TE Connectivity plc filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02. Results of Operations and Financial Condition
The information disclosed in Item 7.01 of this Current Report on Form 8-K is furnished and incorporated by reference in this Item 2.02. The financial information referred to therein is furnished as Exhibits 99.1, 99.2, and 99.3 to this report and incorporated by reference in this Item 2.02.
Item 7.01. Regulation FD Disclosure
New Segment Structure
Effective for the first quarter of fiscal 2025, TE Connectivity plc (the “Company”) reorganized its management and segments to align the organization around its fiscal 2025 strategy. The Company’s businesses in the former Communications Solutions segment have been moved into the Industrial Solutions segment. Also, the appliances and industrial equipment businesses have been combined to form the automation and connected living business. In addition, the Company realigned certain product lines and businesses from the Industrial Solutions and former Communications Solutions segments to the Transportation Solutions segment. The following represents the new segment structure:
| ● | Transportation Solutions—This segment contains the automotive, commercial transportation, and sensors businesses. |
| ● | Industrial Solutions—This segment contains the aerospace, defense, and marine; medical; energy; digital data networks (historically referred to as data and devices); and automation and connected living businesses. |
Financial Information
The Company has recast prior period segment results to reflect the new segment reporting structure. This recast financial information is being provided to aid in comparability and has no impact on previously reported consolidated financial statements for any period.
The unaudited financial information furnished with this report and incorporated by reference includes the segment results, net sales by segment and industry end market, and Adjusted Operating Income by segment of the Company for the fiscal quarters ended September 27, 2024, June 28, 2024, March 29, 2024, December 29, 2023, September 29, 2023, June 30, 2023, March 31, 2023 and December 30, 2022 and for the fiscal years ended September 27, 2024 and September 29, 2023, along with the reconciliation of Adjusted Operating Income by segment, a financial measure not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), to the most directly comparable GAAP measure.
The recast financial information contained in Exhibits 99.1, 99.2, and 99.3 has not been audited and does not represent a restatement of previously issued financial statements. The information in this Item 7.01, including Exhibits 99.1, 99.2, and 99.3, should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended September 27, 2024 and the Company’s other filings with the Securities and Exchange Commission.
Non-GAAP Financial Measure
The Company presents Adjusted Operating Income as it believes it is appropriate for investors to consider this adjusted financial measure in addition to results prepared in accordance with GAAP. Adjusted Operating Income represents operating income (the most directly comparable GAAP measure) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, and other income or charges, if any. The Company utilizes Adjusted Operating Income in combination with operating income to assess segment level operating performance and to provide insight to management in evaluating segment operating plan execution and market conditions. Adjusted Operating Income is a significant component in the Company’s incentive compensation plans.
This non-GAAP financial measure provides supplemental information and should not be considered a replacement for results prepared in accordance with GAAP. Management uses this non-GAAP financial measure internally for planning and forecasting purposes and in its decision-making processes related to the operations of the Company. The Company believes this measure provides meaningful information because it enhances the understanding of the operating performance and the trends of the business. Additionally, the Company believes that investors benefit from having access to the same financial measures that management uses in evaluating the Company’s operations. The primary limitation of this non-GAAP financial measure is that it excludes the financial impact of items that would otherwise either increase or decrease the Company’s reported operating income. This limitation is best
addressed by using Adjusted Operating Income in combination with operating income to better understand the amounts, character, and impact of any increase or decrease in reported amounts. This non-GAAP financial measure may not be comparable to similarly-titled measures reported by other companies.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit |
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99.1 |
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99.2 |
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99.3 | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |