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    Jairam Nathan • Daiwa

    Jairam Nathan's questions to Union Pacific Corp (UNP) leadership

    Jairam Nathan's questions to Union Pacific Corp (UNP) leadership • Q1 2025

    Question

    Jairam Nathan of Daiwa asked how the company would manage its capital return plan, particularly share repurchases, if an economic downturn becomes more severe or prolonged.

    Answer

    CFO Jennifer Hamann highlighted the strong start to the year's buyback program, having completed nearly half of the annual $4.0B to $4.5B target in Q1. She reiterated confidence in the full-year range but emphasized that share repurchases are the 'flexible lever' in their capital plan and can be scaled back if the economic environment changes dramatically.

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    Jairam Nathan's questions to Autoliv Inc (ALV) leadership

    Jairam Nathan's questions to Autoliv Inc (ALV) leadership • Q1 2025

    Question

    Jairam Nathan asked about the company's flexibility to increase cost reductions if market conditions worsen. He also inquired about the potential margin and capacity implications of Japanese OEMs shifting production to the U.S.

    Answer

    CEO Mikael Bratt affirmed that Autoliv has additional levers to pull for cost reduction if a dramatic market shift occurs, beyond the current strategic initiatives. Regarding production shifts by Japanese OEMs, he noted that Autoliv has well-defined procedures for platform relocations, which would involve a program reset and new calculations. He sees Autoliv's global footprint as an advantage in supporting these customer moves.

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    Jairam Nathan's questions to Autoliv Inc (ALV) leadership • Q1 2025

    Question

    Jairam Nathan asked about Autoliv's flexibility to increase its cost reduction efforts if market conditions worsen and inquired about the potential margin and capacity impacts from Japanese OEMs shifting production back to the U.S.

    Answer

    CEO Mikael Bratt affirmed that the company has high flexibility and 'more levers to pull' for cost reduction if a dramatic market shift occurs. Regarding production shifts by Japanese OEMs, he described it as 'not very dramatic' for Autoliv, citing the company's well-defined processes for platform moves and its supportive global footprint. He added that any meaningful volume impact would take time to materialize.

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    Jairam Nathan's questions to Autoliv Inc (ALV) leadership • Q3 2024

    Question

    Jairam Nathan asked about the long-term trend for safety content per vehicle among Chinese local OEMs and questioned if the higher engineering income in Q3 was a pull-forward from Q4.

    Answer

    CEO Mikael Bratt confirmed a clear upward trend in safety content in China, noting that premium Chinese OEM models now have content levels equal to global OEMs. CFO Fredrik Westin clarified that the Q3 engineering income was not extraordinary and that normal seasonality is still expected for Q4.

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    Jairam Nathan's questions to Cognex Corp (CGNX) leadership

    Jairam Nathan's questions to Cognex Corp (CGNX) leadership • Q4 2024

    Question

    Jairam Nathan asked for an update on the progress of the Moritex acquisition objectives and inquired about the impact of a potential trend in logistics from 'scanning to sensing'.

    Answer

    CEO Robert Willett expressed that they are very pleased with the Moritex integration, highlighting progress in selling its technology to existing Cognex customers, globalizing its business, and integrating its optics into core products. Regarding 'scanning to sensing,' he noted that while barcodes remain key, there is a growing opportunity to use machine vision for package recognition, a journey Cognex is exploring with its customers.

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    Jairam Nathan's questions to Caterpillar Inc (CAT) leadership

    Jairam Nathan's questions to Caterpillar Inc (CAT) leadership • Q3 2024

    Question

    Jairam Nathan requested an update on Caterpillar's market position and product freshness in China, especially in the context of potential government stimulus.

    Answer

    Chairman and CEO Jim Umpleby reiterated that China represents less than 5% of the company's total sales and that the market, primarily for excavators above 10-tons, remains very weak. While Caterpillar maintains a significant operational footprint in the country, he stated it is too early to see any impact from recent stimulus measures.

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