Financial Performance - Net sales for the three months ended March 31, 2022, were $2,124 million, a decrease of 5.3% from $2,242 million for the same period in 2021[13] - Gross profit for the same period was $288 million, down 37.1% from $458 million year-over-year[13] - Operating income decreased to $134 million, a decline of 43.5% compared to $237 million in the prior year[13] - Net income attributable to controlling interest was $83 million, representing a 47.8% decrease from $157 million in the previous year[13] - Basic net earnings per share were $0.95, down 46.9% from $1.79 in the same quarter last year[13] - The company reported a comprehensive income of $98 million for the three months ended March 31, 2022, compared to $94 million in the same period last year[16] - Total comprehensive income for the three months ended March 31, 2022, was $97 million, down from $94 million in the same period of 2021[23] - Operating margin decreased to 6.3%, down 4.2 percentage points year-over-year, and adjusted operating margin fell to 3.2%, a decline of 7.4 percentage points[84] - Adjusted operating income decreased by 71.3% to $68 million, down from $237 million in the prior year[103] - Net income was $83 million, a decrease of 47.1% from $157 million in the same quarter last year[103] - Earnings per share, diluted, decreased by 47.3% to $0.94, down from $1.79 in the prior year[103] Cash and Liquidity - Cash and cash equivalents at the end of the period were $938 million, a decrease from $1,254 million at the end of the same quarter in 2021[21] - The company has a liquidity position of around $2.0 billion as of March 31, 2022, including cash and committed, unused loan facilities[117] - The company has authorized a new stock repurchase program of up to $1.5 billion or 17 million shares, whichever comes first, to be executed between January 2022 and the end of 2024[134] - As of March 31, 2022, the company has repurchased 234,757 shares at an average price of $76.36 per share, leaving 16,765,243 shares available for repurchase under the program[134] - An additional 27,226 shares were repurchased but not settled as of March 31, 2022, and thus not included in the reported figures[134] Assets and Liabilities - Total current assets increased to $3,923 million from $3,675 million at the end of December 31, 2021[19] - Total liabilities increased to $5,095 million from $4,888 million at the end of December 31, 2021[19] - Total equity as of March 31, 2022, was $2,674 million, a decrease from $2,648 million at December 31, 2021[23] - Total long-term debt as of March 31, 2022, was $1,647 million, a decrease from $1,687 million as of December 31, 2021[38] - The company’s leverage ratio remained stable at 1.4x, with net debt decreasing to $1,057 million[92] Inventory and Working Capital - Total inventories as of March 31, 2022, were $913 million, up from $777 million as of December 31, 2021, with raw materials increasing to $432 million from $395 million[42] - Trade working capital increased to $1,352 million from $1,332 million in the previous quarter[112] Tax and Reserves - The effective tax rate for the three months ended March 31, 2022, was 30.3%, compared to 27.7% for the same period in 2021[40] - The company recorded a net increase of $2 million to income tax reserves for unrecognized tax benefits, totaling $51 million as of March 31, 2022[40] - The restructuring reserve balance as of March 31, 2022, was $58 million, down from $88 million at the beginning of the period[46] - The reserve for product-related liabilities as of March 31, 2022, was $150 million, a decrease from $328 million as of March 31, 2021[49] Legal and Compliance - Autoliv incurred $27,019,343 in compensatory damages related to a product liability lawsuit, with the court ordering the company to pay 50% of that amount, totaling $13,509,671[60] - The District Court also awarded punitive damages against Autoliv amounting to $100,000,000, which the company plans to contest[61] - In Q4 2021, Autoliv accrued $14 million for probable losses related to the litigation, reflecting the low end of a potential loss range of $14 million to $114 million[63] - The company has recognized a receivable for expected insurance proceeds related to the litigation, although coverage for punitive damages remains uncertain[63] - The company is undergoing tax audits in several jurisdictions, with no material impact expected from proposed income tax adjustments as of March 31, 2022[40] Sales and Market Performance - Net sales from airbag products and other totaled $1,381 million in Q1 2022, down from $1,463 million in Q1 2021[73] - Seatbelt products generated $744 million in sales for Q1 2022, compared to $779 million in Q1 2021[73] - The company experienced a 1.0% organic sales decline, while global light vehicle production (LVP) declined by approximately 4%[85] - Autoliv expects full-year organic sales growth of around 12-17% and an adjusted operating margin of 5.5-7% for 2022, assuming global LVP growth of 0-5%[82] - The company reported a total equity increase of $153 million compared to March 31, 2021, driven by $363 million from net income[117] Operational Adjustments - The company divested one property in Japan and closed a plant in South Korea as part of its strategic adjustments[82] - Autoliv's headcount at the end of the quarter was 64,800, down from 66,600 a year earlier[92] - Direct COVID-19 related costs were approximately $2 million in Q1 2022, while governmental support amounted to around $7 million[86] - The war in Ukraine had a limited direct impact on Autoliv, with sales in Russia accounting for less than 1% of total sales[88] - Total headcount increased by approximately 6.9% from December 31, 2021, reflecting customer demand recovery expectations[117] Product Development - The company plans to launch several new products in 2022, including the Opel Astra and Renault Megane E-Tech, available as EV/PHEV[124]

Autoliv, Inc. (NYSE:ALV) Q3 2021 Earnings Conference Call October 22, 2021 8:00 AM ET Company Participants Anders Trapp - Investor Relations Mikael Bratt - Chief Executive Officer Fredrik Westin - Chief Financial Officer Conference Call Participants Emmanuel Rosner - Deutsche Bank Hampus Engellau - Handelsbanken Colin Langan - Wells Fargo Agnieszka Vilela - Nordea Erik Golrang - SEB Joseph Spak - RBC Capital Markets Mattias Holmberg - DNB Brian Johnson - Barclays Capital Rod Lache - Wolfe Research Operator ...

Autoliv, Inc. (NYSE:ALV) Q2 2021 Earnings Conference Call July 16, 2021 8:00 AM ET Company Participants Anders Trapp - Investor Relations Mikael Bratt - Chief Executive Officer Fredrik Westin - Chief Financial Officer Conference Call Participants Emmanuel Rosner - Deutsche Bank Mattias Holmberg - DNB Chris McNally - Evercore Hampus Engellau - Handelsbanken Joseph Spak - RBC Capital Markets Rod Lache - Wolfe Research Brian Johnson - Barclays Ryan Brinkman - JPMorgan Erik Golrang - SEB George Galliers - Goldm ...