Dana Inc (DAN) 2026 Q1 法說會逐字稿

Good morning, and welcome to Dana Incorporated's first-quarter 2026 financial webcast and conference call.

早安，歡迎收聽 Dana Incorporated 2026 年第一季財務網路直播與電話會議。

My name is Regina, and I will be your conference facilitator.

我叫 Regina，將擔任本次會議的主持人。

Please be advised that our meeting today, both the speakers' remarks and Q&A session, will be recorded for replay purposes.

請注意，我們今天的會議，包括講者發言與問答環節，將會錄音以供重播。

(Operator Instructions)

(接線員指示)

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.

此刻，我想開始今天的簡報，並將電話交給 Dana 投資人關係與企業傳播資深總監 Craig Barber。Barber 先生，請開始。

Thank you, and good morning. Welcome to Dana Incorporated's earnings call for the first quarter of 2026.

謝謝，早安。歡迎參加 Dana Incorporated 2026 年第一季財報電話會議。

Today's presentation includes forward-looking statements about our expectation for Dana's future performance. Actual results could differ from what we discussed here today. For more details about the fact that we may have in future results, please refer to our Safe Harbor statement found in our public filings and our reports at the SEC.

今天的簡報包含關於我們對 Dana 未來表現預期的前瞻性陳述。實際結果可能與我們今天討論的內容有所不同。關於可能影響未來結果的因素之更多細節，請參閱我們在公開申報文件及向美國證券交易委員會（SEC）提交之報告中的「安全港」聲明。

I encourage you to visit our Investor website, where you'll find this morning's press release and presentation.

我鼓勵各位造訪我們的投資人網站，您可在那裡找到今天早上的新聞稿與簡報資料。

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 our written consent.

如前所述，今天的電話會議將被錄音，且相關輔助資料為 Dana Incorporated 的財產。未經我們書面同意，不得錄音、複製或轉播。

With us this morning is Bruce McDonald, Dana Chairman and Chief Executive Officer; Byron Foster, Senior Vice President and President of our Light Vehicle Systems Group and our incoming CEO; and Timothy Kraus, Senior Vice President and Chief Financial Officer.

今天早上與會者包括：Dana 董事長兼執行長 Bruce McDonald；輕型車系統事業群資深副總裁兼總裁、以及即將上任的執行長 Byron Foster；以及資深副總裁兼財務長 Timothy Kraus。

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

Bruce，現在我把電話交給你。

Okay. Thank you, Craig, and good morning, everyone, and thanks for your interest in Dana.

好的。謝謝你，Craig，各位早安，也感謝大家對 Dana 的關注。

Just maybe before we get into the slide deck, I'd just like to kind of reflect on the fact that it’s my last call is CEO, and I'm transitioning into the Chairman's role here now.

在我們開始看投影片之前，我想先稍微回顧一下：這是我以執行長身分主持的最後一次電話會議，我現在正轉任董事長的角色。

If you look at the first quarter results, Tim, Bayer, and the entire Dana team, I think, have delivered another terrific quarter with the first time since I've been back, we're showing revenue growth and extremely strong year-over-year improvement in our margins.

如果看第一季的結果，我認為 Tim、Byron，以及整個 Dana 團隊又交出了一個非常出色的季度；自從我回來以來，這是我們首次呈現營收成長，且我們的利潤率年對年改善非常強勁。

I'd also reflect on the fact that these are the first of our 30 conference calls we're going to have when we talk about our Dana 2030 plan, and I think we're off to a terrific start and with the $10 billion revenue bogey that we put out there and with our margins getting into the 14% to 15% range.

我也想提到，這是我們在談論 Dana 2030 計畫時將進行的 30 場電話會議中的第一場；我認為我們有個非常好的開始，朝著我們提出的 100 億美元營收目標邁進，並讓利潤率進入 14% 到 15% 的區間。

You'll see in our deck, we've talked about winning the RAM Dakota Program, and with that award, we now have just over 60% of our growth through 2030 secured. So I think that's a great start.

你會在簡報中看到，我們談到贏得 RAM Dakota 專案；隨著這項得標，我們目前已確保到 2030 年成長的 60% 以上。所以我認為這是個很好的開端。

Anyway, I'll turn it over to Byron and he'll take you through the highlights of the quarter.

總之，我把時間交給 Byron，他將帶各位看本季的重點。

Okay. Thanks, Bruce, and thanks everyone for joining the call this morning.

好的。謝謝你，Bruce，也謝謝各位今天早上加入這通電話會議。

As Bruce said, the team's off to a strong start to the year, and I'm excited to share a few highlights that I'll take you through on page 4.

如 Bruce 所說，團隊在今年一開始就有強勁的表現；我很高興在第 4 頁與各位分享幾項重點。

Starting with the financial results, EBITDA margin came in at 9.2%, which, as Bruce alluded to, is a great year-over-year improvement of 400 basis points, so really seeing the margin expansion come through on a year-over-year basis.

先從財務結果談起，EBITDA 利潤率為 9.2%；如 Bruce 所提到的，年對年大幅改善 400 個基點，因此我們確實看到利潤率擴張在年對年的基礎上逐步實現。

In terms of share repurchases, we repurchased 4.4 million shares in the quarter, returning $125 million to our shareholders and that keeps us on track to our target of $300 million for the year here. If you look at the program to date, since we launched back in Q2 of last year, that takes us up to $775 million of value returned to our shareholders and keeps us on track to our target of $2 billion through 2030.

就庫藏股回購而言，我們在本季回購了 440 萬股，向股東返還 1.25 億美元，並使我們維持在今年 3 億美元目標的進度上。若看迄今為止的計畫，自去年第二季啟動以來，累計已向股東返還 7.75 億美元的價值，並使我們維持在 2030 年前返還 20 億美元目標的進度上。

In terms of cost reductions, you'll see, as Tim takes us through the walk, that the team delivered $35 million of cost reductions in the quarter, which is right on track to our target of $65 million for 2026 and a program total of $325 million. So the team remains highly focused on making sure that we remain a lean and efficient operation here.

在成本降低方面，你會看到 Tim 在帶我們走過調節表時，團隊本季實現了 3,500 萬美元的成本降低，這與我們 2026 年 6,500 萬美元的目標以及總計 3.25 億美元的計畫目標一致。因此，團隊仍高度專注於確保我們維持精實且高效率的營運。

If you look at new business growth, and Bruce mentioned it in his opening comments, we were able to deliver a significant new business award in the quarter, which I'll take you through here in a couple pages, so delivering against our commitment of profitable growth for the company. And this is right in line with what we laid out relative to our Dana 2030 strategy around profitable growth and margin expansion for the company.

若看新業務成長，Bruce 在開場致詞中也提到，我們在本季取得一項重要的新業務得標；我會在接下來幾頁帶各位了解，這也展現我們對公司獲利性成長承諾的落實。這與我們所提出的 Dana 2030 策略中，關於獲利性成長與利潤率擴張的方向完全一致。

But if you go to page 5 in the deck, I want to take the opportunity again to thank all those that were able to spend time with us at our Capital Markets Day about a month ago and as a quick reminder, our plan is about profitable growth in our traditional business, our aftermarket business, as well as applied technologies. And it's about margin expansion through manufacturing excellence and structural cost reductions.

不過，如果各位翻到第 5 頁，我想再次藉此機會感謝一個月前能在我們資本市場日（Capital Markets Day）與我們交流的各位；簡要提醒一下，我們的計畫聚焦於傳統業務、售後市場業務，以及應用技術的獲利性成長。同時也聚焦於透過製造卓越與結構性成本降低來擴大利潤率。

You can see the financial targets that we've laid out and we remain committed to top-line of $10 billion, which is 33% above our guide here, the midpoint of our '26 guide, margins in the mid-double-digit 14% to 15% range, which is a 400-basis-point improvement over the midpoint of this year's guide, and then 6% free cash flow margins.

各位可以看到我們提出的財務目標；我們仍致力於達成 100 億美元的營收規模，較我們目前指引（2026 年指引中位數）高出 33%；利潤率目標為 14% 至 15% 的中雙位數區間，較今年指引中位數提升 400 個基點；以及 6% 的自由現金流利潤率。

So as we go through our journey of the Dana 2030 strategy, you will continue to hear various proof points from us as we're in front of you giving you updates on the progress of the business. And this quarter, we'd like to give you an update on the first pillar around traditional growth of our traditional product lines, if you will.

因此，在推進 Dana 2030 策略的旅程中，當我們在各位面前更新業務進展時，你們將持續聽到我們提供的各種佐證。而在本季，我們想就第一個支柱——也就是傳統產品線的傳統成長——向各位提供最新進展。

So if you go to page 6, you can see the new award that we're proud to announce that we'll be participating on the RAM Dakota Program with Stellantis, where our content will be front and rear axles, and it's really a testament to the continued performance of the team relative to world-class quality and delivery performance as well as competitiveness. It's also a great story because it leverages install capacity that we have in place supporting the Toledo Assembly Complex and really leverages our core products on the ICE front. You can see that it's $250 million of annual sales and that it will launch in early 2028.

因此若各位翻到第 6 頁，你會看到我們很自豪宣布的一項新得標：我們將與 Stellantis 一同參與 RAM Dakota 專案，我們的供應內容將包括前軸與後軸；這充分證明團隊在世界級品質與交付表現，以及競爭力方面的持續成果。這也是一個很好的案例，因為它運用了我們既有、用於支援 Toledo 組裝園區（Toledo Assembly Complex）的裝配產能，並且在內燃機（ICE）領域充分發揮我們的核心產品優勢。各位可以看到，該專案年銷售額為 2.5 億美元，並將於 2028 年初量產上市。

So if you flip to page 7, just to give you a visual now of where the backlog stands, when we were last in front of you, our three-year net new sales backlog was $750 million. This takes it up to $950 million, and that's because of the program ramp, some of that $250 million that I referenced on the previous page will fall in the 2029 time horizon. So really proud that the team continues to deliver on incremental growth in our backlog and secured a significant new award with one of our key customers.

因此若各位翻到第 7 頁，為了讓各位更直觀地了解目前的訂單積壓（backlog）狀況：我們上次與各位見面時，三年期淨新增銷售訂單積壓為 7.5 億美元。這次提升至 9.5 億美元，原因在於專案爬坡，其中我在前一頁提到的 2.5 億美元有一部分將落在 2029 年的時間範圍內。因此我們非常自豪，團隊持續在訂單積壓上帶來增量成長，並與我們的一家關鍵客戶取得一項重要的新得標。

So on page 8, just in summary again, what new Dana is all about, it's really about focusing on our core light vehicle and commercial vehicle markets, remaining a lean, efficient organization and ensuring that the work we've done to take cost out, that cost remains out and that we remain efficient. It's about double-digit margin performance, and you're going to see that starting here in 2026 and you'll see that those margins increase over our five-year planning horizon and it's about delivering strong shareholder returns through profitable growth, margin expansion, and maintaining a best-in-sector balance sheet, so great start to the year, great quarter.

因此在第 8 頁，簡要再總結一次，「新 Dana」的核心重點，確實是聚焦於我們的核心輕型車與商用車市場，維持精實、高效率的組織，並確保我們已完成的降本工作能夠讓成本持續維持在較低水準，同時保持效率。這也關乎雙位數的利潤率表現；你們將從 2026 年開始看到這一點，並且在我們五年規劃期間內看到利潤率持續提升；同時也關乎透過獲利性成長、利潤率擴張，以及維持同業最佳的資產負債表，為股東帶來強勁回報——因此今年開局良好，本季表現也很出色。

And with that, I'll turn it over to Tim to take us through the numbers in more detail.

接下來，我把時間交給 Tim，請他帶我們更詳細地看數字。

Thank you, Byron.

謝謝你，Byron。

As we begin the discussion of the first quarter with the change in sales and adjusted EBITDA, you can join me on page 10 of the deck. Starting with sales, first-quarter 2026 sales were $1.868 billion, up from $1.781 billion last year. As expected, lower end-market demand drove a $33-million headwind from volume and mix. Despite that backdrop, we continue to execute well across the organization, as Byron mentioned.

在我們開始討論第一季的銷售變動與調整後 EBITDA 之前，請各位翻到簡報第 10 頁。先從銷售額開始，2026 年第一季銷售額為 18.68 億美元，高於去年的 17.81 億美元。如預期所示，終端市場需求較弱，使得銷量與組合帶來 3,300 萬美元的不利影響。儘管在這樣的背景下，正如 Byron 提到的，我們仍持續在整個組織中良好執行。

Performance actions added $2 million due to pricing and recoveries. Tariffs contributed $48 million, primarily due to the recovery timing. Currency added $64 million, largely driven by the euro strength, while commodities provided an additional $6 million top-line benefit in the quarter. Altogether, those items brought us to the $1.86 billion (sic - see press release, "$1.868 billion") of sales for the first quarter of 2026.

績效行動因定價與回收帶來 200 萬美元的增加。關稅貢獻 4,800 萬美元，主要來自回收時點的影響。匯率增加 6,400 萬美元，主要由歐元走強所帶動；而大宗商品在本季額外帶來 600 萬美元的營收助益。綜合以上因素，使我們 2026 年第一季銷售額達到 18.6 億美元（原文如此——請參閱新聞稿，「18.68 億美元」）。

Turning to adjusted EBITDA, we started at $93 million in the first quarter of last year, a 5.2% margin, and delivered a significant step-up to slightly softer demand. Volume and mix contributed $27 million in incremental profit, reflecting favorable mix and improved profitability on new programs. Performance actions added $15 million, driven by stronger operating efficiency and continued tight cost controls across all aspects of the business.

接著看調整後 EBITDA，我們從去年第一季的 9,300 萬美元（利潤率 5.2%）起步，並在需求略為走弱的情況下實現顯著提升。銷量與組合帶來 2,700 萬美元的增量利潤，反映出有利的產品組合，以及新專案的獲利能力改善。績效行動增加 1,500 萬美元，主要由更強的營運效率，以及在業務各方面持續嚴格的成本控管所驅動。

Cost savings were a major driver, contributing $35 million as our cost actions continue to deliver exactly as planned and remain on pace for our full-year and full program target of $325 million. Tariffs were a modest $2 million headwind to EBITDA this quarter, while currency contributed $5 million. Lastly, commodities were a $2 million headwind on a year-over-year basis.

成本節省是主要驅動因素，貢獻 3,500 萬美元；我們的降本措施持續如計畫般精準落地，並且仍按進度達成全年與整體方案 3.25 億美元的目標。本季關稅對 EBITDA 造成小幅 200 萬美元的不利影響，而匯率貢獻 500 萬美元。最後，大宗商品在年對年基礎上帶來 200 萬美元的不利影響。

Bringing it all together, adjusted EBITDA was $171 million, representing a 9.2% margin, a 400-basis-point improvement over 2025's first quarter. This was a very strong quarter from a margin and execution standpoint, demonstrating the durability of our business post-investiture and our ability to drive meaningful, profitable improvement even in a softer demand environment.

綜合以上，調整後 EBITDA 為 1.71 億美元，利潤率 9.2%，較 2025 年第一季提升 400 個基點。從利潤率與執行面來看，這是一個非常強勁的季度，展現出我們在資產剝離後業務的韌性，以及即便在需求較疲弱的環境下，仍能推動具實質意義且具獲利性的改善。

Next, I will turn to slide 11 for a look at adjusted free cash flow for the quarter.

接下來，我將翻到第 11 頁，看看本季的調整後自由現金流。

First, you will note that 2025 comparisons include both continuing and discontinuing operations to be consistent with the structure of our off-highway transaction. In 2026, it will just be continuing operations contributing to adjusted free cash flow. On that note, adjusted free cash flow from continuing operations improved by $78 million, driven by strong operations following the completion of the sale of our off-highway business. One-time cost declined by $20 million on a year-over-year basis, reflecting completion of several of our cost reduction programs and lower restructuring spend as we move past the intensive phase of our transformational initiatives.

首先請注意，2025 年的比較數據同時包含持續營運與終止營運，以與我們非公路（off-highway）交易的架構保持一致。到了 2026 年，調整後自由現金流將僅由持續營運貢獻。在此背景下，持續營運的調整後自由現金流改善 7,800 萬美元，主要由完成出售非公路業務後、營運表現強勁所帶動。一次性成本年對年下降 2,000 萬美元，反映我們多項降本計畫已完成，且隨著我們走過轉型措施的密集階段，重整支出降低。

Net interest expense increased by $6 million, driven primarily by the timing of interest payments related to the debt repayment activity after the closing of the off-highway sale. Taxes were $6 million year-over-year headwinds, reflecting timing of tax payments. Working capital was the use of $224 million, largely due to higher accounts receivable and the timing impact related to certain VAT recoveries and customer-paid tooling.

淨利息費用增加 600 萬美元，主要由非公路出售完成後、與償債活動相關的利息支付時點所致。稅負年對年帶來 600 萬美元的不利影響，反映稅款支付時點。營運資金使用 2.24 億美元，主要由應收帳款增加，以及與特定增值稅（VAT）退稅與客戶支付工裝（tooling）相關的時點影響所致。

Finally, net capital spending was modestly lower by $3 million. Putting all these items together, adjusted free cash flow for the first quarter was a use of $195 million, with higher operating profitability and lower one-time costs, partially offset by the loss of EBITDA from discontinued operations and normal first-quarter working capital dynamics.

最後，淨資本支出小幅下降 300 萬美元。綜合以上因素，第一季調整後自由現金流為使用 1.95 億美元；較高的營運獲利與較低的一次性成本，部分被終止營運的 EBITDA 流失以及第一季正常的營運資金季節性所抵銷。

Please turn with you now to Slide 12 for an update on our full-year guidance for continuing operations.

現在請各位翻到第 12 頁，了解我們對持續營運的全年財測更新。

Our guidance ranges remain unchanged from our February call, but we now expect to be at the upper end of our ranges for sales and see a commensurate adjusted EBITDA increase. Our 2026 outlook reflects continued operational execution, accretive new business, and the ongoing benefit of our cost production initiatives.

我們的財測區間與 2 月電話會議時相比維持不變，但我們現在預期銷售將落在區間上緣，並看到相應的調整後 EBITDA 上調。我們對 2026 年的展望反映持續的營運執行、具增益的新業務，以及我們降本增效措施帶來的持續效益。

Starting with sales, we expect 2026 revenue to be approximately $7.5 billion at the midpoint of our range. Increased backlog and the benefit of higher-margin new business are expected to largely offset a modestly softer market environment and changes in product mix. Beneficial sales mix, potential second-half commercial vehicle improvement, higher tariff recoveries, and currency translation will likely push us higher in our range for sales.

先從銷售額開始，我們預期 2026 年營收在區間中點約為 75 億美元。增加的在手訂單，以及較高毛利的新業務效益，預期將大致抵銷市場環境略為轉弱與產品組合變化的影響。有利的銷售組合、下半年商用車可能改善、更高的關稅回收，以及匯率換算，可能會推動我們的銷售落在區間較高端。

Adjusted EBITDA is expected to be around $800 million, an increase of roughly $200 million compared with 2025. This improvement is driven by the full-year run rate of our cost-saving programs, continued operating efficiency improvements, and the incremental margin from new business that carries higher profitability.

調整後 EBITDA 預期約為 8 億美元，較 2025 年增加約 2 億美元。此改善主要由我們節省成本計畫的全年運行率、持續的營運效率提升，以及新業務帶來的增量利潤（其獲利能力更高）所驅動。

At the midpoint of the range, this represents an adjusted EBITDA margin of roughly 10% to 11%, an expansion of approximately 250 basis points on a year-over-year basis.

以區間中點計算，這代表調整後 EBITDA 利潤率約為 10% 至 11%，年對年擴張約 250 個基點。

The diluted adjusted EPS guidance for 2026 is expected to be about $2.50 at the midpoint. For this calculation, we're using a share count of $109 million and are not including future share repurchases in this calculation.

2026 年稀釋後調整 EPS 財測在區間中點預期約為 2.50 美元。在此計算中，我們採用的股數為 1.09 億股，且未將未來的庫藏股回購納入計算。

Adjustments for EPS are similar to those in nature that we make for adjusted EBITDA.

EPS 的調整項目在性質上與我們用於調整後 EBITDA 的項目類似。

Adjusted free cash flow is expected to be around $300 million, in line with our 2025 performance. Free cash flow stability reflects disciplined working capital management, improved earnings, and a normalization of capital spending as major investments over the past seven years begin to taper.

調整後自由現金流預期約為 3 億美元，與 2025 年表現一致。自由現金流的穩定性反映出嚴謹的營運資金管理、獲利改善，以及隨著過去七年重大投資開始趨緩，資本支出回歸常態。

Our 2026 outlook demonstrates continued profit improvement driven by new business, operational efficiencies, and the structural benefits of our cost actions over the past year or so.

我們對 2026 年的展望顯示，利潤將持續改善，主要由新業務、營運效率，以及過去一年左右降本措施帶來的結構性效益所驅動。

Please turn with me now to slide 13 for the drivers of the sales and profit change for our full-year guidance.

現在請跟我翻到第 13 頁，了解我們全年財測中銷售與利潤變動的驅動因素。

Beginning with sales, volume and mix remains unchanged, and we expect to reduce revenue by approximately $95 million as lower demand in traditional markets as well as ongoing softness in electrical light vehicle programs impacts our battery cooling business. We are seeing the beginnings of higher demand for North American Class A trucks that may benefit sales later in the year.

先從銷售額來看，銷量與組合假設維持不變；我們預期營收將減少約 9,500 萬美元，原因是傳統市場需求較低，以及電動輕型車專案持續疲弱，影響我們的電池冷卻業務。我們已看到北美 A 級卡車需求回升的初步跡象，可能在今年稍晚對銷售帶來助益。

Performance is expected to be modestly lower, reducing sales by about $30 million, reflecting more normalized pricing environment as we lap last year's commercial actions. Tariffs are expected to improve sales by roughly $50 million, largely due to the timing of recoveries.

預期績效將小幅下滑，使銷售額減少約3,000萬美元，反映在我們與去年商業行動形成比較基期後，定價環境回歸較為正常化。關稅預期將使銷售額增加約5,000萬美元，主要來自回收時點的影響。

Foreign currency translation adds approximately $60 million, driven primarily by the strengthening of the euro compared to the US dollar. Commodities are projected to add about $15 million in sales due to continued effectiveness of our recovery mechanisms with our customers, which recover about 75% of the average commodity pricing changes.

外幣換算約增加6,000萬美元，主要由於歐元相對美元走強所致。大宗商品預計將使銷售額增加約1,500萬美元，原因是我們對客戶的回收機制持續有效，可回收約平均大宗商品價格變動的75%。

As we experienced in the first quarter, foreign currencies have remained strong against the dollar so far this year. If that trend continues, we will likely see a benefit to sales from currency translation above what is shown here. Altogether, these drivers result in 2026 sales of approximately $7.5 billion, in line with prior year levels.

如同我們在第一季所經歷的，今年迄今外幣兌美元仍維持強勢。若此趨勢持續，我們很可能會看到來自匯率換算對銷售額的助益高於此處所示。綜合而言，這些驅動因素使2026年銷售額約為75億美元，與前一年水準大致一致。

Turning to adjusted EBITDA, starting from the $610 million in 2025, representing an 8.1% margin, volume and mix is expected to add approximately $20 million in EBITDA, favorable mix within our -- businesses will drive higher profit on slightly lower sales.

接著談調整後EBITDA，從2025年的6.10億美元起算（代表8.1%的利潤率），預期銷量與組合將為EBITDA增加約2,000萬美元；我們各項業務中的有利組合將在銷售略降的情況下帶來更高利潤。

Performance is expected to increase EBITDA by roughly $100 million, largely from pricing improvements and continued operation efficiency. And please note, we still expect to eliminate about $40 million of postage divestiture stranded costs, which is included within this $100 million number.

預期績效將使EBITDA增加約1.00億美元，主要來自定價改善與營運效率持續提升。另外請注意，我們仍預期可消除約4,000萬美元的郵資業務剝離後遺留成本（stranded costs），此項已包含在上述1.00億美元之中。

Cost savings, in addition to the stranded of cost reduction, remain a meaningful contributor, adding $65 million in profit in the year. Tariffs are expected to be a $10-million tailwind due to timing on recoveries.

成本節省除上述遺留成本降低之外，仍是重要貢獻來源，全年將增加6,500萬美元利潤。由於回收時點因素，關稅預期將帶來1,000萬美元的順風。

Commodity cost is expected to represent a $15 million headwind, driven by timing differences in recoveries and expected material cost changes.

大宗商品成本預期將形成1,500萬美元的逆風，主要由回收時點差異以及預期材料成本變動所致。

All combined, adjusted EBITDA for 2026 is expected to be approximately $800 million at the midpoint of our range or approximately 10.6% margin, representing an improvement of roughly 250 basis points over 2025.

綜合以上，2026年調整後EBITDA預期在我們區間中點約為8.00億美元，或約10.6%的利潤率，較2025年提升約250個基點。

Next, I will turn to slide 14 for details of adjusted free cash flow outlook for 2026. Our adjusted free cash flow also remains unchanged. As I discussed during the first quarter review, full-year 2025 included cash flow from discontinued operations that will not continue in 2026. Even without the contribution from discontinued operations, we expect full-year 2026 adjusted free cash flow to be about $300 million at the midpoint of the guidance range.

接下來我將轉到第14頁，說明2026年調整後自由現金流的展望。我們的調整後自由現金流也維持不變。如我在第一季回顧時所提，2025年全年包含來自已終止營運的現金流，該部分在2026年將不再延續。即使不含已終止營運的貢獻，我們仍預期2026年全年調整後自由現金流在指引區間中點約為3.00億美元。

One-time cost will be about $30 million lower than last year, or about $40 million due to fewer strategic actions. Net interest will be about $70 million in 2026, about $95 million lower than last year due to our aggressive debt reduction actions completed in January. Taxes will be about $100 million, about $75 million lower than 2025 due to lower taxable income and the jurisdictional distribution of profits.

一次性成本將較去年低約3,000萬美元，約為4,000萬美元，原因是策略性行動較少。2026年淨利息約為7,000萬美元，較去年低約9,500萬美元，係因我們在1月完成積極的減債行動。稅金約為1.00億美元，較2025年低約7,500萬美元，原因是應稅所得較低以及獲利在各司法管轄區的分布所致。

Working capital will be a source of $25 million in 2026, a $40 million improvement over last year. And net capital spending is expected to be about $325 million this year, which is about $70 million higher than last year as we invest in efficiency improvements in our operations and support our new business backlog.

2026年營運資金將提供2,500萬美元的資金來源，較去年改善4,000萬美元。今年淨資本支出預期約為3.25億美元，較去年高約7,000萬美元，因我們投資於營運效率改善並支援新業務訂單積壓（backlog）。

Please note that we expect to utilize a portion of the proceeds of our off-highway transaction to buy out some facility leases. A portion of that buyout will flow through capital spending, but we are excluding it here as we have excluded the proceeds from our off-highway sale as well. These transactions will likely occur in the second quarter. Please turn, leaving now to slide 15 for an updated look at our sales growth in 2030 target.

請注意，我們預期將運用部分非公路（off-highway）交易所得款項，買斷部分設施租賃。該買斷的一部分將透過資本支出反映，但我們在此將其排除，因為我們同樣也排除了非公路出售所得款項。這些交易很可能在第二季發生。請翻到第15頁，更新我們2030年銷售成長目標的檢視。

As both Byron and Bruce mentioned, this slide will likely look familiar. We usually walk through this framework at our Capital Markets Day back in March. What you're seeing here is the same underlying roadmap to the $10 billion in sales by 2030, but we've updated it today to reflect the recently secured new business win Byron mentioned.

如Byron與Bruce都提到的，這張投影片看起來應該很熟悉。我們通常會在3月的資本市場日（Capital Markets Day）帶大家走過這個架構。你們在此看到的是同一份通往2030年銷售額100億美元的底層路線圖，但我們今天已更新，以反映Byron提到的近期取得的新業務勝利。

As a result, we've improved both the timing and quality of our backlog. Approximately $200 million that we had previously shown as future sales growth has moved from the additional backlog column into the 2028 backlog category, increasing our near-term visibility of our sales growth. In addition, $50 million has moved from non-secured backlog into the secured backlog, further strengthening the outlook for our business.

因此，我們改善了訂單積壓的時點與品質。先前我們列為未來銷售成長的約2.00億美元，已從「額外訂單積壓」欄位移至「2028年訂單積壓」類別，提高我們對近期銷售成長的可見度。此外，另有5,000萬美元已從未確定訂單積壓移至已確定訂單積壓，進一步強化我們的業務展望。

Importantly, this does not change the overall roadmap we laid out in March. We still see $2.5 billion of organic sales growth through 2030, supporting a roughly 6% compounded annual growth rate, driven by now larger secured backlog, commercial vehicle market recovery, share gains, and continued growth in aftermarket and our pursuit of applied technologies. The update here reinforces execution, converting opportunities into profitable sales, and gives us even greater confidence in delivering the growth trajectory we outlined in March.

重要的是，這並不改變我們在3月所提出的整體路線圖。我們仍預期至2030年有25億美元的有機銷售成長，支撐約6%的年複合成長率，動能來自如今更大的已確定訂單積壓、商用車市場復甦、市占提升，以及售後市場與我們推動應用技術的持續成長。此次更新強化了我們的執行力，將機會轉化為具獲利性的銷售，並讓我們對實現3月所勾勒的成長軌跡更具信心。

Please turn to slide 16 for a brief reminder of our Dana 2030 strategy.

請翻到第16頁，簡要回顧我們的Dana 2030策略。

I will end my remarks by reminding everyone of the key elements of our Dana 2030 strategy, which we laid out at our Capital Markets Day last month. The strategy is centered around above-market growth supported by new business wins, delivering 6% growth compounded annual growth in sales, 17% compounded annual growth in adjusted EBITDA, and 11% compounded annual growth in free cash flow through 2030. Underpinning that growth is a fundamental improvement in our operations, driven by structural cost reductions, manufacturing excellence, and a discipline focused on the right mix of traditional products, aftermarket, and applied technology, all aimed at achieving top quartile margins.

我將以提醒各位Dana 2030策略的關鍵要素作結，該策略我們已在上月的資本市場日中說明。此策略以高於市場的成長為核心，並由新業務勝利支撐；目標是在2030年前實現銷售額6%的年複合成長、調整後EBITDA 17%的年複合成長，以及自由現金流11%的年複合成長。支撐該成長的是我們營運面的根本改善，包含結構性成本降低、製造卓越，以及聚焦於正確的傳統產品、售後市場與應用技術組合的紀律，目標皆在達成同業前四分位的利潤率。

At the same time, we're focused on accelerating free cash flow generation, with free cash flow expected to grow from roughly $300 million today to $600 million by 2030, and deploying that cash in ways that consistently increase shareholder value.

同時，我們也聚焦加速自由現金流的創造，預期自由現金流將從目前約3.00億美元成長至2030年的6.00億美元，並以能持續提升股東價值的方式部署這些現金。

Importantly, the targets remain unchanged, approximately $10 billion of revenue by 2030, 14% to 15% adjusted EBITDA margins, and around 6% free cash flow margin, which we believe position Dana for sustained value creation and multiple expansion over the long term. We are off to a great start to achieve them and intend to continue to execute strongly throughout this year and the years to come.

重要的是，目標維持不變：2030年營收約100億美元、調整後EBITDA利潤率14%至15%，以及約6%的自由現金流利潤率；我們相信這些目標將使Dana在長期具備持續創造價值與估值倍數擴張的定位。我們已取得良好開局以達成這些目標，並打算在今年及未來幾年持續強力執行。

Thank you, and I will now turn the call back over to Regina for any questions.

謝謝，接下來我把電話交回Regina，進行提問。

(Operator Instructions) Tom Narayan, RBC Capital Markets.

(接線員指示) Tom Narayan，RBC資本市場。

Tim, I wanted to get back to that slide 15 that you were talking about, the one that we saw at the Capital Markets today. Just trying to understand, like, how do we think about those green buckets, the billion dollars-worth Traditional aftermarket applied technology. I know aftermarket, you said there's market share games in there.

Tim，我想回到你剛才提到的第15頁投影片，也就是我們在資本市場日看到的那一張。我只是想理解一下，我們該如何看待那些綠色區塊，也就是價值10億美元的傳統、售後市場、應用技術。我知道售後市場那塊，你提到其中有市占提升。

I mean, what, like, is the traditional product, is that kind of the easier to get and then it kind of gets harder to get as we go down that chain, aftermarket and then applied technology the hardest to get? Like, just trying to see, and also the cadence of what you can get sooner rather than later as we get to 2030. Just trying to understand as we get trying to get proof points and converting those greens to blues.

我的意思是，像是，傳統產品是不是比較容易拿到，然後沿著那條鏈往下走就會越來越難拿到——售後市場再來，應用技術是最難拿到的？就是想釐清一下，還有在邁向 2030 的過程中，你們能較早拿到、而不是較晚拿到的節奏是什麼。只是想了解在我們嘗試取得佐證點、並把那些綠色轉成藍色的過程中會怎麼走。

Hey, Tom, thanks for the question. It's a good one.

嗨，Tom，謝謝你的問題。這是個好問題。

So, yes, I think the way to think about this, the $400 million in traditional products, that's probably think about it as it's our current product, we're gaining share, we're able to sell those -- I mean, to some respect, when you think about the Dakota program, we're using an existing plant, it's our core technology that's able to be applied at a very good incremental margin. That's obviously sitting in backlog, but you can think about that with our traditional price. That also does include traditional products that is some EV as well because we have obviously a very good portfolio of EV products that we can sell that need minimal amounts of application engineering, off-the-shelf products that we can continue to sell to the OEMs.

所以，是的，我認為可以這樣理解：傳統產品的 4 億美元，你可以把它視為我們目前的產品，我們正在提升市占，也能夠銷售這些——我的意思是，在某種程度上，當你想到 Dakota 專案時，我們使用的是既有工廠，是我們可套用的核心技術，而且能帶來非常好的增量毛利。那顯然已經在積壓訂單（backlog）裡，但你可以把它視為以我們傳統的價格來看。其中也包含一些傳統產品裡的 EV（電動車）項目，因為我們顯然有非常好的 EV 產品組合可以銷售，這些產品只需要極少量的應用工程，是現成（off-the-shelf）的產品，我們可以持續賣給 OEM。

You think through aftermarket, we continue to work on growing our aftermarket share. As we mentioned at the -- or as Brian mentioned at the Capital Markets Day, we have 30% or 35% market share when you think about our gasket business in Europe, and we have less than 5% in North America. We do believe and are making really good strides to deliver increases in our aftermarket business, especially around ceiling. And I think as we move through the next couple of quarters, we'll be able to share some more there, which will probably give you some more comfort around how we're going to fill that up. But we have very strong conviction in our ability to deliver that $200 million over the next three or four years.

再看售後市場（aftermarket），我們持續努力提升售後市占。如我們在——或如 Brian 在資本市場日提到的，若看我們在歐洲的墊片（gasket）業務，市占約 30% 或 35%，而在北美不到 5%。我們確實相信、也正在取得非常好的進展，能推動售後業務成長，特別是在密封（sealing）相關。我想在接下來幾個季度，我們會能分享更多細節，這大概也會讓你對我們要如何把那一塊填滿更有信心。但我們對於在未來三到四年達成那 2 億美元的能力有非常強的信念。

The last is applied technology. So that's clearly the one where we're taking our current technologies and developing products for new markets. Now, if you think about that, some of those are in defense where we're taking largely off-the-shelf commercial vehicle, even some light vehicle products and adapting them for use from a defense. Same would be true in powersports. So I think, well, that one probably has maybe a little bit longer tail. We are making, again, very strong inroads. We're receiving a lot of really inbound interest in a lot of these from various customers and we'll be able to share that too (multiple speakers) –

最後是應用技術（applied technology）。所以這顯然是我們把現有技術拿來開發新市場產品的那一塊。如果你這樣想，其中一些是在國防領域：我們把多數是現成的商用車、甚至一些輕型車產品，調整以符合國防用途。動力運動（powersports）也是同樣道理。所以我認為，那一塊可能需要更長的時間才能完全發酵。我們也再次強調，正在取得非常強的進展。我們從各種客戶那裡收到很多主動的詢問與興趣，我們也會能分享這些(multiple speakers) –

I was just going to add on the powersports side as an example, we've gotten over $200 million of RFQ opportunities in front of us. We're having workshops with the key players in that space. And they're really looking for kind of the automotive quality off-the-shelf product that we can bring to improve the performance of their vehicles, and so to Tim's point, we're expecting that those opportunities will begin to convert for us and launch kind of in the '28 timeframe. And we look forward to kind of giving you some more proof points as they'll become reality for us. But we feel really good about the progress so far.

我只是想補充一下，以動力運動為例，我們目前面前已經有超過 2 億美元的 RFQ（報價請求）機會。我們正在與該領域的關鍵玩家舉辦工作坊。他們其實在尋找的是我們能帶來的、具汽車等級品質的現成產品，用以提升他們車輛的性能；因此呼應 Tim 的觀點，我們預期這些機會會開始轉換，並大約在 2028 年左右進入量產上市。我們也期待在它們逐步成為現實時，能提供你更多佐證點。但就目前進度而言，我們感覺非常好。

Yeah, and look, we're going to do what we just laid out here with the Dakota pickup truck. We'll keep updating the schedule and moving those buckets from green to blue and showing you as we fill it up.

是的，而且你看，我們會照著剛才在這裡對 Dakota 皮卡所說的去做。我們會持續更新時程，並把那些區塊從綠色移到藍色，讓你看到我們如何把它填滿。

Got it.

了解。

If I could just do a quick follow-up on the '26 guidance. I guess IHS numbers came down after you guys gave this guidance at the end of Q4, and now you're raising your guidance effectively, so just curious, like -- so, I mean, obviously, your revised guidance incorporates the weaker light vehicle production, is that right?

如果我可以就 2026 年指引再快速追問一下。我想 IHS 的數字在你們於第四季末給出這個指引之後下修了，而你們現在等於是在上調指引，所以我只是好奇——也就是說，你們修訂後的指引已經納入較疲弱的輕型車產量了，對嗎？

Yeah, I mean, obviously, we have to look at our specific programs when we think through that, but we're confident in where we're at today, and we do think there's opportunity, especially in the commercial vehicle side in the back half of the year. I mean, we did see some softness in commercial vehicle in the first quarter, especially in Brazil. But we do -- we are watching that closely as we move through the year, but largely, we do see upside on the top-line from CV and as I mentioned, also from currency, when you look at our first quarter. I think we printed $65 million in currency up and so there's probably upside in currency as well from a top-line perspective.

是的，我的意思是，顯然我們在思考這件事時必須看我們特定的專案，但我們對目前的位置很有信心，而且我們確實認為今年下半年，特別是在商用車（CV）端有機會。我的意思是，我們在第一季確實看到商用車有些疲軟，尤其是在巴西。但我們會在今年推進過程中密切觀察；不過整體而言，我們確實看到營收端（top-line）在 CV 上有上行空間，而且如我提到的，從匯率來看也是如此，尤其看第一季表現。我想我們第一季匯率帶來的增量大約是 6,500 萬美元，所以從營收角度看，匯率也可能還有上行空間。

Emmanuel Rosner, Wolfe Research.

Emmanuel Rosner，Wolfe Research。

Curious if you could give us some sense of cadence for the earnings improvement throughout the year, going from the 9.2% margin this quarter to like the 10.6% at midpoint for the full year. I think the biggest driver seems to be continued cost performance and cost savings, but just curious if there's any specific cadence or seasonality to that?

想請教你們能否談談今年獲利改善的節奏：從本季 9.2% 的利潤率，到全年中點大約 10.6%。我認為最大的驅動因素似乎是持續的成本表現與成本節省，但想了解是否有任何特定的節奏或季節性？

Yes, as usual, Emmanuel. We're typically second and third are our stronger quarters, and then it tails off a little bit in the fourth quarter just given the production schedule. I would think that's probably how we can see it here. We're probably a little more weighted to third quarter just given the timing on some of the performance improvements, but generally, you can think about it the way we generally do, but probably more weighted the third and the second, but we should see an improvement in margin as we march through the two middle quarters of the year.

是的，一如往常，Emmanuel。我們通常第二季和第三季是較強的季度，然後第四季會因為生產排程的關係稍微走弱一些。我認為這裡大概也會是這樣的情況。由於部分績效改善的時點，我們可能會稍微更偏向第三季，但整體而言，你可以用我們一貫的方式來看，只是可能更偏第三季與第二季；而在一年中間兩個季度推進時，我們應該會看到利潤率改善。

Okay. And then on the light vehicle sales, so, I guess another or I guess performance yet another quarter of sort of like negative volume mix, at the top-line, but obviously pretty solid sort of like at the bottom line. I think you're flagged against sort of products mix. Can you just remind us what exactly is going on in there and as well as for the full year?

好的。另外關於輕型車銷售，我想又是一季在營收端（top-line）呈現某種負向的量/組合（volume mix）影響，但在獲利端（bottom line）顯然相當穩健。我想你們有提到是產品組合（products mix）。你能否提醒我們那裡到底發生了什麼，以及對全年也是如此嗎？

Yeah, so there's a couple of things in there. Some of it is pricing around EV. So we've been very successful in getting pricing on EV products despite because of the lower volume, so you're seeing lower volumes, but better pricing and better profitability coming through that. And then as we start to turn over some of these programs, we tend to have better profitability on them. So we're seeing refreshed in new programs coming through on that, which is essentially giving us, despite a little bit softer on the volume a much better conversion on the profitability.

是的，裡面有幾個因素。其中一部分是 EV（電動車）相關的定價。所以儘管因為量較低而導致出貨量下降，我們在 EV 產品的定價上仍然非常成功，因此你會看到量較低，但更好的價格與更好的獲利能力反映在結果中。另外，當我們開始汰換並導入一些新專案時，這些專案往往有更好的獲利能力。因此我們看到更新、導入的新專案在推進；本質上，即使量稍微偏弱，也讓我們在獲利轉換上表現更好。

Byron, I don't know if you have anything else to add.

Byron，我不確定你是否還有其他要補充的。

James Picariello, BNP Paribas.

James Picariello，法國巴黎銀行（BNP Paribas）。

Just a clarification question first, and I don't know if I only get one question or a follow-on.

我先問一個釐清問題，我不確定我是否只能問一題，或是可以再追問。

But operating cash flow is cited in the press release at a $156 million use of cash for the quarter. And then if we just bridge that against the adjusted free cash flow, right, that would imply $39 million in CapEx, but the slide deck refers to $61 million in CapEx. So apologies if I missed the clarification on that.

不過新聞稿中提到本季營運現金流為使用現金1.56億美元。如果把它和調整後自由現金流做一個銜接（bridge），那會推算出資本支出約3,900萬美元，但簡報投影片卻提到資本支出為6,100萬美元。如果我漏聽了相關說明，先跟你致歉。

Yeah, it's just some of the adjustments. And when we file the Q, we'll give you the full breakdown, but some of it has to do with how we're classifying some of the -- we still have some one-time costs coming through from the transaction, but we can help you clean that up when we give you the walks.

對，主要是一些調整項目。等我們提交Q表（季報）時，會給你完整的拆解，但其中一部分與我們如何分類某些項目有關——我們仍有一些因交易而產生的一次性成本在流入，不過等我們提供銜接表（walks）時，可以協助你把這部分釐清。

Okay, and then just any order of magnitude on the operating lease buyouts that I think you said have a second quarter timeframe?

了解，那關於你提到可能在第二季發生的營運租賃買斷（operating lease buyouts），大概的量級會是多少？

Yeah, they'll certainly be -- I mean, we're still in negotiations on some of these, but it certainly is -- it's tens and tens of millions of dollars as we go through, but I don't want to get too far ahead given we're in the midst of negotiating some of this stuff.

對，這些金額肯定會——我的意思是，我們仍在就其中一些進行談判，但確實會是數千萬、數千萬美元的等級；只是因為我們正處於談判中，我不想講得太超前。

It's a sizable number, and it's some of the plants that we've -- when we were a bit constrained around capital that we ended up leasing, but from our view, it's -- these are facilities we should own because they're core facilities. And again, we're using the proceeds from the off-highway sale, which was our intention to pay for this.

這是一個相當可觀的數字，且涉及一些工廠——之前在資本較受限時，我們最後選擇用租賃方式；但從我們的角度看，這些是核心設施，我們應該持有而不是租賃。而且我們會使用出售非公路（off-highway）業務的所得款項來支付，這本來就是我們的意圖。

Yeah, it's probably also just worth noting. This is like a one-time catch-up. We've gone through and said, hey, our core manufacturing facilities we should own, not lease, and there's a handful that we leased, and it's a one-time adjustment using our cash to clean it up.

對，另外也值得一提。這有點像一次性的補課（catch-up）。我們檢視後認為，核心製造設施應該自有而非租賃；我們有少數幾個是租的，這是一次性的調整，用我們的現金把它整理乾淨。

Joe Spak, UBS.

Joe Spak，瑞銀（UBS）。

I wanted to talk a little bit about how you're thinking about the incremental margins on the backlog because you've mentioned in the past you're getting some higher margin categories here. And then even on this Dakota win, you clearly called out utilizing existing capacity, minimal capital investment. So it seems like it could come on pretty strongly and I just wondered if you could elaborate on that.

我想談談你們如何看待在手訂單（backlog）的增量利潤率（incremental margins），因為你們過去提過目前拿到一些毛利較高的品類。而且就這次Dakota的得標案，你們也明確提到會利用既有產能、資本投資很少。所以看起來它的貢獻可能會很強，我想請你們再多說明一下。

Yeah, for sure. I mean, I think the Dakota win is a great example where we've got a pretty substantial footprint today supplying the Wrangler and Gladiator. So this program will drop basically right into that footprint for both the final assembly as well as our component plant. So our ability to leverage all the fixed cost that's in place for those plants should deliver very strong contribution margin on the incremental sales here.

當然。我認為Dakota的得標是個很好的例子：我們目前在供應Wrangler和Gladiator方面已經有相當可觀的佈局（footprint）。因此這個專案基本上可以直接納入這個佈局，涵蓋最終組裝以及我們的零組件工廠。所以我們能夠運用這些工廠既有的固定成本槓桿，應可在新增銷售上帶來非常強的貢獻毛利（contribution margin）。

Yeah, but Joe, don't forget, our customer also knows that as well (laughter), so keep that in mind. The customer knows where we're going to assemble and what we have. But we would agree, the new programs -- and don't forget, as we move through the product lifecycle, they tend to get less profitable over time given some of the give backs and whatnot. So that's part of it as well. But I agree, they should come on at good margins for us.

對，不過Joe，別忘了，我們的客戶也知道這一點（笑）。客戶知道我們會在哪裡組裝、我們有哪些既有資源。但我們同意，新專案——而且別忘了，隨著產品生命週期推進，因為一些讓利（give backs）之類的因素，通常獲利性會隨時間下降。這也是其中一部分。不過我同意，對我們來說，初期應該會有不錯的利潤率。

Okay. And then just one quick one on the guidance. I know -- I'm just curious about the commercial vehicle market view, actually, which is still flat, even though I think there's views out there that that could be up now this year. So I just want to be sure. You're saying you're trending to the high end even with a flattish commercial vehicle environment and then if (multiple speakers) --?

了解。另外再快速問一個關於指引（guidance）。我其實想確認一下你們對商用車市場的看法：你們仍然假設持平，但我想外界有些觀點認為今年可能會成長。所以我想確認一下。你們是說即使商用車環境偏持平，你們仍朝向區間高端走，然後如果(多位講者) --？

No, Joe, that includes some thought around the commercial vehicle market. Don't forget it's North American Class 8. But at the same time, we have a pretty sizable medium-duty business and medium-duty business is still flat, it's soft, it's actually a little down. So our mix is a little bit different and then it's mostly line haul, which we have, again, we don't have as large a representation in as the overall market.

不是的，Joe，這裡面已經包含了對商用車市場的一些考量。別忘了這指的是北美Class 8。但同時，我們在中型卡車（medium-duty）業務的比重也相當大，而中型卡車仍然持平、偏弱，實際上還有點下滑。所以我們的組合（mix）有點不同；另外我們主要是長途運輸（line haul），而在這一塊我們的代表性（representation）也沒有整體市場那麼高。

So those are why we're still seeing -- we're being a little bit more cautious, but certainly, we're starting to see those back half. And then, of course, our South American business was weak in the first quarter and we got to keep an eye on that as well.

因此這些就是我們仍然——我們會稍微更保守一些的原因，但確實我們開始看到下半年會有改善。當然，我們南美業務在第一季偏弱，這部分也需要持續關注。

Colin Langan, Wells Fargo.

Colin Langan，富國銀行（Wells Fargo）。

Just unusual question, I guess. But why not delay the earnings call until you have sort of more full financials? Usually, it's sort of unusual that we don't have like it's actually less information than the Q4 release. Yeah, what is the thought process there? It seems unusual to me, I guess, maybe as a former accountant (laughter).

我想這是一個有點不尋常的問題。但為什麼不把法說會延後，等你們有更完整的財務報表再開？通常我們沒有像——實際上資訊比Q4的發布還少，這有點不尋常。你們的思考是什麼？對我來說有點奇怪，可能因為我以前是會計(笑)。

Colin, I think we would agree, we would like to be here with our usual cadence of filing the queue this afternoon. We just continue to work through all the aspects of the transaction and tariffs and the like. And so we already had this scheduled and so we wanted to make sure we got the information out on sales and EBITDA on our normal schedule. So agree, I think we see us in the second quarter, we'll be back to our normal cadence.

Colin，我想我們同意，我們也希望能按照一貫節奏，在今天下午提交季報（Q）。只是我們仍在處理交易、關稅等各方面的事項。而且這場會議先前就已排定，所以我們希望仍能在正常時程對外提供銷售與EBITDA資訊。所以同意，我們預期到第二季就會回到正常節奏。

And then if I look at slide 13 with the full year guidance, everything is identical to Q4, yet we've had S&Ps lowered, raw materials been all over the place, effects moved all over the place. Is really everything not changed or is it just you're trying to signal that nothing has materially changed from what you had last (multiple speakers) (laughter) --?

另外，如果我看投影片13的全年指引，所有內容都和Q4一模一樣，但這段期間信用評等（S&Ps）下調、原物料價格大幅波動、匯率也大幅波動。真的完全沒有變嗎？還是你們只是想傳達，和上次給的相比沒有實質性變化(多位講者)（笑）--？

Yeah, I think what we're saying is, hey, we're still inside of our range. We're probably trending to the upper end of the range, driven by potentially some upside in CV and then a bit higher tariff and currency will -- if you just look, we're at [$60 million, I think we printed $65 million] in the quarter. So you just trend that, currency alone would drive us to the upper end.

對，我想我們要表達的是：我們仍在原先區間內。我們可能正朝區間上緣走，動能來自商用車（CV）可能有些上行空間，另外關稅與匯率也會——如果你看本季，我們是[6,000萬美元，我想我們實際印出6,500萬美元]。所以如果照這個趨勢推算，光是匯率就會把我們推到區間上緣。

We really didn't -- like when you think about the business itself, those are the drivers taking us to the higher in the range. So we're still in the range of what we gave, and so we didn't go and kind of mix through the buckets. But we feel like we'll likely be at the upper end of the range.

我們其實沒有——如果你看業務本身，這些就是把我們推向區間較高端的驅動因素。所以我們仍在先前給的區間內，因此沒有再去把各個桶子（buckets）重新混配。但我們覺得很可能會落在區間上緣。

You mentioned tariffs in there, so it's commercial vehicles better, currencies better, and then what is the tariff change (multiple speakers) --?

你在那裡提到了關稅，所以是商用車更好、匯率更好，然後關稅變動是什麼(多位發言者) --？

Just some of the timing and the recoveries around tariffs may be a little bit higher than what we have here.

只是關於關稅的部分時點與回收，可能會比我們這裡所反映的略高一些。

James Mulholland, Deutsche Bank.

James Mulholland，德意志銀行。

Just as a quick follow-up on the commercial vehicle market, you've talked about some recovery in North America and South America. But conversely, has there been any discussion or concerns about the higher energy prices could impact any recovery we might be seeing in Europe's production?

就商用車市場做個快速追問，你們談到北美與南美有一些復甦。但反過來說，是否有任何討論或擔憂，較高的能源價格可能會影響我們在歐洲產量所看到的任何復甦？

Have orders seen any improvements? It sounds like the truckers earlier today and last week came out. They sounded pretty positive. But any color that you could give there would be great.

訂單有看到任何改善嗎？聽起來今天稍早以及上週卡車業者出來發言。他們聽起來相當正面。但如果你能提供一些補充說明就太好了。

And then I have a follow-up. Thanks.

然後我還有一個追問。謝謝。

Yeah, no, I mean, our European CV business is relatively modest. So we don't see it being overly impacted or any softness there overly impacting our overall results. Or our view of the way the year will come out.

是的，不，我的意思是，我們在歐洲的商用車（CV）業務規模相對不大。所以我們不認為它會受到過度影響，或任何疲弱會對我們整體結果造成過度影響。或影響我們對今年最終表現的看法。

And then I guess just looking at your walk for the rest of the year, as you think about, I guess, the $125 million in performance and cost savings, excluding the stranded cost elimination, do either segments have more room to run there or are the savings going to be generally proportional? And then from a cadence standpoint, should we think about it as relatively steady or really back half weighted?

另外我想就你們對今年剩餘期間的橋接（walk）來看，關於那 1.25 億美元的績效與成本節省（不含閒置成本消除），兩個事業部門是否有更多空間可以再推進，還是節省將大致按比例分配？再從節奏（cadence）的角度，應該把它視為相對平穩，還是明顯偏向下半年？

So on the performance, it generally sized to the size of the business. So you can -- it'll follow generally that split.

就績效而言，它通常會依照業務規模來配置。所以你可以——它大致會跟著那個分拆比例走。

And I'm sorry, your second piece of that question.

抱歉，你問題的第二部分是什麼？

It was just on the cadence. I know I think you mentioned what Emmanuel asked earlier that there could be some a little bit more in third quarter. So should we think of it as more back half-weighted just in general?

就是節奏的部分。我知道你剛才提到 Emmanuel 先前問的問題時說，第三季可能會多一些。所以整體而言，我們是否應該把它視為更偏向下半年？

Yes, I mean, yes, but I think in general, we're in the middle two quarters will be better. I mean, our fourth quarter, just given production schedules and the holidays, it generally is a softer quarter. But I think if you think about our middle two quarters being generally our best two performing quarters, that's probably more weighted to the third than the second given what our historical performance is. But I don't know that I'd say it's absolutely back half but because of the way fourth quarter generally runs.

是的，我的意思是，是的，但我認為整體來看，我們中間兩個季度會更好。也就是說，我們第四季因為生產排程與假期因素，通常會是較疲弱的一季。但如果你把中間兩個季度視為我們一般表現最好的兩季，那麼依照我們的歷史表現，權重可能更偏向第三季而不是第二季。不過我不確定我會說它絕對是偏下半年，因為第四季通常的運行方式就是如此。

Dan Levy, Barclays.

Dan Levy，巴克萊。

Maybe we could just double-click on the commodity exposure, which maintains a headwind of $15 million on the EBITDA line. And so I know that you have indexing in place, and you're more exposed on steel, which hasn't moved as much. But maybe you could just talk about broadly what you've been seeing on the inflationary side, your exposure to things like aluminum or freight or other oil-based exposures, is there any risk that on the inflationary or raw mat side that that could be something that deteriorates?

也許我們可以再深入看一下大宗商品曝險，EBITDA 端仍維持 1,500 萬美元的不利因素（headwind）。我知道你們有做指數化（indexing），而且你們較多曝險在鋼材，鋼材價格變動沒那麼大。但也許你可以廣泛談談你們在通膨面看到的情況，你們對鋁、運費或其他以油為基礎的曝險等項目的曝險如何？在通膨或原物料端，是否有任何風險會使情況惡化？

I mean, I think we're obviously watching it closely. We're continuing to see what happens. Obviously, oil impacts a lot because it goes into -- even if it's only transportation, everything that we buy.

我的意思是，我想我們顯然在密切關注。我們會持續觀察後續發展。很明顯，油價影響很大，因為它會反映到——即使只是運輸成本——我們購買的所有東西上。

I think from us, if anything, it's a timing issue based on when the costs come through and when we get the recoveries because we're on a lag for most of these indexed programs. But we're watching it. Right now, we don't see it as a big potential issue for us. We'll continue to work through it. I think if you look through over the last few years, the recovery mechanisms we have in our contract, with our customers have worked very, very well, and we continue to have those dialogues with our customers to make sure we're in front of it.

我想對我們而言，如果真有什麼影響，更多是時點問題，取決於成本何時進來，以及我們何時取得回收（recoveries），因為對於大多數這些指數化專案，我們的回收是有落後期（lag）的。但我們正在關注。目前我們不認為這對我們會是很大的潛在問題。我們會持續處理。我想如果你回顧過去幾年，我們合約中與客戶的回收機制運作得非常、非常好，我們也會持續與客戶對話，確保我們能提前因應。

And for some of the inputs like the oil or transport, freight where you're probably not indexed, I assume the mechanism is such that this would just be part of normal, of course, commercial discussions with your customers and you have confidence that you would get fully reimbursed on the inflation over time.

至於一些投入項目，例如油價或運輸、貨運等你們可能沒有做指數化的部分，我猜機制就是把它納入與客戶的日常、也就是一般的商業協商中，你們有信心隨時間推移能就通膨部分獲得全額補償。

Yeah, that's right. That's exactly how it will work. And we've been through this cycle before, so we'd be in front of our customers working through recovery mechanisms for those items.

對，沒錯。就是會這樣運作。而且我們以前也經歷過這個循環，所以我們會走在客戶前面，針對這些項目一起推進回收機制。

Okay, thank you.

好的，謝謝。

Just as a follow-up, you talked about earlier the volume mix benefit really left some of the EV pricing. We're seeing a number of the automakers put out in these large impairment numbers, which reflect payments to suppliers. Maybe you could just unpack, are the benefits you're seeing within volume mix on EV pricing, are these one-time benefits or is this a structural repricing of the contract such that you don't see any reversal in subsequent years beyond this year?

再追問一下，你先前談到量價組合（volume mix）帶來的效益，確實反映了一些電動車（EV）定價。我們看到不少車廠公布了很大的減損金額，其中反映了對供應商的付款。也許你可以再拆解一下：你們在量價組合中看到的 EV 定價效益，是一次性的效益，還是合約的結構性重新定價，因此你們不預期在今年之後的後續年度會出現回吐？

It's generally the latter. For ongoing programs, we're getting pricing that comes through over the course of the program.

一般來說是後者。對於持續中的專案，我們取得的定價會在專案期間逐步反映出來。

Okay, with that, we're going to close the call. I want to thank you again for attending our call. Thanks for the questions and continued interest in Dana and the Dana 2030 plan.

好的，那麼我們就結束本次電話會議。再次感謝各位參加我們的電話會議。謝謝各位的提問，以及持續關注 Dana 與 Dana 2030 計畫。

I do want to take the opportunity to thank Bruce for his leadership as our CEO -- Chairman and CEO, and we look forward to continuing to partner and work closely together with Bruce in his role as Chairman going forward.

我也想藉此機會感謝 Bruce 以我們的 CEO——董事長兼執行長身分所展現的領導力，我們也期待未來在 Bruce 擔任董事長的角色下，持續與他合作並密切共事。

And I also want to take the opportunity to thank our customers and the Dana team for delivering a great quarter and a great start to the year.

我也想藉此機會感謝我們的客戶以及 Dana 團隊，交出了一個很棒的季度，以及一個很棒的年度開局。

Have a great rest of the day, and we'll talk to you soon.

祝各位今天剩餘時間愉快，我們很快再聊。

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

今天的電話會議到此結束。感謝各位加入。您現在可以掛線。