付録99.1
アプティブは2024年第3四半期の財務結果を報告しました
強力な運営実績を反映した調整後1株当たり利益を記録
ダブリン アプティブplc（nyse: APTV）は、世界をより安全で環境にやさしく、よりつながりのあるものにすることを焦点としたグローバルなテクノロジー企業であり、2024年第3四半期の米国のゼネラルアカウンティング基準に基づく希薄化後1株当たり1.48ドルの四半期純利益を報告しました。特別項目を除くと、第3四半期の純利益は希薄化後1株当たり1.83ドルでした。
第三四半期の財務ハイライトには次の内容が含まれます:
•米国GAAPの売上高は49億ドルで、5%の減少です
◦売上高は、AWMと比較して、為替取引およびベンチマークの動きを調整した場合、6%減少しました。1 の(5)%
•当期純利益は36300万ドルで、当期純利益率は7.5％です；希薄化後1株当たり利益は1.48ドルです
◦特別アイテムを除くと、1株当たり希薄化後利益は1.83ドルです
•米国GAAPの営業利益は50300万ドルで、米国GAAPの営業利益率は10.4%です。
◦調整後営業利益は59,300万ドル、調整後営業利益率は12.2%；調整後EBITDAは77,800万ドル、調整後EBITDA率は16.0%
•運用活動から現金約$49900万を生み出しました
•$23.2億をシェアの買戻しを通じて株主に還元し、そのうち$22.5億は$30億の加速シェア買戻しプログラムの下で行いました
年初から現在までの財務ハイライトには以下が含まれます。:
•米国GAAPの売上高は148億ドルで、2%の減少です。
◦売上高は、AWMと比較して、為替取引とベンチマークの動きを調整後、2%減少しました1 (2)%
•当期純利益は151億ドルで、当期純利益率は10.3％です。希薄化後1株当たりの利益は5.76ドルです。
◦特別項目を除外すると、希薄化後の1株当たり利益は4.53ドルです。
•米国GAAPの営業利益は136300万ドルで、米国GAAPの営業利益率は9.2%です
◦調整後の営業利益は174,300万ドルで、調整後の営業利益率は11.8％です。調整後のEBITDAは228,600万ドルで、EBITDA利益率は15.4％です。
•営業活動から138600万ドルの現金を生成しました
•株主に対してシェアの自社再購入を通じて33.5億ドルを還元しました
| 1 | 会社が売上高を生み出す地理的地域に対して加重されたグローバルな車両生産を表します（「AWM」）。 | ||||
ケビン・クラーク会長兼最高経営責任者は、「アプティブは今四半期に過去最高の調整後1株当たり利益を達成し、強力な運営結果と最近の資本配分策からの恩恵が反映されています。当社の業界をリードするソリューション、グローバルな能力、運営の優れた卓越性への執念により、当社の抵抗力が示され続け、さらに過去最高の第3四半期の収益性を実現しています。当社の修正された財務見通しは、顧客スケジュールの追加削減と自動車生産量の幅広い低下の影響を反映しています。近年の逆風にもかかわらず、私たちは安全性、環境への配慮、そしてつながりを備えた長期的なメガトレンドに自信を持っており、この移行期において顧客をサポートすると同時に、株主に価値を最大化する位置にいます。
2024年第3四半期の結果
2024年9月30日までの3ヶ月間において、会社は米国会計基準による売上高を$49億と報告し、前年同期比で5%減少しました。為替取引とベンチマークの影響を調整すると、第三四半期の売上高は6%減少しました。これには北アメリカが7%、ヨーロッパが6%、アジアが4%（中国が6%の減少を含む）、最小の地域である南アメリカが12%減少しました。
会社は2024年第3四半期の米国GAAPの当期純利益が36300万ドル、希薄化後のシェアあたりの利益が1.48ドル、当期純利益率が7.5%であると報告しました。これは前年同期の162900万ドル、希薄化後のシェアあたりの利益5.76ドル、当期純利益率31.9%と比較されます。第3四半期の調整後当期純利益は、以下で定義される非GAAP財務指標であり、44900万ドル、すなわち希薄化後のシェアあたりの利益1.83ドルで、前年同期の36700万ドル、希薄化後のシェアあたりの利益1.30ドルと比較されます。
第3四半期の米国GAAP営業利益は50,300万ドルで、前年同期の44,600万ドルと比較されます。
会社は、第3四半期の調整後営業利益を非GAAP財務指標として報告し、59,300万ドルで、前年同期の56,000万ドルと比較されます。
調整後営業利益率は12.2%で、前年同期の11.0%と比較され、主にコスト削減施策の恩恵を含む改善された営業パフォーマンスを反映しています。
減価償却および償却費用は24,100万ドルで、前年同期の22,600万ドルから増加しました。
第3四半期の利子費用は、前年同期の7500万ドルから10100万ドルに増加しました。
2024年第3四半期の税費は$3200万で、実効税率は約8%です。2023年第3四半期の税利益は$131200万で、主に会社の企業体制の再編の一環として行われた取引の結果として認識された約$14億の逆逆税利益を主に反映しています。
会社は第3四半期において、前年同期の74600万ドルと比較して、営業活動からの純キャッシュフローが49900万ドルを生成しました。
2024年累計の結果
2024年9月30日までの9か月間で、会社は米国GAAP基準の売上高が148億ドルであり、前年同期比で2%の減少を報告しました。為替取引、ベンチマークの動き、買収を調整すると、売上高はこの期間中に2%減少しました。これは、ヨーロッパで3%、北米で2%、当社の最小地域である南アメリカで11%の減少を反映しており、部分的にアジアで1%の成長、これは中国での1%の成長を含んでいます。
2024年の累計期間において、当社は米国会計基準（U.S. GAAP）に基づく当期純利益が151900万ドル、希薄化後1株当たりの利益が5.76ドル、純利益率が10.3%と報告しました。これは、200400万ドル、希薄化後1株当たりの利益が7.17ドル、
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前年度の同期比13.2%増加しました。当期調整後の当期純利益は、$119500万、希薄化後1株当たり$4.53で、同期比$98100万、希薄化後1株当たり$3.46と比較しています。
企業は2024年9月30日までの9か月間の米国会計基準（US GAAP）に基づく営業利益が1億3630万ドルで、前年同期の1億2040万ドルと比較していました。調整後の営業利益は、2024年9月30日までの9か月間で1億7430万ドルで、前年同期の1億5270万ドルと比較しています。調整後の営業利益率は、2024年9月30日までの9か月間で11.8%で、前年同期の10.1%と比較しており、主に改善された運営業績、コスト削減イニシアティブの効果を反映しています。償却費および減価償却費は、前年同期の66600万ドルから71900万ドルに増加しました。
2024年9月30日までの9か月間の利子費用は2億3000万ドルで、前年同期の2億1400万ドルから増加しました。
2024年9月30日までの9か月間の税務費用は15900万ドルで、実効税率は約9%でした。前年同期の税務利益は124800万ドルで、主に会社の法人構造の再編の一環として行われた取引の結果として認識された約14億ドルの繰延税金利益を反映しています。
The Company generated net cash flow from operating activities of $1,386 million in the nine months ended September 30, 2024, compared to $1,272 million in the prior year period. As of September 30, 2024, the Company had cash and cash equivalents of $1.1 billion and total available liquidity of $3.9 billion.
Reconciliations of Adjusted Revenue Growth, Adjusted Net Income, Adjusted Net Income Per Share, Adjusted Operating Income, Adjusted EBITDA and Cash Flow Before Financing, which are non-GAAP measures, to the most directly comparable financial measures, respectively, calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”) are provided in the attached supplemental schedules.
Share Repurchase Program
During the third quarter of 2024, the Company repurchased 31.7 million shares for $2.32 billion, including 30.8 million shares repurchased under the terms of the Company’s Accelerated Share Repurchase Program, with a value of $2.25 billion. Year-to-date, the Company repurchased 44.4 million shares for $3.35 billion. As of September 30, 2024, $2.52 billion remained available for future share repurchases under the existing $5.0 billion authorization. All repurchased shares were retired.
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Full Year 2024 Outlook
The Company’s full year 2024 financial guidance is as follows:
| (in millions, except per share amounts) | Full Year 2024 | ||||
| Net sales | $19,600 - $19,900 | ||||
| U.S. GAAP net income | $1,740 - $1,840 | ||||
| U.S. GAAP net income margin | 8.9% - 9.2% | ||||
| U.S. GAAP operating income | $1,765 - $1,865 | ||||
| U.S. GAAP operating income margin | 9.0% - 9.4% | ||||
| Adjusted EBITDA | $3,025 - $3,125 | ||||
| Adjusted EBITDA margin | 15.4% - 15.7% | ||||
| Adjusted operating income | $2,300 - $2,400 | ||||
| Adjusted operating income margin | 11.7% - 12.1% | ||||
| U.S. GAAP diluted net income per share | $6.80 - $7.10 | ||||
| Adjusted net income per share (1) | $6.00 - $6.30 | ||||
| Cash flow from operations | $2,150 | ||||
| Capital expenditures | $875 | ||||
| U.S. GAAP effective tax rate | ~10.6% | ||||
| Adjusted effective tax rate | ~16.5% | ||||
(1) The Company’s full year 2024 financial guidance includes approximately $0.55 per diluted share for the anticipated equity losses to be recognized by Aptiv from the performance of the Motional autonomous driving joint venture.
Conference Call and Webcast
The Company will host a conference call to discuss these results at 8:00 a.m. (ET) today, which is accessible by dialing +1.800.239.9838 (U.S.) or +1.323.994.2093 (international) or through a webcast at ir.aptiv.com. The conference ID number is 1329199. A slide presentation will accompany the prepared remarks and has been posted on the investor relations section of the Company’s website. A replay will be available two hours following the conference call.
Use of Non-GAAP Financial Information
This press release contains information about Aptiv’s financial results which are not presented in accordance with GAAP. Specifically, Adjusted Revenue Growth, Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share and Cash Flow Before Financing are non-GAAP financial measures. Adjusted Revenue Growth represents the year-over-year change in reported net sales relative to the comparable period, excluding the impact on net sales from currency exchange, commodity movements, acquisitions, divestitures and other transactions. Adjusted Operating Income represents net income before interest expense, other income (expense), net, income tax (expense) benefit, equity income (loss), net of tax, amortization, restructuring, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), asset impairments and other related charges, compensation expense related to acquisitions and gains (losses) on business divestitures and other transactions. Adjusted Operating Income margin is defined as Adjusted Operating Income as a percentage of net sales. Adjusted EBITDA represents net income
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before depreciation and amortization (including asset impairments), interest expense, income tax (expense) benefit, other income (expense), net, equity income (loss), net of tax, restructuring and other special items.
Adjusted Net Income represents net income attributable to Aptiv before amortization, restructuring and other special items, including the tax impact thereon. Adjusted Net Income Per Share represents Adjusted Net Income divided by the Weighted Average Number of Diluted Shares Outstanding for the period. Cash Flow Before Financing represents cash provided by (used in) operating activities plus cash provided by (used in) investing activities, adjusted for the purchase price of business acquisitions and other transactions, the cost of significant technology investments and net proceeds from the divestiture of discontinued operations and other significant businesses.
Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position, results of operations and liquidity. In particular, management believes Adjusted Revenue Growth, Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share and Cash Flow Before Financing are useful measures in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding GAAP measure, provide improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and that may obscure underlying business results and trends. Management also uses these non-GAAP financial measures for internal planning and forecasting purposes.
Such non-GAAP financial measures are reconciled to the most directly comparable GAAP financial measures in the attached supplemental schedules at the end of this press release. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures of other companies.
About Aptiv
Aptiv is a global technology company focused on making the world safer, greener and more connected. Visit aptiv.com.
Forward-Looking Statements
This press release, as well as other statements made by Aptiv PLC (the “Company”), contain forward-looking statements that reflect, when made, the Company’s current views with respect to current events, certain investments and acquisitions and financial performance. Such forward-looking statements are subject to many risks, uncertainties and factors relating to the Company’s operations and business environment, which may cause the actual results of the Company to be materially different from any future results. All statements that address future operating, financial or business performance or the Company’s strategies or expectations are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: global and regional economic conditions, including conditions affecting the credit market; global inflationary pressures; uncertainties created by the conflict between Ukraine and Russia, and its impacts to the European and global economies and our operations in each country; uncertainties created by the conflicts in the Middle East and their impacts on global economies; fluctuations in interest rates and foreign currency exchange rates; the cyclical nature of global automotive sales and production; the potential disruptions in the supply of and changes in the competitive environment for raw material and other components integral to the
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Company’s products, including the ongoing semiconductor supply shortage; the Company’s ability to maintain contracts that are critical to its operations; potential changes to beneficial free trade laws and regulations, such as the United States-Mexico-Canada Agreement; changes to tax laws; future significant public health crises; the ability of the Company to integrate and realize the expected benefits of recent transactions; the ability of the Company to attract, motivate and/or retain key executives; the ability of the Company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees or those of its principal customers; and the ability of the Company to attract and retain customers. Additional factors are discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s filings with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. It should be remembered that the price of the ordinary shares and any income from them can go down as well as up. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except as may be required by law.
# # #
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APTIV PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||
| Net sales | $ | 4,854 | $ | 5,114 | $ | 14,806 | $ | 15,132 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Cost of sales | 3,951 | 4,221 | 12,057 | 12,615 | |||||||||||||||||||
| Selling, general and administrative | 331 | 360 | 1,102 | 1,055 | |||||||||||||||||||
| Amortization | 53 | 59 | 159 | 177 | |||||||||||||||||||
| Restructuring | 16 | 28 | 125 | 81 | |||||||||||||||||||
| Total operating expenses | 4,351 | 4,668 | 13,443 | 13,928 | |||||||||||||||||||
| Operating income | 503 | 446 | 1,363 | 1,204 | |||||||||||||||||||
| Interest expense | (101) | (75) | (230) | (214) | |||||||||||||||||||
| Other income, net | 5 | 26 | 30 | 36 | |||||||||||||||||||
| Gain on Motional transactions | — | — | 641 | — | |||||||||||||||||||
| Income before income taxes and equity loss | 407 | 397 | 1,804 | 1,026 | |||||||||||||||||||
| Income tax (expense) benefit | (32) | 1,312 | (159) | 1,248 | |||||||||||||||||||
| Income before equity loss | 375 | 1,709 | 1,645 | 2,274 | |||||||||||||||||||
| Equity loss, net of tax | (7) | (72) | (110) | (227) | |||||||||||||||||||
| Net income | 368 | 1,637 | 1,535 | 2,047 | |||||||||||||||||||
| Net income attributable to noncontrolling interest | 7 | 8 | 18 | 15 | |||||||||||||||||||
| Net loss attributable to redeemable noncontrolling interest | (2) | — | (2) | (1) | |||||||||||||||||||
| Net income attributable to Aptiv | 363 | 1,629 | 1,519 | 2,033 | |||||||||||||||||||
| Mandatory convertible preferred share dividends | — | — | — | (29) | |||||||||||||||||||
| Net income attributable to ordinary shareholders | $ | 363 | $ | 1,629 | $ | 1,519 | $ | 2,004 | |||||||||||||||
| Diluted net income per share: | |||||||||||||||||||||||
| Diluted net income per share attributable to ordinary shareholders | $ | 1.48 | $ | 5.76 | $ | 5.76 | $ | 7.17 | |||||||||||||||
| Weighted average number of diluted shares outstanding | 245.78 | 283.01 | 263.77 | 283.44 | |||||||||||||||||||
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APTIV PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, 2024 | December 31, 2023 | ||||||||||
| (Unaudited) | |||||||||||
| (in millions) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 1,054 | $ | 1,640 | |||||||
| Short-term investments | 791 | — | |||||||||
| Accounts receivable, net | 3,653 | 3,546 | |||||||||
| Inventories | 2,550 | 2,365 | |||||||||
| Other current assets | 640 | 696 | |||||||||
| Total current assets | 8,688 | 8,247 | |||||||||
| Long-term assets: | |||||||||||
| Property, net | 3,797 | 3,785 | |||||||||
| Operating lease right-of-use assets | 499 | 540 | |||||||||
| Investments in affiliates | 1,503 | 1,443 | |||||||||
| Intangible assets, net | 2,235 | 2,399 | |||||||||
| Goodwill | 5,170 | 5,151 | |||||||||
| Other long-term assets | 2,874 | 2,862 | |||||||||
| Total long-term assets | 16,078 | 16,180 | |||||||||
| Total assets | $ | 24,766 | $ | 24,427 | |||||||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Short-term debt | $ | 1,257 | $ | 9 | |||||||
| Accounts payable | 2,989 | 3,151 | |||||||||
| Accrued liabilities | 1,558 | 1,648 | |||||||||
| Total current liabilities | 5,804 | 4,808 | |||||||||
| Long-term liabilities: | |||||||||||
| Long-term debt | 8,283 | 6,204 | |||||||||
| Pension benefit obligations | 413 | 417 | |||||||||
| Long-term operating lease liabilities | 421 | 453 | |||||||||
| Other long-term liabilities | 647 | 701 | |||||||||
| Total long-term liabilities | 9,764 | 7,775 | |||||||||
| Total liabilities | 15,568 | 12,583 | |||||||||
| Commitments and contingencies | |||||||||||
| Redeemable noncontrolling interest | 99 | 99 | |||||||||
| Total Aptiv shareholders’ equity | 8,882 | 11,548 | |||||||||
| Noncontrolling interest | 217 | 197 | |||||||||
| Total shareholders’ equity | 9,099 | 11,745 | |||||||||
| Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 24,766 | $ | 24,427 | |||||||
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APTIV PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| (in millions) | |||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 1,535 | $ | 2,047 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 719 | 666 | |||||||||
| Restructuring expense, net of cash paid | (65) | 4 | |||||||||
| Deferred income taxes | (1) | (1,408) | |||||||||
| Loss from equity method investments, net of dividends received | 120 | 232 | |||||||||
| Loss on extinguishment of debt | 12 | — | |||||||||
| Gain on Motional transactions | (641) | — | |||||||||
| Other, net | 136 | 125 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | (107) | (213) | |||||||||
| Inventories | (185) | (87) | |||||||||
| Accounts payable | (39) | (1) | |||||||||
| Other, net | (77) | (73) | |||||||||
| Pension contributions | (21) | (20) | |||||||||
| Net cash provided by operating activities | 1,386 | 1,272 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (664) | (703) | |||||||||
| Proceeds from sale of property | 3 | 3 | |||||||||
| Proceeds from business divestitures, net of cash sold | — | (17) | |||||||||
| Cost of business acquisitions and other transactions, net of cash acquired | — | (83) | |||||||||
| Cost of technology investments | (121) | (1) | |||||||||
| Proceeds from the sale of equity method investment | 448 | — | |||||||||
| Purchase of short-term investments | (748) | — | |||||||||
| Settlement of derivatives | (2) | 6 | |||||||||
| Net cash used in investing activities | (1,084) | (795) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Increase (decrease) in other short and long-term debt, net | 1,036 | (30) | |||||||||
| Repayment of senior notes | (700) | — | |||||||||
| Proceeds from issuance of senior and junior notes, net of issuance costs | 2,920 | — | |||||||||
| Proceeds from bridge loan, net of issuance costs | 2,483 | — | |||||||||
| Repayment of bridge loan | (2,500) | — | |||||||||
| Contingent consideration payments | — | (10) | |||||||||
| Repurchase of ordinary shares | (4,104) | (98) | |||||||||
| Distribution of mandatory convertible preferred share cash dividends | — | (32) | |||||||||
| Taxes withheld and paid on employees’ restricted share awards | (23) | (31) | |||||||||
| Net cash used in financing activities | (888) | (201) | |||||||||
| Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | — | (23) | |||||||||
| (Decrease) increase in cash, cash equivalents and restricted cash | (586) | 253 | |||||||||
| Cash, cash equivalents and restricted cash at beginning of the period | 1,640 | 1,555 | |||||||||
| Cash, cash equivalents and restricted cash at end of the period | $ | 1,054 | $ | 1,808 | |||||||
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APTIV PLC
FOOTNOTES
(Unaudited)
1. Segment Summary
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % | 2024 | 2023 | % | ||||||||||||||||||||||||||||||
| (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||
| Net Sales | |||||||||||||||||||||||||||||||||||
| Signal and Power Solutions | $ | 3,443 | $ | 3,687 | (7)% | $ | 10,442 | $ | 10,830 | (4)% | |||||||||||||||||||||||||
| Advanced Safety and User Experience | 1,427 | 1,441 | (1)% | 4,410 | 4,339 | 2% | |||||||||||||||||||||||||||||
| Eliminations and Other (a) | (16) | (14) | (46) | (37) | |||||||||||||||||||||||||||||||
| Net Sales | $ | 4,854 | $ | 5,114 | $ | 14,806 | $ | 15,132 | |||||||||||||||||||||||||||
| Adjusted Operating Income | |||||||||||||||||||||||||||||||||||
| Signal and Power Solutions | $ | 397 | $ | 451 | (12)% | $ | 1,222 | $ | 1,217 | —% | |||||||||||||||||||||||||
| Advanced Safety and User Experience | 196 | 109 | 80% | 521 | 310 | 68% | |||||||||||||||||||||||||||||
| Adjusted Operating Income | $ | 593 | $ | 560 | $ | 1,743 | $ | 1,527 | |||||||||||||||||||||||||||
| (a) | Eliminations and Other includes the elimination of inter-segment transactions. | ||||
2. Weighted Average Number of Diluted Shares Outstanding
The following table illustrates the weighted average shares outstanding used in calculating basic and diluted net income per share attributable to ordinary shareholders for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||
| Weighted average ordinary shares outstanding, basic | 245.48 | 282.84 | 263.55 | 275.56 | |||||||||||||||||||
| Dilutive shares related to RSUs | 0.30 | 0.17 | 0.22 | 0.13 | |||||||||||||||||||
| Weighted average MCPS Converted Shares | — | — | — | 7.75 | |||||||||||||||||||
| Weighted average ordinary shares outstanding, including dilutive shares | 245.78 | 283.01 | 263.77 | 283.44 | |||||||||||||||||||
| Net income per share attributable to ordinary shareholders: | |||||||||||||||||||||||
| Basic | $ | 1.48 | $ | 5.76 | $ | 5.76 | $ | 7.27 | |||||||||||||||
| Diluted | $ | 1.48 | $ | 5.76 | $ | 5.76 | $ | 7.17 | |||||||||||||||
10
APTIV PLC
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)
In this press release the Company has provided information regarding certain non-GAAP financial measures, including “Adjusted Revenue Growth,” “Adjusted Operating Income,” “Adjusted EBITDA,” “Adjusted Net Income,” “Adjusted Net Income Per Share” and “Cash Flow Before Financing.” Such non-GAAP financial measures are reconciled to their closest GAAP financial measure in the following schedules.
Adjusted Revenue Growth: Adjusted Revenue Growth is presented as a supplemental measure of the Company’s financial performance which management believes is useful to investors in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding U.S. GAAP measure, provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and which may obscure underlying business results and trends. Our management utilizes Adjusted Revenue Growth in its financial decision making process, to evaluate performance of the Company and for internal reporting, planning and forecasting purposes. Adjusted Revenue Growth is defined as the year-over-year change in reported net sales relative to the comparable period, excluding the impact on net sales from currency exchange, commodity movements, acquisitions, divestitures and other transactions. Not all companies use identical calculations of Adjusted Revenue Growth, therefore this presentation may not be comparable to other similarly titled measures of other companies.
| Three Months Ended September 30, 2024 | |||||
| Reported net sales % change | (5) | % | |||
| Less: foreign currency exchange and commodities | (1) | % | |||
| Adjusted revenue growth | (6) | % | |||
| Nine Months Ended September 30, 2024 | |||||
| Reported net sales % change | (2) | % | |||
| Less: foreign currency exchange and commodities | — | % | |||
| Adjusted revenue growth | (2) | % | |||
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Adjusted Operating Income: Adjusted Operating Income is presented as a supplemental measure of the Company’s financial performance which management believes is useful to investors in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding U.S. GAAP measure, provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and which may obscure underlying business results and trends. Our management utilizes Adjusted Operating Income in its financial decision making process, to evaluate performance of the Company and for internal reporting, planning and forecasting purposes. Management also utilizes Adjusted Operating Income as the key performance measure of segment income or loss and for planning and forecasting purposes to allocate resources to our segments, as management also believes this measure is most reflective of the operational profitability or loss of our operating segments. Adjusted Operating Income is defined as net income before interest expense, other income (expense), net, income tax (expense) benefit, equity income (loss), net of tax, amortization, restructuring and other special items. Not all companies use identical calculations of Adjusted Operating Income, therefore this presentation may not be comparable to other similarly titled measures of other companies. Operating income margin represents Operating income as a percentage of net sales, and Adjusted Operating Income margin represents Adjusted Operating Income as a percentage of net sales.
| Consolidated Adjusted Operating Income | |||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
| $ | Margin | $ | Margin | $ | Margin | $ | Margin | ||||||||||||||||||||||||||||||||||||||||
| Net income attributable to ordinary shareholders | $ | 363 | 7.5 | % | $ | 1,629 | 31.9 | % | $ | 1,519 | 10.3 | % | $ | 2,004 | 13.2 | % | |||||||||||||||||||||||||||||||
| Mandatory convertible preferred share dividends | — | — | — | 29 | |||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to Aptiv | $ | 363 | 7.5 | % | $ | 1,629 | 31.9 | % | $ | 1,519 | 10.3 | % | $ | 2,033 | 13.4 | % | |||||||||||||||||||||||||||||||
| Interest expense | 101 | 75 | 230 | 214 | |||||||||||||||||||||||||||||||||||||||||||
| Other income, net | (5) | (26) | (30) | (36) | |||||||||||||||||||||||||||||||||||||||||||
| Gain on Motional transactions | — | — | (641) | — | |||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 32 | (1,312) | 159 | (1,248) | |||||||||||||||||||||||||||||||||||||||||||
| Equity loss, net of tax | 7 | 72 | 110 | 227 | |||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interest | 7 | 8 | 18 | 15 | |||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to redeemable noncontrolling interest | (2) | — | (2) | (1) | |||||||||||||||||||||||||||||||||||||||||||
| Operating income | $ | 503 | 10.4 | % | $ | 446 | 8.7 | % | $ | 1,363 | 9.2 | % | $ | 1,204 | 8.0 | % | |||||||||||||||||||||||||||||||
| Amortization | 53 | 59 | 159 | 177 | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring | 16 | 28 | 125 | 81 | |||||||||||||||||||||||||||||||||||||||||||
| Other acquisition and portfolio project costs | 13 | 20 | 66 | 45 | |||||||||||||||||||||||||||||||||||||||||||
| Asset impairments | 3 | — | 17 | — | |||||||||||||||||||||||||||||||||||||||||||
| Compensation expense related to acquisitions | 5 | 7 | 13 | 20 | |||||||||||||||||||||||||||||||||||||||||||
| Adjusted operating income | $ | 593 | 12.2 | % | $ | 560 | 11.0 | % | $ | 1,743 | 11.8 | % | $ | 1,527 | 10.1 | % | |||||||||||||||||||||||||||||||
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| Segment Adjusted Operating Income | |||||||||||||||||
| (in millions) | |||||||||||||||||
| Three Months Ended September 30, 2024 | Signal and Power Solutions | Advanced Safety and User Experience | Total | ||||||||||||||
| Operating income | $ | 341 | $ | 162 | $ | 503 | |||||||||||
| Amortization | 31 | 22 | 53 | ||||||||||||||
| Restructuring | 13 | 3 | 16 | ||||||||||||||
| Other acquisition and portfolio project costs | 9 | 4 | 13 | ||||||||||||||
| Asset impairments | 3 | — | 3 | ||||||||||||||
| Compensation expense related to acquisitions | — | 5 | 5 | ||||||||||||||
| Adjusted operating income | $ | 397 | $ | 196 | $ | 593 | |||||||||||
| Depreciation and amortization (a) | $ | 170 | $ | 71 | $ | 241 | |||||||||||
| Three Months Ended September 30, 2023 | Signal and Power Solutions | Advanced Safety and User Experience | Total | ||||||||||||||
| Operating income | $ | 395 | $ | 51 | $ | 446 | |||||||||||
| Amortization | 35 | 24 | 59 | ||||||||||||||
| Restructuring | 7 | 21 | 28 | ||||||||||||||
| Other acquisition and portfolio project costs | 14 | 6 | 20 | ||||||||||||||
| Compensation expense related to acquisitions | — | 7 | 7 | ||||||||||||||
| Adjusted operating income | $ | 451 | $ | 109 | $ | 560 | |||||||||||
| Depreciation and amortization (a) | $ | 160 | $ | 66 | $ | 226 | |||||||||||
| Nine Months Ended September 30, 2024 | Signal and Power Solutions | Advanced Safety and User Experience | Total | ||||||||||||||
| Operating income | $ | 992 | $ | 371 | $ | 1,363 | |||||||||||
| Amortization | 93 | 66 | 159 | ||||||||||||||
| Restructuring | 89 | 36 | 125 | ||||||||||||||
| Other acquisition and portfolio project costs | 45 | 21 | 66 | ||||||||||||||
| Asset impairments | 3 | 14 | 17 | ||||||||||||||
| Compensation expense related to acquisitions | — | 13 | 13 | ||||||||||||||
| Adjusted operating income | $ | 1,222 | $ | 521 | $ | 1,743 | |||||||||||
| Depreciation and amortization (a) | $ | 493 | $ | 226 | $ | 719 | |||||||||||
| Nine Months Ended September 30, 2023 | Signal and Power Solutions | Advanced Safety and User Experience | Total | ||||||||||||||
| Operating income | $ | 1,054 | $ | 150 | $ | 1,204 | |||||||||||
| Amortization | 107 | 70 | 177 | ||||||||||||||
| Restructuring | 22 | 59 | 81 | ||||||||||||||
| Other acquisition and portfolio project costs | 34 | 11 | 45 | ||||||||||||||
| Compensation expense related to acquisitions | — | 20 | 20 | ||||||||||||||
| Adjusted operating income | $ | 1,217 | $ | 310 | $ | 1,527 | |||||||||||
| Depreciation and amortization (a) | $ | 464 | $ | 202 | $ | 666 | |||||||||||
| (a) | Includes asset impairments. | ||||
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Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company’s financial performance which management believes is useful to investors in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding U.S. GAAP measure, provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and which may obscure underlying business results and trends. Our management utilizes Adjusted EBITDA in its financial decision making process, to evaluate performance of the Company and for internal reporting, planning and forecasting purposes. Adjusted EBITDA is defined as net income before depreciation and amortization (including asset impairments), interest expense, income tax (expense) benefit, other income (expense), net, equity income (loss), net of tax, restructuring and other special items. Not all companies use identical calculations of Adjusted EBITDA, therefore this presentation may not be comparable to other similarly titled measures of other companies.
| Consolidated Adjusted EBITDA | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Net income attributable to ordinary shareholders | $ | 363 | $ | 1,629 | $ | 1,519 | $ | 2,004 | |||||||||||||||
| Mandatory convertible preferred share dividends | — | — | — | 29 | |||||||||||||||||||
| Net income attributable to Aptiv | 363 | 1,629 | 1,519 | 2,033 | |||||||||||||||||||
Interest expense | 101 | 75 | 230 | 214 | |||||||||||||||||||
| Income tax expense (benefit) | 32 | (1,312) | 159 | (1,248) | |||||||||||||||||||
| Net income attributable to noncontrolling interest | 7 | 8 | 18 | 15 | |||||||||||||||||||
| Net loss attributable to redeemable noncontrolling interest | (2) | — | (2) | (1) | |||||||||||||||||||
Depreciation and amortization | 241 | 226 | 719 | 666 | |||||||||||||||||||
| EBITDA | $ | 742 | $ | 626 | $ | 2,643 | $ | 1,679 | |||||||||||||||
| Other income, net | (5) | (26) | (30) | (36) | |||||||||||||||||||
| Gain on Motional transactions | — | — | (641) | — | |||||||||||||||||||
| Equity loss, net of tax | 7 | 72 | 110 | 227 | |||||||||||||||||||
Restructuring | 16 | 28 | 125 | 81 | |||||||||||||||||||
Other acquisition and portfolio project costs | 13 | 20 | 66 | 45 | |||||||||||||||||||
| Compensation expense related to acquisitions | 5 | 7 | 13 | 20 | |||||||||||||||||||
| Adjusted EBITDA | $ | 778 | $ | 727 | $ | 2,286 | $ | 2,016 | |||||||||||||||
14
Adjusted Net Income and Adjusted Net Income Per Share: Adjusted Net Income and Adjusted Net Income Per Share, which are non-GAAP measures, are presented as supplemental measures of the Company’s financial performance which management believes are useful to investors in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding U.S. GAAP measure, provide improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and which may obscure underlying business results and trends. Management utilizes Adjusted Net Income and Adjusted Net Income Per Share in its financial decision making process, to evaluate performance of the Company and for internal reporting, planning and forecasting purposes. Adjusted Net Income is defined as net income attributable to Aptiv before amortization, restructuring and other special items, including the tax impact thereon. Adjusted Net Income Per Share is defined as Adjusted Net Income divided by the Weighted Average Number of Diluted Shares Outstanding for the period. Not all companies use identical calculations of Adjusted Net Income and Adjusted Net Income Per Share, therefore this presentation may not be comparable to other similarly titled measures of other companies.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||
| Net income attributable to ordinary shareholders | $ | 363 | $ | 1,629 | $ | 1,519 | $ | 2,004 | |||||||||||||||
| Mandatory convertible preferred share dividends (a) | — | — | — | 29 | |||||||||||||||||||
| Net income attributable to Aptiv | 363 | 1,629 | 1,519 | 2,033 | |||||||||||||||||||
| Adjusting items: | |||||||||||||||||||||||
| Amortization | 53 | 59 | 159 | 177 | |||||||||||||||||||
Restructuring | 16 | 28 | 125 | 81 | |||||||||||||||||||
Other acquisition and portfolio project costs | 13 | 20 | 66 | 45 | |||||||||||||||||||
| Asset impairments | 3 | — | 17 | — | |||||||||||||||||||
| Compensation expense related to acquisitions | 5 | 7 | 13 | 20 | |||||||||||||||||||
Debt extinguishment costs | 12 | — | 12 | — | |||||||||||||||||||
| Costs associated with acquisitions and other transactions | — | — | — | 4 | |||||||||||||||||||
| Impairment of equity investments without readily determinable fair value | — | — | — | 18 | |||||||||||||||||||
| Loss on change in fair value of publicly traded equity securities | 5 | — | 3 | 6 | |||||||||||||||||||
| Gain on Motional transactions | — | — | (641) | — | |||||||||||||||||||
| Tax impact of intercompany transfers of intellectual property and other related transactions (b) | — | (1,359) | — | (1,359) | |||||||||||||||||||
| Tax impact of adjusting items (c) | (21) | (17) | (78) | (44) | |||||||||||||||||||
| Adjusted net income attributable to Aptiv | $ | 449 | $ | 367 | $ | 1,195 | $ | 981 | |||||||||||||||
| Weighted average number of diluted shares outstanding (a) | 245.78 | 283.01 | 263.77 | 283.44 | |||||||||||||||||||
| Diluted net income per share attributable to ordinary shareholders | $ | 1.48 | $ | 5.76 | $ | 5.76 | $ | 7.17 | |||||||||||||||
| Adjusted net income per share | $ | 1.83 | $ | 1.30 | $ | 4.53 | $ | 3.46 | |||||||||||||||
| (a) | On June 15, 2023, each outstanding share of the Company’s 5.50% Mandatory Convertible Preferred Shares (the “MCPS”) converted into 1.0754 ordinary shares of the Company. For purposes of calculating Adjusted Net Income Per Share, the Company has excluded the impact of the MCPS dividends for the nine months ended September 30, 2023 and assumed the “if converted” method of share dilution as the assumed conversion of the MCPS into ordinary shares on a weighted average basis was more dilutive to net income per share than the impact of the MCPS dividends (method already applied for U.S. GAAP purposes of calculating the weighted average number of diluted shares outstanding). | ||||
| (b) | In response to the OECD’s Pillar Two Directive, the Company initiated changes to its corporate entity structure, including intercompany transfers of certain intellectual property to one of its subsidiaries in Switzerland during the third quarter of 2023. Furthermore, during the third quarter, the Company’s Swiss subsidiary was granted a ten year tax incentive, beginning in 2024. This adjustment represents the total income tax benefits recorded as a result of these transactions during the three and nine months ended September 30, 2023. | ||||
| (c) | Represents the income tax impacts of the adjustments made for amortization, restructuring and other special items by calculating the income tax impact of these items using the appropriate tax rate for the jurisdiction where the charges were incurred. | ||||
15
Cash Flow Before Financing: Cash Flow Before Financing is presented as a supplemental measure of the Company’s liquidity which is consistent with the basis and manner in which management presents financial information for the purpose of making internal operating decisions, evaluating its liquidity and determining appropriate capital allocation strategies. Management believes this measure is useful to investors to understand how the Company’s core operating activities generate and use cash. Cash Flow Before Financing is defined as cash provided by (used in) operating activities plus cash provided by (used in) investing activities, adjusted for the purchase price of business acquisitions and other transactions, the cost of significant technology investments and net proceeds from the divestiture of discontinued operations and other significant businesses. Not all companies use identical calculations of Cash Flow Before Financing, therefore this presentation may not be comparable to other similarly titled measures of other companies. The calculation of Cash Flow Before Financing does not reflect cash used to service debt, pay dividends or repurchase shares and, therefore, does not necessarily reflect funds available for investment or other discretionary uses.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||||||
| Net income | $ | 368 | $ | 1,637 | $ | 1,535 | $ | 2,047 | |||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
| Depreciation and amortization | 241 | 226 | 719 | 666 | |||||||||||||||||||
| Restructuring expense, net of cash paid | (31) | 4 | (65) | 4 | |||||||||||||||||||
| Working capital | (170) | 72 | (331) | (301) | |||||||||||||||||||
| Pension contributions | (8) | (6) | (21) | (20) | |||||||||||||||||||
| Increase in deferred income tax assets from intercompany transfers of intellectual property and other related transactions | — | (1,359) | — | (1,359) | |||||||||||||||||||
| Gain on Motional transactions | — | — | (641) | — | |||||||||||||||||||
| Other, net | 99 | 172 | 190 | 235 | |||||||||||||||||||
| Net cash provided by operating activities | 499 | 746 | 1,386 | 1,272 | |||||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||||
| Capital expenditures | (173) | (212) | (664) | (703) | |||||||||||||||||||
| Proceeds from business divestitures, net of cash sold | — | — | — | (17) | |||||||||||||||||||
| Cost of business acquisitions and other transactions, net of cash acquired | — | — | — | (83) | |||||||||||||||||||
Cost of technology investments | (81) | — | (121) | (1) | |||||||||||||||||||
| Proceeds from the sale of equity method investment | — | — | 448 | — | |||||||||||||||||||
| Purchase of short-term investments | — | — | (748) | — | |||||||||||||||||||
| Settlement of derivatives | (2) | 7 | (2) | 6 | |||||||||||||||||||
| Other, net | 1 | — | 3 | 3 | |||||||||||||||||||
Net cash used in investing activities | (255) | (205) | (1,084) | (795) | |||||||||||||||||||
| Adjusting items: | |||||||||||||||||||||||
| Adjustment for cost of business acquisitions and other transactions, net of cash acquired | — | — | — | 83 | |||||||||||||||||||
| Adjustment for cost of significant technology investments | 81 | — | 121 | — | |||||||||||||||||||
| Adjustment for proceeds from sale of equity method investment | — | — | (448) | — | |||||||||||||||||||
| Cash flow before financing | $ | 325 | $ | 541 | $ | (25) | $ | 560 | |||||||||||||||
16
Financial Guidance: The reconciliation of the forward-looking non-GAAP financial measures provided in the Company’s financial guidance to the most comparable forward-looking GAAP measure is as follows:
| Estimated Full Year | |||||||||||
| 2024 (a) | |||||||||||
| ($ in millions) | |||||||||||
| Adjusted Operating Income | $ | Margin (b) | |||||||||
| Net income attributable to Aptiv | $ | 1,790 | 9.1 | % | |||||||
| Interest expense | 335 | ||||||||||
| Other income, net | (45) | ||||||||||
| Gain on Motional transactions | (640) | ||||||||||
| Income tax expense | 230 | ||||||||||
| Equity loss, net of tax | 125 | ||||||||||
| Net income attributable to noncontrolling interest (c) | 20 | ||||||||||
| Operating income | $ | 1,815 | 9.2 | % | |||||||
| Amortization | 210 | ||||||||||
| Restructuring | 210 | ||||||||||
| Other acquisition and portfolio project costs | 70 | ||||||||||
| Asset impairments | 20 | ||||||||||
| Compensation expense related to acquisitions | 25 | ||||||||||
| Adjusted operating income | $ | 2,350 | 11.9 | % | |||||||
| Adjusted EBITDA | |||||||||||
| Net income attributable to Aptiv | $ | 1,790 | 9.1 | % | |||||||
| Interest expense | 335 | ||||||||||
| Income tax expense | 230 | ||||||||||
| Net income attributable to noncontrolling interest (c) | 20 | ||||||||||
| Depreciation and amortization | 955 | ||||||||||
| EBITDA | $ | 3,330 | 16.9 | % | |||||||
| Other income, net | (45) | ||||||||||
| Gain on Motional transactions | (640) | ||||||||||
| Equity loss, net of tax | 125 | ||||||||||
| Restructuring | 210 | ||||||||||
| Other acquisition and portfolio project costs | 70 | ||||||||||
| Compensation expense related to acquisitions | 25 | ||||||||||
| Adjusted EBITDA | $ | 3,075 | 15.6 | % | |||||||
| (a) | Prepared at the estimated mid-point of the Company’s financial guidance range. | ||||
| (b) | Represents net income attributable to Aptiv, operating income, Adjusted Operating Income, EBITDA and Adjusted EBITDA, respectively, as a percentage of estimated net sales. | ||||
| (c) | Includes portion attributable to redeemable noncontrolling interest. | ||||
17
| Estimated Full Year | |||||
| 2024 (a) | |||||
| Adjusted Net Income Per Share | ($ and shares in millions, except per share amounts) | ||||
| Net income attributable to Aptiv | $ | 1,790 | |||
| Adjusting items: | |||||
| Amortization | 210 | ||||
| Restructuring | 210 | ||||
| Other acquisition and portfolio project costs | 70 | ||||
| Asset impairments | 20 | ||||
| Compensation expense related to acquisitions | 25 | ||||
| Loss on change in fair value of publicly traded equity securities | 5 | ||||
| Debt extinguishment costs | 10 | ||||
| Gain on Motional transactions | (640) | ||||
| Tax impact of adjusting items | (115) | ||||
| Adjusted net income attributable to Aptiv | $ | 1,585 | |||
| Weighted average number of diluted shares outstanding | 256.70 | ||||
| Diluted net income per share attributable to Aptiv | $ | 6.95 | |||
| Adjusted net income per share | $ | 6.15 | |||
| (a) | Prepared at the estimated mid-point of the Company’s financial guidance range. | ||||
Investor Contact:
Jane Wu
+1.617.603.7941
jane.wu@aptiv.com
18