otis worldwide corp

Adjusted operating profit is expected to be up $30 million to $40 million at constant currency for the year with 60 to 70 basis points of margin expansion. Thanks. So on the new equipment side, we think we're seeing new starts in Europe, including in South Europe, and we're seeing it really across the board.
I am just trying to go back to the comment you made about the 30% to 40% left on service revenue from the connected services.

We have eView systems that involves -- that are connected. So when you put all that together, that can add about 30% to 40% off the revenue that we get on that unit.

Otis Australia 'Lifts' Country's Slimmest Skyscraper. And again, it's not -- it hasn't been material enough to call out on each refinance but cumulatively kind of adds up. We're still continuing to see new starts in Europe.

And the other point I want to make up is our proposal activity, our proposal activity year-to-date is up double-digits. So, more to come on that.
These companies, your competitors say different things about the markets. The ISPs have more than half of the share globally and that's what we intend, especially to get our Otis units back. So, Steve in the third quarter, we saw better volumes, you know our productivity remains strong and our pricing held. In terms of market, I think Judy can comment as well but, the picture is mixed. These are just a handful of examples that led to the approximate 70 basis points of new equipment share gain during the first nine months.

This is an improvement of $60 million versus the prior outlook at midpoint reflecting the strong year-to-date performance, benefit from an improved sales outlook, and higher service productivity. Adjusted operating profit was up $33 million and margin expanded 120 basis points, driven by continued expansion in the service segment on strong contribution from productivity and the benefit from cost containment actions and favorable transactional foreign exchange. At actual currency, adjusted operating profit is expected to be up $5 million to $15 million, reflecting favorable foreign exchange trends in addition to the operational improvement. And so based on the analysis that we do, we believe, as Judy said in her prepared remarks, that we think we've gained about 70 basis points of share and that has allowed us to grow our backlog by about three points. New equipment backlog was up 3% at constant currency driven by growth in the Americas, with overall backlog margin improving slightly from Q2 and remaining stable versus the prior year. Are you seeing any kind of cooling down measures that maybe might impinge on 2021, I mean, are we seeing any RP activity started down a little bit, any concerns on China as it goes into 2021? In just three months we are going to make Otis a more diverse, equitable, and inclusive culture and identify and prioritize actions we need to take to get there. These results were better than we had expected in the previous outlook, driven by the stability of the maintenance business, higher savings from service productivity, and progress on reducing the adjusted tax rate. We have had the bad debt is higher, a little bit year-over-year. And then to add, Steve just sort of -- just maybe a couple of points to add to what Judy said, our year-to-date booked margins are flat. Does this create a significant sort of pent up demand as we go into next year? And now those ae comments in response to Carter’s question Otis ONE, do you expect incremental revenue from that? New equipment orders were up slightly at constant currency with low single-digit growth in EMEA and Asia partially offset by low single-digit decline in the Americas. As Judy mentioned, we repaid $250 million of debt in the quarter with another $100 million of repayment planned for Q4. In terms of liquidity we ended Q3 with $1.7 billion of cash and continue to maintain a revolving credit facility which serves as a backstop for our commercial paper issuances and an additional source of liquidity if needed. We are improving our 2020 outlook to reflect strong progress during the year and these encouraging trends.

We don't have a 2021 number yet. So there are lots of incremental benefits. Free cash flow was robust at $311 million, with 117% conversion of GAAP net income. And the trends are heading in the right direction in Europe and Americas.

And we have said that right since Q1 and obviously driving the $60 million reduction year-over-year is fantastic.

Service segment results on Slide 7 remained strong in the quarter. We are investing this, we are installing these units at our own cost because we think the productivity benefits outweighs the cost.

Results of Operations and Financial Condition. Can you maybe comment on is that just share gains on your part and you mentioned, 70 bps of share gains, where do you think you're gaining share and where are you may be losing share? Yes. I need and want so much to thank our colleagues for their dedication, as well as all of those on the front line fighting COVID-19. The company was founded in 1853 and is headquartered in Farmington, Connecticut. Yeah, so when we talk about share Steve, we talk about how we have done versus the market. It's challenging to determine what quarter that's going to come back, since so much of the modernization is discretionary. Adjusted operating profit in the quarter was up approximately 7% or $33 million and up $30 million at constant currency, as the impact of lower volume, temporary price concessions, and field inefficiencies was more than offset by strong productivity, cost containment, and favorable transactional effects. Ladies and gentlemen, this concludes today's conference call.

So Bay State, again, pleased to have them join the Otis family, but that is not material in terms of what contributed to the portfolio growth in the Americas, specifically in North America for the quarter.

Your line is now open. And that goes to all the things that we've been saying we are going to do in terms of expanding our sales coverage, adding more salespeople.

An update on capital deployment on Slide 11.

But it sounds like the ISPs are the ones that or maybe not [indiscernible] as much as they don't have many elevators kind of feeding information to get those good kind of uptimes. So, you want to be prepared because life is going to be uncertain, at least for the next three to six months. And our goal is, I think we said previously, our goal is not only to get back to 2019 levels, but drive it a little bit higher than that. So we have a little bit of a management system. Otis Worldwide Corporation’s ISS Governance QualityScore as of N/A is N/A. Our focus on reducing material cost continues to yield results and maintenance hours per unit sustained a downward trajectory.

Can you try and reconcile like what you're seeing financially in your orders and your business, is it something in the pipeline that you guys all see that is sneaking up on you from a price perspective, it's just going to be a matter of timing or is that just, hey, this is COVID, things are flying around where it's uncertain. Obviously, there can be a lot of noise in a quarter, but are you purposely being more selective in China or are you pursuing kind of opportunities that are maybe further below the radar screen that are inherently more profitable or maybe it's all just a coincidence in the quarter? Overall, the outlook of 2% to 3% organic sales decline reflects sequential improvement and return to pre-COVID levels in the fourth quarter at the midpoint.

Hey, maybe just the first question around the orders out looking in new equipment. North America is a little bit more mixed but we'll see where that goes. So just to add to that Carter, Otis ONE joins the suite of other connected applications that we have like destination dispatch system, elevator management system, and those applications combined add about 30% to 40% of the subscription revenue.

Presentation materials are available for download from Otis' website at www.otis.com. Thank you. Obviously, the macro economic conditions are not great, but the focus that we have on driving productivity and the fact that we've been hitting a 3% target now for nine months and we constantly are going to hit for 12 months and that is -- that focus is unwavering. And these large wins are a testament to the technology and the customer relationships.

Thanks so much.


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