FY 2017 First Quarter Earnings Call
Non-GAAP reconciliations
Free Cash Flow, Net Debt, and Adjusted Equity Income
Free Cash Flow
Three Months Ended
December 31
2016
2015
(in $ millions)
ADIENT
Net Debt and Net Leverage
December 31,
2016
September 30,
2016
(in $ millions)
(1)
Operating cash flow
$
(13) $
90
Cash
$
709
$
550
(2)
Less: Capital expenditures
(207)
(108)
Total Debt
3,461
3,521
Cash from former parent
228
Net Debt
$
2,752
$
2,971
Free cash flow
$
8 $
(18)
Pro-forma adjusted EBITDA (last twelve months)
1,563
1,524
Net Leverage
1.76 x
1.95 x
(in $ millions)
Adjusted Equity Income
Three Months Ended
December 31
2016
2015
Equity income as reported
$
101 $ 94
(3)
Purchase accounting amortization
Adjusted equity income
5
5
$
106
$
99
1. Cash at September 30, 2016 is pro-forma cash based on the preliminary funding of Adient's opening cash balance on October 31, 2016.
2. Total debt at September 30, 2016 has been revised to include debt issuance costs as a reduction of the carrying amount of the debt in accordance with ASU 2015-03, which was adopted retrospectively by the
company in Q1 2017.
3. Reflects amortization of intangible assets including those related to the YFAI joint venture recorded within equity income.
19View entire presentation