Investor Presentaiton
Q4'22, 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
*BorgWarnerView entire presentation