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 For the fiscal year ended December 31, 2022. ☐ 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 jurisdiction of incorporation or organization) Delaware 1 ...

Financial Data and Key Metrics Changes - Sales increased by 10% to $5.4 billion in Q4 2022, with core operating earnings rising by 67% to $265 million [8][9] - For the full year, sales reached $20.9 billion, and core operating earnings were $871 million [8] - Adjusted earnings per share improved by 10% to $8.72, while operating cash flow surged by 52% to over $1 billion [9][8] Business Segment Data and Key Metrics Changes - In the Seating segment, sales for Q4 were $4 billion, an increase of 11% from 2021, with core operating earnings up 38% to $275 million [71] - E-Systems segment sales in Q4 were $1.3 billion, an increase of 8% from 2021, with core operating earnings improving to $64 million [29][26] Market Data and Key Metrics Changes - Global vehicle production increased by 2% year-over-year, with North America up 8% and Europe up 5%, while production in China decreased by 5% [26] - The backlog for 2023 and 2024 increased by 22% to $2.5 billion, with over 75% of the Seating backlog related to electric vehicles [23] Company Strategy and Development Direction - The company aims to achieve sustainable long-term growth in revenues and financial returns as the industry transitions to electrification [35] - The Lear Forward plan is focused on driving efficiencies and improving operational performance across segments [52][53] - The company has made targeted acquisitions to enhance its component capabilities, increasing market share in seating to 25% [36] Management's Comments on Operating Environment and Future Outlook - Management expects modest changes in industry volumes but anticipates improved financial results for 2023, with revenue projected between $21.2 billion and $22.2 billion [31] - The company is confident in margin expansion, targeting 8% margins in both Seating and E-Systems by 2025 [61][78] Other Important Information - The company returned nearly $300 million to shareholders through dividends and share repurchase programs [13] - The backlog in E-Systems is the second largest ever, with a focus on electrification products [94] Q&A Session Summary Question: Insights on 2023 margin expectations - Management indicated that the second half of 2022 had a timing benefit affecting margins, and they expect modest improvements in 2023 due to wage inflation and other factors [56][60] Question: Backlog changes and market assumptions - The 2023 backlog decreased due to changes in production plans, but the three-year backlog remains strong, supporting future growth [62][94] Question: E-Systems margin target and required bookings - Management stated that no significant new business is required beyond what has been booked to achieve the 8% margin target in E-Systems by 2025 [95][120] Question: Impact of electrification on margins - The growth in connection systems and electronics is expected to drive margin expansion, particularly through battery disconnect units [108][132] Question: Future acquisitions and growth strategy - The company is focused on free cash flow generation and returning excess cash to shareholders, with potential for small tuck-in acquisitions to enhance growth [121][124]

| --- | --- | --- | --- | --- | --- | |-------|-------|--------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Third Quarter 2022 | | | | | | | Financial Results | | | | | | | November 1, 2022 | | | | | | | | | | | | | | Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO | | | | Safe Harbor Statement Forward-Looking Statements This presenta ...

Financial Data and Key Metrics Changes - Sales for Q2 2022 were $5.1 billion, with core operating earnings of $187 million, reflecting solid results despite ongoing challenges [9][8] - Total company operating income and margins improved sequentially, with almost $100 million returned to shareholders through dividends and share repurchases [9][10] - Adjusted operating margins in the Seating segment were 6%, down from the previous year due to higher commodity costs [20][21] - E-Systems segment sales increased by 4% year-over-year, with core operating earnings of $24 million, reflecting a decline in margins primarily due to higher commodity costs [22][23] Business Line Data and Key Metrics Changes - Seating segment sales were $3.9 billion, up 7% from 2021, driven by strong backlog and increased volumes [19] - E-Systems segment sales were $1.2 billion, with a 4% increase from 2021, primarily due to backlog and higher volumes on key platforms [22] - The company achieved growth over market of six percentage points, with Seating growing six points above market and E-Systems growing five points above market [16][17] Market Data and Key Metrics Changes - Global vehicle production was up 1% compared to Q2 2021, with North America volumes up 12% and European production down 5% [13][14] - In China, volumes were 3% lower due to COVID-related production shutdowns, lagging industry growth by eight points [15][18] - The U.S. dollar strengthened significantly against the Euro and RMB, impacting financial results [15] Company Strategy and Development Direction - The company is focused on reducing costs and improving manufacturing flexibility while investing in core product lines and capabilities [10][25] - A definitive agreement was announced to acquire IGB, enhancing product capabilities in thermal comfort [11] - The company aims to streamline its portfolio and prioritize capital spending to improve efficiencies and support growth [25][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic uncertainties but expressed confidence in maintaining guidance for net sales and operating earnings [31] - The automotive market is expected to benefit from low inventories and pent-up demand, despite recession fears and inflationary pressures [34][35] - Management highlighted the importance of stabilizing production schedules and reducing commodity costs to improve margins [36][52] Other Important Information - The company plans to return a majority of free cash flow to shareholders and has repurchased $50 million worth of shares in Q2 [27][40] - The company expects free cash flow conversion rates to improve to approximately 80% over the next two years [26] Q&A Session Summary Question: Did pricing recoveries help organic growth in the quarter? - Management clarified that commodity passthroughs were excluded from organic growth calculations, indicating they did not contribute to strong growth over market [44] Question: What is the expectation for non-commodity inflationary pressures? - Management noted a modest increase in recovery rates, with a net impact of $155 million expected for the full year [45][46] Question: How will commodity costs impact margins moving forward? - Management indicated that most year-over-year impacts from commodities were in the first half, with expectations for a slight positive impact in the fourth quarter [56] Question: What are the target margins for Seating and E-Systems? - Target margins are 7.5% to 8.5% for Seating and around 10% for E-Systems under the right conditions [94][95] Question: How has the company positioned itself for future growth? - Management emphasized the strategic acquisitions and operational efficiencies aimed at improving margins and market share [85][89]

| --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 ...

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|---------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Quarter 2022 | | | | | | | | Financial Results | | | | | | | | May 3, 2022 | | | | | | | | Ray Scott, President and CEO | | | | | | | | Jason Cardew, Senior Vice President and CFO | | | | | Safe Harbor Statement Forward-Looking Stat ...

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 ...