AAM Continues To Deliver Adjusted Free Cash
Flow
DETROIT, May 6, 2022
/PRNewswire/ -- American Axle & Manufacturing Holdings, Inc.
(AAM), (NYSE: AXL) today reported its financial results for the
first quarter 2022. AAM also revised its full year 2022 financial
outlook.
First Quarter 2022 Results
- Sales of $1.44 billion
- Net income of $1.0 million, or
0.1% of sales
- Adjusted EBITDA of $196.1
million, or 13.7% of sales
- Diluted earnings per share of $0.01; Adjusted earnings per share of
$0.19
- Net cash provided by operating activities of $68.5 million; Adjusted free cash flow of
$53.9 million
"AAM's first quarter financial results reflect our focus on
managing factors under our control and delivering cash flow
conversion," said AAM's Chairman and Chief Executive Officer,
David C. Dauch. "The industry is
experiencing unprecedented supply chain volatility stemming from
multiple global challenges, but we continue to position AAM for
long-term growth and invest in electrification. Our efforts
recently resulted in AAM being named an Automotive News PACE and
PACEpilot award finalist for our electric drive technology."
AAM's sales in the first quarter of 2022 were $1.44 billion as compared to $1.43 billion in the first quarter of 2021. AAM
estimates, on a year-over-year basis, sales for the first quarter
of 2022 were unfavorably impacted by the semiconductor chip
shortage that is affecting the automotive industry by approximately
$31 million. Commodity cost (metal
market) pass-throughs to customers and foreign exchange added
approximately $39 million to the
quarter.
AAM's net income in the first quarter of 2022 was $1.0 million, or $0.01 per share, as compared to $38.6 million, or $0.33 per share in the first quarter of
2021.
AAM defines Adjusted earnings per share to be diluted earnings
per share excluding the impact of restructuring and
acquisition-related costs, debt refinancing and redemption costs,
loss on sale of business, impairment charges, pension settlements,
certain accelerated depreciation, unrealized gains or losses on
equity securities and non-recurring items, including the tax effect
thereon. Adjusted earnings per share in the first quarter of
2022 was $0.19 compared to
$0.57 in the first quarter of
2021.
AAM defines EBITDA to be earnings before interest expense,
income taxes, depreciation and amortization. Adjusted EBITDA is
defined as EBITDA excluding the impact of restructuring and
acquisition-related costs, debt refinancing and redemption costs,
loss on sale of business, impairment charges, pension settlements,
unrealized gains or losses on equity securities and non-recurring
items. In the first quarter of 2022, Adjusted EBITDA was
$196.1 million, or 13.7% of sales, as
compared to $262.9 million, or 18.4%
of sales, in the first quarter of 2021. Adjusted EBITDA in the
first quarter of 2022 was unfavorably impacted by semiconductor
chip shortages and higher material and commodity costs.
AAM's net cash provided by operating activities for the first
quarter of 2022 was $68.5 million as
compared to $179.1 million for the
first quarter of 2021.
AAM defines free cash flow to be net cash provided by operating
activities less capital expenditures net of proceeds from the sale
of property, plant and equipment. Adjusted free cash flow is
defined as free cash flow excluding the impact of cash payments for
restructuring and acquisition-related costs, and cash payments
related to the Malvern fire, including payments for capital
expenditures, net of recoveries. AAM's adjusted free cash flow for
the first quarter of 2022 was $53.9
million as compared to $174.1
million for the first quarter of 2021.
AAM's 2022 Revised Financial Outlook
AAM's full year
revised 2022 financial targets are as
follows:
- AAM is targeting sales in the range of $5.6 - $5.8
billion
- AAM is targeting Adjusted EBITDA in the range of $785 - $830
million
- AAM is targeting Adjusted free cash flow in the range of
$300 - $350
million; this target assumes capital spending of
approximately 3.5% - 4.0% of sales
These targets are based on the following assumptions for
2022:
- North American light vehicle production of approximately 14.3 -
14.7 million units
- Current customer production and launch schedules and operating
environment
First Quarter 2022 Conference Call Information
A
conference call to review AAM's first quarter results is scheduled
today at 10:00 a.m. ET. Interested
participants may listen to the live conference call by logging onto
AAM's investor web site at http://investor.aam.com or calling
(877) 883-0383 from the United
States or (412) 902-6506 from outside the United States with access code 2789182. A
replay will be available one hour after the call is complete until
May 13, 2022 by dialing (877) 344-7529 from the United States or (412) 317-0088 from
outside the United States. When
prompted, callers should enter replay access code 7397562.
Non-GAAP Financial Information
In addition to the
results reported in accordance with accounting principles generally
accepted in the United States of
America (GAAP) included within this press release, AAM has
provided certain information, which includes non-GAAP financial
measures such as Adjusted EBITDA, Adjusted earnings per share and
Adjusted free cash flow. Such information is reconciled to
its closest GAAP measure in accordance with Securities and Exchange
Commission rules and is included in the attached supplemental
data.
Certain of the forward-looking financial measures included in
this earnings release are provided on a non-GAAP basis. A
reconciliation of non-GAAP forward-looking financial measures to
the most directly comparable forward-looking financial measures
calculated and presented in accordance with GAAP has been
provided. The amounts in these reconciliations are based on
our current estimates and actual results may differ materially from
these forward-looking estimates for many reasons, including
potential event driven transactional and other non-core operating
items and their related effects in any future period, the magnitude
of which may be significant.
Management believes that these non-GAAP financial measures are
useful to management, investors, and banking institutions in their
analysis of the Company's business and operating performance.
Management also uses this information for operational planning and
decision-making purposes.
Non-GAAP financial measures are not and should not be considered
a substitute for any GAAP measure. Additionally, non-GAAP financial
measures as presented by AAM may not be comparable to similarly
titled measures reported by other companies.
Company Description
As a leading global Tier 1
Automotive and Mobility Supplier, AAM (NYSE: AXL) designs,
engineers and manufactures Driveline and Metal Forming technologies
to support electric, hybrid and internal combustion vehicles.
Headquartered in Detroit with
nearly 80 facilities in 17 countries, AAM is bringing the future
faster for a safer and more sustainable tomorrow. To learn more,
visit aam.com.
Forward-Looking Statements
In this earnings
release, 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," "expect," "anticipate,"
"intend," "project," "target," and similar words or expressions, as
well as statements in future tense, are intended to identify
forward-looking statements. Forward-looking statements should
not be read as a guarantee of future performance or results and
will not necessarily be accurate indications of the times at, or
by, which such performance or results will be achieved.
Forward-looking statements are based on information available at
the time those statements are made and/or management's good faith
belief as of that time with respect to future events and are
subject to risks and may differ materially from those expressed in
or suggested by the forward-looking statements. Important factors
that could cause such differences include, but are not limited to:
significant disruptions in production, sales and/or supply as a
result of public health crises, including pandemic or epidemic
illness such as COVID-19, or otherwise; global economic conditions;
reduced purchases of our products by General Motors Company (GM),
Stellantis N.V. (Stellantis), Ford Motor Company (Ford) or other
customers; our ability to respond to changes in technology,
increased competition or pricing pressures; our ability to develop
and produce new products that reflect market demand;
lower-than-anticipated market acceptance of new or existing
products; our ability to attract new customers and programs for new
products; reduced demand for our customers' products (particularly
light trucks and sport utility vehicles (SUVs) produced by GM,
Stellantis and Ford); risks inherent in our global operations
(including tariffs and the potential consequences thereof to us,
our suppliers, and our customers and their suppliers, adverse
changes in trade agreements, such as the
United States-Mexico-Canada Agreement (USMCA), immigration
policies, political stability or geopolitical conflicts, taxes and
other law changes, potential disruptions of production and supply,
and currency rate fluctuations); supply shortages, such as the
semiconductor shortage that the automotive industry is currently
experiencing, labor shortages, including increased labor costs, or
price increases in raw material and/or freight, utilities or other
operating supplies for us or our customers as a result of
pandemics, geopolitical conflicts, natural disasters or otherwise;
a significant disruption in operations at one or more of our key
manufacturing facilities; negative or unexpected tax consequences;
risks related to a failure of our information technology systems
and networks, and risks associated with current and emerging
technology threats and damage from computer viruses, unauthorized
access, cyber attacks and other similar disruptions; cost or
availability of financing for working capital, capital
expenditures, research and development (R&D) or other general
corporate purposes including acquisitions, as well as our ability
to comply with financial covenants; our customers' and suppliers'
availability of financing for working capital, capital
expenditures, R&D or other general corporate purposes; an
impairment of our goodwill, other intangible assets, or long-lived
assets if our business or market conditions indicate that the
carrying values of those assets exceed their fair values;
liabilities arising from warranty claims, product recall or field
actions, product liability and legal proceedings to which we are or
may become a party, or the impact of product recall or field
actions on our customers; our ability or our customers' and
suppliers' ability to successfully launch new product programs on a
timely basis; risks of environmental issues, including impacts of
climate-related events, that could result in unforeseen issues or
costs at our facilities, or risks of noncompliance with
environmental laws and regulations, including reputational damage;
our ability to maintain satisfactory labor relations and avoid work
stoppages; our suppliers', our customers' and their suppliers'
ability to maintain satisfactory labor relations and avoid work
stoppages; our ability to achieve the level of cost reductions
required to sustain global cost competitiveness; our ability to
realize the expected revenues from our new and incremental business
backlog; price volatility in, or reduced availability of, fuel; our
ability to protect our intellectual property and successfully
defend against assertions made against us; adverse changes in laws,
government regulations or market conditions affecting our products
or our customers' products; our ability or our customers' and
suppliers' ability to comply with regulatory requirements and the
potential costs of such compliance; changes in liabilities arising
from pension and other postretirement benefit obligations; our
ability to attract and retain qualified personnel in key positions
and functions; and other unanticipated events and conditions that
may hinder our ability to compete. It is not possible to
foresee or identify all such factors and we make no commitment to
update any forward-looking statement or to disclose any facts,
events or circumstances after the date hereof that may affect the
accuracy of any forward-looking statement.
For more information:
Investor Contact
David H. Lim
Head of Investor
Relations
(313) 758-2006
david.lim@aam.com
Media Contact
Christopher M. Son
Vice President, Marketing & Communications
(313) 758-4814
chris.son@aam.com
Or visit the AAM website at www.aam.com.
|
AMERICAN AXLE &
MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2022
|
|
2021
|
|
(in millions, except
per share data)
|
|
|
|
|
|
Net sales
|
$
1,436.2
|
|
$
1,425.1
|
|
|
|
|
|
Cost of goods
sold
|
1,249.4
|
|
1,198.0
|
|
|
|
|
|
Gross profit
|
186.8
|
|
227.1
|
|
|
|
|
|
Selling, general and
administrative expenses
|
86.1
|
|
90.0
|
|
|
|
|
|
Amortization of
intangible assets
|
21.5
|
|
21.5
|
|
|
|
|
|
Restructuring and
acquisition-related costs
|
8.9
|
|
17.5
|
|
|
|
|
|
Loss on sale of
business
|
—
|
|
2.6
|
|
|
|
|
|
Operating
income
|
70.3
|
|
95.5
|
|
|
|
|
|
Interest
expense
|
(44.7)
|
|
(51.1)
|
|
|
|
|
|
Interest
income
|
3.0
|
|
2.9
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
Debt refinancing and
redemption costs
|
(5.6)
|
|
(1.1)
|
|
Unrealized loss on
equity securities
|
(18.0)
|
|
—
|
|
Other income (expense),
net
|
(1.0)
|
|
1.2
|
|
|
|
|
|
Income before income
taxes
|
4.0
|
|
47.4
|
|
|
|
|
|
Income tax
expense
|
3.0
|
|
8.8
|
|
|
|
|
|
Net income
|
1.0
|
|
38.6
|
|
|
|
|
|
Diluted earnings per
share
|
$
0.01
|
|
$
0.33
|
|
AMERICAN AXLE &
MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Unaudited)
|
|
|
March 31, 2022
|
|
December 31,
2021
|
|
(in millions)
|
|
ASSETS
|
|
|
|
|
Current assets
|
|
|
Cash and cash equivalents
|
$
529.9
|
|
$
530.2
|
|
Accounts receivable, net
|
928.1
|
|
762.8
|
|
Inventories, net
|
412.7
|
|
410.4
|
|
Prepaid expenses and other
|
170.2
|
|
152.6
|
|
Total current assets
|
2,040.9
|
|
1,856.0
|
|
|
|
|
|
Property, plant and
equipment, net
|
1,947.8
|
|
1,996.1
|
|
Deferred income
taxes
|
128.5
|
|
121.1
|
|
Goodwill
|
183.2
|
|
183.8
|
|
Other intangible
assets, net
|
676.4
|
|
697.2
|
|
GM postretirement cost
sharing asset
|
199.1
|
|
201.1
|
|
Operating lease
right-of-use asset
|
120.0
|
|
123.7
|
|
Other assets and
deferred charges
|
429.1
|
|
456.7
|
|
Total assets
|
$
5,725.0
|
|
$
5,635.7
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
Current liabilities
|
|
|
|
|
Current portion of long-term debt
|
$
21.0
|
|
$
18.8
|
|
Accounts payable
|
754.7
|
|
612.8
|
|
Accrued compensation and benefits
|
164.4
|
|
195.2
|
|
Deferred revenue
|
30.2
|
|
28.1
|
|
Current portion of operating lease liabilities
|
24.4
|
|
24.6
|
|
Accrued expenses and other
|
159.0
|
|
160.4
|
|
Total current liabilities
|
1,153.7
|
|
1,039.9
|
|
|
|
|
|
Long-term debt,
net
|
3,062.0
|
|
3,085.7
|
|
Deferred
revenue
|
82.6
|
|
94.8
|
|
Deferred income
taxes
|
12.7
|
|
13.5
|
|
Long-term portion of
operating lease liabilities
|
96.5
|
|
99.9
|
|
Postretirement benefits
and other long-term liabilities
|
833.0
|
|
844.1
|
|
Total liabilities
|
5,240.5
|
|
5,177.9
|
|
|
|
|
|
Total stockholders'
equity
|
484.5
|
|
457.8
|
|
Total liabilities and stockholders'
equity
|
$
5,725.0
|
|
$
5,635.7
|
|
AMERICAN AXLE &
MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Three Months Ended
|
|
March 31,
|
|
2022
|
|
2021
|
|
(in millions)
|
|
Operating activities
|
|
|
|
|
Net income
|
$
1.0
|
|
$
38.6
|
|
Adjustments to
reconcile net income to net cash provided by operating activities
|
|
|
|
|
Depreciation and amortization
|
120.4
|
|
142.0
|
|
Other
|
(52.9)
|
|
(1.5)
|
|
Net cash provided by operating
activities
|
68.5
|
|
179.1
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Purchases of property,
plant and equipment
|
(28.6)
|
|
(39.6)
|
|
Proceeds from sale of
property, plant and equipment
|
4.2
|
|
—
|
|
Acquisition of
business, net of cash acquired
|
(6.7)
|
|
—
|
|
Proceeds (payments)
from sale of business, net of cash divested
|
—
|
|
(0.8)
|
|
Other
|
(0.2)
|
|
—
|
|
Net cash used in investing
activities
|
(31.3)
|
|
(40.4)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Net debt
activity
|
(35.1)
|
|
(85.5)
|
|
Other
|
(3.6)
|
|
(5.1)
|
|
Net cash used in financing
activities
|
(38.7)
|
|
(90.6)
|
|
|
|
|
|
Effect of exchange rate
changes on cash
|
1.2
|
|
(3.9)
|
|
|
|
|
|
Net increase (decrease) in cash and cash
equivalents
|
(0.3)
|
|
44.2
|
|
|
|
|
|
Cash and cash equivalents at beginning of
period
|
530.2
|
|
557.0
|
|
|
|
|
|
Cash and cash equivalents at end of
period
|
$
529.9
|
|
$
601.2
|
|
AMERICAN AXLE &
MANUFACTURING HOLDINGS, INC.
SUPPLEMENTAL
DATA
(Unaudited)
|
|
|
The supplemental data
presented below is a reconciliation of certain financial measures
which is intended
to facilitate analysis of American Axle & Manufacturing
Holdings, Inc. business and operating performance.
|
|
|
Earnings before
interest expense, income taxes and depreciation and amortization
(EBITDA) and Adjusted
EBITDA(a)
|
|
|
Three Months Ended
|
|
March 31,
|
|
2022
|
|
2021
|
|
(in millions)
|
|
|
|
|
|
Net income
|
$
1.0
|
|
$
38.6
|
|
Interest
expense
|
44.7
|
|
51.1
|
|
Income tax
expense
|
3.0
|
|
8.8
|
|
Depreciation and
amortization
|
120.4
|
|
142.0
|
|
EBITDA
|
169.1
|
|
240.5
|
|
Restructuring and
acquisition-related costs
|
8.9
|
|
17.5
|
|
Debt refinancing and
redemption costs
|
5.6
|
|
1.1
|
|
Loss on sale of
business
|
—
|
|
2.6
|
|
Unrealized loss on
equity securities
|
18.0
|
|
—
|
|
Non-recurring
items:
|
|
|
|
|
Malvern fire charges, net of recoveries
|
(5.5)
|
|
1.2
|
|
Adjusted EBITDA
|
$
196.1
|
|
$
262.9
|
|
|
|
|
|
Adjusted earnings
per share(b)
|
|
|
|
Three Months Ended
|
|
March 31,
|
|
2022
|
|
2021
|
|
Diluted earnings per
share
|
$
0.01
|
|
$
0.33
|
|
Restructuring and
acquisition-related costs
|
0.07
|
|
0.15
|
|
Debt refinancing and
redemption costs
|
0.05
|
|
0.01
|
|
Loss on sale of
business
|
—
|
|
0.02
|
|
Unrealized loss on
equity securities
|
0.15
|
|
—
|
|
Accelerated
depreciation(c)
|
—
|
|
0.09
|
|
Non-recurring
items:
|
|
|
|
|
Malvern fire charges, net of recoveries
|
(0.05)
|
|
0.01
|
|
Tax effect of
adjustments
|
(0.04)
|
|
(0.04)
|
|
Adjusted earnings per share
|
$
0.19
|
|
$
0.57
|
|
|
Adjusted earnings
per share are based on weighted average diluted shares outstanding
of 119.3 million and 118.3 million for the three
months ended on March 31, 2022 and 2021,
respectively.
|
|
AMERICAN AXLE &
MANUFACTURING HOLDINGS, INC.
SUPPLEMENTAL
DATA
(Unaudited)
|
|
|
The supplemental data
presented below is a reconciliation of certain financial measures
which is intended
to facilitate analysis of American Axle & Manufacturing
Holdings, Inc. business and operating performance.
|
|
|
Free cash flow and
Adjusted free cash flow(d)
|
|
Three Months Ended
|
|
March 31,
|
|
2022
|
|
2021
|
|
(in millions)
|
|
Net cash provided by
operating activities
|
$
68.5
|
|
$
179.1
|
|
Capital expenditures
net of proceeds from the sale of property, plant and equipment
|
(24.4)
|
|
(39.6)
|
|
Free cash flow
|
44.1
|
|
139.5
|
|
Cash payments for
restructuring and acquisition-related costs
|
8.4
|
|
23.4
|
|
Cash payments related
to the Malvern fire net of recoveries
|
1.4
|
|
11.2
|
|
Adjusted free cash flow
|
$
53.9
|
|
$
174.1
|
|
|
|
|
|
Segment Financial
Information
|
|
|
|
Three Months Ended
|
|
March 31,
|
|
2022
|
|
2021
|
|
(in millions)
|
|
Segment Sales
|
|
|
|
|
Driveline
|
$
1,061.8
|
|
$
1,026.1
|
|
Metal Forming
|
481.8
|
|
489.3
|
|
Total Sales
|
1,543.6
|
|
1,515.4
|
|
Intersegment Sales
|
(107.4)
|
|
(90.3)
|
|
Net External Sales
|
$
1,436.2
|
|
$
1,425.1
|
|
|
|
|
|
Segment Adjusted
EBITDA(a)
|
|
|
|
|
Driveline
|
$
132.5
|
|
$
170.5
|
|
Metal Forming
|
63.6
|
|
92.4
|
|
Total Segment Adjusted EBITDA
|
$
196.1
|
|
$
262.9
|
|
Full Year 2022
Financial Outlook
|
|
|
Adjusted EBITDA
|
|
Low End
|
|
High End
|
|
(in millions)
|
|
Net income
|
$
75
|
|
$
110
|
|
Interest
expense
|
175
|
|
175
|
|
Income tax
expense
|
20
|
|
30
|
|
Depreciation and
amortization
|
490
|
|
490
|
|
Full year 2022 targeted
EBITDA
|
760
|
|
805
|
|
Restructuring and
acquisition-related costs
|
25
|
|
25
|
|
Full year 2022 targeted Adjusted
EBITDA
|
$
785
|
|
$
830
|
|
|
|
Adjusted Free Cash Flow
|
|
Low End
|
|
High End
|
|
(in millions)
|
|
Net cash provided by
operating activities
|
$
490
|
|
$
540
|
|
Capital expenditures
net of proceeds from the sale of property, plant and
equipment
|
(215)
|
|
(215)
|
|
Full year 2022 targeted
Free Cash Flow
|
275
|
|
325
|
|
Cash payments for
restructuring and acquisition-related costs
|
25
|
|
25
|
|
Full year 2022 targeted Adjusted Free Cash
Flow
|
$
300
|
|
$
350
|
________
|
(a)
|
We define EBITDA to be
earnings before interest expense, income taxes, depreciation and
amortization. Adjusted EBITDA is defined as EBITDA excluding
the impact of restructuring and acquisition-related costs, debt
refinancing and redemption costs, loss on sale of a business,
impairment charges, pension settlements, unrealized gains or losses
on equity securities and non-recurring items. We believe that
EBITDA and Adjusted EBITDA are meaningful measures of performance
as they are commonly utilized by management and investors to
analyze operating performance and entity valuation. Our
management, the investment community and the banking institutions
routinely use EBITDA and Adjusted EBITDA, together with other
measures, to measure our operating performance relative to other
Tier 1 automotive suppliers. We also use Segment Adjusted
EBITDA as the measure of earnings to assess the performance of each
segment and determine the resources to be allocated to the
segments. EBITDA and Adjusted EBITDA are also key metrics used in
our calculation of incentive compensation. EBITDA and
Adjusted EBITDA should not be construed as income from operations,
net income or cash flow from operating activities as determined
under GAAP. Other companies may calculate EBITDA and Adjusted
EBITDA differently.
|
|
|
|
(b)
|
We define
Adjusted earnings per share to be diluted earnings per share
excluding the impact of restructuring and acquisition-related
costs, debt refinancing and redemption costs, loss on sale of a
business, impairment charges, pension settlements, certain
accelerated depreciation, unrealized gains or losses on equity
securities and non-recurring items, including the tax effect
thereon. We believe Adjusted earnings per share is a
meaningful measure as it is commonly utilized by management and
investors in assessing ongoing financial performance that provides
improved comparability between periods through the exclusion of
certain items that management believes are not indicative of core
operating performance and which may obscure underlying business
results and trends. Other companies may calculate Adjusted
earnings per share differently.
|
|
|
|
(c)
|
In the first quarter of
2021, one of our largest customers announced their intention to
cease production operations in Brazil in 2021 as part of their
restructuring actions. As such, we have accelerated depreciation on
certain property, plant and equipment beginning in the first
quarter of 2021.
|
|
|
|
(d)
|
We define free cash
flow to be net cash provided by operating activities less capital
expenditures net of proceeds from the sale of property, plant and
equipment. Adjusted free cash flow is defined as free cash
flow excluding the impact of cash payments for restructuring and
acquisition-related costs and cash payments related to the Malvern
fire, including payments for capital expenditures, net of
recoveries. We believe free cash flow and Adjusted free cash flow
are meaningful measures as they are commonly utilized by management
and investors to assess our ability to generate cash flow from
business operations to repay debt and return capital to our
stockholders. Free cash flow and Adjusted free cash flow are
also key metrics used in our calculation of incentive
compensation. Other companies may calculate free cash flow
and Adjusted free cash flow differently.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/aam-reports-first-quarter-2022-financial-results-301541634.html
SOURCE American Axle & Manufacturing Holdings, Inc.