Third Quarter 2023 Earnings Call Forward-Looking Statements In this presentation, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends and events that may affect our future financial position and operating results. The terms such as “will,” “may,” “could,” “would,” “plan,” “believe,” “expec ...

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) Q2 2023 Earnings Conference Call August 4, 2023 10:00 AM ET Company Participants David Lim – Head-Investor Relations David Dauch – Chairman and Chief Executive Officer Chris May – Executive Vice President and Chief Financial Officer Conference Call Participants John Murphy – Bank of America Ryan Brinkman – JPMorgan Dan Levy – Barclays James Picariello – BNP Paribas Tom Narayan – RBC Operator Good morning, everyone. My name is Jamie, and I will be your ...

[Part I Financial Information](index=4&type=section&id=Part%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, highlighting increased net sales but decreased net income and operating cash flow [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net sales increased for both the quarter and six-month periods, while net income significantly declined Consolidated Income Statement Highlights (in millions, except EPS) | Metric | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $1,570.7 | $1,438.3 | $3,064.6 | $2,874.5 | | **Gross Profit** | $178.2 | $173.5 | $338.8 | $360.3 | | **Operating Income** | $57.8 | $57.7 | $93.9 | $128.0 | | **Net Income** | $8.0 | $22.9 | $2.9 | $23.9 | | **Diluted EPS** | $0.07 | $0.19 | $0.02 | $0.20 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Comprehensive income significantly improved for both the quarter and six-month periods, driven by gains on cash flow hedges and foreign currency adjustments Comprehensive Income (Loss) (in millions) | Metric | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $8.0 | $22.9 | $2.9 | $23.9 | | **Other Comprehensive Income (Loss)** | $11.9 | $(42.7) | $22.5 | $(19.7) | | **Comprehensive Income (Loss)** | $19.9 | $(19.8) | $25.4 | $4.2 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities remained stable as of June 30, 2023, with a slight increase in total stockholders' equity over the six-month period Balance Sheet Summary (in millions) | Metric | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $2,109.6 | $1,993.4 | | **Total Assets** | $5,507.4 | $5,469.4 | | **Total Current Liabilities** | $1,233.6 | $1,199.3 | | **Total Liabilities** | $4,862.6 | $4,842.1 | | **Total Stockholders' Equity** | $644.8 | $627.3 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased in the first six months of 2023, while investing activities used less cash and financing activities remained stable Cash Flow Summary - Six Months Ended June 30 (in millions) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $164.9 | $215.2 | | **Net cash used in investing activities** | $(77.9) | $(150.2) | | **Net cash used in financing activities** | $(87.4) | $(86.7) | | **Net decrease in cash** | $(0.4) | $(28.8) | | **Cash at end of period** | $511.1 | $501.4 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on restructuring programs, long-term debt, segment revenue, the Tekfor acquisition, and an ongoing income tax dispute - The company is engaged in multiple restructuring programs, including the 2020 Program, the closure of the Emporium facility, and actions related to the Tekfor acquisition, with expected total charges of **$10-$20 million** in 2023[29](index=29&type=chunk)[31](index=31&type=chunk) - Total long-term debt stood at **$2.9 billion**. In June 2023, the company amended its credit agreement to temporarily increase the total net leverage ratio covenant and reduce the interest coverage ratio covenant[43](index=43&type=chunk)[44](index=44&type=chunk) - The company is contesting an IRS Notice of Deficiency regarding its 2015 tax return. If unsuccessful, the potential additional income tax expense for years 2015-2022 is estimated to be between **$285 million** and **$335 million**[83](index=83&type=chunk) - The acquisition of Tekfor Group in June 2022 resulted in a final gain on bargain purchase of **$13.6 million**. For the first six months of 2023, Tekfor contributed approximately **$199 million** in net sales[109](index=109&type=chunk)[111](index=111&type=chunk)[113](index=113&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses increased sales driven by acquisition and volumes, offset by reduced profitability due to higher costs and interest expenses, while maintaining strong liquidity [Results of Operations](index=34&type=section&id=MD%26A%20-%20Results%20of%20Operations) Net sales increased for both periods, driven by acquisition and volumes, but gross margin compressed and net income sharply declined due to higher costs and expenses - Q2 2023 net sales increased by **$132.4 million** (**9.2%**) YoY, primarily due to the Tekfor acquisition (~**$69 million**) and higher production volumes, partially offset by lower metal pass-throughs (~**$38 million**)[142](index=142&type=chunk) - Gross margin declined to **11.3%** in Q2 2023 from **12.1%** in Q2 2022, and to **11.1%** for H1 2023 from **12.5%** in H1 2022, reflecting higher labor and manufacturing costs that outpaced sales growth[144](index=144&type=chunk)[157](index=157&type=chunk) - Net income for H1 2023 was **$2.9 million**, a steep decline from **$23.9 million** in H1 2022, impacted by lower gross profit, higher SG&A, increased interest expense, and a significant unrealized loss on equity securities in the prior year[169](index=169&type=chunk) [Segment Reporting](index=40&type=section&id=MD%26A%20-%20Segment%20Reporting) Driveline segment sales and Adjusted EBITDA increased, while Metal Forming sales grew due to acquisition but its Adjusted EBITDA significantly declined due to higher costs Segment Net Sales - Six Months Ended June 30 (in millions) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | Driveline | $2,100.2 | $2,070.1 | | Metal Forming | $964.4 | $804.4 | | **Total** | **$3,064.6** | **$2,874.5** | Segment Adjusted EBITDA - Six Months Ended June 30 (in millions) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | Driveline | $266.2 | $255.2 | | Metal Forming | $100.8 | $136.0 | | **Total** | **$367.0** | **$391.2** | [Liquidity and Capital Resources](index=43&type=section&id=MD%26A%20-%20Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity of nearly **$1.5 billion**, despite a decrease in operating cash flow, with capital expenditures projected at **3.5% to 4.0%** of sales - Total liquidity at June 30, 2023 was nearly **$1.5 billion**, consisting of **$511 million** in cash, **$891 million** available under the Revolving Credit Facility, and **$73 million** under foreign credit facilities[183](index=183&type=chunk) - Net cash from operating activities decreased by **$50.3 million** in H1 2023 compared to H1 2022, primarily due to less favorable changes in accounts payable and higher income tax payments[184](index=184&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - Capital spending is expected to be between **3.5%** and **4.0%** of sales in 2023. Capital expenditures were **$90.7 million** in H1 2023, up from **$71.2 million** in H1 2022[190](index=190&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages currency exchange and interest rate risks using derivatives, including foreign currency forward contracts and interest rate swaps on variable-rate debt - To hedge currency risk, the company held forward contracts with a notional value of **$197.6 million** and a fixed-to-fixed cross-currency swap with a notional value of **€200.0 million** as of June 30, 2023[209](index=209&type=chunk)[210](index=210&type=chunk) - To mitigate interest rate risk, the company has hedged **$700.0 million** of its variable-rate debt using variable-to-fixed interest rate swaps[212](index=212&type=chunk) - A one-percentage-point increase in interest rates would result in an annualized pre-tax earnings and cash flow impact of approximately **$4.9 million**[212](index=212&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting, and Tekfor Group's integration is ongoing - Management concluded that disclosure controls and procedures were effective as of the end of the period[214](index=214&type=chunk) - The company is continuing to integrate the policies and processes of the Tekfor Group, acquired in June 2022, and will include it in the year-end 2023 assessment of internal controls[215](index=215&type=chunk) [Part II Other Information](index=50&type=section&id=Part%20II%20OTHER%20INFORMATION) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) There were no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for December 31, 2022 - There were no material changes from the risk factors previously disclosed in the December 31, 2022 Form 10-K[217](index=217&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company purchased **21,086** shares at **$7.81** per share to satisfy employee tax withholding obligations, not as part of a formal repurchase plan Issuer Purchases of Equity Securities (Q2 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2023 | 21,086 | $7.81 | | May 2023 | 0 | N/A | | June 2023 | 0 | N/A | | **Total** | **21,086** | **$7.81** | - Share repurchases were conducted to satisfy employee tax withholding obligations upon the vesting of stock-based compensation, not as part of a formal buyback program[196](index=196&type=chunk) [Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including the amended credit agreement, CEO/CFO certifications, and XBRL data files - A list of exhibits filed with the report is provided, including[223](index=223&type=chunk) - First Amendment to the Amended and Restated Credit Agreement (Exhibit 10.1) - CEO and CFO Certifications pursuant to Rule 13a-14(a) (Exhibits 31.1, 31.2) - CEO and CFO Certifications pursuant to Sarbanes-Oxley Act Section 906 (Exhibit 32) - XBRL Interactive Data Files (Exhibits 101 and 104)

Second Quarter 2023 Earnings Call Forward-Looking Statements This presentation information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include factors detailed in the reports we file with the SEC, including those described under “Risk ...

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) Q1 2023 Earnings Call Transcript May 5, 2023 10:00 AM ET Company Participants David Lim - Head of Investor Relations David Dauch - Chairman of the Board and Chief Executive Officer Christopher May - Executive Vice President and Chief Financial Officer Conference Call Participants John Murphy - Bank of America Merrill Lynch Ryan Brinkman - JPMorgan Chase & Co. Dan Levy - Barclays Bank PLC Adam Jonas - Morgan Stanley James Picariello - BNP Paribas Operat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 1-14303 | --- | --- | |------------------------------------------------------------------------------------------- ...

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) Q4 2022 Earnings Conference Call February 17, 2023 10:00 AM ET Company Participants David Lim - Head of Investor Relations David Dauch - Chairman and Chief Executive Officer Christopher May - Executive Vice President and Chief Financial Officer Conference Call Participants John Murphy - Bank of America Merrill Lynch Dan Levy - Barclays Bank PLC Emmanuel Rosner - Deutsche Bank James Picariello - BNP Paribas Ryan Brinkman - JPMorgan Chase & Co. Operator ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 1-14303 AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. (Exact name of registrant as specified in its charter) | --- | --- | |--------- ...

® Fourth Quarter 2022 Earnings Call BRINGING THE FUTURE Forward-Looking Statements 2 This presentation information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include factors detailed in the reports we file with the SEC, including thos ...