® 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 ...

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) Q3 2022 Earnings Conference Call November 4, 2022 10:00 AM ET Company Participants David Lim - Head, Investor Relations David Dauch - Chairman and Chief Executive Officer Mike Simonte - President Chris May - Vice President and Chief Financial Officer Conference Call Participants Ryan Brinkman - JPMorgan John Murphy - Bank of America Rod Lache - Wolfe Research James Picariello - BNP Paribas Joe Spak - RBC Capital Markets Operator Good morning and welcom ...

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) Q2 2022 Earnings Conference Call August 5, 2022 10:00 AM ET Company Participants David Lim - Head, Investor Relations David Dauch - Chairman and CEO Chris May - Vice President and Chief Financial Officer Conference Call Participants John Murphy - Bank of America Ryan Brinkman - JP Morgan James Picariello - BNP Paribas Joe Spak - RBC Capital Markets Operator Good morning, everyone. My name is Jamie, and I will be your conference facilitator today. At th ...

Financial Performance - Net sales for the three months ended June 30, 2022, were $1,438.3 million, an increase from $1,283.3 million in the same period of 2021, representing a growth of 12.1%[11] - Gross profit for the three months ended June 30, 2022, was $173.5 million, down from $190.0 million in the same period of 2021, indicating a decrease of 8.0%[11] - Operating income for the three months ended June 30, 2022, was $57.7 million, compared to $66.4 million in the same period of 2021, reflecting a decline of 13.1%[11] - Net income for the three months ended June 30, 2022, was $22.9 million, up from $16.0 million in the same period of 2021, showing an increase of 43.1%[12] - Basic earnings per share for the three months ended June 30, 2022, were $0.19, compared to $0.13 for the same period in 2021, representing a growth of 46.2%[11] - Comprehensive income (loss) for the three months ended June 30, 2022, was $(19.8) million, a decrease from $35.5 million in the same period of 2021[12] - Net income for the six months ended June 30, 2022, was $23.9 million, a decrease of 56.2% from $54.6 million in the same period of 2021[15] - Income before income taxes for the three months ended June 30, 2022, was $23.5 million, an increase from $18.4 million in the same period of 2021, reflecting a growth of approximately 27.7%[133] Expenses and Costs - Selling, general and administrative expenses for the three months ended June 30, 2022, were $84.8 million, slightly down from $86.2 million in the same period of 2021[11] - The company incurred restructuring and acquisition-related costs of $9.6 million for the three months ended June 30, 2022, compared to $15.9 million in the same period of 2021[11] - The company reported an interest expense of $(42.7) million for the three months ended June 30, 2022, down from $(49.9) million in the same period of 2021[11] - The company incurred total restructuring costs of approximately $8.0 million under the 2020 Program and $3.6 million related to the anticipated closure of the Emporium facility in the first half of 2022[27] - The company incurred total restructuring and acquisition-related charges of $9.6 million and $18.5 million for the three and six months ended June 30, 2022, respectively[29] Assets and Liabilities - Total current assets increased to $2,055.8 million as of June 30, 2022, up from $1,856.0 million at December 31, 2021, representing an increase of 10.7%[14] - Total liabilities increased to $5,299.5 million, up from $5,177.9 million, indicating a rise of 2.4%[14] - Long-term debt decreased slightly to $3,034.8 million from $3,085.7 million, a reduction of 1.6%[14] - Cash and cash equivalents at the end of the period were $501.4 million, down from $530.2 million, a decrease of 5.1%[15] - The accumulated deficit improved to $(290.0) million from $(313.9) million, showing a positive change in retained earnings[14] Inventory and Receivables - Accounts receivable rose to $929.3 million, a significant increase of 22% compared to $762.8 million in the previous period[14] - Total inventories as of June 30, 2022, were $470.8 million, an increase from $410.4 million as of December 31, 2021[32] - Gross inventories as of June 30, 2022, amounted to $500.1 million, up from $429.0 million as of December 31, 2021, indicating a 16.6% increase[32] Acquisitions and Investments - The acquisition of Tekfor Group was completed on June 1, 2022, for a total purchase price of $94.4 million, aimed at diversifying the geographic and customer sales mix[107] - The fair values of the assets acquired from Tekfor Group will be allocated based on the respective fair values of the assets and liabilities as per ASC 805[107] - The total consideration transferred for the acquisition was $94.4 million, with net assets acquired amounting to $106.0 million[109] - For the period from June 1, 2022, to June 30, 2022, net sales attributable to Tekfor Group were approximately $29 million, and net income was $7 million, including a gain on bargain purchase of $11.6 million[111] Cash Flow and Financing - Net cash provided by operating activities was $215.2 million, down from $346.2 million in the prior year, reflecting a decline of 37.8%[15] - The company reported a net cash used in investing activities of $150.2 million, compared to $74.3 million in the previous year, indicating increased investment activity[15] - The company issued $220.7 million in long-term debt during the period, compared to $22.8 million in the same period of the previous year, reflecting a significant increase in financing activities[15] - The company had $893.5 million available under the Revolving Credit Facility as of June 30, 2022[45] Economic Outlook and Challenges - The company anticipates continued challenges due to global economic conditions and supply chain disruptions, impacting future performance[8] - The company expects to incur costs associated with the closure of the Emporium facility through 2022[25] - The company faces risks related to supply chain disruptions, including semiconductor shortages affecting the automotive industry[9] - The company anticipates potential disruptions in production and sales due to global economic conditions and public health crises, including COVID-19[9] Tax and Regulatory Matters - The effective income tax rate for the three months ended June 30, 2022, was 2.6%, significantly lower than the 13.0% for the same period in 2021, primarily due to a $11.6 million gain on bargain purchase of business[79] - The company recorded a liability for unrecognized income tax benefits of $36.4 million as of June 30, 2022, an increase from $23.4 million as of December 31, 2021[85] - The company has not recorded any impact from the IRS's proposed adjustment regarding foreign base company sales income, estimating a potential additional income tax expense of $275 million to $325 million if unsuccessful in contesting the matter[81]

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) Q1 2022 Earnings Conference Call May 6, 2022 10:00 AM ET Company Participants David Lim - Head of Investor Relations David Dauch - Chief Executive Officer Christopher May - Chief Financial Officer Conference Call Participants John Murphy - Bank of America Merrill Lynch Ryan Brinkman - JPMorgan Chase & Co. Joseph Spak - RBC Capital Markets Dan Levy - Credit Suisse Operator Good morning, everyone. My name is Jamie, and I will be your conference facilitat ...