UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 12, 2016
Dana Holding Corporation
(Exact name of registrant as specified in its charter)
Delaware | 1-1063 | 26-1531856 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
3939 Technology Drive, Maumee, Ohio 43537
(Address of principal executive offices) (Zip Code)
(419) 887-3000
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 7.01 | Regulation FD Disclosure. |
Dana previously announced it will participate in the 2016 Deutsche Bank Global Auto Industry Conference in Detroit, Michigan on January 12, 2016. President and Chief Executive Officer James Kamsickas and Interim Chief Financial Officer Rod Filcek will provide a brief overview of the company and answer questions for approximately 40 minutes, beginning at 2:20 p.m. EST.
A copy of the press release announcing Danas preliminary 2015 financial results and 2016 guidance is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Information on accessing a live webcast will be posted to Danas Investor website (www.dana.com/investors) prior to the event. In addition, the audio replay will be available the next business day via the Dana Investor website. A copy of the presentation slides, which will be discussed at the conference, is attached hereto as Exhibit 99.2.
The information in this item (including Exhibit 99.2 hereto) is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits. The following items are filed and furnished with this report.
Exhibit No. |
Description | |
99.1 | Dana Holding Corporation News Release dated January 12, 2016 | |
99.2 | Deutsche Bank Global Auto Industry Conference Presentation Slides |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DANA HOLDING CORPORATION | ||||
Date: January 12, 2016 | By: | /s/ Marc S. Levin | ||
Name: | Marc S. Levin | |||
Title: | Senior Vice President, General Counsel and Secretary |
3
Exhibit Index
Exhibit No. |
Description | |
99.1 | Dana Holding Corporation News Release dated January 12, 2016 | |
99.2 | Deutsche Bank Global Auto Industry Conference Presentation Slides |
4
Exhibit 99.1
IMMEDIATE
Dana Holding Corporation Announces Preliminary 2015 Financial Results,
2016 Guidance and $300 Million Share Repurchase Program
MAUMEE, Ohio, Jan. 12, 2016 Dana Holding Corporation (NYSE: DAN) today announced preliminary financial results for 2015 and guidance for 2016. The company also announced that its Board of Directors has authorized the repurchase of an additional $300 million of common shares. This is in addition to the $1.4 billion share repurchase authorization completed in last years fourth quarter.
Preliminary 2015 Financial Results Announced
| Sales of $6.0 billion; |
| Adjusted EBITDA of $655 million, 10.9 percent of sales; |
| Strong free cash flow of $150 million; and |
| Repurchase of $311 million of common stock in 2015. |
Preliminary sales for the year approximated $6.0 billion. After adjusting for currency translation of more than $500 million and the divestiture of the companys Venezuela operations, full-year 2015 sales were comparable with a year ago. Contributions from new business wins and strong North American vehicular markets largely offset weaker demand in the global off-highway and Brazilian markets. Adjusted EBITDA for the year of approximately $655 million, or 10.9 percent of sales, was 40 basis points lower than 2014. This was due largely to supply-chain inefficiencies in the companys Commercial Vehicle segment, which led to increased costs and lower sales with a significant customer. The company continued to generate strong free cash flow of approximately $150 million for the year, including significant capital investment for new program launches that will drive organic growth. Dana also repurchased $311 million of common stock in 2015, completing its $1.4 billion share repurchase authorization.
Company Updates Sales Backlog
Danas 2016-2018 sales backlog as of Dec. 31, 2015, rose to $750 million, 10 percent higher than the revised three-year backlog announced at the beginning of 2015, after adjustment for currency and market demand expectations. New business wins, primarily in the Light Vehicle Driveline, Off-Highway Driveline, and Power Technologies businesses, drove the net increase in the sales backlog, which more than offset lower expected customer share in Commercial Vehicle Driveline and currency and market demand impacts.
Company Issues 2016 Guidance
While overall demand across served end markets is expected to be relatively flat in 2016, increased sales from new customer program launches are expected to provide a partial offset to anticipated currency headwinds. Adjusted EBITDA margin is expected to be comparable or slightly above last year, while free cash flow is expected to remain strong. Financial guidance for 2016 includes:
| Sales of $5.8 to $6.0 billion; |
| Adjusted EBITDA of $640 to $670 million; |
| Adjusted EBITDA as a percent of sales of 11.0 to 11.2 percent; |
| Diluted adjusted EPS of $1.65 to $1.80 (excluding the impact of share repurchases after Dec. 31, 2015); |
| Capital spending of $280 to $300 million; and |
| Free cash flow of $160 to $180 million. |
Despite the challenging economic environment in some of our markets, our Light Vehicle Driveline, Off-Highway Driveline, and Power Technologies segments each achieved organic sales growth and improved year-over-year margin. Our Commercial Vehicle segment was challenged this past year due to a major supplier transition, and while adversely impacting our 2015 performance, this completed initiative has better positioned this business for future success, said Mr. James Kamsickas, Dana president and chief executive officer. Looking ahead, we successfully retained our key replacement programs while continuing to grow our sales backlog with new programs in all of our businesses an indication that our technology, products, and customer focus continues to support the needs of our customers around the world.
Additional Share Repurchase Program
Dana announced today that its board of directors approved a new share repurchase program, authorizing the purchase of up to $300 million of common shares over the next two years. The company plans to repurchase shares either in the open market or through privately negotiated transactions and expects to have sufficient free cash flow and liquidity during this period to support this initiative. Execution under this program is subject to prevailing market conditions, available growth opportunities, and other considerations.
This additional authorization by our board reflects our confidence in the long-term prospects of the business and a continued commitment to delivering value to our shareholders said Mr. Kamsickas.
Dana to Present at 2016 Deutsche Bank Global Auto Industry Conference Today President and Chief Executive Officer James Kamsickas and Senior Vice President and Interim Chief Financial Officer Rodney Filcek will provide a brief overview of the company and answer questions for approximately 40 minutes, beginning at 2:20 p.m. EST.
Information on accessing the webcast will be posted to Danas Investor website, www.dana.com/investors, prior to the event.
Non-GAAP Financial Information
This release refers to adjusted EBITDA, a non-GAAP financial measure, which we have defined as earnings from continuing and discontinued operations before interest, taxes, depreciation, amortization, equity grant expense, restructuring expense and other nonrecurring items (gain/loss on debt extinguishment, pension settlements or divestitures, impairment, etc.). Adjusted EBITDA is a primary driver of cash flows from operations and a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. Adjusted EBITDA should not be considered a substitute for income (loss) before income taxes, net income (loss) or other results reported in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Diluted adjusted EPS is a non-GAAP financial measure, which we have defined as adjusted net income divided by adjusted diluted shares. We define adjusted net income as net income (loss) attributable to the parent company, excluding any nonrecurring income tax items, restructuring and impairment expense, amortization expense and other nonrecurring items (as used in adjusted EBITDA), net of any associated income tax effects. We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income. This measure is considered useful for purposes of providing investors, analysts and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to EPS reported by other companies. Diluted adjusted EPS is neither intended to represent nor be an alternative measure to diluted EPS reported under GAAP.
Free cash flow is a non-GAAP financial measure, which we have defined as cash provided by (used in) operating activities, less purchases of property, plant and equipment. We believe this measure is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations. Free cash flow is neither intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported under GAAP. Free cash flow may not be comparable to similarly titled measures reported by other companies.
Page 4
Please reference the Non-GAAP financial information accompanying our quarterly earnings conference call presentations on our website at www.dana.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.
Forward-Looking Statements
Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, managements beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as anticipates, expects, intends, plans, predicts, believes, seeks, estimates, may, will, should, would, could, potential, continue, ongoing, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
Danas Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.
Page 5
About Dana Holding Corporation
Dana is a global leader in the supply of highly engineered driveline, sealing, and thermal-management technologies that improve the efficiency and performance of vehicles with both conventional and alternative-energy powertrains. Serving three primary markets passenger vehicle, commercial truck, and off-highway equipment Dana provides the worlds original-equipment manufacturers and the aftermarket with local product and service support through a network of nearly 100 engineering, manufacturing, and distribution facilities. Founded in 1904 and based in Maumee, Ohio, the company employs approximately 23,000 people in 25 countries on six continents. In 2015, preliminary sales were $6.0 billion. For more information, please visit dana.com.
###
Media Contact: | Jeff Cole +1-419-887-3535 jeff.cole@dana.com | |
Investor Contact: | Craig Barber +1-419-887-5166 craig.barber@dana.com |
![]() Honesty & Integrity
Good Corporate Citizen
Open Communication Continuous Improvement Honesty & Integrity Good Corporate Citizen Open Communication Continuous Improvement Dana Holding Corporation Deutsche Bank Global Auto Industry Conference January 12, 2016 1 Exhibit 99.2 © 2016 Dana Limited. This presentation contains copyrighted and confidential information of Dana Holding Corporation and/or its
subsidiaries. Those having access to this work may not copy it, use it,
or disclose the information contained within it without written authorization of Dana Holding Corporation. Unauthorized use may result in prosecution. |
![]() ©
Dana 2016 Safe Harbor Statement
2 Certain statements and projections contained in this presentation are, by their nature,
forward-looking within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are based on our
current expectations, estimates and projections about our industry and
business, managements beliefs, and certain assumptions made by us,
all of which are subject to change. Forward-looking statements
can often be identified by words such as anticipates, expects, intends, plans, predicts, believes, seeks, estimates, may, will,
should, would, could,
potential, continue, ongoing, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of
future results and are subject to risks, uncertainties and assumptions that could cause
our actual results to differ materially and adversely from those
expressed in any forward- looking statement. Danas Annual
Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q,
recent Current Reports on Form 8-K, and other Securities and Exchange
Commission filings discuss important risk factors that could affect our business,
results of operations and financial condition. The
forward-looking statements in this presentation speak only as of this
date. Dana does not undertake any obligation to revise or update publicly
any forward-looking statement for any reason. |
![]() Dana
Snapshot Founded in 1904
Based in Maumee, Ohio 2015 sales: ~$6 billion* 23,000 people Global operations and customers Over 90 major facilities 25 countries on six continents Customers in over 125 countries 16 R&D centers *Preliminary 3 |
![]() Dana
Overview Dana Core Technologies
Vehicle Driveline: Axles, driveshafts, transmissions, and tire management Vehicle Engine and Transmission: Gaskets and seals, cam cover and oil pan modules, heat shields, and fuel cell plates
Vehicle Engine and Transmission:
Oil cooling, battery and electronics cooling, charge air cooling, exhaust-gas heat
recovery, hydrogren reformers, and balance-of-plant
solutions Dana Business Units
Light Vehicle Driveline 41% Commercial Vehicle Driveline 25% Off-Highway Driveline 17% Power Technologies 17% End Markets Light Vehicles Off-Highway Heavy Vehicles 4 |
![]() Did You
Know? Adjacent Applications
5 |
![]() Dana:
Integrated Power Solutions Commercial Vehicle
Light Vehicle Off-Highway Power Technologies Driveshafts Axles Front and Rear Axles E-Axles Disconnect Systems Thermal Management All-Wheel-Drive Systems Transmissions OH Transmissions Sealing & Thermal Variglide ® CVT Engines Internal Combustion Sealing & Thermal Hydraulic PowerBoost ® Electric & Hybrid Drive Battery Thermal Management Hydrogen Fuel Cells Bi-Polar Metallic Plates Vehicle System Dana Business Unit 6 © Dana 2016 |
![]() ©
Dana 2016 2007-2008
Reorganize 2009-2012 Re-Emerge 2013-2015 Build 2016 Grow Improved structure Strong balance sheet Divested non-core New operating system Lower cost structure Focused operations Financial strength New technology New business awards Operational excellence Continue organic growth Inorganic growth Dana Evolution 7 © Dana 2016 |
![]() 2016
- 2018 Sales Backlog Flow by Year
Sales Backlog 8 2015 - 2017 Backlog 2015 - 2017 Updated Backlog 2016 - 2018 Backlog Sales Backlog Comparison $560 100 80 10 $250 By BU +$70 Sales Backlog Providing Top-Line Growth in Excess of Market Factors Represents new business awards, net of any known losses. Excludes replacement business wins
By Region By Customer $750 $750 ($ in millions) 2015-2017* $ 730 Market 5 New Bus 135 Increase $ 140 Fx (65) Market Share (125) 2015-2017 Updated $ 680 $(50) New business wins increased sales backlog despite currency and CV market share change * As presented in Jan. 2015 $730 $680 $750 $150 $525 $750 $375 $225 2016 Increment 2017 Increment 2018 Nissan 19% Ford 17% FCA 16% Toyota 9% VW 7% GM 4% JLR 4% Honda 3% JLG 3% Other 18% NA 38% EU 36% SA 8% AP 18% © Dana 2016 |
![]() 2017 Ford F-250/350/450 Super Duty Front and Rear Driveshafts, Front and Rear Axles, Charge Air, Transmission & Diesel Fuel Coolers, Heat Shields, Valve Stem Seals, Cam Cover 2016 Volkswagen Touran Transmission Gaskets, Cylinder Head Gaskets, Secondary Gaskets 2016 Chevrolet Camaro Engine Oil Cooler, Transmission Oil Cooler, Heat Shields, Cylinder Head Gaskets, Secondary Gaskets 2016 Ford Galaxy Engine Oil Cooler and Transmission Oil Cooler, Exhaust Gaskets, Cylinder Head Gaskets 2016 Opel Astra Engine Oil Cooler, Heat Shields, Secondary Gasket 2016 Mercedes-Benz GLC Cylinder Head Gaskets, Heat Shields, Secondary Gasket 2016 Chevrolet Malibu Engine Oil Cooler, Valve Stem Seals, Heat Shields, Cylinder Head Gaskets 2017 Chrysler Town & Country Exhaust Gaskets, Heat Shields 2016 Nissan Titan Exhaust Manifold Shields, Front and Rear Driveshafts 2016 Ford Taurus Engine Oil Cooler, Transmission Oil Cooler 2016 Volkswagen Tiguan Cylinder Head Gaskets, Transmission Gaskets, Secondary Gaskets 2017 Mercedes-Benz E-Class Cylinder Head Gaskets, Heat Shields, Secondary Gaskets 2016 Renault Megane Engine Oil Cooler, Cylinder Head Gaskets, Transmission Pump Gaskets, Secondary Gaskets 2017 Jaguar F-Pace Front Propshaft and Rear Axle 2016 Toyota Hilux Front and Rear Driveshafts and Rear Differential 2016 BMW X1 Cylinder Head Gasket, Secondary Gaskets, Engine Oil Cooler, Heat Shields Key Program Launches Light Vehicle Driveline and Power Technologies Strong Launch Cadence with Diversified Customers 9 © Dana 2016 |
![]() Key
Program Launches Commercial Vehicle and Off-Highway
Daimler New Model
Spicer AG S130 and S145
MAN VW Constellation Truck
Spicer 1710 / 1810 / SPL 250
Driveshafts
Lonestar Truck Group TBD Spicer Glider Axles Eicher 2100 8x2; 6x4 Tipper Spicer Driveshafts Sany 5T Wheel Loader Spicer Rui Ma TZL 16 and Spicer TE16 Fendt AG Tractor X1015 Spicer 990 Axle Claas A7X AG Tractor Spicer Modular Ag Axles Deutz Series 6-7 AG Tractor Spicer Modular Ag Axles Kubota M Serie AG Tractor Spicer M40 Ag Axles Dynapac Single Drum Compactor Spicer 192 Axles New Model Spicer Full Air Suspension New Model Spicer Drive Axle, Steer Axle, and Driveshafts Commercial Vehicle OE Strong Launch Cadence with Diversified Customers Commercial Vehicle OE 10 © Dana 2016 |
![]() ©
Dana 2016 Robust Technology Pipeline
11 Technology Product Market AdvanTEK ® Dual Range Disconnect Electronics Cooling Spicer PowerBoost ® Optimized Tire Pressure Management Hybrid Transmission AdvanTEK ® Disconnecting Drive Unit Concept Production Concept Concept Concept Concept Production Production Production Production Concept Production |
![]() Opening
New Commercial Channels Construction and Agriculture Equipment
12 In Field Evaluation with Customer Waste Energy Recovery and Re-use Incremental Vehicle Content Up to 40% Fuel Savings Dana Spicer PowerBoost ® |
![]() ©
Dana 2016 Opening New Commercial Channels
Passenger Car and Small SUV
13 AdvanTek ® Disconnecting All Wheel Drive Unit Incremental Vehicle Content Global Vehicle Platform Industry Leading Technology Incremental to 2016-2018 Backlog |
![]() Go-Forward Priorities
Enhance competitive position and grow our core business
Relentless focus on customer satisfaction
Sustained investment in innovative technologies and differentiated
products Continue to grow organically
Pursue complementary inorganic opportunities
Continue driving profit margin improvement
Accelerate lean manufacturing initiatives to eliminate waste and reduce
cost Ensure seamless launch of new business programs
Improve CV while continuing strong performance in LV, OH, and PT
Maintain a strong balance sheet
Continue capital investment discipline to drive returns
Retain flexibility to take advantage of new opportunities
Return excess capital to shareholders
14 © Dana 2016 |
![]() ©
Dana 2016 LV
CV OH PT MKT Sales Impacted by FX 2016 Market Expectations and Dana Sales Impact vs 2015 Key Market Themes NA Light vehicle markets remain
strong. Commercial vehicle
markets down from the peak
SA Economic uncertainty and
high interest rates stifling
demand; Fx headwinds EU Expected to remain relatively flat; Fx headwinds continue AP Some market growth offset by currency Worldwide Agriculture demand remains depressed; Construction flat 15 Markets Mostly Flat; New Business Offsetting Currency Headwinds in S. America and Asia LV CV OH PT MKT LV Market Gains offset by CV LV CV OH PT MKT Sales Impacted by FX North America Europe LV CV OH PT MKT LV New Business Offset by FX South America Asia Pacific |
![]() Sales
and Adjusted EBITDA 16
See appendix for comments regarding the presentation of non-GAAP
measures 2015
Prelim. ~$6.0B* FX Adjusted $5.7B- $5.8B- 2016 Target $5.8B- $6.0B- FX $(200)-$(300)M +$100 - $200M 2015 Prelim. ~$655M* FX Adjusted $625M- $635M- Volume Mix $15M - $25M Performance ~$10M 2016 Target $640M- $670M- +$15 - 35M 2016 Targets Sales $5.8 $6.0 B Adjusted EBITDA $640 $670 M Diluted Adjusted EPS* $1.65 $1.80 Margin 11.0 11.2% Capital Spend $280 $300 M Free Cash Flow $160 $180 M Tax Rate 30% 24% 27% Significant new business helping to offset currency and market headwinds Margin improvement driven by new business and lower cost structure Strong cash flow including ongoing capital investment to support future growth 10.9% Margin 11.0-11.2% Margin * Preliminary 2015 results * Excludes the impact of share repurchases after 12/31/15 Backlog ~$150M Market/Mix $(50) - $50M FX $(20)-$(30)M © Dana 2016 |
![]() Strength Driving Shareholder Value 17 Invest in Current Business / Organic Growth Protect Access to Capital Shareholder Value Initiatives Inorganic Growth Initiatives Focus 2015 Capital Spend $265M* Rating: BB+ Outlook: Stable Returned $1.4B Via Share Repurchases M&A Focus: Bolt-on, adjacent <$500M * Preliminary 2015 2016 Capital Spending Target: $280-300M M&A Execution: Bolt-on, adjacent Right opportunity Right value Additional $300M share repurchase auth. through 2017 DANA Highest capital distribution in peer group Dana returned 46% of average market cap Dana distributed 184% of free cash flow © Dana 2016 |
![]() Why
Dana? Complementary core businesses
Differentiating technology and innovation that drives value
Strong global footprint and brand recognition
Positioned for top line growth
Major program replacement business secured
New business growth with a strong sales backlog
Increased focus on complementary inorganic opportunities
Positive demand outlook in key markets
Strong financial position
Robust free cash flow generation
Strong balance sheet and disciplined capital allocation
Profit margin improvement opportunities
Demonstrated commitment to return excess capital to shareholders
Proven ability to generate solid returns in challenging markets
Driveline Technologies Sealing Solutions Thermal Management 18 Core Expertise © Dana 2016 |
![]() ©
Dana 2016 Appendix
Non-GAAP Financial Information
The preceding slides refer to Adjusted EBITDA, which weve defined to be earnings
from continuing and discontinued operations before interest, taxes,
depreciation, amortization, equity grant expense, restructuring expense and other nonrecurring items (gain/loss on debt extinguishment, pension settlements or divestitures, impairment, etc.). Adjusted
EBITDA is a primary driver of cash flows from operations and a measure of our ability
to maintain and continue to invest in our operations and provide
shareholder returns. Adjusted EBITDA should not be considered a
substitute for income (loss) before income taxes, net income (loss) or
other results reported in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Diluted adjusted EPS is a non-GAAP financial measure which we have defined as adjusted net income divided by adjusted
diluted shares. We define adjusted net income as net income attributable to the
parent company excluding any nonrecurring income tax items, restructuring
and impairment expense, amortization expense and other nonrecurring items (as used in adjusted EBITDA), net of any associated income tax effects. We define adjusted diluted shares as diluted shares as
determined in accordance with GAAP based on adjusted net income. This measure is
considered useful for purposes of providing investors, analysts and other
interested parties with an indicator of ongoing financial performance that provides enhanced comparability to EPS reported by other companies. Diluted adjusted EPS is neither intended to represent nor be
an alternative measure to diluted EPS reported under GAAP.
Free cash flow is a non-GAAP financial measure which we have defined as cash
provided by (used in) operating activities, less purchases of property,
plant and equipment. We believe this measure is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations. Free cash flow is neither intended to
represent nor be an alternative to the measure of net cash provided by (used in)
operating activities reported under GAAP. Free cash flow may not be
comparable to similarly titled measures reported by other companies.
Please reference the Non-GAAP financial information accompanying our
quarterly earnings conference call presentations on our website at www.dana.com/investors for our GAAP results
and the reconciliations of these measures, where used, to the comparable
GAAP measures. |