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Tyco International Ltd. (NYSE:TYC)

Morgan Stanley Industrials & Autos Conference Transcript

September 17, 2013 11:00 AM ET

Executives

George Oliver - President and CEO

Analysts

Nigel Coe - Morgan Stanley

Nigel Coe - Morgan Stanley

… on the loan, same as last night. Do you want to say big thank you to all the corporate came last night. It really did make a big difference where we have good line of corporate as well as thanks for attending.

So let’s start off and I’m very pleased to welcome to the podium George Oliver, President and CEO of Tyco. Thanks George.

George Oliver

Thanks Nigel. Good morning, everyone. It’s great to be with all of you today and thank you Nigel for including us in the conference. What I would -- I’d start by reflecting that it actually has been one-year. I think almost till today when we launched the new Tyco. With the new Tyco now being the leader -- the leading pure-play competitor in the fire and security industry.

And I would say that as I reflect on the first year and I’m very pleased with the progress that we made, executing on the growth strategy that we outlined during our Investor Day. And probably more important about how we positioned the company for future growth and success and Nigel I need the clicker.

Nigel Coe - Morgan Stanley

Go ahead.

George Oliver

Thank you. So let me start by just reflecting back on the combination of businesses that came together to form the new Tyco. Now a year ago you will see the $5.5 billion of commercial security which was part of ADT, which combined with roughly about $5 million of fire protection that I had responsibility within the old Tyco.

And when you look at the set of businesses within this portfolio is very similar, when you look at the product businesses, similar fundamentals, as well as similar fundamentals across the installation and service businesses.

And so as you think about the combination here, being able to combine these, think of it as a merger of two very large operating segments. They were being operated independently within the old Tyco that now have come together to form the new Tyco.

And really what we have been working on is, how do we create an operating company’s structure that enables us to be able to leverage the breath and depth that we have across this portfolio to be able to accelerate growth and then be able to leverage the cost structure to be able to support that growth and deliver very strong margin expansion. And what I would say is that we are now with the structure that we are developing really beginning to leverage that expertise and being able to accelerate growth going forward.

Now to support the operating company’s structure, what we have been doing is, is building the Tyco business system and this is as you look at the set of companies or businesses that have come together, lots of variation across the business processes and how we ran these companies.

And so the opportunity that we had to standardize and simplify, and then ultimately automate these processes, really does enable us to be able to accelerate speed and simplicity, and how we execute on our growth strategy. And so with the combination within that operating company really focused on engaging all of our constituencies.

And so, number one, our employees, developing a cultural where we engage all of our employees with the passion, with what they have, with what they deliver life safety, being able to be position to deliver increase value for our customers, partnering with strategic suppliers and then ultimately being positioned to deliver increase value for our shareholders.

And so by standardizing and simplifying our business processes enables us to execute on our cost out initiatives, that you see on the left, which then enables us to be able to free up resources to investing our growth initiatives, which you see on the right and then be positioned to be able to deliver significant margin expansion.

So as you look at the new Tyco we are very diversified. If you start by looking at the categories, our global products represent about 20% of our revenues, installation represents about 35% of our revenues and service is about 45% of our revenues, and its key to note there that about two-thirds of our service revenue is recurring.

From a geographic standpoint, about 50% of our revenues are in North America, about 25% in EMEA, Asia-Pacific 20% and then Latin America 5%. So, very balanced portfolio and distribution across the globe.

Now as we put the companies together and really focus on $100 billion market that we are focus on growing in as the largest pure-play fire and security company. We saw significant opportunities for long-term earnings growth.

And we’ve laid out three priorities. Number one was to accelerate organic growth. Number two was to execute discipline bolt-on acquisitions. Number three was to be able to support the growth by driving significant cost out being able to not only reinvest to support the growth but also deliver expanded margins and a lot of the plan that we laid out a year ago was very much within our control.

So let me start on an organic growth. The first priority was to accelerate service growth in our direct channel. Focusing on four key areas, customer retention, customer conversion, developing new and integrated services, and then enhancing the tools and processes that we utilized across the globe and how we deliver service to our customers.

Now if you reflect back, last year as we’ve been on this journey, we accelerated service growth to 2%. This year we are positioned to get to about 3% and with the plans in place and the investments that we are making, we are position to be able to accelerate that to an annual growth rate of 5% by 2015.

Now by doing that, we continue to shift to service not only by the service enhancements, expanding our footprint, investing in new capabilities, to delivering new solutions that allows us to be able to accelerate service. But also the impact of project selectivity in our installation business, as well as becoming much more competitive because of the efficiencies that we gain with the combination of the commercial security and fire protection portfolio.

Now when you look at the growth over the last couple of years, accelerating to 3% this year, really is outperforming the blended GDP growth rate that you see there on the left. And as a result of that you will see the mix on the right.

Now within our installation and service businesses we are about 56% service and about 44% install. And what’s important about this chart is that the service business is less sensitive to the overall macro environment and does offer recurring revenue stream long-term.

The second element of our organic growth is to continue to drive technology and innovation across our product businesses and then be able to leverage that in the solution that we bring into our direct channel.

Now let me reflect, now I came into the company seven years ago and let all of the product businesses. And when my initial assessment was either great businesses, great brands, underinvested. And so what we did we have started to increase the investment across these businesses and today our reinvestment rate is more than doubled, or what it was at that time.

And so even if you look at the last four years, the increase in R&D represents a 12% CAGR. With about 30% of our product revenues today are derive from the investments that we made over the last three years. So we are getting great traction on the new products that we are bringing into the market.

And then as a result, you will see that we’ve been able to deliver very strong performance over the last three years anywhere from single, mid single digits to upper single digits organically, which then has been complimented with strategic bolt-on acquisitions that we made across all three platforms.

Now what we’ve been doing as a new company, as the new Tyco, really focusing on how do we now take all of our product technologies under one Chief Technology Officer working with each of our region to develop really competitive solutions that we bring into our direct channel that enables us to increase the installed base and accelerate our service growth, and we are getting good traction with the developments that we are making.

Let me talk through just a couple of examples to give you an idea of where we are putting this R&D our investment to work. The first example here is what we call the emerald, which is an Intelligent Access Terminal.

Now within our security products business we are one of the industry leaders in Access with our Software House, Kaf-Tech, as well as our [Exacq Technologies]. And so what this solution is is where we actually take four devices and put it into one including access control, voice-over-IP, as well as video.

We put that intelligence on the edge or at the door, which not only provides enhance security for our customer but also additional functionality for that customer with the use of that terminal.

From a direct channel standpoint it’s lower cost of installation, which enables us to be able to accelerate the installed base that we can create with this technology and be able to derive the service revenue over the lifecycle.

The second example is within our fire protection products business, the AquaMist Industrial Fire Protection. Now again we are the industry leader with our install technology providing fire suppression in restaurant systems, as well as Industrial Fryer.

Now we’ve been working on enhancing our capabilities around Industrial Fryers because as you look at that space these fryers they are in the food industry, they typically have 5,000 gallons of oil that operate at very high temperatures. They are in an environment that have strict senator requirements, as well as people operating around these pieces of equipment.

And so what we are focused on is not only enhanced capability to suppress a fire in the event there were a fire, but also be able to cool the oil to make sure that the fire that was re-ignition of the fire and make sure that we are protecting anyone that is in the vicinity of that event.

And so the solution that we develop is a new water mist nozzle that combines with our electronic fire detection equipment such that we can quickly detect and suppress the fire in the event there were one. The water mist cools the oil, continuously cools the oil to prevent re-ignition of that fire and then more importantly protecting the employees that are in the vicinity of that facility.

The value proposition to the customer not only do we get better fire protection but the impact that in the case of an event there is less, if there is less contamination, there is less downtime, less repair, which is a significant value proposition to our customer base.

Now the next area is Vertical Solutions, when we have put, we put all of our businesses together, we recognized that we have tremendous capabilities across all of the verticals both with our security technologies and fire technologies. And how do we now integrate those into differentiated solutions within the key verticals that we compete.

Now, commercial and institutional represents the largest segment of our business. And you can see -- I would talk about each one of these. The commercial space, we are seeing increased activity. Now, we’re capitalizing on that increased activity with new differentiated solutions as well as we’re finding ways to mine the install base to be able to expand our services.

In Institutional, the overall space is down but some of the end markets that really play to our strengths are universities and hospitals which again we continue to invest, differentiate what we do and continue to mine that install base with the services that we perform.

And the last one, I’ll come on is retail. Retail represents about 10% of our revenue today. Historically, this is where we provide the electronic article surveillance to merchandise protection.

But we've expanded beyond with the infrastructure that we provide within a store to really drive store performance solutions which enhances the value that we can create with the infrastructure that we install within those retailers to be able to deliver for our customers. In that environment, it’s somewhat mix globally but with the investment that we’re making, we’re actually continuing to perform very well.

The last about our organic growth -- increasing organic growth is growth markets. Now growth market represents 40 countries that we compete in today. We start off with a fairly low position but within those countries, it’s an emerging industry in an emerging market. So it represents significant growth for us going forward.

Now, today it represents about 12% of our total revenues but going forward, it’s significant amount of our growth projections. And so it’s important what we’ve been doing is really localizing what we do, making sure we have the right product mix to compete locally, manufacture it locally and developing the depth and expertise that we need in our installation and service businesses to be able to develop projects, install projects and then be able to perform the service longer term.

We’re also localizing R&D to make sure that we are leveraging on the intellect within these markets and being positioned to be able to really localize the products that we actually manufacture for these markets. We made a lot of progress.

We’re continuing to upgrade the leadership across the board, making the investments that are required to develop that local footprint. And in the last important element of what we do is driving codes and standards.

We have hundreds of our technical resources across the globe that engage with regulators, with influences within the industry that we’re in that really drive the proliferation of codes and standards that longer term really do play to our strengths and being able to deliver on our business model.

The second priority that we laid out during our Investor Day was accelerating growth through targeted acquisitions. And they were focused on four key areas, which is very much in line to what we driving organically, enhancing our technology portfolio, expanding our product portfolio, broadening our services and vertical solutions and then strengthening our geographic reach as we think about -- especially as we focus on the growth markets.

Now, today we’ve completed five acquisitions, requiring about $260 million of capital. And as I think about the industry with what I’ve learnt with the combination of what we’re doing, a tremendous opportunity with the opportunities that are out there. It’s very fragmented industry and will continue to be very disciplined in how we pursue these acquisitions going forward.

That is all supported by proven, disciplined capital allocation process. We’ve been very disciplined around the financial metrics, around these acquisition. We’re actually -- this year we walked away from a couple of strategic acquisitions because they did not meet our financial objectives.

We continue to work as I said the pipeline of acquisition candidates. And we are also looking at what I would say a small non-core businesses that were embedded within our regional businesses across the globe to be able to divest. It represents a small percentage of our revenues and a good example of what we did one was divesting the North America guarding business, which is not strategic, not core and we’re able to successfully divest.

And then we’ll be positioned to return excess capital to shareholders. This year our dividends will increase 7% or $300 million this year. We’ll continue to increase that dividend in line with our earnings going forward. And it will return excess capital through buyback this year. We -- so far this year through the third quarter have completed $300 million of share buybacks.

The third strategic priority that we laid out was to be able to be positioned with the combination of two very large operating segments coming together, being able to drive significant operational improvement to be able to fund the investments in organic growth and then be able to deliver significant margin expansion.

Now, looking at the cost structure that we had within the new Tyco, it’s about $9.3 billion. And what we laid out was that in the new structure, we had $4 billion worth of our cost which we source or procure and that could be raw materials that go into our products. It could be component that go into our installations. It could be indirect materials and services that are needed to perform the work that we do for our customers.

And we put all of that -- we were very fragmented in our approach prior. We put all of those resources under one strategic sourcing leader. We strategized each category, making sure that we’re driving the right percentage of low cost, making sure we’re making good make-buy decisions with what we buy ultimately leading to accelerate it savings. And this year alone within our EPS increase this year, about $0.05 of that was delivered with the benefits that we’ve derived from our sourcing initiative.

The second priority that we laid out within this strategic element is the infrastructure and administration cost, which most of that resides within our installation and service businesses, which represents about thousand real estate locations across the globe and then within that about 600 of what we call branches, which is our factory in the field, where we actually perform most of the work -- the work that we do to support our customers.

And we started significant overlap of the commercial security footprint with the fire footprint. So an opportunity to really optimize the square footage required regionally to be able to support our customers and then be able to standardize and simplify the processes at the branch level to be able to then centralize those shared services to be able to deliver a lot of efficiencies.

So that over the next three to five years is going to be a significant contributor to our overall savings that we project on an annual basis of $150 million. So when you combine the sourcing initiative, the work we’re doing to simplify the infrastructure within our installation and service business as well as the transformation that’s happening across our functions to develop an operating company.

We’re positioned to deliver in excess of $150 million of productivity annually, which then is somewhat offset with the escalation of labor that we get on an annual basis of about $50 million. It supports an increase in investment on our organic initiatives of $50 million and then positions us to deliver $50 million to the bottom line which supports about an 80 to 100 basis point improvement on an annualized basis.

So in summary, we’re now through the first year as the new Tyco and I feel very good about the progress that we've made in executing on our three-year plan. We’re going to be positioned to accelerate growth as well as continue to deliver strong margin expansion to deliver the 15% EPS CAGR over this three-year period.

I think what we love about the company is that we’re operating in a $100 billion market that represents significant opportunity for us to grow. And it’s a market that is fragmented but consolidating. It’s an industry we have a position with industry leading brands and technologies that with the investments we’re making, we’re going to really differentiate what we can do, leveraging both our product businesses as well as our distribution in our direct channel.

Diverse set of businesses across industries, geographies, products and services. And then I think one of the big advantages that we have and how we play within this industry is a significant scale advantage. We have comprehensive capability in how we design -- design projects, how we install projects and ultimately deliver on our service across both fire and security solutions across the globe.

In the execution of our growth as we have been making the reinvestment and the continued execution of the operating improvements are well underway and position us to be able to continue to sustain the performance that we've achieved in the first year, absolutely on track to our three-year plan to deliver 15% EPS CAGR which -- a lot of which is well within our control in how we -- with what we know how to do to be able to deliver on that.

So on that, thanks for listening and I look forward to any questions you might have.

Question-and-Answer Session

Nigel Coe - Morgan Stanley

Sure. Thanks George. Yeah. We definitely got questions. So first year, it sounds like things are going well. Are you having fun?

George Oliver

I’m having a ball.

Nigel Coe - Morgan Stanley

Great.

George Oliver

Because then there is nothing more fun than being able to take a great set of businesses, with great people, what they do, put that all together into a operating company structure, drive process improvement, be better position to deliver for customers, grow and be able to deliver for our shareholders and that’s what the plan really is laid out to do.

Nigel Coe - Morgan Stanley

You’ve mentioned your own track to meet those three-year targets. But as always pass the plan that are ahead of this, pass the plan that are behind. Let say, you are ahead and why do you think you need to do more work?

George Oliver

What I would say is when we started this year first year, I would say economically it’s probably a little bit more challenging specifically in Europe. But I’d say even within that, our businesses have performed very well. Right. So even in the last quarter, we had very strong service growth, very strong product growth, certainly impacted by the decline in install.

So I’d say even within that we performed very well. Australia is a very attractive market for us. We have a strong position. We’ve seen some softness there, more than what we thought going into the first year. That’s both in the commercial and institutional space as well as mining. We have tremendous strength in mining. It’s a great market for us but has been a little soft.

So overall, we’ve seen a little bit of a challenge on the revenue side but even within that our ability to execute on new products, our ability to execute new services, our ability to expand our service footprint, our ability to now leverage our combined technologies into differentiated solutions, I'd say we're making great progress and that’s on the revenue side.

On the operating improvements, what I would say is as we have taken these businesses, think about it as a merger of two very large businesses that are operated independently. The ability to really define entitlement of what we do across every business process right from how we design products and develop new solutions, right through how we execute install projects, how we deliver service, tremendous opportunity to leverage the best practices to drive to an entitlement across the overall enterprise.

We’re beginning to get real traction across the businesses and that would develop in to be able to execute not only for the next year but well beyond significant improvement in the business. And so in spite of the economic pressure that we’ve had in the first year, I think we’ve done very well in how we’ve looked at the combination of these businesses to be able to drive accelerated operational improvement to be able to deliver on the EPS commitment that we made and very well-positioned to be able to deliver on that three-year commitment.

So I’d say little bit economic headwind, better progress on the integration, and then as you all know we have -- right out of the gate, we were significantly changing the strategy within the North America commercial security business which was absolutely warranted that new strategy. And what I would say is based on what we projected, it was about a year ago, we projected and what the impact would be with that change in strategy has played out pretty much as we expected.

We saw decline in orders early because we had a backlog that really was less strategic with fundamentals that didn’t support the fundamentals of the new company and what we’ve done is deployed the project selectivity where it isn’t selecting out of business it’s actually selecting better business. We’ve got a significant install market, it’s $30 billion or $40 billion.

Well, you can grow revenues but what you want is you want to grow profitable revenue and what we’ve been focusing on is on the end markets where we can differentiate the type of solution that we bring that enables us to be able to execute those projects profitably and then it develops an increased install base that we can drive accelerated service. And that’s how it’s playing out because everywhere we’ve implemented project selectivity across the globe that’s ultimately what happens and it’s about an 18-month cycle.

So we’re kind of midstream here within North America. We saw the order decline in the first half, the resulting impact on revenue on the second half. I would tell you our order rates now, as we talked about during the last earnings call, have stabilized where our backlog in North America was actually up about 1%, globally it was up 2%, with the rest of world up 3%.

So overall the order rate that we see today in line with what we projected supports the plan that we laid out for the three years. So we’ll see some additional pressure in the in the first half on revenue within North America but the projects that we’re developing, the strategy that we are executing will be positioned to deliver growth in the second half within North America.

So that’s been a little bit of the -- in the first year. Some of the challenge has been repositioning that business but I would tell you the leadership team, the processes, all of the restructuring that’s been done has been done first class and has positioned that business. It’s going to be a core business or business that we can grow going forward.

Nigel Coe - Morgan Stanley

I mean the integration of foreign securities seems they got no brainer, right some of the business models, I mean. Was there a rationale for having these as the separate and as we’ve gone to -- are you now going to market as one Tyco and what’s the reaction being from customers?

George Oliver

So as you all know, when you do mergers of large companies, you typically -- a merger will fail if you don't get the front-end right, right? And so as we plan for the new company, we say we need to be very disciplined because there is a difference with what we do in foreign security on the front-end and what we didn't want to do is break anything that we do on the front-end to support our customers. And so we’ve been very protective of that as we plan the separation.

That being said, there is a tremendous overlap in the end markets that we support in security, the end markets we support in fire. There is a tremendous overlap on the customer base that we serve and historical, we just did not reap the benefits of having those strong relationships within those customer basis. And so what we’ve done as we have matured with the business system and as we’ve continued the integration, we’ve actually now got three of the regions integrated under one president.

And so, for instance, in the U.K., our U.K. business is performing very well, both fire and security. It’s now under one leader. So that one leader has all of his metrics totally aligned with our strategy on accelerating organic growth, driving the operational improvement throughout the structure to be able to deliver on the margin improvement. We’ve done that in continental Europe.

We took our best -- one of our best security leaders out of the U.K. When we did that integration of the U.K., we took our best security leader and we put that individual in the Pacific that now is leading our combined foreign security business in the Pacific. So that’s the start of being able to now mine the combined customer base with the ability to be able to differentiate what we can do with the combination and really create an opportunity to accelerate service growth within that customer base.

So what I would say is depending on the maturity of the integration within each one of these regions, really that does. And we time that appropriately to make sure we don't break the business. We want to make sure that it’s one plus one equals three as we make those structural changes.

Nigel Coe - Morgan Stanley

Okay. And then obviously with the project selectivity in North America, right now we’ve seen the orders decline, we’re seeing the backlog pressure, but what we’ve not seen is the better margins coming through right now. I’m just wondering what have you seen on margins backlog -- well, how that margin look in the backlog compared to where they were last year?

George Oliver

So going back to project selectivity, the whole strategy is understanding the market, understanding the end markets, how we differentiate and then focus our resource, because we incur most of the cost or lot of our cost upfront before we actually win a project or get a dollar or revenue.

And so we've been with that focus we typically are working on projects that are much more differentiated because of the technology and the capabilities that we can bring and then therefore we execute -- that margin is increased not only in how we design the project but then how we execute.

And so when you look at the operating metrics on a year-on-year basis our margin backlog continuously has improved about a 100 basis points and that’s true for the last quarter that our margin and backlog was up 100 basis points.

The other element of the margin improvement is then executing those projects better. So number one is you started off with a plan and how you create a differentiated solution, you get paid for that right and you book a margin, and then it’s the ability to be able to execute on that plan better. And across the board we’re seeing better performance on the execution and that’s what contributing to the margin expansion.

So when you look at North America that's where we have been most challenged with the dis-synergies that we picked up with the separation with the ADT residential business where we picked up about $35 million of dis-synergies.

That being said, we very quickly we’re working on initiatives that from the synergy standpoint work to try to offset that and I would say we actually have performed very well on a margin basis across that sort of businesses. So it’s combination of better project planning better project execution and then driving the synergies with the combination of businesses that we have across the North America footprint.

Nigel Coe - Morgan Stanley

Great. Well, initially told me about, I do want to go back to one slide where you have the end markets dynamics.

George Oliver

Yeah.

Nigel Coe - Morgan Stanley

And most of the analysts were sideways our government was down looks like that but institutional actually had a green arrow. So I’m just wondering what you are seeing -- what’s getting better in institutional markets.

George Oliver

Well, I mean within the institutional when you look at -- the metrics I look at and I think everyone follows is ABI, right. So ABI is a leading indicator and we actually see activity working with architects in developing new projects that that’s picked up now institutional is actually down but overall it’s picked up and we’re seeing that mainly in the commercial space.

So on the institutional space the areas that are very attractive to us where we actually performed very well is in universities and where we've been able to standardize the solutions we’ve been able to extend the solutions whether it’d be fire, including intrusion and then including communication access and so that that’s a space that not only has been new development but also the ability to be able to take an existing facility and be able to upgrade pretty significantly.

So when you look at our install businesses, even though the market is down from the peak back in 2007, 2008, down about 50%, our install market is only down about 20%. And a lot of that is because the type work that we do with all of the restructuring that’s been had across corporate America, for instance, with all of the consolidations and moves and a like, that creates demand and how we actually service those facilities, right. And upgrade or integrate those facilities.

And so we've been very successful in being able to pick up that that type of work during this downturn. And so when you think about our ability to grow service, roughly 3% in this environment is actually very good and then now as the commercial, what we’re seeing is, we’re definitely seeing acceleration of commercial, right. And then the opportunity that we have to capitalize on that creating a larger install base and then continuing to mine that that new install base for services is very attractive to us.

Nigel Coe - Morgan Stanley

Sorry. Acceleration in commercial, you’ve seen acceleration?

George Oliver

We’re definitely seeing activity increased activity within the commercial space and that’s supported by what we're seeing from a square footage expansion, the ABI and so we’re later cycle so what we see is the activity and then we’ll first see it in our fire business and the mechanical business and then we see it in the electronic fire and then ultimately we see it in security. But there is definitely increased activity and then that’s supported by the industry reports that you see on residential side.

Nigel Coe - Morgan Stanley

Right. So you’re bullish on sale reporting?

George Oliver

What’s that?

Nigel Coe - Morgan Stanley

You’re bullish on (inaudible)?

George Oliver

What I would say is I mean every year we project the next year or at least the projections are that it’s going to be double-digit increases the following year we’re not counting on that, right? So this has been consecutively over the last five years it’s been this big hockey stick the next year we’re not counting on that. But I would tell you that with all of the work we've done to integrate the businesses, a lot of the standardization that’s occurring we’re going to be well-positioned to be able to be positioned to capitalize on if that were to happen.

Nigel Coe - Morgan Stanley

Right.

George Oliver

And that would absolutely when you think about the plan and what we’re delivering within the core plan that certainly would be attractive business for us going forward and be an accelerator.

Nigel Coe - Morgan Stanley

Great. George we are out of time so let’s…

George Oliver

All right.

Nigel Coe - Morgan Stanley

… stop there. Thanks very much.

George Oliver

I appreciate the time…

Nigel Coe - Morgan Stanley

Yes.

George Oliver

Thanks.

Nigel Coe - Morgan Stanley

That’s great. Thanks.

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