Johnson Outdoors Inc. · NASDAQ:JOUT
Johnson Outdoors — Q2 2025 Earnings Presentation
34 slides from Johnson Outdoors's earnings presentation, May 2, 2025
Slide 1: Fiscal Q2 2025 Earnings Conference Call
FISCAL Q2 2025 Earnings Conference Call May 7, 2025
Slide 2: Forward-Looking and Cautionary Statements/Non-GAAP Financial Information
FORWARD-LOOKING AND CAUTIONARY STATEMENTS/NON-GAAP FINANCIAL INFORMATION Johnson Controls International plc cautionary statement regarding forward-looking statements Johnson Controls International plc has made statements in this communication that are forward-looking and therefore are subject to ris
Slide 3: Key Reminders and Non-GAAP Definitions
Key Reminders and Non-GAAP Definitions ▪ Fiscal year 2025 guidance is being provided on a continuing operations basis, excluding the results of the Residential & Light Commercial (“R&LC”) business, which is classified as a discontinued operation. ▪ Organic sales represents the change in sales exclud
Slide 4: CEO Summary
Executed across the portfolio and delivered strong results ̵ Organic sales growth of 7% with broad-based strength ̵ Adjusted Segment EBITA margin expanded 180 basis points to 16.7% ̵ Adjusted EPS up 19% ̵ Strong Q2 cash flow Bolstered growth with sustained orders and record backlog ̵ Orders grew 5%
Slide 5: An Operating Model Fit for Market-Leading Performance
Increases Simplification, Transparency, and Customer Focus An Operating Model Fit for Market-Leading Performance Products & Solutions Innovation, Accelerates innovation in product management, world-class products and Delivers profitable manufacturing, and solutions supply chain growth and improves c
Slide 6: Balanced Growth and Strong Margin Expansion
Fiscal Q2 Results Balanced Growth and Strong Margin Expansion JCI Sales - Organic % Growth* Balance Sheet and FY25 YTD Adjusted Free Cash Flow* ($ in Millions) ($ in Millions) $381 7% $1,066 Balance Sheet YoY Organic Growth* ▪ 85% fixed rate debt ($233) ($69) $5,676 $5,597 ▪ ~$0.8B cash position ▪ 2
Slide 7: Backlog Remains at Record Levels Supported by Continued Order Growth
Fiscal Q2 Results Backlog Remains at Record Levels Supported by Continued Order Growth Building Solutions Orders - Organic % Growth Building Solutions Backlog ($ in Billions) 16% Service Systems 5% $14.0 12% 12% YoY Organic Growth $12.6 $12.9 $13.1 $13.2 YoY Organic Growth $2.4 $2.4 $2.4 $2.5 $2.3 8
Slide 8: Building Solutions Performance by Segment
Fiscal Q2 Results Building Solutions Performance by Segment Adj. Segment Orders Orders / Backlog Sales Sales Adj. Segment EBITA/Margin* Organic % Growth Comments Organic % YoY* Comments EBITA Comments Change YoY 4% ▪ Orders 7% 20bps ̵ Service +6% $2.9B ▪ Service +5% ▪ Net Growth: ~$15M 19% ̵ Systems
Slide 9: Global Products: Margin Expansion Fueled by Strong Growth
Global Products Fiscal Q2 Results Margin Expansion Fueled by Strong Growth Global Products Sales ($ in Millions) $84 8% YoY Organic Growth* ▪ Price +2% / Volume +6% $1,303 ($242) ($12) $1,133 ▪ Applied HVAC1 +>20% ▪ Fire & Security +LSD ▪ Industrial Refrigeration (high-teens) Q2 FY24 Growth M&A&D FX
Slide 10: Introducing Q3 and Raising Fiscal '25 Full Year Guidance
Outlook Summary Introducing Q3 and Raising Fiscal ‘25 Full Year Guidance (Continuing Operations) Q3’25 FY’25 Organic Revenue* Up ~MSD Up ~MSD (unchanged) Adjusted Segment EBITA Margin* ~17.5% Up ~90bps (previous: Up >80bps) Adjusted EPS* ~$0.97 to $1.00 ~$3.60 (previous: ~$3.50 to $3.60) Adjusted Fr
Slide 11: Well Positioned to Navigate Tariffs and Market Uncertainty
Long Cycle Business + Resilient Service Mix = Limited Exposure Well Positioned to Navigate Tariffs and Market Uncertainty Tariff exposure represents ~2% of Sales or ~3% of Cost of Goods sold (COGS) Pricing pass Change order through contractual adjustments Regionalized Supply chain manufacturing resi
Slide 12: Appendix
City graphic Appendix
Slide 13: Additional FY 2025 Guidance Items (Continuing Operations)
Additional FY 2025 Guidance Items (Continuing Operations) Q3’25 FY25 Corporate Expense* ~$80M ~$435M Amortization Expense ~$120M ~$470M NFC ~$85M ~$330M Tax Rate ~12% ~12% Shares ~658M ~660M *Adjusted Corporate expense includes certain stranded costs from divestiture transactions to be addressed by
Slide 14: Broad-Based Global Reach
Fiscal Q2 Results Broad-Based Global Reach % of Organic Sales Growth* % FY24 North America EMEALA Asia Pac Global Products Consolidated JCI Sales Applied HVAC1 46% +low-teens +low-teens +high-teens +>20% +mid-teens Fire and Security4 44% Flat +MSD +MSD +LSD +LSD Sustainability Infrastructure 4% (LSD
Slide 15: Disciplined Capital Allocation
Balance Sheet and Adjusted Free Cash Flow Disciplined Capital Allocation Capital Structure ($ billions) Q2 FY24 Q1 FY25 Q2 FY25 Short-term debt and current portion $3.4 $1.4 $1.8 of long-term debt Debt and liquidity Net Debt / EBITDA* ▪ 85% fixed rate debt Long-term debt $7.3 $8.6 $8.2 ▪ 3.6% weight
Slide 16: Consolidated Financial Results
Fiscal Q2 Consolidated Financial Results Q2 FY24 Q2 FY25 Q2 FY24* Q2 FY25* % Change ($ in Millions, except earnings per share) GAAP GAAP NON-GAAP NON-GAAP NON-GAAP Sales $5,597 $5,676 $5,597 $5,676 1% Gross profit $1,922 $2,069 $1,955 $2,069 6% (% of sales) 34.3% 36.5% 34.9% 36.5% SG&A expenses $2,0
Slide 17: Special Items
Fiscal Q2 Special Items ($ in Millions, except EPS) Three Months Ended March 31 Net income (Expense) EPS impact 2024 2025 2024 2025 Net mark-to-market adjustments $15 $(13) $0.02 $(0.02) Earn-out adjustments $7 - $0.01 - Restructuring and impairment costs $(239) $(62) $(0.35) $(0.09) Water systems A
Slide 18: JCI at a Glance
JCI at a Glance A Comprehensive Portfolio of Lifecycle Solutions TOTAL JCI AMERICAS REVENUE* Other REVENUE* MIX DOMAIN ~$23B Service MIX Security HVAC ~$16B Other DOMAIN Service Security HVAC ADJ. EBITA ADJ. EBITA Systems Controls Systems MARGIN1 Controls MARGIN1 Fire Fire 16.1% 16.9% EMEA APAC REVE
Slide 19: We're celebrating years of industry firsts
We’re celebrating 140 years of industry firsts! • The first room thermostat • The first building automation system • The first air-conditioned commercial building • The first automatic sprinkler • The first security panel with a remote arming keypad Johnson Controls - CONFIDENTIAL AND PROPRIETARY
Slide 20: IR Contacts
IR Contacts Jim Lucas Vice President, Investor Relations jim.lucas@jci.com Michael Gates Senior Director, Investor Relations michael.j.gates@jci.com linkedin-logo-high-res-1254-1024x1024 - High resolution facebook Logos YouTube is getting a new logo every week this month – here's why | Creative Bloq
Slide 21: Consolidated Statements of Income
FINANCIAL STATEMENTS Johnson Controls International plc Consolidated Statements of Income (in millions, except per share data; unaudited) Three Months Ended Six Months Ended March 31, March 31, 2025 2024 2025 2024 Net sales Products and systems $ 3,865 $ 3,883 $ 7,550 $ 7,487 Services 1,811 1,714 3,
Slide 22: Condensed Consolidated Statements of Financial Position
Johnson Controls International plc Condensed Consolidated Statements of Financial Position (in millions; unaudited) March 31, 2025 September 30, 2024 Assets Cash and cash equivalents $ 795 $ 606 Accounts receivable - net 5,858 6,051 Inventories 1,756 1,774 Current assets held for sale 1,856 1,595 Ot
Slide 23: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in millions; unaudited) Three Months Six Months Ended Ended March 31, March 31, 2025 2024 2025 2024 Operating Activities of Continuing Operations Income (loss) from continuing operations attributable to Johnson Controls $ 473 $ (321) $ 836 $ 19 Income from cont
Slide 24: Footnotes
FOOTNOTES 1. Sale of Residential and Light Commercial HVAC Business The Company signed a definitive agreement in July 2024 to sell its Residential and Light Commercial ("R&LC") HVAC business, which includes the North America Ducted businesses and the global Residential joint venture with Hitachi Glo
Slide 25: Adjusting item definitions
• Net mark-to-market adjustments are the result of adjusting restricted asbestos investments and pension and postretirement plan assets to their current market value. These adjustments may have a favorable or unfavorable impact on results. • Restructuring and impairment costs, net of NCI represents
Slide 26: 3. Sales
3. Sales The following tables detail the changes in sales from continuing operations attributable to organic growth, foreign currency, acquisitions, divestitures and other (unaudited): Three Months Ended March 31 Net sales Building Solutions North Asia Global Total JCI (in millions) America EMEA/LA
Slide 27: Products and systems revenue
Three Months Ended March 31 Products and systems revenue Building Solutions North Asia Global Total JCI (in millions) America EMEA/LA Pacific Total Products plc Products and systems revenue - 2024 $ 1,700 $ 572 $ 308 $ 2,580 $ 1,303 $ 3,883 Base year adjustments Divestitures and other — — — — (242)
Slide 28: Service revenue
Three Months Ended March 31 Service revenue Building Solutions North Asia Global Total JCI (in millions) America EMEA/LA Pacific Total Products plc Service revenue - 2024 $ 1,039 $ 492 $ 183 $ 1,714 $ — $ 1,714 Base year adjustments Divestitures and other — — — — — — Foreign currency (5) (16) (4) (2
Slide 29: 4. Cash Flow, Free Cash Flow and Free Cash Flow Conversion
4. Cash Flow, Free Cash Flow and Free Cash Flow Conversion The following table includes operating cash flow conversion, free cash flow and free cash flow conversion (unaudited): Three Months Ended Six Months Ended March 31, March 31, (in millions) 2025 2024 2025 2024 Cash provided (used) by operatin
Slide 30: 5. EBITA, EBIT and Corporate Expense
5. EBITA, EBIT and Corporate Expense The Company evaluates the performance of its business units primarily on segment EBITA. The following table includes continuing operations (unaudited): Three Months Ended March 31, Six Months Ended March 31, Adjusted Adjusted Actual (Non-GAAP) Actual (Non-GAAP) (
Slide 31: Six Months Ended March 31, Segment EBITA
Six Months Ended March 31, Building Solutions Building Solutions Building Solutions (in millions) North America EMEA/LA Asia Pacific Global Products 2025 2024 2025 2024 2025 2024 2025 2024 Sales $ 5,660 $ 5,226 $ 2,158 $ 2,102 $ 1,069 $ 998 $ 2,215 $ 2,480 Segment EBITA $ 722 $ 658 $ 244 $ 169 $ 128
Slide 32: 6. Net Income and Diluted Earnings Per Share
6. Net Income and Diluted Earnings Per Share The following tables reconcile income from continuing operations attributable to JCI and diluted earnings per share from continuing operations as reported to the comparable adjusted amounts (unaudited): Three Months Ended March 31, Income from continuing
Slide 33: Reconciliation of share denominators and Debt Ratios
The following table reconciles the denominators used to calculate basic and diluted earnings per share (in millions; unaudited): Three Months Ended March Six Months Ended March 31, 31, 2025 2024 2025 2024 Weighted average shares outstanding Basic weighted average shares outstanding 659.1 679 $ 660.6
Slide 34: Reconciliation to adjusted EBIT and adjusted EBITDA
The following table reconciles income from continuing operations to adjusted EBIT and adjusted EBITDA (unaudited): Twelve Months Ended December 31, (in millions) March 31, 2025 2024 March 31, 2024 Income from continuing operations $ 2,225 $ 1,432 $ 1,457 Income tax provision (benefit) 357 178 (646)