JOHNSON CONTROLS INTERNATIONAL PLC MANAGEMENT REPORT AND DISCUSSION OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q)

Cautions for forward-looking information

Unless otherwise specified, references to “Johnson Controls”, the “Company”, “we”, “us” and “our” in this Quarterly Report on Form 10-Q means Johnson Controls International plc and its consolidated subsidiaries.

The Company has made statements in this document that are forward-looking and
therefore are subject to risks and uncertainties. All statements in this
document other than statements of historical fact are, or could be,
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. In this document, statements regarding the
Company's future financial position, sales, costs, earnings, cash flows, other
measures of results of operations, synergies and integration opportunities,
capital expenditures, debt levels and market outlook are forward-looking
statements. Words such as "may," "will," "expect," "intend," "estimate,"
"anticipate," "believe," "should," "forecast," "project" or "plan" and terms of
similar meaning are also generally intended to identify forward-looking
statements. However, the absence of these words does not mean that a statement
is not forward-looking. The Company cautions that these statements are subject
to numerous important risks, uncertainties, assumptions and other factors, some
of which are beyond the Company's control, that could cause the Company's
actual results to differ materially from those expressed or implied by such
forward-looking statements, including, among others, risks related to: The
Company's ability to manage general economic, business, capital market and
geopolitical conditions, including global price inflation and shortages
impacting the availability of raw materials and component products; the
Company's ability to manage the impacts of natural disasters, climate change,
pandemics and outbreaks of contagious diseases and other adverse public health
developments, such as the COVID-19 pandemic; the strength of the U.S. or other
economies; changes or uncertainty in laws, regulations, rates, policies or
interpretations that impact the Company's business operations or tax status; the
ability to develop or acquire new products and technologies that achieve market
acceptance and meet applicable regulatory requirements; changes to laws or
policies governing foreign trade, including increased tariffs or trade
restrictions; maintaining the capacity, reliability and security of the
Company's enterprise information technology infrastructure; the ability to
manage the lifecycle cybersecurity risk in the development, deployment and
operation of the Company's digital platforms and services; the risk of
infringement or expiration of intellectual property rights; any delay or
inability of the Company to realize the expected benefits and synergies
of recent portfolio transactions; the outcome of litigation and governmental
proceedings; the ability to hire and retain senior management and other key
personnel; the tax treatment of recent portfolio transactions; significant
transaction costs and/or unknown liabilities associated with such transactions;
fluctuations in currency exchange rates; labor shortages, work stoppages, union
negotiations, labor disputes and other matters associated with the labor force;
and the cancellation of or changes to commercial arrangements. A detailed
discussion of risks related to CONTROLS-INTERNAT-31222816/news/JOHNSON-CONTROLS-INTERNATIONAL-PLC-MANAGEMENT-S-DISCUSSION-AND-ANALYSIS-OF-FINANCIAL-CONDITION-AND-37724956/xmltag.org">Johnson Controls' business is included in the
section entitled "Risk Factors" in Johnson Controls' Annual Report on Form 10-K
for the year ended September 30, 2021 filed with the United States Securities
and Exchange Commission ("SEC") on November 15, 2021, which is available at
www.sec.gov and www.johnsoncontrols.com under the "Investors" tab. The
description of certain of these risks is supplemented in Item 1A of Part II of
this Quarterly Report on Form 10-Q. The forward-looking statements included in
this document are made only as of the date of this document, unless otherwise
specified, and, except as required by law, Johnson Controls assumes no
obligation, and disclaims any obligation, to update such statements to reflect
events or circumstances occurring after the date of this document.

Overview

Johnson Controls International plc, headquartered in Cork, Ireland, is a global
leader in smart, healthy and sustainable buildings, serving a wide range of
customers in more than 150 countries. The Company's products, services, systems
and solutions advance the safety, comfort and intelligence of spaces to serve
people, places and the planet. The Company is committed to helping its customers
win and creating greater value for all of its stakeholders through its strategic
focus on buildings.

The Company is a global leader in engineering, manufacturing and commissioning
building products and systems, including residential and commercial HVAC
equipment, industrial refrigeration systems, controls, security systems,
fire-detection systems and fire-suppression solutions. The Company further
serves customers by providing technical services, including maintenance,
management, repair, retrofit and replacement of equipment (in the HVAC,
industrial refrigeration, security and fire-protection space), energy-management
consulting and data-driven "smart building" services and solutions powered by
its OpenBlue software platform and related digital capabilities. The Company
partners with customers by leveraging its broad product portfolio and digital
capabilities powered by OpenBlue, together with its direct channel service and
solutions
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capabilities, to deliver results-based solutions throughout a building’s life cycle that meet customers’ needs for improved energy efficiency and reduced greenhouse gas emissions.

The following information should be read in conjunction with the September 30,
2021 consolidated financial statements and notes thereto, along with
management's discussion and analysis of financial condition and results of
operations included in our Annual Report on Form 10-K for the year ended
September 30, 2021 filed with the SEC on November 15, 2021. References in the
following discussion and analysis to "Three Months" (or similar language) refer
to the three months ended December 31, 2021 compared to the three months ended
December 31, 2020.

Macroeconomic Trends

Much of the demand for installation of the Company's products and solutions is
driven by commercial and residential construction and industrial facility
expansion and maintenance projects. Commercial and residential construction
projects are heavily dependent on general economic conditions, localized demand
for commercial and residential real estate and availability of credit. Positive
or negative fluctuations in commercial and residential construction, industrial
facility expansion and maintenance projects and other capital investments in
buildings could have a corresponding impact on the Company's financial
condition, results of operations and cash flows.

As a result of the Company's global presence, a significant portion of its
revenues and expenses is denominated in currencies other than the U.S. dollar.
The Company is therefore subject to non-U.S. currency risks and non-U.S.
exchange exposure. While the Company employs financial instruments to hedge some
of its transactional foreign exchange exposure, these activities do not insulate
it completely from those exposures. Exchange rates can be volatile and a
substantial weakening or strengthening of foreign currencies against the U.S.
dollar could increase or reduce the Company's profit margin in various locations
outside of the U.S. and impact the comparability of results from period to
period.

The Company continues to observe trends demonstrating increased interest and
demand for safe, efficient and sustainable buildings, and seeks to capitalize on
these trends to drive growth by developing and delivering technologies and
solutions to create smart and healthy buildings. In 2020, the Company launched
its software platform, OpenBlue, enabling enterprises to manage all aspects of
their physical spaces delivering sustainability, new occupant experiences, and
safety and security by combining the Company's building expertise with
cutting-edge technology, including AI-powered service solutions such as remote
diagnostics, predictive maintenance, compliance monitoring and advanced risk
assessments. The Company continues to leverage its install base, together with
data-driven products and services to offer outcome-based solutions to customers
with a focus on generating accelerated growth in services and recurring revenue
for the Company. The Company has committed to investing in new product research
and development in climate-related innovation to develop sustainable products
and services.

The Company has experienced, and expects to continue to experience, increased
input material cost inflation and component shortages, as well as disruptions
and delays in its supply chain, as a result of global macroeconomic trends
(including increased global demand), government-mandated actions in response to
COVID-19 and labor shortages. Actions taken by the Company to mitigate supply
chain disruptions and inflation, including expanding and redistributing its
supplier network, supplier financing, price increases and productivity
improvements, have generally been successful in offsetting some, but not all, of
the impact of these trends. These trends have continued to negatively impact the
Company's revenue and margins during the first quarter of fiscal year 2022, and
it is expected these trends will continue to be a headwind for the remainder of
fiscal 2022. Therefore, the Company could experience further disruptions,
shortages and price increases in the future, the effect of which will depend on
the Company's ability to successfully mitigate and offset the impact of these
events.

Impact of COVID-19 pandemic

The global outbreak of COVID-19 has severely restricted the level of economic activity around the world and caused a significant contraction in the global economy.

The Company's affiliates, employees, suppliers, customers and others have been
and may continue to be restricted or prevented from conducting normal business
activities, including as a result of shutdowns, travel restrictions and other
actions that may be requested or mandated by governmental authorities. Although
shutdown orders and similar restrictions have been lifted in many jurisdictions
in conjunction with the global distribution of vaccines, challenges in achieving
sufficient vaccination levels and the spread of new variants of COVID-19 have
caused some governments to extend or reinstitute restrictions in impacted areas.
During the first quarter of fiscal 2022, the Company's facilities generally
operated at normal levels.
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The Company continues to focus its efforts on preserving the health and safety
of its employees and customers, as well as maintaining the continuity of its
operations. The Company modified its business practices in response to the
COVID-19 outbreak, including restricting non-essential employee travel,
implementing remote work protocols, and limiting physical participation in
meetings, events and conferences. The Company also instituted preventive
measures at its facilities, including enhanced health and safety protocols,
temperature screening, requiring face coverings for all unvaccinated employees
and encouraging employees to follow similar protocols when away from work. The
Company has adopted and implemented a multifaceted framework to guide its
decision making as it reopens its offices and facilities to employees, and will
continue to monitor and audit its facilities to ensure that they are in
compliance with the Company's COVID-19 safety requirements.

The Company has experienced increases in both demand and volumes as governments
have distributed vaccines and lifted COVID-19-related restrictions, leading to
increases in retrofit activity and, to a lesser extent, commercial building
construction. The global pandemic has also provided the Company with the
opportunity to help its customers by delivering solutions and support that
enhance the safety and increase the efficiency of their operations. As a result
of the pandemic, the Company has seen an increase in demand for its products and
solutions that promote building health and optimize customers' infrastructure.

However, the Company continues to be influenced by COVID-19-related trends
impacting site access and the labor force, which have and may continue to
negatively impact the Company's revenues and margins. Challenges in reaching
sufficient vaccination levels and the introduction of new variants of COVID-19
have caused some governments to extend or reinstitute lockdowns and similar
restrictive measures, which, in some cases, have limited the Company's ability
to access customer sites to install and maintain its products and deliver
services. In addition, the Company has experienced and continues to experience
labor shortages at certain facilities as the Company expands its production
capacity to meet increased customer demand. Although the Company is mitigating
these shortages through focused recruitment efforts and competitive compensation
packages, the Company could continue to experience such shortages in the future.
Recently, the U.S. Government has promulgated orders mandating vaccinations or
regular COVID-19 testing for large employers and federal contractors. Similar
mandates have also been imposed by local governments and certain of the
Company's customers. The Company's efforts to comply with these mandates,
including requiring that some or all of its employees be fully vaccinated
against COVID-19, could result in increased labor attrition or disruption, and
could adversely impact the Company's ability to deliver services to its
customers.

The extent to which the COVID-19 pandemic continues to impact the Company's
results of operations and financial condition will depend on future developments
that are highly uncertain and cannot be predicted, including the resurgence of
COVID-19 and its variants in regions recovering from the impacts of the
pandemic, the effectiveness of COVID-19 vaccines and the speed at which
populations are vaccinated around the globe, the impact of COVID-19 on economic
activity, and regulatory actions taken to contain its impact on public health
and the global economy. See Part I, Item 1A, of the Company's Annual Report on
Form 10-K for the year ended September 30, 2021 for an additional discussion of
risks related to COVID-19.

Restructuring and cost optimization initiatives

To better align its resources with its growth strategies and reduce the cost
structure of its global operations in certain underlying markets, the Company
has committed to various restructuring plans. In fiscal 2021, the Company
announced its plans to optimize its cost structure through broad-based SG&A
actions focused on simplification, standardization and centralization, with the
intent to deliver annualized savings of $300 million by fiscal 2023.
Additionally, the Company announced cost of sales actions to drive $250 million
in annual run rate savings by fiscal 2023. The Company believes it is on track
to deliver the productivity savings by fiscal 2023. For more information on the
Company's restructuring plans, see "Liquidity and Capital
Resources-Restructuring."

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Net Sales
                       Three Months Ended
                          December 31,
(in millions)           2021            2020        Change

Net sales         $    5,862          $ 5,341         10  %



The increase in consolidated net sales for the three months ended December 31,
2021 was due to higher organic sales ($440 million) and incremental sales from
acquisitions ($128 million), partially offset by the unfavorable impact of
foreign currency translation ($45 million) and lower sales due to business
divestitures ($2 million). Excluding the impact of foreign currency translation
and business acquisitions and divestitures, consolidated net sales increased 8%
as compared to the prior year, attributable to higher volumes and increased
pricing in response to inflation pressures. Refer to the "Segment Analysis"
below within this Item 2 for a discussion of net sales by segment.

Cost of Sales / Gross Profit

                      Three Months Ended
                         December 31,
(in millions)         2021           2020        Change

Cost of sales     $   3,971       $ 3,613          10  %
Gross profit          1,891         1,728           9  %
% of sales             32.3  %       32.4  %



Cost of sales and gross profit increased for the three-month period ended
December 31, 2021, and gross profit as a percentage of sales decreased by 10
basis points. Gross profit increased due to organic sales growth, business
acquisitions, favorable foreign currency translation ($34 million) and the
favorable year-over-year impact of net mark-to-market adjustments on pension
plans ($9 million). Gross profit as a percentage of sales decreased slightly as
the benefit of volume leverage was more than offset by supply chain
inefficiencies and price/cost pressures. Refer to the "Segment Analysis" below
within this Item 2 for a discussion of segment earnings before interest, taxes
and amortization ("EBITA").

Selling, general and administrative expenses

                                                         Three Months Ended
                                                            December 31,
     (in millions)                                       2021           2020        Change

     Selling, general and administrative expenses    $   1,369       $ 1,294           6  %
     % of sales                                           23.4  %       24.2  %



Selling, general and administrative expenses ("SG&A") for the three-month period
ended December 31, 2021 increased $75 million, and SG&A as a percentage of sales
decreased by 80 basis points. The increase in SG&A was primarily due to the
absence of certain one-time cost mitigation actions, incremental sales
investments and current year business acquisitions, partially offset by the
favorable year-over-year impact of net mark-to-market adjustments on pension
plans ($34 million). Foreign currency translation had a favorable impact on SG&A
of $10 million. Refer to the "Segment Analysis" below within this Item 2 for a
discussion of segment EBITA.

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Restructuring and impairment costs

                                               Three Months Ended
                                                  December 31,
(in millions)                                    2021               2020      Change

Restructuring and impairment costs     $        49                 $  -             *


* Measure not meaningful

Refer to Note 17, "Significant Restructuring and Impairment Costs," of the notes
to consolidated financial statements and "Restructuring" below within this
Item 2 for further disclosure related to the Company's restructuring plans and
impairment costs.

Net Financing Charges
                               Three Months Ended
                                  December 31,
(in millions)                    2021              2020      Change

Net financing charges   $       53                $ 59        -10  %


Refer to Note 10, “Debt and Financing Arrangements”, in the Notes to the Consolidated Financial Statements for more information on the Company’s net finance costs.

Equity Income
                         Three Months Ended
                            December 31,
(in millions)              2021              2020      Change

Equity income     $       70                $ 58         21  %



The increase in equity income for the three months ended December 31, 2021 was
primarily due to higher income at certain partially-owned affiliates of the
Johnson Controls - Hitachi joint venture and within the Building Solutions
EMEA/LA segment. Refer to the "Segment Analysis" below within this Item 2 for a
discussion of segment EBITA by segment.

Income Tax Provision
                                             Three Months Ended
                                                December 31,
              (in millions)               2021                  2020       Change

              Income tax provision    $     71                $  61          16  %
              Effective tax rate          14.5   %             14.1  %



In calculating the provision for income taxes, the Company uses an estimate of
the annual effective tax rate based upon the facts and circumstances known at
each interim period. On a quarterly basis, the actual effective tax rate is
adjusted, as appropriate, based upon changed facts and circumstances, if any, as
compared to those forecasted at the beginning of the fiscal year and each
interim period thereafter.

The statutory tax rate in Ireland is being used as a comparison since the
Company is domiciled in Ireland. For the three months ended December 31, 2021,
the Company's effective tax rate for continuing operations was 14.5% and was
higher than the statutory tax rate of 12.5% primarily due to the income tax
effects of mark-to-market adjustments and tax rate differentials, partially
offset by the benefits of continuing global tax planning initiatives. For the
three months ended December 31, 2020, the Company's effective tax rate for
continuing operations was 14.1% and was higher than the statutory tax rate of
12.5% primarily
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due to tax rate differentials, partially offset by the benefits of continuing
global tax planning initiatives. Refer to Note 19, "Income Taxes," of the notes
to consolidated financial statements for further detail.

Income from discontinued operations, net of tax

                                                         Three Months Ended
                                                            December 31,
(in millions)                                              2021             2020       Change

Income from discontinued operations, net of tax    $      -                $ 124             *


* Measure not meaningful

Refer to Note 4, “Discontinued Operations”, in the Notes to the Consolidated Financial Statements for further information regarding the Company’s discontinued operations.

Income attributable to non-controlling interests

                                                           Three Months Ended
                                                              December 31,
(in millions)                                           2021                 2020                 Change

Income from continuing operations attributable to
noncontrolling interests                           $         38          $       45                     -16  %


Lower earnings from continuing operations attributable to non-controlling interests for the three months ended December 31, 2021 was primarily due to lower net earnings of certain partly owned affiliates within the Global Products segment.

Net income attributable to Johnson Controls

                                                      Three Months Ended
                                                         December 31,
(in millions)                                           2021             2020       Change

Net income attributable to Johnson Controls     $      381              $ 

451 -16%



The decrease in net income attributable to Johnson Controls for the three months
ended December 31, 2021 was primarily due to the prior year income from
discontinued operations, higher SG&A and higher restructuring and impairment
costs, partially offset by higher gross profit.

Diluted earnings per share attributable to Johnson Controls for the three months
ended December 31, 2021 was $0.54 compared to $0.62 for the three months ended
December 31, 2020.

Comprehensive income attributable to Johnson Controls

                                                         Three Months Ended
                                                            December 31,
(in millions)                                         2021                2020                 Change

Comprehensive income attributable to Johnson
Controls                                         $       468          $      723                     -35  %



The decrease in comprehensive income attributable to Johnson Controls for the
three months ended December 31, 2021 was due to a decrease in other
comprehensive income attributable to Johnson Controls ($185 million) resulting
primarily from
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currency translation adjustments and lower net income attributable to Johnson
Controls ($70 million). The year-over-year unfavorable foreign currency
translation adjustments were primarily driven by the strengthening of the
Brazilian real, British pound, euro and Mexican peso against the U.S. dollar in
the prior year.

Segment Analysis

Management evaluates the performance of its business units based primarily on
segment EBITA, which represents income from continuing operations before income
taxes and noncontrolling interests, excluding general corporate expenses,
intangible asset amortization, net financing charges, restructuring and
impairment costs, and net mark-to-market adjustments related to pension and
postretirement plans and restricted asbestos investments.

Effective October 1, 2021, the Company's marine businesses previously included
in Building Solutions Asia Pacific and Global Products reportable segments are
now part of Building Solutions EMEA/LA reportable segment. Historical
information has been re-cast to present the comparative periods on a consistent
basis. This change was not material to the segment presentation. Refer to Note
20, "Segment Information," of the notes to consolidated financial statements for
further information.

Beginning on October 1, 2021, the Company began reporting certain retrofit
projects in Building Solutions EMEA/LA and Building Solutions Asia Pacific as
products and systems revenue on a prospective basis as they have evolved to be
more aligned with other install offerings.

Net Sales
                                        Three Months Ended
                                           December 31,
(in millions)                            2021            2020        Change

North American Building Solutions $2,152 $2,034 6%
Building Solutions EMEA/AL

                959              948          1  %
Building Solutions Asia Pacific           675              604         12  %
Global Products                         2,076            1,755         18  %
                                   $    5,862          $ 5,341         10  %



•The increase in Building Solutions North America was due to higher volumes and
prices ($107 million), the favorable impact of foreign currency translation ($6
million) and incremental sales related to business acquisitions ($5 million).
The sales increase was led by growth in service and HVAC & Controls.

•The increase in Building Solutions EMEA/LA was due to higher prices ($26
million) and incremental sales related to business acquisitions ($8 million),
partially offset by the unfavorable impact of foreign currency translation ($22
million) and business divestitures ($1 million). The increase in sales is driven
by balanced growth in both project installations and service activity, led by
strength in Fire & Security. By region, sales growth outperformed in Europe and
Latin America, partially offset by continued weakness in the Middle East.

•The increase in Building Solutions Asia Pacific was due to higher volumes and
prices ($69 million) and incremental sales related to business acquisitions ($9
million), partially offset by the unfavorable impact of foreign currency
translation ($6 million) and business divestitures ($1 million). The increase in
sales was led by growth in project installations, driven by strong growth in
Commercial Applied HVAC & Controls. China remains the primary source of growth,
with growth stabilizing across the rest of the region.

•The increase in Global Products was due to higher volumes and prices ($238
million) and incremental sales related to business acquisitions ($106 million),
partially offset by the unfavorable impact of foreign currency translation ($23
million). Sales growth was driven by broad-based strength across Commercial and
Residential HVAC and Fire & Security products.

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Segment EBITA
                                         Three Months Ended
                                            December 31,
(in millions)                              2021             2020       Change

Building Solutions North America   $      250              $ 255         -2 

%

Building Solutions EMEA/LA                104                 98          6 

%

Building Solutions Asia Pacific            68                 77        -12  %
Global Products                           301                212         42  %
                                   $      723              $ 642         13  %



•The decrease in Building Solutions North America was primarily due to supply
chain disruptions and labor constraints, partially offset by favorable volumes,
productivity savings and foreign currency translation.

•The increase in Building Solutions EMEA/LA was primarily due to favorable
pricing and productivity savings, partially offset by unfavorable mix and the
unfavorable impact of foreign currency translation.

• The decrease in Building Solutions Asia-Pacific was mainly due to an unfavorable mix, an unfavorable price/cost and the unfavorable impact of foreign currency translation, partially offset by favorable leverage on volumes and productivity gains.

•The increase in Global Products was primarily due to favorable volumes and mix,
productivity savings, higher equity income driven primarily by certain
partially-owned affiliates of the Johnson Controls - Hitachi joint venture and
the favorable impact of foreign currency translation, partially offset by
unfavorable price/cost and supply chain disruptions.

Back

The Company's backlog is applicable to its sales of systems and services. At
December 31, 2021, the backlog was $10.9 billion, of which $10.5 billion was
attributable to the field business. The backlog amount outstanding at any given
time is not necessarily indicative of the amount of revenue to be earned in the
upcoming fiscal year.

AT December 31, 2021the remaining performance obligations have been $16.5 billionWhich one is $5.6 billion greater than the Company’s order book $10.9 billion. The differences between the Company’s remaining performance obligations and the order backlog are mainly due to:

•Remaining performance obligations include large, multi-purpose contracts to
construct hospitals, schools and other governmental buildings, which are
services to be performed over the building's lifetime with initial contract
terms of 25 to 35 years for the entire term of the contract versus backlog which
includes only the lifecycle period of these contracts which approximates five
years;
•The Company has elected to exclude from remaining performance obligations
certain contracts with customers with a term of one year or less or contracts
that are cancelable without substantial penalty while these contracts are
included within backlog; and
•Remaining performance obligations include the full remaining term of service
contracts with substantial termination penalties versus backlog which includes
one year for all outstanding service contracts.

The Company will continue to report order backlog as it believes it is a useful measure to assess the Company’s operating performance and its relationship to total orders.

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Cash and capital resources

Working Capital
                                           December 31,       September 30,
(in millions)                                  2021                2021           Change

Current assets                            $      10,353      $        9,998
Current liabilities                              (9,987)             (9,098)
                                                    366                 900        -59  %

Less: Cash and cash equivalents                  (1,207)             

(1,336)

Add: Short-term debt                                392                   8
Add: Current portion of long-term debt              220                 226

Working capital (as defined)              $        (229)     $         (202)        13  %

Accounts receivable - net                 $       5,671      $        5,613          1  %
Inventories                                       2,425               2,057         18  %
Accounts payable                                  4,083               3,746          9  %



•The Company defines working capital as current assets less current liabilities,
excluding cash, short-term debt, the current portion of long-term debt, and the
current portions of assets and liabilities held for sale. Management believes
that this measure of working capital, which excludes financing-related items and
businesses to be divested, provides a more useful measurement of the Company's
operating performance.

•The decrease in working capital at December 31, 2021 as compared to
September 30, 2021, was primarily due to an increase in accounts payable and
deferred revenue, partially offset by an increase in inventory due to supply
chain disruptions and a decrease in accrued compensation and benefits
liabilities.

•The Company's days sales in accounts receivable at December 31, 2021 and
September 30, 2021 were 62 days and 58 days, respectively. There has been no
significant adverse changes in the level of overdue receivables or significant
changes in revenue recognition methods.

• The company’s inventory turnover for the three months ended December 31, 2021 were lower than those of the comparable period ended September 30, 2021mainly due to supply chain disruptions.

• Days in accounts payable to December 31, 2021 were 90 days, more than 76 days for the comparable period ended September 30, 2021mainly due to timing.

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