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    Ryan Brinkman • JPMorgan Chase & Co.

    Ryan Brinkman's questions to Goodyear Tire & Rubber Co (GT) leadership

    Ryan Brinkman's questions to Goodyear Tire & Rubber Co (GT) leadership • Q2 2025

    Question

    Ryan Brinkman of JPMorgan Chase & Co. asked about the surprising surge in low-cost tire imports into the U.S. and Europe despite new tariffs, questioning the effective dates and potential for pre-buys. He also inquired about the relative contribution of price versus mix to financial results and the future outlook for mix, considering consumer behavior and the impact of tariffs on lower-tier tires.

    Answer

    EVP & CFO Christina Zamarro explained that instead of imports being redirected, a surge occurred in both the U.S. and Europe simultaneously, driven by speculation around tariff timing. She clarified that the tariff narrative is now settling, with expectations for U.S. imports to decline in Q3. Regarding price/mix, Zamarro confirmed that announced price increases are effective but were offset by a significant downdraft in commercial truck mix and a demand shift to lower-priced products ahead of the increases. CEO Mark Stewart added that the company is driving a richer mix with over 500 new SKUs focused on 18-inch and larger tires.

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    Ryan Brinkman's questions to Goodyear Tire & Rubber Co (GT) leadership • Q1 2025

    Question

    Ryan Brinkman of JPMorgan Chase & Co. asked about the timeline for the industry to work through pre-buy inventory, the potential for pricing gains to exceed tariff costs, and the status of the Chemicals business asset sale, including how market conditions might affect the process.

    Answer

    CEO Mark Stewart and CFO Christina Zamarro addressed the questions. Zamarro stated that the pre-buy inventory could take through Q3 to clear and that the company will balance price/mix and volume opportunities, particularly for its Cooper brand. Regarding the Chemicals business, Zamarro noted the process is ongoing with multiple interested parties and that the current tariff environment makes the U.S.-based asset inherently more valuable, though the business remains non-core.

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    Ryan Brinkman's questions to Goodyear Tire & Rubber Co (GT) leadership • Q3 2024

    Question

    Ryan Brinkman from JPMorgan Chase & Co. questioned the implications of channel inventory dynamics on the 2025 pricing backdrop, the company's approach to its remaining asset sales, and the strategy behind using retail stores for fleet customers at night.

    Answer

    CEO and President Mark Stewart addressed pricing by highlighting the focus on adding premium SKUs and profitably managing Tier 2 brands. On retail, he emphasized the growth in fleet services and improved store KPIs as a key strategic initiative. Executive Vice President and CFO Christina Zamarro stated the asset sales process is on track with a focus on maximizing shareholder value, and noted the retail strategy delivered a $20 million year-over-year sales lift, making it more attractive to retain and grow.

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    Ryan Brinkman's questions to Dana Inc (DAN) leadership

    Ryan Brinkman's questions to Dana Inc (DAN) leadership • Q2 2025

    Question

    Ryan Brinkman of JPMorgan Chase & Co. asked about the drivers behind the improved working capital outlook and sought a more detailed explanation of the 'variable cost' component within the stranded costs.

    Answer

    Senior VP & CFO Timothy Kraus explained that the working capital improvement stems from unwinding inventory in the CV and Off-Highway businesses, which have long supply lines and have seen softening demand. He clarified that 'variable' stranded costs are items like audit fees, insurance, and IT licenses that are centrally procured but will naturally decrease in size and cost once the business shrinks post-divestiture.

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    Ryan Brinkman's questions to Dana Inc (DAN) leadership • Q1 2025

    Question

    Ryan Brinkman of JPMorgan Chase & Co. asked about management's confidence in achieving the accelerated $225 million in cost savings, their sustainability, and the rationale for the timing. He also inquired about the strategic thinking behind absorbing the Power Technologies segment into other business units.

    Answer

    SVP and CFO Timothy Kraus expressed absolute confidence in delivering the savings, noting that 70% comes from headcount and engineering reductions tied to rightsizing the EV business strategy. Chairman and CEO R. McDonald explained that integrating Power Technologies definitively closes the door on a sale, generates $30-35 million in synergies, and creates opportunities for further operational improvements by leveraging best practices from other segments.

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    Ryan Brinkman's questions to Dana Inc (DAN) leadership • Q4 2024

    Question

    Ryan Brinkman of JPMorgan Chase & Co. asked about Dana's strategy for potential tariffs, the portion of cost savings tied to its revised EV strategy, and any potential dis-synergies resulting from the off-highway business sale.

    Answer

    CFO Timothy Kraus stated Dana has formally notified customers of its intent to pass through 100% of any tariff costs. He confirmed a 'sizable piece' of the cost savings program is linked to the new EV strategy. CEO R. McDonald acknowledged dis-synergies from stranded corporate costs (around $40M) post-divestiture but stressed the primary driver is the significant value unlock from the sale, with any dis-synergies already factored into future margin targets.

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    Ryan Brinkman's questions to Gentherm Inc (THRM) leadership

    Ryan Brinkman's questions to Gentherm Inc (THRM) leadership • Q2 2025

    Question

    Ryan Brinkman of JPMorgan Chase & Co. asked for details on the expansion into non-automotive markets, including powersports, commercial vehicles, and motion furniture, questioning the specific products supplied. He also inquired about the drivers for the revised full-year EBITDA margin guidance and the specific impact of tariffs.

    Answer

    President & CEO Bill Presley detailed the adjacency wins, specifying thermal solutions for a Class A truck and a delivery van, and separate valve awards for powersports. He confirmed these initiatives leverage existing technologies and assets. CFO Jonathan Douyard explained that tariffs created a 15 basis point headwind in Q2 due to recovery timing and that improved clarity on this impact contributed to the narrowed EBITDA guidance.

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    Ryan Brinkman's questions to Gentherm Inc (THRM) leadership • Q1 2025

    Question

    Ryan Brinkman from JPMorgan asked if Gentherm saw any evidence of automakers stockpiling components to mitigate tariff impacts. He also requested more detail on the tariff exemptions, seeking a breakdown between non-tariffed categories and USMCA-compliant parts, and asked if the guidance assumes the continuation of a temporary USMCA exemption.

    Answer

    President and CEO William Presley confirmed they have not seen any meaningful component stockpiling by customers, with order variances remaining within standard ranges. CFO Jonathan Douyard declined to speculate on future tariff policies but emphasized that Gentherm has mechanisms to pass through costs to customers. He noted that while more tariffs would increase margin dilution, the company feels its updated guidance range already accounts for this potential pressure.

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    Ryan Brinkman's questions to Gentherm Inc (THRM) leadership • Q4 2024

    Question

    Ryan Brinkman asked about the strategy for balancing footprint and supply chain optimization with risks like potential tariffs from Mexico, and also inquired about the new management's approach to capital allocation, particularly M&A versus share buybacks.

    Answer

    CEO William Presley stated that the primary tariff risk is from Mexico and that Gentherm is proactively communicating with customers about the potential cost pass-through. CFO Jon Douyard noted the global footprint is strategic and the focus is on accelerating consolidation to drive efficiency. Regarding capital allocation, Mr. Douyard affirmed the priority remains funding organic growth, followed by opportunistic M&A and share repurchases, emphasizing the company's strong organic growth story means M&A is not a necessity.

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    Ryan Brinkman's questions to Gentherm Inc (THRM) leadership • Q3 2024

    Question

    Ryan Brinkman asked for a comparison between the ComfortScale and ClimateSense opportunities regarding content per vehicle and market adoption, and also inquired about the potential impact of a slowdown in global luxury vehicle demand.

    Answer

    Phillip Eyler, President and CEO, described ComfortScale as a highly integrated and scalable system combining thermal and pneumatic products, which increases Gentherm's content while reducing complexity and cost for OEMs. Regarding luxury demand, Eyler noted that Gentherm is diversified across luxury, mass-market, and entry-level vehicles. While acknowledging headwinds from production cuts on high-content vehicles like the Ram and Grand Cherokee, he stated the company is not seeing significant shifts in technology take-rates across the industry.

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    Ryan Brinkman's questions to Ford Motor Co (F) leadership

    Ryan Brinkman's questions to Ford Motor Co (F) leadership • Q1 2025

    Question

    Ryan Brinkman asked for a deeper analysis of how tariffs could impact Ford Credit's business and for an update on the European business, including Model e traction and restructuring progress.

    Answer

    CEO of Ford Credit, Cathy O'Callaghan, noted that while higher new vehicle prices could support auction values, a slowing economy could be an offset, resulting in a balanced outlook. President of Ford Blue and Model e, Andrew Frick, reported that new EVs in Europe are off to a good start and commercial vehicle share is up, with the overall business running at a better rate despite headwinds.

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    Ryan Brinkman's questions to Borgwarner Inc (BWA) leadership

    Ryan Brinkman's questions to Borgwarner Inc (BWA) leadership • Q4 2024

    Question

    Ryan Brinkman asked about the volume of products manufactured in Mexico that are exported to the U.S. and the nature of discussions with automakers about passing on potential tariff costs.

    Answer

    CFO Craig Aaron disclosed that in 2024, BorgWarner imported approximately $875 million in value to the U.S., with about half originating from Mexico. He emphasized that if tariffs are imposed, the company would need to share the financial impact with both its customers and suppliers.

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    Ryan Brinkman's questions to Avis Budget Group Inc (CAR) leadership

    Ryan Brinkman's questions to Avis Budget Group Inc (CAR) leadership • Q3 2024

    Question

    Ryan Brinkman inquired about the company's evolving capital allocation strategy, particularly the balance between share repurchases and fleet investment, and the potential business impact of the election in Q4.

    Answer

    CFO Izilda Martins emphasized that the strategy remains flexible, with priorities on fleet investment and funding operational efficiencies, while keeping buybacks as an option. CEO Joseph Ferraro characterized the election's impact as a typical, short-term travel pause, expressing greater optimism for Q4 due to a favorable holiday calendar which he expects to boost demand and rental length.

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