FY 2023 Second Quarter Earnings Call
Cash flow
Free Cash Flow
(in $ millions)
Q2 FY23
YTD
Q2 FY22
YTD
Adjusted-EBITDA (Excl. Equity income)
$
203
$
388
$
142
$
254
Dividend
Restructuring
Net Customer Tooling
1
$
13
1
(10)
(40)
(13)
(37)
(23)
(37)
(23)
(21)
Trade Working Capital (Net AR/AP + Inventory)
(14)
32
(24)
51
Accrued Compensation
38
10
14
14
(47)
Interest Paid
(64)
(88)
(70)
(111)
Taxes Paid
(29)
(49)
(30)
(38)
Non-income Related Taxes (VAT)
27
8
17
53
Commercial Settlements
45
28
10
(44)
Capitalized Engineering
Prepaids
Other
Operating Cash flow
(9)
(34)
2
(1)
(25)
(23)
(38)
(36)
(1)
(25)
ՄՌ
$
126
$
170
$
29
$
15
(1)
CapEx
(56)
(117)
(57)
(117)
Free Cash flow
$
70
70
$
53
$
(28) $
(102)
1 - CapEx by segment for the quarter: Americas $26M, EMEA $19M, Asia $11M
FY2023 Second Quarter Earnings Call
Adient PUBLIC
ADIENT
→ Key drivers impacting FY23 FCF YTD:
(+) Higher consolidated y-o-y earnings (driven
by improved volumes and incrementally
improving production environment)
(+) Timing and level of commercial settlements
(+) Lower level of total debt resulting in lower
YTD interest paid
(+) Lower level of accrued compensation
driven by timing of payments and certain
insurance related expenses
(-) Typical month-to-month working capital
movements
(-) Timing of VAT deferred payments and
refunds
(-) Timing of tooling recoveries
(-) Engineering in support of launch activities
Memo: At Mar. 31, 2023, ~$206M of factored receivables (vs.
~$269M at Sep. 30, 2022). Adient uses various global
factoring programs as a low-cost source of liquidity.
May 3, 2023
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