FY 2018 Fourth Quarter Earnings Call
Cash flow & debt 1
15
ADIENT
Free Cash Flow (1)
(in $ millions)
Adjusted-EBITDA
Q4 FY18
FY18
$
251
$
(-) Interest paid
(57)
1,200
(143)
(-) Taxes paid
5
(139)
(-) Restructuring (Cash)
(35)
(174)
Debt (1)
> Cash and cash equivalents of $687M at September 30, 2018
> Net leverage of 2.29x at September 30, 2018
> Suspended the quarterly cash dividend to increase financial
flexibility and increase focus on debt reduction
> Amended the company's main credit agreement. The
amendment increased the maximum total bank-adjusted net
leverage covenant ratio to 4.5x from 3.5x
(+/-) Change in Trade Working Capital 2
351
225
(+/-) Net Equity in Earnings
(77)
(95)
(in $ millions)
September 30 September 30
2018
2017
(+/-) Other
1
(195)
Operating Cash flow
$
439
$
679
Cash
$
687 $
709
3
(-) CapEx ³
(132)
(536)
Total Debt
3,430
3,478
Free Cash flow
$
307
$
143
Net Debt
$
2,743
$
2,769
Memo: Free cash flow excluding benefits associated with the
$
259
$
1
expansion of an accounts receivable financing facility initiated in Q3
Adjusted-EBITDA (last twelve months)
$
1,200 $
1,605
1 - See appendix for detail and reconciliation to U.S. GAAP
Net Leverage
2.29x
1.73x
2
Q4 and full year TWC of $303M and $83M, respectively when excluding the benefits associated with the expansion of an
accounts receivable financing facility initiated in Q3 (Q4 benefit of $48M, full year benefit of $142M)
3 Capex by segment for the quarter: SS&M $56M, Seating $76M; and for the year: SS&M $255, Seating $281
FY 2018 Fourth Quarter Earnings Call / Nov 9, 2018
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