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Sensata Technologies Reports First Quarter 2023 Financial Results

Sensata Technologies (NYSE: ST), a global industrial technology company and leading provider of sensors, sensor-rich solutions and electrical protection devices used in mission-critical systems that create valuable business insights for customers, today announced financial results for its first quarter ended March 31, 2023.

"Sensata delivered strong results in the first quarter with revenues and adjusted earnings above the mid-point of our financial guidance for the quarter. Sensata remains on track to achieve its long-term goals within Electrification, including scaling its Electrification business to $2 billion in revenue by 2026,” said Jeff Cote, CEO and President of Sensata. "During the first quarter, the Company repaid $250 million of its outstanding Term Loan, reducing variable rate debt and interest expense in line with our capital deployment priorities.”

Operating results for the first quarter of 2023 compared to the first quarter of 2022 are summarized below. These results include non-GAAP financial measures, each of which is defined and reconciled to the most directly comparable GAAP measure later in this press release.

Revenue:

  • Revenue was $998.2 million, an increase of $22.4 million, or 2.3%, compared to $975.8 million in the first quarter of 2022.
  • Revenue increased 4.7% on an organic basis, which excludes a decrease of (2.3)% from foreign currency exchange rates and a decrease of (0.1)% from acquisitions, net of divestitures, each versus the prior year period.

Operating income:

  • Operating income was $148.8 million, or 14.9% of revenue, an increase of $22.9 million, or 18.2%, compared to operating income of $125.9 million, or 12.9% of revenue, in the first quarter of 2022.
  • Adjusted operating income was $192.9 million, or 19.3% of revenue, an increase of $10.4 million, or 5.7%, compared to adjusted operating income of $182.5 million, or 18.7% of revenue, in the first quarter of 2022.

Earnings per share:

  • Earnings per share was $0.56, an increase of $0.42, or 300%, compared to earnings per share of $0.14 in the first quarter of 2022.
  • Adjusted earnings per share was $0.92, an increase of $0.14, or 17.9%, compared to adjusted earnings per share of $0.78 in the first quarter of 2022.
  • Changes in foreign currency exchange rates decreased Sensata's adjusted earnings per share by $(0.04) in the first quarter of 2023 compared to the prior year period.

Sensata generated $96.9 million of operating cash flow in the first quarter of 2023, compared to $47.4 million in the prior year period. Sensata's free cash flow totaled $60.0 million in the first quarter of 2023 compared to $11.6 million in the prior year period.

During the first quarter of 2023, Sensata returned approximately $16.8 million to shareholders through its quarterly dividend of $0.11 per share paid on February 22, 2023.

Segment Performance

 

 

For the three months ended

March 31,

$ in 000s

 

2023

 

2022

Performance Sensing

 

 

 

 

Revenue

 

$

751,525

 

 

$

717,697

 

Operating income

 

$

188,377

 

 

$

180,638

 

% of Performance Sensing revenue

 

 

25.1

%

 

 

25.2

%

 

 

 

 

 

Sensing Solutions

 

 

 

 

Revenue

 

$

246,650

 

 

$

258,073

 

Operating income

 

$

69,679

 

 

$

72,515

 

% of Sensing Solutions revenue

 

 

28.3

%

 

 

28.1

%

Creation of New Reporting Segment

Effective April 1, 2023, Sensata created a new Insights reporting segment to provide visibility into the revenue growth and margin progress of this business as well as to align with new management reporting. Insights' financial results have previously been reported as part of Performance Sensing. Beginning with the second quarter of 2023, Sensata will report the financial results of three Segments: Performance Sensing, Sensing Solutions, and Insights.

Guidance

"In the first quarter, Sensata grew earnings faster than revenue, delivering 2.3% revenue growth, 5.7% adjusted operating income growth, and 17.9% adjusted earnings per share growth compared to the prior year period," said Paul Vasington, EVP and CFO of Sensata. "For the second quarter of 2023, we expect revenue of $1,000 to $1,040 million and adjusted EPS of $0.88 to $0.98."

Q2 2023 Guidance

 

 

 

$ in millions, except EPS

Q2-23 Guidance

Q2-22

Y/Y Change

Revenue

$1,000 - $1,040

$1,020.5

(2%) - 2%

organic growth

 

 

(2%) - 2%

Adjusted Operating Income

$190 - $206

$193.8

(2%) - 6%

Adjusted Net Income

$137 - $151

$129.5

6% - 17%

Adjusted EPS

$0.88 - $0.98

$0.83

6% - 18%

Versus the prior year period, Sensata expects that changes in foreign currency exchange rates will decrease revenue by approximately $(12) million at the midpoint and decrease adjusted EPS by approximately $(0.01) at the midpoint in the second quarter of 2023.

Conference Call and Webcast

Sensata will conduct a conference call today at 8:00 a.m. Eastern Time to discuss its first quarter 2023 financial results and its outlook for the second quarter of 2023. The dial-in numbers for the call are 1-844-784-1726 or 1-412-380-7411. Callers should reference the "Sensata Q1 2023 Financial Results Conference Call." A live webcast of the conference call will also be available on the investor relations page of Sensata’s website at http://investors.sensata.com. Additionally, a replay of the call will be available until May 2, 2023. To access the replay, dial 1-877-344-7529 or 1-412-317-0088 and enter confirmation code: 7090167.

About Sensata Technologies

Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle & off-road, industrial, and aerospace industries. With approximately 21,000 employees and operations in 16 countries, Sensata’s solutions help to make products safer, cleaner and more efficient, more electrified, and more connected. For more information, please visit Sensata’s website at www.sensata.com.

Non-GAAP Financial Measures

We supplement the reporting of our financial information determined in accordance with U.S. generally accepted accounting principles (“GAAP”) with certain non-GAAP financial measures. We use these non-GAAP financial measures internally to make operating and strategic decisions, including the preparation of our annual operating plan, evaluation of our overall business performance, and as a factor in determining compensation for certain employees. We believe presenting non-GAAP financial measures is useful for period-over-period comparisons of underlying business trends and our ongoing business performance. We also believe presenting these non-GAAP measures provides additional transparency into how management evaluates the business.

Non-GAAP financial measures should be considered as supplemental in nature and are not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with U.S. GAAP. In addition, our non-GAAP financial measures may not be the same as, or comparable to, similar non-GAAP measures presented by other companies.

The non-GAAP financial measures referenced by Sensata in this release include: adjusted net income, adjusted earnings per share (“EPS”), adjusted operating income, adjusted operating margin, free cash flow, organic revenue growth, market outgrowth, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA"), net debt, and net leverage ratio. We also refer to changes in certain non-GAAP measures, usually reported either as a percentage or number of basis points, between two periods. Such changes are also considered non-GAAP measures.

Adjusted net income (or loss) is defined as net income (or loss), determined in accordance with U.S. GAAP, excluding certain non-GAAP adjustments which are detailed in the accompanying reconciliation tables. Adjusted EPS is calculated by dividing adjusted net income (or loss) by the number of diluted weighted-average ordinary shares outstanding in the period. We believe that these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

Adjusted operating income (or loss) is defined as operating income (or loss), determined in accordance with U.S. GAAP, excluding certain non-GAAP adjustments which are detailed in the accompanying reconciliation tables. Adjusted operating margin is calculated by dividing adjusted operating income (or loss) by net revenue. We believe that these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

Free cash flow is defined as net cash provided by/(used in) operating activities less additions to property, plant and equipment and capitalized software. We believe that this measure is useful to investors and management as a measure of cash generated by business operations that will be used to repay scheduled debt maturities and can be used to fund acquisitions, repurchase ordinary shares, or for the accelerated repayment of debt obligations.

Organic revenue growth (or decline) is defined as the reported percentage change in net revenue calculated in accordance with U.S. GAAP, excluding the period-over-period impact of foreign exchange rate differences as well as the net impact of material acquisitions and divestitures for the 12-month period following the respective transaction date(s). We believe that this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

Adjusted EBITDA is defined as net income (or loss), determined in accordance with U.S. GAAP, excluding interest expense, net, provision for (or benefit from) income taxes, depreciation expense, amortization of intangible assets, and the following non-GAAP adjustments, if applicable: (1) restructuring related and other, (2) financing and other transaction costs, and (3) deferred gain or loss on derivative instruments. We believe that this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

Net debt is defined as total debt, finance lease, and other financing obligations less cash and cash equivalents. We believe net debt is a useful measure to management and investors in understanding trends in our overall financial condition.

Net leverage ratio is defined as net debt divided by last twelve months (LTM) adjusted EBITDA. We believe the net leverage ratio is a useful measure to management and investors in understanding trends in our overall financial condition.

Safe Harbor Statement

This earnings release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terminology such as "may," "will," "could," "should," "expect," "anticipate," "believe," "estimate," "predict," "project," "forecast," "continue," "intend," "plan," "potential," "opportunity," "guidance," and similar terms or phrases. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives, business and market outlook, megatrends, priorities, growth, shareholder value, capital expenditures, cash flows, demand for products and services, share repurchases, and Sensata’s strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. These statements are subject to risks, uncertainties, and other important factors relating to our operations and business environment, and we can give no assurances that these forward-looking statements will prove to be correct.

A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements, including, but not limited to, risks related to public health crises, instability and changes in the global markets, supplier interruption or non-performance, the acquisition or disposition of businesses, adverse conditions or competition in the industries upon which we are dependent, intellectual property, product liability, warranty, and recall claims, market acceptance of new product introductions and product innovations, labor disruptions or increased labor costs, and changes in existing environmental or safety laws, regulations, and programs.

Investors and others should carefully consider the foregoing factors and other uncertainties, risks, and potential events including, but not limited to, those described in Item 1A: Risk Factors in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A: Risk Factors in our quarterly reports on Form 10-Q or other subsequent filings with the United States Securities and Exchange Commission. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law.

SENSATA TECHNOLOGIES HOLDING PLC

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

For the three months ended

March 31,

 

 

2023

 

2022

Net revenue

 

$

998,175

 

 

$

975,770

 

Operating costs and expenses:

 

 

 

 

Cost of revenue

 

 

670,471

 

 

 

657,080

 

Research and development

 

 

45,939

 

 

 

45,980

 

Selling, general and administrative

 

 

86,150

 

 

 

95,680

 

Amortization of intangible assets

 

 

40,774

 

 

 

37,367

 

Restructuring and other charges, net

 

 

5,999

 

 

 

13,733

 

Total operating costs and expenses

 

 

849,333

 

 

 

849,840

 

Operating income

 

 

148,842

 

 

 

125,930

 

Interest expense, net

 

 

(40,091

)

 

 

(45,445

)

Other, net

 

 

1,392

 

 

 

(50,456

)

Income before taxes

 

 

110,143

 

 

 

30,029

 

Provision for income taxes

 

 

23,726

 

 

 

7,588

 

Net income

 

$

86,417

 

 

$

22,441

 

 

 

 

 

 

Net income per share:

 

 

 

 

Basic

 

$

0.57

 

 

$

0.14

 

Diluted

 

$

0.56

 

 

$

0.14

 

 

 

 

 

 

Weighted-average ordinary shares outstanding:

 

 

Basic

 

 

152,518

 

 

 

157,422

 

Diluted

153,324

158,630

 

SENSATA TECHNOLOGIES HOLDING PLC

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

 

March 31,

2023

 

December 31,

2022

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,034,134

 

$

1,225,518

Accounts receivable, net of allowances

 

 

759,752

 

 

742,382

Inventories

 

 

658,562

 

 

644,875

Prepaid expenses and other current assets

 

 

187,747

 

 

162,268

Total current assets

 

 

2,640,195

 

 

2,775,043

Property, plant and equipment, net

 

 

848,033

 

 

840,819

Goodwill

 

 

3,902,862

 

 

3,911,224

Other intangible assets, net

 

 

959,469

 

 

999,722

Deferred income tax assets

 

 

98,230

 

 

100,539

Other assets

 

 

136,065

 

 

128,873

Total assets

 

$

8,584,854

 

$

8,756,220

 

 

 

 

 

Liabilities and shareholders' equity

 

 

 

 

Current liabilities:

 

 

 

 

Current portion of long-term debt, finance lease and other financing obligations

 

$

198,696

 

$

256,471

Accounts payable

 

 

529,941

 

 

531,572

Income taxes payable

 

 

50,869

 

 

43,987

Accrued expenses and other current liabilities

 

 

329,960

 

 

346,942

Total current liabilities

 

 

1,109,466

 

 

1,178,972

Deferred income tax liabilities

 

 

369,897

 

 

364,593

Pension and other post-retirement benefit obligations

 

 

37,883

 

 

36,086

Finance lease and other financing obligations, less current portion

 

 

24,471

 

 

24,742

Long-term debt, net

 

 

3,768,627

 

 

3,958,928

Other long-term liabilities

 

 

81,018

 

 

82,092

Total liabilities

 

 

5,391,362

 

 

5,645,413

Total shareholders' equity

 

 

3,193,492

 

 

3,110,807

Total liabilities and shareholders' equity

 

$

8,584,854

 

$

8,756,220

 

SENSATA TECHNOLOGIES HOLDING PLC

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

For the three months ended

March 31,

 

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

Net income

 

$

86,417

 

 

$

22,441

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation

 

 

30,948

 

 

 

31,531

 

Amortization of debt issuance costs

 

 

1,734

 

 

 

1,716

 

Gain on sale of business

 

 

(5,877

)

 

 

 

Share-based compensation

 

 

7,206

 

 

 

6,540

 

Loss on debt financing

 

 

485

 

 

 

 

Amortization of intangible assets

 

 

40,774

 

 

 

37,367

 

Deferred income taxes

 

 

6,491

 

 

 

(340

)

Acquisition-related compensation payments

 

 

(3,000

)

 

 

(7,500

)

Mark-to-market loss on equity investments, net

 

 

 

 

 

59,279

 

Unrealized loss/(gain) on derivative instruments and other

 

 

3,107

 

 

 

(517

)

Changes in operating assets and liabilities, net of effects of acquisitions

 

 

(71,397

)

 

 

(103,162

)

Net cash provided by operating activities

 

 

96,888

 

 

 

47,355

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Acquisitions, net of cash received

 

 

 

 

 

(48,441

)

Additions to property, plant and equipment and capitalized software

 

 

(36,882

)

 

 

(35,711

)

Investment in debt and equity securities

 

 

 

 

 

(6,853

)

Proceeds from the sale of business, net of cash sold

 

 

14,000

 

 

 

 

Other

 

 

 

 

 

152

 

Net cash used in investing activities

 

 

(22,882

)

 

 

(90,853

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Proceeds from exercise of stock options and issuance of ordinary shares

 

 

2,762

 

 

 

13,348

 

Payment of employee restricted stock tax withholdings

 

 

(123

)

 

 

(135

)

Payments on debt

 

 

(250,944

)

 

 

(2,931

)

Dividends paid

 

 

(16,777

)

 

 

 

Payments to repurchase ordinary shares

 

 

 

 

 

(67,258

)

Payments of debt financing costs

 

 

(308

)

 

 

 

Net cash used in financing activities

 

 

(265,390

)

 

 

(56,976

)

Net change in cash and cash equivalents

 

 

(191,384

)

 

 

(100,474

)

Cash and cash equivalents, beginning of period

 

 

1,225,518

 

 

 

1,708,955

 

Cash and cash equivalents, end of period

 

$

1,034,134

 

 

$

1,608,481

 

 

Revenue by Business, Geography, and End Market (Unaudited)

 

(percent of total revenue)

 

For the three months

ended March 31,

 

 

2023

 

2022

Performance Sensing

 

75.3 %

 

73.6 %

Sensing Solutions

 

24.7 %

 

26.4 %

Total

 

100.0 %

 

100.0 %

 

(percent of total revenue)

 

For the three months

ended March 31,

 

 

2023

 

2022

Americas

 

45.3 %

 

39.8 %

Europe

 

27.2 %

 

26.2 %

Asia/Rest of World

 

27.5 %

 

34.0 %

Total

 

100.0 %

 

100.0 %

 

(percent of total revenue)

 

For the three months

ended March 31,

 

 

2023

 

2022

Automotive (1)

 

52.6 %

 

52.4 %

Heavy vehicle and off-road

 

23.5 %

 

22.1 %

Industrial

 

13.6 %

 

11.7 %

Appliance and HVAC

 

4.8 %

 

6.0 %

Aerospace

 

4.4 %

 

3.4 %

All other

 

1.1 %

 

4.4 %

Total

 

100.0 %

 

100.0 %

(1)

Includes amounts reflected in the Sensing Solutions segment as follows: $8.1 million and $9.3 million of revenue in the three months ended March 31, 2023 and 2022, respectively.

 

Market Outgrowth (Unaudited)

 

 

 

For the three months ended March 31, 2023

 

 

Reported

Growth

 

Organic

Growth

 

End Market

Growth

Sensata

 

2.3%

 

4.7%

 

4.5%

 

Market outgrowth, or organic revenue growth less end market growth, can be lumpy during individual quarters due to timing of customer production launches, customer or platform mix, and changes in market share. For the last twelve months, market outgrowth is estimated to have been 6.3%.

GAAP to Non-GAAP Reconciliations

The following unaudited tables provide a reconciliation of the difference between each of the non-GAAP financial measures referenced herein and the most directly comparable U.S. GAAP financial measure. Amounts presented in these tables may not appear to recalculate due to the effect of rounding.

Operating income and margin, income tax, net income, and earnings per share

 

($ in thousands, except per share amounts)

For the three months ended March 31, 2023

 

Operating

Income

 

Operating

Margin

 

Income

Taxes

 

Net

Income

 

Diluted

EPS

Reported (GAAP)

$

148,842

 

 

14.9

%

 

$

23,726

 

 

$

86,417

 

 

$

0.56

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Restructuring related and other

 

2,941

 

 

0.3

%

 

 

(672

)

 

 

2,269

 

 

 

0.01

 

Financing and other transaction costs

 

4,248

 

 

0.4

%

 

 

2,874

 

 

 

7,607

 

 

 

0.05

 

Step-up depreciation and amortization

 

39,130

 

 

3.9

%

 

 

 

 

 

39,130

 

 

 

0.26

 

Deferred gain on derivative instruments

 

(2,250

)

 

(0.2

%)

 

 

853

 

 

 

(3,296

)

 

 

(0.02

)

Amortization of debt issuance costs

 

 

 

%

 

 

 

 

 

1,734

 

 

 

0.01

 

Deferred taxes and other tax related

 

 

 

%

 

 

6,791

 

 

 

6,791

 

 

 

0.04

 

Total adjustments

 

44,069

 

 

4.4

%

 

 

9,846

 

 

 

54,235

 

 

 

0.35

 

Adjusted (non-GAAP)

$

192,911

 

 

19.3

%

 

$

13,880

 

 

$

140,652

 

 

$

0.92

 

 

($ in thousands, except per share amounts)

For the three months ended March 31, 2022

 

Operating

Income

 

Operating

Margin

 

Income

Tax

 

Net

Income

 

Diluted

EPS

Reported (GAAP)

$

125,930

 

 

12.9

%

 

$

7,588

 

 

$

22,441

 

 

$

0.14

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Restructuring related and other

 

4,149

 

 

0.4

%

 

 

(100

)

 

 

4,049

 

 

 

0.03

 

Financing and other transaction costs

 

15,825

 

 

1.6

%

 

 

(544

)

 

 

74,560

 

 

 

0.47

 

Step-up depreciation and amortization

 

35,945

 

 

3.7

%

 

 

 

 

 

35,945

 

 

 

0.23

 

Deferred loss/(gain) on derivative instruments

 

652

 

 

0.1

%

 

 

1,811

 

 

 

(6,961

)

 

 

(0.04

)

Amortization of debt issuance costs

 

 

 

%

 

 

 

 

 

1,716

 

 

 

0.01

 

Deferred taxes and other tax related

 

 

 

%

 

 

(8,335

)

 

 

(8,335

)

 

 

(0.05

)

Total adjustments

 

56,571

 

 

5.8

%

 

 

(7,168

)

 

 

100,974

 

 

 

0.64

 

Adjusted (non-GAAP)

$

182,501

 

 

18.7

%

 

$

14,756

 

 

$

123,415

 

 

$

0.78

 

 

Non-GAAP adjustments by location in statements of operations

 

(in thousands)

For the three months

ended March 31,

 

2023

 

 

2022

Cost of revenue

$

(2,778

)

 

 

$

2,160

 

Selling, general and administrative

 

1,772

 

 

 

 

5,031

 

Amortization of intangible assets

 

39,076

 

 

 

 

35,647

 

Restructuring and other charges, net (1)

 

5,999

 

 

 

 

13,733

 

Operating income adjustments

 

44,069

 

 

 

 

56,571

 

Interest expense, net

 

1,734

 

 

 

 

1,716

 

Other, net (2)

 

(1,414

)

 

 

 

49,855

 

Provision for income taxes

 

9,846

 

 

 

 

(7,168

)

Net income adjustments

$

54,235

 

 

 

$

100,974

 

(1)

The first quarter of 2022 includes a charge of $15.0 million related to acquisition-related incentive compensation earned by Elastic M2M in the first quarter, partially offset by a gain of $6.2 million related to a reduced expectation of contingent consideration to be paid as a result of the acquisition of Spear.

(2)

The first quarter of 2022 includes a $59.9 million mark-to-market loss on our investment in Quanergy Systems, Inc.

 

Free cash flow

 

 

 

For the three months ended March 31,

($ in thousands)

 

2023

 

2022

 

% Change

Net cash provided by operating activities

 

$

96,888

 

 

$

47,355

 

 

104.6

%

Additions to property, plant and equipment and capitalized software

 

 

(36,882

)

 

 

(35,711

)

 

(3.3

%)

Free cash flow

 

$

60,006

 

 

$

11,644

 

 

415.3

%

 

Adjusted corporate and other expenses

 

 

 

For the three months ended

March 31,

(in thousands)

 

2023

 

2022

Corporate and other expenses (GAAP)

 

$

(62,441

)

 

$

(76,123

)

Restructuring related and other

 

 

(1,429

)

 

 

2,514

 

Financing and other transaction costs

 

 

2,619

 

 

 

3,727

 

Step-up depreciation and amortization

 

 

54

 

 

 

298

 

Deferred (gain)/loss on derivative instruments

 

 

(2,250

)

 

 

652

 

Total adjustments

 

 

(1,006

)

 

 

7,191

 

Adjusted corporate and other expenses (non-GAAP)

 

$

(63,447

)

 

$

(68,932

)

 

Adjusted EBITDA

 

 

 

 

 

For the three months ended

March 31,

(in thousands)

 

LTM

 

2023

 

2022

Net income

 

$

374,661

 

 

$

86,417

 

 

$

22,441

 

Interest expense, net

 

 

173,465

 

 

 

40,091

 

 

 

45,445

 

Provision for income taxes

 

 

102,155

 

 

 

23,726

 

 

 

7,588

 

Depreciation expense

 

 

126,601

 

 

 

30,948

 

 

 

31,531

 

Amortization of intangible assets

 

 

157,194

 

 

 

40,774

 

 

 

37,367

 

EBITDA

 

 

934,076

 

 

 

221,956

 

 

 

144,372

 

Non-GAAP Adjustments

 

 

 

 

 

 

Restructuring related and other

 

 

36,805

 

 

 

2,941

 

 

 

4,149

 

Financing and other transaction costs

 

 

(62,867

)

 

 

4,733

 

 

 

75,104

 

Deferred loss/(gain) on derivative instruments

 

 

6,500

 

 

 

(4,149

)

 

 

(8,772

)

Adjusted EBITDA

 

$

914,514

 

 

$

225,481

 

 

$

214,853

 

 

Net debt and leverage

 

 

 

As of

($ in thousands)

 

March 31,

2023

 

December 31,

2022

Current portion of long-term debt, finance lease and other financing obligations

 

$

198,696

 

 

$

256,471

 

Finance lease and other financing obligations, less current portion

 

 

24,471

 

 

 

24,742

 

Long-term debt, net

 

 

3,768,627

 

 

 

3,958,928

 

Total debt, finance lease, and other financing obligations

 

 

3,991,794

 

 

 

4,240,141

 

Less: discount, net of premium

 

 

(2,831

)

 

 

(3,360

)

Less: deferred financing costs

 

 

(28,542

)

 

 

(29,916

)

Total gross indebtedness

 

 

4,023,167

 

 

 

4,273,417

 

Less: cash and cash equivalents

 

 

1,034,134

 

 

 

1,225,518

 

Net debt

 

$

2,989,033

 

 

$

3,047,899

 

 

 

 

 

 

Adjusted EBITDA (LTM)

 

$

914,514

 

 

$

903,886

 

Net leverage ratio

 

 

3.3

 

 

 

3.4

 

 

Guidance

 

 

For the three months ending June 30, 2023

($ in millions, except per share amounts)

Operating Income

 

Net Income

 

EPS

 

Low

 

High

 

Low

 

High

 

Low

 

High

GAAP

$

145.0

 

$

159.0

 

$

82.5

 

$

93.5

 

$

0.51

 

$

0.61

Restructuring related and other

 

3.0

 

 

3.5

 

 

2.5

 

 

3.0

 

 

0.02

 

 

0.02

Financing and other transaction costs

 

4.0

 

 

4.5

 

 

4.0

 

 

4.5

 

 

0.03

 

 

0.03

Step-up depreciation and amortization

 

38.0

 

 

39.0

 

 

38.0

 

 

39.0

 

 

0.25

 

 

0.25

Deferred (gain)/loss on derivative instruments(1)

 

 

 

 

 

 

 

 

 

 

 

Amortization of debt issuance costs

 

 

 

 

 

1.5

 

 

1.5

 

 

0.01

 

 

0.01

Deferred taxes and other tax related

 

 

 

 

 

8.5

 

 

9.5

 

 

0.06

 

 

0.06

Non-GAAP

$

190.0

 

$

206.0

 

$

137.0

 

$

151.0

 

$

0.88

 

$

0.98

Weighted-average diluted shares outstanding (in millions)

 

 

 

 

 

 

154.0

 

 

154.0

(1)

We are unable to predict movements in commodity prices and, therefore, the impact of mark-to-market adjustments on our commodity forward contracts to our projected operating results. In prior periods such adjustments have been significant to our reported GAAP earnings.

 

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