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FourthQuarterandFullYear2022FinancialResults
February2,2023
RayScott,PresidentandCEO
JasonCardew,SeniorVicePresidentandCFO
SafeHarborStatement
Forward-LookingStatements
Thispresentationcontainsforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof1995,includingstatementsregardinganticipatedfinancialresultsandliquidity.Thewords“will,”“may,”“designedto,”“outlook,”“believes,”“should,”“anticipates,”“plans,”“expects,”“intends,”“estimates,”“forecasts”andsimilarexpressionsidentifycertainoftheseforward-lookingstatements.TheCompanyalsomayprovideforward-lookingstatementsinoralstatementsorotherwrittenmaterialsreleasedtothepublic.Allstatementscontainedorincorporatedinthispresentationorinanyotherpublicstatementsthataddressoperatingperformance,eventsordevelopmentsthattheCompanyexpectsoranticipatesmayoccurinthefutureareforward-lookingstatements.Factorsthatcouldcauseactualresultstodiffermateriallyfromtheseforward-lookingstatementsarediscussedintheCompany’sAnnualReportonForm10-KfortheyearendedDecember31,2021,itsQuarterlyReportsonForm10-QforthequartersendedApril2,2022,July2,2022,andOctober1,2022,anditsotherSecuritiesandExchangeCommissionfilings.Futureoperatingresultswillbebasedonvariousfactors,includingactualindustryproductionvolumes,theimpactoftheongoingCOVID-19pandemicontheCompany’sbusinessandtheglobaleconomy,supplychaindisruptions,commodityprices,changesinforeignexchangerates,the impactofrestructuringactionsandtheCompany'ssuccessinimplementingitsoperatingstrategy.
InformationinthispresentationreliesonassumptionsintheCompany’ssalesbacklog.TheCompany’ssalesbacklogreflectsanticipatednetsalesfromformallyawardednewprogramslesslostanddiscontinuedprograms.TheCompanyentersintocontractswithitscustomerstoprovideproductionpartsgenerallyatthebeginningofavehicle’slifecycle.Typically,thesecontractsdonotprovideforaspecifiedquantityofproduction,andmanyofthesecontractsmaybeterminatedbytheCompany’scustomersatanytime.Therefore,thesecontractsdonotrepresentfirmorders.Further,thecalculationofthesalesbacklogdoesnotreflectcustomerpricereductionsonexistingornewlyawardedprograms.Thesalesbacklogmaybeimpactedbyvariousassumptionsembeddedinthecalculation,includingvehicleproductionlevelsonnewprograms,foreignexchangeratesandthetimingofmajorprogramlaunches.
Theforward-lookingstatementsinthispresentationaremadeasofthedatehereof,andtheCompanydoesnotassumeanyobligationtoupdate,amendorclarifythemtoreflectevents,newinformationorcircumstancesoccurringafterthedatehereof.
Non-GAAPFinancialInformation
Thispresentationalsocontainsnon-GAAPfinancialinformation.ForadditionalinformationregardingtheCompany’suseofnon-GAAPfinancialinformation,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithaccounting
principlesgenerallyacceptedintheUnitedStates(“GAAP”),pleaseseeslidestitled“Non-GAAPFinancialInformation”attheendofthispresentation.
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
2
Agenda
02
FINANCIALREVIEW
JasonCardew,SeniorVicePresidentandCFO
CONCLUDINGREMARKS
RayScott,PresidentandCEO
BUSINESSUPDATE
RayScott,PresidentandCEO
03
01
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
3
BusinessUpdate
RayScott
PresidentandCEO
FY2022Q42022
SALES
COREOPERATINGEARNINGS
ADJUSTED
EARNINGSPERSHARE
Q4
FinancialOverview
FourthQuarterandFullYear2022
OPERATINGCASHFLOW
$265M
UP67%YOY
$2.81
UP130%YOY
$537M
UP222%YOY
$5.4B
UP10%YOY
$871M
UP5%YOY
$8.72
UP10%YOY
$1.0B
UP52%YOY
$20.9B
UP8%YOY
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP.
5
2022Highlights
BUSINESS
CompletedtheKongsbergacquisitionandannouncedagreementtoacquireIGBauerhin(IGB)toexpandproductofferingsinthegrowingthermalcomfortsolutionsmarket
SelectedbyGeneralMotorstoexclusivelysupplytheBatteryDisconnectUnit(BDU)onallfull-sizeSUVsandtrucksbuiltontheautomaker'sUltiumEVPlatformthrough2030
Netconquestwinsof≈$700millionsupportinggrowthinSeating
FINANCIAL
FullyearsalesoutperformedglobalindustryproductionbyfivepercentagepointswithabovemarketgrowthinbothSeatingandE-Systems
Fifthconsecutivequarterofimprovingcoreoperatingearningsandadjustedmargins
Returned≈$286milliontoshareholdersthroughdividendsandsharerepurchasesin2022;freecashflowconversionimprovedto73%
AWARDS
ReceivedmorethantwiceasmanyJ.D.Power2022U.S.SeatQualityandSatisfactionStudySMawardsthananyotherseatsupplier,withtwobestinsegmentandseventotalawards
Awardeda2022AutomotiveNewsPACEpilotawardforConfigurE+withzonalsafetytechnology,thefirstwirelessandelectronics-basedsystemthatidentifiesseatlocationandoccupantstatustoactivatesafetyfeatures
NamedtoFORTUNEmagazine's"World'sMostAdmiredCompanies"listfortheseventhconsecutiveyearandrankedsecondintheautomotivesegmentinNewsweek’sAmerica'sMostResponsibleCompaniesfor2023
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP.
6
Seating
Key2023ProductLaunches
GlobalOEM
CONQUEST
JIT,ThermalComfort
NORTHAMERICA
ChevroletColorado/GMCCanyon
CONQUEST
JIT,Trim,Structures
NORTHAMERICA
ChevroletSilveradoEV
JIT,Trim,Structures
NORTHAMERICA
BMW5Series/i5
CONQUEST
JIT,Trim,ThermalComfort
EUROPE
ChevroletEquinoxEV
JIT,Foam
NORTHAMERICA
PorschePanamera
JIT,Trim,Structures
EUROPE
Polestar3
JIT,ThermalComfort
ASIA
Mercedes-BenzCLE
JIT,Trim,Structures
EUROPE
=ElectricVehicle
=Luxury
Mercedes-BenzE-Class
JIT,Fabric
ASIA
NIOES8
JIT
ASIA
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
7
E-Systems
=ElectricVehicle
Key2023ProductLaunches
ChevroletColorado/GMCCanyon
LowVoltageWiring
NORTHAMERICA
GMBETPlatform
BatteryDisconnectUnit
NORTHAMERICA
GMUltiumPlatform
IntercellConnectBoard
NORTHAMERICA
MINICountryman
BodyControlModule
EUROPE
VolvoEX90
OnboardChargerandBatteryManagementSystem
EUROPE
GlobalEVOEM
HighandLowVoltageWiring
NORTHAMERICA/EUROPE
VolvoXC40/
XC40Recharge
BatteryDisconnectUnit
ASIA/EUROPE
ChevroletBlazerEV
LowVoltageWiring
NORTHAMERICA
Mercedes-BenzAMGGT
LowVoltageWiring
EUROPE
Polestar3
HighVoltageWiring
ASIA
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
8
?AcquiredKongsbergtoaddthermal
comfortcapabilities
?25%JITmarketshare
?Launchedinitial
ConfigurE+program
?DevelopedLear
ForwardPlanto
enhanceoperationalefficiencies
?Improvedfreecashflowconversion
?AcquiredThagoraandInTouch
?Receivedindustryrecognitionfor
excellenceinESG
?JoinedClimateGroup’sRE100initiative
?Developedsustainablematerials(FlexAirTM,
ReNewKnitTM)
ProgresstoDate
FocusedStrategyinPlacetoDriveGrowthandProfitability
Strategy
Outlinedin
Q12021
Prioritizepeopleandplanet
Transform
throughaccelerated
growthinconnection
LeadinIndustry4.0
through
digitalizationand
automation
Extendmarket
leadershipwith
priceablecontent
systemsand
electrification
?Streamlinedportfolio
?Supplyinginnovativeproductsonlarge
EVplatforms
?Improvedcustomerdiversification
?Enhancedverticalintegration(M&N)
9
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
E-SYSTEMSSEATING
SouthAmerica
≈$100
Asia
≈$450
≈55%
Electrification
≈$1,500
DRIVERSOFBACKLOGCHANGES
?MultipleconquestawardsinSeating
?SignificantelectrificationawardsinE-Systems
?Customerprogramchanges(primarilytiming)
≈$1,000
$350
≈$350
$125
$225
$575
$1,800
$925
$650
SalesBacklog(NetNewAwardedBusiness)
2023–2025CONSOLIDATED≈$2.85BSALESBACKLOGCONSOLIDATEDSALESBACKLOGBYREGION
($inmillions)
($inmillions)
Europe
≈$750
NorthAmerica
≈$1,550
≈$2,850
$1,050
2023-2025202320242025
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Note:SalesbacklogassumesanaverageEuroof$1.05andanaverageChineseRMBof7.00/$.Salesbacklogbyregionnottoscale.
10
FinancialReview
JasonCardew
SeniorVicePresidentandCFO
FourthQuarter2022
GlobalVehicleProductionandCurrency
INDUSTRYPRODUCTION
(unitsinmillions)
GLOBAL
Q4202120.7
Q4202221.2
UP2%YOY
NORTHAMERICA
Q420213.3
Q420223.6
UP8%YOY
EUROPEANDAFRICA
Q420214.1
Q420224.3
UP5%YOY
CHINA
7.2
Q42021
6.9
Q42022
DOWN5%YOY
KEYCURRENCIES
2022
$1.02/€
7.14/$
2021
$1.15/€
6.39/$
DOWN
DOWN
11%
10%
EURO
CHINESERMB
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.Source:S&PGlobalMobility(formerlyIHSMarkit)asofJanuary17,2023
12
17%
EUROPE
?Seating:Backlogandfavorableplatformmix
?E-Systems:Backlogandfavorableplatformmix
1%
NORTHAMERICA
?Seating:Backlogpartiallyoffsetbyunfavorable
platformmix
?E-Systems:Backlogandfavorableplatformmix
(1)%CHINA
?Seating:Backlogpartiallyoffsetbyunfavorable
platformmix
?E-Systems:Unfavorableplatformmixpartially
offsetbybacklog
Market
GrowthOver
FourthQuarter2022
7%Q42022
5%FY2022
GlobalGoM
7%Q42022
5%FY2022
SeatingGoM
8%Q420224%FY2022
E-SystemsGoM
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Year-over-yearsalesgrowthovermarket(GoM)excludestheimpactofFX,commoditiesandacquisitions.Theyear-over-yearchangeinproductiononaLearsales-weightedbasisiscalculatedusingLear’sprioryearregionalsalesmix.S&PGlobalMobilityproductionhasbeenadjustedtomatchLear’sfiscalcalendar.
13
Strongbacklog,increasedvolumeandcommoditypass-
through,partiallyoffsetbytheimpactfromforeignexchange
$4,880
$5,371
Increasedsales,accretivebacklogandpositiveoperatingperformance,partiallyoffsetbytheimpactfromforeignexchangeandhighercommoditycosts
$1.22
$2.81
Highercoreearnings
Improvedearnings
working
capitalmanagementandhighercore
$167
$537
KeyFinancials
FourthQuarter2022
($inmillions,exceptpershareamounts)20212022YEAR-OVER-YEARDRIVERS
NetSales
CoreOperatingEarnings
OperatingMargin%
$158
3.2%
$265
4.9%
AdjustedEarnings
PerShare
OperatingCashFlow
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP
14
SeatingSalesandMarginDrivers
FourthQuarter2022
SALES
($inmillions)
$88
$236
$4,037
$264
$(249)
$3,641
BacklogCommoditiesFX
Volume/Mix/Other
AcquisitionsQ42022
Q42021
$57
ADJUSTEDEARNINGSANDMARGIN
($inmillions)
25bps
50bps
(5)bps(25)bps
(50)bps
5.5%
AcquisitionsEngineering/Net
LaunchPerformance
BacklogCommodities
Volume/Mix
85bps
50bps
$275
$199
Q42022
Q42021
6.8%
FX
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP
15
E-SystemsSalesandMarginDrivers
FourthQuarter2022
SALES
($inmillions)
$74
$75
$1,334
$(130)
Volume/
Mix/Other
BacklogCommodities
Q42021
Q42022
$1,239
$76
FX
ADJUSTEDEARNINGSANDMARGIN
($inmillions)
65bps
70bps
145bps
(100)bps
(0)bps
3.0%
Net
Performance
BacklogCommodities
Volume/Mix
Q42021
Q42022
4.8%
$64
$38
FX
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP
16
4.3%
3.9%
3.5%
2.6%
5.1%
3.6%
OperatingCashFlowandCapitalAllocation
CAPITALALLOCATIONSTRATEGY
StrongBalanceSheet
?Nooutstandingdebtmaturitiesuntil2027
?Lowcostofdebtaveraginglessthan4%withaweightedaveragelifeof14.4years
?Totalavailableliquidityof$3.1billion
?UnfundedpensionandOPEBliabilitiesimprovedfrom$260millionto$119million
ImprovingCashGeneration
?Growingcoreproductlines
?ExecutingtheLearForwardPlan
?Targeting80%freecashflowconversion
ReturningExcessCashtoShareholders
?Annualizeddividendof$3.08pershare
?≈763,000shares(≈$100million)repurchasedin2022
?Availablestockrepurchaseauthorizationof$1.2billionthroughDecember31,2024
DEBTMATURITIES
($inmillions)
$2,000
Bonds
AvailableRevolver
$625
$550
$350
$375$350$350
202320242025202620272028202920302031203220492052
AmountsandweightedaverageinterestratesasofDecember31,2022
Excludesacommitted$150milliondelayed-drawtermloanfacilityexpectedtobeusedfortheacquisitionofIGBandgeneralcorporatepurposes
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP
17
GLOBALNORTHAMERICA
FY202280.5FY202214.3
EUROPEANDAFRICA
CHINA
FY2022
FY2022
25.0
16.1
2023Outlook–GlobalVehicleProductionandCurrency
INDUSTRYPRODUCTION
(unitsinmillions)
FY202315.0
vsPriorYear
UP5%
FY202316.1
vsPriorYear
FLAT
FY202325.0
vsPriorYear
FLAT
FY202381.3
vsPriorYear
UP1%
LearWeightedOutlook
UP2%
KEYCURRENCIES
EURO
CHINESERMB
2022
$1.05/€
6.73/$
2023
$1.05/€
7.00/$
FLAT
DOWN4%
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Source:S&PGlobalMobility(formerlyIHSMarkit)asofJanuary17,2023,andCompanyestimatesforoutlook
18
NetSales
$21,200-$22,200million
CoreOperatingEarnings
$875-$1,075million
AdjustedEBITDA
$1,475-$1,675million
OperatingCashFlow
$1,075-$1,225million
CapitalExpenditures
≈$700million
FreeCashFlow
$375-$525million
2023FullYearOutlook
InterestExpense
≈$105million
EffectiveTaxRate
21%to22%
AdjustedNetIncome
$510-$670million
RestructuringCosts
≈$100million
Note:2023FullYearOutlookassumesanaverageEuroof$1.05andanaverageChineseRMBof7.00/$
Certainoftheforward-lookingfinancialmeasuresareprovidedonanon-GAAPbasis.Areconciliationofforward-lookingfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAPispotentiallymisleadingandnotpracticalgiventhedifficultyofprojectingeventdriventransactionalandothernon-coreoperatingitemsinanyfutureperiod.Themagnitudeoftheseitems,however,maybesignificant.
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP
19
2022Actualto2023Outlook-atMid-Point
($inmillions)
SALESADJUSTEDEARNINGSANDMARGIN
$20,892
$(11)
$1,000
$(76)
$(215)
$110$21,700
4.2%5bps
-
$871
25bps
15bps
(5)bps
(5)bps
(25)bps
20bps
4.5%
$975
2022
Volume/Mix/Other
BacklogCommodities
FX
Acquisitions/Divestitures
2023Outlook
atMidpoint
2022
Volume/
Mix
BacklogCommodities
FXAcquisitions/Engineering/DivestituresLaunch
Net
Performance
2023Outlook
atMidpoint
Certainoftheforward-lookingfinancialmeasuresareprovidedonanon-GAAPbasis.Areconciliationofforward-lookingfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAPispotentiallymisleadingandnotpracticalgiventhedifficultyofprojectingeventdriventransactionalandothernon-coreoperatingitemsinanyfutureperiod.Themagnitudeoftheseitems,however,maybesignificant.
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP
20
?AcquiredKongsbergtoaddthermal
comfortcapabilities
?25%JITmarketshare
?Launchedinitial
ConfigurE+program
?DevelopedLear
ForwardPlanto
enhanceoperationalefficiencies
?Improvedfreecashflowconversion
?AcquiredThagoraandInTouch
?Receivedindustryrecognitionfor
excellenceinESG
?JoinedClimateGroup’sRE100initiative
?Developedsustainablematerials(FlexAirTM,
ReNewKnitTM)
ProgresstoDate
FocusedStrategyinPlacetoDriveGrowthandProfitability
Strategy
Outlinedin
Q12021
Prioritizepeopleandplanet
Transform
throughaccelerated
growthinconnection
LeadinIndustry4.0
through
digitalizationand
automation
Extendmarket
leadershipwith
priceablecontent
systemsand
electrification
?Streamlinedportfolio
?Supplyinginnovativeproductsonlarge
EVplatforms
?Improvedcustomerdiversification
?Enhancedverticalintegration(M&N)
21
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
E-SystemsMarginExpansionPlan–KeyDrivers
CONNECTIONSYSTEMS
?LeveragingICBtogrowpresenceintheproductspace
?ContinuedgrowthinBatteryPlugboards
?Expandingengineeredcomponentcapabilitiesinlow-costfootprint(NorthAfrica)
?Leveragingverticalintegrationcapabilitiestoimprovecostcompetitivenessandfinancialreturns
ELECTRONICS
?Shiftingresourcestoproductswithstronggrowthand
financialreturns
?TargetingstrongBDUmarketposition(>20%shareofouraddressablemarket)
?Focusingonpowertrainagnosticbodyandzonal
electronics
?Windingdownproductlineswithlowerrisk-adjustedreturns
?Launchingprofitablebacklog
ConnectionSystemsRevenue
(includinginternalsales)
($inmillions)
2022Actual
3-YearCAGR
2025
Plan
$464$750≈17%
?Revenuesup≈$285million
?E-SystemsMarginImpact≈100bps
ElectronicsRevenue
($inmillions)
2025Plan
3-YearCAGR
2022
Actual
$975 600
≈20%
Core
WindDown
$572
661
≈9%
Total$1,233$1,575
?CoreProductRevenuesup≈$400million
?E-SystemsMarginImpact≈125bps
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
22
LearForwardPlanImprovesCashFlowandDrivesShareholderReturns
?Generatecostsavingstopartiallyoffsetelevatedwageinflation
?Aggressivelymanageworkingcapital
?Repurposeassetsandoptimizecapextoimprovereturnsoncapital
?Optimizemanufacturingfootprintbyimprovingcapacityutilization
?Accelerateflexibilityandautomationinmanufacturingplants
?StreamlineoverheadandSG&A
Benefitedfourthquartercashflow
Expecttosave≈$50millionin2023
Targeting80%freecashflowconversion
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP
23
ConcludingRemarks
RayScott
PresidentandCEO
ExecutingfortheFuture
ExpandThermalComfortSolutions
ExecuteLearForwardPlan
GrowElectrificationandConnectionSystems
FocusonCashFlowGeneration
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
25
Appendix
Strongbacklog,increasedvolumeandcommoditypass-
through,partiallyoffsetbytheimpactfromforeignexchange
$19,263
$20,892
$826
4.3%
$871
4.2%
Increasedsalesandaccretivebacklog,partiallyoffsetbytheimpactfromhighercommoditycostsandforeignexchange
$7.94
$8.72
Highercoreearningsandincreasedequityearnings
Improvedearnings
working
capitalmanagementandhighercore
$670
$1,021
KeyFinancials
FullYear2022
($inmillions,exceptpershareamounts)20212022YEAR-OVER-YEARDRIVERS
NetSales
CoreOperatingEarnings
OperatingMargin%
AdjustedEarnings
PerShare
OperatingCashFlow
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP
27
SeatingSalesandMarginDrivers
FullYear2022
SALES
($inmillions)
$319
$15,711
$(750)
$14,411
BacklogCommoditiesFX
Volume/Mix/Other
AcquisitionsFY2022
FY2021
$198
$805
$728
ADJUSTEDEARNINGSANDMARGIN
($inmillions)
30bps
45bps
(60)bps
6.3%
(20)bps
(25)bps
AcquisitionsEngineering/Net
LaunchPerformance
BacklogCommodities
Volume/Mix
(5)bps
25bps
$981
$912
6.2%
FY2021
FY2022
FX
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP
28
E-SystemsSalesandMarginDrivers
FullYear2022
SALES
($inmillions)
$274
$5,180
$(376)
Volume/
Mix/Other
BacklogCommodities
$4,852
FY2021
FY2022
$279
$151
FX
ADJUSTEDEARNINGSANDMARGIN
($inmillions)
55bps
40bps
4.1%
30bps
(170)bps
(15)bps
BacklogCommoditiesFX
Net
Performance
Volume/Mix
FY2021
FY2022
$184
$197
3.5%
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP
29
Seating2022Actualto2023Outlook-atMid-Point
($inmillions)
SALES
ADJUSTEDEARNINGSANDMARGIN
$15,711
$(54)
$650
$(77)
$(140)
$110$16,200
6.2%
$981
(5)bps
15bps
20bps
25bps
0bps(10)bps(25)bps
6.4%
$1,040
2022
Volume/Mix/Other
BacklogCommodities
FX
Acquisitions/Divestitures
2023Outlook
atMidpoint
2022
Volume/
Mix
BacklogCommodities
FXAcquisitions/Engineering/DivestituresLaunch
Net
Performance
2023Outlook
atMidpoint
Certainoftheforward-lookingfinancialmeasuresareprovidedonanon-GAAPbasis.Areconciliationofforward-lookingfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAPispotentiallymisleadingandnotpracticalgiventhedifficultyofprojectingeventdriventransactionalandothernon-coreoperatingitemsinanyfutureperiod.Themagnitudeoftheseitems,however,maybesignificant.
LearProprietary:TheinformationcontainedhereinisthepropertyofLearCorporation.
Pleaseseeappendixfordiscussionofnon-GAAPfinancialmeasures,aswellasreconciliationsofnon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAP
30
40bps
(5)bps0bps
(25)bps
3.5%
$184
E-Systems2022Actualto2023Outlook-atMid-Point
($inmillions)
SALES
ADJUSTEDEARNINGSANDMARGIN
$350
$5,500
$45
$(75)
$5,180
2022Volume/Mix/BacklogFX2023Outlookat
OtherMidpoint
4.5%
50bps
40bps
$245
2022Volume/BacklogCommoditiesFXEngineering/Net2023Outlook
MixLaunchPerformanceatMidpoint
Certainoftheforward-lookingfinancialmeasuresareprovidedonanon-GAAPbasis.Areconciliationofforward-lookingfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithGAAPispotentiallymisleadingandnotpracticalgiventhedifficultyofprojectingeventdriventransactionalandothernon-coreoperatingitemsinanyfutureperiod.Themagnitudeoftheseitems,however,maybes
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