Dana Incorporated · NYSE:DAN
Dana — Investor Day (September 2021)
94 slides from Dana's investor day presentation, Sep 28, 2021
Slide 1: Electrification Delivered. Capital Markets Day
Exhibit 99.1 Electrification Delivered.TM Capital Markets Day September 28, 2021 People Finding A Better Way®
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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
Slide 3: Presenters
Electrification Delivered. TM Presenters James KAMSICKAS Jonathan COLLINS Aziz AGHILI Byron FOSTER Chairman and Chief Executive Officer Executive Vice President and Chief Financial Officer President, Heavy Vehicle Drive and Motion Business Units President, Light Vehicle Drive Systems Business Unit 3
Slide 4: Agenda
TOPIC PRESENTER TIME (EST) Sustainable Mobility Center Tour The Dana Story Electrification of Mobility Leading Electric Propulsion Heavy-vehicle Markets Light-vehicle Market Break Powertrain Evolution: ICE to EV The Dana Difference Our Value Creation Final Q&A Ride and Drive 9:00 AM J. Kamsickas 10:
Slide 5: The Dana Story
The Dana Story People Finding A Better Way ®
Slide 6: Business Overview
Business Overview M A R K E T S Light Vehicles Off-Highway Equipment Commercial Vehicles S E G M E N T S Light Vehicle Drive Systems Off-Highway Drive and Motion Systems Commercial Vehicle Drive and Motion Systems Power Technologies R E G I O N S North America Europe & Africa South America Asia Paci
Slide 7: Vision, Mission, Values
Vision, Mission, Values OUR VISION Powering Innovation to Move our World OUR MISSION Driving stakeholder value by: Powering vehicles and machines around the world; Shaping sustainable progress through invention and execution; and Making the amazing happen wherever people live, work, and play. OUR VA
Slide 8: Empowering our People
Empowering our People People Finding A Better Way® Forbes 2020 WORLD’S BEST EMPLOYERS DANA POWERED BY STATISTA One Dana AMERICA’S MOST RESPONSIBLE COMPANIES 2021 Newsweek statista
Slide 9: Powering into e-Drive
POWERING INTO e-DRIVE People Finding A Better Way® 3 Expand Global Markets 4 Deliver Innovative Solutions 2 Drive Customer Centricity 1 Leverage The Core 5 Lead Electric Propulsion
Slide 10: Powering into e-Drive: results, returns, repositioning
POWERING INTO e-DRIVE Financial Results Shareholder Returns Business Repositioning Grew sales by >$3B, or 55%, for a CAGR of 9% Grew profit by nearly $300M, or >40%, for a CAGR of 7% Grew EPS by $0.50, or >25%, for a CAGR of 5% Increased share price by 75% Returned >$400M to shareholders in form of
Slide 11: Powering into e-Drive
POWERING INTO e-DRIVE People Finding A Better Way® 3 Expand Global Markets 4 Deliver Innovative Solutions 2 Drive Customer Centricity 1 Leverage the Core 5 Lead Electric Propulsion
Slide 12: Lead Electric Propulsion
Lead Electric Propulsion 5 Develop and deliver fully integrated e-Propulsion systems to capture increased content per vehicle as core markets shift from ICE to EV 12
Slide 13: Electrification. Delivered. Key investment factors
Electrification. Delivered.™ DAN is a premier Tier-1 EV growth investment and is poised to deliver outsized risk-adjusted financial returns based on these key factors... Guiding toward a zero-emissions future Delivering complete e-Propulsion systems with in-house electrodynamics Expanding margins fr
Slide 14: Guiding Towards a Zero Emissions Future
Electrification. Delivered.™ GUIDING TOWARDS A ZERO EM I S S I O N S F U T U R E We will reduce total annual GHG emissions by over 50% by 2030 We are committed to lowering emissions across entire value chain 14
Slide 15: Our sustainability commitment
Our sustainability commitment… Reduce annual greenhouse gas emissions by more than 50% by 2035 2030 The wall Street Journal December 5, 2019 TO BUILD A BETTER FUTURE FOR OUR PLANET, OUR COMMUNITIES, OUR WORKERS AND OUR ECONOMY, WE NEED AMBITIOUS CLIMATE ACTION. We need the Paris Agreement. Sponsored
Slide 16: Lower emissions across the entire value chain
... to lower emissions across the entire value chain Reduce on-site fuel consumption Scope 1 Transition to use of electric vehicles GHG Emissions from Operations Install on-site EV chargers Reduce electricity consumption Scope 2 Leverage on-site and off-site renewable energy GHG Emissions from Purch
Slide 17: Electrification of Mobility
Electrification of Mobility People Finding A Better Way®
Slide 18: Growing Total Addressable Market
Electrification. Delivered.™ G R O W I N G T O T A L A D D R E S S A B L E M A R K E T Market drivers powering increased EV adoption rates 2030 EV TAM $18.8B Total addressable market to grow ~8x through the decade 2020 EV TAM $2.5B 18
Slide 19: EV adoption drivers advancing across all markets
EV adoption drivers are advancing across all markets... Electrification Adoption Drivers by End-market Light Vehicle Commercial Vehicle Off-highway Drivers Customer Pull Consumer acceptance Green fleet image Regulation CO2 reduction Local restrictions Technology / TCO Battery cost Reduced maintenanc
Slide 20: Drivers converging globally as U.S. accelerates
... and are converging globally as the U.S. accelerates EV adoption Electrification Adoption Drivers by Region Drivers Customer Pull Weak Strong Consumer EV acceptance rate and corporate ESG commitments growing substantially Regulation Weak Strong U.S. Federal and state governments following Califor
Slide 21: Electrification is accelerating over the next few years
Electrification is accelerating over the next few years... EV Share of Total Market1 (2025) Light Vehicle Commercial Vehicle Off-highway Light-duty Truck2 Medium-duty Truck Construction5 Prior Outlook Prior Outlook Prior Outlook 1% 10% 36% +5% +6%+6% Current Outlook Current Outlook Current Outlook 6
Slide 22: Notable inflection in the latter half of the decade
…with notable inflection in the latter half of the decade Total Volumes and Electrification by Segment 1 Light-duty Truck / Van1 2 High-performance2 3 Medium-duty Truck3 0.1 0.8 1.0 1.7 0.0 0.2 0.4 0.8 0.0 0.0 0.1 0.2 13% 84% 38% 75% 63% 8% 6% 16% 18% 7% 1% 53% 3% 4% 32% 1% 2% 15% 10% 1% 4% 2020 202
Slide 23: Our total addressable market is expanding rapidly
Our total addressable market is expanding rapidly Total Addressable Market: Dana’s Core Markets Market EV Unit Volumes1 (M units) EV Total Addressable Market3 ($B) O f f - Captive $1.3 $4.2 $6.5 $12.4 h i g h w a y Market 6.4 $18.8 3.5 C o m m e r c i a l 3.1 +22% CAGR V e h i c l e ~8x 3.7 6.7 $9.3
Slide 24: Leading Electric Propulsion
Leading Electric Propulsion
Slide 25: Delivering complete e-Propulsion systems with in-house electrodynamics
E L I V E R I N G C O M P L E T E - P R O P U L S I O N S Y S T E M S W I T H N—H O U S E E L E C T R O D Y N A M I C S Invested >$0.5B to-date, reaching >$1B by 2025 >1,200 electrification-related patents granted or pending
Slide 26: Grown EV capabilities through acquisition
We have actively grown our EV capabilities through acquisition... Core Technologies End-market Applications Motors and Software and Advanced Power Inverters Controls Mechatronics Light Vehicle Heavy Vehicle
Slide 27: Positioned to deliver complete e-Propulsion systems
…positioning us to deliver complete e-Propulsion systems e-Motors High-voltage e-Motors Low-voltage e-Motors Mechanicals Gearboxes Axles e-Propulsion Systems Power Electronics High-voltage Inverters Low-voltage Inverters On-board Chargers Software and Controls Propulsion Control Units Vehicle Contro
Slide 28: EV Adoption Sequence of our Core Markets
EV Adoption Sequence of our Core Markets Heavy vehicle has set the pace in electrification ahead of the light-duty truck segment Today EV adoption is accelerating Past 28
Slide 29: Winning across heavy-vehicle segments; light-duty truck on the horizon
We are winning across all core heavy-vehicle segments, with light-duty truck electrification on the horizon EV Program Lifecycle Across Mobility Markets Start of Development Prototype RFQ Award SOP Illustrative Development Production Commercial Vehicle 2015 Today 2030 Off-highway Light-duty Truck ©
Slide 30: Heavy-vehicle Markets
Heavy-vehicle Markets People Finding A Better Way®
Slide 31: Heavy-vehicle markets: off-highway and commercial vehicles
Our heavy-vehicle markets include off-highway equipment and commercial vehicles Off -highway EV Total Addressable Market ($B) Commercial Vehicle +20% CAGR $1.7 1.1 0.6 2020 $5.3 1.9 3.4 2025 $10.2 3.5 6.7 2030 © 2021 Dana 31
Slide 32: Complete in-house solutions across driveline configurations
We provide complete in-house solutions across the range of driveline configurations e-Direct Drives e-Transmissions e-Axles e-Hub Drives Mechanical Systems e-Motors Power Electronics Software and Controls © 2021 Dana 32
Slide 33: Off-highway products for demanding use cases
Our OH products satisfy a broad range of demanding use cases Off-Highway System Voltage Low High e-Axles eSA001 eSA201 eS144 eS20Dr e-Transmissions eSG001 eSG101 eSP502 EMIVT e-Hub Drives eS10 Series eSH Series eSAW Series eSD Series eSH741 eSH801 © 2021 Dana 33
Slide 34: Success in off-highway shown by accelerating awards
Our success in OH is demonstrated by accelerating awards EV Program Lifecycle Start of Today Development Prototype RFQ Award SOP Construction Mining Material Handling Mechanical e-Drive Systems Electrodynamics © 2021 Dana 34
Slide 35: Komatsu Electric Mining Drill e-Direct Drive
Komatsu Electric Mining Drill e-Direct Drive 35
Slide 36: Taylor Battery-electric Container Handler
Taylor Next-generation Battery-electric Container Handler Heavy-duty e-Torque Hubs and SUMO LD™ e-Motor and Power Inverter
Slide 37: Hyster-Yale Electric Terminal Tractor e-Transmission
Hyster-Yale Electric Terminal Tractor e-Transmission 37
Slide 38: Commercial vehicle products for demanding use cases
Our CV products satisfy a broad range of demanding use cases Commercial Vehicle Short-duration Output Torque Capacity (Nm) Low High e -Axles eS9000r eS11000r eS13000r eS52000r eS69000r e -Transmissions eSxxxxt eSxxxxt e -Direct Drives SUMO LD SUMO MD SUMO HD SUMO HP © 2021 Dana 38
Slide 39: Success in CV shown by leading program awards
Our success in CV is demonstrated by leading program awards EV Program Lifecycle Start of Development Prototype RFQ Award SOP Today Medium-duty Truck Heavy-duty Truck Bus e-Drive Systems Full-vehicle Integration Electrodynamics © 2021 Dana 39
Slide 40: Navistar Electric Medium-duty Truck e-Direct Drive
Navistar Electric Medium-duty Truck e-Direct Drive 40
Slide 41: PACCAR Electric Medium-duty Truck e-Propulsion System
PACCAR Next-generation Global Electric Medium-duty Truck e-Propulsion System Source: Dana 41
Slide 42: Navistar Electric School Bus e-Direct Drive
Navistar Electric School Bus e-Direct Drive 42
Slide 43: Major European OEM Heavy-duty Electric Vehicle Lineup
Major European OEM Heavy-duty Electric Vehicle Lineup MOTIVE™ e-Motor 43
Slide 44: Major North American OEM Electric Class-8 Truck e-Axles
Major North American OEM Electric Class-8 Truck e-Axles 44
Slide 45: Light-vehicle Market
Light-vehicle Market People Finding A Better Way®
Slide 46: Light-vehicle market: light-duty truck, van, high-performance
Our light-vehicle market includes the light-duty truck, van, and high-performance segments EV Total Addressable Market ($B) Light-duty Truck $8.6 Van +27% CAGR $4.0 High-performance $0.8 2020 2025 2030 © 2021 Dana 46
Slide 47: Medium-duty solutions position us to lead in light-duty truck e-Axle
Our medium-duty truck solutions have positioned us to lead in light-duty truck e-Axle Product Roadmap Medium-duty 2015 2025 products accelerate Today light-duty transition Medium-duty Truck e-Axle Scale and design capital drive seamless Light-duty Truck development e-Axle Medium-duty axles enhance l
Slide 48: We supply both independent and rigid LV axles today
We supply both independent and rigid LV axles today Exclusively Rigid Rigid Rear / Independent Front Exclusively Independent © 2021 Dana 48
Slide 49: Axle architectures solve for specific design and cost criteria
Axle architectures solve for specific design and cost criteria Vehicle Application Criteria Ride Comfort Handling Payload / Towing Weight System Cost Rigid (beam) USE CASE Exclusively Rigid High-load environments Cost-sensitive applications Rigid Rear / Independent Front Towing capabilities Off-road
Slide 50: Rigid and independent axles both have a future in EVs
Rigid and independent axles are both used today, and both have a future in EVs Full-size SUV Off-road 1/2-ton Work Truck ³ 3/4-ton Work Truck Independent Rigid (beam) Non-EV Program Examples Chevy Tahoe Jeep Wrangler Ram 1500 Ford F-350 Ford Expedition Ford Bronco GMC Sierra Chevy Silverado 2500 EV
Slide 51: Delivery of independent and rigid axles positions us for EV trucks
Our delivery of independent and rigid axles today positions us to do the same for EV light-duty trucks Today’s ICE Full-frame Trucks Future BEV Full-frame Trucks Independent Rigid © 2021 Dana 51
Slide 52: Complete in-house solutions for rugged light vehicles
We provide complete in-house solutions across a tailored range of rugged and highly capable light vehicles Light-duty Truck, SUV, and Van High-performance Rigid e-Axles Independent e-Axles High-performance e-Axles Mechanical Systems e-Motors Power Electronics Software and Controls © 2021 Dana 52
Slide 53: LV products for demanding use cases
Our LV products satisfy a broad range of demanding use cases Light Vehicle Short-duration Output Torque Capacity Low High Rigid e-Axles eS4500r eS5500r-2 eS9200r eS9900r-2 eS15000r Independent e-Axles eS2600i eS4500i eS5500i eG7800i-2 eS9900i-2 High-performance e-Axles eS2500i High-performance e-Dri
Slide 54: Success in LV foreshadowed by early program awards
Our success in LV is foreshadowed by early program awards Today Start of Development Prototype EV Program Lifecycle RFQ Award SOP Light-duty Truck / Van High-performance Vehicle Passenger Vehicle Mechanical © 2021 Dana 54
Slide 55: Electric Lifestyle Vehicle Independent e-Axle
Electric Lifestyle Vehicle Independent e-Axle DANA SPICER ELECTRIFIED 55
Slide 56: Hybrid-electric Super Car e-Transmission
Hybrid-electric Super Car e-Transmission CONFIDENTIAL DANA SPICER ELECTRIFIED 56
Slide 57: Engaged in electrified development for light-duty trucks
We are actively engaged in electrified development for light-duty trucks and fully expect to win significant share Customer Applications Market Product Program Timeline Today Van North American 2030 platform OEMs Light-duty truck platform Light-duty truck platform Light-duty truck platform Light-dut
Slide 58: EV thermal-management and sealing solutions through Power Technologies
We provide complete EV thermal-management and sealing solutions through our Power Technologies (PT) segment Thermal Solutions Sealing Solutions Power Electronics Battery Cold Plates Cooling Modules Fuel Cell Plates Design Engineer Manufacture Service © 2021 Dana 58
Slide 59: PT thermal management competence relevant for battery EVs
PT’s thermal management competence is highly relevant for battery EVs Engine and Transmission Cooling Battery Thermal Management Power Electronics Thermal Management Filter-mounted Transmission- Battery Cold Two-sided IGBT Engine Oil Cooler mounted Oil Cooler Plate Chip-cooling Module Engine and tra
Slide 60: PT sealing competence relevant for fuel-cell EVs
PT’s sealing competence is highly relevant for fuel-cell EVs Engine and Transmission Sealing Fuel-cell Plates Cylinder Head Transmission Metallic Bipolar Gasket Separator Plate Plate Gaskets optimally seal joints in engines and Metallic bipolar plates provide electrical conduction transmissions, whi
Slide 61: Success in PT shown by program awards
Our success in PT is demonstrated by an array of program awards Today Start of EV Program Development Prototype RFQ Award SOP Lifecycle Light-duty Truck / SUV Passenger Vehicle Battery Cooling Products Power Electronics Cooling Products © 2021 Dana 61
Slide 62: Nikola Tre Fuel Cell Electric Class-8 Truck
Nikola Tre Fuel Cell Electric Class-8 Truck Metallic Bipolar Plates 62
Slide 63: Ford Electric F-150 Lightning Battery Cooling Plates
Ford Electric F-150 Lightning Battery Cooling Plates 63
Slide 64: Rivian R1T Electric Pickup Truck Battery Cooling Plates
Rivian R1T Electric Pickup Truck Battery Cooling Plates 64
Slide 65: Powertrain Evolution: ICE to EV
Powertrain Evolution: ICE to EV
Slide 66: Enduring product with 3x content-per-vehicle uplift
E N D U R I N G P R O D U C T W I T H 3 X C O N T E N T - P E R - V E H I C L E U P L I F T Our content will endure, as every EV will have an axle Addition of electrodynamics with mechanical will yield 3x CPV 66
Slide 67: Powertrain Evolution: ICE to EV
Powertrain Evolution: ICE to EV Significant content-per-vehicle increase when transitioning from ICE to EV powertrains ICE Powertrain e-Direct Drive e-Transmission e-Axle + Driveline + Front Software - Driveshaft + e-Motor + and Controls ✓ Axle + Inverter Engine + Gearbox + Software and Controls + e
Slide 68: Significant CPV upside in electric driveline systems
Significant CPV upside in electric driveline systems Illustrative1 ICE-based Driveline EV-based Driveline Indicative Driveline Solution Driveline Content Driveshafts Axles Axles Gearboxes e-Motors Power Software Electronics and Controls Content per Vehicle ~$1,500 ~3x ~$4,500 1. Representative of a
Slide 69: Significant CPV upside in thermal and sealing solutions
Significant CPV upside in thermal and sealing solutions Illustrative1 ICE-based EV-based Sealing Content Cylinder Head Valve Cover Metallic Bipolar Gasket Plates Thermal Content Engine Oil Transmission Battery Cold Power Electronics Cooler Oil Cooler Plates Cooling Modules Content per Vehicle 2 ~$15
Slide 70: Expanding margins from software-driven smart systems
E X P A N D I N G M A R G I N S F R O M S O F T W A R E - D R I V E N S M A R T S Y S T E M S Migration of powertrain software controls to e-Propulsion system Significant profit margin expansion opportunity 70
Slide 71: Margin expansion potential in smart electric drivelines
Migration to smart, integrated electric drivelines offers significant margin expansion potential ICE Powertrain BEV Powertrain EBITDA Margin Engine and Transmission Control Units e-Axle Control Unit Margin Margin expansion from Expansion integration of software and controls Software-controlled Syste
Slide 72: The Dana Difference
The Dana Difference People Finding A Better Way
Slide 73: Existing and emerging commercial channels
E X I S T I N G A N D E M E R G I N G C O M M E R C I A L C H A N N E L S Established customers trust us with their electrified future Emerging start-ups depend on our proven technology 73
Slide 74: Drivers of OEM Driveline Sourcing Behavior
Drivers of OEM Driveline Sourcing Behavior Reasons for Reasons for Outsourcing Insourcing OEM Sourcing Competing Leverage in-house investment needs capabilities High # of Superior supplier Variants Workforce unit economics commitments Low Low Volume High Specialized supplier Vehicle technical expert
Slide 75: OEMs source Dana for complex and demanding solutions
OEMs source Dana for complex and demanding solutions Current ICE Sourcing Behavior by Program Indicative High 80 Super Duty 4500 HD Ranger 536 MD # of Variants Cascadia 6000 series Transit 600S 568 TH663 F-150 95 0M Silverado Low Low Volume1 High Source: 1. Relative Dana to respective end-market © 2
Slide 76: Success across traditional OEMs and new EV entrants
Our success is demonstrated across traditional OEMs and new EV entrants Established OEMs Emerging OEMs © 2021 Dana 76
Slide 77: Leveraging global infrastructure and multi-market scope
L E V E R A G I N G G L O B A L I N F R A S T R U C T U R E A N D M U L T I—M A R K E T S C O P E More than 140 facilities across 33 countries Business scaled across entire mobility landscape 77
Slide 78: Scaling our electrification infrastructure
Scaling our electrification infrastructure... Electrodyn amic Footprint Expansion Maumee , OH Weifang, China 14 600+ Chakan, India 5 120 TBA (2022) 2018 2021 2018 2021 Electrification Electrification Technology Centers Development FTEs TBA (2022 / 23) Electrification Technology Centers Electrodynami
Slide 79: Asset base remains relevant for e-Propulsion
...while our asset base remains highly relevant for e-Propulsion Electrodynamics Mechanicals System Assembly Power Electronics e-Motor Precision Gearbox Final End-of-line Assembly Assembly Machining Assembly Assembly e-Testing Applicability to e-Propulsion Production Existing Assets Incremental Inve
Slide 80: Operational expertise allows us to scale in EV
Our decades of operational expertise and know-how allow us to scale in EV effectively S a f e t y Organizational fo cus to provide a safe and healthy work environment Q u a l i t y Team member empower ment to drive toward a zero-defect approa ch D e l i v e r y Systems, processes, an d controls to d
Slide 81: Leverage our scale across the mobility landscape
We will leverage our scale across the entire mobility landscape Return on Investment e-Propulsion Production Unit Cost Off-highway Commercial Vehicle Light-duty Truck 2020 2023 2025 2030 Electrification Sales © 2021 Dana 81
Slide 82: Strengthening core business will fund growth
STRENGTHENING CORE BUSINESS WILL FUND GROWTH Strong EV systems offering and negligible ICE-related content loss Profitable and cash-generating core business will fund our transition Electrified Business Core Business 82
Slide 83: Transition to EV powertrain will have winners and losers
Transition to EV powertrain will have winners and losers ICE Powertrain EV Powertrain Engine - Transmission - + Battery Packs Fuel -Tank + Driveline Driveshaft - Driveshaft Axle ✓ Axle + Gearbox + e-Motor + Inverter + Software and Controls + Additional BEV Content - Reduced ICE Content ✓ Carryover I
Slide 84: Positioned to benefit from ICE-to-EV transition
Positioned to disproportionally benefit from ICE-to-EV transition Competitive landscape assessment of established driveline and powertrain suppliers In-house Electrodynamics Stronger e-Propulsion System Competence Weaker 3rd-party Electrodynamics Powertrain Higher ICE CPV Loss1 Lower Driveline Suppl
Slide 85: Our core business will fund our EV investment
Our core business will fund our EV investment Investme nt as % of EV Sales EV business to sca le from existing investments Growing Electrification Business Strengthening Core Leading the transition Business toward electric mobility Resilient core technologies of mechanical driveline systems Today 20
Slide 86: Our Value Creation
Our Value Creation People Finding A Better Way
Slide 87: EV Returns, 2023 Targets, Capital Allocation
Electrification. Delivered. EV Returns 2023 Targets1 Capital Allocation Exceeding prior 2023 10â,µ dividend; $150M EV sales target by $10B+ of total sales share repurchase ~$200M, or ~40% authorization Projecting ~$3B of EV ~12% profit margin, Net leverage to ~1x by sales by 2030, ~25% of total sale
Slide 88: EV business expected to deliver return above cost of capital
EV business expected to deliver return on investment significantly higher than cost of capital Invested $0.5B+ EV sales to double in EV business constrains Profit breakeven point in EV business anticipated EV sales expected to by end of 2021, and next 2 years, exceeding margin by up to 100 bps 2023,
Slide 89: Key Financial Metrics Outlook
Key Financial Metrics Outlook Sales Adjusted EBITDA $ in billions $ in millions Adjusted EBITDA % Margin $10+ 11.8% ~12% $8.6 ~$9.0 ~10.5% $7.1 $1,019 8.4% $593 2019A 2020A 2021T 2022T 2023T 2019A 2020A 2021T 2022T 2023T Adjusted Free Cash Flow1 Diluted Adjusted EPS $ in millions Adjusted FCF % Marg
Slide 90: Capital Allocation
Capital Allocation 3-year Indicative Capital Allocation Debt Capital $ in billions Net <2x >3x ~2x ~1x Dividends Leverage1 $2.4 $2.5 0.4 0.1 0.8 Cumulative 0.1 Debt Share Repayment Adj. FCF Repurchases ~$1B 2.0 1.5 M&A 2019A 2020A 2021T 2022T 2023T Senior Notes Term Lo ans Incremental to >$1B capex
Slide 91: DAN is a premier Tier-1 EV growth investment
DAN is a premier Tier-1 EV growth investment and is poised to deliver outsized risk-adjusted financial returns based on these key factors… Guiding toward a Delivering complete Expanding margins Leveraging global zero-emissions e-Propulsion systems with from software-driven infrastructure and future
Slide 92: Attractive Shareholder Return Prospects for DAN
Attractive Shareholder Return Prospects for DAN Valuation multiples for electrification Stable Substantial Dana does not lose traditional content as players are aligning in a more established Traditional EV Business our core markets migrate to EV range Business Enterprise Value / 2023E Sales1 Enterp
Slide 93: DANA People Finding A Better Way
DANA People Finding A Better Way
Slide 94: Non-GAAP Financial Information
Non-GAAP Financial Information Adjusted EBITDA is a non-GAAP financial measure which we have defined as net income (loss) before interest, income taxes, depreciation, amortization, equity grant expense, restructuring expense, non-service cost components of pension and other postretirement benefit co