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Aptiv Reports Third Quarter 2024 Financial Results

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Aptiv PLC (NYSE: APTV) reported third quarter 2024 financial results with U.S. GAAP revenue of $4.9 billion, down 5% year-over-year. The company achieved record adjusted earnings per share of $1.83, with U.S. GAAP net income of $363 million and a 7.5% net income margin. Operating performance remained strong with Adjusted Operating Income of $593 million and a 12.2% margin.

The company generated $499 million in operating cash flow and returned $2.32 billion to shareholders through share repurchases. However, Aptiv revised its financial outlook due to customer schedule reductions and weakness in automotive production volumes. Regional revenue declined across all markets, with North America down 7%, Europe 6%, Asia 4%, and South America 12%.

Aptiv PLC (NYSE: APTV) ha riportato i risultati finanziari del terzo trimestre del 2024, con ricavi secondo i principi contabili GAAP americani di 4,9 miliardi di dollari, in calo del 5% rispetto all'anno precedente. L'azienda ha raggiunto un record di utili per azione rettificati di 1,83 dollari, con un reddito netto GAAP di 363 milioni di dollari e un margine di reddito netto del 7,5%. Le prestazioni operative sono rimaste solide con un reddito operativo rettificato di 593 milioni di dollari e un margine del 12,2%.

L'azienda ha generato 499 milioni di dollari di flusso di cassa operativo e ha restituito 2,32 miliardi di dollari agli azionisti tramite riacquisti di azioni. Tuttavia, Aptiv ha rivisto le sue previsioni finanziarie a causa delle riduzioni nei programmi dei clienti e della debolezza nei volumi di produzione automobilistica. I ricavi regionali sono diminuiti in tutti i mercati, con il Nord America che ha registrato un calo del 7%, l'Europa del 6%, l'Asia del 4% e il Sud America del 12%.

Aptiv PLC (NYSE: APTV) reportó los resultados financieros del tercer trimestre de 2024, con ingresos bajo los principios contables GAAP de EE. UU. de 4.9 mil millones de dólares, una disminución del 5% en comparación al año anterior. La compañía logró un récord de ganancias por acción ajustadas de 1.83 dólares, con un ingreso neto GAAP de 363 millones de dólares y un margen de ingreso neto del 7.5%. El desempeño operativo se mantuvo sólido, con un ingreso operativo ajustado de 593 millones de dólares y un margen del 12.2%.

La empresa generó 499 millones de dólares en flujo de caja operativo y devolvió 2.32 mil millones de dólares a los accionistas a través de recompra de acciones. Sin embargo, Aptiv revisó sus expectativas financieras debido a reducciones en los cronogramas de los clientes y debilidades en los volúmenes de producción automotriz. Los ingresos regionales disminuyeron en todos los mercados, con América del Norte cayendo un 7%, Europa un 6%, Asia un 4% y América del Sur un 12%.

Aptiv PLC (NYSE: APTV)는 2024년 3분기 재무 결과를 보고하며, 미국 GAAP 기준으로 49억 달러의 수익을 기록했으며, 이는 전년 대비 5% 감소한 수치입니다. 회사는 주당 조정된 수익을 1.83달러로 기록하며, 미국 GAAP 기준으로 3억 6300만 달러의 순이익과 7.5%의 순이익 마진을 달성했습니다. 운영 성과는 여전히 강력하여 조정된 운영 소득은 5억 9300만 달러, 마진은 12.2%에 달합니다.

회사는 4억 9900만 달러의 운영 캐시 플로우를 창출했으며, 주식 매입을 통해 23억 2000만 달러를 주주들에게 반환했습니다. 그러나 Aptiv는 고객 일정 축소와 자동차 생산량 감소로 인해 재무 전망을 조정했습니다. 북미 지역은 7%, 유럽은 6%, 아시아는 4%, 남미는 12% 감소하며 모든 시장에서 지역 수익이 감소했습니다.

Aptiv PLC (NYSE: APTV) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires conforme aux GAAP américains de 4,9 milliards de dollars, en baisse de 5 % par rapport à l'année précédente. L'entreprise a atteint un record de bénéfice ajusté par action de 1,83 dollars, avec un bénéfice net GAAP de 363 millions de dollars et une marge de bénéfice net de 7,5 %. La performance opérationnelle est restée solide avec un revenu opérationnel ajusté de 593 millions de dollars et une marge de 12,2 %.

L'entreprise a généré un flux de trésorerie opérationnel de 499 millions de dollars et a restitué 2,32 milliards de dollars aux actionnaires par le biais de rachats d'actions. Cependant, Aptiv a révisé ses prévisions financières en raison de réductions dans les plannings des clients et de la faiblesse des volumes de production automobile. Les revenus régionaux ont diminué dans tous les marchés, avec une baisse de 7 % en Amérique du Nord, de 6 % en Europe, de 4 % en Asie et de 12 % en Amérique du Sud.

Aptiv PLC (NYSE: APTV) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz nach US-GAAP von 4,9 Milliarden US-Dollar, was einem Rückgang von 5 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen Rekord von 1,83 US-Dollar an bereinigtem Ergebnis pro Aktie, mit einem GAAP-Nettoeinkommen von 363 Millionen US-Dollar und einer Nettomarge von 7,5 %. Die operative Leistung blieb stark mit einem bereinigten operativen Einkommen von 593 Millionen US-Dollar und einer Marge von 12,2 %.

Das Unternehmen generierte 499 Millionen US-Dollar an operativem Cashflow und gab 2,32 Milliarden US-Dollar an die Aktionäre durch Aktienrückkäufe zurück. Allerdings hat Aptiv seine finanziellen Aussichten aufgrund von Reduzierungen im Kundenprogramm und Schwächen in den Automobilproduktionsvolumen überarbeitet. Der regionale Umsatz sank in allen Märkten, wobei Nordamerika um 7 %, Europa um 6 %, Asien um 4 % und Südamerika um 12 % fiel.

Positive
  • Record adjusted earnings per share of $1.83, up from $1.30 in prior year
  • Improved Adjusted Operating Income margin of 12.2% vs 11.0% prior year
  • Strong cash flow generation of $499 million from operations
  • Significant shareholder returns of $2.32 billion through share repurchases
  • Increased Adjusted EBITDA margin to 16.0%
Negative
  • Revenue decreased 5% to $4.9 billion
  • Decline in all regional markets: North America (-7%), Europe (-6%), Asia (-4%), South America (-12%)
  • Downward revision of financial outlook due to customer schedule reductions
  • Interest expense increased to $101 million from $75 million prior year

Insights

Aptiv's Q3 results show mixed performance with some concerning trends. While achieving record adjusted EPS of $1.83 (up from $1.30), revenue declined by 5% to $4.9 billion. The revenue decrease was broad-based across all regions, with concerning drops in key markets: North America (7%), Europe (6%) and China (6%).

The bright spot is margin improvement, with adjusted operating margin reaching 12.2% versus 11.0% last year. However, management's revised outlook suggests continued headwinds from reduced customer schedules and weaker production volumes. The substantial $2.32 billion share repurchase this quarter, while shareholder-friendly, comes at a time of declining revenues, raising questions about capital allocation priorities.

The automotive supplier sector faces significant near-term challenges, reflected in Aptiv's regional performance declines. The company's exposure to key megatrends (safety, electrification, connectivity) remains strategically sound, but execution is becoming more challenging amid weakening demand. The 16.0% adjusted EBITDA margin demonstrates operational resilience, though the reduced guidance signals caution.

Notable is the aggressive share repurchase program, with $3.35 billion returned to shareholders year-to-date. While this supports EPS growth, it comes amid declining revenues and increased interest expense ($101 million vs $75 million last year), suggesting potential pressure on future financial flexibility.

Record Adjusted Earnings Per Share Reflecting Strong Operating Performance

DUBLIN--(BUSINESS WIRE)-- Aptiv PLC (NYSE: APTV), a global technology company focused on making the world safer, greener and more connected, today reported third quarter 2024 U.S. GAAP earnings of $1.48 per diluted share. Excluding special items, third quarter earnings totaled $1.83 per diluted share.

Third Quarter Financial Highlights Include:

  • U.S. GAAP revenue of $4.9 billion, a decrease of 5%
    • Revenue decreased 6% adjusted for currency exchange and commodity movements, compared to AWM1 of (5)%
  • U.S. GAAP net income of $363 million, U.S. GAAP net income margin of 7.5%; U.S. GAAP diluted earnings per share of $1.48
    • Excluding special items, diluted earnings per share of $1.83
  • U.S. GAAP operating income of $503 million, U.S. GAAP operating income margin of 10.4%
    • Adjusted Operating Income of $593 million, Adjusted Operating Income margin of 12.2%; Adjusted EBITDA of $778 million, Adjusted EBITDA margin of 16.0%
  • Generated $499 million of cash from operations
  • Returned $2.32 billion to shareholders through share repurchases, including $2.25 billion under the $3.0 billion Accelerated Share Repurchase Program

Year-to-Date Financial Highlights Include:

  • U.S. GAAP revenue of $14.8 billion, a decrease of 2%
    • Revenue decreased 2% adjusted for currency exchange and commodity movements, compared to AWM1 of (2)%
  • U.S. GAAP net income of $1,519 million, U.S. GAAP net income margin of 10.3%; U.S. GAAP diluted earnings per share of $5.76
    • Excluding special items, diluted earnings per share of $4.53
  • U.S. GAAP operating income of $1,363 million, U.S. GAAP operating income margin of 9.2%
    • Adjusted Operating Income of $1,743 million, Adjusted Operating Income margin of 11.8%; Adjusted EBITDA of $2,286 million, Adjusted EBITDA margin of 15.4%
  • Generated $1,386 million of cash from operations
  • Returned $3.35 billion to shareholders through share repurchases

“Aptiv delivered record adjusted earnings per share this quarter, reflecting strong operating results and benefits from our recent capital allocation actions,” said Kevin Clark, chairman and chief executive officer. “Our industry-leading solutions, global capabilities and relentless focus on operational excellence continue to demonstrate our resiliency while also delivering record third quarter profitability. Our revised financial outlook reflects the impact of incremental customer schedule reductions and broader weakness in automotive production volumes. Despite near-term headwinds, we are confident in the long-term megatrends of safe, green and connected, and we are well-positioned to support our customers in this transition, while maximizing value to shareholders.”

1

Represents global vehicle production weighted to the geographic regions in which the Company generates its revenue (“AWM”).

Third Quarter 2024 Results

For the three months ended September 30, 2024, the Company reported U.S. GAAP revenue of $4.9 billion, a decrease of 5% from the prior year period. Adjusted for currency exchange and commodity movements, revenue decreased by 6% in the third quarter. This reflects declines of 7% in North America, 6% in Europe, 4% in Asia, which includes declines of 6% in China, and 12% in South America, our smallest region.

The Company reported third quarter 2024 U.S. GAAP net income of $363 million, earnings of $1.48 per diluted share and net income margin of 7.5%, compared to $1,629 million, $5.76 per diluted share and 31.9% in the prior year period. Third quarter Adjusted Net Income, a non-GAAP financial measure defined below, totaled $449 million, or earnings of $1.83 per diluted share, compared to $367 million, or $1.30 per diluted share, in the prior year period.

Third quarter U.S. GAAP operating income was $503 million, compared to $446 million in the prior year period. The Company reported third quarter Adjusted Operating Income, a non-GAAP financial measure defined below, of $593 million, compared to $560 million in the prior year period. Adjusted Operating Income margin was 12.2%, compared to 11.0% in the prior year period, primarily reflecting improved operating performance, including the benefits of cost reduction initiatives. Depreciation and amortization expense totaled $241 million, an increase from $226 million in the prior year period.

Interest expense for the third quarter totaled $101 million, an increase from $75 million in the prior year period.

Tax expense in the third quarter of 2024 was $32 million, resulting in an effective tax rate of approximately 8%. Tax benefit in the third quarter of 2023 was $1,312 million, which primarily reflects a deferred tax benefit of approximately $1.4 billion recognized as a result of transactions entered into as part of a reorganization of the Company’s corporate entity structure.

The Company generated net cash flow from operating activities of $499 million in the third quarter, compared to $746 million in the prior year period.

Year-to-Date 2024 Results

For the nine months ended September 30, 2024, the Company reported U.S. GAAP revenue of $14.8 billion, a decrease of 2% from the prior year period. Adjusted for currency exchange, commodity movements and acquisitions, revenue decreased by 2% during the period. This reflects declines of 3% in Europe, 2% in North America and 11% in South America, our smallest region, partially offset by growth of 1% in Asia, which includes growth of 1% in China.

For the 2024 year-to-date period, the Company reported U.S. GAAP net income of $1,519 million, earnings of $5.76 per diluted share and net income margin of 10.3%, compared to $2,004 million, $7.17 per diluted share and 13.2% in the prior year period. Year-to-date Adjusted Net Income totaled $1,195 million, or $4.53 per diluted share, compared to $981 million, or $3.46 per diluted share, in the prior year period.

The Company reported U.S. GAAP operating income of $1,363 million for the nine months ended September 30, 2024, compared to $1,204 million in the prior year period. Adjusted Operating Income was $1,743 million for the nine months ended September 30, 2024, compared to $1,527 million in the prior year period. Adjusted Operating Income margin was 11.8% for the nine months ended September 30, 2024, compared to 10.1% in the prior year period, primarily reflecting improved operating performance, including the benefits of cost reduction initiatives. Depreciation and amortization expense totaled $719 million, an increase from $666 million in the prior year period.

Interest expense for the nine months ended September 30, 2024 totaled $230 million, an increase from $214 million in the prior year period.

Tax expense for the nine months ended September 30, 2024 was $159 million, resulting in an effective tax rate of approximately 9%. Tax benefit in the prior year period was $1,248 million, which primarily reflects a deferred tax benefit of approximately $1.4 billion recognized as a result of transactions entered into as part of a reorganization of the Company’s corporate entity structure.

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.

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 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 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.

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

 

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

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

 

 

 

 

 

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

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

)%

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

%

 

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.

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

 

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.

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

 

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.

 

 

 

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

Source: Aptiv PLC

FAQ

What was Aptiv's (APTV) revenue in Q3 2024?

Aptiv reported Q3 2024 revenue of $4.9 billion, representing a 5% decrease from the prior year period.

How much did Aptiv (APTV) return to shareholders in Q3 2024?

Aptiv returned $2.32 billion to shareholders through share repurchases in Q3 2024, including $2.25 billion under the Accelerated Share Repurchase Program.

What was Aptiv's (APTV) adjusted earnings per share in Q3 2024?

Aptiv's adjusted earnings per share in Q3 2024 was $1.83, compared to $1.30 in the prior year period.

What was Aptiv's (APTV) operating cash flow in Q3 2024?

Aptiv generated $499 million in cash flow from operations in Q3 2024, compared to $746 million in the prior year period.

Aptiv PLC

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