Otis Worldwide : First Quarter 2025 Earnings Conference Call Transcript

Published: 2025-04-24 10:02:04 ET OTIS

Corrected Transcript

23-Apr-2025

Otis Worldwide Corp. (OTIS)

Q1 2025 Earnings Call

Total Pages: 20

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Otis Worldwide Corp. (OTIS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

CORPORATE PARTICIPANTS

Robert Quartaro

Cristina Méndez

Vice President-Investor Relations, Otis Worldwide Corp.

Chief Financial Officer & Executive Vice President, Otis Worldwide Corp.

Judith F. Marks

Chair, President & Chief Executive Officer, Otis Worldwide Corp.

......................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Jeffrey Todd Sprague

Joseph O'Dea

Analyst, Vertical Research Partners LLC

Analyst, Wells Fargo Securities LLC

Amit Mehrotra

Julian Mitchell

Analyst, UBS Securities LLC

Analyst, Barclays Investment Bank

Nigel Coe

Christopher M. Snyder

Analyst, Wolfe Research LLC

Analyst, Morgan Stanley & Co. LLC

C. Stephen Tusa

Nick Housden

Analyst, JPMorgan Securities LLC

Analyst, RBC Europe Ltd.

MANAGEMENT DISCUSSION SECTION

Operator: Good morning and welcome to Otis' First Quarter 2025 Earnings Conference Call. This call is being carried live on the Internet and recorded for replay. Presentation materials are available for download from Otis' website at www.otis.com.

I'll now turn the call over to Rob Quartaro, Vice President of Investor Relations. Please go ahead.

Robert Quartaro

Vice President-Investor Relations, Otis Worldwide Corp.

Thank you, JL. Welcome to Otis' first quarter 2025 earnings conference call. On the call with me today are Judy Marks, Chair, CEO and President; and Cristina Méndez, Executive Vice President and CFO. Please note, except where otherwise noted, the company will speak to results from continuing operations excluding restructuring and significant non-recurring items. A reconciliation of these measures can be found in the appendix of the webcast.

We also remind listeners that the presentation contains forward-looking statements which are subject to risks and uncertainties. Otis' SEC filings, including our Form 10-K and quarterly reports on Form 10-Q, provide details on important factors that could cause actual results to differ materially.

Now, I'd like to call over - like to turn the call over to Judy.

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Otis Worldwide Corp. (OTIS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

Judith F. Marks

Chair, President & Chief Executive Officer, Otis Worldwide Corp.

Thank you, Rob. Good morning, afternoon and evening, everyone. Thank you for joining us. We hope everyone listening is safe and well. Before discussing our results, I'd like to take a moment to recognize an important milestone. Earlier this month, Otis celebrated our fifth anniversary since returning as an independent public company. The last five years have been challenging and rewarding, and I'm proud of our colleagues and our many accomplishments.

Five years ago, when we were completing our spin-off, the world was in the midst of a global pandemic. While the pandemic posed many challenges, it also provided an opportunity to demonstrate the impact of our strategy, the resilience of our business, and the commitment of our colleagues to serving our customers and continuous improvement.

We have made tremendous progress since those early days and our shareholders have been rewarded. Since 2019, we've expanded adjusted operating profit margins by 220 basis points and grown adjusted EPS over 70%. We've more than doubled our dividend and together with share repurchases, we have returned $6 billion of capital to our shareholders. I'm proud of our achievements over the last five years and thankful for our 72,000 colleagues who demonstrate our absolutes each and every day. We've laid a strong foundation and I couldn't be more excited about the future opportunities ahead of us.

Turning to Q1 highlights on slide 3, Otis started the year with a solid first quarter driven by the resilience and strength of our Service driven business model. First quarter organic sales were flat, as strength in Service was offset by a decline in New Equipment. Service organic sales grew 4% with growth across all business lines. Modernization orders increased 12%, and we ended the quarter with a backlog up 14% at constant currency.

Our maintenance portfolio continued to grow 4% while we also drove 40 basis points of adjusted operating margin expansion compared to the prior year. Solid growth in Service coupled with margin expansion enabled us to grow adjusted EPS 5% in the quarter. We generated $186 million in adjusted free cash flow and completed approximately $250 million in share repurchases. And yesterday, we announced an 8% increase in our dividend, which brings our cumulative dividend increase since spin to approximately 110%.

During the quarter, we were honored to be recognized by Fortune as one of the world's most admired companies and to be named to Wall Street Journal's Best-Managed Companies list. These prestigious recognitions reflect our colleagues commitment to serving our customers and living our absolutes every day.

Turning to our orders performance on slide 4. New Equipment and modernization combined orders grew 2%, driven by strength and modernization. The combined backlog was relatively flat sequential improvement from the fourth quarter. Our total backlog, including maintenance and repair, remains at historically high levels and positions us well for future quarters. New Equipment orders declined 1% in the quarter. Americas continued its strong orders performance from the second half of 2024, growing mid-teens in the first quarter. This was driven by mid-teens growth in North America and greater than 20% growth in Latin America.

Demand in Asia Pacific also remains robust, with orders growth greater than 20%, primarily driven by India and Southeast Asia. This strength was offset by continued weakness in China, where orders declined greater than 20%. This was in line with our expectations and we continue to expect the New Equipment market to stabilize later this year. New Equipment orders in EMEA were down mid-single digits, partially due to a tough compare with declines in Europe offsetting strength in the Middle East. Our New Equipment backlog at constant currency was down 3% versus the prior year, although excluding China it was up mid-single digits.

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Otis Worldwide Corp. (OTIS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

Modernization orders grew 12% and our quarter end backlog increased 14% at constant currency. Order growth was widespread with China a notable standout growing orders greater than 20%. We are just at the beginning of a projected multi-year growth cycle globally in modernizations driven by aging of the 22 million global unit installed base. With 8 million units already in the prime modernization age and that number forecasted to grow mid-to-high single digits for several years, we see a significant opportunity ahead in all four regions.

Our Service portfolio grew 4% with growth across all of our regions. China grew low teens, Asia Pacific grew mid- single digits and EMEA and Americas grew low single digits. Before moving to financial results, I'd like to highlight several exciting projects from the first quarter. In the Americas, one of our standout projects is the modernization of the three elevators that are expected to provide safer and more reliable transportation to over 600,000 annual visitors to the iconic Christ the Redeemer in Rio de Janeiro, Brazil. Our commitment to safety and excellence will enhance the visitor experience while preserving the monument's legacy.

In Stockholm, Sweden, Otis is embarking on an exciting project to modernize 29 escalators for A-Train, the operator of the Arlanda Express Rail Link. The vital connection links Stockholm City Center to Arlanda Airport. The project will revitalize escalators initially installed by Otis in the late 1990s, bringing them to modern standards. Modernization was both an efficient and sustainable choice for this customer, as Otis can enhance performance while minimizing disruption for passengers in this essential link for the Swedish capital.

We continue to excel in the New Equipment business by demonstrating our strong performance and reliability. Otis has once again been selected by China's Hangzhou Metro to supply 145 escalators and 26 IoT connected elevators for the new Line 3. This addition brings the total number of Otis units in the city's metro network to over 1,700 across nine subway lines. And in India, Otis has proudly secured a landmark contract to supply over 470 elevators and escalators to the Prestige Group spanning five major cities. The project includes 28 double deck elevators and high speed elevators designed for what will be India's tallest commercial tower.

Turning to our first quarter results on slide 5. Otis delivered net sales of $3.3 billion, with organic sales flat year- over-year. Adjusted operating profit, excluding a $16 million foreign exchange headwind, increased 3% with growth in Service, offset by a decline in New Equipment. Adjusted operating profit margin expanded 40 basis points to 16.7%. Adjusted EPS grew 5% or $0.04 in the quarter with solid operational performance and the benefit of a lower share count.

With that, I'll turn it over to Cristina to walk through our results in more detail.

Cristina Méndez

Chief Financial Officer & Executive Vice President, Otis Worldwide Corp.

Thank you, Judy. Starting with Service on slide 6. Service organic sales grew 4% with growth in all lines of business. Maintenance and repair organic sales grew 3%, driven by portfolio growth. Positive price of 2% in maintenance, partially offset by mix and churn. Repair growth was muted in the first quarter at low single digits due to timing of backlog execution. We expect acceleration in the balance of the year. Modernization organic sales grew 10% as we executed on our backlog. Growth was broad-based across all regions, including high teens growth in China and approximately 10% growth in Americas.

Service operating profit of $537 million increased $29 million at constant currency with higher volume, favorable pricing and productivity including the benefits from UpLift more than offsetting higher labor and material cost and mix and churn. Operating profit margins expanded 40 basis points to 24.6% in the quarter.

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Otis Worldwide Corp. (OTIS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

Turning to New Equipment on slide 7. New Equipment organic sales declined 7% in the quarter as the strength in EMEA and APAC were more than offset by declines in China and Americas. EMEA sales grew mid-single digits, primarily due to strength in the Middle East, which grew greater than 20%, while Europe was up low single digits. APAC grew approximately 10% with a strength across most of the region.

Americas declined high-single digits as we work through last year's backlog. And lastly, we are continuing to work through China's lower backlog with organic sales down greater than 20% in the quarter due to market conditions and a strict credit control in shipments. However, as Judy mentioned, we continue to expect the market to stabilize later this year with Service stabilization to follow in 2026.

New Equipment operating profit of $66 million declined $5 million at actual currency and $4 million at constant currency, driven by the headwinds of lower volume and regional mix that were partially offset by productivity, including the benefits from UpLift and our China transformation and lower commodity cost. Pricing was relatively flat. Operating profit margins increased 20 basis points to 5.7%.

I will now turn it back to Judy to discuss our 2025 outlook.

Judith F. Marks

Chair, President & Chief Executive Officer, Otis Worldwide Corp.

Starting on slide 8 with the market outlook. Before discussing our updated 2025 outlook, I'd like to briefly discuss our global market expectations. In aggregate, our view is unchanged. We continue to expect global New Equipment units to decline mid-single digits for the year. We have reduced our expectations for the Americas to down low-single digits as uncertainty around global trade policies may cause project delays.

In EMEA, our outlook is unchanged with expected low-single digit growth. Asia is expected to decline mid-to-high single digits, driven by mid-single digit growth in Asia Pacific and an approximately 10% decline in China. As we previously mentioned, we continue to expect stabilization in late 2025.

Turning to Service. Last year, the global installed base grew mid-single digits, reaching approximately 22 million units at year end. We anticipate this trend will continue with mid-single digit growth in the installed base this year. We have good visibility into this growth given the installed base is driven by units sold approximately two years ago.

By region, we expect Americas and EMEA to grow low-single digits and Asia to grow mid-single digits. Taken together, we expect the global installed base to reach approximately 23 million units at the end of 2025. Turning to our financial outlook for 2025, we expect net sales of $14.6 billion to $14.8 billion, which is an increase of approximately $450 million at the midpoint from our original guide, driven by favorable exchange rates.

Adjusted operating profit is anticipated to remain between $2.4 billion and $2.5 billion, up $105 million to $135 million on a constant currency basis, excluding the impact of incremental US tariffs imposed in 2025. The majority of this impact is due to tariffs on products and components imported from China. Note that the impact of these tariffs is offset by more favorable foreign exchange rates at today's levels.

It's important to highlight that our Service business, which represents approximately 90% of our segment operating income, is largely insulated from the impact of tariffs. However, given the current tariff rates, we anticipate that our New Equipment business will be adversely impacted. As you know, Otis primarily sources and manufactures locally through our 17 factories around the world.

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Otis Worldwide Corp. (OTIS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

Our factory in Florence, South Carolina, primarily serves our operations in the US and Canada. For some components, however, there are no local suppliers, and we source parts from suppliers based in China. In addition, we import some lower volume products to the US. These lower volume products represented well below 1% of our total units sold in 2024.

That said, if tariffs on our Chinese imports continue at current levels for the remainder of the year, we expect a negative impact of approximately $45 million to $75 million to our operating profit in 2025 inclusive of our mitigation efforts. These mitigation efforts include customer and supply chain negotiations as well as supply chain shifts to more favorable sources.

It's important to note that we expect this impact to be temporary, as our exposure is primarily through our existing backlog. For our new orders, we have adjusted contract terms and pricing. Furthermore, our global manufacturing footprint and standard product platforms give us the flexibility to shift production and adapt to the most cost effective model going forward. Please refer to slide 15 in the Appendix for additional details on tariffs.

Turning back to our outlook. We continue to expect adjusted free cash flow of approximately $1.6 billion, which we will primarily return to our shareholders through dividends and share repurchases. As a reminder, yesterday, we announced an 8% increase in our dividend, bringing our cumulative dividend increases since spin to approximately 110%. Our share repurchase target for 2025 is unchanged at $800 million. Note that we completed approximately $250 million of share repurchases in the first quarter and we may continue to frontload our repurchases earlier in the year.

I will now pass it back to Cristina to review the 2025 outlook in more detail.

Cristina Méndez

Chief Financial Officer & Executive Vice President, Otis Worldwide Corp.

Thank you, Judy. Moving to our organic sales outlook on slide 9, we continue to expect organic sales growth of 2% to 4%, driven by a strong performance in our Service segment. Our New Equipment organic sales growth outlook remains down 1% to 4%. However, we have refined our outlook by region.

We now expect Americas to decline mid-single digits as we see project delays due to uncertainty around global trade policies. EMEA is expected to grow mid-single digits on the back of a strong orders at ending backlog in 2024. Asia is expected to decline mid-single digits. And within Asia, we continue to anticipate a strong growth in Asia Pacific offset by declines in China.

Service organic sales are expected to increase 5% to 7% for the year. We have expanded the low end of this range, given softer than expected repair execution in the first quarter. However, we expect repair to reaccelerate later in the year. We continue to target mid-single digit growth in maintenance and repair, driven by portfolio growth and pricing, partially offset by mix and churn. And we have increased our expectations for modernization organic sales, which have now expected to grow low teens, driven by backlog execution through the year.

Moving to slide 10, we have been transforming the way we work for nearly two years, beginning with UpLift, which we announced in 2023. We made this bold decision from a position of strength as we saw an opportunity to unlock untapped value. And earlier this year, we began our China transformation program. We have made significant progress with both projects, and we remain well on track. Through these initiatives, we are driving process efficiencies and enabling our field organization to better focus on serving our customers.

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Otis Worldwide Corp. (OTIS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

In China, our transformation is positioning us to capture the large Service and modernization opportunities while rightsizing our New Equipment operations from the current environment. Taken together, we expect UpLift and our China transformation to provide a competitive cost structure and drive sustainable earnings growth. We continue to target $90 million of in-year savings in 2025 and $230 million of annual run rate savings by the end of the year.

Turning to slide 11. Despite of macroeconomic uncertainty, we expect another year of solid profit and adjusted EPS growth, which is unchanged from our prior guide, driven by the strength and the resiliency of our Service driven business. On a constant currency basis and excluding the impact of tariffs, we expect adjusted operating profit to grow $105 million to $135 million fueled by our Service business. On an organic - on an actual currency basis, including the impact of tariffs, we expect adjusted operating profit to grow $55 million to $105 million, unchanged from our prior guide as the impact from tariffs is fully mitigated by foreign exchange rates.

Margin expansion is expected to be 50 basis points, excluding the impact of incremental 2025 tariffs. Including tariffs, we expect margin expansion to be more muted at 10 basis points due to contraction in New Equipment margins. On the other side, we expect Service margins to continue expanding as this segment is largely unaffected by tariffs. Our adjusted free cash flow and share buyback outlook remains unchanged, with free cash flow at approximately $1.6 billion and approximately $800 million of share repurchases.

Moving to 2025 EPS bridge on slide 12. Our adjusted EPS outlook for the year is $4 per share to $4.10 per share. At the midpoint, this includes approximately $0.24 from operational growth, $0.05 of tailwinds from foreign exchange rates and a net $0.05 benefit from lower share count and higher interest. These are partially offset by a negative $0.12 from the incremental 2025 tariffs currently in place. While our overall financial metrics for the year remain generally consistent with our prior outlook, we acknowledge that the economic conditions remain uncertain, including the impact of foreign exchange rates and tariffs.

On the operational side, we have delivered the strong first quarter and our outlook remains positive, mainly driven by the Service business. We have taken a conservative approach and we have recalibrated our operational outlook given muted repair growth in the first quarter and the macroeconomic uncertainty that may impact demand. We remain confident in our Service flywheel model and as we have previously said, we are investing savings from UpLift into the business to drive Service excellence and to accelerate growth.

On the New Equipment side, we continue to work on transformation to adapt our cost structure to market conditions and at the same time we are executing our backlog with headwinds from price on volumes in China. Regarding our adjusted EPS guidance through the year, we continue to expect the first half to be flat year-over- year with a stronger growth in the second half.

Maintenance results should remain relatively consistent through the year, including improved repair sales. Adjusted EPS growth should step up in the second half due to execution of our modernization backlog, realization of cost savings from UpLift and China transformation initiatives and improving trends in China and Americas New Equipment.

With that, I will ask JL to please open the line for questions. Thank you.

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Otis Worldwide Corp. (OTIS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

QUESTION AND ANSWER SECTION

Operator: Thank you. [Operator Instructions] Thank you. Your first question comes from the line of Jeff Sprague of Vertical Research. Your line is open.

Jeffrey Todd Sprague

Analyst, Vertical Research Partners LLC

Thank you. Good morning, everyone.

Judith F. Marks

Chair, President & Chief Executive Officer, Otis Worldwide Corp.

Good morning, Jeff.

Jeffrey Todd Sprague

Analyst, Vertical Research Partners LLC

Well, Judy, five years already. Can't believe it. Time flies. Good work here.

Judith F. Marks

Chair, President & Chief Executive Officer, Otis Worldwide Corp.

Thanks.

Jeffrey Todd Sprague

Analyst, Vertical Research Partners LLC

Just back on the tariffs. I'm sorry, is that a gross or - it sounds like you're giving us a net number, net of your kind of counteractions. Can you give us a sense of what the gross headwind is that you're working against?

Cristina Méndez

Chief Financial Officer & Executive Vice President, Otis Worldwide Corp.

Yeah. So, Jeff, this is Cristina. I can give you some color on the tariff impacts we are considering in the guide. So on a broadly speaking, tariffs are not impacting our Service business because the impact is coming from material purchases. So when we look into US, US buys [ph] $550 million (00:25:09) of material purchases per annum. This is approximately 12% of the material purchases in the group. Out of that figure, $100 million comes from China purchases, another $100 million from Rest of the World, and the remaining is domestic purchases.

So as you know, China is impacted with two kinds of tariffs. We have reciprocal that is 125% on top of the original 20% that were imposed at the beginning of the year. And Section 232, that is 25% for steel and aluminum on top of the 20%. So we calculate the annualized impact of China tariffs to be around $90 million. And Rest of the World at the moment is 10%. Canada and Mexico are mostly under USMCA and this is around $10 million impact for us. So $100 million annualized.

In terms of mitigation, we are working on many levers. We are working on supply chain, alternative sourcing. And we are also introducing commercial languages in our contracts in order to protect for the new orders that we are taking. So it's more the time of executing the backlog. So out of $100 million excluding commercial, we expect to mitigate half and the other half will be mitigated through commercial.

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Otis Worldwide Corp. (OTIS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

Judith F. Marks

Chair, President & Chief Executive Officer, Otis Worldwide Corp.

Yeah. Jeff, let me just add, just a little more color on that just so you understand. We really experienced almost de minimis tariffs in the first quarter. And we know by project and by supplier when to expect things to enter the port. We're managing this job by job.

So second through fourth quarter won't be identical. So you can't just kind of divide the $60 million by three. And are watching this job by job in case there are changes to the tariffs to ensure we don't end up paying tariffs that are then eventually brought down. So it's a really disciplined approach because it's not a lot of supply that's coming in from China and we're monitoring it job by job.

Jeffrey Todd Sprague

Analyst, Vertical Research Partners LLC

And are you just assuming you can't or by contractually you can't reprice backlog? Or are there some counteractions that you are taking there that maybe you're not counting on yet in the guidance? So just what's your degrees of freedom on the adjusting the backlog?

Judith F. Marks

Chair, President & Chief Executive Officer, Otis Worldwide Corp.

Yeah. Listen, I think commercially we're having discussions, as you can imagine, with many of our major customers and our key accounts who understand the costs going up for us. And we've seen some flexibility in scheduling and some early gains, but it's too early to count on any of that. So we wanted to be able to provide what we think is the most realistic estimate with the tariffs we know today. Again, as Cristina said, they're covered in our outlook. And if any of them can be reduced, that'll drop through.

Jeffrey Todd Sprague

Analyst, Vertical Research Partners LLC

Right. Thank you. Good luck with that.

Judith F. Marks

Chair, President & Chief Executive Officer, Otis Worldwide Corp.

Thanks.

Operator: Your next question comes from line of Amit Mehrotra of UBS. Your line is open.

Amit Mehrotra

Analyst, UBS Securities LLC

Thanks, operator. Morning, everybody. Just a quick follow-up on tariffs. Some of the pricing actions or commercial actions you're taking, are those in the form of surcharges or actual repricing? Just so I understand maybe how sticky it could be depending on what happens with respect to tariffs? And then just related to that, are you seeing any impact at the local level in China in terms of retaliation against US companies, any negative impact or any targeting of US companies given the tension?

Judith F. Marks

Chair, President & Chief Executive Officer, Otis Worldwide Corp.

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Otis Worldwide Corp. (OTIS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

Yeah. Let me answer the second one first, Amit. Thanks for the questions. And the answer is we are not seeing any over targeting certainly of Otis at this point in time. And we watch that closely. We continue to watch that closely and develop - continue to develop relations at all levels of the government. And I was over there in March and actually was part of the meeting with President Xi and the China Development Forum as well as many party secretaries. So they understand how local we are and we are local for local.

In terms of the commercial actions, we have increased our prices. And we do that regularly as we watch economic factors where tariffs is just one of those. So we've increased our prices not just in New Equipment, but on our spare parts that are part of our maintenance and repair line of business as well as modernization. So there's not a specific - so that's all going forward. It's what Jeff asked about the backlog that we're working to mitigate right now.

Amit Mehrotra

Analyst, UBS Securities LLC

Right. Okay. Very helpful. And then just, a follow-up for me. So China orders, I guess, in the quarter kind of doing what you guys expected them to do. There wasn't expectation that they would stabilize on [ph] easier comp (00:30:11). Are you still expect that? And are you seeing any incremental weakness in? And one of the things we noticed also is maintenance and repair. Is there anything on the pricing side that we should be watching? Because I noticed organic growth was, I think like 3%, but maybe units were running a little bit above that. So maybe what the implication is for underlying pricing in maintenance and repair.

Judith F. Marks

Chair, President & Chief Executive Officer, Otis Worldwide Corp.

Yeah. Let me take the China question, and Cristina will take the pricing question. We believe the China market was down 15% in the first quarter, which is actually sequentially better than the 20% it was down in the fourth quarter last year. We expect it to continue to be down 15% in the second quarter. This is playing out really how we thought the year would play out. And then we believe in the second half really it'll be down 10%.

So this is what we're seeing on the ground for New Equipment. We are now saying that we believe the segment itself for 2025 will be approximately 375,000 units in China. But our team again is balancing value, price and New Equipment units for Service stickiness. So it's all part of our Service strategy to do that.

Now, I'll turn it over to Cristina on pricing.

Cristina Méndez

Chief Financial Officer & Executive Vice President, Otis Worldwide Corp.

Yeah. And on pricing, we continue our strategy of passing inflation to the - because we have the ability to do it in our contracts. But inflation this year is softer than last year. So our price effect is around 2 points positive versus 3 points to 4 points positive last year. What you see probably in the way you are calculating maintenance and repair are growing 3% versus portfolio growing 4%.

So there is one point of mix effect from price into maintenance. And repair was relatively muted in the quarter. Repair was growing low single-digit. It's a matter of timing of execution of the backlog. The backlog continues being very strong. The demand is there. The organization was very focused on transformation. We had organizational changes that has delayed execution a little bit, but we are planning to accelerate in Q2.

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Disclaimer

Otis Worldwide Corporation published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 14:01 UTC.