(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
(Address of principal executive offices) |
Title of class | Trading symbol(s) | Name of exchange on which registered | ||||||||||||
EXHIBIT INDEX | ||||||||
Exhibit No. | Exhibit Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). |
ADIENT PLC | ||||||||
Date: May 3, 2023 | By: | /s/ Heather M. Tiltmann | ||||||
Name: | Heather M. Tiltmann | |||||||
Title: | Executive Vice President, Chief Legal and Human Resources Officer, and Corporate Secretary |
Three Months Ended March 31, | ||||||||||||||
(in millions, except per share data) | 2023 | 2022 | ||||||||||||
Net sales | $ | 3,912 | $ | 3,506 | ||||||||||
Cost of sales | 3,662 | 3,328 | ||||||||||||
Gross profit | 250 | 178 | ||||||||||||
Selling, general and administrative expenses | 141 | 135 | ||||||||||||
Restructuring and impairment costs | 17 | 4 | ||||||||||||
Equity income (loss) | 4 | 7 | ||||||||||||
Earnings (loss) before interest and income taxes | 96 | 46 | ||||||||||||
Net financing charges | 59 | 83 | ||||||||||||
Other pension expense (income) | 2 | (1) | ||||||||||||
Income (loss) before income taxes | 35 | (36) | ||||||||||||
Income tax provision (benefit) | 25 | 24 | ||||||||||||
Net income (loss) | 10 | (60) | ||||||||||||
Income attributable to noncontrolling interests | 25 | 21 | ||||||||||||
Net income (loss) attributable to Adient | $ | (15) | $ | (81) | ||||||||||
Diluted earnings (loss) per share | $ | (0.16) | $ | (0.85) | ||||||||||
Shares outstanding at period end | 94.7 | 94.8 | ||||||||||||
Diluted weighted average shares | 95.3 | 94.8 |
March 31, | September 30, | |||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 826 | $ | 947 | ||||||||||
Accounts receivable - net | 2,031 | 1,852 | ||||||||||||
Inventories | 919 | 953 | ||||||||||||
Other current assets | 493 | 411 | ||||||||||||
Current assets | 4,269 | 4,163 | ||||||||||||
Property, plant and equipment - net | 1,416 | 1,377 | ||||||||||||
Goodwill | 2,135 | 2,057 | ||||||||||||
Other intangible assets - net | 455 | 467 | ||||||||||||
Investments in partially-owned affiliates | 311 | 286 | ||||||||||||
Assets held for sale | 5 | 11 | ||||||||||||
Other noncurrent assets | 888 | 797 | ||||||||||||
Total assets | $ | 9,479 | $ | 9,158 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||
Short-term debt | $ | 2 | $ | 14 | ||||||||||
Accounts payable and accrued expenses | 3,027 | 2,818 | ||||||||||||
Other current liabilities | 642 | 669 | ||||||||||||
Current liabilities | 3,671 | 3,501 | ||||||||||||
Long-term debt | 2,531 | 2,564 | ||||||||||||
Other noncurrent liabilities | 690 | 673 | ||||||||||||
Redeemable noncontrolling interests | 55 | 45 | ||||||||||||
Shareholders' equity attributable to Adient | 2,197 | 2,073 | ||||||||||||
Noncontrolling interests | 335 | 302 | ||||||||||||
Total liabilities and shareholders' equity | $ | 9,479 | $ | 9,158 |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Operating Activities | ||||||||||||||
Net income (loss) attributable to Adient | $ | (15) | $ | (81) | ||||||||||
Income attributable to noncontrolling interests | 25 | 21 | ||||||||||||
Net income (loss) | 10 | (60) | ||||||||||||
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities: | ||||||||||||||
Depreciation | 71 | 76 | ||||||||||||
Amortization of intangibles | 13 | 13 | ||||||||||||
Pension and postretirement benefit expense (benefit) | 4 | 1 | ||||||||||||
Pension and postretirement contributions, net | (6) | (5) | ||||||||||||
Equity in earnings of partially-owned affiliates, net of dividends received | (10) | (16) | ||||||||||||
Impairment of interests in nonconsolidated partially-owned affiliates | 7 | 8 | ||||||||||||
Premium paid on repurchase of debt | 7 | 34 | ||||||||||||
Deferred income taxes | (3) | (5) | ||||||||||||
Non-cash restructuring and impairment charges | — | 4 | ||||||||||||
Equity-based compensation | 10 | 4 | ||||||||||||
Other | 5 | 12 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Receivables | (265) | (157) | ||||||||||||
Inventories | 59 | (60) | ||||||||||||
Other assets | (24) | 55 | ||||||||||||
Restructuring reserves | (10) | (14) | ||||||||||||
Accounts payable and accrued liabilities | 259 | 142 | ||||||||||||
Accrued income taxes | (1) | (3) | ||||||||||||
Cash provided (used) by operating activities | 126 | 29 | ||||||||||||
Investing Activities | ||||||||||||||
Capital expenditures | (56) | (57) | ||||||||||||
Sale of property, plant and equipment | — | 1 | ||||||||||||
Business acquisitions | (5) | (6) | ||||||||||||
Proceeds from business divestitures | — | 9 | ||||||||||||
Cash provided (used) by investing activities | (61) | (53) | ||||||||||||
Financing Activities | ||||||||||||||
Increase (decrease) in short-term debt | (2) | (2) | ||||||||||||
Increase (decrease) in long-term debt | 1,000 | — | ||||||||||||
Repayment of long-term debt | (1,102) | (742) | ||||||||||||
Debt financing costs | (16) | (1) | ||||||||||||
Share repurchases | (28) | — | ||||||||||||
Cash paid to acquire a noncontrolling interest | — | (153) | ||||||||||||
Dividends paid to noncontrolling interests | (2) | (40) | ||||||||||||
Share based compensation and other | 1 | — | ||||||||||||
Cash provided (used) by financing activities | (149) | (938) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 9 | — | ||||||||||||
Increase (decrease) in cash and cash equivalents | $ | (75) | $ | (962) |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Net Sales | ||||||||||||||
Americas | $ | 1,761 | $ | 1,596 | ||||||||||
EMEA | 1,401 | 1,218 | ||||||||||||
Asia | 774 | 723 | ||||||||||||
Eliminations | (24) | (31) | ||||||||||||
Total net sales | $ | 3,912 | $ | 3,506 |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Adjusted EBITDA | ||||||||||||||
Americas | $ | 72 | $ | 46 | ||||||||||
EMEA | 53 | 30 | ||||||||||||
Asia | 113 | 105 | ||||||||||||
Corporate-related costs (1) | (23) | (22) | ||||||||||||
Restructuring and impairment costs (2) | (17) | (4) | ||||||||||||
Purchase accounting amortization (3) | (14) | (13) | ||||||||||||
Restructuring related charges (4) | — | (3) | ||||||||||||
Impairment of interests in nonconsolidated partially-owned affiliates (8) | (7) | (9) | ||||||||||||
Stock based compensation | (10) | (4) | ||||||||||||
Depreciation | (71) | (76) | ||||||||||||
Other items (5) | — | (4) | ||||||||||||
Earnings (loss) before interest and income taxes | 96 | $ | 46 | |||||||||||
Net financing charges | (59) | (83) | ||||||||||||
Other pension income (expense) | (2) | 1 | ||||||||||||
Income (loss) before income taxes | $ | 35 | $ | (36) |
Three Months Ended March 31, | ||||||||||||||
(in millions, except per share data) | 2023 | 2022 | ||||||||||||
Income available to shareholders | ||||||||||||||
Net income (loss) attributable to Adient | $ | (15) | $ | (81) | ||||||||||
Weighted average shares outstanding | ||||||||||||||
Basic weighted average shares outstanding | 95.3 | 94.8 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock options, unvested restricted stock and unvested performance share awards | — | — | ||||||||||||
Diluted weighted average shares outstanding | 95.3 | 94.8 |
• | Adjusted EBIT is defined as income before income taxes and noncontrolling interests excluding net financing charges, restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, other significant non-recurring items, and net mark-to-market adjustments on pension and postretirement plans. Adjusted EBIT margin is adjusted EBIT as a percentage of net sales. | ||||
• | Adjusted EBITDA is defined as adjusted EBIT excluding depreciation and stock based compensation. Certain corporate-related costs are not allocated to the business segments in determining Adjusted EBITDA. Adjusted EBITDA margin is adjusted EBITDA as a percentage of net sales. Adjusted EBITDA excluding adjusted equity income, each as defined herein, is also presented. | ||||
• | Adjusted net income attributable to Adient is defined as net income attributable to Adient excluding restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, expenses associated with becoming an independent company, other significant non-recurring items, net mark-to-market adjustments on pension and postretirement plans, the tax impact of these items and other discrete tax charges/benefits. | ||||
• | Adjusted effective tax rate is defined as adjusted income tax provision as a percentage of adjusted income before income taxes. | ||||
• | Adjusted earnings per share is defined as Adjusted net income attributable to Adient divided by diluted weighted average shares. | ||||
• | Adjusted equity income is defined as equity income excluding amortization of Adient's intangible assets related to its non-consolidated joint ventures and other unusual or one-time items impacting equity income. | ||||
• | Adjusted interest expense is defined as net financing charges excluding unusual or one-time items impacting interest expense. | ||||
• | Free cash flow is defined as cash provided by operating activities less capital expenditures. | ||||
• | Net debt is calculated as gross debt (short-term and long-term) less cash and cash equivalents. |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | GAAP Results | Adj. | Adjusted Results | GAAP Results | Adj. | Adjusted Results | ||||||||||||||||||||||||||||||||
Net sales | $ | 3,912 | $ | — | $ | 3,912 | $ | 3,506 | $ | — | $ | 3,506 | ||||||||||||||||||||||||||
Cost of sales (6) | 3,662 | — | 3,662 | 3,328 | — | 3,328 | ||||||||||||||||||||||||||||||||
Gross profit | 250 | — | 250 | 178 | — | 178 | ||||||||||||||||||||||||||||||||
Selling, general and administrative expenses (7) | 141 | (13) | 128 | 135 | (19) | 116 | ||||||||||||||||||||||||||||||||
Restructuring and impairment costs (2) | 17 | (17) | — | 4 | (4) | — | ||||||||||||||||||||||||||||||||
Equity income (loss) (8) | 4 | 8 | 12 | 7 | 10 | 17 | ||||||||||||||||||||||||||||||||
Earnings (loss) before interest and income taxes (EBIT) | 96 | 38 | 134 | 46 | 33 | 79 | ||||||||||||||||||||||||||||||||
Memo accounts: | ||||||||||||||||||||||||||||||||||||||
Depreciation | 71 | 76 | ||||||||||||||||||||||||||||||||||||
Equity based compensation | 10 | 4 | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 215 | $ | 159 | ||||||||||||||||||||||||||||||||||
Net financing charges (9) | 59 | (11) | 48 | 83 | (42) | 41 | ||||||||||||||||||||||||||||||||
Other pension expense (income) | 2 | — | 2 | (1) | — | (1) | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 35 | 49 | 84 | (36) | 75 | 39 | ||||||||||||||||||||||||||||||||
Income tax provision (benefit) (10) | 25 | 2 | 27 | 24 | 4 | 28 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to Adient | (15) | 46 | 31 | (81) | 69 | (12) | ||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share | (0.16) | 0.48 | 0.32 | (0.85) | 0.72 | (0.13) | ||||||||||||||||||||||||||||||||
Diluted weighted average shares | 95.3 | 0.8 | 96.1 | 94.8 | — | 94.8 |
Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||
Americas | EMEA | Asia | Corporate/Eliminations | Consolidated | ||||||||||||||||||||||||||||
Net sales | $ | 1,761 | $ | 1,401 | $ | 774 | $ | (24) | $ | 3,912 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 72 | $ | 53 | $ | 113 | $ | (23) | $ | 215 | ||||||||||||||||||||||
Adjusted EBITDA margin | 4.1 | % | 3.8 | % | 14.6 | % | N/A | 5.5 | % | |||||||||||||||||||||||
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||
Americas | EMEA | Asia | Corporate/Eliminations | Consolidated | ||||||||||||||||||||||||||||
Net sales | $ | 1,596 | $ | 1,218 | $ | 723 | $ | (31) | $ | 3,506 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 46 | $ | 30 | $ | 105 | $ | (22) | $ | 159 | ||||||||||||||||||||||
Adjusted EBITDA margin | 2.9 | % | 2.5 | % | 14.5 | % | N/A | 4.5 | % | |||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Adjusted EBITDA | $ | 215 | $ | 159 | ||||||||||
Less: Adjusted Equity Income | 12 | 17 | ||||||||||||
Adjusted EBITDA Excluding Adjusted Equity Income | $ | 203 | $ | 142 | ||||||||||
% of Sales | 5.2 | % | 4.1 | % | ||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
(in millions, except effective tax rate) | Income (loss) before income taxes | Tax impact | Effective tax rate | Income (loss) before income taxes | Tax impact | Effective tax rate | ||||||||||||||||||||||||||||||||
As reported | $ | 35 | $ | 25 | 71.4% | $ | (36) | $ | 24 | NM | ||||||||||||||||||||||||||||
Adjustments (10) | 49 | 2 | 4.1% | 75 | 4 | 5.3% | ||||||||||||||||||||||||||||||||
As adjusted | $ | 84 | $ | 27 | 32.1% | $ | 39 | $ | 28 | 71.8% | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Net income (loss) attributable to Adient | (15) | (81) | ||||||||||||
Restructuring and impairment costs | 17 | 4 | ||||||||||||
Purchase accounting amortization (3) | 14 | 13 | ||||||||||||
Restructuring related charges | — | 3 | ||||||||||||
Impairment of interests in nonconsolidated partially-owned affiliates (8) | 7 | 9 | ||||||||||||
Write off of deferred financing costs upon repurchase of debt (9) | 4 | 7 | ||||||||||||
Foreign exchange loss on intercompany loan in Russia (9) | — | 1 | ||||||||||||
Premium paid on repurchase of debt (9) | 7 | 34 | ||||||||||||
Other items (5) | — | 4 | ||||||||||||
Impact of adjustments on noncontrolling interests (11) | (1) | (2) | ||||||||||||
Tax impact of above adjustments and other tax items (10) | (2) | (4) | ||||||||||||
Adjusted net income (loss) attributable to Adient | $ | 31 | $ | (12) |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Diluted earnings (loss) per share as reported | $ | (0.16) | $ | (0.85) | ||||||||||
Restructuring and impairment costs | 0.18 | 0.04 | ||||||||||||
Purchase accounting amortization (3) | 0.15 | 0.14 | ||||||||||||
Restructuring related charges | — | 0.03 | ||||||||||||
Impairment of interests in nonconsolidated partially-owned affiliates (8) | 0.07 | 0.09 | ||||||||||||
Write off of deferred financing costs upon repurchase of debt (9) | 0.04 | 0.07 | ||||||||||||
Foreign exchange loss on intercompany loan in Russia (9) | — | 0.01 | ||||||||||||
Premium paid on repurchase of debt (9) | 0.07 | 0.36 | ||||||||||||
Other items (5) | — | 0.04 | ||||||||||||
Impact of adjustments on noncontrolling interests (11) | (0.01) | (0.02) | ||||||||||||
Tax impact of above adjustments and other tax items (10) | (0.02) | (0.04) | ||||||||||||
Adjusted diluted earnings (loss) per share | $ | 0.32 | $ | (0.13) | ||||||||||
March 31, | September 30, | |||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Cash and cash equivalents | $ | 826 | $ | 947 | ||||||||||
Total short-term and long-term debt | 2,533 | 2,578 | ||||||||||||
Net debt | $ | 1,707 | $ | 1,631 | ||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Cash provided (used) by operating activities | $ | 126 | $ | 29 | $ | 170 | $ | 15 | ||||||||||||||||||
Capital expenditures | (56) | (57) | (117) | (117) | ||||||||||||||||||||||
Free cash flow | $ | 70 | $ | (28) | $ | 53 | $ | (102) |
FY2023 | FY2022 | |||||||||||||||||||||||||
(in millions) | Q2 | YTD | Q2 | YTD | ||||||||||||||||||||||
Adjusted EBITDA excluding adjusted equity income | $ | 203 | $ | 388 | $ | 142 | $ | 254 | ||||||||||||||||||
Dividend | 1 | 13 | — | 1 | ||||||||||||||||||||||
Restructuring (cash) | (10) | (40) | (13) | (37) | ||||||||||||||||||||||
Net customer tooling | (23) | (37) | (23) | (21) | ||||||||||||||||||||||
Trade working capital (Net AR/AP + Inventory) | (14) | 32 | (24) | 51 | ||||||||||||||||||||||
Accrued compensation | 38 | 10 | 14 | (47) | ||||||||||||||||||||||
Interest paid | (64) | (88) | (70) | (111) | ||||||||||||||||||||||
Tax refund/taxes paid | (29) | (49) | (30) | (38) | ||||||||||||||||||||||
Non-income related taxes (VAT) | 27 | 8 | 17 | 53 | ||||||||||||||||||||||
Commercial settlements | 45 | 28 | 10 | (44) | ||||||||||||||||||||||
Capitalized engineering | (9) | (34) | 7 | 2 | ||||||||||||||||||||||
Prepaids | (1) | (25) | — | (23) | ||||||||||||||||||||||
Other | (38) | (36) | (1) | (25) | ||||||||||||||||||||||
Operating cash flow | 126 | 170 | 29 | 15 | ||||||||||||||||||||||
Capital expenditures | (56) | (117) | (57) | (117) | ||||||||||||||||||||||
Free cash flow | $ | 70 | $ | 53 | $ | (28) | $ | (102) |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Restructuring charges | $ | (17) | $ | (2) | ||||||||||
Impairment charge associated with Russian operations | — | (2) | ||||||||||||
$ | (17) | $ | (4) |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Transaction costs | $ | (1) | $ | (3) | ||||||||||
Brazil indirect tax recoveries | 1 | 1 | ||||||||||||
Loss on finalization of asset sale in Turkey | — | (2) | ||||||||||||
Insurance recoveries for Malaysia flooding | — | 1 | ||||||||||||
Allowance for doubtful accounts receivable associated with Russia | — | (1) | ||||||||||||
$ | — | $ | (4) |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Restructuring related charges | $ | (1) | $ | (2) | ||||||||||
Brazil indirect tax recoveries | 1 | 1 | ||||||||||||
Insurance recoveries for Malaysia flooding | — | 1 | ||||||||||||
$ | — | $ | — |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Purchase accounting amortization | $ | (13) | $ | (13) | ||||||||||
Transaction costs | (1) | (3) | ||||||||||||
Restructuring related charges | 1 | — | ||||||||||||
Write off of accounts receivable associated with Russia | — | (1) | ||||||||||||
Loss on finalization of asset sale in Turkey | — | (2) | ||||||||||||
$ | (13) | $ | (19) |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Impairment of interests in nonconsolidated partially owned affiliates | $ | 7 | $ | 9 | ||||||||||
Restructuring related charges | — | 1 | ||||||||||||
Purchase accounting amortization | 1 | — | ||||||||||||
$ | 8 | $ | 10 |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Premium paid on repurchase of debt | (7) | (34) | ||||||||||||
Write off of deferred financing costs upon repurchase of debt | (4) | (7) | ||||||||||||
Foreign exchange loss on intercompany loan in Russia | — | (1) | ||||||||||||
$ | (11) | $ | (42) |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Amortization | $ | (2) | $ | (2) | ||||||||||
Tax audit settlements | (1) | — | ||||||||||||
Tax rate change | — | (4) | ||||||||||||
Other reconciling items | 1 | 2 | ||||||||||||
$ | (2) | $ | (4) |
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