Document

Exhibit 99.1

Appendix

Page 1

Adient plc

Condensed Consolidated Statements of Income

(Unaudited)


	Three Months Ended June 30,
(in millions, except per share data)	2021		2020
Net sales	$	3,242	$	1,626
Cost of sales	3,092		1,779
Gross profit	150		(153)
Selling, general and administrative expenses	136		115

Restructuring and impairment costs	8		49
Equity income (loss)	38		48
Earnings (loss) before interest and income taxes	44		(269)
Net financing charges	87		58
Other pension expense (income)	(4)		(1)
Income (loss) before income taxes	(39)		(326)
Income tax provision (benefit)	10		5
Net income (loss)	(49)		(331)
Income attributable to noncontrolling interests	22		(6)
Net income (loss) attributable to Adient	$	(71)	$	(325)

Diluted earnings (loss) per share	$	(0.75)	$	(3.46)

Shares outstanding at period end	94.2		93.9
Diluted weighted average shares	94.2		93.9

Appendix

Page 2

Adient plc

Condensed Consolidated Statements of Financial Position

(Unaudited)


	June 30,		September 30,
(in millions)	2021		2020
Assets
Cash and cash equivalents	$	1,000	$	1,692
Accounts receivable - net	1,451		1,641
Inventories	850		685
Assets held for sale	55		43
Other current assets	758		421
Current assets	4,114		4,482

Property, plant and equipment - net	1,549		1,581
Goodwill	2,069		2,057
Other intangible assets - net	428		443
Investments in partially-owned affiliates	616		707
Assets held for sale	24		27
Other noncurrent assets	1,004		964
Total assets	$	9,804	$	10,261

Liabilities and Shareholders' Equity
Short-term debt	$	215	$	210
Accounts payable and accrued expenses	2,494		2,553
Liabilities held for sale	60		46
Other current liabilities	862		1,010
Current liabilities	3,631		3,819

Long-term debt	3,542		4,097

Other noncurrent liabilities	776		767
Redeemable noncontrolling interests	48		43
Shareholders' equity attributable to Adient	1,467		1,213
Noncontrolling interests	340		322
Total liabilities and shareholders' equity	$	9,804	$	10,261

Appendix

Page 3

Adient plc

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended June 30,
(in millions)	2021		2020
Operating Activities
Net income (loss) attributable to Adient	$	(71)	$	(325)
Income attributable to noncontrolling interests	22		(6)
Net income (loss)	(49)		(331)
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities:
Depreciation	71		67
Amortization of intangibles	10		8
Pension and postretirement benefit expense (benefit)	(1)		2
Pension and postretirement contributions, net	(6)		(3)
Equity in earnings of partially-owned affiliates, net of dividends received	245		188
Impairment of nonconsolidated partially-owned affiliates	—		6


Deferred income taxes	(2)		(18)
Non-cash restructuring and impairment charges	1		27

Equity-based compensation	10		7
Other	8		5
Changes in assets and liabilities:
Receivables	315		198
Inventories	(87)		46
Other assets	14		39
Restructuring reserves	(23)		(27)
Accounts payable and accrued liabilities	(277)		(669)
Accrued income taxes	(7)		—
Cash provided (used) by operating activities	222		(455)
Investing Activities
Capital expenditures	(60)		(73)
Sale of property, plant and equipment	11		1

Advance payment for business acquisitions	(271)		—
Proceeds from business divestitures	53		—

Settlement of an affiliate loan	15		—

Cash provided (used) by investing activities	(252)		(72)
Financing Activities
Increase (decrease) in short-term debt	30		(654)
Increase (decrease) in long-term debt	214		600
Repayment of long-term debt, including premium paid	(185)		(2)
Debt financing costs	(7)		(9)



Dividends paid to noncontrolling interests	(7)		(8)

Other	(1)		—
Cash provided (used) by financing activities	44		(73)
Effect of exchange rate changes on cash and cash equivalents	—		(8)
Increase (decrease) in cash and cash equivalents, including cash classified within current assets held for sale	14		(608)
Less: Change in cash classified within current assets held for sale	2		—
Increase (decrease) in cash and cash equivalents	$	16	$	(608)

Appendix

Page 4

Footnotes

1. Segment Results

Adient manages its business on a geographic basis and operates in the following three reportable segments for financial reporting purposes: 1) Americas, which is inclusive of North America and South America; 2) Europe, Middle East, and Africa ("EMEA") and 3) Asia Pacific/China ("Asia").

Adient evaluates the performance of its reportable segments using an adjusted EBITDA metric defined as income before income taxes and noncontrolling interests, excluding net financing charges, qualified restructuring and impairment costs, restructuring related-costs, net mark-to-market adjustments on pension and postretirement plans, transaction gains/losses, purchase accounting amortization, depreciation, stock-based compensation and other non-recurring items ("Adjusted EBITDA"). Also, certain corporate-related costs are not allocated to the segments. The reportable segments are consistent with how management views the markets served by Adient and reflect the financial information that is reviewed by its chief operating decision maker.

Financial information relating to Adient's reportable segments is as follows:


	Three Months Ended June 30,
(in millions)	2021		2020
Net Sales
Americas	$	1,440	$	593
EMEA	1,328		698
Asia	516		346
Eliminations	(42)		(11)
Total net sales	$	3,242	$	1,626


	Three Months Ended June 30,
(in millions)	2021		2020
Adjusted EBITDA
Americas	$	23	(83)
EMEA	22		(94)
Asia	92		71
Corporate-related costs (1)	(19)		(16)
Restructuring and impairment costs (2)	(8)		(49)
Purchase accounting amortization (3)	(11)		(9)
Restructuring related charges (4)	—		(5)

Impairment of nonconsolidated partially owned affiliate	—		(6)
Stock based compensation	(10)		(7)
Depreciation	(71)		(67)
Other items (5)	26		(4)
Earnings (loss) before interest and income taxes	44		(269)
Net financing charges	(87)		(58)
Other pension income (expense)	4		1
Income (loss) before income taxes	$	(39)	(326)

Refer to the Footnote Addendum for footnote explanations.

Appendix

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2. Earnings Per Share

The following table reconciles the numerators and denominators used to calculate basic and diluted earnings (loss) per share:


	Three Months Ended June 30,
(in millions, except per share data)	2021		2020
Income available to shareholders
Net income (loss) attributable to Adient	$	(71)	$	(325)

Weighted average shares outstanding
Basic weighted average shares outstanding	94.2		93.9
Effect of dilutive securities:
Stock options, unvested restricted stock and unvested performance share awards	—		—
Diluted weighted average shares outstanding	94.2		93.9

Potentially dilutive securities whose effect would have been antidilutive are excluded from the computation of diluted earnings per share, which for the three months ended June 30, 2021 and 2020 is a result of being in a loss position.

Appendix

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3. Non-GAAP Measures

Adjusted EBIT, Adjusted EBIT margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income attributable to Adient, Adjusted effective tax rate, Adjusted earnings per share, Adjusted equity income, Adjusted interest expense, Free cash flow and Net debt as well as other measures presented on an adjusted basis are not recognized terms under U.S. GAAP and do not purport to be alternatives to the most comparable U.S. GAAP amounts. Since all companies do not use identical calculations, our definition and presentation of these measures may not be comparable to similarly titled measures reported by other companies. Management uses the identified non-GAAP measures to evaluate the operating performance of the Company and its business segments and to forecast future periods. Management believes these non-GAAP measures assist investors and other interested parties in evaluating Adient's on-going operations and provide important supplemental information to management and investors regarding financial and business trends relating to Adient's financial condition and results of operations. Investors should not consider these non-GAAP measures as alternatives to the related GAAP measures. Reconciliations of non-GAAP measures to their closest U.S. GAAP equivalent are presented below. Reconciliations of non-GAAP measures related to guidance for any future period have not been provided due to the unreasonable efforts it would take to provide such reconciliations.


•			Adjusted EBIT is defined as income before income taxes and noncontrolling interests excluding net financing charges, restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, other significant non-recurring items, and net mark-to-market adjustments on pension and postretirement plans. Adjusted EBIT margin is adjusted EBIT as a percentage of net sales.

•			Adjusted EBITDA is defined as adjusted EBIT excluding depreciation and stock based compensation. Certain corporate-related costs are not allocated to the business segments in determining Adjusted EBITDA. Adjusted EBITDA margin is adjusted EBITDA as a percentage of net sales. Adjusted EBITDA excluding adjusted equity income, each as defined herein, is also presented.
•			Adjusted net income attributable to Adient is defined as net income attributable to Adient excluding restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, expenses associated with becoming an independent company, other significant non-recurring items, net mark-to-market adjustments on pension and postretirement plans, the tax impact of these items and other discrete tax charges/benefits.

•			Adjusted effective tax rate is defined as adjusted income tax provision as a percentage of adjusted income before income taxes.

•			Adjusted earnings per share is defined as Adjusted net income attributable to Adient divided by diluted weighted average shares.

•			Adjusted equity income is defined as equity income excluding amortization of Adient's intangible assets related to its non-consolidated joint ventures and other unusual or one-time items impacting equity income.
•			Adjusted interest expense is defined as net financing charges excluding unusual or one-time items impacting interest expense.
•			Free cash flow is defined as cash provided by operating activities less capital expenditures.
•			Net debt is calculated as gross debt (short-term and long-term) less cash and cash equivalents.

Appendix

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Summarized Income Statement Information

(Refer to the Footnote Addendum for footnote explanations and details

of reconciling items between GAAP results and Adjusted results)


	Three Months Ended June 30,
	2021						2020
(in millions, except per share data)	GAAP Results		Adj.		Adjusted Results		GAAP Results		Adj.		Adjusted Results
Net sales	$	3,242	$	—	$	3,242	$	1,626	$	—	$	1,626
Cost of sales (6)	3,092		28		3,120		1,779		(1)		1,778
Gross profit	150		(28)		122		(153)		1		(152)
Selling, general and administrative expenses (7)	136		(12)		124		115		(12)		103

Restructuring and impairment costs (2)	8		(8)		—		49		(49)		—
Equity income (loss) (8)	38		1		39		48		11		59
Earnings (loss) before interest and income taxes (EBIT)	44		(7)		37		(269)		73		(196)

Memo accounts:
Depreciation					71						67
Equity based compensation					10						7
Adjusted EBITDA					$	118					$	(122)

Net financing charges (9)	87		(38)		49		58		—		58
Other pension expense (income) (12)	(4)		1		(3)		(1)		(2)		(3)
Income (loss) before income taxes	(39)		30		(9)		(326)		75		(251)
Income tax provision (benefit) (10)	10		7		17		5		9		14
Net income (loss) attributable to Adient	(71)		21		(50)		(325)		64		(261)
Diluted earnings (loss) per share	(0.75)		0.22		(0.53)		(3.46)		0.68		(2.78)
Diluted weighted average shares	94.2		—		94.2		93.9		—		93.9

Appendix

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Segment Performance:


	Three months ended June 30, 2021
	Americas			EMEA			Asia			Corporate/Eliminations		Consolidated

Net sales	$	1,440		$	1,328		$	516		$	(42)	$	3,242

Adjusted EBITDA	$	23		$	22		$	92		$	(19)	$	118

Adjusted EBITDA margin	1.6		%	1.7		%	17.8		%	N/A		3.6		%


	Three months ended June 30, 2020
	Americas			EMEA			Asia			Corporate/Eliminations		Consolidated

Net sales	$	593		$	698		$	346		$	(11)	$	1,626

Adjusted EBITDA	$	(83)		$	(94)		$	71		$	(16)	$	(122)

Adjusted EBITDA margin	(14.0)		%	(13.5)		%	20.5		%	N/A		(7.5)		%

The following table presents adjusted EBITDA excluding adjusted equity income:


	Three Months Ended June 30,
(in millions)	2021			2020
Adjusted EBITDA	$	118		$	(122)

Adjusted Equity Income	39			59

Adjusted EBITDA Excluding Adjusted Equity Income	$	79		$	(181)
% of Sales	2.4		%	(11.1)		%

The following table reconciles income (loss) before income taxes to adjusted income before income taxes and presents the related effective tax rate and adjusted effective tax rate:


	Three Months Ended June 30,
	2021					2020
(in millions, except effective tax rate)	Income (loss) before income taxes		Tax impact		Effective tax rate	Income (loss) before income taxes		Tax impact		Effective tax rate
As reported	$	(39)	$	10	(25.6)%	$	(326)	$	5	(1.5)%
Adjustments	30		7		23.3%	75		9		12.0%
As adjusted	$	(9)	$	17	(188.9)%	$	(251)	$	14	(5.6)%

Appendix

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The following table reconciles net income (loss) attributable to Adient to adjusted net income (loss) attributable to Adient:


	Three Months Ended June 30,
(in millions)	2021		2020
Net income (loss) attributable to Adient	(71)		(325)
Restructuring and impairment costs	8		49
Purchase accounting amortization	11		9
Restructuring related charges	—		5
Pension mark-to-market and settlement (gain)/loss (12)	(1)		2
Impairment of nonconsolidated partially owned affiliate	—		6
Write off of deferred financing charges upon repurchase of debt	10		—
Derivative loss on Yanfeng transaction	24		—

Premium paid on repurchase of debt	4		—

Other items (5)	(26)		4
Impact of adjustments on noncontrolling interests (11)	(2)		(2)
Tax impact of above adjustments and other tax items (10)	(7)		(9)
Adjusted net income (loss) attributable to Adient	$	(50)	$	(261)

Refer to the Footnote Addendum for footnote explanations

The following table reconciles diluted earnings (loss) per share as reported to adjusted diluted earnings per share.


	Three Months Ended June 30,
	2021		2020
Diluted earnings (loss) per share as reported	$	(0.75)	$	(3.46)
Restructuring and impairment costs	0.08		0.53
Purchase accounting amortization	0.12		0.10
Restructuring related charges	—		0.05
Pension mark-to-market and settlement (gain)/loss (12)	(0.01)		0.02
Impairment of nonconsolidated partially owned affiliate	—		0.06
Write off of deferred financing charges upon repurchase of debt	0.11		—
Derivative loss on Yanfeng transaction	0.25		—

Premium paid on repurchase of debt	0.04		—

Other items (5)	(0.28)		0.04
Impact of adjustments on noncontrolling interests (11)	(0.02)		(0.02)
Tax impact of above adjustments and other tax items (10)	(0.07)		(0.10)
Adjusted diluted earnings (loss) per share	$	(0.53)	$	(2.78)

Appendix

Page 10

The following table presents calculations of net debt:


	June 30,		September 30,
(in millions)	2021		2020
Cash and cash equivalents	$	1,000	$	1,692
Total short-term and long-term debt	3,757		4,307
Net debt	$	2,757	$	2,615

The following table reconciles cash from operating activities to free cash flow:


	Three Months Ended June 30,
(in millions)	2021		2020
Cash provided by operating activities	$	222	$	(455)
Capital expenditures	(60)		$	(73)
Free cash flow	$	162	$	(528)

The following table reconciles adjusted EBITDA to free cash flow:


	FY21				FY20
(in millions)	Q3		YTD		Q3		YTD
Adjusted EBITDA	$	118	$	799	$	(122)	$	386
(+/-) Net equity in earnings	244		106		184		74
(-) Restructuring (cash)	(27)		(127)		(29)		(70)
(+/-) Net customer tooling	10		10		16		14
(+/-) Trade working capital (Net AR/AP + Inventory)	(60)		37		(482)		(384)
(+/-) Accrued compensation	27		35		48		(36)
(-) Interest paid	(48)		(184)		(43)		(148)
(+/-) Tax refund/taxes paid	(20)		(52)		(24)		(79)
(+/-) Non-income related taxes (VAT)	5		(73)		43		43
(+/-) Commercial settlements	(8)		(87)		(17)		(19)
(+/-) Other	(19)		(102)		(29)		(53)
Operating cash flow	222		362		(455)		(272)
Capital expenditures	(60)		(186)		(73)		(258)
Free cash flow	$	162	$	176	$	(528)	$	(530)

Appendix

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Footnote Addendum

(1) Corporate-related costs not allocated to the segments include executive office, communications, corporate development, legal and corporate finance.

(2) Reflects qualified restructuring charges for costs that are directly attributable to restructuring activities and meet the definition of restructuring under ASC 420 along with one-time asset impairment charges, as follows:


	Three Months Ended June 30,
(in millions)	2021		2020
Restructuring charges	$	(8)	$	(22)
Futuris China intangible assets impairment	—		(27)


	$	(8)	$	(49)

(3) Reflects amortization of intangible assets including those related to partially owned affiliates recorded within equity income.

(4) Reflects non-qualified restructuring charges for costs that are directly attributable to restructuring activities, but do not meet the definition of restructuring under ASC 420 including restructuring costs at partially owned affiliates recorded within equity income.

(5) Other items include:


	Three Months Ended June 30,
(in millions)	2021		2020
Transaction costs	$	(2)	$	(4)
Brazil indirect tax recoveries	28		—


	$	26	$	(4)

(6) The adjustments to cost of sales include:


	Three Months Ended June 30,
(in millions)	2021		2020
Restructuring related charges	$	—	$	(1)
Brazil indirect tax recoveries	28		—


	$	28	$	(1)

(7) The adjustments to selling, general and administrative costs include:


	Three Months Ended June 30,
(in millions)	2021		2020
Purchase accounting amortization	$	(10)	$	(8)

Transaction costs	(2)		(4)


	$	(12)	$	(12)

Appendix

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(8) The adjustments to equity income include:


	Three Months Ended June 30,
(in millions)	2021		2020
Impairment of nonconsolidated partially owned affiliate	$	—	$	6
Restructuring related charges	—		4
Purchase accounting amortization	1		1
	$	1	$	11

(9) The adjustments to net financing charges to calculate adjusted interest expense include:


	Three Months Ended June 30,
(in millions)	2021		2020
Premium paid on repurchase of debt	$	(4)	$	—
Write off of deferred financing charges upon repurchase of debt	(10)		—
Derivative loss on Yanfeng transaction	(24)		—
	$	(38)	$	—

(10) The adjustments to income tax provision (benefit) include:


	Three Months Ended June 30,
(in millions)	2021		2020
Benefits associated with restructuring and impairment charges	$	(2)	$	(7)
Brazil indirect tax recoveries	9		—
Withholding Tax Adjustments	(11)		—



Other reconciling items	(3)		(2)
	$	(7)	$	(9)

(11) Reflects the impact of adjustments, primarily purchase accounting amortization on noncontrolling interests.

(12) During the three months ended June 30, 2021, Adient remeasured a pension plan in Canada and recorded a mark-to-market gain of $1 million. During the three months ended June 30, 2020, Adient settled certain pension plans in the United States and recorded a settlement loss of $2 million.