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Delphi Reports Third Quarter 2012 Financial Results

EBITDA : EBITDA is presented as a supplemental measure of the Company's performance which is consistent with the basis and manner in which management presents financial information for the purpose of making internal operating decisions. EBITDA is defined as net income (loss) before depreciation and amortization (including long-lived asset and goodwill impairment), interest expense, other income (expense), net, income tax expense and equity income (loss), net of tax. Not all companies use identical calculations of EBITDA therefore this presentation may not be comparable to other similarly titled measures of other companies. The Company's 2012 guidance was determined using a consistent manner and methodology.

 
Consolidated EBITDA
    Three Months Ended     Nine Months Ended
September 30, September 30,
2012   2011 2012   2011
(in millions)
Net income attributable to Delphi $ 269 $ 266 $ 941 $ 855
Income tax expense 52 87 227 276
Interest expense 32 37 100 84
Other income, net (3 ) (14 ) (15 ) (13 )
Noncontrolling interest 23 19 64 56
Equity income, net of tax (6 ) (2 ) (18 ) (25 )
Operating income 367 393 1,299 1,233
Depreciation and amortization 113   123   340   356  
EBITDA $ 480   $ 516   $ 1,639   $ 1,589  
 
 
Segment EBITDA
(in millions)
Three Months Ended September 30, 2012    

Electrical/ Electronic Architecture
 

Powertrain Systems
 

Electronics and Safety
 

Thermal Systems
 

Eliminations and Other
  Total
 
Operating income $ 171 $ 125 $ 58 $ 13 $ $ 367
Depreciation and amortization 39   44   20   10     113
EBITDA $ 210   $ 169   $ 78   $ 23   $   $ 480
 
Three Months Ended September 30, 2011

Electrical/ Electronic Architecture

Powertrain Systems

Electronics and Safety

Thermal Systems

Eliminations and Other
Total
 
Operating income $ 200 $ 116 $ 55 $ 22 $ $ 393
Depreciation and amortization 33   51   26   13     123
EBITDA $ 233   $ 167   $ 81   $ 35   $   $ 516
 
Nine Months Ended September 30, 2012

Electrical/ Electronic Architecture

Powertrain Systems

Electronics and Safety

Thermal Systems

Eliminations and Other
Total
 
Operating income $ 596 $ 437 $ 207 $ 59 $ $ 1,299
Depreciation and amortization 112   134   62   32     340
EBITDA $ 708   $ 571   $ 269   $ 91   $   $ 1,639
 
Nine Months Ended September 30, 2011

Electrical/ Electronic Architecture

Powertrain Systems

Electronics and Safety

Thermal Systems

Eliminations and Other
Total
 
Operating income $ 593 $ 343 $ 200 $ 97 $ $ 1,233
Depreciation and amortization 97   144   79   36     356
EBITDA $ 690   $ 487   $ 279   $ 133   $   $ 1,589
 

Cash flow before financing: Cash flow before financing is presented as a supplemental measure of the Company's liquidity which is consistent with the basis and manner in which management presents financial information for the purpose of making internal operating decisions. Cash flow before financing is defined as cash provided by (used in) operating activities plus cash provided by (used in) investing activities, adjusted for maturities of time deposits and costs associated with the initial public offering (IPO). Not all companies use identical calculations of cash flow before financing therefore this presentation may not be comparable to other similarly titled measures of other companies. The Company's 2012 guidance was determined using a consistent manner and methodology.
 
    Three Months Ended     Nine Months Ended
September 30, September 30,
2012   2011 2012   2011
(in millions) (in millions)
Cash flows from operating activities:
Net income $ 292 $ 285 $ 1,005 $ 911
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 113 123 340 356
Working capital (14 ) 28 (178 ) (305 )
Pension contributions (16 ) (18 ) (42 ) (51 )
Other, net 39   (8 ) 43   (2 )
Net cash provided by operating activities 414   410   1,168   909  
 
Cash flows from investing activities:
Capital expenditures (163 ) (162 ) (563 ) (454 )
Maturity of time deposits 550
Other, net 3   26   37   79  
Net cash (used in) provided by investing activities (160 ) (136 ) (526 ) 175  
 
Adjustment for maturities of time deposits       (550 )
 
Cash flow before financing $ 254   $ 274   $ 642   $ 534  
 

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