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Text: Joining me on the call today are Johnson Controls' Chairman and Chief Executive Officer, George Oliver; and our Chief Financial Officer, Olivier Leonetti.
In discussing our results during the call, references to adjusted earnings per share, EBITA and EBIT exclude restructuring and integration costs as well as other special items.
Additionally, all comparisons to the prior year are on a continuing ops basis.
I'm going to start off with a quick look back at 2021 and update you on a few of our long-term strategic priorities.
Olivier will provide a detailed review of our fourth quarter results and provide you with our fiscal 2022 guidance.
Let's get started on slide three.
We rounded out fiscal '21 with another quarter of solid financial results, having met or exceeded all of our original commitments for the year, in what turned out to be a much more difficult environment than originally planned.
The ability to deliver these results, while navigating through unprecedented levels of inflation and supply chain disruptions, is a testament to the operational discipline and agility demonstrated throughout the organization.
And for that, I am incredibly grateful for the efforts of the entire Johnson Controls team.
Despite the challenging external environment, our end market demand remains strong.
Robust retrofit activity, coupled with a pickup in new nonresidential construction we are starting to see, creates a strong future demand trend.
This is evidenced by the continued momentum we are seeing in our order books and the record backlog we have built.
We also remain focused on the big picture, moving ahead with bold new commitments, doubling down with ambitious new ESG goals set earlier this year, embarking on a substantial new productivity program designed to drive a step-function change in profitability.
And just recently, at our Investor Day in September, we committed to a new set of three year financial commitments.
We made significant progress in advancing our growth strategy, scaling our OpenBlue digital platform, launching eight new major offerings and greatly expanding our partner ecosystem, investing in the refresh of our product portfolio, focusing on accelerating our service growth and improving our attachment rate.
And we are capitalizing on strong secular trends for healthy buildings, decarbonization and smart connected equipment and buildings.
As end markets continue to recover and the adoption of these trends continue to expand globally, I am confident we are uniquely positioned from a competitive standpoint to continue to outperform.
In addition to the strong financial results and advancement on our strategic initiatives, we have also continued to lead in ESG, including continued progress toward both our 2025 sustainability goals and our new ESG commitments.
This is not, by any means, an exhaustive list, but I am extremely pleased with what our teams have accomplished in the last year.
We are committed to net zero, committed to reducing emissions within our own operations and that of our customers.
Our science-based targets have been approved.
Our leadership team is aligned from a governance perspective, and we are extending our leadership in sustainable financing as well.
Tomorrow, I travel to COP26 in Glasgow.
We made great progress in driving home the understanding that buildings represent approximately 40% of global greenhouse gas emissions, and there is no tackling climate change without substantial investment in buildings.
Governments are now acting on this and mobilizing billions to upgrade buildings.
And Johnson Controls is perfectly positioned to deliver those solutions.
At COP26, I will meet with government and business leaders to build momentum and ensure action.
Turning to slide five.
I wanted to take a few minutes to highlight several new strategic developments in the quarter.
Most recently, we signed an MOU with two significant technology leaders, Accenture and Alibaba, to address sustainable infrastructure needs.
This collaboration will focus on an estimated multibillion-dollar market for digital solutions serving data centers in China.
We also signed a foundational technology agreement with Tempered Networks, building upon our recent cybersecurity partnerships with Pelion and DigiCert.
Each of these partnerships embeds a critical layer of trust, security and operational capability into our OpenBlue platform and connected devices.
These elements differentiate our products and services to help protect the integrity of our customers' operations and data.
Tempered brings an industry-leading zero-trust secure network capability that helps us drive customer confidence and, in turn, accelerate the adoption of OpenBlue services.
Our partnerships with UL, Safe Traces and with Phylagen are powerful examples of how we are innovating to extend our Healthy Buildings leadership, providing new indoor environmental quality solutions to address our customers' most pressing challenges.
Our near-term focus is on the education vertical as there is a clear and compelling need to help those customers optimize their investments.
With an estimated $195 billion in government stimulus earmarked for K-12 spending, this provides a significant opportunity.
Additionally, we entered into an exclusive joint development agreement and investment with Phylagen, a leading biotech company working on the identification of indoor bacteria and viruses that are all around us in buildings.
Our work with Phylagen is a commitment to developing the cutting-edge capabilities to deliver and maintain healthy buildings.
At our Investor Day, we shared with you our three pillars for delivering above-market growth over the next three years and beyond.
One of those pillars related to gaining share through innovative product development centered around digital and sustainability.
As planned, we launched over 150 new products in fiscal 2021, spanning nearly all business units, resulting in continued share gains in both Q4 and the full year.
In 2022, we are well positioned to gain share with another 175 new products across four main categories: sustainability, smart buildings, digital and residential, with heat pumps central to our product development strategy.
These are just a sample of what is expected to launch over the next 90 days, with a steady pipeline behind us.
Turning to slide seven.
Service plays a central role in everything we do.
Over the last 18 months, we have strengthened our market-leading capabilities to best position ourselves for the shifting industry demographics and evolving digital technologies that are enabling outcome-based solution models.
At the start of last year, we began articulating our intentions to accelerate service growth to a couple of points above market levels, part of which would be the result of increasing our attachment rate by leveraging our large installed base and the digital transformation of our business.
In fiscal 2021, we saw the early benefits of our efforts shine through.
We exited the year with service revenues up 8% in the fourth quarter with high single-digit growth in all three regions in nearly all business domains.
For the full year, service revenue grew 4%, which is up two to three points over 2019 levels, despite a slow start to the year as we manage through lingering site access restrictions and abnormal customer budget pressures.
Looking ahead, we see service accelerating through fiscal 2022, in line with our goal to outpace the market.
The order strength we've seen in the second half of the year bolsters that view.
Service orders were up 7% in Q4 and, importantly, up low single digits organically versus 2019 levels.
Additionally, we improved our attach rate to approximately 40%.
Turning to slide eight.
The third pillar is our vectors of growth, which we believe, on a combined basis, represents an incremental market opportunity of $250 billion over the next decade.
Our unique portfolio is a competitive advantage across all three areas.
And from a financial performance perspective, we have significantly increased both revenue and orders in fiscal 2021.
This positions us very well for continued strong performance as we move forward.
Next, on slide nine, I wanted to highlight a key customer win related to one of our key vectors of growth.
In Q4, we were awarded a Buildings as a Service project by one of our long-standing customers, the University of North Dakota.
This is the second long-term Performance Infrastructure contract we have been awarded with this university in the last two years.
It leverages not only our expertise in Performance Contracting, but also the OpenBlue Enterprise Manager software.
The total contract value was nearly $220 million over the life of the project, with a smaller portion of that booked during the quarter.
Before I turn things over to Olivier, let me conclude with a few thoughts.
I remain extremely encouraged by the demand patterns we are seeing across most of our end markets and the ability of our teams to capitalize on more than our fair share of that demand.
We see this decade as being one of the most exciting for the smart building industry, which Johnson Controls is positioned to lead.
Underlying momentum in our short-cycle businesses continues to improve despite pressure from ongoing supply chain and component availability constraints.
Our longer-cycle install business, driven by the new buildings market, also continues to recover, although extended lead times and inflation are delaying some investment decisions, particularly on larger projects.
Retrofit activity remains an important driver of our business, and we see plenty of opportunity to capitalize on this activity going forward.
All of that said, we are very mindful of the macro backdrop and our outlook does not assume any significant near-term improvement in supply chain conditions or inflation over the next couple of quarters.
On price/cost, given the progressive rise in inflation for almost all input costs throughout the year, we took decisive steps on pricing and cost to stay ahead of the curve.
And I am confident we will continue to manage through these challenges.
Looking ahead to fiscal 2022, our focus turns to accelerating and demonstrating our growth capabilities.
Our proven product technology leadership, combined now with OpenBlue, truly differentiates the solutions we can bring to our customers.
In fact, we believe we are best positioned to lead the revolution of smart buildings, and we are fully committed to creating healthier, safer and more sustainable buildings.
Let me start with a brief financial summary on slide 10.
Sales in the quarter were up 5% organically, led by Global Products, which is truly a reflection of the team's strong execution.
Underlying momentum in this business continue to improve, as evidenced by mid-single digits growth on a two year stack basis.
Our longer-cycle field business continue to recover, led by strong growth in services, up 8% in the quarter.
Segment EBITA increased 10% versus the prior year, margin expanding 30 basis points to 15.9%.
Better leverage on higher volumes, favorable mix and the incremental benefit of our SG&A actions more than offset the headwind from the reversal of temporary cost reductions and price/cost, including significant supply chain disruptions.
EPS of $0.88 was at the high end of our guidance range and increased 16% year-over-year, benefiting from higher profitability as well as lower share count.
Free cash flow in the quarter was approximately $300 million, reflecting the reversal of timing benefits experienced in the first three quarters of the year, as expected.
On a full year basis, we achieved 105% free cash flow conversion.
Orders for our field businesses increased 9%, led by low double-digit growth in install on strong double-digit growth in retrofit activity.
We are also seeing continued strength in our service business, with orders up 7%, driven by strong growth in North America and EMEALA.
Backlog grew 10% to more than $10 billion, with service backlog up 5% and install backlog up 11%.
The sequential improvement was led by strong retrofit activity as new construction continues to recover from depressed level in fiscal '20, particularly in North America.
Turning to our earnings per share bridge on slide 12.
Let me touch on a few key items.
Overall, operations contributed $0.09 versus the prior year, including a $0.04 benefit from our SG&A productivity program, achieving our targeted savings in fiscal '21.
We are well on track to achieve our SG&A and COGS savings in fiscal '22 and beyond.
Similar to last quarter, excluding the headwind from the prior year temporary actions, underlying incrementals in Q4 were approximately 30%.
Corporate was a $0.03 headwind year-over-year and other items netted to a $0.06 tailwind, primarily related to lower share count, lower net financing charges and FX.
Let's discuss our segment results in more details on slide 13.
My commentary will also refer to the segment end-market performance included on slide 14.
North America revenue grew 4% organically, led by strength in services, which was higher in all domain.
Install revenue was up low single digits, primarily due to strong demand from shorter-cycle retrofit and upgrade projects, and positive growth in new construction.
Both our internal and customer supply chain restrictions negatively impacted our North America install business.
By domain, Commercial Applied HVAC revenue grew mid-single digits, while Fire & Security increased low single digits in the quarter.
We had another strong quarter in Performance Infrastructure, which grew revenue low double digits, the fifth consecutive quarter of double-digit growth, a good reflection on our customers' demand for decarbonization solution.
Segment margin decreased 20 basis points year-over-year to 15.2%, primarily due to the reversal of temporary cost from the mitigation actions in the prior year.
Orders in North America were up 11% versus the prior year, with high single-digit growth in both Commercial HVAC and Fire & Security.
Performance Infrastructure orders were up nearly 40%.
Applied HVAC orders increased 10% overall, driven by strong retrofit activity, with another strong quarter of equipment orders up over 20% in Q4.
Backlog of $6.5 billion increased 10% year-over-year.
Revenue in EMEALA increased 3% organically, led by continued strength in our service business, particularly in our Applied HVAC and Industrial Refrigeration businesses.
Fire & Security, which account for nearly 60% of segment revenues, grew at mid-single digits rate in Q4, with strength across our enterprise accounts and residential security businesses, including a rebound in our retail platform.
Industrial Refrigeration also grew mid-single digits, while Commercial HVAC & Controls declined low single digits.
By geography, revenue growth was broad-based, with strength in Europe and Latin America, partially offset by low double-digit decline in the Middle East.
Segment EBITA margins declined 30 basis points, driven by a prior year gain on sales.
Underlying margin performance improved as favorable mix, positive price/cost and the benefit of SG&A savings this year more than offset the temporary mitigation actions taken in the prior year.
Order in EMEALA continued to accelerate, increasing 7% in the quarter, with strong mid-teens growth in Commercial HVAC and high single-digit growth in Fire & Security.
APAC revenue increased 7% organically, led by low double digits growth in Commercial HVAC & Controls.
EBITA margins expanded 80 basis points year-over-year to 15.5%, driven by a favorable reserve adjustment.
APAC underlying margin declined year-over-year as volume leverage and net productivity was offset by unfavorable mix and negative price/cost.
APAC orders grew 4%, driven by continued strength in Commercial HVAC.
Global Products revenue grew 7% on an organic basis in the quarter, with broad-based strength across the portfolio.
Our Global Residential HVAC business was up 5% in the quarter.
North America Resi HVAC grew 4% in the quarter, benefiting from both higher volume and pricing.
Outside of North America, our Residential HVAC business grew mid-single digits, led by strong double-digit growth in Europe and driven in part by the launch of our new Hitachi air-to-water residential heat pump, which was well received by the market.
In APAC, Residential HVAC declined low single digits as a result of softer industry demand in Japan, given the COVID-related state of emergency in place for much of the quarter.
We continue to gain shares in Japan, up more than 100 basis points in the quarter, as we continue to launch new premium products with indoor air quality technologies.
Although not reflected in our revenue growth, our Hisense JV revenue grew over 40% year-over-year in Q4, expanding our leading position in China.
Commercial HVAC product sales were up low double digits overall, led by mid-teens growth in our indirect Applied business, including strong chiller demand within the data center end market.
Light Commercial grew high single digits overall, with North America unitary equipment down 2% and VRF up high single digits.
Our Light Commercial business in Asia was up low double digits, including a significant win in Taiwan to supply high-efficiency ductless unit with indoor air quality technology to all schools across the country.
Fire & Security products grew high single digits in aggregate, led by our access and control and video solutions business and return to pre-pandemic levels for parts of our fire suppression business.
EBITA margin expanded 90 basis points year-over-year to 18.7% as volume leverage, higher equity income and the benefit of SG&A actions more than offset the temporary cost action in the prior year and price/cost, including the significant supply chain disruptions.
Turning to slide 15.
Corporate expense increased significantly year-over-year off an abnormal low level to $83 million.
For modeling purposes, we have included an outlook for some of our below-the-line items in financial year '22.
I will point out that amortization expense reflects the full year run rate impact of Silent-Aire as well as additional software R&D.
Net financing charges returned to a more normal level as fiscal '21 benefited from significant FX gain.
Noncontrolling interest reflects continued growth in our Hitachi JV.
Turning to our balance sheet and cash flow on slide 16.
Our balance sheet remains in great shape.
We ended the year with $1.3 billion in available cash and net debt at 1.8 times, still below our targeted range of two to 2.5 times.
On cash, we generated a little over $300 million in free cash flow in the quarter, bringing us to nearly $2 billion year-to-date and achieving our target of 105% conversion for the year.
As you will recall from our guidance last quarter, we expected a reversal in some of the timing benefits we experienced earlier in the year.
I am extremely pleased with our cash performance and remain confident that we will sustain 100% conversion over the next several years.
During the fourth quarter, we repurchased a little over four million shares for approximately $300 million, which for the full year, brings us to around 23 million shares or $1.3 billion.
As you can see, Q1 typically represents less than 15% of our full year earnings per share given our normal seasonality.
For Q1 of fiscal '22, we expect to be above that level, with Q1 guidance representing about 16% of our full year at the midpoint.
Additionally, we expect an improving first half, second half versus historical seasonality.
As we look at fiscal '22 overall, on slide 18, we are entering the year with record backlog, and underlying markets are continuing to improve.
With that said, we do expect supply chain constraints and the inflationary environment to continue, at least over the next couple of quarters.
On a full year basis, we expect high single-digit organic revenue growth, with 70 to 80 basis points of segment EBITA margin expansion.
Although we expect to remain price/cost positive on an earnings per share basis, the inflated level of pricing will result in margin headwinds of approximately 40 basis points for the year.
Underlying margins are expanding to 110 to 120 basis points.
Additionally, we expect another year of strong earnings growth, with adjusted earnings per share in the range of $3.22 to $3.32, which represents year-over-year growth of 22% to 25%.
Turning to slide 19.
We can see that our expectations for fiscal '22 are very much in line with the growth expectations we provided at our recent Investor Day, and we are accelerating growth in each area.
Last, on slide 20, I want to reiterate that we are well on our way to our '24 targets.

user
q4 adjusted earnings per share $0.88 from continuing operations excluding items.
sees fy adjusted earnings per share $3.22 to $3.32 excluding items.
initiates fiscal 2022 adjusted earnings per share guidance of $3.22 to $3.32.
qtrly sales of $6.4 billion increased 7% compared to prior year on an as reported basis.
sees 2022 organic revenue growth of mid-to-high single digits year-over-year.
supply chain disruptions and inflation headwinds are expected to continue near term.
johnson controls - sees q1 organic revenue up mid-single digits year-over-year.

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