| Item 7.01 | Regulation FD Disclosure. |
Reaffirmation of Guidance
On February 5, 2021, Adient plc (the “Company”) reaffirmed fiscal year (“FY”) 2021 guidance that included, among other things, revenue of $14.6 billion to $15.0 billion and Adjusted EBITDA of $1.0 billion to $1.1 billion. Today, the Company reaffirmed its previously released FY 2021 guidance.
The guidance set forth above speaks as of the date hereof. The Company does not intend to provide further updates on its guidance until it releases its second quarter FY 2021 results, expected in May 2021.
Presentation Materials
On March 29, 2021, Adient US LLC, an indirect wholly-owned subsidiary of the Company, intends to present certain materials to existing and prospective lenders under its existing term loan credit agreement in connection with a proposed amendment and extension of the agreement. A copy of the materials that will be used during this presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
As previously announced, representatives of the Company will be presenting at the Bank of America 2021 Global Automotive Summit on Tuesday, March 30, 2021 at 8:20 a.m. Eastern time. A copy of the materials that will be used during this presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information contained in Exhibit 99.1 and Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
The Company has made statements in this report that are forward-looking and, therefore, are subject to risks and uncertainties. All statements in this report other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In this document, statements regarding the Company’s expectation for the strategic transactions in China, the Company’s deleveraging transactions and the contemplated amendment and extension of the Company’s term loan credit agreement (collectively, the “Transactions”), timing, benefits and outcomes of the Transactions, as well as its future financial position, sales, costs, earnings, cash flows, other measures of results of operations, capital expenditures or debt levels and plans, objectives, market position, outlook, targets, guidance or goals are forward-looking statements. Words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “forecast,” “project” or “plan” or terms of similar meaning are also generally intended to identify forward-looking statements. The Company cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, that could cause the Company’s actual results to differ materially from those expressed or implied by such forward-looking statements, including, among others, risks related to: the Company’s ability to consummate the Transactions that may yield additional value for shareholders at all or on the same or different terms as those described herein, the timing, benefits and outcome of the Transactions, the effect of the announcement of the Transactions on the Company’s business relationships, operating results and business generally, the occurrence of any event, change or other circumstances that could give rise to the termination of the Transactions, the failure to satisfy conditions to consummation of the Transactions, including the receipt of regulatory approvals (and any conditions, limitations or restrictions placed on these approvals), risks that the Transactions disrupt current plans and operations, including potential disruptions with respect to the Company’s employees, vendors, clients and customers as well as management diversion or potential litigation, the effects of local and national economic, credit and capital market conditions on the economy in general, and other risks and uncertainties, the continued financial and operational impacts of and uncertainties relating to the COVID-19 pandemic on the Company and its customers, suppliers, joint venture partners and other parties, the ability of the Company to execute its turnaround plan, the ability of the Company to effectively launch new business at forecast and profitable levels, the ability of the Company to meet debt service requirements, the terms of financing, the impact of tax reform legislation through the Tax Cuts and Jobs Act and/or under the new U.S. presidential administration, uncertainties in U.S. administrative policy regarding trade agreements, tariffs and
