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CEO Jason Trevisan detailed the $14-19 million in wind-down charges, breaking them into one-time restructuring costs, near-term operational burn, and non-cash charges, confirming the absorbed $1 million quarterly expense is recurring. Regarding Amazon, both Trevisan and President and COO Sam Zales reiterated their confidence in CarGurus' competitive moats, such as dealer trust, data advantages, and a superior user experience for a complex, emotional purchase. Zales added that dealer feedback on Amazon's initiative indicates low volume so far.

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President and COO Sam Zales explained that pricing is based on value delivered (lead volume and quality), not seasonality, giving them leverage due to their #1 ROI ranking. He noted QARSD grows via new dealer pricing and annual reviews of existing accounts. Zales described the Q3 used car market as stronger than typical but noted that dealers rely on CarGurus most in weaker periods, like a typical Q4.

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CFO Sonia Jain clarified that revenue growth will accelerate into Q4, as the benefits of repackaging and new dealer additions fully accumulate. She also confirmed OEM revenue is expected to be a tailwind in the second half of 2025, not just a 2026 story. CEO Alex Vetter acknowledged Amazon as a potential threat but emphasized Cars.com's deep vertical integration and strong brand as durable advantages, noting that dealer feedback suggests Amazon has gained little traction so far.

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CFO Sonia Jain explained that while the subscription business is stable, discrete shifts in the more volatile media and OEM revenue can significantly impact overall results, reducing certainty for a specific guidance range. She affirmed confidence in achieving year-over-year growth in both dealer and OEM revenue. CEO Alex Vetter stated that while not broken out, revenue mix mirrors the market, with 15-20% tied to new cars. Jain added that independent dealers constitute about one-third of the marketplace mix.

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CFO Sonia Jain attributed the lower Q1 margin guidance to the Q4 dealer revenue exit rate and significant investment in the DealerClub integration, with margins expected to ramp seasonally as back-half weighted growth initiatives take hold. CEO Alex Vetter discussed AI pilots that have lifted dealer appointment rates by 20% by handling lead volume, but stated it was difficult to quantify a dedicated AI investment as the goal is to embed AI pervasively across the business.

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CEO Alex Vetter stated that while hurricanes caused a temporary regional dip in traffic, it was followed by a record rebound in demand. He noted a durable trend of dealers prioritizing sourcing cars from private sellers for higher profitability, which is driving strong interest and adoption of AccuTrade regardless of overall inventory levels.

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Jerome Dorlak, President, CEO & Director, confirmed that the recent Nissan and other Asian OEM onshoring wins represent net new incremental revenue of $150-200 million. He clarified the 600,000-unit opportunity is business Adient does not currently have, positioning the company as a net beneficiary. Mark Oswald, EVP & CFO, added that positive business performance is expected to be a tailwind into 2026, with overall production volumes being the primary variable.

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President and CEO Jerome Dorlack explained that the 'roadmap' for tariff mitigation involves a mix of ongoing price negotiations and component resourcing actions. EVP and CFO Mark Oswald noted that EMEA's strong Q2 performance was lumpy and not indicative of a new trend, with the region's profitability expected to remain similar to last year until a significant inflection in fiscal 2026.

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Mark Oswald, EVP and CFO, clarified that the potential $145 million in restructuring is a multi-year possibility, not a fiscal 2025 charge. Jerome Dorlack, President and CEO, stated that future growth in China and with localizing Chinese OEMs will be driven by Adient's wholly-owned and consolidated entities, not the unconsolidated JVs. He affirmed that the unconsolidated JVs remain valuable assets that provide significant equity income and strategic insights into key customers like BYD.

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CFO Claire McDonough clarified that the tariff impact outlook has not changed from the prior quarter; the new headwind is entirely from a reduced regulatory credit forecast. She declined to quantify the original 2027 credit assumption. CEO RJ Scaringe stated that construction on the Georgia facility is planned to begin in early 2026, positioning it to support R2 platform variants and overall capacity expansion.

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CFO Claire McDonough explained that the lower COGS depreciation was due to producing more vehicles than delivered, causing more depreciation to be absorbed into inventory on the balance sheet. She noted depreciation will pick up with the R2 launch. She also clarified that the "several hundred million" impact was a broader basket including tariffs, consumer benefits, and credits, and that the Q1 inventory build will help offset some tariff impacts in later quarters.

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CFO Claire McDonough clarified the target is for a positive gross profit for the full-year 2025, not every quarter, and confirmed credit revenue is recognized upon transfer to the counterparty. She explained that van and Tri-Motor production is increasing in Q4 to maximize output, as these variants only require one Enduro motor, thus mitigating the ongoing supply constraint.

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CEO Joseph Fadool explained that lower battery sales in the BCF segment created a headwind for full-year outgrowth. CFO Craig Aaron addressed capital allocation, stating the company is focused on a disciplined and consistent return of cash, targeting a similar level of share repurchases in Q3 and Q4 as seen in Q2, while maintaining a liquidity target of 20% of sales.

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CEO Joseph Fadool explained that the guidance includes all known tariffs and is considered manageable. He noted that the impact includes both direct tariffs on imports and indirect costs passed on from suppliers. Executive Craig Aaron stated that with a strong balance sheet and expected free cash flow of $700 million, the company will continue to evaluate all capital allocation levers, including opportunistic share repurchases, to create shareholder value.

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CFO Craig Aaron confirmed the market outlook includes headwinds from potential tariffs. CEO Joseph Fadool stated that while organic investment is the top priority, the company will continue to evaluate acquisitions thoughtfully, viewing current industry turbulence as a unique opportunity. A specific 2025 eProducts outlook was not provided, but it will be disclosed in future 10-Q filings.

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Executive Craig Aaron explained that profitability for the battery business hinges on scaling revenue, which will lead to breakeven and beyond as it grows from its current ~$200 million quarterly run-rate. He confirmed the capacity build-out is complete. Regarding capital allocation, he expressed satisfaction with the 2024 deployment but deferred specific commentary on 2025 until the next earnings call.

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CEO Kevin P. Clark explained the demand pull-forward was likely a mix of both consumer vehicle purchases and OEM production scheduling. He attributed the Q4 margin improvement to the timing of cost-saving benefits and traditional back-end loaded engineering recoveries. Regarding China, he noted the rapid 6-9 month award-to-launch cycle and the strength of Aptiv's localized operations.

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CEO Kevin P. Clark confirmed that the company has a handle on the direct impact of tariffs, which they consider manageable and will pass on to customers. He stated the second-half uncertainty is entirely about vehicle production volumes, which hinge on consumer demand and OEM pricing. Regarding U.S. production, Clark noted it is early but would involve highly automatable products from the ASUX or ECG segments, not wire harnesses, likely leveraging existing U.S. footprint initially.

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CEO Kevin P. Clark identified a more conservative outlook for EV growth (guiding 10%+ revenue vs. a 20% market forecast) as another area of caution. He stated that North American growth over market is driven by new program launches and schedule normalization. On tariffs, he confirmed strong coordination with OEMs, including near-term plans for inventory deployment and leveraging duplicate manufacturing capabilities to mitigate potential disruption.

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CEO Kevin P. Clark explained the margin pressure was due to idle labor from sudden and severe customer production cuts, stating they have now proactively reduced capacity. Regarding bookings, he noted that while the pipeline is strong, some large program award decisions in North America and Europe have been prudently delayed into early 2025.

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CEO James Farley stated Ford is advocating for simplified tariffs to reduce its $2 billion net liability and sees the new tariffs on competitors as an opportunity. CFO Sherry House clarified that compliance credit expenses are running at about $200 million per quarter. Farley emphasized the most significant financial impact will come from optimizing the vehicle mix, which he described as a multi-billion dollar opportunity.

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CFO Sherry House clarified they will provide an update, not necessarily reinstate guidance, in Q2, pending clarity on policy, customer reactions, and competitive dynamics. CEO James Farley emphasized the critical importance of the Production Tax Credit (PTC) for its U.S. investments and believes Ford is well-positioned due to its government engagement.

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CFO Sherry House explained the free cash flow reduction is due to lower EBIT and increased working capital, with the guidance remaining in the target 50-60% conversion range. She expects the Ford Credit distribution to be 'equal or greater' than the past year. CEO Jim Farley described the EREV strategy as offering customers an affordable EV experience in larger vehicles without range anxiety, noting that users of similar products consider them EVs, not hybrids.

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CFO John Lawler defended the payout ratio, confirming Ford considers prospective risks but sees no reason to change the policy, citing the prudence of holding cash. CEO Jim Farley added that maintaining strategic optionality for Ford Pro services is also a key consideration. Farley affirmed that Ford expects to be compliant with European CO2 regulations.

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CEO Stephan von Schuckmann reiterated the goal of 80%+ free cash flow conversion. CFO Andrew Lynch explained that while CapEx was low in Q2, it will tick up but remain manageable, with 80% conversion being a floor. He added that near-term deleveraging will focus on accumulating cash, with a target of getting below 3.0x leverage and moving towards 2.5x.

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CEO Stephan Von Schuckmann and CFO Brian Roberts stated that 95% of the tariff risk has been mitigated through customer negotiations. Regarding the portfolio, Mr. Von Schuckmann noted that his focus has been on the three strategic pillars and that while he is reviewing the portfolio, there are no changes to announce at this time.

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Executive Martha Sullivan stated that Sensata is well-positioned due to its content on both ICE engines and its growing content on BEVs. She noted that because current content is slightly lower on a full BEV in Europe, a recent slowdown in BEV adoption has been a net positive in some cases. Future projections depend heavily on consumer demand.

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CFO Jason Cardew confirmed the first-half performance and stated the increased guidance is primarily driven by restructuring savings expected in the second half. CEO Ray Scott specified the Ford award is for the next-generation truck. He noted that while some sourcing decisions are delayed, E-Systems has already secured nearly $1 billion in new business this year, and a comprehensive backlog update is likely in the third or fourth quarter.

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CFO Jason Cardew explained the guidance withdrawal was due to significant uncertainty around consumer response to price hikes, OEM reactions regarding market share vs. margins, and evolving trade policies, which created too wide a range to be useful for investors. CEO Raymond Scott and CFO Jason Cardew addressed the Honduras tariff exposure, noting they are pursuing 100% cost recovery from customers and exploring options like changing the importer of record. Cardew estimated the gross tariff cost at ~$200 million, with half from Honduras, but expects the 25% tariff rate on wire harnesses to be adjusted lower.

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CFO Jason Cardew explained the 'wind-down' refers to exited electronics businesses like lighting and audio, the divestiture is a small non-automotive fabric business, and 'other' is mainly inflation pass-throughs. CEO Raymond Scott stated that automation investments will continue due to strong paybacks. Cardew added that consolidating China JVs is not expected to be a significant use of cash.

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CFO Jason Cardew explained that the Q4 production outlook is based on specific customer schedules, noting a significant deterioration, particularly in Europe. He acknowledged that while the 2025 sourcing environment has slowed as customers rethink powertrain strategies, Lear's win rates remain consistent and its conquest pipeline is at a record level. CEO Raymond Scott added that the current environment involves more 'requests for information' (RFIs) as OEMs model different scenarios. Regarding China, Cardew stated the forecast assumes a continued, but more moderate, pace of market share shift to domestic OEMs.

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CFO Chris Gropp clarified the tariff impact, stating there was a $9 million recovery against $11 million in costs, resulting in a net negative impact of $2 million for the quarter. She also distinguished this from the separate $6 million in supplier cost savings. President & CEO Brady Ericson added that regarding the Ford issue, there have been no changes to PHINIA's disclosures or accruals and that discussions with Ford are ongoing as a final solution has not yet been announced.

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CEO Brady Ericson quantified that the FX headwind in the original guide was reduced from approximately $80 million to around $20 million, which is offset by an expected $50 million in tariff pass-through pricing and softer CV volumes. He stated the company is still trending solidly in the midrange of its guide. CFO Chris Gropp added that Q1 is seasonally the weakest quarter, with performance expected to improve. Regarding M&A, Brady Ericson affirmed the company's strong cash position and focus on smaller, cash-flowing, tuck-in acquisitions, which are always evaluated against share repurchases.

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CEO Brady Ericson stated that the strong cash position prompted increased share buybacks and that the company remains disciplined in its M&A search for accretive assets in CV, industrial, and aftermarket. He noted GDi penetration is around 60-65% and PHINIA's mid-teens market share is growing, aided by 500-bar systems that offer significant customer value with minimal content increase, as they are a drop-in replacement.

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CEO Amnon Shashua revealed the first driver-out deployment is planned for a US city in mid-2026, leveraging a unique, scalable teleoperations design. He described the cooperation with Volkswagen's ADMT division as very tight. On strategic investments, he called a potential partner stake offering a "very good development" and confirmed Mobileye would "seriously consider also participating as an investor."

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CEO Amnon Shashua detailed the robotaxi model, which includes a one-time payment per vehicle for the self-driving system and a recurring license fee based on fleet utilization. CFO Moran Rojansky addressed the Q2 outlook, stating that order levels have been stable since February and are consistent with recent quarters, indicating no significant inventory build-up by customers.

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CEO Amnon Shashua and EVP Nimrod Nehushtan asserted that price is not a significant impediment and they have not lost programs due to it. On AI, Shashua explained that recent developments align with Mobileye's long-standing focus on purpose-built efficiency, highlighting their own advanced transformer architectures and silicon design. He does not believe open-source models significantly lower the entry barrier for the complexities of autonomous driving.

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President & CEO R. Adam Norwitt reiterated that Q3 is not an 'air pocket' and underlying demand remains robust. He explained the moderation is a timing issue, as customers need to align all necessary components for their system builds, and Amphenol's outperformance in Q2 simply got them 'a little bit ahead' in certain product areas.

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CEO Adam Norwitt noted that while the Industrial segment's 6% organic growth was still driven by North America and Asia, Europe's rate of decline has lessened significantly and showed sequential growth. He described this as a potential "green shoot" or a "daffodil or two." He also confirmed a positive book-to-bill in Industrial, suggesting strengthening demand.

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CEO R. Norwitt attributed the segment's strong profitability to excellent operational execution and strong conversion on high sales growth, rather than the AI mix specifically. He explained that the division's ability to control fixed costs while growing significantly drove strong operating leverage, resulting in a conversion margin in the low 30s, which is not abnormal for that level of growth and is typical of Amphenol's disciplined approach.

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CEO R. Norwitt confirmed that aerospace guidance incorporates all available customer information. On the industrial market, he noted that while North America and Asia saw organic growth, the outlook for Europe has become more muted than a quarter ago, partially tied to weakness in the European automotive market.

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CFO Heath Mitts responded that while the company focuses on total company margin, success is measured by achieving incremental flow-through of 30% or better on organic revenue growth at the business unit level. He explained this approach will naturally lead to a gradual increase in the overall company margin over the cycle, without setting a new specific target.

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CEO Terrence Curtin clarified that the strong Industrial order growth was entirely organic and did not include any contribution from the Richards acquisition, which closed after the quarter ended. He emphasized that the growth was broad-based, occurring across all business units, including automation and appliances, and across all geographies.

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CEO Terrence Curtin clarified that strong Q1 auto margins were not due to engineering recoveries but were a typical seasonal result of high production volumes in Asia. On the second point, he confirmed that the company has been investing ahead of AI ramps, and the lumpiness of these large programs will indeed cause some variability in the segment's margin.

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CFO Heath Mitts guided for CapEx to be roughly 5% of revenue, expecting an approximate $100 million increase in FY25 versus FY24, primarily for AI program growth. He anticipates free cash flow conversion will remain above 100%, though likely not at the 120% level of FY24 due to working capital needs in a growth environment. He implicitly confirmed a commitment to returning capital if M&A is not pursued, consistent with the company's strategy to not accumulate cash.

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CEO Seetarama Kotagiri and CFO Patrick McCann explained the tariff math includes government remissions and varying tariff rates. McCann stated the outlook assumes a zero EBIT impact from tariffs, with recoveries treated as cost offsets, not revenue. He specified that margin revisions were driven by volume declines from announced OEM shutdowns, which disproportionately affect the BES and Seating segments.

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CFO Patrick McCann confirmed the 2025 free cash flow walk includes headwinds from cash restructuring and working capital normalization, and that the outlook includes no tariff impacts. CEO Seetarama Kotagiri emphasized a focus on execution post-Veoneer acquisition, stating that while small tuck-ins are possible, divestitures are "not off the table." He highlighted the successful shift in China to 60% of business with domestic OEMs as an example of actively managing customer mix.

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Executive Louis Tonelli declined to quantify the H2 engineering spend reduction. CEO Seetarama Kotagiri explained that recoveries for EV program changes are part of broader commercial discussions with OEMs. He noted that while some level of recovery is embedded in the outlook, these are more substantially reflected in the 2024 forecast than in the 2026 numbers.

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SVP and CFO Timothy Kraus explained that lower commercial vehicle forecasts are being offset by strength in light vehicle, some pre-buy in off-highway, and anticipated tariff recoveries. Chairman and CEO R. McDonald added that 'New Dana' margins are up year-over-year, keeping the company on track for its 2026 targets. Regarding the divestiture, McDonald noted that tariff uncertainty has extended bidder due diligence, likely pushing a resolution to late in the second quarter.

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CEO R. McDonald explained that the Commercial Vehicle business has very little backlog as it is primarily a catalog-based business, meaning the vast majority of the non-off-highway backlog is in Light Vehicle. He added that while Q2 weakness won't be as severe as Q1, some softness will persist across end markets before a recovery begins in the second half of the year.

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CEO Dr. Siva Sivaram responded that competing technologies often present incomplete data and require compromises on safety, cycle life, or range, whereas QuantumScape offers a superior solution on all dimensions. He declined to comment on specific potential customers like Tesla but noted it was good to see others adopting their way of thinking on anode-free design. CFO Kevin Hettrich reiterated the general framework of the licensing model (royalties, prepays, NRE) and Dr. Sivaram added that full financial details would be provided at an appropriate future time.

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