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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

Quarterly Results of Operations

 

The following tables set forth unaudited quarterly consolidated statement of operations data for fiscal years 2008 and 2009. We have prepared the statement of operations for each of these quarters on the same basis as the audited consolidated financial statements included elsewhere in this prospectus and, in the opinion of our management, each statement of operations includes all adjustments, consisting solely of normal recurring adjustments, necessary for the fair statement of the results of operations for these periods. This information should be read in conjunction with the audited consolidated financial statements and related notes included elsewhere in this prospectus. These quarterly operating results are not necessarily indicative of our operating results for any future period.

 

    (unaudited)  
    For the three months ended  
(Amounts in thousands)   March 31,
2008
    June 30,
2008
    September 30,
2008
    December 31,
2008
    March 31,
2009
    June 30,
2009
    September 30,
2009
    December 31,
2009
 

Statement of Operations Data:

               

Net revenue

  $ 387,844      $ 406,221      $ 361,005      $ 267,585      $ 239,016      $ 255,371      $ 302,468      $ 338,089   

Cost of revenue

    269,916        263,059        241,370        177,418        161,344        168,902        190,908        220,926   

Research and development

    10,802        10,417        10,142        6,895        5,163        3,960        3,569        4,104   

Selling, general and administrative

    47,158        45,068        36,515        37,884        31,629        30,482        33,190        31,651   

Profit/(loss) from operations

    23,521        45,502        33,070        (22,141     (29,279     11,815        32,212        43,334   

Net (loss)/income

  $ (126,894   $ (27,948   $ 72,523      $ (52,212   $ (10,199   $ 22,621      $ (54,035   $ 13,932   

Other Financial Data:

               

EBITDA

  $ (7,897   $ 91,879      $ 186,983      $ 44,495      $ 89,478      $ 118,818      $ 49,223      $ 109,371   
    (unaudited)  
    For the three months ended  

(As a percentage of net
revenue)

  March 31,
2008
    June 30,
2008
    September 30,
2008
    December 31,
2008
    March 31,
2009
    June 30,
2009
    September 30,
2009
    December 31,
2009
 

Statement of Operations Data:

               

Cost of revenue

    69.6        64.8        66.9        66.3        67.5        66.1        63.1        65.4   

Research and development

    2.8        2.6        2.8        2.6        2.2        1.6        1.2        1.2   

Selling, general and administrative

    12.2        11.1        10.1        14.2        13.2        11.9        11.0        9.4   

Profit/(loss) from operations

    6.1        11.2        9.2        (8.3     (12.2     4.6        10.6        12.8   

Net (loss)/income

    (32.7 )%      (6.9 )%      20.1     (19.5 )%      (4.3 )%      8.9     (17.9 )%      4.1

Other Financial Data:

               

EBITDA

    (2.0 )%      22.6     51.8     16.6     37.4     46.5     16.3     32.4

 

The quarterly revenue trend in 2008 reflects the impact of reduced orders from our customers beginning in the third quarter due to the global economic crisis. This trend of declining revenue continued into the first quarter of 2009. In the second, third and fourth quarters of 2009 we believe that we experienced higher volume due to an increase in orders from our customers as the global economy began to stabilize as well as from government incentive programs such as the “Car Allowance Rebate System” in the United States and the “New Countryside Initiative” in China, and supply chain replenishment.

 

In addition, cost of revenue as a percentage of net revenue increased from 63.1% during the three months ended September 30, 2009 to 65.4% during the three months ended December 31, 2009 due to the increased cost of freight, labor and commodities, partially offset by a favorable change in the mix of products sold. Cost of revenue as a percentage of net revenue decreased from 66.1% during the three months ended June 30, 2009 to

 

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