FY 2017 Second Quarter Earnings Call
Cash flow & debt 1
Free Cash Flow (1)
(in $ millions)
FY17 Actual
Q2 FY17
H1 FY17
ADIENT
Debt
> Prepaid $100M of the $1.5B term loan
> Net leverage of 1.64x at March 31, 2017; expect
to be ~1.5x at year-end
Adjusted EBITDA
(1)
Net Debt and Net Leverage
423
800
(-) Interest Expense
(33)
(68)
(-) Taxes
(47)
(66)
(in $ millions)
March 31
2017
September 30
2016
(-) Restructuring (Cash)
(39)
(90)
Cash
$
729 $
550
(+/-) Change in Trade Working Capital
(85)
(236)
Total Debt
3,352
3,521
(+/-) Net Equity in Earnings
(66)
(145)
Net Debt
$ 2,623
$
2,971
2
(+/-) Other
3
(52)
Pro-forma Adjusted EBITDA (last twelve months)
1,602
1,524
Operating Cash flow
$
156
ՄՌ
$
143
Net Leverage
1.64x
1.95x
(-) CapEx
(95)
(302)
(+) Cash from Johnson Controls International
Adjusted Free Cash flow
87
315
$
148
$
156
> Final "true up" received from JCI; primarily
represents working capital reimbursements plus
approximately $30-40M for CapEx payments
2
1 - See appendix for detail and reconciliation to U.S. GAAP
Other includes Becoming ADNT and Pension
Q2 2017 Earnings / April 2017
13
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