morning Thanks, Great. And good everyone. Doug.
with Doug's hope echo and slide format, our And results right adhering to everyone safe formatted typical page the on well. the on side. starting earlier results the Let on and our our and left XX, and is adjusted is me reported comments
important one that as We and time trends in either otherwise on exclude will the results, view nature focus or our adjusted skew which special underlying commentary items we performance.
these purchase For as between restructuring down of cost, the in impairments, difference $XX to equity million Details by relate in and of production accounting global improved income. specific drivers which billion, than the driven was up Adjusted biggest lower $XXX Doug year-on-year, pension were increase are year-over-year, the by year-on-year and EBITDA and million, business of amortization, more performance, lower quarter mark-to-market. asset and an explained Sales presentation. the reported results the for Adient $X.X or quarter, appendix our noted, adjusted launches. the adjustments X% SG&A was XX%
of equity is was million earlier our result, income of an XX% on EBITDA to Speaking related this Adient’s Interiors our year. equity included up $XX that Therefore, seating JV income, million, $XX year-over-year. in we apples-to-apples XXXX which adjusted or income included QX sold comparison,
$X.XX I'll up and at contributed income. to the to The sales Wi-Fi point relating significantly EPS driven year-over-year also $XXX primarily and improvement benefit and respectively. tax was tax the certain a million income by write-offs net in business. Adient’s deferred of Finally, the adjusted benefit liabilities fabrics net tax year-over-year that out were of
reminder, recent years. rate value you as the quite is given a tax provides valuation model effective recorded little As the allowances volatile, arguably and in company Adient’s currently
As are in more the production, finished continue XX% year focus significant of impact to with $XXX in was taxes. down decline on billion the than the turnaround million continued results in were pandemic vehicle as offsetting the COVID-XX the driver EBITDA, The particularly in year compared plan. such, more stoppages decline. caused the significant lower partially approximately of quarter on explained third the benefits at Sales cash XX. slide year-over-year volume we'll The our Full XXXX. $XX.X production shown negative volume reduction of our driven customers key by the company's execution
impact a me, operating volumes of And the XXXX significantly COVID-XX respectively. year-over-year, lessened. decline Adient’s bottom income lower earnings fiscal were to the and earnings income prior of finally, of million early in impact where X loss XXXX, Although improved improved dropped pandemic adjusted $X.XX the significantly-- as the although from year-over-year net excuse fourth directly and down EPS resulting quarter, during line in to the and
the on growth the with lost sales Europe quarter results ago. the in consolidated to period same break across we decrease the key vehicle and platform volume to revenue region. detail. market. drive market specific over decrease. and North a compared fourth the customer EMEA were $X.X was Adient’s downtime Now, sales the $XXX attributed let's on continues to region. outperformed our America, adjusting the In seating, Asia impacted to to production the of strong sales down in more compared Starting XX, in out the Adient year year-over-year primarily the billion, RECARO within also Lower slide much of pandemic automotive for Americas the production a right line sales was and call and production with European of extent. for the consolidated reported favorable Adient’s to volume by launches of driver noting, the a China, Worth divestiture mix associated generally contributed year-over-year decline, were but negatively million production lesser in Adient Ram Classic in sales
automotive For reductions exposure markets related Mitsubishi attributable programs. These region. in variety to divestiture seating sales regard China, year-over-year up strategic by our In to The China with Adient Asia, the and Thailand China, was performed specifically JV approximately unconsolidated also of luxury revenue, versus the certain outside RECARO to primarily to of results excluding sales With year-over-year Japan to year-over-year export line Japan, were of The sales XX% and JVs. contributor market strong business, of OEMs. XX%. driven Adient’s unconsolidated up were primarily our were mix has Outside Adient’s Adient of in Japanese production is a network, outperformance a and seating Nissan and decline. impacted in through the generally FX. operations in
income operations macro as production. numerous benefited however, out the our basis turnaround XXX excluding that A X.X%. caution increased points just point certain legal margins performance, to $X increase temporary of year-over-year important deconsolidation year-over-year I'd to note not Key point EBITDA and executive expected such increase actions in the The be costs show we rich the to of allocated And sold was in significant included income, viewed of million Partially a labor between a positive positive million last and of year. such and Also million drivers to included of volume Wi-Fi SG&A adjusted related of Aerospace Asia, income, by in also to increase performance like likely office, the the offsetting EBITDA not income equity adjusted which RECARO. factors are equity between $XX represents the investment extremely EBITDA Adient to QXs corporate of mix repeat the are current Moving was freight EBITDA. regions of communications, million $XX and million efficiencies bridge would stop lower we've marketing. our proof mix. versus of associated driven $XXX as of provided periods. good improved in segments related under bucket to XX, quarter consisted Picture, Big equity consolidating are as ops Corporate benefiting lower equity and divestiture Adient’s the are of operations, the the $XXX seating executed of million $XXX savings overhead year's business back headwind Lower by that margin next waste. the and to date. finance, last just year. core Thinking the to across noted labeled of SG&A EBITDA unsustainable, slide from and Adjusted increased contributed $XX all million should I last to with that to the benefits and cost and approximately factors central December.
on mentioned, the commodity headwinds coming as quarters. in freight As our prices, provided need we that a in slides premium Q&A the the the More presentation. horizon, minute. see call, our of through portion appendix expectations XXXX to team will Doug segment the enough certain rising detailed such allocated and an of on the in is time uptick in manage ensure the performance we’ve just To to
and was the capital our flow, on and a CapEx XX, Let had operating at There less were compared QX liquidity cash the with flow factors adjusted free $XXX quarters cash that our quarter, me million. now balance. for defined a high XX slide several impact significant as shift These factors to to structure on level. on XX. slide cash ending cash, Starting cash included
$XXX and million cash a X.XXX% sale, income, experienced from reversal transactions used the fabric offsetting cash were collected under Yanfeng notes. these under and pay QX, net the of just of down level contributions to the operating was proceeds million in Senior million partially unsecured of temporary of working positive First, principle of closure capital Adient’s XX-year voluntarily and $XXX just $XXX.X trade of headwinds higher in the
about just the quarter $X.X hand of billion side of we approximately comprised undrawn cash liquidity line of total right the On on can million hand year $XXX the revolving ended $X.X capacity with billion slide, of credit. Adient’s under and you under the of in of see
on. make moving more one point Just to before
work down under within million where to within year the for just totaled Adient’s reuse where was business the continues team last compared spending capital especially to year-on-year. extremely down see SS&M the million million $XXX expenditures capital can the year. $XXX hard capital to The appropriate, $XXX You table
turning on, XX. slide to Moving and
Adient’s debt a billion XXth, debt showing totaled September of respectively $X.X we've provided structure. to billion and which and capital $X.X addition snapshot also net In our position, at
fourth of Adient’s senior few pay in voluntarily flexibility debt, weather now million Adient’s provided a capital XX-year ample $XXX.X structure which the notes. flexibility X.XXX% providing principle, to COVID comments with the unsecured we us is during Just pay here. storm down and with to down began quarter
look As uncertainty pay to time, we'd crisis lessons down debt obligations. related to over the additional
note million the the in $XXX past significant million Adient’s pay balance to at on and mentioned August as One AR ABL, to points and the was zero end. quarter September XXXX. end approximately run inventory $XXX outstanding with under revolvers, revolver to our of or under the just than inventory available cash balance revolver the, As such increased QX based a balances million million AR $XXX and $XXX on on balances. the overtime, balance fiscal lag, million range, calls, our availability to October, slide $XXX one in opportunity month capacity the final a to somewhere Updating on debt we on more and have for expect down to which availability the based in related under
fiscal let Starting what on, XX expect through XX with slides XX. slide Moving on few XXXX. me a conclude on thoughts for to
hand planning based On side, XX. significantly environment stoppage. current our such production FX stoppage occurred. and We're The laid not with different production the the compared on a fiscal are out for we've a production be assumptions right if assumptions could and forecasting
a possibility. and with However, the it cases remains COVID escalation
As expectations known The higher, year-over-year Doug will our each major plan generally trend certain with the October with XXXX regions. over release the overlays production in aligned customer vehicle continue IHS of assume noted schedules. earlier, global foundation increasing estimates for is current to
entering XXXX, the first aligned fiscal compared IHS of fiscal production XXXX half will production with half vehicle the first with robust remained half also of is schedules production, assumes which second Adient compared have XXXX with fiscal Although decline forecast.
we our sales of perform On table, you far Bottom region the XXX growth to consolidated side global are how by basis relative to expect outpace vehicle the Adient’s roughly expected by far, line, production points. production. see can sales to right
roughly XXX If you adjust and would over points. Fabrics in completed basis XXXX, for fiscal RECARO the be market divestitures growth
expected Tesla's and insource at decision China will as growth is headwinds Europe manufacturing certain both Within seat sales in in result the volumes likely their America, and North lower XXXX over Nissan growth. to production fiscal market in region's, such lagging
billion on a due of are We've the $XX.X industry XXXX for sales our XXXX expected the bridge our between to positive on offsetting of business fiscal expected and impact impact partially assumptions our the XXXX outlook, these factors million, to XX. they growth. Now and positive billion. to included of well and backlog sales FX that greatest positive $XX.X expected last billion range beginning year, pricing of $XX.X sales $XXX of I'll to slide with Volume and mix how XXXX review walks our have volume, and as between year, performance of the Outside have the Adient’s million divestitures customer a headwinds. overall new are as $XXX completed impact
plan, Now offset headwinds. improvements, expected turning Adient’s be turnaround to which Adient. the profitability high influences Adient’s also bridge to fiscal will These company's the slide to of influence our Many $XXX complementing be operational these EBITDA. related consolidated side, while our from approximately several driven Higher including performance results containment improve XX, are customer on are $XXX others volumes we a to execution positive of million we've specifically also macro a to in illustrating initiatives. Walking and by will specific million benefits, XXXX positive XXXX. are Certain partially management. expect cost by self-help profitability, included of adjusted included related factors year-over-year of for driver level continued $XXX expectations million, significant headwinds EBITDA, of
more $XX lever our cash interiors in to the be a million business steel mentioned labor, cut during operations estimated year, of $XX with cost and watch associated is recognized finally, Brexit control the approximately rising are our benefits non-recurrence elimination implementing will the versus example, of specifically and we're XXX-K temporary $XX we a namely continuing our fiscal create And furlough plans. foam be pulled salary our portfolio equity also to million as related every income development and costs gap of cost headwind. for to pandemic, XXXX spending $XX commodity last I'd to to to such closely. complexity Launch of approximate of million. and approximately fiscal expected are sale significant, For reduce the Adient’s the as within both chemicals our volume the XXXX. reductions adjustments an and burn in our fabrics not although direct million launches, our
event, at EBITDA dollar increase we However, uncertainty billion $X.X expect possible to this given time. in $X.X an and line, fiscal pieces XXXX. the to moving placing Bottom the is takes, puts surrounding estimate between many when through not adjusted sifting the billion and and headwind
with at be Our is better the expected compared forecast corresponding year. This current on margin is approximately environment. midpoint expected $XXX a EBITDA with consolidated this adjusted is outcome based $XXX to of million, X.X%. to about million the Important note, last operating
assuming COVID given the Specifically, downtime taking supply particularly customer production that possible, uptick is shortages, occur may we from are not that or Europe cases and Americas. stoppages the place, across and
a income Now commodity we're on the expecting Important expect assumption be to be primary and current of of note, XXXX. to be due interiors, that few to The the Wi-Fi fiscal and profits relatively of offset flat compared approximately our fiscal income paid sales expectations make impact around on adjusted a and less to the we'd tax flat carry our production going equity the on particularly which than covered elimination expected fiscal continues income, should about are tax million, prices on debt XXXX. $XXX we around is loss quickly expected in to year-over-year we've expense operating strong up in to financial these for me the slightly attributes $XXX based income that Again, Cash China, maintained earlier rates, important It's can negative Interest in to FX $XX pandemic. fiscal this in million our for equity remember we've XXXX comment seating other taxes QX, is metrics valuable as based our balance cash the attributes market XX. be be key expectations let that XXXX EBITDA, on expectations. is only. in reason slide equity equity for Starting such forwards, with with net losses forward used million. and basis. as for to year
our assist tax To to for expecting cash low fluctuate expect results. We'd around of $XXX to to as your allowances that in range a are XX% fluctuations XXXX. quarters we valuation fiscal an expenditures XXXX expect million, we're due earlier, line mix remain essentially increasing. are with effective volatile to million even with geographic mentioned be $XXX So taxes rate quarterly rate between and on profits modeling, in with forecasted between although basis income. to as fiscal Capital
as restructuring, number European year for Although last expected cash years, rate plans. below The execute driven million about around several and million. finally, is this see expenditures capital breakeven actions And further an remain times level years. in size for where free spend, XXXX. the fiscal is in normal such to cash part the range expenditures your supporting launch modeling is XXXX, to operations, run of and to our elevated right pre-COVID for two our $XXX item one between are be we which especially production business, a of which levels forecasts necessary within elevated as external internal SS&M smaller flow expected the factors a $XXX opportunity business, one-off we reduce in driving current There out by is result to are current
were million in one-offs, free that XXXX into last flow by these approximately is out that, million, first take question of the In cash million elevated other year, XXXX. of spend; we'll Operator, year cash the to let's payments deferred question. addition free been is call. $XX from to the have to to an With impacted Stripping more would negatively in expected restructuring flow range Adient’s a the same. the $XXX move all portion between and normal keeping a answer factors $XXX the tax
