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凱斯歐普蒂夫（Aptiv）在這個季度實現了創紀錄的調整每股盈利，反映出強勁的運營業績和我們最近資本分配行動的好處。董事長兼首席執行官凱文·克拉克（Kevin Clark）表示：“我們在行業領先的解決方案、全球能力和對運營卓越的堅持方面持續展示我們的韌性，同時實現了創紀錄的第三季度盈利。我們修訂後的財務展望反映了客戶時間表進一步縮減和汽車生產量普遍疲軟的影響。盡管面臨短期風險，但我們對安全、環保和互聯的長期大趨勢有信心，我們致力於在這個過渡期幫助客戶，同時最大化回報給股東。

公司報告了2024年第三季度的美國通用會計準則凈利潤為36300萬美元，每股稀釋收益為1.48美元，凈利潤率為7.5%，較去年同期的162900萬美元、每股稀釋收益5.76美元和31.9%有所下降。第三季度調整後的凈利潤，一項下面定義的非通用會計財務指標，總額為44900萬美元，每股稀釋收益為1.83美元，較去年同期的36700萬美元、每股稀釋收益1.30美元有所增加。

美國會計準則(U.S. GAAP)營業收入第三季為50300萬美元，較去年同期的44600萬美元增加。公司報告了第三季調整後營業收入，此為以下定義的非GAAP財務指標，金額為59300萬美元，較去年同期的56000萬美元增加。調整後營業收入利潤率為12.2%，較去年同期的11.0%提高，主要反映了改善的營運表現，包括成本削減措施的效益。折舊及攤銷費用總額為24100萬美元，較去年同期的22600萬美元增加。

公司報告根據美國通用會計原則，截至2024年9月30日的九個月，營運收入為136300萬美元，較上一年同期的120400萬美元有所增加。調整後的營運收入為174300萬美元，較上一年同期的152700萬美元有所增加。調整後的營運收入率為11.8％，較上一年同期的10.1％有所增加，主要反映了營運表現的改善，包括成本削減措施的好處。折舊和攤銷費用總額為71900萬美元，較上一年同期的66600萬美元有所增加。


（金額以百萬為單位，每股金額的單位是美元）						2024全年
淨銷售額						$19,600 - $19,900
美國通用會計原則的凈利潤						$1,740 - $1,840
美國通用會計溢利率						8.9% - 9.2%
美國通用會計原則營業收入						$1,765 - $1,865
美國通用會計營業溢利率						9.0% - 9.4%
調整後的稅前利潤減除折舊及攤銷後的費用						$3,025 - $3,125
調整後的EBITDA利潤率						15.4% - 15.7%
調整後營業收入						$2,300 - $2,400
調整後的營運利潤率						11.7% - 12.1%
每股美國通用會計溢利潤						$6.80 - $7.10
調整後的每股溢利潤（1）						$6.00 - $6.30
營運現金流						$2,150
資本支出						$875
美國通用會計有效稅率						~10.6%
調整後的有效稅率						~16.5%

本新聞稿包含有關Aptiv未按照GAAP標準呈報的財務結果資訊。具體來說，調整後的營業收入增長、調整後的營業收入、調整後的EBITDA、調整後的凈利潤、調整後的每股凈利潤和籌資前現金流是非GAAP財務指標。調整後的營業收入增長表示報告的淨銷售額相對於可比期間的年度變化，不包括貨幣兌換、商品變動、收購、出售及其他交易對淨銷售的影響。調整後的營業收入表示利息支出前的淨利、其他所得（費用）、淨稅費用（收益）、稅後權益收益（損失）、減值、重組、其他收購和投資組合專案費用（包括整合收購業務和計劃及執行產品組合轉型行動所產生的成本，包括業務和產品的收購和出售）、資產減值和其他相關費用、與收購相關的補償費用及業務出售和其他交易的收益（虧損）。調整後的營業收入率定義為調整後的營業收入佔淨銷售的百分比。調整後的EBITDA代表淨利

修正後的凈利潤代表Aptiv歸屬於公司的凈利潤，在扣除攤銷、重組及其他特殊項目之前，包括在其中的稅項影響。每股調整後的凈利潤代表修正後的凈利潤除以該期間稀釋股份的加權平均數。除融資之前的現金流代表運營活動提供的現金加上投資活動提供的現金，經調整以反映業務收購和其他交易的收購價格、重大科技投資的成本，以及來自停業和其他重要業務出售的淨收益。

管理層認為，在本新聞稿中使用的非GAAP財務指標對管理層和投資者在分析公司財務狀況、營運結果和流動性方面都很有用。特別是，在進行調和後，管理層認為調整後營收增長、調整後營業收入、調整後EBITDA、調整後淨利潤、調整後每股淨收益和融資前現金流是評估公司持續財務表現的有用指標，透過排除某些管理層認為並非公司核心營運績效指標且可能掩蓋基礎業務結果和趨勢的項目，從而提供了改善的期間間可比性。管理層還利用這些非GAAP財務指標進行內部計劃和預測。

本新聞稿以及aptiv plc（以下簡稱「公司」）發表的其他言論包含反映公司當前觀點的前瞻性聲明，涉及眾多與公司業務運作和營商環境相關的風險、不確定性和因素，可能導致公司的實際結果與任何未來結果大不相同。所有涉及未來營運、財務、業務績效或公司策略或期望的陳述都屬於前瞻性聲明。可能導致實際結果與這些前瞻性聲明大不相同的因素包括但不限於全球及區域經濟環境，包括影響信貸市場的條件；全球通脹壓力；烏克蘭和俄羅斯之間的衝突及其對歐洲和全球經濟和我們在每個國家的運營影響所帶來的不確定性；中東衝突對全球經濟的影響所產生的不確定性；利率和外匯匯率的波動；全球汽車銷售和生產的周期性性質；供應中斷以及對原材料和其他元件競爭環境的變化可能導致潛在的干擾。

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.


	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


	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


	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

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

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

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.

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

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


	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	%


	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


1			代表全球車輛生產，按照公司營業收入產生的地理區域加權（AWM）。


(a)			Eliminations and Other includes the elimination of inter-segment transactions.


	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)	%


(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.