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    Gautam Narayan • RBC Capital Markets

    Gautam Narayan's questions to Lucid Group Inc (LCID) leadership

    Gautam Narayan's questions to Lucid Group Inc (LCID) leadership • Q4 2024

    Question

    Gautam Narayan from RBC Capital Markets inquired about the specifics of Peter Rawlinson's new advisory role, whether the 6x total addressable market (TAM) for Gravity still holds, the potential impact from changes to IRA-related lease credits, and the status of licensing discussions with large OEMs.

    Answer

    Interim CEO Marc Winterhoff clarified that Peter Rawlinson's role is a senior technical advisor to the Chairman, with no day-to-day involvement. He affirmed the TAM for Gravity has not changed and that the current production guidance is supply-constrained, not demand-constrained. He added that the guidance already anticipates potential regulatory changes to the IRA and that higher-priced Gravity orders have lower price elasticity. Regarding OEM talks, he stated that while some are introductory, others are much further along and involve existing technology like the Zeus powertrain.

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    Gautam Narayan's questions to Dana Inc (DAN) leadership

    Gautam Narayan's questions to Dana Inc (DAN) leadership • Q4 2024

    Question

    Gautam Narayan of RBC Capital Markets inquired about the progress of the off-highway business divestiture, asking if the Q2 signing timeline is based on specific bidder interest. He also questioned the flat 2025 light vehicle guidance and requested a segment breakdown for the new business backlog.

    Answer

    CEO R. McDonald confirmed the divestiture process is 'well along' with multiple parties, supporting the early Q2 signing target. He clarified the light vehicle outlook is specific to Dana's key full-frame truck programs with Ford and Stellantis, not the broader market. He also stated the 'vast majority' of the backlog resides within the Light Vehicle and Power Technologies segments.

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    Gautam Narayan's questions to Dana Inc (DAN) leadership • Q3 2024

    Question

    Gautam Narayan asked for clarification on the 2024 guidance changes, specifically why traditional organic EBITDA remained stable despite a $345 million revenue drop, and the mechanics behind the significant $45 million reduction in EV EBITDA guidance.

    Answer

    Timothy Kraus, SVP & CFO, explained that the traditional business's stability was due to strong cost efficiencies and favorable mix, as the sales decline was concentrated in lower-margin heavy vehicle markets. For the EV segment, Kraus attributed the sharp EBITDA drop to a dramatic falloff in demand, an unfavorable product mix change, and ongoing launch costs for new programs, particularly in battery cooling within Power Technologies.

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    Gautam Narayan's questions to Magna International Inc (MGA) leadership

    Gautam Narayan's questions to Magna International Inc (MGA) leadership • Q4 2024

    Question

    Gautam Narayan asked about the drivers for the decremental margins in the Seating segment for the 2025 outlook. He also followed up on portfolio strategy, asking about the role of synergies between business lines when considering divestitures, given the stock's apparent sum-of-the-parts discount.

    Answer

    CEO Seetarama Kotagiri explained that Seating margin pressure is due to input costs, lower program volumes, and a negative EV mix, but noted the business is operationally stable. Regarding synergies, he highlighted benefits in purchasing and technology proliferation but stressed these would not prevent a divestiture if a compelling strategic case existed. CFO Patrick McCann added that SG&A and tax planning synergies are also significant considerations.

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    Gautam Narayan's questions to Aptiv PLC (APTV) leadership

    Gautam Narayan's questions to Aptiv PLC (APTV) leadership • Q4 2024

    Question

    Gautam Narayan inquired about the level of OEM interest in Aptiv's advanced ADAS solutions and the outlook for the User Experience (UX) business. He also asked if the concern about a semiconductor shortage is an industry-wide issue.

    Answer

    CEO Kevin P. Clark reported growing OEM interest and discussions for their cost-effective, open-architecture ADAS solutions, expecting significant bookings in 2025. For UX, he noted the business model has shifted, with Aptiv's focus now on integrated cockpit controllers. Regarding semiconductors, he confirmed the concern is an industry-wide dynamic, driven by AI advancements pulling compute capacity, which is why a potential inventory build is factored into the cash flow outlook.

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    Gautam Narayan's questions to Mobileye Global Inc (MBLY) leadership

    Gautam Narayan's questions to Mobileye Global Inc (MBLY) leadership • Q4 2024

    Question

    Gautam Narayan of RBC Capital Markets sought clarification on the timing of imminent design wins and questioned if the market for 'good enough' L2+ systems poses a risk to the adoption of true eyes-off technology.

    Answer

    CEO Amnon Shashua and Executive Daniel Galves reiterated that nomination for a surround ADAS program is 'imminent' and a SuperVision decision is expected within months, while avoiding a precise date. Shashua addressed the L2+ risk by stating it's not a concern because Mobileye is developing both eyes-on (SuperVision) and eyes-off (Chauffeur) systems simultaneously with different partners, positioning the company to succeed regardless of which technology level prevails.

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