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    Douglas Dutton • Evercore ISI

    Douglas Dutton's questions to Aurora Innovation Inc (AUR) leadership

    Douglas Dutton's questions to Aurora Innovation Inc (AUR) leadership • Q2 2025

    Question

    Douglas Dutton of Evercore ISI asked if the trucks being added to the fleet by year-end would be dedicated to specific customers. He also inquired about the methodology for calculating and forecasting driverless miles.

    Answer

    CEO Chris Urmson stated that trucks will not be allocated to specific customers; instead, Aurora will provide freight-moving capacity and fulfill demand with its available fleet. CFO David Maday advised that the focus is on growing total driverless miles, which depends on lane length and unlocked capabilities like day/night operations, making it a better success metric than truck count.

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    Douglas Dutton's questions to Lithia Motors Inc (LAD) leadership

    Douglas Dutton's questions to Lithia Motors Inc (LAD) leadership • Q2 2025

    Question

    Douglas Dutton from Evercore ISI asked for clarification on the full-year 2025 guidance for finance operations income, noting a potential contradiction between the presentation deck's $50-60 million target and commentary suggesting stronger growth.

    Answer

    SVP of Finance Chuck Lietz clarified that the 'financing income' segment includes other businesses beyond the U.S.-based DFC, such as a finance company in Canada and a fleet management company in the UK. President & CEO Bryan DeBoer added that seasonality affects the quarterly progression and that the year-over-year growth from $10 million last year to a guided $60-70 million this year is substantial.

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    Douglas Dutton's questions to Lithia Motors Inc (LAD) leadership • Q1 2025

    Question

    Douglas Dutton asked how Lithia's dealers are managing potential consumer pre-buying ahead of tariffs and preparing for any subsequent demand hangover. He also inquired about incentive discipline and whether there was an opportunity to reduce incentives amid the recent demand surge.

    Answer

    President and CEO Bryan DeBoer downplayed the risk of a 'hangover,' stating that any pull-forward of demand was light and that 50% of Lithia's vehicle mix is unaffected by the proposed tariffs. He believes the market will remain competitive, ensuring affordability. On incentives, he noted they remain low, giving manufacturers flexibility, and pointed to rising lease penetration as a sign of strengthening OEM support.

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    Douglas Dutton's questions to Lithia Motors Inc (LAD) leadership • Q3 2024

    Question

    Douglas Dutton questioned if the sequential decline in new vehicle GPUs was a deliberate strategy to drive volume and asked for clarification on the share repurchase math for the full year.

    Answer

    CEO Bryan DeBoer stated there was no concerted effort to trade GPU for volume, attributing the change to market dynamics. CFO Tina Miller clarified the repurchase strategy, noting the company has already repurchased a significant $273 million in shares year-to-date and will continue to balance cash generation, leverage, and M&A opportunities with shareholder returns.

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    Douglas Dutton's questions to AutoNation Inc (AN) leadership

    Douglas Dutton's questions to AutoNation Inc (AN) leadership • Q2 2025

    Question

    Douglas Dutton from Evercore ISI questioned the recent decline in PP&E CapEx, asking if this was by design and whether a lower run-rate should be expected going forward.

    Answer

    CFO Thomas Szlosek explained the trend is not a concerted effort to reduce CapEx but is influenced by the cyclical nature of OEM-mandated store upgrades, coupled with a tightened internal process focused on returns. CEO Michael Manley reinforced this, stating that the increased rigor in the capital approval process ensures all spending, including maintenance, is scrutinized for its ability to generate returns, which has instilled greater discipline across the organization.

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    Douglas Dutton's questions to AutoNation Inc (AN) leadership • Q4 2024

    Question

    Douglas Dutton from Evercore ISI asked about the significant decrease in SG&A as a percentage of gross profit, questioning if it was due to structural changes. He also inquired about the sustainability of After-Sales gross margin improvement and if there's a natural limit to what customers will pay for repairs.

    Answer

    CFO Tom Szlosek explained the Q4 SG&A improvement was primarily due to strong gross profit leverage, not a structural shift, and guided for a seasonal rise in Q1 before modest improvement. Regarding After-Sales, Szlosek and CEO Mike Manley noted the 110 bps margin expansion was driven by a favorable mix (more Warranty and Customer Pay work) and productivity, and is not a sustainable quarterly run-rate. Manley added they price competitively based on market data and value provided.

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    Douglas Dutton's questions to AutoNation Inc (AN) leadership • Q3 2024

    Question

    Douglas Dutton from Evercore ISI asked for an estimate of the operational and CapEx impact from Hurricane Milton. He also questioned if new vehicle GPUs could be flat to up sequentially in Q4 before resuming their normalization trend, given potential volume-for-margin trades in Q3.

    Answer

    CFO Tom Szlosek stated that the impact from Hurricane Milton appears modest, with limited vehicle damage and no significant incremental CapEx expected. CEO Mike Manley responded that he does not expect GPUs to be flat or up in Q4; despite a seasonal premium luxury mix benefit, he anticipates continued downward pressure on margins as OEMs increase incentives to position for 2025. Tom Szlosek added there would be no GPU 'snapback' from the CDK outage.

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    Douglas Dutton's questions to Magna International Inc (MGA) leadership

    Douglas Dutton's questions to Magna International Inc (MGA) leadership • Q1 2025

    Question

    Douglas Dutton from Evercore ISI questioned the weak margins in the Body & Exteriors (BES) segment and the accounting treatment for tariff costs that have been paid but not yet recovered from customers.

    Answer

    CFO Patrick McCann explained that BES margins are expected to strengthen through the year, consistent with the historical pattern of commercial recoveries occurring in the second half. He clarified that accounting rules require tariff costs to be expensed until a formal recovery agreement is in place, and this lag is expected to be the norm, similar to other commercial negotiations.

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