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Last10K.com | 10-Q Quarterly Report Wed May 03 2023
Exhibit 99.1
The following information was filed by Adient Plc (ADNT) on Wednesday, May 3, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Adient Plc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Adient Plc.
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Adient Plc's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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Revenue - Product Highlight
The smaller net loss in the second quarter of fiscal 2023 is primarily attributable to higher overall production volumes, higher levels of commercial and supplier pricing settlements, and lower net financing charges, partially offset by higher input costs, unfavorable material economics, higher restructuring cost, higher selling, general and administrative expenses (SG&A), lower equity income, higher other pension expense, and the unfavorable impact of foreign currencies.
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Revenue - Product Highlight
Adjusted EBITDA increased during the first six months of fiscal 2023 by $86 million due to higher current quarter production volumes ($49 million), higher levels of commercial settlements and net pricing adjustments including the impact of the KEIPER supply agreement modifications ($48 million), higher equity income ($1 million), favorable material economics, net of recoveries ($1 million), and the favorable impact of foreign currencies ($1 million), partially offset by higher freight, labor, utility and launch costs ($14 million).
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Financial - Expense Highlight
The year over year increase in cost of sales was due to higher production volumes ($420 million), increased utilities, labor and freight costs along with operating inefficiencies associated with supply chain issues and higher launch costs ($27 million), and higher commodity costs ($20 million), partially offset by the favorable impact of foreign currencies ($105 million), favorable supplier pricing ($15 million), the favorable impact of the KEIPER supply agreement modifications ($7 million), and lower depreciation expense ($6 million).
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Financial - Expense Highlight
The year over year increase in SG&A is attributable to higher compensation expense including stock-based and performance-based incentive compensation costs ($13 million), partially offset by the favorable impact of foreign currencies ($4 million) and prior year non-recurring unfavorable items ($3 million).
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Financial - Expense Highlight
The year over year increase in cost of sales was due to higher production volumes ($741 million), increased utilities, labor and freight costs along with operating inefficiencies associated with supply chain issues ($62 million), and higher commodity costs ($53 million), partially offset by the favorable impact of foreign currencies ($304 million), favorable supplier pricing ($33 million), the favorable impact of the KEIPER supply agreement modifications ($13 million), and lower depreciation expense ($11 million).
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Revenue - Product
Adjusted EBITDA increased during the...Read more
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Revenue - Product
Adjusted EBITDA increased during the...Read more
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Revenue - Product
Adjusted EBITDA increased during the...Read more
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Financial - Expense
Adient currently estimates that upon...Read more
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Revenue - Product
The smaller net loss in...Read more
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Financial - Income
The first six months of...Read more
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Financial - Income
Income Tax Provision The second...Read more
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Financial - Earnings
Net Income (Loss) Attributable to...Read more
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Financial - Cash Flow
Investing Cash Flows: The decrease...Read more
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Financial - Expense
The operating environment is expected...Read more
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Financial - Earnings
Interest is payable on the...Read more
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Revenue - Product
Net sales increased during the...Read more
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Revenue - Geography
The decrease is primarily attributable...Read more
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Revenue - Geography
The decrease is primarily attributable...Read more
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Revenue - Product
The smaller net loss in...Read more
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Revenue - Geography
Asia Net sales increased during...Read more
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Other - Other
Future adverse developments in the...Read more
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Other - Other
Additional information regarding these and...Read more
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Financial - Expense
Other pension expense was higher...Read more
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Financial - Expense
Selling, General and Administrative (SG&A)...Read more
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Financial - Shares
Repurchases of Equity Securities In...Read more
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Other - Other
Adient plc | Form 10-Q...Read more
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Other - Other
Net loss attributable to Adient...Read more
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Revenue - Product
Net sales increased during the...Read more
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Financial - Expense
The automotive industry has recently...Read more
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Financial - Expense
Utility costs have recently shown...Read more
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Financial - Cash Flow
Sources of Cash Flows Operating...Read more
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Financial - Expense
Adient plc | Form 10-Q...Read more
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Other - Other
New Accounting Pronouncements See Note...Read more
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Financial - Debt
The agreements also provide for...Read more
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Revenue - Product
Adient plc | Form 10-Q...Read more
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Financial - Cash Flow
Working capital is highly influenced...Read more
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Other - Other
The total net proceeds of...Read more
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Other - Other
Working capital Working capital was...Read more
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Financial - Shares
(3) Reflects amortization of intangible...Read more
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Financial - Expense
Adient plc | Form 10-Q...Read more
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Financial - Debt
The ABL Credit Facility and...Read more
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Financial - Expense
Generally, Adient has been able...Read more
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Revenue - Product
The increase in net sales...Read more
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Revenue - Geography
Americas Net sales increased during...Read more
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Other - Other
Adient actively manages its working...Read more
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Financial - Expense
Adient plc | Form 10-Q...Read more
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Revenue - Product
Sales or discounts of accounts...Read more
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Financial - Earnings
The increase of $97 million...Read more
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Financial - Earnings
The increase of $263 million...Read more
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Other - Other
The reportable segments are consistent...Read more
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Financial - Expense
The results presented below are...Read more
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Financial - Expense
(6) The three months ended...Read more
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Revenue - Geography
Light vehicle production levels by...Read more
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Revenue - Product
Net sales increased by $625...Read more
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Revenue - Geography
The decrease is primarily attributable...Read more
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Revenue - Product
Consolidated Results of Operations Net...Read more
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Revenue - Geography
Adient plc | Form 10-Q...Read more
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Other - Other
Forward-looking statements can also be...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Cover
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Financial Position
Consolidated Statements Of Financial Position (Parenthetical)
Consolidated Statements Of Income (Loss)
Acquisitions And Divestitures
Acquisitions And Divestitures (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Carrying Amounts And Classifications Of Assets And Liabilities For Consolidated Vies (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Computation Of Basic And Diluted Earnings Per Share (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt And Financing Arrangements
Debt And Financing Arrangements (Tables)
Debt And Financing Arrangements - Narrative (Details)
Debt And Financing Arrangements - Schedule Of Long-Term Debt (Details)
Debt And Financing Arrangements - Schedule Of Net Financing Charges (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Narrative (Details)
Derivative Instruments And Hedging Activities - Schedule Of Effective Portion Of Pretax Gains (Losses) (Details)
Derivative Instruments And Hedging Activities - Schedule Of Fair Values Of Derivative Instruments And Other Amounts (Details)
Derivative Instruments And Hedging Activities - Schedule Of Gross And Net Amounts Of Derivative Instruments And Other Amounts (Details)
Equity And Noncontrolling Interests
Equity And Noncontrolling Interests (Tables)
Equity And Noncontrolling Interests - Narrative (Details)
Equity And Noncontrolling Interests - Schedule Of Aoci (Details)
Equity And Noncontrolling Interests - Schedule Of Changes In Redeemable Noncontrolling Interest (Details)
Equity And Noncontrolling Interests - Schedule Of Stockholders Equity (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Schedule Of The Fair Value Hierarchy For Assets And Liabilities (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Intangible Assets (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Schedule Of Operating Lease Liabilities And Minimum Payments (Details)
Leases - Schedule Of Operating Lease Right Of Use Assets And Operating Lease Liabilities (Details)
Leases - Supplemental Cash Flow Information (Details)
Nonconsolidated Partially-Owned Affiliates
Nonconsolidated Partially-Owned Affiliates (Tables)
Nonconsolidated Partially-Owned Affiliates - Schedule Of Operating Information Of Nonconsolidated Partially-Owned Affiliates (Details)
Product Warranties
Product Warranties (Tables)
Product Warranties - Schedule Of Product Warranty Liability (Details)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Schedule Of Related Party Transactions (Details)
Restructuring And Impairment Costs
Restructuring And Impairment Costs (Tables)
Restructuring And Impairment Costs - Narrative (Details)
Restructuring And Impairment Costs - Schedule Of Restructuring Reserve (Details)
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Narrative (Details)
Retirement Plans - Schedule Of Net Periodic Benefit Cost (Details)
Revenue Recognition
Segment Information
Segment Information (Tables)
Segment Information - Schedule Of Disaggregation Of Revenue By Geographical Market (Details)
Segment Information - Schedule Of Financial Information For Reportable Segments (Details)
Material Contracts, Statements, Certifications & more
Adient Plc provided additional information to their SEC Filing as exhibits
Ticker: ADNT
CIK: 1670541
Form Type: 10-Q Quarterly Report
Accession Number: 0001670541-23-000104
Submitted to the SEC: Wed May 03 2023 4:15:07 PM EST
Accepted by the SEC: Wed May 03 2023
Period: Friday, March 31, 2023
Industry: Motor Vehicle Parts And Accessories
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