In the news release, AAM Reports Second Quarter 2013 Financial
Results, issued Aug. 2, 2013 by
American Axle & Manufacturing Holdings, Inc. over PR Newswire,
we are advised by the company that the sixth paragraph, final
sentence, should read "$1,504 in the
first quarter of 2013 " rather than "$1,504
million in the first quarter of 2013 " as originally issued
inadvertently. The complete, corrected release follows:
AAM Reports Second Quarter 2013 Financial Results
DETROIT, Aug. 2, 2013 /PRNewswire/ -- American Axle
& Manufacturing Holdings, Inc. (AAM), which is traded as AXL on
the NYSE, today reported its financial results for the second
quarter 2013.
Second Quarter 2013 Results
- Second quarter 2013 sales of $799.6
million, up 8.1% on a year-over-year basis
- Non-GM sales grew 12.9% on a year-over-year basis to
$223.8 million
- Gross profit of $122.2 million,
or 15.3% of sales
- Operating income of $61.7
million, or 7.7% of sales
- Net income of $25.8 million, or
$0.34 per share
- Adjusted EBITDA (earnings before interest, taxes, depreciation
and amortization excluding the impact of non-recurring or
extraordinary items) of $102.3
million or approximately 12.8% of sales
AAM's net income in the second quarter of 2013 was $25.8 million, or $0.34 per share. This compares to net
income of $4.7 million or
$0.06 per share in the second quarter
of 2012. In the second quarter of 2012, AAM's results
reflected the impact of special charges and restructuring costs of
$36.5 million (or $0.49 per share), related to the closure of our
Detroit Manufacturing Complex and Cheektowaga Manufacturing
Facility.
"AAM is pleased to report solid sequential sales growth and
improved profitability in the second quarter of 2013," said AAM's
President and Chief Executive Officer, David C. Dauch. "AAM is benefiting from a
strong recovery in the North American light truck market, as well
as the launch of many new products designed to help our global
customer base increase fuel efficiency, reduce emissions and
improve safety, ride and handling performance. The
combination of these factors and the continued progress in our
operational efficiency position us to continue improving AAM's
financial performance in the second half of 2013."
Net sales in the second quarter of 2013 increased approximately
8.1% to $799.6 million as compared to
$739.8 million in the second quarter
of 2012. Non-GM sales were up 12.9% to $223.8 million in the second quarter of 2013 as
compared to $198.2 million in the
second quarter of 2012.
AAM's net sales in the first half of 2013 increased
approximately 4.7% to $1.56 billion
as compared to $1.49 billion in the
first half of 2012. Non-GM sales in the first half of 2013
increased approximately 5.1% on a year-over-year basis to
$411.9 million as compared to
$391.8 million in the first half of
2012.
AAM's content-per-vehicle is measured by the dollar value of its
product sales supporting our customers' North American light truck
and SUV programs. In the second quarter of 2013, AAM's
content-per-vehicle increased to $1,554 as compared to $1,439 in the second quarter of 2012 and
$1,504 in the first quarter of
2013.
AAM's gross profit in the second quarter of 2013 was
$122.2 million or 15.3% of
sales. For the second quarter of 2012, AAM's gross profit was
$85.8 million or 11.6% of
sales.
AAM's gross profit for the first half of 2013 was $226.5 million as compared to $225.0 million in the first half of 2012.
Gross margin was 14.6% in the first half of 2013 as compared to
15.1% in the first half of 2012.
AAM's SG&A spending in the second quarter of 2013 was
$60.5 million, or 7.6% of sales, as
compared to $55.5 million, or 7.5% of
sales, in the second quarter of 2012. AAM's R&D spending
in the second quarter of 2013 was $27.3
million as compared to $28.8
million in the second quarter of 2012.
In the first half of 2013, AAM's SG&A spending was
$120.1 million as compared to
$117.3 million in the first half of
2012. AAM's R&D spending decreased $3.1 million in the first half of 2013 on a
year-over-year basis to $55.8 million
as compared to $58.9 million in the
first half of 2012.
In the second quarter of 2013, AAM's operating income was
$61.7 million or 7.7% of sales as
compared to $30.3 million or 4.1% of
sales in the second quarter of 2012.
AAM's operating income in the first half of 2013 was
$106.4 million as compared to
$107.7 million in the first half of
2012. Operating margin was 6.8% in the first half of 2013 as
compared to 7.2% in the first half of 2012.
In the second quarter of 2013, AAM's net income was $25.8 million or $0.34 per share. For the second
quarter of 2012, AAM's net income was $4.7
million or $0.06 per
share.
AAM defines Adjusted EBITDA to be earnings before interest,
taxes, depreciation and amortization excluding the impact of debt
refinancing and redemption costs. In the second quarter
of 2013, AAM's Adjusted EBITDA was $102.3
million or 12.8% of sales. In the first half of 2013,
AAM's Adjusted EBITDA was $188.9
million or 12.1% of sales.
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 and the sale-leaseback of
equipment.
Net cash provided by operating activities for the second quarter
2013 was $60.0 million. Capital
spending, net of proceeds from the sale of property, plant and
equipment and the sale-leaseback of equipment, for the second
quarter 2013 was $56.7 million.
Reflecting the impact of this activity, AAM generated free cash
flow of $3.3 million for the second
quarter 2013.
Net cash provided by operating activities for the first half of
2013 was $33.2 million. Capital
spending, net of proceeds from the sale of property, plant and
equipment and the sale-leaseback of equipment, for the first half
of 2013 was $100.6 million.
Reflecting the impact of this activity, AAM's free cash flow was a
use of $67.4 million in the first
half of 2013.
A conference call to review AAM's second quarter 2013 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 (855) 681-2072 from the United States or (973) 200-3383 from
outside the United States. A replay will be available from
5:00 p.m. ET on August 2, 2013 until 5:00
p.m. ET August 9, 2013 by
dialing (855) 859-2056 from the United
States or (404) 537-3406 from outside the United
States. When prompted, callers should enter conference
reservation number 14713803.
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 information
is reconciled to its closest GAAP measure in accordance with
Securities and Exchange Commission rules and is included in the
attached supplemental data.
Management believes that these non-GAAP financial measures are
useful to both management and its stockholders 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.
AAM is a world leader in the manufacture, engineering, design
and validation of driveline and drivetrain systems and related
components and modules, chassis systems and metal-formed products
for light trucks, sport utility vehicles, passenger cars, crossover
vehicles and commercial vehicles. In addition to locations in
the United States (Michigan, Ohio, Pennsylvania and Indiana), AAM also has offices or facilities
in Brazil, China, Germany, India, Japan,
Luxembourg, Mexico, Poland, Scotland, South
Korea, Sweden and
Thailand.
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," 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: global economic conditions, including the impact of the
continuing market weakness in the Euro-zone; reduced purchases of
our products by General Motors Company (GM), Chrysler Group LLC
(Chrysler) or other customers; reduced demand for our customers'
products (particularly light trucks and sport utility vehicles
(SUVs) produced by GM and Chrysler); our ability or our customers'
and suppliers' ability to successfully launch new product programs
on a timely basis; our ability to realize the expected revenues
from our new and incremental business backlog; our ability to
respond to changes in technology, increased competition or pricing
pressures; supply shortages or price increases in raw materials,
utilities or other operating supplies for us or our customers as a
result of natural disasters or otherwise; liabilities arising from
warranty claims, product recall or field actions, product liability
and legal proceedings to which we are or may become a party; our
ability to achieve the level of cost reductions required to sustain
global cost competitiveness; our ability to attract new customers
and programs for new products; price volatility in, or reduced
availability of, fuel; our ability to develop and produce new
products that reflect market demand; lower-than-anticipated market
acceptance of new or existing products; risks inherent in our
international operations (including adverse changes in political
stability, taxes and other law changes, potential disruptions of
production and supply, and currency rate fluctuations); 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;
availability of financing for working capital, capital
expenditures, research and development (R&D) or other general
corporate purposes, including 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; adverse changes in laws, government regulations
or market conditions affecting our products or our customers'
products (such as the Corporate Average Fuel Economy (CAFE)
regulations); changes in liabilities arising from pension and other
postretirement benefit obligations; our ability to attract and
retain key associates; risks of noncompliance with environmental
laws and regulations or risks of environmental issues that could
result in unforeseen costs at our facilities; our ability or our
customers' and suppliers' ability to comply with the Dodd-Frank Act
and other regulatory requirements and the potential costs of such
compliance; our ability to consummate and integrate acquisitions
and joint ventures; 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...
Christopher M. Son
Director, Investor Relations,
Corporate Communications and Marketing
(313) 758-4814
chris.son@aam.com
Liz Ventimiglia
Manager, Investor Relations
(313) 758-4635
liz.ventimiglia@aam.com
Or visit the AAM website at www.aam.com.
|
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
(in millions,
except per share data)
|
|
(in millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
799.6
|
|
|
$
|
739.8
|
|
|
$
|
1,555.2
|
|
|
$
|
1,491.3
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
677.4
|
|
|
654.0
|
|
|
1,328.7
|
|
|
1,266.3
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
122.2
|
|
|
85.8
|
|
|
226.5
|
|
|
225.0
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
60.5
|
|
|
55.5
|
|
|
120.1
|
|
|
117.3
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
61.7
|
|
|
30.3
|
|
|
106.4
|
|
|
107.7
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(28.8)
|
|
|
(23.4)
|
|
|
(57.9)
|
|
|
(47.4)
|
|
|
|
|
|
|
|
|
|
|
Investment
income
|
0.2
|
|
|
0.1
|
|
|
0.3
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
Debt refinancing and
redemption costs
|
0.1
|
|
|
—
|
|
|
(11.2)
|
|
|
—
|
|
|
Other, net
|
(2.0)
|
|
|
(0.6)
|
|
|
(1.5)
|
|
|
(1.8)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
31.2
|
|
|
6.4
|
|
|
36.1
|
|
|
58.9
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
5.4
|
|
|
1.7
|
|
|
3.0
|
|
|
3.9
|
|
|
|
|
|
|
|
|
|
|
Net income
|
25.8
|
|
|
4.7
|
|
|
33.1
|
|
|
55.0
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to AAM
|
$
|
25.8
|
|
|
$
|
4.7
|
|
|
$
|
33.1
|
|
|
$
|
55.9
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
0.34
|
|
|
$
|
0.06
|
|
|
$
|
0.43
|
|
|
$
|
0.74
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding
|
76.9
|
|
|
75.1
|
|
|
76.5
|
|
|
75.1
|
|
|
|
|
|
|
|
|
|
|
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
|
|
(Unaudited)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
25.8
|
|
|
$
|
4.7
|
|
|
$
|
33.1
|
|
|
$
|
55.0
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss), net of tax
|
|
|
|
|
|
|
|
|
|
Defined benefit
plans, net of tax of $(0.8) million and $(0.1)
million for the three and six months ended June 30, 2013,
respectively
|
1.7
|
|
|
(0.5)
|
|
|
0.6
|
|
|
(14.5)
|
|
|
Foreign currency
translation adjustments
|
(21.7)
|
|
|
(22.5)
|
|
|
(16.8)
|
|
|
(11.8)
|
|
|
Change in
derivatives
|
(2.1)
|
|
|
(0.2)
|
|
|
(1.6)
|
|
|
5.4
|
|
|
Other comprehensive
loss
|
(22.1)
|
|
|
(23.2)
|
|
|
(17.8)
|
|
|
(20.9)
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
3.7
|
|
|
(18.5)
|
|
|
15.3
|
|
|
34.1
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
Foreign currency
translation adjustments
attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
Comprehensive income
(loss) attributable to AAM
|
$
|
3.7
|
|
|
$
|
(18.5)
|
|
|
$
|
15.3
|
|
|
$
|
34.8
|
|
|
|
|
|
|
|
|
|
|
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited)
|
|
|
June 30,
2013
|
|
December 31,
2012
|
|
(in
millions)
|
|
ASSETS
|
|
|
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
78.9
|
|
|
$
|
62.4
|
|
|
Accounts receivable,
net
|
559.5
|
|
|
463.4
|
|
|
Inventories,
net
|
233.2
|
|
|
224.3
|
|
|
Prepaid expenses and
other current assets
|
120.6
|
|
|
122.0
|
|
|
Total current
assets
|
992.2
|
|
|
872.1
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
1,036.8
|
|
|
1,009.7
|
|
|
Deferred income
taxes
|
366.2
|
|
|
366.1
|
|
|
Goodwill
|
156.2
|
|
|
156.4
|
|
|
GM postretirement
cost sharing asset
|
252.5
|
|
|
259.7
|
|
|
Other assets and
deferred charges
|
204.8
|
|
|
202.0
|
|
|
Total
assets
|
$
|
3,008.7
|
|
|
$
|
2,866.0
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT
|
|
|
|
|
Liabilities and
Stockholders' Deficit
|
|
|
|
|
Accounts
payable
|
$
|
450.7
|
|
|
$
|
396.1
|
|
|
Accrued compensation
and benefits
|
90.1
|
|
|
84.9
|
|
|
Deferred
revenue
|
15.8
|
|
|
17.2
|
|
|
Accrued expenses and
other current liabilities
|
90.4
|
|
|
102.6
|
|
|
Total current
liabilities
|
647.0
|
|
|
600.8
|
|
|
|
|
|
|
Long-term
debt
|
1,546.5
|
|
|
1,454.1
|
|
|
Deferred
revenue
|
79.5
|
|
|
82.2
|
|
|
Postretirement
benefits and other long-term liabilities
|
837.3
|
|
|
849.7
|
|
|
Total
liabilities
|
3,110.3
|
|
|
2,986.8
|
|
|
|
|
|
|
Total stockholders'
deficit
|
(101.6)
|
|
|
(120.8)
|
|
|
Total liabilities
and stockholders' deficit
|
$
|
3,008.7
|
|
|
$
|
2,866.0
|
|
|
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
(in
millions)
|
|
(in
millions)
|
|
Operating
Activities
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
25.8
|
|
|
$
|
4.7
|
|
|
$
|
33.1
|
|
|
$
|
55.0
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
42.4
|
|
|
37.0
|
|
|
83.7
|
|
|
73.7
|
|
|
Other
|
|
(8.2)
|
|
|
54.4
|
|
|
(83.6)
|
|
|
(104.1)
|
|
|
Net cash provided
by operating activities
|
|
60.0
|
|
|
96.1
|
|
|
33.2
|
|
|
24.6
|
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
|
|
Purchases of
property, plant & equipment
|
|
(73.6)
|
|
|
(48.4)
|
|
|
(121.5)
|
|
|
(92.9)
|
|
|
Proceeds from sale of
property, plant & equipment
|
|
4.8
|
|
|
0.3
|
|
|
4.9
|
|
|
1.2
|
|
|
Proceeds from
sale-leaseback of equipment
|
|
12.1
|
|
|
—
|
|
|
16.0
|
|
|
—
|
|
|
Net cash used in
investing activities
|
|
(56.7)
|
|
|
(48.1)
|
|
|
(100.6)
|
|
|
(91.7)
|
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in long-term debt
|
|
(24.0)
|
|
|
(74.1)
|
|
|
90.7
|
|
|
(7.3)
|
|
|
Debt issuance
costs
|
|
(0.4)
|
|
|
—
|
|
|
(6.6)
|
|
|
—
|
|
|
Purchase of
noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.0)
|
|
|
Employee stock option
exercises
|
|
0.8
|
|
|
—
|
|
|
0.8
|
|
|
0.1
|
|
|
Purchase of treasury
stock
|
|
(0.1)
|
|
|
—
|
|
|
(0.1)
|
|
|
(5.9)
|
|
|
Net cash provided
by (used in) financing activities
|
|
(23.7)
|
|
|
(74.1)
|
|
|
84.8
|
|
|
(17.1)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
(1.5)
|
|
|
(1.5)
|
|
|
(0.9)
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(21.9)
|
|
|
(27.6)
|
|
|
16.5
|
|
|
(84.0)
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
100.8
|
|
|
112.8
|
|
|
62.4
|
|
|
169.2
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
|
78.9
|
|
|
$
|
85.2
|
|
|
$
|
78.9
|
|
|
$
|
85.2
|
|
|
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
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
(in
millions)
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
|
Net income
attributable to AAM
|
$
|
25.8
|
|
|
$
|
4.7
|
|
|
$
|
33.1
|
|
|
$
|
55.9
|
|
|
Interest
expense
|
28.8
|
|
|
23.4
|
|
|
57.9
|
|
|
47.4
|
|
|
Income tax
expense
|
5.4
|
|
|
1.7
|
|
|
3.0
|
|
|
3.9
|
|
|
Depreciation and
amortization
|
42.4
|
|
|
37.0
|
|
|
83.7
|
|
|
73.7
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
102.4
|
|
|
66.8
|
|
|
177.7
|
|
|
180.9
|
|
|
|
|
|
|
|
|
|
|
Debt refinancing and
redemption costs
|
(0.1)
|
|
|
—
|
|
|
11.2
|
|
|
—
|
|
|
Other special
charges, curtailment gains and restructuring
costs(b)
|
—
|
|
|
36.5
|
|
|
—
|
|
|
31.2
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDA
|
$
|
102.3
|
|
|
$
|
103.3
|
|
|
$
|
188.9
|
|
|
$
|
212.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt(c) to
capital
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2013
|
|
December 31,
2012
|
|
|
|
|
|
|
|
|
|
(in millions,
except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
|
|
|
|
$
|
1,546.5
|
|
|
$
|
1,454.1
|
|
|
Less: cash and cash
equivalents
|
|
|
|
|
|
|
|
|
|
78.9
|
|
|
|
62.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt at end of
period
|
|
|
|
|
|
|
|
|
|
1,467.6
|
|
|
|
1,391.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
deficit
|
|
|
|
|
|
|
|
|
|
(101.6)
|
|
|
|
(120.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total invested
capital at end of period
|
|
|
|
|
|
|
|
|
$
|
1,366.0
|
|
|
$
|
1,270.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt to
capital(d)
|
|
|
|
|
|
|
|
|
|
107.4
|
%
|
|
|
109.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(e)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
(in
millions)
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
60.0
|
|
|
$
|
96.1
|
|
|
$
|
33.2
|
|
|
$
|
24.6
|
|
|
|
|
|
|
|
|
|
|
Less: Purchases of
property, plant & equipment, net of proceeds from sale of
property, plant & equipment and sale-leaseback of
equipment
|
(56.7)
|
|
|
(48.1)
|
|
|
(100.6)
|
|
|
(91.7)
|
|
|
|
|
|
|
|
|
|
|
Free cash
flow
|
$
|
3.3
|
|
|
$
|
48.0
|
|
|
$
|
(67.4)
|
|
|
$
|
(67.1)
|
|
|
|
|
|
|
(a)
|
We define EBITDA to
be earnings before interest, taxes, depreciation and amortization.
For 2013, Adjusted EBITDA is defined as EBITDA excluding impact of
debt refinancing and redemption costs. For 2012, Adjusted EBITDA is
defined as EBITDA excluding the impact of curtailment gains,
restructuring costs and special charges related to the closure of
the Detroit Manufacturing Complex and Cheektowaga Manufacturing
Facility, and debt refinancing and redemption costs. 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, together with other
measures, to measure our operating performance relative to other
Tier 1 automotive suppliers. 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)
|
Special charges and
restructuring costs of $36.5 million for three months ended June
30, 2012 and $31.2 million for the six months ended June 30, 2012
primarily relate to the closure of our Detroit Manufacturing
Complex and Cheektowaga Manufacturing Facility. This special
charge activity includes $28.1 million of expense for a contingency
related to a claim made by the International UAW for pension and
postretirement benefits in the second quarter of 2012 and a $21.8
million postretirement benefit curtailment gain in the first
quarter of 2012.
|
|
|
|
(c)
|
Net debt is equal to
total debt less cash and cash equivalents.
|
|
|
|
(d)
|
Net debt to capital
is equal to net debt divided by the sum of stockholders' deficit
and net debt. We believe that net debt to capital is a
meaningful measure of financial condition as it is commonly
utilized by management, investors and creditors to assess relative
capital structure risk. Other companies may calculate net
debt to capital differently.
|
|
|
|
(e)
|
We define free cash
flow as net cash provided by operating activities less capital
expenditures net of proceeds from the sale of property, plant and
equipment and the sale-leaseback of equipment. For purposes
of calculating free cash flow, AAM excludes the impact of purchase
buyouts of leased equipment, if any. We believe free cash
flow is a meaningful measure as it is 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 is also a key metric used in
our calculation of incentive compensation. Other companies
may calculate free cash flow differently.
|
SOURCE American Axle & Manufacturing Holdings, Inc.