#1February 9, 2023 Q4 & FY 2022 Earnings Call Presentation BorgWarner#22 Forward-Looking Statements " This presentation may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current outlook, expectations, estimates and projections. Words such as "anticipates," "believes," "continues," "could,” “designed," "effect," "estimates," "evaluates," "expects," "forecasts," "goal," "guidance," "initiative," "intends," "may," "outlook," "plans," "potential," "predicts," "project," "pursue," "seek," "should," "target," "when," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements. Further, all statements, other than statements of historical fact contained or incorporated by reference in this presentation that we expect or anticipate will or may occur in the future regarding our financial position, business strategy and measures to implement that strategy, including changes to operations, competitive strengths, goals, expansion and growth of our business and operations, plans, references to future success and other such matters, are forward-looking statements. Accounting estimates, such as those described under the heading "Critical Accounting Policies and Estimates" in Item 7 of our most recently-filed Annual Report on Form 10-K ("Form 10-K"), are inherently forward-looking. All forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. Forward-looking statements are not guarantees of performance, and the Company's actual results may differ materially from those expressed, projected or implied in or by the forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. These risks and uncertainties, among others, include: supply disruptions impacting us or our customers, such as the current shortage of semiconductor chips that has impacted original equipment manufacturer ("OEM") customers and their suppliers, including us; commodities availability and pricing, and an inability to achieve expected levels of success in additional commercial negotiations with customers concerning recovery of these costs; competitive challenges from existing and new competitors including OEM customers; the challenges associated with rapidly changing technologies, particularly as relates to electric vehicles, and our ability to innovate in response; uncertainties regarding the extent and duration of impacts of matters associated with the COVID-19 pandemic, including additional production disruptions; the difficulty in forecasting demand for electric vehicles and our electric vehicles revenue growth; potential disruptions in the global economy caused by Russia's invasion of Ukraine; the ability to identify targets and consummate acquisitions on acceptable terms; failure to realize the expected benefits of acquisitions on a timely basis; our ability to effect the intended tax-free spin-off of our Fuel Systems and Aftermarket segments into a separate, publicly traded company on a timely basis or at all; the potential that uncertainty during the pendency of the spin-off transaction could affect our financial performance; the possibility that the spin-off transaction will not achieve its intended benefits; the failure to promptly and effectively integrate acquired businesses; the potential for unknown or inestimable liabilities relating to the acquired businesses; our dependence on automotive and truck production, both of which are highly cyclical and subject to disruptions; our reliance on major OEM customers; fluctuations in interest rates and foreign currency. exchange rates; our dependence on information systems; the uncertainty of the global economic environment and potential for recessionary conditions in regional economies; the outcome of existing or any future legal proceedings, including litigation with respect to various claims; future changes in laws and regulations, including, by way of example, taxes and tariffs, in the countries in which we operate; impacts from any potential future acquisition or disposition transactions; and the other risks noted in reports that we file with the Securities and Exchange Commission, including Item 1A, "Risk Factors" in our most recently-filed Form 10-K and/or Quarterly Report on Form 10-Q. We do not undertake any obligation to update or announce publicly any updates to or revisions to any of the forward-looking statements in this presentation to reflect any change in our expectations or any change in events, conditions, circumstances, or assumptions underlying the statements. * BorgWarner#33 Non-GAAP Financial Measures This presentation contains information about BorgWarner's financial results that is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in the Appendix. The provision of these comparable GAAP financial measures for 2023 is not intended to indicate that BorgWarner is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the company at the date of this presentation and the adjustments that management can reasonably predict. 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, because not all companies use identical calculations, the non-GAAP financial measures as presented by BorgWarner may not be comparable to similarly titled measures reported by other companies. *BorgWarner#4Agenda Fred Lissalde Chief Executive Officer Kevin Nowlan Chief Financial Officer Q&A 4#5Eventful 2022 Builds Upon Charging Forward Pillars Net Sales Organic Sales* Increase of ~14% 10.9% 10.1% Adj. Op Margin* Adj. Op Margin* Adj. EPS* Free Cash Flow* $4.60 $4.15 $15,801 $14,838 $640 $846 Delivered organic growth at high end of guidance with solid margin performance ■ Generated record full-year free cash flow ■ Science-Based targets submitted to SBTI in Dec'22 ■ Additional new electrification program awards ■ Planned NewCo spin-off poised to complete disposition plans *BorgWarner FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 * Organic sales, adj. operating margin, adj. EPS and free cash flow on this slide are non-US-GAAP measures. See reconciliation to US GAAP in Appendix. 5#6Science Based Targets to Reduce Scope 1, 2, 3 Emissions "Well-Below 2°C" Submitted to SBTi Targets for reduced greenhouse gas emissions across our value chain Our Science Based Target Initiative (SBTI) roadmap Scope 1 & 2 Operations: Identify and assess plant-level efficiency opportunities Energy sources: Continue to invest in renewable energy Carbon neutral operations by 2035 Scope 3 o 85% absolute reduction by 2030 >25% absolute Scope 3 GHG reduction by 2031 Product portfolio: Transform towards BEV Supply chain: Develop a carbon-efficient supply base Materials: Less energy intense and sustainably produced raw materials Circular economy: Use of increased recycled and remanufactured materials Product design: New product design for weight reductions 6 *BorgWarner#7Planned Separation of Fuel Systems & Aftermarket Segments Would Advance Charging Forward Creating Two Leading, Focused Companies BorgWarner Leader in Electrification with Focused ICE Business 2022 Sales $12.5B ■ Focused on establishing product leadership across various EV propulsion technologies Top-line growth supported by secular tailwinds Supporting customers through EV transition NewCo Leader in Fuel Systems Management and Aftermarket Technology 2022 Sales $3.3B Product leader in Fuel Systems and Aftermarket Synergistic exposure among CV, LV and Aftermarket end markets Strong global OEM relationships 7 We Believe the Intended Separation Will Maximize Shareholder Value * BorgWarner#88 00 Continued Expansion Across Electrified Vehicle Products HV Intercell Battery Cooling Plates Award for a major German vehicle manufacturer expected to launch in 2025 in the U.S. and European markets New products expected to capitalize on thermodynamics expertise gained from exhaust gas recirculation (EGR) cooling. 800V Sic Inverters Award for a major global OEM expected to launch in 2025 Expected to build upon previously awarded 400V inverter business with this OEM *BorgWarner#9CHARGING FORWARD STRATEGY ORGANIC EV GROWTH EV FOCUSED M&A OPTIMIZE COMBUSTION PORTFOLIO Progressing Toward Our Targets EV Organic Sales in 2025 Dispositions by 2025 M&A by 2025 ~$3.0B(1) Current Booked Status Charging Forward Goals $2.5B $2.0B $3.5B Post Intended Separation $1.3B AKASOL, Santroll, Rhombus, SSE(2) & Drivetek $3.3B Already Exceeded Target AKASOL Tracking Ahead of Plan $0.2B Executing Separation Plan * BorgWarner (1) FX rates assume ~US$ 1.06 per Euro. This assumption reduced EV Organic Sales in 2025 by $150M vs. prior disclosure. (2) SSE closing is expected in first quarter 2023, subject to satisfaction of customary closing conditions.#10BorgWarner Q4 2022 Net Sales Walk * ** 10 $ in millions Q4 2021 net sales $3,655 Disposition pro forma impact** Q4 2021 pro forma net sales* $40 $3,615 FX $(307) $769 Organic net sales change* Acquisitions impact Q4 2022 net sales $4,108 Organic net sales change on this slide is a non-US-GAAP measure. See reconciliation to US GAAP in Appendix. Disposition impact is from the sale of Water Valley business. $31 ■ Global vehicle markets up ~1% year over year Organic sales* increased ~21%, supported by strong growth over market and customer pricing actions - North America – Small gas turbo growth - Europe – Exhaust gas recirculation and battery pack business growth China - Inverter and other electronics growth *BorgWarner#1111 BorgWarner Financial Results & Adj. Operating Income $ in millions Q4 2021 adj. operating income* $398 (in millions, except per share amounts) Three months ended Disposition pro forma impact** Q4 2021 pro forma adj. operating income* $(4)| GAAP & Non-GAAP Financial Information December 31, 2021 2022 Sales $3,655 $4,108 $394 FX $(40) Adj. operating income* Adj. operating margin* $398 $428 10.9% 10.4% Organic change, R&D and performance Q4 2022 adj. operating Adj. diluted EPS* $74 Free cash flow* $1.06 $1.26 $370 $678 $428 income* * ** Adj. operating income, adj. operating margin, adj. diluted EPS and free cash flow on this slide are non-US-GAAP measures. See reconciliation to US GAAP in Appendix. Disposition impact is from the sale of Water Valley business. * BorgWarner#122023 Market Expectations Have Moderated LV Units in millions BorgWarner Global North America Europe 12 FY'22 Actual Market FY'23 Est. China 82.0 81.8 to 84.4 FY'22 Actual FY'23 Est. FY'22 Actual FY'23 Est. FY'22 Actual FY'23 Est. BorgWarner Estimated LV/CV Weighted Market Up 0% to 3% Note: Actual and estimated volumes are BorgWarner market assumptions. 15.7 15.4 to 16.0 14.5 to 15.1 14.3 26.1 25.8 to 26.4 * BorgWarner#132023 Expected Outlook and Other Items $ in millions Full-year Net Sales Outlook Market & Earnings Outlook 10.1% 2022 net sales $15,801 Adj. Operating Margin* Organic growth* EV sales 2022 Actual 14% 2023 Outlook 7% to 12% FX $(285) $870M $1.5B to $1.8B Organic net sales change* $1,149 $1,949 eProducts R&D $153M increase $60M to $70M increase Acquisitions impact 13 Adj. diluted EPS* $35 Free cash flow*^ FCF* excl. one-time spin-off costs 2023 net sales 10.0% -10.4% $16,700 $17,500 Adj. Operating Margin* $4.60 $4.50 to $5.00 $846M $550M to $650M $700M to $800M * Adj. operating margin, adj. diluted EPS, free cash flow (FCF) and organic growth on this slide are non-US GAAP measures. See reconciliation to US GAAP in Appendix. ^ Free cash flow includes estimated one-time cash cost of $150M associated with planned separation of Fuel Systems and Aftermarket businesses. Note: FX rates assume ~US$ 1.06 per Euro. * BorgWarner#14Q4 & FY 2022 Earnings Call Presentation THANK YOU February 9, 2023 * BorgWarner#15APPENDIX * BorgWarner#162022 Planning Assumptions ■ CapEx ■ Adjusted tax rate for ongoing operations 16 $850 to $900 million 25% *BorgWarner#17BorgWarner Global Production Outlook (2023 vs. 2022) Actual & Estimated Production Totals (in Millions of Units) North America Europe China Total 2022 2023 2022 2023 2022 2023 2022 2023 Light Vehicle Commercial Vehicle 14.3 0.6 14.5 to 15.1 ~0.6 15.7 0.6 15.4 to 16.0 ~0.6 26.1 0.8 25.8 to 26.4 ~0.9 82.0 2.9 81.8 to 84.4 ~3.1 Estimated Year-over-Year Change in Production North America Light Vehicle Commercial Vehicle 1% to 5.5% 2.5% BorgWarner-Weighted 1.5% to 5% Europe (1.5%) to 2% ~(2%) (1.5%) to 1% (0.5%) to 2.5% China (1%) to 1% 8% to 17.5% Total (0.5%) to 3% 5% to 7.5% 0% to 3% Note: 2023 estimates are BorgWarner-weighted market assumptions based on January 2023 LV S&P Global and January 2022 CV On-Hwy S&P Global. 17 * BorgWarner#1818 Quarterly & Full-Year 2021 Recast Segment Information In the first quarter of 2022, the Company announced that the starter and alternator business, previously reported in its e-Propulsion & Drivetrain segment, would transition to the Aftermarket segment. The Company also announced in 2022 that the canisters and fuel delivery modules business, previously reported in its Air Management segment, would transition to the Fuel Systems segment. Both of these transitions were completed during the second quarter of 2022. Additionally, in the fourth quarter of 2022, the Company moved its battery systems business, previously reported in its Air Management segment, to the e-Propulsion & Drivetrain segment. The reporting segment disclosures have been updated accordingly which included recasting prior period information for the new reporting structure. For informational purposes only, in the following tables, the Company has recast the quarterly segment information for fiscal 2021 and 2022 to align with this presentation. Net Sales by Reporting Segment $ in millions Three Months Ended March 31, 2021 Three Months Ended June 30, 2021 Three Months Ended September 30, 2021 Three Months Ended December Year Ended 31, 2021 December 31, 2021 Air Management $ 1,893 $ 1,754 e-Propulsion & Drivetrain 1,378 1,244 1,543 1,167 $ 1,630 6,820 1,297 5,086 Fuel Systems 591 582 515 549 2,237 Aftermarket 287 317 316 292 1,212 Inter-segment eliminations (140) (139) (125) (113) (517) Totals $ 4,009 $ 3,758 3,416 3,655 $ 14,838 Segment Adjusted Operating Income Three Months Ended March 31, 2021 Three Months Ended June 30, 2021 Three Months Ended September Three Months Ended December 30, 2021 31, 2021 Year Ended December 31, 2021 $ in millions % margin % margin % margin % margin % margin Air Management 310 16.4% $ 267 15.2 % $ 224 e-Propulsion & Drivetrain 134 9.7% 132 10.6% 73 14.5% 6.3% $ 263 16.1% $ 1,064 15.6 % 119 9.2% 458 9.0% Fuel Systems 53 9.0% 56 9.6% 50 9.7% 76 13.8% 235 10.5 % Aftermarket 36 12.5 % 44 13.9 % 43 13.6% 41 14.0% 164 13.5 % *BorgWarner#1919 Quarterly & Full-Year 2022 Recast Segment Information In the first quarter of 2022, the Company announced that the starter and alternator business, previously reported in its e-Propulsion & Drivetrain segment, would transition to the Aftermarket segment. The Company also announced in 2022 that the canisters and fuel delivery modules business, previously reported in its Air Management segment, would transition to the Fuel Systems segment. Both of these transitions were completed during the second quarter of 2022. Additionally, in the fourth quarter of 2022, the Company moved its battery systems business, previously reported in its Air Management segment, to the e-Propulsion & Drivetrain segment. The reporting segment disclosures have been updated accordingly which included recasting prior period information for the new reporting structure. For informational purposes only, in the following tables, the Company has recast the quarterly segment information for fiscal 2021 and 2022 to align with this presentation. Net Sales by Reporting Segment $ in millions Three Months Ended March 31, 2022 Three Months Ended June 30, 2022 Three Months Ended September 30, 2022 Three Months Ended December 31, 2022 Year Ended December 31, 2022 Air Management $ 1,768 $ 1,724 $ e-Propulsion & Drivetrain 1,318 1,338 1,841 1,438 $ 1,796 $ 7,129 1,531 5,625 Fuel Systems 591 516 600 607 2,314 Aftermarket 321 312 327 325 1,285 Inter-segment eliminations (124) (131) (146) (151) (552) Totals $ 3,874 $ 3,759 $ 4,060 $ 4,108 $ 15,801 Segment Adjusted Operating Income Three Months Ended March 31, 2022 Three Months Ended June 30, 2022 Three Months Ended September Three Months Ended December 30, 2022 31, 2022 $ in millions Air Management $ 251 e-Propulsion & Drivetrain 96 % margin 14.2% 7.3% $ 244 71 % margin 14.2% 5.3% % margin % margin Year Ended December 31, 2022 % margin $ 294 16.0 % $ 279 15.5 % $ 1,068 15.0 % 69 4.8% 143 9.3% 379 6.7% Fuel Systems 66 11.2% 44 8.5% 83 13.8 % 56 9.2% 249 10.8% Aftermarket 39 39 12.1 % 51 16.3 % 49 15.0 % 57 17.5% 196 15.3 % * BorgWarner#20Fourth Quarter and Full-Year Reconciliation to US GAAP Adjusted Operating Income and Operating Margin In 2021 and prior, the Company defined adjusted operating income as operating income adjusted to exclude the impact of restructuring expense, merger, acquisition and divestiture expense, other net expenses, discontinued operations, and other gains and losses not reflective of the Company's ongoing operations. Beginning in the first quarter of 2022, the Company updated its definition of adjusted operating income and adjusted operating margin to add back intangible asset amortization expense. The updated definition of adjusted operating income is operating income adjusted to exclude the impact of restructuring expense, merger, acquisition and divestiture expense, intangible asset amortization expense, other net expenses, discontinued operations, and other gains and losses not reflective of the Company's ongoing operations. Adjusted operating margin is defined as adjusted operating income divided by net sales. 20 $ in millions Net sales Operating income Operating margin Non-comparable items: Intangible asset amortization Restructuring expense Merger, acquisition and divestiture expense, net Asset impairments and lease modifications Loss (gain) on sales of businesses Other, primarily asset write-offs Customer warranty settlement Adjusted operating income Adjusted operating margin 2022 $ 4,108 $ 3,655 Three Months Ended December 31, 2021 Twelve Months Ended December 31, 2022 2021 $ 15,801 $ 14,838 $ +A 361 $ 178 $ 1,374 $ 1,151 8.8 % 4.9 % 8.7 % 7.8 % +A $ 23 A 23 $ 97 A 88 0 20 59 163 14 40 50 30 17 30 17 23 2 22 (13) 29 3 16 (3) 124 124 $ 428 $ 398 $ 1,603 $ 1,619 10.4 % 10.9 % 10.1 % 10.9 % Note: 2021 has been updated from the prior adj. operating income definition of $375 million QTD and $1,531 million YTD of adj. operating income and 10.3% QTD and 10.3% YTD of Adj. operating margin by adding back the $23 million QTD and $88 million YTD of intangible asset amortization expense. * BorgWarner#21Fourth Quarter and Full-Year Reconciliation to US GAAP Adjusted Earnings Per Diluted Share The Company defines adjusted earnings per diluted share as earnings per diluted share adjusted to eliminate the impact of restructuring expense, merger, acquisition and divestiture expense, other net expenses, discontinued operations, other gains and losses not reflective of the Company's ongoing operations, and related tax effects. The non-comparable items presented below are calculated after tax using the corresponding effective tax rate discrete to each item and the weighted average number of diluted shares for each of the periods then ended. 21 Earnings per diluted share Non-comparable items: Three Months Ended December 31, 2022 2021 Twelve Months Ended December 31, 2022 2021 $ 1.09 $ 0.54 $ 3.99 $ 2.24 Restructuring expense 0.07 0.20 0.58 Merger, acquisition and divestiture expense, net 0.05 0.15 0.19 Asset impairments and lease modifications 0.13 0.05 0.13 0.05 Other, primarily asset write-offs 0.06 (0.01) Loss (gain) on sales of businesses 0.01 0.11 (0.04) 0.13 Unrealized loss on debt and equity securities 0.14 0.08 0.25 1.15 Customer warranty settlement 0.26 0.26 Loss on debt extinguishment 0.06 Tax adjustments (0.11) (0.10) (0.14) (0.50) Adjusted earnings per diluted share A 1.26 $ 1.06 $ 4.60 $ 4.15 *BorgWarner#22Fourth Quarter and Full-Year Organic Net Sales Change Organic Net Sales Change BorgWarner net sales change year over year excluding the estimated impact of foreign exchange (FX), the 2022 acquisitions of Santroll's light vehicle eMotor business and Rhombus Energy Solutions as well as the 2021 divestiture of the Water Valley, Mississippi business. 22 $ in millions Q4 2021 Net Sales Disposition Impact Q4 2021 Pro Forma Net Q4 2022 Acquisition Sales FX Impact Organic Net Sales Change Air Management $ 1,630 $ $ 1,630 $ (131) $ 2 $ 295 Q4 2022 Net Sales $ Organic Net Sales Change % 1,796 18.1% e-Propulsion & Drivetrain 1,297 (40) 1,257 (123) 29 368 1,531 29.3 % Fuel Systems 549 549 (43) 101 607 18.4% Aftermarket 292 292 (10) 43 325 14.7% Inter-segment eliminations (113) (113) (38) (151) Total $ 3,655 $ (40) $ 3,615 $ (307) $ 5 31 $ 769 $ 4,108 21.3% $ in millions Air Management Fuel Systems 2021 Net Sales Disposition Impact 2021 Pro Forma Net Sales FX 2022 Acquisition Impact Organic Net Sales Change 2022 Net Sales Organic Net Sales Change % $ 6,820 $ $ 6,820 (504) $ 3 $ 810 $ 7,129 11.9% e-Propulsion & Drivetrain 5,086 (177) 4,909 (283) 41 958 5,625 19.5% 2,237 2,237 (132) 209 2,314 9.3% Aftermarket 1,212 1,212 (42) 115 1,285 9.5% Inter-segment eliminations (517) (517) (35) (552) Total $ 14,838 $ (177) $ 14,661 $ (961) $ 44 $ 2,057 $ 15,801 14.0% * BorgWarner#23FY'21 Pro Forma Adj. Operating Income and Adj. Operating Margin Reconciliation to US GAAP 23 $ in millions Net sales Pro forma disposition impact Pro forma net sales Operating income Operating margin Non-comparable items: Restructuring expense Customer warranty settlement Intangible asset amortization Merger, acquisition and divestiture expense, net Loss on sales of businesses Asset impairments and lease modifications Other, primarily asset write-offs Three Months Ended December 31, 2021 3,655 Twelve Months Ended December 31, 2021 14,838 (40) (177) |$ 3,615 $ 14,661 tA $ 178 $ 1,151 4.9 % 7.8 % LA 20 124 A 163 124 23 14 22 17 88 50 29 17 (3) Adjusted operating income $ 398 $ 1,619 Pro forma disposition impact (4) (14) Pro forma adjusted operating income $ 394 $ 1,605 Pro forma adjusted operating margin 10.9 % 10.9 % * BorgWarner#2424 FY'23 Adj. Operating Income and Adj. Operating Margin Guidance Reconciliation to US GAAP $ in millions Net sales Operating income Operating margin Non-comparable items: Full-Year 2023 Guidance Low High $ 16,700 $ 17,500 $ 1,440 $ 8.6 % 1,570 9.0 % Restructuring expense +A Separation expense Intangible asset amortization $ 40 $ 50 90 100 95 95 Adjusted operating income Adjusted operating margin $ 1,665 $ 1,815 10.0 % 10.4 % * BorgWarner#2525 FY'23 Adj. Earnings per Diluted Share Guidance Reconciliation to US GAAP Full-Year 2023 Guidance Low High Earnings per diluted share $ 3.81 $ 4.13 Non-comparable items: Restructuring expense Separation expense 0.13 0.56 0.17 0.70 Adjusted earnings per diluted share $ 4.50 $ 5.00 *BorgWarner#2626 FY'23 Organic Net Sales Change Guidance Reconciliation Organic Net Sales Change BorgWarner net sales change year over year excluding the estimated impact of foreign exchange (FX), the 2022 acquisitions of Santroll's light vehicle eMotor business and Rhombus Energy Solutions. FY 2022 FY 2023 Acquisition Organic $ in millions Net Sales FX Impact Net Sales Change FY 2023 Net Sales Organic Net Sales Change % Low $ High 15,801 $ 15,801 (285) $ (285) 35 $ 1,149 $ 16,700 35 1,949 17,500 7.3% 12.3% * BorgWarner#27Q4'22, FY'22 and FY'23 Free Cash Flow Reconciliation to US GAAP The Company defines free cash flow as net cash provided by operating activities minus capital expenditures, including tooling outlays. The measure is useful to both management and investors in evaluating the Company's ability to service and repay its debt. 27 Three Months Ended December 31, Twelve Months Ended December 31, $ in millions 2022 2021 2022 2021 Net cash provided by operating activities Capital expenditures, including tooling outlays Free cash flow $ 890 $ 542 $ (212) (172) 1,569 $ (723) 1,306 (666) $ 678 $ 370 $ 846 $ 640 Full-Year 2023 Guidance $ in millions Low High Net cash provided by operating activities 1,400 $ 1,550 Capital expenditures, including tooling outlays (850) (900) Free cash flow $ 550 $ 650 *BorgWarner#2828 Key Definitions The terms below are commonly used by management and investors in assessing ongoing financial performance: Organic Net Sales Change. BorgWarner net sales change year over year excluding the estimated impact of foreign exchange (FX), the 2022 acquisitions of Santroll's light vehicle eMotor business and Rhombus Energy. Market. Light and commercial vehicle production weighted for BorgWarner's geographic exposure as estimated by BorgWarner. *BorgWarner