Dana Inc (DAN) 2025 Q1 法說會逐字稿

Good morning, and welcome to Dana Incorporated first quarter 2025 financial webcast and conference call. My name is Regina, and I will be your conference facilitator. Please be advised that our meeting today, both the speakers' remarks and Q&A session will be recorded for replay purposes. (Operator Instructions)

早安，歡迎參加 Dana Incorporated 2025 年第一季財務網路廣播和電話會議。我的名字是 Regina，我將擔任您的會議主持人。請注意，我們今天的會議，發言人的發言和問答環節都將被錄音以供重播。（操作員指示）

At this time, I would like to begin the presentation by turning the call over to Dana's Senior Director of Investor Relations and Corporate Communications, Craig Barber. Please go ahead, Mr. Barber.

現在，我想透過將電話轉給 Dana 投資者關係和企業傳播高級總監 Craig Barber 來開始演講。請繼續，巴伯先生。

Good morning, and welcome to Dana Incorporated's First Quarter 2025 earnings call. Today's presentation includes forward-looking statements about our expectations for Dana's future performance. Actual results could differ from what we discuss here today.

早上好，歡迎參加 Dana Incorporated 2025 年第一季財報電話會議。今天的演示包括我們對 Dana 未來業績的預期的前瞻性陳述。實際結果可能與我們今天討論的不同。

For more details about the factors that could affect future results, please refer to our safe harbor statement found in our public filings and our reports with the SEC. I encourage you to visit our investor website, where you'll find this morning's press release and presentation. And as Regina said, that the call today is being recorded and supporting materials are the property of Dana Incorporated.

有關可能影響未來結果的因素的更多詳細信息，請參閱我們公開文件和向美國證券交易委員會提交的報告中的安全港聲明。我鼓勵您訪問我們的投資者網站，您可以在那裡找到今天早上的新聞稿和簡報。正如 Regina 所說，今天的通話已被錄音，並且支援材料均歸 Dana Incorporated 所有。

They may not be recorded, copied or rebroadcast without a written consent. With me this morning is Bruce McDonald, Dana's Chairman and Chief Executive Officer; and Timothy Kraus, Senior Vice President and Chief Financial Officer.

未經書面同意，不得錄製、複製或轉播。今天早上和我一起的還有 Dana 董事長兼執行長 Bruce McDonald；以及高級副總裁兼財務長 Timothy Kraus。

Bruce, now I'll turn the call over to you to get us started.

布魯斯，現在我將把電話交給你，讓我們開始吧。

All right. Thank you, Craig, and good morning, everybody. I'll just start with on slide 4 here in terms of some highlights for the first quarter. I know there was a lot of interest in the off-highway divestiture process, and we're really not in a position where we can say a lot. What I would tell you is that the process continues to be underway. We're pleased with the progress that we've made. It's been competitive, and we have multiple bidders.

好的。謝謝你，克雷格，大家早安。我將從幻燈片 4 開始介紹第一季的一些亮點。我知道很多人對非公路業務剝離過程感興趣，但我們實際上不能透露太多。我想告訴你們的是，這個過程仍在繼續。我們對所取得的進展感到滿意。競爭非常激烈，我們有多個競標者。

If you look at the quarter, I would say I'm pleased with Q1. Our results came in, generally speaking, in line with expectations. I would note that we did have a little bit of a headwind on tariffs of $6 million in the quarter. And absent that, we would have had comparable margins to last Q1 despite a pretty big reduction on the topline. So a good result there.

如果你看一下這個季度，我會說我對第一季感到滿意。整體而言，我們的結果符合預期。我想指出的是，本季我們在 600 萬美元的關稅方面確實遇到了一些阻力。如果沒有這個因素，儘管營業收入大幅下降，但我們的利潤率仍與去年第一季相當。因此這是一個好結果。

And we see that $6 million coming back. It's just we just couldn't get the paperwork into our customers to get the recovery in the quarter. Real importantly for us, and we talked about this on our last earnings call is we said we're going to look at our cost reduction plans and see what we could do to bring those forward.

我們看到那 600 萬美元又回來了。只是我們無法將文件交給客戶，以便在本季度實現復甦。對我們來說真正重要的是，我們在上次收益電話會議上談到了這一點，我們說我們將研究我們的成本削減計劃，看看我們可以做些什麼來提前實現這些計劃。

So I'm pleased to announce that we're accelerating the realization of the -- of our cost program here in 2025 from what was $175 million to $225 million. We completed the integration of our former Power Technologies segment and aftermarket business into Light Vehicle and CV respectively, that's gone real well.

因此，我很高興地宣布，我們正在加速實現 2025 年的成本計劃，從 1.75 億美元增加到 2.25 億美元。我們完成了將先前的動力技術部門和售後市場業務分別整合到輕型車和商用車中的工作，進展非常順利。

Of the $300 million cost reduction, this integration is worth $30 million to $35 million of that. I think we're going to see further benefits, not sort of SG&A-related benefits as we leverage best practices across our aftermarket businesses.

在 3 億美元的成本削減中，此次整合的價值為 3,000 萬至 3,500 萬美元。我認為，隨著我們在售後業務中利用最佳實踐，我們將看到進一步的利益，而不是與銷售、一般和行政費用 (SG&A) 相關的利益。

And I think as we bring some of the operational rigor and processes that we have in Light Vehicle to Power Technologies, I see operational improvements flowing through in the back half of this year. So more to come on that.

我認為，隨著我們將輕型車輛中的一些營運嚴謹性和流程引入動力技術，我看到營運改善將在今年下半年實現。對此我們還有更多內容。

Then lastly, in free cash flow, we -- Q1 is always a seasonal outflow, but we had a good start with -- despite lower revenues and profitability on an absolute basis, we -- our Q1 cash outflow was an improvement year-over-year of $67 million. We continue to focus on opportunities to reduce our CapEx, and I'm hoping that we can squeeze the money out of that in the back half of the year.

最後，在自由現金流方面，我們——第一季總是一個季節性的現金流出，但我們有一個良好的開端——儘管絕對收入和盈利能力較低，但我們——第一季的現金流出同比增長了 6700 萬美元。我們將繼續關注減少資本支出的機會，我希望我們能夠在下半年從中擠出資金。

And then not to defend free cash flow, but we are focused on a portfolio of noncore, nonstrategic assets and things like that. We expect to deliver $50 million here in the second quarter, and we could see our way maybe to another $50 million in the back half of the year.

然後，我們不再捍衛自由現金流，而是專注於非核心、非策略性資產組合等。我們預計第二季的營收將達到 5,000 萬美元，下半年我們或許還能再實現 5,000 萬美元的營收。

Generally, a good start to the year. In terms of the outlook and what we're seeing, I guess I would start with a very dynamic situation that, especially on the tariff front, changes significantly on a daily basis. But based on what we see right now, I guess I would just say our tariff situation is manageable. We can get into a lot more detail in some of the questions, but it's a manageable issue for Dana.

總體來說，這是今年的一個好開始。就前景和我們所看到的情況而言，我想我會從一個非常動態的情況開始，特別是在關稅方面，每天都在發生重大變化。但根據我們目前看到的情況，我想說我們的關稅狀況​​是可控的。我們可以更詳細地討論一些問題，但對 Dana 來說這是一個可控的問題。

Our several mitigation actions have been completed. We've got recoveries into our customers with the right level of detail to support them being -- our claims being processed. And I guess the other thing I would note, if you look at the steel and aluminum tariffs, we've seen North America indices move up such that we expect to substantially recover the steel and aluminum through already negotiated mechanisms that we have in place with our customers.

我們的幾項緩解措施已經完成。我們已經向客戶追回了款項，並提供了適當的詳細資訊來支持他們處理索賠。我想指出的另一件事是，如果你看一下鋼鐵和鋁的關稅，我們會發現北美指數已經上漲，因此我們預計透過與客戶已經協商好的機制，鋼鐵和鋁的關稅將大幅回升。

It could be some timing issues because those tend to work in a little bit of a lag. But I would say the impact of steel and aluminum tariffs with the way the indices has moved will be kind of a nonissue for us as we see things right now.

這可能是一些時間問題，因為它們往往會有點滯後地工作。但我想說，就我們目前的情況來看，鋼鐵和鋁關稅對指數變動的影響對我們來說不是什麼問題。

In terms of what we're seeing in the market, the first, I guess, thing that we are seeing is a reduction in schedules for our North American commercial vehicle customers, and you see that in some of the calls that have come out before us with people taking their assumptions for North America down. And we've reflected that in our outlook. So that's sort of been a bit of a headwind for us.

就我們在市場上看到的情況而言，我想，我們看到的第一件事就是北美商用車客戶的計劃減少，而且你可以在我們之前接到的一些電話中看到，人們降低了對北美的預期。我們已經在我們的展望中反映了這一點。所以這對我們來說有點不利。

In off-highway, we're seeing a little bit of pre-buy interest here in the second quarter, nothing significant, but it's nice to see we're getting a little bit of that. And we are starting to see outside of North America, some green shoots in terms of improvements in orders in the second half of the year.

在非公路用車領域，我們在第二季度看到了一些預購興趣，雖然沒有重大進展，但很高興看到我們獲得了一些這樣的興趣。我們開始看到北美以外地區下半年訂單量出現一些改善的跡象。

In North America, we aren't seeing anything on -- in terms of LV schedules, any deterioration at this point in time. If you look at the mix of vehicles that we're exposed to, you guys all know where we've got -- where our money is made. We feel pretty good about gaining our customers, gaining share in our space. And while we acknowledge there's some risk in the back half of the year, it's -- we're just being cautious right now. We don't see it reflecting up in our schedules.

在北美，就低壓時間表而言，我們目前沒有看到任何惡化的情況。如果你看一下我們所接觸的各種工具，你就會知道我們的錢是從哪裡來的。我們很高興能夠獲得客戶，並在自己的領域中獲得份額。雖然我們承認今年下半年存在一些風險，但我們現在只是保持謹慎。我們沒有看到它反映在我們的日程安排中。

We talked earlier about the $50 million of incremental cost reduction. And then I guess I would just say if you -- absent tariffs, we'd be sitting here this morning, raising our guidance by about $50 million to reflect the acceleration on the cost reduction side. We're just holding back until we get a little bit more clarity on what happens in LV, particularly in the second half.

我們之前談到了 5000 萬美元的增量成本削減。然後我想我只想說，如果沒有關稅，我們今天早上就會坐在這裡，將我們的指導金額提高約 5000 萬美元，以反映成本降低方面的加速。我們只是暫時擱置，直到我們更清楚地了解 LV 中發生的事情，特別是下半年發生的事情。

And lastly, just a little bit of something to brag about here, but we won our 10th PACE Award, quite an honor in the industry. This, for us, is a -- this hybrid transmission is kind of a niche product. It's about $25 million of sales this year. It's a product that we've rolled out across the highest end of the automotive spectrum. So customers like Aston Martin, Lamborghini, McLaren.

最後，稍微誇耀一下，我們贏得了第十屆 PACE 獎，這在業界是一項相當大的榮譽。對我們來說，這是一種混合變速器，是一種小眾產品。今年的銷售額約為 2500 萬美元。這是我們針對汽車領域最高端推出的產品。因此客戶喜歡阿斯頓馬丁、蘭博基尼、麥克拉倫。

We see this as a business opportunity to grow us $200 million, $250 million, maybe even up to $300 million over the next few years at a highly accretive EBITDA margin. This product pushes 20%. So not a huge item, but it's an important, I think, margin expansion arrow in our quiver and I congratulate the technical team for winning the award.

我們認為這是一個商業機會，可以讓我們在未來幾年內以高度增值的 EBITDA 利潤率成長 2 億美元、2.5 億美元，甚至可能達到 3 億美元。本產品推20%。因此，雖然這不是什麼大事，但我認為這是我們擴大利潤的利器，我祝賀技術團隊贏得該獎項。

So with that, Tim, I'll turn it over to you.

因此，提姆，我將把這個任務交給你。

Thank you, Bruce, and good morning to everyone. If you please turn to slide 8 for a review of our first quarter results. Sales were $2.4 billion, $383 million lower than last year, driven by lower demand across all of our end markets. Adjusted EBITDA was $188 million for a profit margin of 8%, just 20 basis points lower than last year on lower sales as the benefits of our cost improvement actions begin to take hold.

謝謝你，布魯斯，大家早安。請翻到投影片 8 查看我們第一季的業績。銷售額為 24 億美元，比去年減少 3.83 億美元，因為我們所有終端市場的需求下降。調整後的 EBITDA 為 1.88 億美元，利潤率為 8%，由於我們的成本改進措施開始顯現效益，銷售額下降，僅比去年低 20 個基點。

Net income attributable to Dana was $25 million in the first quarter of 2025 compared with $3 million last year. The difference was primarily due to the proposed divestiture of our noncore hydraulics business in 2024.

2025 年第一季度，歸屬於 Dana 的淨收入為 2,500 萬美元，而去年同期為 300 萬美元。差異主要是由於我們計劃在 2024 年剝離非核心液壓業務。

A $29 million loss was recorded to adjust the carrying value of net assets to fair value in last year's first quarter. Income taxes for the first quarter of 2025 were $29 million lower due to jurisdictional mix of profits and timing of payments.

去年第一季度，將淨資產的帳面價值調整為公允價值，產生了 2,900 萬美元的損失。由於利潤的管轄組合和付款時間，2025 年第一季的所得稅減少了 2,900 萬美元。

Finally, operating cash flow was a use, as is normally the case in the first quarter, of $37 million. This was an improvement of $65 million over the first quarter of last year due to lower working capital requirements. Please turn with me now to slide 9 for the drivers of the sales and profit change. Beginning this quarter, we have revised our walk presentation to better detail the impacts of volume mix and performance of the operations.

最後，與第一季的正常情況一樣，經營現金流為 3,700 萬美元。由於營運資金需求降低，這一數字比去年第一季增加了 6,500 萬美元。現在請和我一起翻到第 9 張投影片，了解銷售額和利潤變化的驅動因素。從本季度開始，我們修改了我們的步行演示，以更好地詳細說明產量組合和營運績效的影響。

Previously, these two drivers were combined. We continue to show the benefit of our cost-saving initiatives, and we have added the actual impact of tariffs as part of our walk.

在此之前，這兩位車手是合而為一的。我們繼續展示我們的成本節約措施的好處，並將關稅的實際影響作為我們行動的一部分。

Beginning with volume and mix on the left, we saw a $345 million lower sales driven by lower demand in all of our end markets. Specifically, when compared to Q1 of last year when light vehicle production increased dramatically coming off of the UAW strike at the end of 2023. This year, we are seeing a slowdown in production as vehicle inventories remain high.

從左側的銷售和產品組合開始，我們發現銷售額下降了 3.45 億美元，這是由於我們所有終端市場的需求下降所致。具體來說，與去年第一季相比，2023 年底 UAW 罷工結束後，輕型汽車產量大幅增加。今年，由於汽車庫存仍然很高，我們看到生產放緩。

We did not see any distinct change in order patterns from our key customers on key programs related to tariffs during the quarter. Adjusted EBITDA from sales volume and mix was lower by $90 million. This was a decremental margin of about 25%. We are breaking out performance, which includes efficiency gains in our manufacturing separately.

本季度，我們沒有看到主要客戶在與關稅相關的主要項目的訂單模式有任何明顯變化。銷售量和產品組合調整後的 EBITDA 下降了 9000 萬美元。降幅約 25%。我們正在單獨公佈業績，其中包括製造過程中效率的提升。

Performance increased sales by $27 million, mostly through commercial actions, while profit increased by $35 million due to efficiency improvements across the company. For the first quarter of 2025, cost savings added $41 million in profit through the various actions we have taken. As Bruce mentioned, we have accelerated some actions. We now expect to realize about $50 million more of our $300 million in total cost savings this year.

Performance 的銷售額增加了 2700 萬美元，這主要是透過商業行動實現的，而利潤則因整個公司的效率提高而增加了 3500 萬美元。2025 年第一季度，透過我們採取的各種行動，成本節約增加了 4,100 萬美元的利潤。正如布魯斯所提到的，我們已經加快了一些行動。我們預計今年將節省 3 億美元的總成本，其中將再節省約 5,000 萬美元。

To the left of the slide, we included a breakdown of where the permanent cost savings are coming from. You can see it's well distributed across the cost structure. The tariff impact in the quarter was just $6 million. Since our tariff recoveries will have a lag associated with them, we did not immediately recover the tariffs in the quarter, but we expect to receive recoveries throughout the year.

在幻燈片的左側，我們列出了永久性成本節省的來源細目。您可以看到它在整個成本結構中分佈良好。本季的關稅影響僅 600 萬美元。由於我們的關稅追回會有一定的滯後性，因此我們在本季沒有立即收回關稅，但我們預計全年都會收回關稅。

Foreign currency translation decreased sales by $53 million, primarily driven by the lower value of the euro, real and rupee compared to the US dollar. Profit was lower by $4 million with no impact to margin. Finally, commodity cost recoveries in the first quarter was $10 million lower than last year due to the timing of cost mechanisms within the commodity recovery agreements with our customers.

外幣折算導致銷售額減少 5,300 萬美元，主要原因是歐元、雷亞爾和盧比相對於美元貶值。利潤下降了 400 萬美元，但對利潤率沒有影響。最後，由於與客戶簽訂的商品回收協議中的成本機制時間安排，第一季的商品成本回收比去年同期低了 1,000 萬美元。

Profit was $11 million lower as the prices fall through to profit. Next, I will turn to slide 10, the details of the first quarter of adjusted free cash flow. Adjusted free cash flow in the first quarter of 2025 was a use of $101 million, which is $67 million higher than the first quarter last year. Lower adjusted EBITDA and higher onetime costs related to the cost saving actions and the sale of the off-highway business were offset by lower working capital requirements.

由於價格下跌導致利潤減少 1100 萬美元。接下來，我將翻到第 10 張投影片，介紹第一季調整後自由現金流的詳細資訊。2025 年第一季調整後的自由現金流為 1.01 億美元，比去年第一季高出 6,700 萬美元。調整後 EBITDA 的降低以及與成本節約措施和非公路業務出售相關的一次性成本的增加被營運資本需求的降低所抵消。

Finally, capital spending, net of proceeds of sales of fixed assets was about the same as last year. Please turn with me now to slide 11 for our guidance for 2025. Our 2025 full year guidance ranges remain unchanged. As a reminder, our guidance includes the off-highway business for the full year and includes the estimated impact of disclosed tariffs.

最後，扣除固定資產銷售收益後的資本支出與去年大致相同。現在請和我一起翻到第 11 張投影片，了解我們對 2025 年的指導。我們對 2025 年全年的預期範圍保持不變。提醒一下，我們的指導包括全年的非公路業務，並包括揭露關稅的預期影響。

First thing you will note is that we are expecting sales to be up above the midpoint of our range. The higher sales expectations are taking into account some of the softening in commercial vehicle end markets, offset by the recovery of expected tariffs that will flow through sales and the improved outlook on currency translation.

您首先會注意到的是，我們預期銷售額將高於我們預期範圍的中點。更高的銷售預期考慮到了商用車終端市場的部分疲軟，但被預期關稅的恢復（將影響銷售）和貨幣換算前景的改善所抵消。

To date, we've not seen a change in the volume expectations of our major Light Vehicle programs. Our initial expectations were for slightly weaker end market demand for light trucks. If that market weakens further, we will adjust our outlook.

到目前為止，我們的主要輕型汽車項目的產量預期沒有變化。我們最初的預期是輕型卡車的終端市場需求會略微減弱。如果該市場進一步疲軟，我們將調整我們的前景。

Adjusted EBITDA is still expected to be $975 million at midpoint of the range. This is approximately $90 million higher than 2024 and implies a profit margin of about 10%, a 140 basis point increase over 2024. Full year adjusted free cash flow is expected to be $225 million at the midpoint of the range for the year. This is approximately $155 million higher than last year. Our adjusted EPS guidance is expected to be $1.40 per share at the midpoint of the range.

調整後的 EBITDA 預計仍為 9.75 億美元，處於該範圍的中點。這比 2024 年高出約 9,000 萬美元，意味著利潤率約為 10%，比 2024 年增加 140 個基點。預計全年調整後自由現金流將達到 2.25 億美元，處於年度範圍的中點。這比去年高出約 1.55 億美元。我們的調整後每股盈餘預期為區間中點每股 1.40 美元。

This is down from our previous estimate solely due to the change in expected tax expense driven by our expected regional mix of profits. And lastly, please turn with me to slide 12 for an outlook of our adjusted free cash flow for 2025.

這低於我們先前的估計，僅僅是因為我們預期的區域利潤組合導致預期稅費改變。最後，請和我一起翻到第 12 張投影片，了解我們 2025 年調整後的自由現金流展望。

We anticipate full year 2025 adjusted free cash flow to be about $225 million at the midpoint of the guidance range. We expect about $90 million of higher free cash flow from increased adjusted EBITDA. Onetime costs will be about $20 million higher as we invest in our cost savings program, and we work to finalize the off-highway divestiture.

我們預計 2025 年全年調整後的自由現金流約為 2.25 億美元，處於指導範圍的中點。我們預計，調整後的 EBITDA 增加將帶來約 9,000 萬美元的自由現金流成長。由於我們投資於成本節約計劃，並且努力完成非公路業務的剝離，一次性成本將增加約 2000 萬美元。

Working capital requirements will be about $50 million lower and capital spending net is expected to be about $325 million this year, which is $45 million lower than 2024.

營運資金需求將減少約 5,000 萬美元，預計今年的資本支出淨額約為 3.25 億美元，比 2024 年低 4,500 萬美元。

Thank you, and I'll now ask Regina to open the call for questions.

謝謝，現在我請 Regina 開始提問。

(Operator Instructions)

（操作員指示）

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Thanks. Good morning, everyone. Maybe just to start on the guidance. I know you listed a number of things, some tariff headwinds and some negative market assumptions in what is, I guess, kind of the new Dana, but then cost savings. And then in the off-highway business, you mentioned some of that prebuy commentary.

謝謝。大家早安。也許只是開始指導。我知道您列出了一些事情，一些關稅阻力和一些負面的市場假設，我想，這有點像新的 Dana，但隨後是成本節約。然後在非公路用車業務中，您提到了一些購買前的評論。

I guess the question is back in the beginning of the year, you provided some guidance for new Dana versus the off-highway. With all those factors you listed, is there any meaningful change to those assumptions we should consider?

我想這個問題早在年初就出現了，您為新款 Dana 和非公路車型提供了一些指導。考慮到您列出的所有這些因素，我們是否應該考慮對這些假設進行任何有意義的改變？

Yeah, so Commercial Vehicle is going to be a bit lower than what we had seen just a couple of months ago. That's largely being offset by amounts in Light Vehicle and in a little bit in off-highway. And then, obviously, the balance of that is coming from what we believe will be additional revenue from tariff offsets.

是的，商用車的價格將比幾個月前低。這在很大程度上被輕型車輛和非公路用車的銷售所抵消。然後，顯然，我們認為其中的平衡將來自於關稅抵銷帶來的額外收入。

Yeah, I guess maybe just a couple of other things, like obviously, the incremental cost reduction target is small related to corporate, so it gets sort of severe based on sales. I would say, in off-highway, we are benefit -- in our outlook, we are picking up some translation on the euro. So that would be disproportionate to off-highway. But I mean, generally speaking, if you sort of -- the $50 million cost reduction is a pull forward.

是的，我想也許還有其他一些事情，例如顯然，增量成本削減目標與公司相關很小，因此根據銷售情況來看，它會變得很嚴重。我想說，在非公路用車領域，我們是受益的——在我們的展望中，我們正在獲得一些歐元的翻譯。所以這與非公路行駛不成比例。但我的意思是，一般來說，如果你認為 5000 萬美元的成本削減是一種進步。

But if you think about when we gave sort of guidance around new Dana post off-highway sale in 2026, I think the message is Q1 -- New Dana is up year-over-year in margins and off-highway is on a year-over-year basis, down. So the path to get new Dana in 2026 to the type of number that we commit to, the [10], [10].5 is thoroughly on track.

但是，如果您想想我們在 2026 年新 Dana 非公路用車銷售後給出的指導意見，我認為第一季度的信息是——新 Dana 的利潤率同比增長，而非公路用車的利潤率同比下降。因此，在 2026 年讓新 Dana 達到我們承諾的數字 [10]、[10].5 的路徑完全在正軌上。

Okay, and then just for '25, again, I know you provided some ranges, and it seems like some moving parts, but generally, those ranges are still valid?

好的，然後僅針對 '25，再次，我知道您提供了一些範圍，並且看起來像是一些活動部件，但一般來說，這些範圍仍然有效？

Yeah, they're generally valid. I mean the sales are going to move around, as Bruce mentioned, right, between tariffs and translation, we're going to have some tailwind on the topline. And that's largely going to offset the headwinds that we're seeing in commercial vehicle from a volume perspective.

是的，它們通常是有效的。我的意思是，正如布魯斯所提到的那樣，銷售額將會有所波動，在關稅和翻譯之間，我們的收入將會受到一些推動。從銷售角度來看，這將在很大程度上抵消商用車面臨的阻力。

And I guess if you think about tariffs overall, we don't bring in an awful lot of product from Europe into North America. So when we talk about our tariff headwind, the commercial -- sorry, the off-highway impact is relatively small.

我想，如果你從整體上考慮關稅，你會發現我們並沒有從歐洲向北美進口大量產品。因此，當我們談論關稅逆風時，商業——抱歉，非公路方面的影響相對較小。

That business is primarily European. We do have a bit of business here in North America, but that's a relatively small portion of the overall business.

該業務主要在歐洲。我們在北美確實有一些業務，但這在整個業務中所佔的比例相對較小。

Okay. And then, Bruce, I appreciate you're limited in what you could say about the process. I think you had some relatively encouraging commentary. But maybe you could just indicate to us if any of this market uncertainty has had any impact on the process even in terms of potential management distraction for potential buyers or anything there? Or are things mostly on track with what you thought?

好的。然後，布魯斯，我很感激你對這個過程的描述有限。我認為你的評論相對令人鼓舞。但也許您可以向我們指出，這種市場不確定性是否對此過程產生了影響，甚至是否會對潛在買家的管理造成影響或其他影響？或者說事情基本上都照你想的那樣發展？

Yeah, I mean, I guess I would say, obviously, if you look at the last 90 days, I think the tariff situation is becoming clear. It's swinging around pretty wildly when some of the IEEPA stuff was coming up and the China thing was escalating and things like that. I think now some of the rules we've had a little bit of stability. We're getting clarification in terms of what's in and out, how we handle USMC, non-USMC.

是的，我的意思是，我想說，顯然，如果你看看過去 90 天，我認為關稅情況變得清晰起來。當《國際經濟與政治權力法案》出現、中國問題不斷升級等情況時，情況就變得非常劇烈。我認為現在我們的一些規則已經有了一點穩定。我們正在明確哪些是可以進入的，哪些是不能進入的，以及我們如何處理美國海軍陸戰隊和非美國海軍陸戰隊。

So we're -- I would say we definitely have maximum uncertainty. And in that environment, people are nervous and want to understand things. So spending a little bit more time with our teams. So I'd say -- I really can't say a lot, but we're a few weeks -- I guess we have sort of talked about being in a position to say something come to a resolution here in early in the second quarter.

所以，我想說我們肯定存在著最大的不確定性。在那種環境下，人們會感到緊張並想要了解一些事情。因此，我們花更多的時間與我們的團隊在一起。所以我想說——我真的不能說太多，但我們還有幾週的時間——我想我們已經討論過在第二季初達成解決方案的可能性。

Now I guess I would just say that's -- our timing is probably more like late in the quarter. I mean I wish I could say more, but the guys probably want to get out of the room already.

現在我想我只想說——我們的時間可能更像是在本季末。我的意思是我希望我能說更多，但這些人可能已經想離開房間了。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hi, thank you for taking our questions. I just want to come back on the tariff. Can you share, I guess, what is the exposure at the moment and in terms of the timing of recovery? How long do you think that will take on average?

您好，感謝您回答我們的問題。我只是想再談談關稅問題。我想，您能否分享一下目前的情況以及恢復的時間？您認為這平均需要多長時間？

So I don't want to get into the overall exposure, mostly because I don't really want to negotiate with my customers in public. But what I can say is from a recovery perspective, we expect it's probably going to be less than a quarter on a lag.

所以我不想陷入整體曝光，主要是因為我真的不想在公開場合與我的客戶談判。但我可以說的是，從復甦的角度來看，我們預計滯後時間可能會少於四分之一。

And of course that depends on the customer and the end market that we're dealing with. But most of our largest customers have set up a regimented process. So -- and as Bruce mentioned, we've already started to provide invoices and the detailed backup that's required by our customers in order to obtain recovery.

當然，這取決於我們所針對的客戶和終端市場。但我們大多數的大客戶都已經建立了嚴格的流程。所以——正如布魯斯所提到的，我們已經開始提供客戶恢復所需的發票和詳細備份。

So that process is well underway, and we see it working well given the level of detail that we're providing to the customer. But I'm guessing it's probably when they get through it, obviously, the customers are going to be pretty inundated. We're looking at somewhere probably not longer than a quarter, but I think it will end up being a little bit less given the impact that this will have across the supply base.

這個過程正在順利進行，考慮到我們向客戶提供的詳細信息，我們認為它運作良好。但我猜，當他們解決這個問題時，顯然顧客們會感到不知所措。我們正在考慮一個可能不會超過一個季度的時間，但考慮到這將對整個供應基礎產生的影響，我認為最終會稍微短一些。

Yeah, I mean I'd expect it to be a cash flow timing issue in the quarter. I think by the time we we're here in three months' time, we will know what our recoveries and have that process nailed down sufficiently. So we'll be accruing the impact. But the cash associated with it, like we have to pay that out much sooner than we're going to get it back. I don't think that's going to be a major bridge item for us. But -- I feel pretty comfortable that it's not going to be a problem for us.

是的，我的意思是我預計這將是本季的現金流時間問題。我認為，三個月後當我們到達這裡時，我們就會知道我們的恢復情況，並充分確定這一進程。因此我們將會產生影響。但與此相關的現金，我們必須盡快付清，然後才能收回。我認為這對我們來說不會是一個重要的過渡項目。但是——我感到很放心，這對我們來說不會是個問題。

And in terms of the amount, is it your -- is it baked in that you would recover essentially 100%? Or is there some like wiggle room or haircut to the recovery?

就金額而言，您是否可以基本上 100% 收回資金？或者復甦過程中是否存在一些迴旋餘地或削減？

Our view is that we're going to be recovering 100% of the tariffs.

我們的觀點是，我們將恢復100％的關稅。

I think maybe just to give a little bit of help there is first of all, if you think about our Commercial Vehicle business and our off-highway business, we have very little risk of 100% recovery. So that part of it, we're not worried about at all. I mentioned that the aluminum and steel will be recovered through normal indices that we already have in place.

我認為也許只是為了提供一點幫助，首先，如果你考慮我們的商用車業務和非公路用車業務，我們 100% 恢復的風險非常小。因此，我們根本不擔心這一部分。我提到過，鋁和鋼的價格將透過我們現有的正常指數恢復。

So once you sort of back out those three things and some mitigation actions that we've taken where we were the importer of record of finished goods, so like we bring some axles up from Mexico to North America, and they're picked up at a warehouse in Laredo.

因此，一旦你放棄這三件事以及我們作為成品進口商所採取的一些緩解措施，那麼我們將一些車軸從墨西哥運到北美，然後在拉雷多的一個倉庫取走。

We've renegotiated those exposures away. So now you're left with a fairly minor amount in the scheme of the $10 billion company. We have all the documentation submitted to our Light Vehicle customers, and they have -- they've brought in external resources to process our claims. And in one case, we know our claim has been processed and approved, but I haven't seen the check yet. So we'll see where we end up.

我們已經重新協商消除了這些風險。因此，現在你在這家價值 100 億美元的公司的計劃中只剩下相當少的金額。我們已將所有文件提交給輕型車輛客戶，並且他們已引入外部資源來處理我們的索賠。在一種情況下，我們知道我們的索賠已經處理並批准，但我還沒有看到支票。因此我們將會看到最終結果如何。

Understood. And just one last thing to clarify. So is the -- I really not quantifying the exposure. But in terms of the mechanics. Is it basically the non-USMCA part that you're assuming for the exempt? Or are you assuming that there's more -- or the USMCA actually goes away?

明白了。最後還有一件事需要澄清。所以——我確實沒有量化曝光。但就機製而言。您認為非 USMCA 部分基本上可以豁免嗎？或者您認為還有更多——或者 USMCA 實際上消失了？

Well, so we're -- our -- what we've put out in terms of our guidance now is based on what we see coming out of Washington as of today, that will change tomorrow. I have no doubt, it changed last night. So -- but the way the mechanisms are working with our customers are that we need to be able to prove the actual amount of tariffs that we've incurred and be able to trace them back by part number.

好吧，我們現在給出的指導意見是基於我們今天看到的華盛頓的消息，明天就會改變。我毫不懷疑，昨晚它發生了變化。所以——但是這些機制與我們的客戶合作的方式是，我們需要能夠證明我們所產生的實際關稅金額，並且能夠透過零件編號追溯它們。

And that's the documentation that we're providing. And our expectation is that level of detail will allow us to recover the tariffs from our customers.

這就是我們提供的文件。我們的期望是，詳細程度將使我們能夠從客戶那裡收回關稅。

And it's a little bit more nuanced than your question. Let me just give you an example. So everything that we're talking about is for auto parts. It does not include our part, the way the definition and the HT --

它比你的問題更微妙一些。讓我給你舉個例子。所以，我們所談論的一切都是關於汽車零件的。它不包括我們的部分，定義和 HT 的方式——

HTS.

高溫超導。

HTS codes are written, it does not include things like our off-highway and Commercial Vehicle products nor does it even include some of our Super Duty business. So they aren't in this whole 232 switch that happened yesterday. They're still into the other buckets, IEEPA, reciprocals, things like that.

HTS 程式碼已編寫，但不包括我們的非公路用車和商用車產品，甚至不包括我們的部分 Super Duty 業務。所以他們沒有參與昨天發生的整個 232 轉換。他們仍然關注其他領域，IEEPA、互惠等等。

Gotcha. Very much appreciated. Thank you.

明白了。非常感謝。謝謝。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Oh great, thanks for taking my questions. Any way to frame what are your assuming for Light Vehicle production? Is it very in line with the recent S&P forecast. Is there any way to frame that because obviously, a lot of uncertainty with tariffs.

哦，太好了，感謝您回答我的問題。有什麼方法可以表達您對輕型車輛生產的假設嗎？這是否與最近的標準普爾預測非常一致？有什麼方法可以解決這個問題嗎？因為顯然關稅存在著許多不確定性。

Sure, yeah. I think the way -- obviously, when you think about the Light Vehicle outlook, we try to steer everybody back to the light truck production. We currently aren't seeing any substantial change from where we were when we came out in February. So that's what's currently baked into our forecast for North American light truck.

當然，是的。我認為——顯然，當你考慮輕型車輛的前景時，我們會嘗試引導每個人都回到輕型卡車的生產。目前，我們並沒有看到與二月推出時相比有任何實質的變化。這就是我們目前對北美輕型卡車的預測。

And if that changes in any material way, we'll have to revisit our outlook. But right now, we haven't seen anything and don't have anything from our customers on the horizon. That doesn't mean it won't change. But at this point, that's currently -- we're looking at it largely the same as we did two months ago.

如果這種情況發生任何實質變化，我們必須重新審視我們的觀點。但目前，我們還沒有看到任何進展，也沒有從客戶那裡得到任何消息。這並不意味著它不會改變。但目前，我們對此的看法與兩個月前基本相同。

And the only thing I'd add to that, Colin, is we acknowledge there's a risk there, and that's why we're not up in our guide.

科林，我唯一要補充的是，我們承認這其中存在風險，這就是為什麼我們沒有在指南中提到這一點。

Got it. But on the S&P side, I mean, is it consistent with what S&P just provided or more optimistic, less optimistic?

知道了。但就標準普爾而言，我的意思是，它是否與標準普爾剛剛提供的結果一致，還是更樂觀，還是不那麼樂觀？

I would say the latest S&P data, which there's -- we don't think is accurate, especially here in the short term and some of it. But if you looked at the latest S&P information, and we were to factor that and we have more than enough coverage in the extra cost save to hold our guide.

我想說的是，我們認為最新的標準普爾數據並不準確，尤其是在短期內。但是，如果您查看最新的標準普爾信息，我們會考慮到這一點，並且我們在額外成本節省方面有足夠的覆蓋範圍來支撐我們的指南。

Got it. That's helpful. And then if I look at -- I think you said earlier, you didn't want to provide like a number on the tariff impact. But I mean in the EBIT walk, it's $6 million. I mean, is that not a run rate we should think about?

知道了。這很有幫助。然後如果我看一下——我想你之前說過，你不想提供關稅影響的數字。但我的意思是，息稅前利潤是 600 萬美元。我的意思是，這不是我們應該考慮的運行率嗎？

Well, you have to -- I mean, the tariffs were not for the entire quarter. They were staged in. You can't use the first quarter as sort of a viewpoint for the tariffs, they've also changed from week to week. And so depending on when we imported the material and how it was classified, determines what we ended up, what the impact was in the quarter that's going to be different going forward. So you cannot use the first quarter and try to do some sort of extrapolation. The rules and how these things are classified have changed dramatically from week to week.

嗯，你必須——我的意思是，關稅不是針對整個季度的。它們是上演的。你不能用第一季的數據來判斷關稅，因為關稅每週都在變動。因此，取決於我們何時進口材料以及如何對其進行分類，決定了我們最終的結果，以及本季的影響，而這些影響在未來將會有所不同。因此，您不能使用第一季並嘗試進行某種推斷。這些事物的規則和分類方式每週都會發生巨大變化。

$4 million of the $6 million, Colin, is related to where Dana was the importer of record, the example I gave in the previous color. And we already remediated that and build it, and we're not at all worried about getting that $4 million back. But yes, like Tim said, there's things that come on and come off, there's bucketing issues, there's HTS code issues, et cetera.

科林，這 600 萬美元中的 400 萬美元與達納作為記錄進口商有關，這是我在上一個顏色中給出的例子。我們已經修復了這個問題並進行了重建，我們根本不擔心能否收回那 400 萬美元。但是的，就像蒂姆所說的那樣，有些事情時有時無，有存儲桶問題，有 HTS 代碼問題，等等。

Yeah, you have to remember, right, a lot of this stuff is coming out in either an executive order or in a press release or a press conference. It then gets published in the commercial register, and then that then translated by the commerce department into -- and at the customs and border to determine how and what HTS codes are going to collect what tariffs on which. So it is exceedingly complex and is changing as both the rules get more clarification and the rules change.

是的，你必須記住，很多內容都是透過行政命令、新聞稿或記者會發布的。然後，它將在商業登記簿上公佈，然後由商務部翻譯成——並在海關和邊境確定如何以及對哪些 HTS 代碼徵收哪些關稅。因此，它非常複雜，並且隨著規則變得更加明確和規則而變化。

Maybe just like a few sort of scene setters on it. They kind of get you -- get your understanding a bit better. Overall, our flow of goods from Mexico back up here to United States is $700 million, $800 million. And our Canada flow of goods is like $100 million. And so that split 55-ish percent is USMCA compliant.

也許就像上面的一些場景設定者。它們會讓你——讓你的理解更加深刻。整體而言，我們從墨西哥回流到美國的貨物總額為 7 億美元到 8 億美元。我們與加拿大的貨物貿易額約為 1 億美元。因此，55% 左右的分割符合 USMCA 的規定。

Some of that is also -- it doesn't have anything to do with -- it's 232 because it relates to our Commercial Vehicle business. Our other exposure that we have is reciprocal tariffs on castings and things like that, that us, like everybody else buys from Korea and particularly India. So those are the headlines of where our exposures come from and kind of magnitude.

其中一些也 - 它與 - 它是 232 沒有任何關係，因為它與我們的商用車業務有關。我們面臨的另一個風險是對鑄件等徵收互惠關稅，我們和其他人一樣，都從韓國，特別是印度購買鑄件。這些就是關於我們的風險敞口來源和程度的標題。

And I also point out that some of the material that's coming in that's non-USMCA compliant is directly sourced by the customer. So we don't have a choice on where we're bringing in some of the parts based on the customer requirement. So again, that is recovered $1 right away because we don't have any choice.

我還要指出的是，一些不符合 USMCA 要求的材料是由客戶直接購買的。因此，我們無法根據客戶要求選擇從哪裡進口某些零件。所以，我們馬上就拿回了 1 美元，因為我們別無選擇。

And you said $700 million, $800 million Mexico, $100 million in Canada. Any number on what -- from the rest of the world brought into the United States?

你說的是 7 億美元，墨西哥 8 億美元，加拿大 1 億美元。有沒有關於從世界其他地方帶入美國的貨物數量？

Yeah, We're talking a few hundred millions more. I mean it obviously depends on production and where we're at. But largely those sorts of numbers.

是的，我們談論的是幾億。我的意思是這顯然取決於生產情況和我們所處的位置。但基本上都是這些類型的數字。

Got it. Alright, thank you very much.

知道了。好的，非常感謝。

Thank you.

謝謝。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hey, good morning everybody. Just as we think about the off-highway sale and if we just consider the tariff exposure -- tariff exposure for the off-highway business. We know off-highway, as was mentioned, does not fall under the Section 232 autos tariffs, it would be subject to the broader liberation day tariffs. That's a question just to confirm.

嘿，大家早安。正如我們考慮非公路用車銷售時一樣，如果我們只考慮關稅風險——非公路用車業務的關稅風險。我們知道，正如所提到的，非公路用車不屬於第 232 條汽車關稅的管轄範圍，它將受到更廣泛的解放日關稅的管轄。這個問題只是為了確認一下。

And then just regarding off-highways regional sales mix, right, we know about 65% of total sales get produced in Europe. Can you just size up what portion of that or what portion properly constitutes North America US sales for off-highway and what portion gets imported to understand the trade flow there? Thanks.

然後就非公路用車區域銷售組合而言，我們知道約有 65% 的總銷量來自歐洲。您能否估算其中有多少部分或多少部分真正構成了北美非公路用車的銷售額以及有多少部分是進口的，以了解那裡的貿易流量？謝謝。

The North American is a few hundred million dollars. That -- a portion of that gets imported. I mean I'd have to go look at the specifics and we can get you that. But the tariff -- overall US tariff exposure for off-highway is very small and is 100% recoverable from the customer. We've already proactively actioned those -- with those customers to get recovery.

北美是幾億美元。其中一部分是進口的。我的意思是我必須去了解具體情況然後我們才能給你答案。但美國非公路用車的整體關稅風險非常小，而且可以 100% 從客戶那裡收回。我們已經主動採取行動，幫助這些客戶恢復元氣。

So it's -- the tariff impact is not the issue around off-highway. I think the broader issue, and this is true for tariff generally is, hey, how does this affect the macroeconomic environment and how might it affect volume in all the end markets at the end of the day. That -- and especially for off-highway, that's probably the bigger issue, right?

因此，關稅影響不是非公路用車領域的問題。我認為更廣泛的問題，對於關稅來說通常都是如此，嘿，這會如何影響宏觀經濟環境，以及最終如何影響所有終端市場的交易量。那——特別是對於非公路車輛來說，這可能是更大的問題，對吧？

As they pass these things through, how is it going to affect the various end markets within off-highway? To date, we're not seeing -- we haven't seen anything, and we've seen a little bit of prebuy and when we look out at the back half of the year, we are starting to see the green shoots we were expecting. So right now, things are holding up pretty well, but it's a pretty fluid situation, and we're monitoring it pretty closely.

當他們通過這些事情時，它將如何影響非公路用車領域的各個終端市場？到目前為止，我們還沒有看到任何東西，我們看到了一點預購，而當我們展望今年下半年時，我們開始看到我們所期望的綠芽。因此，目前情況進展順利，但情況仍然不穩定，我們正在密切關注。

That's really helpful. And then just my follow-up. I know there's a sensitive question, sensitive answer. Previous timing of the off-highway sale did point to like something around the second quarter. Just curious if you have -- if you could share any thoughts there?

這真的很有幫助。接下來就是我的後續行動。我知道這是一個敏感的問題，答案也很敏感。先前非公路用車銷售的時間確實預計在第二季左右。只是好奇您是否有—您是否可以分享一些想法？

And then just within the revenue guidance, two things that are not tied to tariffs, FX and commodities in your revenue. Can you just confirm what those guidance assumptions, those guidance updates are? Thanks.

然後，在收入指引範圍內，有兩件事與關稅、外匯和商品無關。您能否確認這些指導假設和指導更新是什麼？謝謝。

I won't -- I'm not going to provide the update because then you can sort of back into what our -- what the tariff assumptions are. But they're -- in terms of commodities, we would expect to be up a little bit. And obviously, the FX is going to be an additional tailwind but I don't want to get into specifics, we'll obviously be able to show that to you when we bring out second quarter. On the off-highway sales, as Bruce mentioned, earlier, we were expecting early to mid-second quarter given the amount of work that's being done by the bidders, we would expect that to move a little bit and probably be later in the second quarter.

我不會——我不會提供更新信息，因為這樣你就可以回到我們的——關稅假設是什麼。但就商品而言，我們預計價格會略有上漲。顯然，FX 將成為額外的順風，但我不想談論細節，我們顯然可以在推出第二季時向您展示這一點。關於非公路用車的銷售，正如布魯斯之前提到的，考慮到競標者正在進行的工作量，我們預計第二季度初至中期會出現這種情況，我們預計這一情況會略有變化，可能在第二季度後期。

Ryan Brinkman, JPMorgan.

摩根大通的瑞安·布林克曼。

Hi, thanks for taking my question which is in regard to the cost savings, including after following the acceleration this quarter, the $225 million you're looking for this year, it's now up to 25% of last year's EBITDA. So that's really just a huge step change in cost. So I wanted to check in again on the source of those savings, including the incremental savings, I think I heard you say largely corporate in nature. Also your confidence in the ability to achieve the savings. Last quarter, you were very confident.

您好，感謝您回答我的問題，關於成本節約，包括本季加速之後，您今年預計的 2.25 億美元，現在已達到去年 EBITDA 的 25%。所以這其實只是成本上的巨大變化。所以我想再次檢查這些節省的來源，包括增量節省，我想我聽到您說這主要是企業性質的。還有您對實現節約的能力的信心。上個季度，你非常有自信。

And then finally, just like whether the costs are sustainable or don't have any associated drawbacks. So for example, are you mostly cutting through corporate bureaucracy or layers of management discretionary that is not R&D. I'm asking only because the magnitude of savings is so impressive that it sort of begs the question of like if there really was all the fat to cut, why had it maybe not been targeted before?

最後，就像成本是否可持續或沒有任何相關的缺點一樣。舉例來說，您是否主要在削減企業官僚或非研發領域的管理層級自由裁量權？我之所以問這個問題，是因為節省的金額如此驚人，這不禁讓人想問：如果真的有這麼多需要削減的開支，為什麼之前沒有將其作為目標呢？

Hey Ryan. That's a lot. I'll try to unpack it in some reasonable manner. But -- so I'll take the one that I like the most. In terms of our confidence, we are absolutely confident that we will, one, deliver the $225 million, and two deliver the $300 million on a run rate basis.

嘿，瑞安。那太多了。我會嘗試以合理的方式解決它。但是——所以我會選擇我最喜歡的一個。就我們的信心而言，我們絕對有信心，第一，我們將交付 2.25 億美元，第二，按運行率交付 3 億美元。

So if you just look at the first quarter, right, it's $41 million of incremental savings. We had $10 million of savings in the fourth quarter. So if you just take that $51 million multiply that by 4, that's $200 million of the $225 million when you think about it, right, on a run rate basis already. And we took costs out all through the first quarter.

因此，如果你只看第一季度，你會發現增量節省了 4,100 萬美元。我們在第四季節省了 1000 萬美元。因此，如果您將這 5,100 萬美元乘以 4，那麼按運行率計算，這就是 2.25 億美元中的 2 億美元。我們在整個第一季都削減了成本。

So our run rate action number is already trending to where we need to be to deliver the $225 million. We've got additional actions to happen throughout the year, but we are in very, very good shape to deliver the $225 million. We wouldn't be here telling you we're going to deliver the $225 million if we weren't absolutely positive we're going to deliver it.

因此，我們的運行率行動數字已經趨向於實現 2.25 億美元目標所需的水平。我們全年還會採取其他行動，但我們已做好充分準備來提供 2.25 億美元的資金。如果我們不是絕對肯定我們會提供這 2.25 億美元，我們就不會在這裡告訴你們。

To give you some idea, and we broke out a little bit on the slide sort of the percentages. But the really big buckets that if you want to think about the $300 million, 70% of that number is coming from headcount and engineering alone.

為了給您一些概念，我們在投影片上稍微列出了一些百分比。但如果你想考慮 3 億美元，那麼真正大的金額是 70% 僅來自員工人數和工程部門。

And then an additional about 10% is related to the consolidation actions around the segments. So if you just get through that, that's 80% of the number in those buckets. We look at the headcount, we've actioned over 70% of the head count that we have slated to reduce within the organization has already been actioned. The balance of that will be done through the rest of the year with a large chunk of that coming out late in the second quarter.

另外約 10% 與各部門的整合行動有關。因此，如果您只是完成了這一點，那麼這些桶中的數字就達到了 80%。我們來看看員工人數，我們已經在組織內實施了計畫減少的員工人數的 70% 以上。剩餘工作將在今年剩餘時間內完成，其中很大一部分將在第二季末完成。

So we have visibility to where these costs are coming out and what are driving and our ability to deliver them. When you think about it, what's really -- to get your question, hey, is there a lot of fat? Well, you think about engineering and even some of the headcount, a lot of that's related to the change in how we're addressing the EV business and where we think we need to be sized for where the EV business is today and where it's likely to go.

因此，我們可以清楚地了解這些成本的來源、驅動因素以及我們實現這些成本的能力。當你思考這個問題時，你真正要問的是什麼，嘿，有很多脂肪嗎？嗯，想想工程，甚至一些員工人數，很多都與我們處理電動車業務的方式的變化有關，我們認為我們需要根據電動車業務的現狀和未來發展方向進行調整。

So it's a big part of that cost reduction is coming from the shift in strategy and expectation around our EV business. The balance is, yeah, we're -- we took a really hard look at what we need to run the business and how we can get better at how we're running the business especially around the corporate and overhead functions, whether they be physically here at corporate or in the business units themselves.

因此，成本降低很大程度上來自於我們電動車業務策略和預期的轉變。平衡是，是的，我們——我們認真審視了經營業務所需的條件，以及如何更好地經營業務，特別是圍繞公司和管理職能，無論它們是在公司內部還是在業務部門本身。

Very helpful. Thank you. And then just maybe on the segmentation change, you see also the Power Technologies being absorbed into the various different driveline motion segments. Previously, you had explored the sale or not explored but contemplated.

非常有幫助。謝謝。然後也許在細分變化中，您還會看到動力技術被吸收到各種不同的傳動系統運動段中。此前，您曾探索過銷售，或雖然沒有探索但考慮過。

And I think you've been moving away from that already because of the growing importance of Power Technologies and thermal regulation for electrification, et cetera. But does this kind of definitively kind of close the door on that? And does it sort of reflect the how you go to market? Or what was some of the thought process behind that?

我認為你們已經遠離了這一點，因為電力技術和熱調節對於電氣化等的重要性日益增加。但這是否就徹底關閉了這一大門呢？這是否反映了您如何進入市場？或者這背後的一些思考過程是什麼？

Yeah, It definitely closes the door on it. Power Technology is not for sale, it's a good business. And it was really just a reflection of we think we can run leaner by having one less segment. Like I mentioned earlier, that alone is worth $30 million, $35 million in terms of doing the consolidation.

是的，它確實關閉了大門。電力技術不是用來出售的，它是一門好生意。這實際上只是反映了我們認為透過減少一個部門我們可以更精簡地運作。就像我之前提到的，光是這一項就價值 3000 萬美元，就合併而言價值 3500 萬美元。

And I expect that we will get further improvement, not SG&A, so we wouldn't be counting it in our $300 million. But I do expect we're going to see significant opportunities to drive our margins as we leverage best practices across aftermarket, and we bring in some of the rigor that we have in Light Vehicle that was not as strong in our Power Technologies operations.

我預計我們會獲得進一步的改善，而不是銷售、一般及行政費用，因此我們不會將其計入 3 億美元。但我確實預計，隨著我們利用售後市場的最佳實踐，我們將看到推動利潤率的重大機遇，並且我們將引入輕型車輛領域的一些嚴謹性，而這些嚴謹性在我們的動力技術運營中並不那麼強。

Very helpful. Thank you.

非常有幫助。謝謝。

Okay, thanks.

好的，謝謝。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Hi, good morning. Thanks for taking the questions. Bruce, in your prepared remarks, you mentioned some actions around noncore assets and getting some proceeds in the second quarter, another $50 million in the back half of the year. Could you maybe just talk about what some of those assets are? And maybe how deep is the set of assets out there that you view to be noncore at Dana?

嗨，早安。感謝您回答這些問題。布魯斯，在您準備好的發言中，您提到了一些圍繞非核心資產的行動，以及在第二季度獲得的一些收益，以及下半年的另外 5000 萬美元。您能否談談這些資產有哪些？您認為 Dana 的非核心資產有多少？

Yeah, I'll let Tim take it on. But I mean this is really with me coming in saying, hey, what are some bits and pieces in noncore minority JVs, et cetera, surplus assets, land, those types of things. And there's not a lot of -- I wouldn't say there are hundreds of millions, but there's lots of things $1 million, $2 million, $5 million that we can action a couple in the $30 million, $40 million range. But go ahead and give it.

是的，我會讓提姆來接手。但我的意思是，我真正想說的是，嘿，非核心少數股權合資企業中的一些零碎東西，等等，剩餘資產、土地，諸如此類的東西。而且金額不多——我不會說有數億美元，但有很多金額在 100 萬美元、200 萬美元、500 萬美元之間，我們可以處理一些金額在 3000 萬美元、4000 萬美元之間的項目。但請繼續給予吧。

Yeah, I'll just give you the best example. So we had a nonconsolidated joint venture in India that was in the commercial vehicle space. We own 48% of the business. It was -- it's noncore. It's a supplier both to us and to others.

是的，我只會給你最好的例子。因此，我們在印度有一家從事商用車領域的非合併合資企業。我們擁有該業務 48% 的股份。它是——它是非核心的。它既是我們，也是其他公司的供應商。

We sold that in the quarter for over $40 million -- or in the second quarter for over $40 million, that is an asset that is sitting on the books at a far lower value than that and doesn't change anything related to how we run the business.

我們在本季以超過 4,000 萬美元的價格出售了這項資產——或者在第二季度以超過 4,000 萬美元的價格出售了這項資產，但該資產的帳面價值遠低於該價值，並且不會改變我們經營業務的任何方式。

So I think those types of assets, and we have a handful of those types of things where when we -- if you go back over time, we felt it was important to have equity interest in some of these types of operations. We don't think that that's true anymore.

所以我認為這些類型的資產，以及我們擁有的一些這類資產，當我們——如果你回顧過去，我們認為在某些這類業務中擁有股權是很重要的。我們認為這不再是事實了。

And some of that is just because, hey, these joint ventures have grown and matured, and we don't need to be that close to them. And valuations in some of these places are pretty high. And so we're using the opportunity to divest them. And to the extent they're a supplier, put a supply agreement in that gives us preferential supply and then take the capital and redeploy it into something that has a far better return from our perspective.

部分原因在於，這些合資企業已經成長和成熟，我們不需要與它們靠得太近。其中一些地方的估值相當高。因此，我們利用這個機會剝離它們。如果他們作為供應商，就會簽訂供應協議，為我們提供優先供應，然後利用資本重新部署到從我們的角度來看回報更高的項目。

Yeah, and just like our dividends from that joint venture, less than $1 million a year. And like Tim said, we got, I think it was just in the low 40s pretax earlier this week. So just looking at things like that.

是的，就像我們從那家合資企業獲得的股息一樣，每年不到 100 萬美元。正如蒂姆所說，我認為本週早些時候我們的稅前收入剛好在 40 元出頭。所以只是看看這樣的事情。

Okay. And then as a follow-up, Tim, you had mentioned that, obviously, a piece of the cost saves relates to EVs and maybe changes in the program schedules. But we actually haven't even seen yet any through modifications to OEM plans.

好的。然後作為後續問題，蒂姆，您提到，顯然，部分成本節省與電動車以及專案時間表的變化有關。但實際上我們還沒有看到任何對 OEM 計劃的修改。

So I understand that some of this is maybe proactive, but wondering if the cancellations or delays or shifts start to come in, is there may be further opportunity to pull back on some EV because EV is a small piece. Thank you.

所以我明白其中一些可能是主動的，但我想知道如果取消或延遲或轉變開始出現，是否可能進一步有機會撤回一些 EV，因為 EV 只是一小部分。謝謝。

Yeah, I'll take that one here. It's not really what you just said. It is when we changed our strategy, what we said was where we have ICE business and EV, we want to be our partner's technology of choice, and therefore, we're willing to invest our capital and our engineering to chase that type of business, and -- but making sure we get the right level of risk sharing, where we don't have any ICE business and we're chasing incremental volumes or we're dealing with customers where we're in the next-generation investment. And the first generation that has volumes are 5% or 10% of what we thought we are saying it needs to be 100% funded.

是的，我會把這個拿來。事實並非如此。正是在我們改變策略的時候，我們說的是，在我們有 ICE 業務和 EV 的地方，我們希望成為合作夥伴的首選技術，因此，我們願意投入我們的資本和工程來追逐這種類型的業務，並且 - 但要確保我們獲得適當的風險分擔水平，在我們沒有任何 ICE 業務並且我們正在追求增量或我們正在與下一代投資的客戶打交道的地方。第一代項目的實際資金量僅為我們認為需要 100% 資助的金額的 5% 或 10%。

Otherwise, we're just not willing to bear the risk. So it's more a question of us lowering our pursuit of new electric business to reflect the massive increase in risk.

否則，我們就不願意承擔風險。因此，更重要的是我們要降低對新電力業務的追求，以反映風險的大幅增加。

Yeah, and I think it's that, and then our engineering has always shown net, right? We -- and so to the extent programs are continuing, so they haven't been canceled, but now instead of us outflowing the engineering dollars, the customer is responsible for that on a pay-as-you-go basis. So that's some of it.

是的，我認為是這樣，我們的工程一直都顯示網絡，對嗎？我們 - 因此，就專案持續進行的程度而言，它們並沒有被取消，但現在不是我們支出工程費用，而是客戶按照即用即付的方式負責。這就是其中的一部分。

And then there is a big chunk where we had a lot of development plans where we were developing products and technologies that given the slowdown in the market, we don't need to create the second, third, the third generation of a product today.

而且，我們有許多開發計劃，我們正在開發產品和技術，考慮到市場放緩，我們今天不需要創造第二代、第三代產品。

Our customers are more than happy to continue to use the first or the second generation of those products for a much longer period of time, and that's allowed us to reduce the amount of engineering dollars we have to spend on those next-gen programs.

我們的客戶非常樂意在更長的時間內繼續使用第一代或第二代產品，這使我們能夠減少在下一代專案上花費的工程費用。

And I guess the kind of your question and where you're going is, as our customers look at their product plan because I'm sure they're leaving no stone unturned in terms of what actions they can take to mitigate the impact of tariffs. I'm sure looking at some of their EV pipeline is going to be on the table. And to the extent they decide to push some programs, I would say there's one or two that could -- if they were to push them out, would have a favorable impact on mainly our capital, but it wouldn't be a 2025 savings. It would be a '26, '27 type number that would come down.

我想您問的問題是，當我們的客戶審視他們的產品計劃時，我確信他們會竭盡全力採取各種措施來減輕關稅的影響。我確信他們會考慮一些電動車產品線。如果他們決定推行某些項目，我想說，有一兩個項目如果推行，主要會對我們的資本產生有利影響，但不會是 2025 年的節省。它會是‘26’、‘27’類型的數字。

Great, thank you. Very helpful.

太好了，謝謝。非常有幫助。

Emmanuel Rosner, Wolfe Research.

埃馬紐埃爾·羅斯納（Emmanuel Rosner），沃爾夫研究公司。

Thank you. Good morning. I was hoping you can help us with how to think about the cadence of revenue and earnings for the rest of the year. What's assumed in your reiterated guidance and in particular, sort of like back half versus first half?

謝謝。早安.我希望您能幫助我們思考今年剩餘時間的收入和獲利節奏。您重申的指導意見中假設了什麼，特別是後半部與前半部的差異？

I mean, largely, the same as we talked about, Emmanuel, a couple of months ago. We do expect the first half to be to be weaker -- first quarter to be the weakest and then we would expect to see again, under our current volume assumptions to see a recovery in the back half of the year. And that's still our expectation for revenue.

我的意思是，基本上和我們幾個月前談論的一樣，伊曼紐爾。我們確實預計上半年會比較弱——第一季是最弱的，然後我們預計，根據我們目前的交易量假設，下半年將出現復甦。這仍然是我們對收入的預期。

I guess as we go out, though, the sort of headwind that we saw in revenue starts to decline sequentially.

我想，隨著我們走出去，我們在收入方面看到的逆風開始逐年下降。

Correct.

正確的。

Okay, and so that's a volume assumption around the back half. And I guess in terms of the headwind you're describing, you're talking about some of the destocking?

好的，這是後半部的體積假設。我想，就您所描述的逆風而言，您是在談論一些去庫存現象？

Yeah, It's not so much of our volume assumption. It's -- we're going against easier comps. So if you think about Q1 of last year, we -- volumes were up because the customers were rebuilding from the strike. We had off-highway hadn't sort of started to slow down.

是的，這與我們的體積假設不太相關。這是──我們要對抗的是更簡單的對手。因此，如果你想想去年第一季度，我們的銷售量上升是因為客戶正在從罷工中重建。我們在越野行駛時還沒有開始減速。

So as we go through -- get into the second quarter, there's less of a year-over-year headwind on off-highway and same thing on LV. So in this quarter, we're down $300-some million. That delta drops sequentially quarter-on-quarter here.

因此，當我們進入第二季時，非公路用車面臨的同比逆風減弱，而 LV 面臨的情況也是如此。因此本季我們虧損了 3 億多美元。該增量逐季下降。

exactly. I mean and that's -- and the big -- the big drivers when we were having this conversation a couple of months ago were really around Light Vehicle and off-highway. We're seeing a little bit additional weakness from a CV perspective, but that's more than being offset by from a topline anyway from tariffs and our expected gains on the FX, assuming the FX is kind of where it's -- where we're seeing today, especially around the euro.

確切地。我的意思是，幾個月前我們進行這次談話時，最大的驅動因素實際上是輕型車輛和非公路車輛。從 CV 的角度來看，我們看到了一些額外的疲軟，但無論如何，這足以被關稅和外匯預期收益所抵消，假設外匯處於我們今天所看到的水平，尤其是歐元。

Got it. And then on -- so on the tariff side, it's obviously encouraging to see that you expect to recover everything from your customers. Have there been some discussions with them around longer-term moves that will be needed to address some of where the capacity is? Will there be need for reshoring? Do you need to move anything?

知道了。然後——在關稅方面，看到您希望從客戶那裡收回一切，顯然是令人鼓舞的。是否與他們討論過需要採取哪些長期措施來解決部分產能問題？是否需要回流？您需要搬動什麼東西嗎？

Yeah, I mean it's a good question. And what I would tell you is there's been so much volatility in what the rules are that as an industry, we have not had enough time to know what the rule is to start to do exactly what you just said.

是的，我認為這是個好問題。我想告訴你的是，規則的波動性太大了，作為一個行業，我們還沒有足夠的時間去了解規則，然後開始按照你剛才說的去做。

And I think right now, some of the information that came out last night, we'll have to snorkel through that. But we're definitely now in a position and we're having early discussions about, okay, what are the types of things that we can do to mitigate the issue from that, either reshoring or changing some suppliers, flipping things that aren't USMCA compliant to compliant, et cetera.

我認為現在我們必須仔細研究昨晚披露的一些資訊。但現在我們確實處於這樣的境地，我們正在進行早期討論，好的，我們可以做哪些事情來緩解這個問題，無論是回流還是更換一些供應商，將不符合 USMCA 要求的產品轉變為符合要求的產品，等等。

But what is 100% clear, though, is there are some things that if you take a two-year window, are not going to be addressed. So you just use castings as an example. Everybody buys castings from India. And in the next two years, we're not going to be in a position where we can reshore that. So they're subject to the 10% reciprocals right now.

但可以肯定的是，有些問題如果用兩年的時間是無法解決的。所以你只是用鑄件當例子。每個人都從印度購買鑄件。在接下來的兩年裡，我們將無法恢復這一狀況。所以他們現在要遵守 10% 的互惠政策。

Before it was -- there was a higher list of additional reciprocal tariffs. So we're just going to have to wait and see how those play out as the administration negotiate some of these trade deals. And we're running against our time, so I'm going to have to wrap it up right now. Do we have one more question? I'm sorry.

此前，有一份更高的附加互惠關稅清單。因此，我們只能拭目以待，看看政府在談判這些貿易協定時將如何進行。我們的時間不多了，所以我必須現在就結束。我們還有一個問題嗎？對不起。

Doug Karson, Bank of America.

美國銀行的道格‧卡森 (Doug Karson)。

Thanks guys. Thanks for letting me in the last question here. I really appreciate it. Bondholders have been pretty excited about the future of debt reduction and leverage coming down. I know we can't talk about the sale of off-highway.

謝謝大家。感謝您讓我在這裡問最後一個問題。我真的很感激。債券持有人對於未來債務削減和槓桿率下降感到非常興奮。我知道我們不能談論非公路車輛的銷售。

Could you just refresh us or just reconfirm that balance sheet delevering is still a focus and we could see a meaningful reduction in debt. Is that still the game plan?

您能否再次提醒我們，或再次確認資產負債表去槓桿仍然是重點，並且我們可以看到債務的大幅減少。這還是比賽計畫嗎？

That is, absolutely.

絕對是如此。

All right. That's helpful for us. And I think the last target we had was leverage being in like the one to two turn kind of range through the cycle. I'm not going to pin you down on that, but is that still kind of directionally --

好的。這對我們很有幫助。我認為我們的最後一個目標是在整個週期中將槓桿率控制在一到兩轉的範圍內。我不會給你定下基調，但這是否仍然是一種方向性的--

Yeah, we've been talking about sort of 1 turn through the cycle on a net basis.

是的，我們一直在談論以淨為基礎的 1 次循環。

Net basis. Okay.

淨額基礎。好的。

Again. Through the cycle, so at different points, it might be a little lower at different points, it might be higher, but on a net basis, one turn.

再次。通過這個循環，所以在不同的點，它可能會稍微低一點，在不同的點，它可能會更高，但在淨基礎上，一轉。

And I mean, again, just to help you, we believe that upon the sale of off-highway, will we be required to tender our bonds.

我的意思是，再次強調，只是為了幫助您，我們認為在出售非公路用車時，我們是否需要投標我們的債券。

Helpful. Thank you.

很有幫助。謝謝。

All right. Maybe with that, I'll just -- first of all, obviously, a big thank you to the Dana global team. I mean, we have a lot going on and tariffs was something that we certainly weren't thinking was going to have thrown at us three months ago.

好的。也許有了這個，我首先要向 Dana 全球團隊表達衷心的感謝。我的意思是，我們有很多事情要做，三個月前我們肯定沒有想到關稅會降臨到我們頭上。

And so I just couldn't be prouder of the results our teams have delivered in the environment that we're in here. We feel really good about the things that we have control on. We're 100% certain on our cost reduction savings that we can bring those forward. I think from an overall point of view, the things that we can control and manage, our teams are doing a great job. And we look forward to sharing further progress on things in 90 days. Thank you, everybody.

因此，我對我們的團隊在目前的環境中所取得的成果感到無比自豪。我們對於自己能夠控制的事情感到非常滿意。我們百分之百確信，我們能夠提前實現成本削減節約。我認為從整體角度來看，在我們能夠控制和管理的事情上，我們的團隊做得很好。我們期待在 90 天後分享事情的進一步進展。謝謝大家。

Thanks, guys.

謝謝大家。

This will conclude today's meeting. Thank you all for joining. You may now disconnect.

今天的會議到此結束。感謝大家的加入。您現在可以斷開連線。