Lear Corporation (NYSE:LEA) Q2 2022 Earnings Conference Call August 2, 2022 8:30 AM ET Company Participants Ed Lowenfeld – Vice President-Investor Relations Ray Scott – President, Chief Executive Officer and Director Jason Cardew – Senior Vice President and Chief Financial Officer Conference Call Participants Joseph Spak – RBC Capital Markets Rod Lache – Wolfe Research Itay Michaeli – Citi Colin Langan – Wells Fargo John Murphy – Bank of America Emmanuel Rosner – Deutsche Bank David Kelley – Jefferies James ...

| --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Second Quarter 2022 | | | | | | Financial Results | | | | | | August 2, 2022 | | | | | | | | | | | | Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO | | | | Safe Harbor Statement Forward-Looking Statements This presentation contains forward-looki ...

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Financial Data and Key Metrics Changes - Sales for Q1 2022 were $5.2 billion, a decrease of 3% year-over-year, while core operating earnings were $184 million compared to $336 million in the previous year [22][5][18] - Adjusted earnings per share were $1.80, down from $3.73 a year ago [22] - Operating cash flow generated in the quarter was $221 million, down from $248 million in 2021 [22] - Free cash flow was $90 million compared to $135 million last year [22] Business Line Data and Key Metrics Changes - Seating segment sales were $3.9 billion, a decrease of 2% from 2021, with core operating earnings of $218 million, down from $307 million [23][24] - E-Systems segment sales were $1.3 billion, a decrease of 5% from 2021, with operating earnings of $42 million, down from $95 million [24][22] Market Data and Key Metrics Changes - Global vehicle production decreased by 4% compared to 2021, significantly impacted by semiconductor shortages and COVID-related shutdowns [21] - Lear's sales outperformed global industry production by 4 percentage points, with seating growing 5 points above market and E-Systems growing 1 point above market [21][22] Company Strategy and Development Direction - The company is focusing on operational excellence and process improvements, including restructuring to streamline operations and improve efficiencies [9][30] - Lear is targeting investments in areas that provide the best returns and is exiting certain product lines in E-Systems [9][10] - The company aims to leverage its vertical integration to create a unique value proposition for customers, particularly in thermal management solutions [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed that the operating environment remains challenging due to semiconductor disruptions, elevated commodity costs, and geopolitical tensions [8][9] - The company anticipates a muted volume recovery in the near term, with industry conditions expected to remain challenging well into 2023 [8][9] - Lear's 2022 sales outlook is now expected to be in the range of $20.4 billion to $21.2 billion, reflecting a decrease from previous guidance [28][29] Other Important Information - The company completed the acquisition of Kongsberg, which is expected to enhance its seating capabilities and product offerings [12][13] - Lear's electrification business is projected to grow rapidly, with new business awards for electrification increasing significantly [18][20] Q&A Session Summary Question: Raw material guidance increase - Management noted a modest increase in raw material guidance due to recoverable costs from contractual arrangements, primarily driven by steel and supplier component costs [32][33] Question: Margin recovery timeframe - Management indicated that margin recovery is expected to be gradual, with improvements anticipated in the second half of the year as commodity costs stabilize and volumes increase [42][44] Question: Gross over market performance - Management explained that strong growth over market was observed in North America and Europe, while challenges in China impacted overall performance [58][59]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 (Registrant's telephone number including areas code) For the fiscal year ended December 31, 2021. ☐ 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: 1-11311 (Exact name of registrant as specified in its charter) (State or other juri ...

Lear Corporation (NYSE:LEA) Q4 2021 Earnings Conference Call February 8, 2022 8:30 AM ET Company Participants Ed Lowenfeld - VP of IR Ray Scott - President and CEO Jason Cardew - SVP and CFO Conference Call Participants Rod Lache - Wolfe Research Joseph Spak - RBC Capital Markets Dan Levy - Credit Suisse David Kelley - Jeffries Colin Langan - Wells Fargo Brian Johnson - Barclays Operator Good morning everyone and welcome to the Lear Corporation Fourth Quarter and Full Year 2021 Earnings Conference Call. All ...

| --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------|-------|-------|-------|-------|-----------------------------| | | | | | | | | | | | | | | | Fourth Quarter and Full Year 2021 Financial Results February 8, 2022 | | | | | | | Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO | | | | | Making every drive better ™ | | | | | | | | 1 Safe Harbor Statement Forward-Looking Statements This presentation contains forward-looking s ...

Lear Corporation (NYSE:LEA) Q3 2021 Earnings Conference Call November 2, 2021 8:30 AM ET Company Participants Ed Lowenfeld - VP of IR Ray Scott - President and CEO Jason Cardew - SVP and CFO Conference Call Participants Joseph Spak - RBC Capital Markets Dan Levy - Credit Suisse Colin Langan - Wells Fargo John Murphy - Bank of America Gavin Kennedy - Jefferies Douglas Dutton - Evercore ISI Operator Good morning and welcome to the Lear Corporation Third Quarter 2021 Earnings Conference Call. All participants ...

1 | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------|-------|-------|-------|-------|-----------------------------| | | | | | | | | | | | | | | | Second Quarter 2021 Financial Results August 6, 2021 | | | | | | | Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO | | | | | Making every drive better ™ | | | | | | | | Safe Harbor Statement Forward-Looking Statements This presentation contains forward-looking statements within ...

| --- | --- | --- | --- | --- | |--------------------------------------------------------------------------|-------|-------|-------|-----------------------------| | | | | | | | First Quarter 2021 Financial Results May 7, 2021 | | | | | | Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO | | | | Making every drive better ™ | | | | | | | 1 Safe Harbor Statement UT Automotive Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Privat ...