DUBLIN - Aptiv PLC (NYSE: APTV), a global technology company focused on making mobility safer, greener and more connected, today reported a second quarter 2022 U.S. GAAP loss of $0.23 per diluted share. Excluding special items, second quarter earnings totaled $0.22 per diluted share.
Second Quarter Financial Highlights Include :
U.S. GAAP revenue of $4.1 billion, an increase of 7%
Revenue increased 9% adjusted for currency exchange and commodity movements; growth over market of 8% based on AWM1 of 1%
U.S. GAAP net loss of $61 million, loss per share of $0.23
Excluding special items, diluted earnings per share of $0.22
U.S. GAAP operating income margin of 2.4%
Adjusted Operating Income margin of 5.3%, Adjusted Operating Income of $213 million; Adjusted EBITDA of $365 million
Generated $95 million of cash from operations
Year-to-Date Financial Highlights Include :
U.S. GAAP revenue of $8.2 billion, an increase of 5%
Revenue increased 6% adjusted for currency exchange and commodity movements; growth over market of 9% based on AWM1 of (3)%
U.S. GAAP net income of $12 million, diluted earnings per share of $0.04
Excluding special items, diluted earnings per share of $0.85
U.S. GAAP operating income margin of 4.3%
Adjusted Operating Income margin of 6.5%, Adjusted Operating Income of $537 million; Adjusted EBITDA of $843 million
'Record quarterly bookings of $14 billion and 8% revenue growth over market showcase Aptiv's strong competitive differentiation and the increasing strategic value we are providing customers as they transform their businesses to support the rapid growth of vehicle electrification,' said Kevin Clark, chairman and chief executive officer. 'While our long-term business outlook has never been better, we are mindful of persistent inflation and macro headwinds, particularly in Europe. As a result, we are accelerating actions to improve profitability and enhance business resiliency in the short-term, while continuing to lean into investments that we believe will sustainably drive future growth and profitability over the long-term.'
Second Quarter 2022 Results
For the three months ended June 30, 2022, the Company reported U.S. GAAP revenue of $4.1 billion, an increase of 7% from the prior year period. Adjusted for currency exchange and commodity movements, revenue increased by 9% in the second quarter. This reflects growth of 21% in North America, 4% in Europe, 2% in Asia, which includes a decline of 2% in China, and 30% in South America, our smallest region.
The Company reported a second quarter 2022 U.S. GAAP net loss of $61 million and $0.23 per diluted share, compared to net income of $147 million and earnings of $0.54 per diluted share in the prior year period. Second quarter Adjusted Net Income, a non-GAAP financial measure defined below, totaled $62 million, or earnings of $0.22 per diluted share, compared to $202 million, or $0.71 per diluted share, in the prior year period.
Second quarter Adjusted Operating Income, a non-GAAP financial measure defined below, was $213 million, compared to $338 million in the prior year period. Adjusted Operating Income margin was 5.3%, compared to 8.9% in the prior year period, reflecting adverse impacts from the second quarter COVID-19 pandemic lockdowns in China, continued adverse impacts from global inflationary pressures and the worldwide semiconductor shortage, partially offset by the favorable impact of price recoveries. Depreciation and amortization expense totaled $193 million, as compared to $197 million in the prior year period.
Interest expense for the second quarter totaled $56 million, as compared to $38 million in the prior year period, which reflects impacts from our $2.5 billion debt issuance in the first quarter of 2022 in anticipation of the Wind River Systems, Inc. acquisition.
Tax expense in the second quarter of 2022 was $16 million, resulting in an effective tax rate of approximately 100%, which was impacted by the geographic mix of earnings and increased losses in certain jurisdictions where no tax benefit is recognized, including the impact of charges resulting from the conflict between Ukraine and Russia. Tax expense in the second quarter of 2021 was $28 million, resulting in an effective tax rate of approximately 11%.
The Company generated net cash flow from operating activities of $95 million in the second quarter, compared to $297 million in the prior year period.
Year-to-Date 2022 Results
For the six months ended June 30, 2022, the Company reported U.S. GAAP revenue of $8.2 billion, an increase of 5% from the prior year period. Adjusted for currency exchange and commodity movements, revenue increased by 6% during the period. This reflects growth of 14% in North America, 6% in Asia, which includes growth of 6% in China, and 27% in South America, our smallest region, partially offset by a decline of 1% in Europe.
For the 2022 year-to-date period, the Company reported U.S. GAAP net income of $12 million and earnings of $0.04 per diluted share, compared to $426 million and $1.57 per diluted share in the prior year period. Year-to-date Adjusted Net Income totaled $242 million, or $0.85 per diluted share, compared to $535 million, or $1.89 per diluted share, in the prior year period.
The Company reported Adjusted Operating Income of $537 million for the six months ended June 30, 2022, compared to $812 million in the prior year period. Adjusted Operating Income margin was 6.5% for the six months ended June 30, 2022, compared to 10.4% in the prior year period, reflecting adverse impacts from the second quarter COVID-19 pandemic lockdowns in China, continued adverse impacts from global inflationary pressures and the worldwide semiconductor shortage, partially offset by the favorable impact of price recoveries. Depreciation and amortization expense totaled $384 million, as compared to $390 million in the prior year period.
Interest expense for the six months ended June 30, 2022 totaled $99 million, as compared to $78 million in the prior year period, which reflects impacts from our $2.5 billion debt issuance in the first quarter of 2022 in anticipation of the Wind River Systems, Inc. acquisition.
Tax expense for the six months ended June 30, 2022 was $37 million, resulting in an effective tax rate of approximately 19% which was impacted by the geographic mix of earnings and increased losses in certain jurisdictions where no tax benefit is recognized, including the impact of charges resulting from the conflict between Ukraine and Russia. Tax expense in the prior year period was $76 million, resulting in an effective tax rate of 12%.
Net cash flow used in operating activities totaled $107 million in the six months ended June 30, 2022, compared to net cash flow generated by operating activities of $549 million in the prior year period. As of June 30, 2022, the Company had cash and cash equivalents of $4.7 billion and total available liquidity of $7.1 billion.
Reconciliations of Adjusted Revenue Growth, Adjusted Net Income, Adjusted Net Income Per Share, Adjusted Operating Income, Adjusted EBITDA and Cash Flow Before Financing, which are non-GAAP measures, to the most directly comparable financial measures, respectively, calculated and presented in accordance with accounting principles generally accepted in the United States ('GAAP') are provided in the attached supplemental schedules.
Full Year 2022 Outlook
The Company's full year 2022 financial guidance is as follows:
https://www.aptiv.com/en/newsroom/article/aptiv-reports-second-quarter-2022-financial-results
APTIV PLC 
