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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________________________ 
FORM 10-Q
_________________________________________________________________________________ 
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number 001-34652
_________________________________________________________________________________ 
SENSATA TECHNOLOGIES HOLDING PLC
(Exact name of registrant as specified in its charter)
_________________________________________________________________________________ 
England and Wales
98-1386780
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
529 Pleasant Street
Attleboro, Massachusetts, 02703, United States
(Address of principal executive offices, including zip code)
+1 (508) 236 3800
(Registrant's telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
_____________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Ordinary Shares - nominal value €0.01 per shareSTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer
☐
Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 14, 2022, 152,961,552 ordinary shares were outstanding.

TABLE OF CONTENTS
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 6.
 
2
PART I—FINANCIAL INFORMATION

Item 1.Financial Statements.
SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
(unaudited)
September 30,
2022		December 31,
2021
Assets
Current assets:
Cash and cash equivalents$1,103,916 $1,708,955 
Accounts receivable, net of allowances of $33,828 and $17,003 as of September 30, 2022 and December 31, 2021, respectively
722,934 653,438 
Inventories675,862 588,231 
Prepaid expenses and other current assets197,487 126,370 
Total current assets2,700,199 3,076,994 
Property, plant and equipment, net831,587 820,933 
Goodwill3,847,450 3,502,063 
Other intangible assets, net of accumulated amortization of $2,361,199 and $2,277,393 as of September 30, 2022 and December 31, 2021, respectively
1,103,256 946,731 
Deferred income tax assets100,014 105,028 
Other assets130,110 162,017 
Total assets$8,712,616 $8,613,766 
Liabilities and shareholders' equity
Current liabilities:
Current portion of long-term debt, finance lease and other financing obligations$6,536 $6,833 
Accounts payable501,301 459,093 
Income taxes payable42,732 26,517 
Accrued expenses and other current liabilities355,405 343,816 
Total current liabilities905,974 836,259 
Deferred income tax liabilities392,222 339,273 
Pension and other post-retirement benefit obligations35,445 38,758 
Finance lease and other financing obligations, less current portion25,180 26,564 
Long-term debt, net4,208,670 4,214,946 
Other long-term liabilities75,807 63,232 
Total liabilities5,643,298 5,519,032 
Commitments and contingencies (Note 12)
Shareholders’ equity:
Ordinary shares, €0.01 nominal value per share, 177,069 shares authorized, and 174,983 and 174,287 shares issued as of September 30, 2022 and December 31, 2021, respectively
2,240 2,232 
Treasury shares, at cost, 21,615 and 16,438 shares as of September 30, 2022 and December 31, 2021, respectively
(1,077,041)(832,439)
Additional paid-in capital1,852,249 1,812,244 
Retained earnings2,287,683 2,132,257 
Accumulated other comprehensive income/(loss)4,187 (19,560)
Total shareholders' equity3,069,318 3,094,734 
Total liabilities and shareholders' equity$8,712,616 $8,613,766 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
 
 For the three months endedFor the nine months ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Net revenue$1,018,268 $951,021 $3,014,586 $2,886,209 
Operating costs and expenses:
Cost of revenue694,535 628,922 2,038,218 1,922,556 
Research and development47,947 40,060 141,898 118,929 
Selling, general and administrative90,013 85,784 283,022 249,728 
Amortization of intangible assets40,313 34,571 114,485 101,492 
Restructuring and other charges, net(107,441)345 (80,811)9,956 
Total operating costs and expenses765,367 789,682 2,496,812 2,402,661 
Operating income252,901 161,339 517,774 483,548 
Interest expense, net(44,856)(45,137)(135,143)(134,393)
Other, net(21,371)(9,403)(111,067)(47,788)
Income before taxes186,674 106,799 271,564 301,367 
Provision for income taxes46,421 21,840 74,029 49,759 
Net income$140,253 $84,959 $197,535 $251,608 
Basic net income per share$0.91 $0.54 $1.27 $1.59 
Diluted net income per share$0.91 $0.53 $1.26 $1.58 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4
SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(unaudited)
 
 For the three months endedFor the nine months ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Net income$140,253 $84,959 $197,535 $251,608 
Other comprehensive income:
Cash flow hedges10,329 2,975 22,362 18,651 
Defined benefit and retiree healthcare plans577 594 1,385 3,978 
Other comprehensive income10,906 3,569 23,747 22,629 
Comprehensive income$151,159 $88,528 $221,282 $274,237 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5
SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
 For the nine months ended
 September 30, 2022September 30, 2021
Cash flows from operating activities:
Net income$197,535 $251,608 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation94,562 94,361 
Amortization of debt issuance costs5,256 5,142 
Gain on sale of business(135,112)— 
Share-based compensation24,180 18,871 
Loss on debt financing5,468 30,066 
Amortization of intangible assets114,485 101,492 
Deferred income taxes3,313 (2,070)
Acquisition-related compensation payments(23,500)(7,000)
Mark-to-market loss on equity investments, net75,135 — 
Unrealized loss on derivative instruments and other40,702 17,359 
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable, net(88,617)(66,340)
Inventories(77,059)(93,651)
Prepaid expenses and other current assets(24,145)(14,890)
Accounts payable and accrued expenses10,928 44,879 
Income taxes payable16,205 13,615 
Other(3,603)(216)
Net cash provided by operating activities235,733 393,226 
Cash flows from investing activities:
Acquisitions, net of cash received(632,683)(414,959)
Additions to property, plant and equipment and capitalized software(110,424)(100,410)
Investment in debt and equity securities(7,773)(4,655)
Proceeds from the sale of business, net of cash sold198,841 — 
Other152 3,919 
Net cash used in investing activities(551,887)(516,105)
Cash flows from financing activities:
Proceeds from exercise of stock options and issuance of ordinary shares16,460 20,016 
Payment of employee restricted stock tax withholdings(7,834)(8,987)
Proceeds from borrowings on debt500,000 1,001,875 
Payments on debt(507,968)(760,768)
Dividends paid(34,271)— 
Payments to repurchase ordinary shares(241,903)— 
Payments of debt financing costs(13,369)(33,093)
Net cash (used in)/provided by financing activities(288,885)219,043 
Net change in cash and cash equivalents(605,039)96,164 
Cash and cash equivalents, beginning of year1,708,955 1,861,980 
Cash and cash equivalents, end of period$1,103,916 $1,958,144 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6
SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Changes in Shareholders' Equity
(In thousands)
(unaudited) 
 Ordinary SharesTreasury SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income/(Loss)Total Shareholders' Equity
 NumberAmountNumberAmount
Balance as of June 30, 2022174,924 $2,239 (19,269)$(978,595)$1,841,925 $2,164,734 $(6,719)$3,023,584 
Surrender of shares for tax withholding— — (6)(257)— — — (257)
Stock options exercised45 — — — 1,883 — — 1,883 
Vesting of restricted securities20 1 — — — (1)— — 
Cash dividends paid— — — — — (17,046)— (17,046)
Repurchase of ordinary shares— — (2,346)(98,446)— — — (98,446)
Retirement of ordinary shares (6)— 6 257 — (257)— — 
Share-based compensation— — — — 8,441 — — 8,441 
Net income— — — — — 140,253 — 140,253 
Other comprehensive income— — — — — — 10,906 10,906 
Balance as of September 30, 2022174,983 $2,240 (21,615)$(1,077,041)$1,852,249 $2,287,683 $4,187 $3,069,318 
 Ordinary SharesTreasury SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income/(Loss)Total Shareholders' Equity
 NumberAmountNumberAmount
Balance as of December 31, 2021174,287 $2,232 (16,438)$(832,439)$1,812,244 $2,132,257 $(19,560)$3,094,734 
Surrender of shares for tax withholding— — (157)(7,834)— — — (7,834)
Stock options exercised374 4 — — 15,825 — — 15,829 
Vesting of restricted securities479 6 — — — (6)— — 
Cash dividends paid— — — — — (34,271)— (34,271)
Repurchase of ordinary shares— — (5,177)(244,602)— — — (244,602)
Retirement of ordinary shares (157)(2)157 7,834 — (7,832)— — 
Share-based compensation— — — — 24,180 — — 24,180 
Net income— — — — — 197,535 — 197,535 
Other comprehensive income— — — — — — 23,747 23,747 
Balance as of September 30, 2022174,983 $2,240 (21,615)$(1,077,041)$1,852,249 $2,287,683 $4,187 $3,069,318 
 Ordinary SharesTreasury SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders' Equity
 NumberAmountNumberAmount
Balance as of June 30, 2021174,005 $2,229 (15,631)$(784,596)$1,789,863 $1,936,427 $(30,475)$2,913,448 
Surrender of shares for tax withholding— — (18)(1,039)— — — (1,039)
Stock options exercised34 — — — 1,290 — — 1,290 
Vesting of restricted securities58 1 — — — (1)— — 
Retirement of ordinary shares (18)— 18 1,039 — (1,039)— — 
Share-based compensation— — — — 7,396 — — 7,396 
Net income— — — — — 84,959 — 84,959 
Other comprehensive income— — — — — — 3,569 3,569 
Balance as of September 30, 2021174,079 $2,230 (15,631)$(784,596)$1,798,549 $2,020,346 $(26,906)$3,009,623 
 Ordinary SharesTreasury SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders' Equity
 NumberAmountNumberAmount
Balance as of December 31, 2020173,266 $2,220 (15,631)$(784,596)$1,759,668 $1,777,729 $(49,535)$2,705,486 
Surrender of shares for tax withholding— — (154)(8,987)— — — (8,987)
Stock options exercised501 6 — — 20,010 — — 20,016 
Vesting of restricted securities466 6 — — — (6)— — 
Retirement of ordinary shares (154)(2)154 8,987 — (8,985)— — 
Share-based compensation— — — — 18,871 — — 18,871 
Net income— — — — — 251,608 — 251,608 
Other comprehensive income— — — — — — 22,629 22,629 
Balance as of September 30, 2021174,079 $2,230 (15,631)$(784,596)$1,798,549 $2,020,346 $(26,906)$3,009,623 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7
SENSATA TECHNOLOGIES HOLDING PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements reflect the financial position, results of operations, comprehensive income, cash flows, and changes in shareholders' equity of Sensata Technologies Holding plc, a public limited company incorporated under the laws of England and Wales, and its consolidated subsidiaries, collectively referred to as the "Company," "Sensata," "we," "our," or "us."
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC") on February 10, 2022 (the "2021 Annual Report").
All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated. Certain reclassifications have been made to prior periods to conform to current period presentation.
2. New Accounting Standards
There are no recently issued accounting standards that have been adopted in the current period or will be adopted in future periods that have had or are expected to have a material impact on our consolidated financial position or results of operations.
3. Revenue Recognition
The following table presents net revenue disaggregated by segment and end market for the three and nine months ended September 30, 2022 and 2021:
For the three months ended September 30, 2022For the three months ended September 30, 2021
Performance SensingSensing SolutionsTotalPerformance SensingSensing SolutionsTotal
Automotive$525,271 $8,616 $533,887 $488,041 $9,451 $497,492 
HVOR (1)
229,256 — 229,256 218,425 — 218,425 
Industrial— 147,191 147,191 — 106,809 106,809 
Appliance and HVAC (2)
— 51,927 51,927 — 62,793 62,793 
Aerospace— 37,789 37,789 — 34,377 34,377 
Other— 18,218 18,218 — 31,125 31,125 
Total$754,527 $263,741 $1,018,268 $706,466 $244,555 $951,021 
___________________________________
(1)    Heavy vehicle and off-road
(2)    Heating, ventilation and air conditioning
For the nine months ended September 30, 2022For the nine months ended September 30, 2021
Performance SensingSensing SolutionsTotalPerformance SensingSensing SolutionsTotal
Automotive$1,533,865 $27,833 $1,561,698 $1,543,121 $33,003 $1,576,124 
HVOR685,241 — 685,241 619,709 — 619,709 
Industrial— 385,470 385,470 — 302,758 302,758 
Appliance and HVAC— 168,427 168,427 — 185,896 185,896 
Aerospace— 109,617 109,617 — 99,847 99,847 
Other— 104,133 104,133 — 101,875 101,875 
Total$2,219,106 $795,480 $3,014,586 $2,162,830 $723,379 $2,886,209 
8
4. Share-Based Payment Plans
The following table presents the components of non-cash compensation expense related to our equity awards for the three and nine months ended September 30, 2022 and 2021:
 For the three months endedFor the nine months ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Stock options$158 $307 $467 $1,072 
Restricted securities8,283 7,089 23,713 17,799 
Share-based compensation expense$8,441 $7,396 $24,180 $18,871 
Equity Awards
We granted the following restricted stock units ("RSUs" and each, an "RSU") and performance-based restricted stock units ("PRSUs" and each, a "PRSU") under the Sensata Technologies Holding plc 2021 Equity Incentive Plan during the nine months ended September 30, 2022:
Awards Granted To:Type of AwardNumber of Units Granted (in thousands)Percentage of PRSUs Awarded that May VestWeighted Average Grant Date Fair Value
Directors
RSU (1)
29 N/A$46.30 
Various executives and employees
RSU (2)
583 N/A$49.97 
Various executives and employees
PRSU (3)
420 
0.0% - 200.0%
$49.45 
____________________________________
(1)    These RSUs cliff vest one year from the grant date (May 2023).
(2)    These RSUs vest ratably over three years, one-third per year beginning on the first anniversary of the grant date. These RSUs will fully vest on various dates between January 2025 and September 2025.
(3)    These PRSUs vest on various dates between April 2025 and September 2025. The number of units that ultimately vest is dependent on the achievement of certain performance criteria.
5. Restructuring and Other Charges, Net
The following table presents the components of restructuring and other charges, net for the three and nine months ended September 30, 2022 and 2021:
For the three months endedFor the nine months ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Q2 2020 Global Restructure Program charges$— $3,098 $— $8,752 
Other restructuring and other charges, net
Severance costs, net 6,249 133