Financial Data and Key Metrics Changes - Sales for Q1 2025 were $2.4 billion, a decrease of $83 million compared to the previous year, driven by lower demand across all end markets [19][21] - Adjusted EBITDA was $188 million, with a profit margin of 8%, just 20 basis points lower than last year [19] - Net income attributable to Dana was $25 million, significantly up from $3 million in the previous year, primarily due to the proposed divestiture of a non-core hydraulics business [20] - Operating cash flow was a use of $30 million, an improvement of $65 million year-over-year due to lower working capital requirements [25] Business Line Data and Key Metrics Changes - The integration of the former power technology segment into the aftermarket business is expected to yield operational improvements and contribute $30 to $35 million to the overall cost reduction target of $300 million [10] - Cost savings initiatives added $41 million in profit for Q1 2025, with an expectation to realize an additional $50 million in cost savings this year [23] Market Data and Key Metrics Changes - North American commercial vehicle customers are experiencing a reduction in schedules, impacting the outlook for the segment [13] - There is a slight increase in pre-buy interest in the Off Highway segment, with some positive signs of order improvements outside North America in the second half of the year [14] Company Strategy and Development Direction - The company is accelerating its cost reduction program from $175 million to $225 million for 2025, focusing on operational efficiencies and leveraging best practices across its businesses [10] - The company aims to maintain its market share in light vehicles while being cautious about potential risks in the second half of the year [15] Management's Comments on Operating Environment and Future Outlook - Management views the tariff situation as manageable, with several mitigation actions already in place [12] - The company expects to recover steel and aluminum tariffs through already negotiated mechanisms with customers, although timing may vary [13] - The overall outlook for 2025 remains unchanged, with expectations for sales to be above the midpoint of the guidance range [26] Other Important Information - The company won its tenth PACE award for a hybrid transmission product, which is expected to grow sales significantly in the coming years [16][17] - The company is focusing on divesting non-core assets, with expectations to generate $50 million in proceeds in the second quarter and potentially another $50 million in the back half of the year [11][100] Q&A Session Summary Question: Guidance and Market Assumptions - Management indicated that commercial vehicle expectations are lower than previously seen, but this is offset by light vehicle and Off Highway revenue [33] Question: Tariff Exposure and Recovery Timing - The company expects tariff recoveries to take less than a quarter on average, with a structured process already in place for claims [46] Question: Light Vehicle Production Assumptions - Current light vehicle production outlook remains consistent with previous forecasts, with no substantial changes noted [61] Question: Non-Core Asset Divestiture - The company is actively pursuing the sale of non-core assets, including a joint venture in India, to improve capital efficiency [101]