Adient (ADNT) FY2022 results: revenue $14.1 billion, up 3.2% on the year

Adient plc (ADNT) reported revenue of $14.1 billion for fiscal 2022, the year ended 30 September 2022, up 3.2% on the year before. Net income was -$120 million, and diluted earnings per share $-1.27. The figures are the company's own, from the 10-K it filed with the SEC on 22 November 2022.

Revenue

$14.1 billion

+3.2% on the year

FY2015FY2022

Operating margin

n/a

FY2015FY2022

Net income

-$120 million

FY2015FY2022

Diluted EPS

-$1.27

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	14,121	13,680	12,670	+3.2%
Cost of revenue	13,314	12,854	12,078	+3.6%
Gross profit	807	826	592	-2.3%
Gross margin	5.7%	6.0%	4.7%
Research and development	322	316	370	+1.9%
Selling, general and administrative	598	537	558	+11.4%
Interest expense	192	229	203	-16.2%
Pre-tax income	54.0	1,439	-429	-96.2%
Income tax	94.0	249	57.0	-62.2%
Effective tax rate	174.1%	17.3%	n/a
Net income	-120	1,108	-547
Net margin	-0.8%	8.1%	-4.3%
Diluted EPS	-$1.27	$11.58	-$5.83

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	274	260	246	+5.4%
Capital expenditure	227	260	326	-12.7%
Free cash flow	47.0	0.0	-80.0
Free cash flow margin	0.3%	0.0%	-0.6%
Cash from investing	484	347	166	+39.5%
Cash from financing	-1,273	-770	393
Depreciation and amortisation	350	330	332	+6.1%
Share-based compensation	29.0	36.0	15.0	-19.4%
Buybacks	0.0	0.0	n/a
Dividends paid	n/a	0.0	0.0
Dividend per share	n/a	n/a	$0.28
Diluted shares, weighted	95m	96m	94m	-0.9%
Shares outstanding at period end	95m	94m	94m	+0.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,073	2,376	1,213	-12.8%
Non-controlling interest	302	342	322	-11.7%
Debt	2,578	3,696	4,307	-30.2%
Operating lease liabilities	186	246	244	-24.4%
Finance lease liabilities	n/a	1.0	0.0
Other liabilities	4,019	4,117	4,175	-2.4%
Total liabilities and equity	9,158	10,778	10,261	-15.0%
Fixed assets	1,377	1,607	1,581	-14.3%
Goodwill	2,057	2,212	2,057	-7.0%
Intangible assets	467	555	443	-15.9%
Cash and equivalents	947	1,521	1,692	-37.7%
Inventory	953	976	685	-2.4%
Other assets	3,357	3,907	3,803	-14.1%
Total assets	9,158	10,778	10,261	-15.0%

10-K for the year ended 30 September 2022, filed 22 November 2022: the filing.