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Sensata Technologies Holding N.V.'s SEC Filings

S-1/A
SENSATA TECHNOLOGIES HOLDING PLC filed this Form S-1/A on 03/09/2010
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Table of Contents
       The following unaudited table summarizes the calculations of EBITDA and provides a reconciliation from net income/(loss), the most directly comparable financial measure presented in accordance with U.S. GAAP, for the periods presented:

 

(Amounts in thousands)

 

  Predecessor (combined)        Sensata Technologies Holding N.V.
(consolidated)
 
      For the period        For the period              
  For the year ended
December 31,

2005
  January 1 to
April 26,

2006
       April 27
(inception) to
December 31,
    For the year ended
December 31,
 
           2006     2007     2008         2009      
                                      

Net income/(loss)

  $ 143,417   $ 45,370       $ (212,310   $ (252,497   $ (134,531   $ (27,681

Provision for income taxes

    81,390     25,796         48,560        62,504        53,531        43,047   

Interest expense, net

    105     511         163,593        188,587        196,337        150,016   

Depreciation and amortization

    31,158     9,609         111,188        189,268        200,123        201,508   
                                               

EBITDA (unaudited)

  $ 256,070   $ 81,286       $ 111,031      $ 187,862      $ 315,460      $ 366,890   
                                               

 

Following the 2006 Acquisition, our senior management, together with our Sponsors, developed a series of strategic initiatives to better position us for future revenue growth and an improved cost structure. This plan has been modified, from time to time, to reflect changes in overall market conditions and the competitive environment facing our business. These initiatives have included, among other items, acquisitions, divestitures, restructurings of certain operations and various financing transactions. In connection with these activities, we incurred certain costs and expenses included in EBITDA that we have further described below and believe are important to consider in evaluating our operating performance over these periods.

 

The following table summarizes certain expenses, losses and gains included in EBITDA for the periods presented:

 

     (unaudited)  
     Sensata Technologies Holding N.V. (consolidated)  
     For the
period
   For the year ended
December 31,
 
     April 27
(inception) to
December 31,
  
(Amounts in thousands)    2006    2007     2008             2009          

Supplemental Information

         

Acquisition, integration and financing costs and other significant items:

         

Transition costs(a)

   $ 15,980    $ 16,768      $ 4,052      $ 23   

Litigation costs(b)

     258      4,006        840        147   

Integration and finance costs(c)

     1,182      13,649        20,931        2,813   

Relocation and disposition costs(d)

          114        12,828        8,202   

Pension charges(e)

                 3,588        4,828   

Inventory step-up(f)

     25,017      4,454                 

IPR&D write-off(g)

          5,700                 

Other(h)

     1,296      3,123        27,106        6,972   
                               

Subtotal

     43,733      47,814        69,345        22,985   

Impairment of goodwill and intangible assets(i)

                 13,173        19,867   

Severance and other termination costs associated with downsizing(j)

          5,166        12,282        12,276   

Gain on extinguishment of debt(k)

                 (14,961     (120,123

Currency translation loss/(gain) on debt(l)

     65,519      111,946        (53,209     15,301   

Stock compensation(m)

     1,259      2,015        2,108        2,233   

Management fees(n)

     2,667      4,000        4,000        4,000   

Other(o)

          (25     123        973   
                               

Total

   $ 113,178    $ 170,916      $ 32,861      $ (42,488
                               

 

  (a)   Represents transition costs incurred by us in becoming a stand-alone company, one of our subsidiaries becoming an SEC reporting company and complying with Section 404 of the Sarbanes-Oxley Act of 2002.
  (b)   Represents litigation costs we recognized related to customers alleging defects in certain of our products, which were manufactured and sold prior to April 27, 2006 (inception).
  (c)   Represents integration and financing costs related to the acquisitions of Airpax, First Technology Automotive and SMaL Camera and other consulting and advisory fees associated with acquisitions and financings, whether or not consummated.

 

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