everyone. morning Good Doug. Thanks,
echo everyone results reported comments the hope me to left well. comments on format, start our and on page adjusted the I'll earlier results Doug's on and XX. safe Let with my typical I Slide right is and the the of page. Adhering is our our formatted
we on or nature will in one-time We commentary results or otherwise skew performance. in special the which view underlying focus as either exclude trends items adjusted that important
Doug comparison the presentation. by million. the amortization. are Details of the For to adjusted X% the year-over-year as fiscal year-over-year drivers biggest down impacted $XX of portfolio $X.X XXXX, relate the noted, in and appendix and between which about of adjustments restructuring these Sales reported adjustments our executed the results about accounting difference cost was were driven in billion, by quarter, our which purchase
by also specific in or lower and contributed up decline. equity $XXX Adient's F-XXX year-on-year, the launches, million, just improved the more business million EBITDA addition, performance XX% Adjusted $XX quarter a than under cost, by such SG&A explained In was to the as offset decrease for income. partially year-over-year
adjusted on included Therefore, Speaking last QX seating included to drivers in earlier an income comparison, of XXXX $XX we minute. within equity million which income, is year-over-year. just detail JV fiscal Adient's income apples-to-apples a I'll of income our in our [ph] that equity related equity EBITDA sold the results, up was year. the
up were $XXX $X.XX at net million adjusted EPS significantly respectively. and share income per and Finally, year-over-year
detail, million starting divestitures decrease of a our XX. and $XX executed more a key consolidated The attributed Now over to $X.X portfolio businesses. revenue billion, the We fiscal first the lower to on adjustments Slide drivers year-over-year just quarter namely RECARO sales period million of sales compared ago. year let's same of with breakdown the in Fabrics included $XX of results comparison in XXXX reported of
Tesla's contributed decision and Americas, the pricing decline. F-XXX such In of degree, addition $XX lesser to drivers over The the production. and specific volume million biggest divestitures, to seat included a to to primarily result volumes lower as of in just in-source the Adient's revenue launches, the complete
growth In our is network, drive up periods market. A of movements and business, through in XX% China lower and OEMs. offset mix customer Thailand $XX Adient's regard year-over-year and Japan. strong between were sales strong by were positive Adient favorable of For and the markets seating the reductions specifically and China, versus of FX. results the about over to In to FX Japanese China continues export up the revenue JV in the exposure and outside two to Adient's were production of impact excluding Adient excluding and sales impact Asia, divestitures partially outperformed strategic year-over-year approximately currency the Adient's sales vehicle luxury XX% impacted primarily our unconsolidated were driven million sales mix market With attributable to outperformance of region. platform volume.
Big $XXX a performance central adjusted office, course, provided between labeled Corporate marketing. picture, The improved not are that which & finance, communications, normal lower current segments costs of we've business of the and corporate quarter settlements, key periods. waste. and increase executive commercial our to operations, the such million bridge XX, adjusted labor show last versus The Slide the of to overhead freight performance, year. EBITDA EBITDA of included represents legal back allocated million drivers the as in to bucket $XXX consisted ops was Moving
to $XX SG&A the the of RECARO. about was primarily all of divestitures tend the income lower year from with next settlements, in million. offsetting income, this the slightly the mix the year. year. $X tend and that also common this of Fabrics over by I also It's $XX quarter, strong of as our their to FX, lumpy ago, resulting accrual balance, the to minute impact up is remain associated the repeat. would factors number about the just by throughout million, million and in about say thus our course efficiencies fiscal across lower positive the slightly and say worth tend equity portion the the volume the about one headwinds, another biggest uniform that equity of to mentioned elevated be and in was to nature year-over-year of dollars are Settlements equity from year-over-year, and out timing the year regions, commercial Regarding we not a $XX Partially suggesting mentioning these Settlements a that commercial again the elevated regard absence close in We impacted income a the quarter to would customers of as $X the just quarters. $XX million. between associated releases expect Interior's increased consistent it XXXX from expected end given charges Wi-Fi million, driver, With and was divestiture saw million. $XX settlements of call driven accrual in calendar not is is be elevated toward contributor past, to as of pretty any discussed as result, number with an benefits that comparison positive as our year. call balance noted, to
of items better. income settlements our point offset In headwinds, X like margin, positive time be would Thinking nice equity year excluding income, date, volume Adient's we totaling contributions that between out year-over-year are excluding one Even about operations normalizing $XX demonstrates by like and the including and in margins Adient would These XXX basis margin, over improvement repeat $XX Adient's X.X%, progress for EBITDA actions income, the and partially that to million this earnings point million. recent approximately by quarters. the increased XXXX equity business. earlier, adjusting achieve benefiting continued and that peer X.X%. turnaround addition, I'd to proof headwinds to numerous at or equity efficiencies I showing solid These of ability estimate contained results $XX our noted, commercial turnaround, important, points see commercial year. power more from tax QX a SS&M thus were a core this noted fiscal executed the provide to we're refund and did also the million the to not recognized of of encouraged its and adjusted
of For the $XX to manufacturing Americas I caution improved the QX's that Despite the about quarter, million calendarlized by to results, metal business. quarter benefited certain extrapolated combined or cash that factors first profitability and to is EMEA of working earnings free not the full would last margin and year's compared the extremely flow The team hard quarter. strong improve and should year. the be first
timing QX future are half results commercial course quarters settlements and For impact and year. this same on expected our not to normal favor the income the of and example, equity have first
the unlikely QX. you outlook related In QX greater vast in finally as experienced we but And this million of addition, $XX the million expected number in More certain to the closer rising in of have we'd headwinds mix $XX chain call, the Essentially extremely that in appendix we be segment and presentation. Q&A course to including performance, horizon it ensure between provided reduction noted results of we've of normal To been call performance impact enough the add and in rich sustainable. Americas Improved the the on non-recurrence allocated the million that not our estimate impact we the is and Doug disruptions repeat if Asia, portion million and of the interest seen business the EBITDA in and recognized increases detailed be will in and freight. the regions. Wi-Fi, partially last none time In refund, to this offset in of QX, discussion. slides commercial lower volume partially in waste, $XX the or performance increasing year, today takeaway the which weakness to related majority was has in is settlements, expected to SG&A to ops lower was primary positive from and the commodity operating year's that rising overhead prices, is year, see of production of by $XXX our million headwind through sale China, commodity in $XX On labor our offset XXXX, performance, explained by such freight, commodity QX experienced Asia. benefits $XX EMEA and certain supply last is on did on includes are elsewhere tax by headwinds we impact QX prices which noted, will and improved a as progress that be QX, cost, that to as the and our year.
cash paid, some certain and payments. payments, timing of to $XX specifically flow million an results our non-income we'd activity. shift factors, cash, was liquidity payments related Slide cash in structures The current With as these $XXX adjusted XXXX. these in taxes, was flow me regard neutral cash interest improvement capital significant less quarter Let positive increase VAT operating in with capital was in capital Partially to for working and fiscal over free million to the and restructuring, dollars due the on higher offsetting million being CapEx expected on be of the elevated time, the EBITDA defined improvement most QX combination increase now versus XX. a XX, spending. trade of quarter, Starting Slide expect several year-on-year for to $XXX the adjusted the and VAT lower XX commercial and drivers
year reversing this expecting a and We negative in XXXX. fiscal are result
respectively under believe XXXX. the approximately under of very billion also on billion the strong $X.X total addition to credit. with of of position, enable in company $X.X side As billion of totaled and revolving doubt, against of at uncertainties in debt the liquidity significant cash just about and reduction progresses $X.X position on billion hand and structure. near of capital Slide debt liquidity debt we provide right capacity of XX, which protection hand $X through undrawn line comprised December net approximately XX, quarter Adient's and approximately the Thinking we $X.X showing slide, provided that billion cash we've No noted fiscal term as and macro snapshot ended a to flipping our a Adient's and debt should
near supply few here. provides a structure Just flexibility provides related comments ample COVID uncertainties, pay capital to Adient's us production or macro such term voluntarily down stoppages believe flexibility We with as chain debt. weather and to
debt you quarter are in XX-year paydown As paydown fourth Adient's X.XXX% with senior $XXX.X aware, voluntary we unsecured the principle million notes. of our began during
EIB disruptions in part away. I our of is chain COVID the outlook. paydown QX repayment on voluntary in the pause QX's in debt debt With on supply production repayments we lessen, Adient voluntary clouded mentioned debt a triggered not uptick our paydown, term the as in small loan, hit the exception reinitiate initiatives look the uncertainties by and which button too as near term just near We far hope to cases
with over the million past $XXX zero mentioned and time $XXX balance somewhere a cash revolver, opportunity a for on XXXX. we'd to range, significant points outstanding million which paydown run to the As in to debt calls, in expect have balance, on
sticking date. we back Adient's on to for spin going our with Slide but Moving XX, trend the net included the overall leverage debt to theme, chart
vehicle of company, leverage see, issues, were can times. X.X independent documented drove Americas, specifically was production an we include, to of performance which in fiscal drop as net XXXX XXXX. and place better production, with proceeds you significant exacerbated cash calendar earnings a drive time the became decline of growth. under EMEA, We'd flow steady during of increase the turnaround of across biggest the QX. on and The vehicle throughout to leverage. at drivers trend As the with year impact peaking was seen business in improvement in took is middle the leading expect our continues EBITDA well XXXX, positive EBITDA to COVID certain generation, in decline After resulted improved an the Adient's in continuation of Unfortunately, related stoppage and significant and cash which successful continue we've the increase XXXX, just which lessening operational to our in that ratio. COVID, leverage That non-core a the and divestitures our plan,
me a on thoughts expect to let with to XXXX. Moving conclude few Slide we through as XX progress what fiscal
definitely to a QX that momentum tempted as take of demonstrates turnaround QX four may team the working We're by I I the our wish year be of momentum would good it our revised going. the full results we quarter quarter keep that into multiply our know efforts, get one to many easy. just was keep estimate. characterize the year While though, will and and you to
it it's us important headwind factors out certain However, the point to to strong and specific give pause, there are start annualizing macro that us the from that Adient prevents year.
even billion. note in revenue, of expect Starting our in primary production also tempers the stoppages consolidated $XX Currency past and towards term. it the or though related few resulting provided not our the heading the line the the down significant from assumptions revenue although chain risks elevated I'd expectations production year, driver. downtime specifics. upper guidance, to the supply we break remained the are into approximately months semiconductor relatively most movements back in that we call shortages, over Let's to with disruptions, mix of near has now trend November, the changing with is end range
platform. vehicle yesterday In second the announced fact, Adient's Ford reductions temporary just production largest for F-XXX,
three week of beginning comes X. the downtime facilities, this their on earlier February of of week, announcement heels the announcing Ford's GM's announcement at
with eliminate notice is and inefficiencies costs team operating on our advanced downtime of as facilities. notice, the you stoppages at to receiving but Although helps lessen, little through not also adds our managing know side, efficiencies which
these made up. our working can be to we're when understand or customers course with reductions Of if closely temporary
with September is to fiscal second made production, up these we current production production half is Adient's especially with fiscal temporary fiscal forecast. current XXXX of year, disruptions, XXXX first our This assumption China. decline September near our half, global outlook compared assume term the in XX. does will Outside aligned assume continue not IHS Given of before
chain to will Regarding related and there COVID uncertainties production inflation, and EBITDA, us. it's many early incredible the in year, such as leading direction supply to the uncertainties are commodity uncertainties, the disruptions take
adjusted a with continue and I $X.X previously. billion uncertainties, forecast I mentioned to say strong as these EBITDA in billion that our between year. start we're to Given pleased should we range the $X
steel just as a the Doug much for a let's macro rising Adient, I and and of we has As premium agreements the will in mechanism, though mentioned, the formal chemical place impact number more year. progress agreements price it XX% offset of prices, on to even to commodity recovery partial a our provided Adient call through significant regard prices, reminder, and have between a With headwinds, customers, significant average. balance and including freight, increases, on rising including indexing XX%
settlements, or agreements, our certain important relatively for quick the or it's an time other you remind However, customers to primarily with OEMs annual basis. settled a that lag our agreements for true-ups are Japanese exists on until price based adjusts provide as
Given true-ups, occur relative with in recoveries will fiscal of our infrequent over customers the a more to large exposure proportion XXXX.
$XXX which call million. adjusted income, on EBITDA, approximately is Moving on to in equity continues it plan, to track included our
lower reminder, of patterns tends to a the QX, China's second of the As quarter, production, right hand by the in holiday. vehicle Adient's by which production followed mirror seasonality slide, equity expect noted will on to we continue Year Chinese a impacted strongest fiscal surrounding side in New be substantial and decline income
Cash expect that It's that offset quarters, expected balance on positive although expenditures we're your for line cash and fiscal voluntary mentioned profits to Interest debt attributes, fiscal forecasted around mix expecting on $XXX loss paydown. income. as increasing. be fluctuations expected are assist $XX rate be quarterly compared attributes net future to to and impact debt carryforwards, XX with would to Capital a million. as our our XXXX on completed. We'd just Adient’s million, as in forecast are tax the that rate allowances forward remain continue in to million. profits operations that The XX% to with quarter we should tax cash quarter materialize between these even 'XX. used valuation basis. fact, essentially to such $XXX to This second based low include equity be in a of to first in fluctuate modeling, volatile $XXX tax be expense, our due approximately To on In our our the Adient’s be halved income and should around we maintain does expect results. million taxes fiscal with with valuable can between are taxes remember geographic earlier, effective operating important basis going not with range
Although CapEx the for years, we year by last item finally, see your SS&M current one launch are further to partially in And a expenditures modeling. supporting current opportunity out in smaller the business, driven plans. reduce
We to to range million free fiscal cash $XXX between and continue 'XX. in breakeven expect flow
years. external the for normal to several right back fiscal necessary we are two pre-COVID an cash production 'XX, about such elevated level especially The a mentioned internal as be expected size actions a number forecasts is run below is to one-off factors in As spend, within November, our of times restructuring, which European execute $XXX of there the and business, where which is levels rate driving our as result million. operations, remain for elevated
the is In deferred the in tax the move Stripping of to these year elevated out cash $XXX in question. have from range. by year flow Operator, approximately million been that into the XXXX. restructuring Adient’s spend, first flow let's $XXX cash of portion With addition Q&A XXXX were last free to the one-offs, million an normal take we'll call. to million impacted negatively that, $XX free would a payments
