1. P&L
SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
For the three months ended
3/31/22 3/31/21
Net revenue $ 975,770 $ 942,528
Operating costs and expenses:
Cost of revenue 657,080 635,349
Research and development 45,980 35,956
Selling, general and administrative 95,680 77,123
Amortization of intangible assets 37,367 32,064
Restructuring and other charges, net 13,733 4,582
Total operating costs and expenses 849,840 785,074
Operating income 125,930 157,454
Interest expense, net (45,445) (44,043)
Other, net (50,456) (39,397)
Income before taxes 30,029 74,014
Provision for income taxes 7,588 20,281
Net income $ 22,441 $ 53,733
Basic net income per share $ 0.14 $ 0.34
Diluted net income per share $ 0.14 $ 0.34
Weighted Average Shares Outstanding
Basic weighted-average shares outstanding 157,422 157,764
Diluted weighted-average shares outstanding 158,630 159,230
2. Balance Sheet
SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
3/31/22 12/31/21
Assets
Current assets:
Cash and cash equivalents $ 1,608,481 $ 1,708,955
Accounts receivable, net of allowances 693,568 653,438
Inventories 641,709 588,231
Prepaid expenses and other current assets 146,342 126,370
Total current assets 3,090,100 3,076,994
Property, plant and equipment, net 822,633 820,933
Goodwill 3,555,369 3,502,063
Other intangible assets, net 907,315 946,731
Deferred income tax assets 104,226 105,028
Other assets 131,745 162,017
Total assets $ 8,611,388 $ 8,613,766
Liabilities and shareholders' equity
Current liabilities:
Current portion of long-term debt, finance lease and other financing obligations $ 6,694 $ 6,833
Accounts payable 486,432 459,093
Income taxes payable 19,249 26,517
Accrued expenses and other current liabilities 327,670 343,816
Total current liabilities 840,045 836,259
Deferred income tax liabilities 339,332 339,273
Pension and other post-retirement benefit obligations 39,089 38,758
Finance lease and other financing obligations, less current portion 26,347 26,564
Long-term debt, net 4,215,505 4,214,946
Other long-term liabilities 78,753 63,232
Total liabilities 5,539,071 5,519,032
Shareholders' equity:
Ordinary shares 2,236 2,232
Treasury shares, at cost (899,697) (832,439)
Additional paid-in capital 1,831,497 1,812,244
Retained earnings 2,154,563 2,132,257
Accumulated other comprehensive loss (16,282) (19,560)
Total shareholders' equity 3,072,317 3,094,734
Total liabilities and shareholders' equity $ 8,611,388 $ 8,613,766
3. Cash Flow
SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
For the three months ended
3/31/22 3/31/21
Cash flows from operating activities:
Net income $ 22,441 $ 53,733
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 31,531 31,197
Amortization of debt issuance costs 1,716 1,711
Share-based compensation 6,540 5,099
Loss on debt financing - 30,066
Amortization of intangible assets 37,367 32,064
Deferred income taxes (340) 130
Acquisition-related deferred compensation payments (7,500) -
Mark-to-market loss on equity investments 59,279 -
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.