Unrealized (gain)/loss on derivative instruments and other
(517)
8,797
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable, net
(49,821)
(62,198)
Inventories
(53,004)
(16,857)
Prepaid expenses and other current assets
(8,807)
(4,971)
Accounts payable and accrued expenses
13,488
26,409
Income taxes payable
(7,268)
2,283
Other
2,250
(2,952)
Net cash provided by operating activities
47,355
104,511
Cash flows from investing activities:
Acquisitions, net of cash received
(48,441)
(20,406)
Additions to property, plant and equipment and capitalized software
(35,711)
(27,172)
Investments in debt and equity securities
(6,853)
(1,799)
Other
152
340
Net cash used in investing activities
(90,853)
(49,037)
Cash flows from financing activities:
Proceeds from exercise of stock options and issuance of ordinary shares
13,348
10,556
Payment of employee restricted stock tax withholdings
(135)
(221)
Proceeds from borrowings on debt
-
750,000
Payments on debt
(2,931)
(752,753)
Payments to repurchase ordinary shares
(67,258)
-
Payments of debt financing costs
-
(31,110)
Net cash used in financing activities
(56,976)
(23,528)
Net change in cash and cash equivalents
(100,474)
31,946
Cash and cash equivalents, beginning of period
1,708,955
1,861,980
Cash and cash equivalents, end of period
$ 1,608,481
$ 1,893,926
4. REC ADJ EBITDA
SENSATA TECHNOLOGIES HOLDING PLC
Reconciliation to Adjusted EBITDA
(In thousands)
Period
LTM
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Net income
$ 332,288
$ 22,441
$ 111,972
$ 84,959
$ 112,916
$ 53,733
Interest expense, net
180,693
45,445
44,898
45,137
45,213
44,043
Provision for income taxes
37,644
7,588
578
21,840
7,638
20,281
Depreciation expense
125,293
31,531
30,598
31,528
31,636
31,197
Amortization of intangible assets
139,432
37,367
32,637
34,571
34,857
32,064
Earnings before interest, taxes, depreciation, and amortization ("EBITDA")
$ 815,350
$ 144,372
$ 220,683
$ 218,035
$ 232,260
$ 181,318
Non-GAAP adjustments:
Restructuring related and other
20,427
4,149
4,927
4,340
7,011
7,366
Financing and other transaction costs
80,238
75,104
5,247
(1,823)
1,710
35,908
Deferred (gain)/loss on derivative instruments
(471)
(8,772)
(2,170)
9,062
1,409
2,993
Adjusted EBITDA
$ 915,544
$ 214,853
$ 228,687
$ 229,614
$ 242,390
$ 227,585
5. REC FREE CASH
SENSATA TECHNOLOGIES HOLDING PLC
Reconciliation to Free Cash Flow
($ in thousands)
For the three months ended March 31,
2022
2021
Change
Net cash provided by operating activities
$ 47,355
$ 104,511
(54.7)%
Additions to property, plant and equipment and capitalized software
(35,711)
(27,172)
(31.4)%
Free cash flow
$ 11,644
$ 77,339
(84.9)%
6. GAAP to Non-GAAP
SENSATA TECHNOLOGIES HOLDING PLC
Reconciliation to Adjusted Operating Income & Margin, Adjusted Net Income and Adjusted EPS
($ in thousands, except per share amounts)
Percentage amounts have been calculated based on unrounded numbers. Accordingly, certain amounts may not appear to sum due to the effect of rounding.
For the three months ended March 31, 2022
For the three months ended March 31, 2021
Operating Income
Operating Margin
Income Taxes
Net Income
Diluted EPS
Operating Income
Operating Margin
Income Taxes
Net Income
Diluted EPS
Reported (GAAP)
$ 125,930
12.9%
$ 7,588
$ 22,441
$ 0.14
$ 157,454
16.7%
$ 20,281
$ 53,733
$ 0.34
Non-GAAP adjustments:
Restructuring related and other
4,149
0.4%
(100)
4,049
0.03
4,525
0.5%
(201)
7,291
0.05
Financing and other transaction costs
15,825
1.6%
(544)
74,560
0.47
4,571
0.5%
(3,103)
32,805
0.21
Step-up depreciation and amortization
35,945
3.7%
-
35,945
0.23
29,696
3.2%
-
29,696
0.19
Deferred loss/(gain) on derivative instruments
652
0.1%
1,811
(6,961)
(0.04)
1,840
0.2 %
(748)
2,245
0.01
Amortization of debt issuance costs
-
0.0%
-
1,716
0.01
-
0.0%
-
1,711
0.01
Deferred taxes and other tax related
-
0.0%
(8,335)
(8,335)
(0.05)
-
0.0%
10,122
10,122
0.06
Total adjustments
56,571
5.8%
(7,168)
100,974
0.64
40,632
4.3%
6,070
83,870
0.53
Adjusted (non-GAAP)
$ 182,501
18.7%
$ 14,756
$ 123,415
$ 0.78
$ 198,086
21.0%
$ 14,211
$ 137,603
$ 0.86
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Sensata Technologies Holding plc published this content on 26 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2022 10:50:14 UTC.
Sensata Technologies Holding plc is an industrial technology company that develops, manufactures, and sells sensors and sensor-rich solutions, electrical protection components and systems, and other products. The Company's segments include Performance Sensing and Sensing Solutions. The Performance Sensing segment serves the automotive and heavy vehicle and off-road (HVOR) industries through its development and manufacture of sensors, high-voltage solutions (electrical protection components), and other solutions. The Sensing Solutions segment serves the industrial and aerospace industries through development and manufacture of a portfolio of application specific sensor and electrical protection products used in a range of industrial markets, including the appliance, heating, ventilation, and air conditioning (HVAC), water management, operator controls, charging infrastructure, renewable energy generation, green hydrogen production, commercial aircraft, defense, and others.