Dana Inc Q4 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Aileen Elizabeth Smith - BofA Securities, Research Division - Analyst : I wanted to start with the 4Q performance. If we rewind back a bit to your Capital Markets Day in October and then your third quarter earnings a few weeks later, you updated your 2021 financial outlook at both with the obvious read being the fourth quarter. In the past 3 months, can you talk about what might have developed in that time frame that was different than your expectations heading into the quarter? I think some of the elements, like production inefficiencies on choppy schedules and commodity costs, would have been pretty well understood. But if you can just give some color on the biggest surprise cost buckets for you, that would be helpful.

Question: Aileen Elizabeth Smith - BofA Securities, Research Division - Analyst : Okay. Got it. And in the past fourth quarter reporting and with your forward year outlook, you've very helpfully provided a kind of quarter cadence chart on how to think about revenue and margin seasonality. I'm not sure if I saw that in this deck. But are you able to give some directional commentary on the trajectory through this year? And specifically, I'm trying to get a gauge on how we think about that 5% EBITDA margin exit rate in the fourth quarter, or I think it was 6%, ex some of the period costs for the labor agreement, getting to the 9% to 10% range for full year 2022.

Question: Aileen Elizabeth Smith - BofA Securities, Research Division - Analyst : Okay. And one last housekeeping one, if I may. Can you -- yes, that $17 million period costs from the new U.S. labor agreement in the quarter, it's fair to characterize that as more onetime in nature, correct? And is it possible to disclose what the structural labor cost inflation that's incorporated into your new labor agreement is?