The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Joseph Robert Spak - RBC Capital Markets, Research Division - Analyst
: I just wanted to maybe talk about the EBITDA bridge one more time. As was pointed out earlier, on a consolidated basis at the midpoint, it looks
like you're guiding it almost $70 million higher. I think just the unconsolidation of Aerospace is $30 million, so you're talking about another 40 bps
or $440 million or 25 bps of improvement. And I think Aerospace was in Americas. So -- but maybe ex that, can you just talk about how you expect
some of the performance regionally? Because it sounds like you're talking about some poor mix in the Americas. We saw some improvement in
the Asia consolidated margin, and then Europe still seems challenging. So any color there regionally would be helpful.
Question: Joseph Robert Spak - RBC Capital Markets, Research Division - Analyst
: Okay. And then just back to the free cash flow walk. If we use sort of the helpful bridge you provide for '19, but then think about your guidance for
'20 on that front, if we have EBITDA, again, sort of at the midpoint of [8 40], the interest in cash taxes, and then if we make an assumption about
you getting, I guess, 70% of prior year JV income back and but then, netted against the -- what's in the EBITDA, that seems like another $70 million,
which -- and then you add in the $475 million CapEx, that -- I know that's a lot of numbers right there. But that seems to get you basically to the
free cash flow breakeven.
And so I just want to get back to the working capital comment because it would seem like it would have to be positive to offset the cash restructuring
that you're planning for. So I just wanted to understand your working capital comment from earlier?
Question: Joseph Robert Spak - RBC Capital Markets, Research Division - Analyst
: Okay. And then you actually state cash restructuring expectations for next year or just lower?
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