FY 2018 Fourth Quarter Earnings Call
Recent developments
> Revenue and free cash flow were delivered in-line with our commitments; operational
challenges continue to weigh on earnings
Q4 revenue of $4.1B, up $166M y-o-y
Q4 Adjusted-EBITDA of $251M 1, down $139M y-o-y
1
Q4 Adjusted-EPS of $1.30 1
1
Q4 free cash flow of $307M 1 (includes $48M benefit from an accounts receivable
financing facility)
Net debt of $2.7B and net leverage of 2.29x at September 30, 2018 1
ADNT
LISTED
NYSE
ADIENT
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5,000
21,500
54,144
Balance Sheet
> Q4 GAAP results were impacted by ~$1.5B of one-time, non-cash charges, primarily
associated with asset impairments and the recording of valuation allowances against certain
deferred tax assets
Suspended the company's quarterly cash dividend beginning in Q2 fiscal 2019 to increase
financial flexibility and increase focus on debt reduction
> Amended ADNT's main credit agreement, increasing the maximum total bank-adjusted net
leverage covenant ratio to 4.5x from 3.5x
Executed actions to improve cash flow, including the sale of the company airplanes and the
corporate HQ building in Detroit
1- For Non-GAAP and adjusted results, see appendix for detail and reconciliation to U.S. GAAP
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FY 2018 Fourth Quarter Earnings Call / Nov 9, 2018
Adient - Improving the experience of a world in motion
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