, 2026 8-K

Otis Worldwide 8-K Report, Financial Results (Jul 22, 2026)

Otis Worldwide Corporation reported second quarter 2026 results in a press release furnished as Exhibit 99 to this Form 8-K dated July 22, 2026. Net sales were $3.9 billion ($3,859 million), up 7% year over year, or 6% on an organic basis. Service net sales rose 11% to $2.6 billion, with organic Service sales up 9%, while New Equipment net sales were flat at $1.3 billion, with organic sales down (1)%. GAAP operating profit increased $28 million to $575 million, while adjusted operating profit declined $25 million to $587 million, and adjusted operating profit margin fell 180 basis points to 15.2%. GAAP EPS rose 13% to $1.12, while adjusted EPS fell 4% to $1.01. Cash flow from operations was $267 million in the quarter and $680 million in the first half, and adjusted free cash flow was $290 million in the quarter and $562 million for the first half. Otis repurchased approximately $400 million of shares in the quarter and approximately $800 million in the first half. Modernization orders rose 9% at constant currency and modernization backlog rose 24% (26% at constant currency). New Equipment backlog increased 3% at actual currency. Management cited double-digit growth in modernization and repair sales and accelerating maintenance trends. Otis revised its full-year 2026 outlook to net sales of $15.1 to $15.3 billion, organic sales up low to mid-single digits, adjusted operating profit of approximately $2.4 billion, adjusted EPS of $4.01 to $4.05, and adjusted free cash flow of $1.50 to $1.55 billion. Organic Service sales are expected to rise mid to high single digits, while organic New Equipment sales are expected to decline low single digits to flat.

Jul 22, 2026 8-K

Otis Worldwide 8-K Report, Shareholder Vote Results (May 29, 2026)

Otis Worldwide Corporation filed this Current Report on Form 8-K under Item 5.07 to report the voting results of its 2026 Annual Meeting of Shareholders, held May 27, 2026. As of the March 30, 2026 record date, 385,710,610 shares of common stock were issued and outstanding, and a quorum of 345,588,993 shares was represented at the meeting. Shareholders elected all ten director nominees for terms expiring at the 2027 Annual Meeting. Shareholders also approved, on an advisory basis, the compensation of the named executive officers, with 300,604,166 votes for and 19,385,429 against. They ratified PricewaterhouseCoopers LLP as independent auditor for 2026, with 344,841,469 votes for and 450,913 against. A shareholder proposal on reporting political contributions and expenditures was not approved, receiving 145,402,369 votes for and 173,399,850 against. The matters are described in more detail in the company's Definitive Proxy Statement on Schedule 14A filed April 17, 2026.

May 29, 2026 8-K

Otis Worldwide 8-K Report, Corporate Update (May 7, 2026)

Otis Worldwide Corporation issued $700,000,000 aggregate principal amount of 4.488% Notes due 2029 on May 7, 2026, registered under its Form S-3ASR (File No. 333-293482) filed February 13, 2026. The Notes were sold under an Underwriting Agreement dated May 4, 2026 with J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. as representatives of the underwriters. Interest is payable semi-annually on May 7 and November 7, beginning November 7, 2026, and the Notes mature May 7, 2029. The company estimates net proceeds of approximately $695.2 million after the underwriting discount and offering expenses. The primary use is to repay at maturity its 0.318% Notes due December 15, 2026, of which €600 million (approximately $695 million) was outstanding as of March 31, 2026. The remainder will fund repayment of certain commercial paper borrowings and other general corporate purposes. The Notes are unsecured, unsubordinated obligations ranking equally with existing and future unsecured, unsubordinated indebtedness. The Indenture, dated February 27, 2020 with The Bank of New York Mellon Trust Company, N.A. as trustee and supplemented by Supplemental Indenture No. 6, restricts liens, certain fundamental changes and sale and leaseback transactions. Holders may require repurchase at 101% of principal plus accrued interest upon a Change of Control Triggering Event, and the Notes are redeemable at a make-whole premium before April 7, 2029, and at par thereafter.

May 7, 2026 8-K

Otis Worldwide 8-K Report, Financial Results (Apr 22, 2026)

Otis Worldwide Corporation (NYSE: OTIS) reported first quarter 2026 results in a press release dated April 22, 2026, furnished as Exhibit 99 to this Form 8-K. Net sales were $3,566 million, up 6% from $3,350 million a year earlier, with organic sales up 1%. Service net sales rose 11% to $2,417 million, led by repair, which grew 16% at actual currency and approximately 10% organically. New Equipment net sales declined 1% to $1,149 million, with a greater than 20% decline in China, and New Equipment segment operating profit fell to $38 million from $66 million. GAAP operating profit rose to $539 million from $411 million, and GAAP diluted EPS increased 43% to $0.87. Adjusted operating profit decreased $10 million to $550 million, and adjusted EPS decreased 3% to $0.89, which management attributed to operational performance, higher interest, and higher taxes. The company cited tariff impacts, Service investments, and shipment delays tied to the Middle East situation as pressures on margins. Cash flow from operations was $413 million and adjusted free cash flow was $272 million, compared with $190 million and $186 million a year earlier. The company repurchased approximately $400 million of shares during the quarter. Modernization orders rose 11% at constant currency and modernization backlog rose 32% (30% at constant currency), while New Equipment orders rose 1% at constant currency. Management also announced a majority investment in WeMaintain, a digitally native, AI-enabled elevator service provider. Otis revised its full-year 2026 outlook to net sales of $15.1 to $15.3 billion, organic sales up low to mid-single digits, adjusted operating profit of approximately $2.5 billion, adjusted EPS of $4.20 to $4.24, and adjusted free cash flow of $1.60 to $1.65 billion. Management expressed confidence in growing momentum into the second quarter and the remainder of the year, citing backlog growth, pricing actions, and execution.

Apr 22, 2026 8-K

Otis Worldwide 8-K Report, Financial Results (Jan 28, 2026)

Otis Worldwide Corporation reported fourth quarter and full year 2025 results in a press release furnished as Exhibit 99 to this Form 8-K, dated January 28, 2026. For the fourth quarter, net sales were $3,796 million, up 3% from $3,675 million, with organic sales up 1%. Service net sales rose 8% to $2,503 million (organic up 5%), while New Equipment net sales fell 5% to $1,293 million. GAAP EPS increased 13% to $0.95, and adjusted EPS increased 11% to $1.03. Modernization orders grew 43% at constant currency and modernization backlog rose 30% at constant currency. For the full year 2025, net sales were $14,431 million, up 1%, with flat organic sales. Service net sales grew 6% to $9,442 million, while New Equipment net sales declined 7% to $4,989 million, with a greater than 20% decline in China. GAAP EPS decreased 14% to $3.50, while adjusted EPS increased 6% to $4.05. Operating cash flow was $1,596 million and adjusted free cash flow was $1,583 million. Share repurchases totaled $809 million in cash flow terms, and the company returned $1.5 billion to shareholders including dividends. For 2026, Otis guided to net sales of $15.0 to $15.3 billion, organic sales up low to mid-single digits (New Equipment down low single digits to flat; Service up mid to high single digits), adjusted operating profit of $2.5 to $2.6 billion, adjusted EPS up mid to high single digits, and adjusted free cash flow of $1.6 to $1.7 billion.

Jan 28, 2026 8-K

Otis Worldwide 8-K Report, Executive Changes (Jan 20, 2026)

Otis Worldwide Corporation filed this Current Report on Form 8-K to disclose the appointment of Enrique Miñarro Viseras as Chief Operating Officer. The Board of Directors appointed him on January 13, 2026, effective January 16, 2026. Mr. Miñarro Viseras, 48, has been with the Company since October 2023, most recently as President, Otis EMEA, a role he held from May 2025 to December 2025 as President, Otis EMEA & Latin America. Before joining Otis, he held senior roles at Ingersoll Rand, including Senior Vice President and General Manager positions from 2020 to 2023. Under an offer letter dated January 14, 2026, his base salary increases to $820,000 and his annual short-term incentive target rises to 120% of base salary under the Executive Short-Term Incentive Plan. He will be eligible for an annual equity award beginning with fiscal year 2026, with a target value of $3,500,000 under the 2020 Long-Term Incentive Plan, though grant values may vary based on individual and Company performance. He will also receive an annual financial counseling reimbursement of up to $16,000 and an annual executive health exam. The Compensation Committee approved an amendment to his existing employment agreement with a Company subsidiary to reflect these terms. The filing states there are no family relationships with any director, director nominee, or executive officer, and no reportable related-person transactions under Item 404(a) of Regulation S-K. The offer letter is filed as Exhibit 10.1.

Jan 20, 2026 8-K

Otis Worldwide 8-K Report, Financial Results (Oct 29, 2025)

Otis Worldwide Corporation (OTIS) furnished a press release reporting third quarter 2025 results, with net sales of $3.7 billion, up 4% versus the prior year, and organic sales up 2%. Service net sales rose 9% to $2.4 billion with organic sales up 6%, and Service segment operating profit margin expanded 70 basis points to 25.5%. New Equipment net sales decreased 4% to $1.3 billion, and segment operating profit fell to $59 million, with margin contracting 170 basis points to 4.7%, reflecting an approximately 20% decline in China. GAAP EPS decreased 29% to $0.95, primarily due to non-recurring tax benefits and related interest income recorded in the prior year. Adjusted EPS increased 9% to $1.05, driven by operational performance, lower taxes, a lower share count and favorable foreign exchange, partially offset by higher interest. Modernization orders rose 27% at constant currency and backlog increased 22%, while New Equipment orders grew 4% at constant currency. For 2025, Otis raised the midpoint of its adjusted EPS outlook to $4.04 to $4.08, up 5% to 7%, and guided to net sales of $14.5 to $14.6 billion, adjusted free cash flow of approximately $1.45 billion, and an adjusted effective tax rate of approximately 24.8%. Year-to-date, operating cash flow was $779 million and share repurchases were approximately $800 million.

Oct 29, 2025 8-K

Otis Worldwide 8-K Report, Corporate Update (Sep 4, 2025)

Otis Worldwide Corporation issued $500 million aggregate principal amount of 5.131% Notes due September 4, 2035 on September 4, 2025, registered under its Form S-3ASR (File No. 333-270834) and sold under a prospectus supplement dated September 2, 2025. The filing states that net proceeds, after the underwriting discount and offering expenses, are estimated at approximately $495.2 million. The Company intends to use the proceeds to repay at maturity its 0.370% Notes due March 18, 2026 (the 2026 Yen Notes), of which ¥21.5 billion (approximately $147 million as of June 30, 2025) is outstanding, with the remainder used to repay certain commercial paper borrowings and for other general corporate purposes. The notes are unsecured, unsubordinated obligations that rank equally with the Company's existing and future unsecured, unsubordinated indebtedness. Interest is payable semi-annually on March 4 and September 4, beginning March 4, 2026. The Company may redeem the notes before June 4, 2035 at a make-whole premium, and at par plus accrued interest on or after that date. Upon a Change of Control Triggering Event, holders may require repurchase at 101% of principal plus accrued interest, unless the Company exercises its redemption right. The Otis Indenture, dated February 27, 2020, with The Bank of New York Mellon Trust Company, N.A., as trustee, contains customary restrictions limiting additional liens, certain fundamental changes, and sale and leaseback transactions, along with customary events of default. The filing is primarily a financing disclosure and exhibit filing; it reports no other financial results.

Sep 4, 2025 8-K

Material AgreementsFinancial EventsExhibits & Filings

Otis Worldwide 8-K Report, Executive Changes (Aug 26, 2025)

Otis Worldwide Corporation filed this Form 8-K on August 26, 2025 to report board changes under Item 5.02. Director Shailesh Jejurikar, who serves on the Board of Directors and chairs the Compensation Committee, notified the company on August 24, 2025 that he will resign from the Board effective September 9, 2025. The filing states that his decision was not the result of any disagreement with the company on its operations, policies or practices. On August 26, 2025, the Board reduced its size from eleven directors to ten, effective September 9, 2025, to coincide with his departure. The Board also reshuffled committee assignments. Kathy Hopinkah Hannan rotated off the Audit Committee and the Nominations and Governance Committee and replaced Mr. Jejurikar as Chair of the Compensation Committee. All other committee assignments were unchanged. The filing contains no financial results or financial statements. Its only exhibit is the cover page Interactive Data File, with cover page XBRL tags embedded in the Inline XBRL document. For investors, the main takeaway is a routine governance transition with a stated non-disagreement, plus a new leader for the Compensation Committee.

Aug 26, 2025 8-K

Otis Worldwide 8-K Report, Material Agreement (Aug 8, 2025)

On August 8, 2025, Otis Worldwide Corporation entered into a new unsecured $1,500 million revolving credit agreement that matures on August 8, 2030. The facility was entered into with Otis as borrower, Otis Intercompany Lending Designated Activity Company (an Irish designated activity company) as subsidiary borrower, and JPMorgan Chase Bank, N.A. as administrative agent. On the same date, Otis terminated all commitments under its existing credit agreement, which was scheduled to expire on March 10, 2028, and the filing states that no early termination penalties were incurred. The new facility bears interest at term SOFR, EURIBOR, daily simple ESTR or base rates plus an applicable margin, initially 1.125% for term SOFR, EURIBOR and daily simple ESTR borrowings and 0.125% for base rate borrowings, with the margin adjustable based on Otis's public debt rating. Otis may increase the revolving commitment by up to $500 million. Borrowings are available for general corporate purposes. Otis guarantees the obligations of OIL and any other subsidiary borrowers. The credit agreement contains customary affirmative and negative covenants, including limits on liens and sale and leaseback transactions for Otis and its wholly-owned domestic manufacturing subsidiaries, limits on fundamental changes, and a maximum consolidated leverage ratio financial covenant. Violations or other customary events of default could lead to acceleration of amounts outstanding and termination of lender commitments.

Aug 8, 2025 8-K

Otis Worldwide 8-K Report, Financial Results (Jul 23, 2025)

Otis Worldwide Corporation (NYSE: OTIS) furnished a press release announcing its second quarter 2025 results, reporting net sales of $3.6 billion, flat versus the prior year, with organic sales down 2%. GAAP operating profit fell $23 million to $547 million, and GAAP EPS decreased 3% to $0.99. Adjusted EPS decreased 1% to $1.05 and adjusted operating profit was $612 million, down $1 million at actual currency and down $14 million at constant currency. Service was the strength of the quarter: Service net sales rose 6% to $2.3 billion with 4% organic growth, and Service segment operating profit margin expanded 20 basis points to 24.9%. Management cited a Service-driven strategy and continued modernization momentum, with modernization orders up 22% at constant currency and backlog up 19%. New Equipment was the weak spot. Segment net sales fell 10% to $1.3 billion, organic sales fell 11%, and segment operating profit margin contracted 240 basis points to 5.3%. China was a key drag, with New Equipment sales down more than 20% there, while New Equipment orders excluding China rose 11%. Cash generation weakened in the quarter, with cash flow from operations of $215 million, down from $308 million, and adjusted free cash flow of $243 million, down from $353 million. For the first half, GAAP cash flow from operations was $405 million and adjusted free cash flow was $429 million. Share repurchases were approximately $550 million in the first half. Otis revised its full-year 2025 outlook, guiding to net sales of $14.5 to $14.6 billion (up 1 to 2%), adjusted operating profit of $2.4 to $2.5 billion, adjusted EPS of $4.00 to $4.10 (up 4 to 7%), and adjusted free cash flow of $1.4 to $1.5 billion. Management reconfirmed its 2025 EPS outlook and noted expected UpLift run-rate savings of $200 million.

Jul 23, 2025 8-K

Otis Worldwide 8-K Report, Shareholder Vote Results (May 16, 2025)

Otis Worldwide Corporation held its 2025 Annual Meeting of Shareholders on May 15, 2025. Of the 395,629,196 shares of common stock outstanding as of the March 17, 2025 record date, 358,121,969 shares were represented, which constituted a quorum. The filing reports voting results on four proposals described in the Company's Definitive Proxy Statement on Schedule 14A filed April 4, 2025. Shareholders elected all eleven director nominees to terms expiring at the 2026 Annual Meeting. The most significant outcome for investors is that the advisory say-on-pay proposal on executive compensation was not approved, with 131,352,789 votes for, 202,204,629 votes against, and 1,074,705 abstentions. Shareholders also did not approve a proposal on reporting of political contributions and expenditures, with 132,918,428 votes for and 199,404,220 against. Shareholders ratified PricewaterhouseCoopers LLP as the independent auditor for 2025, with 357,214,770 votes for and 631,907 against. Among the director votes, Shailesh G. Jejurikar (310,839,013 for, 23,533,611 against) and Judith F. Marks (311,396,772 for, 18,655,440 against, 4,579,911 abstentions) received the largest numbers of votes against, though both were elected.

May 16, 2025 8-K

Corporate ChangesExhibits & Filings

Otis Worldwide 8-K Report, Financial Results (Apr 23, 2025)

Otis Worldwide Corporation (NYSE: OTIS) reported first quarter 2025 results in a press release furnished as Exhibit 99 to this Form 8-K. Net sales were $3.35 billion, down 3% from $3.44 billion a year earlier, with organic sales flat; the decline was driven primarily by New Equipment in China. GAAP operating profit fell to $411 million from $544 million, and GAAP diluted EPS decreased 29% to $0.61. Adjusted operating profit was $560 million, roughly flat at actual currency and up $15 million at constant currency, and adjusted EPS rose 5% to $0.92, aided by a lower share count and partially offset by FX. GAAP results were hurt by UpLift transformation costs, separation-related adjustments, and other non-recurring items. The Service segment was the main source of strength, with net sales up 1% (up 4% organic), segment operating profit margin up 40 basis points to 24.6%, and modernization orders up 12% with backlog up 13%. New Equipment net sales fell 9% and organic sales fell 7%, with a greater than 20% decline in China partly offset by growth in Asia Pacific and EMEA. Cash flow from operations was $190 million and adjusted free cash flow was $186 million. The company also reported share repurchases of approximately $250 million. Otis revised its full-year 2025 outlook: net sales of $14.6 to $14.8 billion (up 3 to 4%), organic sales up 2 to 4% (New Equipment down 1 to 4%, Service up 5 to 7%), adjusted operating profit of $2.4 to $2.5 billion including a ($75) to ($45) million tariff impact, adjusted EPS of $4.00 to $4.10, and adjusted free cash flow of approximately $1.6 billion.

Apr 23, 2025 8-K

Otis Worldwide 8-K Report, Bylaw Amendment (Mar 24, 2025)

Otis Worldwide Corporation filed this Current Report on Form 8-K to disclose that its Board of Directors approved an amendment and restatement of the Company's Amended and Restated Bylaws on March 19, 2025, effective as of that date. The filing reports a governance update rather than financial results, and it does not include any financial figures. The amended bylaws revise procedures and disclosure requirements for director nominations and stockholder proposals at stockholder meetings. Among the changes, a stockholder seeking to nominate directors at an annual meeting must now deliver reasonable evidence that it has complied with Rule 14a-19 of the Securities Exchange Act of 1934, the universal proxy rules. The amendments also remove certain limitations on stockholders' ability to act by written consent and eliminate the requirement that a stockholder-nominated director tender an irrevocable resignation in certain circumstances. Other clarifying and conforming changes are also included. For investors, the changes affect shareholder governance rights and the process for challenging or nominating board candidates. The complete bylaws are filed as Exhibit 3.1 to the 8-K, and the filing states that the summary is qualified in its entirety by that full text.

Mar 24, 2025 8-K

Otis Worldwide 8-K Report, Financial Results (Jan 29, 2025)

Otis Worldwide Corporation (NYSE: OTIS) reported fourth quarter and full year 2024 results on January 29, 2025, as furnished in a press release (Exhibit 99). For the full year, net sales were $14.3 billion, up 0.4% (organic sales up 1.4%), with Service sales up 5.9% and Service organic sales up 6.8%. GAAP EPS rose 20.1% to $4.07, primarily driven by a non-recurring tax benefit and related interest income, while adjusted EPS rose 8.2% to $3.83. GAAP operating profit fell $178 million to $2.0 billion, driven mainly by separation-related adjustments tied to non-recurring tax items, while adjusted operating profit increased $87 million to $2.4 billion at actual currency. GAAP operating profit margin contracted 130 basis points to 14.1%, while adjusted margin expanded 50 basis points to 16.5%. Fourth quarter net sales were $3.7 billion, up 1.5%, driven by Service sales of $2.3 billion (up 7.6%), while New Equipment sales fell 7.4% to $1.4 billion, including a greater than 20% decline in China. Modernization orders rose 18% and modernization backlog grew 10% at actual currency (13% at constant currency). Full year cash flow from operations was $1.6 billion, and share repurchases totaled $1.0 billion. For 2025, Otis guided to net sales of $14.1 to $14.4 billion, organic sales growth of 2 to 4% (organic Service sales up 6 to 7%, organic New Equipment sales down 1 to 4%), adjusted EPS of $4.00 to $4.10, and adjusted free cash flow of approximately $1.6 billion. The company is also increasing expected UpLift run-rate savings to $200 million by the second half of 2025 and launching a China transformation program with expected run-rate savings of $30 million by year-end 2025.

Jan 29, 2025 8-K

Financial EventsOther EventsExhibits & Filings

Otis Worldwide 8-K Report, Corporate Update (Nov 19, 2024)

On November 19, 2024, Otis Worldwide Corporation issued two note offerings. The Company issued $600 million aggregate principal amount of 5.125% Notes due November 19, 2031 (the "Otis Notes"), with estimated net proceeds of approximately $594.5 million. Its subsidiary Highland Holdings S.à r.l., an indirect wholly-owned consolidated subsidiary, issued €850 million aggregate principal amount of 2.875% Notes due November 19, 2027 (the "Highland Notes"), fully and unconditionally guaranteed by the Company. Highland's estimated net proceeds were approximately €842 million, or $902 million, based on the euro/U.S. dollar exchange rate as of November 8, 2024. The Company and Highland intend to use the combined proceeds of both offerings to repay at maturity the Company's 2.056% notes due April 5, 2025, of which $1.3 billion principal amount is currently outstanding. The Company expects to use the remaining proceeds to repay certain commercial paper borrowings and for general corporate purposes. Both series of notes are unsecured, unsubordinated obligations ranking equally with existing and future unsecured, unsubordinated indebtedness. The indentures contain customary restrictions limiting liens, certain fundamental changes, and sale and leaseback transactions, along with customary events of default. Both series carry change of control put rights at 101% of principal plus accrued interest. The notes were registered under the Company's shelf registration statement on Form S-3ASR filed March 24, 2023.

Nov 19, 2024 8-K

Otis Worldwide 8-K Report, Financial Obligation (Nov 14, 2024)

Otis Worldwide Corporation filed this Form 8-K on November 14, 2024 to disclose two debt offerings it priced that week. On November 12, 2024, Otis priced a $600,000,000 aggregate principal amount of 5.125% Notes due 2031 (the "Dollar Offering"), with expected net proceeds of approximately $594.5 million after underwriting discount and offering expenses. The notes are unsecured, unsubordinated obligations that rank equally with Otis's existing and future unsecured, unsubordinated indebtedness, and the closing is expected on November 19, 2024. On November 13, 2024, Highland Holdings S.à r.l., an indirect wholly-owned consolidated subsidiary of Otis, priced a euro offering of €850 million aggregate principal amount of 2.875% Notes due 2027 (the "Euro Offering"), fully and unconditionally guaranteed by Otis. Estimated net proceeds to Highland are approximately €842 million, or approximately $902 million based on the euro/U.S. dollar exchange rate as of November 8, 2024, with closing also expected on November 19, 2024. Otis intends to use the combined proceeds, together with cash on hand, to repay at maturity its 2.056% notes due April 5, 2025, of which $1.3 billion principal amount is currently outstanding. Any remaining Euro Offering proceeds may go to repay certain commercial paper borrowings and for general corporate purposes. The filing shows Otis refinancing near-term maturities with longer-dated debt.

Nov 14, 2024 8-K

Otis Worldwide 8-K Report, Financial Results (Oct 30, 2024)

Otis Worldwide Corporation reported third quarter 2024 results in a press release furnished as Exhibit 99 to this Form 8-K. Net sales were $3,548 million, up 0.7% versus the prior year, with organic sales up 1.2%. Service drove results: Service net sales rose 7.2% and Service organic sales rose 7.7%, while New Equipment net sales fell 8.8%, with a greater than 20% decline in China. GAAP operating profit was $363 million, down $208 million, driven primarily by separation-related adjustments tied to non-recurring tax items. Adjusted operating profit was $599 million, up $4 million at actual currency. GAAP diluted EPS rose 47.3% to $1.34, primarily from a non-recurring tax benefit and related interest income following a favorable German tax litigation ruling in August 2024. Adjusted EPS rose 1.1% to $0.96. Cash flow from operations was $394 million in the quarter and adjusted free cash flow was $381 million. Share repurchases were $200 million in the quarter and $800 million year to date. Maintenance portfolio units increased 4.2% and modernization backlog rose 14% at actual currency. New Equipment backlog declined 1% at actual currency. Otis revised its full-year 2024 outlook to net sales of about $14.2 billion, organic sales growth of about 1.5%, adjusted operating profit of about $2.375 billion, adjusted EPS of about $3.85, and adjusted free cash flow of approximately $1.4 billion to $1.5 billion. Organic Service sales are expected to rise about 6.5%, while organic New Equipment sales are expected to fall in the mid to high single digits.

Oct 30, 2024 8-K

Leadership Changes

Otis Worldwide 8-K Report, Executive Changes (Sep 20, 2024)

Otis Worldwide Corporation filed this Form 8-K to disclose an amended and restated employment agreement with Cristina Méndez, who was appointed Executive Vice President and Chief Financial Officer effective August 23, 2024. The agreement was entered into by a Swiss-based subsidiary, Otis International Sàrl, and formalizes the offer letter disclosed when her promotion was announced in a July 19, 2024 Form 8-K. Her new annual base salary is $770,000, and her Short-Term Incentive Plan target is 100% of base salary, pro-rated for 2024. On August 23, 2024, Ms. Méndez received a supplemental 2024 long-term incentive award with an aggregate target value of $2,390,000 under the 2020 Long-Term Incentive Plan. Half is delivered as performance share units vesting in early 2027 based on 2024-2026 performance, and the remainder is split evenly between restricted stock units and stock appreciation rights that vest ratably over three years. The award is supplemental to her February 2024 award made when she was Senior Vice President, Finance EMEA & Transformation. Ms. Méndez is also moving on a long-term international assignment from Switzerland to Farmington, Connecticut, where the company is headquartered. The assignment includes relocation benefits, tax equalization to Switzerland, a one-time relocation allowance of 12,792 CHF, and a housing allowance of $5,000 per month plus utilities. She will be covered by the ELG Severance Plan and Change in Control Severance Plan and is subject to a two-year post-employment noncompetition and nonsolicitation of employees covenant.

Sep 20, 2024 8-K

Otis Worldwide 8-K Report, Financial Results (Jul 24, 2024)

Otis Worldwide Corporation (NYSE: OTIS) furnished an 8-K on July 24, 2024 attaching its press release reporting second quarter 2024 results. Net sales were $3.6 billion, down 3.2% year over year (down 1.1% at constant currency), with organic sales down 1.2%. The decline was driven by New Equipment, where net sales fell 11.4% and organic sales fell 9.4%. Service net sales rose 3.0% to $2.2 billion, with organic sales up 5.1%, and Service segment operating profit increased $39 million to $538 million, with segment margin expanding 110 basis points to 24.7%. GAAP EPS rose 13.3% to $1.02 and adjusted EPS rose 15.2% to $1.06, supported by margin expansion and an improved effective tax rate. Cash flow from operations was $308 million for the quarter, down from $446 million a year earlier, and adjusted free cash flow was $353 million. The company repurchased $300 million of common stock in the quarter and $600 million in the first half. Net interest expense and the balance sheet show short-term borrowings and current portion of long-term debt rising to $1.66 billion at June 30, 2024 from $32 million at December 31, 2023, while cash and cash equivalents fell to $942 million from $1.27 billion. Management raised its adjusted EPS outlook to $3.85 to $3.90 (up 9% to 10%) and now expects net sales of $14.3 billion to $14.5 billion, organic sales growth of 1% to 3%, and adjusted free cash flow of approximately $1.5 billion to $1.6 billion. The company also highlighted its UpLift program, which it expects to reach a run-rate savings of $175 million by mid-2025.

Jul 24, 2024 8-K

Otis Worldwide 8-K Report, Executive Changes (Jul 19, 2024)

Otis Worldwide Corporation filed this Form 8-K to report a leadership change in its finance function. Anurag Maheshwari, Executive Vice President and Chief Financial Officer, has given notice that he will resign effective August 23, 2024, to pursue external opportunities. The filing states that his resignation was not the result of any dispute or disagreement with the Company. The Board has appointed Cristina Méndez as Executive Vice President and Chief Financial Officer, effective August 23, 2024. Ms. Méndez, 44, has been with the Company since February 2022, most recently as Senior Vice President, Finance EMEA & Transformation, and previously served as Senior Vice President, Director Controlling, at Telefonica Deutschland from 2018 to 2022. The compensation terms for Ms. Méndez are significant for investors to note. Her base salary will increase to $770,000, her annual short-term incentive target will be 100% of base salary, and she will receive a supplemental 2024 annual long-term incentive award with an aggregate target value of $2,390,000. Half of that award will be performance share units vesting in early 2027 based on 2024-2026 performance, and the remainder will be split between restricted stock units and stock appreciation rights, each vesting ratably over three years. She will also relocate to the United States on an expatriate assignment with customary benefits, including tax equalization to Switzerland. In a related press release, Otis stated that it plans to release second-quarter earnings on July 24, and that both Mr. Maheshwari and Ms. Méndez will join CEO Judy Marks on the earnings call. Mr. Maheshwari will work with Ms. Méndez on a transition through late August.

Jul 19, 2024 8-K

Otis Worldwide 8-K Report, Shareholder Vote Results (May 20, 2024)

Otis Worldwide Corporation filed this Form 8-K to report the results of its 2024 Annual Meeting of Shareholders, held on May 16, 2024. As of the March 18, 2024 record date, 404,180,723 shares of common stock were issued and outstanding, and 359,019,252 shares were represented at the meeting, which constituted a quorum. The filing states that shareholders voted on four matters, which are described in the Company's Definitive Proxy Statement on Schedule 14A filed April 5, 2024. Shareholders elected all eleven director nominees to terms expiring at the 2025 Annual Meeting. Each nominee received more votes for than against. Judith F. Marks had the most opposition, with 18,395,045 votes against and 3,799,613 abstentions. Shareholders also approved, on an advisory basis, the compensation of the named executive officers, with 295,869,858 votes for and 36,552,568 against. They ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2024, with 358,111,417 votes for and 567,055 against. A proposal to adopt a revised policy on majority voting in director elections was not approved, receiving 39,695,754 votes for and 293,386,557 against, with 792,543 abstentions. Broker non-votes totaled 25,144,398 for the director, compensation, and majority voting proposals.

May 20, 2024 8-K

Otis Worldwide 8-K Report, Financial Results (Apr 24, 2024)

Otis Worldwide Corporation (NYSE: OTIS) reported first quarter 2024 results on April 24, 2024, with net sales of $3.4 billion ($3,437 million), up 2.7% year over year, and organic sales growth of 3.8%. GAAP operating profit rose $31 million to $544 million, with GAAP operating profit margin expanding 50 basis points to 15.8%. GAAP EPS increased 8.9% to $0.86, and adjusted EPS increased 10.0% to $0.88. Service was the main driver: Service net sales rose 5.8% (organic up 6.5%), while New Equipment net sales fell 2.1% (organic roughly flat, at (0.5)%). New Equipment orders were down 10% at constant currency, while Modernization orders were up 13% and Modernization backlog was up 14%. Cash flow was weaker than the prior year. Cash flow from operations was $171 million, down $107 million, and adjusted free cash flow was $155 million, down $98 million, driven by changes in working capital. The company repurchased $300 million of common stock in the quarter and, as of the filing, had raised its full-year share repurchase target to $1 billion. Otis updated its 2024 outlook, raising adjusted EPS to $3.83 to $3.90 (up 8 to 10%) and guiding to net sales of $14.5 to $14.8 billion, organic sales growth of 3 to 5%, and adjusted free cash flow of approximately $1.6 billion. Management also raised the quarterly dividend by 14.7%.

Apr 24, 2024 8-K

Otis Worldwide 8-K Report, Financial Results (Jan 31, 2024)

Otis Worldwide Corporation (NYSE: OTIS) reported fourth quarter and full year 2023 results on January 31, 2024, as furnished in Exhibit 99, a press release. For the full year, net sales were $14.2 billion, up 3.8% reported and 5.6% organic. GAAP EPS rose 14.5% to $3.39 and adjusted EPS rose 11.7% to $3.54. GAAP operating profit was $2,186 million, and GAAP operating profit margin expanded 50 basis points to 15.4%. Full-year GAAP cash flow from operations was $1.6 billion, free cash flow was $1.49 billion, and adjusted free cash flow was $1.53 billion. Fourth quarter net sales were $3.62 billion, up 5.3%, with organic sales up 3.8%. Service organic sales grew 6.8% and New Equipment organic sales were roughly flat. New Equipment orders rose 3% at constant currency, and Modernization backlog grew 15%. Otis distributed approximately $1.35 billion to shareholders in 2023, including $800 million through share repurchases. For 2024, Otis expects net sales of $14.5 to $14.8 billion, organic sales growth of 3 to 5% (Service up 6 to 7%, New Equipment approximately flat), adjusted EPS of $3.80 to $3.90, and adjusted free cash flow of approximately $1.6 billion.

Jan 31, 2024 8-K

Otis Worldwide 8-K Report, Financial Results (Oct 25, 2023)

Otis Worldwide Corporation (NYSE: OTIS) furnished a press release reporting third quarter 2023 results. Third quarter net sales were $3.5 billion ($3,523 million), up 5.4% year over year, with organic sales up 5.2%. GAAP diluted EPS was $0.91, up 18.2%, and adjusted EPS was $0.95, up 18.8%. GAAP operating profit was $571 million and adjusted operating profit was $595 million, with adjusted operating profit margin up 60 basis points to 16.9%. Service drove the quarter: Service net sales rose 10.1% with organic sales up 8.4%, and Maintenance portfolio units increased 4.2%. New Equipment was weaker, with net sales down 0.8% (organic up 1.0%) and new equipment orders down 10% at constant currency. Modernization orders rose 13% in total and modernization backlog grew 17%, or 15% at constant currency. Cash flow from operations was $306 million and free cash flow was $272 million for the quarter. For the nine months, free cash flow was $934 million. Otis raised its full-year outlook: organic sales growth of approximately 5.5%, adjusted EPS of approximately $3.52 (up approximately 11%), adjusted operating profit of approximately $2.265 billion, and free cash flow of approximately $1.5 billion. The company also plans $800 million in share repurchases for the year.

Oct 25, 2023 8-K

Otis Worldwide 8-K Report, Executive Changes (Oct 24, 2023)

Otis Worldwide Corporation (NYSE: OTIS) filed a Current Report on Form 8-K dated October 24, 2023, reporting changes to its Board of Directors. The Board appointed Thomas Bartlett and Jill Brannon as directors, effective October 27, 2023, with terms expiring at the 2024 Annual Meeting of Shareholders. The Board determined that both qualify as independent directors under the New York Stock Exchange listing standards and the company's Director Independence Policy. Harold W. McGraw III announced on October 19, 2023 that he will retire from the Board effective December 7, 2023. With the two additions and McGraw's retirement, the Board will have 11 members. Bartlett was appointed to the Audit and Compensation Committees, and Brannon to the Audit and Nominations and Governance Committees, each effective October 27, 2023. The filing states that the new directors will participate in the company's non-employee director compensation program, as described in exhibits to the company's Form 10-K for the fiscal year ended December 31, 2022. The filing also states that neither appointee was selected under any arrangement with a third party and that neither has a reportable related-person transaction. The announcement is detailed in Exhibit 99.1, a press release dated October 24, 2023.

Oct 24, 2023 8-K

Otis Worldwide 8-K Report, Corporate Update (Aug 16, 2023)

On August 16, 2023, Otis Worldwide Corporation issued $750,000,000 aggregate principal amount of 5.250% Notes due August 16, 2028. The notes were registered under the company's Form S-3ASR (File No. 333-270834) filed March 24, 2023, and were sold under an Underwriting Agreement dated August 14, 2023 with BofA Securities, Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC as representatives of the underwriters. Interest is payable semi-annually on February 16 and August 16, beginning February 16, 2024. The company intends to use the net proceeds to repay at maturity the 0.000% notes due November 12, 2023 issued by its subsidiary Highland Holdings S.à r.l. and guaranteed by Otis, of which €500,000,000 (approximately $546 million as of June 30, 2023) is outstanding. The remainder is expected to be used to repay certain commercial paper borrowings and for other general corporate purposes. The notes are unsecured, unsubordinated obligations ranking equally with existing and future unsecured, unsubordinated indebtedness. They may be redeemed before July 16, 2028 at a make-whole premium, and on or after that date at 100% of principal plus accrued interest. Upon a Change of Control Triggering Event, holders may require repurchase at 101% of principal plus accrued interest. The indenture contains customary restrictions limiting liens, certain fundamental changes and sale and leaseback transactions, along with customary events of default.

Aug 16, 2023 8-K

Otis Worldwide 8-K Report, Financial Results (Jul 26, 2023)

Otis Worldwide Corporation (OTIS) furnished a press release under Item 2.02 reporting second quarter 2023 results. Net sales were $3.72 billion, up 6.7% year over year (9.5% organic growth, partially offset by a 2.1% foreign exchange headwind). GAAP diluted EPS was $0.90, up 18.4%, and adjusted EPS was $0.92, up 7.0%. GAAP operating profit was $580 million and adjusted operating profit was $590 million, with the adjusted operating profit margin expanding 20 basis points to 15.9%. Service net sales grew 8.3% to $2.12 billion, while New Equipment net sales rose 4.6% to $1.60 billion, although New Equipment orders were down 12% at constant currency. Cash flow from operations was $446 million and free cash flow was $409 million, equal to 109% of net income attributable to common shareholders. The company launched UpLift, a program with expected cost savings of $150 million within two years. Otis revised its full-year 2023 outlook to adjusted net sales of $14.0 to $14.3 billion, adjusted EPS of $3.45 to $3.50, and free cash flow of $1.5 to $1.55 billion, and it raised its share repurchase target to $800 million. The company reported a balance sheet with total shareholders' deficit of $(4,852) million at June 30, 2023, and cash and cash equivalents of $1,219 million. Net income attributable to Otis for the six months was $707 million, and diluted EPS for the six months was $1.70.

Jul 26, 2023 8-K

Otis Worldwide 8-K Report, Shareholder Vote Results (May 22, 2023)

Otis Worldwide Corporation filed this Form 8-K to report the results of its 2023 Annual Meeting of Shareholders, held on May 18, 2023, under Item 5.07 (Submission of Matters to a Vote of Security Holders). As of the March 20, 2023 record date, 413,242,757 shares of common stock were outstanding, and a quorum of 365,284,291 shares was represented at the meeting. Shareholders re-elected all ten director nominees, each for a term expiring at the 2024 Annual Meeting. Judith F. Marks received the lowest support, with 319,242,998 votes for, 16,048,113 against, and 3,590,780 abstentions. Shareholders also approved, on an advisory basis, the compensation of the named executive officers, with 293,808,739 votes for and 43,745,146 against. PricewaterhouseCoopers LLP was ratified as independent auditor for 2023, with 363,036,184 votes for. A shareholder proposal for an Independent Board Chairman was not approved, receiving 131,695,929 votes for and 206,510,599 against. For investors, the filing shows broad shareholder support for the board slate, the executive pay program, and the auditor, with the governance proposal failing.

May 22, 2023 8-K

Material AgreementsFinancial EventsExhibits & Filings

Otis Worldwide 8-K Report, Financial Results (Apr 26, 2023)

Otis Worldwide Corporation (NYSE: OTIS) reported first quarter 2023 net sales of $3.3 billion, down 2.0% year over year, with organic sales growth of 3.6% and a 4.4% headwind from foreign exchange. GAAP diluted EPS was $0.79, up 8.2% from $0.73, and adjusted EPS was $0.80, up 5.3% from $0.76. Service net sales of $2.04 billion rose 2.4% (6.3% organic), with GAAP Service operating profit of $476 million and margin of 23.3%. New Equipment net sales of $1.31 billion fell 8.1% (flat organically), and New Equipment operating margin contracted to 5.1% on a GAAP basis, reflecting lower margins from regional and product mix. New Equipment orders rose 7% at constant currency, and New Equipment backlog grew 3% at actual currency and 10% on an adjusted, constant-currency basis. Maintenance portfolio units increased 4.2%. First quarter free cash flow was $253 million, or 76% of net income, down from $474 million a year earlier because of working capital increases from payment timing. Otis revised its full-year 2023 outlook, guiding to adjusted net sales of $13.9 to $14.2 billion (up 2.5% to 4.5%), organic sales growth of 4% to 6%, adjusted EPS of $3.40 to $3.50, and free cash flow of $1.5 to $1.55 billion. The company raised its full-year share repurchase target to $700 to $800 million.

Apr 26, 2023 8-K

Otis Worldwide 8-K Report, Material Agreement (Mar 10, 2023)

On March 10, 2023, Otis Worldwide Corporation entered into a new unsecured $1,500 million revolving credit agreement that matures on March 10, 2028. The Credit Agreement names Otis as borrower, Otis Intercompany Lending Designated Activity Company as subsidiary borrower, and JPMorgan Chase Bank, N.A. as administrative agent, and Otis guarantees the subsidiary borrower's obligations. On the same date, Otis terminated all commitments under its existing credit agreement, which was scheduled to expire on April 3, 2025, and the filing states no early termination penalties were incurred. The new facility carries interest at term SOFR plus a 0.10% credit spread adjustment or a base rate for U.S. dollar borrowings, and EURIBOR or daily simple ESTR for euro borrowings, in each case plus an applicable margin. The margin is initially 1.25% for term SOFR, EURIBOR and daily simple ESTR borrowings and 0.25% for base rate borrowings, and it can fluctuate based on Otis' public debt rating. The facility may be increased by up to $500 million, and proceeds are available for general corporate purposes. The agreement includes customary covenants that limit certain liens, sale and leaseback transactions and fundamental changes, along with a maximum consolidated leverage ratio. A covenant breach could trigger an event of default, allowing lenders to accelerate amounts outstanding and terminate their commitments.

Mar 10, 2023 8-K

Leadership ChangesOther Events

Otis Worldwide 8-K Report, Executive Changes (Feb 27, 2023)

Otis Worldwide Corporation (OTIS) filed this Current Report on Form 8-K on February 27, 2023 to disclose two executive leadership changes for its China business, both effective March 1, 2023. The filing is limited to personnel matters and reports no financial results, guidance, or other financial metrics. Under Item 5.02, Peiming (Perry) Zheng, a named executive officer, will cease serving as President, Otis China. He will continue as the Company's Executive Vice President, Chief Product, Delivery and Customer Officer and will remain an executive officer. Under Item 8.01, Sally Loh will be appointed President, Otis China. She previously served as Chief Operating Officer, China, and has 22 years of service with the Company. She has been appointed an executive officer of the Company.

Feb 27, 2023 8-K

Otis Worldwide 8-K Report, Financial Results (Feb 1, 2023)

Otis Worldwide Corporation reported fourth quarter and full year 2022 results in a press release furnished as Exhibit 99 to this Form 8-K. For the fourth quarter, net sales were $3,439 million, down 3.6% year over year, while organic sales rose 6.1%, offset by an 8.2% foreign exchange headwind. GAAP operating profit was $491 million and GAAP diluted EPS rose 9.2% to $0.71; adjusted diluted EPS rose 4.2% to $0.75. For the full year, net sales were $13,685 million, down 4.3%, with organic growth of 2.5%. GAAP diluted EPS was $2.96 (up 2.4%) and adjusted diluted EPS was $3.17 (up 7.5%). Full-year free cash flow was $1,445 million, equal to 115% of net income attributable to common shareholders. By segment, Service was the strongest contributor: full-year Service net sales were $7,821 million with organic growth of 6.0%, and Service GAAP operating profit rose to $1,789 million with margin expanding 50 basis points to 22.9%. New Equipment full-year orders grew 7%, and backlog rose 3% on a GAAP basis (11% adjusted at constant currency), although New Equipment full-year organic sales declined 1.7% amid China macro headwinds and supply-chain and installation delays. Management also cited $1.3 billion distributed to shareholders in 2022, including $850 million of share repurchases. For 2023, Otis guided to net sales of $13.8 to $14.1 billion, organic sales growth of 4% to 6%, adjusted operating profit of $2.20 to $2.25 billion, adjusted EPS of $3.35 to $3.50, and free cash flow of $1.5 to $1.55 billion. Investors should note that cash flow from operations declined $190 million in 2022, driven by lower net income, higher inventory and collection timing, and that the company reported a shareholders' deficit of $4,870 million at December 31, 2022.

Feb 1, 2023 8-K

Otis Worldwide 8-K Report, Financial Results (Oct 26, 2022)

Otis Worldwide Corporation reported third quarter 2022 net sales of $3.3 billion, down 7.6% year over year, with organic sales up 0.8%. The decline reflected a 7.2% foreign exchange headwind. GAAP diluted EPS was $0.77, flat versus the prior year, while adjusted EPS rose 5.3% to $0.80. Service was the main source of strength: Service net sales were $1.9 billion, organic sales rose 6.2%, and adjusted operating profit margin expanded 50 basis points to 23.9%. New Equipment net sales fell 13.9% to $1.4 billion, with organic sales down 5.4%, and orders were down 0.8% at constant currency. Excluding China, New Equipment orders rose 7.4% at constant currency. Cash generation and capital returns were a focus. Year-to-date cash flow from operations was $1.1 billion and free cash flow was $1.0 billion, or 106% of net income. Third quarter cash flow from operations was $239 million, down from $355 million, which the filing attributes to lower net income, higher inventory to support backlog conversion, and the timing of supplier payments. The company revised its full-year 2022 outlook, with organic sales now expected to rise 2% to 2.5%, adjusted EPS of $3.11 to $3.15, and free cash flow of $1.5 to $1.6 billion. It also raised its full-year share repurchase target to $850 million. The filing also cites charges tied to the sale of the Russia operations and the conflict in Ukraine, which affected GAAP results.

Oct 26, 2022 8-K

Otis Worldwide 8-K Report, Executive Changes (Oct 24, 2022)

Otis Worldwide Corporation (NYSE: OTIS) filed this Current Report on Form 8-K to disclose that its Board of Directors appointed Nelda J. Connors as a director, effective October 28, 2022, with a term expiring at the 2023 Annual Meeting of Shareowners. The appointment increases the Board from 9 to 10 directors. Ms. Connors was also appointed to the Audit Committee and the Compensation Committee, and the Board has determined she is independent under New York Stock Exchange listing standards and the Company's Director Independence Policy. The filing states that Ms. Connors will participate in the non-employee director compensation program described in the Company's 2021 Form 10-K, and that her appointment was not pursuant to any arrangement or understanding with a third party. It also states that neither she nor her immediate family members is party to any related-person transaction requiring disclosure under Item 404(a) of Regulation S-K. The press release (Exhibit 99.1) describes Ms. Connors's background as former President and CEO of Atkore International Inc. and a former Vice President at Eaton Corporation, and notes she currently serves as CEO of Pine Grove Holdings and on the boards of Boston Scientific, Baker Hughes and Zebra Technologies. The release also states that six of the ten Board members are women, racially or ethnically diverse, or both.

Oct 24, 2022 8-K

Otis Worldwide 8-K Report, Financial Results (Jul 27, 2022)

Otis Worldwide Corporation (NYSE: OTIS) furnished a press release dated July 27, 2022 reporting second quarter 2022 results. Net sales were $3.49 billion, down 5.8% year over year, as a 0.4% organic sales increase was more than offset by a 5.3% foreign exchange headwind. GAAP diluted EPS was $0.76, flat versus the prior year, while adjusted EPS rose 11.7% to $0.86. New Equipment orders were up 16.5% at constant currency, and New Equipment backlog rose 6% at actual currency (10% adjusted at constant currency). Service net sales were $1.95 billion, with organic sales up 5.2%. GAAP operating profit fell $74 million to $487 million, while adjusted operating profit of $541 million decreased $21 million. Cash flow was weaker in the quarter: cash flow from operations was $353 million and free cash flow was $326 million, down $180 million and $167 million, primarily from the timing of interest and separation-related tax payments. For the first half, free cash flow was $800 million. The company completed the delisting of Zardoya Otis and reached an agreement to divest its Russia business, with closing expected imminently. Management revised its full-year 2022 outlook to organic sales growth of 2.5% to 3.5%, adjusted EPS of $3.17 to $3.21, and free cash flow of approximately $1.6 billion. The filing notes that GAAP results were affected by non-recurring charges and operational performance of the Russia business, higher restructuring expense, and commodity headwinds in New Equipment. Adjusted figures exclude these items and are non-GAAP measures.

Jul 27, 2022 8-K

Otis Worldwide 8-K Report, Executive Changes (Jun 27, 2022)

Otis Worldwide Corporation (NYSE: OTIS) announced in this Form 8-K filed June 27, 2022 that Rahul Ghai, Executive Vice President and Chief Financial Officer, will resign effective August 12, 2022 to join another company. The filing states his resignation was not the result of any dispute or disagreement with the Company. The Board has appointed Anurag Maheshwari as Executive Vice President and Chief Financial Officer, effective the same date. Mr. Maheshwari, 48, has been with Otis since February 2020 as Vice President, Finance, Information Technology and Chief Transformation Officer, Otis Asia Pacific, and previously served as Vice President, Investor Relations at Harris Corporation and L3Harris Technologies. The filing describes Maheshwari's compensation under an offer letter: base salary increased to $725,000, annual short-term incentive target of 100% of base salary, and long-term incentive awards with an aggregate target value of not less than $2,500,000 for the 2023 annual equity grant. He will be covered by the company's ELG Severance Plan and Change in Control Severance Plan, and has entered a restrictive covenant agreement with non-competition and non-solicitation provisions extending two years after termination. The accompanying press release states that Ghai will work with Maheshwari on a transition through mid-August, and that Otis plans to release second-quarter earnings in late July, with both executives joining CEO Judy Marks on the earnings call.

Jun 27, 2022 8-K

Otis Worldwide 8-K Report, Shareholder Vote Results (May 23, 2022)

Otis Worldwide Corporation filed this Form 8-K to report the voting results from its 2022 Annual Meeting of Shareholders, held May 19, 2022. The record date was March 21, 2022, when 422,743,121 shares of common stock were outstanding. A quorum of 374,799,200 shares was represented at the meeting. Shareholders elected all nine nominees to serve until the 2023 Annual Meeting or until their successors are elected and qualified. Votes for individual directors ranged from 312,080,986 to 332,125,527. Judith F. Marks and John H. Walker received the most votes against, at 16,943,033 and 18,845,468 respectively. Shareholders also approved, on an advisory basis, the compensation of the named executive officers, with 307,966,107 votes for and 24,534,876 against. They approved PricewaterhouseCoopers LLP as independent auditor for 2022, with 362,371,104 votes for and 11,449,917 against. A shareholder proposal to eliminate the one-year ownership requirement for calling a special shareholders meeting was not approved. It received 48,312,529 votes for and 284,991,962 against. The filing refers to the Definitive Proxy Statement on Schedule 14A filed April 8, 2022, for further detail on each matter.

May 23, 2022 8-K

Otis Worldwide 8-K Report, Financial Results (Apr 25, 2022)

Otis Worldwide Corporation (OTIS) furnished a press release reporting first quarter 2022 results. Net sales were $3.4 billion, up 0.2% versus the prior year, with organic sales up 3.1%. GAAP diluted EPS rose 2.8% to $0.73, and adjusted EPS rose 6.9% to $0.77. New Equipment orders were up 8.8% at constant currency, and backlog increased 4% (6% at constant currency). Service net sales were $1.99 billion, with organic Service sales up 5.8%. GAAP operating profit was $526 million (15.4% margin), and adjusted operating profit was $542 million (15.9% margin). Cash flow from operations was $504 million and free cash flow was $474 million, or 152% of net income attributable to Otis. During the quarter, the company completed $200 million of share repurchases and repaid $500 million of debt. The company revised its full-year 2022 outlook to exclude its Russia business, now expecting organic sales growth of 3% to 4%, adjusted EPS of $3.22 to $3.27, and free cash flow of about $1.6 billion. The filing also notes the company's increased ownership in Zardoya Otis, which will result in its delisting in early May, and cites the Ukraine crisis as a macroeconomic headwind.

Apr 25, 2022 8-K

Otis Worldwide 8-K Report, Financial Results (Jan 31, 2022)

Otis Worldwide Corporation (NYSE: OTIS) furnished a press release reporting results for the fourth quarter and full year ended December 31, 2021. For the full year, net sales were $14.3 billion, up 12.1% (8.9% organic). GAAP diluted EPS rose 38.9% to $2.89, and adjusted diluted EPS rose 19.4% to $3.01. Full-year GAAP cash flow from operations was $1.8 billion and free cash flow was $1.6 billion, or 128% of net income attributable to common shareholders. Full-year New Equipment orders were up 13.2%, and the maintenance portfolio grew 3% in units. Fourth-quarter net sales were $3.6 billion, up 2.2% (2.8% organic). GAAP operating profit rose $56 million to $496 million, and GAAP operating profit margin expanded 130 basis points to 13.9%. Adjusted operating profit margin was flat at 14.6%. Service organic sales grew 4.0% in the quarter, while New Equipment organic sales grew 1.2%. Quarterly New Equipment orders were up 7.3% at constant currency, and backlog was up 3% at constant currency. Quarterly free cash flow was $236 million, compared with $238 million a year earlier. For 2022, Otis expects net sales of $14.4 to $14.7 billion (up 1 to 3%), organic sales growth of 2.5 to 4.5%, adjusted operating profit of $2.24 to $2.3 billion, adjusted EPS of $3.20 to $3.30 (up 6 to 10%), and free cash flow of approximately $1.6 billion. The release also references the proposed tender offer for Zardoya Otis, S.A. and the separation from United Technologies Corporation, now known as Raytheon Technologies Corporation (RTX).

Jan 31, 2022 8-K

Regulation FDExhibits & Filings

Otis Worldwide 8-K Report, Corporate Update (Dec 8, 2021)

Otis Worldwide Corporation (NYSE: OTIS) announced on December 8, 2021 that its Board of Directors elected Judith (Judy) Marks as Chair of the Board, effective February 3, 2022, in addition to her existing role as President and Chief Executive Officer. Marks succeeds Christopher Kearney, who has served as Executive Chair since Otis became an independent, publicly traded company in April 2020. Kearney will remain on the Board as a Director, and John Walker will continue as Lead Independent Director. The company stated that combining the offices of President and CEO and Chair of the Board reflects the Board's confidence in Marks, Otis and the broader Otis team. The press release attributes strong financial performance under Marks' leadership to driving near and long-term strategic priorities while navigating the COVID-19 pandemic and related macro-economic pressures. Otis described itself as having 69,000 colleagues and positioned for sustainable growth and value creation. The filing is a governance-focused notice under Item 8.01 (Other Events). It does not report financial results, guidance, or new financial obligations. The accompanying Exhibit 99.1 press release is the source of the leadership details, and the filing's forward-looking statements cover the company's Tender Offer for Zardoya Otis, S.A. and the separation from United Technologies Corporation.

Dec 8, 2021 8-K

Otis Worldwide 8-K Report, Regulation FD Disclosure (Nov 17, 2021)

Otis Worldwide Corporation filed this Form 8-K on November 17, 2021 under Section 7 (Regulation FD Disclosure). On that date, the company posted a presentation titled "Regional Overview - China and Americas" on the investor relations section of its website. According to the filing, the presentation includes information not previously made publicly available and will be used in connection with meetings with investors, analysts and other parties from time to time. The filing contains no financial results, earnings figures, guidance, or other quantitative financial data. Its substance is limited to the announcement of the regional overview presentation and the company's Regulation FD disclosure of new information through that presentation. The filing also states that the information in Item 7.01, including the presentation materials, is furnished rather than filed for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other Securities Act or Exchange Act filings unless expressly stated. For investors, the principal takeaway is that Otis made new, previously nonpublic information about its China and Americas regions available through its website, and that this material will be used in ongoing investor, analyst and other stakeholder meetings. Readers seeking the specific content of the regional data should review the presentation itself, which the filing does not reproduce.

Nov 17, 2021 8-K

Material AgreementsOther EventsExhibits & Filings

Otis Worldwide 8-K Report, Agreement Terminated (Nov 12, 2021)

Otis Worldwide Corporation (OTIS) reported on November 12, 2021 that its indirect subsidiary, Highland Holdings S.à r.l., issued €1.6 billion in net proceeds (about $1.8 billion) of Notes in three series: €500,000,000 of 0.000% Notes due 2023, €600,000,000 of 0.318% Notes due 2026, and €500,000,000 of 0.934% Notes due 2031. Otis fully and unconditionally guarantees each series on an unsecured, unsubordinated basis. Otis intends to use the proceeds to purchase shares of Zardoya Otis, S.A., whether through the tender offer or otherwise, and to pay related fees and expenses. The proceeds, together with cash on hand, were placed in a segregated account of OSH (Opal Spanish Holdings, S.A.U.) on the same date. In compliance with the Spanish takeover code, OSH terminated the guarantees (Avales) issued to the CNMV, and Otis and OSH voluntarily terminated the commitments under the Bridge Credit Agreement and the Guarantees Issuance Agreement. The original tender offer price was €7.00 per Zardoya share, adjusted to €6.93 after a dividend paid on October 11, 2021, and the tender offer remains subject to CNMV approval. The original purchase price was set at €1.65 billion. The filing also lists the Indenture with The Bank of New York Mellon Trust Company, N.A. as trustee, along with legal opinions from Wachtell, Lipton, Rosen & Katz and NautaDutilh Avocats Luxembourg. Investors should note that the Notes carry a change of control put at 101% of principal plus accrued interest, and that the filing describes the Notes as ranking equally with Otis's existing and future unsecured, unsubordinated indebtedness.

Nov 12, 2021 8-K

Material AgreementsFinancial EventsExhibits & Filings

Otis Worldwide 8-K Report, Material Agreement (Nov 5, 2021)

Otis Worldwide Corporation disclosed in this Form 8-K that an indirect wholly-owned subsidiary, Highland Holdings S.à r.l., priced an offering of euro-denominated notes totaling €1.6 billion in aggregate principal ($1.8 billion in net proceeds at the October 29, 2021 exchange rate, after underwriter discounts and offering expenses). The offering comprises €500 million of 0.000% Notes due 2023, €600 million of 0.318% Notes due 2026, and €500 million of 0.934% Notes due 2031. Otis fully and unconditionally guarantees the notes, which are unsecured, unsubordinated obligations ranking equally with existing and future unsecured, unsubordinated indebtedness of Highland and Otis. The issuance is expected to close on November 12, 2021, under an indenture with The Bank of New York Mellon Trust Company, N.A. as trustee. The filing states that Highland intends to use the net proceeds to purchase shares of Zardoya Otis, S.A., whether through the tender offer or otherwise, and to pay related fees and expenses. Otis announced on September 23, 2021 its intention to acquire all Zardoya shares it does not already own through an all-cash voluntary tender offer at €7.00 per share, which was adjusted to €6.93 following a dividend paid by Zardoya on October 11, 2021. The offering was made under a shelf registration statement (File No. 333-240269) with a base prospectus dated October 26, 2021 and a prospectus supplement dated November 4, 2021. For investors, the key takeaways are the size and structure of the new debt financing and its tie to the Zardoya take-private. The filing does not describe the terms of the tender offer beyond the per-share price, nor does it discuss the company's broader leverage or financial results.

Nov 5, 2021 8-K

Material AgreementsRegulation FDExhibits & Filings

Otis Worldwide 8-K Report, Financial Results (Oct 25, 2021)

Otis Worldwide Corporation (OTIS) furnished a press release under Item 2.02 reporting its third quarter 2021 results. Third-quarter net sales were $3.62 billion, up 10.8% year over year, with organic sales up 8.1%. GAAP operating profit rose $88 million to $542 million, with operating margin expanding 110 basis points to 15.0%. Adjusted operating profit was $566 million, with margin up 20 basis points to 15.6%. GAAP and adjusted diluted EPS were each $0.77, up 26.2% and 11.6%, respectively. New Equipment orders grew 3.8% at constant currency, and Service sales rose 5.1%. Year to date, net sales increased 15.8% to $10.73 billion, and GAAP diluted EPS reached $2.23, up 47.7%. Year-to-date cash flow from operations was $1.47 billion and free cash flow was $1.36 billion, or 141% of net income attributable to common shareholders. The company repurchased $725 million of common stock year to date. It also announced a cash tender offer for the remaining 49.98% interest in Zardoya Otis. Management raised its 2021 outlook, now calling for organic sales growth of 8.5% to 9.0%, net sales of about $14.3 billion, adjusted operating profit of $2.18 to $2.19 billion, adjusted EPS of about $2.95, and free cash flow of $1.5 to $1.55 billion. The filing describes the results as reflecting strength in both segments and continued execution on the company's strategy.

Oct 25, 2021 8-K

Otis Worldwide 8-K Report, Material Agreement (Sep 23, 2021)

On September 23, 2021, Otis Worldwide Corporation announced its intention to acquire all shares of Zardoya Otis, S.A. not already owned by the Company or its subsidiaries, through an all-cash voluntary tender offer at up to €7.00 per share. The tender offer is subject to approval by the Spanish securities regulator (CNMV), and the company intends to delist Zardoya Otis from the Madrid, Barcelona, Bilbao and Valencia stock exchanges. The press release states the offer price represents a 28.9% premium to the 1-month volume weighted average price and implies a total equity value for Zardoya Otis, including Otis' existing interest, of €3.3 billion. To finance the transaction, on September 22, 2021, Opal Spanish Holdings, S.A.U. entered into a Bridge Loan Credit Agreement providing a €1.65 billion term loan facility, guaranteed by Otis. Morgan Stanley Bank AG issued a CNMV guarantee (Aval) in the amount of the total purchase price, and Otis entered into a Company Guarantee Agreement backing OSH's payment obligations under that guarantee. The bridge facility matures 364 days after the closing date and is expected to be replaced with permanent euro-denominated debt financing. According to the press release, the transaction is expected to close in the second quarter of 2022. Otis expects up to mid-single digit percentage accretion to adjusted run-rate EPS and up to $80 million increase in cash available for deployment, depending on shares tendered. Otis also plans to repay $800 million of existing debt and suspend share repurchases in 2022, while continuing to target its current investment grade credit ratings. The company expects 2022 EPS accretion in a range of 3 to 5 cents.

Sep 23, 2021 8-K

Otis Worldwide 8-K Report, Financial Results (Jul 26, 2021)

Otis Worldwide Corporation (NYSE: OTIS) reported second quarter 2021 results on July 26, 2021, with net sales of $3.7 billion, up 22.2% year over year, and organic sales growth of 15.4%. GAAP operating profit rose $145 million to $561 million, with the operating profit margin expanding 150 basis points to 15.2%. GAAP diluted EPS increased 46.2% to $0.76, and adjusted diluted EPS increased 41.1% to $0.79. New Equipment orders were up 23.9% at constant currency, and New Equipment backlog increased 10% (5% at constant currency). Cash generation was weaker in the quarter. Cash flow from operations was $533 million, down $131 million year over year, as higher GAAP net income was more than offset by working capital effects from higher sales during the COVID-19 recovery. Free cash flow was $493 million, or 151% of net income attributable to common shareholders. For the first half, the company completed $0.5 billion in share repurchases. Otis improved its full-year 2021 outlook. It now expects net sales of $14.1 to $14.2 billion (up 10.5% to 11%), organic sales growth of 7.5% to 8%, adjusted EPS of $2.89 to $2.93 (up 15% to 16%), and free cash flow of $1.45 to $1.5 billion. The company also raised its 2021 share repurchase target to $750 million.

Jul 26, 2021 8-K