EX-99.1 2 aptvq32024ex991.htm EXHIBIT 99.1 Document
附錄99.1

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Aptiv公布2024年第三季度財務結果
記錄調整後的每股收益反映強勁的營運表現
都柏林 - 全球科技公司aptiv plc (紐交所: APTV),致力於使世界更安全、更環保、更連結,在2024年第三季度美國GAAP標準下,每股稀釋收益為1.48美元。不包括特殊項目,第三季度每股稀釋收益為1.83美元。

第三季度財務亮點包括:
美國GAAP營業收入為49億美元,下降了5%
營業收入經貨幣兌換和商品波動調整後下降了6%,與AWM相比1 的(5)%
美國通用會計準則下的凈利潤為$36300萬,凈利潤率為7.5%; 每股美國通用會計準則下稀釋盈利為$1.48
在不包括特殊項目的情況下,每股稀釋盈利為1.83美元。
美國通用會計原則下的營業收入為50300萬美元,營業收入利潤率為10.4%
調整後營業收入為$59300萬,調整後營業收入率為12.2%;調整後EBITDA為$77800萬,調整後EBITDA利潤率為16.0%
營運活動產生了49900萬美元的現金
透過股份回購向股東返還了23.2億美元,其中包括30億美元加速股份回購計劃下的22.5億美元
截至今年的財務亮點包括:
美國通用會計原則營業收入為148億美元,下降了2%
營業收入經貨幣兌換和商品變動調整後下降2%,與AWM相比1 下降(2)%
美國通用會計原則的凈利潤為$151900萬,美國通用會計原則的凈利潤率為10.3%;美國通用會計原則的每股稀釋盈利為$5.76
不包括特殊項目,在特定項目外,每股摊薄盈利 $4.53
美國通用會計原則營業收入為$136300萬,美國通用會計原則營業收入利潤率為9.2%
經調整的營業收入為$174300萬,調整後的營業收入率為11.8%;經調整後的EBITDA為$228600萬,調整後的EBITDA率為15.4%
由營運活動產生了138600萬美元現金
透過回購股票向股東返還了33.5億美元










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)。


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。

2024年第三季度成果
截至2024年9月30日的三個月,該公司報告美國通用會計準則下的營業收入為49億美元,較去年同期減少5%。根據貨幣兌換和商品波動進行調整,第三季度營收下降了6%。這反映出北美7%的下降,歐洲6%的下降,亞洲4%的下降,其中包括中國的6%下降,南美洲則下降了12%,是我們最小的地區板塊。
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。
第三季度的利息費用總計為10100萬美元,較去年同期的7500萬美元增加。
2024年第三季度的稅費為3200萬美元,導致有效稅率約為8%。2023年第三季度的稅收益為131200萬美元,主要反映了作為公司企業架構重組的一部分所進入的交易認定的約14億美元的遞延稅收益。
公司在第三季度從營運活動中產生了49900萬美元的淨現金流,較去年同期的74600萬美元有所下降。

2024年至今的結果
截至2024年9月30日的九個月,公司報告根據美國通用會計原則的營業收入為148億美元,較上年同期減少2%。經貨幣兌換、商品波動和收購調整後,營業收入在此期間內減少了2%。這反映了歐洲下降3%、北美下降2%、南美下降11%(我們最小的地域板塊),部分抵消了亞洲增長1%的表現,包括中國1%的增長。
截至2024年底,該公司報告根據美國通用會計準則的凈利潤為151900萬美元,每股稀釋收益為5.76美元,凈利潤率為10.3%,相比之下,前者為200400萬美元,每股稀釋收益為7.17美元

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去年同期調整後的凈利潤率達到13.2%。截至今日的調整後凈利潤總額為1億1950萬美元,每股稀釋收益為4.53美元,較去年同期的98100萬美元,或每股稀釋收益3.46美元有所增加。
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。
2024年9月30日結束的九個月中,利息支出總額為23000萬美元,比前一年同期的21400萬美元有所增加。
2024年9月30日止九個月的稅費為15900萬美元,導致有效稅率約為9%。前一年同期的稅收益為124800萬美元,主要反映因公司法人實體結構重組所進入的交易而確認的約14億美元的递延稅收益。
公司在2024年9月30日結束的9個月內,從營運活動中獲得淨現金流為138600萬美元,相較於去年同期的127200萬美元。截至2024年9月30日,公司擁有現金及現金等價物11億美元,總可用流動資金為39億美元。
已附上調整後營業收入增長、調整後凈利潤、調整後每股凈利潤、調整後營業利潤、調整後EBITDA和資金籌措前現金流量的調解,這些是依照美國通行的會計原則(“GAAP”)計算和呈現的非GAAP措施,與相應最直接可比的財務指標。

股份回購計劃

在2024年第三季度,公司回購了3170萬股,金額為23.2億美元,其中包括根據公司加速股份回購計劃回購的3080萬股,價值為22.5億美元。截至2024年9月30日,該公司已經回購了4440萬股,金額為33.5億美元。截至2024年9月30日,根據現有50億美元授權,還剩下25.2億美元可用於未來的股份回購。所有回購的股份已經被注銷。

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2024年度全年展望
公司2024年全年財務指引如下:
(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%
(1) 公司2024財務展望全年指引包括每股摊薄約$0.55,以預計Aptiv因Motional自動駕駛合資企業表現而承認的權益損失。

公開說明會和網路網路直播
公司將在今天早上8點(東部時間)舉行一場電話會議,討論這些結果,可以通過撥打+1.800.239.9838(美國)或+1.323.994.2093(國際)或在線收聽, ir.aptiv.com會議ID號碼為1329199。會附一份投影片演示及發言稿,已發佈在公司網站的投資者關係版塊。電話會議結束後2小時將提供重播。

使用非依照通用會計原則財務資訊
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

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在折舊和攤銷(包括資產減損)、利息費用、所得稅(費用)利益、其他收入(費用)、淨額、權益收益(損失)、稅後,重組及其他特別項目之前。
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。
此類非依照通用會計原則(GAAP)編製的財務指標,在本新聞稿末附的補充資料表格中與最直接可比標準與GAAP相對應的財務指標作了調和。非GAAP措施不可孤立地看待,也不應作為根據GAAP準備的我們報告的結果的替代,根據計算的結果,可能與其他公司的同類指標不可比較。

關於Aptiv
Aptiv是一家專注於使全球更安全、更環保和更連接的科技公司。請訪問 aptiv.com.

前瞻性陳述
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。

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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,
 2024202320242023
 (in millions, except per share amounts)
Net sales$4,854 $5,114 $14,806 $15,132 
Operating expenses:
Cost of sales3,951 4,221 12,057 12,615 
Selling, general and administrative331 360 1,102 1,055 
Amortization53 59 159 177 
Restructuring16 28 125 81 
Total operating expenses4,351 4,668 13,443 13,928 
Operating income503 446 1,363 1,204 
Interest expense(101)(75)(230)(214)
Other income, net26 30 36 
Gain on Motional transactions— — 641 — 
Income before income taxes and equity loss407 397 1,804 1,026 
Income tax (expense) benefit(32)1,312 (159)1,248 
Income before equity loss375 1,709 1,645 2,274 
Equity loss, net of tax(7)(72)(110)(227)
Net income368 1,637 1,535 2,047 
Net income attributable to noncontrolling interest18 15 
Net loss attributable to redeemable noncontrolling interest(2)— (2)(1)
Net income attributable to Aptiv363 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 outstanding245.78 283.01 263.77 283.44 


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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 investments791 — 
Accounts receivable, net3,653 3,546 
Inventories2,550 2,365 
Other current assets640 696 
Total current assets8,688 8,247 
Long-term assets:
Property, net3,797 3,785 
Operating lease right-of-use assets499 540 
Investments in affiliates1,503 1,443 
Intangible assets, net2,235 2,399 
Goodwill5,170 5,151 
Other long-term assets2,874 2,862 
Total long-term assets16,078 16,180 
Total assets$24,766 $24,427 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt$1,257 $
Accounts payable2,989 3,151 
Accrued liabilities1,558 1,648 
Total current liabilities5,804 4,808 
Long-term liabilities:
Long-term debt8,283 6,204 
Pension benefit obligations413 417 
Long-term operating lease liabilities421 453 
Other long-term liabilities647 701 
Total long-term liabilities9,764 7,775 
Total liabilities15,568 12,583 
Commitments and contingencies
Redeemable noncontrolling interest99 99 
Total Aptiv shareholders’ equity8,882 11,548 
Noncontrolling interest217 197 
Total shareholders’ equity9,099 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,
 20242023
 (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 amortization719 666 
Restructuring expense, net of cash paid(65)
Deferred income taxes(1)(1,408)
Loss from equity method investments, net of dividends received120 232 
Loss on extinguishment of debt12 — 
Gain on Motional transactions(641)— 
Other, net136 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 activities1,386 1,272 
Cash flows from investing activities:
Capital expenditures(664)(703)
Proceeds from sale of property
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 investment448 — 
Purchase of short-term investments(748)— 
Settlement of derivatives(2)
Net cash used in investing activities(1,084)(795)
Cash flows from financing activities:
Increase (decrease) in other short and long-term debt, net1,036 (30)
Repayment of senior notes(700)— 
Proceeds from issuance of senior and junior notes, net of issuance costs2,920 — 
Proceeds from bridge loan, net of issuance costs2,483 — 
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 period1,640 1,555 
Cash, cash equivalents and restricted cash at end of the period$1,054 $1,808 

9


APTIV PLC
FOOTNOTES
(Unaudited)

1. Segment Summary
Three Months Ended September 30,Nine Months Ended September 30,
20242023%20242023%
(in millions)(in millions)
Net Sales
Signal and Power Solutions$3,443 $3,687 (7)%$10,442 $10,830 (4)%
Advanced Safety and User Experience1,427 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 Experience196 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,
2024202320242023
 (in millions, except per share amounts)
Weighted average ordinary shares outstanding, basic245.48 282.84 263.55 275.56 
Dilutive shares related to RSUs0.30 0.17 0.22 0.13 
Weighted average MCPS Converted Shares— — — 7.75 
Weighted average ordinary shares outstanding, including dilutive shares245.78 283.01 263.77 283.44 
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)%



11


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,
2024202320242023
($ 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 expense101 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 tax72 110 227 
Net income attributable to noncontrolling interest18 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 %
Amortization53 59 159 177 
Restructuring16 28 125 81 
Other acquisition and portfolio project costs13 20 66 45 
Asset impairments— 17 — 
Compensation expense related to acquisitions13 20 
Adjusted operating income$593 12.2 %$560 11.0 %$1,743 11.8 %$1,527 10.1 %

12


Segment Adjusted Operating Income
(in millions)
Three Months Ended September 30, 2024Signal and Power SolutionsAdvanced Safety and User ExperienceTotal
Operating income$341 $162 $503 
Amortization31 22 53 
Restructuring13 16 
Other acquisition and portfolio project costs13 
Asset impairments— 
Compensation expense related to acquisitions— 
Adjusted operating income$397 $196 $593 
Depreciation and amortization (a)$170 $71 $241 
Three Months Ended September 30, 2023Signal and Power SolutionsAdvanced Safety and User ExperienceTotal
Operating income$395 $51 $446 
Amortization35 24 59 
Restructuring21 28 
Other acquisition and portfolio project costs14 20 
Compensation expense related to acquisitions— 
Adjusted operating income$451 $109 $560 
Depreciation and amortization (a)$160 $66 $226 
Nine Months Ended September 30, 2024Signal and Power SolutionsAdvanced Safety and User ExperienceTotal
Operating income$992 $371 $1,363 
Amortization93 66 159 
Restructuring89 36 125 
Other acquisition and portfolio project costs45 21 66 
Asset impairments14 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, 2023Signal and Power SolutionsAdvanced Safety and User ExperienceTotal
Operating income$1,054 $150 $1,204 
Amortization107 70 177 
Restructuring22 59 81 
Other acquisition and portfolio project costs34 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.

13


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,
2024202320242023
(in millions)
Net income attributable to ordinary shareholders$363$1,629$1,519$2,004
Mandatory convertible preferred share dividends29
Net income attributable to Aptiv3631,6291,5192,033
Interest expense
10175230214
Income tax expense (benefit)32(1,312)159(1,248)
Net income attributable to noncontrolling interest781815
Net loss attributable to redeemable noncontrolling interest(2)(2)(1)
Depreciation and amortization
241226719666
EBITDA$742$626$2,643$1,679
Other income, net(5)(26)(30)(36)
Gain on Motional transactions(641)
Equity loss, net of tax772110227
Restructuring
162812581
Other acquisition and portfolio project costs
13206645
Compensation expense related to acquisitions571320
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,
2024202320242023
(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 Aptiv363 1,629 1,519 2,033 
Adjusting items:
Amortization53 59 159 177 
Restructuring
16 28 125 81 
Other acquisition and portfolio project costs
13 20 66 45 
Asset impairments— 17 — 
Compensation expense related to acquisitions13 20 
Debt extinguishment costs
12 — 12 — 
Costs associated with acquisitions and other transactions— — — 
Impairment of equity investments without readily determinable fair value— — — 18 
Loss on change in fair value of publicly traded equity securities— 
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,
2024202320242023
(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 amortization241 226 719 666 
Restructuring expense, net of cash paid(31)(65)
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, net99 172 190 235 
Net cash provided by operating activities499 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)(2)
Other, net— 
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 investments81 — 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 expense335 
Other income, net(45)
Gain on Motional transactions(640)
Income tax expense230 
Equity loss, net of tax125 
Net income attributable to noncontrolling interest (c)20 
Operating income$1,815 9.2 %
Amortization210 
Restructuring210 
Other acquisition and portfolio project costs70 
Asset impairments20 
Compensation expense related to acquisitions25 
Adjusted operating income$2,350 11.9 %
Adjusted EBITDA
Net income attributable to Aptiv$1,790 9.1 %
Interest expense335 
Income tax expense230 
Net income attributable to noncontrolling interest (c)20 
Depreciation and amortization955 
EBITDA$3,330 16.9 %
Other income, net(45)
Gain on Motional transactions(640)
Equity loss, net of tax125 
Restructuring210 
Other acquisition and portfolio project costs70 
Compensation expense related to acquisitions25 
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:
Amortization210 
Restructuring210 
Other acquisition and portfolio project costs70 
Asset impairments20 
Compensation expense related to acquisitions25 
Loss on change in fair value of publicly traded equity securities
Debt extinguishment costs10 
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 outstanding256.70 
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