- New business wins ("NBW") hit a record level for 2021; the fourth quarter of 2021 ("Q4 2021") was our second strongest quarter in history for these NBW;
- NBW take launch book to nearly $4.1 billion;
- Strong 2021 electrified vehicle business wins, 50% higher in dollars for business won than seen in 2020;
- Sales for 2021 up 12.4% and net earnings for 2021 up 50.7%;
- Free cash flow1 was $144.7 million for Q4 2021 continuing the company's excellent balance sheet management;
- Liquidity1, measured as cash and cash equivalents and available credit as at December 31, 2021, was $1.9 billion an increase from $1.6 billion at December 31, 2020;
- Strong content per vehicle1 growth in North America and Europe driven by programs we have significant business with that have enjoyed disproportionately higher volumes and increased sales for launching programs;
- The Mobility segment sales on launching programs and content on prioritized vehicles have partially offset adverse conditions associated with semiconductor supply related issues; and
- The Industrial segment saw increased access equipment sales from market share growth for scissors, booms and telehandlers in North America partially offsetting decreased sales due to adverse impacts on delivering agricultural products due to supply chain and labour constraints.
| | Three Months Ended | Twelve Months Ended |
| December 31 | December 31 |
| (in millions of dollars, except per share figures) | 2021 | 2020 | 2021 | 2020 |
| $ | $ | $ | $ |
| Sales | 1,534.4 | 1,704.8 | 6,536.6 | 5,815.6 |
| Operating Earnings (Loss) | | | | |
| Industrial | (11.5) | 32.6 | 167.9 | 141.2 |
| Mobility | 81.6 | 122.8 | 433.3 | 283.0 |
| Operating Earnings (Loss) | 70.1 | 155.4 | 601.2 | 424.2 |
| Net Earnings (Loss) | 50.2 | 113.1 | 420.6 | 279.1 |
| Net Earnings (Loss) per Share – Diluted | 0.77 | 1.73 | 6.41 | 4.27 |
| Earnings before interest, taxes and amortization ("EBITDA")1 | 178.0 | 279.1 | 1,032.6 | 877.0 |
| Operating Earnings (Loss) – Normalized1 | | | | |
| Industrial | (4.2) | 39.9 | 180.9 | 156.5 |
| Mobility | 85.3 | 136.5 | 424.5 | 301.5 |
| Operating Earnings (Loss) – Normalized | 81.1 | 176.4 | 605.4 | 458.0 |
| Net Earnings (Loss) – Normalized1 | 59.0 | 129.1 | 428.4 | 314.6 |
| Net Earnings (Loss) per Share – Diluted – Normalized1 | 0.90 | 1.97 | 6.53 | 4.81 |
| EBITDA – Normalized1 | 189.6 | 304.5 | 1,045.4 | 919.8 |
| |
| __________ |
| 1 | Operating Earnings (Loss) – Normalized, Net Earnings (Loss) – Normalized, Net Earnings (Loss) per Share – Diluted – Normalized, EBITDA, EBITDA – Normalized, Liquidity, and Free Cash Flow are non-GAAP financial measures. Content per Vehicle is a Supplementary Financial Measure. Please see "Non-GAAP and Other Financial Measures" section of this press release. |
Operating Highlights
Sales for Q4 2021 were $1,534.4 million, down $170.4 million from $1,704.8 million in the fourth quarter of 2020 ("Q4 2020").
The Industrial segment ("Industrial") product sales decreased 7.2%, or $22.6 million, to $293.0 million in Q4 2021 from Q4 2020. The sales decrease was due to:
- agricultural sales declines due to supply chain and labour constraints which are significantly impacting our ability to deliver equipment; and
- an unfavourable impact on sales from the changes in foreign exchange rates from Q4 2020; partially offset by
- additional access equipment sales primarily due to increased market share in North America for scissors, booms and telehandlers.
Sales for the Mobility segment ("Mobility") decreased by $147.8 million, or 10.6% in Q4 2021 compared with Q4 2020. The sales in Q4 2021 were impacted by:
- a sales decline primarily attributed to adverse conditions associated with semiconductor supply related issues experienced by our customers; and
- an unfavourable impact on sales from the changes in foreign exchange rates from Q4 2020; partially offset by
- additional sales for launching programs and increased volumes for certain programs that the Company has significant business with; and
- increased sales related to material metal market pass through pricing partially offsetting the associated raw material increases.
The Company's normalized operating earnings for Q4 2021 was $81.1 million. This compares to normalized operating earnings of $176.4 million in Q4 2020, a decrease of $95.3 million.
Industrial segment normalized operating earnings in Q4 2021 decreased $44.1 million, or 110.5% from Q4 2020. The Industrial normalized operating earnings results were predominantly driven by:
- an increase in material, freight and labour costs associated with ongoing supply issues and post pandemic pressures;
- a decrease in agricultural sales;
- a reduction in the utilization of Government support programs related to the global COVID-19 pandemic; and
- an unfavourable impact from the changes in foreign exchange rates from Q4 2020; partially offset by
- an increase in access equipment sales; and
- a reduction in provisions for receivables that were incurred in Q4 2020 in the industrial markets primarily related to COVID-19.
Q4 2021 normalized operating earnings for Mobility were lower by $51.2 million, or 37.5% compared to Q4 2020. The Mobility segment's earnings were impacted by the following:
- a sales decline primarily attributed to adverse conditions associated with semiconductor supply related issues experienced by our customers;
- an increase in energy, material, freight and labour costs associated with ongoing supply issues and post pandemic pressures;
- an unfavourable impact from the changes in foreign exchange rates from Q4 2020; and
- a reduction in the utilization of Government support programs related to the global COVID-19 pandemic; partially offset by
- additional sales for launching programs and increased volumes for certain programs that the Company has significant business with; and
- a reduction in management compensation as a result of lower sales and earnings.
"2021 presented some significant challenges in supply chain and other constraints impacting our ability to deliver product and the cost of what was delivered, but our team still produced double digit top and bottom line growth as promised." said Linamar Executive Chair and CEO Linda Hasenfratz, "We had an absolutely outstanding year in new business wins, which we are very excited about, a new record for us in fact, with no less than 50% more in dollars of business won for electrified vehicles than seen in 2020. Cash flow was again strong, positioning us well for continued investment both organically and through acquisition in an opportunistic environment. We see significant opportunities out there for growth, and with continued strong market demand, we envision a solid future for us as supply chain challenges ease in coming quarters."
Dividends
The Board of Directors today declared an eligible dividend in respect to the quarter ended December 31, 2021 of CDN$0.20 per share on the common shares of the company, payable on or after April 19, 2022 to shareholders of record on April 1, 2022.
NON-GAAP AND OTHER FINANCIAL MEASURES
The Company uses certain non-GAAP and other financial measures to provide useful information to both management, investors and other stakeholders in assessing the financial performance and financial condition of the Company.
Certain expenses and income that must be recognized under GAAP are not necessarily reflective of the Company's underlying operational performance. For this reason, management uses certain non-GAAP and other financial measures when analyzing operational performance on a consistent basis.
These Non-GAAP and other financial measures do not have a standardized meaning prescribed by GAAP and therefore they are unlikely to be comparable to similarly titled measures presented by other publicly traded companies, and they should not be construed as an alternative to other financial measures determined in accordance with GAAP.
Normalized Non-GAAP Financial Measures and Ratios
All Non-GAAP financial measures denoted with 'Normalized' as presented by the Company are adjusted for foreign exchange gain (loss), foreign exchange gain (loss) on debt and derivatives, and other items.
Operating Earnings (Loss) – Normalized
Operating Earnings (Loss) – Normalized is a non-GAAP financial measure and the Company believes it is useful in assessing the Company's underlying operational performance and in making decisions regarding the ongoing operations of the business. Operating Earnings (Loss) – Normalized is calculated as Operating Earnings (Loss), the most directly comparable measure as presented in the Company's consolidated statement of earnings, adjusted for foreign exchange gain (loss), and any other items, if applicable, that are considered not to be indicative of underlying operational performance.
Net Earnings (Loss) – Normalized
Net Earnings (Loss) – Normalized is a non-GAAP financial measure and the Company believes it is useful in assessing the Company's underlying operational performance and in making decisions regarding the ongoing operations of the business. Net Earnings (Loss) – Normalized is calculated as Net Earnings (Loss), the most directly comparable measure as presented in the Company's consolidated statement of earnings, adjusted for foreign exchange gain (loss), foreign exchange gain (loss) on debt and derivatives, and any other items, if applicable, that are considered not to be indicative of underlying operational performance.
Net Earnings (Loss) per Share – Diluted – Normalized
Net Earnings (Loss) per Share – Diluted – Normalized is a non-GAAP financial ratio and the Company believes it is useful in assessing the Company's underlying operational performance and in making decisions regarding the ongoing operations of the business. Net Earnings (Loss) per Share – Diluted – Normalized is calculated as Net Earnings (Loss) – Normalized (as defined above) divided by the fully diluted number of shares outstanding as at the period end date.
EBITDA and EBITDA – Normalized
EBITDA is a non-GAAP financial measure and the Company believes it is useful in assessing the Company's underlying operational performance of cash flow and profitability, the effective use and allocation of resources, and to provide more meaningful comparisons of operating results. EBITDA is calculated as Net Earnings (Loss) before income taxes, the most directly comparable measure as presented in the Company's consolidated statement of earnings, adjusted for amortization of property, plant and equipment, amortization of other intangible assets, finance costs, and other interest.
EBITDA – Normalized is a non-GAAP financial measure and the Company believes EBITDA – Normalized is useful in assessing the Company's underlying operational performance of cash flow and profitability, the effective use and allocation of resources, and to provide more meaningful comparisons of operating results. EBITDA – Normalized is calculated as EBITDA (as defined above) adjusted for foreign exchange gain (loss), foreign exchange gain (loss) on debt and derivatives, non-cash asset impairments and any other items, if applicable, that are considered not to be indicative of underlying operational performance.
All these other items contained in these non-GAAP financial measures are summarized as follows:
| | Three Months Ended | Twelve Months Ended |
| | | December 31 | | December 31 |
| | 2021 | 2020 | 2021 | 2020 |
| (in millions of dollars) | $ | $ | $ | $ |
| Restructuring | - | 8.6 | - | 8.6 |
| Facility closure | - | - | - | 13.8 |
| Adjustment for CEWS | 16.6 | - | 16.6 | - |
| Other items impacting Operating Earnings (loss) – Normalized | 16.6 | 8.6 | 16.6 | 22.4 |
| Make-whole interest | - | - | - | 9.1 |
| Other items impacting Net Earnings (Loss) – Normalized | 16.6 | 8.6 | 16.6 | 31.5 |
| | | | | |
| Restructuring | - | 8.6 | - | 8.6 |
| Facility closure | - | - | - | 2.1 |
| Adjustment for CEWS | 16.6 | - | 16.6 | - |
| Other items | 16.6 | 8.6 | 16.6 | 10.7 |
| Asset impairment provision, net of reversals | 0.7 | 4.4 | 2.4 | 16.1 |
| Other items and asset impairments impacting EBITDA – Normalized | 17.3 | 13.0 | 19.0 | 26.8 |
During Q4 2021, a normalizing item related to an adjustment for CEWS impacted the Mobility segment by $13.7 million and the Industrial segment by $2.9 million. The adjustment for CEWS is a provision recorded as a result of the subsidy program coming to an end. The Company is reviewing its claim filings to ensure the accuracy of the claims. CEWS was a subsidy program in Canada to assist companies in response to COVID-19 which came to an end in October 2021.
Normalizing items for asset impairment provisions adjusted EBITDA and impacted the Mobility segment by $0.7 million for the quarter and $2.4 million for the full year of 2021 (Q4 2020 – $4.4 million and $16.1 million for the full year of 2020).
During Q4 2020, a normalizing item related to "restructuring" adjusted the Mobility segment by $8.6 million. The restructuring was to improve operational efficiencies, primarily in Europe, and not in response to COVID-19.
During Q3 2020, a normalizing item of $13.8 million related to the closing of a facility impacted the Mobility segment's earnings. The closure of this North American facility was due to operational issues and was not in response to COVID-19. For EBITDA - Normalized the impairment of assets is included in its definition and therefore $11.7 million of the $13.8 million is the impairment portion for the closure of the facility.
During Q2 2020, a normalizing item of $9.1 million related to "make-whole interest" for the early prepayment of the 2021 Notes impacted net earnings. This was to improve the Company's financial flexibility in an uncertain environment.
All normalized non-GAAP financial measures areas reconciled as follows:
| | Three Months Ended | Twelve Months Ended |
| December 31 | December 31 |
| (in millions of dollars) | 2021 | 2020 | +/- | +/- | 2021 | 2020 | +/- | +/- |
| $ | $ | $ | % | $ | $ | $ | % |
| | | | | | | | | |
| Operating Earnings (Loss) – Normalized |
| Operating Earnings (Loss) | 70.1 | 155.4 | (85.3) | (54.9%) | 601.2 | 424.2 | 177.0 | 41.7% |
| Foreign exchange (gain) loss | (5.6) | 12.4 | (18.0) | | (12.4) | 11.4 | (23.8) | |
| Other items | 16.6 | 8.6 | 8.0 | | 16.6 | 22.4 | (5.8) | |
| Operating Earnings (Loss) – Normalized | 81.1 | 176.4 | (95.3) | (54.0%) | 605.4 | 458.0 | 147.4 | 32.2% |
| | | | | | | | | |
| Net Earnings (Loss) – Normalized |
| Net Earnings (Loss) | 50.2 | 113.1 | (62.9) | (55.6%) | 420.6 | 279.1 | 141.5 | 50.7% |
| Foreign exchange (gain) loss | (5.6) | 12.4 | (18.0) | | (12.4) | 11.4 | (23.8) | |
| Foreign exchange (gain) loss on debt and derivatives | (0.1) | - | (0.1) | | 6.2 | 4.6 | 1.6 | |
| Other items | 16.6 | 8.6 | 8.0 | | 16.6 | 31.5 | (14.9) | |
| Tax impact | (2.1) | (5.0) | 2.9 | | (2.6) | (12.0) | 9.4 | |
| Net Earnings (Loss) – Normalized | 59.0 | 129.1 | (70.1) | (54.3%) | 428.4 | 314.6 | 113.8 | 36.2% |
| | | | | | | | | |
| Net Earnings (Loss) per Share – Diluted – Normalized |
| Net Earnings (Loss) per Share – Diluted | 0.77 | 1.73 | (0.96) | (55.5%) | 6.41 | 4.27 | 2.14 | 50.1% |
| Foreign exchange (gain) loss | (0.09) | 0.19 | (0.28) | | (0.19) | 0.17 | (0.36) | |
| Foreign exchange (gain) loss on debt and derivatives | - | - | - | | 0.10 | 0.07 | 0.03 | |
| Other items | 0.25 | 0.13 | 0.12 | | 0.25 | 0.48 | (0.23) | |
| Tax impact | (0.03) | (0.08) | 0.05 | | (0.04) | (0.18) | 0.14 | |
| Net Earnings (Loss) per Share – Diluted – Normalized | 0.90 | 1.97 | (1.07) | (54.3%) | 6.53 | 4.81 | 1.72 | 35.8% |
| | | | | | | | | |
| EBITDA and EBITDA – Normalized |
| Net Earnings (Loss) before income taxes | 62.5 | 148.3 | (85.8) | (57.9%) | 562.2 | 374.4 | 187.8 | 50.2% |
| Amortization of property, plant and equipment | 96.0 | 108.1 | (12.1) | | 397.1 | 406.2 | (9.1) | |
| Amortization of other intangible assets | 14.8 | 15.8 | (1.0) | | 51.6 | 48.4 | 3.2 | |
| Finance costs | 3.9 | 6.0 | (2.1) | | 18.4 | 44.1 | (25.7) | |
| Other interest | 0.8 | 0.9 | (0.1) | | 3.3 | 3.9 | (0.6) | |
| EBITDA | 178.0 | 279.1 | (101.1) | (36.2%) | 1,032.6 | 877.0 | 155.6 | 17.7% |
| Foreign exchange (gain) loss | (5.6) | 12.4 | (18.0) | | (12.4) | 11.4 | (23.8) | |
| Foreign exchange (gain) loss on debt and derivatives | (0.1) | - | (0.1) | | 6.2 | 4.6 | 1.6 | |
| Asset impairment provision, net of reversals | 0.7 | 4.4 | (3.7) | | 2.4 | 16.1 | (13.7) | |
| Other items | 16.6 | 8.6 | 8.0 | | 16.6 | 10.7 | 5.9 | |
| EBITDA – Normalized | 189.6 | 304.5 | (114.9) | (37.7%) | 1,045.4 | 919.8 | 125.6 | 13.7% |
All normalized non-GAAP financial measures areas impacting segments reconciled as follows:
| | Three Months Ended | Twelve Months Ended |
| December 31 | December 31 |
| | 2021 | 2021 |
| | Industrial | Mobility | Linamar | Industrial | Mobility | Linamar |
| (in millions of dollars) | $ | $ | $ | $ | $ | $ |
| | | | | | | |
| Operating Earnings (Loss) – Normalized |
| Operating Earnings (Loss) | (11.5) | 81.6 | 70.1 | 167.9 | 433.3 | 601.2 |
| Foreign exchange (gain) loss | 4.4 | (10.0) | (5.6) | 10.1 | (22.5) | (12.4) |
| Other items | 2.9 | 13.7 | 16.6 | 2.9 | 13.7 | 16.6 |
| Operating Earnings (Loss) – Normalized | (4.2) | 85.3 | 81.1 | 180.9 | 424.5 | 605.4 |
| | | | | | | |
| EBITDA – Normalized |
| EBITDA | 1.2 | 176.8 | 178.0 | 222.3 | 810.3 | 1,032.6 |
| Foreign exchange (gain) loss | 4.4 | (10.0) | (5.6) | 10.1 | (22.5) | (12.4) |
| Foreign exchange (gain) loss on debt and derivatives | (0.1) | - | (0.1) | 1.2 | 5.0 | 6.2 |
| Asset impairment provision, net of reversals | - | 0.7 | 0.7 | - | 2.4 | 2.4 |
| Other items | 2.9 | 13.7 | 16.6 | 2.9 | 13.7 | 16.6 |
| EBITDA – Normalized | 8.4 | 181.2 | 189.6 | 236.5 | 808.9 | 1,045.4 |
| | Three Months Ended | Twelve Months Ended |
| December 31 | December 31 |
| | 2020 | 2020 |
| | Industrial | Mobility | Linamar | Industrial | Mobility | Linamar |
| (in millions of dollars) | $ | $ | $ | $ | $ | $ |
| | | | | | | |
| Operating Earnings (Loss) – Normalized |
| Operating Earnings (Loss) | 32.6 | 122.8 | 155.4 | 141.2 | 283.0 | 424.2 |
| Foreign exchange (gain) loss | 7.3 | 5.1 | 12.4 | 15.3 | (3.9) | 11.4 |
| Other items | - | 8.6 | 8.6 | - | 22.4 | 22.4 |
| Operating Earnings (Loss) – Normalized | 39.9 | 136.5 | 176.4 | 156.5 | 301.5 | 458.0 |
| | | | | | | |
| EBITDA – Normalized |
| EBITDA | 49.4 | 229.7 | 279.1 | 206.6 | 670.4 | 877.0 |
| Foreign exchange (gain) loss | 7.3 | 5.1 | 12.4 | 15.3 | (3.9) | 11.4 |
| Foreign exchange (gain) loss on debt and derivatives | - | - | - | - | 4.6 | 4.6 |
| Asset impairment provision, net of reversals | - | 4.4 | 4.4 | - | 16.1 | 16.1 |
| Other items | - | 8.6 | 8.6 | - | 10.7 | 10.7 |
| EBITDA – Normalized | 56.7 | 247.8 | 304.5 | 221.9 | 697.9 | 919.8 |
Other Non-GAAP Financial Measures
Free Cash Flow
Free Cash Flow is a non-GAAP financial measure and the Company believes it is useful in assessing the Company's ability to generate cash. Free Cash Flow is calculated as Cash from Operating Activities, the most directly comparable measure as presented in the Company's consolidated statements of cash flows, adjusted for payments for purchase of property, plant and equipment, and proceeds on disposal of property, plant and equipment.
Liquidity
Liquidity is a non-GAAP financial measure and the Company believes it is useful in assessing the Company's ability to satisfy its financial obligations as they come due. Liquidity is calculated as Cash, the most directly comparable measure as presented in the Company's consolidated statements of financial position, adjusted for the Company's available credit.
All other non-GAAP financial measures are reconciled as follows:
| | Three Months Ended | Twelve Months Ended |
| | December 31 | December 31 |
| | 2021 | 2020 | 2021 | 2020 |
| (in millions of dollars) | $ | $ | $ | $ |
| | | | | |
| Free Cash Flow | | | | |
| Cash generated from (used in) operating activities | 217.6 | 489.6 | 908.8 | 1,434.1 |
| Payments for purchase of property, plant and equipment | (74.1) | (75.8) | (243.1) | (264.3) |
| Proceeds on disposal of property, plant and equipment | 1.2 | 8.5 | 6.9 | 15.2 |
| Free Cash Flow | 144.7 | 422.3 | 672.6 | 1,185.0 |
| | | | | |
| Liquidity | | | | |
| Cash | 928.4 | 861.1 | 928.4 | 861.1 |
| Available credit | 957.5 | 773.4 | 957.5 | 773.4 |
| Liquidity | 1,885.9 | 1,634.5 | 1,885.9 | 1,634.5 |
Supplementary Financial Measures
Content per Vehicle
Content per Vehicle is a supplementary financial measure and is calculated within the Mobility segment for the region indicated as automotive sales less tooling sales divided by vehicle production units.
Forward Looking Information, Risk and Uncertainties
Certain information provided by Linamar in this press release, MD&A, the consolidated financial statements and other documents published throughout the year which are not recitation of historical facts may constitute forward-looking statements. The words "may", "would", "could", "will", "likely", "estimate", "believe", "expect", "plan", "forecast" and similar expressions are intended to identify forward-looking statements. Readers are cautioned that such statements are only predictions and the actual events or results may differ materially. In evaluating such forward-looking statements, readers should specifically consider the various factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements.
Such forward-looking information may involve important risks and uncertainties that could materially alter results in the future from those expressed or implied in any forward-looking statements made by, or on behalf of, Linamar. Some of the factors and risks and uncertainties that cause results to differ from current expectations include, but are not limited to, changes in the competitive environment in which Linamar operates, OEM outsourcing and insourcing; sources and availability of raw materials; labour markets and dependence on key personnel; dependence on certain customers and product programs; technological change in the sectors in which the Company operates and by Linamar's competitors; delays in or operational issues with product launches; foreign currency risk; long-term contracts that are not guaranteed; acquisition and expansion risk; foreign business risk; public health threats; cyclicality and seasonality; legal proceedings and insurance coverage; credit risk; weather; emission standards; capital and liquidity risk; tax laws; securities laws compliance and corporate governance standards; fluctuations in interest rates; environmental emissions and safety regulations; trade and labour disruptions; world political events; pricing concessions to customers; and governmental, environmental and regulatory policies.
The foregoing is not an exhaustive list of the factors that may affect Linamar's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Linamar's forward-looking statements. Linamar assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Conference Call Information
Q4 2021 Release Information
Linamar will hold a webcast call on March 9, 2022, at 5:00 p.m. ET to discuss its fourth quarter results. The event will be simulcast and can be accessed at the following URL https://www.linamar.com/event/q4-2021-earnings-call and can also be navigated to on the company's website. For those who wish to listen to an audio only call-in option, the numbers for this call are (877) 668-0168 (North America) or (825) 312-2386 (International) Conference ID 7163205, with a call-in required 15 minutes prior to the start of the webcast. The conference call will be chaired by Linda Hasenfratz, Linamar's Executive Chair and Chief Executive Officer. A copy of the Company's quarterly financial statements, including the Management's Discussion & Analysis, will be available on the Company's website after 4:00 p.m. ET on March 9, 2022, and at www.sedar.com by the start of business on March 10, 2022. The webcast replay will be available at https://www.linamar.com/event/q4-2021-earnings-call after the call. A taped replay of the conference call will also be made available starting at 8:00 p.m. ET on March 9, 2022, for seven days. The number for the replay is (800) 585-8367 or (416) 621-4642, Passcode: 7163205. In addition, a recording of the call will be posted at https://www.linamar.com/event/q4-2021-earnings-call.
Q1 2022 Release Information
Linamar will hold a webcast call on May 11, 2022, at 5:00 p.m. ET to discuss its first quarter results. The event will be simulcast and can be accessed at the following URL https://www.linamar.com/event/q1-2022-earnings-call and can also be navigated to on the Company's website. For those who wish to listen to an audio only call-in option, the numbers for this call are (877) 668-0168 (North America) or (825) 312-2386 (International) Conference ID 2056809, with a call-in required 15 minutes prior to the start of the webcast. The conference call will be chaired by Linda Hasenfratz, Linamar's Executive Chair and Chief Executive Officer. A copy of the Company's quarterly financial statements, including the Management's Discussion & Analysis, will be available on the Company's website after 4:00 p.m. ET on May 11, 2022, and at www.sedar.com by the start of business on May 12, 2022. The webcast replay will be available at https://www.linamar.com/event/q1-2022-earnings-call after the call. A taped replay of the conference call will also be made available starting at 8:00 p.m. ET on May 11, 2022, for seven days. The number for the replay is (800) 585-8367 or (416) 621-4642, Passcode: 2056809. In addition, a recording of the call will be posted at https://www.linamar.com/event/q1-2022-earnings-call.