Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/820313/000155837022000961/aph-20211231x10k.htm
May 2022
April 2022
April 2022
January 2022
December 2021
December 2021
October 2021
September 2021
September 2021
July 2021
Exhibit 99.1
Amphenol | News Release |
World Headquarters
358 Hall Avenue
Wallingford, CT 06492
Telephone (203) 265-8900
AMPHENOL REPORTS RECORD FOURTH QUARTER
AND FULL YEAR 2021 RESULTS
Fourth Quarter 2021 Highlights:
● | Record sales of $3.027 billion, up 25% in U.S. dollars and 18% organically compared to the fourth quarter 2020 |
● | Record GAAP diluted EPS of $0.72, up 26% compared to prior year |
● | Record Adjusted Diluted EPS of $0.70, up 23% compared to prior year |
● | GAAP and Adjusted Operating Margin of 19.6% and 20.1% |
● | Record Operating and Free Cash Flow of $464 million and $379 million |
● | Acquired Halo Technology and completed the MTS Test & Simulation sale |
Full Year 2021 Highlights:
● | Record sales of $10.876 billion, up 26% in U.S. dollars and 18% organically compared to the full year 2020 |
● | Record GAAP diluted EPS of $2.51, up 28% compared to prior year |
● | Record Adjusted Diluted EPS of $2.48, up 33% compared to prior year |
● | GAAP and Adjusted Operating Margin of 19.4% and 20.0% |
● | Operating Cash Flow and Free Cash Flow of $1.524 billion and $1.167 billion |
● | Completed seven acquisitions |
● | Returned more than $1 billion to shareholders |
Wallingford, Connecticut, January 26, 2022. Amphenol Corporation (NYSE: APH) today reported fourth quarter and full year 2021 results.
“We are pleased to have closed 2021 with fourth quarter sales and Adjusted Diluted EPS significantly exceeding the high end of our guidance,” said Amphenol President and Chief Executive Officer, R. Adam Norwitt. “Sales increased from prior year by a strong 25% in the quarter, with particularly robust growth in the IT data communications, industrial, mobile networks, commercial air, automotive and broadband markets, including contributions from the Company’s acquisition program. For the full year, sales increased 26% compared to 2020, driven by strong growth across virtually all end markets, including contributions from the Company’s acquisition program. Despite facing substantial inflationary pressures and supply chain disruptions, full year Adjusted Diluted EPS grew by an impressive 33%. We are very proud of the Company’s outstanding performance in this most challenging and dynamic year.”
“Throughout the year, we continued to deploy our financial strength in a variety of ways to increase shareholder value. During the fourth quarter, the Company purchased 2.1 million shares of its common stock for $171 million and paid dividends of $87 million, resulting in total capital returned to shareholders in 2021 of more than $1 billion.”
“We remain focused on expanding our growth opportunities through a deep commitment to developing enabling technologies for customers in all markets, an ongoing strategy of market and geographic diversification and an active and successful acquisition program. To that end, we were excited to have announced on December 1, 2021, the acquisition of Halo Technology Limited, as well as the closing of the sale of the MTS Test & Simulation business to Illinois Tool Works Inc. (NYSE: ITW). With the closing of the Halo acquisition, we successfully completed seven acquisitions in 2021. These new companies have broadened our high-technology product offering, expanded our position across most of our end markets and deepened our pool of talented, entrepreneurial managers around the world.”
Creation of Three New Divisions
Effective January 1, 2022, Amphenol aligned its business units into three newly formed Divisions: Harsh Environment Solutions (HES), Communications Solutions (CS), and Interconnect and Sensor Systems (ISS). This new alignment reinforces the Company’s entrepreneurial culture and the clear accountability of each of our business unit general managers, while enhancing the scalability of Amphenol’s business for the future. Beginning with the first quarter of 2022, the Company will report the financial results of these three new Divisions as separate reportable segments, replacing the Company’s previous two reportable segments. We will provide the results of these new reportable segments, as well as comparable historical financial data, with our first quarter 2022 results.
Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/820313/000155837022000961/aph-20211231x10k.htm
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Amphenol Corp.
Amphenol Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
Rating
Learn More![]()
In 2021, the Company's net income from continuing operations attributable to Amphenol Corporation was impacted by (a) excess tax benefits of $63.4 related to stock-based compensation resulting from stock option exercises and (b) a discrete tax benefit of $14.9 related to the settlement of uncertain tax positions in certain non-U.S. jurisdictions, partially offset by (c) acquisition-related expenses of $70.4 ($57.3 after-tax) comprised primarily of transaction, severance, restructuring and certain non-cash purchase accounting costs related to the acquisition of MTS Systems Corporation ("MTS") in the second quarter of 2021 and external transaction costs and certain non-cash purchase accounting costs related to the acquisition of Halo Technology Limited ("Halo") in the fourth quarter of 2021.
The increase in Adjusted Operating Income and Adjusted Operating Margin in 2021 relative to 2020 was primarily driven by the Interconnect Products and Assemblies segment, as discussed further below.
The following table reconciles Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Income from continuing operations attributable to Amphenol Corporation, Adjusted Effective Tax Rate and Adjusted Diluted EPS (all on a continuing operations basis only, as defined in the "Non-GAAP Financial Measures" section below) to the most directly comparable U.S. GAAP financial measures for the years ended December 31, 2021 and 2020: Note: All data in the tables above are on a continuing operations basis only and exclude results associated with discontinued operations (1) While the terms "operating margin" and "effective tax rate" are not considered U.S. GAAP financial measures, for purposes of this table, we derive the reported (GAAP) measures based on GAAP results, which serve as the basis for the reconciliation to their comparable non-GAAP financial measures.
The following table reconciles Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Income from continuing operations attributable to Amphenol Corporation, Adjusted Effective Tax Rate and Adjusted Diluted EPS (all on a continuing operations basis only, as defined in the "Non-GAAP Financial Measures" section below) to the most directly comparable U.S. GAAP financial measures for the years ended December 31, 2020 and 2019: Note: All data in the tables above are on a continuing operations basis only and exclude results associated with discontinued operations (1) While the terms "operating margin" and "effective tax rate" are not considered U.S. GAAP financial measures, for purposes of this table, we derive the reported (GAAP) measures based on GAAP results, which serve as the basis for the reconciliation to their comparable non-GAAP financial measures.
For a discussion of certain risks related to inflation and costs, refer to the risk factor titled "The Company and certain of its suppliers and customers are experiencing difficulties obtaining certain raw materials and components, and the cost of most of the Company's raw materials and components is increasing" in Part I, Item 1A herein.
On October 20, 2020, the...Read more
Free Cash Flow is an...Read more
Excluding the effect of these...Read more
Excluding the effect of these...Read more
Accounts receivable increased $503.2 to...Read more
Net sales to the information...Read more
The Revolving Credit Facility matures...Read more
Excluding the effects of these...Read more
Excluding the effect of the...Read more
Excluding the effect of the...Read more
The decrease in operating margin...Read more
The sales growth in 2021...Read more
Inventories increased $431.9 to $1,894.1,...Read more
Net sales to the information...Read more
Net sales in the Interconnect...Read more
Net sales in the Interconnect...Read more
Net sales in the Cable...Read more
From January 1, 2022 through...Read more
The Company also used borrowings...Read more
Excluding the effect of these...Read more
Excluding the effect of these...Read more
In July 2018, the Company...Read more
The decrease in net sales...Read more
The Company believes that its...Read more
In 2019, the components of...Read more
The Company conducts business in...Read more
The sales growth was driven...Read more
The increase in net sales...Read more
From time to time, the...Read more
(4) Constant Currency Net Sales...Read more
(4) Constant Currency Net Sales...Read more
Net sales to the mobile...Read more
The increase in net sales...Read more
Financing Activities ? Cash flows...Read more
Net sales to the military...Read more
(amounts in millions, except share...Read more
The Company used the net...Read more
For purposes of the following...Read more
The increase in foreign net...Read more
The increase in foreign net...Read more
This sales growth was partially...Read more
The reconciliations of these non-GAAP...Read more
Net sales to the industrial...Read more
For further discussion of foreign...Read more
Net sales to the mobile...Read more
On April 1, 2020, the...Read more
Operating Activities ? The ability...Read more
While the term "net sales...Read more
While the term "net sales...Read more
Effective January 1, 2022, the...Read more
Net sales to the mobile...Read more
2020 Compared to 2019 ?...Read more
2021 Compared to 2020 ?...Read more
Provision for income taxes was...Read more
Provision for income taxes was...Read more
Provision for income taxes in...Read more
For the years ended December...Read more
The Company focuses its research...Read more
The non-GAAP financial information contained...Read more
The Company attempts to minimize...Read more
In addition, these non-GAAP financial...Read more
The Company has a commercial...Read more
Effective November 30, 2021, the...Read more
Operating income in 2020 included...Read more
Operating income in 2020 included...Read more
At December 31, 2021, there...Read more
Net sales to the industrial...Read more
Such net sales related to...Read more
Such net sales related to...Read more
Such net sales related to...Read more
The ECP Notes may be...Read more
Net sales to the mobile...Read more
Non-GAAP financial measures and their...Read more
These items had the aggregate...Read more
These items had the aggregate...Read more
These items had the aggregate...Read more
These items had the aggregate...Read more
Other long-term liabilities, including deferred...Read more
On April 27, 2021, the...Read more
In March 2020, in response...Read more
In addition to historical information,...Read more
The Company's primary sources of...Read more
The Commercial Paper Programs are...Read more
As such, management evaluates the...Read more
Management evaluates the Company's sales...Read more
Provision for income taxes in...Read more
The Company's debt service requirements...Read more
The table below reconciles Constant...Read more
The table below reconciles Constant...Read more
In 2021, the Company reported...Read more
However, in certain markets, particularly...Read more
The U.S. Federal Reserve, in...Read more
On April 7, 2021, a...Read more
The MTS acquisition was funded...Read more
On April 7, 2021, the...Read more
Net sales to the military...Read more
During 2021 and into 2022,...Read more
Management believes that these non-GAAP...Read more
In addition to assessing the...Read more
The decrease in selling, general...Read more
The decrease in operating margin...Read more
Selling and marketing expenses decreased...Read more
Accounts payable increased $191.3 to...Read more
Organic Net Sales Growth is...Read more
Adjusted Diluted EPS is calculated...Read more
Consequently, the Company may experience...Read more
The following table summarizes the...Read more
This sales growth was partially...Read more
In the second quarter of...Read more
Based on the respective contract...Read more
The extent to which the...Read more
The comparatively weaker U.S. dollar...Read more
The following table is on...Read more
Provision for income taxes in...Read more
Free Cash Flow, a non-GAAP...Read more
Provision for income taxes in...Read more
The tax effects of an...Read more
Net sales to the commercial...Read more
Net sales to the commercial...Read more
After giving effect to the...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Amphenol Corp provided additional information to their SEC Filing as exhibits
Ticker: APH
CIK: 820313
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-000961
Submitted to the SEC: Wed Feb 09 2022 4:39:10 PM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Electronic Connectors