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    Sahil Manocha • RBC Capital Markets

    Sahil Manocha's questions to Johnson Controls International PLC (JCI) leadership

    Sahil Manocha's questions to Johnson Controls International PLC (JCI) leadership • Q1 2025

    Question

    On behalf of Deane Dray, Sahil Manocha asked about the company's capital deployment priorities given its current cash position and leverage ratio.

    Answer

    CFO Marc Vandiepenbeeck reiterated that capital priorities are unchanged: returning 100% of free cash flow to shareholders. He added that proceeds from divestitures would also be returned via share repurchases, absent any material M&A, while cash from discontinued operations would be used to reduce leverage within the target range.

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    Sahil Manocha's questions to Trane Technologies PLC (TT) leadership

    Sahil Manocha's questions to Trane Technologies PLC (TT) leadership • Q3 2024

    Question

    Sahil Manocha, on for Deane Dray from RBC Capital Markets, asked if Trane had taken any write-downs or increased reserves for receivables in China and inquired about the potential impact of government stimulus and which verticals were performing worst. He also requested an update on the LiquidStack investment.

    Answer

    CFO Chris Kuehn stated there have been no material write-downs or increases in bad debt reserves in China, attributing this to the proactive tightening of credit policies at the end of Q2. He noted the weakness was in the non-residential markets where the company primarily operates. CEO Dave Regnery added that the partnership with LiquidStack continues and activity is picking up, but there were no significant order updates to provide at this time.

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