Dana Inc (DAN) 2025 Q2 法說會逐字稿

Good morning, and welcome to Dana Incorporated second 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 年第二季財務網路廣播與電話會議。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 來開始演示。請繼續，巴伯先生。

Thank you. Good morning. Welcome to Dana Incorporated's earnings call for the second quarter of 2025. Today's presentation includes forward-looking statements about our expectation for Dana's future performance. Actual results could differ from what we discuss today. For more details about the factors that could affect our future results, please refer to our safe harbor statement found in our public filings and our reports at the SEC.

謝謝。早安.歡迎參加 Dana Incorporated 2025 年第二季財報電話會議。今天的演示包括我們對 Dana 未來業績預期的前瞻性陳述。實際結果可能與我們今天討論的不同。有關可能影響我們未來業績的因素的更多詳細信息，請參閱我們公開文件和美國證券交易委員會報告中的安全港聲明。

I also encourage you to visit our investor website, where you'll find this morning's press release and presentation. As stated, today's call is being recorded and the supporting materials are the property of Dana Incorporated. They may not be recorded, copied or rebroadcast without a written consent.

我還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。如上所述，今天的電話會議正在錄音，支援資料歸 Dana Incorporated 所有。未經書面同意，不得錄製、複製或轉播。

With me this morning is Bruce McDonald, Data Chairman and Chief Executive Officer; and Timothy Kraus, Senior Vice President and Chief Financial Officer. I will now turn the call over to Bruce.

今天早上與我一起的有 Data 董事長兼執行長 Bruce McDonald 和高級副總裁兼財務長 Timothy Kraus。現在我將把電話轉給布魯斯。

Thank you, Craig, and thank you all for joining Craig, Tim and myself for our second quarter earnings call. There is a lot of noise in our numbers as we've got to reclassify off-highway as a discontinued operation. And so in our earnings deck and in our comments, we'll sort of talk intermittently between new Dana, i.e. data from continuing operations and the data, which obviously is the basis of our previous guidance and things like that. I guess I'd sort of characterize the second quarter is another quarter of the Dana team delivering on our commitments with a solid Q2 beat, double-digit margins and accelerating free cash flow.

謝謝你，克雷格，也謝謝大家參加克雷格、提姆和我的第二季財報電話會議。我們的數字中存在著許多噪音，因為我們必須將非公路業務重新歸類為已停止的業務。因此，在我們的收益報告和評論中，我們會斷斷續續地討論新的數據，即來自持續經營的數據和顯然是我們之前的指導和諸如此類的基礎的數據。我想我會將第二季度描述為 Dana 團隊履行承諾的另一個季度，其業績表現穩健，利潤率達到兩位數，自由現金流也在不斷加速。

In terms of some of the highlights here on slide 4. As everyone knows, we did announce in the quarter or agreement to sell the off-highway business to Allison for just over $2.7 billion, with net cash proceeds expected to be about $2.4 billion. That Closing is expected to occur here late in the fourth quarter. I think substantially, all of the regulatory filings have been submitted, and the teams are working hard, both ours and Allison on affecting a smooth transition of the business over to Allison.

關於幻燈片 4 上的一些亮點。眾所周知，我們確實在本季宣布或達成協議，以略高於 27 億美元的價格將非公路用車業務出售給艾利森，預計淨現金收益約為 24 億美元。預計此次交易將於第四季末完成。我認為基本上所有監管文件都已提交，我們和 Allison 的團隊都在努力工作，以確保業務順利過渡到 Allison。

In terms of our use of proceeds, we previously announced that we were going to take the proceeds from the sale of the off-highway business and return about $1 billion to our shareholders as well as reduce our overall debt by a couple of billion dollars. I'm pleased to announce this morning that as a result of strong free cash flow and our higher guide here for the year. We're raising the amount of capital return to our shareholders to $600 million from what was $550 million previously.

就我們的收益用途而言，我們先前宣布，我們將利用出售非公路用車業務所得收益向股東返還約 10 億美元，同時將我們的整體債務減少數十億美元。今天早上我很高興地宣布，由於強勁的自由現金流和我們今年更高的指導。我們將向股東返還的資本金額從先前的 5.5 億美元提高到 6 億美元。

As things stand now, we anticipate using all of that to reduce our shares outstanding, and we're forecasting that we'll end the year with a share count of around $110 million, which would be about 25% year-over-year reduction. In the quarter, we did buy back just over 10% of our shares, returning $257 million to our shareholders and as we look here into the third quarter, we anticipate buying back another 100 million to 150 million shares.

就目前情況而言，我們預計將利用所有這些資金來減少我們的流通股，我們預測今年年底我們的流通股數量將達到 1.1 億美元左右，年減約 25%。在本季度，我們確實回購了略高於 10% 的股份，向股東返還了 2.57 億美元，展望第三季度，我們預計將再回購 1 億至 1.5 億股。

In terms of our cost reduction initiatives, this is where we sort of committed to a goal of $300 million run rate by like by 2026. We're upping that to $310 as a result of some of the projects coming in better than Tim and I had expected. In the quarter, we delivered $60 million of cost -- nearly $60 million of cost reduction and $110 million to date. And so I think we can kind of tie a ribbon around cost reduction. I think we're highly, highly, highly confident in the $300 million. And we don't really have a long way to go to get to that run rate here by the fourth quarter.

就我們的成本削減措施而言，我們致力於實現 2026 年實現 3 億美元的運行率目標。由於一些項目的進展比我和蒂姆預期的要好，我們將這一數字提高到 310 美元。本季度，我們實現了 6,000 萬美元的成本削減——迄今已削減近 6,000 萬美元的成本，共計 1.1 億美元。所以我認為我們可以為降低成本打下基礎。我認為我們對這 3 億美元非常非常有信心。到第四季度，我們距離達到這一運行率其實也不遠了。

In terms of tariffs and the tariff landscape, I mean a lot moving around lately here, but I'd say the takeaway on tariffs is we're in great shape in terms of tariff mitigation and tariff recoveries. Right now, we're -- we have some headwind here in the second quarter, about 80 basis points. That's worse than we expect is going to be the impact for the full year because we have some timing-related catch-ups that we did get customer agreements in place by the end of the quarter. Overall, we expect over an 80% recovery for the year.

就關稅和關稅情況而言，我的意思是最近這裡發生了很多變化，但我想說的是，就關稅而言，我們在關稅減免和關稅恢復方面處於良好狀態。目前，我們在第二季遇到了一些阻力，大約 80 個基點。這比我們預期的要糟糕，因為對全年的影響將有所減弱，因為我們需要進行一些與時間相關的追趕，我們確實在本季度末與客戶達成了協議。總體而言，我們預計今年的復甦幅度將超過 80%。

More importantly is the work that the teams are doing with our customers to mitigate the impact of the tariffs. This is critical for our industry because we don't want to just pass these costs along -- we need to make them go away so that we don't impact and vehicle demand.

更重要的是，我們的團隊正在與客戶一起努力減輕關稅的影響。這對我們的產業至關重要，因為我們不想只是轉嫁這些成本——我們需要讓它們消失，這樣就不會影響汽車需求。

In terms of our balance of the year outlook, I think when we were on our call at the end of the first quarter, there was considerable uncertainty around the impact of tariffs in terms of volumes. I guess what we've seen is very strong schedules holding up in the light vehicle side of our business, we have seen some softening in North America CV, which has been partially offset by a bit of better volumes coming out of South America and Europe.

就我們對今年平衡的展望而言，我認為，當我們在第一季末召開電話會議時，關稅對數量的影響存在相當大的不確定性。我想，我們所看到的是，我們輕型車輛業務的日程安排非常緊張，北美 CV 有所疲軟，但這被南美和歐洲的銷量略有改善所部分抵消。

In terms of our profit guide, and here, I'm referring only to new Dana, we're up in our profit guidance for the year by $35 million. And if you look at the whole company, it's up $15 million because off-high is down $20 million. And on a free cash flow basis, we're up in our target by $50 million to about $275 million at the midpoint of our guidance. So overall, a really strong quarter. I couldn't be more pleased with the results of the team.

就我們的利潤指南而言，這裡我僅指新 Dana，我們今年的利潤指南增加了 3500 萬美元。如果你看一下整個公司，你會發現它上漲了 1500 萬美元，因為非高端業務下跌了 2000 萬美元。以自由現金流為基礎，我們的目標提高了 5,000 萬美元，達到指導中位數的約 2.75 億美元。總體而言，這是一個非常強勁的季度。我對球隊的成績非常滿意。

In terms of what new Dana looks like going forward, I mean, here's kind of an overall snapshot reflecting 2024 numbers. But we'll be much more of a light vehicle company to be much more of a North American-centric company. We do have a nice split between commercial and light vehicle, within commercial, we have a very strong aftermarket business. And we don't talk a lot about it, but our thermal and our ceiling side of our business that we integrated into light vehicle continues to be a source of profit improvement going forward.

就新款 Dana 的未來發展而言，我的意思是，這是反映 2024 年數據的整體快照。但我們將更多地成為一家輕型汽車公司，一家以北美為中心的公司。我們在商用車和輕型車之間確實有很好的劃分，在商用車領域，我們擁有非常強大的售後市場業務。我們對此談論不多，但我們整合到輕型車輛中的熱能和天花板業務將繼續成為未來利潤成長的來源。

In terms of the full year guidance, I just want to spend kind of in -- a few minutes on this page because this is the first time we're sort of showing our numbers with and without the discontinued operations. So our guidance, and as we've talked at the end of the first quarter, we had indicated our sales were trending towards the higher end of our previous range. So we're seeing right now on an old -- on a total Dana basis, our sales would have been about $9.9 billion. You can see on the discontinued operations side, sales down $125 million. There, we have seen softness in terms of the tariffs, particularly European product that's imported into the United States that's bearing a tariff, we've seen those volumes drop off.

就全年指引而言，我只想在這個頁面上花幾分鐘時間，因為這是我們第一次展示包含和不包含已終止營運業務的數字。因此，正如我們在第一季末談到的那樣，我們的指導表明我們的銷售額正趨向於之前範圍的高端。因此，我們現在看到，按照 Dana 的整體計算，我們的銷售額約為 99 億美元。您可以看到，在已終止經營業務方面，銷售額下降了 1.25 億美元。我們看到關稅有所下降，特別是進口到美國的帶有關稅的歐洲產品，其數量有所下降。

However, on the continuing operations side, we see sales being up $250 million. In terms of the guidance for the two parts of the business. If you think about the original guide at [$9.75], you can kind of see the split, $600 million for continuing operations and $375 million for off-highway -- our revised guidance that I touched on my previous slide, up 35% for new Dana down $20 million for -- by way for a net positive [15].

然而，在持續經營方面，我們預計銷售額將成長 2.5 億美元。對於兩部分業務的指導方面。如果你考慮最初的指導價 [9.75 美元]，你可以看到其中的分成，6 億美元用於持續運營，3.75 億美元用於非公路車輛——我在上一張幻燈片中提到了我們的修訂指導價，新 Dana 上漲了 35%，而非公路車輛則下降了 2000 萬美元——淨利潤為[15]。

And then stranded costs are just a pocket switch between discontinued operations. Those are costs that we currently allocate to off-highway that remain with new Dana. Just a point to note that number is higher than the sort of $40 million -- [$35 million] to $40 million that we've previously guided to. The reason is -- within that $60 million are variable costs allocated to highways that will go away upon the sale. Those are $20 million to $25 million, and that's how you get back down to the range that we've talked about before.

而擱淺成本只不過是停止營運之間的小額轉換。這些是我們目前分配給非公路用車的成本，仍由新 Dana 承擔。需要注意的是，這個數字高於我們先前預測的 4,000 萬美元（3,500 萬美元至 4,000 萬美元）。原因是——這 6000 萬美元中包括分配給高速公路的變動成本，這些成本在出售後就會消失。這些金額是 2000 萬美元到 2500 萬美元，這就是回到我們之前討論過的範圍的方式。

And then in terms of cash flow, and I've seen a few notes where there's maybe a little bit of confusion about what's the cash flow split between disc ops and contained ops. Under GAAP, we're required to report total cash flow inclusive of both pieces. And so that's what we're guiding here today. We will see when we publish our Q is cash flow split by operating, investing and earnings split between the two, and that's the -- to the year Dana actual.

然後就現金流而言，我看到一些說明，其中可能對光碟操作和包含操作之間的現金流量分配有些困惑。根據 GAAP，我們必須報告包含這兩部分的總現金流。這就是我們今天在這裡所要指導的內容。當我們發布 Q 時，我們將看到現金流按營運、投資和收益之間的分配，這就是 Dana 年度的實際情況。

With that, Tim, I will now turn it over to you to go through the financials in more detail.

提姆，現在我將把這個任務交給你，讓你更詳細地了解財務狀況。

Thanks, Bruce. Let's begin with how we will be presenting our results in the prior periods. With the signing of the agreement to sell our off-highway business, that business will now be considered as discontinued operations. We will be reporting continuing operations in our financial statements. Continuing operations contain our light vehicle and commercial vehicle systems reporting segments. The majority difference between these new reporting segments in the prior reporting segments is Dana now incorporate certain retained operations that were not included in the off-highway sale as well as stranded corporate costs and prior intercompany sales to off-highway that are now treated as third-party sales according to the accounting rules.

謝謝，布魯斯。讓我們先介紹如何展示前期的成果。隨著出售非公路用車業務協議的簽署，該業務現在將被視為已停止營運。我們將在財務報表中報告持續經營情況。持續經營包括我們的輕型車輛和商用車輛系統報告部門。這些新的報告分部與先前的報告分部之間的主要區別在於，Dana 現在納入了非公路用車銷售中未包括的某些保留業務以及擱淺的公司成本和之前的非公路用車內部銷售，根據會計規則，這些現在被視為第三方銷售。

The net effect of the higher sales and increased stranded cost is to temporarily lower the profit margin of continuing operations until the sale closes and transition service payments began. Third payment -- sorry sales agreements and stranded cost reductions that should begin early next year. And finally, cash flow is the one metric that will include off-highway as we had previously. Since the sale transaction excludes cash, all cash flow will remain with Dana until closing.

銷售增加和擱淺成本增加的淨效應是暫時降低持續經營的利潤率，直到銷售結束和過渡服務付款開始。第三次付款——抱歉，銷售協議和擱淺成本削減應該在明年年初開始。最後，現金流是我們之前提到的包含非公路用車在內的唯一指標。由於銷售交易不涉及現金，因此所有現金流在交易完成前仍將保留在 Dana 手中。

For continuing operations, sales were $1.94 billion, $112 million lower than last year, driven by lower end market demand. Adjusted EBITDA was $145 million for a profit margin of 7.5%, 210 basis points higher than last year as the benefits of our cost saving and productivity improvements more than offset the lower sales and impacts from tariffs. Earnings before tax attributable attributable to continuing operations was a loss of $24 million, a $30 million improvement from 2024.

持續經營業務的銷售額為 19.4 億美元，比去年減少 1.12 億美元，受低端市場需求的推動。調整後的 EBITDA 為 1.45 億美元，利潤率為 7.5%，比去年高出 210 個基點，因為我們的成本節約和生產力提高的好處足以抵消銷售額下降和關稅的影響。歸屬於持續經營業務的稅前利潤虧損 2,400 萬美元，比 2024 年減少了 3,000 萬美元。

Please turn with me now to slide 9 for the drivers of sales and profit change. In line with the new accounting and reporting method, we've revised our walk presentation to include the impact of discontinued operations for the current and prior periods. The $691 million in sales and $136 million in profit removed from 2024, represents the off-highway sales perimeter and accounting treatment for discontinued operations.

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。根據新的會計和報告方法，我們修改了步驟演示，以包括當前和之前期間停止經營的影響。從 2024 年剔除的 6.91 億美元銷售額和 1.36 億美元利潤代表了非公路用車銷售範圍和已終止經營業務的會計處理。

Moving to the right. For this year's second quarter, the change in discontinued operations lowered sales by $7 million and overall volume and mix lowered sales by $173 million driven by lower demand in both light vehicle and commercial vehicle end markets.

向右移動。今年第二季度，由於輕型車和商用車終端市場需求下降，停止經營業務的變化導致銷售額下降 700 萬美元，整體銷售和產品組合導致銷售額下降 1.73 億美元。

Performance drove sales higher by $29 million due to pricing actions in commercial vehicle and our aftermarket business, while tariff recoveries totaled $26 million for the quarter. Changes in adjusted EBITDA from continuing operations was $6 million for the quarter. The flow-through of sales from volume mix lowered adjusted EBITDA by $52 million. This was a decremental margin of about 30 percentage -- 30%. By -- but recall that breaking out performance now, which includes efficiency gains in manufacturing separately.

由於商用車和售後市場業務的定價行動，業績推動銷售額成長 2,900 萬美元，而本季關稅回收總額達 2,600 萬美元。本季持續經營業務的調整後 EBITDA 變化為 600 萬美元。批量銷售的流入導致調整後的 EBITDA 降低了 5,200 萬美元。降幅約 30% 至 30%。但回想一下現在突破性的表現，其中包括製造業的效率提升。

Performance increased profit by $30 million due to pricing and efficiency improvements in commercial and light vehicle businesses. Cost savings added $59 million in profit through the various actions we have taken. This brings us to $110 million to date, and we are firmly on track to deliver our target of $225 million in savings for the current year. The tariff impact in the quarter was just $15 million. Since our tariff recovery mechanisms have a lag and the landscape continues to evolve, we expect to see a continuing headwind due to the timing, but we expect to recover the majority of the impacts this year.

由於商用和輕型汽車業務的定價和效率改進，業績利潤增加了 3,000 萬美元。透過各種措施，我們節省了成本，增加了 5,900 萬美元的利潤。到目前為止，我們的節省金額已達到 1.1 億美元，我們預計將實現今年節省 2.25 億美元的目標。本季的關稅影響僅 1500 萬美元。由於我們的關稅恢復機制存在滯後，而且情況不斷變化，我們預計由於時間原因將繼續面臨阻力，但我們預計今年將恢復大部分影響。

Next, I will turn to slide 10 for the details of our second quarter free cash flow. As I discussed on slide 8, the accounting for cash flow includes both continued and discontinued operations, as shown on slide 10. Adjusted free cash flow for the second quarter of 2025 was a use of $5 million, which was $109 million lower than the second quarter of last year. Higher adjusted EBITDA in continuing operations was partially offset by lower earnings in the off-Highway segment and higher onetime costs related to our cost savings and other improvement actions.

接下來，我將翻到第 10 張投影片，以了解我們第二季自由現金流的詳細資訊。正如我在第 8 張投影片中所討論的那樣，現金流會計包括持續經營和終止經營，如第 10 張投影片中所示。2025 年第二季調整後的自由現金流為 500 萬美元，比去年第二季減少 1.09 億美元。持續經營業務中調整後 EBITDA 的增加部分被非公路用車部門的收益下降以及與成本節約和其他改進措施相關的一次性成本增加所抵消。

Taxes were $22 million this year related -- mainly related to joint -- the sale of our joint venture interest as well as jurisdictional mix of income. Working capital was a use of $115 million during the second quarter as requirements normalized after an unusually strong first quarter this year. Finally, capital spending, net of proceeds of sales of fixed assets and contributions from our customers was $70 million better than last year. Please turn with me now to slide 11 for a summary of our updated guidance for 2025.

今年的稅收為 2,200 萬美元，主要與合資企業權益的出售以及管轄範圍的收入組合有關。由於今年第一季異常強勁，需求已恢復正常，第二季營運資金使用量為 1.15 億美元。最後，扣除固定資產銷售收益和客戶貢獻後的資本支出比去年增加了 7,000 萬美元。現在請和我一起翻到第 11 張投影片，查看我們 2025 年更新指南的摘要。

As Bruce outlined earlier, our 2025 full year guidance ranges have been updated for the impact of discontinued operations. On page 11, we are summarizing the continued operations guidance as well as showing an illustrative view of the prior guidance method for comparison. We are expecting sales from continuing operations to be approximately $7.4 billion at the midpoint of the range. This is about $250 million higher than our previous expectation, as you can see in the column on the right.

正如布魯斯之前所概述的，我們 2025 年全年指導範圍已根據停止營運的影響進行了更新。在第 11 頁，我們總結了持續營運指導，並展示了先前指導方法的說明性視圖以供比較。我們預計持續經營銷售額將達到該範圍中位數約 74 億美元。這比我們之前的預期高出約 2.5 億美元，正如您在右側欄中看到的那樣。

Higher sales are primarily due to expected tariff recoveries as well as tailwinds from currency rates. Adjusted EBITDA from continuing operations is expected to be about $575 million at the midpoint of the range. This is approximately $35 million higher than previously anticipated, driven by cost savings and performance improvements after adjusting for accounting impacts of the discontinued operations.

銷售額成長主要得益於預期的關稅恢復以及匯率的順風。預計持續經營業務的調整後 EBITDA 將達到該範圍中位數約 5.75 億美元。這比之前預期高出約 3500 萬美元，主要是由於在調整了停止經營的會計影響後實現了成本節約和績效提升。

Full year adjusted free cash flow is anticipated at $275 million at the midpoint of the range for the year. This is approximately $50 million higher than previously expected, driven by higher profit and working capital efficiencies.

預計全年調整後的自由現金流為 2.75 億美元，處於年度範圍的中點。這比先前預期高出約 5,000 萬美元，主要是由於利潤和營運資本效率的提高。

Please turn with me now to slide 12 for the drivers of sales and profit change for our full year guidance. As with the quarterly walk, we showed earlier, our full year guidance walk adjusts 2024 for discontinued operations and walks forward our guidance for continuing operations. Beginning on the left, discontinued operations reduced 2024 sales by approximately $2.5 billion, so we begin with 2024 at $7.7 billion in sales for continuing operations.

現在請和我一起翻到第 12 張投影片，了解我們全年指導的銷售和利潤變化的驅動因素。與我們先前所展示的季度指引一樣，我們的全年指引調整了 2024 年已終止經營業務的指引，並展望了持續經營業務的指引。從左邊開始，停止經營導致 2024 年的銷售額減少約 25 億美元，因此我們從 2024 年開始計算持續經營的銷售額為 77 億美元。

Adjusted EBITDA from discontinued operations was $498 million, reducing 2024 adjusted EBITDA to $387 million, resulting in about a 5% margin on sales. Discontinued operations this year is expected to further reduce sales by $10 million -- or excuse me, $100 million due to lower sales between discontinued and continuing operations, but adds approximately $15 million to adjusted EBITDA due to lower unallocated costs.

已終止經營業務的調整後 EBITDA 為 4.98 億美元，導致 2024 年調整後 EBITDA 降至 3.87 億美元，銷售利潤率約 5%。由於停止營運和持續營運之間的銷售額較低，預計今年停止營運將進一步減少銷售額 1000 萬美元——或者不好意思，1 億美元，但由於未分配成本較低，調整後的 EBITDA 將增加約 1500 萬美元。

Volume and mix are expected to lower sales by $425 million, driven by lower demand across both light vehicle and commercial vehicle markets. Adjusted EBITDA from volume mix is expected to be lower by about $90 million, a decremental margin of about 20%. Performance is anticipated to increase sales by approximately $80 million, with $90 million in EBITDA impacts, mostly through pricing and efficiency improvements.

由於輕型車和商用車市場需求下降，預計銷售和產品組合將導致銷售額下降 4.25 億美元。預計調整後的 EBITDA 將下降約 9,000 萬美元，降幅約 20%。預計業績將使銷售額增加約 8,000 萬美元，EBITDA 影響為 9,000 萬美元，主要透過定價和效率改進實現。

Cost savings will add $225 million in profit, as I mentioned earlier. The tariff impact for the full year is expected to add about $150 million to sales and lower profit by about 300 -- excuse me, $35 million. The majority of this profit headwind will be recovered next year. Foreign currency translation is still expected to decrease sales by $45 million, driven by a mix of currencies with no margin impact.

正如我之前提到的，節省成本將增加 2.25 億美元的利潤。預計全年關稅影響將使銷售額增加約 1.5 億美元，利潤減少約 3 億美元——不好意思，是 3,500 萬美元。大部分利潤逆風將在明年得到彌補。受多種貨幣影響，外幣折算預計仍將導致銷售額減少 4,500 萬美元，但利潤率不會受到影響。

Finally, commodity cost recovery should be about $10 million higher in sales and an equal amount headwind to profit. The net result will be about a 280 basis points margin improvement in continuing operations when compared to last year's as performance and cost saving actions overcome the headwinds we are experiencing in the business.

最後，商品成本回收應該會使銷售額增加約 1,000 萬美元，並對利潤產生同等程度的不利影響。由於業績和成本節約措施克服了我們在業務中遇到的阻力，與去年相比，淨結果將是持續經營利潤率提高約 280 個基點。

Next, I will turn to slide 13 for the details of free cash flow guidance. We anticipate full year 2025 adjusted free cash flow to now be about $275 million at the midpoint of the guidance range, $50 million higher than our previous guidance. We expect about $105 million of higher free cash flow from increased adjusted EBITDA when compared to 2024.

接下來，我將翻到第 13 張投影片，以了解自由現金流指引的詳細資訊。我們預計 2025 年全年調整後的自由現金流約為 2.75 億美元，處於指導範圍的中點，比我們之前的指導高出 5000 萬美元。與 2024 年相比，我們預計調整後的 EBITDA 增加將帶來約 1.05 億美元的自由現金流。

Onetime costs will be about $70 million, $25 million higher than last year as we invest in our cost saving program and other restructuring actions. Working capital will be about $30 million source of cash, about $100 million better than last year as we continue to lower the requirements in the back half of the year for working capital. And capital spending net is expected to be about $325 million this year, which will be $45 million better than last year.

由於我們投資於成本節約計畫和其他重組措施，一次性成本將約為 7,000 萬美元，比去年高出 2,500 萬美元。營運資金將約為 3000 萬美元的現金來源，比去年增加約 1 億美元，因為我們在下半年繼續降低營運資金的要求。今年的資本支出淨額預計約為 3.25 億美元，比去年增加 4,500 萬美元。

And lastly, please turn with me to slide 14 for a look at our balance sheet and capital allocation priorities. On the left side of the page, you will see that we have ample liquidity of about $1.35 billion at the end of the second quarter.

最後，請和我一起翻到第 14 張投影片，查看我們的資產負債表和資本配置重點。在頁面左側，您會看到我們在第二季末擁有約 13.5 億美元的充足流動資金。

During the second quarter, we returned over $250 million to shareholders through share repurchases in addition to our regular dividend. As we look to the end of the year, we expect to close the off-highway sale in the fourth quarter and expect our net debt leverage to be about 0.7 times expected EBITDA. We will -- we expect to continue to execute on our $1 billion capital return authorization and repurchased a total of $600 million of our stock this year. which could result in having about 110 million shares outstanding at the end of the year at the current share price.

第二季度，除了常規股利外，我們還透過股票回購向股東返還了超過 2.5 億美元。展望年底，我們預計將在第四季度完成非公路用車銷售，並預期我們的淨債務槓桿約為預期 EBITDA 的 0.7 倍。我們預計將繼續執行 10 億美元的資本回報授權，並在今年回購總計 6 億美元的股票。以目前股價計算，這可能導致年底流通股數約 1.1 億股。

As we look forward, our capital allocation priorities are, first, to drive organic growth as we will continue to be selective with where we spend capital to drive proper growth within the light vehicle and commercial vehicle segments. We will aggressively lower debt as we look to achieve our 1 times net leverage target over the business cycle. And as we have demonstrated this quarter, we will return cash to shareholders while increasing the overall value of the company.

展望未來，我們的資本配置重點首先是推動有機成長，因為我們將繼續選擇性地將資本投入輕型車和商用車領域，以推動適當的成長。我們將積極降低債務，以期在商業週期內實現 1 倍淨槓桿率的目標。正如我們本季所展示的，我們將向股東返還現金，同時提高公司的整體價值。

Thank you for listening, and I will now turn the call back over to Bruce for his final comments.

謝謝大家的聆聽，現在我會把電話轉回給布魯斯，請他發表最後的評論。

Thank you, Tim. In terms of 2026, again, a fair bit of comments I've seen from -- the Street, around how do we get to 10% for next year. So I just wanted to sort of focus on the way that we're looking at it. So Start off with our cost reduction savings plan. We expect that to be $310 million run rate for 2026. So that's a good news story for us and gives us a strong tailwind as we start the next fiscal year.

謝謝你，提姆。就 2026 年而言，我再次看到華爾街有不少評論，圍繞著明年我們如何實現 10% 的成長。所以我只是想集中討論一下我們看待這個問題的方式。因此，從我們的成本削減節約計劃開始吧。我們預計 2026 年的運行率將達到 3.1 億美元。這對我們來說是一個好消息，為我們開始下一個財政年度提供了強勁的推動力。

Just starting off in terms of walk, if you use Tim's guidance at the midpoint, we're at about 7.8% for new Dana as well going to report our numbers here in 2025. First item is the annualization of the cost savings. So this just basically is reflecting the fact that in Q1 and Q2 particularly, we weren't tracking to a $310 million annual cost rate savings. That number you can kind of think about is in the bag and just annualizing that would take our $7.8 million up to 8.8%.

從步行角度來看，如果使用 Tim 的中點指導，那麼新 Dana 的步行率約為 7.8%，我們也將在 2025 年報告我們的數據。第一項是成本節約的年度化。因此，這基本上反映了這樣一個事實：特別是在第一季和第二季度，我們並沒有實現每年 3.1 億美元的成本節省。您可以想像一下，這個數字是肯定的，只要以年率計算，我們的 780 萬美元就會上升到 8.8%。

If I just look at the flow-through of our backlog, we expect that to add about 60 basis points in terms of stranded costs, to get to this extra 50 basis points, we have to eliminate the variable costs that go away on day one, which is a gimme. And then we're assuming we're going to offset 50% of the strand in cost here. I would tell you that I'd be highly disappointed if that's where we end up, I would expect a combination of TSAs and continued focus on those stranded costs that we should be able to do much better than that.

如果我只看我們積壓訂單的流通情況，我們預計擱淺成本會增加約 60 個基點，為了達到這額外的 50 個基點，我們必須消除第一天就消失的變動成本，這是理所當然的。然後我們假設我們將在這裡抵消 50% 的成本。我想告訴你，如果我們最終落得如此下場，我會非常失望，我希望透過結合 TSA 並持續關注那些擱淺成本，我們應該能夠做得更好。

And then lastly, operational performance, we'll factor in 40 basis points to get there. And I guess what I would just point out on that one is that's about half of the operational performance benefit that we've delivered in 2025. So I really don't look at the 2026 target here of 10% to 10.5% as being a stretch. I think this is a commitment, but I have just as much confidence in delivering as I did when we committed to the $300 million cost savings.

最後，對於營運績效，我們將考慮 40 個基點來實現這一目標。我想指出的是，這大約是我們在 2025 年實現的營運績效效益的一半。因此，我真的不認為 2026 年 10% 到 10.5% 的目標太過高。我認為這是一個承諾，但我對兌現這項承諾的信心與當初我們承諾節省 3 億美元成本時一樣大。

When you take that margin and apply it to our sales for next year, you factor in lower cash taxes and interest that we've talked about for some time that we will benefit from once the off-highway business has gone. We see free cash flow being in the percent of sales range, which if you do the math, is higher than this year. In terms of our share authorization, the capital return of $1 billion. We will continue as cash flow improves as we focus on sale of noncore assets, expanding the timing of that to deliver more quickly to our shareholders in addition to our existing dividend.

當你把這個利潤率應用到我們明年的銷售額時，你會考慮到我們已經討論過一段時間的較低的現金稅和利息，一旦非公路業務消失，我們將從中受益。我們看到自由現金流處於銷售百分比範圍內，如果你計算一下，你會發現這個百分比高於今年。就我們的股份授權而言，資本回報為10億美元。隨著現金流的改善，我們將繼續專注於出售非核心資產，延長出售時間，以便在現有股息的基礎上更快地向股東提供回報。

Then lastly, we probably haven't done ourselves a disservice here in terms of our top line story. I do think Dana has an underappreciated growth story here. We have a solid backlog that we'll be reporting next year, and we continue to be -- have been very productive with the discussion with both our light vehicle and commercial vehicle customers on gaining share and winning new business.

最後，就我們的頭條新聞而言，我們可能並沒有為自己帶來損失。我確實認為達娜的成長故事沒有被充分重視。我們有大量積壓訂單，將於明年報告，我們將繼續與輕型車和商用車客戶就獲得市場份額和贏得新業務進行富有成效的討論。

And with that, I'll open it up to Q&A.

接下來，我將開始問答環節。

(Operator Instructions)

（操作員指示）

Joseph Spak, UBS.

瑞銀的約瑟夫·斯帕克。

This is Rob Saltzman on for Joe today. Just on the 2026 outlook. You mentioned you'd expect 60 basis points of margin from that accretive new business backlog. Can you just provide some color on what's driving that -- those new business wins and kind of where the wins are coming from in core Dana? That's my first question.

今天，我是羅伯‧薩爾茲曼 (Rob Saltzman)，代替喬 (Joe) 報道。僅就 2026 年的展望而言。您提到，您預計新增業務積壓將帶來 60 個基點的利潤率。您能否簡單介紹一下推動這些新業務成功的因素以及核心 Dana 的成功來自哪裡？這是我的第一個問題。

Yes. So I mean if you just look at our -- look back, right, we had incremental backlog when we reported in February. So in large part, that's coming in, it's a mix of both on the commercial vehicle side as well as on the light vehicle side. We have some significant programs.

是的。所以我的意思是，如果你看看我們的——回顧一下，對的，我們在二月報告時就有增量積壓。因此，在很大程度上，這是商用車和輕型車的混合體。我們有一些重要的項目。

So we have a program with JLR that's launching next year. We've got volume uplift and additional amounts on a number of big Ford programs, including the Super Duty. And then we have a number of smaller programs across a number of customers in -- across the world that will be being updated and driving that backlog with additional content for those vehicles.

因此，我們與 JLR 合作的計劃將於明年啟動。我們在福特的多個大型項目中都實現了銷售提升和金額增加，其中包括 Super Duty。然後，我們為世界各地的許多客戶推出了一些小型項目，這些項目將進行更新，並為這些車輛提供額外的內容。

And just my last follow-up here. Just maybe on the cost reduction side. So you increased the goal to $310 million, $10 million higher versus prior. But and you've kind of continued to increase that target over the course of this year. But how much room would you say you have to run here on finding incremental cost savings to kind of pull out of the business from the current levels?

這是我最後一次跟進。也許只是在降低成本方面。因此，您將目標提高到 3.1 億美元，比之前的高出 1000 萬美元。但今年以來，你們一直在不斷提高這個目標。但是，您認為在尋找增量成本節約以擺脫當前業務水平方面您有多少空間呢？

Yes, I think the big driver -- so most of our cost saving programs here for the $310 is really above the plan. Most of what we have left is really going to be around operating improvements largely in the plant. Those would naturally flow through what we're calling performance, and we do that today.

是的，我認為最大的驅動力是——所以我們這裡的大多數成本節約計劃的 310 美元確實超出了計劃。我們剩下的大部分工作實際上將主要圍繞工廠的營運改善。這些會自然地透過我們所謂的表現來實現，而我們今天就是這樣做的。

Look, we'll continue to look at the cost structure as we move into 2026, and I'm sure there'll be some opportunities, especially as we push forward and find ways to increase efficiencies, but in terms of the big driver on cost reductions, I think the largest and the lowest hanging fruit has been done. I think our real focus next year on those types of things will be around taking the stranded costs out A lot of those are steady variable or fixed.

你看，隨著我們進入 2026 年，我們將繼續關注成本結構，我相信會有一些機會，特別是當我們向前推進並尋找提高效率的方法時，但就降低成本的主要驅動力而言，我認為最大和最容易實現的目標已經完成。我認為明年我們真正關注的重點將是消除擱淺成本，其中許多是穩定變動或固定的。

So that's where we're going to be concentrating. I mean, the accounting has us at $60, that's really more like $35 million or $40 when you adjust for some of the the nuances on how we have to account for them with the discontinued ops rules. But we do believe that we can get the -- at least half, if not more than that $40 million out before the end of of next year. So we think we're in really good shape to deliver the 10%, 10.5% margins for next year.

所以這就是我們要集中精力的地方。我的意思是，會計上我們的金額是 60 美元，但當你根據停止營運規則調整一些細微差別時，這實際上更像是 3500 萬美元或 40 美元。但我們確實相信，我們可以在明年年底前拿出至少一半，甚至更多的 4000 萬美元。因此，我們認為我們完全有能力在明年實現 10% 至 10.5% 的利潤率。

Yes. Maybe just to add on a little bit. If you look at the cost reduction where we got the $300 million. And if I think about new Dana, our total costs are in the just under $7 billion. And we the $300 million, we went hunting in about $1 billion of that. And if you think about it, was quick wins, things that we could do quickly without significant investment and things like that.

是的。也許只是添加一點點。如果你看一下我們節省的 3 億美元成本。而如果我考慮一下新的 Dana，我們的總成本將近 70 億美元。我們花了 3 億美元，其中約 10 億美元用於狩獵。如果你仔細想想，這就是快速取勝，我們可以快速完成一些事情而不需要大量投資等等。

I would tell you that in that remaining bucket in terms of what we can do longer term and where we can make some investments, there's still enormous opportunity. I would also tell you on the $6 billion where we didn't go hunting, which is, I would say, the plant cost, again, an enormous opportunity for us. So it's not stuff that we will bang into like a huge number in 2026. But I think over the next three to four years, it is a significant opportunity for us to expand our margins.

我想告訴你，就我們可以長期做什麼以及我們可以在哪裡進行投資而言，剩下的領域仍然存在著巨大的機會。我還要告訴你們，我們沒有花 60 億美元去打獵，我想說，這筆工廠成本對我們來說又是一個巨大的機會。所以，這並不是我們在 2026 年就會遇到的巨大問題。但我認為在未來三到四年內，這對我們來說是一個擴大利潤的重要機會。

Tom Narayan, RBC.

湯姆·納拉揚，RBC。

Not a lot to nitpick here, as you guys pointed out, but I guess if I had to ask, the off-highway guidance, obviously coming down that's on tariffs. But I guess this would be different maybe then, from what Allison would have known. I guess, is there any risk for anything we should know about in terms of how that guidance cut could potentially impact deal closing timing? And then I have a follow-up.

正如你們指出的那樣，這裡沒有什麼可挑剔的，但我想如果我不得不問的話，非公路指導顯然是關稅下降了。但我想這可能與艾莉森所知道的有所不同。我想，關於指導下調可能如何影響交易完成時間，我們是否應該知道任何風險？然後我有一個後續問題。

Yes. No, it won't impact the close timing. There's no covenants other than the typical running the business in the ordinary course. The one thing I will say, although the top line guidance is coming down and there's obviously some degradation around the base or the dollar EBITDA number.

是的。不會，這不會影響關閉時間。除了正常經營業務外，沒有其他契約。我想說的是，儘管營收預期正在下降，而且基數或美元 EBITDA 數字明顯下降。

The off-highway team done what they always do, which is maintaining their or improving their margins the lower top line revenue. So they've done an incredible job of flexing cost structure to support and maintain their quality of earnings. So that's really the power that's in the business, and it should not or will not have any impact on timing.

非公路車輛團隊做了他們一直在做的事情，即維持或提高他們的利潤率和較低的營業收入。因此，他們在調整成本結構以支援和維持獲利品質方面做得非常出色。所以這確實是業務的力量，它不應該或不會對時間產生任何影響。

Yes. I would just maybe add to that. about where we were at the end of the first quarter prior to signing this deal. We all had some concerns around volumes from tariffs, and we knew we had some issues in front of us, particularly on off-highway on a small percentage of their business, which is a product that they manufacture in Europe that they import into the US. That's facing a fairly significant price increase and we're going to see in the volume. So nothing that we're seeing in terms of business performance is any different than, I would say, the time we closed.

是的。我可能只是想補充一下，在簽署這筆協議之前，我們在第一季末的情況。我們都對關稅帶來的影響有些擔憂，我們知道我們面臨一些問題，特別是在非公路用車領域，這佔了他們業務的一小部分，即他們在歐洲生產並進口到美國的產品。這面臨著相當大的價格上漲，我們將從銷售中看到這一點。因此，就業務表現而言，我們所看到的與我們關閉時沒有什麼不同。

And then for my follow-up the cost-outs, Q2, it looks like it was a $32 million across LV&CV, I think 22 for LV, 10 for CV out of the 59 total. What was the remainder of the cost out? Was that just kind of --

然後，對於我的後續成本支出，第二季度，看起來 LV 和 CV 的總成本為 3,200 萬美元，我認為在總計 59 億美元中，LV 佔 2,200 萬美元，CV 佔 1,000 萬美元。剩餘成本是多少？那隻是--

It would be corporate yes. I mean it gets reallocated. So -- but yes, I mean, what you're seeing is the cost out on the corporate side that then get reallocated back into the businesses.

是的，這將是企業性的。我的意思是它被重新分配了。所以——但是是的，我的意思是，你所看到的是公司方面的成本，然後重新分配到企業中。

Correct. Okay. And then I had thought that maybe CV would have seen more because of the EV side with the cost outs, I thought --

正確的。好的。然後我以為，也許 CV 會因為 EV 方面的成本支出而看到更多，我想--

A lot of that does fit from an engineering side in corporate. So that's probably where we're seeing the disconnect.

從公司的工程方面來看，其中許多確實適用。這可能就是我們看到脫節的地方。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

This is Winne Dong on for Edison. I was wondering if you can comment a bit on what you're seeing in the market now for light vehicles, especially come to your top customers? And then also on the commercial vehicles? And what kind of movie marketing conditions are you getting into the second half?

我是 Winne Dong，為 Edison 報道。我想知道您是否可以評論一下目前輕型車輛市場的情況，特別是針對您的頂級客戶？那麼商用車也是如此嗎？那麼進入下半年，電影行銷情況又如何呢？

Sure. I mean from a light vehicle, and Bruce mentioned this pretty stable from a from a light vehicle perspective. Now for us, you have to look specifically into the light truck market in North America. -- as that's the majority of our -- where our revenues generated and particularly on four large programs. So there's not -- you got to be careful not to read across the entire SAAR for the light vehicle business in North America to Dana, just given the concentration we have in a number of large heavy truck programs.

當然。我的意思是從輕型車輛來看，布魯斯提到從輕型車輛的角度來看這相當穩定。現在對我們來說，你必須特別關注北美的輕型卡車市場——因為這是我們大部分的收入來源，特別是四個大型項目。所以，你必須小心，不要將北美輕型汽車業務的整個 SAAR 都解讀為 Dana，因為我們只專注於多個大型重型卡車專案。

On commercial vehicle, we are seeing softness in North America, largely around sort of some of the tariff uncertainty. We -- we've seen that impact sales both in the first half of the year, and we expect that to -- that softness to continue into the second. Offsetting that is some moderate strength in South America particularly in Brazil and then in Europe. Those are a bit smaller businesses for us, but certainly, are helpful in terms of mitigating some of the weakness we're seeing or softness we're seeing in North American CV market.

在商用車方面，我們看到北美市場表現疲軟，主要是因為關稅不確定性。我們已經看到這對上半年的銷售產生了影響，我們預計這種疲軟態勢將持續到下半年。與此形成對比的是南美洲，特別是巴西和歐洲的一些中等強度的經濟成長。對我們來說，這些業務規模較小，但無疑有助於緩解我們在北美 CV 市場看到的一些疲軟或疲軟現象。

Yes. And I think softness might be too kind of work. I mean if you look at the cloud-based market, we've talked to a few of our customers. I mean, right now, order ordering like book-to-bill is drop and fast. Orders are like run in half of last year. So it's just not looking good. And that's a combination of, obviously, the impact of tariffs. But more importantly, it's the uncertainty associated with the business climate here and people are just deferring purchases when they can.

是的。我認為柔軟可能太過仁慈了。我的意思是，如果你看看基於雲端的市場，我們已經與一些客戶進行了交談。我的意思是，現在，訂單到出貨的訂購過程是快速的。訂單量相當於去年同期的一半。所以看起來不太好。顯然，這是關稅影響的綜合結果。但更重要的是，這裡的商業環境存在不確定性，人們盡可能地推遲購買。

So we factored in, in terms of our outlook pretty pessimistic view on North America. But it's and we're not -- and sort of our 2026 guidance. We're not factoring in any cyclical upturn in the commercial vehicle market in terms of getting to our numbers.

因此，就我們的前景而言，我們對北美持相當悲觀的看法。但事實並非如此——這是我們 2026 年的指導方針。在得出我們的數據時，我們並沒有考慮商用車市場的任何週期性上升因素。

Okay. Great. That's very helpful to know. And then just on the quarter itself, if I just look at the bridge on slide 9, the decremental on the volume mix bucket seems to be about in your prepared mall, you talked about splitting the portfolio backing out. But if I just look at the full year bridge, the implied agreement was about 20%. So I'm just Curious on the difference here and what you expect for the full year, what's occurred in the second half? And then how do we think about that on a go-forward basis and performance is sort of a strip out bucket?

好的。偉大的。知道這一點非常有幫助。然後就本季而言，如果我只看幻燈片 9 上的橋樑，交易量組合桶的遞減似乎與您準備好的購物中心有關，您談到了拆分投資組合。但如果我只看全年的橋樑，隱含的協議約為 20%。所以我只是好奇這裡的差異以及您對全年的預期，下半年發生了什麼？那麼，我們如何從未來的角度來考慮這個問題，而績效就像是剝離桶？

Yes. No. So we had a fairly unfavorable mix in the in the second quarter, particularly, we lost -- we had some relatively high-margin sales from a CD perspective, especially in the EV side of the business that continues to to impact the business, a lot of that around sort of some of the issues in terms of being able to export out of China. So that's impacting the business. So just being able to get magnets and those sorts of things in rare materials.

是的。不。因此，我們在第二季的業績組合相當不利，特別是我們虧損了——從 CD 的角度來看，我們有一些利潤率相對較高的銷售額，尤其是在電動車業務方面，這繼續對業務產生影響，其中很大一部分與中國出口方面的一些問題有關。所以對業務有影響。因此，只需從稀有材料中獲取磁鐵和諸如此類的東西即可。

So -- and those are higher margin business than the rest. And then even on the light vehicle side, we had a pretty strange mix of some of the sales differences that drove a decrement there, that's a lot different than what we would normally see.

所以——這些業務的利潤率比其他業務高。即使在輕型車方面，我們也發現了一些相當奇怪的銷售差異，導致銷量下降，這與我們通常看到的情況有很大不同。

When you look in the back half of the year, we're seeing a much better or more favorable mix. We're not seeing quite as much of the downturn from a CV perspective in the EV part of the market and then our sales mix around light vehicle is is more normalized. So it's unfortunately just a mix issue within the quarter for us given just the sales side.

回顧下半年，我們會看到一個更好或更有利的組合。從商用車角度來看，我們在電動車市場中並沒有看到那麼嚴重的下滑，而且我們輕型車的銷售組合也更加正常化。因此，不幸的是，對於我們來說，僅從銷售方面來看，這只是本季的混合問題。

Yes. As we get into Q3 and Q4, the volume mix bar changes color here on us. So we've been fighting year-over-year negative on the volume mix side of things as we get into Q3, Q4, especially as we just focus on new Dana, that turns from a headwind to a tailwind. So again, some of the comments around first half, second half, a lot of, I think, is addressed by the fact that we don't have the volume headwinds in the second half of the year that we had in the first half.

是的。當我們進入 Q3 和 Q4 時，音量混合條會改變顏色。因此，當我們進入第三季和第四季時，我們一直在應對銷量組合方面的同比負面情況，特別是當我們只關注新 Dana 時，情況就從逆風變成了順風。所以，我認為，關於上半年和下半年的一些評論，很多都是因為我們在下半年沒有遇到上半年那樣的銷售逆風。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Wanted to first just unpack the free cash flow. And maybe you could just help us understand, and we look to try to bridge the free cash flow you've provided, which includes off-highway this year, which is, call it, 2.8% of sales, and you're saying next year is 4% of sales to RemainCo. Maybe you can just help us understand the rough bridge there.

首先想解開自由現金流。也許您可以幫助我們理解，我們希望嘗試彌補您提供的自由現金流，其中包括今年的非公路用車銷售額，即 2.8%，而您說明年 RemainCo 銷售額將達到 4%。也許您可以幫助我們了解那裡的崎嶇橋樑。

I understand part of it is going to be improved EBITDA. Part of it is going to be lower interest expense. But maybe help us understand what the adjusted number this year would be for just remainco as opposed to including off-highway and what that bridges to next year? And then maybe some color on sort of what these adjustments are that are cash items, but are being excluded from the adjusted free cash flow for Dana?

我理解其中一部分將會提高 EBITDA。其中一部分原因是利息支出降低。但也許可以幫助我們了解今年調整後的數字是多少，不包括非公路用車，以及這對明年有何影響？然後也許可以解釋一下這些調整是什麼，它們是現金項目，但卻被排除在 Dana 的調整後自由現金流之外？

Yes. So in terms of being able to give you a 25% pro forma number, it's really tough given that all the debt sits outside of the off-highway parameter and then you have sort of the tax impact. We've called out about $200 million between those two lines as you bridge from this year to next, that's going to come out as a result of the transaction. But like trying to do a complete pro forma, a bit difficult. As you hit it, right, we'll get help from an EBITDA perspective.

是的。因此，就能夠給你一個 25% 的備考數字而言，這真的很難，因為所有債務都超出了非公路參數，然後你就會產生稅收影響。從今年到明年，我們已經在這兩條線路之間籌集了大約 2 億美元，這將是交易的結果。但想做一個完整的備考，有點困難。正如您所說，我們將從 EBITDA 的角度獲得幫助。

Also, the onetime cost, right, $70 million in onetime costs should come down significantly, just given that there's a bunch of costs sitting in there related to the restructuring program and the cost out program have this way. The other is we'll continue to see more efficiency coming through working capital. So that should be an additional head tailwind, excuse me, for us on getting to the 4% free cash flow.

此外，一次性成本，對，7000 萬美元的一次性成本應該會大幅下降，因為有大量與重組計劃和成本支出計劃相關的成本。另一個是我們將繼續看到營運資本帶來的更高效率。因此，對於我們實現 4% 的自由現金流來說，這應該是一個額外的順風。

Okay. And then the second question is on the outlook into next year. And I recognize the end markets are going to move around. But one of the things we've obviously been hearing from the OEMs is with EV and emission standards easing considerably, there's an opportunity for them to have a much richer mix. In fact, Ford was talking about this on their earnings call.

好的。第二個問題是關於明年的展望。我認識到終端市場將會發生變動。但我們顯然從原始設備製造商那裡聽到的一件事是，隨著電動車和排放標準的大幅放寬，他們有機會擁有更豐富的組合。事實上，福特在財報電話會議上就談到了這一點。

Is this the type of thing that is sort of not currently considered in the schedules and the outlook. But once we see the standards easing and mix starts to enrich that, that is something that could help you. There are certain variants of for trucks that could be richer mix for you. So just how much mix could get better on easing emission standard, even outside of just less EVs?

這是目前計劃和展望中尚未考慮的事情嗎？但一旦我們看到標準放寬，混合開始豐富，那就會對你有幫助。卡車有某些變體，可以為您提供更豐富的組合。那麼，除了減少電動車數量之外，放寬排放標準還能帶來多大程度的改善呢？

Yes. I mean, obviously, I don't want to get ahead of our customers as to what their build mix might be. But certainly, anything from a market perspective, that drives higher heavy truck and pickup purchases is good for Dana. I mean just think about the main programs, right? Super Duty, Ranger, bronco and Wrangler, right? Those are four obviously, very popular brands of vehicle and if the customer builds more of them that's -- instead of building an EV or a passenger car or a crossover, that's better for Dana, clearly.

是的。我的意思是，顯然，我不想領先於我們的客戶了解他們的構建組合可能是什麼。但從市場角度來看，任何推動重型卡車和皮卡購買量增加的因素都對 Dana 有利。我的意思是只考慮主要程序，對嗎？Super Duty、Ranger、Bronco 和 Wrangler，對嗎？這四個顯然是非常受歡迎的汽車品牌，如果客戶生產更多的汽車，而不是生產電動車、乘用車或跨界車，那麼對 Dana 來說，顯然是更好的。

As our lower gas prices vehicles, right? So Yes. And in our accretive new business line, we do have volume uplift on Super Duty is in there. Ford has announced that they're going to start to manufacture additional volume next year and another plant and that's flowing through in the back half of next year.

就像我們的車輛油價較低一樣，對嗎？是的。在我們不斷成長的新業務線中，Super Duty 的銷售確實有所提升。福特宣布，他們將在明年開始生產更多產品，並在另一家工廠生產，預計明年下半年投產。

Yes. We would consider that to be backlog because that's incremental volume from an added plant. So that would end up in our -- when you think about Bruce's comments about backlog and the incremental contribution margin that comes from it.

是的。我們認為這是積壓訂單，因為這是增加工廠帶來的增量。因此，當您考慮布魯斯關於積壓以及由此產生的增量貢獻利潤的評論時，這最終會出現在我們的——

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Buybacks will account for the full $600 million in this year's targeted shareholder returns. For the remaining $400 million commitment, should we consider any special dividend? Or has the company fully committed to share repurchases. And just to clarify, does last week's bridge loan just essentially help the company fund buybacks until the off-highway proceeds are received.

回購將佔今年股東回報目標的 6 億美元。對於剩餘的 4 億美元承諾，我們是否應該考慮任何特別股息？或公司是否已完全承諾回購股票。需要澄清的是，上週的過橋貸款是否只是幫助公司為回購提供資金，直到收到非公路收益。

Yes. So on your second question. Yes, I mean, obviously, we drew down the revolver to make the purchases in the second quarter. We just wanted to put some liquidity back in to bridge us through the cash flow we're going to generate through the end of the year and then the closing of the transaction. So if you look at it, the bridge falls away at the earlier of basically a year or the closing of the transaction. So that's exactly why we put it in, just to make sure that there's sufficient liquidity, and we have the flexibility to go ahead and and do what we need to do between now and closing.

是的。關於你的第二個問題。是的，我的意思是，顯然，我們在第二季度動用了循環信貸來進行採購。我們只是想重新註入一些流動性，以彌補我們在年底前產生的現金流以及交易的結束。因此，如果你看一下，你會發現橋樑基本上會在一年或交易結束時（以較早者為準）消失。這就是我們將其納入的原因，只是為了確保有足夠的流動性，並且我們可以靈活地繼續做從現在到結束之間需要做的事情。

On your first question. I think, look, it remains to be seen. We will remain flexible in terms of what we do. But at the current level that the stock is trading at, if we don't think that there is a recognition in the market, for the value, the intrinsic value within the stock than our choice is made easier for us. We're trading sub-16, I do believe that the company is undervalued on an intrinsic basis.

關於你的第一個問題。我認為，這還有待觀察。我們的行動將保持靈活性。但在股票的當前交易水準下，如果我們認為市場沒有認可該股票的價值和內在價值，那麼我們的選擇就會更容易。我們的交易價格低於 16 美元，我確實認為該公司的內在價值被低估了。

Yes. I'd say even stay a bit stronger than that. I mean I think that our Board, we continue to believe our shares are extremely undervalued right now. If you -- our confidence level in the margins that we're talking about here for next year is extremely high, higher than, I guess, you could say consensus is. And therefore, if you do the math using our margins for next year, and you look at the share count that we expect to have at the end of the year and the debt level, we see it being significantly undervalued, and we will be looking to as we generate more cash flow, buyback more faster.

是的。我想說，甚至要比那更強。我的意思是，我認為我們的董事會仍然認為我們的股票現在被嚴重低估了。如果您 - 我們對明年所討論的利潤率的信心水平非常高，我想，您可以說高於共識。因此，如果您使用我們明年的利潤率進行計算，並查看我們預計在年底的股票數量和債務水平，我們會發現它被嚴重低估了，並且隨著我們產生更多的現金流，我們將尋求更快地回購。

Got it. That's helpful. And my follow-up, are the $60 million in stranded costs mainly reflected in the higher corporate expense now. And the $310 million in cost savings through next year include the recovery of stranded costs. Is that correct?

知道了。這很有幫助。我的後續問題是，6000 萬美元的擱淺成本主要反映在現在更高的企業費用中。到明年，3.1億美元的成本節省包括收回擱淺成本。對嗎？

Yes. So correct. We're --

是的。非常正確。是--

So we look to the second part?

那我們來看看第二部分？

Yes. So on your first question, we are showing the stranded costs just separated into into corporate. We just typically have very -- less than $10 million in corporate costs, you'll see those be significantly higher. That's where those are being sort of parked in terms of the the walks when you think through it.

是的。因此，對於您的第一個問題，我們正在展示剛剛劃分到企業中的擱淺成本。我們的企業成本通常非常低——不到 1000 萬美元，但你會發現這些成本要高得多。如果你仔細想想，你會發現這些就是步行時停放的地方。

In terms of your $310, the $310 million is without the recovery. We assume we'll -- the $40 million would come off of that. But to our point, we believe we'll be able to get at least half, if not more of that $40 million out of the business next year. And then when we go into '27, we'll have largely mitigated the entire the entire stranded cost item. So because our -- the view on stranded cost for us is it's $40 million.

就你的3.1億美元而言，這3.1億美元是沒有恢復的。我們假設—4000 萬美元將從中扣除。但就我們的觀點而言，我們相信明年我們至少能夠從該業務中獲得 4000 萬美元中的一半，甚至更多。然後，當我們進入 27 年時，我們將在很大程度上減輕整個擱淺成本項目。因此，因為我們——我們認為擱淺成本是 4000 萬美元。

The accounting rules have us at $60 million only because -- if a cost that's allocated is not actually going with the business, even if it's going to go away, you can't put it in discontinued ops. It has to go back and be shown in continuing ops. So that's the disconnect in terms of the accounting versus the reality of what it's going to look like when we get to new Dana for 2026.

會計規則只給我們 6000 萬美元，因為——如果分配的成本實際上沒有隨業務而去，即使它會消失，你也不能把它放在已停止的業務中。它必須返回並在後續操作中展示。因此，這就是會計與現實之間的脫節，即當我們在 2026 年推出新款 Dana 時，情況將會如何。

Yes. we expect to eliminate the stranded costs in their entirety. Are they all going to be out for next year? No, but they will all be out in 2027. Absolute certainty.

是的，我們希望徹底消除擱淺成本。他們明年都會缺席嗎？不，但它們都會在 2027 年問世。絕對確定。

Ryan Brinkman, JPMorgan.

摩根大通的瑞安·布林克曼。

Could you discuss a bit further what is giving rise to the expected improvement in working capital for the full year versus the prior view? I assume this is behind the planned to return $600 million of cash to shareholders before the close as opposed to to 550, including sometimes there's an investment needed in working capital to support higher sales, which you are forecasting.

您能否進一步討論一下，與先前的觀點相比，是什麼原因導致了全年營運資本的預期改善？我認為這是計劃在收盤前向股東返還 6 億美元現金（而不是 5.5 億美元）的原因，其中包括有時需要對營運資本進行投資以支持更高的銷售額，正如您所預測的那樣。

I know you generated a lot of your full year cash in the fourth quarter. So is it kind of like timing-related stuff? How you see sales and production kind of trending toward the end of the year? Or just curious what's given rise to that improvement? And then how should we think about that maybe spilling over into 2026?

我知道你們在第四季創造了全年的大部分現金。那麼這有點像是與時間相關的東西嗎？您認為年底的銷售和生產趨勢如何？或只是好奇是什麼導致了這種改善？那我們該如何看待這個現象可能會延續到 2026 年呢？

Yes. So you have it right. I mean if you look at the CB and from a cash flow perspective, from a highway perspective, both those businesses have much longer supply line than in the light vehicle business. Both have shown obviously softness through the first half of the year. it takes a little bit of time to start getting that out. That's all going to get worked out as we work -- as we go through the back half of the year.

是的。所以你說得對。我的意思是，如果你從現金流的角度和高速公路的角度來看 CB，那麼這兩個業務的供應線都比輕型汽車業務長得多。今年上半年，兩大市場都明顯呈現疲軟態勢，需要一些時間才能走出疲軟的局面。隨著我們努力工作——隨著我們度過下半年——所有這些都將得到解決。

And quite frankly, Bruce and I are really getting the team focused on taking that out. And then if you think about it into next year, yes, that's another part of how we're getting to our 4% free cash flow is additional improvement in working capital efficiency within the business that we're going to retain.

坦白說，布魯斯和我確實讓團隊集中精力解決這個問題。然後，如果您考慮明年，是的，這是我們實現 4% 自由現金流的另一個部分，也是我們將要保留的業務營運資本效率的進一步提高。

Okay. Great. And then you've hoped a lot already on the whole temporary stranded cost part of the guidance on slide 6. The overhead component, I think that's easy to understand. But I guess I'm just still a little confused on about the variable cost component.

好的。偉大的。然後，您已經對幻燈片 6 中的指導中有關整個暫時擱淺成本的部分寄予厚望。我認為這很容易理解。但我想我對變動成本部分仍然有點困惑。

I mean, usually when I think of variable cost, it's like associated with production volume, it wouldn't ordinarily sit above the the segment to be allocated. Can you maybe just help explain the nature of those costs a little bit further? What gives rise to them and then your confidence that it goes away.

我的意思是，通常當我想到變動成本時，它就像與生產量相關，它通常不會位於要分配的部分之上。您能否進一步解釋一下這些成本的性質？是什麼導致了這些症狀的出現，然後你又有信心它們會消失。

Yes. So like a couple of really easy ones, right? So if you just think about the cost to audit the company, right? So we're auditing a $10 billion business today. Next year, we'll be auditing a business that's $7 billion to $8 billion, right? So our -- while that cost is fixed, right, it doesn't change. It's effectively variable in the sense that it's not going to cost the same to audit the $7.5 billion company as it is the 10%. So that will end up -- those costs can come out. Those are the type of costs that I would call variable.

是的。所以就像幾個非常簡單的問題一樣，對吧？所以如果你只考慮審計公司的成本，對嗎？所以我們今天要審計一家價值 100 億美元的企業。明年，我們將審計一家價值 70 億到 80 億美元的企業，對嗎？因此我們的—雖然成本是固定的，但它不會改變。從某種意義上來說，它實際上是可變的，因為審計價值 75 億美元的公司和審計價值 10% 的公司的成本是不一樣的。這樣一來，這些成本就出來了。我把這些成本類型稱為變動成本。

Another would be -- we have a global insurance program. So we have insurance related to the entire business that when it shrinks by a third, that will go away. Those are fixed costs today. They don't get allocated to discontinued ops. They end up staying in continuing us because they're allocated and they're not physically going with the business. they naturally will go away as we shrink the business because we'll just buy less insurance because we'll have less stuff to insure or we'll have a lower audit fee because the company will be smaller and the cost to audit will be lower. That's the kind of things to think about.

另一個是—我們有一個全球保險計劃。因此，我們對整個業務都投了保險，當業務萎縮三分之一時，保險就會消失。這些都是今天的固定成本。它們不會被指派到已停止的操作。他們最終會繼續留在我們這裡，因為他們被分配了，而且他們不會實際地隨業務一起離開。隨著我們縮小業務規模，他們自然會離開，因為我們會購買更少的保險，因為我們需要投保的東西更少，或者我們的審計費用會更低，因為公司規模會更小，審計成本會更低。這就是值得思考的事情。

There's a big bucket in there also.

裡面還有一個大桶子。

Of IT, right. Yes, that's the other one. IT is the other one where we've got licenses that we buy globally centrally for, say, Microsoft, right, or other types of IT software that is not technically going with the business. But when we sell it, we'll need less licenses to affect our Microsoft office. So those costs will naturally go away. So that's the easy -- those are the easy ones to think about.

是 IT 方面的，對的。是的，那是另一個。IT 是另一個領域，我們在全球範圍內集中購買許可證，例如微軟的許可證，或其他類型的 IT 軟體，從技術上講，這些軟體與業務無關。但是當我們出售它時，我們需要的許可證就會減少，從而影響我們的 Microsoft Office。因此這些成本自然就會消失。所以很簡單——這些都是容易思考的問題。

So when we think people, what we mean is upon the sale, they will go away. There's no risk.

因此，當我們想到人們時，我們的意思是，一旦銷售完成，他們就會離開。沒有風險。

Emmanuel Rosner, Wolf Research.

羅斯納 (Emmanuel Rosner)，沃爾夫研究公司。

Wanted to ask you about the growth trajectory message with a robust three-year new sales backlog. So first, if you can just help us a little bit with some of the assumption in the accretive new business contribution to margin next year. I think last time you published backlog was probably about $300 million for next year. Is that still ballpark what you're assuming in that margin walk? And then just more generally curious, how much did new business or contributed this past year? And what are sort of like the drivers or sources of acceleration over the next few years?

想向您詢問有關三年強勁新銷售積壓的成長軌跡資訊。首先，如果您能幫助我們稍微了解明年新業務對利潤率的貢獻的一些假設。我認為您上次發布的明年積壓訂單金額大約為 3 億美元。這是否仍是您在保證金調整中所假設的大致數字？然後只是更普遍的好奇，去年新業務貢獻了多少？那麼未來幾年的驅動力或加速泉源是什麼？

Yes. So I mean, we haven't published updated guidance, but the $300 million that was in our last guide is still reasonable. There's going to be a lot of puts and takes given some of the changes, but that's still a pretty reasonable number to have out there.

是的。所以我的意思是，我們還沒有發布更新的指南，但我們上一份指南中的 3 億美元仍然是合理的。考慮到一些變化，將會有很多的投入和產出，但這仍然是一個相當合理的數字。

In terms of our new business growth that's come on, we continue to have a number of different programs, both on the light vehicle and on the commercial vehicle side coming online. Now some of those are at a bit lower volumes. So some of the actual flow-through a bit lower. But we are continuing to launch programs, both on the ICE and the EV side.

就我們新業務的成長而言，我們將繼續推出一系列不同的項目，包括輕型車和商用車方面的項目。現在其中一些的數量有點低了。因此實際流通量會稍微低一些。但我們仍在繼續推出內燃機和電動車的計畫。

A bit of our growth this year was on the EV side. So that's a bit tempered. But again, it is across the board. We've got light vehicle programs outside the US that continue to launch that are ICE related as well as new variants within our programs here. We're getting ready to launch in the next version of the Wrangler. So that has added content. So there's a number of different drivers for us from a backlog perspective this year.

我們今年的成長部分來自電動車方面。所以這有點脾氣了。但同樣，這是全面的。我們在美國以外繼續推出與 ICE 相關的輕型車輛項目，並在我們的項目中推出了新的變體。我們正準備推出下一代 Wrangler。這樣就增加了內容。因此，從今年的積壓訂單來看，我們面臨許多不同的驅動因素。

And then your broader comments around the three-year new sales backlog. Is it fair to say that the I mean the previous disclosure is still directionally correct, sort of like on a three-year basis. So are there any big new pieces of programs that you've won?

然後您對三年新銷售積壓發表了更廣泛的評論。是否可以公平地說，我的意思是，先前的披露在方向上仍然是正確的，有點像三年期的基礎。那麼，您贏得過什麼重大的新專案嗎？

Yes. I mean yes, it is. Obviously, there's a piece in there that is off-highway that obviously won't be in there, but the backlog for off-highway is typically pretty small, just because of the nature of the way the programs work.

是的。我的意思是，是的，確實如此。顯然，其中一部分是非公路用車，顯然不會出現在其中，但非公路用車的積壓通常非常小，這只是因為程序運作方式的性質。

But yes, directionally, those numbers are still reasonable. I think the mix of that probably going to change a bit. I think there was 70% or 75% EV. I think that mix change, but that's reflective of what we're seeing from the end markets with our customers.

但是，從方向上看，這些數字仍然是合理的。我認為這種組合可能會發生一些變化。我認為EV是70%或75%。我認為這種組合會發生變化，但這反映了我們從終端市場看到的客戶狀況。

Okay. One quick clarification on tariffs. So the net headwind or at the end of the year, is that a timing and you would recover their the remainder into next year? Or is that a piece that you believe in the end, you'll have to absorb?

好的。關於關稅的快速澄清。那麼淨逆風是在年底，這是一個時間點，你會在明年收回剩餘部分嗎？或者您相信最終您必須吸收這一點？

No, no, no. We believe there's timing -- I mean, look, we're not going to get 100%. We'd love to say we're going to get 10%. We'll get the majority of that, but there's still additional recovery from the lag that will come in next year.

不，不，不。我們相信時機是關鍵——我的意思是，你看，我們不可能達到 100%。我們很高興地說我們將獲得 10%。我們將獲得其中的大部分，但明年仍將出現滯後恢復。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Just wanted to follow up on the the implied second half guide, it implies that sales are down about 1%, but you have like $100 million implied second half adjusted EBIT improvement. How should we think about those main buckets -- because if I look at the year-over-year basis, it looks like you had $100 million of cost saves in the first half. So it looks like I get on a year-over-year only a little better. Performance is also pretty strong on your side in the first half. I guess, tariffs a little bit of help. But what are the main drivers to get that $100 million --

只是想跟進隱含的下半年指南，它暗示銷售額下降約 1%，但隱含的下半年調整後息稅前利潤增長約為 1 億美元。我們應該如何看待這些主要方面——因為如果我看一下同比情況，看起來你在上半年節省了 1 億美元的成本。因此看起來我的情況與去年同期相比只是好了一些。你們上半場的表現也相當強勁。我想，關稅會有一點幫助。但獲得這 1 億美元的主要動力是什麼？--

Yes. I mean it's better contribution. Contribution margin on the the sales. So we got better mix coming in. We will have accelerating cost savings coming through. So we expect $225 million for the year. I think you said we're $100 million, so we're about $25 million better in the back half of the year. So that which makes sense if we're going to get to the 10%. And then tariffs should be better in the back half than they are in the first half. And then we continue to see performance in the business driving margin expansion as we come through the end of the year.

是的。我的意思是這是更好的貢獻。銷售額的貢獻毛利。因此我們得到了更好的混合效果。我們將加速實現成本節約。因此我們預計今年的營收為 2.25 億美元。我想您說過我們的收入是 1 億美元，所以我們在下半年的收入大約是 2500 萬美元。如果我們要達到 10%，這是有意義的。那麼下半年的關稅應該會比上半年好。隨著年底的到來，我們將繼續看到業務表現推動利潤率擴張。

Yes. We have a couple of footprinting inefficiencies, I'll say, in the first half of the year, $20 million, $30 million in first half that kind of go away in the second half as the plants normalize here. I mean a lot of that was ramping up like we're kind of at that exit rate at the end of the second quarter. But Q1, and as we've gone into Q2, there's a pretty big headwind that goes away in the back half of the year.

是的。我想說，今年上半年我們存在一些足跡效率低下的問題，損失金額為 2000 萬美元、3000 萬美元，但隨著工廠恢復正常，這些問題將在下半年消失。我的意思是，很多事情都在加速進行，就像我們在第二季末達到的退出率一樣。但在第一季以及進入第二季後，我們面臨的巨大阻力將在下半年消失。

Yes. largely around a couple of plants that we've closed and are in the process of ramping up elsewhere, and those ramp-ups have have hindered our ability to deliver what would have been even better performance from the first half of the year.

是的，主要是因為我們關閉了幾家工廠，而這些工廠正在其他地方擴大產能，而這些產能的擴大阻礙了我們實現上半年原本會更好的業績的能力。

Got it. And if I look at sales first half to second half, it implies at the midpoint down one in -- if I look at S&P, Europe and North America, which I think is about 75% of your sales, they're down 9%. And commercial truck in North America Class 8, I think it's down over first half to second half. So what is driving that 1%? Is there other -- I guess, there's some recoveries in there, so maybe some FX in there that --

知道了。如果我看一下上半年到下半年的銷售額，這意味著中點下降了 1%——如果我看一下標準普爾、歐洲和北美，我認為它們佔銷售額的 75% 左右，但它們下降了 9%。我認為北美 8 級商用卡車的銷售量從上半年到下半年呈現下降趨勢。那麼是什麼推動了這 1% 的成長呢？還有其他嗎？我想，這裡面有一些復甦，所以也許有一些外匯--

Yes. There's some FX. There's going to be some -- obviously, tariffs add sales. So that's part of it. And then just the mix in terms of what we're supplying and to whom can have a difference between what the general market from, say, S&P is showing and what we think we're going to end up being able to deliver.

是的。有一些 FX。顯然，關稅會增加銷售額。這就是其中的一部分。然後，僅就我們提供的產品和供應對象而言，標準普爾等一般市場所顯示的內容和我們認為最終能夠交付的內容之間就會存在差異。

Yes, you really got to look at our four, five main programs, Colin as opposed to the S&P number.

是的，你確實需要看看我們的四五個主要項目，科林，而不是標準普爾數字。

Okay. I mean I see Super Duties up or any other ones that you'd flag as being.

好的。我的意思是，我看到了 Super Duties 或任何其他您標記的東西。

That's a huge percentage of our sales.

這佔了我們銷售額的很大一部分。

Yes. Super Duty, I think we're going to have better comps when you look at Wrangler because if you think about Stellantis with the Wrangler program at the back half, they essentially didn't even -- they barely ran the the back half of the third quarter and into the fourth quarter. So even this year. Yes, yes. So if you say we had tough comparables in the first half of the year because they ran really strong in the first half of '24 coming out of the 2023 Q4 strike and then fell off at the end of 2024.

是的。Super Duty，我認為當你看到 Wrangler 時，我們會有更好的比較，因為如果你想想 Stellantis 在後半段的 Wrangler 計劃，他們基本上甚至沒有——他們幾乎沒有跑完第三節的後半段和第四節。今年也是如此。是的，是的。因此，如果您說我們在今年上半年的可比性很差，因為它們在 2024 年上半年在 2023 年第四季度罷工後表現非常強勁，然後在 2024 年底下滑。

Now we've got a much more normalized production pattern from Stellantis on the Wrangler and the comparables for the back half of the year on Wrangler versus last year are going to be very, very favorable to us, even if they don't run like super strong if they just run normalized like they've been running, which, by the way, we really like because it makes us -- makes our operating performance that much better. Those are going to be good comps for us.

現在，Stellantis 的牧馬人生產模式已經更加規範化，今年下半年牧馬人與去年的對比情況對我們來說非常有利，即使它們的運行速度不是特別強勁，但如果它們能夠像以前一樣正常運行，順便說一句，我們真的很喜歡這種方式，因為它讓我們的運營表現好得多。這些對於我們來說都是很好的比較。

We're going to have to close it down can you can follow up with Tim and Craig can give you a bit more comfort there in terms of the sales outlook. But I want to sort of just wrap up here the call. Again, thanks everybody for participating today. I know there's a lot of noise in these numbers.

我們將不得不關閉它，您可以跟進蒂姆和克雷格，讓他們在銷售前景方面給您更多的安慰。但我只是想在這裡結束這通通話。再次感謝大家今天的參與。我知道這些數字中有很多幹擾因素。

For me, the key takeaway is our -- it's a solid Q2 beat against every number that's out there. We're raising our guidance. New Dana is doing better than overall Dana, as we explained with the tariff-related volume issues in off-highway. We're adjusting our free cash flow guidance up and pumping it into a share buyback because we believe we're significantly undervalued.

對我來說，關鍵的一點是——我們的第二季業績比現有的所有數據都好得多。我們正在提高指導。正如我們在非公路車輛關稅相關的銷售問題中所解釋的那樣，新德納的表現比整體德納要好。我們正在上調自由現金流指引，並將其投入股票回購，因為我們認為我們的價值被嚴重低估了。

In terms of cost reduction, it's running well. We're up in our target to $310. I'm highly confident we're going to get there. In terms of 2026 the 10% to 10.5% is a commitment from the team. I don't think there's any doubt in my mind that we can get there next year using a golf analogy, I view that as being a tap in.

在降低成本方面，運作良好。我們的目標已升至 310 美元。我非常有信心我們能夠實現這一目標。就 2026 年而言，10% 到 10.5% 是團隊的承諾。用高爾夫類比的話來說，我毫不懷疑我們明年一定能到達那裡，我認為這是輕而易舉的事。

Lastly, if you sort of look at where we think our share should be trading and the value that we're creating here, using the double-digit margin next year, 4% free cash flow share count was down 25%, a substantially delevered balance sheet. We think we're well undervalued and the team is committed to generating more cash so that we can buy back shares more quickly.

最後，如果你看一下我們認為我們的股票應該在哪裡交易以及我們在這裡創造的價值，使用明年的兩位數利潤率，4％的自由現金流股票數量下降了25％，資產負債表大幅去槓桿。我們認為我們被嚴重低估了，團隊致力於創造更多現金，以便我們能夠更快地回購股票。

With that, I'll thank everybody and thanks to our employees for delivering a terrific quarter.

最後，我要感謝所有人，也感謝我們的員工，感謝他們創造了一個出色的季度。

This concludes today's call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。