Company Quick10K Filing
Sensata Technologies
Price49.40 EPS3
Shares163 P/E17
MCap8,041 P/FCF19
Net Debt2,503 EBIT564
TEV10,543 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-28
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-11
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-06
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-07-24
10-Q 2018-03-31 Filed 2018-04-24
10-K 2017-12-31 Filed 2018-02-01
10-Q 2017-09-30 Filed 2017-10-24
10-Q 2017-06-30 Filed 2017-07-25
10-Q 2017-03-31 Filed 2017-04-25
10-K 2016-12-31 Filed 2017-02-02
10-Q 2016-09-30 Filed 2016-10-25
10-Q 2016-06-30 Filed 2016-07-26
10-Q 2016-03-31 Filed 2016-04-26
10-K 2015-12-31 Filed 2016-02-02
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-28
10-Q 2015-03-31 Filed 2015-04-28
10-K 2014-12-31 Filed 2015-02-03
10-Q 2014-09-30 Filed 2014-10-28
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-06
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-29
10-Q 2013-03-31 Filed 2013-04-29
10-K 2012-12-31 Filed 2013-02-08
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-10
10-Q 2011-09-30 Filed 2011-10-24
10-Q 2011-06-30 Filed 2011-07-22
10-Q 2011-03-31 Filed 2011-04-22
10-K 2010-12-31 Filed 2011-01-31
10-Q 2010-09-30 Filed 2010-10-22
10-Q 2010-06-30 Filed 2010-07-26
10-Q 2010-03-31 Filed 2010-04-26
8-K 2020-09-08 Regulation FD, Exhibits
8-K 2020-09-04 Officers
8-K 2020-08-17 Enter Agreement, Off-BS Arrangement, Shareholder Rights, Exhibits
8-K 2020-08-03 Other Events, Exhibits
8-K 2020-07-31 Officers, Exhibits
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-05-28
8-K 2020-04-29
8-K 2020-04-01
8-K 2020-03-16
8-K 2020-02-14
8-K 2020-02-11
8-K 2020-01-17
8-K 2019-10-30
8-K 2019-09-20
8-K 2019-09-10
8-K 2019-08-01
8-K 2019-07-30
8-K 2019-05-28
8-K 2019-05-01
8-K 2019-03-27
8-K 2019-02-06
8-K 2019-01-21
8-K 2018-10-30
8-K 2018-08-28
8-K 2018-07-24
8-K 2018-05-31
8-K 2018-04-24
8-K 2018-02-21
8-K 2018-02-16
8-K 2018-02-06
8-K 2018-02-01
8-K 2018-01-01

ST 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 6. Exhibits.
EX-10.1 ex101votavaemployment.htm
EX-10.2 ex102caljouwemployment.htm
EX-10.3 ex103elliottamendedemp.htm
EX-31.1 exhibit311063020.htm
EX-31.2 exhibit312063020.htm
EX-32.1 exhibit321063020.htm

Sensata Technologies Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.00.80.60.40.20.02012201420172020
Rev, G Profit, Net Income
1.00.60.2-0.3-0.7-1.12012201420172020
Ops, Inv, Fin

Document
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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 June 30, 2020
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 class
Trading Symbol(s)
Name of exchange on which registered
Ordinary Shares - nominal value €0.01 per share
ST
New 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 July 15, 2020, 157,212,763 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)
 
June 30,
2020
 
December 31,
2019
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,242,949

 
$
774,119

Accounts receivable, net of allowances of $17,655 and $15,129 as of June 30, 2020 and December 31, 2019, respectively
443,712

 
557,874

Inventories
488,807

 
506,678

Prepaid expenses and other current assets
103,696

 
126,981

Total current assets
2,279,164

 
1,965,652

Property, plant and equipment, net
815,872

 
830,998

Goodwill
3,093,598

 
3,093,598

Other intangible assets, net of accumulated amortization of $2,105,318 and $2,039,436 as of June 30, 2020 and December 31, 2019, respectively
706,102

 
770,904

Deferred income tax assets
29,011

 
21,150

Other assets
161,138

 
152,217

Total assets
$
7,084,885

 
$
6,834,519

Liabilities and shareholders’ equity
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt, finance lease and other financing obligations
$
407,042

 
$
6,918

Accounts payable
250,219

 
376,968

Income taxes payable
866

 
35,234

Accrued expenses and other current liabilities
268,432

 
215,626

Total current liabilities
926,559

 
634,746

Deferred income tax liabilities
254,230

 
251,033

Pension and other post-retirement benefit obligations
31,900

 
36,100

Finance lease and other financing obligations, less current portion
28,243

 
28,810

Long-term debt, net
3,220,833

 
3,219,885

Other long-term liabilities
129,715

 
90,190

Total liabilities
4,591,480

 
4,260,764

Commitments and contingencies (Note 12)

 

Shareholders’ equity:
 
 
 
Ordinary shares, €0.01 nominal value per share, 177,069 shares authorized, and 172,844 and 172,561 shares issued, as of June 30, 2020 and December 31, 2019, respectively
2,215

 
2,212

Treasury shares, at cost, 15,631 and 14,733 shares as of June 30, 2020 and December 31, 2019, respectively
(784,596
)
 
(749,421
)
Additional paid-in capital
1,735,826

 
1,725,091

Retained earnings
1,579,931

 
1,616,357

Accumulated other comprehensive loss
(39,971
)
 
(20,484
)
Total shareholders’ equity
2,493,405

 
2,573,755

Total liabilities and shareholders’ equity
$
7,084,885

 
$
6,834,519


 
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 ended
 
For the six months ended
 
June 30, 2020
 
June 30, 2019
 
June 30, 2020
 
June 30, 2019
Net revenue
$
576,505

 
$
883,726

 
$
1,350,774

 
$
1,754,225

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of revenue
412,443

 
575,235

 
978,849

 
1,156,041

Research and development
30,239

 
36,685

 
64,692

 
71,781

Selling, general and administrative
64,730

 
72,026

 
141,951

 
142,575

Amortization of intangible assets
32,743

 
36,031

 
65,835

 
72,174

Restructuring and other charges, net
38,218

 
16,310

 
42,716

 
21,619

Total operating costs and expenses
578,373

 
736,287

 
1,294,043

 
1,464,190

Operating (loss)/income
(1,868
)
 
147,439

 
56,731

 
290,035

Interest expense, net
(40,808
)
 
(39,608
)
 
(80,211
)
 
(78,861
)
Other, net
1,576

 
(3,554
)
 
(10,705
)
 
(365
)
(Loss)/income before taxes
(41,100
)
 
104,277

 
(34,185
)
 
210,809

Provision for/(benefit from) income taxes
1,441

 
30,841

 
(75
)
 
52,308

Net (loss)/income
$
(42,541
)
 
$
73,436

 
$
(34,110
)
 
$
158,501

Basic net (loss)/income per share:
$
(0.27
)
 
$
0.45

 
$
(0.22
)
 
$
0.98

Diluted net (loss)/income per share:
$
(0.27
)
 
$
0.45

 
$
(0.22
)
 
$
0.97

The accompanying notes are an integral part of these condensed consolidated financial statements.

4



SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Comprehensive (Loss)/Income
(In thousands)
(unaudited)
 
 
For the three months ended
 
For the six months ended
 
June 30, 2020
 
June 30, 2019
 
June 30, 2020
 
June 30, 2019
Net (loss)/income
$
(42,541
)
 
$
73,436

 
$
(34,110
)
 
$
158,501

Other comprehensive (loss)/income, net of tax:
 
 
 
 
 
 
 
Cash flow hedges
(5,167
)
 
(4,646
)
 
(24,501
)
 
5,414

Defined benefit and retiree healthcare plans
1,672

 
83

 
5,014

 
166

Other comprehensive (loss)/income
(3,495
)
 
(4,563
)
 
(19,487
)
 
5,580

Comprehensive (loss)/income
$
(46,036
)
 
$
68,873

 
$
(53,597
)
 
$
164,081

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 six months ended
 
June 30, 2020
 
June 30, 2019
Cash flows from operating activities:
 
 
 
Net (loss)/income
$
(34,110
)
 
$
158,501

Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
 
 
 
Depreciation
65,288

 
55,182

Amortization of debt issuance costs
3,263

 
3,718

Share-based compensation
9,590

 
12,425

Amortization of intangible assets
65,835

 
72,174

Deferred income taxes
1,500

 
13,213

Loss on litigation judgment
41,314

 

Unrealized loss on derivative instruments and other
8,035

 
16,717

Changes in operating assets and liabilities, net of the effects of acquisitions:
 
 
 
Accounts receivable, net
114,162

 
(53,775
)
Inventories
17,871

 
2,196

Prepaid expenses and other current assets
14,790

 
(1,645
)
Accounts payable and accrued expenses
(99,467
)
 
(27,157
)
Income taxes payable
(34,368
)
 
(2,241
)
Other
(3,431
)
 
2,858

Net cash provided by operating activities
170,272

 
252,166

Cash flows from investing activities:
 
 
 
Acquisitions, net of cash received

 
(1,681
)
Additions to property, plant and equipment and capitalized software
(56,697
)
 
(81,549
)
Other
(3,798
)
 
305

Net cash used in investing activities
(60,495
)
 
(82,925
)
Cash flows from financing activities:
 
 
 
Proceeds from exercise of stock options and issuance of ordinary shares
1,146

 
7,099

Payment of employee restricted stock tax withholdings
(2,314
)
 
(6,778
)
Proceeds from borrowings on Revolving Credit Facility
400,000

 

Payments on debt
(4,604
)
 
(8,248
)
Payments to repurchase ordinary shares
(35,175
)
 
(168,198
)
Payments of debt and equity issuance costs

 
(1,876
)
Net cash provided by/(used in) financing activities
359,053

 
(178,001
)
Net change in cash and cash equivalents
468,830

 
(8,760
)
Cash and cash equivalents, beginning of period
774,119

 
729,833

Cash and cash equivalents, end of period
$
1,242,949

 
$
721,073

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 Shares
 
Treasury Shares
 
Additional
Paid-In
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Shareholders’
Equity
 
Number
 
Amount
 
Number
 
Amount
 
Balance as of March 31, 2020
172,596

 
$
2,212

 
(15,631
)
 
$
(784,596
)
 
$
1,731,884

 
$
1,624,773

 
$
(36,476
)
 
$
2,537,797

Surrender of shares for tax withholding

 

 
(83
)
 
(2,299
)
 

 

 

 
(2,299
)
Stock options exercised
21

 
1

 

 

 
436

 

 

 
437

Vesting of restricted securities
310

 
3

 

 

 

 
(3
)
 

 

Retirement of ordinary shares
(83
)
 
(1
)
 
83

 
2,299

 

 
(2,298
)
 

 

Share-based compensation

 

 

 

 
3,506

 

 

 
3,506

Net loss

 

 

 

 

 
(42,541
)
 

 
(42,541
)
Other comprehensive loss

 

 

 

 

 

 
(3,495
)
 
(3,495
)
Balance as of June 30, 2020
172,844

 
$
2,215

 
(15,631
)
 
$
(784,596
)
 
$
1,735,826

 
$
1,579,931

 
$
(39,971
)
 
$
2,493,405

 
Ordinary Shares
 
Treasury Shares
 
Additional
Paid-In
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Shareholders’
Equity
 
Number
 
Amount
 
Number
 
Amount
 
Balance as of December 31, 2019
172,561

 
$
2,212

 
(14,733
)
 
$
(749,421
)
 
$
1,725,091

 
$
1,616,357

 
$
(20,484
)
 
$
2,573,755

Surrender of shares for tax withholding

 

 
(83
)
 
(2,314
)
 

 

 

 
(2,314
)
Stock options exercised
55

 
1

 

 

 
1,145

 

 

 
1,146

Vesting of restricted securities
311

 
3

 

 

 

 
(3
)
 

 

Repurchase of ordinary shares

 

 
(898
)
 
(35,175
)
 

 

 

 
(35,175
)
Retirement of ordinary shares
(83
)
 
(1
)
 
83

 
2,314

 

 
(2,313
)
 

 

Share-based compensation

 

 

 

 
9,590

 

 

 
9,590

Net loss

 

 

 

 

 
(34,110
)
 

 
(34,110
)
Other comprehensive loss

 

 

 

 

 

 
(19,487
)
 
(19,487
)
Balance as of June 30, 2020
172,844

 
$
2,215

 
(15,631
)
 
$
(784,596
)
 
$
1,735,826

 
$
1,579,931

 
$
(39,971
)
 
$
2,493,405

 
Ordinary Shares
 
Treasury Shares
 
Additional
Paid-In
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Shareholders’
Equity
 
Number
 
Amount
 
Number
 
Amount
 
Balance as of March 31, 2019
171,987

 
$
2,206

 
(10,607
)
 
$
(550,166
)
 
$
1,702,940

 
$
1,425,426

 
$
(16,035
)
 
$
2,564,371

Surrender of shares for tax withholding

 

 
(138
)
 
(6,503
)
 

 

 

 
(6,503
)
Stock options exercised
64

 

 

 

 
1,286

 

 

 
1,286

Vesting of restricted securities
412

 
5

 

 

 

 
(5
)
 

 

Repurchase of ordinary shares

 

 
(379
)
 
(17,449
)
 

 

 

 
(17,449
)
Retirement of ordinary shares
(138
)
 
(2
)
 
138

 
6,503

 

 
(6,501
)
 

 

Share-based compensation

 

 

 

 
6,485

 

 

 
6,485

Net income

 

 

 

 

 
73,436

 

 
73,436

Other comprehensive loss

 

 

 

 

 

 
(4,563
)
 
(4,563
)
Balance as of June 30, 2019
172,325

 
$
2,209

 
(10,986
)
 
$
(567,615
)
 
$
1,710,711

 
$
1,492,356

 
$
(20,598
)
 
$
2,617,063

 
Ordinary Shares
 
Treasury Shares
 
Additional
Paid-In
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Shareholders’
Equity
 
Number
 
Amount
 
Number
 
Amount
 
Balance as of December 31, 2018
171,719

 
$
2,203

 
(7,571
)
 
$
(399,417
)
 
$
1,691,190

 
$
1,340,636

 
$
(26,178
)
 
$
2,608,434

Surrender of shares for tax withholding

 

 
(144
)
 
(6,778
)
 

 

 

 
(6,778
)
Stock options exercised
312

 
3

 

 

 
7,096

 

 

 
7,099

Vesting of restricted securities
438

 
5

 

 

 

 
(5
)
 

 

Repurchase of ordinary shares

 

 
(3,415
)
 
(168,198
)
 

 

 

 
(168,198
)
Retirement of ordinary shares
(144
)
 
(2
)
 
144

 
6,778

 

 
(6,776
)
 

 

Share-based compensation

 

 

 

 
12,425

 

 

 
12,425

Net income

 

 

 

 

 
158,501

 

 
158,501

Other comprehensive income

 

 

 

 

 

 
5,580

 
5,580

Balance as of June 30, 2019
172,325

 
$
2,209

 
(10,986
)
 
$
(567,615
)
 
$
1,710,711

 
$
1,492,356

 
$
(20,598
)
 
$
2,617,063

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 (loss)/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 wholly-owned 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, 2019.
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 tables present net revenue disaggregated by segment and end market for the three and six months ended June 30, 2020 and 2019:
 
 
For the three months ended June 30, 2020
 
For the three months ended June 30, 2019
 
 
Performance Sensing
 
Sensing Solutions
 
Total
 
Performance Sensing
 
Sensing Solutions
 
Total
Automotive
 
$
286,499

 
$
7,279

 
$
293,778

 
$
498,296

 
$
10,672

 
$
508,968

HVOR (1)
 
98,708

 

 
98,708

 
146,220

 

 
146,220

Industrial
 

 
79,264

 
79,264

 

 
95,818

 
95,818

Appliance and HVAC (2)
 

 
43,689

 
43,689

 

 
55,832

 
55,832

Aerospace
 

 
27,193

 
27,193

 

 
44,902

 
44,902

Other
 

 
33,873

 
33,873

 

 
31,986

 
31,986

Total
 
$
385,207

 
$
191,298