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Aptiv PLC

For the period ended Apr 23, 2025. Filed Mar 10, 2025.

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Apr 23, 2025 · Filed Mar 10, 2025

APTV$39.44-3.5%Stored close · as of Nov 6, 2026
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Contents

APPENDIX A

ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER SHARE

Year Ended December 31,
(in millions, except per share amounts)202420232022
Net income attributable to ordinary shareholders$1,787$2,909$531
Mandatory convertible preferred share dividends (a)—2963
Net income attributable to Aptiv1,7872,938594
Adjusting items:
Amortization211233149
Restructuring19321185
Other acquisition and portfolio project costs808026
Asset impairments22188
Other charges related to Ukraine/Russia conflict (b)——29
Compensation expense related to acquisitions1826—
Costs associated with acquisitions and other transactions—461
Debt extinguishment costs151—
Impairment of equity investments without readily determinable fair value—18—
Loss on change in fair value of publicly traded equity securities3652
Net gain on equity method transactions(605)——
Tax impact of intercompany transfers of intellectual property and other related transactions (c)—(2,082)—
Tax impact of adjusting items (d)(117)(77)(37)
Adjusted net income attributable to Aptiv$1,607$1,376$967
Adjusted weighted average number of diluted shares outstanding (a)256.66282.88283.55
Diluted net income per share attributable to ordinary shareholders$6.96$10.39$1.96
Adjusted net income per share$6.26$4.86$3.41

(a)

In June 2020, the Company issued $1,150 million in aggregate liquidation preference of 5.50% Mandatory Convertible Preferred Shares (the “MCPS”) and received proceeds of $1,115 million, after deducting expenses and the underwriters’ discount of $35 million. Each share of MCPS automatically converted on June 15, 2023 into 1.0754 Aptiv ordinary shares. Dividends on the MCPS were payable on a cumulative basis at an annual rate of 5.50% on the liquidation preference of $100 per share. For purposes of calculating Adjusted Net Income Per Share, the Company has excluded the MCPS cash dividends and assumed the “if-converted” method of share dilution (the incremental ordinary shares deemed outstanding applying the “if-converted” method of calculating share dilution are referred to as the “Weighted average MCPS Converted Shares” in the following table). The Adjusted Weighted Average Number of Diluted Shares Outstanding calculated below, assumes the conversion of all 11.5 million MCPS at the later of the beginning of the period or the time of issuance, and resulting issuance of the underlying ordinary shares applying the “if-converted” method (method already applied for U.S. GAAP purposes of calculating the weighted average number of diluted shares outstanding for the year ended December 31, 2023) on a weighted average outstanding basis for all periods subsequent to issuance of the MCPS. We believe that using the “if-converted” method provides additional insight to investors on the impact of the MCPS upon their conversion.

(b)

Adjustment is reduced by the portion of charges attributable to noncontrolling interest for our former majority owned Russian subsidiary. Our interest in this subsidiary was sold during the second quarter of 2023 and the subsidiary was deconsolidated.

(c)

In response to the OECD’s Pillar Two Directive, the Company initiated changes to its corporate entity structure, including intercompany transfers of certain intellectual property to one of its subsidiaries in Switzerland during the second half of 2023. Furthermore, during the third quarter, the Company’s Swiss subsidiary was granted a ten-year tax incentive, beginning in 2024. The measurement of certain deferred tax assets and associated income tax benefits resulting from these transactions was impacted by tax legislation in Switzerland enacted in the fourth quarter of 2023, which increased the statutory income tax rate, resulting in additional deferred tax benefit impacts, net of valuation allowances. These adjustments represent the total income tax benefits recorded as a result of these transactions during the year ended December 31, 2023.

(d)

Represents the income tax impacts of the adjustments made for amortization, restructuring and other special items by calculating the income tax impact of these items using the appropriate tax rate for the jurisdiction where the charges were incurred.

APPENDIX A 2

Adjusted Weighted Average Number of Diluted Shares Outstanding:

Year Ended December 31,
(in millions)202420232022
Weighted average number of diluted shares outstanding256.66282.88271.18
Weighted average MCPS Converted Shares——12.37
Adjusted weighted average number of diluted shares outstanding256.66282.88283.55

CASH FLOW BEFORE FINANCING

Year Ended December 31,
(in millions)202420232022
Cash flows from operating activities:
Net income$1,810$2,966$590
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization964912762
Restructuring expense, net of cash paid(45)8318
Working capital120(128)(618)
Pension contributions(32)(33)(24)
Increase in deferred income tax assets from intercompany transfers of intellectual property and other related transactions—(2,082)—
Net gain on equity method transactions(605)——
Other, net234178535
Net cash provided by operating activities2,4461,8961,263
Cash flows from investing activities:
Capital expenditures(830)(906)(844)
Proceeds from business divestitures, net of cash sold—(17)—
Cost of business acquisitions and other transactions, net of cash acquired—(83)(4,310)
Proceeds from sale of technology investments——3
Cost of technology investments(121)(6)(42)
Proceeds from sale of equity method investments448——
Purchase of short-term investments(748)——
Redemptions of short-term investments740——
Settlement of derivatives(2)67
Other, net644
Net cash used in investing activities(507)(1,002)(5,182)
Adjusting items:
Adjustment for the cost of business acquisitions and other transactions, net of cash acquired—834,310
Adjustment for cost of significant technology investments121440
Adjustment for proceeds from sale of equity method investments(448)——
Cash flow before financing$1,612$981$431

3 APPENDIX A

ADJUSTED OPERATING INCOME

Year Ended December 31,
202420232022
($ in millions)$Margin$Margin$Margin
Net income attributable to ordinary shareholders$1,7879.1%$2,90914.5%$5313.0%
Mandatory convertible preferred share dividends—2963
Net income attributable to Aptiv1,7879.1%2,93814.7%5943.4%
Interest expense337285219
Other (income) expense, net(41)(63)54
Net gain on equity method transactions(605)——
Income tax expense (benefit)223(1,928)121
Equity loss, net of tax118299279
Net income (loss) attributable to noncontrolling interest2428(3)
Net loss attributable to redeemable noncontrolling interest(1)—(1)
Operating income1,8429.3%1,5597.8%1,2637.2%
Amortization211233149
Restructuring19321185
Other acquisition and portfolio project costs808026
Asset impairments22188
Other charges related to Ukraine/Russia conflict——54
Compensation expense related to acquisitions1826—
Adjusted operating income$2,36612.0%$2,12710.6%$1,5859.1%

PTIV PLC 5 HANOVER QUAY, GRAND CANAL DOCK DUBLIN 2, IRELAN

APTIV PLC SPITALSTRASSE 58200 SCHAFFHAUSEN, SWITZERLAND SCAN TO VIEW MATERIALS & VOTE VOTE BY INTERNET -www.proxyvote.com or scan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information up until April 21, 2025 at 3:00 a.m. Eastern Time. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until April 21, 2025 at 3:00 a.m. Eastern Time. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. APTIV PLC The Board of Directors recommends you vote FOR the following: 1.Election of Directors Nominees: For Against Abstain 1a.Kevin P. Clark 1b.Nancy E. Cooper 1c.Joseph L. Hooley 1d.Vasumati P. Jakkal 1e.Merit E. Janow 1f.Sean O. Mahoney 1g.Paul M. Meister 1h.Robert K. Ortberg 1i.Colin J. Parris 1j.Ana G. Pinczuk V60942-P24731 The Board of Directors recommends you vote FOR For Against Abstain proposals 2 and 3. 2.Proposal to re-appoint auditors, ratify independent public accounting firm and authorize the directors to determine the fees paid to the auditors. 3.Say-on-Pay - To approve, by advisory vote, executive compensation. NOTE: Such other business as may properly come before the meeting or any adjournment thereof. Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Proxy Materials are available at www.proxyvote.com. V60943-P24731 APTIV PLC Annual Meeting of Shareholders April 23, 2025 9:00 AM Local Time This proxy is solicited by the Board of Directors Katherine H. Ramundo, with the power of substitution, is hereby authorized to represent and vote the shares of the undersigned, with all the powers which the undersigned would possess if personally present, at the Annual Meeting of Shareholders of Aptiv PLC to be held on April 23, 2025 or at any postponement or adjournment thereof. Shares represented by this proxy will be voted as directed by the shareholder. If no such directions are indicated, the Proxies will have authority to vote FOR all nominees, and FOR Proposals 2 and 3. (Items to be voted appear on reverse side.) Continued and to be signed on reverse side

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