American Axle & Manufacturing Holdings Inc Q4 2019 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Joseph Robert Spak - RBC Capital Markets, Research Division - Analyst : I guess I wanted to try to get at some of the outlook and -- from a little bit of a different perspective. I know you provided the pro forma sales and EBITDA with the sale of castings. But if we also -- you also provided the impact from the GM strike. So like on a complete apples-to-apples basis, it looks like you had sales of something a little bit over $6 billion. So that's like the high end of your guidance for this year, but the margins are 60 basis points lower on your guidance versus like a pro forma ex strike 16% to $6 billion in '19. So is that just -- I mean I know you talked about some higher R&D. Is there anything else that's driving that lower margin on roughly the same amount of sales?

Question: Joseph Robert Spak - RBC Capital Markets, Research Division - Analyst : Okay. And then the second question, just back to the backlog. And I know you won't sort of comment on the renewals. But I think in the past, you've indicated that on average per year, you do sort of have a $150 million to $200 million of normal attrition. And you noted that this year, $200 million, but I mean if we keep that into '21 and '22, it sort of implies 0 net backlog growth. Is that correct?