Otis Worldwide (OTIS) - 2024 Q2 - Earnings Call Transcript

Nigel Coe Yeah. Thanks. I think you got it pretty much, but let me give a little bit more color, right? In the first half, we built about $300 million of working capital and primarily due to two reasons. The first reason what you mentioned, New Equipment orders, we typically receive down payments and that auto environment has obviously been challenging for the first half. The second, which I think is the largest driver is that the Service business grew faster than the New Equipment business, and we tend to ...