Aptiv is a leading global technology and mobility architecture company that primarily serves the automotive sector. The company specializes in designing, manufacturing, and assembling vehicle electrical architectures and developing advanced safety and user experience technologies. Aptiv's offerings include connectors, wiring assemblies, sensing and perception systems, electronic control units, and autonomous driving technologies, catering to the industry's shift towards electrified and software-defined vehicles **[0001521332-24-000046_aptv123123cmrex101.htm:1]** **[0001521332-24-000011_aptv-20231231.htm:10]** **[0001521332-24-000011_aptv-20231231.htm:5]**. The company serves the 25 largest automotive original equipment manufacturers (OEMs) worldwide **[0001521332-24-000011_aptv-20231231.htm:54]** **[0001521332-24-000073_aptv-20240930.htm:65]** **[0001521332-24-000038_aptv-20240331.htm:51]**.

1. **Signal and Power Solutions** - Designs, manufactures, and assembles vehicle electrical architecture, including connectors, wiring assemblies, harnesses, cable management, electrical centers, and high voltage and safety-critical distribution systems. Provides the backbone for signal distribution and computing power, supporting increased vehicle content and electrification.
2. **Advanced Safety and User Experience** - Enhances vehicle safety, security, comfort, and convenience through technologies such as sensing and perception systems, electronic control units, multi-domain controllers, vehicle connectivity systems, cloud-native software platforms, application software, and autonomous driving technologies. Aligns with industry trends towards software-defined vehicles and connected services.

ba08603d4d5046d446c5f70bddae86f757b76323a7c4b61bff13f339982a1f35

| Metric (USD millions)                          | Q4 2022       | Q1 2023       | Q2 2023       | Q3 2023       | Q4 2023       | Q1 2024       | Q2 2024       | Q3 2024       |
|------------------------------------------------|---------------|---------------|---------------|---------------|---------------|---------------|---------------|---------------|
| Signal and Power Solutions                     | $3,374  **[0001521332-23-000005_aptv2022ex991.htm:8]**  | $3,464  **[0001521332-23-000040_aptv-20230331.htm:45]**   | $3,679  **[0001521332-23-000052_aptv-20230630.htm:53]**  | $3,687  **[0001521332-23-000060_aptv-20230930.htm:81]**   | N/A           | $3,487  **[0001521332-24-000038_aptv-20240331.htm:43]**   | $3,512  **[0001521332-24-000059_aptv-20240630.htm:50]**   | $3,443  **[0001521332-24-000073_aptv-20240930.htm:82]**   |
| Advanced Safety and User Experience            | $1,280  **[0001521332-23-000005_aptv2022ex991.htm:8]**  | $1,366  **[0001521332-23-000040_aptv-20230331.htm:45]**   | $1,532  **[0001521332-23-000052_aptv-20230630.htm:53]**  | $1,441  **[0001521332-23-000060_aptv-20230930.htm:81]**   | N/A           | $1,429  **[0001521332-24-000038_aptv-20240331.htm:43]**   | $1,554  **[0001521332-24-000059_aptv-20240630.htm:50]**   | $1,427  **[0001521332-24-000073_aptv-20240930.htm:82]**   |
| Eliminations and Other                         | $(14)  **[0001521332-23-000005_aptv2022ex991.htm:8]**   | $(12)  **[0001521332-23-000040_aptv-20230331.htm:45]**    | $(11)  **[0001521332-23-000052_aptv-20230630.htm:53]**   | $(14)  **[0001521332-23-000060_aptv-20230930.htm:81]**    | N/A           | $(15)  **[0001521332-24-000038_aptv-20240331.htm:43]**    | $(15)  **[0001521332-24-000059_aptv-20240630.htm:50]**    | $(16)  **[0001521332-24-000073_aptv-20240930.htm:82]**    |
| Total Net Sales                                | $4,640  **[0001521332-23-000005_aptv2022ex991.htm:8]**  | $4,818  **[0001521332-23-000040_aptv-20230331.htm:45]**   | $5,200  **[0001521332-23-000052_aptv-20230630.htm:53]**  | $5,114  **[0001521332-23-000060_aptv-20230930.htm:81]**   | N/A           | $4,901  **[0001521332-24-000038_aptv-20240331.htm:43]**   | $5,051  **[0001521332-24-000059_aptv-20240630.htm:50]**   | $4,854  **[0001521332-24-000073_aptv-20240930.htm:82]**   |

02574654513f3c76473d3bb512fb26b970fc64d2fbd4d1970dfe33139dcb66e6

35a125ea2aa01ebbe9d182295751a8a57938b2c3ce0ab169bd3d8ca508a5b9eb

| Metric / Quarter                     | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Total Technology Investments         | N/A     | **63**  **[0001521332-23-000040_aptv-20230331.htm:48]**  | **60**  **[0001521332-23-000052_aptv-20230630.htm:56]**  | **60**  **[0001521332-23-000060_aptv-20230930.htm:57]**  | N/A     | **104**  **[0001521332-24-000038_aptv-20240331.htm:46]**  | **107**  **[0001521332-24-000059_aptv-20240630.htm:55]**  | **191**  **[0001521332-24-000073_aptv-20240930.htm:60]**  |
| Number of Scientists, Engineers, and Technicians | **22,000**  **[0001521332-23-000013_aptv-20221231.htm:4]** **[0001521332-23-000013_aptv-20221231.htm:109]**  | **22,000**  **[0001521332-23-000040_aptv-20230331.htm:59]**  | **22,000**  **[0001521332-23-000052_aptv-20230630.htm:68]**  | **22,000**  **[0001521332-23-000060_aptv-20230930.htm:69]**  | **22,200**  **[0001521332-24-000011_aptv-20231231.htm:107]** **[0001521332-24-000011_aptv-20231231.htm:4]**  | **22,200**  **[0001521332-24-000038_aptv-20240331.htm:58]**  | **22,200**  **[0001193125-24-191579_d860068ds3asr.htm:2]**  | **22,200**  **[0001521332-24-000073_aptv-20240930.htm:72]**  |
| Number of Patents and Protective Rights | **9,500**  **[0001521332-23-000013_aptv-20221231.htm:63]**  | **9,500**  **[0001521332-23-000040_aptv-20230331.htm:59]** **[0001521332-23-000052_aptv-20230630.htm:68]**  | **9,500**  **[0001521332-23-000052_aptv-20230630.htm:68]**  | **9,500**  **[0001521332-23-000060_aptv-20230930.htm:69]**  | **10,000**  **[0001521332-24-000011_aptv-20231231.htm:63]**  | **10,000**  **[0001521332-24-000038_aptv-20240331.htm:58]**  | **10,000**  **[0001521332-24-000059_aptv-20240630.htm:67]**  | **10,000**  **[0001521332-24-000073_aptv-20240930.htm:72]**  |

c2fc5bfca071a77daccf82a1bc8582259fe87b3f744951557358b27bf6d212ee

| Metric (in millions USD) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|
| North America            | **$1,778**  **[0001521332-23-000040_aptv-20230331.htm:45]**  | **$1,934**  **[0001521332-23-000052_aptv-20230630.htm:53]**  | **$1,867**  **[0001521332-23-000060_aptv-20230930.htm:54]**  | N/A     | **$1,816**  **[0001521332-24-000038_aptv-20240331.htm:43]**  | **$1,877**  **[0001521332-24-000059_aptv-20240630.htm:50]**  | **$1,762**  **[0001521332-24-000073_aptv-20240930.htm:55]**  |
| Europe, Middle East, and Africa | **$1,711**  **[0001521332-23-000040_aptv-20230331.htm:45]**  | **$1,758**  **[0001521332-23-000052_aptv-20230630.htm:53]**  | **$1,630**  **[0001521332-23-000060_aptv-20230930.htm:54]**  | N/A     | **$1,712**  **[0001521332-24-000038_aptv-20240331.htm:43]**  | **$1,707**  **[0001521332-24-000059_aptv-20240630.htm:50]**  | **$1,551**  **[0001521332-24-000073_aptv-20240930.htm:55]**  |
| Asia Pacific             | **$1,236**  **[0001521332-23-000040_aptv-20230331.htm:45]**  | **$1,394**  **[0001521332-23-000052_aptv-20230630.htm:53]**  | **$1,495**  **[0001521332-23-000060_aptv-20230930.htm:54]**  | N/A     | **$1,285**  **[0001521332-24-000038_aptv-20240331.htm:43]**  | **$1,373**  **[0001521332-24-000059_aptv-20240630.htm:50]**  | **$1,445**  **[0001521332-24-000073_aptv-20240930.htm:55]**  |
| South America            | **$93**  **[0001521332-23-000040_aptv-20230331.htm:45]**     | **$114**  **[0001521332-23-000052_aptv-20230630.htm:53]**    | **$122**  **[0001521332-23-000060_aptv-20230930.htm:54]**    | N/A     | **$88**  **[0001521332-24-000038_aptv-20240331.htm:43]**     | **$94**  **[0001521332-24-000059_aptv-20240630.htm:50]**     | **$96**  **[0001521332-24-000073_aptv-20240930.htm:55]**     |
| Total Net Sales          | **$4,818**  **[0001521332-23-000040_aptv-20230331.htm:45]**  | **$5,200**  **[0001521332-23-000052_aptv-20230630.htm:53]**  | **$5,114**  **[0001521332-23-000060_aptv-20230930.htm:54]**  | N/A     | **$4,901**  **[0001521332-24-000038_aptv-20240331.htm:43]**  | **$5,051**  **[0001521332-24-000059_aptv-20240630.htm:50]**  | **$4,854**  **[0001521332-24-000073_aptv-20240930.htm:55]**  |

acab73d201288515cdc561b12a24d173157159ada61930267f1c8717bcb29fe6

82d267210624cf526b2d0839fc3a3e1f5cc828290d503568aae62d8afe77915f

1. Given your decision to leverage up the balance sheet to fund a **$5 billion share repurchase program**  **[APTV_3395677_4]** , how do you justify this aggressive capital return strategy in light of potential economic uncertainties and the need to invest in future growth opportunities?  **[APTV_3395677_8]** 

2. With some OEMs expressing a desire to develop their own software architectures and potentially reduce reliance on Tier 1 suppliers  **[APTV_3395677_22]** , how does this trend impact your long-term growth prospects and your strategy to provide **standardized solutions rather than customized ones**?  **[APTV_3395677_22]** 

3. Considering potential delays in OEMs adopting **software-defined vehicle architectures** and the associated reduction in wiring content  **[APTV_3395677_20]** , how do you anticipate this affecting your revenues and margins, especially in **lower-margin areas like wiring harnesses** where content could be reduced?  **[APTV_3395677_20]** 

4. As you plan substantial share repurchases funded by increased debt, how confident are you in your ability to maintain **investment-grade credit ratings** and deleverage the balance sheet, particularly without relying on **asset sales or one-off cash inflows**?  **[APTV_3395677_8]** 

5. Your updated financial outlook reflects confidence in **margin expansion** despite lower OEM production schedules  **[APTV_3395677_7]** ; can you elaborate on the specific drivers of this margin improvement and how sustainable they are, especially given that **net pricing and commodity recoveries are decreasing**?  **[APTV_3395677_15]** 

142c438008a77eac5dfc481e08d5e0fb71948e19a9b54c4f74528fe88ef25c20

d476a082e5d840be735158a903466eee60a1370fc1197bf39f364132a72cfb04

- **Amphenol Corporation** - Competitor in the Signal and Power Solutions segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Draexlmaier Group** - Competitor in the Signal and Power Solutions segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Lear Corporation** - Competitor in the Signal and Power Solutions segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Leoni AG** - Competitor in the Signal and Power Solutions segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Molex Inc. (a subsidiary of Koch Industries, Inc.)** - Competitor in the Signal and Power Solutions segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Sumitomo Electric Industries** - Competitor in the Signal and Power Solutions segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **TE Connectivity, Ltd.** - Competitor in the Signal and Power Solutions segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Yazaki Corporation** - Competitor in the Signal and Power Solutions segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Bosch Group** - Competitor in the Advanced Safety and User Experience segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Continental AG** - Competitor in the Advanced Safety and User Experience segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Denso Corporation** - Competitor in the Advanced Safety and User Experience segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Harman International (a subsidiary of Samsung Electronics)** - Competitor in the Advanced Safety and User Experience segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Hyundai Mobis** - Competitor in the Advanced Safety and User Experience segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **LG Electronics** - Competitor in the Advanced Safety and User Experience segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Magna International** - Competitor in the Advanced Safety and User Experience segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Panasonic Corporation** - Competitor in the Advanced Safety and User Experience segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Valeo** - Competitor in the Advanced Safety and User Experience segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **Visteon Corporation** - Competitor in the Advanced Safety and User Experience segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .
- **ZF Friedrichshafen AG** - Competitor in the Advanced Safety and User Experience segment  **[0001521332-24-000011_aptv-20231231.htm:11]** .

434a2ce0a867c9a9d9e5cccf3d9baef4516be6b1f1e8ca7d4877ebb603da3f42

North America

- United States

- Other North America

Europe, Middle East and Africa

Asia Pacific

- China

- Other Asia Pacific

South America

- United Kingdom

- Germany

- France

Total Revenue

7ceb2c47d07f2c3c78ddced814d3d88c55a0721a99a5b033470df0ed6f5ded6e

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue**: $20.1 billion to $20.4 billion, adjusted revenue growth of 1%  **[APTV_3395677_6]** .
  2. **Global Vehicle Production**: Down 3%, growth over market of 4%  **[APTV_3395677_6]** .
  3. **Segment Growth**:
     - ASUX growth over market: 10%
     - SPS growth over market: 1%  **[APTV_3395677_6]** .
  4. **Operating Income**: $2.4 billion, operating margin of 12%  **[APTV_3395677_6]** .
  5. **Earnings Per Share (EPS)**: $6.30 at the midpoint  **[APTV_3395677_6]** .
  6. **Operating Cash Flow**: $2.15 billion, up 13% from the prior year  **[APTV_3395677_6]** .
  7. **Share Repurchase**: $5 billion authorization, $3 billion accelerated plan  **[APTV_3395677_6]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue**: $21.15 billion, adjusted revenue growth of 5%  **[APTV_3382143_8]** .
  2. **Operating Income**: $2.5 billion, 11.8% of revenues  **[APTV_3382143_8]** .
  3. **Earnings Per Share (EPS)**: $6.05 per share at the midpoint  **[APTV_3382143_8]** .
  4. **Share Repurchases**: $1.5 billion  **[APTV_3382143_8]** .
  5. **Operating Cash Flow**: Increased outlook  **[APTV_3382143_8]** .
  6. **High-Voltage Revenue Growth**: Reduced to 5%  **[APTV_3382143_8]** .
  7. **Global Vehicle Production**: Down 1%  **[APTV_3382143_7]** .
  8. **Foreign Exchange Rates**: MXN 17 to the dollar  **[APTV_3382143_8]** .
  9. **Copper Price Assumption**: $4.35  **[APTV_3382143_7]** .
  10. **Chinese RMB Exchange Rate**: 7.15  **[APTV_3382143_7]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue**: $21.3 billion to $21.9 billion, 7% increase at the midpoint  **[APTV_3371359_6]** .
  2. **Operating Cash Flow**: $2.3 billion  **[APTV_3371359_7]** .
  3. **Capital Expenditures**: Approximately 5% of revenues  **[APTV_3371359_7]** .
  4. **Adjusted Operating Income Margin**: 120 basis points expansion  **[APTV_3371359_7]** .
  5. **Adjusted Earnings Per Share (EPS)**: $5.55 to $6.05, 19% growth  **[APTV_3371359_6]** .
  6. **Share Repurchases**: Up to $750 million  **[APTV_3371359_4]** .
  7. **Growth Over Market**: 6% to 8%  **[APTV_3371359_7]** .
  8. **Global Vehicle Production Forecast**: Flat, approximately 93 million units  **[APTV_3371359_6]** .
  9. **Regional Vehicle Production Expectations**:
     - North America: Up 1% at 16.5 million units.
     - Europe: Down 2% at 18 million units.
     - China: Flat at 30 million units  **[APTV_3371359_6]** .
  10. **High-Voltage Growth**: Approximately 20%  **[APTV_3371359_8]** .
  11. **EBITDA and Operating Income**: $3.28 billion and $2.55 billion at the midpoint  **[APTV_3371359_6]** .
  12. **Foreign Exchange Assumptions**: Euro at $1.10, RMB at 7  **[APTV_3371359_6]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information about Aptiv's guidance for Q3 2024. The available information is from the Q2 2024 earnings call, and there is no mention of specific guidance for Q3 2024.

b96918a6ed25686449b24da17ca02f80eacf5eb8d0f988b0f732dcf45104671c

Number of Scientists, Engineers, and Technicians

Number of Patents and Protective Rights

90ef115e0ce774b41db0a6d2efeea5d955261d81b70c85400f67632d3b226ea1

Electrical/Electronic Architecture

Powertrain Systems

Electronics and Safety

Thermal Systems

Eliminations and Other

Signal and Power Solutions

- Electrical Distribution Systems

- Engineered Components Group

- Eliminations

Advanced Safety and User Experience

- Active Safety

- Smart Vehicle Compute and Software

- User Experience and Other

63c3b9d95f1de7584bbeb5623af9095725a0a76fab6ace323defccb070ea9104

Adjustments for Non-Cash Items

Stock-Based Compensation [USD, Millions]

Changes in Working Capital

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

d40d564e37c14ab4442522bab6efb939ef2023ea452bb4a7279d0de6bb095cb8

| Name                | Position                                                                 | Start Date          | Short Bio                                                                                                                                                                                                                                                                                                                                                     |
|---------------------|--------------------------------------------------------------------------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Kevin P. Clark      | Chairman and Chief Executive Officer                                     | March 2015          | Kevin P. Clark has been a director since March 2015, when he became Aptiv's President and CEO. In April 2022, he was named Chairman and Chief Executive Officer. He joined Aptiv in 2010 as Chief Financial Officer  **[0001521332-24-000011_aptv-20231231.htm:17]** **[0001193125-24-064797_d743164ddef14a.htm:5]** **[0001193125-23-069031_d426680ddef14a.htm:4]** .                                                                                                                               |
| Joseph R. Massaro   | Vice Chairman, Engineered Components Group                               | November 2024       | Joseph R. Massaro was named Vice Chairman, Engineered Components Group in November 2024. He joined Aptiv in 2013 and held various roles, including Senior Vice President and Chief Financial Officer  **[0001521332-24-000079_exhibit991november20248-k.htm:1]** **[0001521332-24-000079_exhibit991november20248-k.htm:0]** .                                                                                                                                                 |
| William T. Presley  | Senior Vice President and Chief Operating Officer, President, Signal & Power Solutions | December 2022       | William T. Presley is the Senior Vice President and Chief Operating Officer since December 2022, and President of Signal and Power Solutions since September 2020. He joined Aptiv in January 2019  **[0001521332-24-000011_aptv-20231231.htm:18]** **[0001521332-23-000013_aptv-20221231.htm:18]** .                                                                                                                                                   |
| Obed D. Louissaint  | Senior Vice President and Chief People Officer                           | January 1, 2023     | Obed D. Louissaint is the Senior Vice President and Chief People Officer, effective January 1, 2023. He joined Aptiv from IBM, where he held various human resources positions  **[0001521332-24-000011_aptv-20231231.htm:18]** **[0001521332-23-000013_aptv-20221231.htm:18]** **[0001521332-24-000038_aptvq12024ex102.htm:0]** .                                                                                                                                                                    |
| Benjamin Lyon       | Senior Vice President and Chief Technology Officer                       | December 2022       | Benjamin Lyon is the Senior Vice President and Chief Technology Officer, effective December 2022. He joined Aptiv from Astra Space, Inc., where he was Chief Engineer and Executive Vice President  **[0001521332-24-000011_aptv-20231231.htm:18]** **[0001521332-23-000013_aptv-20221231.htm:18]** .                                                                                                                                                   |
| Katherine H. Ramundo| Senior Vice President, Chief Legal Officer, Chief Compliance Officer, and Secretary | March 2021          | Katherine H. Ramundo has been the Senior Vice President, Chief Legal Officer, Chief Compliance Officer, and Secretary since March 2021. She previously held roles at Howmet Aerospace Inc., ANN, Inc., and Colgate-Palmolive  **[0001521332-24-000011_aptv-20231231.htm:18]** **[0001521332-23-000013_aptv-20221231.htm:19]** .                                                                                                                         |
| Matthew M. Cole     | Senior Vice President and President of Advanced Safety and User Experience | January 2023        | Matthew M. Cole is the Senior Vice President and President of Advanced Safety and User Experience, effective January 2023. He joined Aptiv from Tech Transformations  **[0001521332-24-000011_aptv-20231231.htm:18]** **[0001521332-23-000013_aptv-20221231.htm:18]** .                                                                                                                                                                                 |
| Varun Laroyia       | Executive Vice President and Chief Financial Officer                     | November 8, 2024    | Varun Laroyia was appointed as the Executive Vice President and Chief Financial Officer, effective November 8, 2024. He previously worked at LKQ Corporation and held roles at CBRE Group Inc., Johnson Controls, and others  **[0001521332-24-000079_exhibit991november20248-k.htm:0]** **[0001521332-24-000079_exhibit991november20248-k.htm:1]** **[0001521332-24-000079_aptv-20241107.htm:1]** .                                                                                                                       |

f1670330193b4daa4f13c8f3a9b4f48c32dcd1ee32eadc5bab2f34429d1deb74

| Program Details           | Program 1            | Program 2            |
|---------------------------|----------------------|----------------------|
| Approval Date             | January 2019  **[0001521332-24-000073_aptv-20240930.htm:85]**      | July 2024  **[0001521332-24-000073_aptv-20240930.htm:85]**         |
| End Date/Duration         | August 2024  **[0001521332-24-000073_aptv-20240930.htm:85]**       | Q2 2025 (scheduled)  **[0001521332-24-000073_aptv-20240930.htm:85]**  |
| Total Additional Amount   | **$2.0 billion**  **[0001521332-24-000073_aptv-20240930.htm:85]**  | **$5.0 billion**  **[0001521332-24-000073_aptv-20240930.htm:85]**  |
| Remaining Authorization   | **$0**  **[0001521332-24-000073_aptv-20240930.htm:85]**            | **$2,515 million**  **[0001521332-24-000073_aptv-20240930.htm:85]** **[0001521332-24-000073_aptv-20240930.htm:35]**  |
| Details                   | Completed  **[0001521332-24-000073_aptv-20240930.htm:85]**         | Flexible repurchase options  **[0001521332-24-000059_aptv-20240630.htm:79]** **[0001521332-24-000059_aptv-20240630.htm:56]**  |

e429d802470b458a45809d4c4030151d5c5f28b1b18adb306d57a0446e2a0fc2

| Name              | Start Date | End Date | Reason for Change |
|-------------------|------------|----------|-------------------|
| Ernst & Young LLP | 2006  **[0001521332-24-000011_aptv-20231231.htm:100]**  | Present  | Current auditor   |

182a431ccaa53d5ad7350076de9d6352bf808a739d6ea6ccc8caf7db4bfa711d

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

14c5e2b6b72063c7a890daf329d6a8e102958d67e7d1d3a9a60a7dec4292f4b4

b676b0ce3a2d804b5014a38658b7bf836aac15e0b2f5a6863c1418a10a164a36

Number of scientists, engineers and technicians (employees)

Percentage of hourly workforce in best cost countries (percentage)

Contingent portion of hourly workforce (percentage)

11e9b2a0f736a076e656bfb3652080e1be45716d8f717b3f62637ef0e873f58c

1. **Capital Allocation and Buyback Decision**  
   **Q:** Why did you decide to lever up for buybacks?  
   **A:** Management sees the stock as significantly undervalued and considers the buyback the most attractive investment opportunity.  **[APTV_3395677_8]** **[APTV_3395677_10]** **[APTV_3395677_21]**  Despite leveraging up, they remain confident in their strong cash flow over the next few years to reduce debt while continuing to invest in the business.  **[APTV_3395677_8]** **[APTV_3395677_21]** 

2. **Margin Improvement and Cost Actions**  
   **Q:** What's driving margin strength and future trajectory?  
   **A:** Margin improvement is balanced across various initiatives, including elimination of **$160 million** in supply chain disruption costs, reduction of engineering expenses by **$75–$100 million**, and strong operational performance.  **[APTV_3395677_15]** **[APTV_3395677_10]** **[APTV_3395677_19]**  They expect run-rate EBIT margins in the **mid-12%** range in H2, setting up well for their **12.5%** target in 2025.  **[APTV_3395677_19]** 

3. **Growth Outlook and Bookings Guidance**  
   **Q:** How should we view medium-term growth and bookings?  
   **A:** The company is targeting **mid-single-digit** revenue growth next year, assuming flat vehicle production.  **[APTV_3395677_12]** **[APTV_3395677_13]**  Bookings are on track for **$35 billion** this year, despite normal quarterly lumpiness, and management remains confident in this target.  **[APTV_3395677_12]** 

4. **Reduction in R&D Investment**  
   **Q:** Are you cutting R&D due to increased buybacks?  
   **A:** While they see the stock as undervalued, they acknowledge slowing investment in certain areas like high-voltage electrification and smart vehicle architecture, reducing engineering spend by **$75–$100 million** this year.  **[APTV_3395677_10]** **[APTV_3395677_15]**  However, they continue to prioritize positioning for industry trends and challenges.  **[APTV_3395677_10]** 

5. **China Market Dynamics**  
   **Q:** How are shifts in China impacting your business?  
   **A:** Revenue from local Chinese OEMs is now over **50%** and growing quickly, with bookings over **60%** for Chinese locals.  **[APTV_3395677_9]**  The challenge lies with two multinational customers experiencing significant volume reductions.  **[APTV_3395677_9]** **[APTV_3395677_12]**  Adjusting the customer mix has been a priority, and they are addressing market changes.  **[APTV_3395677_9]** 

6. **Impact of SVA Delays and Opportunities**  
   **Q:** What is the impact of SVA delays on revenue?  
   **A:** While some OEMs are delaying smart vehicle architecture (SVA) programs, the pipeline has expanded from **4 OEMs** two years ago to over **20** today.  **[APTV_3395677_16]** **[APTV_3395677_20]** **[APTV_3395677_22]**  Opportunities exist in upgrading existing platforms with legacy ADAS and user experience solutions, representing over **$10 billion** in potential business this year.  **[APTV_3395677_14]** **[APTV_3395677_20]** 

7. **Capital Structure and Leverage Post Buyback**  
   **Q:** How will the buyback affect your leverage?  
   **A:** With cash from operations of **$600–$800 million** and **$1.4 billion** in cash, the company is in a strong position.  **[APTV_3395677_21]**  Adjusted debt to EBITDA is around **2x**, and they intend to maintain investment-grade ratings, aiming to return to current leverage levels by late 2025 or early 2026.  **[APTV_3395677_21]** 

8. **Wind River Growth and Outlook**  
   **Q:** What is the status of Wind River's growth?  
   **A:** Wind River is tracking for mid-teens growth, with second-half weighting.  **[APTV_3395677_18]**  Significant opportunities are emerging in aerospace, defense, telecommunications, industrial, and especially automotive, with most progress in China.  **[APTV_3395677_18]** 

9. **OEMs Doing SVA In-House**  
   **Q:** Are OEMs shifting SVA development in-house?  
   **A:** It's OEM-specific; some may want to design their own SVA, but Aptiv focuses on standardized, cost-effective solutions.  **[APTV_3395677_22]**  They avoid custom solutions unless profitable, and with a pipeline involving **20 OEMs**, there are ample opportunities.  **[APTV_3395677_22]** 

10. **Acquisition Strategy**  
    **Q:** Are you pursuing acquisitions like HellermannTyton?  
    **A:** The company remains focused on investing in high-margin businesses and expanding into non-automotive markets.  **[APTV_3395677_11]**  Previous acquisitions like HellermannTyton have doubled revenues and been highly successful.  **[APTV_3395677_11]** 

89835e391af67676589b80ab733fde7e05431d8fa84c9c63648e29305703c36a

1. **Motional Funding Decision**  
   **Q:** Why are you ceasing funding for the Motional joint venture?  
   **A:** Aptiv has decided to stop funding Motional because the commercialization of Level 4 autonomous technology is being pushed too far out to make financial sense, given other investment opportunities that will deliver profitable growth sooner.  **[APTV_3371359_25]**  While Motional is on track with its technology roadmap, the costs related to delivering the tech, particularly hardware, make adoption challenging in the mobility on-demand market.  **[APTV_3371359_25]**  Aptiv's intention is to reduce its holdings in the joint venture and is working through this process.  **[APTV_3371359_27]**  There will be no breakup or walk-away fees associated with this decision.  **[APTV_3371359_29]** 

2. **Margin Outlook Lowered**  
   **Q:** How is reduced growth affecting your long-term margin goals?  
   **A:** The reduced growth, especially in high-voltage electrification, along with higher labor costs and a stronger peso, is causing a **100 to 150 basis point headwind** to our 2025 margin target of **14%**.  **[APTV_3371359_10]**  As a result, we are pushing out these margin targets by about a year, to 2026.  **[APTV_3371359_10]** **[APTV_3371359_14]**  We are working to update our margins appropriately over the course of this year.  **[APTV_3371359_10]** 

3. **Slowing EV Growth Impact**  
   **Q:** How is slowing EV growth affecting your high-voltage business?  
   **A:** EV growth is slowing from about **30%** to around **20%** in 2024, consistent with 2023.  **[APTV_3371359_16]** **[APTV_3371359_27]**  This impacts our high-voltage business, which is concentrated in China and Europe.  **[APTV_3371359_16]**  New program launches and customer schedules suggest continued growth, but at a lower rate.  **[APTV_3371359_16]**  We have always assumed lower EV penetration rates than others, estimating around **10% to 15%** over the next few years.  **[APTV_3371359_16]** 

4. **China Market Dynamics**  
   **Q:** How will changes in China affect your growth over market?  
   **A:** In 2023, local Chinese OEMs saw significant growth, but we expect this to level off in 2024 as they lap high comps.  **[APTV_3371359_15]** **[APTV_3371359_12]**  Multinational OEMs are launching new platforms, which will balance out production and our content.  **[APTV_3371359_15]**  Our revenue mix is shifting towards local OEMs, moving from **40% domestic** in 2023 to **50%** in 2024, and potentially up to **60%-70%** in coming years.  **[APTV_3371359_12]**  We expect the magnitude of share shift to local OEMs to be less in 2024 than in 2023.  **[APTV_3371359_15]** 

5. **R&D Spending Levels**  
   **Q:** Are you spending too much on R&D ahead of the growth curve?  
   **A:** While our advanced development spending as a percent of total engineering was higher in 2023, this investment is crucial for productizing our portfolio and driving reuse of existing technology.  **[APTV_3371359_19]**  This allows us to be more efficient and deliver higher-margin solutions at lower costs.  **[APTV_3371359_19]**  We are focused on making engineering more efficient and believe continued investment positions us for growth.  **[APTV_3371359_19]** 

6. **Strong Bookings Despite OEM Challenges**  
   **Q:** How are you maintaining strong bookings despite OEM challenges?  
   **A:** OEMs face challenges in executing megatrends like EVs and software-defined vehicles, but this creates opportunities for us.  **[APTV_3371359_24]** **[APTV_3371359_17]**  We offer full platform solutions that are open, scalable, and cost-effective, addressing their needs for flexibility and lower costs.  **[APTV_3371359_24]**  Our value proposition makes economic sense for customers and contributes to strong bookings.  **[APTV_3371359_24]** 

7. **ADAS Growth and Japanese OEM Wins**  
   **Q:** What growth are you expecting in ADAS, and how do Japanese OEM wins impact this?  
   **A:** We expect our active safety business to grow over **20%** in 2024, consistent with this year.  **[APTV_3371359_18]**  We secured global radar wins with Japanese OEMs, marking the first time we've meaningfully penetrated this customer base with our ADAS solutions.  **[APTV_3371359_18]**  This opens up incremental opportunities in ADAS, user experience, and vehicle architecture with these OEMs.  **[APTV_3371359_18]** 

8. **Content Opportunity with Hybrids**  
   **Q:** How are hybrids affecting your content opportunity?  
   **A:** Hybrid and plug-in hybrid vehicles present significant content opportunities. Battery electric vehicles offer about **three times** the content of internal combustion engine vehicles, while plug-in hybrids offer about **two times**.  **[APTV_3371359_22]**  Approximately **25% to 30%** of our high-voltage bookings and revenue relate to plug-in hybrids, positioning us well regardless of OEMs' electrification strategies.  **[APTV_3371359_22]** 

9. **Margin Leverage and Pricing Visibility**  
   **Q:** How confident are you in achieving higher margin leverage in 2024?  
   **A:** We anticipate incremental EBIT margins in the **mid-20%** range for 2024, aided by a reduction in supply chain disruption costs.  **[APTV_3371359_21]**  While there are ongoing discussions with customers, we believe we're in a relatively good place regarding pricing, consistent with historical expectations.  **[APTV_3371359_21]** 

10. **Capital Allocation and Cash Position**  
    **Q:** How do you plan to use your substantial cash on hand?  
    **A:** While our primary focus is investing in the business for profitable growth, we acknowledge the significant cash on hand.  **[APTV_3371359_11]**  We aim to maintain flexibility for potential acquisitions that can widen our competitive moat.  **[APTV_3371359_11]** **[APTV_3371359_26]**  If such opportunities don't arise, we'll consider returning incremental cash to shareholders.  **[APTV_3371359_11]**  We feel our balance sheet is strong and we're well-positioned for potential M&A.  **[APTV_3371359_26]** 

4164b1b6b49200786085b6c5fa99993afeb565ab1a4c8519109e4b64adadf80d

1. **High-Voltage Revenue Outlook**  
   **Q:** Is 20% CAGR in high-voltage revenue still achievable?  
   **A:** Challenges have arisen in high-voltage revenue growth, leading us to reduce our 2024 outlook to **5%** from the previously expected **20%**.  **[APTV_3382143_25]**  While customers remain committed to battery electric vehicles, we anticipate a richer mix of plug-in hybrids in the near term.  **[APTV_3382143_25]**  Significant schedule reductions occurred late in the quarter and in April, but they've now stabilized.  **[APTV_3382143_25]** 

2. **Margin Improvements and Cost Reductions**  
   **Q:** What led to strong Q1 EBIT margins?  
   **A:** We achieved our best Q1 EBIT margin since **2018** due to a stabilized macro environment and focused cost reductions.  **[APTV_3382143_26]**  Last year, we reduced salaried payroll by over **10%** through delayering and consolidation efforts.  **[APTV_3382143_26]**  We plan to continue operational improvements across all aspects of our cost structure.  **[APTV_3382143_26]** 

3. **Shift to Chinese Local OEMs**  
   **Q:** How is Aptiv positioning with Chinese local OEMs?  
   **A:** Our bookings have significantly rotated, with over **70%** now from Chinese local OEMs in China.  **[APTV_3382143_18]**  Revenue from local Chinese OEMs is over **50%**, and we expect to further close the gap in the next 12 to 24 months.  **[APTV_3382143_17]** **[APTV_3382143_18]**  We're well-positioned for growth in China and to support Chinese OEMs as they expand globally.  **[APTV_3382143_17]** 

4. **Growth Over Market Guidance**  
   **Q:** Is growth over market guidance biased to lower end?  
   **A:** Yes, we're currently closer to **6%** of our **6%-8%** growth over market range based on the 2024 outlook.  **[APTV_3382143_15]**  This reflects recent dynamics in customer schedules over the past month.  **[APTV_3382143_15]** 

5. **Active Safety Business Outlook**  
   **Q:** Is 20%+ growth in ADAS still expected?  
   **A:** Absolutely. We're forecasting over **20%** growth in active safety for the year.  **[APTV_3382143_27]**  Consumer demand remains strong, and we secured close to **$2 billion** in bookings this quarter alone for active safety.  **[APTV_3382143_27]** 

6. **Capital Allocation and Share Buybacks**  
   **Q:** Will high share buybacks continue?  
   **A:** At current stock levels, we will continue buying back stock at healthy levels, as we view our stock as undervalued.  **[APTV_3382143_21]**  We also plan to pursue acquisitions to build our software capabilities and diversify revenues in 2024, 2025, and beyond.  **[APTV_3382143_21]** 

7. **Automation and Cost Savings**  
   **Q:** How will automation impact costs?  
   **A:** Automation addresses labor availability, cost, and complexity issues.  **[APTV_3382143_14]**  We're expecting a **30%** reduction in labor hours, leading to significant cost savings.  **[APTV_3382143_14]**  Our baseline automation is currently at **15%**.  **[APTV_3382143_14]** 

8. **Price vs. Inflation Dynamics**  
   **Q:** How are price and inflation affecting you?  
   **A:** We've shifted from direct material inflation to dealing with labor inflation.  **[APTV_3382143_28]**  We're taking cost actions to address this and expect a long-term net price decrease of around **1.7%**.  **[APTV_3382143_28]**  In Q1, pricing and commodities had about a **$35 million** positive impact on revenue.  **[APTV_3382143_28]** 

9. **Vehicle Production Outlook**  
   **Q:** Are you seeing downside to global production?  
   **A:** Yes, we've reduced our vehicle production outlook by **one point**, primarily due to declines in BEV production.  **[APTV_3382143_32]**  In April, both legacy global OEMs and EV-only OEMs decreased schedules, which is impacting our top line.  **[APTV_3382143_32]** 

10. **FX Impact and Hedging**  
    **Q:** How significant is FX impact from peso and RMB?  
    **A:** The Mexican peso impact is more significant than the RMB.  **[APTV_3382143_24]**  We've hedged **90%** of our peso exposure below MXN **17**.  **[APTV_3382143_24]**  Despite the peso not strengthening as anticipated, we've offset the impact by reducing costs.  **[APTV_3382143_24]** 

11. **Positioning with Emerging Chinese OEMs**  
    **Q:** How are you positioned with new Chinese players?  
    **A:** We're working with virtually all leading Chinese local OEMs, including emerging players like Xiaomi and Huawei.  **[APTV_3382143_17]**  These OEMs aim to export and manufacture outside China, and we're well-equipped to meet their global requirements.  **[APTV_3382143_17]** 

12. **Pivoting Between Powertrains in SPS**  
    **Q:** Can you pivot between different powertrains easily?  
    **A:** Yes, while different product lines are involved, we have some ability to pivot within existing facilities.  **[APTV_3382143_31]**  Transitioning between BEV, hybrid, and plug-in hybrid involves some adjustments but isn't significantly disruptive.  **[APTV_3382143_31]** 

13. **Segment Margins Outlook**  
    **Q:** How should we think about AS and SPS margins?  
    **A:** For Advanced Safety and User Experience (AS&UX), we expect to maintain margins around **10.5% to 11%** for the full year, ending around the mid-**10%** range.  **[APTV_3382143_16]**  For Signal and Power Solutions (SPS), margins are projected to be around **12% to 12.5%** by year-end.  **[APTV_3382143_19]** 

14. **AI/ML Impact on Development**  
    **Q:** How is AI/ML changing your business decisions?  
    **A:** AI and machine learning allow us to advance more rapidly and cost-effectively, benefiting product development like our radar solutions.  **[APTV_3382143_30]**  In our Gen 6 ADAS platform, AI/ML helps reduce perception system costs and computing requirements.  **[APTV_3382143_30]**  We balance these benefits with the automotive industry's unique safety and traceability needs.  **[APTV_3382143_30]** 

1155d37696dac1e8c77b982fdf927246e3c1e29132ea9db1d00e43fd96819bd0

- **Slowing Growth in High-Voltage Electrification Revenues**: Aptiv reported a decrease in high-voltage electrification revenue growth to 13% in the third quarter, down from previous quarters. This slowdown is attributed to customer mix and a deceleration in Battery Electric Vehicle (BEV) growth, particularly in Europe and China.  **[APTV_3363617_10]**
- **Significant Labor Cost Increases**: The company is experiencing substantial labor cost inflation, with an expected $900 million increase spread evenly over three years, amounting to about 10-11% annually. This rise in labor costs could pressure margins if not fully offset by performance initiatives.  **[APTV_3363617_18]**
- **Exposure to Market Risks in China and Europe**: Aptiv's revenue mix is increasingly weighted towards local Chinese and European OEMs, with expectations of a 50-50 split between global and local OEMs in 2024. Given the slowing BEV penetration in these regions, Aptiv's growth prospects could be adversely affected if market conditions worsen or if there are shifts in electrification strategies by these OEMs.  **[APTV_3363617_28]** **[APTV_3363617_13]**

7e663ce77bbe527d3243b5d7cf9af2deb03d6febffa6b7accecf9038875e2fc9

1. **Production Volatility and Margin Impact**  
   **Q:** How is production volatility affecting margins?  
   **A:** Management noted that a large OEM customer reduced production by **35%** in Q3 from previously scheduled levels. This sudden drop led to idle labor and challenged their ability to adjust costs quickly, impacting margins—especially in the SMPS segment due to its high labor intensity. They are now proactively reducing capacity to align with current production schedules.  **[APTV_3405066_8]** **[APTV_3405066_12]** **[APTV_3405066_13]** 

2. **Cost Management and Margin Outlook**  
   **Q:** Can margin improvement continue despite tough conditions?  
   **A:** Despite revenue declines, management is achieving margin expansion through proactive cost reductions, including a **10%** salaried headcount reduction last year and additional cuts underway. They are consolidating manufacturing facilities and optimizing engineering efforts to manage margins in a volatile environment.  **[APTV_3405066_8]** **[APTV_3405066_9]** **[APTV_3405066_10]** **[APTV_3405066_11]** 

3. **2025 Outlook and Growth Over Market**  
   **Q:** What's the outlook for 2025 growth and margins?  
   **A:** While cautious due to market volatility, management believes that if conditions stabilize, their targets for mid-single-digit growth over market and reaching a **12.5%** margin are achievable. They remain confident in their underlying business and margin expansion initiatives.  **[APTV_3405066_8]** **[APTV_3405066_26]** **[APTV_3405066_27]** 

4. **Bookings and Demand Trends**  
   **Q:** Are bookings being delayed due to OEM decisions?  
   **A:** Management acknowledged that some OEMs are delaying decisions, affecting bookings, particularly in North America and Europe. However, they noted strong bookings in China driven by rapid vehicle introductions and enhancements. They expect several opportunities to be decided between now and year-end, though some may slip into the first quarter of next year.  **[APTV_3405066_14]** **[APTV_3405066_16]** **[APTV_3405066_17]** 

5. **Customer Mix Shift and Exposure to China**  
   **Q:** How is the shift towards Chinese OEMs impacting growth?  
   **A:** Aptiv has increased its exposure to Chinese OEMs, with local Chinese OEMs and a U.S.-based global EV manufacturer now comprising the majority of their customer mix in China. This shift is helping mitigate declines from traditional OEMs, and they are booking several opportunities with these OEMs both in China and internationally.  **[APTV_3405066_10]** **[APTV_3405066_11]** **[APTV_3405066_12]** 

6. **Pricing Negotiations with OEMs**  
   **Q:** Can you secure better pricing amid volatility?  
   **A:** Management indicated that pricing discussions for 2025 are ongoing and are not materially different from historical negotiations. They are working collaboratively with OEMs to identify cost reduction opportunities, such as full system solutions and standardization, to lower costs over the vehicle lifecycle.  **[APTV_3405066_17]** **[APTV_3405066_18]** 

7. **ASUX Segment Margin Improvement**  
   **Q:** What's driving ASUX segment margin improvements?  
   **A:** The ASUX segment saw significant year-over-year margin improvement due to material performance initiatives, engineering efficiencies, and improved manufacturing. Management highlighted efforts to restore margins to pre-disruption levels, including using China SoCs to reduce costs.  **[APTV_3405066_19]** **[APTV_3405066_20]** 

8. **Investments in Vision Software and SoC Sourcing**  
   **Q:** How do recent investments unlock opportunities in China?  
   **A:** Aptiv's **18%** stake in Maxieye supports their strategy to provide vision-agnostic ADAS solutions tailored for the China market, which requires significant local presence due to regulatory requirements. This positions them to better serve Chinese OEMs with locally sourced technology.  **[APTV_3405066_25]** 

9. **Currency Impact**  
   **Q:** Did currency movements impact margins this quarter?  
   **A:** The weakening Mexican peso was helpful but not materially significant in the quarter. Overall, currency effects were fairly neutral.  **[APTV_3405066_23]** 

10. **Tariff Exposure**  
    **Q:** How exposed are you to potential tariffs on Mexico?  
    **A:** Management stated that **90%** of what they sell is manufactured regionally, and **80%** of what they source is also regional. They have actively regionalized their supply chain to mitigate tariff risks, making any potential tariffs on Mexico manageable.  **[APTV_3405066_16]** 

11. **EV Production Trends**  
    **Q:** How are EV production cuts affecting your business?  
    **A:** The EV business was down **20%** in the quarter and is expected to be down **15–20%** for the full year. While they have the right technology and are well-positioned, production declines, especially in Europe and North America, have impacted results. Recovery depends on when OEMs increase EV production volumes.  **[APTV_3405066_24]** **[APTV_3405066_27]** 

12. **Potential Portfolio Changes**  
    **Q:** Are you considering portfolio changes or acquisitions?  
    **A:** Management is continuously evaluating opportunities to optimize value through portfolio changes. Recent investments in vision software partners and SoC sourcing aim to deliver better performance at lower cost, which could lead to future portfolio adjustments.  **[APTV_3405066_10]** **[APTV_3405066_11]** 

13. **Competitor Moves**  
    **Q:** Does Siemens acquiring Altair impact Aptiv?  
    **A:** Management does not see Altair as a direct competitor. Altair operates in systems engineering and simulation, mainly focusing on the industrial landscape. Wind River, part of Aptiv, has a small presence in that area but is more focused on the automotive space.  **[APTV_3405066_25]** 

9328b44515b0198815e82c6ed99e9f16641b865f361427c746720102af15be34

- **Strong growth in the Active Safety segment with a 25% revenue increase in the quarter and expected over 20% growth for the year, supported by $2 billion in bookings in this quarter alone.**  **[APTV_3382143_27]**
- **Increased share repurchases, doubling the 2024 target to $1.5 billion, as management views the stock as undervalued and intends to continue buybacks at healthy levels, demonstrating confidence in future prospects.**  **[APTV_3382143_21]**
- **Significant improvement in ASUX margins through cost reductions and operational efficiencies, with margins expected to be maintained at higher levels throughout the year.**  **[APTV_3382143_16]**

509c048bfc632a7be7492d7fe5544c76c4d35333bf09577126c6af65ffe4326a

- **Aptiv expects over 20% growth in its active safety (ADAS) business in 2024**, driven by strong demand and increased take rates.  **[APTV_3371359_18]**
- **The company has successfully penetrated Japanese OEMs with its ADAS solutions for the first time**, opening new opportunities across ADAS, user experience, and vehicle architecture segments.  **[APTV_3371359_18]**
- **Aptiv plans to return up to an additional $750 million to shareholders through share repurchases in 2024**, demonstrating confidence in its business and commitment to delivering shareholder value.  **[APTV_3371359_11]**

123dece799dc8ff6faf374fa44ef0bfd47321c2f1239d6f9ef582f0bb3f065e7

| Year | Amount Due (in millions) | Debt Type                                      | Interest Rate (%) | % of Total Debt                                                                                     |
|----------|------------------------------|---------------------------------------------------|-----------------------|--------------------------------------------------------------------------------------------------------|
| 2025     | €782  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**              | Euro-denominated Senior Notes                    | 1.50  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 8.2% = (782 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                                  |
| 2028     | €559  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**              | Euro-denominated Senior Notes                    | 1.60  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 5.9% = (559 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                                  |
| 2029     | $300  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**              | Senior Notes                                     | 4.35  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 3.1% = (300 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                                  |
| 2029     | $550  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**              | Senior Notes                                     | 4.65  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 5.8% = (550 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                                  |
| 2032     | $800  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**              | Senior Notes                                     | 3.25  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 8.4% = (800 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                                  |
| 2034     | $550  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**              | Senior Notes                                     | 5.15  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 5.8% = (550 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                                  |
| 2036     | €838  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**              | Euro-denominated Senior Notes                    | 4.25  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 8.8% = (838 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                                  |
| 2046     | $300  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**              | Senior Notes                                     | 4.40  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 3.1% = (300 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                                  |
| 2049     | $350  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**              | Senior Notes                                     | 5.40  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 3.7% = (350 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                                  |
| 2051     | $1,500  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**            | Senior Notes                                     | 3.10  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 15.7% = (1,500 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                               |
| 2052     | $1,000  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**            | Senior Notes                                     | 4.15  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 10.5% = (1,000 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                               |
| 2054     | $550  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**              | Senior Notes                                     | 5.75  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**       | 5.8% = (550 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                                  |
| 2054     | $500  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**              | Fixed-to-Fixed Reset Rate Junior Subordinated Notes | 6.875  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**     | 5.2% = (500 / 9,540) * 100  **[0001521332-24-000073_aptv-20240930.htm:18]**   **[0001521332-24-000073_aptv-20240930.htm:92]**                                                                  |

5d46e63a872851dbe455af7963d20eef3d4eaab2fdce5731aefa7487744d4202

- **Aptiv has lowered its full-year revenue guidance due to decreased global vehicle production, especially in BEVs, with estimates of global vehicle production down 1% from prior forecasts.**  **[APTV_3382143_32]** **[APTV_3382143_8]**
- **The company is experiencing foreign exchange headwinds, particularly from a stronger Mexican peso and Chinese RMB, which are negatively impacting operating income.**  **[APTV_3382143_32]** **[APTV_3382143_8]**
- **Customer schedule reductions in both legacy OEMs and global EV-only OEMs have led to lower production schedules, further impacting Aptiv's top-line growth.**  **[APTV_3382143_32]** **[APTV_3382143_8]**

f98e7ff521a4878e4e5b38da5dc6b0ec6391c2bbc8d0483dda23f3884b86620d

- **High R&D spending** may be impacting margins and cash flow, with concerns that Aptiv is "spending too much on R&D and getting too far out in front of the growth curve," possibly limiting returns to shareholders.  **[APTV_3371359_19]**
- **Uncertainty surrounding the Motional joint venture** as Aptiv has decided not to participate in future funding and is exploring options to reduce its ownership, which could present risks due to unclear timing and potential impacts.  **[APTV_3371359_29]**
- Despite holding **$1.6 billion of cash on hand** and generating **$1.2 billion in free cash flow**, Aptiv has not clearly defined its capital allocation plans, leading to questions about the efficient use of resources and returns to shareholders.  **[APTV_3371359_11]**

c458d801e73345e64ee03e325e77f2b90a32a3bebfeefdce76e35b4c27052540

- **Aptiv's high-voltage electrification revenues are expected to reach $1.8 to $1.9 billion this year**, reflecting significant growth and a strong market position, especially with European and Chinese OEMs.  **[APTV_3363617_12]** ,  **[APTV_3363617_28]** ,  **[APTV_3363617_11]**
- The company remains confident in its **conservative approach to BEV penetration**, focusing on select customers and programs, which positions them well amid market uncertainties regarding electric vehicle adoption rates.  **[APTV_3363617_11]** ,  **[APTV_3363617_10]**
- Aptiv is well-positioned in **high-growth areas such as electrification and advanced driver assistance systems (ADAS)**, continuing to execute on performance initiatives that drive margin expansion and offset inflationary pressures.  **[APTV_3363617_13]** ,  **[APTV_3363617_10]**

fbb66a5bc07cd95a9e8929c111e00bc24ceabf6dd4b530406012e86aeb6f3306

- **Strong Financial Position Supports Shareholder Returns:** Aptiv has maintained a robust balance sheet, ending the quarter with **$1.4 billion in cash** and **€700 million in marketable securities**. Cash from operations is between **$600 million to $800 million**, positioning the company to execute a significant **$5 billion share repurchase authorization**, including a **$3 billion accelerated share repurchase program**. This reflects management's confidence in Aptiv's long-term growth prospects.  **[APTV_3395677_21]**
- **Margin Expansion Driven by Operational Efficiencies:** The company is experiencing margin improvement due to balanced initiatives, including the reduction of supply chain disruption costs and decreased engineering expenses as a percentage of sales. Engineering costs are returning to the targeted **6% to 7% of sales**, indicating operational efficiency gains contributing to margin expansion.  **[APTV_3395677_15]**
- **Commitment to Investment Grade Rating While Enhancing Shareholder Value:** Aptiv plans to maintain its investment-grade credit rating even as it returns capital to shareholders through the share repurchase program. Management intends to manage debt levels to return to current leverage ratios by the **end of next year or early 2026**, demonstrating prudent financial management alongside initiatives to enhance shareholder value.  **[APTV_3395677_21]**

d78fbc810a81d734512f560d756a7590f00e4586bbd96756502631737eac5f95

Aptiv PLC (APTV)

Financials