FY 2017 First Quarter Earnings Call
Non-GAAP reconciliations
EBIT, Pro-forma Adjusted EBIT, Pro-forma Adjusted EBITDA
(in $ millions)
FY16 Actual
Last Twelve Months Ended
Q4 FY15
Q1 FY16
Q2 FY16
Q3 FY16
Q4 FY16
Actual
Q1 FY17
Actual
Jun '16
Actual
Sep '16
Actual
Dec '16
Net income attributable to Adient
$
(116)
$
137
$ (779)
$
(14)
$ (877)
$
149
$
(772)
$
(1,533)
$ (1,521)
Income attributable to noncontrolling interests
Income Tax Provision
13
17
23
21
23
22
74
84
89
284
53
838
136
812
28
1,311
1,839
1,814
Financing Charges
1
2
4
2
14
35
9
22
55
Earnings before interest and income taxes
$
182
$ 209
$
86
$
145
$
(28)
$ 234
$
622
$
412
$
437
Becoming Adient/separation costs
(1)
60
60
72
122
115
41
254
369
350
(2)
Purchase accounting amortization
9
9
10
9
9
10
37
37
38
Restructuring related charges
(3)
4
4
3
3
4
5
14
14
15
(4)
Other items
(7)
(21)
(35)
(22)
(1)
.
(85)
(79)
(58)
(6)
Restructuring and impairment costs
182
169
1
75
88
426
332
332
(7)
Pension mark-to-market
60
110
6
110
110
Gain on business divestiture
Adjusted EBIT
(137)
(137)
$
239
$
261
$
305
$
332
$
297
$
290
1,137
1,195
1,224
Pro-forma IT dis-synergies
(5)
(6)
(6)
(7)
(6)
(7)
(25
(26)
(20)
Pro-forma adjusted EBIT
$
233
$
255
$
298
$
326
$
290
$
290
$
1,112
$
1,169
$
1,204
Stock based compensation
Depreciation
(4)
77
1
5
14
8
4
16
28
31
82
81
77
87
83
317
327
328
Pro-forma adjusted EBITDA
$ 306
$
338
$
384
$ 417
$
385
$
377
$
1,445
$
1,524
$
1,563
1. Reflects incremental/non-recurring expenses associated with becoming an independent company and expenses associated with the separation from JCI.
2. Reflects amortization of intangible assets including those related to the YFAI joint venture recorded within equity income.
ADIENT
3. Reflects restructuring related charges for costs that are directly attributable to restructuring activities, but do not meet the definition of restructuring under ASC 420.
4. Reflects a first quarter 2016 $13 million favorable commercial settlement, second quarter 2016 $22 million favorable settlements from prior year business divestitures and a $6 million favorable legal settlement, and a third quarter 2016 $14 million favorable legal settlement. Also reflected is a multi-
employer pension credit associated with the removal of costs for pension plans that remained with JCI in the amount of $8 million, $7 million, $8 million and $1 million in the first, second, third and fourth quarters of 2016.
5. Pro-forma amounts include IT dis-synergies as a result of higher stand-alone IT costs as compared to allocated IT costs under JCI, interest expense that Adient would have incurred had it been a stand-alone
company and the impact of the tax rate had Adient been operating as a stand-alone company domiciled in its current jurisdiction.
6. Reflects qualified restructuring charges for costs that are directly attributable to restructuring activities and meet the definition of restructuring under ASC 420.
7. Reflects net mark-to-market adjustments on pension and postretirement plans.
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